Old National Bancorp Reports Third Quarter 2025 Results

EVANSVILLE, Ind., Oct. 22, 2025 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ:ONB) reports 3Q25 net income applicable to common shares of $178.5 million, diluted EPS of $0.46; $231.3 million and $0.59 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National's outstanding quarterly results reflect our continued focus on the fundamentals and the benefits from our recent partnership with Bremer Bank," said Chairman and CEO Jim Ryan. "Furthermore, with conversion activities related to our Bremer partnership now complete, Old National is exceptionally well positioned for the remainder of 2025 and beyond."

THIRD QUARTER HIGHLIGHTS²: 

Net Income	Net income applicable to common shares of $178.5 million; adjusted net income applicable to common shares1 of $231.3 million
	Earnings per diluted common share ("EPS") of $0.46; adjusted EPS1 of $0.59
Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis1 of $582.6 million
	Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.64%, up 11 basis points ("bps")
Operating Performance	Pre-provision net revenue1 ("PPNR") of $267.3 million; adjusted PPNR1 of $336.6 million, up 16%
	Noninterest expense of $445.7 million; adjusted noninterest expense1 of $376.5 million
	Efficiency ratio1 of 58.8%; adjusted efficiency ratio1 of 48.1%
Deposits and Funding	Period-end total deposits of $55.0 billion, up 4.8% annualized; core deposits up 5.8% annualized
	Granular low-cost deposit franchise; total deposit costs of 197 bps, up 4 bps
Loans and Credit  Quality	End-of-period total loans3 of $48.0 billion, up 0.6% annualized End-of-period total loans3 up 3.1% annualized excluding loans acquired from Bremer
	Provision for credit losses4 ("provision") of $26.7 million
	Net charge-offs of $30.0 million, or 25 bps of average loans; 17 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
	30+ day delinquencies of 0.18% and nonaccrual loans of 1.23% of total loans
Return Profile & Capital	Return on average tangible common equity1 ("ROATCE") of 15.9%; adjusted ROATCE1 of 20.1% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.02%, up 28 bps
Notable Items	$69.3 million of pre-tax merger-related charges

¹ Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ² Comparisons are on a linked-quarter basis, unless otherwise noted ³ Includes loans held-for-sale ⁴ Includes the provision for unfunded commitments

RESULTS OF OPERATIONS²

Old National Bancorp reported third quarter 2025 net income applicable to common shares of $178.5 million, or $0.46 per diluted common share.

Included in third quarter results were pre-tax charges of $69.3 million for merger-related expenses. Excluding these items and realized debt securities losses from the current quarter, adjusted net income¹ was $231.3 million, or $0.59 per diluted common share.

DEPOSITS AND FUNDING

Growth in core deposits driven by growth from both existing and new commercial clients.

• Period-end total deposits were $55.0 billion, up 4.8% annualized; core deposits up 5.8% annualized.
• On average, total deposits for the third quarter were $54.9 billion, up $5.1 billion.
• Granular low-cost deposit franchise; total deposit costs of 197 bps, up 4 bps.
• A loan to deposit ratio of 87%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong commercial loan production partially offset by proactive portfolio actions.

• Period-end total loans³ were $48.0 billion, up 0.6% annualized.
  • Excluding loans³ acquired in the Bremer transaction, period-end total loans were up 3.1% annualized.
• Total commercial loan production in the third quarter was $2.8 billion, up 20% from the second quarter of 2025; period-end commercial pipeline totaled $4.2 billion.
• Average total loans in the third quarter were $48.2 billion, an increase of $4.1 billion.

CREDIT QUALITY

Resilient credit quality continues to be a hallmark of Old National.

• Provision⁴ expense was $26.7 million compared to $106.8 million, or $31.2 million excluding $75.6 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction in the second quarter of 2025.
• Net charge-offs were $30.0 million, or 25 bps of average loans, compared to 24 bps in the prior quarter.
  • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 17 bps compared to 21 bps in the prior quarter.
• 30+ day delinquencies as a percentage of loans were 0.18% compared to 0.30%.
• Nonaccrual loans as a percentage of total loans were 1.23% compared to 1.24%.
• The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $604.5 million, or 1.26% of total loans, compared to $594.7 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN

Higher reflective of larger balance sheet and higher asset yields.

• Net interest income on a fully taxable equivalent basis¹ increased to $582.6 million compared to $521.9 million, driven by the full quarter impact of Bremer, higher asset yields and more days in the quarter, partly offset by higher funding costs.
• Net interest margin on a fully taxable equivalent basis¹ increased 11 bps to 3.64%.
• Cost of total deposits was 1.97%, increasing 4 bps and the cost of total interest-bearing deposits increased 5 bps to 2.57%.

NONINTEREST INCOME

Increase driven by full quarter impact of Bremer, organic growth and record capital markets revenue.

• Total noninterest income was $130.5 million compared to $132.5 million, or $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan in the second quarter of 2025.
• Excluding the pension plan gain in the second quarter of 2025 and realized debt securities losses, noninterest income was up 16.9% driven by the full quarter impact of Bremer, organic growth and record capital markets revenue.

NONINTEREST EXPENSE

Higher reflective of the full quarter impact of Bremer, disciplined expense management drives adjusted efficiency ratio lower.

