| HOUSTON and TUPELO, Miss., Jan. 22, 2026 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2025. Annual highlights for 2025 included: - Achieved net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, and record adjusted net income available to common shareholders,(1) of $582.2 million, or $3.10 per diluted common share, an increase of 13.1% on a per share basis compared to 2024.
- Reported record annual adjusted pre-tax pre-provision net revenue (PPNR)(1) of $857.7 million, or 1.68% of average assets, an increase of $118.7 million, or 16.1%, compared to 2024.
- Announced and completed strategic transactions with FCB Financial Corp. and Industry Bancshares, Inc., which collectively added approximately $4.7 billion in assets and enhanced the Company's presence in Georgia and Texas.
- Total loans grew $3.5 billion, reflecting growth of 10% in 2025, while total deposits grew $3.6 billion, or 9% in 2025. Excluding acquired balances, organic loan growth was $2.2 billion, or 6.4% for 2025 while core customer deposits, which exclude brokered deposits and public funds, increased $1.0 billion, or 3.0%.
- Net interest margin improved by 17 basis points to 3.47% for 2025, benefitting from balance sheet growth and improved funding costs.
- Achieved continued improvement in operating leverage, which is reflected in a 200 basis point decline in the adjusted efficiency ratio(1) to 56.4% in 2025 from 58.4% in 2024.
Highlights for the fourth quarter of 2025 included: - Reported quarterly net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, and record adjusted net income available to common shareholders(1) of $160.6 million, or $0.85 per diluted common share.
- Achieved quarterly adjusted PPNR(1) of $237.8 million, an increase of $53.8 million, or 29.2% compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1%, from the third quarter of 2025.
- Generated net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025 and core customer deposit growth totaled $529.0 million, or 4.8% annualized, for the fourth quarter of 2025.
- Net interest margin improved to 3.55% for the fourth quarter of 2025, an increase of 9 basis points compared to the third quarter of 2025, driven primarily by continued balance sheet growth as well as a meaningful reduction in funding costs.
- Attained an adjusted efficiency ratio(1) of 54.9%, reflecting linked quarter improvement of over 150 basis points in the fourth quarter of 2025.
- Tangible book value per common share(1) of $23.69 at December 31, 2025, an increase of $0.87 from the third quarter of 2025, as a result of strong core earnings combined with improvement in the fair value of the Company's securities portfolio.
- Maintained strong regulatory capital with Common Equity Tier 1 Capital of 11.7% and Total Capital of 13.3%.
- On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated, which is expected to close on February 1, 2026, subject to customary closing conditions, creating a top 10 franchise nationally with pro forma total assets of over $275 billion.
"We are pleased to report strong fourth quarter results reflecting themes that are consistent with our full year 2025 performance, including continued earnings improvement and balance sheet growth," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "Our fourth quarter and full year results both reflect continued earnings growth achieved through a positive trajectory in net interest margin and operating efficiency combined with steady organic balance sheet growth and stable credit quality. Additionally, we supplemented our organic growth efforts in 2025 with two strategic partnerships that accelerated our growth in Texas and Georgia. Finally, we are pleased to have received all shareholder and regulatory approvals necessary to complete our pending transaction with Huntington, which is expected to close on February 1, 2026. We are excited about the opportunity this combination provides to enhance growth efforts in the communities and markets we serve through the additional capabilities and product offerings available at Huntington." Earnings Summary For the year ended December 31, 2025, the Company reported net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, compared with $514.1 million, or $2.77 per diluted common share, for the year ended December 31, 2024. The Company reported adjusted net income available to common shareholders(1) of $582.2 million, or $3.10 per diluted common share, for the year ended December 31, 2025 compared with $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024. Additionally, the Company reported adjusted PPNR(1) of $857.7 million, or 1.68% of average assets, for the year ended December 31, 2025 compared with $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024. For the fourth quarter of 2025, the Company reported net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, compared to $130.3 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $127.5 million, or $0.67 per diluted common share, for the third quarter of 2025. Adjusted net income available to common shareholders(1) was $160.6 million, or $0.85 per diluted common share, for the fourth quarter of 2025, compared with $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025. Return on average assets was 1.10% for the fourth quarter of 2025, compared to 1.12% for the fourth quarter of 2024 and 0.95% for the third quarter of 2025. Adjusted return on average assets(1) was 1.22% for the fourth quarter of 2025, compared to 1.11% in the fourth quarter of 2024 and 1.13% in the third quarter of 2025. Additionally, the Company reported adjusted PPNR(1) of $237.8 million, or 1.78% of average assets on an annualized basis, for the fourth quarter of 2025, which represents an increase of $53.8 million, or 29.2%, compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1% compared to the third quarter of 2025. Net Interest Revenue Net interest revenue was $426.9 million for the fourth quarter of 2025, compared to $364.5 million for the fourth quarter of 2024 and $423.7 million for the third quarter of 2025. The net interest margin (fully taxable equivalent) was 3.55% for the fourth quarter of 2025, compared with 3.38% for the fourth quarter of 2024 and 3.46% for the third quarter of 2025. Net interest revenue increased $3.2 million, or 0.8%, compared to the third quarter of 2025 due to continued balance sheet growth and improvement in net interest margin. Purchase accounting loan accretion revenue was $4.6 million for the fourth quarter of 2025 compared to $5.5 million for the third quarter of 2025. Average earning assets declined to $47.9 billion compared to $48.8 billion for the third quarter of 2025 as the third quarter of 2025 included temporarily elevated securities balances related to the Industry transaction. The linked quarter net interest margin improved by 9 basis points to 3.55% for the fourth quarter of 2025 due primarily to declines in the cost of deposits and overall funding costs outpacing declines in yields on loans and securities. Yield on net loans, loans held for sale and leases, excluding accretion, was 6.26% for the fourth quarter of 2025 compared with 6.31% for the third quarter of 2025. Investment securities yielded 3.53% in the fourth quarter of 2025, declining from 3.65% for the third quarter of 2025. The average cost of total deposits of 2.15% for the fourth quarter of 2025 declined by 10 basis points from 2.25% for the third quarter of 2025, driven by a 20 basis point linked quarter decline in interest bearing demand and money market yields and an 8 basis point decline in the cost of time deposits. Total funding costs were 2.24% for the fourth quarter of 2025, a decline of 11 basis points from 2.35% in the third quarter of 2025. Balance Sheet Activity Loans and leases, net of unearned income, increased to $37.2 billion at December 31, 2025 compared to $36.8 billion at September 30, 2025, representing net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025. The organic growth for the fourth quarter of 2025 was broadly dispersed across all major asset classes. Net organic loan growth for the full year 2025 totaled $2.2 billion, or 6.4%. Total deposits were $44.1 billion as of December 31, 2025, increasing $0.2 billion from $43.9 billion at the end of the third quarter of 2025. Core customer deposits grew $529.0 million quarter-over-quarter while public funds increased $150.0 million and brokered deposits declined $461.0 million. The loan to deposit ratio was 84.4% as of December 31, 2025. Noninterest bearing deposits represented 21.4% of total deposits at the end of the fourth quarter of 2025 compared to 20.6% at the end of the third quarter of 2025. Investment securities cash flows supported loan growth in the quarter, with total investment securities declining $0.5 billion from September 30, 2025 to $9.1 billion at December 31, 2025, representing 17.0% of total assets. Cash, due from balances and deposits at the Federal Reserve of $2.2 billion at December 31, 2025 increased $0.3 billion compared to $1.9 billion at September 30, 2025. Borrowed funds were flat compared to September 30, 2025. The increase in other short-term borrowings and comparable decline in long-term borrowings were driven by the reclassification of FHLB advances that mature in the fourth quarter of 2026. Credit Results, Provision for Credit Losses and Allowance for Credit Losses Credit