8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 reported) January 26, 2021

(Exact name of registrant as specified in its charter)

Delaware	001-39320	36-3161078
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

8750 West Bryn Mawr Avenue, Suite 1300, Chicago, Illinois	60631-3655
(Address of principal executive offices)	(ZIP Code)

Registrant's telephone number, including area code: (708) 831-7483

N/A
	(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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	FMBI	The NASDAQ Stock Market
Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	FMBIP	The NASDAQ Stock Market
Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C	FMBIO	The NASDAQ Stock Market

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

Emerging growth company ☐ 

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

Item 2.02     Results of Operations and Financial Condition.

On January 26, 2021, First Midwest Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2020. This press release, dated January 26, 2021, is attached to this report as Exhibit 99.1. A copy of the presentation materials that accompany this press release is also attached as Exhibit 99.2.

The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 and 99.2 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under the Exchange Act. Such information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01     Financial Statements and Exhibits.

(d)	Exhibits
	99.1	Press Release issued by First Midwest Bancorp, Inc. dated January 26, 2021.
	99.2	First Midwest Bancorp, Inc. presentation materials.
	104.0	Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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

		First Midwest Bancorp, Inc.
		(Registrant)
Date:	January 26, 2021	/s/ NICHOLAS J. CHULOS
		By: Nicholas J. Chulos Executive Vice President, General Counsel and Corporate Secretary

EX-99.1

Exhibit 99.1

	FOR IMMEDIATE RELEASE

FIRST MIDWEST BANCORP, INC. ANNOUNCES

2020 FOURTH QUARTER AND FULL YEAR RESULTS

CHICAGO, IL, January 26, 2021 – First Midwest Bancorp, Inc. (the "Company" or "First Midwest"), the holding company of First Midwest Bank (the "Bank"), today reported results of operations and financial condition for the fourth quarter and full year of 2020. Net income applicable to common shares for the fourth quarter of 2020 was $37.2 million, or $0.33 per diluted common share, compared to $23.4 million, or $0.21 per diluted common share, for the third quarter of 2020, and $51.7 million, or $0.47 per diluted common share, for the fourth quarter of 2019. For the full year of 2020, the Company reported net income applicable to common shares of $97.8 million, or $0.87 per diluted common share, compared to $198.1 million, or $1.82 per diluted common share, for the year ended December 31, 2019.

Results for the fourth quarter and full year of 2020 were impacted by balance sheet and retail optimization strategies, as well as income tax benefits. For the full year 2020, the COVID-19 pandemic (the "pandemic"), including governmental responses to it, impacted performance, resulting in higher provision for loan losses, as well as lower net interest and noninterest income. In addition, securities gains impacted the full year of 2020. Reported results for all periods were impacted by acquisition and integration related expenses. For additional detail on these adjustments, see the "Non-GAAP Financial Information" section presented later in this release.

SELECT FOURTH QUARTER HIGHLIGHTS

•Generated EPS of $0.33, up 57% compared to the third quarter of 2020, reflective of lower credit costs, higher revenues, and income tax benefits; down 30% from the fourth quarter of 2019 due to the impact of the pandemic and optimization costs.

◦EPS, adjusted(1) of $0.43, up 30% from the third quarter of 2020 and down 16% from the fourth quarter of 2019.

•Reported pre-tax, pre-provision earnings, adjusted(1) of $79 million, up 10% compared to third quarter 2020 due to:

◦Net interest income of $148 million at a net margin of 3.14%, up 4% and 19 basis points ("bps"), respectively, reflective of Paycheck Protection Program ("PPP") loan forgiveness.

◦Fee-based revenues up 10% due to record wealth management fees and record mortgage banking income.

•Stable credit performance compared to the third quarter of 2020, risk rating migration as expected:

◦Net loan charge-offs ("NCOs") of 0.12%, down 14 bps excluding purchased credit deteriorated ("PCD") and PPP loans.

◦Allowance for credit losses ("ACL") of 1.67% of total loans, consistent with the prior quarter.

◦Non-performing assets ("NPAs") to total loans plus foreclosed assets of 1.11%, consistent with the prior quarter.

•Grew loans to nearly $14 billion, up 4% and 9% from the prior quarter and prior year, excluding PPP.

•Generated 118 basis points of total capital during 2020, ending the year at 14.14% of risk-weighted assets, benefiting from the issuance of $230.5 million of 7.0% fixed rate preferred stock.

"The best of First Midwest has been on display in what has been an unprecedented and turbulent period for our country," said Michael L. Scudder, Chairman of the Board and Chief Executive Officer of the Company. "While the year's financial performance was impacted by the severe economic conditions caused by both the rapid onset and the magnitude of the pandemic, I am extremely proud of our 2,100 colleagues, who represent First Midwest each day. Amid the demands of a global health crisis, they were able to be agile, resilient and successfully pivot within our dramatically changed operating environment, working tirelessly to help support our clients, communities, and each other."

Mr. Scudder continued, "Importantly, earnings momentum for the quarter showed continued improvement, reflecting higher revenue, lower credit costs and controlled expenses. The quarter also saw the benefit of efforts undertaken to better position our balance sheet and efficiently manage our business to navigate today's low rate environment."

Mr. Scudder concluded, "As we look forward, we expect economic recovery to continue in 2021, complemented by COVID-19 vaccinations and execution of the federal government's fiscal policy. As these unfold, we remain centered on our collective drive to help our clients achieve financial success. While challenges certainly remain, times such as these also present an opportunity to build on that drive, leveraging our financial strength to best serve the needs of our clients and communities, as well as grow and enhance the value of our franchise."

First Midwest Bancorp, Inc. | 8750 West Bryn Mawr Avenue | Suite 1300 | Chicago | Illinois | 60631

OPTIMIZATION STRATEGIES

During the third quarter of 2020, the Company initiated certain actions that include optimizing its retail branch network and delivery model through the consolidation of 17 branches, or approximately 15% of its branch network, in early 2021. These actions reflect First Midwest's commitment to best meet the evolving needs and preferences of its clients and resulted in pre-tax costs of $18.4 million and $1.5 million for the third and fourth quarters of 2020, respectively. These costs are associated with valuation adjustments related to locations identified for closure due to their close proximity to another branch, modernization of our ATM network, advisory fees, employee severance, and other expenses associated with locations identified for closure. These costs are recorded within optimization costs within noninterest expense and are expected to be earned back in approximately 2 years.

During the fourth and third quarters of 2020, the Company terminated longer term interest rate swaps with a notional amount of $510 million and $1.1 billion, respectively, as well as reduced a portion of the borrowed funds related to the terminated swaps. As a result of these transactions, $17.6 million and $14.3 million of pre-tax losses on swap terminations were recorded within noninterest income for the quarters ended December 31, 2020 and September 30, 2020, respectively. For the third quarter of 2020, the loss was offset by $14.3 million of pre-tax securities gains. In addition, the Company purchased high quality 1-4 family mortgages of approximately $600 million, net during the fourth quarter of 2020 to reallocate securities cash flows into higher yielding assets and utilize excess liquidity. These actions are expected to positively impact future net interest income along with reducing higher levels of excess liquidity.

(1) These metrics are non-GAAP financial measures. For details on the calculation of these metrics, see the sections titled "Non-GAAP Financial Information" and "Non-GAAP Reconciliations" presented later in this release.

2

OPERATING PERFORMANCE

Net Interest Income and Margin Analysis

(Dollar amounts in thousands)

	Quarters Ended
	December 31, 2020					September 30, 2020					December 31, 2019
	Average Balance		Interest Earned/ Paid		Yield/ Rate (%)	Average Balance		Interest Earned/ Paid		Yield/ Rate (%)	Average Balance		Interest Earned/ Paid		Yield/ Rate (%)
Assets
Other interest-earning assets	$	1,244,999	$	930	0.30	$	1,234,948	$	799	0.26	$	204,001	$	1,223	2.38
Securities(1)	3,164,310		17,051		2.16	3,291,724		19,721		2.40	2,893,856		19,989		2.76
Federal Home Loan Bank ("FHLB") and   Federal Reserve Bank ("FRB") stock	123,287		1,342		4.35	150,033		976		2.60	117,994		881		2.99
Loans, excluding PPP loans(1)	13,335,154		126,474		3.77	13,558,857		131,680		3.86	12,753,436		155,863		4.85
PPP loans(1)	1,013,511		15,195		5.96	1,194,808		7,001		2.33	—		—		—
Total Loans(1)	14,348,665		141,669		3.93	14,753,665		138,681		3.74	12,753,436		155,863		4.85
Total interest-earning assets(1)	18,881,261		160,992		3.39	19,430,370		160,177		3.28	15,969,287		177,956		4.43
Cash and due from banks	252,268					284,730					241,616
Allowance for loan losses	(246,278)					(243,667)					(112,623)
Other assets	1,995,074					2,055,262					1,790,878
Total assets	$	20,882,325				$	21,526,695				$	17,889,158
Liabilities and Stockholders' Equity
Savings deposits	$	2,436,930	109		0.02	$	2,342,355	104		0.02	$	2,044,386	220		0.04
NOW accounts	2,774,989		277		0.04	2,744,034		307		0.04	2,291,667		2,172		0.38
Money market deposits	2,923,881		694		0.09	2,781,666		724		0.10	2,178,518		3,980		0.72
Time deposits	2,047,260		3,131		0.61	2,302,019		5,702		0.99	3,033,903		13,554		1.77
Borrowed funds	1,661,731		4,158		1.00	2,436,922		6,021		0.98	1,559,326		4,579		1.17
Senior and subordinated debt	234,669		3,482		5.90	234,464		3,498		5.94	233,848		3,740		6.35
Total interest-bearing liabilities	12,079,460		11,851		0.39	12,841,460		16,356		0.51	11,341,648		28,245		0.99
Demand deposits	5,753,600					5,631,355					3,862,157
Total funding sources	17,833,060				0.26	18,472,815				0.35	15,203,805				0.74
Other liabilities	373,854					378,786					326,156
Stockholders' equity	2,675,411					2,675,094					2,359,197
Total liabilities and   stockholders' equity	$	20,882,325				$	21,526,695				$	17,889,158
Tax-equivalent net interest   income/margin(1)			149,141		3.14			143,821		2.95			149,711		3.72
Tax-equivalent adjustment			(1,030)					(1,092)					(1,352)
Net interest income (GAAP)(1)			$	148,111				$	142,729				$	148,359
Impact of acquired loan accretion(1)			$	7,603	0.16			$	7,960	0.16			$	9,657	0.24
Tax-equivalent net interest income/   margin, adjusted(1)			$	141,538	2.98			$	135,861	2.79			$	140,054	3.48

(1) Interest income and yields on tax-exempt securities and loans are presented on a tax-equivalent basis, assuming a federal income tax of 21%. The corresponding income tax impact related to tax-exempt items is recorded in income tax expense. These adjustments have no impact on net income. See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

Net interest income for the fourth quarter of 2020 increased by 3.8% from the third quarter of 2020 and was consistent with the fourth quarter of 2019. Net interest income compared to both prior periods was impacted by an increase in interest income and fees on PPP loans and lower cost of funds, partially offset by lower yields on loans and securities. Compared to the fourth quarter of 2019, net interest income was also impacted by growth in loans and securities as well as the acquisition of interest-earning assets from the Park Bank transaction that closed in the first quarter of 2020.

Acquired loan accretion contributed $7.6 million, $8.0 million, and $9.7 million to net interest income for the fourth quarter of 2020, the third quarter of 2020, and the fourth quarter of 2019, respectively.

Tax-equivalent net interest margin for the current quarter was 3.14%, increasing by 19 basis points from the third quarter of 2020 and decreasing 58 basis points from the fourth quarter of 2019. Excluding the impact of acquired loan accretion, tax-

3

equivalent net interest margin was 2.98%, up 19 basis points from the third quarter of 2020 and down 50 basis points from the fourth quarter of 2019. Compared to the third quarter of 2020 tax-equivalent net interest margin increased primarily due to accelerated income due to the forgiveness of approximately $410 million of PPP loans partly offset by lower cost of funds and lower yields on loans. Tax equivalent net interest income decreased compared to the fourth quarter of 2019 as a result of lower interest rates on loans and securities, as well as a higher balance of other interest earnings assets due to higher demand deposits as a result of PPP loan funds and other government stimuli, partially offset by lower cost of funds and higher yields on PPP loans.

For the fourth quarter of 2020, total average interest-earning assets decreased by $549.1 million from the third quarter of 2020 and increased $2.9 billion from the fourth quarter of 2019. The decrease compared to the third quarter of 2020 resulted primarily from a decrease in average loans and securities, while the increase compared to the fourth quarter of 2019 was driven primarily by PPP loans, a higher balance of other interest-earning assets, and interest-earning assets acquired in the Park Bank transaction.

Total average funding sources for the fourth quarter of 2020 decreased by $639.8 million from the third quarter of 2020 and increased $2.6 billion from the fourth quarter of 2019. The decrease compared to the third quarter of 2020 resulted primarily from lower levels of borrowed funds. Compared to the fourth quarter of 2019, the increase was driven primarily by deposit growth due to higher customer balances resulting from PPP funds and other government stimuli, as well as deposits assumed in the Park Bank transaction.

Noninterest Income Analysis

(Dollar amounts in thousands)

	Quarters Ended						December 31, 2020 Percent Change From
	December 31, 2020		September 30, 2020		December 31, 2019		September 30, 2020	December 31, 2019
Wealth management fees	$	13,548	$	12,837	$	12,484	5.5	8.5
Service charges on deposit accounts	10,811		10,342		12,664		4.5	(14.6)
Mortgage banking income	9,191		6,659		4,134		38.0	122.3
Card-based fees, net	4,530		4,472		4,512		1.3	0.4
Capital market products income	659		886		6,337		(25.6)	(89.6)
Other service charges, commissions, and fees	2,993		2,823		2,946		6.0	1.6
Total fee-based revenues	41,732		38,019		43,077		9.8	(3.1)
Other income	3,550		2,523		3,419		40.7	3.8
Swap termination costs	(17,567)		(14,285)		—		23.0	N/M
Net securities gains	—		14,328		—		(100.0)	N/M
Total noninterest income	$	27,715	$	40,585	$	46,496	(31.7)	(40.4)

N/M – Not meaningful.

Total noninterest income of $27.7 million was down by 31.7% and 40.4% from the third quarter of 2020 and the fourth quarter of 2019, respectively. Excluding the impact of swap termination costs and net securities gains, total noninterest income of $45.3 million increased 11.7% and decreased 2.6% compared to the third quarter of 2020 and fourth quarter of 2019, respectively. Record wealth management fees resulted from a higher market environment and continued sales of fiduciary and investment advisory services to new and existing customers compared to both prior periods. The decrease in service charges on deposit accounts compared to the fourth quarter of 2019 resulted from the impact of lower transaction volumes due to the pandemic.