• Noninterest expense was $445.7 million and included $69.3 million of merger-related charges.
• Excluding merger-related charges, adjusted noninterest expense¹ was $376.5 million, compared to $343.6 million, driven by the full quarter impact of Bremer.
• The efficiency ratio¹ was 58.8%, while the adjusted efficiency ratio¹ was 48.1% compared to 55.8% and 50.2%, respectively.

INCOME TAXES

• Income tax expense was $50.0 million, resulting in an effective tax rate of 21.5% compared to 19.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.0% compared to 24.6%.
  • The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction.
• Income tax expense included $7.8 million of tax credit benefit compared to $5.8 million.

CAPITAL

Capital ratios remain strong.

• Preliminary total risk-based capital up 19 bps to 12.78% and preliminary regulatory Tier 1 capital up 29 bps to 11.49%, as strong retained earnings drive capital.
• Tangible common equity to tangible assets was 7.53%, up 3.7%.
• The Company repurchased 1.1 million shares of common stock during the quarter.

CONFERENCE CALL AND WEBCAST

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, October 22, 2025, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on November 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES

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. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD provision expense, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, 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 items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges 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 items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income 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 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.

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 following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS

This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National's financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the "Merger") between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management's attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick Jillson	Investors: Lynell Durchholz
(812) 465-7267	(812) 464-1366
[email protected]	[email protected]

Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
	2025			2025			2025			2024			2024				2025			2024
Income Statement
Net interest income	$	574,609		$	514,790		$	387,643		$	394,180		$	391,724			$	1,477,042		$	1,136,603
FTE adjustment1,3		7,975			7,063			5,360			5,777			6,144				20,398			18,737
Net interest income - tax equivalent basis3		582,584			521,853			393,003			399,957			397,868				1,497,440			1,155,340
Provision for credit losses		26,738			106,835			31,403			27,017			28,497				164,976			83,602
Noninterest income		130,461			132,517			93,794			95,766			94,138				356,772			258,931
Noninterest expense		445,734			384,766			268,471			276,824			272,283				1,098,971			817,599
Net income available to common shareholders	$	178,533		$	121,375		$	140,625		$	149,839		$	139,768			$	440,533		$	373,214
Per Common Share Data
Weighted average diluted shares		390,496			361,436			321,016			318,803			317,331				357,278			308,605
EPS, diluted	$	0.46		$	0.34		$	0.44		$	0.47		$	0.44			$	1.23		$	1.21
Cash dividends		0.14			0.14			0.14			0.14			0.14				0.42			0.42
Dividend payout ratio2		30	%		41	%		32	%		30	%		32	%			34	%		35	%
Book value	$	20.64		$	20.12		$	19.71		$	19.11		$	19.20			$	20.64		$	19.20
Stock price		21.95			21.34			21.19			21.71			18.66				21.95			18.66
Tangible book value3		13.15			12.60			12.54			11.91			11.97				13.15			11.97
Performance Ratios
ROAA		1.03	%		0.77	%		1.08	%		1.14	%		1.08	%			0.95	%		0.99	%
ROAE		9.0	%		6.7	%		9.1	%		9.8	%		9.4	%			8.3	%		8.8	%
ROATCE3		15.9	%		12.0	%		15.0	%		16.4	%		16.0	%			14.3	%		15.0	%
NIM (FTE)3		3.64	%		3.53	%		3.27	%		3.30	%		3.32	%			3.50	%		3.31	%
Efficiency ratio3		58.8	%		55.8	%		53.7	%		54.4	%		53.8	%			56.4	%		56.4	%
NCOs to average loans		0.25	%		0.24	%		0.24	%		0.21	%		0.19	%			0.24	%		0.16	%
ACL on loans to EOP loans		1.19	%		1.18	%		1.10	%		1.08	%		1.05	%			1.19	%		1.05	%
ACL4to EOP loans		1.26	%		1.24	%		1.16	%		1.14	%		1.12	%			1.26	%		1.12	%
NPLs to EOP loans		1.23	%		1.24	%		1.29	%		1.23	%		1.22	%			1.23	%		1.22	%
Balance Sheet (EOP)
Total loans	$	47,967,915		$	47,902,819		$	36,413,944		$	36,285,887		$	36,400,643			$	47,967,915		$	36,400,643
Total assets		71,210,162			70,979,805			53,877,944			53,552,272			53,602,293				71,210,162			53,602,293
Total deposits		55,006,184			54,357,683			41,034,572			40,823,560			40,845,746				55,006,184			40,845,746
Total borrowed funds		6,766,381			7,346,098			5,447,054			5,411,537			5,449,096				6,766,381			5,449,096
Total shareholders' equity		8,309,271			8,126,387			6,534,654			6,340,350			6,367,298				8,309,271			6,367,298
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity		11.02	%		10.74	%		11.62	%		11.38	%		11.00	%			11.02	%		11.00	%
Tier 1 capital		11.49	%		11.20	%		12.23	%		11.98	%		11.60	%			11.49	%		11.60	%
Total capital		12.78	%		12.59	%		13.68	%		13.37	%		12.94	%			12.78	%		12.94	%
Leverage ratio (average assets)		8.72	%		9.26	%		9.44	%		9.21	%		9.05	%			8.72	%		9.05	%
Equity to assets (averages)		11.48	%		11.38	%		12.01	%		11.78	%		11.60	%			11.59	%		11.41	%
TCE to TA		7.53	%		7.26	%		7.76	%		7.41	%		7.44	%			7.53	%		7.44	%
Nonfinancial Data
Full-time equivalent employees		5,243			5,313			4,028			4,066			4,105				5,243			4,105
Banking centers		351			351			280			280			280				351			280
1Calculated using the federal statutory tax rate in effect of 21% for all periods.
2Cash dividends per common share divided by net income per common share (basic).
3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
4Includes the allowance for credit losses on loans and unfunded loan commitments.
September 30, 2025 capital ratios are preliminary.
FTE - Fully taxable equivalent basis  ROAA - Return on average assets  ROAE - Return on average equity  ROATCE - Return on average tangible common equity  NCOs - Net Charge-offs  ACL - Allowance for Credit Losses  EOP - End of period actual balances  NPLs - Non-performing Loans  TCE - Tangible common equity  TA - Tangible assets

Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
	2025			2025			2025			2024			2024				2025			2024
Interest income	$	917,192		$	824,961		$	630,399		$	662,082		$	679,925			$	2,372,552		$	1,939,569
Less:  interest expense		342,583			310,171			242,756			267,902			288,201				895,510			802,966
Net interest income		574,609			514,790			387,643			394,180			391,724				1,477,042			1,136,603
Provision for credit losses		26,738			106,835			31,403			27,017			28,497				164,976			83,602
Net interest income after provision for credit losses		547,871			407,955			356,240			367,163			363,227				1,312,066			1,053,001
Wealth and investment services fees		39,684			35,817			29,648			30,012			29,117				105,149			86,779
Service charges on deposit accounts		27,856			23,878			21,156			20,577			20,350				72,890			57,598
Debit card and ATM fees		13,197			12,922			9,991			10,991			11,362				36,110			32,409
Mortgage banking revenue		10,442			10,032			6,879			7,026			7,669				27,353			19,211
Capital markets income		12,629			7,114			4,506			5,244			7,426				24,249			15,055
Company-owned life insurance		7,565			6,625			5,381			6,499			5,315				19,571			14,488
Other income		19,081			36,170			16,309			15,539			12,975				71,560			33,481
Debt securities gains (losses), net		7			(41	)		(76	)		(122	)		(76	)			(110	)		(90	)
Total noninterest income		130,461			132,517			93,794			95,766			94,138				356,772			258,931
Salaries and employee benefits		211,345			202,112			148,305			146,605			147,494				561,762			456,490
Occupancy		34,442			30,432			29,053			29,733			27,130				93,927			80,696
Equipment		12,703			12,566			8,901			9,325			9,888				34,170			27,263
Marketing		15,093			13,759			11,940			12,653			11,036				40,792			32,954
Technology		36,122			31,452			22,020			21,429			23,343				89,594			67,368
Communication		7,742			5,014			4,134			4,176			4,681				16,890			13,161
Professional fees		13,598			21,931			7,919			11,055			7,278				43,448			24,236
FDIC assessment		14,095			13,409			9,700			11,970			11,722				37,204			32,711
Amortization of intangibles		26,184			19,630			6,830			7,237			7,411				52,644			20,291
Amortization of tax credit investments		7,057			5,815			3,424			4,556			3,277				16,296			8,773
Other expense		67,353			28,646			16,245			18,085			19,023				112,244			53,656
Total noninterest expense		445,734			384,766			268,471			276,824			272,283				1,098,971			817,599
Income before income taxes		232,598			155,706			181,563			186,105			185,082				569,867			494,333
Income tax expense		50,031			30,298			36,904			32,232			41,280				117,233			109,018
Net income	$	182,567		$	125,408		$	144,659		$	153,873		$	143,802			$	452,634		$	385,315
Preferred dividends		(4,034	)		(4,033	)		(4,034	)		(4,034	)		(4,034	)			(12,101	)		(12,101	)
Net income applicable to common shares	$	178,533		$	121,375		$	140,625		$	149,839		$	139,768			$	440,533		$	373,214
EPS, diluted	$	0.46		$	0.34		$	0.44		$	0.47		$	0.44			$	1.23		$	1.21
Weighted Average Common Shares Outstanding
Basic		389,038			360,155			315,925			315,673			315,622				355,307			307,426
Diluted		390,496			361,436			321,016			318,803			317,331				357,278			308,605
(EOP)		390,768			391,818			319,236			318,980			318,955				390,768			318,955

