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

April 24, 2025

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 2025 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME)

First Quarter 2025 Highlights:

•    Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share1 of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1 in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.

•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.

•Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.

•Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.

•Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.

•Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.

•The efficiency ratio totaled 54.54% for the quarter.

"The first quarter was a strong start to the year with healthy loan growth and increasing profitability," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress."

First Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.

Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

1 See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

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 about 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 (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 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,
			2025						2024
ASSETS
Cash and due from banks			$	86,113					$	100,514
Interest-bearing deposits			331,534						410,497
Investment securities available for sale			1,378,489						1,620,213
Investment securities held to maturity, net of allowance for credit losses			2,048,632						2,163,361
Loans held for sale			23,004						15,118
Loans			13,004,905						12,465,582
Less: Allowance for credit losses - loans			(192,031)						(204,681)
Net loans			12,812,874						12,260,901
Premises and equipment			128,749						132,706
Federal Home Loan Bank stock			45,006						41,758
Interest receivable			88,352						92,550
Goodwill			712,002						712,002
Other intangibles			18,302						25,142
Cash surrender value of life insurance			304,918						306,028
Other real estate owned			4,966						4,886
Tax asset, deferred and receivable			87,665						101,121
Other assets			369,181						331,006
TOTAL ASSETS			$	18,439,787					$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing			$	2,185,057					$	2,338,364
Interest-bearing			12,276,921						12,546,220
Total Deposits			14,461,978						14,884,584
Borrowings:
Federal funds purchased			185,000						—
Securities sold under repurchase agreements			122,947						130,264
Federal Home Loan Bank advances			972,478						612,778
Subordinated debentures and other borrowings			62,619						118,612
Total Borrowings			1,343,044						861,654
Interest payable			13,304						19,262
Other liabilities			289,247						327,500
Total Liabilities			16,107,573						16,093,000
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares			125						125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares			25,000						25,000
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 57,810,232 and 58,564,819 shares			7,226						7,321
Additional paid-in capital			1,183,263						1,208,447
Retained earnings			1,306,911						1,181,939
Accumulated other comprehensive loss			(190,311)						(198,029)
Total Stockholders' Equity			2,332,214						2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	18,439,787					$	18,317,803

CONSOLIDATED STATEMENTS OF INCOME			Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)			March 31,
			2025						2024
INTEREST INCOME
Loans:
Taxable			$	187,728					$	198,023
Tax-exempt			10,532						8,190
Investment securities:
Taxable			8,372						8,748
Tax-exempt			12,517						13,611
Deposits with financial institutions			2,372						6,493
Federal Home Loan Bank stock			997						835
Total Interest Income			222,518						235,900
INTEREST EXPENSE
Deposits			80,547						98,285
Federal funds purchased			812						—
Securities sold under repurchase agreements			742						1,032
Federal Home Loan Bank advances			9,364						6,773
Subordinated debentures and other borrowings			783						2,747
Total Interest Expense			92,248						108,837
NET INTEREST INCOME			130,270						127,063
Provision for credit losses			4,200						2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			126,070						125,063
NONINTEREST INCOME
Service charges on deposit accounts			8,072						7,907
Fiduciary and wealth management fees			8,644						8,200
Card payment fees			4,526						4,500
Net gains and fees on sales of loans			5,022						3,254
Derivative hedge fees			404						263
Other customer fees			415						427
Earnings on cash surrender value of life insurance			2,179						1,592
Net realized losses on sales of available for sale securities			(7)						(2)
Other income			793						497
Total Noninterest Income			30,048						26,638
NONINTEREST EXPENSES
Salaries and employee benefits			54,982						58,293
Net occupancy			7,216						7,312
Equipment			7,008						6,226
Marketing			1,353						1,198
Outside data processing fees			5,929						6,889
Printing and office supplies			347						353
Intangible asset amortization			1,526						1,957
FDIC assessments			3,648						4,287
Other real estate owned and foreclosure expenses			600						534
Professional and other outside services			3,261						3,952
Other expenses			7,032						5,934
Total Noninterest Expenses			92,902						96,935
INCOME BEFORE INCOME TAX			63,216						54,766
Income tax expense			7,877						6,825
NET INCOME			55,339						47,941
Preferred stock dividends			469						469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	54,870					$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.95					$	0.80
Diluted Net Income Available to Common Stockholders			$	0.94					$	0.80
Cash Dividends Paid to Common Stockholders			$	0.35					$	0.34
Tangible Common Book Value Per Share			$	27.34					$	25.07
Average Diluted Common Shares Outstanding (in thousands)			58,242						59,273