metrics for the fourth quarter of 2025 included net charge-offs of $26.1 million, or 0.28% of average net loans and leases on an annualized basis, compared with net charge-offs of $14.1 million, or 0.17%, for the fourth quarter of 2024 and net charge-offs of $23.6 million, or 0.26%, for the third quarter of 2025. The provision for credit losses for the fourth quarter of 2025 was $28.0 million, compared with $15.0 million for the fourth quarter of 2024 and $32.0 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2025 included $5.5 million in day-one provision associated with performing loans and leases acquired in the Industry transaction. The allowance for credit losses of $495.1 million at December 31, 2025 was 1.33% of total loans and leases compared to 1.37% of total loans and leases at December 31, 2024 and 1.35% of total loans and leases at September 30, 2025. Total nonperforming assets as a percent of total assets were 0.49% at December 31, 2025 compared to 0.58% at December 31, 2024 and 0.50% at September 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.67% at December 31, 2025 compared to 0.78% at December 31, 2024 and 0.68% at September 30, 2025. Other real estate owned and other repossessed assets were $11.8 million at December 31, 2025 compared to the December 31, 2024 balance of $5.8 million and the September 30, 2025 balance of $16.3 million. Criticized loans represented 2.81% of loans at December 31, 2025 compared to 2.35% at December 31, 2024 and 2.71% at September 30, 2025, while classified loans were 1.85% at December 31, 2025 compared to 2.02% at December 31, 2024 and 1.89% at September 30, 2025. Noninterest Revenue Noninterest revenue was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue(1) was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue(1) for the third quarter of 2025 excludes a $4.3 million gain on securities sales and a corresponding $4.3 million loss recognized in other noninterest revenue related to the termination of fair value hedges associated with the Industry securities portfolio. Adjusted noninterest revenue increased $8.0 million, or 8.5%, compared to the third quarter of 2025, which was driven primarily by increases in mortgage banking revenue, wealth management revenue, and other noninterest income. Wealth management revenue was $25.4 million for the fourth quarter of 2025 up from $24.5 million for the third quarter of 2025 primarily as a result of improved market conditions. Deposit service charge revenue was $19.1 million for the fourth quarter of 2025, up from $19.0 million for the third quarter of 2025. Credit card, debit card and merchant fee revenue was $13.7 million for the fourth quarter of 2025, up from $13.5 million for the third quarter of 2025. Mortgage banking revenue totaled $6.1 million for the fourth quarter of 2025, compared to $3.6 million for the fourth quarter of 2024 and $4.5 million for the third quarter of 2025. The $1.7 million increase compared to the third quarter of 2025 reflects higher mortgage origination revenue driven by strong production as well as an improvement in the mortgage servicing rights valuation adjustment from the prior quarter. Other noninterest revenue was $37.1 million for the fourth quarter of 2025, representing an increase of $9.5 million from $27.7 million for the third quarter of 2025. This increase was driven in part by the $4.3 million loss recognized in the third quarter of 2025 on the termination of fair value hedges related to the Industry securities portfolio, with the remainder of the linked quarter increase attributable to higher earnings from limited partnerships, increased BOLI revenue, and stronger SBA income. Noninterest Expense Noninterest expense for the fourth quarter of 2025 was $311.3 million, compared with $266.2 million for the fourth quarter of 2024 and $320.2 million for the third quarter of 2025. Adjusted noninterest expense(1) for the fourth quarter of 2025 was $290.6 million, compared with $266.7 million for the fourth quarter of 2024 and $293.2 million for the third quarter of 2025. Adjusted noninterest expense(1) for the fourth quarter of 2025 excludes $5.8 million of merger expense, $18.9 million of incremental merger related expense, and a $4.0 million reduction to the FDIC special assessment accrual. Adjusted noninterest expense(1) for third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense. The adjusted efficiency ratio(1) improved to 54.9% for the fourth quarter of 2025, compared to 59.1% for the fourth quarter of 2024 and 56.5% for the third quarter of 2025. The $2.6 million, or 0.9%, linked quarter decline in adjusted noninterest expense(1) was driven primarily by declines in data processing and software, occupancy and equipment, and deposit insurance assessments, partially offset by an increase in salaries and employee benefits. Excluding the impact of nonroutine expenses, occupancy and equipment expense declined $1.9 million primarily due to negotiated vendor credits, and data processing expense declined $2.5 million due to elevated project implementation expense in the third quarter of 2025. These declines were partially offset by a linked quarter increase in salaries and benefits of $1.9 million on an adjusted basis, which primarily reflects increases in health insurance costs and other benefits. Capital Management Total shareholders' equity was $6.2 billion at December 31, 2025, up from $5.6 billion at December 31, 2024 and $6.1 billion at September 30, 2025. Estimated regulatory capital ratios at December 31, 2025 included Common Equity Tier 1 capital of 11.7%, Tier 1 capital of 12.1%, Total risk-based capital of 13.3%, and Tier 1 leverage capital of 9.7%. During the fourth quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.6 million outstanding shares of common stock as of December 31, 2025. Key Transactions On May 1, 2025, the Company completed its merger with FCB Financial Corp., the bank holding company for First Chatham Bank (collectively referred to as "First Chatham"), pursuant to which First Chatham was merged with and into the Company. First Chatham was a Savannah, Georgia-based community bank that operated eight branches across the Greater Savannah Area. As of April 30, 2025, First Chatham reported total assets of $604 million, total loans of $387 million, and total deposits of $525 million. Under the terms of the definitive merger agreement, the Company issued approximately 2.3 million shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies. On July 1, 2025, the Company completed its merger with Industry Bancshares, Inc., the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham (collectively referred to as "Industry"), pursuant to which Industry was merged with and into the Company. Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. As of June 30, 2025, Industry reported total assets of $4.1 billion, total loans of $1.0 billion, and total deposits of $4.3 billion. Under the terms of the definitive merger agreement, the Company paid $20.0 million in cash for all outstanding shares of Industry. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies. On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated ("Huntington") under which Huntington will acquire the Company in an all-stock transaction. Under the terms of the definitive agreement, Cadence common shareholders will receive 2.475 common shares of Huntington for each Cadence share. The partnership is expected to create a top 10 franchise nationally with pro forma total assets of over $275 billion. The transaction is expected to close February 1, 2026, subject to customary closing conditions. About Cadence Bank Cadence Bank (NYSE: CADE) is a $54 billion regional bank committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender. (1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 22 of this news release. |
Forward-Looking Statements Certain statements made in this news release constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the "bespeaks caution" doctrine. These statements are often, but not exclusively, made through the use of words or phrases like "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "foresee," "indicate," "may," "might," "outlook," "prospect," "potential," "roadmap," "should," "target," "will," "would," the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, trade, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact on the Company's financial condition, future net income and earnings per share resulting from the integration of its recently completed acquisitions of First Chatham and Industry, and the Company's ability to deploy capital into strategic and growth initiatives. These statements may also include discussion of the benefits of the proposed transaction with Huntington, the plans, objectives, expectations and intentions of the combined company, the expected timing of completion of the transaction, and other statements that are not historical facts. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. The Company cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond the Company's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation (the "FDIC") special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"); volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the Securities and Exchange Commission (the "SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and the Company; the outcome of any legal proceedings that have been or may be instituted against Huntington or the Company; delays in completing the proposed transaction involving Huntington and the Company; the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and the Company do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the ability of Huntington and the Company to meet expectations regarding the timing, completion and accounting and tax treatment of the transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and the Company successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and the Company. The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters, and costs related to the same; the impairment of goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the ability to execute business plans and strategies, and managing the risks involved in all of the foregoing. Additional factors that could cause results to differ materially from those described above can be found in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the SEC and available on the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC, and in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the Federal Reserve and available on the Company's investor relations website, ir.cadencebank.com, under the heading "Public Filings" and in other documents the Company files with the Federal Reserve. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section. Table 1
Selected Financial Data
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Earnings Summary: |
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|
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| Interest revenue | $ 686,988 | $ 704,643 | $ 635,599 | $ 599,257 | $ 620,321 |
| $ 2,626,487 | $ 2,547,357 | Interest expense | 260,065 | 280,916 | 257,459 | 236,105 | 255,790 |
| 1,034,545 | 1,111,142 | Net interest revenue | 426,923 | 423,727 | 378,140 | 363,152 | 364,531 |
| 1,591,942 | 1,436,215 | Provision for credit losses | 28,000 | 32,000 | 31,000 | 20,000 | 15,000 |
| 111,000 | 71,000 | Net interest revenue, after provision for credit losses | 398,923 | 391,727 | 347,140 | 343,152 | 349,531 |
| 1,480,942 | 1,365,215 | Noninterest revenue | 101,488 | 93,478 | 98,181 | 85,387 | 86,165 |
| 378,534 | 356,510 | Noninterest expense | 311,312 | 320,246 | 272,863 | 259,349 | 266,186 |
| 1,163,770 | 1,045,528 | Income before income taxes | 189,099 | 164,959 | 172,458 | 169,190 | 169,510 |
| 695,706 | 676,197 | Income tax expense | 42,351 | 35,110 | 37,813 | 35,968 | 36,795 |
| 151,242 | 152,593 | Net income | 146,748 | 129,849 | 134,645 | 133,222 | 132,715 |
| 544,464 | 523,604 | Less: Preferred dividends | 2,372 | 2,372 | 4,744 | 2,372 | 2,372 |
| 11,860 | 9,488 | Net income available to common shareholders | $ 144,376 | $ 127,477 | $ 129,901 | $ 130,850 | $ 130,343 |
| $ 532,604 | $ 514,116 |
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| Balance Sheet - Period End Balances |
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| Total assets | $ 53,529,044 | $ 53,282,352 | $ 50,378,840 | $ 47,743,294 | $ 47,019,190 |
| $ 53,529,044 | $ 47,019,190 | Total earning assets | 48,067,542 | 47,729,237 | 45,400,518 | 43,172,997 | 42,386,627 |
| 48,067,542 | 42,386,627 | Available for sale securities | 9,117,370 | 9,616,389 | 8,837,400 | 7,912,159 | 7,293,988 |
| 9,117,370 | 7,293,988 | Loans and leases, net of unearned income | 37,246,384 | 36,801,836 | 35,465,181 | 34,051,610 | 33,741,755 |
| 37,246,384 | 33,741,755 | Allowance for credit losses (ACL) | 495,093 | 496,199 | 474,651 | 457,791 | 460,793 |
| 495,093 | 460,793 | Net book value of acquired loans | 5,027,280 | 5,512,749 | 4,594,171 | 4,365,789 | 4,783,206 |
| 5,027,280 | 4,783,206 | Unamortized net discount on acquired loans | 37,636 | 41,906 | 19,414 | 13,060 | 15,611 |
| 37,636 | 15,611 | Total deposits | 44,139,279 | 43,921,456 | 40,493,518 | 40,335,728 | 40,496,201 |
| 44,139,279 | 40,496,201 | Total deposits and repurchase agreements | 44,164,107 | 43,950,988 | 40,514,743 | 40,355,399 | 40,519,817 |
| 44,164,107 | 40,519,817 | Other short-term borrowings | 1,225,000 | 925,000 | 1,575,000 | 235,000 | — |
| 1,225,000 | — | Subordinated and long-term borrowings | 940,645 | 1,330,657 | 1,430,674 | 560,690 | 10,706 |
| 940,645 | 10,706 | Total shareholders' equity | 6,243,661 | 6,083,096 | 5,916,283 | 5,718,541 | 5,569,683 |
| 6,243,661 | 5,569,683 | Total shareholders' equity, excluding AOCI (1) | 6,671,983 | 6,576,878 | 6,492,440 | 6,339,744 | 6,264,178 |
| 6,671,983 | 6,264,178 | Common shareholders' equity | 6,076,668 | 5,916,103 | 5,749,290 | 5,551,548 | 5,402,690 |
| 6,076,668 | 5,402,690 | Common shareholders' equity, excluding AOCI (1) | $ 6,504,990 | $ 6,409,885 | $ 6,325,447 | $ 6,172,751 | $ 6,097,185 |
| $ 6,504,990 | $ 6,097,185 |
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| Balance Sheet - Average Balances |
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| Total assets | $ 53,076,624 | $ 54,352,974 | $ 49,356,696 | $ 47,135,431 | $ 47,263,538 |
| $ 51,005,948 | $ 47,973,279 | Total earning assets | 47,865,797 | 48,807,542 | 44,741,277 | 42,637,002 | 42,920,125 |
| 46,034,887 | 43,632,307 | Available for sale securities | 9,435,849 | 10,171,253 | 8,814,463 | 7,302,172 | 7,636,683 |
| 8,940,178 | 7,962,869 | Loans and leases, net of unearned income | 37,071,086 | 36,623,037 | 34,762,808 | 33,944,416 | 33,461,931 |
| 35,611,705 | 33,107,659 | Total deposits | 43,692,086 | 44,859,162 | 39,897,600 | 40,353,292 | 39,743,224 |
| 42,216,966 | 38,475,929 | Total deposits and repurchase agreements | 43,722,023 | 44,883,355 | 39,916,099 | 40,376,248 | 39,761,277 |
| 42,240,882 | 38,557,021 | Other short-term borrowings | 1,309,783 | 1,122,185 | 1,419,615 | 108,389 | 905,815 |
| 993,647 | 2,850,981 | Subordinated and long-term borrowings | 972,171 | 1,429,577 | 1,338,059 | 129,030 | 123,442 |
| 970,786 | 306,396 | Total shareholders' equity | 6,158,808 | 5,982,117 | 5,827,081 | 5,651,592 | 5,589,361 |
| 5,906,501 | 5,353,705 | Common shareholders' equity | $ 5,991,815 | $ 5,815,124 | $ 5,660,088 | $ 5,484,599 | $ 5,422,368 |
| $ 5,739,508 | $ 5,186,712 |
|
|
|
|
|
|
|
|
| Nonperforming Assets: |
|
|
|
|
|
|
|
| Nonperforming loans and leases (NPL) (2) (3) | 248,553 | 249,822 | 231,243 | 235,952 | 264,692 |
| 248,553 | 264,692 | Other real estate owned and other assets | 11,845 | 16,250 | 15,599 | 8,452 | 5,754 |
| 11,845 | 5,754 | Nonperforming assets (NPA) | $ 260,398 | $ 266,072 | $ 246,842 | $ 244,404 | $ 270,446 |
| $ 260,398 | $ 270,446 |
|
| (1) | Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27. | (2) | At December 31, 2025, $66.2 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information. | (3) | At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million. |
Table 2
Selected Financial Ratios
|
| Quarter Ended |
| Year-to-date |
| Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Financial Ratios and Other Data: |
|
|
|
|
|
|
|
| Return on average assets (2) | 1.10 % | 0.95 % | 1.09 % | 1.15 % | 1.12 % |
| 1.07 | 1.09 | Adjusted return on average assets (1)(2) | 1.22 | 1.13 | 1.14 | 1.15 | 1.11 |
| 1.16 | 1.08 | Return on average common shareholders' equity (2) | 9.56 | 8.70 | 9.21 | 9.68 | 9.56 |
| 9.28 | 9.91 | Adjusted return on average common shareholders' equity
(1)(2) | 10.63 | 10.43 | 9.74 | 9.72 | 9.53 |
| 10.14 | 9.79 | Return on average tangible common equity (1)(2) | 13.23 | 12.13 | 12.41 | 13.15 | 13.06 |
| 12.73 | 13.79 | Adjusted return on average tangible common equity (1)(2) | 14.71 | 14.54 | 13.13 | 13.20 | 13.02 |
| 13.91 | 13.62 | Pre-tax pre-provision net revenue to total average assets (1)(2) | 1.62 | 1.44 | 1.65 | 1.63 | 1.55 |
| 1.58 | 1.56 | Adjusted pre-tax pre-provision net revenue to total average assets
(1)(2) | 1.78 | 1.64 | 1.67 | 1.63 | 1.55 |
| 1.68 | 1.54 | Net interest margin-fully taxable equivalent | 3.55 | 3.46 | 3.40 | 3.46 | 3.38 |
| 3.47 | 3.30 | Net interest rate spread-fully taxable equivalent | 2.89 | 2.76 | 2.68 | 2.74 | 2.59 |
| 2.77 | 2.47 | Efficiency ratio fully tax equivalent (1) | 58.82 | 61.67 | 57.21 | 57.74 | 58.98 |
| 58.94 | 58.24 | Adjusted efficiency ratio fully tax equivalent (1) | 54.92 | 56.46 | 56.69 | 57.58 | 59.09 |
| 56.35 | 58.41 | Loan/deposit ratio | 84.38 % | 83.79 % | 87.58 % | 84.42 % | 83.32 % |
| 84.38 % | 83.32 % | Full time equivalent employees | 5,749 | 5,825 | 5,514 | 5,356 | 5,335 |
| 5,749 | 5,335 |
|
|
|
|
|
|
|
|
| Credit Quality Ratios: |
|
|
|
|
|
|
|
| Net charge-offs to average loans and leases (2) | 0.28 % | 0.26 % | 0.24 % | 0.27 % | 0.17 % |
| 0.26 % | 0.24 % | Provision for credit losses to average loans and leases (2) | 0.30 | 0.35 | 0.36 | 0.24 | 0.18 |
| 0.31 | 0.21 | ACL to loans and leases, net | 1.33 | 1.35 | 1.34 | 1.34 | 1.37 |
| 1.33 | 1.37 | ACL to NPL | 199.19 | 198.62 | 205.26 | 194.02 | 174.09 |
| 199.19 | 174.09 | NPL to loans and leases, net | 0.67 | 0.68 | 0.65 | 0.69 | 0.78 |
| 0.67 | 0.78 | NPA to total assets | 0.49 | 0.50 | 0.49 | 0.51 | 0.58 |
| 0.49 | 0.58 |
|
|
|
|
|
|
|
|
| Equity Ratios: |
|
|
|
|
|
|
|
| Total shareholders' equity to total assets | 11.66 % | 11.42 % | 11.74 % | 11.98 % | 11.85 % |
| 11.66 % | 11.85 % | Total common shareholders' equity to total assets | 11.35 | 11.10 | 11.41 | 11.63 | 11.49 |
| 11.35 | 11.49 | Tangible common shareholders' equity to tangible assets
(1) | 8.52 | 8.24 | 8.74 | 8.87 | 8.67 |