End of Period Balance Sheet (unaudited)
($ in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Assets
Cash and due from banks	$	491,910		$	637,556		$	486,061		$	394,450		$	498,120
Money market and other interest-earning investments		1,190,707			1,171,015			753,719			833,518			693,450
Investments:
Treasury and government-sponsored agencies		2,402,375			2,445,733			2,364,170			2,289,903			2,335,716
Mortgage-backed securities		10,117,015			9,632,206			6,458,023			6,175,103			6,085,826
States and political subdivisions		1,579,802			1,590,272			1,589,555			1,637,379			1,665,128
Other securities		849,911			852,687			755,348			781,656			783,079
Total investments		14,949,103			14,520,898			11,167,096			10,884,041			10,869,749
Loans held-for-sale, at fair value		80,341			77,618			40,424			34,483			62,376
Loans:
Commercial		14,506,375			14,662,916			10,650,615			10,288,560			10,408,095
Commercial and agriculture real estate		22,083,734			21,879,785			16,135,327			16,307,486			16,356,216
Residential real estate		8,190,127			8,212,242			6,771,694			6,797,586			6,757,896
Consumer		3,187,679			3,147,876			2,856,308			2,892,255			2,878,436
Total loans		47,967,915			47,902,819			36,413,944			36,285,887			36,400,643
Allowance for credit losses on loans		(572,178	)		(565,109	)		(401,932	)		(392,522	)		(380,840	)
Premises and equipment, net		691,950			682,539			584,664			588,970			599,528
Goodwill and other intangible assets		2,926,960			2,944,372			2,289,268			2,296,098			2,305,084
Company-owned life insurance		1,044,780			1,046,693			859,211			859,851			863,723
Accrued interest receivable and other assets		2,438,674			2,561,404			1,685,489			1,767,496			1,690,460
Total assets	$	71,210,162		$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293
Liabilities and Equity
Noninterest-bearing demand deposits	$	12,691,658		$	12,652,556		$	9,186,314		$	9,399,019		$	9,429,285
Interest-bearing:
Checking and NOW accounts		9,669,551			9,194,738			7,736,014			7,538,987			7,314,245
Savings accounts		4,958,555			5,058,819			4,715,329			4,753,279			4,781,447
Money market accounts		16,739,884			16,564,125			11,638,653			11,807,228			11,601,461
Other time deposits		7,767,698			7,613,377			6,212,898			5,819,970			6,010,070
Total core deposits		51,827,346			51,083,615			39,489,208			39,318,483			39,136,508
Brokered deposits		3,178,838			3,274,068			1,545,364			1,505,077			1,709,238
Total deposits		55,006,184			54,357,683			41,034,572			40,823,560			40,845,746
Federal funds purchased and interbank borrowings		1			340,246			170			385			135,263
Securities sold under agreements to repurchase		277,594			297,637			290,256			268,975			244,626
Federal Home Loan Bank advances		5,663,361			5,835,918			4,514,354			4,452,559			4,471,153
Other borrowings		825,425			872,297			642,274			689,618			598,054
Total borrowed funds		6,766,381			7,346,098			5,447,054			5,411,537			5,449,096
Accrued expenses and other liabilities		1,128,326			1,149,637			861,664			976,825			940,153
Total liabilities		62,900,891			62,853,418			47,343,290			47,211,922			47,234,995
Preferred stock, common stock, surplus, and retained earnings		8,833,662			8,725,995			7,183,163			7,086,393			6,971,054
Accumulated other comprehensive income (loss), net of tax		(524,391	)		(599,608	)		(648,509	)		(746,043	)		(603,756	)
Total shareholders' equity		8,309,271			8,126,387			6,534,654			6,340,350			6,367,298
Total liabilities and shareholders' equity	$	71,210,162		$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
	Three Months Ended								Three Months Ended								Three Months Ended
	September 30, 2025								June 30, 2025								September 30, 2024
	Average			Income1/		Yield/			Average			Income1/		Yield/			Average			Income1/		Yield/
Earning Assets:	Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
Money market and other interest-earning investments	$	1,159,564		$	12,207	4.18	%		$	1,424,700		$	14,791	4.16	%		$	904,176		$	11,696	5.15	%
Investments:
Treasury and government-sponsored agencies		2,391,564			20,721	3.47	%			2,396,691			20,820	3.47	%			2,255,629			21,851	3.87	%
Mortgage-backed securities		9,854,107			105,596	4.29	%			8,567,318			87,734	4.10	%			5,977,058			48,425	3.24	%
States and political subdivisions		1,577,384			13,109	3.32	%			1,596,899			13,402	3.36	%			1,668,454			14,042	3.37	%
Other securities		874,728			16,265	7.44	%			970,581			15,770	6.50	%			785,107			12,547	6.39	%
Total investments		14,697,783			155,691	4.24	%			13,531,489			137,726	4.07	%			10,686,248			96,865	3.63	%
Loans:2
Commercial		14,722,785			249,569	6.78	%			13,240,876			219,446	6.63	%			10,373,340			183,878	7.09	%
Commercial and agriculture real estate		21,999,016			356,014	6.47	%			20,022,403			316,422	6.32	%			16,216,842			274,832	6.78	%
Residential real estate loans		8,287,155			95,129	4.59	%			7,792,440			88,852	4.56	%			6,833,597			67,084	3.93	%
Consumer		3,166,508			56,557	7.09	%			3,049,341			54,787	7.21	%			2,891,260			51,714	7.12	%
Total loans		48,175,464			757,269	6.28	%			44,105,060			679,507	6.16	%			36,315,039			577,508	6.36	%
Total earning assets	$	64,032,811		$	925,167	5.78	%		$	59,061,249		$	832,024	5.64	%		$	47,905,463		$	686,069	5.73	%
Less: Allowance for credit losses on loans		(566,102	)							(404,871	)							(366,667	)
Non-earning Assets:
Cash and due from banks	$	492,415							$	426,513							$	413,583
Other assets		7,177,663								6,403,239								5,394,032
