EX-99.1 2 frme4q2024earningsreleas.htm EX-99.1
INVESTOR UPDATE Fourth Quarter 2024

Forward Looking Statement This presentation 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 forward-looking statements include, but are not limited to, statements relating to 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 economic and business conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the effects of a pandemic or other unforeseeable event; the ability of First Merchants to integrate recent acquisitions and attract new customers; 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 (including the ability to grow and maintain core deposits and retain large, uninsured deposits), 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 undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this presentation or press release. In addition, the company’s past results of operations do not necessarily indicate its anticipated future results. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

Executive Management Team 3 Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Officer in April of 2002. In 2016, Mark’s title expanded to include Chief Operating Officer, overseeing the leadership responsibilities for finance, operations, technology, risk, legal, and facilities for the corporation. Prior to joining First Merchants Corporation, Mark served as a senior accountant with BKD, LLP in Indianapolis. Mark is a graduate of Ball State University with a Master of Business Administration and Bachelor’s degree in Accounting. He is also a certified public accountant and a graduate of the Stonier School of Banking. FMB: 27 Yrs Banking: 27 Yrs FMB: 9 Yrs Banking: 21 Yrs Michele Kawiecki Chief Financial Officer Michele Kawiecki currently serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank. Michele joined First Merchants in 2015 as Director of Finance. Prior to joining First Merchants, Michele spent 12 years with UMB Financial Corporation in Kansas City, Missouri having served as Senior Vice President of Capital Management and Assistant Treasurer; Director of Corporate Development and the Enterprise Project Management Office; and Chief Risk Officer. Prior to UMB, she worked for PriceWaterhouseCoopers LLP as an Audit Manager. Michele earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City and a Bachelor’s degree in Accounting from Dakota Wesleyan University. FMB: 17 Yrs Banking: 36 Yrs Mike Stewart President Mike Stewart currently serves as President for First Merchants Corporation and First Merchants Bank overseeing the Commercial, Private Wealth, and Consumer Lines of Business for the Bank. Mike joined the bank in 2008 as Chief Banking Officer. Prior to joining First Merchants, Mike spent 18 years with National City Bank in various commercial sales and credit roles. Mike has a Master of Business Administration from Butler University and a Bachelor’s degree in Finance from Millikin University. FMB: 17 Yrs Banking: 35 Yrs John Martin Chief Credit Officer John Martin currently serves as Executive Vice President and Chief Credit Officer of First Merchants Corporation overseeing the Commercial, Small Business and Consumer Credit functions, as well as Bank Operations and the Mortgage Line of Business. Prior to joining First Merchants, John spent 18 years with National City Bank in various sales and senior credit roles. John is a graduate of Indiana University where he earned a Bachelor of Arts in Economics. He also holds a Master of Business Administration in Finance from Case Western Reserve University.

First Merchants Corporation (NASDAQ: FRME) Financial Highlights as of 12/31/2024 $18.3 Billion $12.9 Billion $14.5 Billion $5.8 Billion Assets Under Advisement* Total Assets Total Loans Total Deposits TCE/TA: YTD Return on TCE YTD ROAA: Dividend Yield: Price / Tangible Book: Price / LTM EPS: 1.09% 8.81% 13.71% 3.48% 1.49x 11.7x Market Cap $2.3B Largest financial services holding company headquartered in Central Indiana 110 Banking Centers 4 *Excludes custody of $2.5 Billion, includes Assets Under Management of $3.9 Billion Illinois Branch Sale Sale of five Illinois branches closed December 6, 2024.

Highlights 5 ▪ EPS of $1.001,2 when adjusted for non-core items compared to core EPS of $0.901,2 in 4Q23 ▪ PTPP income growth of 4% and positive operating leverage over linked quarter ▪ Strong loan growth of $185.6 million or 5.9% annualized 11.05% ROE 16.75% ROTCE2 ROE & ROTCE (Annualized) $64 Million $1.10 Per Share Net Income & EPS1 1.39% ROA 1.75% PTPP ROA2 ROA (Annualized) 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation Fourth Quarter Year-to-Date 8.86% ROE 13.71% ROTCE2 ROE & ROTCE (Annualized) $200 Million $3.41 Per Share Net Income & EPS1 1.09% ROA 1.47% PTPP ROA2 ROA (Annualized) ▪ Repurchased 1,648,466 shares totaling ~$56.2 million; redeemed $65 million of sub debt ▪ Completed five major technology initiatives ▪ Grew net interest income and margin ▪ Strong capital position with tangible common equity ratio of 8.81% ▪ Exited Chicago market with the sale of five Illinois branches and certain loans and deposits with proceeds used to offset losses related to partial bond portfolio restructuring in Q3 & Q4 ▪ EPS of $3.471,2 when adjusted for non-core items compared to core EPS of $3.981,2 in prior year ▪ Annualized loan growth of 2.9%

Business Strategy 6 Full Spectrum of Debt Capital and Treasury Service Offerings Located in Prime Growth Markets Small Business & SBA Middle Market C&I Investment Real Estate Public Finance Sponsor Finance Full Spectrum of Consumer Deposit and Lending Offerings Supported by: Talented, Customer Service Oriented Banking Center and Call Center Professionals Competitive Digital Solutions ▪ Deposit and CRM ▪ Online Banking ▪ Mobile Banking Diverse Locations in Stable Rural and Growth Metro Markets Comprehensive and coordinated approach to personal wealth management Expertise in: Investment Management Private Banking Fiduciary Estate Financial Planning Strengthen commercial relationships with personal services for executives/owners and retirement plan services for companies Partner with consumer to offer personal investment advice through First Merchants Investment Services Offering a full suite of mortgage solutions to assist with purchase, construction, renovation, and home finance Strengthen existing Commercial, Consumer and Private Wealth relationships Create new household relationships Support underserved borrowers and neighborhoods Deliver solutions through a personalized, efficient, and scalable model Commercial Banking Private Wealth Advisors Consumer Banking Mortgage Banking Asset Based Lending Syndications Treasury Management Services Merchant Processing Services

