GlobeNewswire Inc | Apr 19, 2021 08:00AM EDT

April 19, 2021

EVANSVILLE, Ind., April 19, 2021 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ: ONB) reports 1Q21 net income of $86.8 million,diluted EPS of $0.52.Adjusted^1 net income of $86.4million, or $0.52 per diluted share.

CEO COMMENTARY

"Old National's positive first quarter results were driven by recordfirst-quarter commercial loan production, strong mortgage revenue and excellentcredit quality," said Chairman and CEO Jim Ryan. "We also continue to work withour small business and non-profit clients who are affected by the pandemic tohelp them gain access to Paycheck Protection Program funds and also to completethe loan forgiveness process."

FIRST QUARTER HIGHLIGHTS2:

* Net income of $86.8 millionNet income * Earnings per diluted share of $0.52

* Net interest income on a fully taxable equivalent basis ofNet $151.6million compared to $164.6millioninterestincome/NIM * Net interest margin on a fully taxable equivalent basis of 2.94% compared to 3.26%

* Pre-provision net revenue^1 (?PPNR?) of $90.6million

* Adjusted PPNR^1 of $91.3million, up 17.9% over first quarter of 2020

OperatingPerformance * Noninterest expense of $117.7million

* Adjusted noninterest expense^1 of $115.0million

* Efficiency ratio^1 of 55.57%

* Adjusted efficiency ratio^1 of 54.25%

* End-of-period total loans^3 of $13,975.5million compared to $13,849.7million

[] Total commercial loans increased $59.0million, excluding the $181.1 million increase in PPP loansLoans andCreditQuality * First-quarter total commercial production of $718.0 million

* Provision for credit losses was a recapture of $17.4million

* March 31 pipeline of $2.6 billion

* Net recoveries of $5 thousand compared to net recoveries of $1.1 million

* Non-performing loans of 1.13% of total loans compared to 1.20%



* Return on average common equity of 11.69%

Return * Return on average tangible common equity^1 of 18.88%Profile& Capital * Adjusted return on average tangible common equity^1 of 18.79%

* No shares of common stock were repurchased during the current quarter

* $1.5 million in ONB Way chargesNotableItems * $1.2million in tax credit amortization

1 Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company please refer to the Non GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held for sale

RESULTS OF OPERATIONS

Old National Bancorp reported first quarter 2021 net income of $86.8million, or $0.52 per diluted share.

Included in the first quarter were pre-tax charges of $1.5million for the ONB Way. Excluding these charges from the current quarter and netting out debt securities gains, adjusted net income was $86.4million, or $0.52 per diluted share.

LOANSStrong commercial production continues.

-- Period-end total loans were $13,975.5million at March31, 2021, an increase of $125.8million, or 3.6% annualized, when compared to the $13,849.7million at December 31, 2020. -- Paycheck Protection Program (PPP) loans totaled $1,124.1 million at March31, 2021, compared to $943.0 million at December 31, 2020. -- Excluding the $181.1 million increase in PPP loans during the quarter, total loans decreased $55.3 million, or 1.7% annualized. -- Excluding PPP loans, total commercial and industrial loans increased $59.0 million, or 2.6% annualized. -- Total commercial loan production in the first quarter was $718.0 million; period-end pipeline totaled $2.6 billion. -- Consumer loans decreased $56.2 million to $1,579.0million and residential mortgage loans decreased $45.1million to $2,203.3million. -- Average total loans in the first quarter were $13,832.2 million, a decrease of $95.6million from the fourth quarter of 2020. -- Excluding PPP loans, average total loans in the first quarter increased $117.6 million from the fourth quarter of 2020.

DEPOSITSGovernment stimulus actions continue to bolster deposit balances.

-- Period-end total deposits were $17,849.8million at March31, 2021, an increase of $812.3million, or 19.1% annualized, when compared to the $17,037.5 million at December 31, 2020. -- Interest-bearing checking deposits increased $56.7million to $4,933.8million at March31, 2021. -- Noninterest-bearing deposits increased $457.4million to $6,091.1 million at March31, 2021 from $5,633.7 million at December 31, 2020. -- On average, total deposits in the first quarter were $17,341.8million, compared to $16,810.6million in the fourth quarter of 2020.