Total assets	$	71,136,787							$	65,486,130							$	53,346,411
Interest-Bearing Liabilities:
Checking and NOW accounts	$	9,382,625		$	36,221	1.53	%		$	8,594,591		$	29,291	1.37	%		$	7,551,264		$	29,344	1.55	%
Savings accounts		5,009,293			3,866	0.31	%			4,968,232			3,777	0.30	%			4,860,161			5,184	0.42	%
Money market accounts		16,674,801			121,886	2.90	%			15,055,735			110,933	2.96	%			11,064,433			106,148	3.82	%
Other time deposits		7,723,441			73,247	3.76	%			7,092,124			67,204	3.80	%			5,928,241			64,435	4.32	%
Total interest-bearing core deposits		38,790,160			235,220	2.41	%			35,710,682			211,205	2.37	%			29,404,099			205,111	2.78	%
Brokered deposits		3,371,269			37,381	4.40	%			2,530,726			28,883	4.58	%			1,829,218			24,616	5.35	%
Total interest-bearing deposits		42,161,429			272,601	2.57	%			38,241,408			240,088	2.52	%			31,233,317			229,727	2.93	%
Federal funds purchased and interbank borrowings		157,192			1,816	4.58	%			88,603			953	4.31	%			14,549			292	7.98	%
Securities sold under agreements to repurchase		289,323			731	1.00	%			295,948			636	0.86	%			239,524			612	1.02	%
Federal Home Loan Bank advances		5,552,780			57,143	4.08	%			6,037,462			59,042	3.92	%			4,572,046			47,719	4.15	%
Other borrowings		871,996			10,292	4.68	%			828,214			9,452	4.58	%			754,544			9,851	5.19	%
Total borrowed funds		6,871,291			69,982	4.04	%			7,250,227			70,083	3.88	%			5,580,663			58,474	4.17	%
Total interest-bearing liabilities	$	49,032,720		$	342,583	2.77	%		$	45,491,635		$	310,171	2.73	%		$	36,813,980		$	288,201	3.11	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits	$	12,731,654							$	11,568,854							$	9,371,698
Other liabilities		1,203,838								973,525								970,662
Shareholders' equity		8,168,575								7,452,116								6,190,071
Total liabilities and shareholders' equity	$	71,136,787							$	65,486,130							$	53,346,411
Net interest rate spread						3.01	%							2.91	%							2.62	%
Net interest margin (GAAP)						3.59	%							3.49	%							3.27	%
Net interest margin (FTE)3						3.64	%							3.53	%							3.32	%
FTE adjustment				$	7,975							$	7,063							$	6,144
1Interest income is reflected on a FTE basis.
2Includes loans held-for-sale.
3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
	Nine Months Ended								Nine Months Ended
	September 30, 2025								September 30, 2024
	Average			Income1/		Yield/			Average			Income1/		Yield/
Earning Assets:	Balance			Expense		Rate			Balance			Expense		Rate
Money market and other interest-earning investments	$	1,126,460		$	35,813	4.25	%		$	825,743		$	32,992	5.34	%
Investments:
Treasury and government-sponsored agencies		2,369,307			61,560	3.46	%			2,275,607			66,648	3.91	%
Mortgage-backed securities		8,249,480			247,853	4.01	%			5,721,725			135,217	3.15	%
States and political subdivisions		1,594,912			39,753	3.32	%			1,678,504			42,308	3.36	%
Other securities		872,430			42,547	6.50	%			781,385			37,303	6.37	%
Total investments	$	13,086,129		$	391,713	3.99	%		$	10,457,221		$	281,476	3.59	%
Loans:2
Commercial		12,803,059			634,610	6.61	%			10,087,322			534,566	7.07	%
Commercial and agriculture real estate		19,432,867			918,371	6.30	%			15,488,010			765,325	6.59	%
Residential real estate loans		7,636,955			251,629	4.39	%			6,826,809			197,770	3.86	%
Consumer		3,030,102			160,814	7.10	%			2,815,837			146,177	6.93	%
Total loans		42,902,983			1,965,424	6.11	%			35,217,978			1,643,838	6.22	%
Total earning assets	$	57,115,572		$	2,392,950	5.59	%		$	46,500,942		$	1,958,306	5.62	%
Less: Allowance for credit losses on loans		(457,192	)							(337,168	)
Non-earning Assets:
Cash and due from banks	$	430,891							$	402,213
Other assets		6,331,698								5,232,807
Total assets	$	63,420,969							$	51,798,794
Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,507,970		$	89,362	1.40	%		$	7,627,029		$	88,994	1.56	%
Savings accounts		4,891,083			11,251	0.31	%			4,976,361			15,455	0.41	%
Money market accounts		14,483,414			321,200	2.97	%			10,571,821			302,921	3.83	%
Other time deposits		6,943,552			196,936	3.79	%			5,327,361			168,453	4.22	%
Total interest-bearing core deposits		34,826,019			618,749	2.38	%			28,502,572			575,823	2.70	%
Brokered deposits		2,489,600			84,435	4.53	%			1,375,231			55,149	5.36	%
Total interest-bearing deposits		37,315,619			703,184	2.52	%			29,877,803			630,972	2.82	%
Federal funds purchased and interbank borrowings		131,341			4,394	4.47	%			77,262			3,239	5.60	%
Securities sold under agreements to repurchase		286,137			1,918	0.90	%			261,818			2,168	1.11	%
Federal Home Loan Bank advances		5,355,597			158,081	3.95	%			4,477,851			133,529	3.98	%
Other borrowings		792,708			27,933	4.71	%			823,746			33,058	5.36	%
Total borrowed funds		6,565,783			192,326	3.92	%			5,640,677			171,994	4.07	%
Total interest-bearing liabilities		43,881,402			895,510	2.73	%			35,518,480			802,966	3.02	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits	$	11,145,709							$	9,396,081
Other liabilities		1,041,715								971,687
Shareholders' equity		7,352,143								5,912,546
Total liabilities and shareholders' equity	$	63,420,969							$	51,798,794
Net interest rate spread						2.86	%							2.60	%
Net interest margin (GAAP)						3.45	%							3.26	%
Net interest margin (FTE)3						3.50	%							3.31	%
FTE adjustment				$	20,398							$	18,737
1Interest income is reflected on a FTE.
2Includes loans held-for-sale.
3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