Loan Growth Summary1 Business Highlights - Loans 7 MSA and County ranking data per FDIC ▪ Commercial growth rebounded during the quarter ~$148 million ▪ C&I annualized growth was 3% or ~$66 million ▪ IRE annualized growth was 20% or ~$82 million ▪ YTD Commercial loan growth was 3% or ~$256 million ▪ YTD C&I growth was 4% or ~$316 million ▪ YTD IRE declined 3% or ~$61 million ▪ Commercial pipelines remained strong at year end for both C&I and IRE. Commercial Consumer ▪ Consumer growth continued during the 4th quarter ~$44mm ▪ Private Banking annualized growth was 9% or ~$22 million ▪ Residential Mortgage growth was 2% or ~$10 million ▪ YTD Consumer loan growth was 4% or ~$125 million ▪ HELOC and Small Business growth was 7% or ~$36 million ▪ Residential Mortgage growth was 3% or ~$65 million ▪ Consumer pipeline remained strong at year end for Private Wealth, Mortgage, and Small Business 4Q24 Balance ($B) Growth Commercial 9.7 6.2% Consumer 3.0 6.0% Total Loan Growth QTD 5.9% Total Loan Growth YTD 2.9% 1Commercial includes Public Finance, Consumer includes Private Wealth, Mortgage, and Small Business Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.8B Loans: $4.5B Columbus Columbus MSA Rank: 14 Deposits: $0.6B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.6B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.5B Loans: $2.8B

Deposit Growth Summary 1,2 Business Highlights - Deposits 8 MSA and County ranking data per FDIC 1Commercial includes Public Funds deposits and Consumer includes Private Wealth and Mortgage 2Adjusted for $267.4 million of deposits sold as part of the Illinois branch sale on December 6, 2024 ▪ Commercial deposits grew during the quarter ~$50 million ▪ Non-Public Funds annualized growth was 2.0% or ~$27 million ▪ Public Funds growth was 3% or ~$23 million ▪ YTD Commercial deposits declined by 1% or ~$93 million ▪ Non-Public Funds growth was 1% or ~$87 million ▪ Public Funds decline was 6% or ~$181 million Commercial Consumer ▪ Consumer deposits declined during the quarter ~$348 million ▪ Maturity deposit decline was ~$346 million ▪ YTD Consumer deposits declined by ~$312 million ▪ Non-Maturity deposit growth was ~$127 million ▪ Maturity deposit decline was ~$439 million Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.8B Loans: $4.5B Columbus Columbus MSA Rank: 14 Deposits: $0.6B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.6B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.5B Loans: $2.8B 4Q24 Balance ($B) Growth Commercial 7.3 2.7% Consumer 5.9 -22.4% Total Deposit Growth QTD 4.4% Total Deposit Growth YTD -0.2%

Fourth Quarter Financial Results 9 ▪ 53.60% Adjusted Efficiency Ratio1 ▪ Net interest income increased $3.3 million due to lower funding costs and favorable balance sheet mix changes ▪ Noninterest income increased $17.9 million which includes a $20 million gain on Illinois branch sale, offset by an increase in realized losses on securities of $2.5 million over prior quarter ▪ TCE Ratio increased 0.05% to 8.81% ▪ $26.78 Tangible Book Value per share, an increase of $0.14 from prior quarter 4Q24 Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 Variance Linked Quarter % Variance Linked QTR- Annualized Balance Sheet & Asset Quality 1. Total Assets $18,309.5 $18,317.8 $18,303.4 $18,347.6 $18,312.0 ($35.6) -0.8% 2. Total Loans 12,505.0 12,480.7 12,671.9 12,687.5 12,873.0 185.6 5.9% 3. Investments 3,811.4 3,783.6 3,753.1 3,662.1 3,460.7 (201.5) -22.0% 4. Deposits 14,821.5 14,884.6 14,569.1 14,365.1 14,521.6 156.5 4.4% 5. Total Equity 2,247.7 2,224.8 2,212.5 2,302.4 2,305.0 2.6 0.5% 6. TCE Ratio 8.40% 8.32% 8.27% 8.76% 8.81% 0.05% 7. Total RBC Ratio 13.67 13.34 12.95 13.18 13.31 0.13 8. ACL / Loans 1.64 1.64 1.50 1.48 1.50 0.02 9. NCOs / Avg Loans 0.10 0.07 1.26 0.21 0.02 -0.19 10. NPAs + 90PD / Assets 0.32 0.38 0.37 0.43 0.46 0.03 Summary Income Statement 11. Net Interest Income $130.1 $127.1 $128.6 $131.1 $134.4 $3.3 2.5% 12. Provision for Credit Losses 1.5 2.0 24.5 5.0 4.2 (0.8) 13. Noninterest Income 26.4 26.6 31.3 24.9 42.7 17.9 71.5% 14. Noninterest Expense 108.1 96.9 91.4 94.6 96.3 1.7 1.8% 15. Pre-tax Income 46.9 54.8 44.0 56.4 76.6 20.2 35.8% 16. Provision for Taxes 4.4 6.8 4.1 7.2 12.2 5.0 69.4% 17. Net Income 42.5 48.0 39.9 49.2 64.4 15.2 30.9% 18. Preferred Stock Dividends 0.5 0.5 0.5 0.5 0.5 0.0 19. Net Income Available to Common Stockholders 42.0 47.5 39.4 48.7 63.9 15.2 31.2% 20. ROAA 0.92% 1.04% 0.87% 1.07% 1.39% 0.32% 21. ROAE 7.89 8.47 7.16 8.66 11.05 2.39 22. ROTCE 12.75 13.21 11.29 13.39 16.75 3.36 23. Net Interest Margin 3.16 3.10 3.16 3.23 3.28 0.05 24. Efficiency Ratio 63.26 59.21 53.84 53.76 48.48 -5.28 Per Share 25. Earnings per Diluted Share $0.71 $0.80 $0.68 $0.84 $1.10 $0.26 26. Tangible Book Value per Share 25.06 25.07 25.10 26.64 26.78 0.14 27. Dividend per Share 0.34 0.34 0.35 0.35 0.35 0.00 28. Dividend Payout Ratio 47.9% 42.5% 51.5% 41.7% 31.8% -9.8% For the Three Months Ended,

