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[10-Q] ASSOCIATED BANC-CORP Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
Associated 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2025

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to 
Commission file number: 001-31343

Associated Banc-Corp
(Exact name of registrant as specified in its charter)
Wisconsin39-1098068
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay,Wisconsin54301
(Address of principal executive offices)(Zip Code)
(920) 491-7500
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033ASBANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑        No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer ☐
Non-accelerated filer  ☐Smaller reporting company  ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐        No  ☑
APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at October 24, 2025 was 165,922,444.
1

ASSOCIATED BANC-CORP
Table of Contents
  Page
PART I. Financial Information
Item 1. Financial Statements (Unaudited):
5
Consolidated Balance Sheets
5
Consolidated Statements of Income
6
Consolidated Statements of Comprehensive Income
7
Consolidated Statements of Changes in Stockholders’ Equity
8
Consolidated Statements of Cash Flows
10
Notes to Consolidated Financial Statements
12
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
53
Item 3. Quantitative and Qualitative Disclosures About Market Risk
77
Item 4. Controls and Procedures
78
PART II. Other Information
Item 1. Legal Proceedings
79
Item 1A. Risk Factors
79
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
79
Item 5. Other Information
79
Item 6. Exhibits
80
Signatures
81

2

ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:
ACLLAllowance for Credit Losses on Loans
AFSAvailable for Sale
ALCO Asset / Liability Committee
ASUAccounting Standards Update
the BankAssociated Bank, National Association
Basel IIIInternational framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bpbasis point(s)
BTFPBank Term Funding Program
CDsCertificates of Deposit
CDIsCore Deposit Intangibles
CECLCurrent Expected Credit Losses
CET1Common Equity Tier 1
Corporation / ourAssociated Banc-Corp collectively with all of its subsidiaries and affiliates
CRACommunity Reinvestment Act
CRECommercial Real Estate
EAREarnings at Risk
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFELPFederal Family Education Loan Program
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FICOFair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMAFederal National Mortgage Association
FTEsFull-time equivalent employees
FTPFunds Transfer Pricing
GAAPGenerally Accepted Accounting Principles
GNMAGovernment National Mortgage Association
GSEGovernment-Sponsored Enterprise
HTMHeld to Maturity
LTVLoan-to-Value
Moody's
Moody’s Investors Service
MSRsMortgage Servicing Rights
MVEMarket Value of Equity
NAVNet Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free FundsNoninterest-bearing sources of funds
NPAsNonperforming Assets
OCIOther Comprehensive Income
OREOOther Real Estate Owned
Parent CompanyAssociated Banc-Corp individually
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase AgreementsSecurities sold under agreements to repurchase
Restricted Stock AwardsRestricted common stock and restricted common stock units to certain key employees
3

Retirement Eligible ColleaguesColleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
Rev Loan(s)Revolving loans
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
Series E Preferred StockThe Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred StockThe Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFRSecured Overnight Finance Rate
YTDYear-to-Date

4
Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:
ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Sep 30, 2025Dec 31, 2024
 (in thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$490,431 $544,059 
Interest-bearing deposits in other financial institutions802,251 453,590 
Federal funds sold and securities purchased under agreements to resell90 21,955 
AFS investment securities, at fair value5,217,278 4,581,434 
HTM investment securities, net, at amortized cost3,636,080 3,738,687 
Equity securities26,000 23,242 
FHLB and Federal Reserve Bank stocks, at cost251,642 179,665 
Residential loans held for sale74,563 646,687 
Commercial loans held for sale— 32,634 
Loans30,951,964 29,768,586 
Allowance for loan losses(378,341)(363,545)
Loans, net30,573,623 29,405,041 
Tax credit and other investments245,239 258,886 
Premises and equipment, net384,139 379,093 
Bank and corporate owned life insurance693,511 689,000 
Goodwill1,104,992 1,104,992 
Other intangible assets, net25,052 31,660 
Mortgage servicing rights, net85,063 87,683 
Interest receivable168,451 167,772 
Other assets677,458 676,987 
Total assets$44,455,863 $43,023,068 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$5,906,251 $5,775,657 
Interest-bearing deposits28,975,602 28,872,777 
Total deposits34,881,853 34,648,434 
Short-term funding399,665 470,369 
FHLB advances3,220,679 1,853,807 
Other long-term funding594,074 837,635 
Allowance for unfunded commitments36,276 38,776 
Accrued expenses and other liabilities455,019 568,485 
Total liabilities$39,587,565 $38,417,506 
Stockholders’ equity
Preferred equity$194,112 $194,112 
Common equity
Common stock$1,890 $1,890 
Surplus2,047,634 2,047,349 
Retained earnings3,132,709 2,919,252 
Accumulated other comprehensive loss(15,977)(74,416)
Treasury stock, at cost(492,070)(482,626)
Total common equity4,674,186 4,411,450 
Total stockholders’ equity4,868,298 4,605,562 
Total liabilities and stockholders’ equity$44,455,863 $43,023,068 
Preferred shares authorized (par value $1.00 per share)
750,000 750,000 
Preferred shares issued and outstanding200,000 200,000 
Common shares authorized (par value $0.01 per share)
250,000,000 250,000,000 
Common shares issued189,016,409 189,016,409 
Common shares outstanding165,904,108 166,177,658 
Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.
5
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
 Three Months Ended Sep 30,Nine Months Ended Sep 30,
 (in thousands, except per share data)
2025202420252024
Interest income
Interest and fees on loans$455,623 $465,728 $1,336,703 $1,376,988 
Interest and dividends on investment securities
Taxable73,727 51,229 214,689 148,055 
Tax-exempt13,888 14,660 41,746 44,103 
Other interest13,353 8,701 35,274 24,834 
Total interest income556,591 540,318 1,628,412 1,593,980 
Interest expense
Interest on deposits202,344 231,623 609,139 678,916 
Interest on federal funds purchased and securities sold under agreements to repurchase2,107 3,385 7,733 8,551 
Interest on other short-term funding212 6,144 907 16,929 
Interest on FHLB advances35,965 24,799 86,944 80,612 
Interest on other long-term funding10,741 11,858 32,526 32,012 
Total interest expense251,369 277,809 737,250 817,021 
Net interest income305,222 262,509 891,163 776,960 
Provision for credit losses16,000 20,991 46,999 68,000 
Net interest income after provision for credit losses289,223 241,518 844,164 708,960 
Noninterest income
Wealth management fees25,315 24,144 70,837 68,466 
Service charges and deposit account fees13,861 13,708 39,822 38,410 
Card-based fees12,308 11,731 33,950 34,973 
Other fee-based revenue5,414 5,057 15,659 14,316 
Capital markets, net10,764 4,317 20,873 13,052 
Mortgage banking, net3,541 2,132 11,577 7,299 
Loss on mortgage portfolio sale— — (6,976)— 
Bank and corporate owned life insurance 4,051 4,001 13,391 11,156 
Asset gains (losses), net3,340 (474)727 (1,407)
Investment securities gains, net1 100 13 4,047 
Other2,670 2,504 7,147 7,054 
Total noninterest income81,265 67,221 207,019 197,365 
Noninterest expense
Personnel135,703 121,036 386,593 362,012 
Technology28,590 27,217 82,237 80,579 
Occupancy12,757 13,536 40,782 40,297 
Business development and advertising8,362 6,683 22,496 20,735 
Equipment4,368 4,653 13,389 13,702 
Legal and professional5,232 5,639 17,989 14,740 
Loan and foreclosure costs1,638 2,748 6,937 6,519 
FDIC assessment9,980 8,223 30,124 29,300 
Other intangible amortization2,203 2,203 6,608 6,608 
Other7,369 8,659 29,017 19,622 
Total noninterest expense216,202 200,597 636,173 594,115 
Income before income taxes154,286 108,142 415,010 312,211 
Income tax expense 29,554 20,124 77,362 27,451 
Net income124,732 88,018 337,648 284,760 
Preferred stock dividends2,875 2,875 8,625 8,625 
Net income available to common equity$121,857 $85,143 $329,023 $276,135 
Earnings per common share
Basic$0.73 $0.56 $1.98 $1.83 
Diluted$0.73 $0.56 $1.96 $1.82 
Average common shares outstanding
Basic165,029 150,247 165,064 149,993 
Diluted166,703 151,492 166,645 151,244 
Numbers may not recalculate due to rounding conventions.
See accompanying notes to consolidated financial statements.
6
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Net income$124,732 $88,018 $337,648 $284,760 
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized (losses) gains(5,178)90,858 47,970 49,844 
Amortization of net unrealized losses on AFS securities transferred to HTM securities1,992 2,147 5,978 6,329 
Reclassification adjustment for net losses realized in net income— — — 197 
Income tax benefit (expense) 795 (23,198)(13,456)(14,060)
Other comprehensive (loss) income on AFS securities(2,392)69,807 40,492 42,309 
Cash flow hedge derivatives
Net unrealized (losses) gains(825)25,609 7,707 (639)
Reclassification adjustment for net losses realized in net income1,440 4,705 3,995 14,297 
Income tax benefit148 7,405 2,816 5,213 
Other comprehensive income on cash flow hedge derivatives763 37,718 14,518 18,871 
Defined benefit pension and postretirement obligations
Amortization of prior service cost(63)(73)(189)(217)
Net actuarial gain— — 4,770 — 
Amortization of actuarial gain(4)(7)(12)(21)
Income tax expense (benefit)17 20 (1,140)(1,594)
Other comprehensive (loss) income on pension and postretirement obligations(51)(60)3,429 (1,832)
Total other comprehensive (loss) income(1,680)107,466 58,439 59,348 
Comprehensive income$123,052 $195,483 $396,087 $344,108 
Numbers may not recalculate due to rounding conventions.
See accompanying notes to consolidated financial statements.

7
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
 (Loss)		Treasury StockTotal
Balance, December 31, 2024$194,112 $1,890 $2,047,349 $2,919,252 $(74,416)$(482,626)$4,605,562 
Comprehensive income:
Net income— — — 101,687 — — 101,687 
Other comprehensive income— — — — 39,272 — 39,272 
Comprehensive income140,959 
Common stock issued:
Public common stock offering— — (52)— — — (52)
Stock-based compensation plans, net— — (14,297)— — 16,489 2,192 
Purchase of treasury stock, open market purchases— — — — — (22,292)(22,292)
Purchase of treasury stock, stock-based compensation plans— — — — — (5,816)(5,816)
Cash dividends:
Common stock(a)
— — — (38,538)— — (38,538)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 7,419 — — — 7,419 
Balance, March 31, 2025$194,112 $1,890 $2,040,419 $2,979,526 $(35,144)$(494,246)$4,686,558 
Comprehensive income:
Net income— — — 111,230 — — 111,230 
Other comprehensive income— — — — 20,847 — 20,847 
Comprehensive income132,076 
Common stock issued:
Stock-based compensation plans, net— — 543 — — (449)94 
Purchase of treasury stock, stock-based compensation plans— — — — — (93)(93)
Cash dividends:
Common stock(a)
— — — (38,498)— — (38,498)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,518 — — — 3,518 
Balance, June 30, 2025$194,112 $1,890 $2,044,481 $3,049,383 $(14,297)$(494,788)$4,780,781 
Comprehensive income:
Net income— — — 124,732 — — 124,732 
Other comprehensive loss— — — — (1,680)— (1,680)
Comprehensive income123,052 
Common stock issued:
Stock-based compensation plans, net— — (474)— — 3,064 2,590 
Purchase of treasury stock, stock-based compensation plans— — — — — (346)(346)
Cash dividends:
Common stock(a)
— — — (38,531)— — (38,531)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,627 — — — 3,627 
Balance, September 30, 2025$194,112 $1,890 $2,047,634 $3,132,709 $(15,977)$(492,070)$4,868,298 
Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.23 per share.
(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

8
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(in thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Balance, December 31, 2023$194,112 $1,752 $1,714,822 $2,946,805 $(171,096)$(512,421)$4,173,973 
Comprehensive income:
Net income— — — 81,169 — — 81,169 
Other comprehensive (loss)— — — — (38,785)— (38,785)
Comprehensive income42,384 
Common stock issued:
Stock-based compensation plans, net— — (13,839)— — 17,749 3,910 
Purchase of treasury stock, open market purchases— — — — — (18,289)(18,289)
Purchase of treasury stock, stock-based compensation plans— — — — — (4,572)(4,572)
Cash dividends:
Common stock(a)
— — — (33,527)— — (33,527)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 7,669 — — — 7,669 
Balance, March 31, 2024$194,112 $1,752 $1,708,652 $2,991,571 $(209,881)$(517,533)$4,168,673 
Comprehensive income:
Net income— — — 115,573 — — 115,573 
Other comprehensive (loss)— — — — (9,333)— (9,333)
Comprehensive income106,241 
Common stock issued:
Stock-based compensation plans, net— — (1,704)— — 2,230 526 
Purchase of treasury stock, stock-based compensation plans— — — — — (1,088)(1,088)
Cash dividends:
Common stock(a)
— — — (33,507)— — (33,507)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 4,368 — — — 4,368 
Balance, June 30, 2024$194,112 $1,752 $1,711,316 $3,070,762 $(219,214)$(516,391)$4,242,337 
Comprehensive income:
Net income— — — 88,018 — — 88,018 
Other comprehensive (loss)— — — — 107,466 — 107,466 
Comprehensive income195,483 
Common stock issued:
Stock-based compensation plans, net— — (652)— — 9,498 8,845 
Purchase of treasury stock, stock-based compensation plans— — — — — (347)(347)
Cash dividends:
Common stock(a)
— — — (33,599)— — (33,599)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,392 — — — 3,392 
Balance, September 30, 2024$194,112 $1,752 $1,714,055 $3,122,307 $(111,748)$(507,241)$4,413,236 
Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.22 per share.
(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

See accompanying notes to consolidated financial statements.




