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

April 26, 2022

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 FIRST QUARTER 2022 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME)

First Quarter 2022 Highlights:

•    Net income was $48.6 million and diluted earnings per share totaled $.91, compared to $49.5

million and $.91 in the first quarter of 2021, and $47.7 million and $.89 in the fourth quarter of 2021.

•    Diluted earnings per share excluding income on Paycheck Protection Program (“PPP”) loans

totaled $.88 for the first quarter of 2022 compared to $.78 in the first quarter of 2021 and $.84 in

the fourth quarter of 2021.1

•    Total loans, excluding PPP loans, grew $165 million or 7.2% on a linked quarter basis

•    Total deposits grew $173.4 million or 5.4% on a linked quarter basis

•    Non-accrual loans totaled $42.7 million compared to $43.1 million on a linked quarter basis

•    Net interest income totaled $102.3 million, an increase of $1.0 million on a linked quarter basis

•    Completed legal closing on the acquisition of Level One Bancorp, LLC on April 1, 2022

Mark Hardwick, Chief Executive Officer, stated, “The Bank’s loan, deposit and earnings growth were in line with expectations and my colleagues are focused on delivering our aspirational 2022 plan. The completion of our merger with Level One on April 1st is a milestone in First Merchants history that will propel our Bank into the future. I am proud of our new teammates and the professional winning attitude they exude.”

First Quarter Financial Results:

First Merchants Corporation (the “Corporation) has reported first quarter 2022 net income of $48.6 million compared to $49.5 million during the same period in 2021. Earnings per share for the period totaled $.91 per share compared to the first quarter of 2021 result of $.91 per share.

Total assets equaled $15.5 billion as of March 31, 2022 and loans totaled $9.4 billion. The Corporation experienced organic loan growth of $730.6 million, or 8.5 percent, during the past twelve months. This was offset by the forgiveness of Paycheck Protection Program (“PPP”) loans of $693.1 million, resulting in net loan growth of $37.5 million. PPP loans accounted for $48.7 million of the period end loan portfolio balance. Investments increased $788.4 million, or 21.3 percent, during the year and now total $4.5 billion. Total deposits equaled $12.9 billion as of quarter-end and increased by $954.2 million, or 8.0 percent over the same period in 2021.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $196.0 million as of quarter-end, or 2.09 percent of total loans. Net loan recoveries for the quarter totaled $0.6 million and no provision expense was recorded during the quarter or during the last twelve months. Non-performing assets to total assets were 0.32% for the first quarter of 2022, a decrease of eight basis points compared to 0.40% in the first quarter of 2021.

Net-interest income totaling $102.3 million for the quarter, continued to grow with an increase of $1.0 million, or 4.0 percent, over prior quarter and an increase of $1.9 million, or 1.8 percent compared to the first quarter of 2021. Stated net-interest margin on a tax equivalent basis, totaling 3.03 percent, declined by one basis point compared to the fourth quarter of 2021 and twenty basis points compared to the first quarter of 2021. Net-interest margin excluding the impact of fair value accretion and PPP loans totaled 2.97%, an increase of five basis points compared to 2.92% for the fourth quarter of 2021 and a decline of seven basis points from the first quarter of 2021. During the quarter, net-interest margin expanded nine basis points from growth in the loan and investment portfolios, higher investment portfolio yield and lower funding costs, offset by a decline of four basis points from the impact of a lower day count in the quarter.

Non-interest income, totaling $25.9 million for the quarter, was stable compared to the fourth quarter of 2021 and increased $1.8 million from the first quarter of 2021. Customer-specific line items accounted for $2.3 million of the increase over the first quarter of 2021 driven by higher service charges on deposits, fiduciary and wealth management fees and card payment fees. This was offset by a decline on gains on the sale of loans of $1.8 million driven by lower origination volume.

Non-interest expense totaled $72.3 million for the quarter, a decline of $0.1 million from the fourth quarter of 2021, and an increase of $6.3 million or 9.4% over the first quarter of 2021. The increase over the first quarter of 2021 was primarily due to higher salaries and employee benefits as well as higher FDIC assessments.

