Equibles

8-K

FIRST MERCHANTS CORP (FRME)

8-K 2026-01-26 For: 2026-01-26
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): January 26, 2026

FIRST MERCHANTS CORPORATION

(Exact name of registrant as specified in its charter)

Indiana
(State or other jurisdiction of incorporation)
001-41342 35-1544218
(Commission File Number) (IRS Employer Identification No.)

200 East Jackson Street

P.O. Box 792

Muncie, IN 47305-2814

(Address of principal executive offices, including zip code)

(765) 747-1500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Title of Each Class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.125 stated value per share FRME The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A FRMEP The Nasdaq Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 26, 2026, First Merchants Corporation issued a press release to report its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On January 27, 2026, First Merchants Corporation will conduct a fourth quarter 2025 earnings conference call and webcast at 9:00 a.m. (ET). A copy of the slide presentation utilized on the conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a)    Not applicable.

(b)    Not applicable.

(c)    Not applicable.

(d)    Exhibits.

Exhibit 99.1 Press Release, datedJanuary26, 2026, issued by First Merchants Corporation
Exhibit 99.2 Slide Presentation, utilized onJanuary27, 2026during conference call and webcast by First Merchants Corporation
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

First Merchants Corporation
(Registrant)
By: /s/ Michele M. Kawiecki<br><br><br><br>Michele M. Kawiecki<br><br><br><br>Executive Vice President, Chief Financial Officer<br><br>(Principal Financial and Accounting Officer)
Dated: January 26, 2026

EXHIBIT INDEX

Exhibit No. Description
99.1 Press Release, datedJanuary26, 2026issued by First Merchants Corporation
99.2 Slide Presentation, utilized onJanuary27, 2026during conference call and webcast by First Merchants Corporation
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Document

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)
2024
ASSETS
Cash and due from banks 84,158 $ 87,616
Interest-bearing deposits 298,891
Investment securities available for sale 1,386,475
Investment securities held to maturity, net of allowance for credit losses 2,074,220
Loans held for sale 18,663
Loans 12,854,359
Less: Allowance for credit losses - loans (192,757)
Net loans 12,661,602
Premises and equipment 129,743
Federal Home Loan Bank stock 41,690
Interest receivable 91,829
Goodwill 712,002
Other intangibles 19,828
Cash surrender value of life insurance 304,906
Other real estate owned 4,948
Tax asset, deferred and receivable 92,387
Other assets 387,169
TOTAL ASSETS 19,025,101 $ 18,311,969
LIABILITIES
Deposits:
Noninterest-bearing 2,137,262 $ 2,325,579
Interest-bearing 12,196,047
Total Deposits 14,521,626
Borrowings:
Federal funds purchased 99,226
Securities sold under repurchase agreements 142,876
Federal Home Loan Bank advances 822,554
Subordinated debentures and other borrowings 93,529
Total Borrowings 1,158,185
Interest payable 16,102
Other liabilities 311,073
Total Liabilities 16,006,986
STOCKHOLDERS' EQUITY
Preferred Stock, 1,000 par value, 1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares 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
Common Stock, 0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 56,951,939 and 57,974,535 shares 7,247
Additional paid-in capital 1,188,768
Retained earnings 1,272,528
Accumulated other comprehensive loss (188,685)
Total Stockholders' Equity 2,304,983
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 19,025,101 $ 18,311,969

All values are in US Dollars.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Twelve Months Ended
(Dollars In Thousands, Except Per Share Amounts) December 31, December 31,
2025 2024 2025 2024
INTEREST INCOME
Loans:
Taxable $ 203,120 $ 197,536 $ 786,427 $ 803,652
Tax-exempt 10,905 9,020 43,415 34,262
Investment securities:
Taxable 7,736 9,024 32,662 36,086
Tax-exempt 12,459 12,754 49,952 53,487
Deposits with financial institutions 2,187 5,350 8,127 16,992
Federal Home Loan Bank stock 1,037 958 4,209 3,527
Total Interest Income 237,444 234,642 924,792 948,006
INTEREST EXPENSE
Deposits 88,670 89,835 344,279 386,127
Federal funds purchased 218 26 2,219 481
Securities sold under repurchase agreements 405 680 2,464 3,057
Federal Home Loan Bank advances 8,047 8,171 35,763 29,886
Subordinated debentures and other borrowings 1,040 1,560 4,054 7,341
Total Interest Expense 98,380 100,272 388,779 426,892
NET INTEREST INCOME 139,064 134,370 536,013 521,114
Provision for credit losses 7,150 4,200 21,250 35,700
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 131,914 130,170 514,763 485,414
NONINTEREST INCOME
Service charges on deposit accounts 8,704 8,124 34,263 32,606
Fiduciary and wealth management fees 9,175 8,665 35,492 34,215
Card payment fees 5,325 4,957 19,790 19,317
Net gains and fees on sales of loans 5,421 5,681 21,275 20,840
Derivative hedge fees 1,053 1,594 3,385 3,082
Other customer fees 315 316 1,545 1,547
Earnings on bank-owned life insurance 1,854 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 income 1,259 2,826 3,579 6,283
Total Noninterest Income 33,106 42,742 126,934 125,580
NONINTEREST EXPENSE
Salaries and employee benefits 58,254 55,437 225,080 221,167
Net occupancy 7,283 7,335 28,401 28,387
Equipment 7,681 7,028 28,614 26,802
Marketing 2,324 2,582 7,794 7,389
Outside data processing fees 7,509 6,029 27,488 27,140
Printing and office supplies 450 377 1,380 1,462
Intangible asset amortization 1,498 1,771 6,028 7,271
FDIC assessments 2,684 3,744 13,410 15,029
Other real estate owned and foreclosure expenses 775 227 1,525 2,076
Professional and other outside services 3,774 3,777 14,494 14,586
Other expenses 7,290 7,982 28,369 27,957
Total Noninterest Expense 99,522 96,289 382,583 379,266
Income Before Income Taxes 65,498 76,623 259,114 231,728
Income tax expense 8,433 12,274 33,113 30,326
NET INCOME 57,065 64,349 226,001 201,402
Preferred stock dividends 469 469 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 Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
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 Loans 13,717,822 12,757,676 13,320,678 12,634,324
Total Earning Assets 17,648,233 17,089,198 17,264,588 17,054,267
Total Deposits 15,294,518 14,788,294 14,816,114 14,816,564
Total Stockholders' Equity 2,452,005 2,312,270 2,375,500 2,252,491
FINANCIAL RATIOS:
Return on Average Assets 1.20 % 1.39 % 1.21 % 1.09 %
Return on Average Stockholders' Equity 9.23 11.05 9.43 8.86
Return on Tangible Common Stockholders' Equity 13.57 16.75 14.08 13.71
Average Earning Assets to Average Assets 92.69 92.48 92.65 92.68
Allowance for Credit Losses - Loans as % of Total Loans 1.42 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 Assets 12.88 12.51 12.75 12.24
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets 5.52 5.63 5.50 5.69
Interest Expense/Average Earning Assets 2.23 2.35 2.25 2.50
Net Interest Margin FTE 3.29 3.28 3.25 3.19
Efficiency Ratio 54.52 48.48 54.54 53.55
ASSET QUALITY
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars In Thousands) December 31, September 30, June 30, March 31, December 31,
2025 2025 2025 2025 2024
Nonaccrual Loans $ 71,773 $ 65,740 $ 67,358 $ 81,922 $ 73,773
Other Real Estate Owned and Repossessions 658 1,270 177 4,966 4,948
Nonperforming Assets (NPA) 72,431 67,010 67,535 86,888 78,721
90+ Days Delinquent 2,042 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-offs 6,021 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) September 30, June 30, March 31, December 31,
2025 2025 2025 2024
ASSETS
Cash and due from banks 84,158 $ 88,079 $ 81,567 $ 86,113 $ 87,616
Interest-bearing deposits 168,706 223,343 331,534 298,891
Investment securities available for sale 1,386,903 1,358,130 1,378,489 1,386,475
Investment securities held to maturity, net of allowance for credit losses 1,995,488 2,022,826 2,048,632 2,074,220
Loans held for sale 23,190 28,783 23,004 18,663
Loans 13,591,174 13,296,759 13,004,905 12,854,359
Less: Allowance for credit losses - loans (194,468) (195,316) (192,031) (192,757)
Net loans 13,396,706 13,101,443 12,812,874 12,661,602
Premises and equipment 121,771 122,808 128,749 129,743
Federal Home Loan Bank stock 47,264 47,290 45,006 41,690
Interest receivable 89,102 93,258 88,352 91,829
Goodwill 712,002 712,002 712,002 712,002
Other intangibles 15,298 16,797 18,302 19,828
Cash surrender value of life insurance 306,583 305,695 304,918 304,906
Other real estate owned 1,270 177 4,966 4,948
Tax asset, deferred and receivable 89,758 97,749 87,665 92,387
Other assets 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-bearing 12,769,409 12,600,162 12,276,921 12,196,047
Total Deposits 14,869,979 14,797,578 14,461,978 14,521,626
Borrowings:
Federal funds purchased 199,370 85,000 185,000 99,226
Securities sold under repurchase agreements 122,226 114,758 122,947 142,876
Federal Home Loan Bank advances 798,626 898,702 972,478 822,554
Subordinated debentures and other borrowings 57,632 62,617 62,619 93,529
Total Borrowings 1,177,854 1,161,077 1,343,044 1,158,185
Interest payable 18,240 16,174 13,304 16,102
Other liabilities 333,154 269,996 289,247 311,073
Total Liabilities 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 shares 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
Common Stock, 0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding 7,149 7,159 7,226 7,247
Additional paid-in capital 1,158,026 1,163,170 1,183,263 1,188,768
Retained earnings 1,377,966 1,342,473 1,306,911 1,272,528
Accumulated other comprehensive loss (155,864) (189,975) (190,311) (188,685)
Total Stockholders' Equity 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

