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): April 20, 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 in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 

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

Item 2.02     Results of Operations and Financial Condition.

On April 20, 2021, First Midwest Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2021. This press release, dated April 20, 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 April 20, 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.
Date:	April 20, 2021	By:	/s/ NICHOLAS J. CHULOS
			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

2021 FIRST QUARTER RESULTS – EPS UP 100% FROM A YEAR AGO

CHICAGO, IL, April 20, 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 first quarter of 2021. Net income applicable to common shares for the first quarter of 2021 was $41 million, or $0.36 per diluted common share, compared to $37 million, or $0.33 per diluted common share, for the fourth quarter of 2020, and $19 million, or $0.18 per diluted common share, for the first quarter of 2020.

Comparative results for the first quarter of 2021 and the fourth and first quarters of 2020 were, in certain cases, impacted by the timing of costs related to bank acquisition and branch consolidation, as well as the recognition of certain income tax benefits. Such results were also impacted by the Company’s response to the COVID-19 pandemic (the "pandemic"), as well as governments' responses to the pandemic. The Company's responses included repositioning its balance sheet which impacted its performance. To facilitate comparison between periods, adjustments to reported results have been made to reflect these impacts. For additional detail on these adjustments, see the "Non-GAAP Financial Information" section presented later in this release.

SELECT FIRST QUARTER HIGHLIGHTS

•Improved diluted EPS to $0.36, up 9% and 100% from the fourth and first quarters of 2020, respectively.

◦Diluted EPS, adjusted(1) of $0.37, declined 14% from the fourth quarter of 2020, impacted by lower income from the Paycheck Protection Program ("PPP"), partly offset by lower provisioning for loan losses. The increase from a year ago largely reflects the initial increase in provision for loan losses responsive to the pandemic.

•Increased fee-based revenues to $44 million, up 5% and 17% from the fourth and first quarters of 2020, respectively, reflective of record wealth management fees and mortgage banking income.

•Produced net interest income of $141 million at a net margin of 3.03%, down 11 basis points ("bps") linked quarter due to lower PPP loan income and down 51 bps from a year ago, reflective of lower interest rates.

•Increased total loans to $14 billion, up 3% annualized from December 31, 2020, excluding PPP.

•Maintained robust credit and capital reserves as economic recovery continues:

◦Held the allowance for credit losses ("ACL") at 1.73% of total loans, excluding PPP loans, in-line with 1.77% linked quarter and up from 1.62% a year ago.

▪Incurred net loan charge-offs ("NCOs") of $8 million, compared to $4 million and $10 million in the fourth and first quarters of 2020, excluding purchased credit deteriorated ("PCD") loans.

▪Decreased performing loans classified as substandard and special mention by 9% linked quarter while loans past due 30-89 days declined by 24%.

◦Increased Tier 1 capital to 11.7% of risk-weighted assets, up 12 bps linked quarter and 203 bps from a year ago.

▪Repurchased 715,000 shares of our common stock at a cost of $15 million.

"We had a solid start to the year as our overall performance improved as the economic recovery gains traction," said Michael L. Scudder, Chairman of the Board and Chief Executive Officer of the Company. "Operating performance for the quarter once again benefited from strong production from our fee-based businesses and continued focus on managing our costs. As expected, quarterly comparisons were affected by both normal seasonality and the impact of federal stimulus programs on both client liquidity and transactional volumes. Importantly, our underlying business momentum is strengthening as both production volumes and sales pipelines normalize and improve."

Mr. Scudder concluded, "As the economic recovery builds momentum, we are well positioned for continued growth and expansion. Our balance sheet is strong, preparing us to benefit from an improving credit outlook and growing business demand, as well as from anticipated higher interest rates. As always, our response and collective focus remain on helping our clients achieve financial success, delivering on our strategic priorities and creating long term value for our shareholders."

(1) This metric is a non-GAAP financial measure. For details on the calculation of this metric, see the sections titled "Non-GAAP Financial Information" and "Non-GAAP Reconciliations" presented later in this release.

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

OPERATING PERFORMANCE

Net Interest Income and Margin Analysis

(Dollar amounts in thousands)

	Quarters Ended
	March 31, 2021					December 31, 2020					March 31, 2020
	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)
Assets
Other interest-earning assets	$	760,302	$	680	0.36	$	1,244,999	$	930	0.30	$	164,351	$	816	2.00
Securities(1)	3,131,096		16,264		2.08	3,164,310		17,051		2.16	3,066,574		20,757		2.71
Federal Home Loan Bank ("FHLB") and   Federal Reserve Bank ("FRB") stock	107,595		989		3.68	123,287		1,342		4.35	126,643		1,387		4.38
Loans, excluding PPP loans(1)	13,993,303		125,308		3.63	13,335,154		126,474		3.77	13,073,752		148,420		4.57
PPP loans(1)	1,014,798		8,892		3.55	1,013,511		15,195		5.96	—		—		—
Total loans(1)	15,008,101		134,200		3.63	14,348,665		141,669		3.93	13,073,752		148,420		4.57
Total interest-earning assets(1)	19,007,094		152,133		3.24	18,881,261		160,992		3.39	16,431,320		171,380		4.19
Cash and due from banks	236,944					252,268					261,336
Allowance for loan losses	(239,802)					(246,278)					(179,392)
Other assets	1,914,804					1,995,074					1,891,557
Total assets	$	20,919,040				$	20,882,325				$	18,404,821
Liabilities and Stockholders' Equity
Savings deposits	$	2,573,495	113		0.02	$	2,436,930	109		0.02	$	2,069,163	164		0.03
NOW accounts	2,802,568		251		0.04	2,774,989		277		0.04	2,273,156		1,630		0.29
Money market deposits	3,008,597		634		0.09	2,923,881		694		0.09	2,227,707		3,099		0.56
Time deposits	1,978,986		2,459		0.50	2,047,260		3,131		0.61	2,932,466		12,224		1.68
Borrowed funds	1,329,394		3,107		0.95	1,661,731		4,158		1.00	2,007,700		5,841		1.17
Senior and subordinated debt	234,873		3,471		5.99	234,669		3,482		5.90	234,053		3,694		6.35
Total interest-bearing liabilities	11,927,913		10,035		0.34	12,079,460		11,851		0.39	11,744,245		26,652		0.91
Demand deposits	5,917,978					5,753,600					3,884,015
Total funding sources	17,845,891				0.23	17,833,060				0.26	15,628,260				0.69
Other liabilities	389,396					373,854					361,404
Stockholders' equity	2,683,753					2,675,411					2,415,157
Total liabilities and   stockholders' equity	$	20,919,040				$	20,882,325				$	18,404,821
Tax-equivalent net interest   income/margin(1)			142,098		3.03			149,141		3.14			144,728		3.54
Tax-equivalent adjustment			(983)					(1,030)					(1,153)
Net interest income (GAAP)(1)			$	141,115				$	148,111				$	143,575
Impact of acquired loan accretion(1)			$	7,165	0.15			$	7,603	0.16			$	6,946	0.17
Tax-equivalent net interest income/   margin, adjusted(1)			$	134,933	2.88			$	141,538	2.98			$	137,782	3.37

(1) Interest income and yields on tax-exempt securities and loans are presented on a tax-equivalent basis, assuming a federal income tax rate 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 first quarter of 2021 was down 4.7% from the fourth quarter of 2020 and 1.7% from the first quarter of 2020. The decrease in net interest income compared to the fourth quarter of 2020 resulted primarily from lower fees on PPP loans and fewer days in the quarter, partially offset by growth in loans and lower costs of funds. Compared to the first quarter of 2020, net interest income was impacted by lower interest rates, partially offset by growth in loans and an increase in interest income and fees on PPP loans, 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 $7.2 million, $7.6 million, and $6.9 million to net interest income for the first quarter of 2021, fourth quarter of 2020, and first quarter of 2020, respectively.

2

Tax-equivalent net interest margin for the current quarter was 3.03%, decreasing 11 and 51 basis points from the fourth and first quarters of 2020, respectively. Excluding the impact of acquired loan accretion, tax-equivalent net interest margin was 2.88%, down 10 and 49 basis points from the fourth and first quarters of 2020, respectively. Compared to the fourth quarter of 2020, tax-equivalent net interest margin decreased due primarily to lower accelerated income on the forgiveness of PPP loans. Tax-equivalent net interest margin decreased compared to the first quarter of 2020 as a result of lower interest rates on loans and securities, as well as a higher balance of other interest-earning assets due to higher demand deposits as a result of PPP loan funds and other government stimuli, partially offset by lower cost of funds, loan growth, and higher yields on PPP loans.

For the first quarter of 2021, total average interest-earning assets rose by $125.8 million and $2.6 billion from the fourth and first quarters of 2020, respectively. The increase compared to the fourth quarter of 2020 resulted primarily from loan growth, partially offset by a lower balance of other interest-earning assets. Compared to the first quarter of 2020, the increase in average interest-earning assets was due primarily to assets acquired in the Park Bank transaction, loan growth, and a higher balance of other interest-earning assets due to higher demand deposits as a result of PPP loan funds and other government stimuli.

Total average funding sources for the first quarter of 2021 were consistent with the fourth quarter of 2020 and increased by $2.2 billion from first quarter of 2020. The increase compared to the first quarter of 2020 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, partially offset by a decrease in FHLB advances.

Noninterest Income Analysis

(Dollar amounts in thousands)

	Quarters Ended						March 31, 2021 Percent Change From
	March 31, 2021		December 31,   2020		March 31, 2020		December 31,   2020	March 31, 2020
Wealth management fees	$	14,149	$	13,548	$	12,361	4.4	14.5
Mortgage banking income	10,187		9,191		1,788		10.8	469.7
Service charges on deposit accounts	9,980		10,811		11,781		(7.7)	(15.3)
Card-based fees, net	4,556		4,530		3,968		0.6	14.8
Capital market products income	2,089		659		4,722		217.0	(55.8)
Other service charges, commissions, and fees	2,761		2,993		2,682		(7.8)	2.9
Total fee-based revenues	43,722		41,732		37,302		4.8	17.2
Other income	2,081		3,550		3,065		(41.4)	(32.1)
Swap termination costs	—		(17,567)		—		N/M	N/M
Net securities losses	—		—		(1,005)		N/M	N/M
Total noninterest income	$	45,803	$	27,715	$	39,362	65.3	16.4

N/M – Not meaningful.