FINANCIAL HIGHLIGHTS
(Dollars in thousands)			Three Months Ended
			March 31,
			2025						2024
NET CHARGE-OFFS			$	4,926					$	2,253
AVERAGE BALANCES:
Total Assets			$	18,341,738					$	18,430,521
Total Loans			12,941,353						12,477,066
Total Earning Assets			16,960,475						17,123,851
Total Deposits			14,419,338						14,881,205
Total Stockholders' Equity			2,340,874						2,242,139
FINANCIAL RATIOS:
Return on Average Assets			1.21		%				1.04		%
Return on Average Stockholders' Equity			9.38						8.47
Return on Tangible Common Stockholders' Equity			14.12						13.21
Average Earning Assets to Average Assets			92.47						92.91
Allowance for Credit Losses - Loans as % of Total Loans			1.47						1.64
Net Charge-offs as % of Average Loans (Annualized)			0.15						0.07
Average Stockholders' Equity to Average Assets			12.76						12.17
Tax Equivalent Yield on Average Earning Assets			5.39						5.65
Interest Expense/Average Earning Assets			2.17						2.55
Net Interest Margin (FTE) on Average Earning Assets			3.22						3.10
Efficiency Ratio			54.54						59.21

NONPERFORMING ASSETS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Nonaccrual Loans			$	81,922					$	73,773					$	59,088					$	61,906					$	62,478
Other Real Estate Owned and Repossessions			4,966						4,948						5,247						4,824						4,886
Nonperforming Assets (NPA)			86,888						78,721						64,335						66,730						67,364
90+ Days Delinquent			4,280						5,902						14,105						1,686						2,838
NPAs & 90 Day Delinquent			$	91,168					$	84,623					$	78,440					$	68,416					$	70,202
Allowance for Credit Losses - Loans			$	192,031					$	192,757					$	187,828					$	189,537					$	204,681
Quarterly Net Charge-offs			4,926						771						6,709						39,644						2,253
NPAs / Actual Assets %			0.47		%				0.43		%				0.35		%				0.36		%				0.37		%
NPAs & 90 Day / Actual Assets %			0.49		%				0.46		%				0.43		%				0.37		%				0.38		%
NPAs / Actual Loans and OREO %			0.67		%				0.61		%				0.51		%				0.53		%				0.54		%
Allowance for Credit Losses - Loans / Actual Loans (%)			1.47		%				1.50		%				1.48		%				1.50		%				1.64		%
Net Charge-offs as % of Average Loans (Annualized)			0.15		%				0.02		%				0.21		%				1.26		%				0.07		%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
ASSETS
Cash and due from banks			$	86,113					$	87,616					$	84,719					$	105,372					$	100,514
Interest-bearing deposits			331,534						298,891						359,126						168,528						410,497
Investment securities available for sale			1,378,489						1,386,475						1,553,496						1,618,893						1,620,213
Investment securities held to maturity, net of allowance for credit losses			2,048,632						2,074,220						2,108,649						2,134,195						2,163,361
Loans held for sale			23,004						18,663						40,652						32,292						15,118
Loans			13,004,905						12,854,359						12,646,808						12,639,650						12,465,582
Less: Allowance for credit losses - loans			(192,031)						(192,757)						(187,828)						(189,537)						(204,681)
Net loans			12,812,874						12,661,602						12,458,980						12,450,113						12,260,901
Premises and equipment			128,749						129,743						129,582						133,245						132,706
Federal Home Loan Bank stock			45,006						41,690						41,716						41,738						41,758
Interest receivable			88,352						91,829						92,055						97,546						92,550
Goodwill			712,002						712,002						712,002						712,002						712,002
Other intangibles			18,302						19,828						21,599						23,371						25,142
Cash surrender value of life insurance			304,918						304,906						304,613						306,379						306,028
Other real estate owned			4,966						4,948						5,247						4,824						4,886
Tax asset, deferred and receivable			87,665						92,387						86,732						107,080						101,121
Other assets			369,181						387,169						348,384						367,845						331,006
TOTAL ASSETS			$	18,439,787					$	18,311,969					$	18,347,552					$	18,303,423					$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing			$	2,185,057					$	2,325,579					$	2,334,197					$	2,303,313					$	2,338,364
Interest-bearing			12,276,921						12,196,047						12,030,903						12,265,757						12,546,220
Total Deposits			14,461,978						14,521,626						14,365,100						14,569,070						14,884,584
Borrowings:
Federal funds purchased			185,000						99,226						30,000						147,229						—
Securities sold under repurchase agreements			122,947						142,876						124,894						100,451						130,264
Federal Home Loan Bank advances			972,478						822,554						832,629						832,703						612,778
Subordinated debentures and other borrowings			62,619						93,529						93,562						93,589						118,612
Total Borrowings			1,343,044						1,158,185						1,081,085						1,173,972						861,654
Deposits and other liabilities held for sale			—						—						288,476						—						—
Interest payable			13,304						16,102						18,089						18,554						19,262
Other liabilities			289,247						311,073						292,429						329,302						327,500
Total Liabilities			16,107,573						16,006,986						16,045,179						16,090,898						16,093,000
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares			125						125						125						125						125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares			25,000						25,000						25,000						25,000						25,000
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding			7,226						7,247						7,265						7,256						7,321
Additional paid-in capital			1,183,263						1,188,768						1,192,683						1,191,193						1,208,447
Retained earnings			1,306,911						1,272,528						1,229,125						1,200,930						1,181,939
Accumulated other comprehensive loss			(190,311)						(188,685)						(151,825)						(211,979)						(198,029)
Total Stockholders' Equity			2,332,214						2,304,983						2,302,373						2,212,525						2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	18,439,787					$	18,311,969					$	18,347,552					$	18,303,423					$	18,317,803

