# EDGAR Filing Document

**Accession Number:** 0000707179
**File Stem:** 0001628280-23-001412
**Filing Date:** 2023-1
**Character Count:** 113275
**Document Hash:** 4b2828873ec69fc5b0a16ffa02cefeae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-001412.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001628280-23-001412

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230124

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD NATIONAL BANCORP /IN/
- **CENTRAL INDEX KEY:** 0000707179
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 351539838
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15817
- **FILM NUMBER:** 23545896

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MAIN ST
- **CITY:** EVANSVILLE
- **STATE:** IN
- **ZIP:** 47708
- **BUSINESS PHONE:** 8124641434

**MAIL ADDRESS:**
- **STREET 1:** ONE MAIN ST
- **CITY:** EVANSVILLE
- **STATE:** IN
- **ZIP:** 47708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** O
- **DATE OF NAME CHANGE:** 19950822

?xml version="1.0" ? onb-20230124

**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 24, 2023

**_________________________________________________________**

**OLD NATIONAL BANCORP**

(Exact name of Registrant as specified in its charter)

**_________________________________________________________**

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| | | |
|:---|:---|:---|
| **Indiana** | **001-15817** | **35-1539838** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | | |
|:---|:---|:---|
| **One Main Street** | **One Main Street** | |
| **Evansville,** | **Indiana** | **47708** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | (Zip Code) |

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Registrant's telephone number, including area code: **(773) 765-7675**

**________________________________________________________**

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

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:

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, No Par Value** | **ONB** | **The NASDAQ Stock Market LLC** |
| **Depositary Shares, each representing a 1/40th interest in a share of 7.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A** | **ONBPP** | **The NASDAQ Stock Market LLC** |
| **Depositary Shares, each representing a 1/40th interest in a share of 7.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C** | **ONBPO** | **The NASDAQ Stock Market LLC** |

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

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

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**Item 2.02 Results of Operations and Financial Condition.**

On January 24, 2023, Old National Bancorp (the "Company") issued a press release ("Press Release") reporting its financial results for the fourth quarter and full year 2022. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. A slide presentation outlining fourth quarter of 2022 earnings, strategic developments, and the Company's financial outlook will be available on the "Investor Relations" section of the Company's website to complement the conference call to be held on January 24, 2023, at 9:00 a.m. CDT and will be accessible at *http://www.oldnational.com* immediately before the conference call begins.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits.**

**<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>**

<u>[99.1](onb_exhibit991er4q22.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Press Release issued by Old National Bancorp on January 24, 2023.

104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).

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**SIGNATURE**

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.

Date: January 24, 2023

**OLD NATIONAL BANCORP**

By: <u>/s/ Brendon B. Falconer</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brendon B. Falconer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Executive Vice President and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

## Exhibit 99.1

**Exhibit 99.1**

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|:---|
| ![capturea.jpg](capturea.jpg) |
| ![capturea.jpg](capturea.jpg) |

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**Old National Reports 43% EPS Growth from 3Q22, 10% on an Adjusted Basis**<sup>1</sup>**, Driven by Commercial Loan Growth, Net Interest Margin Expansion and Expense Discipline**

**EVANSVILLE, Ind. (January 24, 2023)**

**Old National Bancorp (NASDAQ: ONB) reports 4Q22 net income applicable to common shares of $196.7 million, diluted EPS of $0.67; $164.3 million and $0.56 on an adjusted**<sup>1</sup> **basis, respectively. Full-year net income applicable to common shares of $414.2 million, diluted EPS of $1.50; $540.9 million and $1.96 on an adjusted**<sup>1</sup> **basis, respectively.**<br>

**CEO COMMENTARY**:

"Old National's strong 4th quarter puts the finishing touches on a transformational year of growth marked by disciplined, consistent execution," said CEO Jim Ryan. "We capped off 2022 with robust loan growth, impressive net interest margin expansion, peer leading return on average tangible common equity, excellent credit metrics and a record efficiency ratio."<br>

**FOURTH QUARTER HIGHLIGHTS**<sup>2</sup>:

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| | |
|:---|:---|
| **Net Income** | • Net income applicable to common shares of $196.7 million; adjusted net income applicable to common shares<sup>1</sup> of $164.3 million |
| **Net Income** | • Earnings per diluted common share ("EPS") of $0.67; adjusted EPS<sup>1</sup> of $0.56 |
| **Net Interest Income/NIM** | • Net interest income on a fully taxable equivalent basis<sup>1</sup> of $396.5 million |
| **Net Interest Income/NIM** | • Net interest margin on a fully taxable equivalent basis<sup>1</sup> ("NIM") of 3.85%, up 14 basis points ("bps") |
| **Operating Performance** | • Pre-provision net revenue<sup>1</sup> ("PPNR") of $278.8 million; adjusted PPNR<sup>1</sup> of $240.7 million |
| **Operating Performance** | • Noninterest expense of $282.7 million; adjusted noninterest expense<sup>1</sup> of $230.3 million |
| **Operating Performance** | • Efficiency ratio<sup>1</sup> of 49.1%; adjusted efficiency ratio<sup>1</sup> of 47.5% |
| **Loans and Credit Quality** | • End-of-period total loans<sup>3</sup> of $31.1 billion, up 7.7% annualized compared to September 30, 2022 |
| **Loans and Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total commercial loans increased 7.9% annualized |
| **Loans and Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total consumer loans<sup>4</sup> increased 7.5% annualized |
| **Loans and Credit Quality** | • Total commercial production of $2.7 billion  |
| **Loans and Credit Quality** | • Commercial loan pipeline of $4.6 billion |
| **Loans and Credit Quality** | • Provision for credit losses<sup>5</sup> ("provision") of $11.4 million |
| **Loans and Credit Quality** | • Net charge-offs of $4.0 million, or 5 bps of average loans |
| **Loans and Credit Quality** | • Non-performing loans of 0.81% of total loans |
| **Loans and Credit Quality** |  |
| **Return Profile & Capital** | • Return on average tangible common equity<sup>1</sup> of 31.5%; adjusted return on average tangible common equity<sup>1</sup> of 26.5% |
| **Notable Items** | • $90.7 million gain on sale of health savings accounts |
| **Notable Items** | • $26.8 million of property optimization charges |
| **Notable Items** | • $20.3 million of merger-related charges |
| **Notable Items** | • $5.3 million of amortization of tax credit investments  |

---

<sup>1</sup> *Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release* <sup>2</sup> *Comparisons are on a linked-quarter basis, unless otherwise noted* <sup>3</sup> *Includes loans held for sale* <sup>4</sup> *Includes consumer and residential real estate loans* <sup>5</sup> *Includes the provision for unfunded commitments*

------

**RESULTS OF OPERATIONS**

Old National Bancorp ("Old National") reported fourth quarter 2022 net income applicable to common shares of $196.7 million, or $0.67 per diluted common share.

Included in the fourth quarter was a $90.7 million pre-tax gain on the November 18, 2022 sale of health savings accounts, as well as pre-tax charges of $26.8 million for property optimization and $20.3 million related to the February 15, 2022 merger with First Midwest. Excluding these transactions and realized debt securities losses from the current quarter, adjusted net income was $164.3 million, or $0.56 per diluted common share.

***<u>LOANS</u>***

*Robust broad-based commercial and consumer loan growth.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Period-end total loans<sup>3</sup> were $31.1 billion at December 31, 2022, up 7.7% annualized from $30.5 billion at September 30, 2022, driven by strong commercial loan growth of 7.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total commercial loan production in the fourth quarter was $2.7 billion; period-end commercial pipeline totaled $4.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total consumer loans<sup>4</sup> were $9.2 billion at December 31, 2022, up 7.5% annualized from September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Consumer loans decreased $25.4 million, or 3.7% annualized, and residential mortgage loans grew $193.1 million, or 12.3% annualized, driven by strong production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average total loans in the fourth quarter were $30.7 billion, an increase of $838.0 million from the third quarter of 2022.