The Corporation’s loan to deposit ratio totals 73 percent and loan to asset ratio totals 61 percent. Additionally, the Corporation’s total risk-based capital ratio equaled 13.85 percent, common equity tier 1 capital ratio equaled 11.63 percent, and the tangible common equity ratio totaled 8.31 percent. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

1 See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings conference call and web cast at 10:00 a.m. (ET) on Tuesday, April 26, 2022.

To participate, dial (Toll Free) 877-806-2932 and reference Conference ID 6838926. International callers please call +1 478-219-0639.

In order to view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/vucpzk7j) during the time of the call. A replay of the webcast will be available until April 26, 2023.

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 and Level One Bank (as divisions 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)			March 31,
			2022						2021
ASSETS
Cash and due from banks			$	148,277					$	187,901
Interest-bearing deposits			395,262						392,806
Investment securities, net of allowance for credit losses of $245,000 and $245,000			4,489,263						3,700,857
Loans held for sale			3,938						4,430
Loans			9,356,241						9,318,228
Less: Allowance for credit losses - loans			(195,984)						(201,082)
Net loans			9,160,257						9,117,146
Premises and equipment			105,883						109,432
Federal Home Loan Bank stock			26,422						28,736
Interest receivable			56,081						54,662
Goodwill and other intangibles			569,494						571,536
Cash surrender value of life insurance			291,881						293,766
Other real estate owned			6,271						604
Tax asset, deferred and receivable			73,422						40,163
Other assets			138,807						127,027
TOTAL ASSETS			$	15,465,258					$	14,629,066
LIABILITIES
Deposits:
Noninterest-bearing			$	2,745,235					$	2,494,891
Interest-bearing			10,160,718						9,456,889
Total Deposits			12,905,953						11,951,780
Borrowings:
Securities sold under repurchase agreements			169,697						185,721
Federal Home Loan Bank advances			308,960						359,337
Subordinated debentures and other borrowings			118,677						118,439
Total Borrowings			597,334						663,497
Interest payable			3,589						4,020
Other liabilities			150,749						203,913
Total Liabilities			13,657,625						12,823,210
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 - 53,424,823 and 53,953,723 shares			6,678						6,744
Additional paid-in capital			987,404						1,007,300
Retained earnings			897,818						755,877
Accumulated other comprehensive income			(84,392)						35,810
Total Stockholders' Equity			1,807,633						1,805,856
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	15,465,258					$	14,629,066

CONSOLIDATED STATEMENTS OF INCOME			Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)			March 31,
			2022						2021
INTEREST INCOME
Loans receivable:
Taxable			$	79,075					$	85,105
Tax-exempt			5,704						5,339
Investment securities:
Taxable			8,510						6,695
Tax-exempt			15,875						12,385
Deposits with financial institutions			230						114
Federal Home Loan Bank stock			146						178
Total Interest Income			109,540						109,816
INTEREST EXPENSE
Deposits			4,294						6,200
Federal funds purchased			—						2
Securities sold under repurchase agreements			89						87
Federal Home Loan Bank advances			1,218						1,442
Subordinated debentures and other borrowings			1,659						1,657
Total Interest Expense			7,260						9,388
NET INTEREST INCOME			102,280						100,428
Provision for credit losses - loans			—						—
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			102,280						100,428
OTHER INCOME
Service charges on deposit accounts			6,419						5,264
Fiduciary and wealth management fees			7,332						6,422
Card payment fees			5,723						4,367
Net gains and fees on sales of loans			2,199						3,986
Derivative hedge fees			918						317
Other customer fees			410						368
Earnings on cash surrender value of life insurance			1,696						1,336
Net realized gains on sales of available for sale securities			566						1,799
Other income			634						232
Total Other Income			25,897						24,091
OTHER EXPENSES
Salaries and employee benefits			42,519						38,811
Net occupancy			6,187						6,491
Equipment			5,080						5,030
Marketing			736						1,124
Outside data processing fees			4,363						4,244
Printing and office supplies			345						283
Intangible asset amortization			1,366						1,357
FDIC assessments			2,192						1,368
Other real estate owned and foreclosure expenses			564						734
Professional and other outside services			2,953						2,543
Other expenses			6,020						4,113
Total Other Expenses			72,325						66,098
INCOME BEFORE INCOME TAX			55,852						58,421
Income tax expense			7,266						8,952
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	48,586					$	49,469
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.91					$	0.92
Diluted Net Income Available to Common Stockholders			$	0.91					$	0.91
Cash Dividends Paid			$	0.29					$	0.26
Average Diluted Shares Outstanding (in thousands)			53,616						54,134