Total noninterest income of $45.8 million was up 65.3% from the fourth quarter of 2020 and 16.4% from the first quarter of 2020. Excluding the impact of swap termination costs in the fourth quarter of 2020, total noninterest income increased 1.2%. 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 2020 was due primarily to seasonality, whereas the decrease from the first quarter of 2020 resulted from the impact of lower transaction volumes due to the pandemic. Capital market products income resulted from levels of sales to corporate clients in light of market conditions that were higher than the fourth quarter of 2020 and lower than the first quarter of 2020.

Record mortgage banking income for the first quarter of 2021 resulted from sales of $283.9 million of 1-4 family mortgage loans in the secondary market compared to $275.6 million and $116.6 million in the fourth and first quarters of 2020, respectively. In addition, mortgage banking income for the first quarter of 2021 increased compared to both prior periods due to increases in the fair value of mortgage servicing rights.

Other income decreased compared to both prior periods as a result of fair value adjustments on equity securities.

During the fourth quarter of 2020, the Company terminated longer term interest rate swaps with a notional amount of $510 million as a result of excess liquidity and in response to market conditions. As a result, $17.6 of pre-tax losses on swap terminations were recorded.

Net securities losses of $1.0 million were recognized during the first quarter of 2020 as a result of repositioning of the Company's securities portfolio due to market conditions.

3

Noninterest Expense Analysis

(Dollar amounts in thousands)

	Quarters Ended						March 31, 2021 Percent Change From
	March 31, 2021		December 31,   2020		March 31, 2020		December 31,   2020	March 31, 2020
Salaries and employee benefits:
Salaries and wages	$	53,693	$	55,950	$	49,990	(4.0)	7.4
Retirement and other employee benefits	12,708		10,430		12,869		21.8	(1.3)
Total salaries and employee benefits	66,401		66,380		62,859		—	5.6
Net occupancy and equipment expense	14,752		14,002		14,227		5.4	3.7
Technology and related costs	10,284		11,005		8,548		(6.6)	20.3
Professional services	8,059		8,424		10,390		(4.3)	(22.4)
Advertising and promotions	1,835		1,850		2,761		(0.8)	(33.5)
Net other real estate owned ("OREO") expense	589		106		420		455.7	40.2
Other expenses	14,735		12,851		12,654		14.7	16.4
Optimization costs	1,525		1,493		—		2.1	100.0
Acquisition and integration related expenses	245		1,860		5,472		(86.8)	(95.5)
Total noninterest expense	$	118,425	$	117,971	$	117,331	0.4	0.9
Optimization costs	(1,525)		(1,493)		—		2.1	(100.0)
Acquisition and integration related expenses	(245)		(1,860)		(5,472)		(86.8)	(95.5)
Total noninterest expense, adjusted(1)	$	116,655	$	114,618	$	111,859	1.8	4.3

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

Total noninterest expense was stable compared to both prior periods. Noninterest expense for all periods presented was impacted by acquisition and integration related expenses. In addition, the first quarter of 2021 and fourth quarter of 2020 were impacted by optimization costs. Excluding these items, noninterest expense for the first quarter of 2021 was $116.7 million, up 1.8% from the fourth quarter of 2020 reflective of seasonality, and up 4.3% from the first quarter of 2020. Overall, noninterest expense, adjusted, to average assets, excluding PPP loans, was 2.38% for the first quarter of 2021, up 9 basis points and down 6 basis points from the fourth and first quarters of 2020, respectively.

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

Salaries and employee benefits compared to the fourth quarter of 2020 were impacted by merit increases, payroll tax timing, and higher equity compensation valuations, offset by ongoing benefits of optimization strategies and lower compensation accruals. Compared to the first quarter of 2020, salaries and employee benefits increased primarily due to higher equity compensation valuations, compensation accruals, commissions, and merit increases, partially offset by ongoing benefits of optimization strategies. Higher costs related to winter weather conditions contributed to the increase in net occupancy and equipment costs compared to the fourth quarter of 2020. Compared to the first quarter of 2020, technology and related costs was impacted by investments in technology, including the origination of PPP loans. Professional services expenses were elevated for the first quarter of 2020 due to process enhancements and expenses associated with higher capital market products income. Advertising and promotions expense decreased compared to the first quarter of 2020 due to the timing of certain costs related to marketing campaigns. Other expenses for the first quarter of 2021 was impacted by a valuation adjustment on a foreclosed asset.

Optimization costs of $1.5 million for the first quarter of 2021 primarily include advisory fees, employee severance, and other expenses associated with locations identified for closure.

Acquisition and integration related expenses for all periods presented resulted primarily from the acquisition of Park Bank.

4

INCOME TAXES

The Company's effective tax rate for the first quarter of 2021 was 27.8% up from 12.1% and 24.8% for the fourth and first quarters of 2020, respectively. The increase compared to both prior periods was driven primarily by a $1.1 million increase in income tax expense related to share-based payments and a decrease in federal and state tax exempt income. In addition, the effective tax rate for the fourth quarter of 2020 was impacted by $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						March 31, 2021 Percent Change From
	March 31,   2021		December 31,   2020		March 31,   2020		December 31,   2020	March 31,   2020
Commercial and industrial	$	4,546,317	$	4,578,254	$	5,064,295	(0.7)	(10.2)
Agricultural	355,883		364,038		393,063		(2.2)	(9.5)
Commercial real estate:
Office, retail, and industrial	1,827,116		1,861,768		2,092,097		(1.9)	(12.7)
Multi-family	906,124		872,813		918,944		3.8	(1.4)
Construction	614,021		612,611		661,363		0.2	(7.2)
Other commercial real estate	1,463,582		1,481,976		1,415,892		(1.2)	3.4
Total commercial real estate	4,810,843		4,829,168		5,088,296		(0.4)	(5.5)
Total corporate loans, excluding PPP   loans	9,713,043		9,771,460		10,545,654		(0.6)	(7.9)
PPP loans	1,109,442		785,563		—		41.2	N/M
Total corporate loans	10,822,485		10,557,023		10,545,654		2.5	2.6
Home equity	690,030		761,725		973,658		(9.4)	(29.1)
1-4 family mortgages	3,187,066		3,022,413		1,957,037		5.4	62.9
Installment	483,945		410,071		488,668		18.0	(1.0)
Total consumer loans	4,361,041		4,194,209		3,419,363		4.0	27.5
Total loans	$	15,183,526	$	14,751,232	$	13,965,017	2.9	8.7

N/M – Not meaningful.

Total loans includes loans originated under the PPP loan programs beginning in the second quarter of 2020, which totaled $1.1 billion and $785.6 million as of March 31, 2021 and December 31, 2020, respectively. Excluding these loans, total loans were up 3% annualized from December 31, 2020 and 1% from March 31, 2020. Compared to both prior periods, corporate loans, excluding PPP loans, were impacted by lower line usage and higher paydowns due to current economic conditions as a result of the ongoing pandemic. Production increased in the first quarter of 2021 compared to the fourth quarter of 2020; however, this continued to be more than offset by excess borrower liquidity and paydowns as a result of the pandemic and below pre-pandemic production levels.

Growth in consumer loans compared to both prior periods resulted primarily from purchases of 1-4 family mortgages and installment loans, as well as strong production in the 1-4 family mortgages portfolio, which more than offset higher prepayments.

5

Allowance for Credit Losses

(Dollar amounts in thousands)

	As of or for the Quarters Ended									March 31, 2021 Percent Change From
	March 31, 2021			December 31,   2020			March 31, 2020			December 31,   2020	March 31, 2020
ACL, excluding PCD loans	$	215,305		$	215,915		$	176,478		(0.3)	22.0
PCD loan ACL	28,079			31,127			50,223			(9.8)	(44.1)
Total ACL	$	243,384		$	247,042		$	226,701		(1.5)	7.4
Provision for credit losses	$	6,098		$	10,507		$	39,532		(42.0)	(84.6)
ACL to total loans	1.60		%	1.67		%	1.62		%
ACL to total loans, excluding PPP loans(1)	1.73		%	1.77		%	1.62		%
ACL to non-accrual loans	153.67		%	173.33		%	154.64		%

(1) This ratio excludes PPP loans that are fully guaranteed by the Small Business Administration ("SBA"). 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 ACL was $243.4 million or 1.60% of total loans as of March 31, 2021, decreasing $3.7 million from December 31, 2020 and increasing $16.7 million compared to March 31, 2020. Excluding the impact of PPP loans, ACL to total loans was 1.73% as of March 31, 2021, compared to 1.77% and 1.62% as of December 31, 2020 and March 31, 2020, respectively. The decrease from December 31, 2020 reflects net charge-offs on PCD loans that previously had an ACL established upon acquisition and the increase compared to March 31, 2020 is due to additional ACL established as a result of the pandemic during 2020.

6

Asset Quality

(Dollar amounts in thousands)

	As of									March 31, 2021 Percent Change From
	March 31, 2021			December 31,   2020			March 31, 2020			December 31,   2020	March 31, 2020
Non-accrual loans, excluding PCD loans(1)	$	128,650		$	109,957		$	97,649		17.0	31.7
Non-accrual PCD loans	29,734			32,568			48,950			(8.7)	(39.3)
Total non-accrual loans	158,384			142,525			146,599			11.1	8.0
90 days or more past due loans, still accruing   interest(1)	5,354			4,395			5,052			21.8	6.0
Total non-performing loans, ("NPLs")	163,738			146,920			151,651			11.4	8.0
Accruing troubled debt restructurings   ("TDRs")	798			813			1,216			(1.8)	(34.4)
Foreclosed assets(2)	13,228			16,671			21,027			(20.7)	(37.1)
Total non-performing assets ("NPAs")	$	177,764		$	164,404		$	173,894		8.1	2.2
30-89 days past due loans	$	30,973		$	40,656		$	81,127		(23.8)	(61.8)
Special mention loans(3)	$	355,563		$	409,083		$	240,826		(13.1)	47.6
Substandard loans(3)	342,600			357,219			196,923			(4.1)	74.0
Total performing loans classified as   substandard and special mention(3)	$	698,163		$	766,302		$	437,749		(8.9)	59.5
Non-accrual loans to total loans:
Non-accrual loans to total loans	1.04		%	0.97		%	1.05		%
Non-accrual loans to total loans, excluding   PPP loans(1)(4)	1.13		%	1.02		%	1.05		%
Non-accrual loans to total loans, excluding   PCD and PPP loans(1)(4)	0.93		%	0.80		%	0.71		%
Non-performing loans to total loans:
NPLs to total loans	1.08		%	1.00		%	1.09		%
NPLs to total loans, excluding PPP loans(1)(4)	1.16		%	1.05		%	1.09		%
NPLs to total loans, excluding PCD and PPP   loans(1)(4)	0.97		%	0.83		%	0.75		%
Non-performing assets to total loans plus foreclosed assets:
NPAs to total loans plus foreclosed assets	1.17		%	1.11		%	1.24		%
NPAs to total loans plus foreclosed assets,   excluding PPP loans(1)(4)	1.26		%	1.18		%	1.24		%
NPAs to total loans plus foreclosed assets,   excluding PCD and PPP loans(1)(4)	1.07		%	0.96		%	0.91		%
Performing loans classified as substandard and special mention to corporate loans:
Performing loans classified as substandard and   special mention to corporate loans(3)	6.45		%	7.26		%	4.15		%
Performing loans classified as substandard and   special mention to corporate loans, excluding   PPP loans(3)	7.19		%	7.84		%	4.15		%

N/M – Not meaningful.

