Market Newsdesk

January 29, 2025 4:43 pm

Toll Brothers’ Website to Broadcast Its First Quarter 2025 Earnings Conference Call Live on February 19, 2025 at 8:30 a.m. (ET)

FORT WASHINGTON, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes, will broadcast live on its website, www.TollBrothers.com, a conference call to discuss results for its first quarter ended January 31, 2025. The call is scheduled for 8:30 a.m. (ET) on Wednesday, February 19, 2025 and will be hosted by Douglas C. Yearley, Jr., chairman and chief executive officer. The Company will announce its first quarter FY 2025 results after the market close on Tuesday, February 18, 2025.

The call can be accessed through the Investor Relations portion of the Toll Brothers website, www.TollBrothers.com. To hear the call, enter the Toll Brothers website, then click on the Investor Relations page, and select “Events & Presentations.” The call can be heard live with an online replay which will follow.

ABOUT TOLL BROTHERS

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 58 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

CONTACT: Gregg Ziegler (215) 478-3820
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee2322cc-fabc-4e3b-9068-ed082331b474

January 29, 2025 4:42 pm

USA Rare Earth to Host Investor & Analyst Webinar on February 12, 2025

WHEAT RIDGE, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) — USA Rare Earth, LLC (“USARE” or the “Company”), a company building a domestic rare earth supply chain from mine to magnet, will host an Investor & Analyst Webinar on Wednesday, February 12, 2025 at 10:00 a.m. ET. The webinar will include a formal presentation and Q&A session with management.

To register for this webinar, please use the registration link found here. Additionally, for those unable to listen to the live webcast, a recording will be available following the live event on USARE’s website at www.usare.com.

This webinar will include commentary from the management teams of USARE as well as Inflection Point Acquisition Corp. II (Nasdaq: IPXX) (“IPXX”). The Company previously announced that it had entered into a Business Combination Agreement with IPXX and IPXX Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Inflection Point, on August 21, 2024, which will result in the combined company being a publicly traded company.

About USA Rare Earth

USA Rare Earth, LLC (“USARE” or the “Company”) is building a vertically integrated, domestic rare earth element magnet production supply chain. USARE is constructing a NdFeB magnet manufacturing facility in Stillwater, Oklahoma. USARE also controls mining rights to the Round Top heavy rare earth and critical minerals deposit in West Texas, which holds significant deposits of heavy rare earth minerals, such as dysprosium, terbium, gallium, and beryllium among other critical minerals. USARE’s magnets and rare earth minerals are required for a wide variety of products used in the defense, automotive, aviation, industrial, medical, and consumer electronics industries.

For more information about USA Rare Earth, visit www.usare.com.

About Inflection Point Acquisition Corp. II

Inflection Point Acquisition Corp. II (Nasdaq: IPXX) (“Inflection Point”) is a special purpose acquisition company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Inflection Point aims to identify, partner with and help grow North American and European businesses in disruptive growth sectors, which complements the expertise of its management team.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, without limitation, statements regarding or similar to: estimates and forecasts of financial and operational metrics; plans, goals, ambitions, targets, projections, future business and operations regarding future mining capabilities, operations, manufacturing capacity and plant performance; projections of market opportunity and market share; USARE’s commercialization costs and timeline; USARE’s ability to timely and effectively meet construction and mining timelines and scale its production and manufacturing processes; USARE’s ability to maintain, protect, and enhance its intellectual property; development of favorable regulations and government demand, contracts, and incentives affecting the markets in which USARE operates; USARE’s ability to receive and/or maintain the necessary permits and other government approvals necessary to operate its business; any estimates with respect to the rare earth and critical element and mineral deposits in the Texas Round Top deposit; Inflection Point’s and USARE’s expectations with respect to future performance of USARE’s (and, after the Proposed Business Combination, the combined company’s) business; the expected funding of the PIPE investment and any additional pre-funded investment, to the extent they remain unfunded; anticipated financial impacts of the Proposed Business Combination; the satisfaction of the closing conditions to the Proposed Business Combination; and the timing of the completion of the Proposed Business Combination. For example, any projections of future enterprise value, revenue, market share, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “potential,” “predict,” “should,” or “will,” or, or the negatives of these terms or variations of them or similar terminology, although not all forward-looking statements contain such identifying words.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Inflection Point, USARE and their respective managements, as the case may be, are inherently uncertain. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Inflection Point and USARE. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in domestic and foreign business, market, financial, political conditions, and in applicable laws and regulations, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements and any negotiations with respect to the Proposed Business Combination; (3) the outcome of any legal proceedings that have or may be instituted against Inflection Point, USARE, the combined company, or others; (4) the inability to complete the Proposed Business Combination due to the failure to obtain approval of the stockholders of Inflection Point for the Proposed Business Combination or to satisfy other conditions to closing; (5) changes to the proposed structure of the Proposed Business Combination that may be required or appropriate as a result of applicable laws or regulations; (6) the ability to meet stock exchange listing standards following the consummation of the Proposed Business Combination; (7) the risk that the Proposed Business Combination disrupts current plans and operations of Inflection Point or USARE, including as a result of the announcement and consummation of the Proposed Business Combination; (8) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things: competition, the ability of the combined company to grow and manage growth profitably, the ability of the combined company to build or maintain relationships with customers and suppliers and retain its management and key employees, the supply and demand for rare earth minerals, the timing and amount of future production, costs of production, capital expenditures and requirements for additional capital, timing of future cash flow provided by operating activities, if any, uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions, and transportation risks; (9) costs related to the Proposed Business Combination; (10) the possibility that USARE or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; (12) risks related to the development of USA Rare Earth’s magnet production facility and the timing of expected production milestones, and (13) other risks and uncertainties set forth in the Registration Statement (defined below) filed by Inflection Point with the U.S. Securities and Exchange Commission (the “SEC”), the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” and similar sections in Inflection Point’s final prospectus relating to its initial public offering dated May 24, 2023, and in subsequent Inflection Point filings with the SEC, including the Registration Statement, relating to the Proposed Business Combination filed by Inflection Point, and any periodic Exchange Act reports filed with the SEC such as its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.The recipient of this press release should carefully consider the foregoing risk factors and the other risks and uncertainties which will be more fully described in the “Risk Factors” section of the Registration Statement discussed below and other documents filed by Inflection Point from time to time with the SEC. If any of these risks materialize or the underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Inflection Point nor USARE presently know or that they currently believe are immaterial that could also cause actual results to differ from contained in the forward-looking statements. In addition, forward-looking statements reflect Inflection Point and USARE’s expectations, plans, or forecasts of future events and views as of the date of this press release. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. These forward-looking statements speak only as of the date of this press release. Inflection Point, USARE, and their respective representatives and affiliates specifically disclaim any obligation to, and do not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, these forward-looking statements should not be relied upon as representing Inflection Point’s, USARE’s, or any of their respective representatives or affiliates’ assessments as of any date subsequent to the date of this press release, and therefore undue reliance should not be placed upon the forward-looking statements. This press release contains preliminary information only, is subject to change at any time, and is not, and should not be assumed to be, complete or constitute all of the information necessary to adequately make an informed decision regarding any potential investment in connection with the Proposed Business Combination.

Participants in the Solicitation

Inflection Point and its directors and executive officers may be deemed participants in the solicitation of proxies from Inflection Point’s stockholders with respect to the Proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Inflection Point is contained in the sections entitled “Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters” and “Directors, Executive Officers and Corporate Governance — Conflicts of Interest” of Inflection Point’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 2, 2024, and which is available free of charge at the SEC’s website at www.sec.gov and at the following URL: www.sec.gov/Archives/edgar/data/1970622/000121390024029041/ea0202401-10k_infle2.htm. Additional information regarding the interests of such participants has been and will be contained in the Registration Statement.

USARE’s managers and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Inflection Point in connection with the Proposed Business Combination. A list of the names of such managers and executive officers and information regarding their interests in the Proposed Business Combination has been and will be included in the sections entitled “Beneficial Ownership of Securities” and “The Business Combination Proposal — Interests of the USARE Directors and Executive Officers” of Inflection Point’s Registration Statement (as defined below), which is available free of charge at the SEC’s website at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001970622/000121390025000922/ea0220524-02.htm.

No Offer or Solicitation

This press release does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Proposed Business Combination, or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of IPXX, USARE, or any of their respective affiliates. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom, nor shall any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction be effected. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Proposed Business Combination or the accuracy or adequacy of this presentation.

Additional Information and Where to Find It

The Proposed Business Combination will be submitted to the shareholders of Inflection Point for their consideration. Inflection Point filed a registration statement on Form S-4 (as may be amended and supplemented from time to time, the “Registration Statement”) with the SEC, which includes a proxy statement/prospectus and certain other related documents, which will serve as both the proxy statement to be distributed to Inflection Point’s shareholders in connection with Inflection Point’s solicitation for proxies for the vote by Inflection Point’s shareholders in connection with the Proposed Business Combination and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities to be issued (or deemed issued) to Inflection Point’s securityholders and USARE’s equityholders in connection with the completion of the Proposed Business Combination. After the Registration Statement is declared effective, Inflection Point will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the Proposed Business Combination. Inflection Point’s shareholders and other interested persons are advised to read the Registration Statement, the preliminary proxy statement/prospectus included in the Registration Statement and any amendments thereto and, once available, the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the Proposed Business Combination, in connection with Inflection Point’s solicitation of proxies for its extraordinary general meeting to be held to approve, among other things, the Proposed Business Combination, as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these documents contain important information about Inflection Point, USARE, and the Proposed Business Combination. Securityholders of Inflection Point and equityholders of USARE may obtain a copy of the preliminary or definitive proxy statement/prospectus, as well as other documents filed by Inflection Point with the SEC that will or may be incorporated by reference in the proxy statement/prospectus, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to Inflection Point at Inflection Point Acquisition Corp. II, 167 Madison Avenue Suite 205 #1017 New York, New York 10016.

The contents of IPXX’s and USARE’s website are not incorporated into this press release.

Investor Relations Contact:

Gateway Group
Cody Slach, Georg Venturatos
949-574-3860
[email protected]

Media Relations Contact:

Gateway Group
Zach Kadletz
949-574-3860
[email protected]

January 29, 2025 4:42 pm

United Fire Group, Inc. Announces Its 2024 Fourth Quarter Earnings Call

CEDAR RAPIDS, Iowa, Jan. 29, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (Nasdaq: UFCS) (the “Company”, “UFG”, “we”, or “our”) announced today that its 2024 fourth quarter earnings results will be released after the market closes on Tuesday, February 11, 2025. An earnings call will be held on Wednesday, February 12, 2025 at 9:00 a.m. central time to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the Company’s 2024 fourth quarter results.

Teleconference:
Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). Participants should request to join the United Fire Group call. The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); access code no. 4765665.

Webcast:
A webcast of the teleconference can be accessed at the Company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

Transcript:
A transcript of the teleconference will be available on the Company’s website soon after the completion of the teleconference.

About UFG

:

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group.

For more information about UFG visit www.ufginsurance.com.

Contact:
Investor Relations at [email protected].

January 29, 2025 4:42 pm

Interpublic Schedules Fourth Quarter & Full Year 2024 Earnings Release

New York, NY, Jan. 29, 2025 (GLOBE NEWSWIRE) — Interpublic Group (NYSE: IPG) today announced that it will release earnings for the fourth quarter and full year ended December 31, 2024 on the morning of February 12, 2025. Following the release, the company will hold a conference call for investors at 8:30 a.m. Eastern Time on the same day to review results.

To join the conference call, please call (888) 790-3345. Outside the United States, please call (517) 308-9030. The participant passcode is 7505804. The call will be available live on the company’s website, www.interpublic.com.

The conference call will be recorded and available for 30 days by calling (888) 296-6948 followed by the passcode 19562. Outside the United States, please call (203) 369-3028 followed by the passcode 19562. The call will also be archived and available in the investor relations section of the company’s website.

# # #

About Interpublic

Interpublic (NYSE: IPG) (www.interpublic.com) is a values-based, data-fueled, and creatively-driven provider of marketing solutions. Home to some of the world’s best-known and most innovative communications specialists, IPG global brands include Acxiom, Craft, FCB, FutureBrand, Golin, Initiative, IPG Health, IPG Mediabrands, Jack Morton, KINESSO, MAGNA, McCann, Mediahub, Momentum, MRM, MullenLowe Global, Octagon, UM, Weber Shandwick and more. IPG is an S&P 500 company with total revenue of $10.89 billion in 2023.

# # #

Contact Information

Tom Cunningham
(Press)
(212) 704-1326

Jerry Leshne
(Analysts, Investors)
(212) 704-1439

January 29, 2025 4:42 pm

IES Holdings Announces Fiscal 2025 First Quarter Results Earnings Release Schedule

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced that it will release fiscal 2025 first quarter results before the market opens on Tuesday, February 4, 2025.

About IES Holdings, Inc.

IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 9,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.

