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N / E / W / S R / E / L / E / A / S / E
    
January 26, 2026

FOR IMMEDIATE RELEASE
For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES FOURTH QUARTER 2025 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME) (the "Corporation")

Achieved record full‑year results, including net income available to common stockholders of $224.1 million and diluted EPS of $3.88 for 2025.

Fourth Quarter 2025 Highlights:

•Net income available to common stockholders was $56.6 million and diluted earnings per common share totaled $0.99, compared to $56.3 million and $0.98 in the third quarter of 2025, and $63.9 million and $1.10 in the fourth quarter of 2024. Adjusted net income available to common stockholders1 was $56.4 million and adjusted diluted earnings per common share1 totaled $0.98, compared to $57.0 million and $0.99 in the third quarter of 2025, and $58.1 million and $1.00 per common share for the fourth quarter of 2024.
•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.70% and Tangible Common Equity to Tangible Assets Ratio of 9.38%.
•Repurchased 1,211,224 shares totaling $46.9 million year-to-date; repurchased 271,953 shares totaling $10.4 million during the fourth quarter.
•Total loans grew $197.4 million, or 5.8% annualized, on a linked quarter basis, and $938.8 million, or 7.3%, during the last twelve months.
•Total deposits increased $424.9 million, or 11.4% annualized, on a linked quarter basis, and $773.2 million, or 5.3%, during the last twelve months.
•Nonperforming assets to total assets were 38 basis points compared to 36 basis points on a linked quarter basis and 43 basis points as of the fourth quarter of 2024.
•The efficiency ratio totaled 54.52% for the quarter.
•Received regulatory approval of the acquisition of First Savings Financial Group, Inc. adding approximately $2.4 billion in assets and expanding the Corporation's presence into Southern Indiana and the Louisville MSA. Closing is expected on February 1, 2026.

"First Merchants delivered record double-digit earnings and high single-digit loan growth in 2025. Our capital, liquidity and credit positions remain very strong and position us for continued success," said Mark Hardwick, Chief Executive Officer. "The pending completion of the First Savings Bank acquisition on February 1st will further enhance our state-wide Indiana presence. We value the continued trust of our clients, teammates and shareholders."

Fourth Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported fourth quarter 2025 net income available to common stockholders of $56.6 million compared to $63.9 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.99 compared to $1.10 in the fourth quarter of 2024. During the fourth quarter of 2024, the Corporation completed the sale of five Illinois branches, including $7.4 million of loans and $267.4 million of deposits, generating a $20.0 million gain recorded in noninterest income. Excluding non-core income and expenses incurred in each period, adjusted earnings per common share1 for the fourth quarter 2025 totaled $0.98 compared to $1.00 in the prior year period.





Total assets of the Corporation equaled $19.0 billion as of quarter-end and loans totaled $13.8 billion. During the past twelve months, total loans grew by $938.8 million, or 7.3%. On a linked quarter basis, loans grew $197.4 million, or 5.8% annualized.

Investments, totaling $3.4 billion, decreased $82.1 million, or 2.4%, during the last twelve months and were flat on a linked quarter basis. Investments declined during the quarter due to principal paydowns and maturities; however, the decline was offset by an increase in the securities portfolio valuation.

Total deposits equaled $15.3 billion as of quarter-end and increased by $773.2 million, or 5.3%, over the past twelve months. On a linked quarter basis, deposits increased $424.9 million, or 11.4% annualized. The loan to deposit ratio decreased to 90.3% at period end from 91.6% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $195.6 million as of quarter-end, or 1.42% of total loans, an increase of $1.1 million from prior quarter. Net charge-offs totaled $6.0 million and provision for credit losses of $7.2 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million and remained unchanged from the prior quarter. Non-performing assets to total assets were 0.38% for the fourth quarter of 2025, compared to 0.36% in the prior quarter, reflecting stable credit performance.

Net interest income, totaling $139.1 million for the quarter, increased $5.4 million, or 4.0%, compared to prior quarter and increased $4.7 million, or 3.5%, compared to the fourth quarter of 2024. Positively impacting net interest income was an interest recovery of $3.3 million recorded during the current quarter from the successful resolution of a nonaccrual commercial real estate loan. Fully tax equivalent net interest margin was 3.29%, an increase of five basis points compared to prior quarter, and an increase of one basis point compared to the fourth quarter of 2024.

Noninterest income totaled $33.1 million for the quarter, an increase of $0.6 million compared to the third quarter of 2025 and a decrease of $9.6 million from the fourth quarter of 2024. The linked quarter increase was driven by higher customer-related fees including wealth management and card payment fees, as well as higher gains on the sales of mortgage loans. The decrease from the fourth quarter of prior year was driven by a gain on the sale of five Illinois branches to Old Second National Bank on December 6, 2024. Customer-related fees increased $0.7 million over the fourth quarter of prior year.