9
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended Sep 30,
 (in thousands)
20252024
Cash flows from operating activities
Net income$337,648 $284,760 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses46,999 68,000 
Depreciation and amortization37,959 36,414 
Change in MSRs valuation2,464 959 
Amortization of other intangible assets6,608 6,608 
Amortization and accretion on earning assets, funding, and other, net30,520 30,998 
Net amortization of tax credit investments26,307 26,307 
Gains on sales of investment securities, net— (3,857)
Asset (gains) losses, net(727)1,407 
Loss on mortgage banking activities, net103 2,284 
Loss on mortgage portfolio sale6,976 — 
Mortgage loans originated for sale(470,456)(450,532)
Proceeds from sales of mortgage loans held for sale451,869 415,840 
Changes in certain assets and liabilities:
(Increase) decrease in interest receivable(678)1,792 
(Decrease) increase in interest payable(28,163)19,507 
(Decrease) increase in expense payable(18,790)332 
Decrease in net derivative position(63,192)(61,615)
Net change in other assets and other liabilities32,162 (6,084)
Net cash provided by operating activities397,610 373,120 
Cash flows from investing activities
Net increase in loans(1,224,724)(795,057)
Purchases of:
AFS securities(1,355,308)(1,177,627)
HTM securities(994)— 
FHLB and Federal Reserve Bank stocks and equity securities(187,426)(122,205)
Proceeds from:
Sales of AFS securities— 9,472 
Sales of FHLB and Federal Reserve Bank stocks and equity securities112,964 196,049 
Prepayments, calls, and maturities of AFS securities 761,540 660,732 
Prepayments, calls, and maturities of HTM securities 106,160 92,402 
Sales, prepayments, calls, and maturities of other assets18,929 12,759 
Sale of mortgage portfolio564,375 — 
Premises, equipment, and software(28,591)(31,702)
Net change in tax credit and alternative investments(16,800)(17,856)
Net cash used in investing activities(1,249,875)(1,173,035)
Cash flows from financing activities
Net increase in deposits233,419 108,249 
Net (decrease) increase in short-term funding(70,704)590,248 
Net increase (decrease) in short-term FHLB advances1,560,000 (35,000)
Repayment of long-term FHLB advances(400,198)(727)
Proceeds from long-term FHLB advances200,898 2,656 
Proceeds from issuance of long-term funding— 298,800 
Payment of debt issuance costs— (751)
Repayment of finance lease principal(67)(66)
Repayment of long-term funding(250,000)— 
Proceeds from issuance of common stock for stock-based compensation plans4,876 13,281 
Purchase of treasury stock, open market purchases(22,292)(18,289)
Purchase of treasury stock, stock-based compensation plans(6,256)(6,007)
Cash dividends on common stock(115,566)(100,633)
Cash dividends on preferred stock(8,625)(8,625)
Payments for other financing activities(52)— 
Net cash provided by financing activities1,125,433 843,134 
Net increase in cash and cash equivalents273,168 43,219 
Cash and cash equivalents at beginning of period1,019,604 923,823 
Cash and cash equivalents at end of period(a)
$1,292,772 $967,042 
Numbers may not recalculate due to rounding conventions.
(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.
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ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended Sep 30,
 (in thousands)
20252024
Supplemental disclosures of cash flow information
Cash paid for interest$763,622 $796,621 
Cash (received) paid for income and franchise taxes(14,159)6,963 
Loans and bank premises transferred to OREO24,424 12,586 
Capitalized mortgage servicing rights6,162 4,458 
Loans transferred from held for sale into portfolio, net(54,339)(74,737)
Fair value adjustments on hedged long-term FHLB advances and subordinated debt(11,793)(10,369)
Fair value adjustments on foreign currency exchange forwards(1,811)1,899 
Fair value adjustments on cash flow hedges14,518 18,871 

11
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Notes to Consolidated Financial Statements
These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2024 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.
Note 1 Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.
Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.
Note 2 Summary of Significant Accounting Policies
The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2024 Annual Report on Form 10-K.
12
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Future Accounting Pronouncements
The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.
StandardDescriptionDate of Anticipated AdoptionEffect on Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.Annual period ending December 31, 2025The Corporation will adopt the enhanced income tax related disclosures within the consolidated financial statements for the year ended December 31, 2025.
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.Annual period ending December 31, 2027 and subsequent interim periodsThe Corporation is currently evaluating the impact on its disclosures.
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)The amendments in this update simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages to align with the shift to incremental and iterative software development methods.Interim period ending March 31, 2028 and subsequent periodsThe Corporation is currently evaluating the impact on its disclosures.
Note 3 Earnings Per Common Share
Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per
13
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common share:
 Three Months Ended Sep 30,Nine Months Ended Sep 30,
 (in thousands, except per share data)2025202420252024
Net income$124,732 $88,018 $337,648 $284,760 
Preferred stock dividends(2,875)(2,875)(8,625)(8,625)
Net income available to common equity121,857 85,143 329,023 276,135 
Common shareholder dividends(38,340)(33,413)(114,977)(100,131)
Unvested share-based payment awards(190)(185)(590)(502)
Undistributed earnings$83,326 $51,544 $213,457 $175,502 
Undistributed earnings allocated to common shareholders$82,913 $51,255 $212,415 $174,511 
Undistributed earnings allocated to unvested share-based payment awards413 289 1,042 991 
Undistributed earnings$83,326 $51,544 $213,457 $175,502 
Basic
Distributed earnings to common shareholders$38,340 $33,413 $114,977 $100,131 
Undistributed earnings allocated to common shareholders82,913 51,255 212,415 174,511 
Total common shareholders earnings, basic$121,253 $84,669 $327,392 $274,642 
Diluted
Distributed earnings to common shareholders$38,340 $33,413 $114,977 $100,131 
Undistributed earnings allocated to common shareholders82,913 51,255 212,415 174,511 
Total common shareholders earnings, diluted$121,253 $84,669 $327,392 $274,642 
Weighted average common shares outstanding165,029 150,247 165,064 149,993 
Effect of dilutive common stock awards1,674 1,244 1,581 1,251 
Diluted weighted average common shares outstanding166,703 151,492 166,645 151,244 
Basic earnings per common share$0.73 $0.56 $1.98 $1.83 
Diluted earnings per common share$0.73 $0.56 $1.96 $1.82 
Excluded from the earnings per common share calculations were 0.2 million and 1.9 million anti-dilutive common stock options for the three months ended September 30, 2025 and 2024, respectively, and 0.8 million and 1.9 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the nine months ended September 30, 2025 and 2024, respectively.
Note 4 Stock-Based Compensation
The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 and 2025 Incentive Compensation Plans, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.
A summary of the Corporation’s stock option activity for the nine months ended September 30, 2025 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value(a)
Outstanding at December 31, 20241,778 $22.36 3.41 years$3,693 
Exercised170 20.06 
Forfeited or expired— — 
Outstanding at September 30, 20251,607 $22.61 2.74 years$5,033 
Options Exercisable at September 30, 20251,607 $22.61 2.74 years$5,033 
(a) In thousands
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the nine months ended September 30, 2025, the intrinsic value of stock options exercised was $1.0 million, compared to $2.8 million for the nine months ended September 30, 2024. All stock options were vested as of December 31, 2024. The total fair value of stock options vested was $0.5 million for the nine months ended September 30, 2024.
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The Corporation has issued time-based and performance-based restricted stock awards under the 2020 and 2025 Incentive Compensation Plans. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.
The following table summarizes information about the Corporation’s restricted stock awards activity for the nine months ended September 30, 2025:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20242,310 $21.25 
Granted877 24.30 
Vested721 22.18 
Forfeited36 22.98 
Outstanding at September 30, 20252,429 $22.05 
(a) In thousands
The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years. Expense for restricted stock awards of $15.0 million and $15.8 million was recorded for the nine months ended September 30, 2025 and September 30, 2024, respectively. Included in compensation expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues was $4.5 million and $3.6 million of expense the first nine months of 2025 and 2024, respectively. The Corporation had $21.8 million of unrecognized compensation costs related to restricted stock awards at September 30, 2025 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2029.
The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.
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Note 5 Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at September 30, 2025 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $1 $(45)$3,019 
Residential mortgage-related securities:
FNMA/FHLMC128,541 907 (5,888)123,560 
GNMA4,827,672 34,848 (295)4,862,225 
Commercial mortgage-related securities:
FNMA/FHLMC18,054 — (1,055)16,999 
GNMA114,247 — (4,317)109,930 
Asset backed securities:
FFELP98,889 39 (731)98,198 
SBA363 — (15)348 
Other debt securities3,000 — — 3,000 
Total AFS investment securities$5,193,828 $35,796 $(12,346)$5,217,278 
HTM investment securities
U.S. Treasury securities$995 $19 $— $1,014 
Obligations of state and political subdivisions (municipal securities)1,637,318 1,640 (153,562)1,485,396 
Residential mortgage-related securities:
FNMA/FHLMC836,619 19,924 (150,818)705,725 
GNMA40,301 60 (2,490)37,871 
Private-label307,569 7,019 (53,549)261,038 
Commercial mortgage-related securities:
FNMA/FHLMC766,482 8,503 (125,634)649,352 
GNMA46,855 166 (5,023)41,998 
Total HTM investment securities$3,636,139 $37,331 $(491,077)$3,182,394 


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The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $— $(58)$3,005 
Residential mortgage-related securities:
FNMA/FHLMC120,272 190 (9,534)110,928 
GNMA4,236,199 5,379 (13,851)4,227,727 
Commercial mortgage-related securities:
FNMA/FHLMC18,332 — (1,332)17,000 
GNMA116,275 — (4,800)111,475 
Asset backed securities:
FFELP108,319 123 (604)107,839 
SBA495 — (24)471 
Other debt securities3,000 — (11)2,989 
Total AFS investment securities$4,605,954 $5,693 $(30,213)$4,581,434 
HTM investment securities
U.S. Treasury securities$1,000 $— $(1)$999 
Obligations of state and political subdivisions (municipal securities)1,659,722 1,122 (174,202)1,486,642 
Residential mortgage-related securities:
FNMA/FHLMC885,476 22,934 (186,464)721,946 
GNMA43,693 9 (3,774)39,927 
Private-label324,182 8,135 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC772,456 10,217 (159,078)623,595 
GNMA52,219 236 (6,424)46,032 
 Total HTM investment securities$3,738,747 $42,653 $(595,906)$3,185,494 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at September 30, 2025, are shown below:
 AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,000 $1,000 $4,384 $4,385 
Due after one year through five years3,040 3,034 93,085 93,182 
Due after five years through ten years1,390 1,391 220,964 217,504 
Due after ten years633 594 1,319,880 1,171,339 
Total debt securities6,063 6,019 1,638,313 1,486,410 
Residential mortgage-related securities:
FNMA/FHLMC128,541 123,560 836,619 705,725 
GNMA4,827,672 4,862,225 40,301 37,871 
Private-label— — 307,569 261,038 
Commercial mortgage-related securities:
FNMA/FHLMC18,054 16,999 766,482 649,352 
GNMA114,247 109,930 46,855 41,998 
Asset backed securities:
FFELP 98,889 98,198 — — 
SBA363 348 — — 
Total investment securities$5,193,828 $5,217,278 $3,636,139 $3,182,394 
Ratio of fair value to amortized cost100.5 %87.5 %

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The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Gross realized (losses) on AFS securities$— $— $— $(197)
Gain on sale of equity securities— — — 4,054 
Fair value adjustment of equity securities1 100 13 190 
Investment securities gains, net$1 $100 $13 $4,047 
Proceeds from sales of AFS investment securities$— $— $— $9,472 
Investment securities with a carrying value of $1.2 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $15.5 million and $18.1 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $23.3 million and $21.4 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of September 30, 2025 and December 31, 2024, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.
The Corporation holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.
The allowance for credit losses on HTM securities was $0.1 million at both September 30, 2025 and December 31, 2024, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets.

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The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2025:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)— $— $— 2 $(45)$838 $(45)838 
Residential mortgage-related securities:
FNMA/FHLMC5 (44)5,235 15 (5,845)61,665 (5,888)66,900 
GNMA12 (263)52,515 3 (33)2,675 (295)55,189 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,055)16,999 (1,055)16,999 
GNMA— — — 15 (4,317)109,930 (4,317)109,930 
Asset backed securities:
FFELP1 (23)6,372 12 (708)57,378 (731)63,750 
SBA— — — 2 (15)261 (15)261 
Other debt securities— — — — — — — — 
Total18 $(329)$64,122 50 $(12,017)$249,745 $(12,346)$313,868 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)151 $(3,421)$241,505 614 $(150,141)$934,607 $(153,562)$1,176,112 
Residential mortgage-related securities:
FNMA/FHLMC2 (1)181 109 (150,817)697,875 (150,818)698,056 
GNMA— — — 80 (2,490)31,066 (2,490)31,066 
Private-label— — — 18 (53,549)261,038 (53,549)261,038 
 Commercial mortgage-related securities:
FNMA/FHLMC1 (205)18,314 44 (125,429)631,038 (125,634)649,352 
GNMA— — — 13 (5,023)41,998 (5,023)41,998 
Total154 $(3,627)$259,999 878 $(487,450)$2,597,622 $(491,077)$2,857,621 
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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)1 $(3)$542 2 $(55)$828 $(58)$1,370 
Residential mortgage-related securities:
FNMA/FHLMC23 (607)31,983 14 (8,927)61,596 (9,534)93,579 
GNMA116 (13,706)1,660,642 4 (145)3,945 (13,851)1,664,587 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,332)17,000 (1,332)17,000 
GNMA— — — 16 (4,800)111,475 (4,800)111,475 
Asset backed securities:
FFELP— — — 12 (604)62,830 (604)62,830 
SBA— — — 4 (24)464 (24)464 
Other debt securities1 (7)993 1 (3)997 (11)1,989 
Total141 $(14,323)$1,694,159 54 $(15,890)$259,134 $(30,213)$1,953,294 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(1)$999 $(1)$999 
Obligations of state and political subdivisions (municipal securities)370 (11,860)483,073 641 (162,343)866,949 (174,202)1,350,022 
Residential mortgage-related securities:
FNMA/FHLMC12 (280)11,617 106 (186,184)710,114 (186,464)721,732 
GNMA7 (183)8,856 79 (3,591)31,071 (3,774)39,927 
Private-label— — — 18 (65,963)266,353 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC2 (1,343)25,518 43 (157,735)598,077 (159,078)623,595 
GNMA— — — 13 (6,424)46,032 (6,424)46,032 
Total391 $(13,665)$529,064 901 $(582,241)$2,519,595 $(595,906)$3,048,660 
The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at September 30, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of September 30, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.
FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $153.6 million and $91.5 million at September 30, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million and $88.1 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on FHLB stock totaled $3.6 million at September 30, 2025 and $1.8 million at December 31, 2024. There was $1.0 million accrued interest receivable on Federal Reserve Bank Stock at September 30, 2025 and none at December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
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Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $10.9 million at September 30, 2025 and $10.7 million at December 31, 2024.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.1 million at September 30, 2025 and $12.6 million at December 31, 2024.
Note 6 Loans
The period end loan composition was as follows:
(in thousands)Sep 30, 2025Dec 31, 2024
Commercial and industrial$11,567,651 $10,573,741 
Commercial real estate — owner occupied1,149,939 1,143,741 
Commercial and business lending12,717,590 11,717,483 
Commercial real estate — investor5,369,441 5,227,975 
Real estate construction1,958,766 1,982,632 
Commercial real estate lending7,328,207 7,210,607 
Total commercial20,045,797 18,928,090 
Residential mortgage6,858,285 7,047,541 
Auto finance3,041,644 2,810,220 
Home equity698,112 664,252 
Other consumer308,126 318,483 
Total consumer10,906,167 10,840,496 
Total loans$30,951,964 $29,768,586 
Accrued interest receivable on loans totaled $125.1 million at September 30, 2025 and $126.1 million at December 31, 2024, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $0.5 million for the three months ended September 30, 2025 and $1.7 million for the nine months ended September 30, 2025, compared to $0.2 million for the three months ended September 30, 2024 and $1.9 million for the nine months ended September 30, 2024.