Record mortgage banking income for the fourth quarter of 2020 resulted from sales of $275.6 million of 1-4 family mortgage loans in the secondary market, compared to $251.8 million in the third quarter of 2020 and $173.0 million in the fourth quarter of 2019. In addition, mortgage banking income for the fourth quarter of 2020 increased compared to both prior periods due to increases in market pricing on sales of 1-4 family mortgage loans.

Capital market products income decreased compared to both prior periods as a result of continuing lower levels of sales to corporate clients in light of market conditions. Other income increased compared to the third quarter of 2020 primarily due to higher fair value adjustments on equity securities as a result of the higher market environment and benefit settlements on bank-owned life insurance.

4

During the fourth and third quarters of 2020, the Company terminated longer term interest rate swaps with notional amounts of $510 million and $1.1 billion, respectively, due to excess liquidity and in response to market conditions. As a result of these transactions, $17.6 million and $14.3 million of pre-tax losses on swap terminations were recorded in the same periods, respectively. At the same time as the swap terminations during the third quarter of 2020, the Company liquidated $160 million of securities, which resulted in $14.3 million of pre-tax securities gains to fully offset the loss on swap terminations.

Noninterest Expense Analysis

(Dollar amounts in thousands)

	Quarters Ended						December 31, 2020 Percent Change From
	December 31, 2020		September 30, 2020		December 31, 2019		September 30, 2020	December 31, 2019
Salaries and employee benefits:
Salaries and wages	$	55,950	$	53,385	$	53,043	4.8	5.5
Retirement and other employee benefits	10,430		11,349		9,930		(8.1)	5.0
Total salaries and employee benefits	66,380		64,734		62,973		2.5	5.4
Net occupancy and equipment expense(1)	14,002		13,736		12,940		1.9	8.2
Technology and related costs(1)	11,005		10,416		7,429		5.7	48.1
Professional services(1)	8,424		7,325		10,949		15.0	(23.1)
Advertising and promotions	1,850		2,688		2,896		(31.2)	(36.1)
Net other real estate owned ("OREO") expense	106		544		1,080		(80.5)	(90.2)
Other expenses	12,851		12,374		13,000		3.9	(1.1)
Optimization costs	1,493		18,376		—		(91.9)	100.0
Acquisition and integration related expenses	1,860		881		5,258		111.1	(64.6)
Delivering Excellence implementation costs	—		—		223		—	(100.0)
Total noninterest expense	$	117,971	$	131,074	$	116,748	(10.0)	1.0
Optimization costs	(1,493)		(18,376)		—		(91.9)	(100.0)
Acquisition and integration related expenses	(1,860)		(881)		(5,258)		111.1	(64.6)
Delivering Excellence implementation costs	—		—		(223)		—	(100.0)
Total noninterest expense, adjusted(2)	$	114,618	$	111,817	$	111,267	2.5	3.0

(1) Certain reclassifications were made to prior year amounts to conform to the current year presentation.

(2) See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

Total noninterest expense for the fourth quarter of 2020 decreased 10.0% compared to the third quarter of 2020 and increased 1.0% compared to the fourth quarter of 2019. Noninterest expense for all periods presented was impacted by acquisition and integration related expenses. In addition, the fourth and third quarters of 2020 were impacted by optimization costs and the fourth quarter of 2019 was impacted by costs related to our Delivering Excellence initiative. Excluding these items, noninterest expense for the fourth quarter of 2020 was $114.6 million, up 2.5% and 3.0% from the third quarter of 2020 and fourth quarter of 2019, respectively. Overall, noninterest expense, adjusted, to average assets, excluding PPP loans was 2.29% for the fourth quarter of 2020, up 5% and down 7% from the third quarter of 2020 and fourth quarter of 2019, respectively.

Operating costs associated with the Park transaction completed in the first quarter of 2020 contributed to the increase in noninterest expense compared to the fourth quarter of 2019. These costs primarily occurred in salaries and employee benefits, net occupancy and equipment expense, professional services, technology and related costs, and other expenses.

The increase in salaries and employee benefits compared to the third quarter was driven primarily by higher compensation accruals and equity compensation valuations. Compared to the fourth quarter of 2019, the increase in salaries and employee benefits was driven by merit increases, partially offset by lower compensation accruals. In addition, salaries and employee benefits compared to both prior periods was impacted by higher commissions resulting from sales of 1-4 family mortgage loans in the secondary market and higher levels of deferred loan salaries. Occupancy and equipment costs increased compared to the fourth quarter of 2019 primarily due to expenses resulting from the pandemic. Technology and related costs compared to the fourth quarter of 2019 was impacted by investments in technology, including the origination of PPP loans. Professional services for the fourth quarter of 2019 were elevated due to process enhancements and services associated with organizational growth. Advertising and promotions expense decreased compared to both prior periods due to the timing of certain costs related to

5

marketing campaigns. The decrease in net OREO expense compared to both prior periods was due mainly to sales of properties at gains.

Optimization costs of $1.5 million and $18.4 million for the fourth quarter and third quarter of 2020, respectively, primarily include valuation adjustments related to locations identified for closure, modernization of our ATM network, advisory fees, employee severance, and other expenses associated with locations identified for closure.

Acquisition and integration related expenses for all periods resulted from the acquisition of Park Bank. In addition, acquisition and integration related expenses for the fourth quarter of 2019 also resulted from the acquisition of Bridgeview, which closed in the second quarter of 2019.

INCOME TAXES

The Company's effective tax rate for the fourth quarter of 2020 was 12.1% compared to 23.9% for both the third quarter of 2020 and the fourth quarter of 2019. The Company's effective tax rate for the fourth quarter of 2020 decreased compared to both prior periods due primarily to $3.6 million of income tax benefits resulting from deferred tax asset adjustments, as well as the finalization of the prior year returns and the expiration of the statute of limitations on uncertain tax positions.

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)

	As of						December 31, 2020 Percent Change From
	December 31, 2020		September 30, 2020		December 31, 2019		September 30, 2020	December 31, 2019
Commercial and industrial	$	4,578,254	$	4,635,571	$	4,481,525	(1.2)	2.2
Agricultural	364,038		377,466		405,616		(3.6)	(10.3)
Commercial real estate:
Office, retail, and industrial	1,861,768		1,950,406		1,848,718		(4.5)	0.7
Multi-family	872,813		868,293		856,553		0.5	1.9
Construction	612,611		631,607		593,093		(3.0)	3.3
Other commercial real estate	1,481,976		1,452,994		1,383,708		2.0	7.1
Total commercial real estate	4,829,168		4,903,300		4,682,072		(1.5)	3.1
Total corporate loans, excluding PPP loans	9,771,460		9,916,337		9,569,213		(1.5)	2.1
PPP loans	785,563		1,196,538		—		(34.3)	N/M
Total corporate loans	10,557,023		11,112,875		9,569,213		(5.0)	10.3
Home equity	761,725		827,746		851,454		(8.0)	(10.5)
1-4 family mortgages	3,022,413		2,287,555		1,927,078		32.1	56.8
Installment	410,071		425,012		492,585		(3.5)	(16.8)
Total consumer loans	4,194,209		3,540,313		3,271,117		18.5	28.2
Total loans	$	14,751,232	$	14,653,188	$	12,840,330	0.7	14.9

N/M – Not meaningful.

Total loans includes loans originated under the PPP loan program beginning in the second quarter of 2020, which totaled $785.6 million and $1.2 billion as of December 31, 2020 and September 30, 2020, respectively. Excluding these loans, total loans grew by 3.8% from September 30, 2020 and 8.8% from December 31, 2019. Excluding PPP loans and loans acquired in the Park Bank transaction in the first quarter of 2020, total loans grew by 2.5% from December 31, 2019. Compared to December 31, 2019, corporate loans, excluding PPP loans, were impacted by lower production and line usage and higher paydowns due to current economic conditions as a result of the ongoing pandemic. Production increased in the fourth quarter of 2020 compared to the third quarter of 2020; however, this continued to be more than offset by excess borrower liquidity and paydowns as a result of the pandemic.

6

Growth in consumer loans compared to both prior periods resulted primarily from purchases of high-quality 1-4 family mortgages, as well as organic growth.

Allowance for Credit Losses

(Dollar amounts in thousands)

	As of									December 31, 2020 Percent Change From
	December 31, 2020			September 30, 2020			December 31, 2019			September 30, 2020	December 31, 2019
Allowance for credit losses
ACL, excluding PCD loans	$	215,915		$	209,988		$	109,222		2.8	97.7
PCD loan ACL	31,127			36,885			—			(15.6)	100.0
Total ACL	$	247,042		$	246,873		$	109,222		0.1	126.2
Provision for credit losses	$	10,507		$	15,927		$	9,594		(34.0)	9.5
ACL to total loans(1)	1.67		%	1.68		%	0.85		%
ACL to total loans, excluding PPP loans(1)(2)	1.77		%	1.83		%	0.85		%
ACL to non-accrual loans	173.33		%	171.95		%	132.76		%

(1) Prior to the adoption of the current expected credit losses accounting standard ("CECL") on January 1, 2020, this ratio included acquired loans that were recorded at fair value through an acquisition adjustment netted in loans. Subsequent to adoption, an ACL on acquired loans is established as of the acquisition date and the acquired loans are no longer recorded net of a credit-related acquisition adjustment.

(2) This ratio excludes PPP loans that are expected to be forgiven. As a result, no allowance for credit losses is associated with these loans. See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

The Company adopted CECL on January 1, 2020, which impacted both the level of ACL as well as other asset quality metrics due to the change in accounting for acquired PCD loans. In addition, the Company participated in the PPP program, resulting in $1.2 billion of loans originated in the second and third quarters of 2020 with a total outstanding balance of $785.6 million as of December 31, 2020 that are expected to be forgiven by the Small Business Administration ("SBA"). As a result, certain metrics are presented excluding PCD and PPP loans to provide comparability to prior periods.

The ACL was $247.0 million or 1.67% of total loans as of December 31, 2020, consistent with September 30, 2020 and increasing $137.8 million compared to December 31, 2019. Excluding the impact of PPP loans, ACL to total loans was 1.77% as of December 31, 2020, down from 1.83% and up from 0.85% as of September 30, 2020 and December 31, 2019, respectively. The decrease from September 30, 2020 reflects net charge-offs on PCD loans that previously had an ACL established upon acquisition. Compared to December 31, 2019, the increase in ACL is a result of the adoption of the CECL accounting standard, the Park Bank acquisition, as well as additional ACL established as a result of the pandemic.

7

Asset Quality

(Dollar amounts in thousands)

	As of									December 31, 2020 Percent Change From
	December 31, 2020			September 30, 2020			December 31, 2019			September 30, 2020	December 31, 2019
Asset quality
Non-accrual loans, excluding PCD loans(1)(2)	$	109,957		$	103,582		$	82,269		6.2	33.7
Non-accrual PCD loans(1)	32,568			39,990			—			(18.6)	N/M
Non-accrual loans	142,525			143,572			82,269			(0.7)	73.2
90 days or more past due loans, still accruing   interest(1)	4,395			3,781			5,001			16.2	(12.1)
Total non-performing loans, ("NPLs")	146,920			147,353			87,270			(0.3)	68.4
Accruing troubled debt restructurings ("TDRs")	813			841			1,233			(3.3)	(34.1)
Foreclosed assets(3)	16,671			15,299			20,458			9.0	(18.5)
Total NPAs	$	164,404		$	163,493		$	108,961		0.6	50.9
30-89 days past due loans(1)	$	40,656		$	21,551		$	31,958		88.7	27.2
Special mention loans(4)	$	409,083		$	395,295		$	188,703		3.5	116.8
Substandard loans(4)	357,219			311,430			188,811			14.7	89.2
Total performing loans classified as   substandard and special mention(4)	$	766,302		$	706,725		$	377,514		8.4	103.0
Non-accrual loans to total loans:
Non-accrual loans to total loans	0.97		%	0.98		%	0.64		%
Non-accrual loans to total loans, excluding   PPP loans(1)(2)(5)	1.02		%	1.07		%	0.64		%
Non-accrual loans to total loans, excluding   PCD and PPP loans(1)(2)(5)	0.80		%	0.78		%	0.64		%
Non-performing loans to total loans:
NPLs to total loans	1.00		%	1.01		%	0.68		%
NPLs to total loans, excluding PPP loans(1)(2)(5)	1.05		%	1.10		%	0.68		%
NPLs to total loans, excluding PCD and PPP   loans(1)(2)(5)	0.83		%	0.81		%	0.68		%
Non-performing assets to total loans plus foreclosed assets:
NPAs to total loans plus foreclosed assets	1.11		%	1.11		%	0.85		%
NPAs to total loans plus foreclosed assets,   excluding PPP loans(1)(2)(5)	1.18		%	1.21		%	0.85		%
NPAs to total loans plus foreclosed assets,   excluding PCD and PPP loans(1)(2)(5)	0.96		%	0.93		%	0.85		%
Performing loans classified as substandard and special mention to corporate loans:
Performing loans classified as substandard and   special mention to corporate loans(4)	7.26		%	6.36		%	3.95		%
Performing loans classified as substandard and   special mention to corporate loans, excluding   PPP loans(4)(5)	7.84		%	7.13		%	3.95		%

N/M – Not meaningful.

(1) Prior to the adoption of CECL on January 1, 2020, purchased credit impaired ("PCI") loans with an accretable yield were considered current and were not included in past due loan totals. In addition, PCI loans with an accretable yield were excluded from non-accrual loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals. In addition, an ACL is established as of the acquisition date or upon the adoption of CECL for loans previously classified as PCI, as PCD loans are no longer recorded net of a credit-related acquisition adjustment.

(2) See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

(3) Foreclosed assets consists of OREO and other foreclosed assets acquired in partial or total satisfaction of defaulted loans. Other foreclosed assets are included in other assets in the Consolidated Statements of Financial Condition.

(4) Performing loans classified as substandard and special mention excludes accruing TDRs.

(5) This ratio excludes PPP loans that are expected to be forgiven. As a result, no allowance for credit losses is associated with these loans.

8

NPAs represented 1.11% of total loans and foreclosed assets at December 31, 2020 compared to 1.11% and 0.85% at September 30, 2020 and December 31, 2019, respectively. Excluding the impact of PCD and PPP loans, NPAs to total loans plus foreclosed assets was 0.96% at December 31, 2020, compared to 0.93% at September 30, 2020 and 0.85% at December 31, 2019, reflective of normal fluctuations that occur on a quarterly basis.

Performing loans classified as substandard and special mention increased to $766.3 million for the fourth quarter of 2020 up from $706.7 million and $377.5 million at September 30, 2020 and December 31, 2019, respectively. This increase is a result of the pandemic's impact on certain borrowers primarily focused in elevated risk sectors that the Company has determined require additional monitoring. These loans exhibit potential or well-defined weaknesses but continue to accrue interest because they are well secured, and collection of principal and interest is expected.

