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 event reported): July 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 July 20, 2021, First Midwest Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2021. This press release, dated July 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 July 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:	July 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 SECOND QUARTER RESULTS – EPS UP 156% FROM A YEAR AGO

CHICAGO, IL, July 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 second quarter of 2021. Net income applicable to common shares for the second quarter of 2021 was $47 million, or $0.41 per diluted common share, compared to $41 million, or $0.36 per diluted common share, for the first quarter of 2021, and $18 million, or $0.16 per diluted common share, for the second quarter of 2020.

Comparative results for the second and first quarters of 2021 and the second quarter of 2020 were, in certain cases, impacted by the timing of costs related to acquisitions and branch consolidation. 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. 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 SECOND QUARTER HIGHLIGHTS

•Improved diluted EPS to $0.41, up 14% and 156% from the first quarter of 2021 and second quarter of 2020, respectively.

•Grew total loans to $15 billion, up 7% annualized from March 31, 2021 and 4% from June 30, 2020, excluding PPP.

•Generated total revenue of $191 million, up 2% from the linked quarter and 7% over the prior year.

◦Net interest income totaled $144 million at a net margin of 2.96% compared to 3.03% and 3.13% last quarter and a year ago, respectively. Overall, average interest-earning assets increased 14% annualized and 5% from the same periods.

◦Noninterest income improved to $46 million, up 1% and 40% from the first quarter of 2021 and second quarter of 2020, respectively, with record wealth management fees and increases across all categories compared to last year.

•Improved our efficiency ratio(1) to 59% compared to 62% for the first quarter of 2021 and 64% for the second quarter of 2020.

•Established the allowance for credit losses ("ACL") at $223 million, or 1.56% of total loans, excluding PPP loans, compared to 1.73% at March 31, 2021 and 1.80% at June 30, 2020.

◦Incurred net loan charge-offs ("NCOs") of $16 million, compared to $8 million and $9 million in the first quarter of 2021 and second quarter of 2020, respectively, excluding purchased credit deteriorated ("PCD") loans, absorbing specific allowances for loan losses previously established.

◦Reduced non-performing assets by 14%, performing loans classified as substandard and special mention by 4%, and loans past due 30-89 days by 32% from the first quarter of 2021.

•Increased Tier 1 capital to 11.7% of risk-weighted assets, up 4 bps linked quarter and 52 bps from a year ago.

"We are very pleased with our performance for the quarter," said Michael L. Scudder, Chairman of the Board and Chief Executive Officer of the Company. "Operating performance once again profited from increasing business momentum, sales production and tight control of our operating costs. The quarter was also aided by lower provisioning for loan losses reflective of both the strengthening economy and proactive credit remediation."

Mr. Scudder concluded, "We are very encouraged and excited about what lies ahead for our Company. Economic recovery will provide continuing opportunities for business growth across our footprint. At the same time, our announced business combination with Old National will see us become one of the Midwest’s largest commercial banks, leaving us in an even stronger position to invest, grow and innovate in talent, capabilities, and services – all of which will meaningfully accrue to the benefit of our clients, colleagues, communities and stockholders."

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

PENDING MERGER OF EQUALS

Old National Bancorp and First Midwest

On June 1, 2021, Old National Bancorp ("Old National"), the holding company for Old National Bank, and First Midwest jointly announced they have entered into a definitive merger agreement to combine in an all-stock merger of equals transaction to create a premier Midwestern bank with $45 billion in combined assets. The merger agreement, which has been unanimously approved by the boards of directors of both companies, provides for a fixed exchange ratio whereby First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. The new organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, Indiana and Chicago, Illinois. Upon completion of the transaction, Michael Scudder, Chairman and CEO of First Midwest, will serve as the Executive Chairman of the Board, and Jim Ryan, Chairman and CEO of Old National Bancorp, will maintain his role as CEO. As of the date of announcement, the overall transaction was valued at approximately $6.5 billion. The transaction is subject to customary regulatory and shareholder approvals and the completion of various closing conditions and is anticipated to close in late 2021 or early 2022.

(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.

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OPERATING PERFORMANCE

Net Interest Income and Margin Analysis

(Dollar amounts in thousands)

	Quarters Ended
	June 30, 2021					March 31, 2021					June 30, 2020
	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)
Assets
Other interest-earning assets	$	1,185,187	$	745	0.25	$	760,302	$	680	0.36	$	646,887	$	471	0.29
Securities(1)	3,226,974		16,752		2.08	3,131,096		16,264		2.08	3,357,984		21,040		2.51
Federal Home Loan Bank ("FHLB") and   Federal Reserve Bank ("FRB") stock	106,330		934		3.51	107,595		989		3.68	154,678		368		0.95
Loans, excluding PPP loans(1)	14,095,989		125,264		3.56	13,993,303		125,308		3.63	13,729,250		135,952		3.98
PPP loans(1)	1,035,386		11,258		4.36	1,014,798		8,892		3.55	887,997		5,368		2.43
Total loans(1)	15,131,375		136,522		3.62	15,008,101		134,200		3.63	14,617,247		141,320		3.89
Total interest-earning assets(1)	19,649,866		154,953		3.16	19,007,094		152,133		3.24	18,776,796		163,199		3.49
Cash and due from banks	268,450					236,944					275,696
Allowance for loan losses	(235,770)					(239,802)					(224,519)
Other assets	1,850,663					1,914,804					2,040,133
Total assets	$	21,533,209				$	20,919,040				$	20,868,106
Liabilities and Stockholders' Equity
Savings deposits	$	2,740,893	121		0.02	$	2,573,495	113		0.02	$	2,246,643	99		0.02
NOW accounts	3,048,990		261		0.03	2,802,568		251		0.04	2,549,088		637		0.10
Money market deposits	3,055,420		559		0.07	3,008,597		634		0.09	2,663,622		1,157		0.17
Time deposits	1,876,216		2,190		0.47	1,978,986		2,459		0.50	2,539,996		8,184		1.30
Borrowed funds	1,288,107		3,112		0.97	1,329,394		3,107		0.95	2,466,300		3,156		0.51
Senior and subordinated debt	235,080		3,469		5.92	234,873		3,471		5.99	234,259		3,577		6.14
Total interest-bearing liabilities	12,244,706		9,712		0.32	11,927,913		10,035		0.34	12,699,908		16,810		0.53
Demand deposits	6,254,791					5,917,978					5,305,109
Total funding sources	18,499,497				0.21	17,845,891				0.23	18,005,017				0.38
Other liabilities	347,178					389,396					361,311
Stockholders' equity	2,686,534					2,683,753					2,501,778
Total liabilities and   stockholders' equity	$	21,533,209				$	20,919,040				$	20,868,106
Tax-equivalent net interest   income/margin(1)			145,241		2.96			142,098		3.03			146,389		3.13
Tax-equivalent adjustment			(953)					(983)					(1,155)
Net interest income (GAAP)(1)			$	144,288				$	141,115				$	145,234
Impact of acquired loan accretion(1)			$	5,975	0.12			$	7,165	0.15			$	6,999	0.15
Tax-equivalent net interest income/   margin, adjusted(1)			$	139,266	2.84			$	134,933	2.88			$	139,390	2.98

(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 second quarter of 2021 was up 2.2% from the first quarter of 2021 and down 0.7% from the second quarter of 2020. The increase in net interest income compared to the first quarter of 2021 resulted primarily from higher fees on PPP loans and an increase in the number of days, partially offset by lower acquired loan accretion. Compared to the second quarter of 2020, net interest income was impacted by lower interest rates, partially offset by an increase in interest income and fees on PPP loans, lower cost of funds, and growth in loans.

Acquired loan accretion contributed $6.0 million, $7.2 million, and $7.0 million to net interest income for the second quarter of 2021, first quarter of 2021, and second quarter of 2020, respectively.

Tax-equivalent net interest margin for the current quarter was 2.96%, decreasing 7 and 17 basis points from the first quarter of 2021 and second quarter of 2020, respectively. Excluding the impact of acquired loan accretion, tax-equivalent net interest

3

margin was 2.84%, down 4 and 14 basis points from the first quarter of 2021 and second quarter of 2020, respectively. Compared to the first quarter of 2021, tax-equivalent net interest margin decreased due primarily to a higher balance of other interest-earning assets from seasonal municipal deposits and higher demand deposits as a result of PPP loan funds and other government stimuli, partially offset by higher accelerated income on the forgiveness of PPP loans. Tax-equivalent net interest margin decreased compared to the second 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 and PPP loan income.

For the second quarter of 2021, total average interest-earning assets rose by $642.8 million and $873.1 million from the first quarter of 2021 and second quarter of 2020, respectively. The increase compared to both prior periods resulted primarily from a higher balance of other interest-earning assets due to higher demand deposits as a result of PPP loan funds and other government stimuli, as well as loan growth. In addition, the rise in other interest-earning assets was impacted by the normal seasonal increase in municipal deposits compared to the first quarter of 2021.

Total average funding sources for the second quarter of 2021 increased by $653.6 million from the first quarter of 2021 and $494.5 million from second quarter of 2020. The increase compared to both prior periods was driven primarily by deposit growth due to higher customer balances resulting from PPP funds and other government stimuli, partially offset by a decrease in FHLB advances. In addition, seasonal municipal deposits contributed to the increase compared to the first quarter of 2021.

Noninterest Income Analysis

(Dollar amounts in thousands)

	Quarters Ended						June 30, 2021 Percent Change From
	June 30, 2021		March 31,   2021		June 30, 2020		March 31,   2021	June 30, 2020
Wealth management fees	$	14,555	$	14,149	$	11,942	2.9	21.9
Service charges on deposit accounts	10,778		9,980		9,125		8.0	18.1
Mortgage banking income	6,749		10,187		3,477		(33.7)	94.1
Card-based fees, net	4,764		4,556		3,180		4.6	49.8
Capital market products income	1,954		2,089		694		(6.5)	181.6
Other service charges, commissions, and fees	2,823		2,761		2,078		2.2	35.9
Total fee-based revenues	41,623		43,722		30,496		(4.8)	36.5
Other income	4,647		2,081		2,495		123.3	86.3
Total noninterest income	$	46,270	$	45,803	$	32,991	1.0	40.3

Total noninterest income of $46.3 million was up 1.0% from the first quarter of 2021 and 40.3% from the second quarter of 2020. 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 increase in service charges on deposit accounts, net card-based fees, and other service charges, commissions and fees compared to the first quarter of 2021 was due primarily to seasonality, whereas the increase from the second quarter of 2020 resulted from the impact of higher transaction volumes due to economic recovery since the onset of the pandemic. Capital market products income resulted from levels of sales to corporate clients in light of market conditions that were higher than the second quarter of 2020.

Mortgage banking income for the second quarter of 2021 resulted from sales of $207.8 million of 1-4 family mortgage loans in the secondary market compared to a record $283.9 million in the first quarter of 2021 and $168.7 million in the second quarter of 2020. In addition, mortgage banking income in the first quarter of 2021 was impacted by an increase in the fair value of mortgage servicing rights.