All values are in US Dollars.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts) December 31, September 30, June 30, March 31, December 31,
2025 2025 2025 2025 2024
INTEREST INCOME
Loans:
Taxable $ 203,120 $ 200,406 $ 195,173 $ 187,728 $ 197,536
Tax-exempt 10,905 11,173 10,805 10,532 9,020
Investment securities:
Taxable 7,736 8,288 8,266 8,372 9,024
Tax-exempt 12,459 12,460 12,516 12,517 12,754
Deposits with financial institutions 2,187 1,676 1,892 2,372 5,350
Federal Home Loan Bank stock 1,037 1,092 1,083 997 958
Total Interest Income 237,444 235,095 229,735 222,518 234,642
INTEREST EXPENSE
Deposits 88,670 90,821 84,241 80,547 89,835
Federal funds purchased 218 224 965 812 26
Securities sold under repurchase agreements 405 654 663 742 680
Federal Home Loan Bank advances 8,047 8,638 9,714 9,364 8,171
Subordinated debentures and other borrowings 1,040 1,093 1,138 783 1,560
Total Interest Expense 98,380 101,430 96,721 92,248 100,272
NET INTEREST INCOME 139,064 133,665 133,014 130,270 134,370
Provision for credit losses 7,150 4,300 5,600 4,200 4,200
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 131,914 129,365 127,414 126,070 130,170
NONINTEREST INCOME
Service charges on deposit accounts 8,704 8,921 8,566 8,072 8,124
Fiduciary and wealth management fees 9,175 8,842 8,831 8,644 8,665
Card payment fees 5,325 5,007 4,932 4,526 4,957
Net gains and fees on sales of loans 5,421 4,983 5,849 5,022 5,681
Derivative hedge fees 1,053 1,097 831 404 1,594
Other customer fees 315 414 401 415 316
Earnings on bank-owned life insurance 1,854 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 Income 33,106 32,477 31,303 30,048 42,742
NONINTEREST EXPENSE
Salaries and employee benefits 58,254 57,317 54,527 54,982 55,437
Net occupancy 7,283 7,057 6,845 7,216 7,335
Equipment 7,681 6,998 6,927 7,008 7,028
Marketing 2,324 2,120 1,997 1,353 2,582
Outside data processing fees 7,509 6,943 7,107 5,929 6,029
Printing and office supplies 450 311 272 347 377
Intangible asset amortization 1,498 1,499 1,505 1,526 1,771
FDIC assessments 2,684 3,526 3,552 3,648 3,744
Other real estate owned and foreclosure expenses 775 121 29 600 227
Professional and other outside services 3,774 3,718 3,741 3,261 3,777
Other expenses 7,290 6,951 7,096 7,032 7,982
Total Noninterest Expense 99,522 96,561 93,598 92,902 96,289
Income Before Income Taxes 65,498 65,281 65,119 63,216 76,623
Income tax expense 8,433 8,516 8,287 7,877 12,274
NET INCOME 57,065 56,765 56,832 55,339 64,349
Preferred stock dividends 469 468 469 469 469
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 Assets 1.20 % 1.22 % 1.23 % 1.21 % 1.39 %
Return on Average Stockholders' Equity 9.23 9.51 9.63 9.38 11.05
Return on Tangible Common Stockholders' Equity 13.57 14.21 14.49 14.12 16.75
Average Earning Assets to Average Assets 92.69 92.73 92.71 92.47 92.48
Allowance for Credit Losses - Loans as % of Total Loans 1.42 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 Assets 12.88 12.71 12.64 12.76 12.51
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets 5.52 5.58 5.50 5.39 5.63
Interest Expense/Average Earning Assets 2.23 2.34 2.25 2.17 2.35
Net Interest Margin FTE 3.29 3.24 3.25 3.22 3.28
Efficiency Ratio 54.52 55.09 53.99 54.54 48.48
LOANS
--- --- --- --- --- --- --- --- --- --- ---
(Dollars In Thousands) December 31, September 30, June 30, March 31, December 31,
2025 2025 2025 2025 2024
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 farmers 283,125 275,817 265,172 243,864 256,312
Real estate loans:
Construction 804,775 789,021 836,033 793,175 792,144
Commercial real estate, non-owner occupied 2,338,666 2,304,889 2,171,092 2,177,869 2,274,016
Commercial real estate, owner occupied 1,237,100 1,232,117 1,226,797 1,214,739 1,157,944
Residential 2,420,310 2,412,783 2,397,094 2,389,852 2,374,729
Home equity 710,980 687,021 673,961 650,499 659,811
Individuals' loans for household and other personal expenditures 155,436 138,703 141,045 140,954 166,028
Public finance and other commercial loans 1,363,033 1,145,928 1,144,641 1,087,356 1,059,083
Loans 13,791,707 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,
2025 2025 2025 2025 2024
Demand deposits $ 7,770,473 $ 7,645,698 $ 7,798,695 $ 7,786,554 $ 7,980,061
Savings deposits 5,481,785 5,164,707 4,984,659 4,791,874 4,522,758
Certificates and other time deposits of $100,000 or less 603,690 627,828 617,857 625,203 692,068
Certificates and other time deposits of $100,000 or more 915,293 910,337 891,139 896,143 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)
December 31, 2024
Interest<br> Income /<br>Expense Average<br>Rate Average Balance Interest<br> Income /<br>Expense Average<br>Rate
ASSETS
Interest-bearing deposits 313,018 $ 2,187 2.79 % $ 522,868 $ 5,350 4.09 %
Federal Home Loan Bank stock 1,037 8.78 41,703 958 9.19
Investment Securities: (1)
Taxable 7,736 2.02 1,677,554 9,024 2.15
Tax-exempt (2) 15,771 3.10 2,089,397 16,144 3.09
Total Investment Securities 23,507 2.63 3,766,951 25,168 2.67
Loans held for sale 494 6.12 36,219 550 6.07
Loans: (3)
Commercial 160,949 6.84 8,753,723 156,414 7.15
Real estate mortgage 26,019 4.65 2,177,351 24,401 4.48
HELOC and installment 15,658 7.20 841,537 16,171 7.69
Tax-exempt (2) 13,778 4.75 948,846 11,418 4.81
Total Loans 216,898 6.32 12,757,676 208,954 6.55
Total Earning Assets 243,629 5.52 % 17,089,198 240,430 5.63 %
Total Non-Earning Assets 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 deposits 31,813 3.07 3,189,334 25,463 3.19
Savings deposits 2,399 0.76 1,362,705 3,102 0.91
Certificates and other time deposits 19,885 3.83 2,313,284 24,221 4.19
Total Interest-Bearing Deposits 88,670 2.70 12,429,551 89,835 2.89
Borrowings 9,710 3.99 1,049,677 10,437 3.98
Total Interest-Bearing Liabilities 98,380 2.79 13,479,228 100,272 2.98
Noninterest-bearing deposits 2,358,743
Other liabilities 328,062
Total Liabilities 16,166,033
STOCKHOLDERS' EQUITY 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 Assets 5.52 % 5.63 %
Interest Expense / Average Earning Assets 2.23 % 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.

All values are in US Dollars.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
December 31, 2024
Interest<br> Income /<br>Expense Average<br>Rate Average Balance Interest<br> Income /<br>Expense Average<br>Rate
ASSETS
Interest-bearing deposits 272,164 $ 8,127 2.99 % $ 418,163 $ 16,992 4.06 %
Federal Home Loan Bank stock 4,209 9.09 41,736 3,527 8.45
Investment Securities: (1)
Taxable 32,662 2.06 1,759,578 36,086 2.05
Tax-exempt (2) 63,230 3.10 2,200,466 67,705 3.08
Total Investment Securities 95,892 2.64 3,960,044 103,791 2.62
Loans held for sale 1,603 6.12 29,650 1,792 6.04
Loans: (3)
Commercial 621,298 6.83 8,687,638 641,393 7.38
Real estate mortgage 101,203 4.58 2,158,743 94,890 4.40
HELOC and installment 62,323 7.36 830,079 65,577 7.90
Tax-exempt (2) 54,857 4.79 928,214 43,370 4.67
Total Loans 841,284 6.32 12,634,324 847,022 6.70
Total Earning Assets 949,512 5.50 % 17,054,267 971,332 5.69 %
Total Non-Earning Assets 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 deposits 118,188 3.14 3,061,461 106,026 3.46
Savings deposits 9,962 0.78 1,463,707 14,587 1.00
Certificates and other time deposits 74,184 3.68 2,413,900 107,530 4.45
Total Interest-Bearing Deposits 344,279 2.72 12,445,560 386,127 3.10
Borrowings 44,500 3.91 1,005,017 40,765 4.06
Total Interest-Bearing Liabilities 388,779 2.82 13,450,577 426,892 3.17
Noninterest-bearing deposits 2,371,004
Other liabilities 326,423
Total Liabilities 16,148,004
STOCKHOLDERS' EQUITY 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 Assets 5.50 % 5.69 %
Interest Expense / Average Earning Assets 2.25 % 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.