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The following table presents loans by credit quality indicator by origination year at September 30, 2025:
Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20252024202320222021PriorTotal
Commercial and industrial:
Risk rating:
Pass$29 $2,013,497 $2,865,198 $2,358,248 $1,201,594 $1,373,375 $721,128 $546,192 $11,079,231 
Special mention— 14,967 3,029 14,700 14,779 6,768 5,231 363 59,838 
Substandard1,006 95,795 23,195 64,191 18,737 124,041 87,717 2,105 415,780 
Nonaccrual1,564 — 533 7,718 33 4,518 — — 12,802 
Commercial and industrial$2,600 $2,124,259 $2,891,956 $2,444,857 $1,235,142 $1,508,702 $814,076 $548,660 $11,567,651 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $2,848 $80,406 $226,814 $147,415 $178,379 $176,037 $237,057 $1,048,958 
Special mention— 10,165 — 12,803 11,530 — 1,199 1,829 37,525 
Substandard— 633 7,086 10,004 10,163 1,385 19,260 14,722 63,253 
Nonaccrual— — 203 — — — — — 203 
Commercial real estate - owner occupied$— $13,646 $87,696 $249,621 $169,108 $179,764 $196,496 $253,608 $1,149,939 
Commercial and business lending:
Risk rating:
Pass$29 $2,016,345 $2,945,604 $2,585,062 $1,349,009 $1,551,754 $897,165 $783,250 $12,128,189 
Special mention— 25,132 3,029 27,503 26,309 6,768 6,430 2,192 97,363 
Substandard1,006 96,428 30,281 74,195 28,900 125,425 106,977 16,827 479,034 
Nonaccrual1,564 — 736 7,718 33 4,518 — — 13,006 
Commercial and business lending$2,600 $2,137,905 $2,979,651 $2,694,478 $1,404,250 $1,688,465 $1,010,572 $802,268 $12,717,590 
Commercial real estate - investor:
Risk rating:
Pass$7,185 $166,555 $1,391,645 $1,012,499 $536,025 $806,485 $528,193 $584,273 $5,025,674 
Special mention— — 7,234 20,746 38,240 58,717 10,698 5,059 140,695 
Substandard— — 17,817 36,418 13,183 84,499 42,697 1,125 195,739 
Nonaccrual— — — — — 7,333 — — 7,333 
Commercial real estate - investor$7,185 $166,555 $1,416,696 $1,069,663 $587,448 $957,034 $581,589 $590,457 $5,369,441 
Real estate construction:
Risk rating:
Pass$— $27,572 $177,783 $583,971 $283,923 $257,928 $3,107 $6,835 $1,341,119 
Special mention— — — — 12,887 157,523 — — 170,410 
Substandard— — 122,869 39,788 47,807 236,628 — — 447,092 
Nonaccrual— — — — — — — 145 145 
Real estate construction$— $27,572 $300,652 $623,758 $344,617 $652,079 $3,107 $6,979 $1,958,766 
Commercial real estate lending:
Risk rating:
Pass$7,185 $194,127 $1,569,428 $1,596,470 $819,947 $1,064,413 $531,300 $591,107 $6,366,793 
Special mention— — 7,234 20,746 51,127 216,240 10,698 5,059 311,105 
Substandard— — 140,685 76,206 60,991 321,127 42,697 1,125 642,831 
Nonaccrual— — — — — 7,333 — 145 7,478 
Commercial real estate lending$7,185 $194,127 $1,717,348 $1,693,422 $932,065 $1,609,114 $584,696 $597,436 $7,328,207 
Total commercial:
Risk rating:
Pass$7,214 $2,210,472 $4,515,033 $4,181,532 $2,168,956 $2,616,167 $1,428,465 $1,374,357 $18,494,982 
Special mention— 25,132 10,263 48,249 77,436 223,008 17,128 7,251 408,467 
Substandard1,006 96,428 170,967 150,401 89,890 446,553 149,675 17,951 1,121,865 
Nonaccrual1,564 — 736 7,718 33 11,851 — 145 20,484 
Total commercial$9,785 $2,332,032 $4,696,999 $4,387,900 $2,336,315 $3,297,579 $1,595,268 $1,399,704 $20,045,797 
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Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20252024202320222021PriorTotal
Residential mortgage:
Risk rating:
Pass$— $— $169,527 $225,176 $504,675 $1,520,445 $1,528,394 $2,840,216 $6,788,432 
Special mention— — 16 — — — — 10 26 
Substandard— — — — 300 130 304 — 733 
Nonaccrual— — 2,681 2,493 4,863 13,081 11,311 34,664 69,093 
Residential mortgage$— $— $172,224 $227,669 $509,838 $1,533,655 $1,540,009 $2,874,890 $6,858,285 
Auto finance:
Risk rating:
Pass$— $— $1,001,874 $931,980 $620,136 $446,328 $31,072 $20 $3,031,410 
Special mention— — 158 432 628 712 86 — 2,016 
Nonaccrual— — 276 1,215 2,842 3,483 403 — 8,218 
Auto finance$— $— $1,002,308 $933,627 $623,606 $450,523 $31,561 $20 $3,041,644 
Home equity:
Risk rating:
Pass$9,035 $608,517 $1,147 $1,710 $2,522 $21,978 $4,957 $48,776 $689,607 
Special mention61 — — — 64 — — 141 206 
Nonaccrual1,143 109 — 214 199 1,016 419 6,342 8,299 
Home equity$10,239 $608,626 $1,147 $1,924 $2,786 $22,994 $5,375 $55,260 $698,112 
Other consumer:
Risk rating:
Pass$614 $238,860 $12,020 $4,712 $2,372 $1,333 $385 $45,010 $304,692 
Special mention2 1,125 — 30 4 2 — 2 1,162 
Substandard— 2,186 — — — — — — 2,186 
Nonaccrual2 44 10 18 6 4 2 2 85 
Other consumer$617 $242,216 $12,029 $4,759 $2,382 $1,339 $387 $45,014 $308,126 
Total consumer:
Risk rating:
Pass$9,649 $847,377 $1,184,568 $1,163,578 $1,129,705 $1,990,084 $1,564,808 $2,934,022 $10,814,142 
Special mention63 1,125 174 462 696 714 86 153 3,410 
Substandard— 2,186 — — 300 130 304 — 2,920 
Nonaccrual1,145 154 2,966 3,939 7,910 17,584 12,135 41,008 85,696 
Total consumer$10,856 $850,842 $1,187,708 $1,167,979 $1,138,611 $2,008,511 $1,577,332 $2,975,183 $10,906,167 
Total loans:
Risk rating:
Pass$16,863 $3,057,849 $5,699,600 $5,345,110 $3,298,661 $4,606,252 $2,993,273 $4,308,379 $29,309,124 
Special mention63 26,257 10,437 48,712 78,131 223,722 17,214 7,404 411,877 
Substandard1,006 98,614 170,967 150,401 90,190 446,683 149,978 17,951 1,124,785 
Nonaccrual2,709 154 3,703 11,657 7,944 29,435 12,135 41,153 106,179 
Total loans$20,641 $3,182,874 $5,884,707 $5,555,879 $3,474,927 $5,306,090 $3,172,601 $4,374,887 $30,951,964 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.


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The following table presents loans by credit quality indicator by origination year at December 31, 2024:
Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20242023202220212020PriorTotal
Commercial and industrial:
Risk rating:
Pass$248 $1,841,790 $2,656,953 $1,514,277 $2,254,758 $1,080,180 $263,286 $510,301 $10,121,545 
Special mention— 48,829 4,037 4,810 63,390 6,984 515 48 128,613 
Substandard2,015 40,240 90,240 9,677 34,730 126,134 3,347 131 304,500 
Nonaccrual42 — 772 4,468 12,988 855 — — 19,084 
Commercial and industrial$2,306 $1,930,860 $2,752,002 $1,533,233 $2,365,866 $1,214,154 $267,148 $510,480 $10,573,741 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $13,760 $228,913 $175,059 $180,132 $214,237 $114,064 $181,982 $1,108,147 
Special mention— — — 497 — 8,619 — 2,803 11,920 
Substandard— 943 2,532 10,009 1,492 701 3,371 3,125 22,173 
Nonaccrual— — — 1,501 — — — — 1,501 
Commercial real estate - owner occupied$— $14,703 $231,446 $187,066 $181,625 $223,557 $117,435 $187,911 $1,143,741 
Commercial and business lending:
Risk rating:
Pass$248 $1,855,550 $2,885,866 $1,689,336 $2,434,891 $1,294,416 $377,350 $692,283 $11,229,693 
Special mention— 48,829 4,037 5,307 63,390 15,604 515 2,852 140,532 
Substandard2,015 41,183 92,772 19,686 36,222 126,835 6,719 3,255 326,673 
Nonaccrual42 — 772 5,969 12,988 855 — — 20,585 
Commercial and business lending$2,306 $1,945,563 $2,983,447 $1,720,298 $2,547,491 $1,437,710 $384,583 $698,390 $11,717,483 
Commercial real estate - investor:
Risk rating:
Pass$— $190,451 $1,334,740 $725,652 $1,179,867 $723,994 $321,084 $363,288 $4,839,076 
Special mention— — 69,014 6,385 30,672 12,312 6,870 10,366 135,618 
Substandard— — 69,385 53,022 93,151 10,724 384 9,910 236,576 
Nonaccrual— — 11,949 — — 4,757 — — 16,705 
Commercial real estate - investor$— $190,451 $1,485,088 $785,058 $1,303,690 $751,786 $328,338 $383,563 $5,227,975 
Real estate construction:
Risk rating:
Pass$— $30,090 $278,754 $390,845 $807,347 $142,137 $25,654 $7,260 $1,682,086 
Special mention— — 19,419 — 96,442 — — — 115,862 
Substandard— — 28,241 6,000 105,660 44,754 — — 184,654 
Nonaccrual— — — — — — — 30 30 
Real estate construction$— $30,090 $326,414 $396,845 $1,009,450 $186,890 $25,654 $7,289 $1,982,632 
Commercial real estate lending:
Risk rating:
Pass$— $220,541 $1,613,494 $1,116,496 $1,987,215 $866,130 $346,738 $370,548 $6,521,163 
Special mention— — 88,433 6,385 127,114 12,312 6,870 10,366 251,480 
Substandard— — 97,626 59,022 198,811 55,477 384 9,910 421,230 
Nonaccrual— — 11,949 — — 4,757 — 30 16,735 
Commercial real estate lending$— $220,541 $1,811,502 $1,181,903 $2,313,140 $938,677 $353,992 $390,853 $7,210,607 
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Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20242023202220212020PriorTotal
Total commercial:
Risk rating:
Pass$248 $2,076,092 $4,499,360 $2,805,832 $4,422,105 $2,160,547 $724,088 $1,062,831 $17,750,855 
Special mention— 48,829 92,469 11,692 190,504 27,916 7,385 13,217 392,012 
Substandard2,015 41,183 190,399 78,708 235,033 182,313 7,103 13,165 747,903 
Nonaccrual42 — 12,721 5,969 12,988 5,612 — 30 37,320 
Total commercial$2,306 $2,166,104 $4,794,949 $2,902,201 $4,860,631 $2,376,387 $738,576 $1,089,243 $18,928,090 
Residential mortgage:
Risk rating:
Pass$— $— $172,607 $507,186 $1,579,182 $1,643,341 $1,195,752 $1,878,251 $6,976,319 
Special mention— — — — — — — 162 162 
Substandard— — 594 327 77 — — 24 1,022 
Nonaccrual— — 2,338 2,134 11,420 10,141 8,297 35,708 70,038 
Residential mortgage$— $— $175,539 $509,647 $1,590,679 $1,653,482 $1,204,049 $1,914,144 $7,047,541 
Auto finance:
Risk rating:
Pass$— $— $1,241,609 $858,924 $650,880 $48,999 $67 $77 $2,800,555 
Special mention— — 332 704 1,048 178 — — 2,262 
Nonaccrual— — 491 2,162 4,284 466 — — 7,402 
Auto finance$— $— $1,242,431 $861,790 $656,212 $49,643 $67 $77 $2,810,220 
Home equity:
Risk rating:
Pass$8,764 $569,866 $411 $1,684 $25,372 $5,289 $1,965 $50,841 $655,429 
Special mention127 81 41 — — — — 323 445 
Nonaccrual1,677 104 15 103 933 231 215 6,778 8,378 
Home equity$10,568 $570,051 $467 $1,788 $26,305 $5,520 $2,180 $57,941 $664,252 
Other consumer:
Risk rating:
Pass$308 $241,230 $14,343 $4,808 $2,475 $1,440 $584 $49,886 $314,767 
Special mention— 1,125 8 — 36 7 — — 1,176 
Substandard— 2,418 — — — — — — 2,418 
Nonaccrual2 81 5 21 7 4 — 4 122 
Other consumer$310 $244,855 $14,356 $4,829 $2,518 $1,451 $584 $49,891 $318,483 
Total consumer:
Risk rating:
Pass$9,071 $811,096 $1,428,969 $1,372,603 $2,257,910 $1,699,069 $1,198,368 $1,979,055 $10,747,070 
Special mention127 1,207 381 704 1,083 185 — 484 4,045 
Substandard— 2,418 594 327 77 — — 24 3,440 
Nonaccrual1,679 185 2,849 4,420 16,644 10,842 8,512 42,490 85,941 
Total consumer$10,878 $814,906 $1,432,794 $1,378,053 $2,275,714 $1,710,096 $1,206,880 $2,022,053 $10,840,496 
Total loans:
Risk rating:
Pass$9,320 $2,887,188 $5,928,329 $4,178,435 $6,680,015 $3,859,616 $1,922,456 $3,041,886 $28,497,925 
Special mention127 50,036 92,851 12,396 191,587 28,101 7,385 13,701 396,057 
Substandard2,015 43,602 190,993 79,035 235,110 182,313 7,103 13,189 751,344 
Nonaccrual1,721 185 15,570 10,389 29,632 16,453 8,512 42,519 123,260 
Total loans$13,183 $2,981,010 $6,227,743 $4,280,254 $7,136,344 $4,086,483 $1,945,455 $3,111,296 $29,768,586 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents gross charge offs by origination year for the nine months ended September 30, 2025:
Gross Charge Offs by Origination Year
(in thousands)Rev Loans Amortized Cost Basis20252024202320222021PriorTotal
Commercial and industrial$4,015 $— $580 $3,513 $3,799 $379 $— $12,286 
Commercial real estate-owner occupied— — — — — — — — 
Commercial and business lending4,015 — 580 3,513 3,799 379 — 12,286 
Commercial real estate-investor— — 8,356 184 12,667 — — 21,206 
Real estate construction— — — — — — — — 
Commercial real estate lending— — 8,356 184 12,667 — — 21,206 
Total commercial4,015 — 8,936 3,697 16,465 379 — 33,492 
Residential mortgage— — 53 187 300 74 268 882 
Auto finance— 67 1,159 2,091 2,520 280 — 6,118 
Home equity— — 62 26 5 5 65 164 
Other consumer6,210 8 48 59 58 224 54 6,661 
Total consumer6,210 76 1,322 2,363 2,882 584 387 13,825 
Total gross charge offs$10,225 $76 $10,258 $6,060 $19,348 $963 $387 $47,317 
The following table presents gross charge offs by origination year for the year ended December 31, 2024:
Gross Charge Offs by Origination Year
(in thousands)Rev Loans Amortized Cost Basis20242023202220212020PriorTotal
Commercial and industrial$4,433 $128 $11,484 $8,510 $22,959 $3 $— $47,517 
Commercial real estate-owner occupied— — — — — — 3 3 
Commercial and business lending4,433 128 11,484 8,510 22,959 3 3 47,520 
Commercial real estate-investor— 6,617 1 — 4,569 — — 11,187 
Real estate construction— — — — — — — — 
Commercial real estate lending— 6,617 1 — 4,569 — — 11,187 
Total commercial4,433 6,745 11,485 8,510 27,528 3 3 58,707 
Residential mortgage— — 134 125 101 153 515 1,029 
Auto finance— 418 2,982 5,582 560 — — 9,541 
Home equity93 — — 9 19 10 85 216 
Other consumer6,555 20 96 75 75 42 59 6,922 
Total consumer6,649 438 3,212 5,790 755 205 659 17,709 
Total gross charge offs$11,082 $7,183 $14,697 $14,300 $28,283 $209 $662 $76,415 
Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.
For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit or in the credit position at some future date. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships over $0.5 million in nonaccrual status meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.
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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $23.3 million and $22.9 million at September 30, 2025 and December 31, 2024, respectively.
The following table presents loans by past due status at September 30, 2025:
Accruing
(in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$11,553,383 $517 $554 $395 $12,802 $11,567,651 
Commercial real estate - owner occupied1,149,736 — — — 203 1,149,939 
Commercial and business lending12,703,119 517 554 395 13,006 12,717,590 
Commercial real estate - investor5,347,918 13,168 1,022 — 7,333 5,369,441 
Real estate construction1,958,600 21 — — 145 1,958,766 
Commercial real estate lending7,306,518 13,189 1,022 — 7,478 7,328,207 
Total commercial20,009,637 13,706 1,576 395 20,484 20,045,797 
Residential mortgage6,776,508 12,667 16 — 69,093 6,858,285 
Auto finance3,019,413 11,997 2,016 — 8,218 3,041,644 
Home equity685,548 4,059 206 — 8,299 698,112 
Other consumer303,016 1,540 1,188 2,297 85 308,126 
Total consumer10,784,484 30,264 3,426 2,297 85,696 10,906,167 
Total loans$30,794,122 $43,970 $5,002 $2,692 $106,179 $30,951,964 
(a) Of the total nonaccrual loans, $38.0 million, or 36%, were current with respect to payment at September 30, 2025.
(b) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2025. In addition, there were $14.8 million of nonaccrual loans for which there was no related ACLL at September 30, 2025.