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

(2) 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.

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

(4) This ratio excludes PPP loans that are fully guaranteed by the SBA. As a result, no allowance for credit losses is associated with these loans.

NPAs represented 1.17% of total loans and foreclosed assets at March 31, 2021 compared to 1.11% and 1.24% at December 31, 2020 and March 31, 2020, respectively. Excluding the impact of PCD and PPP loans, NPAs to total loans plus foreclosed assets was 1.07% at March 31, 2021, compared to 0.96% at December 31, 2020 and 0.91% at March 31, 2020, reflective of normal fluctuations that occur on a quarterly basis.

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Performing loans classified as substandard and special mention were $698 million for the first quarter of 2021 compared to $766 million and $438 million at December 31, 2020 and March 31, 2020, respectively. The decrease from the fourth quarter of 2020 was due primarily to the payoff of certain corporate credits in addition to upgrade and downgrade activity. The increase from the first quarter of 2020, 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
	March 31, 2021			% of Total	December 31,   2020			% of Total	March 31, 2020			% of Total
Net loan charge-offs(1)
Commercial and industrial	$	1,740		17.8	$	3,536		33.6	$	4,680		38.7
Agricultural	363			3.7	1,779			16.9	1,227			10.1
Commercial real estate:
Office, retail, and industrial	4,377			44.9	1,701			16.1	329			2.7
Multi-family	(5)			(0.1)	19			0.2	5			—
Construction	—			—	140			1.3	1,808			14.9
Other commercial real estate	371			3.9	916			8.7	164			1.4
Consumer	2,910			29.8	2,448			23.2	3,901			32.2
Total NCOs	$	9,756		100.0	$	10,539		100.0	$	12,114		100.0
Less: NCOs on PCD loans(2)	(2,107)			21.6	(6,488)			61.6	(1,720)			14.2
Total NCOs, excluding PCD loans(2)	$	7,649			$	4,051			$	10,394
Recoveries included above	$	1,561			$	2,588			$	1,816
Net loan charge-offs to average loans(1)(3)
Quarter to date	0.26		%		0.29		%		0.37		%
Quarter to date, excluding PPP loans(2)(4)	0.28		%		0.31		%		0.37		%
Quarter to date, excluding PCD and PPP   loans(2)(4)	0.22		%		0.12		%		0.32		%

N/A – Not applicable.

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

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

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

(4) This ratio excludes PPP loans that are fully guaranteed by the SBA. As a result, no allowance for credit losses is associated with these loans.

NCOs to average loans, annualized was 0.26%, down from 0.29% and 0.37% for the fourth and first quarters of 2020, respectively. Excluding charge-offs on PCD loans and the impact of PPP loans, NCOs to average loans was 0.22% for the first quarter of 2021, compared to 0.12% and 0.32% for the fourth and first quarters of 2020, respectively.

8

DEPOSIT PORTFOLIO

Deposit Composition

(Dollar amounts in thousands)

	Average for the Quarters Ended						March 31, 2021 Percent Change From
	March 31, 2021		December 31,   2020		March 31, 2020		December 31,   2020	March 31, 2020
Demand deposits	$	5,917,978	$	5,753,600	$	3,884,015	2.9	52.4
Savings deposits	2,573,495		2,436,930		2,069,163		5.6	24.4
NOW accounts	2,802,568		2,774,989		2,273,156		1.0	23.3
Money market accounts	3,008,597		2,923,881		2,227,707		2.9	35.1
Core deposits	14,302,638		13,889,400		10,454,041		3.0	36.8
Time deposits	1,978,986		2,047,260		2,932,466		(3.3)	(32.5)
Total deposits	$	16,281,624	$	15,936,660	$	13,386,507	2.2	21.6

Total average deposits were $16.3 billion for the first quarter of 2021, up 2.2% from the fourth quarter of 2020 and 21.6% from the first quarter of 2020. The increase 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 fourth quarter of 2020, the increase in total average deposits was partially offset by the normal seasonal decline in commercial and municipal deposits. In addition, the increase in total average deposits compared to the first quarter of 2020 was also driven by deposits assumed in the Park Bank transaction in March 2020.

CAPITAL MANAGEMENT

Capital Ratios

	As of
	March 31, 2021		December 31,   2020		March 31, 2020
Company regulatory capital ratios:
Total capital to risk-weighted assets	14.26	%	14.14	%	12.00	%
Tier 1 capital to risk-weighted assets	11.67	%	11.55	%	9.64	%
Common equity Tier 1 ("CET1") to risk-weighted assets	10.17	%	10.06	%	9.64	%
Tier 1 capital to average assets	8.96	%	8.91	%	8.60	%
Company tangible common equity ratios(1)(2):
Tangible common equity to tangible assets	7.37	%	7.67	%	7.97	%
Tangible common equity to tangible assets, excluding PPP loans	7.79	%	7.98	%	7.97	%
Tangible common equity, excluding accumulated other comprehensive income   ("AOCI"), to tangible assets	7.48	%	7.54	%	7.79	%
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans	7.91	%	7.85	%	7.79	%
Tangible common equity to risk-weighted assets	9.73	%	9.93	%	9.63	%

(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.

Regulatory capital ratios increased compared to all prior periods as a result of retained earnings and the mix of risk-weighted assets, partially offset by the approximately 10 basis point impact of stock repurchases. Compared to March 31, 2020 total and Tier 1 capital ratios also benefited from the issuance of preferred stock. The Company elected the five-year current expected credit losses ("CECL") transition relief for regulatory capital, which retained approximately 30 basis points of CET1 and Tier 1 capital at March 31, 2021.

During the first quarter of 2021, the Company announced that it would restart repurchases of its outstanding shares of common stock under its stock repurchase program after suspending repurchases in March 2020 as it shifted its capital deployment strategy in response to the COVID-19 pandemic. The Company repurchased approximately 715,000 shares of its common stock at a total cost of $14.9 million during the first quarter of 2021.

9

The Board of Directors approved a quarterly cash dividend of $0.14 per common share during the first quarter of 2021, which is consistent with the fourth and first quarters of 2020. This dividend represents the 153rd 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, April 21, 2021 at 11 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. 10154308 beginning one hour after completion of the live call until 8:00 A.M. (ET) on July 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 completed transactions, growth strategies, including possible future acquisitions, and the continued or potential effects of the 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 pandemic, including the 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, 2020, 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.

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

10

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 optimization costs (first quarter 2021 and fourth and third quarter of 2020), acquisition and integration related expenses associated with completed and pending acquisitions (all periods), swap termination costs (fourth and third quarters of 2020), income tax benefits (fourth quarter of 2020), and net securities gains (losses) (third and first quarters of 2020). 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 and acquisition and integration related expenses. 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 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 fully guaranteed by the SBA and are expected to be forgiven if the applicable criteria are met. Additionally, management believes excluding PCD and PPP loans from these metrics may enhance comparability for peer comparison purposes.

11

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 First Midwest

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. The primary footprint of First Midwest's branch network and other locations is in metropolitan Chicago, southeast Wisconsin, northwest Indiana, central and western Illinois, and eastern Iowa. 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

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Accompanying Unaudited Selected Financial Information

Consolidated Statements of Financial Condition (Unaudited) (Dollar amounts in thousands)
	As of
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Period-End Balance Sheet
Assets
Cash and due from banks	$	223,713	$	196,364	$	254,212	$	304,445	$	252,138
Interest-bearing deposits in other banks	786,814		920,880		936,528		637,856		229,474
Equity securities, at fair value	96,983		76,404		55,021		43,954		40,098
Securities available-for-sale, at fair value	3,195,405		3,096,408		3,279,884		3,435,862		3,382,865
Securities held-to-maturity, at amortized cost	11,711		12,071		22,193		19,628		19,825
FHLB and FRB stock	106,170		117,420		138,120		148,512		154,357
Loans:
Commercial and industrial	4,546,317		4,578,254		4,635,571		4,789,556		5,064,295
Agricultural	355,883		364,038		377,466		381,124		393,063
Commercial real estate:
Office, retail, and industrial	1,827,116		1,861,768		1,950,406		2,020,318		2,092,097
Multi-family	906,124		872,813		868,293		874,861		918,944
Construction	614,021		612,611		631,607		687,063		661,363
Other commercial real estate	1,463,582		1,481,976		1,452,994		1,475,937		1,415,892
PPP loans	1,109,442		785,563		1,196,538		1,179,403		—
Home equity	690,030		761,725		827,746		892,867		973,658
1-4 family mortgages	3,187,066		3,022,413		2,287,555		2,175,322		1,957,037
Installment	483,945		410,071		425,012		457,207		488,668
Total loans	15,183,526		14,751,232		14,653,188		14,933,658		13,965,017
Allowance for loan losses	(235,359)		(239,017)		(239,048)		(240,052)		(219,948)
Net loans	14,948,167		14,512,215		14,414,140		14,693,606		13,745,069
OREO	6,273		8,253		6,552		9,947		9,814
Premises, furniture, and equipment, net	129,514		132,045		132,267		143,001		145,844
Investment in bank-owned life insurance ("BOLI")	301,365		301,101		300,429		299,649		298,827
Goodwill and other intangible assets	928,974		932,764		935,801		940,182		935,241
Accrued interest receivable and other assets	473,502		532,753		612,996		568,239		539,748
Total assets	$	21,208,591	$	20,838,678	$	21,088,143	$	21,244,881	$	19,753,300
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	6,156,145	$	5,797,899	$	5,555,735	$	5,602,016	$	4,222,523
Interest-bearing deposits	10,455,309		10,214,565		10,215,838		10,055,640		9,876,427
Total deposits	16,611,454		16,012,464		15,771,573		15,657,656		14,098,950
Borrowed funds	1,295,737		1,546,414		1,957,180		2,305,195		2,648,210
Senior and subordinated debt	234,973		234,768		234,563		234,358		234,153
Accrued interest payable and other liabilities	413,112		355,026		460,656		391,461		336,280
Stockholders' equity	2,653,315		2,690,006		2,664,171		2,656,211		2,435,707
Total liabilities and stockholders' equity	$	21,208,591	$	20,838,678	$	21,088,143	$	21,244,881	$	19,753,300
Stockholders' equity, excluding AOCI	$	2,675,411	$	2,663,627	$	2,638,422	$	2,627,484	$	2,400,384
Stockholders' equity, common	2,422,815		2,459,506		2,433,671		2,425,711		2,435,707