All values are in US Dollars.

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts) Three Months Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2025 2025 2025 2025 2024 2025 2024
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 expenses 524 276 — — — 800 —
Non-core expenses (1)(2)(3)(4) (743) 633 — — 762 (110) 4,243
Tax on adjustments 53 (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 Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2025 2025 2025 2025 2024 2025 2024
Net Interest Income (GAAP) $ 139,064 $ 133,665 $ 133,014 $ 130,270 $ 134,370 $ 536,013 $ 521,114
Fully Taxable Equivalent ("FTE") Adjustment 6,185 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 Adjustment 0.14 % 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 Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2025 2025 2025 2025 2024 2025 2024
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 Tax 1,183 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 Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2025 2025 2025 2025 2024 2025 2024
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 Adjustment 6,185 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

frme4q2025earningsreleas

Investor Update Fourth Quarter 2025

Forward Looking Statements This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These forward-looking statements include, but are not limited to, statements relating to the expected timing and benefits of the proposed merger (the “Merger”) between First Merchants Corporation (“First Merchants”) and First Savings Financial Group, Inc. (“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 obtain required regulatory approvals or the approval of First Savings’ common shareholders, and 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 Securities and Exchange Commission (“SEC”). First Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this presentation or press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results, whether the Merger is effectuated or not. PRO FORMA AND PROJECTED INFORMATION This presentation contains certain pro forma and projected financial information, including projected pro forma information, which reflects First Merchants’ current expectations and assumptions. This pro forma information is for illustrative purposes only and should not be relied on as necessarily being indicative of future results. The assumptions and estimates underlying the pro forma information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information, including those in the “Forward Looking Statements” disclaimer. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the combined company after the proposed acquisition or that actual results will not differ materially from those presented in the pro forma information. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure. 2

Executive Management Team 3 Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Officer in April of 2002. In 2016, Mark’s title expanded to include Chief Operating Officer, overseeing the leadership responsibilities for finance, operations, technology, risk, legal, and facilities for the corporation. Prior to joining First Merchants Corporation, Mark served as a senior accountant with BKD, LLP in Indianapolis. Mark is a graduate of Ball State University with a Master of Business Administration and Bachelor’s degree in Accounting. He is also a certified public accountant and a graduate of the Stonier School of Banking. FMB: 28 Yrs Banking: 28 Yrs FMB: 10 Yrs Banking: 22 Yrs Michele Kawiecki Chief Financial Officer Michele Kawiecki currently serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank. Michele joined First Merchants in 2015 as Director of Finance. Prior to joining First Merchants, Michele spent 12 years with UMB Financial Corporation in Kansas City, Missouri having served as Senior Vice President of Capital Management and Assistant Treasurer; Director of Corporate Development and the Enterprise Project Management Office; and Chief Risk Officer. Prior to UMB, she worked for PriceWaterhouseCoopers LLP as an Audit Manager. Michele earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City and a Bachelor’s degree in Accounting from Dakota Wesleyan University. FMB: 18 Yrs Banking: 37 Yrs Mike Stewart President Mike Stewart currently serves as President for First Merchants Corporation and First Merchants Bank overseeing the Commercial, Private Wealth, and Consumer Lines of Business for the Bank. Mike joined the bank in 2008 as Chief Banking Officer. Prior to joining First Merchants, Mike spent 18 years with National City Bank in various commercial sales and credit roles. Mike has a Master of Business Administration from Butler University and a Bachelor’s degree in Finance from Millikin University. FMB: 18 Yrs Banking: 36 Yrs John Martin Chief Credit Officer John Martin currently serves as Executive Vice President and Chief Credit Officer of First Merchants Corporation overseeing the Commercial, Small Business and Consumer Credit functions, as well as Bank Operations and the Mortgage Line of Business. Prior to joining First Merchants, John spent 18 years with National City Bank in various sales and senior credit roles. John is a graduate of Indiana University where he earned a Bachelor of Arts in Economics. He also holds a Master of Business Administration in Finance from Case Western Reserve University. Mark Hardwick – 11/03/1997 Mike Stewart - 02/01/2008 1988 Banking Start John Martin – 12/31/2007 Michele Kawiecki – 03/02/2015

First Merchants Corporation (NASDAQ: FRME) Financial Highlights as of 12/31/2025 $19.0 Billion $13.8 Billion $15.3 Billion $6.1 Billion Assets Under Advisement* Total Assets Total Loans Total Deposits TCE/TA: YTD Return on TCE YTD ROAA: Dividend Yield: Price / Tangible Book: Price / LTM EPS: 1.21% 9.38% 14.08% 3.82% 1.24x 9.6x Market Cap $2.1B Largest financial services holding company headquartered in Central Indiana 111 Banking Centers 4 *Includes $4.2 billion in assets under management; excludes $0.3 billion in custody assets

Highlights 5 ▪ Reported EPS of $0.99 compared to $1.10 in 4Q24; EPS of $0.981,2 when adjusted for non-core items compared to core EPS of $1.001,2 in 4Q24 ▪ Loan growth of $197.4 million, or 5.8% annualized ▪ Efficiency ratio of 54.52% ▪ Robust capital position with tangible common equity ratio of 9.38% ▪ Repurchased 271,953 shares totaling $10.4 million 9.23% ROE 13.57% ROTCE2 ROE & ROTCE (Annualized) $56.6 Million $0.99 Per Share Net Income & EPS1 1.20% ROA 1.52% PTPP ROA2 ROA (Annualized) 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation Fourth Quarter

▪ 13.8% EPS growth over prior year ▪ Reported EPS of $3.88 compared to $3.41 in prior year; EPS of $3.891,2 when adjusted for non-core items compared to core EPS of $3.471,2 in prior year ▪ Strong loan growth of $938.8 million, or 7.3% ▪ Delivered PPNR growth and positive operating leverage over prior year ▪ Efficiency ratio of 54.54% ▪ Repurchased 1,211,224 shares totaling $46.9 million ▪ $30 million of sub debt redeemed in 1Q25 ▪ 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. Highlights 6 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation Note: MSA and County ranking per FDIC. Map includes all FRME locations including branches, LPOs and administrative centers. 9.43% ROE 14.08% ROTCE2 ROE & ROTCE (Annualized) $224.1 Million $3.88 Per Share Net Income & EPS1 1.21% ROA 1.51% PTPP ROA2 ROA (Annualized) Year to Date FRME Locations FSFG Locations

Business Strategy 7 Commercial Banking Private Wealth Advisors Consumer Banking Mortgage Banking Strategy: Advantages: We deliver flexible solutions through a high-touch, client-centric banking model supported by experienced teams and accessible leadership, focusing on in- footprint relationships with Whole Bank potential. • Community Engagement • Client-Centric Relationship Banking • Experienced, Aligned Teams • Accessible Leadership • Speed & Flexibility Strategy: We help personal banking clients and small business owners prosper through a relationship-driven approach supported by strong digital capabilities and local market connectivity. • Client Centric Strategy • Community Engagement • Career Development • Performance and Culture Advantages: Strategy: We partner with individuals, families and organizations to provide comprehensive solutions and personal service in pursuit of a secure financial future • Delivering a comprehensive and coordinated client experience • Proactive service and client advocacy leveraging experience • Scalable technology and relationship data integration • Consistent client and partner experience • Connected and empowered resources in our Communities Advantages: Strategy: Differentiate First Merchants in the Mortgage Market through a rewarding experience that attracts loyal clients and high-performing talent, while driving net contribution and expanding household relationships across the bank. • Resilient through every economic cycles • Proven capability to attract & retain top-performing talent • Leveraging self-sourced & internal referrals to unlock new opportunities • Products tailored to meet the needs of diverse customer needs • Industry-leading technology with robust digital solutions Advantages:

▪ Strong Commercial growth during the quarter of ~$153 million, or 5.9% ▪ C&I growth of ~$135 million ▪ IRE growth of ~$50 million ▪ Strong Commercial growth year to date of ~$852 million, or 8.8% ▪ C&I growth of ~$699 million ▪ IRE balances increased by ~$78 million ▪ Public Finance growth of ~$48 million ▪ Commercial pipelines remained strong at quarter end for both C&I and IRE Loan Growth Summary1,2 Business Highlights - Loans 8 MSA and County ranking data per FDIC Commercial Consumer 1Commercial includes Public Finance, Consumer includes Private Wealth and Mortgage 2Annualized Indianapolis Indianapolis MSA Rank:7 Deposits: $4.0B Loans: $5.1B Columbus Columbus MSA Rank: 15 Deposits: $0.7B Loans: $1.4B Northwest Indiana Lake County Rank: 5 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.3B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 5 Deposits: $5.1B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 11 Deposits: $2.5B Loans: $3.0B ▪ Consumer growth during the quarter of ~$44 million, or 5.5% ▪ Home Equity balances increased ~$24 million ▪ Other Consumer balances increased ~$16 million ▪ Consumer balances increased year to date by ~$87 million, or 2.7% ▪ Residential Mortgage balances increased ~$51 million ▪ Home Equity balances increased ~$51 million ▪ Consumer and Mortgage pipelines remain consistent with prior quarter ending period 4Q25 Balance ($B) Growth Commercial 10.5 5.9% Consumer 3.3 5.5% Total Loan Growth QTD 5.8% Total Loan Growth YTD 7.3%