| 8.52 | 8.67 | Tangible common shareholders' equity, excluding AOCI,
to tangible assets, excluding AOCI (1) | 9.27 | 9.11 | 9.80 | 10.07 | 10.04 |
| 9.27 | 10.04 |
|
|
|
|
|
|
|
|
| Capital Adequacy (3): |
|
|
|
|
|
|
|
| Common Equity Tier 1 capital | 11.7 % | 11.5 % | 12.2 % | 12.4 % | 12.4 % |
| 11.7 % | 12.4 % | Tier 1 capital | 12.1 | 11.9 | 12.6 | 12.9 | 12.8 |
| 12.1 | 12.8 | Total capital | 13.3 | 13.1 | 13.8 | 14.1 | 14.0 |
| 13.3 | 14.0 | Tier 1 leverage capital | 9.7 | 9.2 | 10.3 | 10.6 | 10.4 |
| 9.7 | 10.4 |
|
| (1) | Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27. | (2) | Annualized. | (3) | Current quarter regulatory capital ratios are estimated. |
Table 3
Selected Financial Information
|
| Quarter Ended |
| Year-to-date |
| Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Common Share Data: |
|
|
|
|
|
|
|
| Diluted earnings per share | $ 0.76 | $ 0.67 | $ 0.69 | $ 0.70 | $ 0.70 |
| $ 2.83 | $ 2.77 | Adjusted earnings per share (1) | 0.85 | 0.81 | 0.73 | 0.71 | 0.70 |
| 3.10 | 2.74 | Cash dividends per share | 0.275 | 0.275 | 0.275 | 0.275 | 0.250 |
| 1.100 | 1.00 | Book value per share | 32.56 | 31.75 | 30.86 | 30.16 | 29.44 |
| 32.56 | 29.44 | Tangible book value per share (1) | 23.69 | 22.82 | 22.94 | 22.30 | 21.54 |
| 23.69 | 21.54 | Market value per share (last) | 42.84 | 37.54 | 31.98 | 30.36 | 34.45 |
| 42.84 | 34.45 | Market value per share (high) | 44.26 | 38.47 | 32.68 | 36.53 | 40.20 |
| 44.26 | 40.20 | Market value per share (low) | 34.81 | 31.76 | 25.22 | 28.90 | 30.21 |
| 25.22 | 24.99 | Market value per share (average) | 39.61 | 36.04 | 29.97 | 33.13 | 35.17 |
| 34.75 | 30.56 | Dividend payout ratio | 36.18 % | 41.04 % | 39.86 % | 39.29 % | 35.71 % |
| 38.87 % | 36.10 % | Adjusted dividend payout ratio (1) | 32.35 % | 33.95 % | 37.67 % | 38.73 % | 35.71 % |
| 35.48 % | 36.50 % | Total shares outstanding | 186,622,108 | 186,307,016 | 186,307,016 | 184,046,420 | 183,527,575 |
| 186,622,108 | 183,527,575 | Average shares outstanding - diluted | 189,506,284 | 189,053,254 | 187,642,873 | 186,121,979 | 186,038,243 |
| 188,091,060 | 185,592,759 |
|
|
|
|
|
|
|
|
| Yield/Rate: |
|
|
|
|
|
|
|
| (Taxable equivalent basis) |
|
|
|
|
|
|
|
| Loans, loans held for sale, and leases | 6.31 % | 6.37 % | 6.34 % | 6.33 % | 6.42 % |
| 6.34 % | 6.54 % | Loans, loans held for sale, and leases
excluding net accretion on acquired loans
and leases | 6.26 | 6.31 | 6.31 | 6.30 | 6.40 |
| 6.29 | 6.50 | Available for sale securities: |
|
|
|
|
|
|
|
| Taxable | 3.52 | 3.54 | 3.32 | 2.99 | 3.03 |
| 3.37 | 3.09 | Tax-exempt | 3.85 | 5.68 | 4.14 | 4.04 | 3.93 |
| 5.16 | 4.07 | Other investments | 4.05 | 4.78 | 4.41 | 4.42 | 4.77 |
| 4.46 | 5.33 | Total interest earning assets and revenue | 5.70 | 5.74 | 5.70 | 5.71 | 5.76 |
| 5.71 | 5.84 | Deposits | 2.15 | 2.25 | 2.30 | 2.35 | 2.44 |
| 2.26 | 2.49 | Interest bearing demand and money
market | 2.46 | 2.66 | 2.69 | 2.69 | 2.87 |
| 2.62 | 3.06 | Savings | 0.61 | 0.68 | 0.57 | 0.57 | 0.57 |
| 0.61 | 0.57 | Time | 3.84 | 3.92 | 3.98 | 4.10 | 4.28 |
| 3.96 | 4.42 | Total interest bearing deposits | 2.73 | 2.90 | 2.92 | 2.96 | 3.12 |
| 2.87 | 3.22 | Fed funds purchased, securities sold
under agreement to repurchase and
other | 4.02 | 4.48 | 4.45 | 4.45 | 4.58 |
| 4.42 | 4.79 | Short-term FHLB borrowings | 4.19 | 4.36 | 4.31 | 4.43 | — |
| 4.28 | — | Short-term BTFP borrowings | — | — | — | — | 4.77 |
| — | 4.79 | Total interest bearing deposits and short-
term borrowings | 2.78 | 2.94 | 2.98 | 2.96 | 3.16 |
| 2.91 | 3.36 | Subordinated and long-term borrowings | 3.86 | 3.91 | 4.07 | 4.05 | 4.14 |
| 3.96 | 4.34 | Total interest bearing liabilities | 2.81 | 2.98 | 3.02 | 2.97 | 3.17 |
| 2.94 | 3.37 | Interest bearing liabilities to interest
earning assets | 76.72 % | 76.62 % | 76.39 % | 75.70 % | 74.82 % |
| 76.38 % | 75.48 % | Net interest income tax equivalent
adjustment (in thousands) | $ 809 | $ 2,068 | $ 637 | $ 630 | $ 648 |
| $ 4,144 | $ 2,623 |
|
| (1) | Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27. |
Table 4
Consolidated Balance Sheets
(Unaudited)
|
| As of | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | ASSETS |
|
|
|
|
| Cash and due from banks | $ 778,722 | $ 839,841 | $ 710,679 | $ 578,513 | $ 624,884 | Interest bearing deposits with other banks and Federal
funds sold | 1,436,507 | 1,049,332 | 825,878 | 988,787 | 1,106,692 | Available for sale securities, at fair value | 9,117,370 | 9,616,389 | 8,837,400 | 7,912,159 | 7,293,988 | Loans and leases, net of unearned income | 37,246,384 | 36,801,836 | 35,465,181 | 34,051,610 | 33,741,755 | Allowance for credit losses | 495,093 | 496,199 | 474,651 | 457,791 | 460,793 | Net loans and leases | 36,751,291 | 36,305,637 | 34,990,530 | 33,593,819 | 33,280,962 | Loans held for sale, at fair value | 267,281 | 261,680 | 272,059 | 220,441 | 244,192 | Premises and equipment, net | 846,624 | 855,275 | 806,879 | 780,963 | 783,456 | Goodwill | 1,514,244 | 1,515,771 | 1,387,990 | 1,366,923 | 1,366,923 | Other intangible assets, net | 141,528 | 149,039 | 87,814 | 79,522 | 83,190 | Bank-owned life insurance | 770,431 | 768,887 | 671,813 | 654,964 | 651,838 | Other assets | 1,905,046 | 1,920,501 | 1,787,798 | 1,567,203 | 1,583,065 | Total Assets | $ 53,529,044 | $ 53,282,352 | $ 50,378,840 | $ 47,743,294 | $ 47,019,190 | LIABILITIES |
|
|
|
|
| Deposits: |
|
|
|
|
| Demand: Noninterest bearing | $ 9,429,598 | $ 9,036,907 | $ 9,154,050 | $ 8,558,412 | $ 8,591,805 | Interest bearing | 21,129,189 | 20,518,436 | 18,936,579 | 19,221,356 | 19,345,114 | Savings | 3,026,218 | 3,095,622 | 2,641,482 | 2,626,901 | 2,588,406 | Time deposits | 10,554,274 | 11,270,491 | 9,761,407 | 9,929,059 | 9,970,876 | Total deposits | 44,139,279 | 43,921,456 | 40,493,518 | 40,335,728 | 40,496,201 | Securities sold under agreement to repurchase | 24,828 | 29,532 | 21,225 | 19,671 | 23,616 | Other short-term borrowings | 1,225,000 | 925,000 | 1,575,000 | 235,000 | — | Subordinated and long-term borrowings | 940,645 | 1,330,657 | 1,430,674 | 560,690 | 10,706 | Other liabilities | 955,631 | 992,611 | 942,140 | 873,664 | 918,984 | Total Liabilities | 47,285,383 | 47,199,256 | 44,462,557 | 42,024,753 | 41,449,507 | SHAREHOLDERS' EQUITY |
|
|
|
|
| Preferred stock | 166,993 | 166,993 | 166,993 | 166,993 | 166,993 | Common stock | 466,555 | 465,768 | 465,768 | 460,116 | 458,819 | Capital surplus | 2,814,628 | 2,813,356 | 2,805,171 | 2,736,799 | 2,742,913 | Accumulated other comprehensive loss | (428,322) | (493,782) | (576,157) | (621,203) | (694,495) | Retained earnings | 3,223,807 | 3,130,761 | 3,054,508 | 2,975,836 | 2,895,453 | Total Shareholders' Equity | 6,243,661 | 6,083,096 | 5,916,283 | 5,718,541 | 5,569,683 | Total Liabilities & Shareholders' Equity | $ 53,529,044 | $ 53,282,352 | $ 50,378,840 | $ 47,743,294 | $ 47,019,190 |
Table 5
Consolidated Quarterly Average Balance Sheets
(Unaudited)
| (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | ASSETS |
|
|
|
|
| Cash and due from banks | $ 598,790 | $ 731,455 | $ 526,612 | $ 560,581 | $ 490,161 | Interest bearing deposits with other banks and Federal
funds sold | 1,192,650 | 1,845,618 | 1,017,815 | 1,275,153 | 1,698,300 | Available for sale securities, at fair value | 9,435,849 | 10,171,253 | 8,814,463 | 7,302,172 | 7,636,683 | Loans and leases, net of unearned income | 37,071,086 | 36,623,037 | 34,762,808 | 33,944,416 | 33,461,931 | Allowance for credit losses | 497,030 | 481,059 | 467,521 | 465,332 | 465,971 | Net loans and leases | 36,574,056 | 36,141,978 | 34,295,287 | 33,479,084 | 32,995,960 | Loans held for sale, at fair value | 166,212 | 167,634 | 146,191 | 115,261 | 123,211 | Premises and equipment, net | 851,439 | 853,598 | 793,793 | 785,194 | 796,394 | Goodwill | 1,515,659 | 1,515,771 | 1,379,076 | 1,366,923 | 1,366,923 | Other intangible assets, net | 145,793 | 130,434 | 81,845 | 81,527 | 85,323 | Bank-owned life insurance | 769,585 | 767,234 | 662,909 | 652,689 | 651,166 | Other assets | 1,826,591 | 2,027,999 | 1,638,705 | 1,516,847 | 1,419,417 | Total Assets | $ 53,076,624 | $ 54,352,974 | $ 49,356,696 | $ 47,135,431 | $ 47,263,538 | LIABILITIES |
|
|
|
|
| Deposits: |
|
|
|
|
| Demand: Noninterest bearing | $ 9,283,298 | $ 10,040,670 | $ 8,494,542 | $ 8,339,414 | $ 8,676,765 | Interest bearing | 20,592,043 | 20,264,338 | 18,799,895 | 19,428,376 | 18,845,689 | Savings | 3,049,459 | 3,143,880 | 2,646,190 | 2,607,366 | 2,573,961 | Time deposits | 10,767,286 | 11,410,274 | 9,956,973 | 9,978,136 | 9,646,809 | Total deposits | 43,692,086 | 44,859,162 | 39,897,600 | 40,353,292 | 39,743,224 | Securities sold under agreement to repurchase | 29,937 | 24,193 | 18,499 | 22,956 | 18,053 | Other short-term borrowings | 1,309,783 | 1,122,185 | 1,419,615 | 108,389 | 905,815 | Subordinated and long-term borrowings | 972,171 | 1,429,577 | 1,338,059 | 129,030 | 123,442 | Other liabilities | 913,839 | 935,740 | 855,842 | 870,172 | 883,643 | Total Liabilities | 46,917,816 | 48,370,857 | 43,529,615 | 41,483,839 | 41,674,177 | SHAREHOLDERS' EQUITY |
|
|
|
|
| Preferred stock | 166,993 | 166,993 | 166,993 | 166,993 | 166,993 | Common stock | 465,776 | 465,768 | 463,937 | 458,830 | 457,798 | Capital surplus | 2,816,087 | 2,807,539 | 2,779,736 | 2,744,442 | 2,735,323 | Accumulated other comprehensive loss | (474,594) | (565,609) | (616,527) | (663,883) | (634,307) | Retained earnings | 3,184,546 | 3,107,426 | 3,032,942 | 2,945,210 | 2,863,554 | Total Shareholders' Equity | 6,158,808 | 5,982,117 | 5,827,081 | 5,651,592 | 5,589,361 | Total Liabilities & Shareholders' Equity | $ 53,076,624 | $ 54,352,974 | $ 49,356,696 | $ 47,135,431 | $ 47,263,538 |