***<u>DEPOSITS</u>***

*Strong deposit franchise impacted by the sale of health savings accounts and seasonal deposit outflows late in the quarter.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On average, total deposits for the fourth quarter were $35.4 billion, a decrease of 0.9% excluding $382 million of health savings accounts sold in November.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Period-end total deposits were $35.0 billion at December 31, 2022, compared to $36.1 billion at September 30, 2022, down due to the sale of health savings accounts, client deployment of excess liquidity and seasonal deposit outflows.

***<u>NET INTEREST INCOME AND MARGIN</u>***

*Strong loan growth and the higher rate environment favorably impact net interest income and margin.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income on a fully taxable equivalent basis increased to $396.5 million in the fourth quarter of 2022 compared to $381.5 million in the third quarter of 2022, driven by higher interest rates and loan growth, partially offset by lower accretion income on loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin on a fully taxable equivalent basis increased 14 bps to 3.85% compared to 3.71% for the third quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accretion income on loans and borrowings was $10.4 million, or 10 bps of net interest margin, in the fourth quarter of 2022 compared to $25.4 million, or 25 bps of net interest margin, in the third quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of total deposits was 0.34%, increasing 22 bps and the cost of total interest-bearing deposits increased 34 bps to 0.52% in the fourth quarter of 2022.

***<u>CREDIT QUALITY</u>***

*Strong credit quality continues to be a hallmark of the Old National franchise.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision<sup>5</sup> expense in the fourth quarter of 2022 was $11.4 million, compared to $15.5 million in the third quarter of 2022, reflecting strong loan and unfunded commitment growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net charge-offs in the fourth quarter were $4.0 million, or 5 bps of average loans compared to net charge-offs of $7.6 million in the third quarter of 2022, or 10 bps of average loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Excluding purchased credit deteriorated ("PCD") loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 5 bps and 2 bps for the fourth and third quarters of 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 30+ day delinquencies were 0.19% at the end of the fourth quarter, compared to 0.22% at the end of the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-performing loans as a percentage of total loans were 0.81% consistent with the third quarter of 2022.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of December 31, 2022, the remaining discount on these acquired loans was $102 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $335.9 million, or 1.08% of total loans at December 31, 2022, consistent with September 30, 2022.

***<u>NONINTEREST INCOME</u>***

*Decrease driven by lower capital markets, mortgage fees and service charges.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total noninterest income for the fourth quarter of 2022 was $165.0 million and included a $90.7 million pre-tax gain on the sale of health savings accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding this item and realized debt securities losses, adjusted noninterest income for the fourth quarter was $74.5 million, compared to $80.6 million for the third quarter of 2022, down due primarily to lower capital markets income, service charge program enhancements and the sale of health savings accounts. In addition, mortgage banking revenue continues to be impacted by the higher rate environment, as well as lower production and gain on sale margins.

***<u>NONINTEREST EXPENSE</u>***

*Disciplined expense management; merger cost savings fully achieved in the fourth quarter of 2022 (annualized).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest expense for the fourth quarter of 2022 was $282.7 million and included $26.8 million for property optimization, $20.3 million of merger-related charges, and $5.3 million of tax credit amortization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding these items, adjusted noninterest expense for the fourth quarter was $230.3 million, compared to $237.0 million for the third quarter of 2022, down due primarily to fully achieved merger cost saves in the fourth quarter of 2022 annualized, partly offset by performance-driven incentive accrual true-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fourth quarter efficiency ratio<sup>1</sup> was 49.1%, while the adjusted efficiency ratio<sup>1</sup> was 47.5% for the fourth quarter of 2022 compared to 55.3% and 49.8%, respectively, for the third quarter of 2022.

***<u>INCOME TAXES</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense in the fourth quarter of 2022 was $61.3 million, resulting in an effective tax rate of 23.4% compared to 21.7% in the third quarter of 2022. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.8% in the fourth quarter compared to 25.3% in the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense included $6.1 million of tax credit benefit.

***<u>CAPITAL AND LIQUIDITY</u>***

*Capital ratios remain strong.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary total risk-based capital was 12.02% and preliminary regulatory Tier 1 capital was 10.71%, impacted by retained earnings including the $90.7 million pre-tax gain on the sale of health savings accounts, partly offset by strong loan growth. In addition, total risk-based capital was impacted by the phase-out of $2.4 million of Tier 2 subordinated debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible common equity to tangible assets was 6.18% at the end of the fourth quarter compared to 5.82% in the third quarter of 2022, impacted by the $90.7 million pre-tax gain on the sale of health savings accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company did not repurchase any shares of common stock during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A loan to deposit ratio of 89.0%, combined with existing funding sources plus available unencumbered, high-quality collateral, provides strong liquidity.

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**HEALTH SAVINGS ACCOUNTS SALE**

On November 18, 2022, Old National Bank, a wholly-owned subsidiary of Old National Bancorp, completed its previously announced transaction with UMB Bank, n.a. ("UMB"), pursuant to which UMB acquired Old National Bank's business of acting as a qualified custodian for, and administering, health savings accounts, which totaled $382 million. Upon completion, Old National Bank recorded a pre-tax gain of $90.7 million that is recorded in noninterest income.

**PROPERTY OPTIMIZATION**

During the fourth quarter of 2022, Old National initiated certain property optimization actions that included the closure and consolidation of certain branches as well as other real estate repositioning across our footprint. These actions resulted in pre-tax charges of $26.8 million for the fourth quarter of 2022 that are associated with valuation adjustments related to these locations and are recorded in noninterest expense.

**SERVICE CHARGE PROGRAM ENHANCEMENTS**

In early December, Old National implemented several enhancements to its overdraft protection programs to provide clients with more flexibility. The changes included the elimination of the non-sufficient fund ("NSF") fee when an item is returned, among other modifications that benefit consumers.

*<u>CONFERENCE CALL AND WEBCAST</u>*

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, January 24, 2023, to review fourth quarter and full year 2022 financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations web page at <u>oldnational.com</u> and will be archived there for 12 months. To listen to the live conference call, dial U.S. (844) 200-6205 or International (929) 526-1599, Access code 379396. A replay of the call will also be available from noon Central Time on January 24, 2023 through February 7, 2023. To access the replay, dial U.S. (866) 813-9403 or international +44 (204) 525-0658, Access code 104806.

*<u>ABOUT OLD NATIONAL</u>*

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank, which is the sixth largest commercial bank headquartered in the Midwest. With approximately $47 billion of assets and $28 billion of assets under management, Old National ranks among the top 35 banking companies headquartered in the U.S. and has been recognized as a World's Most Ethical Company by the Ethisphere Institute for 11 consecutive years. Since its founding, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients and in the communities it serves. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment, and capital market services. For more information and financial data, please visit Investor Relations at <u>oldnational.com</u>.

*<u>USE OF NON-GAAP FINANCIAL MEASURES</u>*

The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity, all adjusted for certain notable items. These items include the current expected credit loss ("CECL") Day 1 non-PCD provision expense, merger related charges associated with completed acquisitions, gain on sale of health savings accounts, property optimization charges, net securities gains and ONB Way charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger related charges and the CECL Day 1 non-PCD provision expense from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

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Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes pre-provision net revenues, adjusted may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger related charges, property optimization charges, amortization of tax credit investments and ONB Way charges, as well as adjusted noninterest income, which excludes the gain on sale of health savings accounts and gains/losses on sales of debt securities. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company's underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.

Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the previously provided tables and the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

*<u>FORWARD-LOOKING STATEMENTS</u>*

This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National's financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of the words "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "should," and "will," and other words of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: the continued impact of the COVID-19 pandemic on our business as well as the business of our customers; competition; government legislation, regulations and policies; the ability of Old National to execute its business plan, including the completion of the integration related to the merger between Old National and First Midwest and the achievement of the synergies and other benefits from the merger; changes in economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results or performance, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

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|:---|:---|
| *<u>CONTACTS:</u>* |  |
| Media: Kathy Schoettlin | Investors: Lynell Walton |
| (812) 465-7269 | (812) 464-1366 |
| Kathy.Schoettlin@oldnational.com | Lynell.Walton@oldnational.com |

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| ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | December 31, | September 30, | September 30, | June 30, | June 30, | March 31, | March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2022 | 2022 | 2021 | 2021 |
| **<u>Income Statement</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net interest income | $| 391090 | $| 376589 | $| 337472 | $| 222785 | $| 146781 | $| 1327936 | $| 596400 |
| FTE adjustment<sup>1</sup> | 5378 | 5378 | 4950 | 4950 | 4314 | 4314 | 3772 | 3772 | 3442 | 3442 | 18414 | 18414 | 13913 | 13913 |
| Net interest income - tax equivalent basis | 396468 | 396468 | 381539 | 381539 | 341786 | 341786 | 226557 | 226557 | 150223 | 150223 | 1346350 | 1346350 | 610313 | 610313 |
| Provision for credit losses<sup>2</sup> | 11408 | 11408 | 15490 | 15490 | 9165 | 9165 | 108736 | 108736 | (1332) | (1332) | 144799 | 144799 | (29622) | (29622) |
| Noninterest income | 165037 | 165037 | 80385 | 80385 | 89117 | 89117 | 65240 | 65240 | 51484 | 51484 | 399779 | 399779 | 214219 | 214219 |
| Noninterest expense<sup>2</sup> | 282675 | 282675 | 262444 | 262444 | 277475 | 277475 | 215589 | 215589 | 131355 | 131355 | 1038183 | 1038183 | 501379 | 501379 |
| Net income (loss) available to common shareholders | $| 196701 | $| 136119 | $| 110952 | $| (29603) | $| 56188 | $| 414169 | $| 277538 |
| **<u>Per Common Share Data</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average diluted shares | 293131 | 293131 | 292483 | 292483 | 291881 | 291881 | 227002 | 227002 | 166128 | 166128 | 276688 | 276688 | 165929 | 165929 |
| EPS, diluted | $| 0.67 | $| 0.47 | $| 0.38 | $| (0.13) | $| 0.34 | $| 1.50 | $| 1.67 |
| Cash dividends | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.56 | 0.56 | 0.56 | 0.56 |
| Dividend payout ratio<sup>3</sup> | 21 | 21% | 30 | 30% | 37 | 37% | (108) | (108)% | 41 | 41% | 37 | 37% | 33 | 33% |
| Book value | $| 16.68 | $| 16.05 | $| 16.51 | $| 17.03 | $| 18.16 | $| 16.68 | $| 18.16 |
| Stock price | 17.98 | 17.98 | 16.47 | 16.47 | 14.79 | 14.79 | 16.38 | 16.38 | 18.12 | 18.12 | 17.98 | 17.98 | 18.12 | 18.12 |
| Tangible book value<sup>4</sup> | 9.42 | 9.42 | 8.75 | 8.75 | 9.23 | 9.23 | 9.71 | 9.71 | 11.70 | 11.70 | 9.42 | 9.42 | 11.70 | 11.70 |
| **<u>Performance Ratios</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROAA | 1.74 | 1.74% | 1.22 | 1.22% | 1.01 | 1.01% | (0.31) | (0.31)% | 0.93 | 0.93% | 0.99 | 0.99% | 1.17 | 1.17% |
| ROAE | 16.8 | 16.8% | 11.1 | 11.1% | 9.1 | 9.1% | (2.9) | (2.9)% | 7.5 | 7.5% | 8.9 | 8.9% | 9.3 | 9.3% |
| ROATCE<sup>4</sup> | 31.5 | 31.5% | 20.5 | 20.5% | 16.9 | 16.9% | (4.0) | (4.0)% | 12.1 | 12.1% | 16.3 | 16.3% | 14.9 | 14.9% |
| NIM (FTE) | 3.85 | 3.85% | 3.71 | 3.71% | 3.33 | 3.33% | 2.88 | 2.88% | 2.77 | 2.77% | 3.47 | 3.47% | 2.89 | 2.89% |
| Efficiency ratio<sup>4</sup> | 49.1 | 49.1% | 55.3 | 55.3% | 62.7 | 62.7% | 72.3 | 72.3% | 64.0 | 64.0% | 58.0 | 58.0% | 59.7 | 59.7% |
| Efficiency ratio (prior presentation)<sup>5</sup> | N/A | N/A | 56.2 | 56.2% | 62.7 | 62.7% | 76.2 | 76.2% | 64.3 | 64.3% | N/A | N/A | 59.6 | 59.6% |
| NCOs (recoveries) to average loans | 0.05 | 0.05% | 0.10 | 0.10% | 0.02 | 0.02% | 0.05 | 0.05% | (0.04) | (0.04)% | 0.06 | 0.06% | (0.03) | (0.03)% |
| ACL on loans to EOP loans | 0.98 | 0.98% | 0.99 | 0.99% | 0.97 | 0.97% | 0.99 | 0.99% | 0.79 | 0.79% | 0.98 | 0.98% | 0.79 | 0.79% |
| ACL<sup>6</sup> to EOP loans | 1.08 | 1.08% | 1.08 | 1.08% | 1.05 | 1.05% | 1.07 | 1.07% | 0.87 | 0.87% | 1.08 | 1.08% | 0.87 | 0.87% |
| NPLs to EOP loans | 0.81 | 0.81% | 0.81 | 0.81% | 0.78 | 0.78% | 0.88 | 0.88% | 0.92 | 0.92% | 0.81 | 0.81% | 0.92 | 0.92% |
| **<u>Balance Sheet (EOP)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total loans | $| 31123641 | $| 30528933 | $| 29553648 | $| 28336244 | $| 13601846 | $| 31123641 | $| 13601846 |
| Total assets | 46763372 | 46763372 | 46215526 | 46215526 | 45748355 | 45748355 | 45834648 | 45834648 | 24453564 | 24453564 | 46763372 | 46763372 | 24453564 | 24453564 |
| Total deposits | 35000830 | 35000830 | 36053663 | 36053663 | 35538975 | 35538975 | 35607390 | 35607390 | 18569195 | 18569195 | 35000830 | 35000830 | 18569195 | 18569195 |
| Total borrowed funds | 5586314 | 5586314 | 4264750 | 4264750 | 4384411 | 4384411 | 4347560 | 4347560 | 2575240 | 2575240 | 5586314 | 5586314 | 2575240 | 2575240 |
| Total shareholders' equity | 5128595 | 5128595 | 4943383 | 4943383 | 5078783 | 5078783 | 5232114 | 5232114 | 3012018 | 3012018 | 5128595 | 5128595 | 3012018 | 3012018 |
| **<u>Capital Ratios</u>**<sup>4</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Risk-based capital ratios (EOP): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 common equity | 10.03 | 10.03% | 9.88 | 9.88% | 9.90 | 9.90% | 10.04 | 10.04% | 12.04 | 12.04% | 10.03 | 10.03% | 12.04 | 12.04% |
| &nbsp;&nbsp;&nbsp;Tier 1 capital | 10.71 | 10.71% | 10.58 | 10.58% | 10.63 | 10.63% | 10.79 | 10.79% | 12.04 | 12.04% | 10.71 | 10.71% | 12.04 | 12.04% |
| &nbsp;&nbsp;&nbsp;Total capital | 12.02 | 12.02% | 11.84 | 11.84% | 12.03 | 12.03% | 12.19 | 12.19% | 12.77 | 12.77% | 12.02 | 12.02% | 12.77 | 12.77% |
| Leverage ratio (average assets) | 8.52 | 8.52% | 8.26 | 8.26% | 8.19 | 8.19% | 10.58 | 10.58% | 8.59 | 8.59% | 8.52 | 8.52% | 8.59 | 8.59% |
| Equity to assets (averages) | 10.70 | 10.70% | 11.18 | 11.18% | 11.22 | 11.22% | 12.03 | 12.03% | 12.35 | 12.35% | 11.23 | 11.23% | 12.60 | 12.60% |
| TCE to TA | 6.18 | 6.18% | 5.82 | 5.82% | 6.20 | 6.20% | 6.51 | 6.51% | 8.30 | 8.30% | 6.18 | 6.18% | 8.30 | 8.30% |
| **<u>Nonfinancial Data</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Full-time equivalent employees | 3967 | 3967 | 4008 | 4008 | 4196 | 4196 | 4333 | 4333 | 2374 | 2374 | 3967 | 3967 | 2374 | 2374 |