Charge-Off Data

(Dollar amounts in thousands)

	Quarters Ended
	December 31, 2020			% of Total	September 30, 2020			% of Total	December 31, 2019			% of Total
Net loan charge-offs(1)
Commercial and industrial	$	3,536		33.6	$	5,470		34.7	$	6,799		64.2
Agricultural	1,779			16.9	265			1.7	15			0.1
Commercial real estate:
Office, retail, and industrial	1,701			16.1	1,339			8.5	256			2.4
Multi-family	19			0.2	—			—	(439)			(4.1)
Construction	140			1.3	4,889			31.1	3			—
Other commercial real estate	916			8.7	1,753			11.1	13			0.1
Consumer	2,448			23.2	2,027			12.9	3,953			37.3
Total net loan charge-offs	$	10,539		100.0	$	15,743		100.0	$	10,600		100.0
Less: NCOs on PCD loans(2)(3)	(6,488)			61.6	(6,923)			44.0	—			N/A
Total NCOs, excluding PCD    loans(2)(3)	$	4,051			$	8,820			$	10,600
Total recoveries included above	$	2,588			$	1,795			$	2,135
Quarter-to-Date(1)(4):
Net charge-offs to average loans	0.29		%		0.42		%		0.33		%
Net charge-offs to average loans,   excluding PPP loans(3)(5)	0.31		%		0.46		%		0.33		%
Net charge-offs to average loans,   excluding PCD and PPP loans(3)(5)	0.12		%		0.26		%		0.33		%
Year-to-Date(1)(4):
Net charge-offs to average loans	0.36		%		0.38		%		0.31		%
Net charge-offs to average loans,   excluding PPP loans(3)(5)	0.38		%		0.40		%		0.31		%
Net charge-offs to average loans,   excluding PCD and PPP loans(3)(5)	0.24		%		0.29		%		0.31		%

N/A – Not applicable.

(1) Amounts represent charge-offs, net of recoveries.

(2) Prior to the adoption of CECL on January 1, 2020, the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, an ACL on PCD loans, including those previously identified as PCI, is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the ACL.

(3) See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

(4) Annualized based on the actual number of days for each period presented.

(5) This ratio excludes PPP loans that are expected to be forgiven. As a result, no allowance for credit losses is associated with these loans.

9

Net loan charge-offs to average loans, annualized, were 0.29% for the fourth quarter of 2020, compared to 0.42% for the third quarter of 2020 and 0.33% for the fourth quarter of 2019. Excluding charge-offs on PCD and PPP loans on this metric, NCOs to average loans was 0.12% for the fourth quarter of 2020, down from 0.26% for the third quarter of 2020 and 0.33% for the fourth quarter of 2019. For the year ended December 31, 2020, net loan charge-offs to average loans was 0.36% compared to 0.31% for the same period in 2019. Excluding charge-offs on PCD and PPP loans on this metric for 2020, NCOs to average loans was 0.24% for 2020.

DEPOSIT PORTFOLIO

Deposit Composition

(Dollar amounts in thousands)

	Average for Quarters Ended						December 31, 2020 Percent Change From
	December 31, 2020		September 30, 2020		December 31, 2019		September 30, 2020	December 31, 2019
Demand deposits	$	5,753,600	$	5,631,355	$	3,862,157	2.2	49.0
Savings deposits	2,436,930		2,342,355		2,044,386		4.0	19.2
NOW accounts	2,774,989		2,744,034		2,291,667		1.1	21.1
Money market accounts	2,923,881		2,781,666		2,178,518		5.1	34.2
Core deposits	13,889,400		13,499,410		10,376,728		2.9	33.9
Time deposits	2,047,260		2,302,019		3,033,903		(11.1)	(32.5)
Total deposits	$	15,936,660	$	15,801,429	$	13,410,631	0.9	18.8

Total average deposits were $15.9 billion for the fourth quarter of 2020, up modestly from the third quarter of 2020 and up 18.8% from the fourth quarter of 2019. The rise in total average deposits compared to both prior periods was impacted by higher customer balances resulting from PPP funds and other government stimuli. Compared to the third quarter of 2020, the increase in total average deposits was partially offset by seasonal outflows of municipal deposits. In addition, the increase in total average deposits compared to the fourth quarter of 2019 was also driven by deposits assumed in the Park Bank transaction during the first quarter of 2020.

CAPITAL MANAGEMENT

Capital Ratios

	As of
	December 31, 2020		September 30, 2020		December 31, 2019
Company regulatory capital ratios:
Total capital to risk-weighted assets	14.14	%	14.06	%	12.96	%
Tier 1 capital to risk-weighted assets	11.55	%	11.48	%	10.52	%
Common equity Tier 1 ("CET1") to risk-weighted assets	10.06	%	9.97	%	10.52	%
Tier 1 capital to average assets	8.91	%	8.50	%	8.81	%
Company tangible common equity ratios(1)(2):
Tangible common equity to tangible assets	7.67	%	7.43	%	8.81	%
Tangible common equity to tangible assets, excluding PPP loans	7.98	%	7.90	%	8.81	%
Tangible common equity, excluding accumulated other comprehensive income ("AOCI"), to tangible assets	7.54	%	7.30	%	8.82	%
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans	7.85	%	7.77	%	8.82	%
Tangible common equity to risk-weighted assets	9.93	%	9.84	%	10.51	%

(1) These ratios are not subject to formal Federal Reserve regulatory guidance.

(2) Tangible common equity ("TCE") is a non-GAAP measure that represents common stockholders' equity less goodwill and identifiable intangible assets. For details of the calculation of these ratios, see the sections titled, "Non-GAAP Financial Information" and "Non-GAAP Reconciliations" presented later in this release.

10

Total and Tier 1 capital to risk-weighted assets ratios increased compared to all prior periods primarily as a result of retained earnings and the mix of risk-weighted assets. Compared to December 31, 2019, total and Tier 1 capital ratios also benefited from the issuance of preferred stock. In addition, compared to December 31, 2019, all capital ratios were impacted by the approximately 50 basis point decrease due to the Park Bank acquisition, 15 basis point decrease due to stock repurchases, and the impact of loan growth and securities purchases on risk-weighted and average assets. The Company elected the five year CECL transition relief for regulatory capital, which retained approximately 30 basis points of CET1 and tier 1 capital at December 31, 2020.

The Board of Directors approved a quarterly cash dividend of $0.14 per common share during the fourth quarter of 2020, which is consistent with third quarter of 2020 and the fourth quarter of 2019. This dividend represents the 152nd consecutive cash dividend paid by the Company since its inception in 1983.

Conference Call

A conference call to discuss the Company's results, outlook, and related matters will be held on Wednesday, January 27, 2021 at 11:00 A.M. (ET). Members of the public who would like to listen to the conference call should dial (877) 507-0639 (U.S. domestic) or (412) 317-6003 (International) and ask for the First Midwest Bancorp, Inc. Earnings Conference Call. The number should be dialed 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website, investor.firstmidwest.com. For those unable to listen to the live broadcast, a replay will be available on the Company's website or by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (International) conference I.D. 10151130 beginning one hour after completion of the live call until 8:00 A.M. (ET) on April 20, 2021. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.

Press Release, Presentation Materials, and Additional Information Available on Website

This press release, the presentation materials to be discussed during the conference call, and the accompanying unaudited Selected Financial Information are available through the Investor Relations section of First Midwest's website at investor.firstmidwest.com.

Forward-Looking Statements

This press release, as well as any oral statements made by or on behalf of First Midwest, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of words such as "may," "might," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "outlook," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Forward-looking statements are not historical facts or guarantees of future performance but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. First Midwest cautions you not to place undue reliance on these statements. Forward-looking statements speak only as of the date made, and First Midwest undertakes no obligation to update any forward-looking statements.

Forward-looking statements may be deemed to include, among other things, statements relating to First Midwest's future financial performance, including the related outlook for 2021, the performance of First Midwest's loan or securities portfolio, the expected amount of future credit allowances or charge-offs, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, acquisition transactions, estimated synergies, cost savings and financial benefits of announced or completed transactions, growth strategies, including possible future acquisitions, and the continued effects of the pandemic on our business, financial condition, liquidity, capital, loans, asset quality and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the pandemic, and the pandemic's continued effects on our business, operations and employees, as well as on our clients and service providers, and on economies and markets more generally and other risks, uncertainties and assumptions that are discussed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in First Midwest's Annual Report on Form 10-K for the year ended December 31, 2019, and in First Midwest's subsequent filings made with the Securities and Exchange Commission ("SEC"). These risks and uncertainties are not exhaustive, and other sections of these reports describe additional factors that could adversely impact First Midwest's business and financial performance.

11

Non-GAAP Financial Information

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. These non-GAAP financial measures include EPS, adjusted, the efficiency ratio, return on average assets, adjusted, tax-equivalent net interest income (including its individual components), tax-equivalent net interest margin, tax-equivalent net interest margin, adjusted, noninterest expense, adjusted, tangible common equity to tangible assets, tangible common equity, excluding AOCI, to tangible assets, tangible common equity to risk-weighted assets, return on average common equity, adjusted, return on average tangible common equity, return on average tangible common equity, adjusted, non-accrual loans, excluding PCD loans, non-accrual loans to total loans, excluding PPP loans, non-accrual loans to total loans, excluding PCD and PPP loans, NPLs to total loans, excluding PPP loans, NPLs to total loans, excluding PCD and PPP loans, NPAs to total loans plus foreclosed assets, excluding PPP loans, NPAs to total loans plus foreclosed assets, excluding PCD and PPP loans, performing loans classified as substandard and special mention to corporate loans, excluding PPP loans, NCOs, excluding PCD loans, NCOs to average loans, excluding PPP loans, NCOs to average loans, excluding PCD and PPP loans, and pre-tax, pre-provision earnings, adjusted.

The Company presents EPS, the efficiency ratio, return on average assets, return on average common equity, and return on average tangible common equity, all adjusted for certain significant transactions. These transactions include swap termination costs (fourth and third quarters of 2020), income tax benefits (fourth quarter of 2020), optimization costs (fourth and third quarters of 2020), acquisition and integration related expenses associated with completed and pending acquisitions (all periods), net securities gains (losses) (third and first quarters of 2020), and Delivering Excellence implementation costs (all periods in 2019). In addition, net OREO expense is excluded from the calculation of the efficiency ratio. Management believes excluding these transactions from EPS, the efficiency ratio, return on average assets, 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 transactions do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding acquisition and integration related expenses 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 transactions from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for loan losses, and the certain significant transactions listed above are excluded from the calculation of pre-tax, pre-provision earnings, adjusted due to the fluctuation in income before income tax and the level of provision for loan losses required based on the estimated impact of the pandemic on the ACL. Management believes pre-tax, pre-provision earnings, adjusted may be useful in assessing the Company's underlying operational performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents noninterest expense, adjusted, which excludes optimization costs, acquisition and integration related expenses, and Delivering Excellence implementation costs. Management believes that excluding these items from noninterest expense 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 addition, management believes that presenting tax-equivalent net interest margin, adjusted, may enhance comparability for peer comparison purposes and is useful to the Company, as well as analysts and investors, since acquired loan accretion income may fluctuate based on the size of each acquisition, as well as from period to period.

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.

The Company presents non-accrual loans, non-accrual loans to total loans, NPLs to total loans, NPAs to total loans plus foreclosed assets, performing loans classified as substandard and special mention to corporate loans, excluding PPP loans, NCOs, and NCOs to average loans, all excluding PCD and/or PPP loans. Management believes excluding PCD and PPP loans is useful as it facilitates better comparability between periods. Prior to the adoption of CECL on January 1, 2020, PCI loans

12

with an accretable yield were considered current and were not included in past due and non-accrual loan totals and the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals and an ACL on PCD loans is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the ACL. The Company began originating PPP loans during the second quarter of 2020 and the loans are expected to be forgiven by the SBA if the applicable criteria are met. Additionally, management believes excluding PCD and PPP loans from these metrics may enhance comparability for peer comparison purposes.

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.

About the Company

First Midwest (NASDAQ: FMBI) is a relationship-focused financial institution and one of the largest independent publicly traded bank holding companies based on assets headquartered in Chicago and the Midwest, with approximately $21 billion of assets and an additional $14 billion of assets under management. First Midwest Bank and First Midwest's other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. First Midwest operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin, northwest Indiana, eastern Iowa and other markets in the Midwest. Visit First Midwest at www.firstmidwest.com.

CONTACTS:

Investors Patrick S. Barrett EVP, Chief Financial Officer (708) 831-7231 pat.barrett@firstmidwest.com Media Maurissa Kanter SVP, Director of Corporate Communications (708) 831-7345 maurissa.kanter@firstmidwest.com

13

Accompanying Unaudited Selected Financial Information

Consolidated Statements of Financial Condition (Unaudited) (Dollar amounts in thousands)
	As of
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
Period-End Balance Sheet
Assets
Cash and due from banks	$	196,364	$	254,212	$	304,445	$	252,138	$	214,894
Interest-bearing deposits in other banks	920,880		936,528		637,856		229,474		84,327
Equity securities, at fair value	76,404		55,021		43,954		40,098		42,136
Securities available-for-sale, at fair value	3,096,408		3,279,884		3,435,862		3,382,865		2,873,386
Securities held-to-maturity, at amortized cost	12,071		22,193		19,628		19,825		21,997
FHLB and FRB stock	117,420		138,120		148,512		154,357		115,409
Loans:
Commercial and industrial	4,578,254		4,635,571		4,789,556		5,064,295		4,481,525
Agricultural	364,038		377,466		381,124		393,063		405,616
Commercial real estate:
Office, retail, and industrial	1,861,768		1,950,406		2,020,318		2,092,097		1,848,718
Multi-family	872,813		868,293		874,861		918,944		856,553
Construction	612,611		631,607		687,063		661,363		593,093
Other commercial real estate	1,481,976		1,452,994		1,475,937		1,415,892		1,383,708
PPP loans	785,563		1,196,538		1,179,403		—		—
Home equity	761,725		827,746		892,867		973,658		851,454
1-4 family mortgages	3,022,413		2,287,555		2,175,322		1,957,037		1,927,078
Installment	410,071		425,012		457,207		488,668		492,585
Total loans	14,751,232		14,653,188		14,933,658		13,965,017		12,840,330
Allowance for loan losses	(239,017)		(239,048)		(240,052)		(219,948)		(108,022)
Net loans	14,512,215		14,414,140		14,693,606		13,745,069		12,732,308
OREO	8,253		6,552		9,947		9,814		8,750
Premises, furniture, and equipment, net	132,045		132,267		143,001		145,844		147,996
Investment in bank-owned life insurance ("BOLI")	301,101		300,429		299,649		298,827		296,351
Goodwill and other intangible assets	932,764		935,801		940,182		935,241		875,262
Accrued interest receivable and other assets	532,753		612,996		568,239		539,748		437,581
Total assets	$	20,838,678	$	21,088,143	$	21,244,881	$	19,753,300	$	17,850,397
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	5,797,899	$	5,555,735	$	5,602,016	$	4,222,523	$	3,802,422
Interest-bearing deposits	10,214,565		10,215,838		10,055,640		9,876,427		9,448,856
Total deposits	16,012,464		15,771,573		15,657,656		14,098,950		13,251,278
Borrowed funds	1,546,414		1,957,180		2,305,195		2,648,210		1,658,758
Senior and subordinated debt	234,768		234,563		234,358		234,153		233,948
Accrued interest payable and other liabilities	355,026		460,656		391,461		336,280		335,620
Stockholders' equity	2,690,006		2,664,171		2,656,211		2,435,707		2,370,793
Total liabilities and stockholders' equity	$	20,838,678	$	21,088,143	$	21,244,881	$	19,753,300	$	17,850,397
Stockholders' equity, excluding AOCI	$	2,663,627	$	2,638,422	$	2,627,484	$	2,400,384	$	2,372,747
Stockholders' equity, common	2,459,506		2,433,671		2,425,711		2,435,707		2,370,793

