[Form 4] FIRST INTERSTATE BANCSYSTEM INC Insider Trading Activity

Rhea-AI Filing Summary

First Interstate BancSystem, Inc. (FIBK) reporting persons that include Jonathan R. Scott and related trusts/entities disclosed stock sales on 10/07/2025 and 10/08/2025. The filings show 13,715 shares sold on 10/07/2025 at a weighted average price of $32.09 and 5,600 shares sold on 10/08/2025 at a weighted average price of $32.01. After these transactions, the group reports beneficial ownership of 959,109 shares following the first sale and 953,509 shares following the second sale, held indirectly through trusts and IXL Ltd Liability Co.

The filer explains prices are weighted averages from multiple trades and provides a detailed ownership breakdown by record holder. The reporting persons note group status under certain agreements and disclaim direct beneficial ownership beyond pecuniary interest.

Positive

• Large residual beneficial ownership remains (over 950,000 shares) after the sales, maintaining significant stake
• Sales disclosed with weighted‑average pricing and ranges, with offer to provide per‑trade details on request (transparency)
• Multiple related entities and trusts clearly enumerated with a breakdown of record holdings

Negative

• Insiders sold a total of 19,315 shares across 10/07/2025 and 10/08/2025, reducing holdings
• Ownership reported as indirect via group agreements, which may obscure individual decision drivers for the sales

Insights

Corporate Governance Analyst

TL;DR: Significant insider share disposals but the reporting group retains large indirect ownership.

The reported sales on 10/07/2025 and 10/08/2025 total 19,315 shares sold at weighted average prices near $32.05, reducing the group's beneficial holding from amounts above 959,109 to 953,509 shares. These transactions were executed by multiple reporting entities, including trusts and an LLC, and are recorded as indirect ownership beneath joint‑group agreements.

Key dependencies include the group's continuing ownership structure and any planned future filings; monitor subsequent Forms 4/5 for further sales or transfers within Q4 2025 as they may change stated beneficial percentages and governance influence.

Equity Markets Specialist

TL;DR: Insider sales were executed in multiple tranches at modestly varying prices, likely market trades.

The disclosures state the prices are weighted averages with reported ranges from $32.00 to $32.33 for the 10/07/2025 transactions and $32.00 to $32.07 for 10/08/2025. The filer offers to provide the exact per‑trade breakdown on request, indicating standard compliance and transparency.

Watch for any pattern of recurring sales or planned trading arrangements in future filings over the next 90 days, which could be relevant to liquidity and potential share supply in the market.

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)
10/07/2025

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	10/07/2025		S		13,715	D	$32.09(1)	959,109	I	See Footnote(2)(3)
Common Stock	10/08/2025		S		5,600	D	$32.01(4)	953,509	I	See Footnote(3)(5)

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 $32.00 to $32.33. 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 589,771 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.

4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.00 to $32.07. 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.

5. Composed of 584,171 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.

	/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 First Interstate (FIBK) insiders report selling on 10/07–10/08/2025?

Reporting persons sold a total of 19,315 shares: 13,715 on 10/07/2025 at a weighted average price of $32.09 and 5,600 on 10/08/2025 at $32.01.

How many shares does the reporting group still beneficially own after the sales?

The group reported beneficial ownership of 959,109 shares following the 10/07/2025 sale and 953,509 shares following the 10/08/2025 sale.

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

Reporting persons include Jonathan R. Scott, several family trusts (Harrison, Harper Grace, Holland Elizabeth), and IXL Ltd Liability Co, all with the same PO Box address in Billings, MT.

Are the sale prices exact single trades or averages?

The form states the prices are weighted average prices from multiple transactions; ranges were $32.00–$32.33 on 10/07/2025 and $32.00–$32.07 on 10/08/2025.

Do the reporting persons claim direct beneficial ownership of all shares listed?

Each reporting person disclaims beneficial ownership of shares except to the extent of its pecuniary interest; they note possible group status under certain agreements.