Table 6
Consolidated Statements of Income
(Unaudited)
|
| Quarter Ended |
| Year-to-date | (Dollars in thousands, except per share data) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | INTEREST REVENUE: |
|
|
|
|
|
|
|
| Loans and leases | $ 589,254 | $ 588,570 | $ 549,691 | $ 530,050 | $ 540,147 |
| $ 2,257,565 | $ 2,164,633 | Available for sale securities: |
|
|
|
|
|
|
|
| Taxable | 83,056 | 86,144 | 72,355 | 53,232 | 57,476 |
| 294,787 | 243,466 | Tax-exempt | 624 | 5,952 | 634 | 629 | 635 |
| 7,839 | 2,598 | Loans held for sale | 1,889 | 1,758 | 1,736 | 1,449 | 1,694 |
| 6,832 | 6,161 | Short-term investments | 12,165 | 22,219 | 11,183 | 13,897 | 20,369 |
| 59,464 | 130,499 | Total interest revenue | 686,988 | 704,643 | 635,599 | 599,257 | 620,321 |
| 2,626,487 | 2,547,357 | INTEREST EXPENSE: |
|
|
|
|
|
|
|
| Interest bearing demand deposits and money
market accounts | 127,480 | 136,105 | 125,874 | 128,831 | 135,965 |
| 518,290 | 573,826 | Savings | 4,695 | 5,378 | 3,747 | 3,644 | 3,684 |
| 17,464 | 14,922 | Time deposits | 104,293 | 112,720 | 98,721 | 100,900 | 103,785 |
| 416,634 | 368,572 | Federal funds purchased and securities sold under
agreement to repurchase | 394 | 818 | 2,939 | 1,124 | 293 |
| 5,275 | 4,101 | Short-term borrowings | 13,737 | 11,807 | 12,594 | 317 | 10,779 |
| 38,455 | 136,434 | Subordinated and long-term borrowings | 9,466 | 14,088 | 13,584 | 1,289 | 1,284 |
| 38,427 | 13,287 | Total interest expense | 260,065 | 280,916 | 257,459 | 236,105 | 255,790 |
| 1,034,545 | 1,111,142 | Net interest revenue | 426,923 | 423,727 | 378,140 | 363,152 | 364,531 |
| 1,591,942 | 1,436,215 | Provision for credit losses | 28,000 | 32,000 | 31,000 | 20,000 | 15,000 |
| 111,000 | 71,000 | Net interest revenue, after provision for credit
losses | 398,923 | 391,727 | 347,140 | 343,152 | 349,531 |
| 1,480,942 | 1,365,215 |
|
|
|
|
|
|
|
|
| NONINTEREST REVENUE: |
|
|
|
|
|
|
|
| Wealth management | 25,390 | 24,515 | 25,298 | 23,279 | 23,973 |
| 98,482 | 94,922 | Deposit service charges | 19,149 | 19,047 | 18,061 | 17,736 | 18,694 |
| 73,993 | 73,497 | Credit card, debit card and merchant fees | 13,702 | 13,484 | 12,972 | 11,989 | 12,664 |
| 52,147 | 50,245 | Mortgage banking | 6,133 | 4,469 | 8,711 | 6,638 | 3,554 |
| 25,951 | 17,303 | Security gains (losses), net | 2 | 4,311 | — | (9) | (3) |
| 4,304 | (2,962) | Other noninterest income | 37,112 | 27,652 | 33,139 | 25,754 | 27,283 |
| 123,657 | 123,505 | Total noninterest revenue | 101,488 | 93,478 | 98,181 | 85,387 | 86,165 |
| 378,534 | 356,510 |
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
| Salaries and employee benefits | 184,868 | 173,485 | 157,340 | 152,972 | 152,381 |
| 668,665 | 609,307 | Occupancy and equipment | 29,986 | 31,892 | 30,039 | 28,477 | 27,275 |
| 120,394 | 114,175 | Data processing and software | 33,657 | 36,120 | 30,701 | 27,132 | 33,226 |
| 127,610 | 121,884 | Deposit insurance assessments | 6,410 | 10,037 | 8,571 | 8,643 | 8,284 |
| 33,661 | 39,922 | Amortization of intangibles | 7,511 | 7,539 | 4,046 | 3,668 | 3,904 |
| 22,764 | 15,902 | Merger expense | 5,831 | 19,789 | 2,179 | 315 | — |
| 28,114 | — | Other noninterest expense | 43,049 | 41,384 | 39,987 | 38,142 | 41,116 |
| 162,562 | 144,338 | Total noninterest expense | 311,312 | 320,246 | 272,863 | 259,349 | 266,186 |
| 1,163,770 | 1,045,528 | Income before income taxes | 189,099 | 164,959 | 172,458 | 169,190 | 169,510 |
| 695,706 | 676,197 | Income tax expense | 42,351 | 35,110 | 37,813 | 35,968 | 36,795 |
| 151,242 | 152,593 | Net income | 146,748 | 129,849 | 134,645 | 133,222 | 132,715 |
| 544,464 | 523,604 | Less: Preferred dividends | 2,372 | 2,372 | 4,744 | 2,372 | 2,372 |
| 11,860 | 9,488 | Net income available to common shareholders | $ 144,376 | $ 127,477 | $ 129,901 | $ 130,850 | $ 130,343 |
| $ 532,604 | $ 514,116 | Diluted earnings per common share | $ 0.76 | $ 0.67 | $ 0.69 | $ 0.70 | $ 0.70 |
| $ 2.83 | $ 2.77 |
Table 7
Selected Loan and Lease Portfolio Data
(Unaudited)
|
| Quarter Ended | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | LOAN AND LEASE PORTFOLIO: |
|
|
|
|
| Commercial and industrial |
|
|
|
|
| Non-real estate | $ 9,251,301 | $ 9,239,690 | $ 9,049,094 | $ 8,688,653 | $ 8,670,529 | Owner occupied | 5,345,089 | 5,291,566 | 4,762,408 | 4,667,477 | 4,665,015 | Total commercial and industrial | 14,596,390 | 14,531,256 | 13,811,502 | 13,356,130 | 13,335,544 | Commercial real estate |
|
|
|
|
| Construction, acquisition and development | 3,431,736 | 3,338,413 | 3,464,124 | 3,723,408 | 3,909,184 | Income producing | 7,119,072 | 7,071,911 | 7,025,539 | 6,268,456 | 6,015,773 | Total commercial real estate | 10,550,808 | 10,410,324 | 10,489,663 | 9,991,864 | 9,924,957 | Consumer |
|
|
|
|
| Residential mortgages | 11,851,542 | 11,604,742 | 10,951,618 | 10,498,320 | 10,267,883 | Other consumer | 247,644 | 255,514 | 212,398 | 205,296 | 213,371 | Total consumer | 12,099,186 | 11,860,256 | 11,164,016 | 10,703,616 | 10,481,254 | Total loans and leases, net of unearned income | $ 37,246,384 | $ 36,801,836 | $ 35,465,181 | $ 34,051,610 | $ 33,741,755 |
|
|
|
|
|
| NONPERFORMING ASSETS |
|
|
|
|
| Nonperforming Loans and Leases |
|
|
|
|
| Commercial and industrial |
|
|
|
|
| Non-real estate | $ 87,942 | $ 83,090 | $ 123,960 | $ 118,078 | $ 145,115 | Owner occupied | 23,705 | 20,067 | 18,158 | 18,988 | 16,904 | Total commercial and industrial | 111,647 | 103,157 | 142,118 | 137,066 | 162,019 | Commercial real estate |
|
|
|
|
| Construction, acquisition and development | 1,909 | 2,099 | 9,307 | 8,768 | 8,600 | Income producing | 51,743 | 50,595 | 4,379 | 8,021 | 18,542 | Total commercial real estate | 53,652 | 52,694 | 13,686 | 16,789 | 27,142 | Consumer |
|
|
|
|
| Residential mortgages | 82,995 | 93,608 | 75,076 | 81,803 | 75,287 | Other consumer | 259 | 363 | 363 | 294 | 244 | Total consumer | 83,254 | 93,971 | 75,439 | 82,097 | 75,531 | Total nonperforming loans and leases (1) | $ 248,553 | $ 249,822 | $ 231,243 | $ 235,952 | $ 264,692 |
|
|
|
|
|
| Other real estate owned and repossessed assets | 11,845 | 16,250 | 15,599 | 8,452 | 5,754 | Total nonperforming assets | $ 260,398 | $ 266,072 | $ 246,842 | $ 244,404 | $ 270,446 |
|
|
|
|
|
| Government guaranteed portion of nonaccrual loans and
leases covered by the SBA, FHA, VA or USDA | $ 66,219 | $ 45,401 | $ 94,046 | $ 84,339 | $ 89,906 |
|
|
|
|
|
| Loans and leases 90+ days past due, still accruing | $ 29,996 | $ 42,598 | $ 5,208 | $ 8,832 | $ 13,126 |
|
| (1) | At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million. |
Table 8
Allowance for Credit Losses
(Unaudited)
|
| Quarter Ended | (Dollars in thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | ALLOWANCE FOR CREDIT LOSSES: |
|
|
|
|
| Balance, beginning of period | $ 496,199 | $ 474,651 | $ 457,791 | $ 460,793 | $ 460,859 | Charge-offs: |
|
|
|
|
| Commercial and industrial | (26,426) | (22,324) | (18,147) | (21,284) | (15,116) | Commercial real estate | (117) | (391) | (3,740) | (1,382) | (167) | Consumer | (3,401) | (3,653) | (3,438) | (3,062) | (2,679) | Total loans charged-off | (29,944) | (26,368) | (25,325) | (25,728) | (17,962) | Recoveries: |
|
|
|
|
| Commercial and industrial | 1,359 | 1,812 | 3,191 | 1,822 | 2,613 | Commercial real estate | 1,721 | 129 | 110 | 83 | 549 | Consumer | 758 | 826 | 809 | 821 | 734 | Total recoveries | 3,838 | 2,767 | 4,110 | 2,726 | 3,896 | Net charge-offs | (26,106) | (23,601) | (21,215) | (23,002) | (14,066) | Initial allowance on loans purchased with credit
deterioration | — | 15,149 | 8,075 | — | — | Provision: |
|
|
|
|
| Loans and leases acquired during the quarter | — | 5,519 | 4,152 | — | — | Provision for credit losses related to loans and leases | 25,000 | 24,481 | 25,848 | 20,000 | 14,000 | Total provision for loans and leases | 25,000 | 30,000 | 30,000 | 20,000 | 14,000 | Balance, end of period | $ 495,093 | $ 496,199 | $ 474,651 | $ 457,791 | $ 460,793 |
|
|
|
|
|
| Average loans and leases, net of unearned income, for
period | $ 37,071,086 | $ 36,623,037 | $ 34,762,808 | $ 33,944,416 | $ 33,461,931 | Ratio: Net charge-offs to average loans and leases (2) | 0.28 % | 0.26 % | 0.24 % | 0.27 % | 0.17 % |
|
|
|
|
|
| RESERVE FOR UNFUNDED COMMITMENTS (1) |
|
|
|
|
| Balance, beginning of period | $ 11,551 | $ 9,551 | $ 8,551 | $ 8,551 | $ 7,551 | Provision for credit losses for unfunded
commitments | 3,000 | 2,000 | 1,000 | — | 1,000 | Balance, end of period | $ 14,551 | $ 11,551 | $ 9,551 | $ 8,551 | $ 8,551 |
|
| (1) | The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets. | (2) | Annualized. |
Table 9
Loan and Lease Portfolio by Grades
(Unaudited) |
| December 31, 2025 | (In thousands) | Pass | Special
Mention | Substandard | Doubtful | Impaired | Purchased
Credit
Deteriorated
(Loss) | Total | LOAN AND LEASE PORTFOLIO: |
|
|
|
|
|
|
| Commercial and industrial |
|
|
|
|
|
|
| Non-real estate | $ 8,777,313 | $ 132,936 | $ 305,168 | $ 7,999 | $ 24,623 | $ 3,262 | $ 9,251,301 | Owner occupied | 5,235,166 | 33,768 | 71,301 | — | 4,854 | — | 5,345,089 | Total commercial and industrial | 14,012,479 | 166,704 | 376,469 | 7,999 | 29,477 | 3,262 | 14,596,390 | Commercial real estate |