The following table presents loans by past due status at December 31, 2024:
Accruing
(in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days 
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$10,552,756 $899 $361 $642 $19,084 $10,573,741 
Commercial real estate - owner occupied1,140,607 1,533 101 — 1,501 1,143,741 
Commercial and business lending11,693,363 2,432 462 642 20,585 11,717,483 
Commercial real estate - investor5,174,879 5,117 31,274 — 16,705 5,227,975 
Real estate construction1,982,581 21 — — 30 1,982,632 
Commercial real estate lending7,157,460 5,138 31,274 — 16,735 7,210,607 
Total commercial18,850,823 7,570 31,736 642 37,320 18,928,090 
Residential mortgage6,962,610 14,731 162 — 70,038 7,047,541 
Auto finance2,787,967 12,588 2,262 — 7,402 2,810,220 
Home equity651,248 4,181 445 — 8,378 664,252 
Other consumer312,687 1,892 1,236 2,547 122 318,483 
Total consumer10,714,512 33,391 4,105 2,547 85,941 10,840,496 
Total loans$29,565,335 $40,961 $35,841 $3,189 $123,260 $29,768,586 
(a) Of the total nonaccrual loans, $52.4 million, or 42%, were current with respect to payment at December 31, 2024.
(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2024. In addition, there were $23.8 million of nonaccrual loans for which there was no related ACLL at December 31, 2024.

Loan Modifications
The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at September 30, 2025 and September 30, 2024.
Interest Rate Concession
Amortized Cost
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Commercial and industrial$210 $179 $417 $364 
Residential mortgage139 — 139 — 
Auto finance— 29 — 40 
Other consumer750 622 1,891 1,425 
Total loans modified$1,098 $830 $2,448 $1,828 
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Term Extension
Amortized Cost
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Residential mortgage$194 $— $498 $— 
Total loans modified$194 $— $498 $— 
Combination - Interest Rate Concession and Term Extension
Amortized Cost
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Residential mortgage$1,815 $1,215 $3,903 $1,994 
Home equity75 163 168 192 
Total loans modified$1,889 $1,379 $4,071 $2,186 
The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans.
Interest Rate Concession
Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
Three Months Ended Sep 30,Nine Months Ended Sep 30,
Loan Type2025202420252024
Commercial and industrial(23)%(19)%(24)%(18)%
Residential mortgage1 %2 %1 %2 %
Auto finance— %(8)%— %(8)%
Home equity(3)%(3)%(2)%(3)%
Other consumer(22)%(21)%(21)%(21)%
Weighted average of total loans modified(6)%(7)%(7)%(8)%
(a) Some interest rate concessions may involve an increase in rate that was lower in comparison to prevailing market rates.
Term Extension
Financial Effect, Weighted Average Term Increase(a)
Three Months Ended Sep 30,Nine Months Ended Sep 30,
Loan Type2025202420252024
Residential mortgage122 months105 months138 months116 months
Home equity60 months64 months60 months64 months
Weighted average of total loans modified120 months100 months135 months111 months
(a) During the three months ended September 30, 2025 and September 30, 2024, term extensions changed the weighted average term on modified loans from 294 to 414 months and 273 to 373 months, respectively. During the nine months ended September 30, 2025 and September 30, 2024, term extensions changed the weighted average term on modified loans from 281 to 416 months and 272 to 383 months, respectively.
The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended September 30, 2025:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$458 $— $— 
Residential mortgage4,424 880 433 
Home equity221 — — 
Other consumer2,220 — — 
Total loans modified$7,324 $880 $433 
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The following table depicts the performance of loans that have been modified in the twelve months ended September 30, 2024:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due
Commercial and industrial$424 $— 
Residential mortgage1,462 568 
Auto finance22 21 
Home equity235 33 
Other consumer1,642 — 
Total loans modified$3,783 $622 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession for loans that were modified in the previous twelve months and subsequently had a payment default during the nine months ended September 30, 2025:
Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Home equity$— $— $48 
Total loans modified$— $— $48 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months had a payment default during the nine months ended September 30, 2024:
Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Concession and Term Extension
Auto finance$8 $— $— 
Home equity— — 132 
Total loans modified$8 $— $132 
The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.
Allowance for Credit Losses on Loans
The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for September 30, 2025 was the Moody's baseline scenario from August 2025, which was reviewed against the September 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the nine months ended September 30, 2025:
(in thousands)Dec 31, 2024Charge offsRecoveriesNet
(Charge offs) Recoveries		Provision for Credit LossesSep 30, 2025ACLL / Loans
Allowance for loan losses
Commercial and industrial$136,596 $(12,286)$4,504 $(7,782)$32,261 $161,075 
Commercial real estate — owner occupied9,417 — — — 1,872 11,289 
Commercial and business lending146,013 (12,286)4,504 (7,782)34,133 172,364 
Commercial real estate — investor71,547 (21,206)2,891 (18,315)8,540 61,772 
Real estate construction51,499 — 152 152 (988)50,663 
Commercial real estate lending123,046 (21,206)3,043 (18,163)7,551 112,435 
Total commercial269,060 (33,492)7,547 (25,945)41,685 284,799 
Residential mortgage32,576 (882)547 (335)2,575 34,815 
Auto finance28,467 (6,118)2,405 (3,713)2,637 27,391 
Home equity16,620 (164)746 582 (1,123)16,078 
Other consumer16,824 (6,661)1,368 (5,293)3,727 15,258 
Total consumer94,486 (13,825)5,066 (8,759)7,815 93,542 
Total loans$363,545 $(47,317)$12,613 $(34,704)$49,500 $378,341 
Allowance for unfunded commitments
Commercial and industrial$14,456 $— $— $— $2,303 $16,759 
Commercial real estate — owner occupied151 — — — 3 154 
Commercial and business lending14,607 — — — 2,305 16,912 
Commercial real estate — investor578 — — — 104 682 
Real estate construction19,591 — — — (4,930)14,661 
Commercial real estate lending20,169 — — — (4,826)15,343 
Total commercial34,776 — — — (2,521)32,255 
Home equity2,465 — — — (3)2,461 
Other consumer1,535 — — — 24 1,559 
Total consumer4,000 — — — 21 4,021 
Total loans$38,776 $— $— $— $(2,500)$36,276 
Allowance for credit losses on loans
Commercial and industrial$151,052 $(12,286)$4,504 $(7,782)$34,564 $177,834 1.54 %
Commercial real estate — owner occupied9,568 — — — 1,875 11,443 1.00 %
Commercial and business lending160,620 (12,286)4,504 (7,782)36,438 189,277 1.49 %
Commercial real estate — investor72,125 (21,206)2,891 (18,315)8,644 62,454 1.16 %
Real estate construction71,090 — 152 152 (5,919)65,324 3.33 %
Commercial real estate lending143,215 (21,206)3,043 (18,163)2,725 127,778 1.74 %
Total commercial303,835 (33,492)7,547 (25,945)39,164 317,054 1.58 %
Residential mortgage32,576 (882)547 (335)2,575 34,815 0.51 %
Auto finance28,467 (6,118)2,405 (3,713)2,637 27,391 0.90 %
Home equity19,085 (164)746 582 (1,127)18,540 2.66 %
Other consumer18,359 (6,661)1,368 (5,293)3,751 16,817 5.46 %
Total consumer98,486 (13,825)5,066 (8,759)7,836 97,563 0.89 %
Total loans$402,322 $(47,317)$12,613 $(34,704)$47,000 $414,618 1.34 %




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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2024:
(in thousands)Dec 31, 2023Charge offsRecoveriesNet
(Charge offs) Recoveries		Provision for Credit LossesDec 31, 2024ACLL / Loans
Allowance for loan losses
Commercial and industrial$128,263 $(47,517)$2,148 $(45,369)$53,703 $136,596 
Commercial real estate — owner occupied10,610 (3)7 4 (1,198)9,417 
Commercial and business lending138,873 (47,520)2,155 (45,365)52,505 146,013 
Commercial real estate — investor67,858 (11,187)— (11,187)14,876 71,547 
Real estate construction53,554 — 65 65 (2,119)51,499 
Commercial real estate lending121,412 (11,187)65 (11,122)12,756 123,046 
Total commercial260,285 (58,707)2,220 (56,487)65,262 269,060 
Residential mortgage37,808 (1,029)280 (750)(4,483)32,576 
Auto finance24,961 (9,541)2,905 (6,637)10,142 28,467 
Home equity15,403 (216)1,366 1,150 67 16,620 
Other consumer12,638 (6,922)1,096 (5,826)10,012 16,824 
Total consumer90,809 (17,709)5,647 (12,062)15,738 94,486 
Total loans$351,094 $(76,415)$7,867 $(68,549)$81,000 $363,545 
Allowance for unfunded commitments
Commercial and industrial$13,319 $— $— $— $1,137 $14,456 
Commercial real estate — owner occupied149 — — — 2 151 
Commercial and business lending13,468 — — — 1,139 14,607 
Commercial real estate — investor480 — — — 98 578 
Real estate construction17,024 — — — 2,567 19,591 
Commercial real estate lending17,504 — — — 2,664 20,169 
Total commercial30,972 — — — 3,803 34,776 
Home equity2,629 — — — (164)2,465 
Other consumer1,174 — — — 361 1,535 
Total consumer3,803 — — — 197 4,000 
Total loans$34,776 $— $— $— $4,000 $38,776 
Allowance for credit losses on loans
Commercial and industrial$141,582 $(47,517)$2,148 $(45,369)$54,840 $151,052 1.43 %
Commercial real estate — owner occupied10,759 (3)7 4 (1,196)9,568 0.84 %
Commercial and business lending152,341 (47,520)2,155 (45,365)53,644 160,620 1.37 %
Commercial real estate — investor68,338 (11,187)— (11,187)14,973 72,125 1.38 %
Real estate construction70,578 — 65 65 447 71,090 3.59 %
Commercial real estate lending138,916 (11,187)65 (11,122)15,421 143,215 1.99 %
Total commercial291,257 (58,707)2,220 (56,487)69,065 303,835 1.61 %
Residential mortgage37,808 (1,029)280 (750)(4,483)32,576 0.46 %
Auto finance24,961 (9,541)2,905 (6,637)10,142 28,467 1.01 %
Home equity18,032 (216)1,366 1,150 (97)19,085 2.87 %
Other consumer13,812 (6,922)1,096 (5,826)10,373 18,359 5.76 %
Total consumer94,613 (17,709)5,647 (12,062)15,935 98,486 0.91 %
Total loans$385,870 $(76,415)$7,867 $(68,549)$85,000 $402,322 1.35 %
Note 7 Goodwill and Other Intangible Assets
Goodwill
Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2024 or the first nine months of 2025.
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The Corporation had goodwill of $1.1 billion at both September 30, 2025 and December 31, 2024.
Core Deposit Intangibles
The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:
(in thousands)Nine Months Ended Sep 30, 2025Year Ended Dec 31, 2024
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $88,109 
Accumulated amortization(63,057)(56,449)
Net book value$25,052 $31,660 
Amortization during the period$6,608 $8,811 
Mortgage Servicing Rights
The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.
A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:
(in thousands)Nine Months Ended Sep 30, 2025Year Ended Dec 31, 2024
Mortgage servicing rights
Mortgage servicing rights at beginning of period$87,683 $84,390 
Additions6,162 6,707 
Decay(6,318)(8,060)
Valuation:
Changes in fair value of asset(2,464)4,646 
Mortgage servicing rights at end of period$85,063 $87,683 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)$6,212,005 $6,285,018 
Mortgage servicing rights to servicing portfolio1.37 %1.40 %
The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of September 30, 2025. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:
(in thousands)Core Deposit IntangiblesMortgage Servicing Rights
Three Months Ended December 31, 2025$2,203 $2,587 
20268,811 12,435 
20278,811 11,912 
20283,485 10,872 
20291,681 9,732 
203061 8,533 
Beyond 2030— 28,992 
Total estimated amortization expense and MSRs decay(a)
$25,052 $85,063 
 (a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
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Note 8 Short and Long-Term Funding
The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):
(in thousands)Sep 30, 2025Dec 31, 2024
Short-term funding
Federal funds purchased$335,095 $370,325 
Securities sold under agreements to repurchase64,570 100,044 
Federal funds purchased and securities sold under agreements to repurchase$399,665 $470,369 
Long-term funding
Corporation senior notes, at par$300,000 $300,000 
Corporation subordinated notes, at par300,000 550,000 
Discount and capitalized costs(7,779)(8,664)
Subordinated debt fair value hedge(a)
1,626 (3,996)
Finance leases228 295 
Total long-term funding$594,074 $837,635 
   Total short and long-term funding, excluding FHLB advances$993,739 $1,308,004 
FHLB advances
Short-term FHLB advances$2,810,000 $1,250,000 
Long-term FHLB advances412,251 611,551 
FHLB advances fair value hedge(a)
(1,573)(7,744)
Total FHLB advances$3,220,679 $1,853,807 
Total short and long-term funding$4,214,418 $3,161,811 
(a) For additional information on the fair value hedges, see Note 9.
Securities Sold Under Agreements to Repurchase
The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).
The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At September 30, 2025, the Corporation had pledged securities valued at 261% of the gross outstanding balance of repurchase agreements to manage this risk.
The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:
Overnight and Continuous
(in thousands)Sep 30, 2025Dec 31, 2024
Repurchase agreements
Agency mortgage-related securities$64,570 $100,044 
Long-Term Funding
Senior Notes
In August 2024, the Corporation issued $300.0 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes due August 29, 2030. During the period from, and including, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR, as defined in the Global Note issued in connection with the senior notes, plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the redemption price, as defined in the Global Note issued in connection with the senior notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029, the Corporation may at its option, redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may, at its option,
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redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount.
Subordinated Notes 
In February 2023, the Corporation issued $300.0 million of 10-year subordinated notes, due March 1, 2033 and redeemable in whole or in part at the Corporation's option (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event, as defined in the Global Note issued in connection with the subordinated notes. The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount.
In January 2025, $250.0 million of 10-year subordinated notes issued in November 2014 by the Corporation matured and were repaid.
Note 9 Derivative and Hedging Activities
The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.
At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.
The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $76.9 million and $81.4 million of investment securities as collateral at September 30, 2025, and December 31, 2024, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $23.0 million at September 30, 2025 and $0.3 million at December 31, 2024. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2024 Annual Report on Form 10-K.
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The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments:
 Sep 30, 2025Dec 31, 2024
AssetLiabilityAssetLiability
(in thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Designated as hedging instruments:
Interest rate-related instruments(a)
$2,900,000 $11,063 $150,000 $46 $1,950,000 $2,960 $1,150,000 $2,976 
Foreign currency exchange forwards186,363 949 253,556 866 127,518 2,457 216,665 563 
Total designated as hedging instruments12,013 912 5,418 3,539 
Not designated as hedging instruments:
Interest rate-related and other instruments5,068,235 74,500 6,225,864 110,250 3,858,867 88,541 6,992,894 170,928 
Foreign currency exchange forwards85,329 3,200 88,149 2,952 68,028 4,315 74,199 4,106 
Mortgage banking(b)
63,721 1,129 134,996 450 28,580 580 85,000 — 
Total not designated as hedging instruments78,829 113,652 93,436 175,034 
Gross derivatives before netting90,842 114,564 98,854 178,573 
Less: Legally enforceable master netting agreements15,132 15,132 12,667 12,667 
Less: Cash collateral pledged/received12,922 6,960 35,190 250 
Total derivative instruments, after netting$62,788 $92,472 $50,997 $165,656 

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of September 30, 2025, such swaps with effective dates of November 1, 2025 to December 1, 2025 had an asset notional amount and fair value of $550.0 million and $3.3 million, respectively, and a liability notional amount and fair value of $50.0 million and $0, respectively. As of December 31, 2024, such swaps with effective dates ranging from February 1, 2025 to March 1, 2025 had an asset notional amount and fair value of $100.0 million and $0.3 million, respectively, and a liability notional amount and fair value of $300.0 million and $1.4 million, respectively.
(b) The mortgage derivative asset includes interest rate lock commitments, while the mortgage derivative liability includes forward commitments. Given the fair value position as of December 31, 2024, the fair value of the mortgage derivative asset included $0.3 million of interest rate lock commitments and $0.3 million of forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
(in thousands)Sep 30, 2025Dec 31, 2024
Other long-term funding$(301,626)$(1,626)$(296,004)$3,996 
FHLB advances(198,427)1,573 (592,256)7,744 
Total$(500,053)$(53)$(888,260)$11,740 

