N / E / W / S R / E / L / E / A / S / E
    
July 23, 2025

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 SECOND QUARTER 2025 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME)

Second Quarter 2025 Highlights:

•    Net income available to common stockholders was $56.4 million and diluted earnings per common share totaled $0.98 in the second quarter of 2025, compared to $39.5 million and $0.68 in the second quarter of 2024, and $54.9 million and $0.94 in the first quarter of 2025.
•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.35%.
•Repurchased 818,480 shares totaling $31.7 million year-to-date; Repurchased 582,486 shares totaling $22.1 million during the second quarter.
•Total loans grew $297.6 million, or 9.1% annualized, on a linked quarter basis, and $653.6 million, or 5.2%, during the last twelve months.
•Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis.
•Nonperforming assets to total assets were 36 basis points compared to 47 basis points on a linked quarter basis.
•The efficiency ratio totaled 53.99% for the quarter.

"Our strong balance sheet and earnings growth in the first half of the year underscore the strength and resilience of our business model," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "With continued momentum in loan and deposit growth, expanding margins, disciplined expense management, and a robust capital position, we are well-positioned to deliver long-term value for our shareholders. We remain committed to supporting our clients and communities while navigating a dynamic economic environment with confidence and clarity."

Second Quarter Financial Results:

First Merchants Corporation (the “Corporation) reported second quarter 2025 net income available to common stockholders of $56.4 million compared to $39.5 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.98 per share compared to the second quarter of 2024 result of $0.68 per share.

Total assets equaled $18.6 billion as of quarter-end and loans totaled $13.3 billion. During the past twelve months, total loans grew by $653.6 million, or 5.2%. On a linked quarter basis, loans grew $297.6 million, or 9.1% with growth primarily in Commercial & Industrial loans.

Investments, totaling $3.4 billion, decreased $372.1 million, or 9.9%, during the last twelve months and decreased $46.2 million, or 5.4% annualized, on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.8 billion as of quarter-end and increased by $228.5 million, or 1.6%, over the past twelve months. Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis. The loan to deposit ratio of 90.1% at period end remained stable on a linked quarter basis.






The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $195.3 million as of quarter-end, or 1.47% of total loans. Net charge-offs totaled $2.3 million and provision for credit losses of $5.6 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.36% for the second quarter of 2025, a decrease of 11 basis points compared to 0.47% in the linked quarter.

Net interest income, totaling $133.0 million for the quarter, increased $2.7 million, or 2.1%, compared to prior quarter and increased $4.4 million, or 3.5% compared to the second quarter of 2024. Fully taxable equivalent net interest margin was 3.25%, an increase of three basis points compared to the first quarter of 2025 and an increase of nine basis points compared to the second quarter of 2024. During the quarter, higher yields on earnings assets outpaced increased yields on interest bearing liabilities resulting in margin expansion.

Noninterest income totaled $31.3 million for the quarter, an increase of $1.3 million, compared to the first quarter of 2025 and was stable compared to the second quarter of 2024. The increase over first quarter of 2025 was driven primarily by higher gains on the sales of loans, treasury management fees, derivative hedge fees, and card payment fees offset by a decrease in other income associated with CRA investments.

Noninterest expense totaled $93.6 million for the quarter, an increase of $0.7 million from the first quarter of 2025. The increase was from higher marketing and data processing costs.

The Corporation’s total risk-based capital ratio equaled 13.06%, the common equity tier 1 capital ratio equaled 11.35%, and the tangible common equity ratio totaled 8.92%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.







CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI605c2e360ce04cfc9c4221bda7f67a49)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/ced58zg3) during the time of the call. A replay of the webcast will be available until July 24, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statements, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.
* * * *






CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)June 30,
20252024
ASSETS
Cash and due from banks$81,567 $105,372 
Interest-bearing deposits223,343 168,528 
Investment securities available for sale1,358,130 1,618,893 
Investment securities held to maturity, net of allowance for credit losses2,022,826 2,134,195 
Loans held for sale28,783 32,292 
Loans13,296,759 12,639,650 
Less: Allowance for credit losses - loans(195,316)(189,537)
Net loans13,101,443 12,450,113 
Premises and equipment122,808 133,245 
Federal Home Loan Bank stock47,290 41,738 
Interest receivable93,258 97,546 
Goodwill712,002 712,002 
Other intangibles16,797 23,371 
Cash surrender value of life insurance305,695 306,379 
Other real estate owned177 4,824 
Tax asset, deferred and receivable97,749 107,080 
Other assets380,909 367,845 
TOTAL ASSETS$18,592,777 $18,303,423 
LIABILITIES
Deposits:
Noninterest-bearing$2,197,416 $2,303,313 
Interest-bearing12,600,162 12,265,757 
Total Deposits14,797,578 14,569,070 
Borrowings:
Federal funds purchased85,000 147,229 
Securities sold under repurchase agreements114,758 100,451 
Federal Home Loan Bank advances898,702 832,703 
Subordinated debentures and other borrowings62,617 93,589 
Total Borrowings1,161,077 1,173,972 
Interest payable16,174 18,554 
Other liabilities269,996 329,302 
Total Liabilities16,244,825 16,090,898 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 57,272,433 and 58,045,653 shares7,159 7,256 
Additional paid-in capital1,163,170 1,191,193 
Retained earnings1,342,473 1,200,930 
Accumulated other comprehensive loss(189,975)(211,979)
Total Stockholders' Equity2,347,952 2,212,525 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,592,777 $18,303,423 








CONSOLIDATED STATEMENTS OF INCOMEThree Months EndedSix Months Ended
(Dollars In Thousands, Except Per Share Amounts)June 30,June 30,
2025202420252024
INTEREST INCOME
Loans:
Taxable$195,173 $201,413 $382,901 $399,436 
Tax-exempt10,805 8,430 21,337 16,620 
Investment securities:
Taxable8,266 9,051 16,638 17,799 
Tax-exempt12,516 13,613 25,033 27,224 
Deposits with financial institutions1,892 2,995 4,264 9,488 
Federal Home Loan Bank stock1,083 879 2,080 1,714 
Total Interest Income229,735 236,381 452,253 472,281 
INTEREST EXPENSE
Deposits84,241 99,151 164,788 197,436 
Federal funds purchased965 126 1,777 126 
Securities sold under repurchase agreements663 645 1,405 1,677 
Federal Home Loan Bank advances9,714 6,398 19,078 13,171 
Subordinated debentures and other borrowings1,138 1,490 1,921 4,237 
Total Interest Expense96,721 107,810 188,969 216,647 
NET INTEREST INCOME133,014 128,571 263,284 255,634 
Provision for credit losses5,600 24,500 9,800 26,500 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES127,414 104,071 253,484 229,134 
NONINTEREST INCOME
Service charges on deposit accounts8,566 8,214 16,638 16,121 
Fiduciary and wealth management fees8,831 8,825 17,475 17,025 
Card payment fees4,932 4,739 9,458 9,239 
Net gains and fees on sales of loans5,849 5,141 10,871 8,395 
Derivative hedge fees831 489 1,235 752 
Other customer fees401 460 816 887 
Earnings on cash surrender value of life insurance1,913 1,929 4,092 3,521 
Net realized losses on sales of available for sale securities(1)(49)(8)(51)
Other income (loss)(19)1,586 774 2,083 
Total Noninterest Income31,303 31,334 61,351 57,972 
NONINTEREST EXPENSES
Salaries and employee benefits54,527 52,214 109,509 110,507 
Net occupancy6,845 6,746 14,061 14,058 
Equipment6,927 6,599 13,935 12,825 
Marketing1,997 1,773 3,350 2,971 
Outside data processing fees7,107 7,072 13,036 13,961 
Printing and office supplies272 354 619 707 
Intangible asset amortization1,505 1,771 3,031 3,728 
FDIC assessments3,552 3,278 7,200 7,565 
Other real estate owned and foreclosure expenses29 373 629 907 
Professional and other outside services3,741 3,822 7,002 7,774 
Other expenses7,096 7,411 14,128 13,345 
Total Noninterest Expenses93,598 91,413 186,500 188,348 
INCOME BEFORE INCOME TAX65,119 43,992 128,335 98,758 
Income tax expense8,287 4,067 16,164 10,892 
NET INCOME56,832 39,925 112,171 87,866 
Preferred stock dividends469 469 938 938 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,363 $39,456 $111,233 $86,928 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.98 $0.68 $1.93 $1.48 
Diluted Net Income Available to Common Stockholders$0.98 $0.68 $1.92 $1.48 
Cash Dividends Paid to Common Stockholders$0.36 $0.35 $0.71 $0.69 
Tangible Common Book Value Per Share$27.90 $25.10 $27.90 $25.10 
Average Diluted Common Shares Outstanding (in thousands)57,773 58,328 58,005 58,800 