Year-to-Date Financial Results 10 ▪ 54.51% Adjusted Efficiency Ratio1 ▪ Net interest income declined 4.5% from prior year due to increased funding costs offsetting earning asset income growth ▪ Noninterest income increased $13.8 million after eliminating non-core items; increase is due to higher gains on sale of mortgage loans, wealth management fees, service charges, and CRA investment income ▪ TCE Ratio increased to 8.81%, an increase of 0.41% over prior year ▪ Tangible Book Value per share totaled $26.78, an increase of $1.72 over prior year Year-to-Date Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 2022 2023 2024 Variance YOY % Variance YOY Balance Sheet & Asset Quality 1. Total Assets $18,002.2 $18,405.9 $18,312.0 ($93.9) -0.5% 2. Total Loans 12,013.0 12,505.0 12,873.0 368.1 2.9% 3. Investments 4,263.8 3,811.4 3,460.7 (350.7) -9.2% 4. Deposits 14,382.7 14,821.5 14,521.6 (299.8) -2.0% 5. Total Equity 2,034.8 2,247.7 2,305.0 57.3 2.5% 6. TCE Ratio 7.31% 8.40% 8.81% 0.41% 7. Total RBC Ratio 13.08 13.67 13.31 -0.36 8. ALLL / Loans 1.86 1.64 1.50 -0.14 9. NCOs / Avg Loans 0.02 0.21 0.39 0.18 10. NPAs + 90PD / Assets 0.28 0.32 0.46 0.14 Summary Income Statement 11. Net Interest Income $520.2 $545.4 $521.1 ($24.3) -4.5% 12. Provision for Credit Losses 16.8 3.5 35.7 32.2 13. Noninterest Income 107.9 105.6 125.6 20.0 18.9% 14. Noninterest Expense 355.7 388.3 379.3 (9.0) -2.3% 15. Pre-tax Income 255.7 259.2 231.7 (27.5) -10.6% 16. Provision for Taxes 33.6 35.4 30.3 (5.1) -14.4% 17. Net Income 222.1 223.8 201.4 (22.4) -10.0% 18. Preferred Stock Dividends 1.4 1.9 1.9 0.0 19. Net Income Available to Common Stockholders 220.7 221.9 199.5 (22.4) -10.1% 20. ROAA 1.29% 1.23% 1.09% -0.14% 21. ROAE 11.19 10.43 8.86 -1.57 22. ROTCE 18.12 16.76 13.71 -3.05 23. Net Interest Margin 3.41 3.35 3.19 -0.16 24. Efficiency Ratio 53.20 55.17 53.55 -1.62 Per Share 25. Earnings per Diluted Share $3.81 $3.73 $3.41 ($0.32) 26. Tangible Book Value per Share 21.45 25.06 26.78 1.72 27. Dividend per Share 1.25 1.34 1.39 0.05 28. Dividend Payout Ratio 32.8% 35.9% 40.8% 4.8% For the Year Ended December 31,

▪ Net unrealized AFS Loss of $238.4 million ($189.2 M prior Q) ▪ Net unrealized HTM Loss of $351.0 million ($286.0 M prior Q) Investment Portfolio Highlights 11 4Q24 Investment Portfolio Composition Yield on Investments (%) / Total Investments ($B) $3.5B Total Investment Portfolio Gains / LossesHighlights Realized Gains/Losses ▪ 4Q 2023 $2.3 million loss ▪ 1Q 2024 none ▪ 2Q 2024 none ▪ 3Q 2024 $9.1 million loss ▪ 4Q 2024 $11.6 million loss Unrealized Losses▪ Effective duration of 6.3 years ▪ Cash flow of $270 million in the next 12 months / ~2.22% yield ▪ AA rated municipal bond portfolio ▪ ~55% of portfolio classified as Held-to-Maturity ▪ Allowance for Credit Losses for Investments of $245,000 $3.8 $3.8 $3.8 $3.7 $3.5 2.56% 2.58% 2.61% 2.63% 2.67% 4Q23 1Q24 2Q24 3Q24 4Q24 Investments ($B) Yield on Investments (%) Municipal Bonds 56% Mortgage- Backed Securities 26% Collateralized Mortgage Obligations 5% U.S. Agencies 12% Corporate Obligations 1%

Loan Portfolio Highlights 12 4Q24 Loan Composition Yield on Loans (%) / Total Loans ($B) $12.9B Total 4Q24 Portfolio by Yield Type Highlights Total loan rate mix as of 4Q24 • $8.8 billion variable rate • $4.1 billion fixed rate ▪ Portfolio composition is ~75% Commercial oriented ▪ Total loan yield of 6.55% ▪ New/renewed loan yields averaged 7.12% for the quarter $0.9 $0.7 $0.7$0.4$0.7$0.7 Commercial & Industrial 31.9% Commercial Real Estate Owner-Occupied 9.0% Commercial Real Estate Non-Owner Occupied 17.7% Construction Land & Land Development 6.2% Agricultural Land & Production 2.0% Public Finance/Other Commercial 8.2% Residential Mortgage 18.6% Home Equity 5.1% Other Consumer 1.3% Fixed Rate 32% Prime-Based 12% Other Variable Rates 8% SOFR-Based 48% $12.5 $12.5 $12.7 $12.7 $12.9 6.71% 6.68% 6.72% 6.86% 6.55% 4Q23 1Q24 2Q24 3Q24 4Q24 Total Loans ($B) Yield on Loans (%)

$223,277 $204,934 $192,757 $7,300 $37,200 $25,643 $49,377 ACL - Loans 12/31/2022 Net Charge-offs 2023 Provision Exp. 2023 ACL - Loans 12/31/2023 Net Charge-offs 2024 YTD Provision Exp. 2024 YTD ACL - Loans 12/31/2024 Increase Decrease Allowance for Credit Losses - Loans 13 4Q24 Allowance for Credit Losses - Loans Highlights Change in ACL – Loans $204.9 $204.7 $189.5 $187.8 $192.8 1.64% 1.64% 1.50% 1.48% 1.50% 4Q23 1Q24 2Q24 3Q24 4Q24 Allowance Allowance to Loans ▪ $4.2 million Q4 provision expense ▪ $5.7 million provision recorded for ACL – Loans ▪ $1.5 million reserve reduction for unfunded commitments ▪ The reserve for unfunded commitments totals $18.0 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $17.4 million inclusive of credit and interest rate marks