Deposit Growth Summary1,2 Business Highlights - Deposits 9 MSA and County ranking data per FDIC 1Commercial includes Public Funds deposits and Consumer includes Private Wealth and Mortgage 2Annualized ▪ Commercial deposits increased during the quarter by ~$22 million ▪ Core relationship balances decreased ~$39 million ▪ Public Funds balances increased ~$61 million ▪ Commercial deposits increased year to date by ~$118 million ▪ Core relationship balances decreased ~$129 million ▪ Public Funds balances increased ~$247 million Commercial Consumer ▪ Consumer deposits increased during the quarter by ~$155 million ▪ Non-maturity balances increased ~$225 million ▪ Maturity balances decreased ~$70 million ▪ Consumer deposits increased year to date by ~$135 million ▪ Non-maturity balances increased ~$403 million ▪ Maturity balances declined ~$268 million 4Q25 Balance ($B) Growth Commercial 7.4 1.2% Consumer 5.9 10.9% Total Deposit Growth QTD 11.4% Total Deposit Growth YTD 5.3% Indianapolis Indianapolis MSA Rank:7 Deposits: $4.0B Loans: $5.1B Columbus Columbus MSA Rank: 15 Deposits: $0.7B Loans: $1.4B Northwest Indiana Lake County Rank: 5 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.3B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 5 Deposits: $5.1B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 11 Deposits: $2.5B Loans: $3.0B

Fourth Quarter Financial Results 10 ▪ 54.52% Efficiency Ratio ▪ Net interest income increased $5.4 million due to higher earning asset income and lower funding costs ▪ Net interest margin - FTE of 3.29% increased 5 basis points over prior quarter ▪ Noninterest income increased $0.6 million due to higher customer-related fees ▪ $30.18 Tangible Book Value per share, an increase of $1.10, or 4% from prior quarter 4Q25 Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Variance Linked Quarter % Variance Linked QTR- Annualized Balance Sheet & Asset Quality 1. Total Assets $18,312.0 $18,439.8 $18,592.8 $18,811.6 $19,025.1 $213.5 4.5% 2. Total Loans 12,873.0 13,027.9 13,325.5 13,614.4 13,811.8 197.4 5.8% 3. Investments 3,460.7 3,427.1 3,381.0 3,382.4 3,378.6 (3.8) -0.4% 4. Deposits 14,521.6 14,462.0 14,797.6 14,870.0 15,294.9 424.9 11.4% 5. Total Equity 2,305.0 2,332.2 2,348.0 2,412.4 2,466.7 54.3 9.0% 6. TCE Ratio 8.81% 8.90% 8.92% 9.18% 9.38% 0.20% 7. Total RBC Ratio 13.31 13.22 13.06 13.04 13.41 0.37 8. ACL / Loans 1.50 1.47 1.47 1.43 1.42 -0.01 9. NCOs / Avg Loans 0.02 0.15 0.07 0.15 0.18 0.03 10. NPAs + 90PD / Assets 0.46 0.49 0.39 0.37 0.39 0.02 Summary Income Statement 11. Net Interest Income $134.4 $130.3 $133.0 $133.7 $139.1 $5.4 4.0% 12. Provision for Credit Losses 4.2 4.2 5.6 4.3 7.2 2.9 13. Noninterest Income 42.7 30.0 31.3 32.5 33.1 0.6 1.8% 14. Noninterest Expense 96.3 92.9 93.6 96.6 99.5 2.9 3.0% 15. Pre-tax Income 76.6 63.2 65.1 65.3 65.5 0.2 0.3% 16. Provision for Taxes 12.2 7.8 8.3 8.5 8.4 (0.1) -1.2% 17. Net Income 64.4 55.4 56.8 56.8 57.1 0.3 0.5% 18. Preferred Stock Dividends 0.5 0.5 0.5 0.5 0.5 0.0 19. Net Income Available to Common Stockholders 63.9 54.9 56.4 56.3 56.6 0.3 0.5% 20. ROAA 1.39% 1.21% 1.23% 1.22% 1.20% -0.02% 21. ROAE 11.05 9.38 9.63 9.51 9.23 -0.28 22. ROTCE1 16.75 14.12 14.49 14.21 13.57 -0.64 23. Net Interest Margin - FTE 3.28 3.22 3.25 3.24 3.29 0.05 24. Efficiency Ratio 48.48 54.54 53.99 55.09 54.52 -0.57 Per Share 25. Earnings per Diluted Share $1.10 $0.94 $0.98 $0.98 $0.99 $0.01 26. Tangible Book Value per Share1 26.78 27.34 27.90 29.08 30.18 1.10 27. Dividend per Share 0.35 0.35 0.36 0.36 0.36 0.00 28. Dividend Payout Ratio 31.8% 37.2% 36.7% 36.7% 36.4% -0.4% For the Three Months Ended,

Year to Date Financial Results 11 ▪ 54.54% Efficiency Ratio ▪ Net interest income increased $14.9 million as reductions in funding costs outpaced asset repricing ▪ Net interest margin – FTE of 3.25% was six basis points higher than prior year margin of 3.19% ▪ Noninterest income increased $1.3 million as customer related fees increased $4.1 million over prior year ▪ Tangible Book Value per share totaled $30.18, an increase of $3.40, or 12.7% from prior year Year to Date Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 2023 2024 2025 Variance YOY % Variance YOY Balance Sheet & Asset Quality 1. Total Assets $18,405.9 $18,312.0 $19,025.1 $713.1 3.9% 2. Total Loans 12,505.0 12,873.0 13,811.8 938.8 7.3% 3. Investments 3,811.4 3,460.7 3,378.6 (82.1) -2.4% 4. Deposits 14,821.5 14,521.6 15,294.9 773.3 5.3% 5. Total Equity 2,247.7 2,305.0 2,466.7 161.7 7.0% 6. TCE Ratio 8.40% 8.81% 9.38% 0.57% 7. Total RBC Ratio 13.67 13.31 13.41% 0.10 8. ALLL / Loans 1.64 1.50 1.42 -0.08 9. NCOs / Avg Loans 0.21 0.39 0.14 -0.25 10. NPAs + 90PD / Assets 0.32 0.46 0.39 -0.07 Summary Income Statement 11. Net Interest Income $545.4 $521.1 $536.0 $14.9 2.9% 12. Provision for Credit Losses 3.5 35.7 21.3 (14.4) 13. Noninterest Income 105.6 125.6 126.9 1.3 1.0% 14. Noninterest Expense 388.3 379.3 382.5 3.2 0.8% 15. Pre-tax Income 259.2 231.7 259.1 27.4 11.8% 16. Provision for Taxes 35.4 30.3 33.1 2.8 9.2% 17. Net Income 223.8 201.4 226.0 24.6 12.2% 18. Preferred Stock Dividends 1.9 1.9 1.9 0.0 19. Net Income Available to Common Stockholders 221.9 199.5 224.1 24.6 12.3% 20. ROAA 1.23% 1.09% 1.21% 0.12% 21. ROAE 10.43 8.86 9.43 0.57 22. ROTCE 16.76 13.71 14.08 0.37 23. Net Interest Margin - FTE 3.35 3.19 3.25 0.06 24. Efficiency Ratio 55.17 53.55 54.54 0.99 Per Share 25. Earnings per Diluted Share $3.73 $3.41 $3.88 $0.47 26. Tangible Book Value per Share 25.06 26.78 30.18 3.40 27. Dividend per Share 1.34 1.39 1.43 0.04 28. Dividend Payout Ratio 35.9% 40.8% 36.9% -3.9% For the Year Ended December 31,

▪ Net unrealized AFS loss of $166.9 million ($196.9 M prior Q) ▪ Net unrealized HTM loss of $253.5 million ($288.7 M prior Q) Investment Portfolio Highlights 12 4Q25 Investment Portfolio Composition Yield on Investments (%) / Total Investments ($B) $3.4B Total Investment Portfolio Gains / LossesHighlights Realized Gains/Losses ▪ 4Q 2024 $11.6 million loss ▪ 1Q 2025 none ▪ 2Q 2025 none ▪ 3Q 2025 none ▪ 4Q 2025 none Unrealized Losses ▪ Effective duration of 5.6 years ▪ Cash flow of $282 million in the next 12 months / ~2.09% yield ▪ AA rated municipal bond portfolio ▪ ~55% of portfolio classified as Held-to-Maturity ▪ Allowance for Credit Losses for Investments of $245,000 $3.5 $3.4 $3.4 $3.4 $3.4 2.67% 2.63% 2.64% 2.67% 2.63% 4Q24 1Q25 2Q25 3Q25 4Q25 Investments ($B) Yield on Investments (%) Municipal Bonds 57% Mortgage- Backed Securities 25% Collateralized Mortgage Obligations 5% U.S. Agencies 11% Corporate Obligations 2%