NET INTEREST INCOME AND MARGINDecrease in PPP fees negatively impact net interest income and margin; deposit and funding costs continue to decline.

-- Net interest income decreased to $148.1million in the first quarter of 2021 compared to $161.1 million in the fourth quarter of 2020. -- The net interest margin on a fully taxable equivalent basis decreased 32 basis points to 2.94% compared to 3.26% in the fourth quarter of 2020. -- PPP interest and net fees combined were $12.6million, or 10 basis points of net interest margin, in the first quarter of 2021 compared to $22.6 million, or 26 basis points of net interest margin, in the fourth quarter of 2020. -- Accretion income was $4.7million, or 9 basis points of net interest margin, in the first quarter of 2021 compared to $5.4million, or 10 basis points of net interest margin, in the fourth quarter of 2020. In the first quarter of 2021, accretion income was 2.3% of adjusted total revenue. -- Interest collected on nonaccrual loans was $0.6 million, or 1 basis point of net interest margin, in the first quarter of 2021 compared to $0.9million, or 2 basis points of net interest margin, in the fourth quarter of 2020. -- The cost of total deposits declined 2 basis points to 0.07% in the first quarter of 2021 while the cost of total interest-bearing deposits decreased 2 basis points to 0.11%.

CREDIT QUALITYStrong credit quality remains a hallmark of the Old National franchise.

-- Old National recorded a provision recapture in the first quarter of 2021 of $17.4million, compared to $1.1million in provision recapture recorded in the fourth quarter of 2020. -- Net recoveries in the first quarter were $5 thousand, compared to net recoveries of $1.1million in the fourth quarter of 2020. -- 30-89 day delinquencies were 0.12% at the end of the first quarter. -- Non-performing loans decreased as a percentage of total loans to 1.13%. -- Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of March31, 2021, the remaining discount on these acquired loans was $45.9 million. -- The allowance for credit losses stood at $114.0 million, or 0.82% of total loans at March31, 2021.

NONINTEREST INCOMENoninterest income decreased due to lower capital markets income.

-- Total noninterest income for the first quarter of 2021 was $56.7million, a decrease of $1.8million from the fourth quarter of 2020. -- Capital markets income decreased $2.8million when compared to the fourth quarter of 2020. -- Gains on sales of debt securities increased $1.8 million when compared to the fourth quarter of 2020.

NONINTEREST EXPENSEFirst quarter expense discipline helped drive positive operating leverage1.

-- Noninterest expense for the first quarter of 2021 was $117.7million and included $1.5 million in ONB Way charges and $1.2million in tax credit amortization. -- Excluding these items, adjusted noninterest expense for the first quarter was $115.0million, compared to the $128.8million in adjusted noninterest expense in the fourth quarter of 2020. -- The first quarter efficiency ratio was 55.57%, while the adjusted efficiency ratio was 54.25%. -- Adjusted operating leverage1 was +919 basis points for the first quarter of 2021 as compared to the first quarter of 2020.

INCOME TAXES

-- On a fully taxable-equivalent basis, income tax expense in the first quarter was $21.2million, resulting in a 19.6% FTE tax rate. -- Income tax expense included $1.7 million in tax credit benefit.

CAPITAL AND LIQUIDITYCapital ratios remain strong.

-- At the end of the first quarter, preliminary total risk-based capital was 12.84% and preliminary regulatory tier 1 capital was 12.01%. -- Tangible common equity to tangible assets was 8.38% at the end of the first quarter compared to 8.64% in the fourth quarter of 2020. -- The Company did not repurchase any shares of common stock during the first quarter. -- A low loan to deposit ratio of 78.3%, combined with existing funding sources plus available unencumbered, high-quality collateral, provides strong liquidity.