Deposit Portfolio Highlights 14 4Q24 Deposit Composition Highlights $14.5B Total 1Total brokered deposits of $956 million, which includes brokered CDs of $284 million 2Defined as total deposits less time deposits > $100k Cost of Total Deposits (%) / Total Deposits ($B) ▪ Strong core deposit base • 91% core deposits2 • 16% noninterest bearing • 37% of total deposits yield 0 to 5 bps ▪ Rate paid on interest-bearing deposits declined 31 bps to 2.89% ▪ Insured 70.6% / Uninsured 29.4% ▪ Average deposit account balance of $35,000 1 Demand Deposits 55% Savings Deposits 31% Certificates & Time Deposits > $100k 7% Certificates & Time Deposits < $100k 5% Brokered Certificates of Deposits 2% $14.8 $14.9 $14.6 $14.4 $14.5 2.58% 2.64% 2.66% 2.69% 2.43% 4Q23 1Q24 2Q24 3Q24 4Q24 Total Deposits ($B) Cost of Total Deposits (%)

Net Interest Margin 15 $105.1$97.1 $97.3 $105.1 $107.0$97.8 $107.0 $97.3 $105.1 $110.0$109.2 $107.0 $105.1 $109.2 $110.0 $106.9 1Adjusted for Fair Value Accretion 4Q23 1Q24 2Q24 3Q24 4Q24 1. Net Interest Income - FTE ($millions) 135.9$ 132.9$ 134.4$ 137.0$ 140.2$ 2. Fair Value Accretion 1.7$ 1.4$ 1.5$ 1.4$ 1.4$ 3. Adjusted Net Interest Income - FTE 1 134.2$ 131.5$ 132.9$ 135.6$ 138.8$ 4. Tax Equivalent Yield on Earning Assets 5.64% 5.65% 5.69% 5.82% 5.63% 5. Interest Expense/Average Earning Assets 2.48% 2.55% 2.53% 2.59% 2.35% 6. Net Interest Margin 3.16% 3.10% 3.16% 3.23% 3.28% 7. Fair Value Accretion Effect 0.04% 0.03% 0.03% 0.04% 0.03% 8. Adjusted Net Interest Margin 1 3.12% 3.07% 3.13% 3.19% 3.25% $135.9 $132.9 $134.4 $137.0 $140.2 3.16% 3.10% 3.16% 3.23% 3.28% 4Q23 Q24 2Q24 3Q24 4Q24 Net Interest Income - FTE ($millions) Net Interest Margin

Noninterest Income Highlights 16 4Q24 Noninterest Income Detail ($M) $42.7M Total Noninterest Income Trends Fee Income / Revenue Highlights ▪ Customer-related fees totaling $29.4 million for 4Q24, decreased slightly from $29.8 million in 3Q24 ▪ Non-customer related fees increased $18.4 million due to a $20 million gain recorded on the Illinois branch sale, offset by an increase in realized losses on sales of securities of $2.5 million over prior quarter Customer-Related Fees ($M) $8.2 $8.2 $8.8 $8.5 $8.7 $4.1 $3.3 $5.1 $6.8 $5.7 $7.7 $7.9 $8.2 $8.4 $8.1 $4.4 $4.5 $4.7 $5.1 $5.0 $1.3 $0.6 $1.0 $1.0 $1.9 $25.7 $24.5 $27.8 $29.8 $29.4 4Q23 1Q24 2Q24 3Q24 4Q24 Wealth Management Gain on Sale of Loans Service Charges Card Payment Fees Other Customer Fees 16.3% 16.7% 18.9% 15.4% 23.4% Wealth Management $8.7 13% Gain on Sale of Loans $5.7 9% Service Charges $8.1 12% Card Payment Fees $5.0 8% Loss on Sale of Securities ($11.6) -18% Gain on Branch Sale $20.0 30% Derivative Hedge Fees $1.6 2%BOLI $2.2 3% Other Customer Fees $0.3 1%Other $2.7 4%

Salary & Benefits $55.4 57% Premises & Equipment $14.4 15% Outside Data Processing $6.0 6% Professional & Other Outside Services $3.8 4% Intangible Asset Amortization $1.8 2% Marketing $2.6 3% FDIC Expense $3.7 4% Other $8.6 9% 63.26% 59.21% 53.84% 53.76% 48.48% $60.9 $58.3 $52.2 $55.2 $55.4 $15.2 $13.5 $13.3 $13.9 $14.4 $5.9 $6.9 $7.1 $7.2 $6.0 $26.1 $18.2 $18.8 $18.3 $20.5 $108.1M $96.9M $91.4M $94.6M $96.3M 4Q23 1Q24 2Q24 3Q24 4Q24 Salary & Benefits Premises & Equipment Outside Data Processing Other Noninterest Expense Highlights 17 4Q24 Noninterest Expense Detail $96.3M Total Noninterest Expense Trends ($M) Efficiency Ratio Highlights ▪ Increase over 3Q24 of $1.7 million driven by higher marketing costs and other one-time operating expenses 14Q23, 1Q24, & 4Q24 Efficiency Ratio excluding non-core expenses and IL branch sale, see “Non- GAAP Financial Information” for reconciliation 55.56%1 57.03%1 53.60%1

Capital Ratios 18 Tangible Common Equity Ratio Common Equity Tier 1 Ratio Total Risk-Based Capital Ratio 9.31% 9.31% 9.57% 9.31% 9.65%9.57%9.31% 9.57% 9.65% 9.04% ▪ TCE increased over 3Q24 due to strong earnings growth ▪ Capital ratios reflect $65 million of sub debt redemption and $56.2 million of stock buyback during 2024 Highlights 8.40% 8.32% 8.27% 8.76% 8.81% 4Q23 1Q24 2Q24 3Q24 4Q24 TCE Ratio Target TCE (8.00%) 13.67% 13.34% 12.95% 13.18% 13.31% 4Q23 1Q24 2Q24 3Q24 4Q24 TRBC Ratio Target TRBC Ratio (12.50%) 11.35% 11.25% 11.02% 11.25% 11.43% 4Q23 1Q24 2Q24 3Q24 4Q24 CET 1 Ratio Target CET1 Ratio (10.00%)