14

Condensed Consolidated Statements of Income (Unaudited) (Dollar amounts in thousands)
	Quarters Ended										Years Ended
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,		December 31,
	2020		2020		2020		2020		2019		2020		2019
Income Statement
Interest income	$	159,962	$	159,085	$	162,044	$	170,227	$	176,604	$	651,318	$	698,739
Interest expense	11,851		16,356		16,810		26,652		28,245		71,669		110,257
Net interest income	148,111		142,729		145,234		143,575		148,359		579,649		588,482
Provision for loan losses	10,507		15,927		32,649		39,532		9,594		98,615		44,027
Net interest income after provision for loan losses	137,604		126,802		112,585		104,043		138,765		481,034		544,455
Noninterest Income
Wealth management fees	13,548		12,837		11,942		12,361		12,484		50,688		48,337
Service charges on deposit accounts	10,811		10,342		9,125		11,781		12,664		42,059		49,424
Mortgage banking income	9,191		6,659		3,477		1,788		4,134		21,115		10,105
Card-based fees, net	4,530		4,472		3,180		3,968		4,512		16,150		18,133
Capital market products income	659		886		694		4,722		6,337		6,961		13,931
Other service charges, commissions, and fees	2,993		2,823		2,078		2,682		2,946		10,576		11,363
Total fee-based revenues	41,732		38,019		30,496		37,302		43,077		147,549		151,293
Other income	3,550		2,523		2,495		3,065		3,419		11,633		11,586
Swap termination costs	(17,567)		(14,285)		—		—		—		(31,852)		—
Net securities gains (losses)	—		14,328		—		(1,005)		—		13,323		—
Total noninterest income	27,715		40,585		32,991		39,362		46,496		140,653		162,879
Noninterest Expense
Salaries and employee benefits:
Salaries and wages	55,950		53,385		52,592		49,990		53,043		211,917		197,640
Retirement and other   employee benefits	10,430		11,349		11,080		12,869		9,930		45,728		42,879
Total salaries and   employee benefits	66,380		64,734		63,672		62,859		62,973		257,645		240,519
Net occupancy and   equipment expense	14,002		13,736		15,116		14,227		12,940		57,081		51,818
Technology and related costs	11,005		10,416		9,853		8,548		7,429		39,822		27,787
Professional services	8,424		7,325		8,880		10,390		10,949		35,019		36,428
Advertising and promotions	1,850		2,688		2,810		2,761		2,896		10,109		11,561
Net OREO expense	106		544		126		420		1,080		1,196		2,436
Other expenses	12,851		12,374		14,624		12,654		13,000		52,503		47,829
Optimization costs	1,493		18,376		—		—		—		19,869		—
Acquisition and integration related expenses	1,860		881		5,249		5,472		5,258		13,462		21,860
Delivering Excellence implementation costs	—		—		—		—		223		—		1,157
Total noninterest expense	117,971		131,074		120,330		117,331		116,748		486,706		441,395
Income before income   tax expense	47,348		36,313		25,246		26,074		68,513		134,981		265,939
Income tax expense	5,743		8,690		6,182		6,468		16,392		27,083		66,201
Net income	$	41,605	$	27,623	$	19,064	$	19,606	$	52,121	$	107,898	$	199,738
Preferred dividends	(4,034)		(4,033)		(1,037)		—		—		(9,104)		—
Net income applicable to non-vested restricted shares	(369)		(236)		(187)		(192)		(424)		(984)		(1,681)
Net income applicable to common shares	$	37,202	$	23,354	$	17,840	$	19,414	$	51,697	$	97,810	$	198,057
Net income applicable to   common shares, adjusted(1)	49,253		37,765		21,777		24,272		55,807		133,067		215,317

Footnotes to Condensed Consolidated Statements of Income

(1)See the "Non-GAAP Reconciliations" section for the detailed calculation.

15

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended															Years Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
EPS
Basic EPS	$	0.33		$	0.21		$	0.16		$	0.18		$	0.47		$	0.87		$	1.83
Diluted EPS	$	0.33		$	0.21		$	0.16		$	0.18		$	0.47		$	0.87		$	1.82
Diluted EPS, adjusted(1)	$	0.43		$	0.33		$	0.19		$	0.22		$	0.51		$	1.18		$	1.98
Common Stock and Related Per Common Share Data
Book value	$	21.52		$	21.29		$	21.23		$	21.33		$	21.56		$	21.52		$	21.56
Tangible book value	$	13.36		$	13.11		$	13.00		$	13.14		$	13.60		$	13.36		$	13.60
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14		$	0.56		$	0.54
Closing price at period end	$	15.92		$	10.78		$	13.35		$	13.24		$	23.06		$	15.92		$	23.06
Closing price to book value	0.7			0.5			0.6			0.6			1.1			0.7			1.1
Period end shares outstanding	114,296			114,293			114,276			114,213			109,972			114,296			109,972
Period end treasury shares	11,071			11,067			11,079			11,136			10,443			11,071			10,443
Common dividends	$	16,017		$	16,011		$	16,015		$	16,002		$	15,404		$	64,045		$	59,150
Dividend payout ratio	42.42		%	66.67		%	87.50		%	77.78		%	29.79		%	64.37		%	29.51		%
Dividend payout ratio, adjusted(1)	32.56		%	42.42		%	73.68		%	63.64		%	27.45		%	47.46		%	27.27		%
Key Ratios/Data
Return on average common   equity(2)	6.05		%	3.80		%	2.94		%	3.23		%	8.69		%	4.01		%	8.74		%
Return on average common   equity, adjusted(1)(2)	8.01		%	6.15		%	3.58		%	4.04		%	9.38		%	5.46		%	9.50		%
Return on average tangible   common equity(1)(2)	10.35		%	6.73		%	5.32		%	5.66		%	14.37		%	7.02		%	14.50		%
Return on average tangible   common equity, adjusted(1)(2)	13.53		%	10.53		%	6.37		%	6.94		%	15.47		%	9.36		%	15.71		%
Return on average assets(2)	0.79		%	0.51		%	0.37		%	0.43		%	1.16		%	0.53		%	1.17		%
Return on average assets,   adjusted(1)(2)	1.02		%	0.78		%	0.44		%	0.53		%	1.25		%	0.70		%	1.28		%
Loans to deposits	92.12		%	92.91		%	95.38		%	99.05		%	96.90		%	92.12		%	96.90		%
Efficiency ratio(1)	58.90		%	60.36		%	64.08		%	60.21		%	56.16		%	60.84		%	55.00		%
Net interest margin(2)(3)	3.14		%	2.95		%	3.13		%	3.54		%	3.72		%	3.18		%	3.90		%
Yield on average interest-earning   assets(2)(3)	3.39		%	3.28		%	3.49		%	4.19		%	4.43		%	3.57		%	4.63		%
Cost of funds(2)(4)	0.26		%	0.35		%	0.38		%	0.69		%	0.74		%	0.41		%	0.76		%
Noninterest expense to average   assets(2)	2.25		%	2.42		%	2.32		%	2.56		%	2.59		%	2.38		%	2.60		%
Noninterest expense, adjusted to   average assets, excluding PPP   loans(1)(2)	2.29		%	2.19		%	2.32		%	2.44		%	2.47		%	2.31		%	2.46		%
Effective income tax rate	12.13		%	23.93		%	24.49		%	24.81		%	23.93		%	20.06		%	24.89		%
Capital Ratios
Total capital to risk-weighted   assets(1)	14.14		%	14.06		%	13.70		%	12.00		%	12.96		%	14.14		%	12.96		%
Tier 1 capital to risk-weighted   assets(1)	11.55		%	11.48		%	11.19		%	9.64		%	10.52		%	11.55		%	10.52		%
CET1 to risk-weighted assets(1)	10.06		%	9.97		%	9.70		%	9.64		%	10.52		%	10.06		%	10.52		%
Tier 1 capital to average assets(1)	8.91		%	8.50		%	8.70		%	8.60		%	8.81		%	8.91		%	8.81		%
Tangible common equity to   tangible assets(1)	7.67		%	7.43		%	7.32		%	7.97		%	8.81		%	7.67		%	8.81		%
Tangible common equity,   excluding AOCI, to tangible   assets(1)	7.54		%	7.30		%	7.17		%	7.79		%	8.82		%	7.54		%	8.82		%
Tangible common equity to risk-   weighted assets(1)	9.93		%	9.84		%	9.61		%	9.63		%	10.51		%	9.93		%	10.51		%
Note: Selected Financial Information footnotes are located at the end of this section.

16

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended										Years Ended
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,		December 31,
	2020		2020		2020		2020		2019		2020		2019
Asset quality Performance Data
Non-performing assets
Commercial and industrial	$	38,314	$	40,781	$	19,475	$	24,944	$	29,995	$	38,314	$	29,995
Agricultural	10,719		13,293		8,494		5,823		5,954		10,719		5,954
Commercial real estate:
Office, retail, and industrial	27,382		26,406		26,342		26,107		25,857		27,382		25,857
Multi-family	1,670		1,547		2,132		2,688		2,697		1,670		2,697
Construction	1,155		2,977		18,640		18,764		152		1,155		152
Other commercial real estate	15,219		4,690		5,304		4,562		4,729		15,219		4,729
Consumer	15,498		13,888		13,657		14,761		12,885		15,498		12,885
Non-accrual, excluding PCD loans	109,957		103,582		94,044		97,649		82,269		109,957		82,269
Non-accrual PCD loans	32,568		39,990		45,116		48,950		—		32,568		—
Total non-accrual loans	142,525		143,572		139,160		146,599		82,269		142,525		82,269
90 days or more past due loans, still accruing interest	4,395		3,781		3,241		5,052		5,001		4,395		5,001
Total NPLs	146,920		147,353		142,401		151,651		87,270		146,920		87,270
Accruing TDRs	813		841		1,201		1,216		1,233		813		1,233
Foreclosed assets(5)	16,671		15,299		19,024		21,027		20,458		16,671		20,458
Total NPAs	$	164,404	$	163,493	$	162,626	$	173,894	$	108,961	$	164,404	$	108,961
30-89 days past due loans	$	40,656	$	21,551	$	36,342	$	81,127	$	31,958	$	40,656	$	31,958
Allowance for credit losses
Allowance for loan losses	$	239,017	$	239,048	$	240,052	$	219,948	$	108,022	$	239,017	$	108,022
Reserve for unfunded   commitments	8,025		7,825		7,625		6,753		1,200		8,025		1,200
Total ACL	$	247,042	$	246,873	$	247,677	$	226,701	$	109,222	$	247,042	$	109,222
Provision for loan losses	$	10,507	$	15,927	$	32,649	$	39,532	$	9,594	$	98,615	$	44,027
Net charge-offs by category
Commercial and industrial	$	3,536	$	5,470	$	4,735	$	4,680	$	6,799	$	18,421	$	21,992
Agricultural	1,779		265		118		1,227		15		3,389		1,201
Commercial real estate:
Office, retail, and industrial	1,701		1,339		3,086		329		256		6,455		2,547
Multi-family	19		—		9		5		(439)		33		(138)
Construction	140		4,889		798		1,808		3		7,635		(9)
Other commercial real estate	916		1,753		19		164		13		2,852		443
Consumer	2,448		2,027		4,158		3,901		3,953		12,534		12,188
Total NCOs	$	10,539	$	15,743	$	12,923	$	12,114	$	10,600	$	51,319	$	38,224
Less: NCOs on PCD loans	(6,488)		(6,923)		(3,833)		(1,720)		—		(18,964)		—
Total NCOs, excluding PCD loans	$	4,051	$	8,820	$	9,090	$	10,394	$	10,600	$	32,355	$	38,224
Total recoveries included above	$	2,588	$	1,795	$	1,311	$	1,816	$	2,153	$	7,510	$	7,984
Note: Selected Financial Information footnotes are located at the end of this section.

