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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

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 Comparisons are on a linked-quarter basis, unless otherwise noted Includes loans held-for-sale 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
Rick.Jillson@oldnational.com Lynell.Durchholz@oldnational.com



               
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.



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