N / E / W / S R / E / L / E / A / S / E

October 26, 2021

FOR IMMEDIATE RELEASE

For more information, contact:

Nicole M. Weaver, Vice President and Director of Corporate Administration

765-521-7619

http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES THIRD QUARTER 2021 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME) has reported third quarter 2021 net income of $52.8 million compared to $36.2 million during the same period in 2020, an increase of 45.7 percent. Earnings per share for the period totaled $.98 per share compared to the third quarter of 2020 result of $.67 per share. Year-to-date net income totaled $157.8 million compared to $103.5 million during the nine months ended September 30, 2020, an increase of 52.5 percent. Year-to-date earnings per share totaled $2.92 compared to $1.91 during the same period in 2020.

Total assets equaled $15.1 billion as of September 30, 2021 and loans totaled $9.0 billion. The Corporation experienced organic loan growth of $503.9 million, or 6.0 percent during the last twelve months, offset by the forgiveness of Paycheck Protection Program (“PPP”) loans which accounted for a decline of $703.3 million. As a result, the loan portfolio decreased by $199.5 million, or 2.2 percent, during that period. Organic loan growth, on an annualized basis, was 5.8 percent in the third quarter 2021. Investments increased $1.5 billion, or 51.6 percent, during the last twelve months and now total $4.4 billion. Total deposits equaled $12.3 billion as of quarter-end and increased by $1.4 billion, or 13.2 percent, from the same period in 2020.

The Corporation’s Allowance for Credit Losses – Loans totaled $200.0 million as of quarter-end, or 2.21 percent of total loans. Net recoveries for the quarter totaled $0.2 million and no provision expense was recorded. Provision expense taken during the three and nine months ended September 30, 2020 of $12.5 million and $54.2 million, respectively, reflected our view of increased credit risk related to the COVID-19 pandemic. Non-accrual loans totaled $51.5 million as of quarter-end.

Mark Hardwick, Chief Executive Officer, stated, “We are having a record year powered by strong balance sheet growth and high levels of profitability. We remain optimistic about the remainder of 2021 and our ability to deliver high levels of performance in 2022.”

Net-interest income for the quarter totaled $104.7 million, an increase of $11.8 million from the third quarter of 2020, or 12.7 percent. Net interest margin, on a tax equivalent basis, totaling 3.20 percent, increased by 5 basis points compared to the third quarter of 2020. Yields on earning assets for the third quarter totaled 3.46 percent and cost of supporting liabilities totaled 26 basis points. Fair value accretion contributed less to margin as it accounted for 4 basis points in the third quarter of 2021, compared to 10 basis points in the third quarter of 2020. PPP loans contributed 17 basis points to margin during the third quarter of 2021 but subtracted 7 basis points from margin in the same quarter of 2020.

Non-interest income totaled $28.5 million for the quarter, a $2.3 million increase over the third quarter of 2020. Increases in service charges on deposit accounts, fiduciary and wealth management fees and earnings on cash surrender value of life insurance were somewhat offset by a decline in gains on the sale of mortgage loans. Non-interest expense totaled $71.4 million for the quarter compared to $64.7 million in the third quarter of 2020, an increase primarily due to higher salaries and employee benefits.

The loan to deposit ratio now totals 73.3 percent and the loan to asset ratio totals 60.1 percent. As of September 30, 2021, the Corporation’s total risk-based capital ratio equaled 14.02 percent, the common equity tier 1 capital ratio equaled 11.75 percent, and the tangible common equity ratio totaled 8.94 percent. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 2:30 p.m. (ET) on Tuesday, October 26, 2021.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation's third quarter earnings release. International callers please call +1 412-317-1073. A replay of the call will be available until November 26, 2021. To access a replay of the call, US participants should dial (Toll Free) 877-344-7529, Canada participants should dial 855-669-9658, or for International participants, dial +1 412-317-0088. The replay access code is 10160141.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme211021.html during the time of the call. A replay of the web cast will be available until October 26, 2022.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements of First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity, credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