Company Contact:

Tracy McLauchlin
Chief Financial Officer
IES Holdings, Inc.
(713) 860-1500

Investor Relations Contact:

Robert Winters or Stephen Poe
Alpha IR Group
312-445-2870
[email protected]

January 29, 2025 4:42 pm

Celestica Announces Fourth Quarter and FY 2024 Financial Results

Q4 2024 adjusted EPS* above the high end of the guidance range; Raising 2025 annual outlook

(All amounts in U.S. dollars)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Celestica Inc. (TSX: CLS) (NYSE: CLS), a leader in design, manufacturing, hardware platform and supply chain solutions for the world’s most innovative companies, today announced financial results for the quarter ended December 31, 2024 (Q4 2024)¹.

Reported results in accordance with U.S. GAAP (GAAP), transitioning from IFRS.

Q4 2024 Highlights

Revenue: $2.55 billion, increased 19% compared to $2.14 billion for fourth quarter of 2023 (Q4 2023).
GAAP earnings from operations as a % of revenue: 8.0%, compared to 5.1% for Q4 2023.
Adjusted operating margin (non-GAAP)*: 6.8%, compared to 6.0% for Q4 2023.
GAAP earnings per share² (EPS): $1.29, compared to $0.77 for Q4 2023.
Adjusted EPS² (non-GAAP)*: $1.11, compared to $0.77 for Q4 2023.
Repurchased 0.3 million common shares for cancellation for $25.5 million.

“We are pleased with the company’s strong performance in the fourth quarter and solid finish to 2024. Fourth quarter revenue of $2.55 billion was up 19% year-over-year, while non-GAAP adjusted EPS* of $1.11 was our highest quarterly EPS ever. For the full year 2024, Celestica achieved 21% revenue growth, while our non-GAAP adjusted EPS* grew 58% year-over-year,” said Rob Mionis, President and CEO, Celestica.

“Looking towards 2025, we are pleased to raise our full-year outlook, reflecting strengthening demand in our CCS segment. We now anticipate revenue of $10.7 billion, an increase from our previous outlook of $10.4 billion, and non-GAAP adjusted EPS* of $4.75, up from our previous outlook of $4.42. Overall, the current demand environment for data center hardware is robust, as evidenced by recent customer forecasts as well as new AI program awards over the last 90 days, including our second and third 1.6T program wins. As such, we believe the positive momentum we are experiencing will continue beyond this year, and into 2026.”

_{¹Celestica has two operating and reportable segments: Advanced Technology Solutions (ATS) (comprised of our Aerospace and Defense (A&D), Industrial, HealthTech and Capital Equipment businesses), and Connectivity & Cloud Solutions (CCS) (consists of our Communications and Enterprise (servers and storage) end markets). Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue).}

_{* See Use of Non-GAAP Measures and Schedule 1 for, among other items, non-GAAP financial measures (and ratios) included in this press release, their definitions, uses, and a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. Non-GAAP measures in this press release are denoted with an asterisk (*).}

_{² Per share information included in this press release is based on diluted shares outstanding unless otherwise noted.}

First Quarter of 2025 (Q1 2025) Guidance

	Q1 2025 Guidance
Revenue (in billions)	$2.475 to $2.625
Adjusted operating margin (non-GAAP)*	6.8% at the mid-point of our revenue and non-GAAP adjusted EPS guidance ranges
Adjusted EPS (non-GAAP)* ⁽¹⁾	$1.06 to $1.16

_{⁽¹⁾Q1 2025 guidance excludes a negative $0.29 to $0.35 per share (pre-tax) aggregate impact on net earnings on a GAAP basis for employee stock-based compensation (SBC) expense, amortization of intangible assets (excluding computer software), and restructuring charges. Q1 2025 guidance assumes a non-GAAP adjusted effective tax rate* of approximately 20%.}

2025 Annual Outlook

Revenue of $10.7 billion (previous outlook was $10.4 billion)
Adjusted operating margin (non-GAAP)* of 6.9% (previous non-IFRS outlook was 6.7%)
Adjusted EPS (non-GAAP)* of $4.75 (previous non-IFRS outlook was $4.42)
Free cash flow (non-GAAP)* of $350 million (previous non-IFRS outlook was $325 million)

Our 2025 outlook assumes an annual non-GAAP adjusted effective tax rate* of approximately 19%.

_{* See Use of Non-GAAP Measures and Schedule 1. For our Q1 2025 Guidance and 2025 Annual Outlook, we present certain forward-looking non-GAAP metrics. A reconciliation of such forward-looking non-GAAP measures to the most directly comparable GAAP measures on a forward-looking basis has not been provided because the items that we exclude from GAAP to calculate the comparable non-GAAP measure are dependent on future events that are not able to be reliably predicted by management and are not part of our routine operating activities. We are unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized. The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact our Q1 2025 and 2025 GAAP results.}

Summary of Selected Q4 2024 Results

	Q4 2024 Actual ⁽³⁾
Revenue (in billions) ⁽¹⁾	$	2.55
GAAP earnings from operations as a % of revenue		8.0	%
GAAP selling, general and administration expenses (SG&A) (in millions)	$	57.6
GAAP EPS ⁽²⁾	$	1.29
Adjusted operating margin (non-GAAP)*		6.8	%
Adjusted SG&A (non-GAAP)* (in millions)	$	81.2
Adjusted EPS (non-GAAP)*	$	1.11

CCS segment revenue: $1.74 billion, increased 30% compared to Q4 2023; CCS segment margin⁽⁴⁾: 7.9% compared to 6.8% for Q4 2023. Hardware Platform Solutions (HPS) revenue of $0.8 billion increased 65% compared to Q4 2023.

ATS segment revenue: $0.81 billion, remained flat compared to Q4 2023; ATS segment margin⁽⁴⁾: 4.6% compared to 4.7% for Q4 2023.

_{⁽¹⁾ In Q4 2024, two customers individually represented 10% or more of total revenue (24% and 12%).}

_{⁽²⁾ GAAP EPS of $1.29 for Q4 2024 included an aggregate charge of $0.17 (pre-tax) per share for employee SBC expense, amortization of intangible assets (excluding computer software), and restructuring charges (Q4 2023 – $0.17 (pre-tax) per share). This aggregate charge was at the low end of our Q4 2024 guidance range of between $0.17 to $0.23 per share for these items.}

_{GAAP EPS for Q4 2024 also included a $0.44 per share positive impact attributable to a fair value gain (TRS Gain) on our total return swap agreement (TRS Agreement). GAAP EPS for Q4 2023 of $0.77 included a $0.10 per share TRS Gain.}

_{⁽³⁾The conversion from IFRS to GAAP did not have a material impact on our overall financial results for Q4 2024. Our Q4 2024 results were in line with, or exceeded, our previously provided guidance.}

_{Upon transitioning from IFRS to GAAP, we were required to re-present our previously issued comparative results. The most significant transitional adjustments to our financial statements were related to the accounting treatment of the derivative instruments we entered into prior to 2024. These adjustments were driven specifically by the transition, and on the condensed consolidated statements of operations, impacted GAAP cost of sales, SG&A, finance costs and miscellaneous expense (income). As the nature of the derivatives have not changed in the transition, we have excluded such transitional adjustments in our GAAP to non-GAAP reconciliations. Reconciling items from our GAAP to non-GAAP measures are explained in Schedule 1. These transitional adjustments do not impact our non-GAAP results and will not impact our operating results reported under GAAP going forward.}

_{For Q4 2024, our revenue was near the high end of our guidance range. Our adjusted operating margin for Q4 2024 exceeded the mid-point of our revenue and non-IFRS adjusted EPS guidance ranges and our Q4 2024 adjusted EPS exceeded the high end of our guidance range, primarily driven by unanticipated operating leverage in our CCS segment. Our adjusted SG&A for Q4 2024 came in just over our guidance range due to higher than anticipated variable spend. Our GAAP effective tax rate for Q4 2024 was 20%. Our adjusted effective tax rate (non-GAAP) for Q4 2024 was 19%, lower than our anticipated estimate of approximately 21%, mainly due to non-routine tax events, offset partially by unfavorable jurisdictional profit mix.}

_{⁽⁴⁾ Segment margin is segment income as a percentage of segment revenue. Segment income is defined as a segment’s revenue less its cost of sales and its allocatable portion of SG&A expenses and research and development expenses. Segment income excludes Miscellaneous Expense (Income), FCC Transitional ADJ, employee SBC expense, TRS FVAs, amortization of intangible assets (excluding computer software), restructuring and other charges, net of recoveries (each defined in Schedule 1 below) and finance costs.}

Summary of Selected Full Year 2024 Results

	2024 Actual	2023 Actual
Revenue (in billions)⁽¹⁾	$9.65	$7.96
GAAP earnings from operations as a % of revenue	6.2%	4.2%
GAAP EPS ⁽²⁾	$3.61	$2.03
GAAP cash from operations (in millions)	$473.9	$326.2
Adjusted operating margin (non-GAAP)*	6.5%	5.5%
Adjusted EPS (non-GAAP)*	$3.88	$2.46
Free cash flow (non-GAAP)* (in millions)	$305.9	$203.8

_{⁽¹⁾ In 2024, two customers individually represented 10% or more of total revenue (28% and 11%).}

_{⁽²⁾ GAAP EPS for 2024 of $3.61 included a $0.77 per share TRS Gain. GAAP EPS for 2023 of $2.03 included a $0.38 per share TRS Gain.}

_{* See Use of Non-GAAP Measures and Schedule 1.}

Business Updates

We are pleased to announce the following developments related to new customer program wins:

Second 1.6T program award with a large Hyperscaler customer

Celestica has been awarded a 1.6 Terabyte switching program with a second Hyperscaler customer. The HPS program will include supporting the customer with the design and production of a fully AI-optimized networking rack, which will leverage our advanced system-level liquid cooling technology. The program is expected to begin ramping production in 2026.

HPS Full Rack AI System program award

Celestica has also secured an award for a new HPS program with a leading Digital Native Company. We will collaborate with the customer to deliver a full rack AI-optimized system solution. The program will leverage Celestica’s proprietary R&D investments across multiple technologies, including AI/ML servers, 1.6 Terabyte switches, and advanced liquid cooling systems. Production for this program is expected to begin in the latter part of 2026.

Q4 2024 Financial Results

Management will host its Q4 2024 results conference call on January 30, 2025 at 8:00 a.m. Eastern Standard Time (EST). The webcast can be accessed at www.celestica.com.

Use of Non-GAAP Measures

In addition to disclosing detailed operating results in accordance with GAAP, Celestica provides supplementary non-GAAP financial measures to consider in evaluating the company’s operating performance. Management uses adjusted net earnings and other non-GAAP financial measures to assess operating performance, financial leverage and the effective use and allocation of resources; to provide more normalized period-to-period comparisons of operating results; to enhance investors’ understanding of the core operating results of Celestica’s business; and to set management incentive targets. We believe investors use both GAAP and non-GAAP financial measures to assess management’s decisions associated with our priorities and capital allocation, as well as to analyze how our business operates in, or responds to, macroeconomic trends or other events that impact our core operations. See Schedule 1 below.

About Celestica

Celestica enables the world’s best brands. Through our recognized customer-centric approach, we partner with leading companies in Aerospace and Defense, Communications, Enterprise, HealthTech, Industrial, and Capital Equipment to deliver solutions for their most complex challenges. As a leader in design, manufacturing, hardware platform and supply chain solutions, Celestica brings global expertise and insight at every stage of product development — from the drawing board to full-scale production and after-market services. With talented teams across North America, Europe and Asia, we imagine, develop and deliver a better future with our customers. For more information on Celestica, visit www.celestica.com. Our securities filings can be accessed at www.sedarplus.ca and www.sec.gov.

The information contained on or accessible through www.celestica.com is not incorporated by reference into, and does not form part of, this release.

Cautionary Note Regarding Forward-looking Statements

This press release contains forward-looking statements, including, without limitation, those related to: strengthening demand in our CCS segment, demand environment and customer forecasts, our anticipated financial and/or operational results, guidance and outlook, including statements under the headings “
First
Quarter of
2025
(
Q1
2025
) Guidance”, and “
2025
Annual Outlook”, developments related to new customer wins, program inclusions, timing of production ramps, including statements under the headings “Second 1.6T program award with a large Hyperscaler customer” and “HPS Full Rack AI System program award”, anticipated economic conditions, industry trends, customer demand, prospects and opportunities, and strategic initiatives. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “continues,” “project,” “target,” “outlook,” “goal,” “guidance”, “potential,” “possible,” “contemplate,” “seek,” or similar expressions, or may employ such future or conditional verbs as “may,” “might,” “will,” “could,” “should,” or “would,” or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and for forward-looking information under applicable Canadian securities laws.

Forward-looking statements are provided to assist readers in understanding management’s current expectations and plans relating to the future. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management’s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, including certain assumptions about anticipated CCS and ATS revenue growth; anticipated demand levels across our businesses; continuing operating leverage and improving mix; the impact of anticipated market conditions on our businesses; tax and interest rates; continued advancement and commercialization of AI technologies and cloud computing; supporting sustained high levels of capital expenditure investments by leading hyperscaler; AI, and data center customers; the economy; our customers; our suppliers; our ability to achieve our strategic goals; the number of outstanding shares; as well as other market, financial and operational assumptions. Readers are cautioned that such information may not be appropriate for other purposes. Readers should not place undue reliance on such forward-looking information.