4Q24 Highlights Loan Portfolio 19 Geography Loan Portfolio Trends ($M) ▪ Strong 5.9% C&I and Total Loan growth ▪ Robust Public Finance activity driven by market dynamics ▪ Ample Real Estate Lending Capacity CRE Construction: 41.4% / 100%1 CRE Total: 160.1% / 300%1 Year End 2024 Highlights Loan growth of $368 million or 2.9% ▪ Balanced commercial loan growth - $243 million • C&I – Regional Banking - $473 million • C&I - Sponsor Finance – ($29) million • Public Finance - $103 million ▪ Total Resi Mtg & Cons. - $125 million • Mortgage growth of $85 million, primarily portfolio ARMs. 83.9% of borrowers within four state Midwest geography 4Q23 1Q24 2Q24 3Q24 4Q24 1. C&I - Regional Banking 2,876$ 2,910$ 3,132$ 3,201$ 3,349$ 2. C&I - Sponsor Finance 795 813 818 841 766 3. CRE Owner Occupied 1,162 1,138 1,174 1,155 1,158 4. Total C&I Loans 4,833 4,861 5,124 5,197 5,273 5. Construction/Land/Land Dev. 958 942 823 815 792 6. CRE Non-Owner Occupied 2,401 2,368 2,324 2,254 2,274 7. Total CRE NOO Loans 3,358 3,310 3,147 3,069 3,066 8. Agricultural 263 234 240 239 256 9. Public Finance/Other Commercial 956 965 965 982 1,059 10. Total Commercial Loans 9,411 9,370 9,476 9,487 9,654 11. Residential Mortgage 2,304 2,331 2,403 2,397 2,389 12. Home Equity 618 618 631 641 660 13. Other Consumer 172 162 162 163 170 14. Total Resi Mortgage & Consumer 3,094 3,111 3,196 3,201 3,219 15. Total Loans 12,505$ 12,481$ 12,672$ 12,688$ 12,873$ 1Thresholds used by regulators to assess the risk level of a bank's loan portfolio.

($M) Balance Commit. % CRE Construction3 Commit. QoQ $ Change Multi-Family 488$ 877$ 75.2% (7)$ Self Storage 35$ 73$ 5.4% 13$ Land/Land dev 32$ 36$ 4.9% (3)$ Office-General 9$ 20$ 1.3% 5$ Office-Medical 1$ 1$ 0.1% (18.5)$ ▪ $765.4 million in loans to 85 companies in a diversity of industries ▪ Senior Debt/Adj. EBITDA < 3.0X ~79% ▪ Total Debt/Adj. EBITDA < 4.0X ~80% ▪ FCCR > 1.50X ~66% ▪ ~5.2% Classified (as a % of portfolio) ▪ Excellent credit history with ~$12 million in total losses on ~$1.7B of funded loans over 10-year history of groupC&I Includes commercial and industrial, sponsor and owner- occupied real estate loans C&I - Sponsor Finance ▪ Line utilization 4Q24 at 46.0% from 45.0% 3Q24 ▪ Shared National Credits: • $889.9 million to 80 Borrowers, $11.1 million average balance • Top borrowers in Manufacturing, Wholesale Trade, Agriculture, and Rental and Leasing ▪ $54.1 million of SBA guaranteed loans Loan Portfolio Insights 20 C&I ▪ $143.7 million Resi Real Estate Construction ▪ $648.4 million CRE Construction3 Construction Finance Home Equity / Other Consumer Residential Mortgage ▪ > 95.7% of $719.6 million in consumer loans had a credit score exceeding 669 at origination1 ▪ $261 million residential mortgage secured, related to commercial loan relationships ▪ $2.1 billion residential mortgage loans • > 91.1% of $1.9 billion in residential portfolio loans had a credit score at origination exceeding 6692 Commercial Mortgage & Consumer 1Excludes ~13% of loans where origination data is unavailable 2Excludes ~13% of residential loans where origination data is unavailable 3Includes Construction, Land, & Land Development

Office - Maturities Loan Portfolio Insights (continued) 21 Total Loans $12.9 Billion Commercial Real Estate (Non-Owner Occupied) ($M) Office (Non-Owner Occupied) ($M) ▪ Top 10 loans are 52.0% of total office with WALTV of ~63.6 at origination ▪ Largest NOO Office $25.0 million, medical office, 67.2% LTV ▪ 2nd largest $24.6 million, 40% owner occupied Office Maturities $242.8 Million Office % Total Loans

Asset Quality 22 Asset Quality Trends ($M) 4Q24 Highlights Non-Accruals: ▪ Non-accruals up $14.7 million with NPAs + 90 days $84.6 million or 66 basis point ▪ Largest: Multi-family, Nursing Care Facility, and Construction Charge-offs: ▪ ~$770 thousand net charge-offs; ▪ $1.1 million related to Transportation losses in prior quarters now fully charged-off ▪ ~$1.2 million recovered from 2Q C&I Home Décor Manufacturing charge-off

Nonperforming Assets 23 Nonperforming Assets Roll Forward ($M) Non-Accrual Migration: ▪ Single relationship accounted for $22 million of the $42.9 million new non-accrual balances ▪ $25.5 million reduction in non-accrual ▪ 90 days past due decreased $8.2 million 4Q24 Highlights 1Q24 2Q24 3Q24 4Q24 2024 1. Beginning Balance NPAs + 90PD 58.6$ 70.2$ 68.4$ 78.4$ 58.6$ Non-Accrual 2. Add: New Non-Accruals 17.7 51.6 13.2 42.9 125.4 3. Less: To Accrual or Payoff (5.6) (11.2) (7.9) (25.5) (50.2) 4. Less: To OREO - (0.1) (0.5) (0.1) (0.7) 5. Less: Charge-offs (3.2) (40.9) (7.6) (2.6) (54.3) 6. Non-Accrual Loans Change 8.9 (0.6) (2.8) 14.7 20.2 Other Real Estate Owned (ORE) 7. Add: New ORE Properties 0.1 0.1 0.5 0.1 0.8 8. Less: ORE Sold - (0.2) (0.1) (0.4) (0.7) 9. Less: ORE Losses (write-downs) - - - - - 10. ORE Change 0.1 (0.1) 0.4 (0.3) 0.1 11. 90PD Change 2.6 (1.1) 12.4 (8.2) 5.7 12. NPAs + 90PD Change 11.6 (1.8) 10.0 6.2 26.0 13. Ending Balance NPAs + 90PD 70.2$ 68.4$ 78.4$ 84.6$ 84.6$