* * * *

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)			September 30,
			2021						2020
ASSETS
Cash and cash equivalents			$	169,261					$	164,632
Interest-bearing deposits			369,447						273,936
Investment securities, net of allowance for credit losses of $245,000 and $0			4,445,516						2,933,286
Loans held for sale			5,990						3,183
Loans			9,041,576						9,243,833
Less: Allowance for credit losses - loans			(199,972)						(126,726)
Net loans			8,841,604						9,117,107
Premises and equipment			104,814						112,959
Federal Home Loan Bank stock			28,736						28,736
Interest receivable			53,079						52,992
Goodwill and other intangibles			572,323						574,369
Cash surrender value of life insurance			291,825						291,543
Other real estate owned			698						6,942
Tax asset, deferred and receivable			39,504						21,762
Other assets			137,928						155,903
TOTAL ASSETS			$	15,060,725					$	13,737,350
LIABILITIES
Deposits:
Noninterest-bearing			$	2,554,323					$	2,187,607
Interest-bearing			9,794,366						8,718,546
Total Deposits			12,348,689						10,906,153
Borrowings:
Federal funds purchased			—						80,000
Securities sold under repurchase agreements			183,589						187,732
Federal Home Loan Bank advances			334,149						399,522
Subordinated debentures and other borrowings			118,558						118,320
Total Borrowings			636,296						785,574
Interest payable			3,736						5,038
Other liabilities			203,914						206,929
Total Liabilities			13,192,635						11,903,694
STOCKHOLDERS' EQUITY
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding - 125 shares			125						125
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 53,510,745 and 53,891,733 shares			6,689						6,736
Additional paid-in capital			988,659						1,003,777
Retained earnings			832,728						757,550
Accumulated other comprehensive income			39,889						65,468
Total Stockholders' Equity			1,868,090						1,833,656
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	15,060,725					$	13,737,350

CONSOLIDATED STATEMENTS OF INCOME			Three Months Ended												Nine Months Ended
(Dollars In Thousands, Except Per Share Amounts)			September 30,												September 30,
			2021						2020						2021						2020
INTEREST INCOME
Loans receivable:
Taxable			$	85,319					$	84,162					$	257,426					$	268,126
Tax-exempt			5,591						5,395						16,475						16,069
Investment securities:
Taxable			7,788						5,399						21,923						19,177
Tax-exempt			14,464						10,931						39,920						30,285
Deposits with financial institutions			218						90						461						799
Federal Home Loan Bank stock			168						248						434						828
Total Interest Income			113,548						106,225						336,639						335,284
INTEREST EXPENSE
Deposits			5,707						9,776						17,730						44,231
Federal funds purchased			—						5						4						118
Securities sold under repurchase agreements			77						83						239						527
Federal Home Loan Bank advances			1,389						1,749						4,283						5,317
Subordinated debentures and other borrowings			1,660						1,691						4,976						5,275
Total Interest Expense			8,833						13,304						27,232						55,468
NET INTEREST INCOME			104,715						92,921						309,407						279,816
Provision for credit losses - loans			—						12,544						—						54,191
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			104,715						80,377						309,407						225,625
OTHER INCOME
Service charges on deposit accounts			6,249						5,209						17,109						15,491
Fiduciary and wealth management fees			7,352						5,910						21,284						17,496
Card payment fees			4,156						3,996						12,682						16,000
Net gains and fees on sales of loans			3,955						5,841						16,266						12,878
Derivative hedge fees			1,028						1,715						2,288						4,696
Other customer fees			393						372						1,129						1,103
Earnings on cash surrender value of life insurance			2,468						1,171						5,009						3,857
Net realized gains on sales of available for sale securities			1,756						1,817						5,316						9,497
Other income			1,144						132						2,393						1,425
Total Other Income			28,501						26,163						83,476						82,443
OTHER EXPENSES
Salaries and employee benefits			43,314						39,187						124,563						114,128
Net occupancy			5,576						5,855						17,682						17,103
Equipment			4,529						4,956						14,407						13,789
Marketing			1,676						1,311						3,922						4,846
Outside data processing fees			4,794						3,776						13,736						10,593
Printing and office supplies			265						331						861						997
Intangible asset amortization			1,463						1,486						4,284						4,511
FDIC assessments			1,552						1,249						4,381						4,244
Other real estate owned and foreclosure expenses			(91)						717						821						1,906
Professional and other outside services			2,767						2,254						8,286						6,065
Other expenses			5,539						3,587						13,834						12,687
Total Other Expenses			71,384						64,709						206,777						190,869
INCOME BEFORE INCOME TAX			61,832						41,831						186,106						117,199
Income tax expense			9,062						5,621						28,308						13,734
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	52,770					$	36,210					$	157,798					$	103,465
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.98					$	0.67					$	2.93					$	1.91
Diluted Net Income Available to Common Stockholders			$	0.98					$	0.67					$	2.92					$	1.91
Cash Dividends Paid			$	0.29					$	0.26					$	0.84					$	0.78
Average Diluted Shares Outstanding (in thousands)			53,960						53,971						54,093						54,278