NON-GAAP RECONCILIATIONS

($ in millions, except EPS, shares in 1Q21 Adjustments^ Adjusted000s) 4 1Q21Total Revenues (FTE) $ 208.3 $ (2.0 ) $ 206.3 Less: Provision for Credit Losses 17.4 ? 17.4 Less: Noninterest Expenses (117.7 ) 1.5 (116.2 )Income before Income Taxes (FTE) $ 108.0 $ (0.5 ) $ 107.5 Income Taxes (21.2 ) 0.1 (21.1 )Net Income $ 86.8 $ (0.4 ) $ 86.4 Average Shares Outstanding 165,707 ? 165,707 Earnings Per Share - Diluted $ 0.52 $ ? $ 0.52

4 Tax-effect calculations use the current statutory FTE tax rates (federal + state)

($ in millions) 1Q21 4Q20Net Interest Income $ 148.1 $ 161.1 Add: FTE Adjustment 3.5 3.5 Net Interest Income (FTE) $ 151.6 $ 164.6 Average Earning Assets $ 20,601.7 $ 20,182.0 Net Interest Margin (FTE) 2.94 % 3.26 %

($ in millions) 1Q21 1Q20Net Interest Income $ 148.1 $ 143.8 Add: FTE Adjustment 3.5 3.3 Net Interest Income (FTE) $ 151.6 $ 147.1 Add: Total Noninterest Income 56.7 57.5 Less: Noninterest Expense 117.7 158.7 Pre-Provision Net Revenue $ 90.6 $ 45.9 Less: Debt Securities Gains/Losses (2.0 ) (5.2 )Add: ONB Way Charges 1.5 31.2 Add: Amortization of Tax Credit Investments 1.2 5.5 Adjusted Pre-Provision Net Revenue $ 91.3 $ 77.4

($ in millions) 1Q21 4Q20 1Q20Noninterest Expense $ 117.7 $ 142.3 $ 158.7 Less: ONB Way Charges (1.5 ) (3.6 ) (31.2 ) Noninterest Expense less Charges $ 116.2 $ 138.7 $ 127.5 Less: Amortization of Tax Credit Investments (1.2 ) (9.9 ) (5.5 ) Adjusted Noninterest Expense $ 115.0 $ 128.8 $ 122.0 Less: Intangible Amortization (3.1 ) (3.3 ) (3.8 ) Adjusted Noninterest Expense Less Intangible $ 111.9 $ 125.5 $ 118.2 AmortizationNet Interest Income $ 148.1 $ 161.1 $ 143.8 FTE Adjustment 3.5 3.5 3.3 Net Interest Income (FTE) $ 151.6 $ 164.6 $ 147.1 Total Noninterest Income 56.7 58.5 57.5 Total Revenue (FTE) $ 208.3 $ 223.1 $ 204.6 Less: Debt Securities Gains/Losses (2.0 ) (0.2 ) (5.2 ) Less: Gain on Branch Actions ? (0.1 ) ? Adjusted Total Revenue (FTE) $ 206.3 $ 222.8 $ 199.4 Efficiency Ratio 55.57 % 62.37 % 77.71 %Adjusted Efficiency Ratio 54.25 % 56.35 % 59.31 %Operating Leverage^5 (basis points) 2,762 Adjusted Operating Leverage^6 (basis points) 919

5 Year-over-year basis point change in noninterest expenses plus change in total revenue6 Year-over-year basis point change in adjusted noninterest expense plus change in adjusted total revenue

($ in millions) 1Q21 4Q20Net Income $ 86.8 $ 74.1 Add: Intangible Amortization (net of tax^7) 2.3 2.4 Tangible Net Income $ 89.1 $ 76.5 Less: Securities Gains/Losses (net of tax^7) (1.5 ) (0.2 ) Add: Gains/Losses on Branch Actions (net of tax^7) ? (0.1 ) Add: ONB Way Charges (net of tax^7) 1.1 2.7 Adjusted Tangible Net Income $ 88.7 $ 78.9 Average Total Shareholders? Equity 2,970.0 2,932.6 Less: Average Goodwill (1,037.0 ) (1,037.0 ) Less: Average Intangibles (44.4 ) (47.5 ) Average Tangible Shareholders? Equity $ 1,888.6 $ 1,848.1 Return on Average Tangible Common Equity 18.88 % 16.57 %Adjusted Return on Average Tangible Common Equity 18.79 % 17.08 %

7Tax-effect calculations use the current statutory FTE tax rates (federal + state)

CONFERENCE CALL AND WEBCASTOld National will host a conference call and live webcast at 9:00 a.m. Central Time on Monday, April19, 2021, to review first-quarter 2021 financial results. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Companys Investor Relations web page at oldnational.comand will be archived there for 12 months. A replay of the call will also be available from Noon Central Time on April19 through May 3. To access the replay, dial 1-855-859-2056, Conference ID Code 9135118.