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

4

Noninterest Expense Analysis

(Dollar amounts in thousands)

	Quarters Ended						June 30, 2021 Percent Change From
	June 30, 2021		March 31,   2021		June 30, 2020		March 31,   2021	June 30, 2020
Salaries and employee benefits:
Salaries and wages	$	51,887	$	53,693	$	52,592	(3.4)	(1.3)
Retirement and other employee benefits	12,324		12,708		11,080		(3.0)	11.2
Total salaries and employee benefits	64,211		66,401		63,672		(3.3)	0.8
Net occupancy and equipment expense	13,654		14,752		15,116		(7.4)	(9.7)
Technology and related costs	10,453		10,284		9,853		1.6	6.1
Professional services	7,568		8,059		8,880		(6.1)	(14.8)
Advertising and promotions	2,899		1,835		2,810		58.0	3.2
Net other real estate owned ("OREO") expense	160		589		126		(72.8)	27.0
Other expenses	14,670		14,735		14,624		(0.4)	0.3
Acquisition and integration related expenses	7,773		245		5,249		3,072.7	48.1
Optimization costs	31		1,525		—		(98.0)	N/M
Total noninterest expense	$	121,419	$	118,425	$	120,330	2.5	0.9
Acquisition and integration related expenses	(7,773)		(245)		(5,249)		3,072.7	48.1
Optimization costs	(31)		(1,525)		—		(98.0)	N/M
Total noninterest expense, adjusted(1)	$	113,615	$	116,655	$	115,081	(2.6)	(1.3)

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.

Total noninterest expense was up 2.5% from the first quarter of 2021 and up 0.9% from the second quarter of 2020. Noninterest expense for all periods presented was impacted by acquisition and integration related expenses. In addition, the second and first quarters of 2021 were impacted by optimization costs. Excluding these items, noninterest expense for the second quarter of 2021 was $113.6 million, down 2.6% from the first quarter of 2021 and 1.3% from the second quarter of 2020. Overall, noninterest expense, adjusted, to average assets, excluding PPP loans, was 2.22% for the second quarter of 2021, down 16 basis points and 10 basis points from the first quarter of 2021 and second quarter of 2020, respectively.

Salaries and employee benefits decreased compared to the first quarter of 2021 driven primarily by lower equity compensation valuations and payroll tax timing, partially offset by the distribution of higher pension plan lump-sum payments to retired employees. Compared to the second quarter of 2020, salaries and employee benefits increased due mainly to higher compensation accruals and pension plan lump-sum payments to retired employees, as well as merit increases, partially offset by ongoing benefits of optimization strategies. Net occupancy and equipment expense in the first quarter of 2021 was impacted by higher costs related to winter weather conditions. Compared to the second quarter of 2020, net occupancy and equipment expenses decreased due to ongoing benefits of optimization strategies and lower levels of expense associated with the pandemic. Professional services expenses were elevated for the second quarter of 2020 due to pandemic related expenses. Advertising and promotions expense increased compared to the first quarter of 2021 due to the timing of certain costs related to marketing campaigns.

Optimization costs primarily include advisory fees, employee severance, and other expenses associated with locations identified for closure.

Acquisition and integration related expenses for the second quarter of 2021 resulted from the pending merger with Old National and for the first quarter of 2021 and second quarter of 2020 resulted from the acquisition of Park Bank.

5

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)

	As of						June 30, 2021 Percent Change From
	June 30,   2021		March 31,   2021		June 30,   2020		March 31,   2021	June 30,   2020
Commercial and industrial	$	4,608,148	$	4,546,317	$	4,789,556	1.4	(3.8)
Agricultural	342,834		355,883		381,124		(3.7)	(10.0)
Commercial real estate:
Office, retail, and industrial	1,807,428		1,827,116		2,020,318		(1.1)	(10.5)
Multi-family	1,012,722		906,124		874,861		11.8	15.8
Construction	577,338		614,021		687,063		(6.0)	(16.0)
Other commercial real estate	1,461,370		1,463,582		1,475,937		(0.2)	(1.0)
Total commercial real estate	4,858,858		4,810,843		5,058,179		1.0	(3.9)
Total corporate loans, excluding PPP   loans	9,809,840		9,713,043		10,228,859		1.0	(4.1)
PPP loans	705,915		1,109,442		1,179,403		(36.4)	(40.1)
Total corporate loans	10,515,755		10,822,485		11,408,262		(2.8)	(7.8)
Home equity	629,367		690,030		892,867		(8.8)	(29.5)
1-4 family mortgages	3,287,773		3,187,066		2,175,322		3.2	51.1
Installment	602,324		483,945		457,207		24.5	31.7
Total consumer loans	4,519,464		4,361,041		3,525,396		3.6	28.2
Total loans	$	15,035,219	$	15,183,526	$	14,933,658	(1.0)	0.7

Total loans includes loans originated under the PPP loan programs beginning in the second quarter of 2020, which totaled $705.9 million, $1.1 billion, and $1.2 billion as of June 30, 2021, March 31, 2021, and June 30, 2020, respectively. Excluding these loans, total loans were up 7% annualized from March 31, 2021 and 4% from June 30, 2020. Strong production and line usage within our middle market and sector-based lending businesses drove the 4.0% annualized total corporate loan growth, excluding PPP loans compared to the first quarter of 2021. Compared to the second quarter of 2020, corporate loans, excluding PPP loans, decreased 4.1%, reflective of the pandemics impact on economic conditions resulting in higher paydowns, as well as lower production and line usage.

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.

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Allowance for Credit Losses

(Dollar amounts in thousands)

	As of or for the Quarters Ended									June 30, 2021 Percent Change From
	June 30, 2021			March 31,   2021			June 30, 2020			March 31,   2021	June 30, 2020
ACL, excluding PCD loans	$	200,640		$	215,305		$	203,243		(6.8)	(1.3)
PCD loan ACL	22,586			28,079			44,434			(19.6)	(49.2)
Total ACL	$	223,226		$	243,384		$	247,677		(8.3)	(9.9)
Provision for credit losses	$	—		$	6,098		$	32,649		(100.0)	(100.0)
ACL to total loans	1.48		%	1.60		%	1.66		%
ACL to total loans, excluding PPP loans(1)	1.56		%	1.73		%	1.80		%
ACL to non-accrual loans	179.32		%	153.67		%	177.98		%

(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 $223.2 million or 1.48% of total loans as of June 30, 2021, decreasing $20.2 million from March 31, 2021 and $24.5 million compared to June 30, 2020. Excluding the impact of PPP loans, ACL to total loans was 1.56% as of June 30, 2021, compared to 1.73% and 1.80% as of March 31, 2021 and June 30, 2020, respectively. The decrease from both prior periods reflects net charge-offs on PCD loans that previously had an ACL established upon acquisition, net charge-offs on loans that previously had specific allowance for loan losses established, and an improving credit environment.

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Asset Quality

(Dollar amounts in thousands)

	As of									June 30, 2021 Percent Change From
	June 30, 2021			March 31,   2021			June 30, 2020			March 31,   2021	June 30, 2020
Non-accrual loans, excluding PCD loans(1)	$	101,381		$	128,650		$	94,044		(21.2)	7.8
Non-accrual PCD loans	23,101			29,734			45,116			(22.3)	(48.8)
Total non-accrual loans	124,482			158,384			139,160			(21.4)	(10.5)
90 days or more past due loans, still accruing   interest(1)	878			5,354			3,241			(83.6)	(72.9)
Total non-performing loans, ("NPLs")	125,360			163,738			142,401			(23.4)	(12.0)
Accruing troubled debt restructurings   ("TDRs")	782			798			1,201			(2.0)	(34.9)
Foreclosed assets(2)	26,732			13,228			19,024			102.1	40.5
Total non-performing assets ("NPAs")	$	152,874		$	177,764		$	162,626		(14.0)	(6.0)
30-89 days past due loans	$	21,051		$	30,973		$	36,342		(32.0)	(42.1)
Special mention loans(3)	$	343,547		$	355,563		$	256,373		(3.4)	34.0
Substandard loans(3)	325,727			342,600			193,337			(4.9)	68.5
Total performing loans classified as   substandard and special mention(3)	$	669,274		$	698,163		$	449,710		(4.1)	48.8
Non-accrual loans to total loans:
Non-accrual loans to total loans	0.83		%	1.04		%	0.93		%
Non-accrual loans to total loans, excluding   PPP loans(1)(4)	0.87		%	1.13		%	1.01		%
Non-accrual loans to total loans, excluding   PCD and PPP loans(1)(4)	0.72		%	0.93		%	0.70		%
Non-performing loans to total loans:
NPLs to total loans	0.83		%	1.08		%	0.95		%
NPLs to total loans, excluding PPP loans(1)(4)	0.87		%	1.16		%	1.04		%
NPLs to total loans, excluding PCD and PPP   loans(1)(4)	0.72		%	0.97		%	0.72		%
Non-performing assets to total loans plus foreclosed assets:
NPAs to total loans plus foreclosed assets	1.01		%	1.17		%	1.09		%
NPAs to total loans plus foreclosed assets,   excluding PPP loans(1)(4)	1.06		%	1.26		%	1.18		%
NPAs to total loans plus foreclosed assets,   excluding PCD and PPP loans(1)(4)	0.92		%	1.07		%	0.87		%
Performing loans classified as substandard and special mention to corporate loans:
Performing loans classified as substandard and   special mention to corporate loans(3)	6.36		%	6.45		%	3.94		%
Performing loans classified as substandard and   special mention to corporate loans, excluding   PPP loans(3)	6.82		%	7.19		%	4.40		%

(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 1.01% of total loans and foreclosed assets at June 30, 2021 compared to 1.17% and 1.09% at March 31, 2021 and June 30, 2020, respectively. Excluding the impact of PCD and PPP loans, NPAs to total loans plus foreclosed assets was 0.92% at June 30, 2021, compared to 1.07% at March 31, 2021 and 0.87% at June 30, 2020, reflective of the final resolution of certain corporate credits and normal fluctuations that occur on a quarterly basis. In addition, one corporate loan relationship was transferred from non-accrual loans to foreclosed assets during the second quarter of 2021.