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At September 30, 2025 and December 31, 2024, the carrying amount excluded for foreign currency denominated loans was $439.9 million and $344.2 million, respectively.
The Corporation terminated its $500.0 million fair value hedge during the fourth quarter of 2019. At September 30, 2025, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $199.2 million and is included in loans on the consolidated balance sheets. This amount includes $0.7 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.
The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income:
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value and Cash Flow Hedging Relationships
Three Months Ended Sep 30,Nine Months Ended Sep 30,
2025202420252024
(in thousands)Interest Income Interest (Expense)Interest IncomeInterest (Expense)Interest IncomeInterest (Expense)Interest IncomeInterest (Expense)
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)
$(1,474)$(1,324)$(4,736)$(5,318)$(4,087)$(5,485)$(14,404)$(16,007)
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items (33)(696)(31)(20,148)(92)(11,793)(107)(10,369)
Derivatives designated as hedging instruments(a)
(1,440)(628)(4,705)14,830 (3,995)6,308 (14,297)(5,638)
(a) Includes net settlements on the derivatives.
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Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value Hedging Relationships
Three Months Ended Sep 30,Nine Months Ended Sep 30,
2025202420252024
(in thousands)Capital Markets, NetCapital Markets, NetCapital Markets, NetCapital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded$— $— $1 $— 
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items(8,352)5,370 11,742 (7,969)
Derivatives designated as hedging instruments8,352 (5,370)(11,741)7,969 
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a)
$(825)$25,609 $7,707 $(639)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)
1,440 4,705 3,995 14,297 
(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.
Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $5.1 million will be reclassified as an increase to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to September 30, 2025. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 27 months as of September 30, 2025.
The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income:
Consolidated Statements of Income Category of Gain / (Loss) 
Recognized in Income		Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
Derivative instruments
Interest rate-related and other instruments — customer and mirror, netCapital markets, net$(18)$(215)$(108)$(273)
Interest rate-related instruments — MSRs hedgeMortgage banking, net131 3,363 1,290 (948)
Foreign currency exchange forwardsCapital markets, net315 1,130 (261)1,736 
Interest rate lock commitments (mortgage)Mortgage banking, net(792)55 803 383 
Forward commitments (mortgage)Mortgage banking, net913 (390)(703)188 
Note 10 Balance Sheet Offsetting
Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)
The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.
The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
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Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to offset any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.
For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.
The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from these tables:
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets 
 (in thousands)Derivative
Liabilities Offset		Cash Collateral ReceivedSecurity Collateral ReceivedNet
 Amount
Derivative assets
September 30, 2025$48,495 $(15,132)$(12,922)$20,441 $(20,441)$— 
December 31, 202479,807 (12,667)(35,190)31,950 (31,950)— 
Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)Derivative
Assets Offset		Cash Collateral PledgedSecurity Collateral PledgedNet
 Amount
Derivative liabilities
September 30, 2025$25,348 $(15,132)$(6,960)$3,256 $— $3,256 
December 31, 202414,369 (12,667)(250)1,452 — 1,452 
Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:
(in thousands)Sep 30, 2025Dec 31, 2024
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)
$11,367,269 $11,173,438 
Commercial letters of credit(a)
505 875 
Standby letters of credit(c)
221,884 253,709 
(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at September 30, 2025 or December 31, 2024.
(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.
(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.2 million at September 30, 2025 and $2.5 million at December 31, 2024, as an estimate of the fair value of these financial instruments.
Lending-related Commitments
As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient
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to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).
The following table presents a summary of the changes in the allowance for unfunded commitments:
(in thousands)Nine Months Ended Sep 30, 2025Year Ended Dec 31, 2024
Allowance for unfunded commitments
Balance at beginning of period$38,776 $34,776 
Provision for unfunded commitments(2,500)4,000 
Balance at end of period$36,276 $38,776 
Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.
Other Commitments
The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation. The aggregate carrying value of these investments at September 30, 2025 was $183.5 million, compared to $204.8 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.
Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $26.3 million for both the nine months ended September 30, 2025 and the nine months ended September 30, 2024 and recognized $9.2 million and $8.5 million for the three months ended September 30, 2025 and ended September 30, 2024, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $181.5 million at September 30, 2025 and $202.8 million at December 31, 2024.
The Corporation’s unfunded contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded contributions totaled $26.7 million at September 30, 2025 and $29.7 million at December 31, 2024.
For the nine months ended September 30, 2025 and the year ended December 31, 2024, the Corporation did not record any impairment related to qualified affordable housing investments.
The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $61.7 million at September 30, 2025 and $54.1 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.
Legal Proceedings
The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.
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On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.
Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.
Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.
Regulatory Matters
A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products, fees and charges. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.
Mortgage Repurchase Reserve
The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.
As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $2.8 million and $3.2 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively. There were no loss reimbursement and settlement claims paid in the nine months ended September 30, 2025 or for the year ended December 31, 2024. Make whole requests since January 1, 2024 generally arose from loans originated since January 1, 2022 with such balances totaling $3.8 billion at the time of sale, consisting primarily of loans sold to GSEs. As of September 30, 2025, $1.6 billion of those loans originated since January 1, 2022 remain outstanding.
The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $0.5 million at September 30, 2025 and $0.6 million at December 31, 2024.
The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At September 30, 2025 and December 31, 2024, there were $9.6 million and $13.7 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.
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The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At September 30, 2025 and December 31, 2024, there were $236.2 million and $133.8 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.
Note 12 Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).
The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2024 Annual Report on Form 10-K.
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The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:
Sep 30, 2025
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$490,431 $490,431 $490,431 $— $— 
Interest-bearing deposits in other financial institutions802,251 802,251 802,251 — — 
Federal funds sold and securities purchased under agreements to resell90 90 90 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)3,019 3,019 — 3,019 — 
Residential mortgage-related securities:
FNMA / FHLMC123,560 123,560 — 123,560 — 
GNMA4,862,225 4,862,225 — 4,862,225 — 
Commercial mortgage-related securities:
FNMA / FHLMC16,999 16,999 — 16,999 — 
GNMA109,930 109,930 — 109,930 — 
Asset backed securities:
FFELP98,198 98,198 — 98,198 — 
SBA348 348 — 348 — 
Other debt securities3,000 3,000 — 3,000 — 
Total AFS investment securities5,217,278 5,217,278 — 5,217,278 — 
HTM investment securities:
U.S. Treasury securities995 1,014 1,014 — — 
Obligations of state and political subdivisions (municipal securities)1,637,318 1,485,396 — 1,485,396 — 
Residential mortgage-related securities:
FNMA / FHLMC836,619 705,725 — 705,725 — 
GNMA40,301 37,871 — 37,871 — 
Private-label307,569 261,038 — 261,038 — 
Commercial mortgage-related securities:
FNMA / FHLMC766,482 649,352 — 649,352 — 
GNMA46,855 41,998 — 41,998 — 
Total HTM investment securities3,636,139 3,182,394 1,014 3,181,380 — 
Equity securities:
Equity securities11,000 11,000 10,942 — 58 
Equity securities at NAV15,000 15,000 
Total equity securities26,000 26,000 
FHLB and Federal Reserve Bank stocks251,642 251,642 — 251,642 — 
Residential loans held for sale74,563 74,563 — 74,563 — 
Loans, net30,558,859 29,800,771 — — 29,800,771 
Bank and corporate owned life insurance693,511 693,511 — 693,511 — 
Mortgage servicing rights, net85,063 85,063 — — 85,063 
Interest rate-related instruments designated as hedging instruments(a)
11,063 11,063 — 11,063 — 
Foreign currency exchange forwards designated as hedging instruments(a)
949 949 — 949 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
74,500 74,500 — 74,500 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
3,200 3,200 — 3,200 — 
Interest rate lock commitments to originate residential mortgage loans held for sale1,129 1,129 — — 1,129 
Total selected assets at fair value$41,926,669 $40,714,835 $1,304,728 $9,508,086 $29,887,021 
(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
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Sep 30, 2025
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Noninterest-bearing demand$5,906,251 $5,906,251 $— $— $5,906,251 
Savings5,380,574 5,380,574 — — 5,380,574 
Interest-bearing demand(a)
9,136,107 9,136,107 — — 9,136,107 
Money market(a)
6,455,589 6,455,589 — — 6,455,589 
Brokered CDs(b)
3,956,517 3,956,517 — 3,956,517 — 
Other time deposits(b)
4,046,815 4,046,815 — 4,046,815 — 
Total deposits34,881,853 34,881,853 — 8,003,332 26,878,521 
Federal funds purchased and securities sold under agreements to repurchase399,665 400,172 — 400,172 — 
FHLB advances3,220,679 3,220,562 — 3,220,562 — 
Other long-term funding594,074 599,184 — 599,184 — 
Standby letters of credit(c)
2,224 2,224 — 2,224 — 
Interest rate-related instruments designated as hedging instruments(d)
46 46 — 46 — 
Foreign currency exchange forwards designated as hedging instruments(d)
866 866 — 866 — 
Interest rate-related and other instruments not designated as hedging instruments(d)
110,250 110,250 — 110,250 — 
Foreign currency exchange forwards not designated as hedging instruments(d)
2,952 2,952 — 2,952 — 
Forward commitments to sell residential mortgage loans450 450 — — 450 
Total selected liabilities at fair value$39,213,059 $39,218,558 $— $12,339,588 $26,878,970 

(a) A portion of network transaction deposits are included within this deposit category.
(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(c) The commitment on standby letters of credit was $221.9 million at September 30, 2025. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(d) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
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Dec 31, 2024
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$544,059 $544,059 $544,059 $— $— 
Interest-bearing deposits in other financial institutions453,590 453,590 453,590 — — 
Federal funds sold and securities purchased under agreements to resell21,955 21,955 21,955 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)3,005 3,005 — 3,005 — 
Residential mortgage-related securities:
FNMA / FHLMC110,928 110,928 — 110,928 — 
GNMA4,227,727 4,227,727 — 4,227,727 — 
Commercial mortgage-related securities:
FNMA / FHLMC17,000 17,000 — 17,000 — 
GNMA111,475 111,475 — 111,475 — 
Asset backed securities:
FFELP107,839 107,839 — 107,839 — 
SBA471 471 — 471 — 
Other debt securities2,989 2,989 — 2,989 — 
Total AFS investment securities4,581,434 4,581,434 — 4,581,434 — 
HTM investment securities:
U.S. Treasury securities1,000 999 999 — — 
Obligations of state and political subdivisions (municipal securities), net1,659,662 1,486,582 — 1,486,582 — 
Residential mortgage-related securities:
FNMA / FHLMC885,476 721,946 — 721,946 — 
GNMA43,693 39,927 — 39,927 — 
Private-label324,182 266,353 — 266,353 — 
Commercial mortgage-related securities:
FNMA / FHLMC772,456 623,595 — 623,595 — 
GNMA52,219 46,032 — 46,032 — 
Total HTM investment securities, net3,738,687 3,185,434 999 3,184,435 — 
Equity securities:
Equity securities10,742 10,742 10,670 — 72 
Equity securities at NAV12,500 12,500 
Total equity securities23,242 23,242 
FHLB and Federal Reserve Bank stocks179,665 179,665 — 179,665 — 
Residential loans held for sale646,687 646,687 — 646,687 — 
Commercial loans held for sale32,634 32,634 — 32,634 — 
Loans, net29,373,557 28,327,115 — — 28,327,115 
Bank and corporate owned life insurance689,000 689,000 — 689,000 — 
Mortgage servicing rights, net87,683 87,683 — — 87,683 
Interest rate-related instruments designated as hedging instruments(a)
2,960 2,960 — 2,960 — 
Foreign currency exchange forwards designated as hedging instruments(a)
2,457 2,457 — 2,457 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
88,541 88,541 — 88,541 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
4,315 4,315 — 4,315 — 
Interest rate lock commitments to originate residential mortgage loans held for sale327 327 — — 327 
Forward commitments to sell residential mortgage loans254 254 — — 254 
Total selected assets at fair value$40,471,048 $38,871,352 $1,031,273 $9,412,129 $28,415,450 
(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
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Dec 31, 2024
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Noninterest-bearing demand$5,775,657 $5,775,657 $— $— $5,775,657 
Savings5,133,295 5,133,295 — — 5,133,295 
Interest-bearing demand9,124,741 9,124,741 — — 9,124,741 
Money market6,637,915 6,637,915 — — 6,637,915 
Brokered CDs(a)
4,276,309 4,276,309 — 4,276,309 — 
Other time deposits(a)
3,700,518 3,700,518 — 3,700,518 — 
Total deposits34,648,434 34,648,434 — 7,976,827 26,671,607 
Federal funds purchased and securities sold under agreements to repurchase470,369 470,370 — 470,370 — 
FHLB advances1,853,807 1,852,685 — 1,852,685 — 
Other long-term funding837,635 823,991 — 823,991 — 
Standby letters of credit(b)
2,546 2,546 — 2,546 — 
Interest rate-related instruments designated as hedging instruments(c)
2,976 2,976 — 2,976 — 
Foreign currency exchange forwards designated as hedging instruments(c)
563 563 — 563 — 
Interest rate-related and other instruments not designated as hedging instruments(c)
170,928 170,928 — 170,928 — 
Foreign currency exchange forwards not designated as hedging instruments(c)
4,106 4,106 — 4,106 — 
Total selected liabilities at fair value$37,991,364 $37,976,599 $— $11,304,992 $26,671,607 

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $253.7 million at December 31, 2024. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
The table below presents a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
(in thousands)Interest rate lock commitments to originate residential mortgage loans held for saleForward commitments to sell residential mortgage loans
Balance December 31, 2023$439 $673 
New production11,771 (4,000)
Closed loans / settlements(8,816)3,512 
Other(3,068)(438)
Change in mortgage derivative(113)(927)
Balance December 31, 2024327 (254)
New production10,261 (2,709)
Closed loans / settlements(9,979)2,209 
Other521 1,204 
Change in mortgage derivative803 703 
Balance September 30, 2025$1,129 $450 
The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:
 (in thousands)
Fair value as of December 31, 2023$24,769 
Gains recognized in investment securities gains, net4,054 
Purchases22 
Sales(28,772)
Fair value as of December 31, 2024$72 
Purchases10 
Sales(23)
Fair value as of September 30, 2025$58 
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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:
(in thousands)Fair Value HierarchyFair ValueConsolidated Statements of Income Category of Adjustment Recognized in IncomeAdjustment Recognized on the Consolidated Statements of Income
Sep 30, 2025
Assets
Individually evaluated loansLevel 3$14,764 Provision for credit losses$12,304 
OREO(a)
Level 22,435 
Other noninterest expense / provision for credit losses(b)
4,391 
Dec 31, 2024
Assets
Individually evaluated loansLevel 3$31,483 Provision for credit losses$17,454 
OREO(a)
Level 2276 
Other noninterest expense / provision for credit losses(b)
1,067 
(a) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table.
(b) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.
The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
Sep 30, 2025Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowOption adjusted spread5%-8%5%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate—%-100%7%
Individually evaluated loansAppraisalsCollateral100%-100%100%
Individually evaluated loans(a)
Discounted cash flowDiscount factor20%-90%62%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing ratio67%-100%92%