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
INTEREST INCOME
Loans:
Taxable			$	187,728					$	197,536					$	206,680					$	201,413					$	198,023
Tax-exempt			10,532						9,020						8,622						8,430						8,190
Investment securities:
Taxable			8,372						9,024						9,263						9,051						8,748
Tax-exempt			12,517						12,754						13,509						13,613						13,611
Deposits with financial institutions			2,372						5,350						2,154						2,995						6,493
Federal Home Loan Bank stock			997						958						855						879						835
Total Interest Income			222,518						234,642						241,083						236,381						235,900
INTEREST EXPENSE
Deposits			80,547						89,835						98,856						99,151						98,285
Federal funds purchased			812						26						329						126						—
Securities sold under repurchase agreements			742						680						700						645						1,032
Federal Home Loan Bank advances			9,364						8,171						8,544						6,398						6,773
Subordinated debentures and other borrowings			783						1,560						1,544						1,490						2,747
Total Interest Expense			92,248						100,272						109,973						107,810						108,837
NET INTEREST INCOME			130,270						134,370						131,110						128,571						127,063
Provision for credit losses			4,200						4,200						5,000						24,500						2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			126,070						130,170						126,110						104,071						125,063
NONINTEREST INCOME
Service charges on deposit accounts			8,072						8,124						8,361						8,214						7,907
Fiduciary and wealth management fees			8,644						8,665						8,525						8,825						8,200
Card payment fees			4,526						4,957						5,121						4,739						4,500
Net gains and fees on sales of loans			5,022						5,681						6,764						5,141						3,254
Derivative hedge fees			404						1,594						736						489						263
Other customer fees			415						316						344						460						427
Earnings on cash surrender value of life insurance			2,179						2,188						2,755						1,929						1,592
Net realized losses on sales of available for sale securities			(7)						(11,592)						(9,114)						(49)						(2)
Gain on branch sale			—						19,983						—						—						—
Other income			793						2,826						1,374						1,586						497
Total Noninterest Income			30,048						42,742						24,866						31,334						26,638
NONINTEREST EXPENSES
Salaries and employee benefits			54,982						55,437						55,223						52,214						58,293
Net occupancy			7,216						7,335						6,994						6,746						7,312
Equipment			7,008						7,028						6,949						6,599						6,226
Marketing			1,353						2,582						1,836						1,773						1,198
Outside data processing fees			5,929						6,029						7,150						7,072						6,889
Printing and office supplies			347						377						378						354						353
Intangible asset amortization			1,526						1,771						1,772						1,771						1,957
FDIC assessments			3,648						3,744						3,720						3,278						4,287
Other real estate owned and foreclosure expenses			600						227						942						373						534
Professional and other outside services			3,261						3,777						3,035						3,822						3,952
Other expenses			7,032						7,982						6,630						7,411						5,934
Total Noninterest Expenses			92,902						96,289						94,629						91,413						96,935
INCOME BEFORE INCOME TAX			63,216						76,623						56,347						43,992						54,766
Income tax expense			7,877						12,274						7,160						4,067						6,825
NET INCOME			55,339						64,349						49,187						39,925						47,941
Preferred stock dividends			469						469						468						469						469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	54,870					$	63,880					$	48,719					$	39,456					$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders			$	0.95					$	1.10					$	0.84					$	0.68					$	0.80
Diluted Net Income Available to Common Stockholders			$	0.94					$	1.10					$	0.84					$	0.68					$	0.80
Cash Dividends Paid to Common Stockholders			$	0.35					$	0.35					$	0.35					$	0.35					$	0.34
Tangible Common Book Value Per Share			$	27.34					$	26.78					$	26.64					$	25.10					$	25.07
Average Diluted Common Shares Outstanding (in thousands)			58,242						58,247						58,289						58,328						59,273
FINANCIAL RATIOS:
Return on Average Assets			1.21		%				1.39		%				1.07		%				0.87		%				1.04		%
Return on Average Stockholders' Equity			9.38						11.05						8.66						7.16						8.47
Return on Tangible Common Stockholders' Equity			14.12						16.75						13.39						11.29						13.21
Average Earning Assets to Average Assets			92.47						92.48						92.54						92.81						92.91
Allowance for Credit Losses - Loans as % of Total Loans			1.47						1.50						1.48						1.50						1.64
Net Charge-offs as % of Average Loans (Annualized)			0.15						0.02						0.21						1.26						0.07
Average Stockholders' Equity to Average Assets			12.76						12.51						12.26						12.02						12.17
Tax Equivalent Yield on Average Earning Assets			5.39						5.63						5.82						5.69						5.65
Interest Expense/Average Earning Assets			2.17						2.35						2.59						2.53						2.55
Net Interest Margin (FTE) on Average Earning Assets			3.22						3.28						3.23						3.16						3.10
Efficiency Ratio			54.54						48.48						53.76						53.84						59.21