FINANCIAL HIGHLIGHTS
(Dollars in thousands)			Three Months Ended
			March 31,
			2022						2021
NET CHARGE-OFFS (RECOVERIES)			$	(587)					$	3,621
AVERAGE BALANCES:
Total Assets			$	15,464,605					$	14,244,739
Total Loans			9,255,928						9,236,421
Total Earning Assets			14,262,777						13,023,318
Total Deposits			12,817,690						11,567,918
Total Stockholders' Equity			1,891,223						1,840,432
FINANCIAL RATIOS:
Return on Average Assets			1.26		%				1.39		%
Return on Average Stockholders' Equity			10.28						10.75
Return on Average Common Stockholders' Equity			10.28						10.75
Average Earning Assets to Average Assets			92.23						91.43
Allowance for Credit Losses - Loans as % of Total Loans			2.09						2.16
Net Charge-offs as % of Average Loans (Annualized)			(0.03)						0.16
Average Stockholders' Equity to Average Assets			12.23						12.92
Tax Equivalent Yield on Average Earning Assets			3.23						3.52
Interest Expense/Average Earning Assets			0.20						0.29
Net Interest Margin (FTE) on Average Earning Assets			3.03						3.23
Efficiency Ratio			52.79						50.23
Tangible Common Book Value Per Share			$	23.26					$	22.98

NON-PERFORMING ASSETS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
Non-Accrual Loans			$	42,698					$	43,062					$	51,502					$	57,556					$	57,923
Renegotiated Loans			141						329						439						629						655
Non-Performing Loans (NPL)			42,839						43,391						51,941						58,185						58,578
Other Real Estate Owned and Repossessions			6,271						558						698						601						604
Non-Performing Assets (NPA)			49,110						43,949						52,639						58,786						59,182
90+ Days Delinquent			2,085						963						157						183						1,093
NPAs & 90 Day Delinquent			$	51,195					$	44,912					$	52,796					$	58,969					$	60,275
Allowance for Credit Losses - Loans			$	195,984					$	195,397					$	199,972					$	199,775					$	201,082
Quarterly Net Charge-offs (Recoveries)			(587)						4,575						(197)						1,307						3,621
NPAs / Actual Assets %			0.32		%				0.28		%				0.35		%				0.39		%				0.40		%
NPAs & 90 Day / Actual Assets %			0.33		%				0.29		%				0.35		%				0.40		%				0.41		%
NPAs / Actual Loans and OREO %			0.52		%				0.47		%				0.58		%				0.64		%				0.63		%
Allowance for Credit Losses - Loans / Actual Loans (%)			2.09		%				2.11		%				2.21		%				2.19		%				2.16		%
Net Charge-offs as % of Average Loans (Annualized)			(0.03)		%				0.20		%				(0.01)		%				0.06		%				0.16		%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
ASSETS
Cash and due from banks			$	148,277					$	167,146					$	169,261					$	167,596					$	187,901
Interest-bearing deposits			395,262						474,154						369,447						438,863						392,806
Investment securities, net of allowance for credit losses			4,489,263						4,524,353						4,445,516						4,148,314						3,700,857
Loans held for sale			3,938						11,187						5,990						18,582						4,430
Loans			9,356,241						9,241,861						9,041,576						9,121,250						9,318,228
Less: Allowance for credit losses - loans			(195,984)						(195,397)						(199,972)						(199,775)						(201,082)
Net loans			9,160,257						9,046,464						8,841,604						8,921,475						9,117,146
Premises and equipment			105,883						105,655						104,814						103,822						109,432
Federal Home Loan Bank stock			26,422						28,736						28,736						28,736						28,736
Interest receivable			56,081						57,187						53,079						54,173						54,662
Goodwill and other intangibles			569,494						570,860						572,323						573,786						571,536
Cash surrender value of life insurance			291,881						291,041						291,825						294,462						293,766
Other real estate owned			6,271						558						698						601						604
Tax asset, deferred and receivable			73,422						35,641						39,504						36,924						40,163
Other assets			138,807						140,167						137,928						135,763						127,027
TOTAL ASSETS			$	15,465,258					$	15,453,149					$	15,060,725					$	14,923,097					$	14,629,066
LIABILITIES
Deposits:
Noninterest-bearing			$	2,745,235					$	2,709,646					$	2,554,323					$	2,479,853					$	2,494,891
Interest-bearing			10,160,718						10,022,931						9,794,366						9,723,547						9,456,889
Total Deposits			12,905,953						12,732,577						12,348,689						12,203,400						11,951,780
Borrowings:
Securities sold under repurchase agreements			169,697						181,577						183,589						146,904						185,721
Federal Home Loan Bank advances			308,960						334,055						334,149						334,243						359,337
Subordinated debentures and other borrowings			118,677						118,618						118,558						118,498						118,439
Total Borrowings			597,334						634,250						636,296						599,645						663,497
Interest payable			3,589						2,762						3,736						2,929						4,020
Other liabilities			150,749						170,989						203,914						245,323						203,913
Total Liabilities			13,657,625						13,540,578						13,192,635						13,051,297						12,823,210
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			6,678						6,676						6,689						6,747						6,744
Additional paid-in capital			987,404						985,818						988,659						1,009,182						1,007,300
Retained earnings			897,818						864,839						832,728						795,666						755,877
Accumulated other comprehensive income			(84,392)						55,113						39,889						60,080						35,810
Total Stockholders' Equity			1,807,633						1,912,571						1,868,090						1,871,800						1,805,856
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	15,465,258					$	15,453,149					$	15,060,725					$	14,923,097					$	14,629,066