Commercial & Industrial 32.4% Commercial Real Estate Owner-Occupied 9.0% Commercial Real Estate Non-Owner Occupied 17.0% Construction Land & Land Development 5.8% Agricultural Land & Production 2.1% Public Finance/Other Commercial 9.9% Residential Mortgage 17.5% Home Equity 5.2% Other Consumer 1.1% Loan Portfolio Highlights 13 4Q25 Loan Composition Yield on Loans (%) / Total Loans ($B) $13.8B Total 4Q25 Portfolio by Yield Type Highlights Total loan rate mix as of 4Q25 • $9.8 billion variable rate • $4.0 billion fixed rate ▪ Portfolio composition is ~76% Commercial oriented ▪ Total loan yield of 6.32% ▪ New/renewed loan yields averaged 6.51% for the quarter $0.9 $0.7 $0.7$0.4$0.7$0.7 $12.9 $13.0 $13.3 $13.6 $13.8 6.55% 6.21% 6.32% 6.40% 6.32% 4Q24 1Q25 2Q25 3Q25 4Q25 Total Loans ($B) Yield on Loans (%) Fixed Rate 30% Prime-Based 12% Other Variable Rates 7% SOFR-Based 51%

$204,934 $192,757 $195,597 $37,200 $21,250 $49,377 $18,410 ACL - Loans 12/31/2023 Net Charge-offs 2024 Provision 2024 ACL - Loans 12/31/2024 Net Charge-offs 2025 YTD Provision 2025 YTD ACL - Loans 12/31/2025 Increase Decrease Allowance for Credit Losses - Loans 14 4Q25 Allowance for Credit Losses - Loans Highlights Change in ACL – Loans ▪ $7.2 million Q4 provision ▪ The reserve for unfunded commitments totals $18.0 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $13.4 million inclusive of credit and interest rate marks $192.8 $192.0 $195.3 $194.5 $195.6 1.50% 1.47% 1.47% 1.43% 1.42% 4Q24 1Q25 2Q25 3Q25 4Q25 Allowance Allowance to Loans

Demand Deposits 51% Savings Deposits 36% Certificates & Time Deposits > $100k 6% Certificates & Time Deposits < $100k 4% Brokered Certificates of Deposits 3% Deposit Portfolio Highlights 15 4Q25 Deposit Composition Highlights $15.3B Total 1Total brokered deposits of $1.5 billion, which includes brokered CDs of $524 million 2Defined as total deposits less time deposits > $100k Cost of Total Deposits (%) / Total Deposits ($B) ▪ Strong core deposit base • 91% core deposits2 • 14% noninterest bearing • 33% of total deposits yield 0 to 5 bps ▪ Insured 71.4% / Uninsured 28.6% ▪ Average deposit account balance of $38,000 1 $14.5 $14.5 $14.8 $14.9 $15.3 2.43% 2.23% 2.30% 2.44% 2.32% 4Q24 1Q25 2Q25 3Q25 4Q25 Total Deposits ($B) Cost of Total Deposits (%)

Net Interest Margin 16 $105.1$97.1 $97.3 $105.1 $107.0$97.8 $107.0 $97.3 $105.1 $110.0$109.2 $107.0 $105.1 $109.2 $110.0 $106.9 1Adjusted for Fair Value Accretion 4Q24 1Q25 2Q25 3Q25 4Q25 1. Net Interest Income - FTE ($millions) 140.2$ 136.4$ 139.2$ 139.9$ 145.3$ 2. Fair Value Accretion 1.4$ 1.1$ 1.0$ 0.9$ 1.0$ 3. Adjusted Net Interest Income - FTE 1 138.8$ 135.3$ 138.2$ 139.0$ 144.3$ 4. Tax Equivalent Yield on Earning Assets 5.63% 5.39% 5.50% 5.58% 5.52% 5. Interest Expense/Average Earning Assets 2.35% 2.17% 2.25% 2.34% 2.23% 6. Net Interest Margin - FTE 3.28% 3.22% 3.25% 3.24% 3.29% 7. Fair Value Accretion Effect 0.03% 0.03% 0.03% 0.02% 0.02% 8. Adjusted Net Interest Margin 1 3.25% 3.19% 3.22% 3.22% 3.27% $140.2 $136.4 $139.2 $139.9 $145.3 3.28% 3.22% 3.25% 3.24% 3.29% 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income - FTE ($millions) Net Interest Margin - FTE

Noninterest Income Highlights 17 4Q25 Noninterest Income Detail ($M) $33.1M Total Noninterest Income Trends Fee Income / Revenue Highlights ▪ Customer-related fees totaling $30.0 million for 4Q25 increased $0.7 million on a linked quarter basis Customer-Related Fees ($M) $8.7 $8.7 $8.8 $8.9 $9.2 $5.7 $5.0 $5.9 $5.0 $5.4 $8.1 $8.1 $8.6 $8.9 $8.7 $5.0 $4.5 $4.9 $5.0 $5.3 $1.9 $0.8 $1.2 $1.5 $1.4 $29.4 $27.1 $29.4 $29.3 $30.0 4Q24 1Q25 2Q25 3Q25 4Q25 Wealth Management Gain on Sale of Loans Service Charges Card Payment Fees Other Customer Fees 23.4% 18.0% 18.4% 18.9% 18.6% Wealth Management $9.2 28% Gain on Sale of Loans $5.4 16% Service Charges $8.7 26% Card Payment Fees $5.3 16% Derivative Hedge Fees $1.1 3% BOLI $1.9 6% Other Customer Fees $0.3 1% Other $1.2 4%

Salary & Benefits $58.3 59% Net Occupancy & Equipment $14.9 15% Outside Data Processing $7.5 7% Professional & Other Outside Services $3.8 4% Intangible Asset Amortization $1.5 1%Marketing $2.3 2% FDIC Expense $2.7 3% Other $8.5 9% Noninterest Expense Highlights 18 4Q25 Noninterest Expense Detail $99.5M Total Noninterest Expense Trends ($M) Efficiency Ratio Highlights ▪ Increase from 3Q25 of $3.0 million due to higher employee health insurance, software and credit costs 14Q24, 3Q25, and 4Q25 Efficiency Ratios excluding non-core expenses and IL branch sale, see “Non-GAAP Financial Information” for reconciliation 53.60%1 54.56%1 $55.4 $55.0 $54.5 $57.3 $58.3 $14.4 $14.2 $13.8 $14.1 $14.9 $6.0 $5.9 $7.1 $7.0 $7.5 $20.5 $17.8 $18.2 $18.2 $18.8 $96.3M $92.9M $93.6M $96.6M $99.5M 4Q24 1Q25 2Q25 3Q25 4Q25 Salary & Benefits Net Occupancy & Equipment Outside Data Processing Other 54.65%1 48.48% 54.54% 53.99% 55.09% 54.52%

Capital Ratios 19 Tangible Common Equity Ratio Common Equity Tier 1 Ratio Total Risk-Based Capital Ratio 9.31% 9.31% 9.57% 9.31% 9.65%9.57%9.31% 9.57% 9.65% ▪ Repurchased 1,211,224 shares totaling $46.9 million during the year ▪ 271,953 shares repurchased during the fourth quarter totaling $10.4 million ▪ $30 million of sub debt redeemed in 1Q25 Highlights 8.81% 8.90% 8.92% 9.18% 9.38% 4Q24 1Q25 2Q25 3Q25 4Q25 TCE Ratio Target TCE (8.00%) 11.43% 11.50% 11.35% 11.34% 11.70% 4Q24 1Q25 2Q25 3Q25 4Q25 CET 1 Ratio Target CET1 Ratio (10.00%) 13.31% 13.22% 13.06% 13.04% 13.41% 4Q24 1Q25 2Q25 3Q25 4Q25 TRBC Ratio Target TRBC Ratio (12.50%)

4Q25 Highlights Loan Portfolio 20 Geography Loan Portfolio Trends ($M) Year End 2025 Highlights ▪ Total loan growth of $939 million or 7.3% • Commercial Loans grew $852 million or 8.8% • Led by C&I lending totaling $699 million or 13.3% ▪ CRE concentration levels leave capacity for growth opportunities: CRE Construction: 38.8% / 100%1 CRE Total: 151.7% / 300%1 82.5% of borrowers within four state Midwest geography 1Measures loans as a percentage of the Bank's total regulatory capital which is used by regulators to assess CRE exposure. ▪ Balanced Commercial loan growth of $153 million or 5.9% annualized 4Q24 1Q25 2Q25 3Q25 4Q25 1. C&I - Regional Banking 3,349$ 3,482$ 3,574$ 3,694$ 3,837$ 2. C&I - Sponsor Finance 766 824 867 911 898 3. CRE Owner Occupied 1,158 1,215 1,227 1,232 1,237 4. Total C&I Loans 5,273 5,521 5,668 5,837 5,972 5. Construction/Land/Land Dev. 792 793 836 789 805 6. CRE Non-Owner Occupied 2,274 2,178 2,171 2,305 2,339 7. Total CRE NOO Loans 3,066 2,971 3,007 3,094 3,144 8. Agricultural 256 244 265 276 283 9. Public Finance/Other Commercial 1,059 1,087 1,145 1,146 1,107 10. Total Commercial Loans 9,654 9,823 10,085 10,353 10,506 11. Residential Mortgage 2,389 2,413 2,426 2,436 2,440 12. Home Equity 660 651 674 687 711 13. Other Consumer 170 141 141 139 155 14. Total Resi Mortgage & Consumer 3,219 3,205 3,241 3,262 3,306 15. Total Loans 12,873$ 13,028$ 13,326$ 13,615$ 13,812$