|
|
|
|
|
|
| Construction, acquisition and development | 3,420,866 | 2,588 | 8,216 | — | 66 | — | 3,431,736 | Income producing | 6,799,446 | 176,567 | 142,396 | — | 663 | — | 7,119,072 | Total commercial real estate | 10,220,312 | 179,155 | 150,612 | — | 729 | — | 10,550,808 | Consumer |
|
|
|
|
|
|
| Residential mortgages | 11,719,427 | 10,594 | 120,003 | — | 174 | 1,344 | 11,851,542 | Other consumer | 247,017 | — | 627 | — | — | — | 247,644 | Total consumer | 11,966,444 | 10,594 | 120,630 | — | 174 | 1,344 | 12,099,186 | Total loans and leases, net of unearned
income | $ 36,199,235 | $ 356,453 | $ 647,711 | $ 7,999 | $ 30,380 | $ 4,606 | $ 37,246,384 |
|
| September 30, 2025 | (In thousands) | Pass | Special
Mention | Substandard | Doubtful | Impaired | Purchased
Credit
Deteriorated
(Loss) | Total | LOAN AND LEASE PORTFOLIO: |
|
|
|
|
|
|
| Commercial and industrial |
|
|
|
|
|
|
| Non-real estate | $ 8,733,898 | $ 154,131 | $ 296,848 | $ 8,183 | $ 31,373 | $ 15,257 | $ 9,239,690 | Owner occupied | 5,217,614 | 15,251 | 53,587 | — | 4,641 | 473 | 5,291,566 | Total commercial and industrial | 13,951,512 | 169,382 | 350,435 | 8,183 | 36,014 | 15,730 | 14,531,256 | Commercial real estate |
|
|
|
|
|
|
| Construction, acquisition and development | 3,307,750 | 27,265 | 3,332 | — | 66 | — | 3,338,413 | Income producing | 6,802,210 | 98,974 | 169,090 | — | 862 | 775 | 7,071,911 | Total commercial real estate | 10,109,960 | 126,239 | 172,422 | — | 928 | 775 | 10,410,324 | Consumer |
|
|
|
|
|
|
| Residential mortgages | 11,486,319 | 9,167 | 105,076 | — | 2,836 | 1,344 | 11,604,742 | Other consumer | 254,917 | — | 597 | — | — | — | 255,514 | Total consumer | 11,741,236 | 9,167 | 105,673 | — | 2,836 | 1,344 | 11,860,256 | Total loans and leases, net of unearned
income | $ 35,802,708 | $ 304,788 | $ 628,530 | $ 8,183 | $ 39,778 | $ 17,849 | $ 36,801,836 |
Table 10
Geographical Loan and Lease Information
(Unaudited)
|
| December 31, 2025 | (Dollars in thousands) | Alabama | Arkansas | Florida | Georgia | Louisiana | Mississippi | Missouri | Tennessee | Texas | Other | Total | LOAN AND LEASE PORTFOLIO: |
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
|
|
|
|
|
|
|
|
|
|
| Non-real estate | $ 432,703 | $ 165,367 | $ 531,926 | $ 511,189 | $ 376,523 | $ 594,756 | $ 70,652 | $ 266,456 | $ 3,746,467 | $ 2,555,262 | $ 9,251,301 | Owner occupied | 330,128 | 262,699 | 330,785 | 470,900 | 283,022 | 598,819 | 100,156 | 159,629 | 2,255,122 | 553,829 | 5,345,089 | Total commercial and industrial | 762,831 | 428,066 | 862,711 | 982,089 | 659,545 | 1,193,575 | 170,808 | 426,085 | 6,001,589 | 3,109,091 | 14,596,390 | Commercial real estate |
|
|
|
|
|
|
|
|
|
|
| Construction, acquisition and development | 193,334 | 82,374 | 162,162 | 350,191 | 71,359 | 185,536 | 45,021 | 154,669 | 1,874,000 | 313,090 | 3,431,736 | Income producing | 474,315 | 253,003 | 708,422 | 953,837 | 235,724 | 389,732 | 249,754 | 310,855 | 2,506,003 | 1,037,427 | 7,119,072 | Total commercial real estate | 667,649 | 335,377 | 870,584 | 1,304,028 | 307,083 | 575,268 | 294,775 | 465,524 | 4,380,003 | 1,350,517 | 10,550,808 | Consumer |
|
|
|
|
|
|
|
|
|
|
| Residential mortgages | 1,371,405 | 465,851 | 727,535 | 549,655 | 504,205 | 1,287,201 | 236,224 | 935,711 | 5,492,128 | 281,627 | 11,851,542 | Other consumer | 27,406 | 17,769 | 4,447 | 8,817 | 10,431 | 82,113 | 1,753 | 16,720 | 72,525 | 5,663 | 247,644 | Total consumer | 1,398,811 | 483,620 | 731,982 | 558,472 | 514,636 | 1,369,314 | 237,977 | 952,431 | 5,564,653 | 287,290 | 12,099,186 | Total loans and leases, net of
unearned income | $2,829,291 | $ 1,247,063 | $ 2,465,277 | $ 2,844,589 | $ 1,481,264 | $ 3,138,157 | $ 703,560 | $ 1,844,040 | $ 15,946,245 | $ 4,746,898 | $37,246,384 |
|
|
|
|
|
|
|
|
|
|
|
| Loan (decline) growth, excluding loans
acquired during the quarter ($) | $ (2,982) | $ (3,139) | $ 3,461 | $ 28,372 | $ 4,668 | $ 33,897 | $ 35,316 | $ (39,145) | $ 221,632 | $ 162,468 | $ 444,548 | Loan (decline) growth, excluding loans
acquired during the quarter (%) (annualized) | (0.42) % | (1.00) % | 0.56 % | 4.00 % | 1.25 % | 4.33 % | 20.97 % | (8.25) % | 5.59 % | 14.06 % | 4.79 % |
|
| September 30, 2025 | (Dollars in thousands) | Alabama | Arkansas | Florida | Georgia | Louisiana | Mississippi | Missouri | Tennessee | Texas | Other | Total | LOAN AND LEASE PORTFOLIO: |
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
|
|
|
|
|
|
|
|
|
|
| Non-real estate | $ 462,300 | $ 175,539 | $ 550,774 | $ 478,906 | $ 371,130 | $ 582,184 | $ 73,942 | $ 311,110 | $ 3,815,423 | $ 2,418,382 | $ 9,239,690 | Owner occupied | 321,662 | 257,437 | 332,609 | 456,553 | 296,228 | 589,168 | 99,740 | 161,689 | 2,229,387 | 547,093 | 5,291,566 | Total commercial and industrial | 783,962 | 432,976 | 883,383 | 935,459 | 667,358 | 1,171,352 | 173,682 | 472,799 | 6,044,810 | 2,965,475 | 14,531,256 | Commercial real estate |
|
|
|
|
|
|
|
|
|
|
| Construction, acquisition and development | 212,199 | 74,828 | 161,397 | 343,712 | 63,750 | 173,564 | 40,826 | 145,668 | 1,689,811 | 432,658 | 3,338,413 | Income producing | 450,073 | 266,511 | 678,157 | 992,713 | 231,125 | 406,276 | 222,229 | 341,344 | 2,566,690 | 916,793 | 7,071,911 | Total commercial real estate | 662,272 | 341,339 | 839,554 | 1,336,425 | 294,875 | 579,840 | 263,055 | 487,012 | 4,256,501 | 1,349,451 | 10,410,324 | Consumer |
|
|
|
|
|
|
|
|
|
|
| Residential mortgages | 1,357,455 | 457,332 | 733,156 | 535,352 | 504,138 | 1,270,904 | 230,107 | 906,977 | 5,345,855 | 263,466 | 11,604,742 | Other consumer | 28,584 | 18,555 | 5,723 | 8,981 | 10,225 | 82,164 | 1,400 | 16,397 | 77,447 | 6,038 | 255,514 | Total consumer | 1,386,039 | 475,887 | 738,879 | 544,333 | 514,363 | 1,353,068 | 231,507 | 923,374 | 5,423,302 | 269,504 | 11,860,256 | Total loans and leases, net of
unearned income | $ 2,832,273 | $ 1,250,202 | $ 2,461,816 | $ 2,816,217 | $ 1,476,596 | $ 3,104,260 | $ 668,244 | $ 1,883,185 | $ 15,724,613 | $ 4,584,430 | $ 36,801,836 |
Table 11
Noninterest Revenue and Expense
(Unaudited)
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | NONINTEREST REVENUE: |
|
|
|
|
|
|
|
| Trust and asset management income | $ 12,108 | $ 11,948 | $ 13,227 | $ 11,823 | $ 12,485 |
| $ 49,106 | $ 48,507 | Investment advisory fees | 9,584 | 9,314 | 8,970 | 8,454 | 8,502 |
| 36,322 | 33,660 | Brokerage and annuity fees | 3,698 | 3,253 | 3,101 | 3,002 | 2,986 |
| 13,054 | 12,755 | Deposit service charges | 19,149 | 19,047 | 18,061 | 17,736 | 18,694 |
| 73,993 | 73,497 | Credit card, debit card and merchant fees | 13,702 | 13,484 | 12,972 | 11,989 | 12,664 |
| 52,147 | 50,245 | Mortgage banking excl. MSR and MSR
hedge market value adjustment | 10,365 | 9,208 | 10,734 | 9,743 | 6,293 |
| 40,050 | 33,455 | MSR and MSR hedge market value
adjustment | (4,232) | (4,739) | (2,023) | (3,105) | (2,739) |
| (14,099) | (16,152) | Security gains (losses), net | 2 | 4,311 | — | (9) | (3) |
| 4,304 | (2,962) | Bank-owned life insurance | 6,633 | 5,093 | 6,812 | 5,202 | 5,046 |
| 23,741 | 17,716 | Other miscellaneous income | 30,479 | 22,559 | 26,327 | 20,552 | 22,237 |
| 99,916 | 105,789 | Total noninterest revenue | $ 101,488 | $ 93,478 | $ 98,181 | $ 85,387 | $ 86,165 |
| $ 378,534 | $ 356,510 |
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
| Salaries and employee benefits | $ 184,868 | $ 173,485 | $ 157,340 | $ 152,972 | $ 152,381 |
| $ 668,665 | $ 609,307 | Occupancy and equipment | 29,986 | 31,892 | 30,039 | 28,477 | 27,275 |
| 120,394 | 114,175 | Data processing and software | 33,657 | 36,120 | 30,701 | 27,132 | 33,226 |
| 127,610 | 121,884 | Deposit insurance assessments | 6,410 | 10,037 | 8,571 | 8,643 | 8,284 |
| 33,661 | 39,922 | Amortization of intangibles | 7,511 | 7,539 | 4,046 | 3,668 | 3,904 |
| 22,764 | 15,902 | Merger expense | 5,831 | 19,789 | 2,179 | 315 | — |
| 28,114 | — | Advertising and public relations | 6,386 | 6,939 | 7,304 | 4,157 | 5,870 |
| 24,786 | 22,112 | Foreclosed property expense | 1,306 | 1,294 | 757 | 864 | 621 |
| 4,221 | 1,891 | Telecommunications | 1,447 | 1,520 | 1,330 | 1,512 | 1,359 |
| 5,809 | 5,857 | Travel and entertainment | 4,520 | 3,004 | 2,829 | 2,436 | 2,618 |
| 12,790 | 10,015 | Professional, consulting and outsourcing | 3,886 | 3,025 | 4,043 | 4,733 | 4,540 |
| 15,686 | 16,124 | Legal | 3,774 | 4,463 | 8,111 | 3,559 | 4,176 |
| 19,907 | 12,279 | Postage and shipping | 3,009 | 2,026 | 1,797 | 1,773 | 1,624 |
| 8,606 | 7,128 | Other miscellaneous expense | 18,721 | 19,113 | 13,816 | 19,108 | 20,308 |
| 70,757 | 68,932 | Total noninterest expense | $ 311,312 | $ 320,246 | $ 272,863 | $ 259,349 | $ 266,186 |
| $ 1,163,770 | $ 1,045,528 |
Table 12
Average Balance and Yields
(Unaudited)
|
| Quarter Ended |
| December 31, 2025 |
| September 30, 2025 |
| December 31, 2024 | (Dollars in thousands) | Average Balance | Income/
Expense | Yield/ Rate |
| Average Balance | Income/
Expense | Yield/ Rate |
| Average Balance | Income/
Expense | Yield/ Rate | ASSETS |
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
| Loans and leases, excluding
accretion | $ 37,071,086 | $ 585,286 | 6.26 % |
| $ 36,623,037 | $ 583,537 | 6.32 % |
| $ 33,461,931 | $ 538,204 | 6.40 % | Accretion income on acquired
loans |
| 4,611 | 0.05 |
|
| 5,519 | 0.06 |
|
| 2,422 | 0.03 | Loans held for sale | 166,212 | 1,889 | 4.51 |
| 167,634 | 1,758 | 4.16 |
| 123,211 | 1,694 | 5.47 | Investment securities |
|
|
|
|
|
|