LOANS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Commercial and industrial loans			$	4,306,597					$	4,114,292					$	4,041,217					$	3,949,817					$	3,722,365
Agricultural land, production and other loans to farmers			243,864						256,312						238,743						239,926						234,431
Real estate loans:
Construction			793,175						792,144						814,704						823,267						941,726
Commercial real estate, non-owner occupied			2,177,869						2,274,016						2,251,351						2,323,533						2,368,360
Commercial real estate, owner occupied			1,214,739						1,157,944						1,152,751						1,174,195						1,137,894
Residential			2,389,852						2,374,729						2,366,943						2,370,905						2,316,490
Home equity			650,499						659,811						641,188						631,104						618,258
Individuals' loans for household and other personal expenditures			140,954						166,028						158,480						162,089						161,459
Public finance and other commercial loans			1,087,356						1,059,083						981,431						964,814						964,599
Loans			13,004,905						12,854,359						12,646,808						12,639,650						12,465,582
Allowance for credit losses - loans			(192,031)						(192,757)						(187,828)						(189,537)						(204,681)
NET LOANS			$	12,812,874					$	12,661,602					$	12,458,980					$	12,450,113					$	12,260,901

DEPOSITS
(Dollars In Thousands)			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Demand deposits			$	7,786,554					$	7,980,061					$	7,678,510					$	7,757,679					$	7,771,976
Savings deposits			4,791,874						4,522,758						4,302,236						4,339,161						4,679,593
Certificates and other time deposits of $100,000 or more			896,143						1,043,068						1,277,833						1,415,131						1,451,443
Certificates and other time deposits of $100,000 or less			625,203						692,068						802,949						889,949						901,280
Brokered certificates of deposits1			362,204						283,671						303,572						167,150						80,292
TOTAL DEPOSITS			$	14,461,978					$	14,521,626					$	14,365,100					$	14,569,070					$	14,884,584