8

Performing loans classified as substandard and special mention were $669 million for the second quarter of 2021 compared to $698 million and $450 million at March 31, 2021 and June 30, 2020, respectively. The decrease from the first quarter of 2021 was due primarily to the payoff of certain corporate credits in addition to upgrade and downgrade activity. The increase from the second 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
	June 30, 2021			% of Total	March 31,   2021			% of Total	June 30, 2020			% of Total
Net loan charge-offs(1)
Commercial and industrial	$	14,733		71.0	$	1,740		17.8	$	4,735		36.6
Agricultural	—			—	363			3.7	118			0.9
Commercial real estate:
Office, retail, and industrial	3,878			18.7	4,377			44.9	3,086			23.9
Multi-family	2			—	(5)			(0.1)	9			0.1
Construction	208			1.0	—			—	798			6.2
Other commercial real estate	459			2.2	371			3.9	19			0.1
Consumer	1,478			7.1	2,910			29.8	4,158			32.2
Total NCOs	$	20,758		100.0	$	9,756		100.0	$	12,923		100.0
Less: NCOs on PCD loans(2)	(4,337)			20.9	(2,107)			21.6	(3,833)			29.7
Total NCOs, excluding PCD loans(2)	$	16,421			$	7,649			$	9,090
Recoveries included above	$	2,869			$	1,561			$	1,311
Quarter-to-date(1)(3):
Net loan charge-offs to average loans	0.55		%		0.26		%		0.36		%
Net loan charge-offs to average loans,   excluding PPP loans(2)(4)	0.59		%		0.28		%		0.38		%
Net loan charge-offs to average loans,   excluding PCD and PPP loans(2)(4)	0.47		%		0.22		%		0.27		%
Year-to-date(1)(3):
Net loan charge-offs to average loans	0.41		%		0.26		%		0.38		%
Net loan charge-offs to average loans,   excluding PPP loans(2)(4)	0.44		%		0.28		%		0.38		%
Net loan charge-offs to average loans,   excluding PCD and PPP loans(2)(4)	0.35		%		0.22		%		0.30		%

(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 0.55%, up from 0.26% and 0.36% for the first quarter of 2021 and second quarter of 2020, respectively. Excluding charge-offs on PCD loans and the impact of PPP loans, NCOs to average loans was 0.47% for the second quarter of 2021, compared to 0.22% and 0.27% for the first quarter of 2021 and second quarter of 2020, respectively. The increase in net loan charge-offs compared to both prior periods resulted largely from expected losses for which specific allowance for loan losses were established on certain corporate relationships based upon circumstances unique to these borrowers.

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DEPOSIT PORTFOLIO

Deposit Composition

(Dollar amounts in thousands)

	Average for the Quarters Ended						June 30, 2021 Percent Change From
	June 30, 2021		March 31,   2021		June 30, 2020		March 31,   2021	June 30, 2020
Demand deposits	$	6,254,791	$	5,917,978	$	5,305,109	5.7	17.9
Savings deposits	2,740,893		2,573,495		2,246,643		6.5	22.0
NOW accounts	3,048,990		2,802,568		2,549,088		8.8	19.6
Money market accounts	3,055,420		3,008,597		2,663,622		1.6	14.7
Core deposits	15,100,094		14,302,638		12,764,462		5.6	18.3
Time deposits	1,876,216		1,978,986		2,539,996		(5.2)	(26.1)
Total deposits	$	16,976,310	$	16,281,624	$	15,304,458	4.3	10.9

Total average deposits were $17.0 billion for the second quarter of 2021, up 4.3% from the first quarter of 2021 and 10.9% from the second 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. In addition, the increase in total average deposits compared to the first quarter of 2021 was impacted by the normal seasonal increase in municipal deposits.

CAPITAL MANAGEMENT

Capital Ratios

	As of
	June 30, 2021		March 31,   2021		December 31, 2020		June 30, 2020
Company regulatory capital ratios:
Total capital to risk-weighted assets	14.19	%	14.26	%	14.14	%	13.70	%
Tier 1 capital to risk-weighted assets	11.71	%	11.67	%	11.55	%	11.19	%
Common equity Tier 1 ("CET1") to risk-weighted assets	10.23	%	10.17	%	10.06	%	9.70	%
Tier 1 capital to average assets	8.85	%	8.96	%	8.91	%	8.70	%
Company tangible common equity ratios(1)(2):
Tangible common equity to tangible assets	7.48	%	7.37	%	7.67	%	7.32	%
Tangible common equity to tangible assets, excluding PPP loans	7.74	%	7.79	%	7.98	%	7.77	%
Tangible common equity, excluding accumulated other comprehensive   income ("AOCI"), to tangible assets	7.50	%	7.48	%	7.54	%	7.17	%
Tangible common equity, excluding AOCI, to tangible assets,   excluding PPP loans	7.77	%	7.91	%	7.85	%	7.62	%
Tangible common equity to risk-weighted assets	9.92	%	9.73	%	9.93	%	9.61	%

(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.

Risk-weighted regulatory capital ratios compared to all prior periods were impacted by retained earnings and the mix of risk-weighted assets. 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 June 30, 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 did not repurchase any shares of its common stock during the second quarter of 2021 and repurchased approximately 715,000 shares of its common stock at a total cost of $14.9 million during the first quarter of 2021.

The Board of Directors approved a quarterly cash dividend of $0.14 per common share during the second quarter of 2021, which is consistent with the first quarter of 2021 and second quarter of 2020. This dividend represents the 154th consecutive cash dividend paid by the Company since its inception in 1983.

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Conference Call

A conference call to discuss the Company's results, outlook, and related matters will be held on Tuesday, July 20, 2021 at 10 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. 10158514 beginning one hour after completion of the live call until 8:00 A.M. (ET) on October 19, 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 communication may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Midwest. 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," "forecast," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. 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 the performance of First Midwest's loan or securities portfolio, the expected amount of future credit allowances or charge-offs, delays in completing the pending merger of First Midwest and Old National, the failure to obtain necessary regulatory approvals and shareholder approvals or to satisfy any of the other conditions to the merger on a timely basis or at all, the possibility that the anticipated benefits of the merger are not realized when expected or at all, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, estimated synergies, cost savings and financial benefits of completed transactions, growth strategies, the inability to realize cost savings or improved revenues or to implement integration plans and other consequences associated with the proposed merger and the continued or potential effects of the COVID-19 pandemic and related variants and mutations on First Midwest's business, financial condition, liquidity, loans, asset quality and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the COVID-19 pandemic and related variants and mutations, including the continued effects on First Midwest's business, operations and employees, as well as on First Midwest's 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.

Additional Information and Where to Find It

In connection with the proposed transaction, Old National filed a registration statement on Form S‑4 with the SEC on June 30, 2021. The registration statement includes a joint proxy statement/prospectus of First Midwest and Old National. The registration statement has not yet become effective. After the Form S-4 is effective, a definitive joint proxy statement/prospectus will be sent to First Midwest's and Old National's shareholders seeking certain approvals related to the proposed transaction.

The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS

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AND SECURITY HOLDERS OF FIRST MIDWEST AND OLD NATIONAL AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MIDWEST, OLD NATIONAL AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about First Midwest and Old National, without charge, at the SEC's website (http://www.sec.gov). Copies of documents filed with the SEC by First Midwest will be made available free of charge in the "Investor Relations" section of First Midwest's website, https://firstmidwest.com/, under the heading "SEC Filings." Copies of documents filed with the SEC by Old National will be made available free of charge in the "Investor Relations" section of Old National's website, https://www.oldnational.com/, under the heading "Financial Information."

Participants in Solicitation

First Midwest, Old National, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding First Midwest's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 13, 2021, and certain other documents filed by First Midwest with the SEC. Information regarding Old National's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 8, 2021, and certain other documents filed by Old National with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

Non-GAAP Financial Information

The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. These non-GAAP financial measures include EPS, adjusted, the efficiency ratio, return on average assets, adjusted, tax-equivalent net interest income (including its individual components), tax-equivalent net interest margin, tax-equivalent net interest margin, adjusted, noninterest expense, adjusted, tangible common equity to tangible assets, tangible common equity, excluding AOCI, to tangible assets, tangible common equity to risk-weighted assets, return on average common equity, adjusted, return on average tangible common equity, return on average tangible common equity, adjusted, non-accrual loans, excluding PCD loans, non-accrual loans to total loans, excluding PPP loans, non-accrual loans to total loans, excluding PCD and PPP loans, NPLs to total loans, excluding PPP loans, NPLs to total loans, excluding PCD and PPP loans, NPAs to total loans plus foreclosed assets, excluding PPP loans, NPAs to total loans plus foreclosed assets, excluding PCD and PPP loans, performing loans classified as substandard and special mention to corporate loans, excluding PPP loans, NCOs, excluding PCD loans, NCOs to average loans, excluding PPP loans, NCOs to average loans, excluding PCD and PPP loans, and pre-tax, pre-provision earnings, adjusted.

The Company presents EPS, the efficiency ratio, return on average assets, return on average common equity, and return on average tangible common equity, all adjusted for certain significant transactions. These transactions include 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 quarter of 2020 and first six months of 2021). 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.

12

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.

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 $22 billion of assets and an additional $15 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
	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
Period-End Balance Sheet
Assets
Cash and due from banks	$	232,989	$	223,713	$	196,364	$	254,212	$	304,445
Interest-bearing deposits in other banks	1,312,412		786,814		920,880		936,528		637,856
Equity securities, at fair value	112,977		96,983		76,404		55,021		43,954
Securities available-for-sale, at fair value	3,156,194		3,195,405		3,096,408		3,279,884		3,435,862
Securities held-to-maturity, at amortized cost	11,593		11,711		12,071		22,193		19,628
FHLB and FRB stock	106,890		106,170		117,420		138,120		148,512
Loans:
Commercial and industrial	4,608,148		4,546,317		4,578,254		4,635,571		4,789,556
Agricultural	342,834		355,883		364,038		377,466		381,124
Commercial real estate:
Office, retail, and industrial	1,807,428		1,827,116		1,861,768		1,950,406		2,020,318
Multi-family	1,012,722		906,124		872,813		868,293		874,861
Construction	577,338		614,021		612,611		631,607		687,063
Other commercial real estate	1,461,370		1,463,582		1,481,976		1,452,994		1,475,937
PPP loans	705,915		1,109,442		785,563		1,196,538		1,179,403
Home equity	629,367		690,030		761,725		827,746		892,867
1-4 family mortgages	3,287,773		3,187,066		3,022,413		2,287,555		2,175,322
Installment	602,324		483,945		410,071		425,012		457,207
Total loans	15,035,219		15,183,526		14,751,232		14,653,188		14,933,658
Allowance for loan losses	(214,601)		(235,359)		(239,017)		(239,048)		(240,052)
Net loans	14,820,618		14,948,167		14,512,215		14,414,140		14,693,606
OREO	5,289		6,273		8,253		6,552		9,947
Premises, furniture, and equipment, net	125,837		129,514		132,045		132,267		143,001
Investment in bank-owned life insurance ("BOLI")	300,537		301,365		301,101		300,429		299,649
Goodwill and other intangible assets	926,176		928,974		932,764		935,801		940,182
Accrued interest receivable and other assets	513,912		473,502		532,753		612,996		568,239
Total assets	$	21,625,424	$	21,208,591	$	20,838,678	$	21,088,143	$	21,244,881
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	6,187,478	$	6,156,145	$	5,797,899	$	5,555,735	$	5,602,016
Interest-bearing deposits	10,845,405		10,455,309		10,214,565		10,215,838		10,055,640
Total deposits	17,032,883		16,611,454		16,012,464		15,771,573		15,657,656
Borrowed funds	1,299,424		1,295,737		1,546,414		1,957,180		2,305,195
Senior and subordinated debt	235,178		234,973		234,768		234,563		234,358
Accrued interest payable and other liabilities	353,791		413,112		355,026		460,656		391,461
Stockholders' equity	2,704,148		2,653,315		2,690,006		2,664,171		2,656,211
Total liabilities and stockholders' equity	$	21,625,424	$	21,208,591	$	20,838,678	$	21,088,143	$	21,244,881
Stockholders' equity, excluding AOCI	$	2,710,089	$	2,675,411	$	2,663,627	$	2,638,422	$	2,627,484
Stockholders' equity, common	2,473,648		2,422,815		2,459,506		2,433,671		2,425,711