Noninterest expense totaled $99.5 million for the quarter, an increase of $3.0 million from the third quarter of 2025 and an increase of $3.2 million from the fourth quarter of 2024. The linked quarter increase was from higher health insurance, software and credit costs. Additionally, $0.5 million of acquisition-related costs were recorded in the current quarter. Offsetting these increases was a $0.7 million reduction of an FDIC special assessment accrual that was originally recorded in the first quarter of 2024 following the bank failures of 2023. The increase from the fourth quarter of 2024 was due to higher salaries, employee benefits and data processing costs offset by the reduction of the FDIC special assessment accrual.

The Corporation’s total risk-based capital ratio equaled 13.41%, common equity tier 1 capital ratio equaled 11.70%, and the tangible common equity ratio totaled 9.38%. These ratios continue to reflect 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 webcast at 9:00 a.m. (ET) on Tuesday, January 27, 2026.

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/BI2b60181d46504632aa732ea584590460)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/o68enev5) during the time of the call. A replay of the webcast will be available until January 27, 2027.

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 news 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 forward- looking statements include, but are not limited to, statements relating to the expected timing and benefits of the proposed merger between First Merchants and First Savings, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the proposed merger, as well as other statements of expectations regarding the proposed merger, and other 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, whether with respect to the proposed merger or otherwise. 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: the risk that the businesses of First Merchants and First Savings will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the proposed merger may not be fully realized or realized within the expected time frame; revenues following the proposed merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the proposed merger; the ability to complete the proposed merger on the expected timeframe; 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 First Merchants’ business; the impacts of epidemics, pandemics or other infectious disease outbreaks; and other risks and factors identified in each of First Merchants’ filings with the SEC. Neither First Merchants nor First Savings undertakes any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release. In addition, the companies’ respective past results of operations do not necessarily indicate their anticipated future results, whether or not the proposed merger is completed.




Non-GAAP Financial Measures

This news release contains 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 this news release, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

* * * *








CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)December 31,
20252024
ASSETS
Cash and due from banks$84,158 $87,616 
Interest-bearing deposits196,300 298,891 
Investment securities available for sale1,407,102 1,386,475 
Investment securities held to maturity, net of allowance for credit losses1,971,539 2,074,220 
Loans held for sale20,079 18,663 
Loans13,791,707 12,854,359 
Less: Allowance for credit losses - loans(195,597)(192,757)
Net loans13,596,110 12,661,602 
Premises and equipment121,058 129,743 
Federal Home Loan Bank stock47,245 41,690 
Interest receivable93,374 91,829 
Goodwill712,002 712,002 
Other intangibles13,800 19,828 
Cash surrender value of life insurance308,438 304,906 
Other real estate owned658 4,948 
Tax asset, deferred and receivable78,664 92,387 
Other assets374,574 387,169 
TOTAL ASSETS$19,025,101 $18,311,969 
LIABILITIES
Deposits:
Noninterest-bearing$2,137,262 $2,325,579 
Interest-bearing13,157,593 12,196,047 
Total Deposits15,294,855 14,521,626 
Borrowings:
Federal funds purchased40,000 99,226 
Securities sold under repurchase agreements103,755 142,876 
Federal Home Loan Bank advances798,549 822,554 
Subordinated debentures and other borrowings57,630 93,529 
Total Borrowings999,934 1,158,185 
Interest payable18,235 16,102 
Other liabilities245,410 311,073 
Total Liabilities16,558,434 16,006,986 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 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 shares25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 56,951,939 and 57,974,535 shares7,119 7,247 
Additional paid-in capital1,150,816 1,188,768 
Retained earnings1,413,742 1,272,528 
Accumulated other comprehensive loss(130,135)(188,685)
Total Stockholders' Equity2,466,667 2,304,983 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$19,025,101 $18,311,969 