13

Condensed Consolidated Statements of Income (Unaudited) (Dollar amounts in thousands)
	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Income Statement
Interest income	$	151,150	$	159,962	$	159,085	$	162,044	$	170,227
Interest expense	10,035		11,851		16,356		16,810		26,652
Net interest income	141,115		148,111		142,729		145,234		143,575
Provision for loan losses	6,098		10,507		15,927		32,649		39,532
Net interest income after provision for loan losses	135,017		137,604		126,802		112,585		104,043
Noninterest Income
Wealth management fees	14,149		13,548		12,837		11,942		12,361
Mortgage banking income	10,187		9,191		6,659		3,477		1,788
Service charges on deposit accounts	9,980		10,811		10,342		9,125		11,781
Card-based fees, net	4,556		4,530		4,472		3,180		3,968
Capital market products income	2,089		659		886		694		4,722
Other service charges, commissions, and fees	2,761		2,993		2,823		2,078		2,682
Total fee-based revenues	43,722		41,732		38,019		30,496		37,302
Other income	2,081		3,550		2,523		2,495		3,065
Swap termination costs	—		(17,567)		(14,285)		—		—
Net securities gains (losses)	—		—		14,328		—		(1,005)
Total noninterest income	45,803		27,715		40,585		32,991		39,362
Noninterest Expense
Salaries and employee benefits:
Salaries and wages	53,693		55,950		53,385		52,592		49,990
Retirement and other employee benefits	12,708		10,430		11,349		11,080		12,869
Total salaries and employee benefits	66,401		66,380		64,734		63,672		62,859
Net occupancy and equipment expense	14,752		14,002		13,736		15,116		14,227
Technology and related costs	10,284		11,005		10,416		9,853		8,548
Professional services	8,059		8,424		7,325		8,880		10,390
Advertising and promotions	1,835		1,850		2,688		2,810		2,761
Net OREO expense	589		106		544		126		420
Other expenses	14,735		12,851		12,374		14,624		12,654
Optimization costs	1,525		1,493		18,376		—		—
Acquisition and integration related expenses	245		1,860		881		5,249		5,472
Total noninterest expense	118,425		117,971		131,074		120,330		117,331
Income before income tax expense	62,395		47,348		36,313		25,246		26,074
Income tax expense	17,372		5,743		8,690		6,182		6,468
Net income	$	45,023	$	41,605	$	27,623	$	19,064	$	19,606
Preferred dividends	(4,034)		(4,049)		(4,033)		(1,037)		—
Net income applicable to non-vested restricted shares	(486)		(369)		(236)		(187)		(192)
Net income applicable to common shares	$	40,503	$	37,187	$	23,354	$	17,840	$	19,414
Net income applicable to common shares, adjusted(1)	41,831		49,238		37,765		21,777		24,272

Footnotes to Condensed Consolidated Statements of Income

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

14

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
EPS
Basic EPS	$	0.36		$	0.33		$	0.21		$	0.16		$	0.18
Diluted EPS	$	0.36		$	0.33		$	0.21		$	0.16		$	0.18
Diluted EPS, adjusted(1)	$	0.37		$	0.43		$	0.33		$	0.19		$	0.22
Common Stock and Related Per Common Share Data
Book value	$	21.22		$	21.52		$	21.29		$	21.23		$	21.33
Tangible book value	$	13.08		$	13.36		$	13.11		$	13.00		$	13.14
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Closing price at period end	$	21.91		$	15.92		$	10.78		$	13.35		$	13.24
Closing price to book value	1.0			0.7			0.5			0.6			0.6
Period end shares outstanding	114,196			114,296			114,293			114,276			114,213
Period end treasury shares	11,176			11,071			11,067			11,079			11,136
Common dividends	$	15,997		$	16,017		$	16,011		$	16,015		$	16,002
Dividend payout ratio	38.89		%	42.42		%	66.67		%	87.50		%	77.78		%
Dividend payout ratio, adjusted(1)	37.84		%	32.56		%	42.42		%	73.68		%	63.64		%
Key Ratios/Data
Return on average common equity(2)	6.70		%	6.05		%	3.80		%	2.94		%	3.23		%
Return on average common equity, adjusted(1)(2)	6.92		%	8.01		%	6.15		%	3.58		%	4.04		%
Return on average tangible common equity(2)	11.35		%	10.35		%	6.73		%	5.32		%	5.66		%
Return on average tangible common equity, adjusted(1)(2)	11.71		%	13.53		%	10.53		%	6.37		%	6.94		%
Return on average assets(2)	0.87		%	0.79		%	0.51		%	0.37		%	0.43		%
Return on average assets, adjusted(1)(2)	0.90		%	1.02		%	0.78		%	0.44		%	0.53		%
Loans to deposits	91.40		%	92.12		%	92.91		%	95.38		%	99.05		%
Efficiency ratio(1)	61.77		%	58.90		%	60.36		%	64.08		%	60.21		%
Net interest margin(2)(3)	3.03		%	3.14		%	2.95		%	3.13		%	3.54		%
Yield on average interest-earning assets(2)(3)	3.24		%	3.39		%	3.28		%	3.49		%	4.19		%
Cost of funds(2)(4)	0.23		%	0.26		%	0.35		%	0.38		%	0.69		%
Noninterest expense to average assets(2)	2.30		%	2.25		%	2.42		%	2.32		%	2.56		%
Noninterest expense, adjusted to average assets,   excluding PPP loans(1)(2)	2.38		%	2.29		%	2.19		%	2.32		%	2.44		%
Effective income tax rate	27.84		%	12.13		%	23.93		%	24.49		%	24.81		%
Capital Ratios
Total capital to risk-weighted assets(1)	14.26		%	14.14		%	14.06		%	13.70		%	12.00		%
Tier 1 capital to risk-weighted assets(1)	11.67		%	11.55		%	11.48		%	11.19		%	9.64		%
CET1 to risk-weighted assets(1)	10.17		%	10.06		%	9.97		%	9.70		%	9.64		%
Tier 1 capital to average assets(1)	8.96		%	8.91		%	8.50		%	8.70		%	8.60		%
Tangible common equity to tangible assets(1)	7.37		%	7.67		%	7.43		%	7.32		%	7.97		%
Tangible common equity, excluding AOCI, to tangible   assets(1)	7.48		%	7.54		%	7.30		%	7.17		%	7.79		%
Tangible common equity to risk-weighted assets(1)	9.73		%	9.93		%	9.84		%	9.61		%	9.63		%
Note: Selected Financial Information footnotes are located at the end of this section.

15

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Asset Quality Performance Data
Non-performing assets
Commercial and industrial	$	59,723	$	38,314	$	40,781	$	19,475	$	24,944
Agricultural	8,684		10,719		13,293		8,494		5,823
Commercial real estate:
Office, retail, and industrial	23,339		27,382		26,406		26,342		26,107
Multi-family	3,701		1,670		1,547		2,132		2,688
Construction	1,154		1,155		2,977		18,640		18,764
Other commercial real estate	15,406		15,219		4,690		5,304		4,562
Consumer	16,643		15,498		13,888		13,657		14,761
Non-accrual, excluding PCD loans	128,650		109,957		103,582		94,044		97,649
Non-accrual PCD loans	29,734		32,568		39,990		45,116		48,950
Total non-accrual loans	158,384		142,525		143,572		139,160		146,599
90 days or more past due loans, still accruing interest	5,354		4,395		3,781		3,241		5,052
Total NPLs	163,738		146,920		147,353		142,401		151,651
Accruing TDRs	798		813		841		1,201		1,216
Foreclosed assets(5)	13,228		16,671		15,299		19,024		21,027
Total NPAs	$	177,764	$	164,404	$	163,493	$	162,626	$	173,894
30-89 days past due loans	$	30,973	$	40,656	$	21,551	$	36,342	$	81,127
Allowance for credit losses
Allowance for loan losses	$	235,359	$	239,017	$	239,048	$	240,052	$	219,948
Allowance for unfunded commitments	8,025		8,025		7,825		7,625		6,753
Total ACL	$	243,384	$	247,042	$	246,873	$	247,677	$	226,701
Provision for loan losses	$	6,098	$	10,507	$	15,927	$	32,649	$	39,532
Net charge-offs by category
Commercial and industrial	$	1,740	$	3,536	$	5,470	$	4,735	$	4,680
Agricultural	363		1,779		265		118		1,227
Commercial real estate:
Office, retail, and industrial	4,377		1,701		1,339		3,086		329
Multi-family	(5)		19		—		9		5
Construction	—		140		4,889		798		1,808
Other commercial real estate	371		916		1,753		19		164
Consumer	2,910		2,448		2,027		4,158		3,901
Total NCOs	$	9,756	$	10,539	$	15,743	$	12,923	$	12,114
Less: NCOs on PCD loans	(2,107)		(6,488)		(6,923)		(3,833)		(1,720)
Total NCOs, excluding PCD loans	$	7,649	$	4,051	$	8,820	$	9,090	$	10,394
Total recoveries included above	$	1,561	$	2,588	$	1,795	$	1,311	$	1,816
Note: Selected Financial Information footnotes are located at the end of this section.