FINANCIAL HIGHLIGHTS
(Dollars in thousands)			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
NET CHARGE-OFFS			$	(197)					$	6,937					$	4,731					$	7,749
AVERAGE BALANCES:
Total Assets			$	15,006,087					$	13,660,818					$	14,672,596					$	13,297,789
Total Loans			9,089,648						9,252,839						9,202,327						8,987,645
Total Earning Assets			13,741,196						12,341,257						13,419,310						11,941,839
Total Deposits			12,350,336						10,944,721						12,017,335						10,541,777
Total Stockholders' Equity			1,889,037						1,831,300						1,858,680						1,814,471
FINANCIAL RATIOS:
Return on Average Assets			1.41		%				1.06		%				1.43		%				1.04		%
Return on Average Stockholders' Equity			11.17						7.91						11.32						7.60
Return on Average Common Stockholders' Equity			11.17						7.91						11.32						7.60
Average Earning Assets to Average Assets			91.57						90.34						91.46						89.80
Allowance for Credit Losses - Loans as % of Total Loans			2.21						1.37						2.21						1.37
Net Charge-offs as % of Average Loans (Annualized)			(0.01)						0.30						0.07						0.11
Average Stockholders' Equity to Average Assets			12.59						13.41						12.67						13.64
Tax Equivalent Yield on Average Earning Assets			3.46						3.58						3.49						3.88
Interest Expense/Average Earning Assets			0.26						0.43						0.27						0.62
Net Interest Margin (FTE) on Average Earning Assets			3.20						3.15						3.22						3.26
Efficiency Ratio			51.18						51.40						50.10						50.52
Tangible Common Book Value Per Share			$	24.31					$	23.48					$	24.31					$	23.48