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Condensed Consolidated Statements of Income (Unaudited) (Dollar amounts in thousands)
	Quarters Ended										Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
	2021		2021		2020		2020		2020		2021		2020
Income Statement
Interest income	$	154,000	$	151,150	$	159,962	$	159,085	$	162,044	$	305,150	$	332,271
Interest expense	9,712		10,035		11,851		16,356		16,810		19,747		43,462
Net interest income	144,288		141,115		148,111		142,729		145,234		285,403		288,809
Provision for loan losses	—		6,098		10,507		15,927		32,649		6,098		72,181
Net interest income after   provision for loan losses	144,288		135,017		137,604		126,802		112,585		279,305		216,628
Noninterest Income
Wealth management fees	14,555		14,149		13,548		12,837		11,942		28,704		24,303
Service charges on deposit   accounts	10,778		9,980		10,811		10,342		9,125		20,758		20,906
Mortgage banking income	6,749		10,187		9,191		6,659		3,477		16,936		5,265
Card-based fees, net	4,764		4,556		4,530		4,472		3,180		9,320		7,148
Capital market products   income	1,954		2,089		659		886		694		4,043		5,416
Other service charges,   commissions, and fees	2,823		2,761		2,993		2,823		2,078		5,584		4,760
Total fee-based revenues	41,623		43,722		41,732		38,019		30,496		85,345		67,798
Other income	4,647		2,081		3,550		2,523		2,495		6,728		5,560
Swap termination costs	—		—		(17,567)		(14,285)		—		—		—
Net securities gains (losses)	—		—		—		14,328		—		—		(1,005)
Total noninterest   income	46,270		45,803		27,715		40,585		32,991		92,073		72,353
Noninterest Expense
Salaries and employee benefits:
Salaries and wages	51,887		53,693		55,950		53,385		52,592		105,580		102,582
Retirement and other   employee benefits	12,324		12,708		10,430		11,349		11,080		25,032		23,949
Total salaries and   employee benefits	64,211		66,401		66,380		64,734		63,672		130,612		126,531
Net occupancy and   equipment expense	13,654		14,752		14,002		13,736		15,116		28,406		29,343
Technology and related costs	10,453		10,284		11,005		10,416		9,853		20,737		18,401
Professional services	7,568		8,059		8,424		7,325		8,880		15,627		19,270
Advertising and promotions	2,899		1,835		1,850		2,688		2,810		4,734		5,571
Net OREO expense	160		589		106		544		126		749		546
Other expenses	14,670		14,735		12,851		12,374		14,624		29,405		27,278
Acquisition and integration   related expenses	7,773		245		1,860		881		5,249		8,018		10,721
Optimization costs	31		1,525		1,493		18,376		—		1,556		—
Total noninterest expense	121,419		118,425		117,971		131,074		120,330		239,844		237,661
Income before income tax   expense	69,139		62,395		47,348		36,313		25,246		131,534		51,320
Income tax expense	18,018		17,372		5,743		8,690		6,182		35,390		12,650
Net income	$	51,121	$	45,023	$	41,605	$	27,623	$	19,064	$	96,144	$	38,670
Preferred dividends	(4,034)		(4,034)		(4,049)		(4,033)		(1,037)		(8,068)		(1,037)
Net income applicable to   non-vested restricted shares	(521)		(486)		(369)		(236)		(187)		(1,007)		(379)
Net income applicable   to common shares	$	46,566	$	40,503	$	37,187	$	23,354	$	17,840	$	87,069	$	37,254
Net income applicable to   common shares, adjusted(1)	52,419		41,831		49,238		37,765		21,777		94,250		46,049

Footnotes to Condensed Consolidated Statements of Income

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

15

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
EPS
Basic EPS	$	0.41		$	0.36		$	0.33		$	0.21		$	0.16		$	0.77		$	0.33
Diluted EPS	$	0.41		$	0.36		$	0.33		$	0.21		$	0.16		$	0.77		$	0.33
Diluted EPS, adjusted(1)	$	0.46		$	0.37		$	0.43		$	0.33		$	0.19		$	0.83		$	0.41
Common Stock and Related Per Common Share Data
Book value	$	21.67		$	21.22		$	21.52		$	21.29		$	21.23		$	21.67		$	21.23
Tangible book value	$	13.55		$	13.08		$	13.36		$	13.11		$	13.00		$	13.55		$	13.00
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14		$	0.28		$	0.28
Closing price at period end	$	19.83		$	21.91		$	15.92		$	10.78		$	13.35		$	19.83		$	13.35
Closing price to book value	0.9			1.0			0.7			0.5			0.6			0.9			0.6
Period end shares outstanding	114,177			114,196			114,296			114,293			114,276			114,177			114,276
Period end treasury shares	11,199			11,176			11,071			11,067			11,079			11,199			11,079
Common dividends	$	15,979		$	15,997		$	16,017		$	16,011		$	16,015		$	31,976		$	32,017
Dividend payout ratio	34.15		%	38.89		%	42.42		%	66.67		%	87.50		%	36.36		%	84.85		%
Dividend payout ratio, adjusted(1)	30.43		%	37.84		%	32.56		%	42.42		%	73.68		%	33.73		%	68.29		%
Key Ratios/Data
Return on average common   equity(2)	7.60		%	6.70		%	6.05		%	3.80		%	2.94		%	7.15		%	3.08		%
Return on average common   equity, adjusted(1)(2)	8.56		%	6.92		%	8.01		%	6.15		%	3.58		%	7.74		%	3.81		%
Return on average tangible   common equity(2)	12.77		%	11.35		%	10.35		%	6.73		%	5.32		%	12.07		%	5.49		%
Return on average tangible   common equity, adjusted(1)(2)	14.31		%	11.71		%	13.53		%	10.53		%	6.37		%	13.02		%	6.65		%
Return on average assets(2)	0.95		%	0.87		%	0.79		%	0.51		%	0.37		%	0.91		%	0.40		%
Return on average assets,   adjusted(1)(2)	1.06		%	0.90		%	1.02		%	0.78		%	0.44		%	0.98		%	0.49		%
Loans to deposits	88.27		%	91.40		%	92.12		%	92.91		%	95.38		%	88.27		%	95.38		%
Efficiency ratio(1)	59.24		%	61.77		%	58.90		%	60.36		%	64.08		%	60.49		%	62.12		%
Net interest margin(2)(3)	2.96		%	3.03		%	3.14		%	2.95		%	3.13		%	2.99		%	3.32		%
Yield on average interest-earning   assets(2)(3)	3.16		%	3.24		%	3.39		%	3.28		%	3.49		%	3.20		%	3.82		%
Cost of funds(2)(4)	0.21		%	0.23		%	0.26		%	0.35		%	0.38		%	0.22		%	0.52		%
Noninterest expense to average   assets(2)	2.26		%	2.30		%	2.25		%	2.42		%	2.32		%	2.28		%	2.43		%
Noninterest expense, adjusted to   average assets,excluding PPP   loans(1)(2)	2.22		%	2.38		%	2.29		%	2.19		%	2.32		%	2.30		%	2.38		%
Effective income tax rate	26.06		%	27.84		%	12.13		%	23.93		%	24.49		%	26.91		%	24.65		%
Capital Ratios
Total capital to risk-weighted   assets(1)	14.19		%	14.26		%	14.14		%	14.06		%	13.70		%	14.19		%	13.70		%
Tier 1 capital to risk-weighted   assets(1)	11.71		%	11.67		%	11.55		%	11.48		%	11.19		%	11.71		%	11.19		%
CET1 to risk-weighted assets(1)	10.23		%	10.17		%	10.06		%	9.97		%	9.70		%	10.23		%	9.70		%
Tier 1 capital to average assets(1)	8.85		%	8.96		%	8.91		%	8.50		%	8.70		%	8.85		%	8.70		%
Tangible common equity to   tangible assets(1)	7.48		%	7.37		%	7.67		%	7.43		%	7.32		%	7.48		%	7.32		%
Tangible common equity,   excluding AOCI, to tangible   assets(1)	7.50		%	7.48		%	7.54		%	7.30		%	7.17		%	7.50		%	7.17		%
Tangible common equity to risk-   weighted assets(1)	9.92		%	9.73		%	9.93		%	9.84		%	9.61		%	9.92		%	9.61		%
Note: Selected Financial Information footnotes are located at the end of this section.

16

Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended										Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
	2021		2021		2020		2020		2020		2021		2020
Asset Quality Performance Data
Non-performing assets
Commercial and industrial	$	42,036	$	59,723	$	38,314	$	40,781	$	19,475	$	42,036	$	19,475
Agricultural	7,135		8,684		10,719		13,293		8,494		7,135		8,494
Commercial real estate:
Office, retail, and industrial	17,367		23,339		27,382		26,406		26,342		17,367		26,342
Multi-family	2,622		3,701		1,670		1,547		2,132		2,622		2,132
Construction	1,154		1,154		1,155		2,977		18,640		1,154		18,640
Other commercial real estate	14,200		15,406		15,219		4,690		5,304		14,200		5,304
Consumer	16,867		16,643		15,498		13,888		13,657		16,867		13,657
Non-accrual, excluding PCD   loans	101,381		128,650		109,957		103,582		94,044		101,381		94,044
Non-accrual PCD loans	23,101		29,734		32,568		39,990		45,116		23,101		45,116
Total non-accrual loans	124,482		158,384		142,525		143,572		139,160		124,482		139,160
90 days or more past due loans,   still accruing interest	878		5,354		4,395		3,781		3,241		878		3,241
Total NPLs	125,360		163,738		146,920		147,353		142,401		125,360		142,401
Accruing TDRs	782		798		813		841		1,201		782		1,201
Foreclosed assets(5)	26,732		13,228		16,671		15,299		19,024		26,732		19,024
Total NPAs	$	152,874	$	177,764	$	164,404	$	163,493	$	162,626	$	152,874	$	162,626
30-89 days past due loans	$	21,051	$	30,973	$	40,656	$	21,551	$	36,342	$	21,051	$	36,342
Allowance for credit losses
Allowance for loan losses	$	214,601	$	235,359	$	239,017	$	239,048	$	240,052	$	214,601	$	240,052
Allowance for unfunded   commitments	8,625		8,025		8,025		7,825		7,625		8,625		7,625
Total ACL	$	223,226	$	243,384	$	247,042	$	246,873	$	247,677	$	223,226	$	247,677
Provision for loan losses	$	—	$	6,098	$	10,507	$	15,927	$	32,649	$	6,098	$	72,181
Net charge-offs by category
Commercial and industrial	$	14,733	$	1,740	$	3,536	$	5,470	$	4,735	$	16,473	$	9,415
Agricultural	—		363		1,779		265		118		363		1,345
Commercial real estate:
Office, retail, and industrial	3,878		4,377		1,701		1,339		3,086		8,255		3,415
Multi-family	2		(5)		19		—		9		(3)		14
Construction	208		—		140		4,889		798		208		2,606
Other commercial real estate	459		371		916		1,753		19		830		183
Consumer	1,478		2,910		2,448		2,027		4,158		4,388		8,059
Total NCOs	$	20,758	$	9,756	$	10,539	$	15,743	$	12,923	$	30,514	$	25,037
Less: NCOs on PCD loans	(4,337)		(2,107)		(6,488)		(6,923)		(3,833)		(6,444)		(5,553)
Total NCOs, excluding   PCD loans	$	16,421	$	7,649	$	4,051	$	8,820	$	9,090	$	24,070	$	19,484
Total recoveries included above	$	2,869	$	1,561	$	2,588	$	1,795	$	1,311	$	4,430	$	3,127
Note: Selected Financial Information footnotes are located at the end of this section.