| Banking centers | 263 | 263 | 263 | 263 | 266 | 266 | 267 | 267 | 162 | 162 | 263 | 263 | 162 | 162 |
| <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. | <sup>1</sup> Calculated using the federal statutory tax rate in effect of 21% for all periods. |
| <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>2</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. |
| <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). | <sup>3</sup> Cash dividends per common share divided by net income per common share (basic). |
| <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. | <sup>4</sup> Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 capital ratios are preliminary. |
| <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  | <sup>5</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes.  |
| <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. | <sup>6</sup> Includes the allowance for credit losses on loans and unfunded commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity | &nbsp;&nbsp;&nbsp;&nbsp;FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity |
| &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | &nbsp;&nbsp;&nbsp;&nbsp;ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses <br> EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** | **<u>Income Statement (unaudited)</u>** |
| ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| Interest income | $457821 | $406518 | $354358 | $235505 | $156928 | $1454202 | $638649 |
| Less: interest expense | 66731 | 29929 | 16886 | 12720 | 10147 | 126266 | 42249 |
| &nbsp;&nbsp;&nbsp; Net interest income | 391090 | 376589 | 337472 | 222785 | 146781 | 1327936 | 596400 |
| Provision for credit losses<sup>1</sup> | 11408 | 15490 | 9165 | 108736 | (1332) | 144799 | (29622) |
| &nbsp;&nbsp;&nbsp; Net interest income<br> after provision | 379682 | 361099 | 328307 | 114049 | 148113 | 1183137 | 626022 |
| Wealth management fees | 17851 | 17317 | 19304 | 14630 | 9833 | 69102 | 40409 |
| Service charges on deposit accounts | 18109 | 20042 | 20324 | 14026 | 8388 | 72501 | 31658 |
| Debit card and ATM fees | 10798 | 10608 | 11222 | 7599 | 5804 | 40227 | 23766 |
| Mortgage banking revenue | 3888 | 5360 | 6522 | 7245 | 7336 | 23015 | 42558 |
| Investment product fees | 7817 | 8042 | 8568 | 7322 | 6258 | 31749 | 24639 |
| Capital markets income | 5377 | 8906 | 7261 | 4442 | 6394 | 25986 | 21997 |
| Company-owned life insurance | 3108 | 3361 | 4571 | 3524 | 2737 | 14564 | 10589 |
| Gain on sale of health savings accounts | 90673 |  |  |  |  | 90673 |  |
| Other income | 7589 | 6921 | 11430 | 6110 | 4299 | 32050 | 14276 |
| Gains (losses) on sales of debt securities | (173) | (172) | (85) | 342 | 435 | (88) | 4327 |
| &nbsp;&nbsp;&nbsp;Total noninterest income | 165037 | 80385 | 89117 | 65240 | 51484 | 399779 | 214219 |
| Salaries and employee benefits | 142459 | 147203 | 161817 | 124147 | 72336 | 575626 | 284098 |
| Occupancy | 26488 | 26418 | 26496 | 21019 | 13151 | 100421 | 54834 |
| Equipment | 7591 | 7328 | 7550 | 5168 | 4473 | 27637 | 16704 |
| Marketing | 8508 | 10361 | 9119 | 4276 | 4723 | 32264 | 12684 |
| Data processing | 19951 | 20269 | 25883 | 18762 | 11489 | 84865 | 47047 |
| Communication | 4159 | 5392 | 5878 | 3417 | 2412 | 18846 | 10073 |
| Professional fees | 6360 | 6559 | 6336 | 19791 | 5409 | 39046 | 20077 |
| FDIC assessment | 5809 | 6249 | 4699 | 2575 | 1598 | 19332 | 6059 |
| Amortization of intangibles | 6787 | 7089 | 7170 | 4811 | 2573 | 25857 | 11336 |
| Amortization of tax credit investments | 5258 | 2662 | 1525 | 1516 | 2019 | 10961 | 6770 |
| Property optimization | 26818 |  |  |  |  | 26818 |  |
| Other expense<sup>1</sup> | 22487 | 22914 | 21002 | 10107 | 11172 | 76510 | 31697 |
| &nbsp;&nbsp;&nbsp; Total noninterest expense | 282675 | 262444 | 277475 | 215589 | 131355 | 1038183 | 501379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income<br> taxes | 262044 | 179040 | 139949 | (36300) | 68242 | 544733 | 338862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 61309 | 38887 | 24964 | (8714) | 12054 | 116446 | 61324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $200735 | $140153 | $114985 | $(27586) | $56188 | $428287 | $277538 |
| Preferred dividends | (4034) | (4034) | (4033) | (2017) |  | (14118) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) applicable to common shares | $196701 | $136119 | $110952 | $(29603) | $56188 | $414169 | $277538 |
| EPS | $0.67 | $0.47 | $0.38 | $(0.13) | $0.34 | $1.50 | $1.67 |
| <u>Weighted Average Common Shares Outstanding</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 291012 | 290961 | 290862 | 227002 | 165278 | 275179 | 165178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 293131 | 292483 | 291881 | 227002 | 166128 | 276688 | 165929 |
| Common shares outstanding (EOP) | 292903 | 292880 | 292893 | 292959 | 165838 | 292903 | 165838 |
| <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>End of Period Balance Sheet (unaudited)</u>** | **<u>End of Period Balance Sheet (unaudited)</u>** | **<u>End of Period Balance Sheet (unaudited)</u>** | **<u>End of Period Balance Sheet (unaudited)</u>** | **<u>End of Period Balance Sheet (unaudited)</u>** | **<u>End of Period Balance Sheet (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| Earning Assets |  |  |  |  |  |
| Federal Reserve Bank account | $269374 | $328391 | $334570 | $1545389 | $627354 |
| Money market investments | 5606 | 6374 | 7774 | 12419 | 22002 |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;Treasury and government-sponsored agencies | 2195175 | 2186551 | 2461173 | 2527568 | 1778357 |
| &nbsp;&nbsp;Mortgage-backed securities | 5476718 | 5584241 | 5976921 | 6086853 | 3698831 |
| &nbsp;&nbsp;States and political subdivisions | 1827164 | 1829561 | 1839333 | 1840823 | 1654986 |
| &nbsp;&nbsp;Other securities | 730476 | 693303 | 719223 | 735550 | 432478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 10229533 | 10293656 | 10996650 | 11190794 | 7564652 |
| Loans held for sale, at fair value | 11926 | 19748 | 26217 | 39376 | 35458 |
| Loans: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial | 9508904 | 9311148 | 8923983 | 8624253 | 3391769 |
| &nbsp;&nbsp;Commercial and agriculture real estate | 12457070 | 12227888 | 11796503 | 11337735 | 6380674 |
| &nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;Home equity | 1033783 | 1043594 | 1097852 | 1080885 | 560590 |
| &nbsp;&nbsp;Other consumer loans | 1663443 | 1678997 | 1656253 | 1587216 | 1013524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal of commercial and consumer loans | 24663200 | 24261627 | 23474591 | 22630089 | 11346557 |
| &nbsp;&nbsp;Residential real estate | 6460441 | 6267306 | 6079057 | 5706155 | 2255289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 31123641 | 30528933 | 29553648 | 28336244 | 13601846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 41640080 | 41177102 | 40918859 | 41124222 | 21851312 |