Asset Quality (EOP) (unaudited)
($ in thousands)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
		2025			2025			2025			2024			2024				2025			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	565,109		$	401,932		$	392,522		$	380,840		$	366,335			$	392,522		$	307,610
Allowance established for acquired PCD loans		13,104			90,442			—			—			2,803				103,546			26,725
Provision for credit losses on loans		24,003			99,263			31,026			30,417			29,176				154,292			89,774
Gross charge-offs		(35,402	)		(29,954	)		(24,540	)		(21,278	)		(18,965	)			(89,896	)		(50,026	)
Gross recoveries		5,364			3,426			2,924			2,543			1,491				11,714			6,757
NCOs		(30,038	)		(26,528	)		(21,616	)		(18,735	)		(17,474	)			(78,182	)		(43,269	)
Ending allowance for credit losses on loans	$	572,178		$	565,109		$	401,932		$	392,522		$	380,840			$	572,178		$	380,840
Beginning allowance for credit losses on unfunded commitments	$	29,603		$	22,031		$	21,654		$	25,054		$	25,733			$	21,654		$	31,226
Provision (release) for credit losses on unfunded commitments		2,735			7,572			377			(3,400	)		(679	)			10,684			(6,172	)
Ending allowance for credit losses on unfunded commitments	$	32,338		$	29,603		$	22,031		$	21,654		$	25,054			$	32,338		$	25,054
Allowance for credit losses	$	604,516		$	594,712		$	423,963		$	414,176		$	405,894			$	604,516		$	405,894
Provision for credit losses on loans	$	24,003		$	99,263		$	31,026		$	30,417		$	29,176			$	154,292		$	89,774
Provision (release) for credit losses on unfunded commitments		2,735			7,572			377			(3,400	)		(679	)			10,684			(6,172	)
Provision for credit losses	$	26,738		$	106,835		$	31,403		$	27,017		$	28,497			$	164,976		$	83,602
NCOs / average loans1		0.25	%		0.24	%		0.24	%		0.21	%		0.19	%			0.24	%		0.16	%
Average loans1	$	48,153,186		$	44,075,472		$	36,284,059		$	36,410,414		$	36,299,544			$	42,881,049		$	35,202,727
EOP loans1		47,967,915			47,902,819			36,413,944			36,285,887			36,400,643				47,967,915			36,400,643
ACL on loans / EOP loans1		1.19	%		1.18	%		1.10	%		1.08	%		1.05	%			1.19	%		1.05	%
ACL / EOP loans1		1.26	%		1.24	%		1.16	%		1.14	%		1.12	%			1.26	%		1.12	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	1,525		$	16,893		$	6,757		$	4,060		$	1,177			$	1,525		$	1,177
Nonaccrual loans		590,820			594,709			469,211			447,979			443,597				590,820			443,597
Foreclosed assets		6,325			7,986			6,301			4,294			4,077				6,325			4,077
Total underperforming assets	$	598,670		$	619,588		$	482,269		$	456,333		$	448,851			$	598,670		$	448,851
Classified and Criticized Assets:
Nonaccrual loans	$	590,820		$	594,709		$	469,211		$	447,979		$	443,597			$	590,820		$	443,597
Substandard loans (still accruing)		1,881,294			1,969,260			1,479,630			1,073,413			1,074,243				1,881,294			1,074,243
Loans 90 days and over (still accruing)		1,525			16,893			6,757			4,060			1,177				1,525			1,177
Total classified loans - "problem loans"		2,473,639			2,580,862			1,955,598			1,525,452			1,519,017				2,473,639			1,519,017
Other classified assets		35,373			43,495			53,239			58,954			59,485				35,373			59,485
Special Mention		893,109			1,008,716			828,314			908,630			837,543				893,109			837,543
Total classified and criticized assets	$	3,402,121		$	3,633,073		$	2,837,151		$	2,493,036		$	2,416,045			$	3,402,121		$	2,416,045
Loans 30-89 days past due (still accruing)	$	83,030		$	128,771		$	72,517		$	93,141		$	91,750			$	83,030		$	91,750
Nonaccrual loans / EOP loans1		1.23	%		1.24	%		1.29	%		1.23	%		1.22	%			1.23	%		1.22	%
ACL / nonaccrual loans		102	%		100	%		90	%		92	%		92	%			102	%		92	%
Under-performing assets/EOP loans1		1.25	%		1.29	%		1.32	%		1.26	%		1.23	%			1.25	%		1.23	%
Under-performing assets/EOP assets		0.84	%		0.87	%		0.90	%		0.85	%		0.84	%			0.84	%		0.84	%
30+ day delinquencies/EOP loans1		0.18	%		0.30	%		0.22	%		0.27	%		0.26	%			0.18	%		0.26	%
1Excludes loans held-for-sale.