17

Selected Financial Information (Unaudited)
	As of or for the
	Quarters Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
Performing loans classified as substandard and special mention
Special mention loans(7)	$	343,547		$	355,563		$	409,083		$	395,295		$	256,373		$	343,547		$	256,373
Substandard loans(7)	325,727			342,600			357,219			311,430			193,337			325,727			193,337
Total performing loans   classified as substandard and   special mention(7)	$	669,274		$	698,163		$	766,302		$	706,725		$	449,710		$	669,274		$	449,710
Asset quality ratios
Non-accrual loans to total loans	0.83		%	1.04		%	0.97		%	0.98		%	0.93		%	0.83		%	0.93		%
Non-accrual loans to total loans,   excluding PPP loans(6)	0.87		%	1.13		%	1.02		%	1.07		%	1.01		%	0.87		%	1.01		%
Non-accrual loans to total loans,   excluding PCD and PPP loans(6)	0.72		%	0.93		%	0.80		%	0.78		%	0.70		%	0.72		%	0.70		%
NPLs to total loans	0.83		%	1.08		%	1.00		%	1.01		%	0.95		%	0.83		%	0.95		%
NPLs to total loans, excluding   PPP loans(6)	0.87		%	1.16		%	1.05		%	1.10		%	1.04		%	0.87		%	1.04		%
NPLs to total loans, excluding   PCD and PPP loans(6)	0.72		%	0.97		%	0.83		%	0.81		%	0.72		%	0.72		%	0.72		%
NPAs to total loans plus   foreclosed assets	1.01		%	1.17		%	1.11		%	1.11		%	1.09		%	1.01		%	1.09		%
NPAs to total loans plus   foreclosed assets, excluding   PPP loans(6)	1.06		%	1.26		%	1.18		%	1.21		%	1.18		%	1.06		%	1.18		%
NPAs to total loans plus   foreclosed assets, excluding   PCD and PPP loans(6)	0.92		%	1.07		%	0.96		%	0.93		%	0.87		%	0.92		%	0.87		%
NPAs to tangible common equity   plus ACL	8.63		%	10.23		%	9.27		%	9.37		%	9.38		%	8.63		%	9.38		%
Non-accrual loans to total assets	0.58		%	0.75		%	0.68		%	0.68		%	0.66		%	0.58		%	0.66		%
Performing loans classified as   substandard and special   mention to corporate loans(6)(7)	6.36		%	6.45		%	7.26		%	6.36		%	3.94		%	6.36		%	3.94		%
Performing loans classified as   substandard and special   mention to corporate loans,   excluding PPP loans(6)(7)	6.82		%	7.19		%	7.84		%	7.13		%	4.40		%	6.82		%	4.40		%
Allowance for credit losses and net charge-off ratios
ACL to total loans	1.48		%	1.60		%	1.67		%	1.68		%	1.66		%	1.48		%	1.66		%
ACL to non-accrual loans	179.32		%	153.67		%	173.33		%	171.95		%	177.98		%	179.32		%	177.98		%
ACL to NPLs	178.07		%	148.64		%	168.15		%	167.54		%	173.93		%	178.07		%	173.93		%
NCOs to average loans(2)	0.55		%	0.26		%	0.29		%	0.42		%	0.36		%	0.41		%	0.38		%
NCOs to average loans,   excluding PPP loans(2)	0.59		%	0.28		%	0.31		%	0.46		%	0.38		%	0.44		%	0.38		%
NCOs to average loans,   excluding PCD and PPP loans(2)	0.47		%	0.22		%	0.12		%	0.26		%	0.27		%	0.35		%	0.30		%

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.

18

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	Quarters Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
EPS
Net income	$	51,121		$	45,023		$	41,605		$	27,623		$	19,064		$	96,144		$	38,670
Dividends and accretion on   preferred stock	(4,034)			(4,034)			(4,049)			(4,033)			(1,037)			(8,068)			(1,037)
Net income applicable to non-   vested restricted shares	(521)			(486)			(369)			(236)			(187)			(1,007)			(379)
Net income applicable to   common shares	46,566			40,503			37,187			23,354			17,840			87,069			37,254
Adjustments to net income:
Acquisition and integration   related expenses	7,773			245			1,860			881			5,249			8,018			10,721
Tax effect of acquisition and   integration related expenses	(1,943)			(61)			(465)			(220)			(1,312)			(2,004)			(2,680)
Optimization costs	31			1,525			1,493			18,376			—			1,556			—
Tax effect of optimization   costs	(8)			(381)			(373)			(4,594)			—			(389)			—
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	5,853			1,328			12,051			14,411			3,937			7,181			8,795
Net income applicable to   common shares,   adjusted(1)	$	52,419		$	41,831		$	49,238		$	37,765		$	21,777		$	94,250		$	46,049
Weighted-average common shares outstanding:
Weighted-average common   shares outstanding (basic)	112,865			113,098			113,174			113,160			113,145			112,980			111,533
Dilutive effect of common   stock equivalents	775			773			430			276			191			757			339
Weighted-average diluted   common shares   outstanding	113,640			113,871			113,604			113,436			113,336			113,737			111,872
Basic EPS	$	0.41		$	0.36		$	0.33		$	0.21		$	0.16		$	0.77		$	0.33
Diluted EPS	$	0.41		$	0.36		$	0.33		$	0.21		$	0.16		$	0.77		$	0.33
Diluted EPS, adjusted(1)	$	0.46		$	0.37		$	0.43		$	0.33		$	0.19		$	0.83		$	0.41
Anti-dilutive shares not included   in the computation of diluted   EPS	—			—			—			—			—			—			—
Dividend Payout Ratio
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14		$	0.28		$	0.28
Dividend payout ratio	34.15		%	38.89		%	42.42		%	66.67		%	87.50		%	36.36		%	84.85		%
Dividend payout ratio, adjusted(1)	30.43		%	37.84		%	32.56		%	42.42		%	73.68		%	33.73		%	68.29		%
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															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
Return on Average Common and Tangible Common Equity
Net income applicable to   common shares	$	46,566		$	40,503		$	37,187		$	23,354		$	17,840		$	87,069		$	37,254
Intangibles amortization	2,798			2,807			2,807			2,810			2,820			5,605			5,590
Tax effect of intangibles   amortization	(700)			(702)			(702)			(703)			(705)			(1,401)			(1,398)
Net income applicable to   common shares, excluding   intangibles amortization	48,664			42,608			39,292			25,461			19,955			91,273			41,446
Total adjustments to net income,   net of tax(1)	5,853			1,328			12,051			14,411			3,937			7,181			8,795
Net income applicable to   common shares, adjusted(1)	$	54,517		$	43,936		$	51,343		$	39,872		$	23,892		$	98,454		$	50,241
Average stockholders' common   equity	$	2,456,034		$	2,453,253		$	2,444,911		$	2,444,594		$	2,443,212		$	2,454,651		$	2,429,184
Less: average intangible assets	(927,522)			(931,322)			(934,347)			(938,712)			(934,022)			(929,411)			(910,811)
Average tangible common   equity	$	1,528,512		$	1,521,931		$	1,510,564		$	1,505,882		$	1,509,190		$	1,525,240		$	1,518,373
Return on average common   equity(2)	7.60		%	6.70		%	6.05		%	3.80		%	2.94		%	7.15		%	3.08		%
Return on average common   equity, adjusted(1)(2)	8.56		%	6.92		%	8.01		%	6.15		%	3.58		%	7.74		%	3.81		%
Return on average tangible common equity(2)	12.77		%	11.35		%	10.35		%	6.73		%	5.32		%	12.07		%	5.49		%
Return on average tangible   common equity, adjusted(1)(2)	14.31		%	11.71		%	13.53		%	10.53		%	6.37		%	13.02		%	6.65		%
Return on Average Assets
Net income	$	51,121		$	45,023		$	41,605		$	27,623		$	19,064		$	96,144		$	38,670
Total adjustments to net income,   net of tax(1)	5,853			1,328			12,051			14,411			3,937			7,181			8,795
Net income, adjusted(1)	$	56,974		$	46,351		$	53,656		$	42,034		$	23,001		$	103,325		$	47,465
Average assets	$	21,533,209		$	20,919,040		$	20,882,325		$	21,526,695		$	20,868,106		$	21,227,821		$	19,636,463
Return on average assets(2)	0.95		%	0.87		%	0.79		%	0.51		%	0.37		%	0.91		%	0.40		%
Return on average assets,   adjusted(1)(2)	1.06		%	0.90		%	1.02		%	0.78		%	0.44		%	0.98		%	0.49		%
Noninterest Expense to Average Assets
Noninterest expense	$	121,419		$	118,425		$	117,971		$	131,074		$	120,330		$	239,844		$	237,661
Less:
Acquisition and integration   related expenses	(7,773)			(245)			(1,860)			(881)			(5,249)			(8,018)			(10,721)
Optimization costs	(31)			(1,525)			(1,493)			(18,376)			—			(1,556)			—
Total	$	113,615		$	116,655		$	114,618		$	111,817		$	115,081		$	230,270		$	226,940
Average assets	$	21,533,209		$	20,919,040		$	20,882,325		$	21,526,695		$	20,868,106		$	21,227,821		$	19,636,463
Less: average PPP loans	(1,035,386)			(1,014,798)			(1,013,511)			(1,194,808)			(887,977)			(1,025,149)			(443,999)
Average assets, excluding PPP  loans	$	20,497,823		$	19,904,242		$	19,868,814		$	20,331,887		$	19,980,129		$	20,202,672		$	19,192,464
Noninterest expense to average   assets(2)	2.26		%	2.30		%	2.25		%	2.42		%	2.32		%	2.28		%	2.43		%
Noninterest expense, adjusted to   average assets, excluding PPP   loans(2)	2.22		%	2.38		%	2.29		%	2.19		%	2.32		%	2.30		%	2.38		%
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															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
Efficiency Ratio Calculation
Noninterest expense	$	121,419		$	118,425		$	117,971		$	131,074		$	120,330		$	239,844		$	237,661
Less:
Acquisition and integration   related expenses	(7,773)			(245)			(1,860)			(881)			(5,249)			(8,018)			(10,721)
Net OREO expense	(160)			(589)			(106)			(544)			(126)			(749)			(546)
Optimization costs	(31)			(1,525)			(1,493)			(18,376)			—			(1,556)			—
Total	$	113,455		$	116,066		$	114,512		$	111,273		$	114,955		$	229,521		$	226,394
Tax-equivalent net interest   income(3)	$	145,241		$	142,098		$	149,141		$	143,821		$	146,389		$	287,339		$	291,117
Noninterest income	46,270			45,803			27,715			40,585			32,991			92,073			72,353
Less:
Swap termination costs	—			—			17,567			14,285			—			—			—
Net securities (gains) losses	—			—			—			(14,328)			—			—			1,005
Total	$	191,511		$	187,901		$	194,423		$	184,363		$	179,380		$	379,412		$	364,475
Efficiency ratio	59.24		%	61.77		%	58.90		%	60.36		%	64.08		%	60.49		%	62.12		%
Pre-Tax, Pre-Provision Earnings
Net Income	$	51,121		$	45,023		$	41,605		$	27,623		$	19,064		$	96,144		$	38,670
Income tax expense	18,018			17,372			5,743			8,690			6,182			35,390			12,650
Provision for credit losses	—			6,098			10,507			15,927			32,649			6,098			72,181
Pre-Tax, Pre-Provision   Earnings	$	69,139		$	68,493		$	57,855		$	52,240		$	57,895		$	137,632		$	123,501
Adjustments to pre-tax, pre-provision earnings:
Acquisition and integration   related expenses	$	7,773		$	245		$	1,860		$	881		$	5,249		$	8,018		$	10,721
Optimization costs	31			1,525			1,493			18,376			—			1,556			—
Swap termination costs	—			—			17,567			14,285			—			—			—
Net securities (gains) losses	—			—			—			(14,328)			—			—			1,005
Total adjustments	7,804			1,770			20,920			19,214			5,249			9,574			11,726
Pre-Tax, Pre-Provision   Earnings, adjusted	$	76,943		$	70,263		$	78,775		$	71,454		$	63,144		$	147,206		$	135,227
Note: Non-GAAP Reconciliations footnotes are located at the end of this section.