| Allowance for credit losses on loans | (303671) | (302254) | (288003) | (280507) | (107341) |
| Non-earning Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash and due from banks | 453432 | 466846 | 455620 | 418744 | 172663 |
| &nbsp;&nbsp;Premises and equipment, net | 557307 | 588021 | 586031 | 584113 | 476186 |
| &nbsp;&nbsp;Operating lease right-of-use assets | 189714 | 187626 | 192196 | 201802 | 69560 |
| &nbsp;&nbsp;Goodwill and other intangible assets | 2125121 | 2135792 | 2131815 | 2144609 | 1071672 |
| &nbsp;&nbsp;Company-owned life insurance | 768552 | 767089 | 769595 | 766291 | 463324 |
| &nbsp;&nbsp;Other assets | 1332837 | 1195304 | 982242 | 875374 | 456188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-earning assets | 5426963 | 5340678 | 5117499 | 4990933 | 2709593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $46763372 | $46215526 | $45748355 | $45834648 | $24453564 |
| Liabilities and Equity |  |  |  |  |  |
| Noninterest-bearing demand deposits | $11930798 | $12400077 | $12388379 | $12463136 | $6303106 |
| Interest-bearing: |  |  |  |  |  |
| Checking and NOW accounts | 8340955 | 8963014 | 8473510 | 8296337 | 5338022 |
| Savings accounts | 6326158 | 6616512 | 6796152 | 6871767 | 3798494 |
| Money market accounts | 5389139 | 5602729 | 5373318 | 5432139 | 2169160 |
| Other time deposits | 2775991 | 2393083 | 2479304 | 2544011 | 960413 |
| &nbsp;&nbsp;Total core deposits | 34763041 | 35975415 | 35510663 | 35607390 | 18569195 |
| Brokered deposits | 237789 | 78248 | 28312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 35000830 | 36053663 | 35538975 | 35607390 | 18569195 |
| Federal funds purchased and interbank borrowings | 581489 | 301031 | 1561 | 1721 | 276 |
| Securities sold under agreements to repurchase | 432804 | 438053 | 476173 | 509275 | 392275 |
| Federal Home Loan Bank advances | 3829018 | 2804617 | 3283963 | 3239357 | 1886019 |
| Other borrowings | 743003 | 721049 | 622714 | 597207 | 296670 |
| &nbsp;&nbsp;Total borrowed funds | 5586314 | 4264750 | 4384411 | 4347560 | 2575240 |
| Operating lease liabilities | 211964 | 207725 | 215188 | 234049 | 76236 |
| Accrued expenses and other liabilities | 835669 | 746005 | 530998 | 413535 | 220875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 41634777 | 41272143 | 40669572 | 40602534 | 21441546 |
| Preferred stock, common stock, surplus, and retained earnings | 5915017 | 5751833 | 5647916 | 5570313 | 3014393 |
| Accumulated other comprehensive income (loss), net of tax | (786422) | (808450) | (569133) | (338199) | (2375) |
| &nbsp;&nbsp;Total shareholders' equity | 5128595 | 4943383 | 5078783 | 5232114 | 3012018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $46763372 | $46215526 | $45748355 | $45834648 | $24453564 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Average | Income<sup>1</sup>/ | Yield/ | Average | Income<sup>1</sup>/ | Yield/ | Average | Income<sup>1</sup>/ | Yield/ |
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate |
| Money market and other interest-earning investments | $324801 | $(259) | (0.32)% | $514362 | $935 | 0.72% | $726144 | $276 | 0.15% |
| Investments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Treasury and government-sponsored agencies | 2151746 | 14683 | 2.73% | 2326070 | 13212 | 2.27% | 1763544 | 6390 | 1.45% |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 5470753 | 35344 | 2.58% | 5891283 | 36157 | 2.45% | 3513482 | 15071 | 1.72% |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 1818431 | 14849 | 3.27% | 1829322 | 14631 | 3.20% | 1625390 | 12941 | 3.18% |
| &nbsp;&nbsp;&nbsp;Other securities | 702730 | 7741 | 4.41% | 718735 | 6781 | 3.77% | 438583 | 2608 | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 10143660 | 72617 | 2.86% | 10765410 | 70781 | 2.63% | 7340999 | 37010 | 2.02% |
| Loans:<sup>2</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | 9330906 | 132711 | 5.69% | 9045009 | 113491 | 5.02% | 3420274 | 31641 | 3.62% |
| &nbsp;&nbsp;&nbsp;Commercial and agriculture real estate | 12317057 | 161766 | 5.25% | 11929892 | 136780 | 4.59% | 6341296 | 57347 | 3.54% |
| &nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity | 949925 | 16926 | 7.07% | 947921 | 14397 | 6.03% | 556851 | 4380 | 3.12% |
| &nbsp;&nbsp;&nbsp;Other consumer loans | 1766527 | 19906 | 4.47% | 1787929 | 18652 | 4.14% | 1009690 | 9488 | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal commercial and consumer loans | 24364415 | 331309 | 5.43% | 23710751 | 283320 | 4.78% | 11328111 | 102856 | 3.60% |
| Residential real estate loans | 6373819 | 59532 | 3.74% | 6189503 | 56432 | 3.65% | 2275469 | 20228 | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 30738234 | 390841 | 5.08% | 29900254 | 339752 | 4.54% | 13603580 | 123084 | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | $41206695 | $463199 | 4.49% | $41180026 | $411468 | 3.99% | $21670723 | $160370 | 2.93% |
| Less: Allowance for credit losses on loans | (303009) |  |  | (290215) |  |  | (107990) |  |  |
| Non-earning Assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $368874 |  |  | $503841 |  |  | $228126 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 4861247 |  |  | 4522171 |  |  | 2481792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $46133807 |  |  | $45915823 |  |  | $24272651 |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Checking and NOW accounts | $8482651 | $13189 | 0.62% | $8681392 | $5751 | 0.26% | $5093496 | $458 | 0.04% |
| &nbsp;&nbsp;&nbsp;Savings accounts | 6482369 | 1558 | 0.10% | 6733465 | 547 | 0.03% | 3766543 | 524 | 0.06% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 5382254 | 8091 | 0.60% | 5344567 | 2072 | 0.15% | 2139702 | 456 | 0.08% |
| &nbsp;&nbsp;&nbsp;Other time deposits | 2540619 | 5688 | 0.89% | 2463573 | 2168 | 0.35% | 978723 | 1047 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing core deposits | 22887893 | 28526 | 0.49% | 23222997 | 10538 | 0.18% | 11978464 | 2485 | 0.08% |
| Brokered deposits | 129745 | 1366 | 4.18% | 44579 | 282 | 2.51% |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 23017638 | 29892 | 0.52% | 23267576 | 10820 | 0.18% | 11978464 | 2485 | 0.08% |
| Federal funds purchased and interbank borrowings | 475431 | 4299 | 3.59% | 122311 | 720 | 2.34% | 1162 |  | 0.00% |
| Securities sold under agreements to repurchase | 409916 | 556 | 0.54% | 436225 | 106 | 0.10% | 381744 | 92 | 0.10% |
| Federal Home Loan Bank advances | 3266896 | 25609 | 3.11% | 3025844 | 13027 | 1.71% | 1887821 | 5122 | 1.08% |
| Other borrowings | 753401 | 6375 | 3.36% | 676874 | 5256 | 3.08% | 274926 | 2448 | 3.56% |
| &nbsp;&nbsp;&nbsp;Total borrowed funds | 4905644 | 36839 | 2.98% | 4261254 | 19109 | 1.78% | 2545653 | 7662 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $27923282 | $66731 | 0.95% | $27528830 | $29929 | 0.43% | $14524117 | $10147 | 0.28% |
| Noninterest-Bearing Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |
| Demand deposits | $12373495 |  |  | $12575011 |  |  | $6435829 |  |  |