16

Selected Financial Information (Unaudited)
	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Performing loans classified as substandard and special mention
Special mention loans(7)	$	355,563		$	409,083		$	395,295		$	256,373		$	240,826
Substandard loans(7)	342,600			357,219			311,430			193,337			196,923
Total performing loans classified as substandard and   special mention(7)	$	698,163		$	766,302		$	706,725		$	449,710		$	437,749
Asset quality ratios
Non-accrual loans to total loans	1.04		%	0.97		%	0.98		%	0.93		%	1.05		%
Non-accrual loans to total loans, excluding PPP loans(6)	1.13		%	1.02		%	1.07		%	1.01		%	1.05		%
Non-accrual loans to total loans, excluding PCD and PPP    loans(6)	0.93		%	0.80		%	0.78		%	0.70		%	0.71		%
NPLs to total loans	1.08		%	1.00		%	1.01		%	0.95		%	1.09		%
NPLs to total loans, excluding PPP loans(6)	1.16		%	1.05		%	1.10		%	1.04		%	1.09		%
NPLs to total loans, excluding PCD and PPP loans(6)	0.97		%	0.83		%	0.81		%	0.72		%	0.75		%
NPAs to total loans plus foreclosed assets	1.17		%	1.11		%	1.11		%	1.09		%	1.24		%
NPAs to total loans plus foreclosed assets, excluding   PPP loans(6)	1.26		%	1.18		%	1.21		%	1.18		%	1.24		%
NPAs to total loans plus foreclosed assets, excluding   PCD and PPP loans(6)	1.07		%	0.96		%	0.93		%	0.87		%	0.91		%
NPAs to tangible common equity plus ACL	10.23		%	9.27		%	9.37		%	9.38		%	10.07		%
Non-accrual loans to total assets	0.75		%	0.68		%	0.68		%	0.66		%	0.74		%
Performing loans classified as substandard and   special mention to corporate loans(6)(7)	6.45		%	7.26		%	6.36		%	3.94		%	4.15		%
Performing loans classified as substandard and   special mention to corporate loans, excluding   PPP loans(6)(7)	7.19		%	7.84		%	7.13		%	4.40		%	4.15		%
Allowance for credit losses and net charge-off ratios
ACL to total loans	1.60		%	1.67		%	1.68		%	1.66		%	1.62		%
ACL to non-accrual loans	153.67		%	173.33		%	171.95		%	177.98		%	154.64		%
ACL to NPLs	148.64		%	168.15		%	167.54		%	173.93		%	149.49		%
NCOs to average loans(2)	0.26		%	0.29		%	0.42		%	0.36		%	0.37		%
NCOs to average loans, excluding PPP loans(2)	0.28		%	0.31		%	0.46		%	0.38		%	0.37		%
NCOs to average loans, excluding PCD and PPP loans(2)	0.22		%	0.12		%	0.26		%	0.27		%	0.32		%

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 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.

(6)This ratio excludes PPP loans that are fully guaranteed by the SBA. As a result, no allowance for credit losses is associated with these loans.

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

17

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
EPS
Net income	$	45,023		$	41,605		$	27,623		$	19,064		$	19,606
Dividends and accretion on preferred stock	(4,034)			(4,049)			(4,033)			(1,037)			—
Net income applicable to non-vested restricted shares	(486)			(369)			(236)			(187)			(192)
Net income applicable to common shares	40,503			37,187			23,354			17,840			19,414
Adjustments to net income:
Optimization costs	1,525			1,493			18,376			—			—
Tax effect of optimization costs	(381)			(373)			(4,594)			—			—
Acquisition and integration related expenses	245			1,860			881			5,249			5,472
Tax effect of acquisition and integration related   expenses	(61)			(465)			(220)			(1,312)			(1,368)
Swap termination costs	—			17,567			14,285			—			—
Tax effect of swap termination costs	—			(4,392)			(3,571)			—			—
Income tax benefits	—			(3,639)			—			—			—
Net securities (gains) losses	—			—			(14,328)			—			1,005
Tax effect of net securities (gains) losses	—			—			3,582			—			(251)
Total adjustments to net income, net of tax	1,328			12,051			14,411			3,937			4,858
Net income applicable to common shares,   adjusted(1)	$	41,831		$	49,238		$	37,765		$	21,777		$	24,272
Weighted-average common shares outstanding:
Weighted-average common shares outstanding (basic)	113,098			113,174			113,160			113,145			109,922
Dilutive effect of common stock equivalents	773			430			276			191			443
Weighted-average diluted common shares   outstanding	113,871			113,604			113,436			113,336			110,365
Basic EPS	$	0.36		$	0.33		$	0.21		$	0.16		$	0.18
Diluted EPS	$	0.36		$	0.33		$	0.21		$	0.16		$	0.18
Diluted EPS, adjusted(1)	$	0.37		$	0.43		$	0.33		$	0.19		$	0.22
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
Dividend payout ratio	38.89		%	42.42		%	66.67		%	87.50		%	77.78		%
Dividend payout ratio, adjusted(1)	37.84		%	32.56		%	42.42		%	73.68		%	63.64		%
Note: Non-GAAP Reconciliations footnotes are located at the end of this section.

18

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Return on Average Common and Tangible Common Equity
Net income applicable to common shares	$	40,503		$	37,187		$	23,354		$	17,840		$	19,414
Intangibles amortization	2,807			2,807			2,810			2,820			2,770
Tax effect of intangibles amortization	(702)			(702)			(703)			(705)			(693)
Net income applicable to common shares, excluding   intangibles amortization	42,608			39,292			25,461			19,955			21,491
Total adjustments to net income, net of tax(1)	1,328			12,051			14,411			3,937			4,858
Net income applicable to common shares, adjusted(1)	$	43,936		$	51,343		$	39,872		$	23,892		$	26,349
Average stockholders' common equity	$	2,453,253		$	2,444,911		$	2,444,594		$	2,443,212		$	2,415,157
Less: average intangible assets	(931,322)			(934,347)			(938,712)			(934,022)			(887,600)
Average tangible common equity	$	1,521,931		$	1,510,564		$	1,505,882		$	1,509,190		$	1,527,557
Return on average common equity(2)	6.70		%	6.05		%	3.80		%	2.94		%	3.23		%
Return on average common equity, adjusted(1)(2)	6.92		%	8.01		%	6.15		%	3.58		%	4.04		%
Return on average tangible common equity(2)	11.35		%	10.35		%	6.73		%	5.32		%	5.66		%
Return on average tangible common equity, adjusted(1)(2)	11.71		%	13.53		%	10.53		%	6.37		%	6.94		%
Return on Average Assets
Net income	$	45,023		$	41,605		$	27,623		$	19,064		$	19,606
Total adjustments to net income, net of tax(1)	1,328			12,051			14,411			3,937			4,858
Net income, adjusted(1)	$	46,351		$	53,656		$	42,034		$	23,001		$	24,464
Average assets	$	20,919,040		$	20,882,325		$	21,526,695		$	20,868,106		$	18,404,821
Return on average assets(2)	0.87		%	0.79		%	0.51		%	0.37		%	0.43		%
Return on average assets, adjusted(1)(2)	0.90		%	1.02		%	0.78		%	0.44		%	0.53		%
Noninterest Expense to Average Assets
Noninterest expense	$	118,425		$	117,971		$	131,074		$	120,330		$	117,331
Less:
Optimization costs	(1,525)			(1,493)			(18,376)			—			—
Acquisition and integration related expenses	(245)			(1,860)			(881)			(5,249)			(5,472)
Total	$	116,655		$	114,618		$	111,817		$	115,081		$	111,859
Average assets	$	20,919,040		$	20,882,325		$	21,526,695		$	20,868,106		$	18,404,821
Less: average PPP loans	(1,014,798)			(1,013,511)			(1,194,808)			(887,977)			—
Average assets, excluding PPP loans	$	19,904,242		$	19,868,814		$	20,331,887		$	19,980,129		$	18,404,821
Noninterest expense to average assets(2)	2.30		%	2.25		%	2.42		%	2.32		%	2.56		%
Noninterest expense, adjusted to average assets,   excluding PPP loans(2)	2.38		%	2.29		%	2.19		%	2.32		%	2.44		%
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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Efficiency Ratio Calculation
Noninterest expense	$	118,425		$	117,971		$	131,074		$	120,330		$	117,331
Less:
Optimization costs	(1,525)			(1,493)			(18,376)			—			—
Acquisition and integration related expenses	(245)			(1,860)			(881)			(5,249)			(5,472)
Net OREO expense	(589)			(106)			(544)			(126)			(420)
Total	$	116,066		$	114,512		$	111,273		$	114,955		$	111,439
Tax-equivalent net interest income(3)	$	142,098		$	149,141		$	143,821		$	146,389		$	144,728
Noninterest income	45,803			27,715			40,585			32,991			39,362
Less:
Swap termination costs	—			17,567			14,285			—			—
Net securities (gains) losses	—			—			(14,328)			—			1,005
Total	$	187,901		$	194,423		$	184,363		$	179,380		$	185,095
Efficiency ratio	61.77		%	58.90		%	60.36		%	64.08		%	60.21		%
Pre-Tax, Pre-Provision Earnings
Net Income	$	45,023		$	41,605		$	27,623		$	19,064		$	19,606
Income tax expense	17,372			5,743			8,690			6,182			6,468
Provision for credit losses	6,098			10,507			15,927			32,649			39,532
Pre-Tax, Pre-Provision Earnings	$	68,493		$	57,855		$	52,240		$	57,895		$	65,606
Adjustments to pre-tax, pre-provision earnings:
Optimization costs	$	1,525		$	1,493		$	18,376		$	—		$	—
Acquisition and integration related expenses	245			1,860			881			5,249			5,472
Swap termination costs	—			17,567			14,285			—			—
Net securities (gains) losses	—			—			(14,328)			—			1,005
Total adjustments	1,770			20,920			19,214			5,249			6,477
Pre-Tax, Pre-Provision Earnings, adjusted	$	70,263		$	78,775		$	71,454		$	63,144		$	72,083
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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Tangible Common Equity
Stockholders' equity, common	$	2,422,815		$	2,459,506		$	2,433,671		$	2,425,711		$	2,435,707
Less: goodwill and other intangible assets	(928,974)			(932,764)			(935,801)			(940,182)			(935,241)
Tangible common equity	1,493,841			1,526,742			1,497,870			1,485,529			1,500,466
Less: AOCI	22,096			(26,379)			(25,749)			(28,727)			(35,323)
Tangible common equity, excluding AOCI	$	1,515,937		$	1,500,363		$	1,472,121		$	1,456,802		$	1,465,143
Total assets	$	21,208,591		$	20,838,678		$	21,088,143		$	21,244,881		$	19,753,300
Less: goodwill and other intangible assets	(928,974)			(932,764)			(935,801)			(940,182)			(935,241)
Tangible assets	20,279,617			19,905,914			20,152,342			20,304,699			18,818,059
Less: PPP loans	(1,109,442)			(785,563)			(1,196,538)			(1,179,403)			—
Tangible assets, excluding PPP loans	$	19,170,175		$	19,120,351		$	18,955,804		$	19,125,296		$	18,818,059
Tangible common equity to tangible assets	7.37		%	7.67		%	7.43		%	7.32		%	7.97		%
Tangible common equity to tangible assets, excluding PPP loans	7.79		%	7.98		%	7.90		%	7.77		%	7.97		%
Tangible common equity, excluding AOCI, to tangible assets	7.48		%	7.54		%	7.30		%	7.17		%	7.79		%
Tangible common equity, excluding AOCI, to tangible assets,   excluding PPP loans	7.91		%	7.85		%	7.77		%	7.62		%	7.79		%
Tangible common equity to risk-weighted assets	9.73		%	9.93		%	9.84		%	9.61		%	9.63		%

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%.