Forward-looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: customer and segment concentration; reduction in customer revenue; erosion in customer market competitiveness; changing revenue mix and margins; uncertain market, industry, political and economic conditions; changes to policies or legislation; operational challenges such as inventory management and materials and supply chain constraints; and program ramps; the cyclical nature and/or volatility of certain of our businesses; talent management and inefficient employee utilization; risks related to the expansion or consolidation of our operations; cash flow, revenue, and operating results, and tax and interest variability; technology and IT disruption; increasing legal, tax and regulatory complexity and uncertainty (including in relation to our or our customers’ businesses); integrating and achieving the anticipated benefits from acquisitions; and the potential adverse impacts of events outside of our control.

For more exhaustive information on the foregoing and other material risks, uncertainties and assumptions readers should refer to our public filings at www.sedarplus.ca and www.sec.gov, including in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, Annual Report on Form 20-F, and subsequent reports on Form 10-K, Quarterly Reports on Form 10-Q, Form 8-K and other documents filed with or furnished to, the U.S. Securities and Exchange Commission, and the Canadian Securities Administrators, as applicable.

Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Contacts:

Celestica Global Communications	Celestica Investor Relations
(416) 448-2200	(416) 448-2211
[email protected]	[email protected]

Schedule 1

Supplementary Non-GAAP Financial Measures

The non-GAAP financial measures included in this press release are: adjusted gross profit, adjusted SG&A, adjusted operating earnings (or adjusted EBIAT), and each of the foregoing measures as a percentage of revenue, adjusted net earnings, adjusted EPS, adjusted ROIC, free cash flow, adjusted tax expense and adjusted effective tax rate. Adjusted EBIAT, adjusted ROIC, free cash flow, adjusted tax expense and adjusted effective tax rate are further described in the tables below. As used herein, “Q1,” “Q2,” “Q3,” and “Q4” followed by a year refers to the first quarter, second quarter, third quarter and fourth quarter of such year, respectively.

We believe the non-GAAP financial measures herein enable investors to evaluate and compare our results from operations by excluding specific items that we do not consider to be reflective of our core operations, to evaluate cash resources that we generate from our business each period, to analyze operating results using the same measures our chief operating decision makers use to measure performance, and to help compare our results with those of our competitors. In addition, management believes that the use of adjusted tax expense and adjusted effective tax rate provides additional transparency into the tax effects of our core operations, and are useful to management and investors for historical comparisons and forecasting. These non-GAAP financial measures reflect management’s belief that the excluded items are not indicative of our core operations.

Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and therefore may not be directly comparable to similar measures presented by other companies. Non-GAAP financial measures are not measures of performance under GAAP and should not be considered in isolation or as a substitute for any GAAP financial measure. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are below.

We do not provide reconciliations for our forward-looking non-GAAP financial measures, as we are unable to reasonably estimate the items that we exclude from GAAP to calculate comparable non-GAAP measures without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Our non-GAAP financial measures are calculated by making the following adjustments (as applicable) to our GAAP financial measures:

Employee SBC expense, which represents the estimated fair value of stock options, restricted share units and performance share units granted to employees, is excluded because grant activities vary significantly from quarter-to-quarter in both quantity and fair value. We believe excluding this expense allows us to compare core operating results with those of our competitors, who also generally exclude employee SBC expense in assessing operating performance, and may have different granting patterns, equity awards and valuation assumptions.

Total return swap fair value adjustments (TRS FVAs) represent mark-to-market adjustments to our TRS Agreement, as the TRS Agreement is re-measured at fair value at each quarter end. We exclude the impact of these non-cash fair value adjustments (which reflect fluctuations in the market price of our common shares recorded in cost of sales, SG&A, or Miscellaneous Expenses (Income)) from period to period as such fluctuations do not represent our ongoing operating performance. In addition, we believe that excluding these non-cash adjustments permits a helpful comparison of our core operating results to our competitors. In accordance with GAAP, TRS FVAs prior to 2024 were recorded in Miscellaneous Expense (Income). Commencing in 2024, the TRS Agreement was treated as an economic hedge with the TRS FVAs recorded in cost of sales and SG&A.

Transitional hedge reclassifications and adjustments related to foreign currency forward exchange contracts (FCC Transitional ADJ) and interest rate swaps (IRS Transitional ADJ) were both specifically driven by our transition from IFRS to GAAP. For the purpose of determining our non-GAAP measures, FCC Transitional ADJ were made to cost of sales and SG&A and IRS Transitional ADJ are made to finance costs. Our foreign currency forward exchange contracts and interest rate swaps that we entered prior to 2024 were accounted for as either cash flow hedges (qualified for hedge accounting) or economic hedges under IFRS. However, those contracts were not accounted for as such under GAAP until January 1, 2024, resulting in FCC Transitional ADJ and IRS Transitional ADJ. Had we been able to designate those foreign currency forward exchange contracts and interest rate swaps under GAAP from their inception, they would have qualified as cash flow or economic hedges under GAAP, and no FCC Transitional ADJ or IRS Transitional ADJ would have been required under GAAP. FCC Transitional ADJ and IRS transitional ADJ are not reflective of the on-going operational impacts of our hedging activities and are excluded in assessing operating performance.

Amortization of intangible assets
(excluding computer software) consist of non-cash charges for intangible assets that are impacted by the timing and magnitude of acquired businesses. Amortization of intangible assets varies among our competitors, and we believe that excluding these charges permits a helpful comparison of core operating results to our competitors who also generally exclude amortization charges in assessing operating performance.

Restructuring and Other Charges (Recoveries) consist of, when applicable: Restructuring Charges (Recoveries) (defined below); Transition Costs (Recoveries) (defined below); consulting, transaction and integration costs related to potential and completed acquisitions; legal settlements (recoveries); in Q2 2023 and Q3 2023, costs associated with the conversion and underwritten public sale of our shares by Onex Corporation (Onex), our then-controlling shareholder, and commencing in Q2 2023, related costs pertaining to our transition as a US domestic filer. We exclude these charges and recoveries because we believe that they are not directly related to ongoing operating results and do not reflect our expected future operating expenses after completion of the relevant actions. Our competitors may record similar items at different times, and we believe these exclusions permit a helpful comparison of our core operating results with those of our competitors who also generally exclude these items in assessing operating performance.

Restructuring Charges (Recoveries), consist of costs or recoveries relating to: employee severance, lease terminations, site closings and consolidations, accelerated depreciation of owned property and equipment which are no longer used and are available for sale, and reductions in infrastructure.

Transition Costs (Recoveries) consist of costs and recoveries in connection with: (i) the transfer of manufacturing lines from closed sites to other sites within our global network; (ii) the sale of real properties unrelated to restructuring actions (Property Dispositions); and (iii) specified charges or recoveries related to the Purchaser Lease (defined below). Transition Costs consist of direct relocation and duplicate costs (such as rent expense, utility costs, depreciation charges, and personnel costs) incurred during the transition periods, as well as cease-use and other costs incurred in connection with idle or vacated portions of the relevant premises that we would not have incurred but for these relocations, transfers and dispositions. As part of our 2019 Toronto real property sale, we entered into a related 10-year lease for our then-anticipated headquarters (Purchaser Lease). In November 2022, we extended the lease (on a long-term basis) on our current corporate headquarters due to several Purchaser Lease commencement date delays. In Q3 2023, we executed a sublease for a portion of the leased space under the Purchaser Lease. We record charges related to the sublet of the Purchaser Lease (which commenced in June 2024) as Transition Costs. We believe that excluding Transition Costs and Recoveries permits a helpful comparison of our core operating results from period-to-period, as they do not reflect our ongoing operations once these specified events are complete.

Miscellaneous Expense (Income) consists primarily of: (i) certain net periodic benefit costs (credits) related to our pension and post-employment benefit plans consisting of interest costs and expected returns on pension balances, and amortization of actuarial gains or losses; and (ii) gains or losses related to our TRS Agreement and foreign currency forward exchange contracts and interest rate swaps that we entered into prior to 2024. Those derivative instruments were accounted for as either cash flow hedges (qualifying for hedge accounting) or economic hedges under IFRS. However, those contracts were not accounted for as such under GAAP until January 1, 2024. Certain gains and losses related to those contracts were recorded in Miscellaneous Expense (Income). See FCC Transitional ADJ, IRS Transitional ADJ and TRS FVAs above. We exclude such items because we believe they are not directly related to our ongoing operating results.

Non-core tax impacts are excluded, as we do not believe these costs or recoveries reflect our core operating performance and vary significantly among our competitors who also generally exclude such items in assessing operating performance. In addition, in calculating adjusted net earnings, adjusted EPS, adjusted tax expense and adjusted effective tax rate for the 2024 periods, management also excluded the one-time Q1 2024 portion of the negative tax impact arising from the enactment of Pillar Two (global minimum tax) legislation in Canada recorded in Q2 2024 and incremental withholding tax accrued in such quarter to minimize its impact (Pillar Two Tax Adjustments), as such portion is not attributable to our on-going operations for subsequent periods.

Our non-GAAP financial measures include the following:

Adjusted operating earnings (Adjusted EBIAT) is defined as GAAP earnings from operations excluding the impact of Employee SBC expense, TRS FVAs, FCC Transitional ADJ, Amortization of intangible assets (excluding computer software), and Restructuring and Other Charges (Recoveries). Adjusted operating margin is adjusted operating earnings as a percentage of GAAP revenue. Management uses adjusted operating earnings (adjusted EBIAT) as a measure to assess performance related to our core operations.

Adjusted net earnings is defined as GAAP net earnings before the impact of Employee SBC expense, TRS FVAs, FCC Transitional ADJ, amortization of intangible assets (excluding computer software), Restructuring and Other Charges (Recoveries), IRS Transitional ADJ, Miscellaneous Expense (Income) and adjustment for taxes. Adjusted net earnings per share is calculated by dividing adjusted net earnings by the number of diluted weighted average shares outstanding. Management uses adjusted net earnings as a measure to assess performance related to our core operations.

Free cash flow is defined as cash provided by (used in) operations after the purchase of property, plant and equipment (net of proceeds from the sale of certain surplus equipment and property, when applicable). Free cash flow does not represent residual cash flow available to Celestica for discretionary expenditures. Management uses free cash flow as a measure, in addition to GAAP cash provided by (used in) operations, to assess our operational cash flow performance. We believe free cash flow provides another level of transparency to our ability to generate cash from normal business operations.

Adjusted ROIC is calculated by dividing annualized adjusted EBIAT by average net invested capital for the period. Net invested capital (calculated in the tables below) is derived from GAAP financial measures, and is defined as total assets less: cash, ROU assets (operating and finance leases), accounts payable, accrued and other current liabilities (excluding finance and operating lease liabilities), provisions, and income taxes payable. Management uses adjusted ROIC as a measure to assess the effectiveness of the invested capital we employ to build products or provide services to our customers, by quantifying how well we generate earnings relative to the capital we have invested in our business.

The following table (which is unaudited) sets forth, for the periods indicated, the various non-GAAP financial measures discussed above, and a reconciliation of such non-GAAP financial measures to the most directly comparable financial measures determined under GAAP (in millions, except percentages and per share amounts):

	Three months ended December 31										Year ended December 31
		2024					2023					2024					2023
				% of revenue					% of revenue					% of revenue					% of revenue
GAAP revenue	$	2,545.7				$	2,140.5				$	9,646.0				$	7,961.0

GAAP gross profit	$	297.2		11.7	%	$	223.2		10.4	%	$	1,033.7		10.7	%	$	754.1		9.5	%
Employee SBC expense		4.6					4.2					24.8					22.6
TRS FVAs: (gains)		(22.4	)				—					(39.6	)				—
FCC Transitional ADJ		0.4					(3.6	)				0.1					3.6
Adjusted gross profit (non-GAAP)	$	279.8		11.0	%	$	223.8		10.5	%	$	1,019.0		10.6	%	$	780.3		9.8	%

GAAP SG&A	$	57.6		2.3	%	$	85.1		4.0	%	$	293.5		3.0	%	$	303.2		3.8	%
Employee SBC expense		(5.5	)				(5.6	)				(32.6	)				(33.0	)
TRS FVAs: (gains)		29.1					—					51.4					—
FCC Transitional ADJ		—					(2.2	)				1.4					4.8
Adjusted SG&A (non-GAAP)	$	81.2		3.2	%	$	77.3		3.6	%	$	313.7		3.3	%	$	275.0		3.5	%

GAAP earnings from operations	$	202.6		8.0	%	$	109.2		5.1	%	$	599.3		6.2	%	$	338.3		4.2	%
Employee SBC expense		10.1					9.8					57.4					55.6
TRS FVAs: (gains)		(51.5	)				—					(91.0	)				—
FCC Transitional ADJ		0.4					(1.4	)				(1.3	)				(1.2	)
Amortization of intangible assets (excluding computer software)		9.9					9.2					38.8					36.8
Restructuring and other charges, net of recoveries		2.1					1.5					19.4					12.1
Adjusted operating earnings (adjusted EBIAT) (non-GAAP)	$	173.6		6.8	%	$	128.3		6.0	%	$	622.6		6.5	%	$	441.6		5.5	%