$1.65 $1.72 $1.98 $2.12 $3.22 $3.19 $2.74 $3.81 $3.81 $3.73 $3.41 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Track Record of Shareholder Value 24 10-Year Total Return (2014-2024) Earnings per Share Tangible Book Value per Share Dividends per Share CAGR 2014-2024: 7.5% Return on Tangible Common Equity 1Tangible book value per share excluding unrealized gain/loss in available for sale securities. CAGR 2014-2024: 17.0% 1 $13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $25.06 $26.78 $13.27 $14.38 $15.83 $16.78 $19.24 $21.24 $22.64 $24.09 $25.42 $27.98 $30.02 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TBVPS TBVPS Without AFS OCI CAGR 2014-2024: 7.0% Adjusted CAGR1 8.5% $0.29 $0.41 $0.54 $0.69 $0.84 $1.00 $1.04 $1.13 $1.25 $1.34 $1.39 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 12.94% 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 18.12% 16.76% 13.71% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 230.09% 200.33% FRME KBW NASDAQ Regional Banking Index

History of Organic and Whole Bank Acquisition Growth 25 Total Assets ($B) Growth Through Acquisition ✓ Experienced Acquirer ✓ Expanded in Current High-Growth Markets ✓ Extended into Additional High-Growth Markets ✓ Added to Franchise with Stable Deposit Gathering Markets 2014 Community Bank 2015 Cooper State Bank Ameriana Bank 2017 Arlington Bank iAB Financial Bank 2019 Monroe Bank & Trust 2022 $5.8 $6.8 $7.2 $9.4 $9.9 $12.5 $14.1 $15.5 $17.9 $18.3 $18.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ($309 M) ($138 M) ($2.5 B) ($1.3 B) ($269 M) ($483 M) ($1.1 B)

Vision for the Future 26 Our Vision: To enhance the financial wellness of the diverse communities we serve. To be the most attentive, knowledgeable, and high-performing bank for our clients, teammates, and shareholders. We are a collection of dynamic colleagues with diverse experiences and perspectives who share a passion for positively impacting lives. We are genuinely committed to attracting and engaging teammates of diverse backgrounds. We believe in the power of inclusion and belonging. ▪ Drive engagement through inclusivity, teamwork, performance management, career development, rewards, and work-life balance ▪ Produce organic growth across all lines of business and markets through focused, data- driven, industry-leading client acquisition, expansion, and retention activities ▪ Continued investment in the digitization of our delivery channels to simplify the client experience ▪ Maintain top-quartile financial results supported by industry-leading governance, risk, and compliance practices to ensure long-term sustainability ▪ Continue to leverage our core competency in acquisitions to enhance growth, efficiency, and high performance ▪ Cultivate a high-quality shareholder base that values our stakeholder-centric business model Strategic Imperatives: Our Mission: Our Team:

27 APPENDIX

Non-GAAP 28 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.. 2Non-core expenses in 1Q24 included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs. 3Non-core expenses in 4Q23 included $4.3 million from the FDIC special assessment, $6.3 million from early retirement and severance costs, and $2.1 million from a lease termination. ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024 (Dollars in Thousands, Except Per Share Amounts) Net Income Available to Common Stockholders - GAAP 42,010$ 47,472$ 39,456$ 48,719$ 63,880$ 220,683$ 221,911$ 199,527$ Adjustments: PPP loan income (7) - - - - (3,207) (49) - Net realized losses/(gains) on sales of available for sale securities 2,317 2 49 9,114 11,592 (1,194) 6,930 20,757 Gain on branch sale - - - - (19,983) - - (19,983) Acquisition-related expenses - - - - - 16,531 - - Acquisition-related provision expense - - - - - 16,755 - - Non-core expenses 1,2,3 12,682 3,481 - - 762 - 12,682 4,243 Tax on adjustments (3,652) (848) (12) (2,220) 1,851 (7,084) (4,767) (1,229) Adjusted Net Income Available to Common Stockholders - NON-GAAP 53,350$ 50,107$ 39,493$ 55,613$ 58,102$ 242,484$ 236,707$ 203,315$ Average Diluted Common Shares Outstanding 59,556 59,273 58,328 58,289 58,247 57,950 59,489 58,533 Diluted Earnings Per Common Share - GAAP 0.71$ 0.80$ 0.68$ 0.84$ 1.10$ 3.81$ 3.73$ 3.41$ Adjustments: PPP loan income - - - - - (0.06) - - Net realized losses/(gains) on sales of available for sale securities 0.04 - - 0.15 0.20 (0.02) 0.12 0.35 Gain on branch sale - - - - (0.34) - - (0.34) Acquisition-related expenses - - - - - 0.28 - - Acquisition-related provision expense - - - - - 0.30 - - Non-core expenses 1,2,3 0.21 0.06 - - 0.01 - 0.21 0.07 Tax on adjustments (0.06) (0.01) - (0.04) 0.03 (0.12) (0.08) (0.02) Adjusted Diluted Earnings Per Common Share - NON-GAAP 0.90$ 0.85$ 0.68$ 0.95$ 1.00$ 4.19$ 3.98$ 3.47$

Non-GAAP 29 PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024 (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) 130,064$ 127,063$ 128,571$ 131,110$ 134,370$ 520,203$ 545,401$ 521,114$ Other Income (GAAP) 26,443 26,638 31,334 24,866 42,742 107,941 105,601 125,580 Total Revenue 156,507 153,701 159,905 155,976 177,112 628,144 651,002 646,694 Less: Other Expenses (GAAP) (108,103) (96,935) (91,412) (94,628) (96,289) (355,716) (388,270) (379,266) Add: Net Realized Losses on Sales of Available for Sale Securities 2,317 2 49 9,114 11,592 (1,194) 6,930 20,757 Add: Gain on Branch Sale (19,983) (19,983) Add: Acquisition-Related Expenses (GAAP) - - - - - 16,531 - - Add: Non-core Expenses1,2,3 (non-GAAP) 12,682 3,481 - - 762 - 12,682 4,243 Pre-Tax, Pre-Provision Earnings (non-GAAP) 63,403$ 60,249$ 68,542$ 70,462$ 73,194$ 287,765$ 282,344$ 272,445$ Average Assets (GAAP) 18,397,200$ 18,430,521$ 18,332,159$ 18,360,580$ 18,478,303$ 17,220,002$ 18,186,507$ 18,400,495$ Average Equity (GAAP) 2,130,993$ 2,242,139$ 2,203,361$ 2,251,547$ 2,312,270$ 1,972,445$ 2,127,262$ 2,252,491$ PTPP/Average Assets (PTPP ROA) 1.38% 1.31% 1.50% 1.54% 1.58% 1.67% 1.55% 1.48% PTPP/Average Equity (PTPP ROE) 11.90% 10.75% 12.44% 12.52% 12.66% 14.59% 13.27% 12.10% 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.. 2Non-core expenses in 1Q24 included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs. 3Non-core expenses in 4Q23 included $4.3 million from the FDIC special assessment, $6.3 million from early retirement and severance costs, and $2.1 million from a lease termination.