1 - Total brokered deposits of $1.1 billion, which includes brokered CD's of $362.2 million at March 31, 2025.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
			For the Three Months Ended
			March 31, 2025																		March 31, 2024
			Average Balance						Interest  Income / Expense						Average Rate						Average Balance						Interest  Income / Expense						Average Rate
ASSETS
Interest-bearing deposits			$	294,016					$	2,372					3.23		%				$	575,699					$	6,493					4.51		%
Federal Home Loan Bank stock			43,980						997						9.07						41,764						835						8.00
Investment Securities: (1)
Taxable			1,634,452						8,372						2.05						1,783,057						8,748						1.96
Tax-exempt (2)			2,046,674						15,844						3.10						2,246,265						17,229						3.07
Total Investment Securities			3,681,126						24,216						2.63						4,029,322						25,977						2.58
Loans held for sale			20,965						319						6.09						21,782						328						6.02
Loans: (3)
Commercial			8,770,282						147,772						6.74						8,598,110						159,209						7.41
Real estate mortgage			2,191,384						24,446						4.46						2,130,947						22,357						4.20
HELOC and installment			828,874						15,191						7.33						821,815						16,129						7.85
Tax-exempt (2)			1,129,848						13,332						4.72						904,412						10,367						4.59
Total Loans			12,941,353						201,060						6.21						12,477,066						208,390						6.68
Total Earning Assets			16,960,475						228,645						5.39		%				17,123,851						241,695						5.65		%
Total Non-Earning Assets			1,381,263																		1,306,670
TOTAL ASSETS			$	18,341,738																	$	18,430,521
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits			$	5,522,434					$	34,606					2.51		%				$	5,419,821					$	39,491					2.91		%
Money market deposits			3,437,998						25,952						3.02						3,045,478						27,383						3.60
Savings deposits			1,299,405						2,445						0.75						1,559,877						3,801						0.97
Certificates and other time deposits			1,947,854						17,544						3.60						2,427,859						27,610						4.55
Total Interest-Bearing Deposits			12,207,691						80,547						2.64						12,453,035						98,285						3.16
Borrowings			1,262,926						11,701						3.71						1,011,812						10,552						4.17
Total Interest-Bearing Liabilities			13,470,617						92,248						2.74						13,464,847						108,837						3.23
Noninterest-bearing deposits			2,211,647																		2,428,170
Other liabilities			318,600																		295,365
Total Liabilities			16,000,864																		16,188,382
STOCKHOLDERS' EQUITY			2,340,874																		2,242,139
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	18,341,738					92,248												$	18,430,521					108,837
Net Interest Income (FTE)									$	136,397																	$	132,858
Net Interest Spread (FTE) (4)															2.65		%																2.42		%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets															5.39		%																5.65		%
Interest Expense / Average Earning Assets															2.17		%																2.55		%
Net Interest Margin (FTE) (5)															3.22		%																3.10		%
(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 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, 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 NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)			Three Months Ended
			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Net Income Available to Common Stockholders - GAAP			$	54,870					$	63,880					$	48,719					$	39,456					$	47,472
Adjustments:
Net realized losses on sales of available for sale securities			7						11,592						9,114						49						2
Gain on branch sale			—						(19,983)						—						—						—
Non-core expenses1,2			—						762						—						—						3,481
Tax on adjustments			(2)						1,851						(2,220)						(12)						(848)
Adjusted Net Income Available to Common Stockholders - Non-GAAP			$	54,875					$	58,102					$	55,613					$	39,493					$	50,107
Average Diluted Common Shares Outstanding (in thousands)			58,242						58,247						58,289						58,328						59,273
Diluted Earnings Per Common Share - GAAP			$	0.94					$	1.10					$	0.84					$	0.68					$	0.80
Adjustments:
Net realized losses on sales of available for sale securities			—						0.20						0.15						—						—
Gain on branch sale			—						(0.34)						—						—						—
Non-core expenses1,2			—						0.01						—						—						0.06
Tax on adjustments			—						0.03						(0.04)						—						(0.01)
Adjusted Diluted Earnings Per Common Share - Non-GAAP			$	0.94					$	1.00					$	0.95					$	0.68					$	0.85

1 - Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.