CONSOLIDATED STATEMENTS OF INCOME (Unaudited)Three Months EndedTwelve Months Ended
(Dollars In Thousands, Except Per Share Amounts)December 31,December 31,
2025202420252024
INTEREST INCOME
Loans:
Taxable$203,120 $197,536 $786,427 $803,652 
Tax-exempt10,905 9,020 43,415 34,262 
Investment securities:
Taxable7,736 9,024 32,662 36,086 
Tax-exempt12,459 12,754 49,952 53,487 
Deposits with financial institutions2,187 5,350 8,127 16,992 
Federal Home Loan Bank stock1,037 958 4,209 3,527 
Total Interest Income237,444 234,642 924,792 948,006 
INTEREST EXPENSE
Deposits88,670 89,835 344,279 386,127 
Federal funds purchased218 26 2,219 481 
Securities sold under repurchase agreements405 680 2,464 3,057 
Federal Home Loan Bank advances8,047 8,171 35,763 29,886 
Subordinated debentures and other borrowings1,040 1,560 4,054 7,341 
Total Interest Expense98,380 100,272 388,779 426,892 
NET INTEREST INCOME139,064 134,370 536,013 521,114 
Provision for credit losses7,150 4,200 21,250 35,700 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES131,914 130,170 514,763 485,414 
NONINTEREST INCOME
Service charges on deposit accounts8,704 8,124 34,263 32,606 
Fiduciary and wealth management fees9,175 8,665 35,492 34,215 
Card payment fees5,325 4,957 19,790 19,317 
Net gains and fees on sales of loans5,421 5,681 21,275 20,840 
Derivative hedge fees1,053 1,594 3,385 3,082 
Other customer fees315 316 1,545 1,547 
Earnings on bank-owned life insurance1,854 2,188 7,613 8,464 
Net realized losses on sales of available for sale securities— (11,592)(8)(20,757)
Gain on branch sale— 19,983 — 19,983 
Other income1,259 2,826 3,579 6,283 
Total Noninterest Income33,106 42,742 126,934 125,580 
NONINTEREST EXPENSE
Salaries and employee benefits58,254 55,437 225,080 221,167 
Net occupancy7,283 7,335 28,401 28,387 
Equipment7,681 7,028 28,614 26,802 
Marketing2,324 2,582 7,794 7,389 
Outside data processing fees7,509 6,029 27,488 27,140 
Printing and office supplies450 377 1,380 1,462 
Intangible asset amortization1,498 1,771 6,028 7,271 
FDIC assessments2,684 3,744 13,410 15,029 
Other real estate owned and foreclosure expenses775 227 1,525 2,076 
Professional and other outside services3,774 3,777 14,494 14,586 
Other expenses7,290 7,982 28,369 27,957 
Total Noninterest Expense99,522 96,289 382,583 379,266 
Income Before Income Taxes65,498 76,623 259,114 231,728 
Income tax expense8,433 12,274 33,113 30,326 
NET INCOME57,065 64,349 226,001 201,402 
Preferred stock dividends469 469 1,875 1,875 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,596 $63,880 $224,126 $199,527 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.99 $1.10 $3.90 $3.42 
Diluted Net Income Available to Common Stockholders$0.99 $1.10 $3.88 $3.41 
Cash Dividends Paid to Common Stockholders$0.36 $0.35 $1.43 $1.39 
Tangible Common Book Value Per Share$30.18 $26.78 $30.18 $26.78 
Average Diluted Common Shares Outstanding (in thousands)57,442 58,247 57,726 58,533 





FINANCIAL HIGHLIGHTS
(Dollars In Thousands)Three Months EndedTwelve Months Ended
December 31,December 31,
2025202420252024
NET CHARGE-OFFS$6,021 $771 $18,410 $49,377 
AVERAGE BALANCES:
Total Assets$19,039,989 $18,478,303 $18,633,952 $18,400,495 
Total Loans13,717,822 12,757,676 13,320,678 12,634,324 
Total Earning Assets17,648,233 17,089,198 17,264,588 17,054,267 
Total Deposits15,294,518 14,788,294 14,816,114 14,816,564 
Total Stockholders' Equity2,452,005 2,312,270 2,375,500 2,252,491 
FINANCIAL RATIOS:
Return on Average Assets1.20 %1.39 %1.21 %1.09 %
Return on Average Stockholders' Equity9.23 11.05 9.43 8.86 
Return on Tangible Common Stockholders' Equity13.57 16.75 14.08 13.71 
Average Earning Assets to Average Assets92.69 92.48 92.65 92.68 
Allowance for Credit Losses - Loans as % of Total Loans1.42 1.50 1.42 1.50 
Net Charge-offs as % of Average Loans (Annualized)0.18 0.02 0.14 0.39 
Average Stockholders' Equity to Average Assets12.88 12.51 12.75 12.24 
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets5.52 5.63 5.50 5.69 
Interest Expense/Average Earning Assets2.23 2.35 2.25 2.50 
Net Interest Margin FTE3.29 3.28 3.25 3.19 
Efficiency Ratio54.52 48.48 54.54 53.55 