Note 13 Retirement Plans
The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.
The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.
The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows:
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(in thousands)2025202420252024
RAP
Service cost$636 $508 $2,255 $2,263 
Interest cost3,027 2,943 8,655 8,380 
Expected return on plan assets(9,832)(8,649)(29,450)(25,949)
Amortization of prior service cost(44)(54)(133)(161)
Total net periodic pension cost$(6,213)$(5,252)$(18,673)$(15,467)
Postretirement Plan
Interest cost$26 $18 $78 $54 
Amortization of prior service cost(19)(19)(56)(56)
Amortization of actuarial loss (gain)4 (7)12 (21)
Total net periodic benefit (cost)$11 $(8)$34 $(23)
The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost components are included in personnel noninterest expense caption of the consolidated statements of income.
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The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2024 or the nine months ended September 30, 2025.
Note 14 Segment Reporting
The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2024 Annual Report on Form 10-K.
Effective beginning the fourth quarter of 2024, the Corporation made the change to move the private wealth operating segment from the Corporate and Commercial Specialty segment to the Community, Consumer and Business segment given its continued alignment with the products, services, and customers of that segment. This impacted the composition of the reportable segments and the Corporation has recast the impacted items of reportable segment information for the earlier presented periods.
The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:
The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. There were no significant changes in the current year to the methods for allocations to the segments from the prior periods.
The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment, and/or re-pricing characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.
The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2024 Annual Report on Form 10-K.
The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.
Indirect expenses incurred by certain centralized support areas (including facilities, information technology services and applications, management expenses, and FDIC expense) are allocated to segments based on actual usage (for example, volume measurements or FTEs) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated and remain in the Risk Management and Shared Services segment. This allocation is reflected as allocated indirect expense in the accompanying tables.
Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.
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Financial information about the Corporation’s segments is presented below:
As of and for the three months ended September 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$246,829 $68,027 $(9,634)$305,222 
Net intersegment interest (expense) income(104,695)136,142 (31,447)— 
Net interest income (expense)142,134 204,169 (41,081)305,222 
Noninterest income17,882 53,670 9,713 81,265 
Total income (expense) before provision160,016 257,839 (31,368)386,487 
Provision for credit losses20,424 6,437 (10,861)16,000 
Total income (expense) after provision139,592 251,402 (20,507)370,487 
Noninterest expense
Personnel21,287 62,335 52,081 135,703 
Technology(a)
903 13,179 14,508 28,590 
Occupancy(a)
23 24 12,710 12,757 
Business development and advertising787 778 6,797 8,362 
Equipment(a)
— 1,274 3,094 4,368 
Legal and professional 337 563 4,332 5,232 
Loan and foreclosure costs111 979 548 1,638 
FDIC assessment— — 9,980 9,980 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense882 7,769 (1,282)7,369 
Allocated indirect expense (income)22,367 53,231 (75,598)— 
Total noninterest expense46,697 140,132 29,373 216,202 
Net income (loss) before income taxes92,895 111,270 (49,880)154,286 
Income tax expense (benefit)17,835 23,367 (11,648)29,554 
Net income (loss)$75,060 $87,903 $(38,231)$124,732 
Loans$18,033,065 $12,481,836 $437,063 $30,951,964 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets18,828,850 13,333,059 12,293,954 44,455,863 
(a) A portion of total depreciation expense of $0.1 million, $2.7 million, and $9.3 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.


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As of and for the three months ended September 30, 2024
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$249,343 $62,167 $(49,001)$262,509 
Net intersegment interest (expense) income(110,149)147,113 (36,964)— 
Net interest income (expense)139,194 209,280 (85,964)262,509 
Noninterest income12,214 50,811 4,196 67,221 
Total income (expense) before provision151,408 260,090 (81,768)329,730 
Provision for credit losses16,565 5,639 (1,213)20,991 
Total income (expense) after provision134,843 254,451 (80,555)308,739 
Noninterest expense
Personnel18,595 60,098 42,343 121,036 
Technology(a)
726 12,285 14,206 27,217 
Occupancy(a)
— 10 13,526 13,536 
Business development and advertising614 725 5,344 6,683 
Equipment(a)
— 1,570 3,083 4,653 
Legal and professional197 781 4,661 5,639 
Loan and foreclosure costs560 1,334 854 2,748 
FDIC assessment— — 8,223 8,223 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense812 7,854 (7)8,659 
Allocated indirect expense (income)20,540 54,370 (74,910)— 
Total noninterest expense42,044 139,027 19,526 200,597 
Net income (loss) before income taxes92,799 115,424 (100,081)108,142 
Income tax expense (benefit)17,255 24,239 (21,370)20,124 
Net income (loss)$75,544 $91,185 $(78,711)$88,018 
Loans$16,482,369 $12,985,873 $522,655 29,990,897 
Allocated goodwill525,836 $579,156 — 1,104,992 
Total assets17,317,618 13,832,358 11,060,839 42,210,815 
(a) A portion of total depreciation expense of $0.1 million, $2.4 million, and $9.6 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
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As of and for the nine months ended September 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and Business
Risk Management and Shared Services(a)
Consolidated Corporation
Net segment interest income (expense)$717,093 $199,393 $(25,323)$891,163 
Net intersegment interest (expense) income(302,467)405,462 (102,995)— 
Net interest income (expense)414,626 604,855 (128,318)891,163 
Noninterest income42,770 154,231 10,018 207,019 
Total income (expense) before provision457,396 759,086 (118,300)1,098,182 
Provision for credit losses59,806 18,871 (31,678)46,999 
Total income (expense) after provision397,590 740,215 (86,622)1,051,183 
Noninterest expense
Personnel62,762 178,847 144,984 386,593 
Technology(b)
2,336 39,126 40,775 82,237 
Occupancy(b)
56 83 40,643 40,782 
Business development and advertising2,973 2,583 16,940 22,496 
Equipment(b)
1 3,804 9,584 13,389 
Legal and professional 759 1,898 15,332 17,989 
Loan and foreclosure costs1,182 3,495 2,260 6,937 
FDIC assessment— — 30,124 30,124 
Other intangible amortization— — 6,608 6,608 
Other noninterest expense2,597 23,260 3,160 29,017 
Allocated indirect expense (income)64,987 158,406 (223,393)— 
Total noninterest expense137,653 411,502 87,018 636,173 
Net income (loss) before income taxes259,937 328,713 (173,640)415,010 
Income tax expense (benefit)49,500 69,030 (41,168)77,362 
Net income (loss)$210,437 $259,683 $(132,472)$337,648 
(a) An unusual item of a $7.0 million loss on mortgage portfolio sale as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024 is included within the noninterest income (expense) caption.
(b) A portion of total depreciation expense of $0.2 million, $8.0 million, and $29.8 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.


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As of and for the nine months ended September 30, 2024
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$734,869 $186,768 $(144,677)$776,960 
Net intersegment interest (expense) income(328,433)437,914 (109,481)— 
Net interest income (expense)406,436 624,682 (254,158)776,960 
Noninterest income35,755 146,736 14,874 197,365 
Total income (expense) before provision442,191 771,418 (239,284)974,325 
Provision for credit losses47,602 18,939 1,459 68,000 
Total income (expense) after provision394,589 752,479 (240,743)906,325 
Noninterest expense
Personnel59,472 176,826 125,714 362,012 
Technology(a)
1,914 35,351 43,314 80,579 
Occupancy(a)
— 43 40,254 40,297 
Business development and advertising2,374 2,329 16,032 20,735 
Equipment(a)
1 4,278 9,423 13,702 
Legal and professional620 1,391 12,729 14,740 
Loan and foreclosure costs919 4,106 1,494 6,519 
FDIC assessment— — 29,300 29,300 
Other intangible amortization— — 6,608 6,608 
Other noninterest expense2,416 19,951 (2,745)19,622 
Allocated indirect expense (income)60,142 158,738 (218,880)— 
Total noninterest expense127,859 403,013 63,245 594,115 
Net income (loss) before income taxes266,730 349,466 (303,988)312,211 
Income tax expense (benefit)49,147 73,389 (95,085)27,451 
Net income (loss)$217,585 $276,077 $(208,902)$284,760 
(a) A portion of total depreciation expense of $0.2 million, $9.7 million, and $39.1 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.
The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.
The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.

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Note 15 Accumulated Other Comprehensive Income (Loss)
The following tables summarize the components of accumulated other comprehensive income (loss) at September 30, 2025 and 2024, including changes during the preceding three and nine month periods as well as any reclassifications out of accumulated other comprehensive income (loss):
(in thousands)AFS Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance December 31, 2024
$(48,993)$(1,268)$(24,154)$(74,416)
Other comprehensive income before reclassifications47,970 — 4,770 52,741 
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)
5,978 — — 5,978 
Other assets / accrued expenses and other liabilities— 7,707 — 7,707 
Interest income— 3,995 — 3,995 
Personnel expense— — (189)(189)
Other expense— — (12)(12)
Income tax (expense) benefit(13,456)2,816 (1,140)(11,780)
Net other comprehensive income during period40,492 14,518 3,429 58,439 
Balance September 30, 2025$(8,501)$13,249 $(20,725)$(15,977)
Balance December 31, 2023
$(148,641)$3,080 $(25,535)$(171,096)
Other comprehensive income before reclassifications49,844 — — 49,844 
Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net197 — — 197 
HTM investment securities, net, at amortized cost(a)
6,329 — — 6,329 
Other assets / accrued expenses and other liabilities— (639)— (639)
Interest income— 14,297 — 14,297 
Personnel expense— — (217)(217)
Other expense— — (21)(21)
Income tax (expense) benefit(14,060)5,213 (1,594)(10,440)
Net other comprehensive income (loss) during period42,309 18,871 (1,832)59,348 
Balance September 30, 2024$(106,332)$21,951 $(27,367)$(111,748)
(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.
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(in thousands)AFS Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
(Loss) Income
Balance June 30, 2025
$(6,109)$12,487 $(20,674)$(14,297)
Other comprehensive income before reclassifications(5,178)— — (5,178)
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)
1,992 — — 1,992 
Other assets / accrued expenses and other liabilities— (825)— (825)
Interest income— 1,440 — 1,440 
Personnel expense— — (63)(63)
Other expense— — (4)(4)
Income tax (expense) benefit795 148 17 960 
Net other comprehensive income (loss) during period(2,392)763 (51)(1,680)
Balance September 30, 2025$(8,501)$13,249 $(20,725)$(15,977)
Balance June 30, 2024$(176,139)$(15,768)$(27,307)$(219,214)
Other comprehensive income before reclassifications90,858 — — 90,858 
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)
2,147 — — 2,147 
Other assets / accrued expenses and other liabilities— 25,609 — 25,609 
Interest income— 4,705 — 4,705 
Personnel expense— — (73)(73)
Other expense— — (7)(7)
Income tax (expense) benefit(23,198)7,405 20 (15,773)
Net other comprehensive income (loss) during period69,807 37,718 (60)107,466 
Balance September 30, 2024$(106,332)$21,951 $(27,367)$(111,748)
(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.
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ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Special Note Regarding Forward-Looking Statements
This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.
All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, and as may be described from time to time in the Corporation’s subsequent SEC filings.
Overview
The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.
Performance Summary
•Average loans of $30.5 billion increased $925.5 million, or 3%, from the first nine months of 2024, driven primarily by increases in commercial and business lending and auto finance loans, partially offset by a decrease in residential mortgage lending resulting from the Corporation's balance sheet repositioning announced in the fourth quarter of 2024.
•Average deposits of $34.6 billion increased $1.5 billion, or 5%, from the first nine months of 2024, driven by increases in all deposit types except money market, brokered CDs, and noninterest-bearing demand deposits.
•Net interest income of $891.2 million increased $114.2 million, or 15%, from the first nine months of 2024, and net interest margin was 3.02%, compared to 2.77% for the first nine months of 2024. The increases in net interest income and net interest margin were driven by increases in higher yielding loan balances in commercial and industrial and auto finance and the balance sheet repositioning announced in the fourth quarter of 2024 which sold lower yielding residential mortgage loans and investment securities allowing for reinvestment in higher yielding investment securities.
•Provision for credit losses was $47.0 million compared to $68.0 million for the first nine months of 2024, driven by nominal credit movement coupled with general macroeconomic trends.
•Noninterest income of $207.0 million increased $9.7 million, or 5%, from the first nine months of 2024, primarily driven by an increase in capital markets revenue from an elevated level of activity in our syndications and swaps businesses, wealth fees, and an increase in asset gains for a deferred compensation valuation adjustment. The increases were partially offset by the loss recognized related to the settlement of the mortgage loan sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024.
•Noninterest expense of $636.2 million increased $42.1 million, or 7%, from the first nine months of 2024, primarily driven by increases in personnel expense reflective of higher variable compensation, which is the result of strong execution against our strategic plan and increased healthcare costs, legal and professional expenses due to increased consultant and IT staff augmentation expenditures and other noninterest expense primarily due to OREO write downs in 2025.
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Table 1 Summary Results of Operations: Trends
YTDQuarter ended
(Dollars in thousands, except per share data)Sep 30, 2025Sep 30, 2024Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Net income (loss)$337,648 $284,760 $124,732 $111,230 $101,687 $(161,615)$88,018 
Net income (loss) available to common equity329,023 276,135 121,857 108,355 98,812 (164,490)85,143 
Earnings (loss) per common share - basic 1.98 1.83 0.73 0.65 0.60 (1.04)0.56 
Earnings (loss) per common share - diluted1.96 1.82 0.73 0.65 0.59 (1.03)0.56 
Dividend payout ratio(a)(b)
34.85 %36.07 %31.51 %35.38 %38.33 %N/M39.29 %
Book value / share(c)
28.17 27.67 27.09 26.55 27.90 
Tangible book value (TBV) / share(c)(d)
21.36 20.84 20.25 19.71 20.37 
Performance ratios
Return on average assets(b)
1.04 %0.93 %1.12 %1.03 %0.97 %(1.53)%0.85 %
Return on average tangible assets(b)(d)
1.08 %0.97 %1.17 %1.07 %1.01 %(1.55)%0.89 %
Return on average equity(b)
9.55 %9.00 %10.26 %9.43 %8.91 %(14.20)%8.09 %
Return on average tangible common equity (ROATCE)(b)(d)
13.13 %12.99 %14.02 %12.96 %12.34 %(20.27)%11.52 %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio56.67 %59.86 %54.77 %55.81 %59.72 %103.11 %59.51 %
Adjusted efficiency ratio(d)
56.32 %59.07 %54.77 %55.81 %58.55 %60.10 %59.51 %
N/M = Not Meaningful
(a) Ratio is based upon basic earnings per common share.
(b) This ratio is annualized.
(c) Based on period end common shares outstanding.
(d) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.
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Income Statement Analysis
Net Interest Income
Table 2 Net Interest Income Analysis
 Nine Months Ended Sep 30,
 2025
2024(a)
 (Dollars in thousands)
Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial$10,980,230 $536,786 6.54%$9,843,435 $542,989 7.37%
Commercial real estate—owner occupied1,120,206 48,042 5.73%1,089,662 49,619 6.08%
Commercial and business lending12,100,436 584,828 6.46%10,933,098 592,609 7.24%
Commercial real estate—investor5,432,417 265,772 6.54%5,030,534 274,450 7.29%
Real estate construction1,920,292 104,598 7.28%2,261,008 135,302 7.99%
Commercial real estate lending7,352,709 370,370 6.73%7,291,541 409,752 7.51%
Total commercial19,453,145 955,197 6.56%18,224,639 1,002,361 7.35%
Residential mortgage7,091,945 197,371 3.71%7,939,493 208,291 3.50%
Auto finance2,926,862 122,562 5.60%2,511,694 105,528 5.61%
Home equity671,884 36,791 7.30%590,340 39,386 8.90%
Other consumer309,654 26,389 11.39%261,781 22,959 11.71%
Total consumer11,000,345 383,113 4.65%11,303,307 376,164 4.44%
Total loans30,453,490 1,338,311 5.87%29,527,946 1,378,524 6.23%
Investments
Taxable securities6,582,998 214,689 4.35%5,671,823 148,672 3.50%
Tax-exempt securities(b)
2,006,027 52,844 3.51%2,120,107 53,806 3.38%
Other short-term investments935,475 35,274 5.04%609,143 26,574 5.83%
Total investments9,524,500 302,806 4.24%8,401,073 229,051 3.64%
Total earning assets and related interest income39,977,990 $1,641,117 5.48%37,929,019 $1,607,575 5.66%
Other assets, net3,382,379 3,157,137 
Total assets$43,360,369 $41,086,156 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,241,799 $54,110 1.38%$5,062,518 $65,330 1.72%
Interest-bearing demand7,870,806 132,678 2.25%7,383,471 147,838 2.67%
Money market5,975,632 116,316 2.60%6,017,642 139,987 3.11%
Network transaction deposits1,875,523 61,554 4.39%1,630,568 65,697 5.38%
Brokered CDs4,105,700 137,589 4.48%4,148,547 165,423 5.33%
Other time deposits3,815,105 106,892 3.75%3,082,143 94,640 4.10%
Total interest-bearing deposits28,884,565 609,139 2.82%27,324,889 678,916 3.32%
Federal funds purchased and securities sold under agreements to repurchase274,204 7,733 3.77%259,209 8,551 4.41%
Other short-term funding22,597 907 5.37%508,913 19,285 5.06%
FHLB advances2,672,351 86,944 4.35%1,907,104 80,612 5.65%
Other long-term funding604,410 32,526 7.18%573,676 32,012 7.44%
Total short and long-term funding3,573,561 128,110 4.79%3,248,902 140,461 5.77%
Total interest-bearing liabilities and related interest expense32,458,126 $737,250 3.04%30,573,791 $819,377 3.58%
Noninterest-bearing demand deposits5,695,818 5,748,446 
Other liabilities477,597 537,432 
Stockholders’ equity4,728,828 4,226,487 
Total liabilities and stockholders’ equity$43,360,369 $41,086,156 
Interest rate spread2.45%2.08%
Net free funds0.57%0.69%
Fully tax-equivalent net interest income and net interest margin$903,867 3.02%$788,199 2.77%
Fully tax-equivalent adjustment(12,705)(11,239)
Net interest income$891,163 $776,960 
(a) Prior periods have been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c) Nonaccrual loans and loans held for sale have been included in the average balances.
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Table 2 Net Interest Income Analysis
 Three Months Ended,
 Sep 30, 2025June 30, 2025
Sep 30, 2024(a)
 (Dollars in thousands)Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial$11,367,533 $187,046 6.53%$10,981,221 $179,955 6.57%$9,884,246 $183,687 7.39%
Commercial real estate—owner occupied1,105,787 15,827 5.68%1,114,054 16,014 5.77%1,087,144 16,640 6.09%
Commercial and business lending12,473,319 202,873 6.45%12,095,274 195,969 6.50%10,971,390 200,327 7.27%
Commercial real estate—investor5,300,765 87,114 6.52%5,582,333 91,569 6.58%5,085,090 93,351 7.30%
Real estate construction1,991,565 36,770 7.32%1,869,708 33,883 7.27%2,150,416 43,348 8.02%
Commercial real estate lending7,292,330 123,884 6.74%7,452,041 125,452 6.75%7,235,505 136,699 7.52%
Total commercial19,765,649 326,757 6.56%19,547,316 321,421 6.59%18,206,896 337,027 7.36%
Residential mortgage6,987,858 65,553 3.75%7,034,607 64,995 3.70%7,888,290 70,171 3.56%
Auto finance3,000,978 42,230 5.58%2,933,161 41,156 5.63%2,635,890 37,904 5.72%
Home equity690,330 12,641 7.32%667,339 12,098 7.25%642,463 13,350 8.31%
Other consumer305,644 8,972 11.65%309,578 8,644 11.20%260,547 7,774 11.87%
Total consumer10,984,811 129,396 4.70%10,944,685 126,893 4.64%11,427,191 129,199 4.51%
Total loans30,750,460 456,153 5.89%30,492,001 448,313 5.89%29,634,087 466,226 6.27%
Investments
Taxable securities6,767,664 73,727 4.36%6,578,690 71,174 4.33%5,816,102 51,466 3.54%
Tax-exempt securities(b)
1,997,416 17,580 3.52%2,004,725 17,598 3.51%2,110,896 17,885 3.39%
Other short-term investments1,046,723 13,353 5.06%999,294 12,679 5.09%629,431 8,959 5.66%
Total investments9,811,804 104,660 4.26%9,582,709 101,451 4.24%8,556,429 78,310 3.66%
Total earning assets and related interest income40,562,264 $560,813 5.50%40,074,710 $549,764 5.50%38,190,516 $544,535 5.68%
Other assets, net3,452,939 3,345,353 3,199,195 
Total assets$44,015,203 $43,420,063 $41,389,711 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,338,129 $19,042 1.42%$5,222,869 $17,139 1.32%$5,125,147 $21,611 1.68%
Interest-bearing demand7,898,770 44,763 2.25%7,683,402 42,485 2.22%7,394,550 49,740 2.68%
Money market5,860,802 38,061 2.58%5,988,947 38,695 2.59%5,942,147 46,290 3.10%
Network transaction deposits1,933,659 21,276 4.37%1,843,998 20,211 4.40%1,644,305 22,077 5.34%
Brokered CDs3,916,329 42,878 4.34%4,089,844 45,418 4.45%4,247,941 56,307 5.27%
Other time deposits3,961,522 36,323 3.64%3,725,205 33,707 3.63%3,314,507 35,600 4.27%
Total interest-bearing deposits28,909,211 202,344 2.78%28,554,266 197,656 2.78%27,668,597 231,623 3.33%
Federal funds purchased and securities sold under agreements to repurchase227,460 2,107 3.68%220,872 2,004 3.64%299,286 3,385 4.50%
Other short-term funding19,033 212 4.42%17,580 287 6.55%519,421 6,638 5.08%
FHLB advances3,181,903 35,965 4.48%3,221,749 34,889 4.34%1,750,590 24,799 5.64%
Other long-term funding593,288 10,741 7.24%592,664 10,700 7.22%647,440 11,858 7.33%
Total short and long-term funding4,021,685 49,025 4.85%4,052,863 47,880 4.74%3,216,737 46,680 5.78%
Total interest-bearing liabilities and related interest expense32,930,896 $251,369 3.03%32,607,129 $245,536 3.02%30,885,334 $278,304 3.59%
Noninterest-bearing demand deposits5,796,676 5,648,935 5,652,228 
Other liabilities466,482 431,338 521,423 
Stockholders’ equity4,821,150 4,732,661 4,330,727 
Total liabilities and stockholders’ equity$44,015,203 $43,420,063 $41,389,711 
Interest rate spread2.47%2.48%2.10%
Net free funds0.57%0.56%0.69%
Fully tax-equivalent net interest income and net interest margin$309,444 3.04%$304,228 3.04%$266,232 2.78%
Fully tax-equivalent adjustment(4,222)(4,228)(3,723)
Net interest income$305,222 $300,000 $262,509 
(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c) Nonaccrual loans and loans held for sale have been included in the average balances.