| Other liabilities | 900448 |  |  | 677829 |  |  | 313880 |  |  |
| Shareholders' equity | 4936582 |  |  | 5134153 |  |  | 2998825 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $46133807 |  |  | $45915823 |  |  | $24272651 |  |  |
| Net interest rate spread |  |  | 3.54% |  |  | 3.56% |  |  | 2.65% |
| Net interest margin (FTE) |  |  | 3.85% |  |  | 3.71% |  |  | 2.77% |
| FTE adjustment |  | $5378 |  |  | $4950 |  |  | $3442 |  |
| <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. |  |
| <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. | <sup>2</sup> Includes loans held for sale. |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** | **<u>Average Balance Sheet and Interest Rates (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Average | Income<sup>1</sup>/ | Yield/ | Average | Income<sup>1</sup>/ | Yield/ |
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate |
| Money market and other interest-earning investments | $812296 | $2814 | 0.35% | $450158 | $589 | 0.13% |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Treasury and government-sponsored agencies | 2290229 | 47932 | 2.09% | 1573855 | 24209 | 1.54% |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 5562442 | 129411 | 2.33% | 3356950 | 60479 | 1.80% |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 1805433 | 57688 | 3.20% | 1548939 | 50115 | 3.24% |
| &nbsp;&nbsp;&nbsp;Other securities | 687926 | 24133 | 3.51% | 443606 | 10680 | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | $10346030 | $259164 | 2.50% | $6923350 | $145483 | 2.10% |
| Loans:<sup>2</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | 8252237 | 397228 | 4.81% | 3763099 | 138063 | 3.67% |
| &nbsp;&nbsp;&nbsp;Commercial and agriculture real estate | 11147967 | 489499 | 4.39% | 6168146 | 228568 | 3.71% |
| &nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity | 921018 | 49934 | 5.42% | 547322 | 17181 | 3.14% |
| &nbsp;&nbsp;&nbsp;Other consumer loans | 1649337 | 72340 | 4.39% | 1030145 | 39100 | 3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal commercial and consumer loans | 21970559 | 1009001 | 4.59% | 11508712 | 422912 | 3.67% |
| Residential real estate loans | 5622901 | 201637 | 3.59% | 2269989 | 83578 | 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 27593460 | 1210638 | 4.39% | 13778701 | 506490 | 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | $38751786 | $1472616 | 3.80% | $21152209 | $652562 | 3.09% |
| Less: Allowance for credit losses on loans | (261534) |  |  | (117436) |  |  |
| Non-earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $355391 |  |  | $256860 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 4404057 |  |  | 2492054 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $43249700 |  |  | $23783687 |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Checking and NOW accounts | $8104844 | $21321 | 0.26% | $4945435 | $2065 | 0.04% |
| &nbsp;&nbsp;&nbsp;Savings accounts | 6342697 | 3367 | 0.05% | 3648019 | 2003 | 0.05% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 4961159 | 11882 | 0.24% | 2080332 | 1750 | 0.08% |
| &nbsp;&nbsp;&nbsp;Other time deposits | 2312935 | 10801 | 0.47% | 1020359 | 5105 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing core deposits | 21721635 | 47371 | 0.22% | 11694145 | 10923 | 0.09% |
| Brokered deposits | 45796 | 1722 | 3.76% | 41371 | 31 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 21767431 | 49093 | 0.23% | 11735516 | 10954 | 0.09% |
| Federal funds purchased and interbank borrowings | 151243 | 5021 | 3.32% | 1113 |  | 0.00% |
| Securities sold under agreements to repurchase | 440619 | 843 | 0.19% | 392777 | 397 | 0.10% |
| Federal Home Loan Bank advances | 2986006 | 51524 | 1.73% | 1902407 | 21075 | 1.11% |
| Other borrowings | 619659 | 19785 | 3.19% | 269484 | 9823 | 3.65% |
| &nbsp;&nbsp;&nbsp;Total borrowed funds | 4197527 | 77173 | 1.84% | 2565781 | 31295 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 25964958 | 126266 | 0.49% | 14301297 | 42249 | 0.30% |
| Noninterest-Bearing Liabilities and Shareholders' Equity |  |  |  |  |  |  |
| Demand deposits | $11750306 |  |  | $6163937 |  |  |
| Other liabilities | 676940 |  |  | 320933 |  |  |
| Shareholders' equity | 4857496 |  |  | 2997520 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $43249700 |  |  | $23783687 |  |  |
| Net interest rate spread |  |  | 3.31% |  |  | 2.79% |
| Net interest margin (FTE) |  |  | 3.47% |  |  | 2.89% |
| FTE adjustment |  | $18414 |  |  | $13913 |  |
| <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. | <sup>1</sup> Interest income is reflected on a FTE. |
| <sup>2</sup> Includes loans held for sale. |  |  |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** | **<u>Asset Quality (EOP) (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| <u>Allowance for credit losses:</u> |  |  |  |  |  |  |  |
| Beginning allowance for credit losses on loans | $302254 | $288003 | $280507 | $107341 | $107868 | $107341 | $131388 |
| &nbsp;&nbsp;&nbsp;Allowance established for acquired PCD loans |  | 10558 |  | 78531 |  | 89089 |  |
| &nbsp;&nbsp;&nbsp;Provision for credit losses on loans | 5389 | 11288 | 9254 | 97409 | (1914) | 123340 | (28812) |
| &nbsp;&nbsp;&nbsp;Gross charge-offs | (7081) | (11440) | (4096) | (4664) | (545) | (27281) | (4310) |
| &nbsp;&nbsp;&nbsp;Gross recoveries | 3109 | 3845 | 2338 | 1890 | 1932 | 11182 | 9075 |
| &nbsp;&nbsp;(NCOs) recoveries | (3972) | (7595) | (1758) | (2774) | 1387 | (16099) | 4765 |
| Ending allowance for credit losses on loans | $303671 | $302254 | $288003 | $280507 | $107341 | $303671 | $107341 |
| Beginning allowance for credit losses on unfunded commitments | $26169 | $21966 | $22046 | $10879 | $10297 | $10879 | $11689 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses on<br>unfunded commitments | 6019 | 4203 | (80) | 11167 | 582 | 21309 | (810) |
| Ending allowance for credit losses on unfunded commitments | $32188 | $26169 | $21966 | $22046 | $10879 | $32188 | $10879 |
| Allowance for credit losses | $335859 | $328423 | $309969 | $302553 | $118220 | $335859 | $118220 |
| Provision for credit losses on loans | $5389 | $11288 | $9254 | $97409 | $(1914) | $123340 | $(28812) |
| Provision for credit losses on unfunded commitments<sup>1</sup> | 6019 | 4203 | (80) | 11167 | 582 | 21309 | (810) |
| &nbsp;&nbsp;Provision for credit losses<sup>1</sup> | $11408 | $15491 | $9174 | $108576 | $(1332) | $144649 | $(29622) |
| NCOs (recoveries) / average loans<sup>2</sup> | 0.05% | 0.10% | 0.02% | 0.05% | (0.04)% | 0.06% | (0.03)% |
| Average loans<sup>2</sup> | $30737698 | $29890008 | $28847003 | $20725313 | $13594543 | $27589442 | $13766590 |
| EOP loans<sup>2</sup> | 31123641 | 30528933 | 29553648 | 28336244 | 13601846 | 31123641 | 13601846 |
| ACL on loans / EOP loans<sup>2</sup> | 0.98% | 0.99% | 0.97% | 0.99% | 0.79% | 0.98% | 0.79% |
| ACL / EOP loans<sup>2</sup> | 1.08% | 1.08% | 1.05% | 1.07% | 0.87% | 1.08% | 0.87% |