ASSET QUALITY
(Dollars In Thousands)December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Nonaccrual Loans$71,773 $65,740 $67,358 $81,922 $73,773 
Other Real Estate Owned and Repossessions658 1,270 177 4,966 4,948 
Nonperforming Assets (NPA)72,431 67,010 67,535 86,888 78,721 
90+ Days Delinquent2,042 1,925 4,443 4,280 5,902 
NPAs & 90+ Days Delinquent$74,473 $68,935 $71,978 $91,168 $84,623 
Allowance for Credit Losses - Loans$195,597 $194,468 $195,316 $192,031 $192,757 
Quarterly Net Charge-offs6,021 5,148 2,315 4,926 771 
NPAs / Actual Assets %0.38 %0.36 %0.36 %0.47 %0.43 %
NPAs & 90 Day / Actual Assets %0.39 %0.37 %0.39 %0.49 %0.46 %
NPAs / Actual Loans and OREO %0.52 %0.49 %0.51 %0.67 %0.61 %
Allowance for Credit Losses - Loans / Actual Loans (%)1.42 %1.43 %1.47 %1.47 %1.50 %
Quarterly Net Charge-offs as % of Average Loans (Annualized)0.18 %0.15 %0.07 %0.15 %0.02 %





CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)December 31,September 30,June 30,March 31,December 31,
20252025202520252024
ASSETS
Cash and due from banks$84,158 $88,079 $81,567 $86,113 $87,616 
Interest-bearing deposits196,300 168,706 223,343 331,534 298,891 
Investment securities available for sale1,407,102 1,386,903 1,358,130 1,378,489 1,386,475 
Investment securities held to maturity, net of allowance for credit losses1,971,539 1,995,488 2,022,826 2,048,632 2,074,220 
Loans held for sale20,079 23,190 28,783 23,004 18,663 
Loans13,791,707 13,591,174 13,296,759 13,004,905 12,854,359 
Less: Allowance for credit losses - loans(195,597)(194,468)(195,316)(192,031)(192,757)
Net loans13,596,110 13,396,706 13,101,443 12,812,874 12,661,602 
Premises and equipment121,058 121,771 122,808 128,749 129,743 
Federal Home Loan Bank stock47,245 47,264 47,290 45,006 41,690 
Interest receivable93,374 89,102 93,258 88,352 91,829 
Goodwill712,002 712,002 712,002 712,002 712,002 
Other intangibles13,800 15,298 16,797 18,302 19,828 
Cash surrender value of life insurance308,438 306,583 305,695 304,918 304,906 
Other real estate owned658 1,270 177 4,966 4,948 
Tax asset, deferred and receivable78,664 89,758 97,749 87,665 92,387 
Other assets374,574 369,509 380,909 369,181 387,169 
TOTAL ASSETS$19,025,101 $18,811,629 $18,592,777 $18,439,787 $18,311,969 
LIABILITIES
Deposits:
Noninterest-bearing$2,137,262 $2,100,570 $2,197,416 $2,185,057 $2,325,579 
Interest-bearing13,157,593 12,769,409 12,600,162 12,276,921 12,196,047 
Total Deposits15,294,855 14,869,979 14,797,578 14,461,978 14,521,626 
Borrowings:
Federal funds purchased40,000 199,370 85,000 185,000 99,226 
Securities sold under repurchase agreements103,755 122,226 114,758 122,947 142,876 
Federal Home Loan Bank advances798,549 798,626 898,702 972,478 822,554 
Subordinated debentures and other borrowings57,630 57,632 62,617 62,619 93,529 
Total Borrowings999,934 1,177,854 1,161,077 1,343,044 1,158,185 
Interest payable18,235 18,240 16,174 13,304 16,102 
Other liabilities245,410 333,154 269,996 289,247 311,073 
Total Liabilities16,558,434 16,399,227 16,244,825 16,107,573 16,006,986 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 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 shares25,000 25,000 25,000 25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding7,119 7,149 7,159 7,226 7,247 
Additional paid-in capital1,150,816 1,158,026 1,163,170 1,183,263 1,188,768 
Retained earnings1,413,742 1,377,966 1,342,473 1,306,911 1,272,528 
Accumulated other comprehensive loss(130,135)(155,864)(189,975)(190,311)(188,685)
Total Stockholders' Equity2,466,667 2,412,402 2,347,952 2,332,214 2,304,983 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$19,025,101 $18,811,629 $18,592,777 $18,439,787 $18,311,969 









CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)December 31,September 30,June 30,March 31,December 31,
20252025202520252024
INTEREST INCOME
Loans:
Taxable$203,120 $200,406 $195,173 $187,728 $197,536 
Tax-exempt10,905 11,173 10,805 10,532 9,020 
Investment securities:
Taxable7,736 8,288 8,266 8,372 9,024 
Tax-exempt12,459 12,460 12,516 12,517 12,754 
Deposits with financial institutions2,187 1,676 1,892 2,372 5,350 
Federal Home Loan Bank stock1,037 1,092 1,083 997 958 
Total Interest Income237,444 235,095 229,735 222,518 234,642 
INTEREST EXPENSE
Deposits88,670 90,821 84,241 80,547 89,835 
Federal funds purchased218 224 965 812 26 
Securities sold under repurchase agreements405 654 663 742 680 
Federal Home Loan Bank advances8,047 8,638 9,714 9,364 8,171 
Subordinated debentures and other borrowings1,040 1,093 1,138 783 1,560 
Total Interest Expense98,380 101,430 96,721 92,248 100,272 
NET INTEREST INCOME139,064 133,665 133,014 130,270 134,370 
Provision for credit losses7,150 4,300 5,600 4,200 4,200 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES131,914 129,365 127,414 126,070 130,170 
NONINTEREST INCOME
Service charges on deposit accounts8,704 8,921 8,566 8,072 8,124 
Fiduciary and wealth management fees9,175 8,842 8,831 8,644 8,665 
Card payment fees5,325 5,007 4,932 4,526 4,957 
Net gains and fees on sales of loans5,421 4,983 5,849 5,022 5,681 
Derivative hedge fees1,053 1,097 831 404 1,594 
Other customer fees315 414 401 415 316 
Earnings on bank-owned life insurance1,854 1,667 1,913 2,179 2,188 
Net realized losses on sales of available for sale securities— — (1)(7)(11,592)
Gain on branch sale— — — — 19,983 
Other income (loss)1,259 1,546 (19)793 2,826 
Total Noninterest Income33,106 32,477 31,303 30,048 42,742 
NONINTEREST EXPENSE
Salaries and employee benefits58,254 57,317 54,527 54,982 55,437 
Net occupancy7,283 7,057 6,845 7,216 7,335 
Equipment7,681 6,998 6,927 7,008 7,028 
Marketing2,324 2,120 1,997 1,353 2,582 
Outside data processing fees7,509 6,943 7,107 5,929 6,029 
Printing and office supplies450 311 272 347 377 
Intangible asset amortization1,498 1,499 1,505 1,526 1,771 
FDIC assessments2,684 3,526 3,552 3,648 3,744 
Other real estate owned and foreclosure expenses775 121 29 600 227 
Professional and other outside services3,774 3,718 3,741 3,261 3,777 
Other expenses7,290 6,951 7,096 7,032 7,982 
Total Noninterest Expense99,522 96,561 93,598 92,902 96,289 
Income Before Income Taxes65,498 65,281 65,119 63,216 76,623 
Income tax expense8,433 8,516 8,287 7,877 12,274 
NET INCOME57,065 56,765 56,832 55,339 64,349 
Preferred stock dividends469 468 469 469 469 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,596 $56,297 $56,363 $54,870 $63,880 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.99 $0.98 $0.98 $0.95 $1.10 
Diluted Net Income Available to Common Stockholders$0.99 $0.98 $0.98 $0.94 $1.10 
Cash Dividends Paid to Common Stockholders$0.36 $0.36 $0.36 $0.35 $0.35 
Tangible Common Book Value Per Share$30.18 $29.08 $27.90 $27.34 $26.78 
Average Diluted Common Shares Outstanding (in thousands)57,442 57,448 57,773 58,242 58,247 
FINANCIAL RATIOS:
Return on Average Assets1.20 %1.22 %1.23 %1.21 %1.39 %
Return on Average Stockholders' Equity9.23 9.51 9.63 9.38 11.05 
Return on Tangible Common Stockholders' Equity13.57 14.21 14.49 14.12 16.75 
Average Earning Assets to Average Assets92.69 92.73 92.71 92.47 92.48 
Allowance for Credit Losses - Loans as % of Total Loans1.42 1.43 1.47 1.47 1.50 
Net Charge-offs as % of Average Loans (Annualized)0.18 0.15 0.07 0.15 0.02 
Average Stockholders' Equity to Average Assets12.88 12.71 12.64 12.76 12.51 
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets5.52 5.58 5.50 5.39 5.63 
Interest Expense/Average Earning Assets2.23 2.34 2.25 2.17 2.35 
Net Interest Margin FTE3.29 3.24 3.25 3.22 3.28 
Efficiency Ratio54.52 55.09 53.99 54.54 48.48 