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Notable Contributions to the Change in Net Interest Income
•Fully tax-equivalent net interest income and net interest income increased $115.7 million and $114.2 million, or 15%, as compared to the first nine months of 2024, respectively. The average yield on earning assets decreased 18 bp and the cost of interest-bearing liabilities decreased 54 bp from the first nine months of 2024.The increase in net interest income was driven, in part, by the actions taken by the Corporation as part of the balance sheet repositioning announced in the fourth quarter of 2024 which sold off lower yielding investment securities and residential mortgages. Additionally, the Corporation saw organic growth in net interest income from the continued growth in higher yielding loans in commercial and industrial and auto finance. Finally, given that the Corporation is slightly asset sensitive, the Federal Reserve decreasing the federal funds target interest rate by 100 bp in the second half of 2024 caused contraction in the average yield on earning assets; however, this was more than offset by the repricing of deposits downward in line with market rates. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.
•Average earning assets increased $2.0 billion, or 5%, from the first nine months of 2024. Average loans increased $925.5 million, or 3%, from the first nine months of 2024, driven by increases in commercial and industrial, auto loans, and commercial real estate-investor, partially offset by decreases in residential mortgage as a result of our balance sheet repositioning announced in the fourth quarter of 2024 and real estate construction loans. Average investments increased $1.1 billion, or 13%, from the first nine months of 2024 driven by reinvestment of additional proceeds from the common stock offering in the fourth quarter of 2024 and additional growth to keep pace with overall balance sheet growth for liquidity needs.
•    Average interest-bearing liabilities increased $1.9 billion, or 6%, compared to the first nine months of 2024. Average interest-bearing deposits increased $1.6 billion, or 6%, from the first nine months of 2024, driven by increases in most deposit types except brokered CDs and money market which decreased slightly. Average total short and long-term funding increased $324.7 million, or 10%, from the first nine months of 2024, primarily driven by an increase in short-term FHLB funding, partially offset by decreases in long-term FHLB funding and other short-term funding related to the payoff of BTFP advances in October 2024. Average noninterest-bearing demand deposits decreased $52.6 million, or 1%, from the first nine months of 2024.
Provision for Credit Losses
The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest Income
Table 3 Noninterest Income
Nine months endedThree months endedChanges vs
(Dollars in thousands, except as noted)Sep 30, 2025Sep 30, 2024YTD % ChangeSep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2025Sep 30, 2024
Wealth management fees$70,837 $68,466 3 %$25,315 $23,025 $22,498 $24,103 $24,144 10 %5 %
Service charges and deposit account fees39,822 38,410 4 %13,861 13,147 12,814 13,232 13,708 5 %1 %
Card-based fees33,950 34,973 (3)%12,308 11,200 10,442 11,948 11,731 10 %5 %
Other fee-based revenue15,659 14,316 9 %5,414 4,995 5,251 5,182 5,057 8 %7 %
Capital markets, net20,873 13,052 60 %10,764 5,765 4,345 9,032 4,317 87 %149 %
Mortgage banking, net11,577 7,299 59 %3,541 4,213 3,822 3,387 2,132 (16)%66 %
Loss on mortgage portfolio sale(6,976)— N/M— — (6,976)(130,406)— N/MN/M
Bank and corporate owned life insurance13,391 11,156 20 %4,051 4,135 5,204 2,322 4,001 (2)%1 %
Other7,147 7,054 1 %2,670 2,226 2,251 2,257 2,504 20 %7 %
Asset gains (losses), net727 (1,407)N/M3,340 (1,735)(878)364 (474)N/MN/M
Investment securities gains (losses), net13 4,047 (100)%1 7 4 (148,194)100 (86)%(99)%
Total noninterest income (loss)$207,019 $197,365 5 %$81,265 $66,977 $58,776 $(206,772)$67,221 21 %21 %
Assets under management, at market value(a)
16,178 15,537 14,685 14,773 15,033 4 %8 %
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N/M = Not Meaningful
(a) In millions. Excludes assets held in brokerage accounts.
Notable Contributions to the Change in Noninterest Income
•Capital markets increased $7.8 million from the first nine months of 2024, primarily due to an elevated level of activity in our syndications and swaps businesses.
•Mortgage banking increased $4.3 million from the first nine months of 2024, primarily as a result of MSR income impacts and increased gains on sales of mortgage loans originated for sale.
•Loss on mortgage portfolio sale increased $7.0 million from the first nine months of 2024, due to the recognition of a loss in the first quarter of 2025 related to the settlement of the balance sheet repositioning transactions announced in the fourth quarter of 2024.
•Bank and corporate owned life insurance increased $2.2 million from the first nine months of 2024, driven by an increased number of claims.
•Asset gains, net increased $2.1 million from the first nine months of 2024, driven primarily by a deferred compensation valuation adjustment given market conditions.
•Investment securities gains (losses), net, decreased $4.0 million from the first nine months of 2024, due to the nonrecurring gain on the sale of the Corporation's remaining Visa B shares in the first quarter of 2024.
Noninterest Expense
Table 4 Noninterest Expense
Nine months endedThree months endedChange vs
(Dollars in thousands)Sep 30, 2025Sep 30, 2024YTD % ChangeSep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2025Sep 30, 2024
Personnel$386,593 $362,012 7 %$135,703 $126,994 $123,897 $125,944 $121,036 7 %12 %
Technology82,237 80,579 2 %28,590 26,508 27,139 26,984 27,217 8 %5 %
Occupancy40,782 40,297 1 %12,757 12,644 15,381 14,325 13,536 1 %(6)%
Business development and advertising22,496 20,735 8 %8,362 7,748 6,386 7,408 6,683 8 %25 %
Equipment13,389 13,702 (2)%4,368 4,494 4,527 4,729 4,653 (3)%(6)%
Legal and professional17,989 14,740 22 %5,232 6,674 6,083 6,861 5,639 (22)%(7)%
Loan and foreclosure costs6,937 6,519 6 %1,638 2,705 2,594 1,951 2,748 (39)%(40)%
FDIC assessment30,124 29,300 3 %9,980 9,708 10,436 9,139 8,223 3 %21 %
Other intangible amortization6,608 6,608 — %2,203 2,203 2,203 2,203 2,203 — %— %
Loss on prepayments of FHLB advances— — — %— — — 14,243 — — %— %
Other29,017 19,622 48 %7,369 9,674 11,974 10,496 8,659 (24)%(15)%
Total noninterest expense$636,173 $594,115 7 %$216,202 $209,352 $210,619 $224,282 $200,597 3 %8 %
Average FTEs excluding overtime3,990 4,045 (1)%3,982 3,980 4,006 3,982 4,041 — %(1)%
Annualized noninterest expense / average assets1.96 %1.93 %1.95 %1.93 %2.00 %2.12 %1.93 %
Notable Contributions to the Change in Noninterest Expense
•Legal and professional expense increased $3.2 million from the first nine months of 2024, primarily driven by increased consultant and IT staff augmentation expenses in the current year.
•Other noninterest expense increased $9.4 million from the first nine months of 2024 primarily due to OREO write downs in 2025 as compared to a gain on the sale of OREO properties in 2024 and higher donation expenditures in 2025 as compared to 2024.
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Income Taxes
The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $77.4 million for the nine months ended September 30, 2025, compared to income tax expense of $27.5 million for the nine months ended September 30, 2024. The Corporation's effective tax rate from continuing operations was 18.64% and 8.79% for the nine months ended September 30, 2025, and 2024, respectively. The increase in income tax expense of $49.9 million and higher effective tax rate during the first nine months of 2025 as compared to the same period of 2024 were primarily due to a strategic reallocation of the investment portfolio and the adoption of a legal entity rationalization plan that resulted in the recognition of deferred benefits in 2024 and increased net income in 2025.
Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations.