|
|
|
|
| Taxable | 9,354,438 | 83,056 | 3.52 |
| 9,644,752 | 86,144 | 3.54 |
| 7,555,265 | 57,476 | 3.03 | Tax-exempt | 81,411 | 790 | 3.85 |
| 526,501 | 7,534 | 5.68 |
| 81,418 | 804 | 3.93 | Total investment securities | 9,435,849 | 83,846 | 3.53 |
| 10,171,253 | 93,678 | 3.65 |
| 7,636,683 | 58,280 | 3.04 | Other investments | 1,192,650 | 12,165 | 4.05 |
| 1,845,618 | 22,219 | 4.78 |
| 1,698,300 | 20,369 | 4.77 | Total interest-earning assets | 47,865,797 | 687,797 | 5.70 % |
| 48,807,542 | 706,711 | 5.74 % |
| 42,920,125 | 620,969 | 5.76 % | Other assets | 5,707,857 |
|
|
| 6,026,491 |
|
|
| 4,809,384 |
|
| Allowance for credit losses | 497,030 |
|
|
| 481,059 |
|
|
| 465,971 |
|
| Total assets | $ 53,076,624 |
|
|
| $ 54,352,974 |
|
|
| $ 47,263,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
| Interest bearing demand and
money market | $ 20,592,043 | $ 127,480 | 2.46 % |
| $ 20,264,338 | $ 136,105 | 2.66 % |
| $ 18,845,689 | $ 135,965 | 2.87 % | Savings deposits | 3,049,459 | 4,695 | 0.61 |
| 3,143,880 | 5,378 | 0.68 |
| 2,573,961 | 3,684 | 0.57 | Time deposits | 10,767,286 | 104,293 | 3.84 |
| 11,410,274 | 112,720 | 3.92 |
| 9,646,809 | 103,785 | 4.28 | Total interest-bearing deposits | 34,408,788 | 236,468 | 2.73 |
| 34,818,492 | 254,203 | 2.90 |
| 31,066,459 | 243,434 | 3.12 | Fed funds purchased, securities
sold under agreement to
repurchase and other | 38,850 | 394 | 4.02 |
| 72,454 | 818 | 4.48 |
| 26,042 | 300 | 4.58 | Short-term FHLB borrowings | 1,300,870 | 13,737 | 4.19 |
| 1,073,924 | 11,807 | 4.36 |
| — | — | — | Short-term BTFP borrowings | — | — | — |
| — | — | — |
| 897,826 | 10,772 | 4.77 | Subordinated and long-term
borrowings | 972,171 | 9,466 | 3.86 |
| 1,429,577 | 14,088 | 3.91 |
| 123,442 | 1,284 | 4.14 | Total interest-bearing
liabilities | 36,720,679 | 260,065 | 2.81 % |
| 37,394,447 | 280,916 | 2.98 % |
| 32,113,769 | 255,790 | 3.17 % | Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
| Demand deposits | 9,283,298 |
|
|
| 10,040,670 |
|
|
| 8,676,765 |
|
| Other liabilities | 913,839 |
|
|
| 935,740 |
|
|
| 883,643 |
|
| Total liabilities | 46,917,816 |
|
|
| 48,370,857 |
|
|
| 41,674,177 |
|
| Shareholders' equity | 6,158,808 |
|
|
| 5,982,117 |
|
|
| 5,589,361 |
|
| Total liabilities and
shareholders' equity | $ 53,076,624 |
|
|
| $ 54,352,974 |
|
|
| $ 47,263,538 |
|
| Net interest income/net interest
spread |
| 427,732 | 2.89 % |
|
| 425,795 | 2.76 % |
|
| 365,179 | 2.59 % | Net yield on earning assets/net
interest margin |
|
| 3.55 % |
|
|
| 3.46 % |
|
|
| 3.38 % | Taxable equivalent adjustment: |
|
|
|
|
|
|
|
|
|
|
| Loans and investment securities |
| (809) |
|
|
| (2,068) |
|
|
| (648) |
| Net interest revenue |
| $ 426,923 |
|
|
| $ 423,727 |
|
|
| $ 364,531 |
|
Table 12
Average Balance and Yields Continued
|
| Year-To-Date |
| December 31, 2025 |
| December 31, 2024 | (Dollars in thousands) | Average Balance | Income/
Expense | Yield/ Rate |
| Average Balance | Income/
Expense | Yield/ Rate | ASSETS |
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
| Loans and leases, excluding accretion | $ 35,611,705 | $ 2,244,288 | 6.30 % |
| $ 33,107,659 | $ 2,154,654 | 6.50 % | Accretion income on acquired loans |
| 15,337 | 0.04 |
|
| 11,911 | 0.04 | Loans held for sale | 149,016 | 6,832 | 4.58 |
| 111,156 | 6,161 | 5.54 | Investment securities |
|
|
|
|
|
|
| Taxable | 8,747,857 | 294,787 | 3.37 |
| 7,881,989 | 243,466 | 3.09 | Tax-exempt | 192,321 | 9,923 | 5.16 |
| 80,880 | 3,289 | 4.07 | Total investment securities | 8,940,178 | 304,710 | 3.41 |
| 7,962,869 | 246,755 | 3.10 | Other investments | 1,333,988 | 59,464 | 4.46 |
| 2,450,623 | 130,499 | 5.33 | Total interest-earning assets | 46,034,887 | 2,630,631 | 5.71 % |
| 43,632,307 | 2,549,980 | 5.84 % | Other assets | 5,448,893 |
|
|
| 4,812,184 |
|
| Allowance for credit losses | 477,832 |
|
|
| 471,212 |
|
| Total assets | $ 51,005,948 |
|
|
| $ 47,973,279 |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
| Interest bearing demand and money market | $ 19,775,702 | 518,290 | 2.62 % |
| $ 18,739,210 | $ 573,826 | 3.06 % | Savings deposits | 2,863,708 | 17,464 | 0.61 |
| 2,626,539 | 14,922 | 0.57 | Time deposits | 10,532,746 | 416,634 | 3.96 |
| 8,330,176 | 368,572 | 4.42 | Total interest-bearing deposits | 33,172,156 | 952,388 | 2.87 |
| 29,695,925 | 957,320 | 3.22 | Fed funds purchased, securities sold under
agreement to repurchase and other | 119,560 | 5,283 | 4.42 |
| 86,171 | 4,131 | 4.79 | Short-term FHLB borrowings | 898,003 | 38,447 | 4.28 |
| — | — | — | Short-term BTFP borrowings | — | — | — |
| 2,845,902 | 136,404 | 4.79 | Subordinated and long-term borrowings | 970,786 | 38,427 | 3.96 |
| 306,396 | 13,287 | 4.34 | Total interest-bearing liabilities | 35,160,505 | 1,034,545 | 2.94 % |
| 32,934,394 | 1,111,142 | 3.37 % | Noninterest-bearing liabilities: |
|
|
|
|
|
|
| Demand deposits | 9,044,810 |
|
|
| 8,780,004 |
|
| Other liabilities | 894,132 |
|
|
| 905,176 |
|
| Total liabilities | 45,099,447 |
|
|
| 42,619,574 |
|
| Shareholders' equity | 5,906,501 |
|
|
| 5,353,705 |
|
| Total liabilities and shareholders' equity | $ 51,005,948 |
|
|
| $ 47,973,279 |
|
| Net interest income/net interest spread |
| 1,596,086 | 2.77 % |
|
| 1,438,838 | 2.47 % | Net yield on earning assets/net interest margin |
|
| 3.47 % |
|
|
| 3.30 % | Taxable equivalent adjustment: |
|
|
|
|
|
|
| Loans and investment securities |
| (4,144) |
|
|
| (2,623) |
| Net interest revenue |
| $ 1,591,942 |
|
|
| $ 1,436,215 |
|
Table 13
Selected Additional Data
(Unaudited)
|
| Quarter Ended | (Dollars in thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | MORTGAGE SERVICING RIGHTS ("MSR"): |
|
|
|
|
| Fair value, beginning of period | $ 110,495 | $ 111,624 | $ 110,969 | $ 114,594 | $ 104,891 | Originations of servicing assets | 3,536 | 3,844 | 3,732 | 2,796 | 4,227 | Changes in fair value: |
|
|
|
|
| Due to changes in valuation inputs or assumptions(1) | 456 | (1,254) | (2,468) | (4,447) | 9,193 | Other changes in fair value(2) | (4,163) | (3,719) | (609) | (1,974) | (3,717) | Fair value, end of period | $ 110,324 | $ 110,495 | $ 111,624 | $ 110,969 | $ 114,594 |
|
|
|
|
|
| MORTGAGE BANKING REVENUE: |
|
|
|
|
| Origination | $ 4,146 | $ 2,753 | $ 4,362 | $ 3,402 | $ 332 | Servicing | 6,219 | 6,455 | 6,372 | 6,341 | 5,961 | Total mortgage banking revenue excluding MSR | 10,365 | 9,208 | 10,734 | 9,743 | 6,293 | Due to changes in valuation inputs or assumptions(1) | 456 | (1,254) | (2,468) | (4,447) | 9,193 | Other changes in fair value(2) | (4,163) | (3,719) | (609) | (1,974) | (3,717) | Market value adjustment on MSR Hedge | (525) | 234 | 1,054 | 3,316 | (8,215) | Total mortgage banking revenue | $ 6,133 | $ 4,469 | $ 8,711 | $ 6,638 | $ 3,554 |
|
|
|
|
|
| Mortgage loans serviced | $ 8,433,488 | $ 8,346,802 | $ 8,216,970 | $ 8,111,379 | $ 8,043,306 | MSR/mortgage loans serviced | 1.31 % | 1.32 % | 1.36 % | 1.37 % | 1.42 % |
|
| (1) | Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates. | (2) | Primarily reflects changes due to realized cash flows. |
| Quarter Ended | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | AVAILABLE FOR SALE SECURITIES, at fair value |
|
|
|
|
| Obligations of U.S. government agencies | $ 246,535 | $ 254,678 | $ 266,905 | $ 274,285 | $ 281,231 | Mortgage-backed securities issued or guaranteed by U.S.
agencies ("MBS"): |
|
|
|
|
| Residential pass-through: |
|
|
|
|
| Guaranteed by GNMA | 61,815 | 63,756 | 64,464 | 66,149 | 66,581 | Issued by FNMA and FHLMC | 4,756,051 | 4,863,136 | 4,166,316 | 4,024,678 | 3,965,556 | Other residential mortgage-backed securities | 2,388,778 | 2,742,699 | 2,389,062 | 1,564,928 | 934,721 | Commercial mortgage-backed securities | 1,443,183 | 1,466,878 | 1,455,638 | 1,486,525 | 1,549,641 | Total MBS | 8,649,827 | 9,136,469 | 8,075,480 | 7,142,280 | 6,516,499 | Obligations of states and political subdivisions | 124,058 | 125,478 | 131,335 | 129,822 | 132,069 | Other domestic debt securities | 26,891 | 29,703 | 45,999 | 48,422 | 47,402 | Foreign debt securities | 70,059 | 70,061 | 317,681 | 317,350 | 316,787 | Total available for sale securities | $ 9,117,370 | $ 9,616,389 | $ 8,837,400 | $ 7,912,159 | $ 7,293,988 |
Table 14
Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions
(Unaudited) Management evaluates the Company's capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted net income, adjusted net income available to common shareholders, pre-tax pre-provision net revenue, adjusted pre-tax pre-provision net revenue, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders' equity to tangible assets, total shareholders' equity (excluding AOCI), common shareholders' equity (excluding AOCI), tangible common shareholders' equity to tangible assets (excluding AOCI), return on average tangible common equity, adjusted return on average tangible common equity, adjusted return on average assets, adjusted return on average common shareholders' equity, adjusted return on average common shareholders' equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio, and adjusted dividend payout ratio. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company's capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company's business and (iii) allows investors to evaluate the Company's performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies' non-GAAP financial measures having the same or similar names.