GAAP net earnings	$	151.7		6.0	%	$	91.6		4.3	%	$	428.0		4.4	%	$	244.4		3.1	%
Employee SBC expense		10.1					9.8					57.4					55.6
TRS FVAs: (gains)		(51.5	)				—					(91.0	)				—
FCC Transitional ADJ		0.4					(1.4	)				(1.3	)				(1.2	)
Amortization of intangible assets (excluding computer software)		9.9					9.2					38.8					36.8
Restructuring and other charges, net of recoveries		2.1					1.5					19.4					12.1
Miscellaneous Expense (Income)		1.2					(21.0	)				15.0					(46.6	)
IRS Transitional ADJ		—					2.9					—					9.0
Adjustments for taxes⁽¹⁾		6.3					(0.5	)				(5.5	)				(14.3	)
Adjusted net earnings (non-GAAP)	$	130.2		5.1	%	$	92.1		4.3	%	$	460.8		4.8	%	$	295.8		3.7	%

Diluted EPS
Weighted average # of shares (in millions)		117.3					119.5					118.7					120.3
GAAP earnings per share	$	1.29				$	0.77				$	3.61				$	2.03
Adjusted earnings per share (non-GAAP)	$	1.11				$	0.77				$	3.88				$	2.46
# of shares outstanding at period end (in millions)		116.1					119.0					116.1					119.0

GAAP cash provided by operations	$	143.4				$	118.0				$	473.9				$	326.2
Purchase of property, plant and equipment, net of sales proceeds		(47.6	)				(31.9	)				(168.0	)				(122.4	)
Free cash flow (non-GAAP)	$	95.8				$	86.1				$	305.9				$	203.8

GAAP ROIC %		34.0	%				20.1	%				26.1	%				15.9	%
Adjusted ROIC % (non-GAAP)		29.1	%				23.6	%				27.2	%				20.7	%

_{(1) The adjustments for taxes, as applicable, represent the tax effects of our non-GAAP adjustments (see below).}

_{The following table sets forth a reconciliation of our adjusted tax expense (non-GAAP) and our adjusted effective tax rate (non-GAAP) to our GAAP tax expense and GAAP effective tax rate, respectively, for the periods indicated, in each case determined by excluding the tax benefits or costs associated with the listed items (in millions, except percentages) from our GAAP tax expense for such periods. Our GAAP effective tax rate is determined by dividing (i) GAAP tax expense by (ii) earnings from operations minus finance costs and Miscellaneous Expense (Income) recorded on our statement of operations; our adjusted effective tax rate (non-GAAP) is determined by dividing (i) adjusted tax expense (non-GAAP) by (ii) adjusted operating earnings (non-GAAP) minus finance costs and IRS Transitional ADJ.}

	Three months ended						Year ended
	December 31						December 31
		2024			2023			2024			2023

GAAP tax expense	$	37.8		$	23.1		$	104.2		$	61.6

Tax costs (benefits) of the following items excluded from GAAP tax expense:
Employee SBC expense and TRS FVAs		(5.5	)		2.4			3.5			10.0
Amortization of intangible assets (excluding computer software)		0.7			0.8			3.0			3.0
Restructuring and other charges		0.5			(0.2	)		1.1			1.3
Non-core tax adjustment for NCS acquisition		—			—			7.5			—
Prior Period Pillar Two Tax Adjustments		—			—			(8.1	)		—
Miscellaneous Expense (Income)		(2.0	)		(2.5	)		(1.5	)		—
Adjusted tax expense (non-GAAP)	$	31.5		$	23.6		$	109.7		$	75.9

GAAP tax expense	$	37.8		$	23.1		$	104.2		$	61.6

Earnings from operations	$	202.6		$	109.2		$	599.3		$	338.3
Finance Costs		(11.9	)		(15.5	)		(52.1	)		(78.9	)
Miscellaneous Expense (Income)		(1.2	)		21.0			(15.0	)		46.6
	$	189.5		$	114.7		$	532.2		$	306.0

GAAP effective tax rate		20	%		20	%		20	%		20	%

Adjusted tax expense (non-GAAP)	$	31.5		$	23.6		$	109.7		$	75.9

Adjusted operating earnings (non-GAAP)	$	173.6		$	128.3		$	622.6		$	441.6
Finance Costs		(11.9	)		(15.5	)		(52.1	)		(78.9	)
IRS Transitional ADJ		—			2.9			—			9.0
	$	161.7		$	115.7		$	570.5		$	371.7

Adjusted effective tax rate (non-GAAP)		19	%		20	%		19	%		20	%

The following table sets forth, for the periods indicated, our calculation of GAAP ROIC % and adjusted ROIC % (non-GAAP) (in millions, except GAAP ROIC % and adjusted ROIC %).

	Three months ended						Year ended
	December 31						December 31
		2024			2023			2024			2023

GAAP earnings from operations	$	202.6		$	109.2		$	599.3		$	338.3
Multiplier to annualize earnings		4			4			1			1
Annualized GAAP earnings from operations	$	810.4		$	436.8		$	599.3		$	338.3

Average net invested capital for the period*	$	2,386.7		$	2,176.9		$	2,292.4		$	2,132.5

GAAP ROIC %		34.0	%		20.1	%		26.1	%		15.9	%

	Three months ended						Year ended
	December 31						December 31
		2024			2023			2024			2023

Adjusted operating earnings (adjusted EBIAT) (non-GAAP)	$	173.6		$	128.3		$	622.6		$	441.6
Multiplier to annualize earnings		4			4			1			1
Annualized adjusted EBIAT (non-GAAP)	$	694.4		$	513.2		$	622.6		$	441.6

Average net invested capital for the period*	$	2,386.7		$	2,176.9		$	2,292.4		$	2,132.5

Adjusted ROIC % (non-GAAP)		29.1	%		23.6	%		27.2	%		20.7	%

	December 31 2024		September 30 2024		June 30 2024		March 31 2024
Net invested capital consists of:
Total assets	$	5,988.2	$	5,924.8	$	5,872.8	$	5,711.5
Less: cash		423.3		398.5		434.0		308.1
Less: ROU assets (operating and finance leases)		180.8		186.3		200.1		196.1
Less: accounts payable, accrued and other current liabilities, provisions and income taxes payable (excluding finance and operating lease liabilities)		2,969.2		2,981.6		2,946.2		2,992.6
Net invested capital at period end*	$	2,414.9	$	2,358.4	$	2,292.5	$	2,214.7

	December 31 2023		September 30 2023		June 30 2023		March 31 2023
Net invested capital consists of:
Total assets	$	5,890.5	$	5,744.8	$	5,499.6	$	5,464.2
Less: cash		370.4		353.1		360.7		318.7
Less: ROU assets (operating and finance leases)		170.0		174.0		163.2		150.6
Less: accounts payable, accrued and other current liabilities, provisions and income taxes payable (excluding finance and operating lease liabilities)		3,168.4		3,045.6		2,873.9		2,877.0
Net invested capital at period end*	$	2,181.7	$	2,172.1	$	2,101.8	$	2,117.9

_{* We use a two-point average to calculate average net invested capital for the quarter and a five-point average to calculate average net invested capital for the 12-month period. Average net invested capital for Q4 2024 is the average of net invested capital as at December 31, 2024 and September 30, 2024, and average net invested capital for FY 2024 is the average of net invested capital as at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024.}

CELESTICA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars)
(unaudited)

	December 31 2024			December 31 2023
Assets
Current assets:
Cash and cash equivalents	$	423.3		$	370.4
Accounts receivable, net		2,069.0			1,795.7
Inventories		1,760.6			2,104.3
Income taxes receivable		8.5			11.9
Other current assets		250.8			228.3
Total current assets		4,512.2			4,510.6
Property, plant and equipment, net (including finance right-of-use assets)		537.2			524.0
Operating lease right-of-use assets		124.4			107.8
Goodwill		340.5			321.7
Intangible assets		308.0			318.3
Deferred income taxes		87.7			57.0
Other non-current assets		78.2			51.1
Total assets	$	5,988.2		$	5,890.5
Liabilities and Equity
Current liabilities:
Current portion of borrowings under credit facility and finance lease obligations	$	26.5		$	27.0
Accounts payable		1,294.8			1,298.2
Accrued and other current liabilities (including operating lease payables)		1,586.7			1,810.6
Income taxes payable		93.5			64.3
Current portion of provisions		19.9			20.4
Total current liabilities		3,021.4			3,220.5
Long-term portion of borrowings under credit facility and finance lease obligations		770.2			648.3
Pension and non-pension post-employment benefit obligations		83.8			83.9
Long-term portion of provisions and other non-current liabilities (including operating lease payables)		167.4			124.6
Deferred income taxes		49.4			42.2
Total liabilities		4,092.2			4,119.5
Equity:
Capital stock		1,632.8			1,672.5
Treasury stock		(92.9	)		(80.1	)
Additional paid-in capital		797.5			1,030.6
Accumulated deficit		(423.8	)		(851.8	)
Accumulated other comprehensive loss		(17.6	)		(0.2	)
Total equity		1,896.0			1,771.0
Total liabilities and equity	$	5,988.2		$	5,890.5

CELESTICA INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions of U.S. dollars, except per share amounts)
(unaudited)

	Three months ended						Year ended
	December 31						December 31
		2024			2023			2024			2023

Revenue	$	2,545.7		$	2,140.5		$	9,646.0		$	7,961.0
Cost of sales		2,248.5			1,917.3			8,612.3			7,206.9
Gross profit		297.2			223.2			1,033.7			754.1
Selling, general and administrative expenses		57.6			85.1			293.5			303.2
Research and development		23.4			17.6			78.0			60.9
Amortization of intangible assets		11.5			9.8			43.5			39.6
Restructuring and other charges, net of recoveries		2.1			1.5			19.4			12.1
Earnings from operations		202.6			109.2			599.3			338.3
Finance costs		11.9			15.5			52.1			78.9
Miscellaneous expense (income)		1.2			(21.0	)		15.0			(46.6	)
Earnings before income taxes		189.5			114.7			532.2			306.0
Income tax expense (recovery)
Current		47.7			17.2			136.1			65.2
Deferred		(9.9	)		5.9			(31.9	)		(3.6	)
		37.8			23.1			104.2			61.6
Net earnings	$	151.7		$	91.6		$	428.0		$	244.4

Earnings per share:
Basic	$	1.30		$	0.77		$	3.62		$	2.03
Diluted	$	1.29		$	0.77		$	3.61		$	2.03

Weighted-average shares used in computing per share amounts (in millions)
Basic		116.3			119.3			118.1			120.1
Diluted		117.3			119.5			118.7			120.3

CELESTICA INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions of U.S. dollars)

(unaudited)

	Three months ended						Year ended
	December 31						December 31
Cash provided by (used in):		2024			2023			2024			2023
Operating activities:
Net earnings	$	151.7		$	91.6		$	428.0		$	244.4
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization		40.0			36.0			151.9			130.8
Stock-based compensation (SBC)		10.1			9.8			57.4			55.6
Total return swap (TRS) fair value adjustments		(51.5	)		(11.4	)		(91.0	)		(45.6	)
Restructuring and other charges		—			(0.3	)		5.9			1.6
Unrealized losses (gains) on hedge derivatives		2.1			(9.6	)		13.2			6.3
Deferred income taxes		(9.9	)		5.9			(31.9	)		(3.6	)
Other		15.9			(5.7	)		11.1			(2.2	)
Changes in non-cash working capital items:
Accounts receivable		(61.3	)		(196.7	)		(270.7	)		(402.2	)
Inventories		59.9			154.6			343.7			245.1
Other current assets		8.1			(13.9	)		45.1			8.6
Accounts payable, accrued and other current liabilities, provisions and income taxes payable		(21.7	)		57.7			(188.8	)		87.4
Net cash provided by operating activities		143.4			118.0			473.9			326.2

Investing activities:
Cash paid for business acquisition, net of cash acquired		—			—			(36.1	)		—
Purchase of computer software and property, plant and equipment		(47.6	)		(32.9	)		(170.9	)		(125.1	)
Proceeds from sale of assets		—			1.0			2.9			2.7
Other		(3.4	)		—			(8.4	)		—
Net cash used in investing activities		(51.0	)		(31.9	)		(212.5	)		(122.4	)

Financing activities:
Borrowings under revolving loans		313.0			270.0			798.0			891.0
Repayments under revolving loans		(313.0	)		(270.0	)		(798.0	)		(891.0	)
Borrowing under term loans		—			—			750.0			—
Repayments under term loans		(4.4	)		(4.5	)		(617.7	)		(18.3	)
Principal payments of finance leases		(2.6	)		(2.3	)		(9.7	)		(9.9	)
Proceeds from issuance of capital stock		—			—			3.9			0.3
Repurchase of capital stock for cancellation		(25.5	)		(10.0	)		(152.0	)		(35.6	)
Purchase of treasury stock for stock-based plans		(18.0	)		(35.1	)		(119.6	)		(82.3	)
Proceeds from TRS settlement		—			—			32.3			5.0
SBC cash settlement		(15.6	)		(16.9	)		(84.6	)		(66.7	)
Debt issuance costs paid		(1.5	)		—			(11.1	)		(0.4	)
Net cash used in financing activities		(67.6	)		(68.8	)		(208.5	)		(207.9	)

Net increase (decrease) in cash and cash equivalents		24.8			17.3			52.9			(4.1	)
Cash and cash equivalents, beginning of year		398.5			353.1			370.4			374.5
Cash and cash equivalents, end of year	$	423.3		$	370.4		$	423.3		$	370.4

Supplemental disclosure information:
Interest paid	$	12.3		$	12.6		$	52.9		$	68.8
Net income taxes paid	$	34.4		$	6.6		$	106.3		$	78.4
Non-cash investing activity:
Unpaid purchases of property, plant and equipment at end of period	$	29.7		$	52.5		$	29.7		$	52.5

January 29, 2025 4:41 pm

ACNB Corporation Announces First Quarter Cash Dividend

GETTYSBURG, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today that the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on March 14, 2025, to shareholders of record as of February 28, 2025. This per share amount reflects a 6.7% increase over the $0.30 per share paid in the first quarter of 2024. This dividend declaration is expected to result in aggregate dividend payments of approximately $3.38 million to ACNB Corporation shareholders in the first quarter of 2025, an increase of approximately 24% over the prior quarter, due to the additional shares expected to be issued to former Traditions Bancorp, Inc. shareholders upon the anticipated close of the acquisition on February 1, 2025.