ABOUT OLD NATIONALOld National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $23.7 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a Worlds Most Ethical Company by the Ethisphere Institute for ten consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old Nationals footprint includes Indiana, Kentucky, Michigan, Minnesota and Wisconsin. 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 oldnational.com.

USE OF NON-GAAP FINANCIAL MEASURESThis earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old Nationals results of operations or financial position. 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 of this release.

FORWARD-LOOKING STATEMENTThis press release 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 Bancorps (Old Nationals) financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words anticipate, believe, expect, intend, could and should, and other words of similar meaning. These forward-looking statements express managements current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties, such as statements about the potential impacts of the COVID-19 pandemic. There are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses and governments responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers businesses; market, economic, operational, liquidity, credit and interest rate risks associated with Old Nationals business (including developments and volatility arising from the COVID-19 pandemic); competition; heightened regulatory and governmental oversight and scrutiny of Old National's business practices; current, pending or future government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of Old National to execute its business plan, including the anticipated impact from the ONB Way strategic plan that may differ from current estimates; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements, including the impact of the CECL standard as well as changes to address the impact of COVID-19; new legal obligations or liabilities or unfavorable resolutions of litigations; disruptive technologies in payment systems and other services traditionally provided by banks; computer hacking and other cybersecurity threats; other matters discussed in this press release; and other factors identified in our Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this press release, and Old National does not undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this press release.

Financial Highlights (unaudited)($ and shares in thousands, except per share data) Three Months Ended March 31, December 31, March 31, 2021 2020 2020Income Statement Net interest income $ 148,120 $ 161,079 $ 143,771 Tax equivalent adjustment 3,500 3,517 3,323 (1)Net interest income - tax 151,620 164,596 147,094 equivalent basisProvision for credit losses (17,356 ) (1,100 ) 16,950 Noninterest income 56,712 58,552 57,502 Noninterest expense 117,740 142,318 158,744 Net income 86,818 74,120 22,640 Per Common Share Data Weighted average diluted 165,707 165,631 168,404 sharesNet income (diluted) $ 0.52 $ 0.44 $ 0.13 Cash dividends 0.14 0.14 0.14 Common dividend payout ratio 26 % 31 % 108 %(2)Book value $ 17.98 $ 17.98 $ 17.10 Stock price 19.34 16.56 13.19 Tangible common book value 11.47 11.43 10.48 (3) Performance Ratios Return on average assets 1.49 % 1.30 % 0.44 %Return on average common 11.69 % 10.11 % 3.20 %equityReturn on tangible common 18.77 % 16.20 % 5.89 %equity (3)Return on average tangible 18.88 % 16.57 % 5.86 %common equity (3)Net interest margin (FTE) 2.94 % 3.26 % 3.31 %Efficiency ratio (4) 55.57 % 62.37 % 77.71 %Net charge-offs (recoveries) 0.00 % (0.03 ) % 0.21 %to average loansAllowance for credit losses 0.82 % 0.95 % 0.86 %to ending loansNon-performing loans to 1.13 % 1.20 % 1.16 %ending loans Balance Sheet (EOP) Total loans $ 13,925,261 $ 13,786,479 $ 12,384,612Total assets 23,744,451 22,960,622 20,741,141Total deposits 17,849,755 17,037,453 14,305,362Total borrowed funds 2,574,987 2,676,554 3,245,214Total shareholders' equity 2,979,447 2,972,656 2,823,435 Capital Ratios (3) Risk-based capital ratios (EOP):Tier 1 common equity 12.01 % 11.75 % 11.40 %Tier 1 12.01 % 11.75 % 11.40 %Total 12.84 % 12.69 % 12.28 %Leverage ratio (to average 8.33 % 8.20 % 8.46 %assets) Total equity to assets 12.78 % 12.83 % 13.91 %(averages)Tangible common equity to 8.38 % 8.64 % 8.81 %tangible assets Nonfinancial Data Full-time equivalent 2,451 2,445 2,736employeesBanking centers 162 162 192 (1) Calculated using the federal statutory tax rate in effect of 21% for allperiods.(2) Cash dividends per share divided by net income per share (basic).(3) Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures"table for reconciliations to GAAP financial measures. March 31, 2021 capital ratios are preliminary.(4) Efficiency ratio is defined as noninterest expense before amortization ofintangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from debt securitiestransactions. This presentation excludes amortization of intangibles and net debt securities gains, as is common in other company releases,and better aligns with true operating performance.FTE - Fully taxable equivalent basis EOP - End of periodactual balances