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
INTEREST INCOME
Loans receivable:
Taxable			$	79,075					$	80,583					$	85,319					$	87,002					$	85,105
Tax-exempt			5,704						5,635						5,591						5,545						5,339
Investment securities:
Taxable			8,510						8,028						7,788						7,440						6,695
Tax-exempt			15,875						15,411						14,464						13,071						12,385
Deposits with financial institutions			230						173						218						129						114
Federal Home Loan Bank stock			146						163						168						88						178
Total Interest Income			109,540						109,993						113,548						113,275						109,816
INTEREST EXPENSE
Deposits			4,294						5,589						5,707						5,823						6,200
Federal funds purchased			—						1						—						2						2
Securities sold under repurchase agreements			89						75						77						75						87
Federal Home Loan Bank advances			1,218						1,389						1,389						1,452						1,442
Subordinated debentures and other borrowings			1,659						1,666						1,660						1,659						1,657
Total Interest Expense			7,260						8,720						8,833						9,011						9,388
NET INTEREST INCOME			102,280						101,273						104,715						104,264						100,428
Provision for credit losses - loans			—						—						—						—						—
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			102,280						101,273						104,715						104,264						100,428
OTHER INCOME
Service charges on deposit accounts			6,419						6,462						6,249						5,596						5,264
Fiduciary and wealth management fees			7,332						7,078						7,352						7,510						6,422
Card payment fees			5,723						3,937						4,156						4,159						4,367
Net gains and fees on sales of loans			2,199						3,423						3,955						8,325						3,986
Derivative hedge fees			918						1,562						1,028						943						317
Other customer fees			410						361						393						368						368
Earnings on cash surrender value of life insurance			1,696						2,051						2,468						1,205						1,336
Net realized gains on sales of available for sale securities			566						358						1,756						1,761						1,799
Other income			634						615						1,144						1,017						232
Total Other Income			25,897						25,847						28,501						30,884						24,091
OTHER EXPENSES
Salaries and employee benefits			42,519						42,432						43,314						42,438						38,811
Net occupancy			6,187						5,644						5,576						5,615						6,491
Equipment			5,080						4,994						4,529						4,848						5,030
Marketing			736						1,840						1,676						1,122						1,124
Outside data processing fees			4,363						4,581						4,794						4,698						4,244
Printing and office supplies			345						356						265						313						283
Intangible asset amortization			1,366						1,463						1,463						1,464						1,357
FDIC assessments			2,192						1,862						1,552						1,461						1,368
Other real estate owned and foreclosure expenses			564						171						(91)						178						734
Professional and other outside services			2,953						3,627						2,767						2,976						2,543
Other expenses			6,020						5,466						5,539						4,182						4,113
Total Other Expenses			72,325						72,436						71,384						69,295						66,098
INCOME BEFORE INCOME TAX			55,852						54,684						61,832						65,853						58,421
Income tax expense			7,266						6,951						9,062						10,294						8,952
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	48,586					$	47,733					$	52,770					$	55,559					$	49,469
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.91					$	0.89					$	0.98					$	1.03					$	0.92
Diluted Net Income Available to Common Stockholders			$	0.91					$	0.89					$	0.98					$	1.03					$	0.91
Cash Dividends Paid			$	0.29					$	0.29					$	0.29					$	0.29					$	0.26
Average Diluted Shares Outstanding (in thousands)			53,616						53,660						53,960						54,184						54,134
FINANCIAL RATIOS:
Return on Average Assets			1.26		%				1.25		%				1.41		%				1.51		%				1.39		%
Return on Average Stockholders' Equity			10.28						10.10						11.17						12.04						10.75
Return on Average Common Stockholders' Equity			10.28						10.10						11.17						12.04						10.75
Average Earning Assets to Average Assets			92.23						91.86						91.57						91.87						91.43
Allowance for Credit Losses - Loans as % of Total Loans			2.09						2.11						2.21						2.19						2.16
Net Charge-offs (Recoveries) as % of Average Loans (Annualized)			(0.03)						0.20						(0.01)						0.06						0.16
Average Stockholders' Equity to Average Assets			12.23						12.36						12.59						12.51						12.92
Tax Equivalent Yield on Average Earning Assets			3.23						3.29						3.46						3.49						3.52
Interest Expense/Average Earning Assets			0.20						0.25						0.26						0.27						0.29
Net Interest Margin (FTE) on Average Earning Assets			3.03						3.04						3.20						3.22						3.23
Efficiency Ratio			52.79						53.49						51.18						48.91						50.23
Tangible Common Book Value Per Share			$	23.26					$	25.21					$	24.31					$	24.15					$	22.98