ACNB Corporation, headquartered in Gettysburg, PA, is the independent $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

ACNB #2025-3

Contact:

Kevin J. Hayes
SVP/General Counsel,
Secretary & Chief
Governance Officer
717.339.5161
[email protected]

January 29, 2025 4:41 pm

Brookfield Property Partners Declares Quarterly Dividends on Listed Preferred Units

All dollar references are in U.S. dollars, unless noted otherwise.

BROOKFIELD NEWS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Brookfield Property Partners (“BPY” or the “Partnership”) announced today that the Board of Directors has declared quarterly distributions on the Partnership’s Class A Nasdaq-listed BPYPP, BPYPO, BPYPN and BPYPM (TSX: BPYP.PR.A) preferred units of $0.40625 per unit, $0.3984375 per unit, $0.359375 per unit and $0.390625 per unit, respectively, payable on March 31, 2025, to holders of record at the close of business on March 3, 2025.

Brookfield Property Partners

Brookfield Property Partners is one of the world’s premier real estate companies. We own and operate iconic properties in the world’s major markets, and our global portfolio includes office, retail, multifamily, logistics, hospitality, single-family rentals, manufactured housing, student housing and self-storage.

Brookfield Property Partners is a subsidiary of Brookfield Corporation (NYSE: BN, TSX: BN). More information is available at www.brookfield.com.

Contact:
Keren Dubon
Investor Relations
Tel.: (212) 618-3440
Email: [email protected]

January 29, 2025 4:41 pm

Unitil Increases Common Stock Dividend

HAMPTON, N.H., Jan. 29, 2025 (GLOBE NEWSWIRE) — Unitil Corporation (NYSE:UTL) (unitil.com) today announced that its Board of Directors raised the quarterly dividend on the Company’s common stock to $0.45 per share, an increase of $0.025 per share. Today’s action increased the Company’s annualized dividend by $0.10, to $1.80 per share. Also today, the Board declared the first quarter common stock dividend of $0.45 per share, payable February 28, 2025, to shareholders of record on February 13, 2025.

About Unitil Corporation

Unitil Corporation provides energy for life by safely and reliably delivering electricity and natural gas in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 109,400 electric customers and 89,100 natural gas customers. For more information about our people, technologies, and community involvement please visit unitil.com.

For more information please contact:

Christopher Goulding – Investor Relations
Phone: 603-773-6466
Email: [email protected]

Alec O’Meara – External Affairs
Phone: 603-773-6404
Email: [email protected]

January 29, 2025 4:41 pm

First Interstate BancSystem, Inc. Reports Fourth Quarter Earnings

First Interstate BancSystem, Inc. Reports Fourth Quarter Earnings

BILLINGS, Mont.–(BUSINESS WIRE)–
First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the fourth quarter of 2024. For the quarter, the Company reported net income of $52.1 million, or $0.50 per diluted share, which compares to net income of $55.5 million, or $0.54 per diluted share, for the third quarter of 2024 and net income of $61.5 million, or $0.59 per diluted share, for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported net income of $226.0 million, or $2.19 per diluted share, compared to $257.5 million, or $2.48 per diluted share, for the year ended December 31, 2023.

HIGHLIGHTS

We are pleased to announce the appointment of James A. Reuter as the Company’s President and Chief Executive Officer, effective November 1, 2024.
Net interest margin increased to 3.18% for the fourth quarter of 2024, a 17-basis point increase from the third quarter of 2024. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, increased to 3.20% for the fourth quarter of 2024, or a 16-basis point increase from the third quarter of 2024.
Non-performing assets decreased $33.3 million, or 18.6%, to $145.6 million as of December 31, 2024, from $178.9 million as of September 30, 2024 and increased $17.8 million, or 13.9%, from $127.8 million as of December 31, 2023.
Criticized loans increased $170.0 million to $773.3 million as of December 31, 2024, compared to $603.3 million as of September 30, 2024, driven mostly by downgrades in the commercial real estate loan portfolio, and increased $85.0 million, compared to $688.3 million as of December 31, 2023.
For the fourth quarter of 2024 net charge-offs of $55.2 million or 1.22 basis points of average loans included a commercial and industrial loan for $49.3 million. Net charge-offs within the remaining portfolio totaled $5.9 million or 0.13% of average loans.
Other borrowed funds decreased $512.5 million, or 24.6%, to $1,567.5 million as of December 31, 2024, from $2,080.0 million as of September 30, 2024 and decreased $1,035.5 million from December 31, 2023. The decreases are primarily the result of the Company’s pay-off of the $1.0 billion Bank Term Funding Program borrowing in December 2024 using a combination of excess cash and lower-rate FHLB advances after the fed funds rate cut in December 2024.
Total deposits increased by $151.5 million at December 31, 2024 from September 30, 2024, with interest-bearing demand deposits increasing by $233.8 million and non-interest bearing deposits decreasing by $121.4 million.
Non-interest expense increased $1.5 million for the fourth quarter of 2024, compared to the third quarter of 2024 and decreased $5.1 million compared to the fourth quarter of 2023. The third quarter of 2024 non-interest expense included $3.8 million related to the transition of the Company’s President and Chief Executive Officer; excluding the former CEO severance expenses, non-interest expense increased $5.3 million compared to the third quarter of 2024, primarily due to an increase in professional services, short-term incentive accruals, health insurance costs, and occupancy costs.
Efficiency ratio of 60.2% for the fourth quarter of 2024 compared to 61.8% for the third quarter of 2024.
Capital ratios continued to improve during the fourth quarter of 2024, with common equity tier 1 capital ratio increasing 0.30% to 12.16%, compared to the third quarter of 2024.

___________

¹ Represents a Non-GAAP financial measure. See Non-GAAP Financial Measures included below for a reconciliation to this measure’s most directly comparable GAAP financial measure.

“We are pleased to see continued improvement in our core operating metrics. Net interest margin expanded for the third consecutive quarter, and the net interest margin, excluding purchase accounting, exceeded 3% in the fourth quarter. Growth in deposits exceeded our expectations and we were able to take advantage of the flexibility of our BTFP borrowings to reduce our funding costs. Charge-offs were elevated this quarter, driven by a previously reported, non-performing commercial and industrial loan. The team working this loan did well adhering to agreed upon resolution options, finding the best available outcome, and allowing us to move forward,” said James A. Reuter, President and Chief Executive Officer of First Interstate BancSystem, Inc. “As I approach the 90-day mark since I joined First Interstate, I have had the opportunity to visit many of our markets and am impressed to see a strong, client-centric, community Bank. I look forward to working with the team at First Interstate to build upon the core strengths of this institution and, ultimately, to drive long-term shareholder value.”

DIVIDEND DECLARATION

On January 28, 2025, the Company’s board of directors declared a dividend of $0.47 per common share, payable on February 20, 2025, to common stockholders of record as of February 10, 2025. The dividend equates to a 5.8% annualized yield based on the $32.53 per share average closing price of the Company’s common stock as reported on NASDAQ during the fourth quarter of 2024.

NET INTEREST INCOME

Net interest income increased $8.8 million, or 4.3%, to $214.3 million, during the fourth quarter of 2024, compared to net interest income of $205.5 million during the third quarter of 2024, primarily due to a decrease in interest expense resulting from a decrease in average debt balances and purchase accounting accretion and interest recoveries attributable to non-accrual loan paydowns. Net interest income increased $6.5 million, or 3.1%, during the fourth quarter of 2024 compared to the fourth quarter of 2023, primarily due to an increase in interest and fees on loans and interest bearing deposits, and a decrease in interest expense resulting from decreased rates on borrowings along with a decrease in average debt balances, partially offset by lower interest income on investment securities as a result of a decrease in average investment security balances in the fourth quarter of 2024.

Interest accretion attributable to the fair valuation of acquired loans from acquisitions contributed to net interest income during the fourth quarter of 2024, the third quarter of 2024, and the fourth quarter of 2023, in the amounts of $8.6 million, $4.4 million, and $5.4 million, respectively.

The net interest margin ratio was 3.18% for the fourth quarter of 2024, compared to 3.01% during the third quarter of 2024, and 2.99% during the fourth quarter of 2023. The net FTE interest margin ratio² was 3.20% for the fourth quarter of 2024, compared to 3.04% during the third quarter of 2024, and 3.01% during the fourth quarter of 2023. Excluding interest accretion from the fair value of acquired loans, on a quarter-over-quarter basis, the adjusted net interest margin ratio (FTE)², was 3.08%, an increase of 11 basis points from the prior quarter, primarily driven by lower interest expense resulting from decreased borrowings. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the adjusted net interest margin ratio (FTE) increased 14 basis points, primarily as a result of lower interest expense resulting from decreased rates on borrowings and a favorable change in the mix of earning assets.

___________

² Represents a Non-GAAP financial measure. See Non-GAAP Financial Measures included below for a reconciliation to this measure’s most directly comparable GAAP financial measure.

PROVISION FOR CREDIT LOSSES

During the fourth quarter of 2024, the Company recorded a provision for credit losses of $33.7 million. This compares to a provision for credit losses of $19.8 million and $5.4 million during the third quarter of 2024 and during the fourth quarter of 2023, respectively.

For the fourth quarter of 2024, net charge-offs were $55.2 million, or an annualized 1.22% of average loans outstanding, compared to net charge-offs of $27.4 million, or an annualized 0.60% of average loans outstanding, for the third quarter of 2024 and net charge-offs of $4.8 million, or an annualized 0.10% of average loans outstanding, for the fourth quarter of 2023. Net loan charge-offs in the fourth quarter of 2024 were composed of charge-offs of $58.3 million, primarily consisting of a $49.3 million commercial and industrial loan for which a specific reserve of $26.5 million was held, which was offset by recoveries of $3.1 million.

The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.14% at December 31, 2024, compared to 1.25% at September 30, 2024 and 1.25% at December 31, 2023. Excluding the commercial and industrial loan specific reserve of $26.5 million, the Company’s allowance for credit losses as a percentage of period-end loans held for investment increased four basis points compared to September 30, 2024. Coverage of non-performing loans increased to 144.4% at December 31, 2024, compared to 129.2% at September 30, 2024 and decreased from 204.6% at December 31, 2023.

NON-INTEREST INCOME

For the Quarter Ended
(Dollars in millions)	Dec 31, 2024		Sep 30, 2024		$ Change			% Change		Dec 31, 2023		$ Change			% Change
Payment services revenues	$	17.9	$	18.7	$	(0.8	)	(4.3	)%	$	18.4	$	(0.5	)	(2.7	)%
Mortgage banking revenues		1.5		1.7		(0.2	)	(11.8	)		1.5		—		NM
Wealth management revenues		10.6		9.6		1.0		10.4			8.8		1.8		20.5
Service charges on deposit accounts		6.7		6.6		0.1		1.5			6.0		0.7		11.7
Other service charges, commissions, and fees		2.5		2.2		0.3		13.6			2.5		—		—
Other income		7.8		7.6		0.2		2.6			7.3		0.5		6.8
Total non-interest income	$	47.0	$	46.4	$	0.6		1.3	%	$	44.5	$	2.5		5.6	%

Non-interest income was $47.0 million for the fourth quarter of 2024, increasing $0.6 million compared to the third quarter of 2024 and increasing $2.5 million compared to the fourth quarter of 2023. The increase was primarily due to wealth management revenues as a result of an increase in trust fees which was partially offset by a decrease in payment services revenues as a result of decreased interchange fees driven by lower transaction volume during the fourth quarter of 2024.