21

EX-99.2

Earnings Call Presentation 2021 First Quarter April 21, 2021

2 Pre-Tax, Pre-Provision Earnings(1) Down 11%, or $9mm from Q4 '20, reflective of: • NII down $7mm largely due to lower PPP income • Fee-based revenues up 5%, record mortgage banking and wealth • Noninterest expense, adjusted(1) up 2%, seasonally impacted by normal merit adjustment and payroll taxes, as well as weather related costs Down 3%, or $2mm from Q1 '20, reflective of: • NII down $2mm due to lower interest rates offset by growth and PPP income • Noninterest income up $6mm, record mortgage banking and wealth • Noninterest expense, adjusted(1) up $5mm largely due to acquired growth, merit, valuations and mortgage commissions Q1 '21 EARNINGS HIGHLIGHTS 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. STRONGER FEE REVENUE & IMPROVING CREDIT OUTLOOK; RESULTS IMPACTED BY NORMAL SEASONALITY AND VOLATILITY OF PPP INCOME Earnings EPS of $0.36 for Q1 '21, up 9% from Q4 '20 and 100% from Q1 '20 • EPS, adjusted(1) of $0.37 ◦ Down 14% from Q4 '20 due to $6mm lower PPP income, fewer days in the quarter and seasonality partly offset by lower provisioning for loan losses ◦ Up 68% from Q1 '20 due to lower provisioning for loan losses and higher revenues Earnings Per Share Pre-Tax, Pre-Provision Earnings(1) $0.22 $0.19 $0.33 $0.43 $0.37 $0.18 $0.16 $0.21 $0.33 $0.36 EPS, adjusted EPS Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 $— $0.25 $0.50 $72 $63 $71 $79 $70 Pre-tax, pre-provision earnings Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 $— $50 $100 (1) (1)

Highlights 3 4.57% 3.89% 3.74% 3.93% 3.63% 3.98% 3.86% 3.77% 3.63% C&I Agricultural Owner-occupied CRE Investor CRE Consumer Loan Yield Loan Yield, excluding PPP Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 PPP Corporate Loans • Up 3% annualized from Q4 '20, excluding PPP – Growth impacted by elevated borrower liquidity, paydowns due to the pandemic • PPP of $1.1bn; up from $786mm in Q4 '20 reflecting second round of stimulus • Mix remains well-diversified LOANS 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. $15,184 $14,074 $14,751 $13,966 $13,964 $14,934 $13,754 $13,457 $14,653 2021 Outlook Mid-single digit loan growth; PPP will further impact

4 Sector $ %(2) Risk Mitigants Recreation / Entertainment $201 1.4% Very granular, real estate secured Hotels 155 1.1% All major brands, avg. LTV 50% Restaurants 103 0.7% Very granular, real estate secured Total $459 3.2% Investor CRE: Retail $440 3.1% Service oriented strip centers Office 398 2.8% Diversified, largely suburban Leveraged Finance 414 2.9% Granular, relationship equity sponsors LOAN DIVERSIFICATION - CORPORATE 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. DIVERSIFICATION & GRANULARITY LIMIT RISK; ELEVATED RISK SECTORS PERFORMING WITH INSIGNIFICANT DEFERRALS 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 $9.7bn(2) 69% of Total Loans, excl PPP(2) 32% C&I / 34% CRE / 3% Agricultural Other Areas of Focus

5 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. $4.4bn(2) 31% of Total Loans, excl PPP(2) HIGH QUALITY CREDIT - GEOGRAPHICALLY DISPERSED Sector $ %(2) Risk Mitigants Unsecured Installment $221 1.5% 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 - 67% 1-4 Family Other Installment Avg. FICO - 766 Avg. LTV - 71% Home Equity Avg. FICO - 763 Elevated Risk

6 241 409 356 197 357 342 2.28% 4.19% 3.66% 1.87% 3.53% Special Mention Substandard Special Mention / Corporate Loans, excluding PPP loans Substandard / Corporate Loans, excluding PPP loans Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 0.00% 2.00% 4.00% 6.00% 125 131 148 49 30 1.24% 1.11% 1.17% 0.91% 0.96% 1.07% NPAs, excluding PCD PCD NPAs NPAs / Loans + Foreclosed Assets NPAs / Loans + Foreclosed Assets, excluding PCD & PPP Loans Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 0.00% 1.00% 2.00% ASSET QUALITY Non-performing Assets • Credit conditions show continued linked quarter improvement – NPAs to loans, excluding PCD & PPP(1) loans of 1.17%, up marginally from Q4 '20 and down from Q1 '20 ◦ Reflects normal quarterly fluctuations – Performing loans classified as substandard and special mention down 9% from Q4 '20 ◦ Elevated risk sectors represent ~40%, or $138mm, of total substandard and 80% of migration from Q2 '20 Highlights 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. CREDIT CONDITIONS REMAIN BENIGN Performing Loans Classified as Substandard and Special Mention $174 $164 $178 (1) 33 3.65% (1) (1)

7 NCOs of $8 million, or 0.22% of average loans, excluding PCD and PPP(1)(3), down 26% from a year ago • Corporate of $5mm, of which $4mm accelerated through note sales • Installment of $3mm includes targeted, high-yielding (~8%) unsecured product; adds 6 to 11 bps to NCO rate – NCOs trending favorable given tightening of underwriting standards in Q4 '19 NCOs of $2mm on PCD loans fully reserved at acquisition Maintained robust ACL levels, in-line with Q4 '20 • Includes ~30bps, or $50mm, of ACL reflective of pandemic uncertainty – Pandemic reserve expected to continue to decrease as uncertainty subsides – Specific reserves reflect expected credit migration 149 153 165 50 31 28 28 63 50 1.62% 1.67% 1.77% 1.73% ACL - Other PCD Pandemic Allowance / Loans Allowance / Loans, excluding PPP loans Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 —% 1.00% 2.00% 1.60% 0.37% 0.38% 0.46% 0.31% 0.28% 0.22% Corporate Consumer PCD Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 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. ALLOWANCE - WELL RESERVED Highlights Allowance Net Charge-offs to Average Loans(1)(3) $243 (1) 2021 Outlook - excludes PCD and PPP • NCOs increase towards higher end of normalized range of 25-40bps • Provision continues at or below ~$10mm run rate levels, reflective of NCO activity and migration toward normalized ACL • ACL returns to pre-pandemic levels by '22

Highlights 8 DEPOSITS 0.51% 0.26% 0.17% 0.11% 0.09% 0.62% 0.36% 0.28% 0.22% Demand Savings NOW Money Market Time Cost of Deposits Peer Cost of Deposits Q1 '20 Q4 '19 Q1 '20 Q4 '20 Q1 '21 • Average deposits of $16bn, up 2% from Q4 '20 and 22% from Q1 '20 reflecting: – Higher customer liquidity due to PPP funds and government stimulus – Normal seasonal increase in municipal deposits compared to Q4 '20 • Stable mix of 56% retail, 35% commercial, 9% public, due to PPP funds • Loans to deposits of 91% • Cost of deposits decreased 2bps due to increased demand deposits • Cost of deposits ~10bps less than peers(4) – Historically, this advantage ranges ~10-35bps over the past 10 years 88% Core Dollars in millions Balances shown are QTD averages Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. (4) $16,282$15,937 $13,386 $15,422 $15,801 2021 Outlook Dependent upon economic conditions, customer behavior, and stimulus; PPP will further impact

Highlights 9 $7 $7 $8 $8 $7 3.54% 3.13% 2.95% 3.14% 3.03% 3.37% 2.98% 2.79% 2.98% 2.88%2.87% 2.64% 2.66% 2.69% NII Accretion NIM NIM, adjusted NIM, adjusted excluding PPP loan income Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 NET INTEREST INCOME 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) Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Total average interest- earning assets $ 16,431 $ 18,777 $ 19,430 $ 18,881 $ 19,007 • NII down 5% from Q4 '20 and 2% from Q1 '20, impacted by lower interest rates – PPP income down $6mm from Q4 '20 and up $9mm from Q1 '20 – ~$200mm loans forgiven Q1 '21 vs. ~$410mm Q4 '20 – Fewer days (Q4 '20) – Loan growth and lower cost of funds partly offset decline – Accretion consistent • NIM, adjusted(1) of 2.88%, down 10bps from Q4 '20 - stable away from PPP loan forgiveness; down 49bps from Q1 '20, impacted by: – Lower interest rates partially offset by lower cost of funds and PPP income (1) $141 $144 $148 $143$145 (1) 2021 Outlook • Relatively stable NII • NIM ~3% for the year - excluding accretion and PPP • Accretion of ~$18mm, ~$11mm remaining for '21 • ~$30mm from PPP programs, ~$21mm remaining for '21

Highlights 10 Deposit service charges Wealth management Card-based Capital market products income Mortgage banking Other noninterest income Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Trend and Composition • Up 1% from Q4 '20 and 13% from Q1 '20 away from Q4 termination costs and Q1 net securities losses: – Fee revenues up 5% and 17% from Q4 and Q1'20 – Record wealth management up 4% and 15% from Q4 and Q1'20 – Record mortgage banking up 11% and 470% from Q4 and Q1 '20; higher volume and MSR – Fewer days (Q4 '20) – As environment recovers, consumer service charges and capital markets will recover NONINTEREST INCOME (5) Dollars in millions Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the definitions of certain terms and footnotes used. $46 $41 $45 $40 $33 Periods Ended Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Noninterest income as reported $ 40 $ 33 $ 40 $ 27 $ 46 Swap termination costs — — 14 18 — Net securities losses (gains) 1 — (14) — — Noninterest income, adjusted(1) $ 41 $ 33 $ 40 $ 45 $ 46 2021 Outlook • High-single to low-double digit growth from '20, excluding swap termination and net securities gains ◦ Modestly lower levels for remainder of the year as record Q1 mortgage income normalizes

