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

April 22, 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 FIRST QUARTER 2026 RESULTS

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

First Quarter 2026 Highlights:

•Net income available to common stockholders was $27.7 million, or $0.45 per diluted share, compared to $56.6 million, or $0.99 per diluted share, in the fourth quarter of 2025. On an adjusted basis1, net income totaled $63.1 million, or $1.03 per diluted share, compared to $56.4 million, or $0.98 per diluted share, in the prior quarter.

•Completed legal closing on the acquisition of First Savings Financial Group, Inc. (“First Savings”) on February 1, 2026.

•Maintained strong capital position with Common Equity Tier 1 Capital Ratio of 11.22%.

•Repurchased 708,856 shares totaling $27.6 million of common stock year-to-date, including 640,486 shares totaling $24.9 million in the first quarter.

•Loans declined $18.8 million, or 0.5% annualized linked quarter, and increased $768.0 million, or 5.9%, during the last twelve months, excluding $1.8 billion of loans added from the First Savings acquisition.

•Deposits declined $499.4 million, or 13.1% annualized linked quarter, and increased $333.5 million, or 2.3%, during the last twelve months, excluding $1.7 billion of deposits added from the First Savings acquisition.

•Nonperforming assets to total assets were 43 basis points compared to 38 basis points in the prior quarter.

•Adjusted efficiency ratio1 totaled 54.21% for the quarter.

"First Merchants delivered a strong start to 2026, highlighted by solid adjusted earnings growth, expanding net interest margin, and continued strength in commercial loan production," said Mark Hardwick, Chief Executive Officer. "We successfully closed the acquisition of First Savings, adding $2.4 billion in assets and further strengthening our statewide Indiana presence while enhancing our ability to serve clients across Indiana, Ohio, and Michigan. Our capital, liquidity, and credit quality remain very strong, positioning us well for continued growth and long-term shareholder value creation."

First Quarter Financial Results:

The Corporation reported first quarter 2026 net income available to common stockholders of $27.7 million compared to $54.9 million during the same period in 2025. Diluted earnings per common share1 for the period totaled $0.45 compared to $0.94 in the first quarter of 2025. Current quarter results included acquisition costs of $17.0 million that primarily consist of employee retention bonuses and severance, contract termination charges and professional fees. Current quarter results also included a mark-to-market loss of $29.8 million on $357 million of mortgage loans moved to held-for-sale with a weighted average coupon of 3.46%. The loan sale is expected to close during the second quarter and will create incremental funding capacity. Excluding these non-core charges, adjusted earnings per common share1 for the first quarter of 2026 totaled $1.03 compared to $0.94 in the prior year period, an increase of 9.6%.

Total assets of the Corporation equaled $21.1 billion as of quarter-end and loans totaled $15.3 billion. Loans increased $2.3 billion during the past twelve months. The acquisition of First Savings contributed $1.8 billion of loans. Excluding acquired loans and the impact of loans moved to held-for-sale, the Corporation experienced organic loan growth of $768.0 million, or 5.9%, during the past twelve months. On a linked quarter basis, loans declined $18.8 million, or 0.5% annualized.

Investment securities, totaling $3.3 billion, decreased $117.2 million, or 3.4%, during the last twelve months and decreased $68.7 million, or 8.1% annualized on a linked quarter basis. Investments declined during the quarter due to principal paydowns and maturities as well as a modest decline in the securities portfolio valuation.

Total deposits equaled $16.5 billion as of quarter-end and increased by $2.0 billion, over the past twelve months. The acquisition of First Savings contributed $1.7 billion in deposits. Excluding acquired deposits, the Corporation experienced an increase in organic deposit growth of $333.5 million, or 2.3%. Deposits decreased $499.4 million, or 13.1% annualized on a linked quarter basis, excluding acquired deposits. The balance sheet growth resulted in an increase in the loan to deposit ratio to 92.6% at period end from 90.3% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $212.5 million as of quarter-end, or 1.39% of loans, an increase of $16.9 million from prior quarter. The ACL increased $22.3 million for the purchase accounting adjustment for estimated credit losses recorded for the First Savings loan portfolio. Net charge-offs totaled $10.3 million and provision for credit losses of $4.9 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.5 million, an increase of $0.5 million from prior quarter recorded for estimated credit losses on unfunded commitments of First Savings. Non-performing assets to total assets were 0.43% for the first quarter of 2026, an increase of five basis points compared to 0.38% in the prior quarter reflecting stable credit performance.