17

Selected Financial Information (Unaudited)
	As of or for the
	Quarters Ended															Years Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
Performing loans classified as substandard and special mention
Special mention loans(8)	$	409,083		$	395,295		$	256,373		$	240,826		$	188,703		$	409,083		$	188,703
Substandard loans(8)	357,219			311,430			193,337			196,923			188,811			357,219			188,811
Total performing loans   classified as substandard and   special mention(8)	$	766,302		$	706,725		$	449,710		$	437,749		$	377,514		$	766,302		$	377,514
Asset quality ratios
Non-accrual loans to total loans	0.97		%	0.98		%	0.93		%	1.05		%	0.64		%	0.97		%	0.64		%
Non-accrual loans to total loans,   excluding PPP loans(6)	1.02		%	1.07		%	1.01		%	1.05		%	0.64		%	1.02		%	0.64		%
Non-accrual loans to total loans,   excluding PCD and PPP loans(6)	0.80		%	0.78		%	0.70		%	0.71		%	0.64		%	0.80		%	0.64		%
NPLs to total loans	1.00		%	1.01		%	0.95		%	1.09		%	0.68		%	1.00		%	0.68		%
NPLs to total loans, excluding   PPP loans(6)	1.05		%	1.10		%	1.04		%	1.09		%	0.68		%	1.05		%	0.68		%
NPLs to total loans, excluding   PCD and PPP loans(6)	0.83		%	0.81		%	0.72		%	0.75		%	0.68		%	0.83		%	0.68		%
NPAs to total loans plus foreclosed assets	1.11		%	1.11		%	1.09		%	1.24		%	0.85		%	1.11		%	0.85		%
NPAs to total loans plus   foreclosed assets, excluding   PPP loans(6)	1.18		%	1.21		%	1.18		%	1.24		%	0.85		%	1.18		%	0.85		%
NPAs to total loans plus   foreclosed assets, excluding   PCD and PPP loans(6)	0.96		%	0.93		%	0.87		%	0.91		%	0.85		%	0.96		%	0.85		%
NPAs to tangible common equity plus ACL	9.27		%	9.37		%	9.38		%	10.07		%	6.79		%	9.27		%	6.79		%
Non-accrual loans to total assets	0.68		%	0.68		%	0.66		%	0.74		%	0.46		%	0.68		%	0.46		%
Performing loans classified as   substandard and special mention   to corporate loans(8)	7.26		%	6.36		%	3.94		%	4.15		%	3.95		%	7.26		%	3.95		%
Performing loans classified as   substandard and special mention   to corporate loans, excluding   PPP loans(6)(8)	7.84		%	7.13		%	4.40		%	4.15		%	3.95		%	7.84		%	3.95		%
Allowance for credit losses and net charge-off ratios
ACL to total loans(7)	1.67		%	1.68		%	1.66		%	1.62		%	0.85		%	1.67		%	0.85		%
ACL to non-accrual loans	173.33		%	171.95		%	177.98		%	154.64		%	132.76		%	173.33		%	132.76		%
ACL to NPLs	168.15		%	167.54		%	173.93		%	149.49		%	125.15		%	168.15		%	125.15		%
NCOs to average loans(2)	0.29		%	0.42		%	0.36		%	0.37		%	0.33		%	0.36		%	0.31		%
NCOs to average loans,   excluding PPP loans(2)(6)	0.31		%	0.46		%	0.38		%	0.37		%	0.33		%	0.38		%	0.31		%
NCOs to average loans,   excluding PCD and PPP   loans(2)(6)	0.12		%	0.26		%	0.27		%	0.32		%	0.33		%	0.24		%	0.31		%

Footnotes to Selected Financial Information

(1)See the "Non-GAAP Reconciliations" section for the detailed calculation.

(2)Annualized based on the actual number of days for each period presented.

(3)Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%.

(4)Cost of funds expresses total interest expense as a percentage of total average funding sources.

(5)Foreclosed assets consist of OREO and other foreclosed assets acquired in partial or total satisfaction of defaulted loans. Other foreclosed assets are included in other assets in the Consolidated Statement of Financial Condition.

(6)This ratio excludes PPP loans that are expected to be forgiven. As a result, no allowance for credit losses is associated with these loans.

(7)Prior to the adoption of CECL on January 1, 2020, this ratio included acquired loans that were recorded at fair value through an acquisition adjustment netted in loans, which incorporated credit risk as of the acquisition date with no ACL being established at that time. As the acquisition adjustment was accreted into income over future periods, an ACL on acquired loans was established as necessary to reflect credit deterioration. Subsequent to adoption, an ACL on acquired loans is established as of the acquisition date and the acquired loans are no longer recorded net of a credit-related acquisition adjustment.

(8)Performing loans classified as substandard and special mention excludes accruing TDRs.

18

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	Quarters Ended															Years Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
EPS
Net income	$	41,605		$	27,623		$	19,064		$	19,606		$	52,121		$	107,898		$	199,738
Dividends and accretion on   preferred stock	(4,034)			(4,033)			(1,037)			—			—			(9,104)			—
Net income applicable to non-   vested restricted shares	(369)			(236)			(187)			(192)			(424)			(984)			(1,681)
Net income applicable to   common shares	37,202			23,354			17,840			19,414			51,697			97,810			198,057
Adjustments to net income:
Swap termination costs	17,567			14,285			—			—			—			31,852			—
Tax effect of swap termination costs	(4,392)			(3,571)			—			—			—			(7,963)			—
Income tax benefits	(3,639)			—			—			—			—			(3,639)			—
Optimization costs	1,493			18,376			—			—			—			19,869			—
Tax effect of optimization costs	(373)			(4,594)			—			—			—			(4,967)			—
Acquisition and integration related expenses	1,860			881			5,249			5,472			5,258			13,462			21,860
Tax effect of acquisition and integration related expenses	(465)			(220)			(1,312)			(1,368)			(1,315)			(3,365)			(5,466)
Net securities (gains) losses	—			(14,328)			—			1,005			—			(13,323)			—
Tax effect of net securities (gains) losses	—			3,582			—			(251)			—			3,331			—
Delivering Excellence implementation costs	—			—			—			—			223			—			1,157
Tax effect of Delivering Excellence implementation costs	—			—			—			—			(56)			—			(291)
Total adjustments to net income, net of tax	12,051			14,411			3,937			4,858			4,110			35,257			17,260
Net income applicable to   common shares,   adjusted(1)	$	49,253		$	37,765		$	21,777		$	24,272		$	55,807		$	133,067		$	215,317
Weighted-average common shares outstanding:
Weighted-average common shares outstanding (basic)	113,174			113,160			113,145			109,922			109,059			112,355			108,156
Dilutive effect of common stock equivalents	430			276			191			443			519			347			428
Weighted-average diluted common shares outstanding	113,604			113,436			113,336			110,365			109,578			112,702			108,584
Basic EPS	$	0.33		$	0.21		$	0.16		$	0.18		$	0.47		$	0.87		$	1.83
Diluted EPS	$	0.33		$	0.21		$	0.16		$	0.18		$	0.47		$	0.87		$	1.82
Diluted EPS, adjusted(1)	$	0.43		$	0.33		$	0.19		$	0.22		$	0.51		$	1.18		$	1.98
Anti-dilutive shares not included in the computation of diluted EPS	—			—			—			—			—			—			—
Dividend Payout Ratio
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14		$	0.56		$	0.54
Dividend payout ratio	42.42		%	66.67		%	87.50		%	77.78		%	29.79		%	64.37		%	29.51		%
Dividend payout ratio, adjusted(1)	32.56		%	42.42		%	73.68		%	63.64		%	27.45		%	47.46		%	27.27		%
Note: Non-GAAP Reconciliations footnotes are located at the end of this section.

19

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended															Years Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
Return on Average Common and Tangible Common Equity
Net income applicable to common shares	$	37,202		$	23,354		$	17,840		$	19,414		$	51,697		$	97,810		$	198,057
Intangibles amortization	2,807			2,810			2,820			2,770			2,744			11,207			10,481
Tax effect of intangibles amortization	(702)			(703)			(705)			(693)			(686)			(2,803)			(2,621)
Net income applicable to common shares, excluding intangibles amortization	39,307			25,461			19,955			21,491			53,755			106,214			205,917
Total adjustments to net   income, net of tax(1)	12,051			14,411			3,937			4,858			4,110			35,257			17,260
Net income applicable to   common shares, adjusted(1)	$	51,358		$	39,872		$	23,892		$	26,349		$	57,865		$	141,471		$	223,177
Average stockholders' common equity	$	2,444,911		$	2,444,594		$	2,443,212		$	2,415,157		$	2,359,197		$	2,437,011		$	2,267,353
Less: average intangible assets	(934,347)			(938,712)			(934,022)			(887,600)			(874,829)			(923,741)			(847,171)
Average tangible common equity	$	1,510,564		$	1,505,882		$	1,509,190		$	1,527,557		$	1,484,368		$	1,513,270		$	1,420,182
Return on average common   equity(2)	6.05		%	3.80		%	2.94		%	3.23		%	8.69		%	4.01		%	8.74		%
Return on average common   equity, adjusted(1)(2)	8.01		%	6.15		%	3.58		%	4.04		%	9.38		%	5.46		%	9.50		%
Return on average tangible   common equity(2)	10.35		%	6.73		%	5.32		%	5.66		%	14.37		%	7.02		%	14.50		%
Return on average tangible   common equity, adjusted(1)(2)	13.53		%	10.53		%	6.37		%	6.94		%	15.47		%	9.36		%	15.71		%
Return on Average Assets
Net income	$	41,605		$	27,623		$	19,064		$	19,606		$	52,121		$	107,898		$	199,738
Total adjustments to net   income, net of tax(1)	12,051			14,411			3,937			4,858			4,110			35,257			17,260
Net income, adjusted(1)	$	53,656		$	42,034		$	23,001		$	24,464		$	56,231		$	143,155		$	216,998
Average assets	$	20,882,325		$	21,526,695		$	20,868,106		$	18,404,821		$	17,889,158		$	20,424,771		$	17,007,061
Return on average assets(2)	0.79		%	0.51		%	0.37		%	0.43		%	1.16		%	0.53		%	1.17		%
Return on average assets,   adjusted(1)(2)	1.02		%	0.78		%	0.44		%	0.53		%	1.25		%	0.70		%	1.28		%
Noninterest Expense to Average Assets
Noninterest expense	$	117,971		$	131,074		$	120,330		$	117,331		$	116,748		$	486,706		$	441,395
Less:
Optimization costs	(1,493)			(18,376)			—			—			—			(19,869)			—
Acquisition and integration related expenses	(1,860)			(881)			(5,249)			(5,472)			(5,258)			(13,462)			(21,860)
Delivering Excellence implementation costs	—			—			—			—			(223)			—			(1,157)
Total	$	114,618		$	111,817		$	115,081		$	111,859		$	111,267		$	453,375		$	418,378
Average assets	$	20,882,325		$	21,526,695		$	20,868,106		$	18,404,821		$	17,889,158		$	20,424,771		$	17,007,061
Less: average PPP loans	(1,013,511)			(1,194,808)			(887,977)			—			—			(775,883)			—
Average assets, excluding PPP loans	$	19,868,814		$	20,331,887		$	19,980,129		$	18,404,821		$	17,889,158		$	19,648,888		$	17,007,061
Noninterest expense to average   assets(2)	2.25		%	2.42		%	2.32		%	2.56		%	2.59		%	2.38		%	2.60		%
Noninterest expense, adjusted to   average assets, excluding PPP   loans(2)	2.29		%	2.19		%	2.32		%	2.44		%	2.47		%	2.31		%	2.46		%
Note: Non-GAAP Reconciliations footnotes are located at the end of this section.

20

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended															Years Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
Efficiency Ratio Calculation
Noninterest expense	$	117,971		$	131,074		$	120,330		$	117,331		$	116,748		$	486,706		$	441,395
Less:
Optimization costs	(1,493)			(18,376)			—			—			—			(19,869)			—
Acquisition and integration related expenses	(1,860)			(881)			(5,249)			(5,472)			(5,258)			(13,462)			(21,860)
Net OREO expense	(106)			(544)			(126)			(420)			(1,080)			(1,196)			(2,436)
Delivering Excellence implementation costs	—			—			—			—			(223)			—			(1,157)
Total	$	114,512		$	111,273		$	114,955		$	111,439		$	110,187		$	452,179		$	415,942
Tax-equivalent net interest income(3)	$	149,141		$	143,821		$	146,389		$	144,728		$	149,711		$	584,079		$	593,354
Noninterest income	27,715			40,585			32,991			39,362			46,496			140,653			162,879
Less:
Swap termination costs	17,567			14,285			—			—			—			31,852			—
Net securities (gains) losses	—			(14,328)			—			1,005			—			(13,323)			—
Total	$	194,423		$	184,363		$	179,380		$	185,095		$	196,207		$	743,261		$	756,233
Efficiency ratio	58.90		%	60.36		%	64.08		%	60.21		%	56.16		%	60.84		%	55.00		%
Pre-Tax, Pre-Provision Earnings
Net Income	$	41,605		$	27,623		$	19,064		$	19,606		$	52,121		$	107,898		$	199,738
Income tax expense	5,743			8,690			6,182			6,468			16,392			27,083			66,201
Provision for credit losses	10,507			15,927			32,649			39,532			9,594			98,615			44,027
Pre-Tax, Pre-Provision Earnings	$	57,855		$	52,240		$	57,895		$	65,606		$	78,107		$	233,596		$	309,966
Adjustments to pre-tax, pre- provision earnings:
Swap termination costs	$	17,567		$	14,285		$	—		$	—		$	—		$	31,852		$	—
Optimization costs	1,493			18,376			—			—			—			19,869			—
Acquisition and integration related expenses	1,860			881			5,249			5,472			5,258			13,462			21,860
Net securities (gains) losses	—			(14,328)			—			1,005			—			(13,323)			—
Delivering Excellence implementation costs	—			—			—			—			223			—			1,157
Total adjustments	20,920			19,214			5,249			6,477			5,481			51,860			23,017
Pre-Tax, Pre-Provision Earnings, adjusted	$	78,775		$	71,454		$	63,144		$	72,083		$	83,588		$	285,456		$	332,983
Note: Non-GAAP Reconciliations footnotes are located at the end of this section.

21

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Tangible Common Equity
Stockholders' equity, common	$	2,459,506		$	2,433,671		$	2,425,711		$	2,435,707		$	2,370,793
Less: goodwill and other intangible assets	(932,764)			(935,801)			(940,182)			(935,241)			(875,262)
Tangible common equity	1,526,742			1,497,870			1,485,529			1,500,466			1,495,531
Less: AOCI	(26,379)			(25,749)			(28,727)			(35,323)			1,954
Tangible common equity, excluding AOCI	$	1,500,363		$	1,472,121		$	1,456,802		$	1,465,143		$	1,497,485
Total assets	$	20,838,678		$	21,088,143		$	21,244,881		$	19,753,300		$	17,850,397
Less: goodwill and other intangible assets	(932,764)			(935,801)			(940,182)			(935,241)			(875,262)
Tangible assets	19,905,914			20,152,342			20,304,699			18,818,059			16,975,135
Less: PPP loans	(785,563)			(1,196,538)			(1,179,403)			—			—
Tangible assets, excluding PPP loans	$	19,120,351		$	18,955,804		$	19,125,296		$	18,818,059		$	16,975,135
Tangible common equity to tangible assets	7.67		%	7.43		%	7.32		%	7.97		%	8.81		%
Tangible common equity to tangible assets, excluding PPP loans	7.98		%	7.90		%	7.77		%	7.97		%	8.81		%
Tangible common equity, excluding AOCI, to tangible assets	7.54		%	7.30		%	7.17		%	7.79		%	8.82		%
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans	7.85		%	7.77		%	7.62		%	7.79		%	8.82		%
Tangible common equity to risk-weighted assets	9.93		%	9.84		%	9.61		%	9.63		%	10.51		%

Footnotes to Non-GAAP Reconciliations

(1)Adjustments to net income for each period presented are detailed in the EPS non-GAAP reconciliation above. For additional discussion of adjustments, see the "Non-GAAP Financial Information" section.

(2)Annualized based on the actual number of days for each period presented.

(3)Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%.