FINANCIAL HIGHLIGHTS
(Dollars In Thousands)Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
NET CHARGE-OFFS$2,315 $39,644 $7,241 $41,897 
AVERAGE BALANCES:
Total Assets$18,508,785 $18,332,159 $18,425,723 $18,381,340 
Total Loans13,211,729 12,620,530 13,077,288 12,548,798 
Total Earning Assets17,158,984 17,013,984 17,060,278 17,068,917 
Total Deposits14,632,113 14,895,867 14,526,314 14,888,536 
Total Stockholders' Equity2,340,010 2,203,361 2,340,440 2,222,750 
FINANCIAL RATIOS:
Return on Average Assets1.23 %0.87 %1.22 %0.96 %
Return on Average Stockholders' Equity9.63 7.16 9.51 7.82 
Return on Tangible Common Stockholders' Equity14.49 11.29 14.30 12.26 
Average Earning Assets to Average Assets92.71 92.81 92.59 92.86 
Allowance for Credit Losses - Loans as % of Total Loans1.47 1.50 1.47 1.50 
Net Charge-offs as % of Average Loans (Annualized)0.07 1.26 0.11 0.67 
Average Stockholders' Equity to Average Assets12.64 12.02 12.70 12.09 
Tax Equivalent Yield on Average Earning Assets5.50 5.69 5.45 5.67 
Interest Expense/Average Earning Assets2.25 2.53 2.22 2.54 
Net Interest Margin (FTE) on Average Earning Assets3.25 3.16 3.23 3.13 
Efficiency Ratio53.99 53.84 54.26 56.47 

ASSET QUALITY
(Dollars In Thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Nonaccrual Loans$67,358 $81,922 $73,773 $59,088 $61,906 
Other Real Estate Owned and Repossessions177 4,966 4,948 5,247 4,824 
Nonperforming Assets (NPA)67,535 86,888 78,721 64,335 66,730 
90+ Days Delinquent4,443 4,280 5,902 14,105 1,686 
NPAs & 90 Day Delinquent$71,978 $91,168 $84,623 $78,440 $68,416 
Allowance for Credit Losses - Loans$195,316 $192,031 $192,757 $187,828 $189,537 
Quarterly Net Charge-offs2,315 4,926 771 6,709 39,644 
NPAs / Actual Assets %0.36 %0.47 %0.43 %0.35 %0.36 %
NPAs & 90 Day / Actual Assets %0.39 %0.49 %0.46 %0.43 %0.37 %
NPAs / Actual Loans and OREO %0.51 %0.67 %0.61 %0.51 %0.53 %
Allowance for Credit Losses - Loans / Actual Loans (%)1.47 %1.47 %1.50 %1.48 %1.50 %
Quarterly Net Charge-offs as % of Average Loans (Annualized)0.07 %0.15 %0.02 %0.21 %1.26 %





CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
ASSETS
Cash and due from banks$81,567 $86,113 $87,616 $84,719 $105,372 
Interest-bearing deposits223,343 331,534 298,891 359,126 168,528 
Investment securities available for sale1,358,130 1,378,489 1,386,475 1,553,496 1,618,893 
Investment securities held to maturity, net of allowance for credit losses2,022,826 2,048,632 2,074,220 2,108,649 2,134,195 
Loans held for sale28,783 23,004 18,663 40,652 32,292 
Loans13,296,759 13,004,905 12,854,359 12,646,808 12,639,650 
Less: Allowance for credit losses - loans(195,316)(192,031)(192,757)(187,828)(189,537)
Net loans13,101,443 12,812,874 12,661,602 12,458,980 12,450,113 
Premises and equipment122,808 128,749 129,743 129,582 133,245 
Federal Home Loan Bank stock47,290 45,006 41,690 41,716 41,738 
Interest receivable93,258 88,352 91,829 92,055 97,546 
Goodwill712,002 712,002 712,002 712,002 712,002 
Other intangibles16,797 18,302 19,828 21,599 23,371 
Cash surrender value of life insurance305,695 304,918 304,906 304,613 306,379 
Other real estate owned177 4,966 4,948 5,247 4,824 
Tax asset, deferred and receivable97,749 87,665 92,387 86,732 107,080 
Other assets380,909 369,181 387,169 348,384 367,845 
TOTAL ASSETS$18,592,777 $18,439,787 $18,311,969 $18,347,552 $18,303,423 
LIABILITIES
Deposits:
Noninterest-bearing$2,197,416 $2,185,057 $2,325,579 $2,334,197 $2,303,313 
Interest-bearing12,600,162 12,276,921 12,196,047 12,030,903 12,265,757 
Total Deposits14,797,578 14,461,978 14,521,626 14,365,100 14,569,070 
Borrowings:
Federal funds purchased85,000 185,000 99,226 30,000 147,229 
Securities sold under repurchase agreements114,758 122,947 142,876 124,894 100,451 
Federal Home Loan Bank advances898,702 972,478 822,554 832,629 832,703 
Subordinated debentures and other borrowings62,617 62,619 93,529 93,562 93,589 
Total Borrowings1,161,077 1,343,044 1,158,185 1,081,085 1,173,972 
Deposits and other liabilities held for sale— — — 288,476 — 
Interest payable16,174 13,304 16,102 18,089 18,554 
Other liabilities269,996 289,247 311,073 292,429 329,302 
Total Liabilities16,244,825 16,107,573 16,006,986 16,045,179 16,090,898 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 125 125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 25,000 25,000 25,000 
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding7,159 7,226 7,247 7,265 7,256 
Additional paid-in capital1,163,170 1,183,263 1,188,768 1,192,683 1,191,193 
Retained earnings1,342,473 1,306,911 1,272,528 1,229,125 1,200,930 
Accumulated other comprehensive loss(189,975)(190,311)(188,685)(151,825)(211,979)
Total Stockholders' Equity2,347,952 2,332,214 2,304,983 2,302,373 2,212,525 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,592,777 $18,439,787 $18,311,969 $18,347,552 $18,303,423 









CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
INTEREST INCOME
Loans:
Taxable$195,173 $187,728 $197,536 $206,680 $201,413 
Tax-exempt10,805 10,532 9,020 8,622 8,430 
Investment securities:
Taxable8,266 8,372 9,024 9,263 9,051 
Tax-exempt12,516 12,517 12,754 13,509 13,613 
Deposits with financial institutions1,892 2,372 5,350 2,154 2,995 
Federal Home Loan Bank stock1,083 997 958 855 879 
Total Interest Income229,735 222,518 234,642 241,083 236,381 
INTEREST EXPENSE
Deposits84,241 80,547 89,835 98,856 99,151 
Federal funds purchased965 812 26 329 126 
Securities sold under repurchase agreements663 742 680 700 645 
Federal Home Loan Bank advances9,714 9,364 8,171 8,544 6,398 
Subordinated debentures and other borrowings1,138 783 1,560 1,544 1,490 
Total Interest Expense96,721 92,248 100,272 109,973 107,810 
NET INTEREST INCOME133,014 130,270 134,370 131,110 128,571 
Provision for credit losses5,600 4,200 4,200 5,000 24,500 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES127,414 126,070 130,170 126,110 104,071 
NONINTEREST INCOME
Service charges on deposit accounts8,566 8,072 8,124 8,361 8,214 
Fiduciary and wealth management fees8,831 8,644 8,665 8,525 8,825 
Card payment fees4,932 4,526 4,957 5,121 4,739 
Net gains and fees on sales of loans5,849 5,022 5,681 6,764 5,141 
Derivative hedge fees831 404 1,594 736 489 
Other customer fees401 415 316 344 460 
Earnings on cash surrender value of life insurance1,913 2,179 2,188 2,755 1,929 
Net realized losses on sales of available for sale securities(1)(7)(11,592)(9,114)(49)
Gain on branch sale— — 19,983 — — 
Other income (loss)(19)793 2,826 1,374 1,586 
Total Noninterest Income31,303 30,048 42,742 24,866 31,334 
NONINTEREST EXPENSES
Salaries and employee benefits54,527 54,982 55,437 55,223 52,214 
Net occupancy6,845 7,216 7,335 6,994 6,746 
Equipment6,927 7,008 7,028 6,949 6,599 
Marketing1,997 1,353 2,582 1,836 1,773 
Outside data processing fees7,107 5,929 6,029 7,150 7,072 
Printing and office supplies272 347 377 378 354 
Intangible asset amortization1,505 1,526 1,771 1,772 1,771 
FDIC assessments3,552 3,648 3,744 3,720 3,278 
Other real estate owned and foreclosure expenses29 600 227 942 373 
Professional and other outside services3,741 3,261 3,777 3,035 3,822 
Other expenses7,096 7,032 7,982 6,630 7,411 
Total Noninterest Expenses93,598 92,902 96,289 94,629 91,413 
INCOME BEFORE INCOME TAX65,119 63,216 76,623 56,347 43,992 
Income tax expense8,287 7,877 12,274 7,160 4,067 
NET INCOME56,832 55,339 64,349 49,187 39,925 
Preferred stock dividends469 469 469 468 469 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,363 $54,870 $63,880 $48,719 $39,456 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.98 $0.95 $1.10 $0.84 $0.68 
Diluted Net Income Available to Common Stockholders$0.98 $0.94 $1.10 $0.84 $0.68 
Cash Dividends Paid to Common Stockholders$0.36 $0.35 $0.35 $0.35 $0.35 
Tangible Common Book Value Per Share$27.90 $27.34 $26.78 $26.64 $25.10 
Average Diluted Common Shares Outstanding (in thousands)57,773 58,242 58,247 58,289 58,328 
FINANCIAL RATIOS:
Return on Average Assets1.23 %1.21 %1.39 %1.07 %0.87 %
Return on Average Stockholders' Equity9.63 9.38 11.05 8.66 7.16 
Return on Tangible Common Stockholders' Equity14.49 14.12 16.75 13.39 11.29 
Average Earning Assets to Average Assets92.71 92.47 92.48 92.54 92.81 
Allowance for Credit Losses - Loans as % of Total Loans1.47 1.47 1.50 1.48 1.50 
Net Charge-offs as % of Average Loans (Annualized)0.07 0.15 0.02 0.21 1.26 
Average Stockholders' Equity to Average Assets12.64 12.76 12.51 12.26 12.02 
Tax Equivalent Yield on Average Earning Assets5.50 5.39 5.63 5.82 5.69 
Interest Expense/Average Earning Assets2.25 2.17 2.35 2.59 2.53 
Net Interest Margin (FTE) on Average Earning Assets3.25 3.22 3.28 3.23 3.16 
Efficiency Ratio53.99 54.54 48.48 53.76 53.84 