21

Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)
	As of or for the
	Quarters Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
Tangible Common Equity
Stockholders' equity, common	$	2,473,648		$	2,422,815		$	2,459,506		$	2,433,671		$	2,425,711
Less: goodwill and other intangible assets	(926,176)			(928,974)			(932,764)			(935,801)			(940,182)
Tangible common equity	1,547,472			1,493,841			1,526,742			1,497,870			1,485,529
Less: AOCI	5,941			22,096			(26,379)			(25,749)			(28,727)
Tangible common equity, excluding AOCI	$	1,553,413		$	1,515,937		$	1,500,363		$	1,472,121		$	1,456,802
Total assets	$	21,625,424		$	21,208,591		$	20,838,678		$	21,088,143		$	21,244,881
Less: goodwill and other intangible assets	(926,176)			(928,974)			(932,764)			(935,801)			(940,182)
Tangible assets	20,699,248			20,279,617			19,905,914			20,152,342			20,304,699
Less: PPP loans	(705,915)			(1,109,442)			(785,563)			(1,196,538)			(1,179,403)
Tangible assets, excluding PPP loans	$	19,993,333		$	19,170,175		$	19,120,351		$	18,955,804		$	19,125,296
Tangible common equity to tangible assets	7.48		%	7.37		%	7.67		%	7.43		%	7.32		%
Tangible common equity to tangible assets, excluding PPP loans	7.74		%	7.79		%	7.98		%	7.90		%	7.77		%
Tangible common equity, excluding AOCI, to tangible assets	7.50		%	7.48		%	7.54		%	7.30		%	7.17		%
Tangible common equity, excluding AOCI, to tangible assets,   excluding PPP loans	7.77		%	7.91		%	7.85		%	7.77		%	7.62		%
Tangible common equity to risk-weighted assets	9.92		%	9.73		%	9.93		%	9.84		%	9.61		%

Footnotes to Non-GAAP Reconciliations

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

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

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

22

EX-99.2

Earnings Call Presentation 2021 Second Quarter July 20, 2021

2 $0.19 $0.33 $0.43 $0.37 $0.46 $0.16 $0.21 $0.33 $0.36 $0.41 EPS, adjusted EPS Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 $— $0.25 $0.50 Pre-Tax, Pre-Provision Earnings(1) Up 10%, or $7mm from Q1 '21, reflective of: • NII up $3mm largely due to higher PPP income • Noninterest income up 1%, record wealth • Noninterest expense, adjusted(1) down $3mm, due to lower salaries and benefits as well as weather related costs Up 22%, or $14mm from Q2 '20, reflective of: • NII down $1mm due to lower interest rates offset by growth and PPP income • Noninterest income up $13mm, record wealth and most fee-based revenues streams return to pre-pandemic levels • Noninterest expense, adjusted(1) down $1mm Q2 '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. STRONG LOAN GROWTH & REVENUES, CONTROLLED EXPENSES AND IMPROVING CREDIT; RESULTS IMPACTED BY NORMAL VOLATILITY OF PPP INCOME Earnings EPS of $0.41 for Q2 '21, up 14% from Q1 '21 and 156% from Q2 '20 • EPS, adjusted(1) of $0.46 – Up 24% from Q1 '21 due to $2mm higher PPP income, lower provisioning for loan losses, and controlled expenses – Up 142% from Q2 '20 due to lower provisioning for loan losses and higher revenues Earnings Per Share Pre-Tax, Pre-Provision Earnings(1) $63 $71 $79 $70 $77 Pre-tax, pre-provision earnings Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 $— $50 $100 (1) (1)

Highlights 3 3.89% 3.74% 3.93% 3.63% 3.62% 3.98% 3.86% 3.77% 3.63% 3.56% C&I Agricultural Owner-occupied CRE Investor CRE Consumer Loan Yield Loan Yield, excluding PPP Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 PPP Corporate Loans • Up 7% annualized from Q1 '21, excluding PPP – 4% annualized corporate growth due to strong production and line usage in middle market and sector based lending – 15% annualized consumer growth reflects organic activity as well as purchased • PPP of $706mm; down from $1.1bn in Q1 '21 reflecting forgiveness • 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. $15,035 $14,329 $15,184 $14,074 $14,934 $13,754 $13,457 $14,653 2021 Outlook Mid-single digit loan growth $14,751 $13,966

4 257 356 343 193 342 326 2.51% 3.66% 3.50% 1.89% 3.32% Special Mention Substandard Special Mention / Corporate Loans, excluding PPP loans Substandard / Corporate Loans, excluding PPP loans Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 0.00% 2.00% 4.00% 6.00% 118 148 130 45 30 23 1.09% 1.17% 1.01% 0.87% 1.07% 0.92% NPAs, excluding PCD PCD NPAs NPAs / Loans + Foreclosed Assets NPAs / Loans + Foreclosed Assets, excluding PCD & PPP Loans Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 0.00% 1.00% 2.00% ASSET QUALITY Non-performing Assets • Credit conditions show continued linked quarter improvement – NPAs to loans down 14% from Q1 '21, excluding PCD & PPP(1) loans – Loans past due 30-89 days down 32% from Q1 '21 – Performing loans classified as substandard and special mention down 4% from Q1 '21 ◦ Elevated risk sectors represent ~34%, or ~$112mm, of substandard and ~75%, or ~$97mm, of substandard 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 $163 $178 $153 (1) 3.65% (1) (1)

5 204 215 200 44 28 23 1.66% 1.80% 1.73% 1.56% ACL - Other PCD Allowance / Loans Allowance / Loans, excluding PPP loans Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 —% 1.00% 2.00% NCOs of $16 million, or 0.47% of average loans, excluding PCD and PPP(1)(3), up from Q1 '21 and Q2 '20 • Corporate of $15mm, reflects expected losses on relationships with previously established specific allowances • Installment of $1mm includes targeted, high-yielding (~8%) unsecured product; adds 5 to 11 bps to NCO rate – NCOs trending favorably given tightening of underwriting standards in Q4 '19 NCOs of $4mm on PCD loans fully reserved at acquisition Lower ACL levels reflective of resolution of certain corporate credits and PCD loans as well as release of pandemic reserves 1.48% 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) $223 (1) 2021 Outlook - excludes PCD and PPP • NCOs at lower end of normalized range of 25-40bps for remainder of '21 • Provision expected to be reflective of growth, NCO activity, and migration toward normalized ACL 1.60% 0.38% 0.46% 0.31% 0.28% 0.59% 0.47% Corporate Consumer PCD Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60%

Highlights 6 DEPOSITS 0.26% 0.17% 0.11% 0.09% 0.08% 0.36% 0.28% 0.22% 0.17% Demand Savings NOW Money Market Time Cost of Deposits Peer Cost of Deposits Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 • Average deposits of $17bn, up 4% from Q1 '21 and 11% from Q2 '20 reflecting: – Higher customer liquidity due to PPP funds and government stimulus – Normal seasonal increase in municipal deposits compared to Q1 '21 • Stable mix of 56% retail, 34% commercial, 10% public • Loans to deposits of 88% • Cost of deposits decreased 1bps due to increased demand deposits • Cost of deposits ~10bps less than peers(4) – Historically, this advantage ranges ~10-35bps over the past 10 years 89% 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) $16,976 $15,937 $15,422 $15,801 2021 Outlook Dependent upon economic conditions, customer behavior, and stimulus $16,282

Highlights 7 $7 $8 $8 $7 $6 3.13% 2.95% 3.14% 3.03% 2.96% 2.98% 2.79% 2.98% 2.88% 2.84% 2.87% 2.64% 2.66% 2.69% 2.73% NII Accretion NIM NIM, adjusted NIM, adjusted excluding PPP loan income Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '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) Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Total average interest- earning assets $ 18,777 $ 19,430 $ 18,881 $ 19,007 $ 19,650 • NII up 2% from Q1 '21 and down 1% from Q2 '20 – PPP income up $2mm from Q1 '21 and $6mm from Q2 '20 ◦ ~$450mm loans forgiven Q2 '21 vs. ~$200mm Q1 '21 – More days (Q1 '21) – Lower interest rates, partly offset by lower cost of funds and loan growth (Q2 '20) – Accretion down $1mm (Q1 '21 & Q2 '20) • NIM, adjusted(1) of 2.84%, down 4bps from Q1 '21 and 14bps from Q2 '20, impacted by: – Higher customer liquidity and seasonal increase in municipal deposits, partly offset by PPP (Q1 '21) – Lower rates, higher customer liquidity, partially offset by lower cost of funds and PPP (Q2' 20) (1) $144$145 $141 $148 $143 (1) 2021 Outlook • Relatively stable NII • NIM, excluding accretion and PPP, to grow modestly remainder of '21 • Accretion of ~$22mm, ~$9mm remaining for '21 • ~$35mm from PPP programs, ~$14mm remaining for '21

Highlights 8 Deposit service charges Wealth management Card-based Capital market products income Mortgage banking Other noninterest income Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Trend and Composition • Up 1% from Q1 '21 and 40% from Q2 '20: – Fee revenues down 5% and up 37% from Q1 '21 and Q2 '20 – Record wealth management up 3% and 22% from Q1 '21 and Q2 '20 – Mortgage banking down 34% from record Q1 '21 and up 94% from Q2 '20 – Most fee-based revenues streams return to pre-pandemic levels; capital markets continue to 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 $33 $46 $45 $40 Periods Ended Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Noninterest income as reported $ 33 $ 40 $ 27 $ 46 $ 46 Swap termination costs — 14 18 — — Net securities gains — (14) — — — Noninterest income, adjusted(1) $ 33 $ 40 $ 45 $ 46 $ 46 2021 Outlook • High-single to low-double digit growth from '20, excluding swap termination and net securities gains ◦ Stable for remainder of the year as record Q1 mortgage income normalizes