Net interest income totaling $151.3 million for the quarter, increased $12.2 million, or 8.8%, compared to prior quarter and increased $21.0 million, or 16.1%, compared to the first quarter of 2025. Positively impacting net interest income was an interest recovery of $1.2 million recorded during the quarter from the successful resolution of a nonaccrual multifamily commercial real estate loan. Fully taxable equivalent net interest margin was 3.35%, an increase of six basis points compared to prior quarter and an increase of 13 basis points compared to the first quarter of 2025. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter. This was more than offset by an improved funding mix and meaningfully lower deposit costs.

Noninterest income totaled $5.8 million for the quarter, a decrease of $27.3 million, compared to prior quarter and a decrease of $24.2 million compared to the first quarter of 2025. The declines were due to a valuation adjustment on mortgage loans that were reclassified to held-for-sale during the current quarter. Customer-related fees increased by $1.8 million from the previous quarter and $4.7 million over the first quarter of 2025. The linked quarter increase was driven by higher wealth management fees and higher gains on the sales of loans offset by a slight reduction in derivative hedge fees.

Noninterest expense totaled $125.1 million for the quarter, an increase of $25.6 million from the fourth quarter of 2025 and an increase of $32.2 million from the first quarter of 2025. Acquisition-related costs totaling $17.0 million were incurred during the quarter, including $5.2 million attributed to salaries and benefits and $11.3 million in professional and other outside services. Contributing to current quarter expenses was an annual benefit plan expense of $1.1 million and a $0.9 million one-time charge for the write-down of a held-for-sale building.

The Corporation’s total risk-based capital ratio was 13.05%, common equity tier 1 capital ratio was 11.22%, and the tangible common equity ratio was 9.00%. 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 an earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, April 23, 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/BIea2e66c5a6e240dea7770076185c1054)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/i5u3npdn) during the time of the call. A replay of the webcast will be available until April 23, 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 benefits of the 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 merger, as well as other statements of expectations regarding the 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 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 merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to complete the 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 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)	March 31,
	2026		2025
ASSETS
Cash and due from banks	$	98,083	$	86,113
Interest-bearing deposits	175,354		331,534
Investment securities available for sale	1,372,417		1,378,489
Investment securities held to maturity, net of allowance for credit losses of $245 in 2026 and 2025	1,937,485		2,048,632
Loans held for sale	401,839		23,004
Loans	15,261,889		13,004,905
Less: Allowance for credit losses - loans	(212,520)		(192,031)
Net loans	15,049,369		12,812,874
Premises and equipment	146,013		128,749
Federal Home Loan Bank stock	70,835		45,006
Interest receivable	97,026		88,352
Goodwill	782,789		712,002
Other intangibles	41,678		18,302
Cash surrender value of life insurance	371,238		304,918
Other real estate owned	1,264		4,966
Tax asset, deferred and receivable	116,814		87,665
Other assets	410,317		369,181
TOTAL ASSETS	$	21,072,521	$	18,439,787
LIABILITIES
Deposits:
Noninterest-bearing	$	3,748,279	$	2,185,057
Interest-bearing	12,737,338		12,276,921
Total Deposits	16,485,617		14,461,978
Borrowings:
Federal funds purchased	170,000		185,000
Securities sold under repurchase agreements	89,458		122,947
Federal Home Loan Bank advances	1,299,192		972,478
Subordinated debentures and other borrowings	86,345		62,619
Total Borrowings	1,644,995		1,343,044