LOANS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
Commercial and industrial loans			$	2,826,660					$	2,714,565					$	2,573,615					$	2,671,076					$	2,876,212
Agricultural land, production and other loans to farmers			209,077						246,442						240,686						235,020						245,631
Real estate loans:
Construction			552,975						523,066						521,889						491,200						541,224
Commercial real estate, non-owner occupied			2,073,197						2,135,459						2,150,387						2,263,497						2,178,832
Commercial real estate, owner occupied			974,521						986,720						952,441						953,501						950,038
Residential			1,226,695						1,159,127						1,154,373						1,127,442						1,239,925
Home equity			512,641						523,754						531,307						489,997						482,229
Individuals' loans for household and other personal expenditures			147,593						146,092						135,093						130,819						126,387
Public finance and other commercial loans			832,882						806,636						781,785						758,698						677,750
Loans			9,356,241						9,241,861						9,041,576						9,121,250						9,318,228
Allowance for credit losses - loans			(195,984)						(195,397)						(199,972)						(199,775)						(201,082)
NET LOANS			$	9,160,257					$	9,046,464					$	8,841,604					$	8,921,475					$	9,117,146

DEPOSITS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
Demand deposits			$	7,806,033					$	7,704,190					$	7,317,399					$	7,261,603					$	7,245,850
Savings deposits			4,444,417						4,334,802						4,301,483						4,157,552						3,857,624
Certificates and other time deposits of $100,000 or more			252,033						273,379						283,396						304,394						332,745
Other certificates and time deposits			380,293						389,752						404,010						423,922						449,655
Brokered deposits			23,177						30,454						42,401						55,929						65,906
TOTAL DEPOSITS			$	12,905,953					$	12,732,577					$	12,348,689					$	12,203,400					$	11,951,780