NON-PERFORMING ASSETS
(Dollars In Thousands)			September 30,						June 30,						March 31,						December 31,						September 30,
			2021						2021						2021						2020						2020
Non-Accrual Loans			$	51,502					$	57,556					$	57,923					$	61,471					$	56,739
Renegotiated Loans			439						629						655						3,240						2,677
Non-Performing Loans (NPL)			51,941						58,185						58,578						64,711						59,416
Other Real Estate Owned and Repossessions			698						601						604						940						6,984
Non-Performing Assets (NPA)			52,639						58,786						59,182						65,651						66,400
90+ Days Delinquent			157						183						1,093						746						1,330
NPAs & 90 Day Delinquent			$	52,796					$	58,969					$	60,275					$	66,397					$	67,730
Allowance for Credit Losses - Loans			$	199,972					$	199,775					$	201,082					$	130,648					$	126,726
Quarterly Net Charge-offs			(197)						1,307						3,621						560						6,937
NPAs / Actual Assets %			0.35		%				0.39		%				0.40		%				0.47		%				0.48		%
NPAs & 90 Day / Actual Assets %			0.35		%				0.40		%				0.41		%				0.47		%				0.49		%
NPAs / Actual Loans and OREO %			0.58		%				0.64		%				0.63		%				0.71		%				0.72		%
Allowance for Credit Losses - Loans / Actual Loans (%)			2.21		%				2.19		%				2.16		%				1.41		%				1.37		%
Net Charge-offs as % of Average Loans (Annualized)			(0.01)		%				0.06		%				0.16		%				0.02		%				0.30		%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)			September 30,						June 30,						March 31,						December 31,						September 30,
			2021						2021						2021						2020						2020
ASSETS
Cash and cash equivalents			$	169,261					$	167,596					$	187,901					$	192,896					$	164,632
Interest-bearing deposits			369,447						438,863						392,806						392,305						273,936
Investment securities, net of allowance for credit losses			4,445,516						4,148,314						3,700,857						3,146,787						2,933,286
Loans held for sale			5,990						18,582						4,430						3,966						3,183
Loans			9,041,576						9,121,250						9,318,228						9,243,174						9,243,833
Less: Allowance for credit losses - loans			(199,972)						(199,775)						(201,082)						(130,648)						(126,726)
Net loans			8,841,604						8,921,475						9,117,146						9,112,526						9,117,107
Premises and equipment			104,814						103,822						109,432						111,062						112,959
Federal Home Loan Bank stock			28,736						28,736						28,736						28,736						28,736
Interest receivable			53,079						54,173						54,662						53,948						52,992
Goodwill and other intangibles			572,323						573,786						571,536						572,893						574,369
Cash surrender value of life insurance			291,825						294,462						293,766						292,745						291,543
Other real estate owned			698						601						604						940						6,942
Tax asset, deferred and receivable			39,504						36,924						40,163						12,340						21,762
Other assets			137,928						135,763						127,027						146,066						155,903
TOTAL ASSETS			$	15,060,725					$	14,923,097					$	14,629,066					$	14,067,210					$	13,737,350
LIABILITIES
Deposits:
Noninterest-bearing			$	2,554,323					$	2,479,853					$	2,494,891					$	2,298,138					$	2,187,607
Interest-bearing			9,794,366						9,723,547						9,456,889						9,063,472						8,718,546
Total Deposits			12,348,689						12,203,400						11,951,780						11,361,610						10,906,153
Borrowings:
Federal funds purchased			—						—						—						—						80,000
Securities sold under repurchase agreements			183,589						146,904						185,721						177,102						187,732
Federal Home Loan Bank advances			334,149						334,243						359,337						389,430						399,522
Subordinated debentures and other borrowings			118,558						118,498						118,439						118,380						118,320
Total Borrowings			636,296						599,645						663,497						684,912						785,574
Interest payable			3,736						2,929						4,020						3,287						5,038
Other liabilities			203,914						245,323						203,913						141,756						206,929
Total Liabilities			13,192,635						13,051,297						12,823,210						12,191,565						11,903,694
STOCKHOLDERS' EQUITY
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding			125						125						125						125						125
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding			6,689						6,747						6,744						6,740						6,736
Additional paid-in capital			988,659						1,009,182						1,007,300						1,005,366						1,003,777
Retained earnings			832,728						795,666						755,877						788,578						757,550
Accumulated other comprehensive income			39,889						60,080						35,810						74,836						65,468
Total Stockholders' Equity			1,868,090						1,871,800						1,805,856						1,875,645						1,833,656
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	15,060,725					$	14,923,097					$	14,629,066					$	14,067,210					$	13,737,350