2 - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
			Three Months Ended
			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Net Interest Income (GAAP)			$	130,270					$	134,370					$	131,110					$	128,571					$	127,063
Fully Taxable Equivalent ("FTE") Adjustment			6,127						5,788						5,883						5,859						5,795
Net Interest Income (FTE) (non-GAAP)			$	136,397					$	140,158					$	136,993					$	134,430					$	132,858
Average Earning Assets (GAAP)			$	16,960,475					$	17,089,198					$	16,990,358					$	17,013,984					$	17,123,851
Net Interest Margin (GAAP)			3.07		%				3.15		%				3.09		%				3.02		%				2.97		%
Net Interest Margin (FTE) (non-GAAP)			3.22		%				3.28		%				3.23		%				3.16		%				3.10		%

RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
(Dollars In Thousands)			Three Months Ended
			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Total Average Stockholders' Equity (GAAP)			$	2,340,874					$	2,312,270					$	2,251,547					$	2,203,361					$	2,242,139
Less: Average Preferred Stock			(25,125)						(25,125)						(25,125)						(25,125)						(25,125)
Less: Average Intangible Assets, Net of Tax			(726,917)						(728,218)						(729,581)						(730,980)						(732,432)
Average Tangible Common Equity, Net of Tax (Non-GAAP)			$	1,588,832					$	1,558,927					$	1,496,841					$	1,447,256					$	1,484,582
Net Income Available to Common Stockholders (GAAP)			$	54,870					$	63,880					$	48,719					$	39,456					$	47,472
Plus: Intangible Asset Amortization, Net of Tax			1,206						1,399						1,399						1,399						1,546
Tangible Net Income (Non-GAAP)			$	56,076					$	65,279					$	50,118					$	40,855					$	49,018
Return on Tangible Common Equity (Non-GAAP)			14.12		%				16.75		%				13.39		%				11.29		%				13.21		%

EFFICIENCY RATIO - NON-GAAP
(Dollars In Thousands)			Three Months Ended
			March 31,						December 31,						September 30,						June 30,						March 31,
			2025						2024						2024						2024						2024
Non Interest Expense (GAAP)			$	92,902					$	96,289					$	94,629					$	91,413					$	96,935
Less: Intangible Asset Amortization			(1,526)						(1,771)						(1,772)						(1,771)						(1,957)
Less: OREO and Foreclosure Expenses			(600)						(227)						(942)						(373)						(534)
Adjusted Non Interest Expense (Non-GAAP)			$	90,776					$	94,291					$	91,915					$	89,269					$	94,444
Net Interest Income (GAAP)			$	130,270					$	134,370					$	131,110					$	128,571					$	127,063
Plus: Fully Taxable Equivalent Adjustment			6,127						5,788						5,883						5,859						5,795
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)			$	136,397					$	140,158					$	136,993					$	134,430					$	132,858
Non Interest Income (GAAP)			$	30,048					$	42,742					$	24,866					$	31,334					$	26,638
Less: Investment Securities (Gains) Losses			7						11,592						9,114						49						2
Adjusted Non Interest Income (Non-GAAP)			$	30,055					$	54,334					$	33,980					$	31,383					$	26,640
Adjusted Revenue (Non-GAAP)			$	166,452					$	194,492					$	170,973					$	165,813					$	159,498
Efficiency Ratio (Non-GAAP)			54.54		%				48.48		%				53.76		%				53.84		%				59.21		%
Adjusted Non Interest Expense (Non-GAAP)			$	90,776					$	94,291					$	91,915					$	89,269					$	94,444
Less: Non-core Expenses1,2			—						(762)						—						—						(3,481)
Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP)			$	90,776					$	93,529					$	91,915					$	89,269					$	90,963
Adjusted Revenue (Non-GAAP)			$	166,452					$	194,492					$	170,973					$	165,813					$	159,498
Less: Gain on Branch Sale			—						(19,983)						—						—						—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)			$	166,452					$	174,509					$	170,973					$	165,813					$	159,498
Adjusted Efficiency Ratio (Non-GAAP)			54.54		%				53.60		%				53.76		%				53.84		%				57.03		%

1 - Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.

2 - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.