Income Statement (unaudited)($ and shares in thousands, except per share data) Three Months Ended March 31, December 31, March 31, 2021 2020 2020Interest income $ 159,237 $ 173,249 $ 167,999 Less: interest expense 11,117 12,170 24,228 Net interest income 148,120 161,079 143,771 Provision for credit losses (17,356 ) (1,100 ) 16,950 Net interest income after 165,476 162,179 126,821 provision for credit losses Wealth management fees 9,708 9,259 8,884 Service charges on deposit 8,124 8,724 10,077 accountsDebit card and ATM fees 5,143 5,072 4,998 Mortgage banking revenue 16,525 16,233 11,119 Investment product fees 5,864 5,544 5,874 Capital markets income 3,715 6,545 4,328 Company-owned life insurance 2,714 3,153 3,080 Other income 2,926 3,861 3,968 Gains (losses) on sales of debt 1,993 161 5,174 securitiesTotal noninterest income 56,712 58,552 57,502 Salaries and employee benefits 68,117 78,001 79,173 Occupancy 14,872 13,008 15,133 Equipment 3,969 3,778 5,305 Marketing 2,062 3,242 3,097 Data processing 12,353 12,362 9,467 Communication 2,878 2,396 2,798 Professional fees 2,724 4,834 4,293 FDIC assessment 1,607 1,780 1,609 Amortization of intangibles 3,075 3,244 3,776 Amortization of tax credit 1,202 9,871 5,515 investmentsOther expense 4,881 9,802 28,578 Total noninterest expense 117,740 142,318 158,744 Income before income taxes 104,448 78,413 25,579 Income tax expense 17,630 4,293 2,939 Net income $ 86,818 $ 74,120 $ 22,640 Diluted Earnings Per Share Net income $ 0.52 $ 0.44 $ 0.13 Average Common Shares Outstanding Basic 164,997 164,799 167,748 Diluted 165,707 165,631 168,404 Common shares outstanding at end 165,676 165,367 165,109 of period