NON-INTEREST EXPENSE

For the Quarter Ended
(Dollars in millions)	Dec 31, 2024		Sep 30, 2024		$ Change			% Change		Dec 31, 2023		$ Change			% Change
Salaries and wages	$	68.5	$	70.9	$	(2.4	)	(3.4	)%	$	64.0	$	4.5		7.0	%
Employee benefits		20.5		19.7		0.8		4.1			13.5		7.0		51.9
Occupancy and equipment		18.2		17.0		1.2		7.1			17.4		0.8		4.6
Other intangible amortization		3.6		3.6		—		—			3.9		(0.3	)	(7.7	)
Other expenses		50.0		48.2		1.8		3.7			67.0		(17.0	)	(25.4	)
Other real estate owned expense		0.1		—		0.1		—			0.2		(0.1	)	(50.0	)
Total non-interest expense	$	160.9	$	159.4	$	1.5		0.9	%	$	166.0	$	(5.1	)	(3.1	)%

The Company’s non-interest expense was $160.9 million for the fourth quarter of 2024, an increase of $1.5 million from the third quarter of 2024 and a decrease of $5.1 million from the fourth quarter of 2023. Expenses for the third quarter included $3.8 million related to the former CEO severance costs.

Salary and wages expense decreased $2.4 million and increased $4.5 million during the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter of 2023, respectively. The decrease when compared to the third quarter of 2024 was primarily due to the third quarter accrual of $3.8 million related to the former CEO severance costs which were partially offset by $1.4 million of short-term incentive accruals in the fourth quarter. The increase when compared to the fourth quarter of 2023 was primarily due to $8.3 million in short-term incentive accruals and $1.2 million of deferred loan costs, which were partially offset by lower salaries and wages totaling $4.6 million and higher severance costs as a result of the reduction in work force in December 2023.

Employee benefit expenses increased $0.8 million and $7.0 million during the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter of 2023, respectively. The increase compared to the fourth quarter of 2023 was primarily due to higher, normalized long-term incentive accruals of $6.0 million, due to decreased incentive accruals in 2023, and $1.6 million in health insurance costs.

Other expenses increased $1.8 million during the fourth quarter of 2024 compared to the third quarter of 2024, primarily due to professional fees. Other expenses decreased $17.0 million during the fourth quarter of 2024 compared to the fourth quarter of 2023, primarily due to a decrease of $11.3 million of FDIC insurance premiums driven by the FDIC special assessment included in the fourth quarter of 2023 and lower credit card reward accruals and donation expenses.

BALANCE SHEET

Total assets decreased $458.1 million, or 1.5%, to $29,137.4 million as of December 31, 2024, from $29,595.5 million as of September 30, 2024, primarily due to decreases in investment securities and loans, which were partially offset by an increase in cash and cash equivalents. Total assets decreased $1,533.8 million, or 5.0%, from $30,671.2 million as of December 31, 2023, primarily due to decreases in investment securities and loans, which were partially offset by an increase in cash and cash equivalents, which supported declines in other borrowed funds, deposits, and securities sold under repurchase agreements.

Investment securities decreased $531.0 million, or 6.4%, to $7,744.6 million as of December 31, 2024, from $8,275.6 million as of September 30, 2024, primarily resulting from called securities, normal pay-downs and maturities, and a $91.2 million decrease in fair market values of investment securities during the period. Investment securities decreased $1,304.8 million, or 14.4%, from $9,049.4 million as of December 31, 2023, primarily resulting from normal pay-downs and maturities, partially offset by a $43.3 million increase in fair market values during the period.

The following table presents the composition and comparison of loans held for investment as of the quarters-ended:

	Dec 31, 2024			Sep 30, 2024			$ Change			% Change		Dec 31, 2023			$ Change			% Change
Real Estate:
Commercial		9,263.2		$	9,219.3		$	43.9		0.5	%	$	8,869.2		$	394.0		4.4	%
Construction		1,244.6			1,307.9			(63.3	)	(4.8	)		1,826.5			(581.9	)	(31.9	)
Residential		2,191.6			2,217.8			(26.2	)	(1.2	)		2,244.3			(52.7	)	(2.3	)
Agricultural		701.1			726.4			(25.3	)	(3.5	)		716.8			(15.7	)	(2.2	)
Total real estate		13,400.5			13,471.4			(70.9	)	(0.5	)		13,656.8			(256.3	)	(1.9	)
Consumer:
Indirect		725.0			742.2			(17.2	)	(2.3	)		740.9			(15.9	)	(2.1	)
Direct and advance lines		134.0			136.9			(2.9	)	(2.1	)		141.6			(7.6	)	(5.4	)
Credit card		77.6			76.4			1.2		1.6			76.5			1.1		1.4
Total consumer		936.6			955.5			(18.9	)	(2.0	)		959.0			(22.4	)	(2.3	)
Commercial		2,829.4			2,919.7			(90.3	)	(3.1	)		2,906.8			(77.4	)	(2.7	)
Agricultural		687.9			689.8			(1.9	)	(0.3	)		769.4			(81.5	)	(10.6	)
Other, including overdrafts		1.6			2.5			(0.9	)	(36.0	)		0.1			1.5		NM
Deferred loan fees and costs		(11.1	)		(11.8	)		0.7		(5.9	)		(12.5	)		1.4		(11.2	)
Loans held for investment, net of deferred loan fees and costs		17,844.9		$	18,027.1		$	(182.2	)	(1.0	)%	$	18,279.6		$	(434.7	)	(2.4	)%

The ratio of loans held for investment to deposits was 77.5%, as of December 31, 2024, compared to 78.8% as of September 30, 2024 and 78.4% as of December 31, 2023.

Total deposits increased $151.5 million to $23,015.6 million as of December 31, 2024, from $22,864.1 million as of September 30, 2024, with increases in all interest-bearing categories, which were partially offset by a decrease in non-interest-bearing deposits. Total deposits decreased $307.5 million, or 1.3%, from $23,323.1 million as of December 31, 2023, with decreases in all types of deposits except for savings and time, $250 and over.

Securities sold under repurchase agreements decreased $33.3 million, or 6.0%, to $523.9 million as of December 31, 2024, from $557.2 million as of September 30, 2024, and decreased $258.8 million, or 33.1%, from $782.7 million as of December 31, 2023, resulting from normal fluctuations in the liquidity needs of the Company’s clients.

Other borrowed funds is composed of variable-rate, overnight and fixed-rate borrowings with remaining contractual tenors of up to one year through the Federal Home Loan Bank. Other borrowed funds decreased $512.5 million, or 24.6%, to $1,567.5 million as of December 31, 2024, from $2,080.0 million as of September 30, 2024. The decrease was funded by the repayment of the Bank Term Funding Program borrowing of $1.0 billion supported by higher levels of deposits, cash flows from amortizing investment securities, lower recorded loans, and borrowings of FHLB advances. Other borrowed funds decreased $1,035.5 million from December 31, 2023 as a result of the Company’s pay-off of wholesale borrowings in December 2024.

The Company is considered to be “well-capitalized” as of December 31, 2024, having exceeded all regulatory capital adequacy requirements. During the fourth quarter of 2024, the Company paid regular common stock dividends of approximately $49.0 million, or $0.47 per share.

CREDIT QUALITY

As of December 31, 2024, non-performing assets decreased $33.3 million, or 18.6%, to $145.6 million, compared to $178.9 million as of September 30, 2024, primarily due to a decrease in non-accrual loans partially offset by an increase in accruing loans past due 90 days or more. The decrease in non-accrual loans was primarily due to a $49.3 million commercial and industrial loan relationship charge off and the payoff of a $22.2 million of agricultural loan, which was partially offset by the movement of a $18.9 million agricultural loan, $12.2 million of commercial real estate loans, $3.2 million of commercial loans, and $3.2 million of construction real estate loans to non-accrual during the fourth quarter of 2024.

Criticized loans increased $170.0 million, or 28.2%, to $773.3 million as of December 31, 2024, from $603.3 million as of September 30, 2024, primarily as a result of downgrades of $200.0 million of commercial real estate loans and commercial loans of $52.9 million, driven primarily by four relationships. The increase was partially offset by $49.3 million and $3.5 million of charge-offs related to commercial and commercial real estate loans, respectively, the payoff of $22.2 million of agricultural loans, and commercial real estate loan upgrades of $10.4 million.

NON-GAAP FINANCIAL MEASURES

In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets; (v) average tangible common stockholders’ equity; (vi) return on average tangible common stockholders’ equity; (vii) net FTE interest income; (viii) net FTE interest margin ratio; (ix) adjusted net FTE interest income; and (x) adjusted net FTE interest margin ratio. Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Average tangible common stockholders’ equity is calculated as average total stockholders’ equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders’ equity is calculated as annualized net income available to common shareholders divided by average tangible common stockholders’ equity. Net FTE interest income is calculated as net interest income, adjusted to include its FTE interest income. Net FTE interest margin ratio is calculated as net FTE interest income divided by average interest-earning assets. Adjusted net FTE interest income is calculated as net FTE interest income less purchase accounting interest accretion on acquired loans. Adjusted net FTE interest margin ratio is calculated as annualized adjusted net FTE interest income divided by average interest earning assets. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.

The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (vi) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to acquisition costs and other adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies.

See the Non-GAAP Financial Measures table included herein and the textual discussion for a reconciliation of the above-described non-GAAP financial measures to their most directly comparable GAAP financial measures.

Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that change over time and could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this press release:

new or changes in existing, governmental regulations or in the way such regulations are interpreted or enforced;
negative developments in the banking industry and increased regulatory scrutiny;
tax legislative initiatives or assessments;
more stringent capital requirements, to the extent they may become applicable to us;
changes in accounting standards;
any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations;
federal deposit insurance increases;
lending risks and risks associated with loan sector concentrations;
a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans;
loan credit losses exceeding estimates;
exposure to losses in collateralized loan obligation securities;
changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs;
the soundness of other financial institutions;
the ability to meet cash flow needs and availability of financing sources for working capital and other needs;
a loss of deposits or a change in product mix that increases the Company’s funding costs;
inability to access funding or to monetize liquid assets;
changes in interest rates;
interest rate effect on the value of our investment securities;
cybersecurity risks, including denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior that could result in the disclosure of confidential information;
privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information or otherwise have an adverse effect on us;
the potential impairment of our goodwill and other intangible assets;
our reliance on other companies that provide key components of our business infrastructure;
events that may tarnish our reputation;
mainstream and social media contagion;
the loss of the services of key members of our management team and directors;
our ability to attract and retain qualified employees to operate our business;
costs associated with repossessed properties, including environmental remediation;
the effectiveness of our internal control over financial reporting;
our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients;
the development and use of artificial intelligence;
risks related to acquisitions, mergers, strategic partnerships and other transactions;
competition from new or existing financial institutions and non-banks;
investing in technology;
incurrence of significant costs related to mergers and related integration activities;
the volatility in the price and trading volume of our common stock;
“anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders;
changes in our dividend policy or our ability to pay dividends;
our common stock not being an insured deposit;
the potential dilutive effect of future equity issuances;
the subordination of our common stock to our existing and future indebtedness;
the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and
the impact of climate change and environmental sustainability matters.

These factors are not necessarily all the factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included and described in more detail in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors.” Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Fourth Quarter 2024 Conference Call for Investors

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the fourth quarter of 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Thursday, January 30, 2025. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-549-8228; the access code is 47891. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on January 30, 2025, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through March 1, 2025, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-888-660-6264; the access code is 47891. The call will also be archived on our website, www.FIBK.com, for one year.

About First Interstate BancSystem, Inc.

First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through our bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company’s market areas.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Consolidated Statements of Income *(Unaudited)*

	Quarter Ended										% Change
*(In millions, except % and per share data)*	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		4Q24 vs 3Q24		4Q24 vs 4Q23
Net interest income	$	214.3	$	205.5	$	201.7	$	200.1	$	207.8	4.3	%	3.1	%
Net interest income on a fully-taxable equivalent (“FTE”) basis		215.9		207.1		203.4		201.8		209.5	4.2		3.1
Provision for credit losses		33.7		19.8		9.0		5.3		5.4	70.2		NM
Non-interest income:
Payment services revenues		17.9		18.7		18.6		18.4		18.4	(4.3	)	(2.7	)
Mortgage banking revenues		1.5		1.7		1.7		1.7		1.5	(11.8	)	NM
Wealth management revenues		10.6		9.6		9.4		9.2		8.8	10.4		20.5
Service charges on deposit accounts		6.7		6.6		6.4		6.0		6.0	1.5		11.7
Other service charges, commissions, and fees		2.5		2.2		2.1		2.2		2.5	13.6		—
Total fee-based revenues		39.2		38.8		38.2		37.5		37.2	1.0		5.4
Other income		7.8		7.6		4.4		4.6		7.3	2.6		6.8
Total non-interest income		47.0		46.4		42.6		42.1		44.5	1.3		5.6
Non-interest expense:
Salaries and wages		68.5		70.9		66.3		65.2		64.0	(3.4	)	7.0
Employee benefits		20.5		19.7		16.9		19.3		13.5	4.1		51.9
Occupancy and equipment		18.2		17.0		16.9		17.3		17.4	7.1		4.6
Other intangible amortization		3.6		3.6		3.7		3.7		3.9	—		(7.7	)
Other expenses		50.0		48.2		51.1		52.7		67.0	3.7		(25.4	)
Other real estate owned expense		0.1		—		2.0		2.0		0.2	—		(50.0	)
Total non-interest expense		160.9		159.4		156.9		160.2		166.0	0.9		(3.1	)
Income before income tax		66.7		72.7		78.4		76.7		80.9	(8.3	)	(17.6	)
Provision for income tax		14.6		17.2		18.4		18.3		19.4	(15.1	)	(24.7	)
Net income	$	52.1	$	55.5	$	60.0	$	58.4	$	61.5	(6.1	)%	(15.3	)%