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)			September 30						June 30						March 31,						December 31,						September 30,
			2021						2021						2021						2020						2020
INTEREST INCOME
Loans receivable:
Taxable			$	85,319					$	87,002					$	85,105					$	90,138					$	84,162
Tax-exempt			5,591						5,545						5,339						5,414						5,395
Investment securities:
Taxable			7,788						7,440						6,695						5,263						5,399
Tax-exempt			14,464						13,071						12,385						12,056						10,931
Deposits with financial institutions			218						129						114						139						90
Federal Home Loan Bank stock			168						88						178						214						248
Total Interest Income			113,548						113,275						109,816						113,224						106,225
INTEREST EXPENSE
Deposits			5,707						5,823						6,200						7,509						9,776
Federal funds purchased			—						2						2						2						5
Securities sold under repurchase agreements			77						75						87						77						83
Federal Home Loan Bank advances			1,389						1,452						1,442						1,656						1,749
Subordinated debentures and other borrowings			1,660						1,659						1,657						1,669						1,691
Total Interest Expense			8,833						9,011						9,388						10,913						13,304
NET INTEREST INCOME			104,715						104,264						100,428						102,311						92,921
Provision for credit losses - loans			—						—						—						4,482						12,544
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			104,715						104,264						100,428						97,829						80,377
OTHER INCOME
Service charges on deposit accounts			6,249						5,596						5,264						5,508						5,209
Fiduciary and wealth management fees			7,352						7,510						6,422						6,251						5,910
Card payment fees			4,156						4,159						4,367						3,502						3,996
Net gains and fees on sales of loans			3,955						8,325						3,986						5,393						5,841
Derivative hedge fees			1,028						943						317						2,281						1,715
Other customer fees			393						368						368						394						372
Earnings on cash surrender value of life insurance			2,468						1,205						1,336						1,283						1,171
Net realized gains on sales of available for sale securities			1,756						1,761						1,799						2,398						1,817
Other income			1,144						1,017						232						473						132
Total Other Income			28,501						30,884						24,091						27,483						26,163
OTHER EXPENSES
Salaries and employee benefits			43,314						42,438						38,811						41,809						39,187
Net occupancy			5,576						5,615						6,491						9,653						5,855
Equipment			4,529						4,848						5,030						5,555						4,956
Marketing			1,676						1,122						1,124						1,763						1,311
Outside data processing fees			4,794						4,698						4,244						3,839						3,776
Printing and office supplies			265						313						283						307						331
Intangible asset amortization			1,463						1,464						1,357						1,476						1,486
FDIC assessments			1,552						1,461						1,368						1,560						1,249
Other real estate owned and foreclosure expenses			(91)						178						734						(1,576)						717
Professional and other outside services			2,767						2,976						2,543						2,836						2,254
Other expenses			5,539						4,182						4,113						5,314						3,587
Total Other Expenses			71,384						69,295						66,098						72,536						64,709
INCOME BEFORE INCOME TAX			61,832						65,853						58,421						52,776						41,831
Income tax expense			9,062						10,294						8,952						7,641						5,621
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	52,770					$	55,559					$	49,469					$	45,135					$	36,210
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.98					$	1.03					$	0.92					$	0.83					$	0.67
Diluted Net Income Available to Common Stockholders			$	0.98					$	1.03					$	0.91					$	0.83					$	0.67
Cash Dividends Paid			$	0.29					$	0.29					$	0.26					$	0.26					$	0.26
Average Diluted Shares Outstanding (in thousands)			53,960						54,184						54,134						54,050						53,971
FINANCIAL RATIOS:
Return on Average Assets			1.41		%				1.51		%				1.39		%				1.29		%				1.06		%
Return on Average Stockholders' Equity			11.17						12.04						10.75						9.72						7.91
Return on Average Common Stockholders' Equity			11.17						12.04						10.75						9.72						7.91
Average Earning Assets to Average Assets			91.57						91.87						91.43						90.66						90.34
Allowance for Credit Losses - Loans as % of Total Loans			2.21						2.19						2.16						1.41						1.37
Net Charge-offs as % of Average Loans (Annualized)			(0.01)						0.06						0.16						0.02						0.30
Average Stockholders' Equity to Average Assets			12.59						12.51						12.92						13.29						13.41
Tax Equivalent Yield on Average Earning Assets			3.46						3.49						3.52						3.72						3.58
Interest Expense/Average Earning Assets			0.26						0.27						0.29						0.34						0.43
Net Interest Margin (FTE) on Average Earning Assets			3.20						3.22						3.23						3.38						3.15
Efficiency Ratio			51.18						48.91						50.23						55.01						51.40
Tangible Common Book Value Per Share			$	24.31					$	24.15					$	22.98					$	24.27					$	23.48