Balance Sheet (unaudited)($ in thousands) March 31, December 31, March 31, 2021 2020 2020Assets Federal Reserve Bank $ 293,230 $ 307,967 $ 130,295 accountMoney market investments 10,217 13,537 9,349 Investments: Treasury andgovernment-sponsored 1,602,423 852,196 530,904 agenciesMortgage-backed 3,385,339 3,339,098 3,210,000 securitiesStates and political 1,467,804 1,492,162 1,302,395 subdivisionsOther securities 440,810 458,639 497,709 Total investments 6,896,376 6,142,095 5,541,008 Loans held for sale, at 50,281 63,250 54,209 fair valueLoans: Commercial 4,068,896 3,956,422 3,046,579 Commercial and 6,074,135 5,946,512 5,283,464 agriculture real estateConsumer: Home equity 541,149 556,414 561,789 Other consumer loans 1,037,804 1,078,709 1,164,929 Subtotal of commercial 11,721,984 11,538,057 10,056,761 and consumer loansResidential real estate 2,203,277 2,248,422 2,327,851 Total loans 13,925,261 13,786,479 12,384,612 Total earning assets 21,175,365 20,313,328 18,119,473 Allowance for credit (114,037 ) (131,388 ) (106,380 )lossesNon-earning Assets: Cash and due from banks 154,330 268,208 203,533 Premises and equipment, 466,559 464,408 462,364 netOperating lease 74,611 76,197 86,819 right-of-use assetsGoodwill and other 1,079,933 1,083,008 1,093,323 intangible assetsCompany-owned life 456,782 456,110 450,148 insuranceOther assets 450,908 430,751 431,861 Total non-earning assets 2,683,123 2,778,682 2,728,048 Total assets $ 23,744,451 $ 22,960,622 $ 20,741,141 Liabilities and Equity Noninterest-bearing $ 6,091,054 $ 5,633,672 $ 4,058,559 demand depositsInterest-bearing: Checking and NOW accounts 4,933,770 4,877,046 4,105,006 Savings accounts 3,631,145 3,395,747 2,853,305 Money market accounts 2,075,852 1,908,118 1,746,798 Other time deposits 1,042,903 1,103,313 1,469,185 Total core deposits 17,774,724 16,917,896 14,232,853 Brokered deposits 75,031 119,557 72,509 Total deposits 17,849,755 17,037,453 14,305,362 Federal funds purchased 922 1,166 560,770 and interbank borrowingsSecurities sold under 395,242 431,166 318,067 agreements to repurchaseFederal Home Loan Bank 1,912,541 1,991,435 2,130,263 advancesOther borrowings 266,282 252,787 236,114 Total borrowed funds 2,574,987 2,676,554 3,245,214 Operating lease 84,665 86,598 95,830 liabilitiesAccrued expenses and 255,597 187,361 271,300 other liabilitiesTotal liabilities 20,765,004 19,987,966 17,917,706 Common stock, surplus, 2,887,538 2,824,885 2,685,278 and retained earningsAccumulated othercomprehensive income 91,909 147,771 138,157 (loss), net of taxTotal shareholders' 2,979,447 2,972,656 2,823,435 equityTotal liabilities and $ 23,744,451 $ 22,960,622 $ 20,741,141 shareholders' equity