Non-GAAP 30 NET INTEREST MARGIN ("NIM"), ADJUSTED 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024 (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) 130,063$ 127,063$ 128,571$ 131,110$ 134,370$ 520,203$ 545,400$ 521,114$ Fully Taxable Equivalent ("FTE") Adjustment 5,853 5,795 5,859 5,883 5,788 24,590 23,943 23,326 Net Interest Income (FTE) (non-GAAP) 135,916 132,858 134,430 136,993 140,158 544,793 569,343 544,440 Average Earning Assets (GAAP) 17,222,714$ 17,123,851$ 17,013,984$ 16,990,358$ 17,089,198$ 15,985,691$ 16,991,787$ 17,054,267$ Net Interest Margin (GAAP) 3.02% 2.97% 3.02% 3.09% 3.15% 3.25% 3.21% 3.06% Net Interest Margin (FTE) (non-GAAP) 3.16% 3.10% 3.16% 3.23% 3.28% 3.41% 3.35% 3.19%

Non-GAAP 31 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.. 2Non-core expenses in 1Q24 included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs. 3Non-core expenses in 4Q23 included $4.3 million from the FDIC special assessment, $6.3 million from early retirement and severance costs, and $2.1 million from a lease termination. EFFICIENCY RATIO (dollars in thousands): 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024 EFFICIENCY RATIO (dollars in thousands): Non Interest Expense (GAAP) 108,103$ 96,935$ 91,413$ 94,629$ 96,289$ 355,715$ 388,270$ 379,266$ Less: Intangible Asset Amortization (2,182) (1,957) (1,771) (1,772) (1,771) (8,275) (8,743) (7,271) Less: OREO and Foreclosure Expenses (1,743) (534) (373) (942) (227) (823) (3,318) (2,076) Adjusted Non Interest Expense (non-GAAP) 104,178 94,444 89,269 91,915 94,291 346,617 376,209 369,919 Net Interest Income (GAAP) 130,063 127,063 128,571 131,110 134,370 520,203 545,400 521,114 Plus: Fully Taxable Equivalent Adjustment 5,853 5,795 5,859 5,883 5,788 24,590 23,943 23,326 Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) 135,916 132,858 134,430 136,993 140,158 544,793 569,343 544,440 Non Interest Income (GAAP) 26,444 26,638 31,334 24,866 42,742 107,941 105,602 125,580 Less: Investment Securities (Gains) Losses 2,317 2 49 9,114 11,592 (1,194) 6,930 20,757 Adjusted Non Interest Income (non-GAAP) 28,761 26,640 31,383 33,980 54,334 106,747 112,532 146,337 Adjusted Revenue (non-GAAP) 164,677 159,498 165,813 170,973 194,492 651,540 681,875 690,777 Efficiency Ratio (non-GAAP) 63.26% 59.21% 53.84% 53.76% 48.48% 53.20% 55.17% 53.55% Adjusted Non Interest Expense (non-GAAP) 104,178 94,444 89,269 91,915 94,291 346,617 376,209 369,919 Acquisition-related expenses - - - - - (16,531) - - Non-core expenses1,2 (12,682) (3,481) - - (762) - (12,682) (4,243) Adjusted Non Interest Expense Excluding Non-Core Expenses (non-GAAP) 91,496 90,963 89,269 91,915 93,529 330,086 363,527 365,676 Adjusted Revenue (non-GAAP) 164,677 159,498 165,813 170,973 194,492 651,540 681,875 690,777 Less: Gain on Branch Sale - - - - (19,983) - - (19,983) Adjusted Revenue Excluding Gain on Branch Sale (non-GAAP) 164,677 159,498 165,813 170,973 174,509 651,540 681,875 670,794 Adjusted Efficiency Ratio (non-GAAP) 55.56% 57.03% 53.84% 53.76% 53.60% 50.66% 53.31% 54.51%

Non-GAAP 32 1 Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting guidance for defined benefit and other postretirement plans. CAPITAL RATIOS (dollars in thousands): 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 Total Risk-Based Capital Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,034,770 2,247,713 2,224,803 2,212,525 2,302,373 2,304,983 Adjust for Accumulated Other Comprehensive (Income) Loss1 239,151 175,970 198,029 211,979 151,825 188,685 Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Add: Qualifying Capital Securities 25,000 25,000 25,000 25,000 25,000 25,000 Less: Tier 1 Capital Deductions - - - - - - Less: Disallowed Goodwill and Intangible Assets (738,206) (731,315) (729,734) (728,321) (726,907) (725,504) Less: Disallowed Deferred Tax Assets (337) (131) (340) (282) (257) (571) Add: Modified CECL Transition Amount 23,028 11,514 - - - - Total Tier 1 Capital (Regulatory) 1,558,281$ 1,703,626$ 1,692,633$ 1,695,776$ 1,726,909$ 1,767,468$ Qualifying Subordinated Debentures 143,103 132,174 98,176 78,236 78,205 72,040 Allowance for Loan Losses includible in Tier 2 Capital 180,870 185,324 185,639 189,697 189,366 190,854 Total Risk-Based Capital (Regulatory) 1,882,254$ 2,021,124$ 1,976,448$ 1,963,709$ 1,994,480$ 2,030,362$ Net Risk-Weighted Assets (Regulatory) 14,392,671$ 14,787,474$ 14,818,838$ 15,161,104$ 15,132,640$ 15,249,287$ Total Risk-Based Capital Ratio (Regulatory) 13.08% 13.67% 13.34% 12.95% 13.18% 13.31% Common Equity Tier 1 Capital Ratio Total Tier 1 Capital (Regulatory) 1,558,281$ 1,703,626$ 1,692,633$ 1,695,776$ 1,726,909$ 1,767,468$ Less: Qualified Capital Securities (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) Add: Additional Tier 1 Capital Deductions - - - - - - Common Equity Tier 1 Capital (Regulatory) 1,533,281$ 1,678,626$ 1,667,633$ 1,670,776$ 1,701,909$ 1,742,468$ Net Risk-Weighted Assets (Regulatory) 14,392,671$ 14,787,474$ 14,818,838$ 15,161,104$ 15,132,640$ 15,249,287$ Common Equity Tier 1 Capital Ratio (Regulatory) 10.65% 11.35% 11.25% 11.02% 11.25% 11.43%