| <u>Underperforming Assets:</u> |  |  |  |  |  |  |  |
| Loans 90 days and over (still<br>accruing) | $2650 | $767 | $882 | $1646 | $7 | $2650 | $7 |
| NPLs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonaccrual loans<sup>3</sup> | 238178 | 233659 | 214924 | 227925 | 106691 | 238178 | 106691 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDRs still accruing | 15313 | 13674 | 15665 | 20999 | 18378 | 15313 | 18378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NPLs | 253491 | 247333 | 230589 | 248924 | 125069 | 253491 | 125069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreclosed assets | 10845 | 11967 | 12618 | 19713 | 2030 | 10845 | 2030 |
| Total underperforming assets | $266986 | $260067 | $244089 | $270283 | $127106 | $266986 | $127106 |
| <u>Classified and Criticized Assets:</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nonaccrual loans<sup>3</sup> | $238178 | $233659 | $214924 | $227925 | $106691 | $238178 | $106691 |
| &nbsp;&nbsp;&nbsp;Substandard loans (still accruing) | 504657 | 476724 | 490566 | 518341 | 162572 | 504657 | 162572 |
| &nbsp;&nbsp;&nbsp;Loans 90 days and over (still accruing) | 2650 | 767 | 882 | 1646 | 7 | 2650 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total classified loans - "problem loans" | 745485 | 711150 | 706372 | 747912 | 269270 | 745485 | 269270 |
| &nbsp;&nbsp;&nbsp;Other classified assets | 24735 | 24773 | 25004 | 24676 | 4338 | 24735 | 4338 |
| &nbsp;&nbsp;&nbsp;Criticized loans - "special mention loans" | 636069 | 549994 | 452835 | 507689 | 235910 | 636069 | 235910 |
| Total classified and criticized assets | $1406289 | $1285917 | $1184211 | $1280277 | $509518 | $1406289 | $509518 |
| Loans 30-89 days past due | $55522 | $65632 | $48889 | $94114 | $16347 | $55522 | $16347 |
| NPLs / EOP loans<sup>2</sup> | 0.81% | 0.81% | 0.78% | 0.88% | 0.92% | 0.81% | 0.92% |
| ACL to NPLs | 132% | 133% | 134% | 122% | 95% | 132% | 95% |
| Under-performing assets/EOP loans<sup>2</sup> | 0.86% | 0.85% | 0.83% | 0.95% | 0.93% | 0.86% | 0.93% |
| Under-performing assets/EOP assets | 0.57% | 0.56% | 0.53% | 0.59% | 0.52% | 0.57% | 0.52% |
| 30+ day delinquencies<sup>2</sup> | 0.19% | 0.22% | 0.17% | 0.34% | 0.12% | 0.19% | 0.12% |
| <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. | <sup>1</sup> Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to prior period amounts to conform to the current period presentation. |
| <sup>2</sup> Excludes loans held for sale. | <sup>2</sup> Excludes loans held for sale. | <sup>2</sup> Excludes loans held for sale. |  |  |  |  |  |
| <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. | <sup>3</sup> Includes non-accruing TDRs totaling $24.0 million at December 31, 2022, $23.8 million at September 30, 2022, $24.3 million at June 30, 2022, $23.8 million at March 31, 2022 and $11.7 million at December 31, 2021. |
| PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | PCD - Purchased credit deteriorated TDR - Troubled debt restructuring |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** |
| ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) | ($ and shares in thousands, except per share data) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| <u>Earnings Per Share:</u> |  |  |  |  |  |  |  |
| Net income applicable to common shares | $196701 | $136119 | $110952 | $(29603) | $56188 | $414169 | $277538 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of health savings accounts | (90673) |  |  |  |  | (90673) |  |
| &nbsp;&nbsp;Tax effect<sup>1</sup> | 23031 |  |  |  |  | 23031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of health savings accounts, net | (67642) |  |  |  |  | (67642) |  |
| &nbsp;&nbsp;&nbsp;Debt Securities (gains) losses | 173 | 172 | 85 | (342) | (435) | 88 | (4327) |
| &nbsp;&nbsp;Tax effect<sup>1</sup> | (44) | (65) | (30) | 62 | 109 | (76) | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities (gains) losses, net | 129 | 107 | 55 | (280) | (326) | 12 | (3245) |
| &nbsp;&nbsp;&nbsp;Day 1 non-PCD |  |  |  | 96270 |  | 96270 |  |
| &nbsp;&nbsp;Tax effect<sup>1</sup> |  |  |  | (17550) |  | (17550) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Day 1 non-PCD, net |  |  |  | 78720 |  | 78720 |  |
| &nbsp;&nbsp;Merger related charges<sup>2</sup> | 20314 | 22743 | 36585 | 52299 | 6683 | 131941 | 14584 |
| &nbsp;&nbsp;Tax effect<sup>1</sup> | (5160) | (8529) | (13057) | (9534) | (1671) | (36280) | (3646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger related charges, net | 15154 | 14214 | 23528 | 42765 | 5012 | 95661 | 10938 |
| &nbsp;&nbsp;&nbsp;Property optimization | 26818 |  |  |  |  | 26818 |  |
| &nbsp;&nbsp;Tax effect<sup>1</sup> | (6812) |  |  |  |  | (6812) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property optimization, net | 20006 |  |  |  |  | 20006 |  |
| &nbsp;&nbsp;&nbsp;ONB Way |  |  |  |  |  |  | 1952 |
| &nbsp;&nbsp;Tax effect<sup>1</sup> |  |  |  |  |  |  | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp;ONB Way, net |  |  |  |  |  |  | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments, net | (32353) | 14321 | 23583 | 121205 | 4686 | 126757 | 9157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to common shares, adjusted | $164348 | $150440 | $134535 | $91602 | $60874 | $540926 | $286695 |
| Weighted average diluted common shares outstanding | 293131 | 292483 | 291881 | 227002 | 166128 | 276688 | 165929 |
| EPS, diluted | $0.67 | $0.47 | $0.38 | $(0.13) | $0.34 | $1.50 | $1.67 |
| Adjusted EPS, diluted | $0.56 | $0.51 | $0.46 | $0.40 | $0.37 | $1.96 | $1.73 |
| <u>NIM:</u> |  |  |  |  |  |  |  |
| Net interest income | $391090 | $376589 | $337472 | $222785 | $146781 | $1327936 | $596400 |
| Add: FTE adjustment<sup>1</sup> | 5378 | 4950 | 4314 | 3772 | 3442 | 18414 | 13913 |
| &nbsp;&nbsp;&nbsp;Net interest income (FTE) | $396468 | $381539 | $341786 | $226557 | $150223 | $1346350 | $610313 |
| Average earning assets | $41206695 | $41180026 | $41003338 | $31483553 | $21670723 | $38751786 | $21152209 |
| NIM | 3.80% | 3.66% | 3.29% | 2.83% | 2.71% | 3.43% | 2.82% |
| NIM (FTE) | 3.85% | 3.71% | 3.33% | 2.88% | 2.77% | 3.47% | 2.89% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| <u>PPNR:</u> |  |  |  |  |  |  |  |
| Net interest income (FTE)<sup>1</sup> | $396468 | $381539 | $341786 | $226557 | $150223 | $1346350 | $610313 |
| Add: Noninterest income | 165037 | 80385 | 89117 | 65240 | 51484 | 399779 | 214219 |
| &nbsp;&nbsp;&nbsp;Total revenue (FTE) | 561505 | 461924 | 430903 | 291797 | 201707 | 1746129 | 824532 |
| Less: Noninterest expense | (282675) | (262444) | (277475) | (215589) | (131355) | (1038183) | (501379) |
| &nbsp;&nbsp;&nbsp;&nbsp;PPNR | $278830 | $199480 | $153428 | $76208 | $70352 | $707946 | $323153 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of health savings accounts | $(90673) | $— | $— | $— | $— | $(90673) | $— |