Interest payable	18,890		13,304
Other liabilities	250,454		289,247
Total Liabilities	18,399,956		16,107,573
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, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 62,508,055 and 57,810,232 shares	7,813		7,226
Additional paid-in capital	1,369,879		1,183,263
Retained earnings	1,418,609		1,306,911
Accumulated other comprehensive loss	(148,861)		(190,311)
Total Stockholders' Equity	2,672,565		2,332,214
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	21,072,521	$	18,439,787


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)	Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)	March 31,
	2026		2025
INTEREST INCOME
Loans:
Taxable	$	213,627	$	187,728
Tax-exempt	11,589		10,532
Investment securities:
Taxable	7,547		8,372
Tax-exempt	12,597		12,517

Deposits with financial institutions	1,244		2,372
Federal Home Loan Bank stock	1,965		997
Total Interest Income	248,569		222,518
INTEREST EXPENSE
Deposits	84,093		80,547
Federal funds purchased	590		812
Securities sold under repurchase agreements	332		742
Federal Home Loan Bank advances	11,048		9,364
Subordinated debentures and other borrowings	1,203		783
Total Interest Expense	97,266		92,248
NET INTEREST INCOME	151,303		130,270
Provision for credit losses	4,900		4,200
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	146,403		126,070
NONINTEREST INCOME
Service charges on deposit accounts	9,037		8,072
Fiduciary and wealth management fees	9,768		8,644
Card payment fees	5,275		4,526
Net gains and fees on sales of loans	6,511		5,022
Derivative hedge fees	564		404
Other customer fees	593		415
Earnings on bank-owned life insurance	3,446		2,179
Net realized losses on sales of available for sale securities	—		(7)
Net loss on mortgage loans reclassified to held for sale	(29,755)		—
Other income	390		793
Total Noninterest Income	5,829		30,048
NONINTEREST EXPENSE
Salaries and employee benefits	69,443		54,982
Net occupancy	8,301		7,216
Equipment	7,818		7,008
Marketing	1,601		1,353
Outside data processing fees	7,190		5,929
Printing and office supplies	377		347
Intangible asset amortization	2,302		1,526
FDIC assessments	3,893		3,648
Other real estate owned and foreclosure expenses	1,100		600
Professional and other outside services	14,593		3,261
Other expenses	8,527		7,032
Total Noninterest Expense	125,145		92,902
Income Before Income Taxes	27,087		63,216
Income tax expense (benefit)	(1,069)		7,877
NET INCOME	28,156		55,339
Preferred stock dividends	469		469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	27,687	$	54,870
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.46	$	0.95
Diluted Net Income Available to Common Stockholders	$	0.45	$	0.94
Cash Dividends Paid to Common Stockholders	$	0.36	$	0.35
Tangible Common Book Value Per Share	$	29.34	$	27.34
Average Diluted Common Shares Outstanding (in thousands)	61,008		58,242


FINANCIAL HIGHLIGHTS
(Dollars In Thousands)	Three Months Ended
	March 31,
	2026			2025
NET CHARGE-OFFS	$	10,256		$	4,926

AVERAGE BALANCES:
Total Assets	$	20,407,523		$	18,341,738
Total Loans	14,995,685			12,941,353
Total Earning Assets	18,842,984			16,960,475
Total Deposits	16,080,470			14,419,338
Total Stockholders' Equity	2,655,756			2,340,874

FINANCIAL RATIOS:
Return on Average Assets	0.55		%	1.21		%
Return on Average Stockholders' Equity	4.17			9.38
Return on Tangible Common Stockholders' Equity	6.39			14.12
Average Earning Assets to Average Assets	92.33			92.47
Allowance for Credit Losses - Loans as % of Total Loans	1.39			1.47
Net Charge-offs as % of Average Loans (Annualized)	0.27			0.15
Average Stockholders' Equity to Average Assets	13.01			12.76
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets	5.41			5.39
Interest Expense/Average Earning Assets	2.06			2.17
Net Interest Margin FTE	3.35			3.22
Efficiency Ratio	74.45			54.54