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Adjusted Net Income Available to Common
Shareholders |
|
|
|
|
|
|
|
| Net income | $ 146,748 | $ 129,849 | $ 134,645 | $ 133,222 | $ 132,715 |
| $ 544,464 | $ 523,604 | Plus: Merger expense | 5,831 | 19,789 | 2,179 | 315 | — |
| 28,114 | — | Incremental merger related expense | 18,866 | 8,226 | 616 | 55 | — |
| 27,763 | — | Initial provision for acquired loans | — | 5,519 | 4,182 | — | — |
| 9,701 | — | Gain on extinguishment of debt | — | — | — | — | — |
| — | (1,674) | Restructuring and other nonroutine
expenses | (4,006) | (950) | (300) | 351 | (505) |
| (4,905) | 5,501 | Less: Security gains (losses), net | 2 | 4,311 | — | (9) | (3) |
| 4,304 | (2,962) | Loss on fair value hedge termination | — | (4,290) | — | — | — |
| (4,290) | — | Gain on sale of businesses | — | — | — | — | — |
| — | 14,980 | Nonroutine losses, net | — | (51) | — | — | — |
| (51) | — | Tax effect of the adjustments | 4,498 | 7,286 | 1,483 | 172 | (118) |
| 13,438 | (1,925) | Adjusted net income | 162,939 | 155,177 | 139,839 | 133,780 | 132,331 |
| 591,736 | 517,338 | Less: Preferred dividends | 2,372 | 2,372 | 4,744 | 2,372 | 2,372 |
| 11,860 | 9,488 | Plus: Special preferred dividends | — | — | 2,372 | — | — |
| 2,372 | — | Adjusted net income available to common
shareholders | $ 160,567 | $ 152,805 | $ 137,467 | $ 131,408 | $ 129,959 |
| $ 582,248 | $ 507,850 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Pre-Tax Pre-Provision Net Revenue |
|
|
|
|
|
|
|
| Net income | $ 146,748 | $ 129,849 | $ 134,645 | $ 133,222 | $ 132,715 |
| $ 544,464 | $ 523,604 | Plus: Provision for credit losses | 28,000 | 32,000 | 31,000 | 20,000 | 15,000 |
| 111,000 | 71,000 | Income tax expense | 42,351 | 35,110 | 37,813 | 35,968 | 36,795 |
| 151,242 | 152,593 | Pre-tax pre-provision net revenue | $ 217,099 | $ 196,959 | $ 203,458 | $ 189,190 | $ 184,510 |
| $ 806,706 | $ 747,197 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Adjusted Pre-Tax Pre-Provision Net Revenue |
|
|
|
|
|
|
|
| Net income | $ 146,748 | $ 129,849 | $ 134,645 | $ 133,222 | $ 132,715 |
| $ 544,464 | $ 523,604 | Plus: Provision for credit losses | 28,000 | 32,000 | 31,000 | 20,000 | 15,000 |
| 111,000 | 71,000 | Merger expense | 5,831 | 19,789 | 2,179 | 315 | — |
| 28,114 | — | Incremental merger related expense | 18,866 | 8,226 | 616 | 55 | — |
| 27,763 | — | Gain on extinguishment of debt | — | — | — | — | — |
| — | (1,674) | Restructuring and other nonroutine expenses | (4,006) | (950) | (300) | 351 | (505) |
| (4,905) | 5,501 | Income tax expense | 42,351 | 35,110 | 37,813 | 35,968 | 36,795 |
| 151,242 | 152,593 | Less: Security gains (losses), net | 2 | 4,311 | — | (9) | (3) |
| 4,304 | (2,962) | Loss on fair value hedge termination | — | (4,290) | — | — | — |
| (4,290) | — | Gain on sale of businesses | — | — | — | — | — |
| — | 14,980 | Nonroutine losses, net | — | (51) | — | — | — |
| (51) | — | Adjusted pre-tax pre-provision net revenue | $ 237,788 | $ 224,054 | $ 205,953 | $ 189,920 | $ 184,008 |
| $ 857,715 | $ 739,006 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Total Adjusted Revenue |
|
|
|
|
|
|
|
| Net interest revenue | $ 426,923 | $ 423,727 | $ 378,140 | $ 363,152 | $ 364,531 |
| $ 1,591,942 | $ 1,436,215 | Total Adjusted Noninterest Revenue |
|
|
|
|
|
|
|
| Total noninterest revenue | $ 101,488 | $ 93,478 | $ 98,181 | $ 85,387 | $ 86,165 |
| $ 378,534 | $ 356,510 | Less: Security gains (losses), net | 2 | 4,311 | — | (9) | (3) |
| 4,304 | (2,962) | Loss on fair value hedge termination | — | (4,290) | — | — | — |
| (4,290) | — | Gain on sale of businesses | — | — | — | — | — |
| — | 14,980 | Nonroutine losses, net | — | (51) | — | — | — |
| (51) | — | Total adjusted noninterest revenue | $ 101,486 | $ 93,508 | $ 98,181 | $ 85,396 | $ 86,168 |
| $ 378,571 | $ 344,492 | Total adjusted revenue | $ 528,409 | $ 517,235 | $ 476,321 | $ 448,548 | $ 450,699 |
| $ 1,970,513 | $ 1,780,707 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Total Adjusted Noninterest Expense |
|
|
|
|
|
|
|
| Total noninterest expense | $ 311,312 | $ 320,246 | $ 272,863 | $ 259,349 | $ 266,186 |
| $ 1,163,770 | $ 1,045,528 | Less: Merger expense | 5,831 | 19,789 | 2,179 | 315 | — |
| 28,114 | — | Incremental merger related expense | 18,866 | 8,226 | 616 | 55 | — |
| 27,763 | — | Gain on extinguishment of debt | — | — | — | — | — |
| — | (1,674) | Restructuring and other nonroutine
expenses | (4,006) | (950) | (300) | 351 | (505) |
| (4,905) | 5,501 | Total adjusted noninterest expense | $ 290,621 | $ 293,181 | $ 270,368 | $ 258,628 | $ 266,691 |
| $ 1,112,798 | $ 1,041,701 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | Total Tangible Assets, Excluding AOCI |
|
|
|
|
|
|
|
| Total assets | $ 53,529,044 | $ 53,282,352 | $ 50,378,840 | $ 47,743,294 | $ 47,019,190 |
| $ 53,529,044 | $ 47,019,190 | Less: Goodwill | 1,514,244 | 1,515,771 | 1,387,990 | 1,366,923 | 1,366,923 |
| 1,514,244 | 1,366,923 | Other intangible assets, net | 141,528 | 149,039 | 87,814 | 79,522 | 83,190 |
| 141,528 | 83,190 | Total tangible assets | 51,873,272 | 51,617,542 | 48,903,036 | 46,296,849 | 45,569,077 |
| 51,873,272 | 45,569,077 | Less: AOCI | (428,322) | (493,782) | (576,157) | (621,203) | (694,495) |
| (428,322) | (694,495) | Total tangible assets, excluding AOCI | $ 52,301,594 | $ 52,111,324 | $ 49,479,193 | $ 46,918,052 | $ 46,263,572 |
| $ 52,301,594 | $ 46,263,572 |
|
| Quarter Ended |
| Year-to-date | (In thousands) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | PERIOD END BALANCES: |
|
|
|
|
|
|
|
| Total Shareholders' Equity, Excluding AOCI |
|
|
|
|
|
|
|
| Total shareholders' equity | $6,243,661 | $6,083,096 | $5,916,283 | $5,718,541 | $5,569,683 |
| $6,243,661 | $5,569,683 | Less: AOCI | (428,322) | (493,782) | (576,157) | (621,203) | (694,495) |
| (428,322) | (694,495) | Total shareholders' equity, excluding AOCI | $6,671,983 | $6,576,878 | $6,492,440 | $6,339,744 | $6,264,178 |
| $6,671,983 | $6,264,178 |
|
|
|
|
|
|
|
|
| Common Shareholders' Equity, Excluding AOCI |
|
|
|
|
|
|
|
| Total shareholders' equity | $6,243,661 | $6,083,096 | $5,916,283 | $5,718,541 | $5,569,683 |
| $6,243,661 | $5,569,683 | Less: preferred stock | 166,993 | 166,993 | 166,993 | 166,993 | 166,993 |
| 166,993 | 166,993 | Common shareholders' equity | 6,076,668 | 5,916,103 | 5,749,290 | 5,551,548 | 5,402,690 |
| 6,076,668 | 5,402,690 | Less: AOCI | (428,322) | (493,782) | (576,157) | (621,203) | (694,495) |
| (428,322) | (694,495) | Common shareholders' equity, excluding AOCI | $6,504,990 | $6,409,885 | $6,325,447 | $6,172,751 | $6,097,185 |
| $6,504,990 | $6,097,185 |
|
|
|
|
|
|
|
|
| Total Tangible Common Shareholders' Equity,
Excluding AOCI |
|
|
|
|
|
|
|
| Total shareholders' equity | $6,243,661 | $6,083,096 | $5,916,283 | $5,718,541 | $5,569,683 |
| $6,243,661 | $5,569,683 | Less: Goodwill | 1,514,244 | 1,515,771 | 1,387,990 | 1,366,923 | 1,366,923 |
| 1,514,244 | 1,366,923 | Other intangible assets, net | 141,528 | 149,039 | 87,814 | 79,522 | 83,190 |
| 141,528 | 83,190 | Preferred stock | 166,993 | 166,993 | 166,993 | 166,993 | 166,993 |
| 166,993 | 166,993 | Total tangible common shareholders' equity | 4,420,896 | 4,251,293 | 4,273,486 | 4,105,103 | 3,952,577 |
| 4,420,896 | 3,952,577 | Less: AOCI | (428,322) | (493,782) | (576,157) | (621,203) | (694,495) |
| (428,322) | (694,495) | Total tangible common shareholders' equity,
excluding AOCI | $4,849,218 | $4,745,075 | $4,849,643 | $4,726,306 | $4,647,072 |
| $4,849,218 | $4,647,072 |
|
| Quarter Ended |
| Year-to-date | (Dollars in thousands, except per share data) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
| Dec 2025 | Dec 2024 | AVERAGE BALANCES: |
|
|
|
|
|
|
|
| Total Tangible Common Shareholders' Equity |
|
|
|
|
|
|
|
| Total shareholders' equity | $6,158,808 | $5,982,117 | $5,827,081 | $5,651,592 | $5,589,361 |
| $5,906,501 | $5,353,705 | Less: Goodwill | 1,515,659 | 1,515,771 | 1,379,076 | 1,366,923 | 1,366,923 |
| 1,444,960 | 1,367,245 | Other intangible assets, net | 145,793 | 130,434 | 81,845 | 81,527 | 85,323 |
| 110,132 | 91,645 | Preferred stock | 166,993 | 166,993 | 166,993 | 166,993 | 166,993 |
| 166,993 | 166,993 | Total tangible common shareholders' equity | $4,330,363 | $4,168,919 | $4,199,167 | $4,036,149 | $3,970,122 |
| $4,184,416 | $3,727,822 |
|
|
|
|
|
|
|
|
| Total average assets | $53,076,624 | $54,352,974 | $49,356,696 | $47,135,431 | $47,263,538 |
| $51,005,948 | $47,973,279 | Total shares of common stock outstanding | 186,622,108 | 186,307,016 | 186,307,016 | 184,046,420 | 183,527,575 |
| 186,622,108 | 183,527,575 | Average shares outstanding-diluted | 189,506,284 | 189,053,254 | 187,642,873 | 186,121,979 | 186,038,243 |
| 188,091,060 | 185,592,759 |
|
|
|
|
|
|
|
|
| Tangible common shareholders' equity to tangible
assets (1) | 8.52 % | 8.24 % | 8.74 % | 8.87 % | 8.67 % |
| 8.52 % | 8.67 % | Tangible common shareholders' equity, excluding
AOCI, to tangible assets, excluding AOCI (2) | 9.27 | 9.11 | 9.80 | 10.07 | 10.04 |
| 9.27 | 10.04 | Return on average tangible common equity (3) | 13.23 | 12.13 | 12.41 | 13.15 | 13.06 |
| 12.73 | 13.79 | Adjusted return on average tangible common
equity (4) | 14.71 | 14.54 | 13.13 | 13.20 | 13.02 |
| 13.91 | 13.62 | Adjusted return on average assets (5) | 1.22 | 1.13 | 1.14 | 1.15 | 1.11 |
| 1.16 | 1.08 | Adjusted return on average common shareholders'
equity (6) | 10.63 | 10.43 | 9.74 | 9.72 | 9.53 |
| 10.14 | 9.79 | Pre-tax pre-provision net revenue to total average
assets (7) | 1.62 | 1.44 | 1.65 | 1.63 | 1.55 |
| 1.58 | 1.56 | Adjusted pre-tax pre-provision net revenue to total
average assets (8) | 1.78 | 1.64 | 1.67 | 1.63 | 1.55 |
| 1.68 | 1.54 | Tangible book value per common share (9) | $ 23.69 | $ 22.82 | $ 22.94 | $ 22.30 | $ 21.54 |
| $ 23.69 | $ 21.54 | Tangible book value per common share, excluding
AOCI (10) | 25.98 | 25.47 | 26.03 | 25.68 | 25.32 |
| 25.98 | 25.32 | Adjusted earnings per common share (11) | $ 0.85 | $ 0.81 | $ 0.73 | $ 0.71 | $ 0.70 |
| $ 3.10 | $ 2.74 | Adjusted dividend payout ratio (12) | 32.35 % | 33.95 % | 37.67 % | 38.73 % | 35.71 % |
| 35.48 % | 36.50 % |
Definitions of Non-GAAP Measures: |
|
| (1) | Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net. | (2) | Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net. | (3) | Return on average tangible common equity is defined by the Company as annualized net income available to common shareholders divided by average tangible common shareholders equity. | (4) | Adjusted return on average tangible common equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity. | (5) | Adjusted return on average assets is defined by the Company as annualized net adjusted income divided by total average assets. | (6) | Adjusted return on average common shareholders' equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average common shareholders' equity. | (7) | Pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue divided by total average assets. | (8) | Adjusted pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for items included in the definition and calculation of adjusted income. | (9) | Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding. | (10) | Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding. | (11) | Adjusted earnings per common share is defined by the Company as net adjusted income available to common shareholders divided by average common shares outstanding-diluted. | (12) | Adjusted dividend payout ratio is defined by the Company as common share dividends divided by net adjusted income available to common shareholders. |
Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management's internal evaluation of the Company's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense.  View original content to download multimedia:https://www.prnewswire.com/news-releases/cadence-bank-announces-fourth-quarter-and-annual-2025-financial-results-302667431.html
SOURCE Cadence Bank | |