22

EX-99.2

Earnings Call Presentation 2020 Fourth Quarter and Full Year Results January 27, 2021 Exhibit 99.2

2 Pre-Tax, Pre-Provision Earnings(1) Up 10%, or $8mm from Q3 '20, impacted primarily by: • NII up 4% driven by forgiveness of PPP loans • Fee-based revenues up 10%, reflective of record wealth management fees and mortgage banking income Down 6%, or $5mm from Q4 '19, impacted primarily by: • NII consistent, PPP income offsets lower interest rates • Noninterest expense, adjusted(1) up $3mm due to Park acquisition and pandemic • Fee-based revenues down $1mm due to lower transaction volumes as a result of the pandemic Amounts in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, definitions of certain terms, and footnotes used. HIGHER REVENUES & LOWER CREDIT COSTS; RESULTS CONTINUE TO BE IMPACTED BY PANDEMIC AND LOWER RATES Earnings EPS of $0.33, up 57% from Q3 '20; reflective of lower credit costs, higher revenues, and income tax benefits: • $0.03 income tax benefits (Q4 '20) • $0.01 A&I related expenses (Q4 '20) • $0.12 of balance sheet (Q4 '20, Q3 '20) and retail optimization costs (Q3 '20) • Loan loss provision for pandemic related ACL – No impact to Q4 '20, $0.07 impact to Q3 '20 • $0.01 of pandemic expenses (Q4 '20, Q3 '20) Earnings Per Share Pre-Tax, Pre-Provision Earnings(1) $0.40 $0.28 $0.41 $0.37 $71 $80 $72 $66 $0.35 $72 $63 $0.38 $73 $84 Q4 '20 EARNINGS HIGHLIGHTS $79 $0.44 $0.34

3 Pre-Tax, Pre-Provision Earnings(1) Down 14%, or $48mm from 2019, impacted primarily by: • Noninterest expense, adjusted(1) up $35mm, or 8%, due to Park acquisition, pandemic, mortgage commissions, and organizational growth • NII down $9mm, or 2%, reflective of lower interest rates, partially offset by PPP income and lower cost of funds • Fee-based revenues down $4mm, or 2%, reflective of lower transaction volumes and fee assistance programs due to the pandemic, partly offset by record mortgage banking income and wealth management fees Amounts in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, definitions of certain terms, and footnotes used. RESULTS IMPACTED BY PANDEMIC AND LOWER RATE ENVIRONMENT Earnings EPS of $0.87, down 52% from 2019; impacted by the pandemic and optimization strategies • $0.25 of retail and balance sheet optimization costs • $0.09 of A&I related expenses • $0.03 income tax benefits partly offset • $0.42 of loan loss provision for pandemic related ACL • $0.04 of pandemic expenses and fee assistance programs Earnings Per Share Pre-Tax, Pre-Provision Earnings(1) $291 $333 FULL YEAR 2020 EARNINGS HIGHLIGHTS $285 $1.64 $1.33 $1.82

Highlights 4 4.85% 4.57% 3.89% 3.74% 3.93%3.98% 3.86% 3.77% C&I Agricultural Owner-occupied CRE Investor CRE Consumer PPP Loan Yield Loans Yield, excluding PPP Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 LOANS Portfolio growth impacted by elevated borrower liquidity and paydowns due to the pandemic • Up 4% from Q3 '20, excluding PPP – Corporate down 2%, strong production more than offset by paydowns – Consumer up 19% – 3% organic growth – 16% purchase of high quality 1-4 family mortgages as a result of security cash flow remix • Up 9% from Q4 '19, excluding PPP, 2% excluding Park acquisition • PPP of $786mm; down from $1.2bn in Q3 '20 due to forgiveness; increasing loan yields by 16bps • Mix continues to be well-diversified $14,751 $12,842 Corporate Loans $13,457 $14,653 Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. $13,964 $13,754 $14,934 $13,966 2021 Outlook Mid-single digit loan growth; PPP will further impact

5 Sector $ %(2) Risk Mitigants Recreation / Entertainment $220 1.6% Very granular, real estate secured Hotels 160 1.1% All major brands, avg. LTV 50% Restaurants 100 0.8% Very granular, real estate secured Total $480 3.5% Investor CRE: Retail $460 3.3% Service oriented strip centers Office 410 2.9% Diversified, largely suburban Leveraged Finance 370 2.7% Granular, relationship equity sponsors LOAN DIVERSIFICATION - CORPORATE DIVERSIFICATION & GRANULARITY LIMIT RISK; 97% OF ELEVATED RISK SECTORS PERFORMING, LESS THAN 2% REMAINING WITH A DEFERRAL Elevated Risk (both C&I and CRE categories) C&I CRE Agricultural Healthcare Services / Hospitals Senior Housing Office, Industrial, and Other Investor CRE Agricultural Construction Multi-family Owner Occupied CRE Other C&I Leveraged Finance Elevated Risk Retail CRE $9.8bn(2) 70% of Total Loans, excl PPP(2) 33% C&I / 34% CRE / 3% Agricultural Other Areas of Focus Dollar amounts in millions unless otherwise noted Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used.

6 First Round Second Round Deferrals as of Total Total December 31, 2020 Sector # $mm % of Portfolio(2) # $mm % of Portfolio(2) $mm % of Portfolio Corporate Hotels 45 $137 88% 19 $89 57% $2 1% Recreation / Entertainment 58 108 49% 16 59 27% 1 —% Restaurants 122 58 55% 36 18 17% 4 4% Total Elevated Risk Sectors 225 303 63% 71 166 34% 7 1% Franchise 265 194 67% 47 37 13% 8 3% Retail CRE 131 256 56% 20 53 12% 4 1% Office, Industrial, and Other Investor CRE 236 215 18% 49 49 4% 19 2% Owner Occupied CRE 300 188 21% 37 26 3% 17 2% Construction 42 80 13% 6 6 1% 1 —% Multi-family 105 99 11% 16 10 1% 1 —% Healthcare Services / Hospitals 528 172 21% 7 3 —% 7 1% Senior Housing 1 15 4% — — —% — —% Agricultural 18 12 3% — — —% — —% Leveraged Finance 1 5 1% — — —% — —% All other corporate 1,076 151 5% 82 10 —% 6 —% Total Corporate 2,928 1,690 17% 335 360 4% 70 1% Consumer 1-4 Family / HELOC 826 249 7% 172 57 2% 24 1% Other Installment 2,189 24 6% 448 6 2% 3 1% Total Consumer 3,015 273 8% 620 63 2% 27 1% Total 5,943 $1,963 16% 955 $423 3% $97 1% LOAN DEFERRALS *Percentages reflect portion of outstanding balances within a sector with a deferral Dollar amounts in millions unless otherwise noted Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, definitions of certain terms, and footnotes used. Loan Deferrals by Sector * ABSENCE OF DEFERRALS REFLECTIVE OF IMPROVING ENVIRONMENT

7 LOAN DIVERSIFICATION - CONSUMER Dollar amounts in millions unless otherwise noted Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. $4.2bn(2) 30% of Total Loans, excl PPP(2) HIGH QUALITY CREDIT - GEOGRAPHICALLY DISPERSED Sector $ %(2) Risk Mitigants Unsecured Installment $220 1.6% Targeted program to prime borrowers: • ~90% have FICO > 700 • granular - avg loan size ~$9k • average yield ~8% • no sub-prime • improved performance reflective of tightened underwriting in '19 Avg. FICO - 778 Avg. LTV - 68% 1-4 Family Other Installment Avg. FICO - 765 Avg. LTV - 71% Home Equity Avg. FICO - 761 Elevated Risk

8 • Credit performance stable – NPA metric, excluding PCD & PPP(1) loans of 0.96%, reflective of normalized range • Performing loans classified as substandard and special mention largely reflective of migration within elevated sectors – Substandard loans 3.65% of corporate loans, excluding PPP loans, up from 3.14% in Q3 '20 and 1.89% from Q2 '20 due to the pandemic; elevated risk sectors comprise: ◦ ~33%, or $117mm, of total substandard ◦ ~60% of migration from Q2 '20 ◦ Trend reflective of proactive reviews focused on early remediation ASSET QUALITY 109 123 132 0.85% 1.11% 1.11% 0.93% 0.96% NPAs, excluding PCD PCD NPAs NPA / Loans + Foreclosed Assets NPA / Loans + Foreclosed Assets, excluding PCD & PPP Loans Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 0.00% 1.00% 2.00% Non-performing Assets Highlights Performing Loans Classified as Substandard and Special Mention 189 395 409 189 312 357 1.97% 3.99% 4.19% 3.65% Special Mention Substandard Special Mention / Corporate Loans, excluding PPP loans Substandard / Corporate Loans, excluding PPP loans Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 0.00% 2.00% 4.00% 6.00% (1) CREDIT PERFORMANCE STABLE AWAY FROM EXPECTED RISK RATING MIGRATION Dollar amounts in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. $109 $163 $164 (1) (1) 3.14% 1.97%

9 147 153 37 31 63 0.85% 1.67% 1.83% 1.77% ACL - Other PCD Pandemic Allowance / Loans Allowance / Loans, excluding PPP loans Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 0.00% 1.00% 2.00% ALLOWANCE - WELL RESERVED Highlights Allowance Net Charge-offs to Average Loans, excl PPP(1)(3) 0.33% 0.37% 0.38% 0.46% 0.31% PCD Consumer Corporate Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% NCOs to average loans of 0.12%, excluding PCD and PPP(1)(3), significantly improved from to prior periods • $6mm - PCD loans fully reserved • $4mm - legacy loans – Installment includes targeted, high-yielding (~8% average) unsecured product; contributes 6 to 11 bps to NCO rate ◦ NCOs trending favorable with tightening of underwriting standards in Q4 '19 Robust ACL levels consistent with Q3 '20 in light of environment uncertainty • 1.77%, excluding PPP(1) • 1.57% excluding PCD and PPP loans(1) • $31mm PCD reserve, representing 15% of PCD loans • ~40 bps, or $63mm, of ACL reflective of pandemic uncertainty $247 109 0.26% 0.12% (1) 63 Dollar amounts in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 1.68% 2021 Outlook - excludes PCD and PPP • NCOs increase towards higher end of normalized range of 25-40bps; concentrated to second half of '21 • Provision continues at or below Q4 '20 run rate levels in first half of '21 • ACL returns to pre-pandemic levels by '22; quarterly volatility expected

Highlights 10 • Average deposits of $16bn, consistent with Q3 '20 and up 19% from Q4 '19, reflecting: – Higher customer balances due to PPP funds and government stimulus – Park Bank acquisition (Q4 '19) • Mix of 55% retail, 34% commercial, 11% public, due to PPP funds • Loans to deposits of 92% • Cost of deposits decreased 6bps due primarily to lower rate environment and the increase in demand deposits • Cost of deposits ~10bps less than peers(4) – Historically our advantage ranges ~10-35bps over the past 10 years DEPOSITS 0.71% 0.62% 0.36% 0.28% 0.59% 0.51% 0.26% 0.17% 0.11% Demand Savings NOW Money Market Time Peer Cost of Deposits Cost of Deposits Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Dollars in millions Balances shown are QTD averages Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 87% Core $15,937 $13,411 $15,422 $13,386 $15,801 (4) 2021 Outlook Dependent upon economic conditions, customer behavior, and stimulus; PPP will further impact

Highlights 11 $148 $144 $145 $143 $148 $10 $7 $7 $8 $8 3.72% 3.54% 3.13% 2.95% 3.14% 3.48% 3.37% 2.98% 2.79% 2.98% NII Accretion NIM NIM, adjusted Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Total average interest-earning assets $ 15,969 $ 16,431 $ 18,777 $ 19,430 $ 18,881 NET INTEREST INCOME • NII up 4% from Q3 '20 and consistent with Q4 '19, impacted by lower yields – PPP loans added $8mm from Q3 '20, $15mm from Q4 '19 – Accretion consistent with Q3 '20, down $2mm from Q4 '19 • NIM, adjusted(1) of 2.98%, stable to Q3 '20 away from PPP loan forgiveness; down 50bps from Q4 '19 impacted by: – Lower yields partially offset by lower costs of funds and PPP loans (Q4 '19) Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. Trend and Composition (1)(1) 2021 Outlook • Relatively stable NII • NIM ~3% for the year - excluding accretion and PPP • Scheduled accretion of ~$16mm • ~$15mm from '20 PPP program; mostly first half of'21 • $10-$15mm for '21 PPP program; weighted heavier to second half of '21

Highlights 12 Wealth management Deposit service charges Mortgage banking Card-based Capital market products income Other noninterest income Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 • Up 12% from Q3 '20 and down 3% from Q4 '19 away from swap termination costs and securities gains – Record wealth management fees up 6% and 9% from Q3 '20 and Q4 '19, respectively – Record mortgage banking income up 38% and 122% from Q3 '20 and Q4 '19, respectively; higher volume and pricing – As environment recovers, consumer service charges and capital markets will recover Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. NONINTEREST INCOME (5) Trend and Composition $46 $45 $40$41 Periods Ended Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Noninterest income as reported $ 46 $ 40 $ 33 $ 40 $ 27 Swap termination costs — — — 14 18 Net securities losses (gains) — 1 — (14) — Noninterest income, adjusted(1) $ 46 $ 41 $ 33 $ 40 $ 45 $33 2021 Outlook • High-single digit growth from '20; mid-single digit growth from '19, excluding swap termination and net securities gains

Highlights 13 2.47% 2.44% 2.32% 2.19% 2.29% Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Periods Ended Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Noninterest expense as reported $ 117 $ 117 $ 120 $ 131 $ 118 Optimization Costs — — — (18) (1) A&I Related Expenses (5) (5) (5) (1) (2) Delivering Excellence costs(6) (1) — — — — Noninterest expense, adjusted(1) $ 111 $ 112 $ 115 $ 112 $ 115 NONINTEREST EXPENSE • Noninterest expense, adjusted(1) of $115mm, up 3% from both Q3 '20 and Q4 '19, impacted by: – Higher mortgage related commissions partly offset by deferred loan salaries, advertising, and OREO expenses (Q3 '20 and Q4 '19) – Higher salaries and wages due to the timing of accruals and valuations (Q3 '20) – Higher operating costs due to acquisitions, expanded technology investment, and pandemic related costs (Q4 '19) • Full year '20 reflects controlled noninterest expense, adjusted to average assets excluding PPP(1)(3) down 6% from '19 Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. Trend and Composition Salaries & Benefits Occupancy & Equipment Professional services Technology Other noninterest expense (7) Noninterest expense, adj. to average assets excluding PPP (1)(2) $112$111 $115 $112 $115 2021 Outlook • Relatively stable away from $6mm of additional mortgage loan servicing expenses - seasonally impacted • Work continues to identify further process efficiency benefits