               

Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
		2025			2025			2025			2024			2024				2025			2024
Earnings Per Share:
Net income applicable to common shares	$	178,533		$	121,375		$	140,625		$	149,839		$	139,768			$	440,533		$	373,214
Adjustments:
Merger-related charges		69,274			41,206			5,856			8,117			6,860				116,336			29,208
Tax effect1		(16,494	)		(11,337	)		(1,089	)		(2,058	)		(1,528	)			(28,921	)		(6,651	)
Merger-related charges, net		52,780			29,869			4,767			6,059			5,332				87,415			22,557
CECL Day 1 non-PCD provision expense		—			75,604			—			—			—				75,604			15,312
Tax effect1		—			(20,802	)		—			—			—				(20,802	)		(3,476	)
CECL Day 1 non-PCD provision expense, net		—			54,802			—			—			—				54,802			11,836
Pension plan gain		—			(21,001	)		—			—			—				(21,001	)		—
Tax effect1		—			5,778			—			—			—				5,778			—
Pension plan gain, net		—			(15,223	)		—			—			—				(15,223	)		—
Debt securities (gains) losses		(7	)		41			76			122			76				110			90
Tax effect1		2			(11	)		(14	)		(31	)		(17	)			(24	)		(20	)
Debt securities (gains) losses, net		(5	)		30			62			91			59				86			70
Separation expense		—			—			—			—			2,646				—			2,646
Tax effect1		—			—			—			—			(589	)			—			(589	)
Separation expense, net		—			—			—			—			2,057				—			2,057
Distribution of excess pension assets		—			—			—			—			—		—		—			13,318
Tax effect1		—			—			—			—			—		—		—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			—				—			10,068
FDIC special assessment		—			—			—			—			—				—			2,994
Tax effect1		—			—			—			—			—				—			(731	)
FDIC special assessment, net		—			—			—			—			—				—			2,263
Total adjustments, net		52,775			69,478			4,829			6,150			7,448				127,080			48,851
Net income applicable to common shares, adjusted	$	231,308		$	190,853		$	145,454		$	155,989		$	147,216			$	567,613		$	422,065
Weighted average diluted common shares outstanding		390,496			361,436			321,016			318,803			317,331				357,278			308,605
EPS, diluted	$	0.46		$	0.34		$	0.44		$	0.47		$	0.44			$	1.23		$	1.21
Adjusted EPS, diluted	$	0.59		$	0.53		$	0.45		$	0.49		$	0.46			$	1.59		$	1.37
NIM:
Net interest income	$	574,609		$	514,790		$	387,643		$	394,180		$	391,724			$	1,477,042		$	1,136,603
Add: FTE adjustment2		7,975			7,063			5,360			5,777			6,144				20,398			18,737
Net interest income (FTE)	$	582,584		$	521,853		$	393,003		$	399,957		$	397,868			$	1,497,440		$	1,155,340
Average earning assets	$	64,032,811		$	59,061,249		$	48,077,320		$	48,411,803		$	47,905,463			$	57,115,572		$	46,500,942
NIM (GAAP)		3.59	%		3.49	%		3.23	%		3.26	%		3.27	%			3.45	%		3.26	%
NIM (FTE)		3.64	%		3.53	%		3.27	%		3.30	%		3.32	%			3.50	%		3.31	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
		2025			2025			2025			2024			2024				2025			2024
PPNR:
Net interest income (FTE)2	$	582,584		$	521,853		$	393,003		$	399,957		$	397,868			$	1,497,440		$	1,155,340
Add: Noninterest income		130,461			132,517			93,794			95,766			94,138				356,772			258,931
Total revenue (FTE)		713,045			654,370			486,797			495,723			492,006				1,854,212			1,414,271
Less: Noninterest expense		(445,734	)		(384,766	)		(268,471	)		(276,824	)		(272,283	)			(1,098,971	)		(817,599	)
PPNR	$	267,311		$	269,604		$	218,326		$	218,899		$	219,723			$	755,241		$	596,672
Adjustments:
Pension plan termination gain	$	—		$	(21,001	)	$	—		$	—		$	—			$	(21,001	)	$	—
Debt securities (gains) losses	$	(7	)	$	41		$	76		$	122		$	76			$	110		$	90
Noninterest income adjustments		(7	)		(20,960	)		76			122			76				(20,891	)		90
Adjusted noninterest income		130,454			111,557			93,870			95,888			94,214				335,881			259,021
Adjusted revenue	$	713,038		$	633,410		$	486,873		$	495,845		$	492,082			$	1,833,321		$	1,414,361
Adjustments:
Merger-related charges	$	69,274		$	41,206		$	5,856		$	8,117		$	6,860			$	116,336		$	29,208
Separation expense		—			—			—			—			2,646				—			2,646
Distribution of excess pension assets		—			—			—			—			—				—			13,318
FDIC Special Assessment		—			—			—			—			—				—			2,994
Noninterest expense adjustments		69,274			41,206			5,856			8,117			9,506				116,336			48,166
Adjusted total noninterest expense		(376,460	)		(343,560	)		(262,615	)		(268,707	)		(262,777	)			(982,635	)		(769,433	)
Adjusted PPNR	$	336,578		$	289,850		$	224,258		$	227,138		$	229,305			$	850,686		$	644,928
Efficiency Ratio:
Noninterest expense	$	445,734		$	384,766		$	268,471		$	276,824		$	272,283			$	1,098,971		$	817,599