Highlights 11 Periods Ended Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Noninterest expense as reported $ 117 $ 120 $ 131 $ 118 $ 118 Optimization costs — — (18) (1) (1) A&I related expenses (5) (5) (1) (2) — Noninterest expense, adjusted(1) $ 112 $ 115 $ 112 $ 115 $ 117 • Up 2%, adjusted(1) from Q4 '20 and 4% from Q1 '20, impacted by: – Seasonality of merits, payroll tax and weather related costs in addition to valuations (Q4 '20) – Higher operating costs due to acquisitions, compensation accruals, valuations, mortgage commissions, technology investments (Q1 '20) – Lower salaries and wages from branch consolidations partly offset increases – Despite seasonality, controlled noninterest expense, adjusted to average assets, excluding PPP(1)(3) down 2% from Q1 '20 2.44% 2.32% 2.19% 2.29% 2.38% Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 NONINTEREST EXPENSE Trend and Composition 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. Salaries & Benefits Occupancy & Equipment Professional services Technology Other noninterest expense (6) Noninterest expense, adj. to average assets excluding PPP (1)(3) $117 $112$111$112 $115 2021 Outlook • Relatively stable away from ~$6mm of additional loan servicing expenses - seasonally impacted • Work continues to identify further process efficiency benefits

Highlights 12 4.50% 6.00% 8.00% 10.17% 11.67% 14.26% CET1 Capital Tier 1 Capital Total Capital Minimum Requirement FMBI Capital Conservation Buffer CAPITAL Q1 '20 Q4 '19 Q1 '20 Q4 '20 Q1 '21 Regulatory Capital Ratios: • CET1 capital to RWA 9.64% 9.70% 9.97% 10.06% 10.17% • Tier 1 capital to RWA 9.64% 11.19% 11.48% 11.55% 11.67% • Total capital to RWA 12.00% 13.70% 14.06% 14.14% 14.26% 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. • 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 – Q1 '21 dividend of $0.14 per common share, consistent with Q4 '20 – Stock repurchases of $15mm • 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 Robust Capital Levels Excess Capital Above Conservation Buffer $487mm $487mm $578mm 10.5% 7.0% 8.50% 2021 Outlook Strong capital provides flexibility to navigate the impact of the pandemic and execute on our corporate priorities

13 OUTLOOK FOR 2021 - LARGELY UNCHANGED FROM PRIOR QUARTER 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. Loans and Deposits • Mid-single digit loan growth • Deposits dependent upon economic conditions, customer behavior, and stimulus • PPP will further impact NII and NIM • Relatively stable NII • NIM ~3% for the year, excluding accretion and PPP; dependent upon liquidity outflows • Accretion of ~$18mm, ~$11mm remaining for '21 (updated) • ~$30mm from PPP programs, ~$21mm remaining in '21 (updated) Noninterest Income (excludes swap terminations and net securities gains) • High-single to low-double digit growth from '20 (updated) ◦ Modestly lower levels for remainder of the year as record Q1 mortgage income normalizes • Dependent upon length and severity of the pandemic and customer behavior Noninterest Expense, Adjusted • Relatively stable away from ~$6mm of additional 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 • Provision expected to continue at or below ~$10mm run rate levels, reflective of NCO activity and migration toward normalized ACL (updated) • ACL expected to return to pre-pandemic levels (~1.20% of loans) by '22 • Dependent upon economic conditions, customer behavior , and stimulus Capital • Strong capital provides flexibility to navigate the impact of the pandemic and execute on our corporate priorities Taxes • Effective tax rate ~25% for remainder of year 1 2 3 4 5 6 7 We offer commentary on factors influencing FY2021 outlook for key categories. Guidance is dependent upon the duration and severity of the pandemic and the effectiveness of government support.

14 FINANCIAL RESULTS Q1 '20 Q2'20 Q3'20 Q4 '20 Q1 '21 Net Interest Income $ 144 $ 145 $ 143 $ 148 $ 141 Loan Loss Provision 40 33 16 11 6 Noninterest Income 40 33 26 28 46 Net Securities (Losses) Gains (1) — 14 — — Noninterest Expense 117 120 131 118 118 Income before Income Taxes 26 25 36 47 63 Income Tax Expense 6 6 8 6 18 Net Income $ 20 $ 19 $ 28 $ 41 $ 45 Preferred dividends — (4) (4) (4) (4) Net Income Applicable to Common Shares $ 20 $ 15 $ 24 $ 37 $ 41 EPS $ 0.18 $ 0.16 $ 0.21 $ 0.33 $ 0.36 EPS, Adjusted(1) $ 0.22 $ 0.19 $ 0.33 $ 0.43 $ 0.37 ROATCE(1)(3) 5.7 % 5.3 % 6.7 % 10.3 % 11.4 % ROATCE, Adjusted(1)(3) 6.9 % 6.4 % 10.5 % 13.5 % 11.7 % Noninterest Expense, adjusted to Average Assets, Excluding PPP Loans(1)(3) 2.4 % 2.3 % 2.2 % 2.3 % 2.4 % Efficiency Ratio(1) 60 % 64 % 60 % 59 % 62 % 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.

15 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 2020, 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 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, including the 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, 2020, 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.

16 APPENDIX

17 First Round Second Round Deferrals as of Total Total March 31, 2021 Sector # $mm % of Portfolio(2) # $mm % of Portfolio(2) $mm % of Portfolio(2) Corporate Hotels 38 $136 88% 21 $96 62% $16 11% Recreation / Entertainment 57 105 53% 16 61 30% 1 —% Restaurants 111 57 55% 36 17 17% 6 6% Total Elevated Risk Sectors 206 298 65% 73 174 38% 23 5% Franchise 240 190 67% 45 32 11% 7 3% Retail CRE 120 238 54% 18 52 12% — —% Office, Industrial, and Other Investor CRE 210 201 17% 48 50 4% 13 1% Owner Occupied CRE 260 179 20% 36 18 2% — —% Construction 30 74 12% 5 6 1% — —% Multi-family 98 111 12% 19 14 2% — —% Healthcare Services / Hospitals 458 167 18% 7 3 —% 2 —% Senior Housing 1 15 4% — — —% — —% Agricultural 15 11 3% — — —% — —% Leveraged Finance 1 5 1% — — —% — —% All other corporate 964 161 6% 80 11 —% 4 —% Total Corporate 2,603 1,650 17% 331 360 4% 49 —% Consumer 1-4 Family / HELOC 751 167 4% 184 55 1% 19 —% Other Installment 2,003 21 4% 455 5 1% 2 —% Total Consumer 2,754 188 4% 639 60 1% 21 —% Total 5,357 $1,838 13% 970 $420 3% $70 —% 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 * DEFERRALS REFLECT IMPROVING ENVIRONMENT

18 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 Application Status # $ (mm) Funded 4,250 $525 Submitted to SBA 150 $25 Paperwork in Process 250 $10 2021 Second Round PPP 2020 First Round PPP • Submitted over 4,500 applications to SBA • ~80% of applicants have existing FMBI PPP loan; remaining mix of prospects and first time PPP recipients • Program now goes through May 31, 2021; ~$525mm originated as of March 31, 2021 • Average loan size of ~$130,000 vs. median of $40,000 • Weighted-average gross fees of ~3% Highlights Forgiveness Approved & Funds Received 50% Submitted to SBA 25% Paperwork in Process 10% Not started 15% • Approved 6,700 applications for $1.2bn • $410mm forgiven Q4 '20 and $200mm forgiven Q1'20; $590mm remaining • 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%

19 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, 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, and ROATCE, all adjusted for certain significant transactions. These transactions include optimization costs (first quarter of 2021 and 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), and net securities gains (losses) (first and third quarters of 2020). 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 and acquisition and integration related expenses. 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, performing loans classified as substandard and special mention to corporate 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 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 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.

20 Quarters Ended March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2020 2021 Earnings Per Share Net income $ 19,606 $ 19,064 $ 27,623 $ 41,605 $ 45,023 Dividends and accretion on preferred stock — (1,037) (4,033) (4,049) (4,034) Net income applicable to non-vested restricted shares (192) (187) (236) (369) (486) Net income applicable to common shares 19,414 17,840 23,354 37,187 40,503 Adjustments to net income: Income tax benefits — — — (3,639) — Optimization costs — — 18,376 1,493 1,525 Tax effect of optimization costs — — (4,594) (373) (381) Swap termination costs — — 14,285 17,567 — Tax effect of swap termination costs — — (3,571) (4,392) — Net securities losses (gains) 1,005 — (14,328) — — Tax effect of net securities losses (gains) (251) — 3,582 — — A&I related expenses 5,472 5,249 881 1,860 245 Tax effect of A&I related expenses (1,368) (1,312) (220) (465) (61) Total adjustments to net income 4,858 3,937 14,411 12,051 1,328 Net income applicable to common shares, adjusted $ 24,272 $ 21,777 $ 37,765 $ 49,238 $ 41,831 Weighted-average diluted common shares outstanding 110,365 113,336 113,436 113,604 113,871 Diluted EPS $ 0.18 $ 0.16 $ 0.21 $ 0.33 $ 0.36 Diluted EPS, adjusted(7) $ 0.22 $ 0.19 $ 0.33 $ 0.43 $ 0.37 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

21 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 Quarters Ended March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2021 2021 Pre-Tax, Pre-Provision Earnings Net Income $ 19,606 $ 19,064 $ 27,623 $ 41,605 $ 45,023 Income tax expense 6,468 6,182 8,690 5,743 17,372 Provision for loan losses 39,532 32,649 15,927 10,507 6,098 Pre-Tax, Pre-Provision Earnings $ 65,606 $ 57,895 $ 52,240 $ 57,855 $ 68,493 Adjustments to pre-tax, pre-provision earnings: Optimization costs — — 18,376 1,493 1,525 Swap termination costs — — 14,285 17,567 — Net securities losses (gains) 1,005 — (14,328) — — A&I related expenses 5,472 5,249 881 1,860 245 Total adjustments 6,477 5,249 19,214 20,920 1,770 Pre-Tax, Pre-Provision Earnings, adjusted $ 72,083 $ 63,144 $ 71,454 $ 78,775 $ 70,263 Noninterest Expense to Average Assets Noninterest Expense $ 117,331 $ 120,330 $ 131,074 $ 117,971 $ 118,425 Less: Optimization costs — — (18,376) (1,493) (1,525) A&I related expenses (5,472) (5,249) (881) (1,860) (245) Total noninterest expense, adjusted $ 111,859 $ 115,081 $ 111,817 $ 114,618 $ 116,655 Average Assets $ 18,404,821 $ 20,868,106 $ 21,526,695 $ 20,882,325 $ 20,919,040 Less: average PPP loans — (887,977) (1,194,808) (1,013,511) (1,014,798) Average assets, excluding PPP loans $ 18,404,821 $ 19,980,129 $ 20,331,887 $ 19,868,814 $ 19,904,242 Noninterest expense, adjusted to average assets, excluding PPP loans(3) 2.44 % 2.32 % 2.19 % 2.29 % 2.38 %