LOANS
(Dollars In Thousands)December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Commercial and industrial loans$4,478,282 $4,604,895 $4,440,924 $4,306,597 $4,114,292 
Agricultural land, production and other loans to farmers283,125 275,817 265,172 243,864 256,312 
Real estate loans:
Construction804,775 789,021 836,033 793,175 792,144 
Commercial real estate, non-owner occupied2,338,666 2,304,889 2,171,092 2,177,869 2,274,016 
Commercial real estate, owner occupied1,237,100 1,232,117 1,226,797 1,214,739 1,157,944 
Residential2,420,310 2,412,783 2,397,094 2,389,852 2,374,729 
Home equity710,980 687,021 673,961 650,499 659,811 
Individuals' loans for household and other personal expenditures155,436 138,703 141,045 140,954 166,028 
Public finance and other commercial loans1,363,033 1,145,928 1,144,641 1,087,356 1,059,083 
Loans13,791,707 13,591,174 13,296,759 13,004,905 12,854,359 
Allowance for credit losses - loans(195,597)(194,468)(195,316)(192,031)(192,757)
NET LOANS$13,596,110 $13,396,706 $13,101,443 $12,812,874 $12,661,602 

DEPOSITS
(Dollars In Thousands)December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Demand deposits$7,770,473 $7,645,698 $7,798,695 $7,786,554 $7,980,061 
Savings deposits5,481,785 5,164,707 4,984,659 4,791,874 4,522,758 
Certificates and other time deposits of $100,000 or less603,690 627,828 617,857 625,203 692,068 
Certificates and other time deposits of $100,000 or more915,293 910,337 891,139 896,143 1,043,068 
Brokered certificates of deposits (1)
523,614 521,409 505,228 362,204 283,671 
TOTAL DEPOSITS$15,294,855 $14,869,979 $14,797,578 $14,461,978 $14,521,626 

(1) Total brokered deposits of $1.5 billion, which includes brokered CD's of $523.6 million at December 31, 2025.








CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Three Months Ended
December 31, 2025December 31, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$313,018 $2,187 2.79 %$522,868 $5,350 4.09 %
Federal Home Loan Bank stock47,251 1,037 8.78 41,703 958 9.19 
Investment Securities: (1)
Taxable1,535,025 7,736 2.02 1,677,554 9,024 2.15 
Tax-exempt (2)
2,035,117 15,771 3.10 2,089,397 16,144 3.09 
Total Investment Securities3,570,142 23,507 2.63 3,766,951 25,168 2.67 
Loans held for sale32,272 494 6.12 36,219 550 6.07 
Loans: (3)
Commercial9,417,302 160,949 6.84 8,753,723 156,414 7.15 
Real estate mortgage2,236,769 26,019 4.65 2,177,351 24,401 4.48 
HELOC and installment870,199 15,658 7.20 841,537 16,171 7.69 
Tax-exempt (2)
1,161,280 13,778 4.75 948,846 11,418 4.81 
Total Loans13,717,822 216,898 6.32 12,757,676 208,954 6.55 
Total Earning Assets17,648,233 243,629 5.52 %17,089,198 240,430 5.63 %
Total Non-Earning Assets1,391,756 1,389,105 
TOTAL ASSETS$19,039,989 $18,478,303 
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits$5,652,753 $34,573 2.45 %$5,564,228 $37,049 2.66 %
Money market deposits4,144,256 31,813 3.07 3,189,334 25,463 3.19 
Savings deposits1,261,173 2,399 0.76 1,362,705 3,102 0.91 
Certificates and other time deposits2,077,545 19,885 3.83 2,313,284 24,221 4.19 
Total Interest-Bearing Deposits13,135,727 88,670 2.70 12,429,551 89,835 2.89 
Borrowings973,364 9,710 3.99 1,049,677 10,437 3.98 
Total Interest-Bearing Liabilities14,109,091 98,380 2.79 13,479,228 100,272 2.98 
Noninterest-bearing deposits2,158,791 2,358,743 
Other liabilities320,102 328,062 
Total Liabilities16,587,984 16,166,033 
STOCKHOLDERS' EQUITY2,452,005 2,312,270 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$19,039,989 $18,478,303 
Net Interest Income (FTE)$145,249 $140,158 
Net Interest Spread (FTE) (4)
2.73 %2.65 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.52 %5.63 %
Interest Expense / Average Earning Assets2.23 %2.35 %
Net Interest Margin (FTE) (5)
3.29 %3.28 %
(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 2025 and 2024. These totals equal $6.2 million and $5.8 million for the three months ended December 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.






CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Twelve Months Ended
December 31, 2025December 31, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$272,164 $8,127 2.99 %$418,163 $16,992 4.06 %
Federal Home Loan Bank stock46,289 4,209 9.09 41,736 3,527 8.45 
Investment Securities: (1)
Taxable1,585,375 32,662 2.06 1,759,578 36,086 2.05 
Tax-exempt (2)
2,040,082 63,230 3.10 2,200,466 67,705 3.08 
Total Investment Securities3,625,457 95,892 2.64 3,960,044 103,791 2.62 
Loans held for sale26,199 1,603 6.12 29,650 1,792 6.04 
Loans: (3)
Commercial9,091,847 621,298 6.83 8,687,638 641,393 7.38 
Real estate mortgage2,211,726 101,203 4.58 2,158,743 94,890 4.40 
HELOC and installment846,430 62,323 7.36 830,079 65,577 7.90 
Tax-exempt (2)
1,144,476 54,857 4.79 928,214 43,370 4.67 
Total Loans13,320,678 841,284 6.32 12,634,324 847,022 6.70 
Total Earning Assets17,264,588 949,512 5.50 %17,054,267 971,332 5.69 %
Total Non-Earning Assets1,369,364 1,346,228 
TOTAL ASSETS$18,633,952 $18,400,495 
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits$5,580,592 $141,945 2.54 %$5,506,492 $157,984 2.87 %
Money market deposits3,762,100 118,188 3.14 3,061,461 106,026 3.46 
Savings deposits1,278,138 9,962 0.78 1,463,707 14,587 1.00 
Certificates and other time deposits2,016,857 74,184 3.68 2,413,900 107,530 4.45 
Total Interest-Bearing Deposits12,637,687 344,279 2.72 12,445,560 386,127 3.10 
Borrowings1,138,760 44,500 3.91 1,005,017 40,765 4.06 
Total Interest-Bearing Liabilities13,776,447 388,779 2.82 13,450,577 426,892 3.17 
Noninterest-bearing deposits2,178,427 2,371,004 
Other liabilities303,578 326,423 
Total Liabilities16,258,452 16,148,004 
STOCKHOLDERS' EQUITY2,375,500 2,252,491 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,633,952 $18,400,495 
Net Interest Income (FTE)$560,733 $544,440 
Net Interest Spread (FTE) (4)
2.68 %2.52 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.50 %5.69 %
Interest Expense / Average Earning Assets2.25 %2.50 %
Net Interest Margin (FTE) (5)
3.25 %3.19 %
(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 2025 and 2024. These totals equal $24.7 million and $23.3 million for the years ended December 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 EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2025202520252025202420252024
Net Income Available to Common Stockholders - GAAP$56,596 $56,297 $56,363 $54,870 $63,880 $224,126 $199,527 
Adjustments:
Net realized losses on sales of available for sale securities— — 1 7 11,592 8 20,757 
Gain on branch sale— — — — (19,983)— (19,983)
Acquisition-related expenses524 276 — — — 800 — 
Non-core expenses (1)(2)(3)(4)
(743)633 — — 762 (110)4,243 
Tax on adjustments53 (220)— (2)1,851 (169)(1,229)
Adjusted Net Income Available to Common Stockholders - Non-GAAP$56,430 $56,986 $56,364 $54,875 $58,102 $224,655 $203,315 
Average Diluted Common Shares Outstanding (in thousands)57,442 57,448 57,773 58,242 58,247 57,726 58,533 
Diluted Earnings Per Common Share - GAAP$0.99 $0.98 $0.98 $0.94 $1.10 $3.88 $3.41 
Adjustments:
Net realized losses on sales of available for sale securities— — — — 0.20 — 0.35 
Gain on branch sale— — — — (0.34)— (0.34)
Acquisition-related expenses— — — — — 0.01 — 
Non-core expenses (1)(2)(3)(4)
(0.01)0.01 — — 0.01 — 0.07 
Tax on adjustments— — — — 0.03 — (0.02)
Adjusted Diluted Earnings Per Common Share - Non-GAAP$0.98 $0.99 $0.98 $0.94 $1.00 $3.89 $3.47 
(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three Months Ended September 30, 2025 included $0.6 million of severance costs
(3) Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale
(4) Non-core expenses in the Twelve Months Ended December 31, 2024 included $2.4 million from duplicative online banking conversion costs, $1.1 million from the FDIC special assessment, and $0.8 million of costs directly related to the branch sale