Non-GAAP 33 TANGIBLE COMMON EQUITY RATIO (dollars in thousands): 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 Tangible Common Equity Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,034,770$ 2,247,713$ 2,224,803$ 2,212,525$ 2,302,373$ 2,304,983$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (747,844) (739,101) (737,144) (735,373) (733,601) (731,830) Tangible Common Equity (non-GAAP) 1,261,801$ 1,483,487$ 1,462,534$ 1,452,027$ 1,543,647$ 1,548,028$ Total Assets (GAAP) 18,002,199$ 18,405,887$ 18,317,803$ 18,303,423$ 18,347,552$ 18,311,969$ Less: Intangible Assets (747,844) (739,101) (737,144) (735,373) (733,601) (731,830) Tangible Assets (non-GAAP) 17,254,355$ 17,666,786$ 17,580,659$ 17,568,050$ 17,613,951$ 17,580,139$ Tangible Common Equity Ratio (non-GAAP) 7.31% 8.40% 8.32% 8.27% 8.76% 8.81% TANGIBLE COMMON EQUITY PER SHARE (dollars in thousands): 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 726,827$ 850,509$ 901,657$ 1,303,463$ 1,408,260$ 1,786,437$ 1,875,645$ Less: Preferred Stock (125) (125) (125) (125) (125) (125) (125) Less: Intangible Assets (218,755) (259,764) (258,866) (476,503) (469,784) (578,881) (572,893) Tax Benefit 6,085 6,278 5,930 6,788 5,017 7,257 5,989 Tangible Common Equity, Net of Tax (non-GAAP) 514,032$ 596,898$ 648,596$ 833,623$ 943,368$ 1,214,688$ 1,308,616$ Common Shares Outstanding 37,669,948 40,664,258 40,912,697 49,158,238 49,349,800 55,368,482 53,922,359 Tangible Common Equity per Share (non-GAAP) 13.65$ 14.68$ 15.85$ 16.96$ 19.12$ 21.94$ 24.27$ ANGIBLE COMMON EQUITY PER SHARE (dollars in thousands): 4Q21 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 1,912,571$ 2,034,770$ 2,247,713$ 2,224,803$ 2,212,525$ 2,302,373$ 2,304,983$ Less: Preferred Stock (125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (570,860) (747,844) (739,101) (737,144) (735,373) (733,601) (731,830) Tax Benefit 4,875 7,702 5,819 5,398 5,020 4,642 4,263 Tangible Common Equity, Net of Tax (non-GAAP) 1,346,461$ 1,269,503$ 1,489,306$ 1,467,932$ 1,457,047$ 1,548,289$ 1,552,291$ Common Shares Outstanding 53,410,411 59,170,583 59,424,122 58,564,819 58,045,653 58,117,115 57,974,535 Tangible Common Equity per Share (non-GAAP) 25.21$ 21.45$ 25.06$ 25.07$ 25.10$ 26.64$ 26.78$

Non-GAAP 34 RETURN ON TANGIBLE COMMON EQUITY (dollars in thousands): 2014 2015 2016 2017 2018 2019 2020 2021 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 675,295$ 753,724$ 884,664$ 1,110,524$ 1,343,861$ 1,569,615$ 1,825,135$ 1,866,632$ Less: Average Preferred Stock (125) (125) (125) (125) (125) (125) (125) (125) Less: Average Intangible Assets, Net of Tax (199,354) (215,281) (254,332) (360,005) (467,421) (499,622) (569,377) (567,512) Average Tangible Common Equity, Net of Tax (non-GAAP) 475,816$ 538,318$ 630,207$ 750,394$ 876,315$ 1,069,868$ 1,255,633$ 1,298,995$ Net Income Available to Common Stockholders (GAAP) 60,162$ 65,384$ 81,051$ 96,070$ 159,139$ 164,460$ 148,600$ 205,531$ Plus: Intangible Asset Amortization, Net of Tax 1,395 1,720 2,542 3,670 5,307 4,736 4,730 4,540 Tangible Net Income (non-GAAP) 61,557$ 67,104$ 83,593$ 99,740$ 164,446$ 169,196$ 153,330$ 210,071$ Return on Tangible Common Equity (non-GAAP) 12.94% 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 2022 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 1,972,445$ 2,130,993$ 2,127,262$ 2,242,139$ 2,203,361$ 2,251,547$ 2,312,270$ 2,252,491$ Less: Average Preferred Stock (18,875) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Average Intangible Assets, Net of Tax (699,803) (734,007) (736,601) (732,432) (730,980) (729,581) (728,218) (730,295) Average Tangible Common Equity, Net of Tax (non-GAAP) 1,253,767$ 1,371,861$ 1,365,536$ 1,484,582$ 1,447,256$ 1,496,841$ 1,558,927$ 1,497,071$ Net Income Available to Common Stockholders (GAAP) 220,683$ 42,010$ 221,911$ 47,472$ 39,456$ 48,719$ 63,880$ 199,527$ Plus: Intangible Asset Amortization, Net of Tax 6,537 1,724 6,906 1,546 1,399 1,399 1,399 5,744 Tangible Net Income (non-GAAP) 227,220$ 43,734$ 228,817$ 49,018$ 40,855$ 50,118$ 65,279$ 205,271$ Return on Tangible Common Equity (non-GAAP) 18.12% 12.75% 16.76% 13.21% 11.29% 13.39% 16.75% 13.71%