| &nbsp;&nbsp;&nbsp;Debt securities (gains) losses | 173 | 172 | 85 | (342) | (435) | 88 | (4327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest income adjustments | (90500) | 172 | 85 | (342) | (435) | (90585) | (4327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted noninterest income | 74537 | 80557 | 89202 | 64898 | 51049 | 309194 | 209892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted revenue | $471005 | $462096 | $430988 | $291455 | $201272 | $1655544 | $820205 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ONB Way | $— | $— | $— | $— | $— | $— | $1952 |
| &nbsp;&nbsp;Merger related charges<sup>3</sup> | 20314 | 22743 | 36585 | 41286 | 6683 | 120928 | 14584 |
| &nbsp;&nbsp;&nbsp;Property optimization | 26818 |  |  |  |  | 26818 |  |
| &nbsp;&nbsp;&nbsp;Amortization of tax credit investments | 5258 | 2662 | 1525 | 1516 | 2019 | 10961 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest expense adjustments | 52390 | 25405 | 38110 | 42802 | 8702 | 158707 | 23306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted total noninterest expense | (230285) | (237039) | (239365) | (172787) | (122653) | (879476) | (478073) |
| &nbsp;&nbsp;&nbsp;Adjusted PPNR | $240720 | $225057 | $191623 | $118668 | $78619 | $776068 | $342132 |
| <u>Efficiency Ratio:</u> |  |  |  |  |  |  |  |
| Noninterest expense | $282675 | $262444 | $277475 | $215589 | $131355 | $1038183 | $501379 |
| Less: Amortization of intangibles | (6787) | (7089) | (7170) | (4811) | (2573) | (25857) | (11336) |
| &nbsp;&nbsp;&nbsp;Noninterest expense, excl. amortization of intangibles | 275888 | 255355 | 270305 | 210778 | 128782 | 1012326 | 490043 |
| Less: Noninterest expense adjustments | (52390) | (25405) | (38110) | (42802) | (8702) | (158707) | (23306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted noninterest expense | $223498 | $229950 | $232195 | $167976 | $120080 | $853619 | $466737 |
| Total revenue (FTE)<sup>1</sup> | $561505 | $461924 | $430903 | $291797 | $201707 | $1746129 | $824532 |
| Less: Debt securities (gains) losses | 173 | 172 | 85 | (342) | (435) | 88 | (4327) |
| &nbsp;&nbsp;&nbsp;Total revenue excl. debt securities (gains) losses | 561678 | 462096 | 430988 | 291455 | 201272 | 1746217 | 820205 |
| Less: Gain on sale of health savings accounts | (90673) |  |  |  |  | (90673) |  |
| &nbsp;&nbsp;&nbsp;Total adjusted revenue | $471005 | $462096 | $430988 | $291455 | $201272 | $1655544 | $820205 |
| Efficiency Ratio | 49.1% | 55.3% | 62.7% | 72.3% | 64.0% | 58.0% | 59.7% |
| Efficiency Ratio (prior presentation)<sup>4</sup> | N/A | 56.2% | 62.7% | 76.2% | 64.3% | N/A | 59.7% |
| Adjusted Efficiency Ratio | 47.5% | 49.8% | 53.9% | 57.6% | 59.7% | 51.6% | 56.9% |
| Adjusted Efficiency Ratio (prior presentation)<sup>4</sup> | N/A | 50.7% | 53.9% | 57.7% | 60.0% | N/A | 56.8% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| <u>ROAE and ROATCE:</u> |  |  |  |  |  |  |  |
| Net income (loss) applicable to common shares | $196701 | 136119 | 110952 | (29603) | 56188 | $414169 | $277538 |
| Amortization of intangibles | 6787 | 7089 | 7170 | 4811 | 2573 | 25857 | 11336 |
| Tax effect<sup>1</sup> | (1697) | (1772) | (1793) | (877) | (643) | (6139) | (2834) |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles, net | 5090 | 5317 | 5377 | 3934 | 1930 | 19718 | 8502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) applicable to common shares, excluding intangible amortization | 201791 | 141436 | 116329 | (25669) | 58118 | 433887 | 286040 |
| Total adjustments, net (see pg.12) | (32353) | 14321 | 23583 | 121205 | 4686 | 126757 | 9157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted tangible net income applicable to common shares | $169438 | 155757 | 139912 | 95536 | 62804 | $560644 | $295197 |
| Average shareholders' equity | $4936582 | 5134153 | 5129900 | 4218416 | 2998825 | $4857496 | $2997520 |
| Less: Average preferred equity | (243719) | (243719) | (243719) | (117210) |  | (212525) |  |
| &nbsp;&nbsp;&nbsp;Average shareholders' common equity | $4692863 | 4890434 | 4886181 | 4101206 | 2998825 | $4644971 | $2997520 |
| Average goodwill and other intangible assets | (2132480) | (2129858) | (2136964) | (1550624) | (1072986) | (1989466) | (1077065) |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible shareholder's common equity | $2560383 | 2760576 | 2749217 | 2550582 | 1925839 | $2655505 | $1920455 |
| ROAE | 16.8% | 11.1% | 9.1% | (2.9)% | 7.5% | 8.9% | 9.3% |
| ROAE, adjusted | 14.0% | 12.3% | 11.0% | 8.9% | 8.1% | 11.6% | 9.6% |
| ROATCE | 31.5% | 20.5% | 16.9% | (4.0)% | 12.1% | 16.3% | 14.9% |
| ROATCE, adjusted | 26.5% | 22.6% | 20.4% | 15.0% | 13.0% | 21.1% | 15.4% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** | **<u>Non-GAAP Measures (unaudited)</u>** |
| ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
|  | As of | As of | As of | As of | As of |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| <u>Tangible Common Equity:</u> |  |  |  |  |  |
| Shareholders' equity | $5128595 | $4943383 | $5078783 | $5232114 | $3012018 |
| Less: Preferred equity | (243719) | (243719) | (243719) | (243719) |  |
| &nbsp;&nbsp;Shareholders' common equity | $4884876 | $4699664 | $4835064 | $4988395 | $3012018 |
| Less: Goodwill and other intangible assets | (2125121) | (2135792) | (2131815) | (2144609) | (1071672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible shareholders' common equity | $2759755 | $2563872 | $2703249 | $2843786 | $1940346 |
| Total assets | $46763372 | $46215526 | $45748355 | $45834648 | $24453564 |
| Add: Trust overdrafts |  |  |  | 1 |  |
| Less: Goodwill and other intangible assets | (2125121) | (2135792) | (2131815) | (2144609) | (1071672) |
| &nbsp;&nbsp;Tangible assets | $44638251 | $44079734 | $43616540 | $43690040 | $23381892 |
| Risk-weighted assets<sup>5</sup> | $35950900 | $34741765 | $33662205 | $32341335 | $16588469 |
| Tangible common equity to tangible assets | 6.18% | 5.82% | 6.20% | 6.51% | 8.30% |
| Tangible common equity to risk-weighted assets<sup>5</sup> | 7.68% | 7.38% | 8.03% | 8.79% | 11.70% |
| <u>Tangible Common Equity:</u> |  |  |  |  |  |
| Common shares outstanding | 292903 | 292880 | 292893 | 292959 | 165838 |
| Tangible common book value | $9.42 | $8.75 | $9.23 | $9.71 | $11.70 |
| <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  | <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  | <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  | <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  | <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  | <sup>1</sup> Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).<br><sup>2</sup> Includes $11.0 million of provision for unfunded commitments for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>3</sup> Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the three months ended March 31, 2022 and the twelve months ended December 31, 2022.<br><sup>4</sup> Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. <br><sup>5</sup> December 31, 2022 figures are preliminary.  |

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