LOANS
(Dollars In Thousands)			September 30,						June 30,						March 31,						December 31,						September 30,
			2021						2021						2021						2020						2020
Commercial and industrial loans			$	2,573,615					$	2,671,076					$	2,876,212					$	2,776,699					$	2,875,331
Agricultural land, production and other loans to farmers			240,686						235,020						245,631						281,884						301,192
Real estate loans:
Construction			521,889						491,200						541,224						484,723						622,084
Commercial real estate, non-owner occupied			2,150,387						2,263,497						2,178,832						2,220,949						2,098,589
Commercial real estate, owner occupied			952,441						953,501						950,038						958,501						931,815
Residential			1,154,373						1,127,442						1,239,925						1,234,741						1,146,406
Home equity			531,307						489,997						482,229						508,259						527,458
Individuals' loans for household and other personal expenditures			135,093						130,819						126,387						129,479						125,411
Public finance and other commercial loans			781,785						758,698						677,750						647,939						615,547
Loans			9,041,576						9,121,250						9,318,228						9,243,174						9,243,833
Allowance for credit losses - loans			(199,972)						(199,775)						(201,082)						(130,648)						(126,726)
NET LOANS			$	8,841,604					$	8,921,475					$	9,117,146					$	9,112,526					$	9,117,107

DEPOSITS
(Dollars In Thousands)			September 30,						June 30,						March 31,						December 31,						September 30,
			2021						2021						2021						2020						2020
Demand deposits			$	7,317,399					$	7,261,603					$	7,245,850					$	6,821,152					$	6,279,554
Savings deposits			4,301,483						4,157,552						3,857,624						3,661,713						3,518,286
Certificates and other time deposits of $100,000 or more			283,396						304,394						332,745						346,194						467,610
Other certificates and time deposits			404,010						423,922						449,655						459,168						542,919
Brokered deposits			42,401						55,929						65,906						73,383						97,784
TOTAL DEPOSITS			$	12,348,689					$	12,203,400					$	11,951,780					$	11,361,610					$	10,906,153