ASSET QUALITY
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Nonaccrual Loans	$	89,592		$	71,773		$	65,740		$	67,358		$	81,922
Other Real Estate Owned and Repossessions	1,264			658			1,270			177			4,966
Nonperforming Assets (NPA)	90,856			72,431			67,010			67,535			86,888
90+ Days Delinquent	4,078			2,042			1,925			4,443			4,280
NPAs & 90+ Days Delinquent	$	94,934		$	74,473		$	68,935		$	71,978		$	91,168

Allowance for Credit Losses - Loans	$	212,520		$	195,597		$	194,468		$	195,316		$	192,031
Quarterly Net Charge-offs	10,256			6,021			5,148			2,315			4,926
NPAs / Assets %	0.43		%	0.38		%	0.36		%	0.36		%	0.47		%
NPAs & 90 Day / Assets %	0.45		%	0.39		%	0.37		%	0.39		%	0.49		%
NPAs / Loans and OREO %	0.60		%	0.52		%	0.49		%	0.51		%	0.67		%
Allowance for Credit Losses - Loans / Loans (%)	1.39		%	1.42		%	1.43		%	1.47		%	1.47		%
Quarterly Net Charge-offs as % of Average Loans (Annualized)	0.27		%	0.18		%	0.15		%	0.07		%	0.15		%


CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	March 31,		December 31,		September 30,		June 30,		March 31,
	2026		2025		2025		2025		2025
ASSETS
Cash and due from banks	$	98,083	$	84,158	$	88,079	$	81,567	$	86,113
Interest-bearing deposits	175,354		196,300		168,706		223,343		331,534
Investment securities available for sale	1,372,417		1,407,102		1,386,903		1,358,130		1,378,489
Investment securities held to maturity, net of allowance for credit losses	1,937,485		1,971,539		1,995,488		2,022,826		2,048,632
Loans held for sale	401,839		20,079		23,190		28,783		23,004
Loans	15,261,889		13,791,707		13,591,174		13,296,759		13,004,905
Less: Allowance for credit losses - loans	(212,520)		(195,597)		(194,468)		(195,316)		(192,031)
Net loans	15,049,369		13,596,110		13,396,706		13,101,443		12,812,874
Premises and equipment	146,013		121,058		121,771		122,808		128,749
Federal Home Loan Bank stock	70,835		47,245		47,264		47,290		45,006
Interest receivable	97,026		93,374		89,102		93,258		88,352
Goodwill	782,789		712,002		712,002		712,002		712,002
Other intangibles	41,678		13,800		15,298		16,797		18,302
Cash surrender value of life insurance	371,238		308,438		306,583		305,695		304,918
Other real estate owned	1,264		658		1,270		177		4,966
Tax asset, deferred and receivable	116,814		78,664		89,758		97,749		87,665
Other assets	410,317		374,574		369,509		380,909		369,181
TOTAL ASSETS	$	21,072,521	$	19,025,101	$	18,811,629	$	18,592,777	$	18,439,787
LIABILITIES
Deposits:
Noninterest-bearing	$	3,748,279	$	2,137,262	$	2,100,570	$	2,197,416	$	2,185,057
Interest-bearing	12,737,338		13,157,593		12,769,409		12,600,162		12,276,921
Total Deposits	16,485,617		15,294,855		14,869,979		14,797,578		14,461,978
Borrowings:
Federal funds purchased	170,000		40,000		199,370		85,000		185,000
Securities sold under repurchase agreements	89,458		103,755		122,226		114,758		122,947
Federal Home Loan Bank advances	1,299,192		798,549		798,626		898,702		972,478
Subordinated debentures and other borrowings	86,345		57,630		57,632		62,617		62,619
Total Borrowings	1,644,995		999,934		1,177,854		1,161,077		1,343,044