14 OPTIMIZATION STRATEGIES Proactive Response to Current Environment Remixed mortgage-backed securities cash flows to high quality 1-4 family mortgages • Utilized excess liquidity to purchase $600mm, net of 1-4 family mortgage loans • High-quality jumbo mortgages with average FICO >770 Q3 '20 initiated consolidation of 17 branches in 2021, representing 15% of our branch network • Nearly all locations to be consolidated are within close proximity to another First Midwest branch; minimal customer attrition • Approximately half have been closed over the past six months due to the pandemic • $1.5mm of pre-tax one-time costs recognized in Q4 '20 and $18mm recognized in Q3 '20, earn back of ~2 years Expected Run Rate Impact Collectively add ~$26mm of pre-tax income to '21: • Mortgage purchases add ~$18mm ($24mm to NII partly offset by $6mm of servicing expense) • Swap terminations add ~$8mm to NII Balance Sheet Dollars in millions Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. Terminated $510mm of swaps and reduced future borrowings • Long-term pay fixed swap termination as a result of excess liquidity in light of market conditions • Expected to reduce borrowed funds in Q1 '21 and future borrowings which were hedged to terminated swaps • $18mm of pre-tax swap termination costs in Q4 '20 • $1.1bn of swaps terminated in Q3 '20 with a total cost of $14mm; expected to add $5mm in pre-tax income to '21 Reduces pre-tax expense by ~$8mm in '21, ~$9mm thereafter Retail

Highlights 15 CAPITAL Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. 4.50% 6.00% 8.00% 10.06% 11.55% 14.14% CET1 Capital Tier 1 Capital Total Capital Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Regulatory Capital Ratios: • CET1 capital to RWA 10.52% 9.64% 9.70% 9.97% 10.06% • Tier 1 capital to RWA 10.52% 9.64% 11.19% 11.48% 11.55% • Total capital to RWA 12.96% 12.00% 13.70% 14.06% 14.14% Robust Capital Levels Excess Capital Above Conservation Buffer $471mm $470mm $560mm 10.5% 7.0% 8.50% Minimum Requirement FMBI Capital Conservation Buffer • Capital ratios reflect: – Issuance of $231mm of preferred stock in Q2 '20; impacted total and Tier 1 capital ratios – Retained earnings and mix of risk-weighted assets – Q4 '20 dividend of $0.14 per common share, consistent with Q3 '20 and Q4 '19 • Strong excess capital position, solid operating leverage and credit reserves – Capital levels remain sufficient in a severely adverse economic scenario – Consistent with mid-size, regional, and national peers • Elected CECL transition for regulatory capital relief in 2020 • Retains ~30bps of CET1 and tier 1 capital 2021 Outlook Strong capital provides flexibility to navigate the impact of the pandemic and execute on our corporate priorities

16 OUTLOOK RECAP - FULL YEAR 2021 Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. We offer commentary on factors influencing FY2021 outlook for key categories. Guidance below is dependent upon the duration and severity of the pandemic and the effectiveness of fiscal support. Earning Assets and Deposits • Mid-single digit loan growth; securities stable • Deposits dependent upon economic conditions, customer behavior, and stimulus • PPP will further impact NII and NIM • Relatively stable NII • NIM, adjusted(1)~3% for the year, excluding accretion and PPP • Scheduled accretion of ~$16mm • ~$15mm from '20 PPP program; mostly first half of '21 • '21 PPP program likely $10-$15mm; magnitude and timing estimable by end of Q1 '21, weighted heavier to the second half of '21 as forgiveness occurs Noninterest Income (excludes swap terminations and net securities gains) • High-single digit growth from '20; mid-single digit growth from '19 ◦ Higher growth areas: service charges, card and capital markets; lower growth areas mortgage and wealth reflective of record '20 levels – seasonally impacted • Dependent upon length and severity of the pandemic and customer behavior Noninterest Expense, Adjusted • Relatively stable away from ~$6mm of additional mortgage loan servicing expenses – seasonally impacted • Work continues to identify further process efficiency benefits Asset Quality, excluding PCD and PPP • NCOs expected to increase towards higher end of normalized range of 25-40 bps; concentrated to second half of '21 • Provision expected to continue at or below Q4 '20 run rate levels in first half of '21 • ACL expected to return to pre-pandemic levels by '22; quarterly volatility expected • Dependent upon economic conditions, customer behavior, and stimulus Taxes • Effective tax rate ~25% Capital • Strong capital provides flexibility to navigate the impact of the pandemic and execute on our corporate priorities

17 FINANCIAL RESULTS Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Net Interest Income $ 148 $ 144 $ 145 $ 143 $ 148 Loan Loss Provision 10 40 33 16 11 Noninterest Income 46 40 33 26 28 Net Securities (Losses) Gains — (1) — 14 — Noninterest Expense 117 117 120 131 118 Income before Income Taxes 67 26 25 36 47 Income Tax Expense 16 6 6 8 5 Net Income $ 51 $ 20 $ 19 $ 28 $ 42 Preferred dividends — — (4) (4) (4) Net Income Applicable to Common Shares $ 51 $ 20 $ 15 $ 24 $ 38 EPS $ 0.47 $ 0.18 $ 0.16 $ 0.21 $ 0.33 EPS, Adjusted(1) $ 0.51 $ 0.22 $ 0.19 $ 0.33 $ 0.43 ROATCE(3) 14.4 % 5.7 % 5.3 % 6.7 % 10.4 % ROATCE, Adjusted(1)(3) 15.5 % 6.9 % 6.4 % 10.5 % 13.5 % Noninterest Expense , adjusted to Average Assets, excluding PPP Loans(1)(3) 2.5 % 2.4 % 2.3 % 2.2 % 2.3 % Efficiency Ratio(1) 56 % 60 % 64 % 60 % 59 % Dollars in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used.

18 Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. FORWARD-LOOKING STATEMENTS This presentation, as well as any oral statements made by or on behalf of First Midwest, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of words such as "may," "might," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "outlook," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Forward-looking statements are not historical facts or guarantees of future performance but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. First Midwest cautions you not to place undue reliance on these statements. Forward-looking statements speak only as of the date made, and First Midwest undertakes no obligation to update any forward-looking statements. Forward-looking statements may be deemed to include, among other things, statements relating to First Midwest's future financial performance, including the related outlook for 2021, the performance of First Midwest's loan or securities portfolio, the expected amount of future credit reserves or charge-offs, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, acquisition transactions, estimated synergies, cost savings and financial benefits of announced or completed transactions, growth strategies, including possible future acquisitions, and the continued or potential effects of the COVID-19 pandemic on our business, financial condition, liquidity, loans, asset quality and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the COVID-19 pandemic, and the pandemic's continued effects on our business, operations and employees, as well as on our customers and service providers, and on economies and markets more generally and other risks, uncertainties and assumptions that are discussed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in First Midwest's Annual Report on Form 10-K for the year ended December 31, 2019, and in First Midwest's subsequent filings made with the Securities and Exchange Commission ("SEC"). These risks and uncertainties are not exhaustive, and other sections of these reports describe additional factors that could adversely impact First Midwest's business and financial performance.

19 APPENDIX

20 REGAINING MOMENTUM LEVERAGING OUR STRENGTHS TO SUPPORT OUR CLIENTS AND COMMUNITIES Continue to assess our workplace approach Helped ~9,000 clients through payment deferrals and fee assistance programs Committed $2.5mm to supporting our communities Funded over $1.2bn of PPP loans for ~6,700 clients; impacted the lives of ~150,000 small business employees and their families; participating in 2nd round program ~60% of branches fully open and 164 ATMs operating at full capacity Supporting Our Colleagues • Enhanced health insurance programs and access to retirement benefits to provide greater flexibility, coverage and additional support • Expanded paid time off programs • Added provisions for emergency medical and hardship loans Supporting Our Clients • Branches accessible with enhanced health and safety protocols • Reopening of certain branch lobbies • Offering payment deferral and fee assistance programs and services: – Consumer, mortgage, auto loan deferrals and fee assistance – Commercial loan deferrals and fee assistance – Suspension of foreclosure and repossession actions • Ongoing participation in the SBA's Paycheck Protection Program Supporting Our Communities • $2.5mm contribution from the First Midwest Charitable Foundation • Aiding individuals and families through affordable housing and financial sustainability and supporting small businesses • Enhanced matching gifts programs to support colleague donations Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used.

21 SUPPORTING OUR CLIENTS - PPP RESPONSE Dollar amounts in millions unless otherwise noted Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the calculations of the definitions of certain terms and footnotes used. Highlights Approved 6,700 applications for $1.2bn 95% existing FMB clients; 5% new clients (count) Average loan size of $178,000 vs. median of $45,000; reflects concentration to small business customers Weighted-average gross fees of 3% Application Status # $ Approved 2,250 $310 Submitted to SBA 350 $35 Paperwork in Process 950 $155 2021 Second Round PPP 2020 First Round PPP • Submitted over 2,000 applications to SBA on day one • >80% of applicants have existing FMBI PPP loan; remaining mix of prospects and first time PPP recipients Highlights Forgiveness Approved & Funds Received 40% Submitted to SBA 20 Paperwork in Process 20 Not started 20

Highlights 22 STRONG FUNDING AND LIQUIDITY Funding Profile data reflects QTD averages Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. Funding Profile • $16bn of very stable long-term deposit base is primary source of liquidity • Over $8bn in additional funding sources provide ample capacity to support our clients, colleagues, and communities – ~$5bn comprised of unencumbered securities and cash, FHLB capacity and Fed availability - meaningfully higher than undrawn client commitments • PPP demand self-funded; available PPPLF not utilized Demand | 33% Interest-bearing transactions | 46% Time | 12% Borrowed funds | 9% Core Deposits Time Deposits Borrowed Funds AMPLE LIQUIDITY PROVIDES FLEXIBILITY TO MEET EXPECTED DEMAND

23 NON-GAAP FINANCIAL INFORMATION Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. The Company's accounting and reporting policies conform to U.S. 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. These non-GAAP financial measures include EPS, adjusted, the efficiency ratio, tax-equivalent NII (including its individual components), tax-equivalent NIM, tax-equivalent NIM, adjusted, noninterest expense, adjusted, ROATCE, ROATCE, adjusted, non-accrual loans, excluding PCD loans, 30-89 days past due loans, excluding PCD loans, NPAs to total loans plus foreclosed assets, excluding PPP loans, NPAs to total loans plus foreclosed assets, excluding PCD and PPP loans, NCOs, excluding PCD loans, NCOs to average loans, excluding PPP loans, NCOs to average loans, excluding PCD and PPP loans, and pre-tax, pre-provision earnings, adjusted. The Company presents EPS, the efficiency ratio, and ROATCE, all adjusted for certain significant transactions. These transactions include income tax benefits (fourth quarter of 2020), optimization costs (fourth and third quarters of 2020), swap termination costs (fourth and third quarters of 2020), acquisition and integration related expenses associated with completed and pending acquisitions (all periods), net securities gains (losses) (first and third quarters of 2020), and Delivering Excellence implementation costs (all periods in 2019). In addition, net OREO expense is excluded from the calculation of the efficiency ratio. Management believes excluding these transactions from EPS, the efficiency ratio, and ROATCE may be useful in assessing the Company's underlying operational performance since these transactions do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding acquisition and integration related expenses 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 transactions from these metrics may enhance comparability for peer comparison purposes. Income tax expense, provision for loan losses, and the certain significant transactions listed above are excluded from the calculation of pre-tax, pre-provision earnings, adjusted due to the fluctuation in income before income tax and the level of provision for loan losses required based on the estimated impact of the pandemic on the ACL. Management believes pre-tax, pre-provision earnings, adjusted may be useful in assessing the Company's underlying operational performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes. The Company presents noninterest expense, adjusted, which excludes optimization costs, acquisition and integration related expenses, and Delivering Excellence implementation costs. Management believes that excluding these items from noninterest expense 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 NII and NIM 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 NII and NIM on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. In addition, management believes that presenting tax-equivalent NIM, adjusted, may enhance comparability for peer comparison purposes and is useful to the Company, as well as analysts and investors, since acquired loan accretion income may fluctuate based on the size of each acquisition, as well as from period to period. 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. The Company presents NPAs to total loans plus foreclosed assets, NCOs, and NCOs to average loans, all excluding PCD and/or PPP loans. Management believes excluding PCD and PPP loans is useful as it facilitates better comparability between periods. Prior to the adoption of CECL on January 1, 2020, PCI loans with an accretable yield were considered current and were not included in past due and non-accrual loan totals and the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals and an ACL on PCD loans is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the ACL. The Company began originating PPP loans during the second quarter of 2020 and the loans are expected to be forgiven by the Small Business Administration ("SBA") if employee retention criteria are met and funds are used for eligible expenses. Additionally, management believes excluding PCD and PPP loans from these metrics may enhance comparability for peer comparison purposes. 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.

24 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Earnings Per Share Net income $ 52,121 $ 19,606 $ 19,064 $ 27,623 $ 41,605 Dividends and accretion on preferred stock — — (1,037) (4,033) (4,034) Net income applicable to non-vested restricted shares (424) (192) (187) (236) (369) Net income applicable to common shares 51,697 19,414 17,840 23,354 37,202 Adjustments to net income: Income tax benefits — — — — (3,639) Swap termination costs — — — 14,285 17,567 Tax effect of swap termination costs — — — (3,571) (4,392) Optimization costs — — — 18,376 1,493 Tax effect of optimization costs — — — (4,594) (373) Net securities losses (gains) — 1,005 — (14,328) — Tax effect of net securities losses (gains) — (251) — 3,582 — A&I related expenses 5,258 5,472 5,249 881 1,860 Tax effect of A&I related expenses (1,315) (1,368) (1,312) (220) (465) Delivering Excellence implementation costs(6) 223 — — — — Tax effect of Delivering Excellence implementation costs (56) — — — — Total adjustments to net income 4,110 4,858 3,937 14,411 12,051 Net income applicable to common shares, adjusted $ 55,807 $ 24,272 $ 21,777 $ 37,765 $ 49,253 Weighted-average diluted common shares outstanding 109,578 110,365 113,336 113,436 113,604 Diluted EPS $ 0.47 $ 0.18 $ 0.16 $ 0.21 $ 0.33 Diluted EPS, adjusted(8) $ 0.51 $ 0.22 $ 0.19 $ 0.33 $ 0.43 Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. NON-GAAP FINANCIAL INFORMATION

25 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Pre-Tax, Pre-Provision Earnings Net Income $ 52,121 $ 19,606 $ 19,064 $ 27,623 $ 41,605 Income tax expense 16,392 6,468 6,182 8,690 5,743 Provision for credit losses 9,594 39,532 32,649 15,927 10,507 Pre-Tax, Pre-Provision Earnings 78,107 $ 65,606 $ 57,895 $ 52,240 $ 57,855 Adjustments to pre-tax, pre-provision earnings: Optimization costs — — — 18,376 1,493 Swap termination costs — — — 14,285 17,567 Net securities losses (gains) — 1,005 — (14,328) — A&I related expenses 5,258 5,472 6,249 881 1,860 Delivering Excellence implementation costs(6) 223 — — — — Total adjustments 5,481 6,477 6,249 19,214 20,920 Pre-Tax, Pre-Provision Earnings, adjusted $ 83,588 $ 72,083 $ 64,144 $ 71,454 $ 78,775 Loan Yield Tax-equivalent loan interest income(9) $ 155,863 $ 148,420 $ 141,320 $ 138,861 $ 141,669 Less: accretion (9,657) (6,946) (6,999) (7,960) (7,603) Tax-equivalent loan interest income, adjusted $ 146,206 $ 141,474 $ 134,321 $ 130,901 $ 134,066 Average loans $ 12,753,436 $ 13,073,752 $ 14,617,247 $ 14,753,665 $ 14,348,665 Loan yield 4.85 % 4.57 % 3.89 % 3.74 % 3.93 % Loan yield, excluding accretion 4.55 % 4.35 % 3.66 % 3.53 % 3.72 % Noninterest Income, adjusted Noninterest income $ 46,496 $ 39,362 $ 32,991 $ 40,585 $ 27,715 Swap termination costs — — — 14,285 17,567 Net securities losses (gains) — 1,005 — (14,328) — Noninterest income, adjusted $ 46,496 $ 40,367 $ 32,991 $ 40,542 $ 45,282 NON-GAAP FINANCIAL INFORMATION Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes.