Highlights 9 Periods Ended Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Noninterest expense as reported $ 120 $ 131 $ 118 $ 118 $ 121 Optimization costs — (18) (1) (1) — A&I related expenses (5) (1) (2) — (8) Noninterest expense, adjusted(1) $ 115 $ 112 $ 115 $ 117 $ 113 • Down 3%, adjusted(1) from Q1 '21 and 1% from Q2 '20, impacted by: – Lower payroll tax, weather related costs, and valuations, partly offset by higher advertising (Q1 '21) – Higher compensation accruals, merit, pension, partly offset by lower pandemic related expenses (Q2 '20) – Lower salaries and wages and occupancy from branch consolidations partly offset increases – Controlled noninterest expense, adjusted to average assets, excluding PPP(1)(3) down 16 bps from Q1 '21 and 10 bps from Q2 '20 2.32% 2.19% 2.29% 2.38% 2.22% Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '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) $113$115$112$115 $117 2021 Outlook • Remainder of year consistent with Q2 '21 run rate

Highlights 10 4.50% 6.00% 8.00% 10.23% 11.71% 14.19% CET1 Capital Tier 1 Capital Total Capital Minimum Requirement FMBI Capital Conservation Buffer CAPITAL Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Regulatory Capital Ratios: • CET1 capital to RWA 9.70% 9.97% 10.06% 10.17% 10.23% • Tier 1 capital to RWA 11.19% 11.48% 11.55% 11.67% 11.71% • Total capital to RWA 13.70% 14.06% 14.14% 14.26% 14.19% 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: – Retained earnings and mix of risk-weighted assets – Q2 '21 dividend of $0.14 per common share, consistent with Q1 '21 – Stock repurchases of $15mm for Q1 '21, none Q2 '21 • Strong excess capital position, solid operating leverage and credit allowances – 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 $504mm $501mm $575mm 10.5% 7.0% 8.50%

11 PARTNERSHIP UPDATE Strategically Connects Key Midwestern States... Merger Structure • Merger of Equals • First Midwest merges into Old National • 100% stock consideration Compelling • 22%(9) EPS accretion to ONB • 35%(9) EPS accretion to FMBI • Identified ~$109mm of full run-rate savings - 11% of combined noninterest expense • 6th largest commercial bank headquartered in the Midwest Balanced • Equal board representation (8/8) • Dual headquarters - Evansville, IN and Chicago, IL • Significant executive leadership and operations maintained in both markets Timing & Approval • Approval of ONB and FMBI shareholders • Customary regulatory approvals • Anticipated closing in late 2021 / early 2022 Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the calculations of the definitions of certain terms and footnotes used.

12 PARTNERSHIP UPDATE Q2 Momentum Announced combined core executive leadership team Established joint Integration Office with experienced integration leaders across both companies; planning underway Strong team member commitment and excitement about opportunities in the larger, combined company SEC and regulatory filings completed Special Meeting of Stockholders for ONB and FMBI expected to be held in Q3 '21 Merger expected to close in late Q4 '21 or early Q1 '22 Accomplishments and Next Steps • Robust integration experience – 17 partnerships combined over the last 10 years • Joint leadership meetings held to determine individual and collective strengths, opportunities, and challenges – Findings aided approach that formulated joint integration plan • Integration team consisting of dual leadership (1-ONB + 1-FMBI) covering 12 work streams Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for details on the calculations of the definitions of certain terms and footnotes used.

13 OUTLOOK FOR 2021 REMAINS POSITIVE (Excludes Old National, Merger Expected to Close Late 2021, Early 2022) 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 NII and NIM • Relatively stable NII • NIM, excluding accretion and PPP, expected to grow modestly the remainder of the year (updated) • Accretion of ~$22mm, ~$9mm remaining for '21 (updated) • ~$35mm from PPP programs, ~$14mm remaining in '21 (updated) Noninterest Income (excludes swap terminations and net securities gains) • High-single to low-double digit growth from '20 ◦ Stable for remainder of the year as record Q1 mortgage income normalizes Noninterest Expense, Adjusted • Remainder of year consistent with Q2 '21 run rate (updated) Asset Quality, excluding PCD and PPP • NCOs at lower end of normalized range of 25-40 bps, for remainder of '21 (updated) • Provision expected to be reflective of growth, NCO activity, and migration toward normalized ACL (updated) • Dependent upon economic conditions, customer behavior, and stimulus Capital • Strong capital provides flexibility Taxes • Effective tax rate ~26% for remainder of year (updated) 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, the effectiveness of government support, and many other factors.

14 FINANCIAL RESULTS Q2 '20 Q3'20 Q4'20 Q1 '21 Q2 '21 Net Interest Income $ 145 $ 143 $ 148 $ 141 $ 144 Loan Loss Provision 33 16 11 6 — Noninterest Income 33 26 28 46 46 Net Securities Gains — 14 — — — Noninterest Expense 120 131 118 118 121 Income before Income Taxes 25 36 47 63 69 Income Tax Expense 6 8 6 18 18 Net Income $ 19 $ 28 $ 41 $ 45 $ 51 Preferred dividends (4) (4) (4) (4) (4) Net Income Applicable to Common Shares $ 15 $ 24 $ 37 $ 41 $ 47 EPS $ 0.16 $ 0.21 $ 0.33 $ 0.36 $ 0.41 EPS, Adjusted(1) $ 0.19 $ 0.33 $ 0.43 $ 0.37 $ 0.46 ROATCE(1)(3) 5.3 % 6.7 % 10.3 % 11.4 % 12.8 % ROATCE, Adjusted(1)(3) 6.4 % 10.5 % 13.5 % 11.7 % 14.3 % Noninterest Expense, adjusted to Average Assets, Excluding PPP Loans(1)(3) 2.3 % 2.2 % 2.3 % 2.4 % 2.2 % Efficiency Ratio(1) 64 % 60 % 59 % 62 % 59 % Dollars in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used.

15 Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. FORWARD-LOOKING STATEMENTS This communication may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Midwest. 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," "forecast," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. 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 the performance of First Midwest's loan or securities portfolio, the expected amount of future credit allowances or charge-offs, delays in completing the pending merger of First Midwest and Old National, the failure to obtain necessary regulatory approvals and shareholder approvals or to satisfy any of the other conditions to the merger on a timely basis or at all, the possibility that the anticipated benefits of the merger are not realized when expected or at all, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, estimated synergies, cost savings and financial benefits of completed transactions, growth strategies, the inability to realize cost savings or improved revenues or to implement integration plans and other consequences associated with the proposed merger and the continued or potential effects of the COVID-19 pandemic and related variants and mutations on First Midwest's business, financial condition, liquidity, loans, asset quality and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the COVID-19 pandemic and related variants and mutations, including the continued effects on First Midwest's business, operations and employees, as well as on First Midwest's 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 Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. ADDITIONAL INFORMATION In connection with the proposed transaction, Old National filed a registration statement on Form S‑4 with the SEC on June 30, 2021. The registration statement includes a joint proxy statement/prospectus of First Midwest and Old National. The registration statement has not yet become effective. After the Form S-4 is effective, a definitive joint proxy statement/prospectus will be sent to First Midwest's and Old National's shareholders seeking certain approvals related to the proposed transaction. The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND SECURITY HOLDERS OF FIRST MIDWEST AND OLD NATIONAL AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MIDWEST, OLD NATIONAL AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about First Midwest and Old National, without charge, at the SEC's website (http://www.sec.gov). Copies of documents filed with the SEC by First Midwest will be made available free of charge in the "Investor Relations" section of First Midwest's website, https://firstmidwest.com/, under the heading "SEC Filings." Copies of documents filed with the SEC by Old National will be made available free of charge in the "Investor Relations" section of Old National's website, https://www.oldnational.com/, under the heading "Financial Information." Participants in Solicitation First Midwest, Old National, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding First Midwest's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 13, 2021, and certain other documents filed by First Midwest with the SEC. Information regarding Old National's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 8, 2021, and certain other documents filed by Old National with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

17 APPENDIX

18 Sector $ %(2) Risk Mitigants Recreation / Entertainment $217 1.5% Very granular, real estate secured Hotels 154 1.1% All major brands, avg. LTV 50% Restaurants 97 0.7% Very granular, real estate secured Total $468 3.3% Investor CRE: Retail $442 3.1% Service oriented strip centers Office 388 2.7% Diversified, largely suburban Leveraged Finance 420 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 $9.8bn(2) 68% of Total Loans, excl PPP(2) 32% C&I / 34% CRE / 2% Agricultural Other Areas of Focus

19 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. $4.5bn(2) 32% of Total Loans, excl PPP(2) HIGH QUALITY CREDIT - GEOGRAPHICALLY DISPERSED Sector $ %(2) Risk Mitigants Unsecured Installment $204 1.4% 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 - 768 Avg. LTV - 67% 1-4 Family Other Installment Avg. FICO - 769 Avg. LTV - 69% Home Equity Avg. FICO - 759 Elevated Risk

20 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 Forgiveness Approved & Funds Received 15% Submitted to SBA 2% Paperwork in Process 17% Not started 66% 2021 Second Round PPP 2020 First Round PPP • Approved 4,600 applications for $577mm • ~$80mm forgiven Q2 '21; ~$480mm remaining • ~80% of applicants have existing FMBI PPP loan; remaining mix of prospects and first time PPP recipients • Average loan size of ~$130,000 vs. median of $40,000 • Weighted-average gross fees of ~3% Highlights Forgiveness Approved & Funds Received 82% Submitted to SBA 4% Paperwork in Process 7% Not started 7% • Approved 6,700 applications for $1.2bn • $200mm forgiven Q1 '21 and ~$370mm forgiven Q2 '21; ~$225mm remaining • 95% existing FMBI 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%

21 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.