Interest payable	18,890		18,235		18,240		16,174		13,304
Other liabilities	250,454		245,410		333,154		269,996		289,247
Total Liabilities	18,399,956		16,558,434		16,399,227		16,244,825		16,107,573
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, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding	7,813		7,119		7,149		7,159		7,226
Additional paid-in capital	1,369,879		1,150,816		1,158,026		1,163,170		1,183,263
Retained earnings	1,418,609		1,413,742		1,377,966		1,342,473		1,306,911
Accumulated other comprehensive loss	(148,861)		(130,135)		(155,864)		(189,975)		(190,311)
Total Stockholders' Equity	2,672,565		2,466,667		2,412,402		2,347,952		2,332,214
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	21,072,521	$	19,025,101	$	18,811,629	$	18,592,777	$	18,439,787


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
INTEREST INCOME
Loans:
Taxable	$	213,627		$	203,120		$	200,406		$	195,173		$	187,728
Tax-exempt	11,589			10,905			11,173			10,805			10,532
Investment securities:
Taxable	7,547			7,736			8,288			8,266			8,372
Tax-exempt	12,597			12,459			12,460			12,516			12,517

Deposits with financial institutions	1,244			2,187			1,676			1,892			2,372
Federal Home Loan Bank stock	1,965			1,037			1,092			1,083			997
Total Interest Income	248,569			237,444			235,095			229,735			222,518
INTEREST EXPENSE
Deposits	84,093			88,670			90,821			84,241			80,547
Federal funds purchased	590			218			224			965			812
Securities sold under repurchase agreements	332			405			654			663			742
Federal Home Loan Bank advances	11,048			8,047			8,638			9,714			9,364
Subordinated debentures and other borrowings	1,203			1,040			1,093			1,138			783
Total Interest Expense	97,266			98,380			101,430			96,721			92,248
NET INTEREST INCOME	151,303			139,064			133,665			133,014			130,270
Provision for credit losses	4,900			7,150			4,300			5,600			4,200
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	146,403			131,914			129,365			127,414			126,070
NONINTEREST INCOME
Service charges on deposit accounts	9,037			8,704			8,921			8,566			8,072
Fiduciary and wealth management fees	9,768			9,175			8,842			8,831			8,644
Card payment fees	5,275			5,325			5,007			4,932			4,526
Net gains and fees on sales of loans	6,511			5,421			4,983			5,849			5,022
Derivative hedge fees	564			1,053			1,097			831			404
Other customer fees	593			315			414			401			415
Earnings on bank-owned life insurance	3,446			1,854			1,667			1,913			2,179
Net realized losses on sales of available for sale securities	—			—			—			(1)			(7)
Net loss on mortgage loans reclassified to held for sale	(29,755)			—			—			—			—
Other income (loss)	390			1,259			1,546			(19)			793
Total Noninterest Income	5,829			33,106			32,477			31,303			30,048
NONINTEREST EXPENSE
Salaries and employee benefits	69,443			58,254			57,317			54,527			54,982
Net occupancy	8,301			7,283			7,057			6,845			7,216
Equipment	7,818			7,681			6,998			6,927			7,008
Marketing	1,601			2,324			2,120			1,997			1,353
Outside data processing fees	7,190			7,509			6,943			7,107			5,929
Printing and office supplies	377			450			311			272			347
Intangible asset amortization	2,302			1,498			1,499			1,505			1,526
FDIC assessments	3,893			2,684			3,526			3,552			3,648
Other real estate owned and foreclosure expenses	1,100			775			121			29			600
Professional and other outside services	14,593			3,774			3,718			3,741			3,261
Other expenses	8,527			7,290			6,951			7,096			7,032
Total Noninterest Expense	125,145			99,522			96,561			93,598			92,902
Income Before Income Taxes	27,087			65,498			65,281			65,119			63,216
Income tax expense (benefit)	(1,069)			8,433			8,516			8,287			7,877
NET INCOME	28,156			57,065			56,765			56,832			55,339
Preferred stock dividends	469			469			468			469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	27,687		$	56,596		$	56,297		$	56,363		$	54,870
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.46		$	0.99		$	0.98		$	0.98		$	0.95
Diluted Net Income Available to Common Stockholders	$	0.45		$	0.99		$	0.98		$	0.98		$	0.94
Cash Dividends Paid to Common Stockholders	$	0.36		$	0.36		$	0.36		$	0.36		$	0.35
Tangible Common Book Value Per Share	$	29.34		$	30.18		$	29.08		$	27.90		$	27.34
Average Diluted Common Shares Outstanding (in thousands)	61,008			57,442			57,448			57,773			58,242
FINANCIAL RATIOS:
Return on Average Assets	0.55		%	1.20		%	1.22		%	1.23		%	1.21		%
Return on Average Stockholders' Equity	4.17			9.23			9.51			9.63			9.38
Return on Tangible Common Stockholders' Equity	6.39			13.57			14.21			14.49			14.12
Average Earning Assets to Average Assets	92.33			92.69			92.73			92.71			92.47
Allowance for Credit Losses - Loans as % of Total Loans	1.39			1.42			1.43			1.47			1.47
Net Charge-offs as % of Average Loans (Annualized)	0.27			0.18			0.15			0.07			0.15
Average Stockholders' Equity to Average Assets	13.01			12.88			12.71			12.64			12.76
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets	5.41			5.52			5.58			5.50			5.39
Interest Expense/Average Earning Assets	2.06			2.23			2.34			2.25			2.17
Net Interest Margin FTE	3.35			3.29			3.24			3.25			3.22
Efficiency Ratio	74.45			54.52			55.09			53.99			54.54