Weighted-average basic shares outstanding		103,083		102,971		102,937		102,844		103,629	0.1	%	(0.5	)%
Weighted-average diluted shares outstanding		103,399		103,234		103,093		103,040		103,651	0.2		(0.2	)
Earnings per share – basic	$	0.51	$	0.54	$	0.58	$	0.57	$	0.59	(5.6	)	(13.6	)
Earnings per share – diluted		0.50		0.54		0.58		0.57		0.59	(7.4	)	(15.3	)


NM – not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Consolidated Statements of Income *(Unaudited)*

	Year Ended December 31,					% Change
*(In millions, except % and per share data)*	2024		2023			2024 vs 2023
Net interest income	$	821.6	$	878.8		(6.5	)
Net interest income on a FTE basis		828.2		885.8		(6.5	)
Provision for credit losses		67.8		32.2		110.6
Non-interest income:
Payment services revenues		73.6		76.4		(3.7	)
Mortgage banking revenues		6.6		8.4		(21.4	)
Wealth management revenues		38.8		35.3		9.9
Service charges on deposit accounts		25.7		23.0		11.7
Other service charges, commissions, and fees		9.0		9.5		(5.3	)
Total fee-based revenues		153.7		152.6		0.7
Investment securities gain		—		(23.5	)	NM
Other income		24.4		17.9		36.3
Total non-interest income		178.1		147.0		21.2
Non-interest expense:
Salaries and wages		270.9		263.1		3.0
Employee benefits		76.4		75.3		1.5
Occupancy and equipment		69.4		70.1		(1.0	)
Other intangible amortization		14.6		15.7		(7.0	)
Other expenses		202.0		231.1		(12.6	)
Other real estate owned expense		4.1		1.5		NM
Total non-interest expense		637.4		656.8		(3.0	)
Income before income tax		294.5		336.8		(12.6	)
Provision for income tax		68.5		79.3		(13.6	)
Net income	$	226.0	$	257.5		(12.2	)

Weighted-average basic shares outstanding		102,978		103,752		(0.7	)
Weighted-average diluted shares outstanding		103,191		103,780		(0.6	)
Earnings per share – basic	$	2.19	$	2.48		(11.7	)
Earnings per share – diluted		2.19		2.48		(11.7	)


NM – not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Consolidated Balance Sheets *(Unaudited)*

																% Change
*(In millions, except % and per share data)*	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			4Q24 vs 3Q24		4Q24 vs 4Q23
Assets:
Cash and due from banks	$	378.0		$	438.9		$	390.2		$	315.8		$	378.2		(13.9	)%	(0.1	)%
Interest-bearing deposits in banks		518.5			259.6			568.2			319.1			199.7		99.7		159.6
Federal funds sold		0.1			0.1			0.1			0.1			0.1		—		—
Cash and cash equivalents		896.6			698.6			958.5			635.0			578.0		28.3		55.1
Investment securities, net		7,744.6			8,275.6			8,401.6			8,626.1			9,049.4		(6.4	)	(14.4	)
Investment in Federal Home Loan Bank and Federal Reserve Bank stock		177.4			155.5			182.3			178.4			223.2		14.1		(20.5	)
Loans held for sale, at fair value		0.9			20.9			22.3			22.7			47.4		(95.7	)	(98.1	)
Loans held for investment		17,844.9			18,027.1			18,235.0			18,202.8			18,279.6		(1.0	)	(2.4	)
Allowance for credit losses		(204.1	)		(225.4	)		(232.8	)		(227.7	)		(227.7	)	(9.4	)	(10.4	)
Net loans held for investment		17,640.8			17,801.7			18,002.2			17,975.1			18,051.9		(0.9	)	(2.3	)
Goodwill and intangible assets (excluding mortgage servicing rights)		1,195.7			1,199.3			1,202.9			1,206.6			1,210.3		(0.3	)	(1.2	)
Company owned life insurance		513.0			511.0			507.6			504.7			502.4		0.4		2.1
Premises and equipment		427.2			432.7			436.5			439.9			444.3		(1.3	)	(3.8	)
Other real estate owned		4.3			4.4			6.7			14.4			16.5		(2.3	)	(73.9	)
Mortgage servicing rights		25.7			26.3			27.0			27.6			28.3		(2.3	)	(9.2	)
Other assets		511.2			469.5			541.9			514.3			519.5		8.9		(1.6	)
Total assets	$	29,137.4		$	29,595.5		$	30,289.5		$	30,144.8		$	30,671.2		(1.5	)%	(5.0	)%

Liabilities and stockholders’ equity:
Deposits	$	23,015.6		$	22,864.1		$	22,870.7		$	22,810.0		$	23,323.1		0.7	%	(1.3	)%
Securities sold under repurchase agreements		523.9			557.2			741.8			794.2			782.7		(6.0	)	(33.1	)
Long-term debt		132.2			137.3			383.4			370.8			120.8		(3.7	)	9.4
Other borrowed funds		1,567.5			2,080.0			2,430.0			2,342.0			2,603.0		(24.6	)	(39.8	)
Subordinated debentures held by subsidiary trusts		163.1			163.1			163.1			163.1			163.1		—		—
Other liabilities		431.1			428.0			475.2			455.0			451.0		0.7		(4.4	)
Total liabilities		25,833.4			26,229.7			27,064.2			26,935.1			27,443.7		(1.5	)	(5.9	)
Stockholders’ equity:
Common stock		2,459.5			2,457.4			2,453.9			2,450.7			2,448.9		0.1		0.4
Retained earnings		1,166.4			1,163.3			1,156.9			1,145.9			1,135.1		0.3		2.8
Accumulated other comprehensive loss		(321.9	)		(254.9	)		(385.5	)		(386.9	)		(356.5	)	26.3		(9.7	)
Total stockholders’ equity		3,304.0			3,365.8			3,225.3			3,209.7			3,227.5		(1.8	)	2.4
Total liabilities and stockholders’ equity	$	29,137.4		$	29,595.5		$	30,289.5		$	30,144.8		$	30,671.2		(1.5	)%	(5.0	)%

Common shares outstanding at period end		104,586			104,530			104,561			104,572			103,942		0.1	%	0.6	%
Book value per common share at period end	$	31.59		$	32.20		$	30.85		$	30.69		$	31.05		(1.9	)	1.7
Tangible book value per common share at period end**		20.16			20.73			19.34			19.16			19.41		(2.7	)	3.9

**Non-GAAP financial measure – see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Loans and Deposits *(Unaudited)*

																% Change
*(In millions, except %)*	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			4Q24 vs 3Q24		4Q24 vs 4Q23

Loans held for investment:
Real Estate:
Commercial	$	9,263.2		$	9,219.3		$	9,054.5		$	9,060.4		$	8,869.2		0.5	%	4.4	%
Construction		1,244.6			1,307.9			1,519.9			1,609.2			1,826.5		(4.8	)	(31.9	)
Residential		2,191.6			2,217.8			2,246.4			2,258.4			2,244.3		(1.2	)	(2.3	)
Agricultural		701.1			726.4			723.5			719.7			716.8		(3.5	)	(2.2	)
Total real estate		13,400.5			13,471.4			13,544.3			13,647.7			13,656.8		(0.5	)	(1.9	)
Consumer:
Indirect		725.0			742.2			733.7			739.9			740.9		(2.3	)	(2.1	)
Direct		134.0			136.9			139.0			136.7			141.6		(2.1	)	(5.4	)
Credit card		77.6			76.4			76.1			72.6			76.5		1.6		1.4
Total consumer		936.6			955.5			948.8			949.2			959.0		(2.0	)	(2.3	)
Commercial		2,829.4			2,919.7			3,052.9			2,922.2			2,906.8		(3.1	)	(2.7	)
Agricultural		687.9			689.8			698.2			696.0			769.4		(0.3	)	(10.6	)
Other		1.6			2.5			3.1			0.2			0.1		(36.0	)	NM
Deferred loan fees and costs		(11.1	)		(11.8	)		(12.3	)		(12.5	)		(12.5	)	(5.9	)	(11.2	)
Loans held for investment	$	17,844.9		$	18,027.1		$	18,235.0		$	18,202.8		$	18,279.6		(1.0	)%	(2.4	)%



Deposits:
Non-interest-bearing	$	5,797.6		$	5,919.0		$	6,174.0		$	5,900.3		$	6,029.6		(2.1	)%	(3.8	)%
Interest-bearing:
Demand		6,495.2			6,261.4			6,122.3			6,103.6			6,507.8		3.7		(0.2	)
Savings		7,832.3			7,805.5			7,733.6			7,872.2			7,775.8		0.3		0.7
Time, $250 and over		825.0			818.6			786.1			819.3			811.6		0.8		1.7
Time, other		2,065.5			2,059.6			2,054.7			2,114.6			2,198.3		0.3		(6.0	)
Total interest-bearing		17,218.0			16,945.1			16,696.7			16,909.7			17,293.5		1.6		(0.4	)
Total deposits	$	23,015.6		$	22,864.1		$	22,870.7		$	22,810.0		$	23,323.1		0.7	%	(1.3	)%

Total core deposits ⁽¹⁾	$	22,190.6		$	22,045.5		$	22,084.6		$	21,990.7		$	22,511.5		0.7	%	(1.4	)%

⁽¹⁾ Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Credit Quality *(Unaudited)*

																% Change
*(In millions, except %)*	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			4Q24 vs 3Q24		4Q24 vs 4Q23

Allowance for Credit Losses:
Allowance for credit losses	$	204.1		$	225.4		$	232.8		$	227.7		$	227.7		(9.4	)%	(10.4	)%
As a percentage of loans held for investment		1.14	%		1.25	%		1.28	%		1.25	%		1.25	%
As a percentage of non-accrual loans		147.58			130.52			140.58			132.38			214.00

Net loan charge-offs during quarter	$	55.2		$	27.4		$	13.5		$	8.4		$	4.8		101.5	%	NM
Annualized as a percentage of average loans		1.22	%		0.60	%		0.30	%		0.18	%		0.10	%

Non-Performing Assets:
Non-accrual loans	$	138.3		$	172.7		$	165.6		$	172.0		$	106.4		(19.9	)%	30.0	%
Accruing loans past due 90 days or more		3.0			1.8			2.6			3.0			4.9		66.7		(38.8	)
Total non-performing loans		141.3			174.5			168.2			175.0			111.3		(19.0	)	27.0
Other real estate owned		4.3			4.4			6.7			14.4			16.5		(2.3	)	(73.9	)
Total non-performing assets	$	145.6		$	178.9		$	174.9		$	189.4		$	127.8		(18.6	)%	13.9	%

Non-performing assets as a percentage of:
Loans held for investment and OREO		0.82	%		0.99	%		0.96	%		1.04	%		0.70	%
Total assets		0.50			0.60			0.58			0.63			0.42

Non-accrual loans to loans held for investment		0.78			0.96			0.91			0.94			0.58

Accruing Loans 30-89 Days Past Due	$	63.5		$	40.7		$	46.4		$	62.8		$	67.3		56.0	%	(5.6	)%

Criticized Loans:
Special Mention	$	316.4		$	188.9		$	162.7		$	160.1		$	210.5		67.5	%	50.3	%
Substandard		434.8			365.9			409.3			405.8			457.1		18.8		(4.9	)
Doubtful		22.1			48.5			46.0			64.1			20.7		(54.4	)	6.8
Total	$	773.3		$	603.3		$	618.0		$	630.0		$	688.3		28.2	%	12.3	%


NM – not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Selected Ratios – Annualized *(Unaudited)*

	At or for the Quarter ended:
	Dec 31, 2024				Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Annualized Financial Ratios (GAAP)
Return on average assets		0.70	%			0.74	%		0.80	%		0.77	%		0.80	%
Return on average common stockholders’ equity		6.22				6.68			7.55			7.28			7.77
Yield on average earning assets		4.86				4.83			4.80			4.74			4.69
Cost of average interest-bearing liabilities		2.23				2.41			2.39			2.39			2.24
Interest rate spread		2.63				2.42			2.41			2.35			2.45
Efficiency ratio		60.20				61.85			62.71			64.62			64.25
Loans held for investment to deposit ratio		77.53				78.84			79.73			79.80			78.38

Annualized Financial Ratios – Operating (Non-GAAP)**
Net FTE interest margin ratio		3.20	%			3.04	%		3.00	%		2.93	%		3.01	%
Tangible book value per common share	$	20.16			$	20.73		$	19.34		$	19.16		$	19.41
Tangible common stockholders’ equity to tangible assets		7.55	%			7.63	%		6.95	%		6.92	%		6.85	%
Return on average tangible common stockholders’ equity		9.71				10.48			12.12			11.63			12.65

Consolidated Capital Ratios
Total risk-based capital to total risk-weighted assets		14.38	%	*		14.11	%		13.80	%		13.64	%		13.28	%
Tier 1 risk-based capital to total risk-weighted assets		12.16		*		11.83			11.53			11.37			11.08
Tier 1 common capital to total risk-weighted assets		12.16		*		11.83			11.53			11.37			11.08
Leverage Ratio		8.71		*		8.57			8.44			8.28			8.22


*Preliminary estimate – may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID‑19 pandemic. The referenced relief ends on December 31, 2024, which allows a total five-year phase-in of the impact of CECL on capital and relief over the next two years for the impact on the allowance for credit losses resulting from the COVID‑19 pandemic.
**Non-GAAP financial measures – see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin, book value per common share to tangible book value per common share, return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity, and tangible common stockholders’ equity to tangible assets (non-GAAP).