▪ $897.5 million in loans to 97 companies in a diversity of industries ▪ Senior Debt/Adj. EBITDA < 3.0X ~83% ▪ Total Debt/Adj. EBITDA < 4.0X ~75% ▪ FCCR > 1.50X ~70% ▪ ~4.4% Classified (as a % of portfolio) ▪ Excellent credit history with ~$19.3 million in total losses on ~$2.05 billion of funded loans over 10-year history of groupC&I includes commercial and industrial, sponsor and owner- occupied real estate loans C&I - Sponsor Finance ▪ Line utilization 4Q25 at 49.8% from 50.0% 3Q25 ▪ Shared National Credits: • $1.0 billion to 91 borrowers, $10.8 million average balance • Top borrowers in Manufacturing, Agriculture, Equipment Rental and RE Rental and Leasing ▪ $35.4 million of SBA guaranteed loans Loan Portfolio Insights 21 C&I ▪ $153.8 million Resi. Real Estate Construction ▪ $650.9 million CRE Construction3 Construction Finance Home Equity / Other Consumer Residential Mortgage ▪ > 95.7% of $774.8 million in consumer loans had a credit score exceeding 669 at origination1 ▪ $249.0 million residential mortgage secured, related to commercial loan relationships ▪ ~$2.1 billion residential mortgage loans • > 91.4% of $1.9 billion in residential portfolio loans had a credit score at origination exceeding 6692 Commercial Mortgage & Consumer 1Excludes ~11% of loans where origination data is unavailable 2Excludes ~12% of residential loans where origination data is unavailable 3Includes Construction, Land, & Land Development

Office - Maturities Loan Portfolio Insights (continued) 22 Total Loans $13.8 Billion Commercial Real Estate (Non-Owner Occupied) ($M) Office (Non-Owner Occupied) ($M) ▪ Top 10 loans are ~52% of total office with WALTV of ~59.3% at origination ▪ Largest NOO Office $25.0 million, single tenant office mixed use, 67.2% LTV ▪ 2nd largest $24.2 million, single tenant medical Office Maturities $261.2 Million Office % Total Loans Multi- Family Industrial Warehouse / Storage Retail Office Other Total CRE (NOO) Balance: 748.1$ 431.7$ 324.3$ 305.4$ 261.2$ 268.0$ 2,338.7$ Commitment: 765.9$ 443.4$ 332.4$ 309.5$ 264.0$ 292.4$ 2,407.6$ # of loans: 446 468 94 264 163 122 1,557 % of Total Loans: 5.4% 3.1% 2.3% 2.2% 1.9% 1.9% 16.9% Average Loan Balance: 1.7$ 0.9$ 3.5$ 1.2$ 1.6$ 2.2$ 1.5$ Top 10 - Avg. Loan Com: 17.5$ 12.9$ 19.9$ 8.1$ 13.6$ 16.0$ 25.8$

Asset Quality 23 Asset Quality Trends ($M) 4Q25 Highlights Asset Quality: ▪ Largest Non-Accruals: • $12.9 million – IRE Multi-family Construction o Paid-off January 8, 2026 o Adjusted for payoff, NPA + 90PD/Loans and ORE ratio declines to 0.45% • $9.6 million – IRE Multi-family Construction • $4.3 million – C&I Contractor 4Q24 1Q25 2Q25 3Q25 4Q25 1. Non-Accrual Loans 73.8$ 81.9$ 67.4$ 65.7$ 71.8$ 2. Other Real Estate 4.9 5.0 0.2 1.3 0.7 3. 90PD Loans 5.9 4.3 4.4 1.9 2.0 4. NPAs + 90PD 84.6$ 91.2$ 72.0$ 68.9$ 74.5$ 5. NPAs + 90PD/Loans and ORE 0.66% 0.70% 0.54% 0.51% 0.54% 6. Classified Loans 372.8$ 362.3$ 373.5$ 344.3$ 353.0$ 7. Classified Loans/Loans 2.90% 2.78% 2.80% 2.53% 2.56% 8. Net Charge-offs (QTD) 0.8$ 4.9$ 2.3$ 5.2$ 6.0$ 9. QTD NCO/Avg. Loans (Annualized) 0.02% 0.15% 0.07% 0.15% 0.18%

Nonperforming Assets 24 Nonperforming Assets Roll Forward ($M) 4Q25 Highlights Nonperforming Migration: ▪ New $9.6 million non-accrual IRE Multi-family Construction relationship ▪ Payoff of $5.7 million non-accrual IRE Nursing Facility 4Q24 1Q25 2Q25 3Q25 4Q25 1. Beginning Balance NPAs + 90PD 78.4$ 84.6$ 91.2$ 72.0$ 68.9$ Non-Accrual 2. Add: New Non-Accruals 42.9 19.6 21.9 15.5 22.8 3. Less: To Accrual or Payoff (25.5) (5.0) (32.0) (9.4) (9.1) 4. Less: To OREO (0.1) (0.3) (0.2) (1.3) (0.3) 5. Less: Charge-offs (2.6) (6.2) (4.2) (6.5) (7.3) 6. Non-Accrual Loans Change 14.7 8.1 (14.5) (1.7) 6.1 Other Real Estate Owned (ORE) 7. Add: New ORE Properties 0.1 0.3 0.2 1.3 0.3 8. Less: ORE Sold (0.4) (0.2) (5.0) (0.2) (0.9) 9. Less: ORE Losses (write-downs) - - - - - 10. ORE Change (0.3) 0.1 (4.8) 1.1 (0.6) 11. 90PD Change (8.2) (1.6) 0.1 (2.5) 0.1 12. NPAs + 90PD Change 6.2 6.6 (19.2) (3.1) 5.6 13. Ending Balance NPAs + 90PD 84.6$ 91.2$ 72.0$ 68.9$ 74.5$

$14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $25.06 $26.78 $30.18 $14.38 $15.83 $16.78 $19.24 $21.24 $22.64 $24.09 $25.42 $27.98 $30.02 $32.49 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TBVPS TBVPS Without AFS OCI Track Record of Shareholder Value 25 Diluted Earnings per ShareTangible Book Value per Share Dividends per Share CAGR 2015-2025: 8.5% Return on Tangible Common Equity 1Tangible book value per share excluding unrealized gain/loss in available for sale securities. CAGR 2015-2025: 13.3% 1 CAGR 2015-2025: 7.5% Adjusted CAGR1 8.5% $1.72 $1.98 $2.12 $3.22 $3.19 $2.74 $3.81 $3.81 $3.73 $3.41 $3.88 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $0.41 $0.54 $0.69 $0.84 $1.00 $1.04 $1.13 $1.25 $1.34 $1.39 $1.43 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 18.12% 16.76% 13.71% 14.08% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

History of Organic and Whole Bank Acquisition Growth 26 Total Assets ($B) Growth Through Acquisition ✓ Experienced Acquirer ✓ Expanded in Current High-Growth Markets ✓ Added to Franchise with Stable Deposit Gathering Markets 2015 Cooper State Bank Ameriana Bank 2017 Arlington Bank iAB Financial Bank 2019 Monroe Bank & Trust 2022 ($309 M) ($138 M) ($2.5 B) ($1.3 B) ($483 M) ($1.1 B) 2026 (Pending) $6.8 $7.2 $9.4 $9.9 $12.5 $14.1 $15.5 $17.9 $18.3 $18.3 $19.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Vision for the Future 27 Our Vision: To enhance the financial wellness of the diverse communities we serve. To be the most attentive, knowledgeable, and high-performing bank for our clients, teammates, and shareholders. ▪ Drive engagement through inclusivity, teamwork, performance management, career development, rewards, and work-life balance ▪ Produce organic growth across all lines of business and markets through focused, data- driven, industry-leading client acquisition, expansion, and retention activities ▪ Continued investment in the digitization of our delivery channels to simplify the client experience ▪ Maintain top-quartile financial results supported by industry-leading governance, risk, and compliance practices to ensure long-term sustainability ▪ Continue to leverage our core competency in acquisitions to enhance growth, efficiency, and high performance ▪ Cultivate a high-quality shareholder base that values our stakeholder-centric business model Strategic Imperatives: Our Mission:

APPENDIX

Deposits Mkt. Share Rank Institution (ST) Branches ($000) (%) 1 JPMorgan Chase & Co. (NY) 118 25,043,492 11.8 2 The PNC Finl Svcs Grp (PA) 80 16,858,818 7.9 3 Old National Bancorp (IN) 93 13,820,604 6.5 Pro Forma 90 13,414,896 6.3 4 Fifth Third Bancorp (OH) 96 13,079,511 6.2 5 Merchants Bancorp (IN) 7 12,751,155 6.0 6 First Merchants Corp. (IN) 74 11,674,284 5.5 7 First Bancshares Inc. (IN) 60 7,960,250 3.8 8 1st Source Corp. (IN) 73 7,099,121 3.3 9 Huntington Bancshares Inc. (OH) 39 6,508,001 3.1 10 First Financial Bancorp. (OH) 61 6,200,918 2.9 24 First Savings Financial Group (IN) 16 1,740,612 0.8 Expansion into Southern Indiana Bolsters Indiana State Presence 29 Deposits Mkt. Share Rank Institution (ST) Branches ($000) (%) 1 First Savings Financial Group (IN) 16 1,740,612 19.4 2 The PNC Finl Svcs Grp (PA) 6 1,715,164 19.1 3 JPMorgan Chase & Co. (NY) 7 951,033 10.6 4 First Capital Inc. (IN) 12 816,722 9.1 5 German American Bancorp Inc. (IN) 7 692,287 7.7 6 WesBanco Inc. (WV) 7 556,175 6.2 7 New Independent Bcshs Inc. (IN) 9 542,600 6.0 8 Stock Yards Bancorp Inc. (KY) 3 329,623 3.7 9 Truist Financial Corp. (NC) 1 387,920 4.3 10 Fifth Third Bancorp (OH) 2 258,673 2.9 FSFG Southern Indiana Deposit Market SharePro Forma Indiana Deposit Market Share Pro Forma Business Mix by Market Region 30.7% 19.0% 14.4% 13.7% 13.1% 9.2% Indianapolis (30.7%) Michigan (19.0%) Northwest Indiana (14.4%) Northeast Indiana (13.7%) Southern Indiana (13.1%) Columbus (9.2%) 29.1% 23.6% 17.6% 15.2% 10.3% 4.2% Northeast Indiana (29.1%) Indianapolis (23.6%) Northwest Indiana (17.6%) Michigan (15.2%) Southern Indiana (10.3%) Columbus (4.2%) $15.3B $16.5B 1 2 Lo an s D ep o si ts Note: Southern IN Includes the IN counties in which FSFG operates: Clark, Crawford, Daviess, Floyd, Harrison and Washington. 1Includes the Lafayette, IN MSA and Lake County, IN. 2Includes the Muncie, IN MSA and Fort Wayne, IN MSA. Source: FDIC Summary of Deposits as of June 30, 2025.

Non-GAAP 30 1Non-core expenses in 4Q25 included a $0.7 million reduction in the FDIC special assessment 2Non-core expenses in 3Q25 included $0.6 million of severance costs 3Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale 4Non-core expenses in 2024 included $2.4 million from digital platform conversion costs, $1.1 million from the FDIC special assessment, and $0.8 million of costs directly related to the branch sale 5Non-core expenses in 2023 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE 4Q24 1Q25 2Q25 3Q25 4Q25 2023 2024 2025 (Dollars and Shares Outstanding in Thousands, Except Per Share Amounts) Net Income Available to Common Stockholders - GAAP 63,880$ 54,870$ 56,363$ 56,297$ 56,596$ 221,911$ 199,527$ 224,126$ Adjustments: PPP loan income - - - - - (49) - - Net realized losses on sales of available for sale securities 11,592 7 1 - - 6,930 20,757 8 Gain on branch sale (19,983) - - - - - (19,983) - Acquisition-related expenses - - - 276 524 - - 800 Non-core expenses1,2,3,4,5 762 - - 633 (743) 12,682 4,243 (110) Tax on adjustments 1,851 (2) - (220) 53 (4,767) (1,229) (169) Adjusted Net Income Available to Common Stockholders - NON-GAAP 58,102$ 54,875$ 56,364$ 56,986$ 56,430$ 236,707$ 203,315$ 224,655$ Average Diluted Common Shares Outstanding 58,247 58,242 57,773 57,448 57,442 59,489 58,533 57,726 Diluted Earnings Per Common Share - GAAP 1.10$ 0.94$ 0.98$ 0.98$ 0.99$ 3.73$ 3.41$ 3.88$ Adjustments: PPP loan income - - - - - - - - Net realized losses on sales of available for sale securities 0.20 - - - - 0.12 0.35 - Gain on branch sale (0.34) - - - - - (0.34) - Acquisition-related expenses - - - - - - - 0.01 Non-core expenses1,2,3,4,5 0.01 - - 0.01 (0.01) 0.21 0.07 - Tax on adjustments 0.03 - - - - (0.08) (0.02) - Adjusted Diluted Earnings Per Common Share - NON-GAAP 1.00$ 0.94$ 0.98$ 0.99$ 0.98$ 3.98$ 3.47$ 3.89$

Non-GAAP 31 PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED 4Q24 1Q25 2Q25 3Q25 4Q25 2023 2024 2025 (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) 134,370$ 130,270$ 133,014$ 133,665$ 139,064$ 545,401$ 521,114$ 536,013$ Other Income (GAAP) 42,742 30,047 31,303 32,477 33,106 105,601 125,580 126,934 Total Revenue 177,112 160,317 164,317 166,142 172,170 651,002 646,694 662,947 Less: Other Expenses (GAAP) (96,289) (92,901) (93,598) (96,561) (99,522) (388,270) (379,266) (382,583) Add: Net Realized Losses on Sales of Available for Sale Securities 11,592 7 1 - - 6,930 20,757 8 Add: Gain on Branch Sale (19,983) - - - - - (19,983) - Add: Acquisition-Related Expenses (GAAP) - - - 276 524 - - 800 Add: Non-core Expenses1,2,3,4,5 (non-GAAP) 762 - - 633 (743) 12,682 4,243 (110) Pre-Tax, Pre-Provision Earnings (non-GAAP) 73,194$ 67,423$ 70,720$ 70,490$ 72,429$ 282,344$ 272,445$ 281,062$ Average Assets (GAAP) 18,478,303$ 18,341,738$ 18,508,785$ 18,637,581$ 19,039,989$ 18,186,507$ 18,400,495$ 18,633,952$ Average Equity (GAAP) 2,312,270$ 2,340,874$ 2,340,010$ 2,367,971$ 2,452,005$ 2,127,262$ 2,252,491$ 2,375,500$ PTPP/Average Assets (PTPP ROA) 1.58% 1.47% 1.53% 1.51% 1.52% 1.55% 1.48% 1.51% PTPP/Average Equity (PTPP ROE) 12.66% 11.52% 12.09% 11.91% 11.82% 13.27% 12.10% 11.83% 1Non-core expenses in 4Q25 included a $0.7 million reduction in the FDIC special assessment 2Non-core expenses in 3Q25 included $0.6 million of severance costs 3Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale 4Non-core expenses in 2024 included $2.4 million from digital platform conversion costs, $1.1 million from the FDIC special assessment, and $0.8 million of costs directly related to the branch sale 5Non-core expenses in 2023 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination

Non-GAAP 32 NET INTEREST MARGIN ("NIM"), ADJUSTED 4Q24 1Q25 2Q25 3Q25 4Q25 2023 2024 2025 (Dollars in Thousands) Net Interest Income (GAAP) 134,370$ 130,270$ 133,014$ 133,665$ 139,064$ 545,400$ 521,114$ 536,013$ Fully Taxable Equivalent ("FTE") Adjustment 5,788 6,127 6,199 6,209 6,185 23,943 23,326 24,720 Net Interest Income (FTE) (non-GAAP) 140,158 136,397 139,213 139,874 145,249 569,343 544,440 560,733 Average Earning Assets (GAAP) 17,089,198$ 16,960,475$ 17,158,984$ 17,282,901$ 17,648,233$ 16,991,787$ 17,054,267$ 17,264,588$ Net Interest Margin (GAAP) 3.15% 3.07% 3.10% 3.09% 3.15% 3.21% 3.06% 3.10% FTE Adjustment 0.13% 0.15% 0.15% 0.15% 0.14% 0.14% 0.13% 0.15% Net Interest Margin (FTE) (non-GAAP) 3.28% 3.22% 3.25% 3.24% 3.29% 3.35% 3.19% 3.25%