LOANS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2026		2025		2025		2025		2025
Commercial and industrial loans	$	4,611,596	$	4,478,282	$	4,604,895	$	4,440,924	$	4,306,597
Agricultural land, production and other loans to farmers	310,788		283,125		275,817		265,172		243,864
Real estate loans:
Construction	899,895		804,775		789,021		836,033		793,175
Commercial real estate, non-owner occupied	3,192,337		2,338,666		2,304,889		2,171,092		2,177,869
Commercial real estate, owner occupied	1,334,959		1,237,100		1,232,117		1,226,797		1,214,739
Residential	2,273,860		2,420,310		2,412,783		2,397,094		2,389,852
Home equity	1,104,739		710,980		687,021		673,961		650,499
Individuals' loans for household and other personal expenditures	153,283		155,436		138,703		141,045		140,954
Public finance and other commercial loans	1,380,432		1,363,033		1,145,928		1,144,641		1,087,356
Loans	15,261,889		13,791,707		13,591,174		13,296,759		13,004,905
Allowance for credit losses - loans	(212,520)		(195,597)		(194,468)		(195,316)		(192,031)
NET LOANS	$	15,049,369	$	13,596,110	$	13,396,706	$	13,101,443	$	12,812,874


DEPOSITS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2026		2025		2025		2025		2025
Demand deposits	$	8,009,548	$	7,770,473	$	7,645,698	$	7,798,695	$	7,786,554
Savings deposits	6,204,526		5,481,785		5,164,707		4,984,659		4,791,874
Certificates and other time deposits of $100,000 or less	665,639		603,690		627,828		617,857		625,203
Certificates and other time deposits of $100,000 or more	1,012,922		915,293		910,337		891,139		896,143
Brokered certificates of deposits (1)	592,982		523,614		521,409		505,228		362,204
TOTAL DEPOSITS	$	16,485,617	$	15,294,855	$	14,869,979	$	14,797,578	$	14,461,978

(1) Total brokered deposits of $1.5 billion, which includes brokered CD's of $593.0 million at March 31, 2026.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
	Three Months Ended
	March 31, 2026						March 31, 2025
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS

Interest-bearing deposits	$	212,164	$	1,244	2.35	%	$	294,016	$	2,372	3.23	%
Federal Home Loan Bank stock	62,720		1,965		12.53		43,980		997		9.07
Investment Securities: (1)
Taxable	1,510,344		7,547		2.00		1,634,452		8,372		2.05
Tax-exempt (2)	2,062,071		15,946		3.09		2,046,674		15,844		3.10
Total Investment Securities	3,572,415		23,493		2.63		3,681,126		24,216		2.63
Loans held for sale	70,911		1,427		8.05		20,965		319		6.09
Loans: (3)
Commercial	10,234,765		164,765		6.44		8,770,282		147,772		6.74
Real estate mortgage	2,369,115		27,915		4.71		2,191,384		24,446		4.46
HELOC and installment	1,123,844		19,520		6.95		828,874		15,191		7.33
Tax-exempt (2)	1,197,050		14,634		4.89		1,129,848		13,332		4.72
Total Loans	14,995,685		228,261		6.09		12,941,353		201,060		6.21
Total Earning Assets	18,842,984		254,963		5.41	%	16,960,475		228,645		5.39	%
Total Non-Earning Assets	1,564,539						1,381,263
TOTAL ASSETS	$	20,407,523					$	18,341,738
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,430,190	$	29,781	2.19	%	$	5,522,434	$	34,606	2.51	%
Money market deposits	4,566,275		32,048		2.81		3,437,998		25,952		3.02
Savings deposits	1,371,796		2,233		0.65		1,299,405		2,445		0.75
Certificates and other time deposits	2,243,417		20,031		3.57		1,947,854		17,544		3.60
Total Interest-Bearing Deposits	13,611,678		84,093		2.47		12,207,691		80,547		2.64
Borrowings	1,408,233		13,173		3.74		1,262,926		11,701		3.71
Total Interest-Bearing Liabilities	15,019,911		97,266		2.59		13,470,617		92,248		2.74
Noninterest-bearing deposits	2,468,792						2,211,647
Other liabilities	263,064						318,600
Total Liabilities	17,751,767						16,000,864
STOCKHOLDERS' EQUITY	2,655,756						2,340,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	20,407,523					$	18,341,738
Net Interest Income (FTE)			$	157,697					$	136,397
Net Interest Spread (FTE) (4)					2.82	%					2.65	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.41	%					5.39	%
Interest Expense / Average Earning Assets					2.06	%					2.17	%
Net Interest Margin (FTE) (5)					3.35	%					3.22	%

(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 2026 and 2025. These totals equal $6.4 million and $6.1 million for the three months ended March 31, 2026 and 2025, 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,
	2026		2025		2025		2025		2025
Net Income Available to Common Stockholders (GAAP)	$	27,687	$	56,596	$	56,297	$	56,363	$	54,870
Adjustments:
Net realized losses on sales of available for sale securities	—		—		—		1		7
Net loss on mortgage loans reclassified to held for sale	29,755		—		—		—		—
Acquisition-related expenses	16,968		524		276		—		—

Non-core expenses (1)(2)	—		(743)		633		—		—
Tax on adjustments	(11,279)		53		(220)		—		(2)
Adjusted Net Income Available to Common Stockholders (non-GAAP)	$	63,131	$	56,430	$	56,986	$	56,364	$	54,875

Average Diluted Common Shares Outstanding (in thousands)	61,008		57,442		57,448		57,773		58,242

Diluted Earnings Per Common Share (GAAP)	$	0.45	$	0.99	$	0.98	$	0.98	$	0.94
Adjustments:
Net realized losses on sales of available for sale securities	—		—		—		—		—
Net loss on mortgage loans reclassified to held for sale	0.49		—		—		—		—
Acquisition-related expenses	0.28		—		—		—		—

Non-core expenses (1)(2)	—		(0.01)		0.01		—		—
Tax on adjustments	(0.19)		—		—		—		—
Adjusted Diluted Earnings Per Common Share (non-GAAP)	$	1.03	$	0.98	$	0.99	$	0.98	$	0.94

(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


NET INTEREST MARGIN (FTE) (NON-GAAP)
(Dollars in Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Net Interest Income (GAAP)	$	151,303		$	139,064		$	133,665		$	133,014		$	130,270
Fully Taxable Equivalent ("FTE") Adjustment	6,394			6,185			6,209			6,199			6,127
Net Interest Income (FTE) (Non-GAAP)	$	157,697		$	145,249		$	139,874		$	139,213		$	136,397