22 Quarters Ended June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2021 2021 Earnings Per Share Net income $ 19,064 $ 27,623 $ 41,605 $ 45,023 $ 51,121 Dividends and accretion on preferred stock (1,037) (4,033) (4,049) (4,034) (4,034) Net income applicable to non-vested restricted shares (187) (236) (369) (486) (521) Net income applicable to common shares 17,840 23,354 37,187 40,503 46,566 Adjustments to net income: Income tax benefits — — (3,639) — — Optimization costs — 18,376 1,493 1,525 31 Tax effect of optimization costs — (4,594) (373) (381) (8) Swap termination costs — 14,285 17,567 — — Tax effect of swap termination costs — (3,571) (4,392) — — Net securities losses (gains) — (14,328) — — — Tax effect of net securities losses (gains) — 3,582 — — — A&I related expenses 5,249 881 1,860 245 7,773 Tax effect of A&I related expenses (1,312) (220) (465) (61) (1,943) Total adjustments to net income 3,937 14,411 12,051 1,328 5,853 Net income applicable to common shares, adjusted $ 21,777 $ 37,765 $ 49,238 $ 41,831 $ 52,419 Weighted-average diluted common shares outstanding 113,336 113,436 113,604 113,871 113,640 Diluted EPS $ 0.16 $ 0.21 $ 0.33 $ 0.36 $ 0.41 Diluted EPS, adjusted(7) $ 0.19 $ 0.33 $ 0.43 $ 0.37 $ 0.46 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 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 June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2021 2021 Pre-Tax, Pre-Provision Earnings Net Income $ 19,064 $ 27,623 $ 41,605 $ 45,023 $ 51,121 Income tax expense 6,182 8,690 5,743 17,372 18,018 Provision for loan losses 32,649 15,927 10,507 6,098 — Pre-Tax, Pre-Provision Earnings $ 57,895 $ 52,240 $ 57,855 $ 68,493 $ 69,139 Adjustments to pre-tax, pre-provision earnings: Optimization costs — 18,376 1,493 1,525 31 Swap termination costs — 14,285 17,567 — — Net securities losses (gains) — (14,328) — — — A&I related expenses 5,249 881 1,860 245 7,773 Total adjustments 5,249 19,214 20,920 1,770 7,804 Pre-Tax, Pre-Provision Earnings, adjusted $ 63,144 $ 71,454 $ 78,775 $ 70,263 $ 76,943 Noninterest Expense to Average Assets Noninterest Expense $ 120,330 $ 131,074 $ 117,971 $ 118,425 $ 121,419 Less: Optimization costs — (18,376) (1,493) (1,525) (31) A&I related expenses (5,249) (881) (1,860) (245) (7,773) Total noninterest expense, adjusted $ 115,081 $ 111,817 $ 114,618 $ 116,655 $ 113,615 Average Assets $ 20,868,106 $ 21,526,695 $ 20,882,325 $ 20,919,040 $ 21,533,209 Less: average PPP loans (887,977) (1,194,808) (1,013,511) (1,014,798) (1,035,386) Average assets, excluding PPP loans $ 19,980,129 $ 20,331,887 $ 19,868,814 $ 19,904,242 $ 20,497,823 Noninterest expense, adjusted to average assets, excluding PPP loans(3) 2.32 % 2.19 % 2.29 % 2.38 % 2.22 %

24 Quarters Ended June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2021 2021 Return on Average Tangible Common Equity Net income applicable to common shares $ 17,840 $ 23,354 $ 37,187 $ 40,503 $ 46,566 Intangibles amortization 2,820 2,810 2,807 2,807 2,798 Tax effect of intangibles amortization (705) (703) (702) (702) (700) Total adjustments to net income(7) 3,937 661 12,051 1,328 5,853 Net income applicable to common shares, excluding intangibles amortization, adjusted(7) $ 23,892 $ 26,122 $ 51,343 $ 43,936 $ 54,517 Average stockholders' equity $ 2,443,212 $ 2,444,594 $ 2,444,911 $ 2,453,253 $ 2,456,034 Less: average intangible assets (934,022) (938,712) (934,347) (931,322) (927,522) Average TCE $ 1,509,190 $ 1,505,882 $ 1,510,564 $ 1,521,931 $ 1,528,512 ROATCE, adjusted(3)(7) 6.37 % 10.53 % 13.53 % 11.71 % 14.31 % Efficiency Ratio Calculation Noninterest expense $ 120,330 $ 131,074 $ 117,971 $ 118,425 $ 121,419 Less: Net OREO expense (126) (544) (106) (589) (160) Optimization costs — (18,376) (1,493) (1,525) (31) A&I related expenses (5,249) (881) (1,860) (245) (7,773) Total $ 114,955 $ 111,273 $ 114,512 $ 116,066 $ 113,455 Tax-equivalent NII(1)(8) $ 146,389 $ 143,821 $ 149,141 $ 142,098 $ 145,241 Noninterest income 32,991 40,585 27,715 45,803 46,270 Less: Swap termination costs — 14,285 17,567 — — Net securities losses (gains) — (14,328) — — — Total $ 179,380 $ 184,363 $ 194,423 $ 187,901 $ 191,511 Efficiency ratio 64.08 % 60.36 % 58.90 % 61.77 % 59.24 % 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 June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2021 2021 Tax-Equivalent NII / NIM NII $ 145,234 $ 142,729 $ 148,111 $ 141,115 $ 144,288 Tax-equivalent adjustment 1,155 1,092 1,030 983 953 Tax-equivalent NII(3)(8) 146,389 143,821 149,141 142,098 145,241 Less: accretion (6,999) (7,960) (7,603) (7,165) (5,975) Tax-equivalent NII, adjusted 139,390 135,861 141,538 134,933 139,266 Less: PPP loan income (5,368) (7,001) (15,195) (8,892) (11,258) Tax-equivalent NII, adjusted, excluding PPP loan income $ 134,022 $ 128,860 $ 126,343 $ 126,041 $ 128,008 Average interest-earning assets $ 18,776,796 $ 19,430,370 $ 18,881,261 $ 19,007,094 $ 19,649,866 NIM(3)(8) 3.13 % 2.95 % 3.14 % 3.03 % 2.96 % NIM, adjusted(3)(8) 2.98 % 2.79 % 2.98 % 2.88 % 2.84 % NIM, adjusted, excluding PPP loan income(3)(8) 2.87 % 2.64 % 2.66 % 2.69 % 2.73 % Loan Yield Tax-equivalent loan interest income(8) $ 141,320 $ 138,861 $ 141,669 $ 134,200 $ 136,522 Less: PPP loan income (5,368) (7,001) (15,195) (8,892) (11,258) Tax-equivalent loan interest income, excluding PPP loan income $ 135,952 $ 131,860 $ 126,474 $ 125,308 $ 125,264 Average loans $ 14,617,247 $ 14,753,665 $ 14,348,665 $ 15,008,101 $ 15,131,375 Loan yield 3.89 % 3.74 % 3.93 % 3.63 % 3.62 % Loan yield, excluding PPP loan income 3.98 % 3.86 % 3.77 % 3.63 % 3.56 % Noninterest Income, adjusted Noninterest Income $ 32,991 $ 40,585 $ 27,715 $ 45,803 $ 46,270 Less: Swap termination costs — 14,285 17,567 — — Net securities losses (gains) — (14,328) — — — Noninterest income, adjusted $ 32,991 $ 40,542 $ 45,282 $ 45,803 $ 46,270 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 Quarters Ended June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2021 2021 Allowance for Credit Losses to Total Loans Allowance for credit losses $ 247,677 $ 246,873 $ 247,042 $ 243,384 $ 223,226 Less: allowance for PPP loans — — — — — Allowance for credit losses, excluding PPP loan allowance $ 247,677 $ 246,873 $ 247,042 $ 243,384 $ 223,226 Total loans $ 14,933,658 $ 14,653,188 $ 14,751,232 $ 15,183,526 $ 15,035,219 Less: PPP loans (1,179,403) (1,196,538) (785,563) (1,109,442) (705,915) Total loans, excluding PPP loans $ 13,754,255 $ 13,456,650 $ 13,965,669 $ 14,074,084 $ 14,329,304 Allowance to total loans, excluding PPP loans 1.80 % 1.83 % 1.77 % 1.73 % 1.56 % Non-performing assets / Loans and Foreclosed assets Non-performing assets $ 162,626 $ 163,493 $ 164,404 $ 177,764 $ 152,874 Less: non-accrual PCD loans (45,116) (39,990) (32,568) (29,734) (23,101) Non-performing assets, excluding non-accrual PCD loans $ 117,510 $ 123,503 $ 131,836 $ 148,030 $ 129,773 Total loans, excluding PCD and PPP loans $ 13,511,048 $ 13,216,271 $ 13,753,648 $ 13,877,089 $ 14,152,193 Foreclosed assets 19,024 15,299 16,671 13,228 26,732 Total loans and foreclosed assets, excluding PCD and PPP loans $ 13,530,072 $ 13,231,570 $ 13,770,319 $ 13,890,317 $ 14,178,925 Non-performing assets and loans to foreclosed assets, excluding PCD and PPP 0.87 % 0.93 % 0.96 % 1.07 % 0.92 % Net Charge-offs to average loans Total net charge-offs $ 12,923 $ 15,743 $ 10,539 $ 9,756 $ 20,758 Less: net charge-offs for PCD loans (3,833) (6,923) (6,488) (2,107) (4,337) Total net charge-offs, excluding PCD loans $ 9,090 $ 8,820 $ 4,051 $ 7,649 $ 16,421 Total average loans $ 14,616,798 $ 14,753,648 $ 14,348,665 $ 15,008,101 $ 15,131,375 Less: average PPP loans (887,997) (1,194,808) (1,013,511) (1,014,798) (1,035,386) Total average loans, excluding PPP loans 13,728,801 13,567,660 13,339,205 14,000,952 14,112,410 Less: average PCD loans (177,138) (233,456) (229,176) (204,727) (188,466) Total average loans, excluding PCD and PPP loans $ 13,551,663 $ 13,334,204 $ 13,110,029 $ 13,796,225 $ 13,923,944 Net charge-offs to loans, excluding PPP loans(3) 0.38 % 0.46 % 0.31 % 0.28 % 0.59 % Net charge-offs to loans, excluding PCD and PPP loans(3) 0.27 % 0.26 % 0.12 % 0.22 % 0.47 % 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

27 Quarters Ended June 30, September 30, December 31, March 31, June 30, 2020 2020 2020 2020 2021 Performing loans classified as substandard and special mention to corporate loans, excluding PPP Loans Special mention $ 256,373 $ 395,295 $ 409,083 $ 355,563 $ 343,547 Substandard 193,337 311,430 357,219 342,600 325,727 Performing loans classified as substandard and special mention $ 449,710 $ 706,725 $ 766,302 $ 698,163 $ 669,274 Corporate loans $ 11,408,262 $ 11,112,875 $ 10,557,023 $ 10,822,485 $ 10,515,755 Less: PPP loans (1,179,403) (1,196,538) (785,563) (1,109,442) (705,915) Total corporate loans, excluding PPP loans $ 10,228,859 $ 9,916,337 $ 9,771,460 $ 9,713,043 $ 9,809,840 Special mention to corporate loans, excluding PPP loans 2.51 % 3.99 % 4.19 % 3.66 % 3.50 % Substandard to corporate loans, excluding PPP loans 1.89 % 3.14 % 3.65 % 3.53 % 3.32 % Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. NON-GAAP FINANCIAL INFORMATION

28 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 LPO - Loan production office LTV - Loan-to-value mm - Million NCOs - Net charge-offs NII - Net interest income NIM - Tax-equivalent net interest margin NOW - Negotiable order of withdrawal NPAs - Non-performing assets ONB - Old National Bancorp Pandemic - COVID-19 pandemic PCI - Purchased credit impaired 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

29 (1) This financial measure includes certain adjustments. See the accompanying "Non-GAAP Financial Information" slides for detail. (2) Data as of June 30, 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%. (9) Based on 2022 consensus net income estimates (at time of deal announcement), excluding share buybacks. Assumes fully realized cost savings during 2022 and excluding restructuring charges for illustrative purposes. FOOTNOTES

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Cover	Jul. 20, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 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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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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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