Average Balance Sheet and Interest Rates (unaudited)($ in thousands) Three Months Ended Three Months Ended Three Months Ended March 31, 2021 December 31, 2020 March 31, 2020 Average Income (1)/ Yield/ Average Income (1)/ Yield/ Average Income (1)/ Yield/Earning Assets: Balance Expense Rate Balance Expense Rate Balance Expense RateMoney market andother interest-earninginvestments $ 370,087 $ 88 0.10 % $ 413,782 $ 126 0.12 % $ 58,406 $ 349 2.41 %Investments: Treasury andgovernment-sponsored 1,155,525 4,885 1.69 % 648,314 2,937 1.81 % 583,971 3,697 2.53 %agenciesMortgage-backed 3,312,311 15,833 1.91 % 3,291,436 16,137 1.96 % 3,171,650 19,065 2.40 %securitiesStates and political 1,478,143 12,200 3.30 % 1,437,890 12,008 3.34 % 1,273,156 11,409 3.58 %subdivisionsOther securities 453,411 2,743 2.42 % 462,836 2,629 2.27 % 494,500 3,216 2.60 %Total investments 6,399,390 35,661 2.23 % 5,840,476 33,711 2.31 % 5,523,277 37,387 2.71 %Loans: (2) Commercial 3,974,762 35,568 3.58 % 4,132,831 46,468 4.40 % 2,907,297 29,053 3.95 %Commercial andagriculture real 5,980,774 55,746 3.73 % 5,829,912 58,334 3.92 % 5,188,597 62,439 4.76 %estateConsumer: Home equity 544,049 4,152 3.10 % 550,548 4,380 3.17 % 558,356 5,631 4.06 %Other consumer loans 1,058,731 10,175 3.90 % 1,099,504 11,276 4.08 % 1,167,802 12,219 4.21 %Subtotal commercial 11,558,316 105,641 3.71 % 11,612,795 120,458 4.13 % 9,822,052 109,342 4.48 %and consumer loansResidential real 2,273,859 21,347 3.76 % 2,314,938 22,471 3.88 % 2,370,295 24,244 4.09 %estate loans Total loans 13,832,175 126,988 3.68 % 13,927,733 142,929 4.04 % 12,192,347 133,586 4.35 % Total earning assets $ 20,601,652 $ 162,737 3.16 % $ 20,181,991 $ 176,766 3.46 % $ 17,774,030 $ 171,322 3.84 % Less: Allowance for (133,869 ) (137,539 ) (83,244 ) credit losses Non-earning Assets: Cash and due from $ 288,623 $ 341,154 $ 287,601 banksOther assets 2,486,604 2,479,253 2,388,092 Total assets $ 23,243,010 $ 22,864,859 $ 20,366,479 Interest-Bearing Liabilities:Checking and NOW $ 4,863,819 $ 612 0.05 % $ 4,708,568 $ 629 0.05 % $ 4,104,778 $ 2,860 0.28 %accountsSavings accounts 3,495,319 487 0.06 % 3,329,494 487 0.06 % 2,828,177 1,298 0.18 %Money market 1,987,348 423 0.09 % 1,932,594 445 0.09 % 1,784,169 2,507 0.57 %accountsOther time deposits 1,081,248 1,607 0.60 % 1,158,715 2,189 0.75 % 1,562,074 5,186 1.34 %Totalinterest-bearing 11,427,734 3,129 0.11 % 11,129,371 3,750 0.13 % 10,279,198 11,851 0.46 %core depositsBrokered deposits 157,780 30 0.08 % 37,176 26 0.28 % 84,099 447 2.14 %Totalinterest-bearing 11,585,514 3,159 0.11 % 11,166,547 3,776 0.13 % 10,363,297 12,298 0.48 %deposits Federal fundspurchased and 1,144 ? 0.00 % 843 ? 0.03 % 392,857 1,240 1.27 %interbank borrowingsSecurities soldunder agreements to 398,662 120 0.12 % 438,272 125 0.11 % 329,091 384 0.47 %repurchaseFederal Home Loan 1,925,352 5,409 1.14 % 2,089,519 5,953 1.13 % 1,965,130 7,768 1.59 %Bank advancesOther borrowings 263,010 2,429 3.69 % 240,815 2,316 3.85 % 240,276 2,538 4.23 %Total borrowed funds 2,588,168 7,958 1.25 % 2,769,449 8,394 1.21 % 2,927,354 11,930 1.64 % Totalinterest-bearing $ 14,173,682 $ 11,117 0.32 % $ 13,935,996 $ 12,170 0.35 % $ 13,290,651 $ 24,228 0.73 %liabilities Noninterest-BearingLiabilities and Shareholders' EquityDemand deposits $ 5,756,277 $ 5,644,017 $ 3,964,493 Other liabilities 343,073 352,256 277,812 Shareholders' equity 2,969,978 2,932,590 2,833,523 Total liabilitiesand shareholders' $ 23,243,010 $ 22,864,859 $ 20,366,479 equity Net interest rate 2.84 % 3.11 % 3.11 %spread Net interest margin 2.94 % 3.26 % 3.31 %(FTE) FTE adjustment $ 3,500 $ 3,517 $ 3,323 (1) Interest income is reflected on a fully taxable equivalent basis (FTE).(2) Includes loans held for sale.