Less: Amortization of intangibles		(26,184	)		(19,630	)		(6,830	)		(7,237	)		(7,411	)			(52,644	)		(20,291	)
Noninterest expense, excl. amortization of intangibles		419,550			365,136			261,641			269,587			264,872				1,046,327			797,308
Less: Amortization of tax credit investments		(7,057	)		(5,815	)		(3,424	)		(4,556	)		(3,277	)			(16,296	)		(8,773	)
Less: Noninterest expense adjustments		(69,274	)		(41,206	)		(5,856	)		(8,117	)		(9,506	)			(116,336	)		(48,166	)
Adjusted noninterest expense, excluding amortization	$	343,219		$	318,115		$	252,361		$	256,914		$	252,089			$	913,695		$	740,369
Total revenue (FTE)2	$	713,045		$	654,370		$	486,797		$	495,723		$	492,006			$	1,854,212		$	1,414,271
Less: Debt securities (gains) losses		(7	)		41			76			122			76				110			90
Less: Pension plan gain		—			(21,001	)		—			—			—				(21,001	)		—
Total adjusted revenue	$	713,038		$	633,410		$	486,873		$	495,845		$	492,082			$	1,833,321		$	1,414,361
Efficiency Ratio		58.8	%		55.8	%		53.7	%		54.4	%		53.8	%			56.4	%		56.4	%
Adjusted Efficiency Ratio		48.1	%		50.2	%		51.8	%		51.8	%		51.2	%			49.8	%		52.3	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended																Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,				September 30,			September 30,
		2025			2025			2025			2024			2024				2025			2024
ROAE and ROATCE:
Net income applicable to common shares	$	178,533		$	121,375		$	140,625		$	149,839		$	139,768			$	440,533		$	373,214
Amortization of intangibles		26,184			19,630			6,830			7,237			7,411				52,644			20,291
Tax effect1		(6,546	)		(4,908	)		(1,708	)		(1,809	)		(1,853	)			(13,161	)		(5,073	)
Amortization of intangibles, net		19,638			14,722			5,122			5,428			5,558				39,483			15,218
Net income applicable to common shares, excluding intangibles amortization		198,171			136,097			145,747			155,267			145,326				480,016			388,432
Total adjustments, net (see pg.12)		52,775			69,478			4,829			6,150			7,448				127,080			48,851
Adjusted net income applicable to common shares, excluding intangibles amortization	$	250,946		$	205,575		$	150,576		$	161,417		$	152,774			$	607,096		$	437,283
Average shareholders' equity	$	8,168,575		$	7,452,116		$	6,416,485		$	6,338,953		$	6,190,071			$	7,352,143		$	5,912,546
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)			(243,719	)		(243,719	)
Average shareholders' common equity	$	7,924,856		$	7,208,397		$	6,172,766		$	6,095,234		$	5,946,352			$	7,108,424		$	5,668,827
Average goodwill and other intangible assets		(2,931,319	)		(2,670,710	)		(2,292,526	)		(2,301,177	)		(2,304,597	)			(2,633,858	)		(2,216,437	)
Average tangible shareholder's common equity	$	4,993,537		$	4,537,687		$	3,880,240		$	3,794,057		$	3,641,755			$	4,474,566		$	3,452,390
ROAE		9.0	%		6.7	%		9.1	%		9.8	%		9.4	%			8.3	%		8.8	%
ROAE, adjusted		11.7	%		10.6	%		9.4	%		10.2	%		9.9	%			10.6	%		9.9	%
ROATCE		15.9	%		12.0	%		15.0	%		16.4	%		16.0	%			14.3	%		15.0	%
ROATCE, adjusted		20.1	%		18.1	%		15.5	%		17.0	%		16.8	%			18.1	%		16.9	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Tangible Common Equity:
Shareholders' equity	$	8,309,271		$	8,126,387		$	6,534,654		$	6,340,350		$	6,367,298
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders' common equity	$	8,065,552		$	7,882,668		$	6,290,935		$	6,096,631		$	6,123,579
Less: Goodwill and other intangible assets		(2,926,960	)		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)
Tangible shareholders' common equity	$	5,138,592		$	4,938,296		$	4,001,667		$	3,800,533		$	3,818,495
Total assets	$	71,210,162		$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293
Less: Goodwill and other intangible assets		(2,926,960	)		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)
Tangible assets	$	68,283,202		$	68,035,433		$	51,588,676		$	51,256,174		$	51,297,209
Risk-weighted assets3	$	52,515,468		$	52,517,871		$	40,266,670		$	40,314,805		$	40,584,608
Tangible common equity to tangible assets		7.53	%		7.26	%		7.76	%		7.41	%		7.44	%
Tangible common equity to risk-weighted assets3		9.78	%		9.40	%		9.94	%		9.43	%		9.41	%
Tangible Common Book Value:
Common shares outstanding		390,768			391,818			319,236			318,980			318,955
Tangible common book value	$	13.15		$	12.60		$	12.54		$	11.91		$	11.97
1Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2Calculated using the federal statutory tax rate in effect of 21% for all periods.
3September 30, 2025 figures are preliminary.