22 Quarters Ended March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2020 2021 Return on Average Tangible Common Equity Net income applicable to common shares $ 19,414 $ 17,840 $ 23,354 $ 37,187 $ 40,503 Intangibles amortization 2,770 2,820 2,810 2,807 2,807 Tax effect of intangibles amortization (693) (705) (703) (702) (702) Total adjustments to net income(7) 4,858 3,937 14,411 12,051 1,328 Net income applicable to common shares, excluding intangibles amortization, adjusted(7) $ 26,349 $ 23,892 $ 39,872 $ 51,343 $ 43,936 Average stockholders' equity $ 2,415,157 $ 2,443,212 $ 2,444,594 $ 2,444,911 $ 2,453,253 Less: average intangible assets (887,600) (934,022) (938,712) (934,347) (931,322) Average TCE $ 1,527,557 $ 1,509,190 $ 1,505,882 $ 1,510,564 $ 1,521,931 ROATCE, adjusted(3)(7) 6.94 % 6.37 % 10.53 % 13.53 % 11.71 % Efficiency Ratio Calculation Noninterest expense $ 117,331 $ 120,330 $ 131,074 $ 117,971 $ 118,425 Less: Net OREO expense (420) (126) (544) (106) (589) Optimization costs — — (18,376) (1,493) (1,525) A&I related expenses (5,472) (5,249) (881) (1,860) (245) Total $ 111,439 $ 114,955 $ 111,273 $ 114,512 $ 116,066 Tax-equivalent NII(1)(8) $ 144,728 $ 146,389 $ 143,821 $ 149,141 $ 142,098 Noninterest income 39,362 32,991 40,585 27,715 45,803 Less: Swap termination costs — — 14,285 17,567 — Net securities losses (gains) 1,005 — (14,328) — — Total $ 185,095 $ 179,380 $ 184,363 $ 194,423 $ 187,901 Efficiency ratio 60.21 % 64.08 % 60.36 % 58.90 % 61.77 % 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

23 Quarters Ended March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2020 2021 Tax-Equivalent NII / NIM NII $ 143,575 $ 145,234 $ 142,729 $ 148,111 $ 141,115 Tax-equivalent adjustment 1,153 1,155 1,092 1,030 983 Tax-equivalent NII(3)(8) 144,728 146,389 143,821 149,141 142,098 Less: accretion (6,946) (6,999) (7,960) (7,603) (7,165) Tax-equivalent NII, adjusted 137,782 139,390 135,861 141,538 134,933 Less: PPP loan income — (5,368) (7,001) (15,195) (8,892) Tax-equivalent NII, adjusted, excluding PPP loan income $ 137,782 $ 134,022 $ 128,860 $ 126,343 $ 126,041 Average interest-earning assets $ 16,431,320 $ 18,776,796 $ 19,430,370 $ 18,881,261 $ 19,007,094 NIM(3)(8) 3.54 % 3.13 % 2.95 % 3.14 % 3.03 % NIM, adjusted(3)(8) 3.37 % 2.98 % 2.79 % 2.98 % 2.88 % NIM, adjusted, excluding PPP loan income(3)(8) 3.37 % 2.87 % 2.64 % 2.66 % 2.69 % Loan Yield Tax-equivalent loan interest income(8) $ 148,820 $ 141,320 $ 138,861 $ 141,669 $ 134,200 Less: PPP loan income — (5,368) (7,001) (15,195) (8,892) Tax-equivalent loan interest income, excluding PPP loan income $ 148,820 $ 135,952 $ 131,860 $ 126,474 $ 125,308 Average loans $ 13,073,752 $ 14,617,247 $ 14,753,665 $ 14,348,665 $ 15,008,101 Loan yield 4.57 % 3.89 % 3.74 % 3.93 % 3.63 % Loan yield, excluding PPP loan income 4.57 % 3.98 % 3.86 % 3.77 % 3.63 % Noninterest Income, adjusted Noninterest Income $ 39,362 $ 32,991 $ 40,585 $ 27,715 $ 45,803 Less: Swap termination costs — — 14,285 17,567 — Net securities losses (gains) 1,005 — (14,328) — — Noninterest income, adjusted $ 40,367 $ 32,991 $ 40,542 $ 45,282 $ 45,803 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

24 Quarters Ended March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2021 2021 Allowance for Credit Losses to Total Loans Allowance for credit losses $ 226,701 $ 247,677 $ 246,873 $ 247,042 $ 243,384 Less: allowance for PPP loans — — — — — Allowance for credit losses, excluding PPP loan allowance $ 226,701 $ 247,677 $ 246,873 $ 247,042 $ 243,384 Total loans $ 13,965,017 $ 14,933,658 $ 14,653,188 $ 14,751,232 $ 15,183,526 Less: PPP loans — (1,179,403) (1,196,538) (785,563) (1,109,442) Total loans, excluding PPP loans $ 13,965,017 $ 13,754,255 $ 13,456,650 $ 13,965,669 $ 14,074,084 Allowance to total loans, excluding PPP loans 1.62 % 1.80 % 1.83 % 1.77 % 1.73 % Non-performing assets / Loans and Foreclosed assets Non-performing assets $ 173,894 $ 162,626 $ 163,493 $ 164,404 $ 177,764 Less: non-accrual PCD loans (48,950) (45,116) (39,990) (32,568) (29,734) Non-performing assets, excluding non-accrual PCD loans $ 124,944 $ 117,510 $ 123,503 $ 131,836 $ 148,030 Total loans, excluding PCD and PPP loans $ 13,689,845 $ 13,511,048 $ 13,216,271 $ 13,753,648 $ 13,877,089 Foreclosed assets 21,027 19,024 15,299 16,671 13,228 Total loans and foreclosed assets, excluding PCD and PPP loans $ 13,710,872 $ 13,530,072 $ 13,231,570 $ 13,770,319 $ 13,890,317 Non-performing assets and loans to foreclosed assets, excluding PCD and PPP 0.91 % 0.87 % 0.93 % 0.96 % 1.07 % Net Charge-offs to average loans Total net charge-offs $ 12,114 $ 12,923 $ 15,743 $ 10,539 $ 9,756 Less: net charge-offs for PCD loans (1,720) (3,833) (6,923) (6,488) (2,107) Total net charge-offs, excluding PCD loans $ 10,394 $ 9,090 $ 8,820 $ 4,051 $ 7,649 Total average loans $ 13,073,005 $ 14,616,798 $ 14,753,648 $ 14,348,665 $ 15,008,101 Less: average PPP loans — (887,997) (1,194,808) (1,013,511) (1,014,798) Total average loans, excluding PPP loans 13,073,005 13,737,891 13,567,660 13,339,205 14,000,952 Less: average PCD loans (165,906) (177,138) (233,456) (229,176) (204,727) Total average loans, excluding PCD and PPP loans $ 12,907,099 $ 13,560,753 $ 13,334,204 $ 13,110,029 $ 13,796,225 Net charge-offs to loans, excluding PPP loans(3) 0.37 % 0.38 % 0.46 % 0.31 % 0.28 % Net charge-offs to loans, excluding PCD and PPP loans(3) 0.37 % 0.27 % 0.26 % 0.12 % 0.22 % 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 March 31, June 30, September 30, December 31, March 31, 2020 2020 2020 2020 2021 Performing loans classified as substandard and special mention to corporate loans, excluding PPP Loans Special mention $ 240,826 $ 256,373 $ 395,295 $ 409,083 $ 355,563 Substandard 196,923 193,337 311,430 357,219 342,600 Performing loans classified as substandard and special mention $ 437,749 $ 449,710 $ 706,725 $ 766,302 $ 698,163 Corporate loans $ 10,542,142 $ 11,408,262 $ 11,112,875 $ 10,557,023 $ 10,822,485 Less: PPP loans — (1,179,403) (1,196,538) (785,563) (1,109,442) Total corporate loans, excluding PPP loans $ 10,542,142 $ 10,228,859 $ 9,916,337 $ 9,771,460 $ 9,713,043 Special mention to corporate loans, excluding PPP loans 2.28 % 2.51 % 3.99 % 4.19 % 3.66 % Substandard to corporate loans, excluding PPP loans 1.87 % 1.89 % 3.14 % 3.65 % 3.53 % 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

26 GLOSSARY OF TERMS Allowance, ACL - Allowance for credit losses A&I - Acquisition and integration related expenses 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 First Midwest or the Company - First Midwest Bancorp, Inc. Foreclosed Assets - OREO and other foreclosed assets FY - Full year GAAP - U.S. generally accepted accounting principles k - Thousands LTV - Loan-to-value mm - Million MSRs - Mortgage servicing rights NCOs - Net charge-offs NII - Net interest income NIM - Tax-equivalent net interest margin NOW - Negotiable order of withdrawal NPAs - Non-performing assets Pandemic - COVID-19 pandemic PCD - Purchased credit deteriorated PPP - Paycheck Protection Program 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 TCE - Tangible common equity - represents common stockholders' equity less goodwill and identifiable intangible assets

27 (1) This financial measure includes certain adjustments. See the accompanying "Non-GAAP Financial Information" slides for detail. (2) Data as of March 31, 2021 excludes PPP loans. (3) Annualized based on the actual number of days for each period presented. (4) Refer to the Company's 2021 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) Other noninterest expense includes advertising and promotions expense, net OREO expense, and other expenses. (7) Adjustments to net income for each period presented are detailed in the EPS non-GAAP reconciliation in the accompanying "Non- GAAP Financial Information" slides. (8) Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%. FOOTNOTES

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Cover	Apr. 20, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 20, 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
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Cover [Abstract]
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Security Exchange Name	NASDAQ
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Series A Preferred Stock [Member]
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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
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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
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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