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Selected Ratios – Annualized *(Unaudited)*

	At or for the Year ended:
	Dec 31, 2024		Dec 31, 2023
Financial Ratios (GAAP)
Return on average assets	0.75	%	0.83	%
Return on average common stockholders’ equity	6.92		8.17
Yield on average earning assets	4.81		4.57
Cost of average interest-bearing liabilities	2.35		1.91
Interest rate spread	2.46		2.66
Efficiency ratio	62.30		62.50

Financial Ratios – Operating (Non-GAAP)**
Net FTE interest margin ratio	3.04		3.14
Return on average tangible common stockholders’ equity	10.95		13.32


**Non-GAAP financial measures – see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin and return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity (non-GAAP).

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Average Balance Sheets *(Unaudited)*

	Three Months Ended
	December 31, 2024							September 30, 2024							December 31, 2023
*(In millions, except %)*	Average Balance		Interest⁽²⁾			Average Rate		Average Balance		Interest⁽²⁾			Average Rate		Average Balance		Interest⁽²⁾			Average Rate
Interest-earning assets:
Loans ⁽¹⁾	$	17,977.7	$	259.9		5.75	%	$	18,209.1	$	260.3		5.69	%	$	18,255.9	$	254.1		5.52	%
Investment securities
Taxable		7,804.1		56.0		2.85			8,209.7		60.7		2.94			8,710.1		64.8		2.95
Tax-exempt		183.8		0.8		1.73			185.3		0.9		1.93			190.0		0.9		1.88
Investment in FHLB and FRB stock		155.7		2.4		6.13			176.0		2.8		6.33			192.1		3.1		6.40
Interest-bearing deposits in banks		690.2		8.3		4.78			353.1		4.9		5.52			221.0		3.1		5.57
Federal funds sold		0.1		—		—			0.1		—		—			0.3		—		—
Total interest-earning assets	$	26,811.6	$	327.4		4.86	%	$	27,133.3	$	329.6		4.83	%	$	27,569.4	$	326.0		4.69	%
Non-interest-earning assets		2,807.3							2,813.6							2,938.3
Total assets	$	29,618.9						$	29,946.9						$	30,507.7
Interest-bearing liabilities:
Demand deposits	$	6,449.7	$	15.9		0.98	%	$	6,143.9	$	15.1		0.98	%	$	6,469.1	$	15.3		0.94	%
Savings deposits		7,833.6		39.1		1.99			7,763.4		42.2		2.16			7,769.3		37.4		1.91
Time deposits		2,877.8		26.7		3.69			2,863.1		26.9		3.74			3,179.4		27.2		3.39
Repurchase agreements		529.4		1.1		0.83			643.9		1.4		0.86			842.2		2.1		0.99
Other borrowed funds		1,942.6		24.0		4.91			2,526.6		32.0		5.04			2,087.6		29.7		5.64
Long-term debt		135.0		1.5		4.42			147.2		1.6		4.32			120.8		1.4		4.60
Subordinated debentures held by subsidiary trusts		163.1		3.2		7.81			163.1		3.3		8.05			163.1		3.4		8.27
Total interest-bearing liabilities	$	19,931.2	$	111.5		2.23	%	$	20,251.2	$	122.5		2.41	%	$	20,631.5	$	116.5		2.24	%
Non-interest-bearing deposits		5,899.8							5,927.2							6,222.1
Other non-interest-bearing liabilities		455.8							461.4							513.8
Stockholders’ equity		3,332.1							3,307.1							3,140.3
Total liabilities and stockholders’ equity	$	29,618.9						$	29,946.9						$	30,507.7
Net FTE interest income (non-GAAP)⁽³⁾			$	215.9						$	207.1						$	209.5
Less FTE adjustments ⁽²⁾				(1.6	)						(1.6	)						(1.7	)
Net interest income from consolidated statements of income			$	214.3						$	205.5						$	207.8
Interest rate spread						2.63	%						2.42	%						2.45	%
Net interest margin						3.18							3.01							2.99
Net FTE interest margin (non-GAAP)⁽³⁾						3.20							3.04							3.01
Cost of funds, including non-interest-bearing demand deposits ⁽⁴⁾						1.72							1.86							1.72

⁽¹⁾ Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material.
⁽²⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21.00% tax rate.
⁽³⁾ Non-GAAP financial measure – see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.
⁽⁴⁾ Calculated by dividing total annualized interest on interest-bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Average Balance Sheets *(Unaudited)*

	Year Ended December 31,
	2024							2023
*(In millions, except %)*	Average Balance		Interest⁽²⁾			Average Rate		Average Balance		Interest⁽²⁾			Average Rate
Interest earning assets:
Loans ⁽¹⁾	$	18,182.0	$	1,028.2		5.66	%	$	18,299.6	$	986.0		5.39	%
Investment securities
Taxable		8,261.5		243.5		2.95			9,173.1		269.1		2.93
Tax-exempt		186.5		3.4		1.82			199.7		3.9		1.95
Investment in FHLB and FRB stock		178.8		11.8		6.60			207.5		12.4		5.98
Interest-bearing deposits in banks		422.5		22.2		5.25			303.0		15.7		5.18
Federal funds sold		0.1		—		—			0.5		—		—
Total interest-earning assets	$	27,231.4	$	1,309.1		4.81	%	$	28,183.4	$	1,287.1		4.57	%
Non-interest-earning assets		2,825.0							2,951.1
Total assets	$	30,056.4						$	31,134.5
Interest-bearing liabilities:
Demand deposits	$	6,224.9	$	57.8		0.93	%	$	6,553.3	$	47.2		0.72	%
Savings deposits		7,784.8		161.2		2.07			7,989.3		122.2		1.53
Time deposits		2,894.1		106.9		3.69			2,676.3		73.2		2.74
Repurchase agreements		687.2		6.7		0.97			940.4		6.4		0.68
Other borrowed funds		2,434.7		123.4		5.07			2,514.6		133.8		5.32
Long-term debt		253.4		11.8		4.66			120.8		5.8		4.80
Subordinated debentures held by subsidiary trusts		163.1		13.1		8.03			163.1		12.7		7.79
Total interest-bearing liabilities	$	20,442.2	$	480.9		2.35	%	$	20,957.8	$	401.3		1.91	%
Non-interest-bearing deposits		5,879.4							6,549.9
Other non-interest-bearing liabilities		468.8							475.9
Stockholders’ equity		3,266.0							3,150.9
Total liabilities and stockholders’ equity	$	30,056.4						$	31,134.5
Net FTE interest income (non-GAAP)⁽³⁾			$	828.2						$	885.8
Less FTE adjustments ⁽²⁾				(6.6	)						(7.0	)
Net interest income from consolidated statements of income			$	821.6						$	878.8
Interest rate spread						2.46	%						2.66	%
Net interest margin						3.02							3.33
Net FTE interest margin ⁽³⁾						3.04							3.14
Cost of funds, including non-interest-bearing demand deposits ⁽⁴⁾						1.83							1.46

⁽¹⁾ Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $3.4 million and $1.3 million at December 31, 2024 and December 31, 2023, respectively.
⁽²⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21.00% tax rate.
⁽³⁾ Non-GAAP financial measure – see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.
⁽⁴⁾ Calculated by dividing total annualized interest on interest-bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Non-GAAP Financial Measures *(Unaudited)*

		As of or For the Quarter Ended
*(In millions, except % and per share data)*		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Total common stockholders’ equity (GAAP)	(A)	$	3,304.0		$	3,365.8		$	3,225.3		$	3,209.7		$	3,227.5
Less goodwill and other intangible assets (excluding mortgage servicing rights)			1,195.7			1,199.3			1,202.9			1,206.6			1,210.3
Tangible common stockholders’ equity (Non-GAAP)	(B)	$	2,108.3		$	2,166.5		$	2,022.4		$	2,003.1		$	2,017.2

Total assets (GAAP)		$	29,137.4		$	29,595.5		$	30,289.5		$	30,144.8		$	30,671.2
Less goodwill and other intangible assets (excluding mortgage servicing rights)			1,195.7			1,199.3			1,202.9			1,206.6			1,210.3
Tangible assets (Non-GAAP)	(C)	$	27,941.7		$	28,396.2		$	29,086.6		$	28,938.2		$	29,460.9

Average Balances:
Total common stockholders’ equity (GAAP)	(D)	$	3,332.1		$	3,307.1		$	3,195.3		$	3,228.4		$	3,140.3
Less goodwill and other intangible assets (excluding mortgage servicing rights)			1,197.4			1,201.0			1,204.6			1,208.4			1,212.1
Average tangible common stockholders’ equity (Non-GAAP)	(E)	$	2,134.7		$	2,106.1		$	1,990.7		$	2,020.0		$	1,928.2

Net interest income	(F)	$	214.3		$	205.5		$	201.7		$	200.1		$	207.8
FTE interest income			1.6			1.6			1.7			1.7			1.7
Net FTE interest income (Non-GAAP)	(G)		215.9			207.1			203.4			201.8			209.5
Less purchase accounting accretion			8.6			4.4			5.1			6.5			5.4
Adjusted net FTE interest income (Non-GAAP)	(H)	$	207.3		$	202.7		$	198.3		$	195.3		$	204.1

Average interest-earning assets	(I)	$	26,811.6		$	27,133.3		$	27,286.9		$	27,699.6		$	27,569.4
Total quarterly average assets	(J)		29,618.9			29,946.9			30,140.6			30,525.2			30,507.7
Annualized net income available to common shareholders	(K)		207.3			220.8			241.3			234.9			244.0
Common shares outstanding	(L)		104,586			104,530			104,561			104,572			103,942

Return on average assets (GAAP)	(K) / (J)		0.70	%		0.74	%		0.80	%		0.77	%		0.80	%
Return on average common stockholders’ equity (GAAP)	(K) / (D)		6.22			6.68			7.55			7.28			7.77
Average common stockholders’ equity to average assets (GAAP)	(D) / (J)		11.25			11.04			10.60			10.58			10.29
Book value per common share (GAAP)	(A) / (L)	$	31.59		$	32.20		$	30.85		$	30.69		$	31.05
Tangible book value per common share (Non-GAAP)	(B) / (L)		20.16			20.73			19.34			19.16			19.41
Tangible common stockholders’ equity to tangible assets (Non-GAAP)	(B) / (C)		7.55	%		7.63	%		6.95	%		6.92	%		6.85	%
Return on average tangible common stockholders’ equity (Non-GAAP)	(K) / (E)		9.71			10.48			12.12			11.63			12.65
Net interest margin (GAAP)	(F*) / (I)		3.18			3.01			2.97			2.91			2.99
Net FTE interest margin (Non-GAAP)	(G*) / (I)		3.20			3.04			3.00			2.93			3.01
Adjusted FTE net interest margin (Non-GAAP)	(H*) / (I)		3.08			2.97			2.92			2.84			2.94

*Annualized

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES Non-GAAP Financial Measures *(Unaudited)*

		For the Year Ended
*(In millions, except % and per share data)*		Dec 31, 2024			Dec 31, 2023
Average Balances:
Total common stockholders’ equity (GAAP)	(A)	$	3,266.0		$	3,150.9
Less goodwill and other intangible assets (excluding mortgage servicing rights)			1,202.8			1,217.9
Average tangible common stockholders’ equity (Non-GAAP)	(B)	$	2,063.2		$	1,933.0

Net interest income	(C)	$	821.6		$	878.8
FTE interest income			6.6			7.0
Net FTE interest income	(D)		828.2			885.8
Less: Purchase accounting accretion			24.6			20.4
Adjusted net interest income (FTE)	(E)	$	803.6		$	865.4

Average interest-earning assets	(F)	$	27,231.4		$	28,183.4
Total average assets	(G)		30,056.4			31,134.5
Net income available to common shareholders	(H)		226.0			257.5

Return on average assets (GAAP)	(H) / (G)		0.75	%		0.83	%
Return on average common stockholders’ equity (GAAP)	(H) / (A)		6.92			8.17
Average common stockholders’ equity to average assets (GAAP)	(A) / (G)		10.87			10.12
Return on average tangible common stockholders’ equity (Non-GAAP)	(H) / (B)		10.95			13.32
Net interest margin (GAAP)	(C) / (F)		3.02			3.12
Net interest margin (FTE) (Non-GAAP)	(D) / (F)		3.04			3.14
Adjusted net interest margin (FTE) (Non-GAAP)	(E) / (F)		2.95			3.07

(FIBK-ER)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250129723914/en/

David Della Camera, CFA

Deputy Chief Financial Officer

First Interstate BancSystem, Inc.

(406) 255-5363

[email protected]

KEYWORDS: United States North America Montana

INDUSTRY KEYWORDS: Banking Professional Services Finance

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