Average Earning Assets (GAAP)	$	18,842,984		$	17,648,233		$	17,282,901		$	17,158,984		$	16,960,475
Net Interest Margin (GAAP)	3.21		%	3.15		%	3.09		%	3.10		%	3.07		%
FTE Adjustment	0.14		%	0.14		%	0.15		%	0.15		%	0.15		%
Net Interest Margin (FTE) (Non-GAAP)	3.35		%	3.29		%	3.24		%	3.25		%	3.22		%


RETURN ON TANGIBLE COMMON EQUITY (NON-GAAP)
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Total Average Stockholders' Equity (GAAP)	$	2,655,756		$	2,452,005		$	2,367,971		$	2,340,010		$	2,340,874
Less: Average Preferred Stock	(25,125)			(25,125)			(25,125)			(25,125)			(25,125)
Less: Average Intangible Assets, Net of Tax	(784,490)			(723,466)			(724,619)			(725,813)			(726,917)
Average Tangible Common Equity, Net of Tax (non-GAAP)	$	1,846,141		$	1,703,414		$	1,618,227		$	1,589,072		$	1,588,832

Net Income Available to Common Stockholders (GAAP)	$	27,687		$	56,596		$	56,297		$	56,363		$	54,870
Plus: Intangible Asset Amortization, Net of Tax	1,819			1,183			1,185			1,188			1,206
Tangible Net Income (Non-GAAP)	$	29,506		$	57,779		$	57,482		$	57,551		$	56,076

Return on Tangible Common Equity (non-GAAP)	6.39		%	13.57		%	14.21		%	14.49		%	14.12		%


EFFICIENCY RATIO (NON-GAAP)
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Noninterest Expense (GAAP)	$	125,145		$	99,522		$	96,561		$	93,598		$	92,902
Less: Intangible Asset Amortization	(2,302)			(1,498)			(1,499)			(1,505)			(1,526)
Less: OREO and Foreclosure Expenses	(1,100)			(775)			(121)			(29)			(600)
Adjusted Noninterest Expense (non-GAAP)	$	121,743		$	97,249		$	94,941		$	92,064		$	90,776

Net Interest Income (GAAP)	$	151,303		$	139,064		$	133,665		$	133,014		$	130,270
Plus: Fully Taxable Equivalent Adjustment	6,394			6,185			6,209			6,199			6,127
Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP)	$	157,697		$	145,249		$	139,874		$	139,213		$	136,397

Noninterest Income (GAAP)	$	5,829		$	33,106		$	32,477		$	31,303		$	30,048
Less: Investment Securities (Gains) Losses	—			—			—			1			7
Adjusted Noninterest Income (non-GAAP)	$	5,829		$	33,106		$	32,477		$	31,304		$	30,055
Adjusted Revenue (non-GAAP)	$	163,526		$	178,355		$	172,351		$	170,517		$	166,452
Efficiency Ratio (non-GAAP)	74.45		%	54.52		%	55.09		%	53.99		%	54.54		%

Adjusted Noninterest Expense (non-GAAP)	$	121,743		$	97,249		$	94,941		$	92,064		$	90,776
Less: Acquisition-related Expenses	(16,968)			(524)			(276)			—			—
Less: Non-core Expenses (1)(2)	—			743			(633)			—			—
Adjusted Noninterest Expense Excluding Non-core Expenses (non-GAAP)	$	104,775		$	97,468		$	94,032		$	92,064		$	90,776

Adjusted Revenue (non-GAAP)	$	163,526		$	178,355		$	172,351		$	170,517		$	166,452
Add: Net loss on mortgage loans reclassified to held for sale	29,755			—			—			—			—
Adjusted Revenue Excluding Net loss on mortgage loans reclassified to held to sale (non-GAAP)	$	193,281		$	178,355		$	172,351		$	170,517		$	166,452
Adjusted Efficiency Ratio (non-GAAP)	54.21		%	54.65		%	54.56		%	53.99		%	54.54		%

(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