NET INTEREST MARGIN (FTE) - NON-GAAP
(Dollars in Thousands)
Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2025202520252025202420252024
Net Interest Income (GAAP)$139,064 $133,665 $133,014 $130,270 $134,370 $536,013 $521,114 
Fully Taxable Equivalent ("FTE") Adjustment6,185 6,209 6,199 6,127 5,788 24,720 23,326 
Net Interest Income (FTE) (Non-GAAP)$145,249 $139,874 $139,213 $136,397 $140,158 $560,733 $544,440 
Average Earning Assets (GAAP)$17,648,233 $17,282,901 $17,158,984 $16,960,475 $17,089,198 $17,264,588 $17,054,267 
Net Interest Margin (GAAP)3.15 %3.09 %3.10 %3.07 %3.15 %3.10 %3.06 %
FTE Adjustment0.14 %0.15 %0.15 %0.15 %0.13 %0.15 %0.13 %
Net Interest Margin (FTE) (Non-GAAP)3.29 %3.24 %3.25 %3.22 %3.28 %3.25 %3.19 %




RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
(Dollars In Thousands)Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2025202520252025202420252024
Total Average Stockholders' Equity (GAAP)$2,452,005 $2,367,971 $2,340,010 $2,340,874 $2,312,270 $2,375,500 $2,252,491 
Less: Average Preferred Stock(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)
Less: Average Intangible Assets, Net of Tax(723,466)(724,619)(725,813)(726,917)(728,218)(725,193)(730,295)
Average Tangible Common Equity, Net of Tax (Non-GAAP)$1,703,414 $1,618,227 $1,589,072 $1,588,832 $1,558,927 $1,625,182 $1,497,071 
Net Income Available to Common Stockholders (GAAP)$56,596 $56,297 $56,363 $54,870 $63,880 $224,126 $199,527 
Plus: Intangible Asset Amortization, Net of Tax1,183 1,185 1,188 1,206 1,399 4,762 5,744 
Tangible Net Income (Non-GAAP)$57,779 $57,482 $57,551 $56,076 $65,279 $228,888 $205,271 
Return on Tangible Common Equity (Non-GAAP)13.57 %14.21 %14.49 %14.12 %16.75 %14.08 %13.71 %



EFFICIENCY RATIO - NON-GAAP
(Dollars In Thousands)Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2025202520252025202420252024
Noninterest Expense (GAAP)$99,522 $96,561 $93,598 $92,902 $96,289 $382,583 $379,266 
Less: Intangible Asset Amortization(1,498)(1,499)(1,505)(1,526)(1,771)(6,028)(7,271)
Less: OREO and Foreclosure Expenses(775)(121)(29)(600)(227)(1,525)(2,076)
Adjusted Noninterest Expense (Non-GAAP)$97,249 $94,941 $92,064 $90,776 $94,291 $375,030 $369,919 
Net Interest Income (GAAP)$139,064 $133,665 $133,014 $130,270 $134,370 $536,013 $521,114 
Plus: Fully Taxable Equivalent Adjustment6,185 6,209 6,199 6,127 5,788 24,720 23,326 
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)$145,249 $139,874 $139,213 $136,397 $140,158 $560,733 $544,440 
Noninterest Income (GAAP)$33,106 $32,477 $31,303 $30,048 $42,742 $126,934 $125,580 
Less: Investment Securities (Gains) Losses— — 1 7 11,592 8 20,757 
Adjusted Noninterest Income (Non-GAAP)$33,106 $32,477 $31,304 $30,055 $54,334 $126,942 $146,337 
Adjusted Revenue (Non-GAAP)$178,355 $172,351 $170,517 $166,452 $194,492 $687,675 $690,777 
Efficiency Ratio (Non-GAAP)54.52 %55.09 %53.99 %54.54 %48.48 %54.54 %53.55 %
Adjusted Noninterest Expense (Non-GAAP)$97,249 $94,941 $92,064 $90,776 $94,291 $375,030 $369,919 
Less: Acquisition-related Expenses(524)(276)— — — (800)— 
Less: Non-core Expenses (1)(2)(3)(4)
743 (633)— — (762)110 (4,243)
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)$97,468 $94,032 $92,064 $90,776 $93,529 $374,340 $365,676 
Adjusted Revenue (Non-GAAP)$178,355 $172,351 $170,517 $166,452 $194,492 $687,675 $690,777 
Less: Gain on Branch Sale— — — — (19,983)— (19,983)
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)$178,355 $172,351 $170,517 $166,452 $174,509 $687,675 $670,794 
Adjusted Efficiency Ratio (Non-GAAP)54.65 %54.56 %53.99 %54.54 %53.60 %54.44 %54.51 %

(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three Months Ended September 30, 2025 included $0.6 million of severance costs
(3) Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale
(4) Non-core expenses in the Twelve Months Ended December 31, 2024 included $2.4 million from duplicative online banking conversion costs, $1.1 million from the FDIC special assessment, and $0.8 million of costs directly related to the branch sale