26 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Tax-Equivalent NII / NIM NII $ 148,359 $ 143,575 $ 145,234 $ 142,729 $ 148,111 Tax-equivalent adjustment 1,352 1,153 1,155 1,092 1,352 Tax-equivalent NII(3)(9) 149,711 144,728 146,389 143,821 149,141 Less: accretion (9,657) (6,946) (6,999) (7,960) (7,603) Tax-equivalent NII, adjusted $ 140,054 $ 137,782 $ 139,390 $ 135,861 $ 141,538 Average interest-earning assets $ 15,969,287 $ 16,431,320 $ 18,766,796 $ 19,430,370 $ 18,881,261 NIM(3)(9) 3.72 % 3.54 % 3.13 % 2.95 % 3.14 % NIM, adjusted(3)(9) 3.48 % 3.37 % 2.98 % 2.79 % 2.98 % Return on Average Tangible Common Equity Net income applicable to common shares $ 51,697 $ 19,414 $ 17,840 $ 23,354 $ 37,202 Intangibles amortization 2,744 2,770 2,820 2,810 2,807 Tax effect of intangibles amortization (686) (693) (705) (703) (702) Total adjustments to net income(8) 4,110 4,858 3,937 14,411 12,051 Net income applicable to common shares, excluding intangibles amortization, adjusted(8) $ 57,865 $ 26,349 $ 23,892 $ 39,872 $ 51,358 Average common stockholders' equity $ 2,359,197 $ 2,415,157 $ 2,443,212 $ 2,444,594 $ 2,444,911 Less: average intangible assets (874,829) (887,600) (934,022) (938,712) (934,347) Average TCE $ 1,484,368 $ 1,527,557 $ 1,509,190 $ 1,505,882 $ 1,510,564 ROATCE, adjusted(3)(8) 15.47 % 6.94 % 6.37 % 10.53 % 13.53 % NON-GAAP FINANCIAL INFORMATION Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes.

27 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Efficiency Ratio Calculation Noninterest expense $ 116,748 $ 117,331 $ 120,330 $ 131,074 $ 117,971 Less: Net OREO expense (1,080) (420) (126) (544) (106) Optimization costs — — — (18,376) (1,493) A&I related expenses (5,258) (5,472) (5,249) (881) (1,860) Delivering Excellence implementation costs(6) (223) — — — — Total $ 110,187 $ 111,439 $ 114,955 $ 111,273 $ 114,512 Tax-equivalent NII(3)(9) $ 149,711 $ 144,728 $ 146,389 $ 143,821 $ 149,141 Noninterest income 46,496 39,362 32,991 40,585 27,715 Less: Swap termination costs — — — 14,285 17,567 Net securities losses (gains) — 1,005 — (14,328) — Total $ 196,207 $ 185,095 $ 179,380 $ 184,363 $ 194,423 Efficiency ratio 56.16 % 60.21 % 64.08 % 60.36 % 58.90 % Noninterest Expense to Average Assets Noninterest Expense $ 116,748 $ 117,331 $ 120,330 $ 131,074 $ 117,971 Less: Optimization costs — — — (18,376) (1,493) A&I related expenses (5,258) (5,472) (5,249) (881) (1,860) Delivering Excellence implementation costs(6) (223) — — — — Total $ 111,267 $ 111,859 $ 115,081 $ 111,817 $ 114,618 Average Assets $ 17,889,158 $ 18,404,821 $ 20,868,106 $ 21,526,695 $ 20,882,325 Less: average PPP loans — — (887,977) (1,194,808) (1,013,511) Average assets, excluding PPP loans $ 17,889,158 $ 18,404,821 $ 19,980,129 $ 20,331,887 $ 19,868,814 Noninterest expense, adjusted to average assets, excluding PPP loans(3) 2.47 % 2.44 % 2.32 % 2.19 % 2.29 % Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. NON-GAAP FINANCIAL INFORMATION

28 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Allowance for Credit Losses to Total Loans Allowance for credit losses $ 109,222 $ 226,701 $ 247,677 $ 246,873 $ 247,042 Less: allowance for PPP loans — — — — — Allowance for credit losses, excluding PPP loan allowance 109,222 226,701 247,677 246,873 247,042 Less: allowance for PCD loans — (50,223) (44,434) (36,885) (31,127) Allowance for credit losses, excluding PCD and PPP loan allowance $ 109,222 $ 176,478 $ 203,243 $ 209,988 $ 215,915 Total loans $ 12,840,330 $ 13,965,017 $ 14,933,658 $ 14,653,188 $ 14,751,232 Less: PPP loans — — (1,179,403) (1,196,538) (785,563) Total loans, excluding PPP loans 12,840,330 13,965,017 13,754,255 13,456,650 13,965,669 Less: PCD loans — (275,172) (243,207) (240,379) (212,021) Total loans, excluding PCD and PPP loans $ 12,840,330 $ 13,689,845 $ 13,511,048 $ 13,216,271 $ 13,753,648 Allowance to total loans, excluding PPP loans 0.85 % 1.62 % 1.80 % 1.83 % 1.77 % Allowance to total loans, excluding PCD and PPP loans 0.85 % 1.29 % 1.50 % 1.59 % 1.57 % Non-performing assets / Loans and Foreclosed assets Non-performing assets $ 108,961 $ 173,894 $ 162,626 $ 163,493 $ 164,404 Less: non-accrual PCD loans — (48,950) (45,116) (39,990) (32,568) Non-performing assets, excluding non-accrual PCD loans $ 108,961 $ 124,944 $ 117,510 $ 123,503 $ 131,836 Total loans, excluding PCD and PPP loans $ 12,840,330 $ 13,689,845 $ 13,511,048 $ 13,216,271 $ 13,753,648 Foreclosed assets 20,458 21,027 19,024 15,299 16,671 Total loans and foreclosed assets, excluding PCD and PPP loans $ 12,860,788 $ 13,710,872 $ 13,530,072 $ 13,231,570 $ 13,770,319 Non-performing assets and loans to foreclosed assets, excluding PCD and PPP loans 0.85 % 0.91 % 0.87 % 0.93 % 0.96 % NON-GAAP FINANCIAL INFORMATION Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes.

29 Quarters Ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 Net Charge-offs to average loans Total net charge-offs $ 10,600 $ 12,114 $ 12,923 $ 15,743 $ 10,539 Less: net charge-offs for PCD loans — (1,720) (3,833) (6,923) (6,488) Total net charge-offs, excluding PCD loans $ 10,600 $ 10,394 $ 9,090 $ 8,820 $ 4,051 Total average loans $ 12,752,389 $ 13,073,005 $ 14,616,798 $ 14,753,648 $ 14,348,665 Less: average PPP loans — — (887,997) (1,194,808) (1,013,511) Total average loans, excluding PPP loans $ 12,752,389 $ 13,073,005 $ 13,728,801 $ 13,558,840 $ 13,335,154 Less: average PCd loans — (165,906) (177,138) (233,456) (229,176) Total average loans, excluding PCD and PPP loans $ 12,752,389 $ 12,907,099 $ 13,551,663 $ 13,325,384 $ 13,105,978 Net charge-offs to loans, excluding PCD and PPP loans(3) 0.33 % 0.37 % 0.38 % 0.46 % 0.31 % Net charge-offs to loans, excluding PCD and PPP loans(3) 0.33 % 0.32 % 0.27 % 0.26 % 0.12 % Performing loans classified as substandard and special mention to corporate loans, excluding PPP Loans Special mention $ 188,703 $ 240,826 $ 256,373 $ 395,295 $ 409,083 Substandard 188,811 196,923 193,337 311,430 357,219 Performing loans classified as substandard and special mention $ 377,514 $ 437,749 $ 449,710 $ 706,725 $ 766,302 Corporate loans $ 9,569,213 $ 10,542,142 $ 11,408,262 $ 11,112,875 $ 10,557,023 Less: PPP loans — — (1,179,403) (1,196,538) (785,563) Total corporate loans, excluding PPP loans $ 9,569,213 $ 10,542,142 $ 10,228,859 $ 9,916,337 $ 9,771,460 Special mention to corporate loans, excluding PPP loans 1.97 % 2.28 % 2.51 % 3.99 % 4.19 % Substandard to corporate loans, excluding PPP loans 1.97 % 1.87 % 1.89 % 3.14 % 3.65 % NON-GAAP FINANCIAL INFORMATION Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes.

30 Years Ended December 31, December 31, 2019 2020 Earnings Per Share Net income $ 199,738 $ 107,898 Dividends and accretion on preferred stock — (9,104) Net income applicable to non-vested restricted shares (1,681) (984) Net income applicable to common shares 198,057 97,810 Adjustments to net income: Income tax benefits — (3,639) Swap termination costs — 31,852 Tax effect of swap termination costs — (7,963) Optimization costs — 19,869 Tax effect of optimization costs — (4,967) Net securities gains — (13,323) Tax effect of net securities gains — 3,331 A&I related expenses 21,860 13,462 Tax effect of A&I related expenses (5,466) (3,365) Delivering Excellence implementation costs(6) 1,157 — Tax effect of Delivering Excellence implementation costs (291) — Total adjustments to net income 17,260 35,257 Net income applicable to common shares, adjusted $ 215,317 $ 133,067 Weighted-average diluted common shares outstanding 108,584 112,702 Diluted EPS $ 1.82 $ 0.87 Diluted EPS, adjusted(8) $ 1.98 $ 1.18 Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. NON-GAAP FINANCIAL INFORMATION

31 Years Ended December 31, December 31, 2019 2020 Pre-Tax, Pre-Provision Earnings Net Income $ 199,738 $ 107,898 Income tax expense 66,201 27,083 Provision for credit losses 44,027 98,615 Pre-Tax, Pre-Provision Earnings 309,966 233,596 Adjustments to pre-tax, pre-provision earnings: Optimization costs — 19,869 Swap termination costs — 31,852 Net securities losses (gains) — (13,323) A&I related expenses 21,860 13,462 Delivering Excellence implementation costs(6) 1,157 — Total adjustments 23,017 51,860 Pre-Tax, Pre-Provision Earnings, adjusted $ 332,983 $ 285,456 NON-GAAP FINANCIAL INFORMATION Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes.

32 GLOSSARY OF TERMS Allowance, ACL - Allowance for credit losses ATM - Automated teller machine A&I - Acquisition and integration related expenses Balance sheet optimization - Swap termination costs and net securities gains bn - Billion bps - Basis points C&I - Commercial and industrial CECL - Current Expected Credit Losses CET1 - Common equity Tier 1 Core Deposits - Represents demand, savings, NOW and money market deposits CRE - Commercial real estate EPS - Earnings per share FICO - Fair Issac Corporation FHLB - Federal Home Loan Bank First Midwest, FMBI, or the Company - First Midwest Bancorp, Inc. Foreclosed Assets - OREO and other foreclosed assets FY - Full year GAAP - U.S. generally accepted accounting principles Granular - Consisting of a significant number of diverse borrowers, without concentration of risk k - Thousands LTV - Loan-to-value mm - Million NCOs - Net charge-offs NII - Net interest income NIM - Tax-equivalent net interest margin NOW - Negotiable order of withdrawal NPAs - Non-performing assets Park - Park Bank Pandemic - COVID-19 pandemic PCD - Purchased credit deteriorated PPP - Paycheck Protection Program PPPLF - Paycheck Protection Program Liquidity Facility OREO - Other real estate owned QTD - Quarter-to-date ROATCE - Return on average tangible common equity RWA - Risk-weighted assets SBA - Small Business Administration SEC - Securities and Exchange Commission TBV - Tangible book value TCE - Tangible common equity - represents common stockholders' equity less goodwill and identifiable intangible assets YTD - Year-to-Date

33 FOOTNOTES (1) This financial measure includes certain adjustments. See the accompanying "Non-GAAP Financial Information" slides for detail. (2) Data as of December 31, 2020 excludes PPP loans. (3) Annualized based on the actual number of days for each period presented. (4) Refer to the Company's 2020 Annual Meeting Proxy Statement for a detailed list of the Company's peer group. (5) Other noninterest income includes merchant servicing fee, swap termination costs and other service charges, commissions, and fees. (6) The Company initiated certain actions in connection with its Delivering Excellence initiative in the second quarter of 2018, demonstrating the Company's ongoing commitment to provide service excellence to its clients and maximizing both the efficiency and scalability of its operating platform. (7) Other noninterest expense includes advertising and promotions expense, net OREO expense, and other expenses. (8) Adjustments to net income for each period presented are detailed in the EPS non-GAAP reconciliation in the accompanying "Non- GAAP Financial Information" slides. (9) Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%.

XML

Cover	Jan. 26, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 26, 2021
Entity Registrant Name	First Midwest Bancorp, Inc.
Entity Central Index Key	0000702325
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39320
Entity Tax Identification Number	36-3161078
Entity Address, Address Line One	8750 West Bryn Mawr Avenue
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631-3655
City Area Code	708
Local Phone Number	831-7483
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Cover [Abstract]
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	FMBI
Security Exchange Name	NASDAQ
Document Information [Line Items]
Security Exchange Name	NASDAQ
Trading Symbol	FMBI
Title of 12(b) Security	Common stock, $0.01 par value
Series A Preferred Stock [Member]
Cover [Abstract]
Title of 12(b) Security	Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	FMBIP
Security Exchange Name	NASDAQ
Document Information [Line Items]
Security Exchange Name	NASDAQ
Trading Symbol	FMBIP
Title of 12(b) Security	Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Series C Preferred Stock [Member]
Cover [Abstract]
Title of 12(b) Security	Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C
Trading Symbol	FMBIO
Security Exchange Name	NASDAQ
Document Information [Line Items]
Security Exchange Name	NASDAQ
Trading Symbol	FMBIO
Title of 12(b) Security	Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C