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.

7

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

12

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