Non-GAAP 33 EFFICIENCY RATIO (dollars in thousands): 4Q24 1Q25 2Q25 3Q25 4Q25 2023 2024 2025 EFFICIENCY RATIO (dollars in thousands): Noninterest Expense (GAAP) 96,289$ 92,902$ 93,598$ 96,561$ 99,522$ 388,270$ 379,266$ 382,583$ Less: Intangible Asset Amortization (1,771) (1,526) (1,505) (1,499) (1,498) (8,743) (7,271) (6,028) Less: OREO and Foreclosure Expenses (227) (600) (29) (121) (775) (3,318) (2,076) (1,525) Adjusted Noninterest Expense (non-GAAP) 94,291 90,776 92,064 94,941 97,249 376,209 369,919 375,030 Net Interest Income (GAAP) 134,370 130,270 133,014 133,665 139,064 545,400 521,114 536,013 Plus: Fully Taxable Equivalent Adjustment 5,788 6,127 6,199 6,209 6,185 23,943 23,326 24,720 Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) 140,158 136,397 139,213 139,874 145,249 569,343 544,440 560,733 Noninterest Income (GAAP) 42,742 30,048 31,303 32,477 33,106 105,602 125,580 126,934 Less: Investment Securities (Gains) Losses 11,592 7 1 - - 6,930 20,757 8 Adjusted Noninterest Income (non-GAAP) 54,334 30,055 31,304 32,477 33,106 112,532 146,337 126,942 Adjusted Revenue (non-GAAP) 194,492 166,452 170,517 172,351 178,355 681,875 690,777 687,675 Efficiency Ratio (non-GAAP) 48.48% 54.54% 53.99% 55.09% 54.52% 55.17% 53.55% 54.54% Adjusted Noninterest Expense (non-GAAP) 94,291 90,776 92,064 94,941 97,249 376,209 369,919 375,030 Acquisition-related expenses - - - (276) (524) - - (800) Non-core expenses1,2,3,4,5 (762) - - (633) 743 (12,682) (4,243) 110 Adjusted Noninterest Expense Excluding Non-Core Expenses (non-GAAP) 93,529 90,776 92,064 94,032 97,468 363,527 365,676 374,340 Adjusted Revenue (non-GAAP) 194,492 166,452 170,517 172,351 178,355 681,875 690,777 687,675 Less: Gain on Branch Sale (19,983) - - - - - (19,983) - Adjusted Revenue Excluding Gain on Branch Sale (non-GAAP) 174,509 166,452 170,517 172,351 178,355 681,875 670,794 687,675 Adjusted Efficiency Ratio (non-GAAP) 53.60% 54.54% 53.99% 54.56% 54.65% 53.31% 54.51% 54.44% 1Non-core expenses in 4Q25 included a $0.7 million reduction in the FDIC special assessment 2Non-core expenses in 3Q25 included $0.6 million of severance costs 3Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale 4Non-core expenses in 2024 included $2.4 million from digital platform conversion costs, $1.1 million from the FDIC special assessment, and $0.8 million of costs directly related to the branch sale 5Non-core expenses in 2023 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination

Non-GAAP 34 1 Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting guidance for defined benefit and other postretirement plans. CAPITAL RATIOS (dollars in thousands): 4Q23 4Q24 1Q25 2Q25 3Q25 4Q25 Total Risk-Based Capital Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,247,713 2,304,983 2,332,214 2,347,952 2,412,402 2,466,667 Adjust for Accumulated Other Comprehensive Loss 1 175,970 188,685 190,311 189,975 155,864 130,135 Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Add: Qualifying Capital Securities 25,000 25,000 25,000 25,000 25,000 25,000 Less: Disallowed Goodwill and Intangible Assets (731,315) (725,504) (724,275) (723,067) (721,865) (720,688) Less: Disallowed Deferred Tax Assets (131) (571) (573) (473) (418) (97) Total Tier 1 Capital (Regulatory) 1,703,626$ 1,767,468$ 1,797,552$ 1,814,262$ 1,845,858$ 1,875,892$ Qualifying Subordinated Debentures 132,174 72,040 47,380 47,439 47,499 47,559 Allowance for Loan Losses includible in Tier 2 Capital 185,324 190,854 192,814 197,336 200,885 197,837 Total Risk-Based Capital (Regulatory) 2,021,124$ 2,030,362$ 2,037,746$ 2,059,037$ 2,094,242$ 2,121,288$ Net Risk-Weighted Assets (Regulatory) 14,787,474$ 15,249,287$ 15,408,760$ 15,771,275$ 16,059,891$ 15,813,198$ Total Risk-Based Capital Ratio (Regulatory) 13.67% 13.31% 13.22% 13.06% 13.04% 13.41% Common Equity Tier 1 Capital Ratio Total Tier 1 Capital (Regulatory) 1,703,626$ 1,767,468$ 1,797,552$ 1,814,262$ 1,845,858$ 1,875,892$ Less: Qualified Capital Securities (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) Common Equity Tier 1 Capital (Regulatory) 1,678,626$ 1,742,468$ 1,772,552$ 1,789,262$ 1,820,858$ 1,850,892$ Net Risk-Weighted Assets (Regulatory) 14,787,474$ 15,249,287$ 15,408,760$ 15,771,275$ 16,059,891$ 15,813,198$ Common Equity Tier 1 Capital Ratio (Regulatory) 11.35% 11.43% 11.50% 11.35% 11.34% 11.70%

Non-GAAP 35 TANGIBLE COMMON EQUITY RATIO (dollars in thousands): 4Q23 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Common Equity Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,247,713$ 2,304,983$ 2,332,214$ 2,347,952$ 2,412,402$ 2,466,667$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (739,101) (731,830) (730,304) (728,799) (727,300) (725,802) Tangible Common Equity (non-GAAP) 1,483,487$ 1,548,028$ 1,576,785$ 1,594,028$ 1,659,977$ 1,715,740$ Total Assets (GAAP) 18,405,887$ 18,311,969$ 18,439,787$ 18,592,777$ 18,811,629$ 19,025,101$ Less: Intangible Assets (739,101) (731,830) (730,304) (728,799) (727,300) (725,802) Tangible Assets (non-GAAP) 17,666,786$ 17,580,139$ 17,709,483$ 17,863,978$ 18,084,329$ 18,299,299$ Tangible Common Equity Ratio (non-GAAP) 8.40% 8.81% 8.90% 8.92% 9.18% 9.38% TANGIBLE COMMON EQUITY PER SHARE (dollars in thousands): 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 850,509$ 901,657$ 1,303,463$ 1,408,260$ 1,786,437$ 1,875,645$ 1,912,571$ Less: Preferred Stock (125) (125) (125) (125) (125) (125) (125) Less: Intangible Assets (259,764) (258,866) (476,503) (469,784) (578,881) (572,893) (570,860) Tax Benefit 6,278 5,930 6,788 5,017 7,257 5,989 4,875 Tangible Common Equity, Net of Tax (non-GAAP) 596,898$ 648,596$ 833,623$ 943,368$ 1,214,688$ 1,308,616$ 1,346,461$ Common Shares Outstanding 40,664,258 40,912,697 49,158,238 49,349,800 55,368,482 53,922,359 53,410,411 Tangible Common Equity per Share (non-GAAP) 14.68$ 15.85$ 16.96$ 19.12$ 21.94$ 24.27$ 25.21$ 4Q22 4Q23 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 2,034,770$ 2,247,713$ 2,304,983$ 2,332,214$ 2,347,952$ 2,412,402$ 2,466,667$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (747,844) (739,101) (731,830) (730,304) (728,799) (727,300) (725,802) Tax Benefit 7,702 5,819 4,263 3,939 3,614 3,290 2,966 Tangible Common Equity, Net of Tax (non-GAAP) 1,269,503$ 1,489,306$ 1,552,291$ 1,580,724$ 1,597,642$ 1,663,267$ 1,718,706$ Common Shares Outstanding 59,170,583 59,424,122 57,974,535 57,810,232 57,272,433 57,192,497 56,951,939 Tangible Common Equity per Share (non-GAAP) 21.45$ 25.06$ 26.78$ 27.34$ 27.90$ 29.08$ 30.18$

Non-GAAP 36 2023 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 2,127,262$ 2,312,270$ 2,252,491$ 2,340,874$ 2,340,010$ 2,367,971$ 2,452,005$ 2,375,500$ Less: Average Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Average Intangible Assets, Net of Tax (736,601) (728,218) (730,295) (726,917) (725,813) (724,619) (723,466) (725,193) Average Tangible Common Equity, Net of Tax (non-GAAP) 1,365,536$ 1,558,927$ 1,497,071$ 1,588,832$ 1,589,072$ 1,618,227$ 1,703,414$ 1,625,182$ Net Income Available to Common Stockholders (GAAP) 221,911$ 63,880$ 199,527$ 54,870$ 56,363$ 56,297$ 56,596$ 224,126$ Plus: Intangible Asset Amortization, Net of Tax 6,906 1,399 5,744 1,206 1,188 1,185 1,183 4,762 Tangible Net Income (non-GAAP) 228,817$ 65,279$ 205,271$ 56,076$ 57,551$ 57,482$ 57,779$ 228,888$ Return on Tangible Common Equity (non-GAAP) 16.76% 16.75% 13.71% 14.12% 14.49% 14.21% 13.57% 14.08% RETURN ON TANGIBLE COMMON EQUITY (dollars in thousands): 2015 2016 2017 2018 2019 2020 2021 2022 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 753,724$ 884,664$ 1,110,524$ 1,343,861$ 1,569,615$ 1,825,135$ 1,866,632$ 1,972,445$ Less: Average Preferred Stock (125) (125) (125) (125) (125) (125) (125) (18,875) Less: Average Intangible Assets, Net of Tax (215,281) (254,332) (360,005) (467,421) (499,622) (569,377) (567,512) (699,803) Average Tangible Common Equity, Net of Tax (non-GAAP) 538,318$ 630,207$ 750,394$ 876,315$ 1,069,868$ 1,255,633$ 1,298,995$ 1,253,767$ Net Income Available to Common Stockholders (GAAP) 65,384$ 81,051$ 96,070$ 159,139$ 164,460$ 148,600$ 205,531$ 220,683$ Plus: Intangible Asset Amortization, Net of Tax 1,720 2,542 3,670 5,307 4,736 4,730 4,540 6,537 Tangible Net Income (non-GAAP) 67,104$ 83,593$ 99,740$ 164,446$ 169,196$ 153,330$ 210,071$ 227,220$ Return on Tangible Common Equity (non-GAAP) 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 18.12%

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