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
			For the Three Months Ended
			March 31, 2022																		March 31, 2021
			Average Balance						Interest  Income / Expense						Average Rate						Average Balance						Interest  Income / Expense						Average Rate
Assets:
Interest-bearing deposits			$	484,626					$	230					0.19		%				$	441,254					$	114					0.10		%
Federal Home Loan Bank stock			27,914						146						2.09						28,736						178						2.48
Investment Securities: (1)
Taxable			1,957,675						8,510						1.74						1,494,008						6,695						1.79
Tax-Exempt (2)			2,536,634						20,095						3.17						1,822,899						15,677						3.44
Total Investment Securities			4,494,309						28,605						2.55						3,316,907						22,372						2.70
Loans held for sale			4,352						40						3.68						16,139						156						3.87
Loans: (3)
Commercial			6,868,438						64,679						3.77						6,876,818						69,174						4.02
Real Estate Mortgage			924,268						7,840						3.39						975,262						9,286						3.81
Installment			711,038						6,516						3.67						674,307						6,489						3.85
Tax-Exempt (2)			747,832						7,220						3.86						693,895						6,758						3.90
Total Loans			9,255,928						86,295						3.73						9,236,421						91,863						3.98
Total Earning Assets			14,262,777						115,276						3.23		%				13,023,318						114,527						3.52		%
Total Non-Earning Assets			1,201,828																		1,221,421
Total Assets			$	15,464,605																	$	14,244,739
Liabilities:
Interest-bearing deposits:
Interest-bearing deposits			$	5,027,466					$	2,408					0.19		%				$	4,616,988					$	3,709					0.32		%
Money market deposits			2,514,429						872						0.14						2,086,322						835						0.16
Savings deposits			1,867,411						441						0.09						1,660,528						476						0.11
Certificates and other time deposits			676,661						573						0.34						859,334						1,180						0.55
Total Interest-bearing Deposits			10,085,967						4,294						0.17						9,223,172						6,200						0.27
Borrowings			616,572						2,966						1.92						675,117						3,188						1.89
Total Interest-bearing Liabilities			10,702,539						7,260						0.27						9,898,289						9,388						0.38
Noninterest-bearing deposits			2,731,723																		2,344,746
Other liabilities			139,120																		161,272
Total Liabilities			13,573,382																		12,404,307
Stockholders' Equity			1,891,223																		1,840,432
Total Liabilities and Stockholders' Equity			$	15,464,605					7,260												$	14,244,739					9,388
Net Interest Income (FTE)									$	108,016																	$	105,139
Net Interest Spread (FTE) (4)															2.96		%																3.14		%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets															3.23		%																3.52		%
Interest Expense / Average Earning Assets															0.20		%																0.29		%
Net Interest Margin (FTE) (5)															3.03		%																3.23		%
(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 2022 and 2021. These totals equal $5,736 and $4,711 for the three months ended March 31, 2022 and 2021, 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.

ADJUSTED EPS EXCLUDING PAYCHECK PROTECTION PROGRAM ("PPP") - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)
			March 31,						December 31,						September 30,						June 30,						March 31,
			2022						2021						2021						2021						2021
Net Income Available to Common Shareholders - GAAP			$	48,586					$	47,733					$	52,770					$	55,559					$	49,469
Adjustments:
PPP loan income			(1,884)						(3,721)						(8,211)						(9,725)						(9,243)
Tax on adjustment			462						912						2,013						2,385						2,266
Adjust Net Income Available to Common Stockholders - Non-GAAP			$	47,164					$	44,924					$	46,572					$	48,219					$	42,492
Average Diluted Shares Outstanding (in thousands)			53,616						53,660						53,960						54,184						54,134
Diluted Earnings Per Share - GAAP			$	0.91					$	0.89					$	0.98					$	1.03					$	0.91
Adjustments:
PPP loan income			(0.04)						(0.07)						(0.15)						(0.18)						(0.17)
Tax on adjustment			0.01						0.02						0.04						0.04						0.04
Adjusted Diluted Earnings Per Share - Non-GAAP			$	0.88					$	0.84					$	0.87					$	0.89					$	0.78