Asset Quality (EOP) (unaudited)($ in thousands) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 Beginning allowance for $ 131,388 $ 131,388 $ 54,619 credit lossesImpact of adopting ASC 326 ? ? 41,347 on 01/01/2020 Provision for credit losses (17,356 ) (1,100 ) 16,950 Gross charge-offs (1,570 ) (707 ) (8,445 ) Gross recoveries 1,575 1,807 1,909 Net (charge-offs) recoveries 5 1,100 (6,536 ) Ending allowance for credit $ 114,037 $ 131,388 $ 106,380 losses Net charge-offs (recoveries) 0.00 % (0.03 ) % 0.21 %/ average loans (1) Average loans outstanding $ 13,815,515 $ 13,910,145 $ 12,182,704 (1) EOP loans outstanding (1) 13,925,261 13,786,479 12,384,612 Allowance for credit losses 0.82 % 0.95 % 0.86 %/ EOP loans (1) Underperforming Assets: Loans 90 Days and over $ 49 $ 167 $ 658 (still accruing) Non-performing loans: Nonaccrual loans (2) 142,138 147,339 126,987 TDRs still accruing 15,226 17,749 17,040 Total non-performing loans 157,364 165,088 144,027 Foreclosed properties 751 1,324 2,163 Total underperforming assets $ 158,164 $ 166,579 $ 146,848 Classified and Criticized Assets:Nonaccrual loans (2) 142,138 147,339 126,987 Substandard accruing loans 160,314 157,276 181,157 Loans 90 days and over 49 167 658 (still accruing)Total classified loans - $ 302,501 $ 304,782 $ 308,802 "problem loans" Other classified assets 3,791 3,706 2,616 Criticized loans - "special 246,365 287,192 238,011 mention loans" Total classified and $ 552,657 $ 595,680 $ 549,429 criticized assets Non-performing loans / EOP 1.13 % 1.20 % 1.16 %loans (1) Allowance to non-performing 72 % 80 % 74 %loans Under-performing assets / 1.14 % 1.21 % 1.19 %EOP loans (1) EOP total assets $ 23,744,451 $ 22,960,622 $ 20,741,141 Under-performing assets / 0.67 % 0.73 % 0.71 %EOP assets EOP - End of period actual balances(1) Excludes loans held for sale.(2) Includes non-accruing TDRs totaling $14.3 million at March 31, 2021, $14.9million at December 31, 2020, and $11.8 million at March 31, 2020.

Non-GAAP Measures (unaudited)($ in thousands) Three Months Ended March 31, December 31, March 31, 2021 2020 2020Actual End of Period Balances GAAP shareholders' equity $ 2,979,447 $ 2,972,656 $ 2,823,435 Deduct: Goodwill 1,036,994 1,036,994 1,036,994 Intangibles 42,939 46,014 56,329 1,079,933 1,083,008 1,093,323 Tangible shareholders' equity $ 1,899,514 $ 1,889,648 $ 1,730,112 Average Balances GAAP shareholders' equity $ 2,969,978 $ 2,932,590 $ 2,833,523 Deduct: Goodwill 1,036,994 1,036,994 1,036,994 Intangibles 44,409 47,536 58,127 1,081,403 1,084,530 1,095,121 Average tangible shareholders' $ 1,888,575 $ 1,848,060 $ 1,738,402 equity Actual End of Period Balances GAAP assets $ 23,744,451 $ 22,960,622 $ 20,741,141 Add: Trust overdrafts 24 26 119 Deduct: Goodwill 1,036,994 1,036,994 1,036,994 Intangibles 42,939 46,014 56,329 1,079,933 1,083,008 1,093,323 Tangible assets $ 22,664,542 $ 21,877,640 $ 19,647,937 Risk-weighted assets (2) $ 15,524,621 $ 15,369,076 $ 14,420,130 GAAP net income $ 86,818 $ 74,120 $ 22,640 Add: Amortization of intangibles 2,306 2,433 2,849 (net of tax) Tangible net income $ 89,124 $ 76,553 $ 25,489 Tangible Ratios Return on tangible common 18.77 % 16.20 % 5.89 %equityReturn on average tangible 18.88 % 16.57 % 5.86 %common equityReturn on tangible assets 1.57 % 1.40 % 0.52 %Tangible common equity to 8.38 % 8.64 % 8.81 %tangible assetsTangible common equity to 12.24 % 12.30 % 12.00 %risk-weighted assets (2)Tangible common book value (1) 11.47 11.43 10.48 Tangible common equity presentation includes other comprehensive income as iscommon in other company releases.(1) Tangible common shareholders' equity divided by common shares issued andoutstanding at period-end. Tier 1 common equity (2) $ 1,865,220 $ 1,805,194 $ 1,643,249 Risk-weighted assets (2) 15,524,621 15,369,076 14,420,130 Tier 1 common equity to 12.01 % 11.75 % 11.40 %risk-weighted assets (2) (2) March 31, 2021 figures are preliminary.

Media: Kathy A. Schoettlin (812) 465-7269Investors: Lynell J. Walton (812) 464-1366