LOANS
(Dollars In Thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Commercial and industrial loans$4,440,924 $4,306,597 $4,114,292 $4,041,217 $3,949,817 
Agricultural land, production and other loans to farmers265,172 243,864 256,312 238,743 239,926 
Real estate loans:
Construction836,033 793,175 792,144 814,704 823,267 
Commercial real estate, non-owner occupied2,171,092 2,177,869 2,274,016 2,251,351 2,323,533 
Commercial real estate, owner occupied1,226,797 1,214,739 1,157,944 1,152,751 1,174,195 
Residential2,397,094 2,389,852 2,374,729 2,366,943 2,370,905 
Home equity673,961 650,499 659,811 641,188 631,104 
Individuals' loans for household and other personal expenditures141,045 140,954 166,028 158,480 162,089 
Public finance and other commercial loans1,144,641 1,087,356 1,059,083 981,431 964,814 
Loans13,296,759 13,004,905 12,854,359 12,646,808 12,639,650 
Allowance for credit losses - loans(195,316)(192,031)(192,757)(187,828)(189,537)
NET LOANS$13,101,443 $12,812,874 $12,661,602 $12,458,980 $12,450,113 

DEPOSITS
(Dollars In Thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Demand deposits$7,798,695 $7,786,554 $7,980,061 $7,678,510 $7,757,679 
Savings deposits4,984,659 4,791,874 4,522,758 4,302,236 4,339,161 
Certificates and other time deposits of $100,000 or less617,857 625,203 692,068 802,949 889,949 
Certificates and other time deposits of $100,000 or more891,139 896,143 1,043,068 1,277,833 1,415,131 
Brokered certificates of deposits1
505,228 362,204 283,671 303,572 167,150 
TOTAL DEPOSITS$14,797,578 $14,461,978 $14,521,626 $14,365,100 $14,569,070 

1 - Total brokered deposits of $1.2 billion, which includes brokered CD's of $505.2 million at June 30, 2025.








CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Three Months Ended
June 30, 2025June 30, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$252,613 $1,892 3.00 %$322,647 $2,995 3.71 %
Federal Home Loan Bank stock46,598 1,083 9.30 41,749 879 8.42 
Investment Securities: (1)
Taxable1,605,718 8,266 2.06 1,788,749 9,051 2.02 
Tax-exempt (2)
2,042,326 15,843 3.10 2,240,309 17,232 3.08 
Total Investment Securities3,648,044 24,109 2.64 4,029,058 26,283 2.61 
Loans held for sale25,411 389 6.12 28,585 431 6.03 
Loans: (3)
Commercial9,006,650 154,108 6.84 8,691,746 160,848 7.40 
Real estate mortgage2,200,521 25,062 4.56 2,150,591 23,799 4.43 
HELOC and installment834,901 15,614 7.48 823,417 16,335 7.94 
Tax-exempt (2)
1,144,246 13,677 4.78 926,191 10,670 4.61 
Total Loans13,211,729 208,850 6.32 12,620,530 212,083 6.72 
Total Earning Assets17,158,984 235,934 5.50 %17,013,984 242,240 5.69 %
Total Non-Earning Assets1,349,801 1,318,175 
TOTAL ASSETS$18,508,785 $18,332,159 
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits$5,545,158 $35,303 2.55 %$5,586,549 $40,994 2.94 %
Money market deposits3,613,952 28,714 3.18 3,036,398 27,230 3.59 
Savings deposits1,282,951 2,513 0.78 1,508,734 3,476 0.92 
Certificates and other time deposits2,003,682 17,711 3.54 2,414,967 27,451 4.55 
Total Interest-Bearing Deposits12,445,743 84,241 2.71 12,546,648 99,151 3.16 
Borrowings1,250,519 12,480 3.99 885,919 8,659 3.91 
Total Interest-Bearing Liabilities13,696,262 96,721 2.82 13,432,567 107,810 3.21 
Noninterest-bearing deposits2,186,370 2,349,219 
Other liabilities286,143 347,012 
Total Liabilities16,168,775 16,128,798 
STOCKHOLDERS' EQUITY2,340,010 2,203,361 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,508,785 $18,332,159 
Net Interest Income (FTE)$139,213 $134,430 
Net Interest Spread (FTE) (4)
2.68 %2.48 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.50 %5.69 %
Interest Expense / Average Earning Assets2.25 %2.53 %
Net Interest Margin (FTE) (5)
3.25 %3.16 %
(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 $6,199 and $5,859 for the three months ended June 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.






CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Six Months Ended
June 30, 2025June 30, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$273,200 $4,264 3.12 %$449,173 $9,488 4.22 %
Federal Home Loan Bank stock45,296 2,080 9.18 41,757 1,714 8.21 
Investment Securities: (1)
Taxable1,620,005 16,638 2.05 1,785,903 17,799 1.99 
Tax-exempt (2)
2,044,489 31,687 3.10 2,243,286 34,461 3.07 
Total Investment Securities3,664,494 48,325 2.64 4,029,189 52,260 2.59 
Loans held for sale23,190 708 6.11 25,184 759 6.03 
Loans: (3)
Commercial8,889,119 301,880 6.79 8,644,927 320,057 7.40 
Real estate mortgage2,195,988 49,508 4.51 2,140,769 46,156 4.31 
HELOC and installment831,904 30,805 7.41 822,616 32,464 7.89 
Tax-exempt (2)
1,137,087 27,009 4.75 915,302 21,038 4.60 
Total Loans13,077,288 409,910 6.27 12,548,798 420,474 6.70 
Total Earning Assets17,060,278 464,579 5.45 %17,068,917 483,936 5.67 %
Total Non-Earning Assets1,365,445 1,312,423 
TOTAL ASSETS$18,425,723 $18,381,340 
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits$5,533,858 $69,909 2.53 %$5,503,185 $80,484 2.92 %
Money market deposits3,526,461 54,666 3.10 3,040,938 54,613 3.59 
Savings deposits1,291,133 4,958 0.77 1,534,305 7,277 0.95 
Certificates and other time deposits1,975,923 35,255 3.57 2,421,413 55,062 4.55 
Total Interest-Bearing Deposits12,327,375 164,788 2.67 12,499,841 197,436 3.16 
Borrowings1,256,688 24,181 3.85 948,866 19,211 4.05 
Total Interest-Bearing Liabilities13,584,063 188,969 2.78 13,448,707 216,647 3.22 
Noninterest-bearing deposits2,198,939 2,388,695 
Other liabilities302,281 321,188 
Total Liabilities16,085,283 16,158,590 
STOCKHOLDERS' EQUITY2,340,440 2,222,750 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,425,723 $18,381,340 
Net Interest Income (FTE)$275,610 $267,289 
Net Interest Spread (FTE) (4)
2.67 %2.45 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.45 %5.67 %
Interest Expense / Average Earning Assets2.22 %2.54 %
Net Interest Margin (FTE) (5)
3.23 %3.13 %
(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 $12,326 and $11,655 for the six months ended June 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.










ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Net Income Available to Common Stockholders - GAAP$56,363 $54,870 $63,880 $48,719 $39,456 $111,233 $86,928 
Adjustments:
Net realized losses on sales of available for sale securities1 7 11,592 9,114 49 8 51 
Gain on branch sale— — (19,983)— — — — 
Non-core expenses1,2
— — 762 — — — 3,481 
Tax on adjustments— (2)1,851 (2,220)(12)(2)(860)
Adjusted Net Income Available to Common Stockholders - Non-GAAP$56,364 $54,875 $58,102 $55,613 $39,493 $111,239 $89,600 
Average Diluted Common Shares Outstanding (in thousands)57,773 58,242 58,247 58,289 58,328 58,005 58,800 
Diluted Earnings Per Common Share - GAAP$0.98 $0.94 $1.10 $0.84 $0.68 $1.92 $1.48 
Adjustments:
Net realized losses on sales of available for sale securities— — 0.20 0.15 — — — 
Gain on branch sale— — (0.34)— — — — 
Non-core expenses1,2
— — 0.01 — — — 0.06 
Tax on adjustments— — 0.03 (0.04)— — (0.01)
Adjusted Diluted Earnings Per Common Share - Non-GAAP$0.98 $0.94 $1.00 $0.95 $0.68 $1.92 $1.53 
1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.



NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Net Interest Income (GAAP)$133,014 $130,270 $134,370 $131,110 $128,571 $263,284 $255,634 
Fully Taxable Equivalent ("FTE") Adjustment6,199 6,127 5,788 5,883 5,859 12,326 11,655 
Net Interest Income (FTE) (non-GAAP)$139,213 $136,397 $140,158 $136,993 $134,430 $275,610 $267,289 
Average Earning Assets (GAAP)$17,158,984 $16,960,475 $17,089,198 $16,990,358 $17,013,984 $17,060,278 $17,068,917 
Net Interest Margin (GAAP)3.10 %3.07 %3.15 %3.09 %3.02 %3.09 %3.00 %
FTE Adjustment0.15 %0.15 %0.13 %0.14 %0.14 %0.14 %0.13 %
Net Interest Margin (FTE) (non-GAAP)3.25 %3.22 %3.28 %3.23 %3.16 %3.23 %3.13 %




RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
(Dollars In Thousands)Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Total Average Stockholders' Equity (GAAP)$2,340,010 $2,340,874 $2,312,270 $2,251,547 $2,203,361 $2,340,440 $2,222,750 
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(725,813)(726,917)(728,218)(729,581)(730,980)(726,362)(731,706)
Average Tangible Common Equity, Net of Tax (Non-GAAP)$1,589,072 $1,588,832 $1,558,927 $1,496,841 $1,447,256 $1,588,953 $1,465,919 
Net Income Available to Common Stockholders (GAAP)$56,363 $54,870 $63,880 $48,719 $39,456 $111,233 $86,928 
Plus: Intangible Asset Amortization, Net of Tax1,188 1,206 1,399 1,399 1,399 2,394 2,945 
Tangible Net Income (Non-GAAP)$57,551 $56,076 $65,279 $50,118 $40,855 $113,627 $89,873 
Return on Tangible Common Equity (Non-GAAP)14.49 %14.12 %16.75 %13.39 %11.29 %14.30 %12.26 %



EFFICIENCY RATIO - NON-GAAP
(Dollars In Thousands)Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Noninterest Expense (GAAP)$93,598 $92,902 $96,289 $94,629 $91,413 $186,500 $188,348 
Less: Intangible Asset Amortization(1,505)(1,526)(1,771)(1,772)(1,771)(3,031)(3,728)
Less: OREO and Foreclosure Expenses(29)(600)(227)(942)(373)(629)(907)
Adjusted Noninterest Expense (Non-GAAP)$92,064 $90,776 $94,291 $91,915 $89,269 $182,840 $183,713 
Net Interest Income (GAAP)$133,014 $130,270 $134,370 $131,110 $128,571 $263,284 $255,634 
Plus: Fully Taxable Equivalent Adjustment6,199 6,127 5,788 5,883 5,859 12,326 11,655 
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)$139,213 $136,397 $140,158 $136,993 $134,430 $275,610 $267,289 
Noninterest Income (GAAP)$31,303 $30,048 $42,742 $24,866 $31,334 $61,351 $57,972 
Less: Investment Securities (Gains) Losses1 7 11,592 9,114 49 8 51 
Adjusted Noninterest Income (Non-GAAP)$31,304 $30,055 $54,334 $33,980 $31,383 $61,359 $58,023 
Adjusted Revenue (Non-GAAP)$170,517 $166,452 $194,492 $170,973 $165,813 $336,969 $325,312 
Efficiency Ratio (Non-GAAP)53.99 %54.54 %48.48 %53.76 %53.84 %54.26 %56.47 %
Adjusted Noninterest Expense (Non-GAAP)$92,064 $90,776 $94,291 $91,915 $89,269 $182,840 $183,713 
Less: Non-core Expenses1,2
— — (762)— — — (3,481)
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)$92,064 $90,776 $93,529 $91,915 $89,269 $182,840 $180,232 
Adjusted Revenue (Non-GAAP)$170,517 $166,452 $194,492 $170,973 $165,813 $336,969 $325,312 
Less: Gain on Branch Sale— — (19,983)— — — — 
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)$170,517 $166,452 $174,509 $170,973 $165,813 $336,969 $325,312 
Adjusted Efficiency Ratio (Non-GAAP)53.99 %54.54 %53.60 %53.76 %53.84 %54.26 %55.40 %
1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.