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
			For the Three Months Ended
			September 30, 2021																		September 30, 2020
			Average Balance						Interest  Income / Expense						Average Rate						Average Balance						Interest  Income / Expense						Average Rate
Assets:
Interest-bearing deposits			$	539,377					$	218					0.16		%				$	301,529					$	90					0.12		%
Federal Home Loan Bank stock			28,736						168						2.34						28,736						248						3.45
Investment Securities: (1)
Taxable			1,843,026						7,788						1.69						1,258,690						5,399						1.72
Tax-Exempt (2)			2,240,409						18,309						3.27						1,499,463						13,837						3.69
Total Investment Securities			4,083,435						26,097						2.56						2,758,153						19,236						2.79
Loans held for sale			17,426						158						3.63						24,705						257						4.16
Loans: (3)
Commercial			6,745,303						70,442						4.18						6,965,837						66,826						3.84
Real Estate Mortgage			886,469						8,142						3.67						887,661						9,996						4.50
Installment			690,093						6,576						3.81						693,363						7,083						4.09
Tax-Exempt (2)			750,357						7,078						3.77						681,273						6,829						4.01
Total Loans			9,089,648						92,396						4.07						9,252,839						90,991						3.93
Total Earning Assets			13,741,196						118,879						3.46		%				12,341,257						110,565						3.58		%
Total Non-Earning Assets			1,264,891																		1,319,561
Total Assets			$	15,006,087																	$	13,660,818
Liabilities:
Interest-bearing deposits:
Interest-bearing deposits			$	4,799,624					$	3,606					0.30		%				$	4,098,017					$	3,890					0.38		%
Money market deposits			2,459,205						764						0.12						1,813,392						1,167						0.26
Savings deposits			1,788,281						486						0.11						1,574,700						583						0.15
Certificates and other time deposits			758,565						851						0.45						1,267,152						4,136						1.31
Total Interest-bearing Deposits			9,805,675						5,707						0.23						8,753,261						9,776						0.45
Borrowings			619,768						3,126						2.02						733,757						3,528						1.92
Total Interest-bearing Liabilities			10,425,443						8,833						0.34						9,487,018						13,304						0.56
Noninterest-bearing deposits			2,544,661																		2,191,460
Other liabilities			146,946																		151,040
Total Liabilities			13,117,050																		11,829,518
Stockholders' Equity			1,889,037																		1,831,300
Total Liabilities and Stockholders' Equity			$	15,006,087					8,833												$	13,660,818					13,304
Net Interest Income (FTE)									$	110,046																	$	97,261
Net Interest Spread (FTE) (4)															3.12		%																3.02		%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets															3.46		%																3.58		%
Interest Expense / Average Earning Assets															0.26		%																0.43		%
Net Interest Margin (FTE) (5)															3.20		%																3.15		%
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2021 and 2020. These totals equal $5,331 and $4,340 for the three months ended September 30, 2021 and 2020, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
			For the Nine Months Ended
			September 30, 2021																		September 30, 2020
			Average Balance						Interest  Income / Expense						Average Rate						Average Balance						Interest  Income / Expense						Average Rate
Assets:
Interest-bearing deposits			$	509,153					$	461					0.12		%				$	280,038					$	799					0.38		%
Federal Home Loan Bank stock			28,736						434						2.01						28,736						828						3.84
Investment Securities: (1)
Taxable			1,689,697						21,923						1.73						1,302,943						19,177						1.96
Tax-Exempt (2)			1,989,397						50,532						3.39						1,342,477						38,335						3.81
Total Investment Securities			3,679,094						72,455						2.63						2,645,420						57,512						2.90
Loans held for sale			19,360						551						3.79						17,175						581						4.51
Loans: (3)
Commercial			6,857,968						210,502						4.09						6,698,042						213,241						4.24
Real Estate Mortgage			924,652						26,917						3.88						882,911						30,520						4.61
Installment			674,696						19,456						3.84						725,596						23,784						4.37
Tax-Exempt (2)			725,651						20,854						3.83						663,921						20,341						4.09
Total Loans			9,202,327						278,280						4.03						8,987,645						288,467						4.28
Total Earning Assets			13,419,310						351,630						3.49		%				11,941,839						347,606						3.88		%
Total Non-Earning Assets			1,253,286																		1,355,950
Total Assets			$	14,672,596																	$	13,297,789
Liabilities:
Interest-bearing deposits:
Interest-bearing deposits			$	4,721,267					$	10,875					0.31		%				$	3,880,489					$	16,351					0.56		%
Money market deposits			2,295,589						2,395						0.14						1,674,622						6,647						0.53
Savings deposits			1,730,149						1,424						0.11						1,507,269						3,007						0.27
Certificates and other time deposits			809,721						3,036						0.50						1,476,499						18,226						1.65
Total Interest-bearing Deposits			9,556,726						17,730						0.25						8,538,879						44,231						0.69
Borrowings			646,326						9,502						1.96						796,836						11,237						1.88
Total Interest-bearing Liabilities			10,203,052						27,232						0.36						9,335,715						55,468						0.79
Noninterest-bearing deposits			2,460,609																		2,002,898
Other liabilities			150,255																		144,705
Total Liabilities			12,813,916																		11,483,318
Stockholders' Equity			1,858,680																		1,814,471
Total Liabilities and Stockholders' Equity			$	14,672,596					27,232												$	13,297,789					55,468
Net Interest Income (FTE)									$	324,398																	$	292,138
Net Interest Spread (FTE) (4)															3.13		%																3.09		%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets															3.49		%																3.88		%
Interest Expense / Average Earning Assets															0.27		%																0.62		%
Net Interest Margin (FTE) (5)															3.22		%																3.26		%
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2021 and 2020. These totals equal $14,991 and $12,322 for the nine months ended September 30, 2021 and 2020, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.