The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

Balance Sheet Analysis
•At September 30, 2025, total assets were $44.5 billion, up $1.4 billion, or 3%, from December 31, 2024.
◦Interest bearing deposits in other financial institutions were $802.3 million at September 30, 2025, up $348.7 million, or 77%, from December 31, 2024. Federal funds sold and securities purchased under agreement to resell were $0.1 million at September 30, 2025, down $21.9 million, or 100% from December 31, 2024. See Consolidated Statements of Cash Flows for detailed information.
◦AFS investment securities, at fair value were $5.2 billion at September 30, 2025, up $635.8 million, or 14%, from December 31, 2024. FHLB and Fed Reserve Stocks were $251.6 million at September 30, 2025, up $72.0 million, or 40%, from December 31, 2024. See Note 5 Investment Securities of the notes to the consolidated financial statements for details on these changes.
◦Loans of $31.0 billion at September 30, 2025 were up $1.2 billion, or 4%, from December 31, 2024 primarily due to increases in commercial and business lending along with increases in auto finance loans, offset by a decrease in residential mortgage loans. See section Loans and Note 6 Loans of the notes to consolidated financial statements for additional details.
◦Residential loans held for sale were $74.6 million at September 30, 2025, down $572.1 million, or 88%, from December 31, 2024. The decrease from December 31, 2024 was a result of the mortgage portfolio sale announced as part of the balance sheet repositioning in the fourth quarter of 2024 and the sale closing in January 2025.
•At September 30, 2025, total liabilities were $39.6 billion, up $1.2 billion, or 3%, from December 31, 2024.
◦Short-term funding was $399.7 million at September 30, 2025, down $70.7 million, or 15%, from December 31, 2024. FHLB advances were $3.2 billion at September 30, 2025, up $1.4 billion, or 74%, from December 31, 2024. These changes were due to a mix shift in funding away from federal funds purchased to short-term FHLB advances. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
◦Other long-term funding was $594.1 million at September 30, 2025, down $243.6 million, or 29%, from December 31, 2024, primarily due to subordinated notes maturing in January 2025. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
•At September 30, 2025, the loans to deposits ratio was 88.73%, up from 85.92% at December 31, 2024.
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Loans
Table 5 Period End Loan Composition
 Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Commercial and industrial$11,567,651 37 %$11,281,964 37 %$10,925,769 36 %$10,573,741 36 %$10,258,899 34 %
Commercial real estate — owner occupied1,149,939 4 %1,101,501 4 %1,118,363 4 %1,143,741 4 %1,120,849 4 %
Commercial and business lending12,717,590 41 %12,383,465 40 %12,044,132 40 %11,717,483 39 %11,379,748 38 %
Commercial real estate — investor5,369,441 17 %5,370,422 18 %5,597,442 18 %5,227,975 18 %5,070,635 17 %
Real estate construction1,958,766 6 %1,950,267 6 %1,809,054 6 %1,982,632 7 %2,114,300 7 %
Commercial real estate lending7,328,207 24 %7,320,689 24 %7,406,496 24 %7,210,607 24 %7,184,934 24 %
Total commercial20,045,797 65 %19,704,154 64 %19,450,628 64 %18,928,090 64 %18,564,683 62 %
Residential mortgage6,858,285 22 %6,949,387 23 %6,999,654 23 %7,047,541 24 %7,803,083 26 %
Auto finance3,041,644 10 %2,969,495 10 %2,878,765 10 %2,810,220 9 %2,708,946 9 %
Home equity698,112 2 %676,208 2 %654,140 2 %664,252 2 %651,379 2 %
Other consumer308,126 1 %308,361 1 %310,940 1 %318,483 1 %262,806 1 %
Total consumer10,906,167 35 %10,903,451 36 %10,843,499 36 %10,840,496 36 %11,426,214 38 %
Total loans$30,951,964 100 %$30,607,605 100 %$30,294,127 100 %$29,768,586 100 %$29,990,897 100 %
The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30% to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2024 and the first nine months of 2025. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.
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The Corporation’s loan distribution and interest rate sensitivity as of September 30, 2025 are summarized in the following table:
Table 6 Loan Distribution and Interest Rate Sensitivity
(Dollars in thousands)
Within 1 Year(a)
1-5 Years5-15 YearsOver 15 YearsTotal% of Total
Fixed rate
Commercial and industrial$4,563,797 $991,828 $361,950 $476 $5,918,051 19 %
Commercial real estate — owner occupied95,192 277,223 92,490 — 464,905 2 %
Commercial and business lending4,658,988 1,269,052 454,440 476 6,382,956 21 %
Commercial real estate — investor435,231 287,719 17,151 — 740,102 2 %
Real estate construction271,192 31,732 4,585 244 307,753 1 %
Commercial real estate lending706,423 319,451 21,737 244 1,047,855 3 %
Total commercial5,365,411 1,588,503 476,177 720 7,430,811 24 %
Residential mortgage7,860 57,017 317,606 4,175,001 4,557,484 15 %
Auto finance4,008 1,733,582 1,304,054 — 3,041,644 10 %
Home equity400 5,845 23,038 7,660 36,944 — %
Other consumer7,364 28,899 16,933 5,340 58,536 — %
Total consumer19,633 1,825,342 1,661,631 4,188,001 7,694,608 25 %
Total fixed rate loans$5,385,044 $3,413,845 $2,137,808 $4,188,721 $15,125,419 49 %
Floating or adjustable rate
Commercial and industrial$5,601,899 $47,150 $552 $— $5,649,600 18 %
Commercial real estate — owner occupied681,931 3,103 — — 685,034 2 %
Commercial and business lending6,283,830 50,253 552 — 6,334,634 20 %
Commercial real estate — investor4,629,285 54 — — 4,629,340 15 %
Real estate construction1,650,855 157 — — 1,651,013 5 %
Commercial real estate lending6,280,140 212 — — 6,280,352 20 %
Total commercial12,563,970 50,465 552 — 12,614,987 41 %
Residential mortgage187,842 984,539 1,128,364 56 2,300,801 7 %
Home equity660,709 459 — — 661,168 2 %
Other consumer249,590 — — — 249,590 1 %
Total consumer1,098,141 984,998 1,128,364 56 3,211,559 10 %
Total floating or adjustable rate loans$13,662,111 $1,035,463 $1,128,916 $56 $15,826,546 51 %
Total loans$19,047,155 $4,449,308 $3,266,724 $4,188,777 $30,951,964 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
At September 30, 2025, $21.2 billion, or 69%, of the loans outstanding and $18.0 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.
Credit Risk
An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.
The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At September 30, 2025, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.
Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based lending and equipment financing.
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Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector
Sep 30, 2025NAICS SubsectorOutstanding BalanceTotal Exposure% of Total Loan Exposure
(Dollars in thousands)
Real Estate(a)
531$2,190,853 $3,722,200 9 %
Utilities(b)
2212,922,922 3,580,914 8 %
Credit Intermediation and Related Activities(c)
522794,217 1,399,760 3 %
Merchant Wholesalers, Durable Goods423646,652 1,150,214 3 %
(a) Includes real estate investment trust lines.
(b) 65% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).
(c) Includes mortgage warehouse lines.
The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.
Commercial real estate - investor: Commercial real estate - investor is comprised of loans secured by various non-owner occupied or investor income producing property types.
Table 8 Largest Commercial Real Estate - Investor Property Type Exposures
Sep 30, 2025% of Total Loan Exposure% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family5 %38 %
Industrial3 %26 %
Office2 %16 %
The remaining commercial real estate - investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.
Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.
Table 9 Largest Real Estate Construction Property Type Exposures
Sep 30, 2025% of Total Loan Exposure% of Total Real Estate Construction Loan Exposure
Multi-Family5 %50 %
Industrial2 %22 %
The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.
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Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 89% of the outstanding loan balances in the Corporation's branch footprint at September 30, 2025. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.
The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30-year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.
The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.
Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.
The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.
Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts.
Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

Nonperforming Assets
Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:
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Table 10 Nonperforming Assets
 (Dollars in thousands)Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Nonperforming assets
Commercial and industrial$12,802 $6,945 $12,898 $19,084 $14,369 
Commercial real estate — owner occupied203 — 1,501 1,501 9,285 
Commercial and business lending13,006 6,945 14,399 20,585 23,654 
Commercial real estate — investor7,333 15,805 31,689 16,705 18,913 
Real estate construction145 146 125 30 15 
Commercial real estate lending7,478 15,950 31,814 16,735 18,928 
Total commercial20,484 22,895 46,213 37,320 42,582 
Residential mortgage69,093 73,817 72,455 70,038 70,138 
Auto finance8,218 8,004 7,692 7,402 7,456 
Home equity8,299 8,201 8,275 8,378 8,231 
Other consumer85 82 173 122 70 
Total consumer85,696 90,104 88,595 85,941 85,894 
Total nonaccrual loans106,179 112,999 134,808 123,260 128,476 
Commercial real estate owned27,203 31,629 19,114 11,914 11,914 
Residential real estate owned1,816 1,687 3,119 2,068 1,012 
Bank properties real estate owned(a)
249 972 1,242 6,235 5,903 
OREO29,268 34,287 23,475 20,217 18,830 
Repossessed assets789 882 688 687 793 
Total nonperforming assets$136,236 $148,169 $158,971 $144,164 $148,098 
Accruing loans past due 90 days or more
Commercial$395 $12,123 $515 $642 $5,359 
Consumer(b)
2,297 2,038 2,521 2,547 1,748 
Total accruing loans past due 90 days or more$2,692 $14,160 $3,036 $3,189 $7,107 
Restructured loans (accruing)
Commercial$458 $431 $459 $475 $424 
Consumer4,280 3,630 3,192 3,057 2,141 
Total restructured loans (accruing)$4,738 $4,061 $3,651 $3,531 $2,565 
Nonaccrual restructured loans (included in nonaccrual loans)$3,899 $3,704 $3,451 $2,581 $1,840 
Ratios
Nonaccrual loans to total loans0.34 %0.37 %0.44 %0.41 %0.43 %
NPAs to total loans plus OREO and repossessed assets0.44 %0.48 %0.52 %0.48 %0.49 %
NPAs to total assets0.31 %0.34 %0.37 %0.34 %0.35 %
Allowance for credit losses on loans to nonaccrual loans390.49 %364.42 %301.63 %326.40 %309.43 %
Table 10 Nonperforming Assets (continued)
 (Dollars in thousands)Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Accruing loans 30-89 days past due
Commercial and industrial$1,071 $2,593 $7,740 $1,260 $1,212 
Commercial real estate — owner occupied— 5,628 1,156 1,634 2,209 
Commercial and business lending1,071 8,221 8,896 2,893 3,421 
Commercial real estate — investor14,190 1,042 2,463 36,391 10,746 
Real estate construction21 90 — 21 88 
Commercial real estate lending14,211 1,132 2,463 36,412 10,834 
Total commercial15,282 9,353 11,360 39,305 14,255 
Residential mortgage 12,684 8,744 13,568 14,892 13,630 
Auto finance14,013 13,149 12,522 14,850 15,458 
Home equity 4,265 4,338 3,606 4,625 3,146 
Other consumer(b)
2,728 2,578 2,381 3,128 2,163 
Total consumer33,689 28,810 32,076 37,496 34,397 
Total accruing loans 30-89 days past due$48,971 $38,163 $43,435 $76,801 $48,651 
(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.
(b) Excluding guaranteed student loans.
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Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.
OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.
Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.
Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 6 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.
Allowance for Credit Losses on Loans
Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 6 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.
To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for September 30, 2025 was the Moody's baseline scenario from August 2025, which was reviewed against the September 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates in the Corporation's 2024 Annual Report on Form 10-K for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.
The loan segmentation used in calculating the ACLL at September 30, 2025 and December 31, 2024 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.
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Table 11 Allowance for Credit Losses on Loans
YTDQuarter Ended
(Dollars in thousands)Sep 30,
2025		Sep 30,
2024		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Allowance for loan losses
Balance at beginning of period$363,545 $351,094 $376,515 $371,348 $363,545 $361,765 $355,844 
Provision for loan losses49,500 67,000 15,000 18,000 16,500 14,000 19,000 
Charge offs(47,317)(62,645)(15,254)(18,348)(13,714)(13,770)(15,337)
Recoveries12,613 6,316 2,081 5,515 5,017 1,551 2,258 
Net charge offs(34,704)(56,329)(13,173)(12,833)(8,698)(12,220)(13,078)
Balance at end of period$378,341 $361,765 $378,341 $376,515 $371,348 $363,545 $361,765 
Allowance for unfunded commitments
Balance at beginning of period38,776 34,776 35,276 35,276 38,776 35,776 33,776 
Provision for unfunded commitments(2,500)1,000 1,000 — (3,500)3,000 2,000 
Balance at end of period$36,276 $35,776 $36,276 $35,276 $35,276 $38,776 $35,776 
Allowance for credit losses on loans$414,618 $397,541 $414,618 $411,791 $406,624 $402,322 $397,541 
Provision for credit losses on loans47,000 68,000 16,000 18,000 13,000 17,000 21,000 
Net loan (charge offs) recoveries
Commercial and industrial$(7,782)$(42,963)$(1,230)$(1,826)$(4,726)$(2,406)$(10,649)
Commercial real estate — owner occupied— 4 — — — — — 
Commercial and business lending(7,782)(42,959)(1,230)(1,826)(4,726)(2,406)(10,649)
Commercial real estate — investor(18,315)(4,570)(8,930)(8,493)(892)(6,617)(1)
Real estate construction152 60 2 121 30 4 2 
Commercial real estate lending(18,163)(4,509)(8,928)(8,372)(863)(6,612)2 
Total commercial(25,945)(47,469)(10,158)(10,198)(5,589)(9,018)(10,647)
Residential mortgage(335)(510)(231)(302)197 (239)(160)
Auto finance(3,713)(4,855)(1,505)(689)(1,519)(1,782)(1,281)
Home equity582 873 56 237 289 277 424 
Other consumer(5,293)(4,368)(1,336)(1,881)(2,076)(1,457)(1,414)
Total consumer(8,759)(8,860)(3,015)(2,636)(3,109)(3,202)(2,431)
Total net charge offs$(34,704)$(56,329)$(13,173)$(12,833)$(8,698)$(12,220)$(13,078)
Ratios
Allowance for credit losses on loans to total loans1.34 %1.35 %1.34 %1.35 %1.33 %
Allowance for credit losses on loans to net charge offs(a)
8.9x5.3x7.9x8.0x11.5x8.3x7.6x
Loan evaluation method for ACLL
Individually evaluated for impairment$4,518 $— $6,092 $5,689 $7,498 
Collectively evaluated for impairment410,100 411,791 400,532 396,632 390,043 
     Total ACLL$414,618 $411,791 $406,624 $402,322 $397,541 
Loan balance
Individually evaluated for impairment$19,282 $21,431 $46,065 $37,172 $41,938 
Collectively evaluated for impairment30,932,683 30,586,174 30,248,062 29,731,414 29,948,958 
     Total loan balance$30,951,964 $30,607,605 $30,294,127 $29,768,586 $29,990,897 
(a) This ratio is annualized.
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Table 12 Annualized Net (Charge Offs) Recoveries to Average Loans
YTDQuarter Ended
(In basis points)Sep 30,
2025		Sep 30,
2024		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Net loan (charge offs) recoveries
Commercial and industrial(9)(58)(4)(7)(18)(9)(43)
Commercial real estate — owner occupied— — — — — — — 
Commercial and business lending(9)(52)(4)(6)(16)(8)(39)
Commercial real estate — investor(45)(12)(67)(61)(7)(51)— 
Real estate construction1 — — 3 1 — — 
Commercial real estate lending(33)(8)(49)(45)(5)(37)— 
Total commercial(18)(35)(20)(21)(12)(19)(23)
Residential mortgage(1)(1)(1)(2)1 (1)(1)
Auto finance(17)(26)(20)(9)(22)(26)(19)
Home equity12 20 3 14 18 17 26 
Other consumer(229)(223)(173)(244)(268)(208)(216)
Total consumer(11)(10)(11)(10)(11)(11)(8)
Total net charge offs(15)(25)(17)(17)(12)(16)(18)
Notable Contributions to the Change in the Allowance for Credit Losses on Loans
•Total nonaccrual loans decreased $17.1 million, or 14%, from December 31, 2024, and decreased $22.3 million, or 17%, from September 30, 2024. The changes from both periods were primarily driven by decreases in commercial real estate - investor and commercial and business lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.
•YTD net charge offs decreased $21.6 million from September 30, 2024, primarily driven by a decrease within commercial and industrial lending, partially offset by an increase in commercial real estate - investor lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.
Management believes the level of ACLL to be appropriate at September 30, 2025.
Deposits and Customer Funding
The following table summarizes the composition of our deposits and customer funding:
Table 13 Period End Deposit and Customer Funding Composition
Sep 30, 2025Jun 30, 2025
Mar 31, 2025(a)
Dec 31, 2024(a)
Sep 30, 2024(a)
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$5,906,251 17 %$5,782,487 17 %$6,135,946 17 %$5,775,657 17 %$5,857,421 17 %
Savings5,380,574 15 %5,291,674 15 %5,247,291 15 %5,133,295 15 %5,072,508 15 %
Interest-bearing demand7,791,861 22 %7,490,772 22 %7,870,965 22 %7,994,475 23 %7,302,239 22 %
Money market5,785,871 17 %5,915,867 17 %6,141,275 17 %6,009,793 17 %5,831,637 17 %
Network transaction deposits 2,013,964 6 %1,792,362 5 %1,882,930 5 %1,758,388 5 %1,566,908 5 %
Brokered CDs3,956,517 11 %4,072,048 12 %4,197,512 12 %4,276,309 12 %4,242,670 13 %
Other time deposits4,046,815 12 %3,802,356 11 %3,720,793 11 %3,700,518 11 %3,680,914 11 %
   Total deposits$34,881,853 100 %$34,147,565 100 %$35,196,713 100 %$34,648,434 100 %$33,554,298 100 %
Other customer funding(b)
64,570 75,440 85,950 100,044 110,988 
Total deposits and other customer funding$34,946,423 $34,223,005 $35,282,663 $34,748,478 $33,665,286 
Less: Total network transaction deposits and brokered CDs5,970,481 5,864,410 6,080,442 6,034,697 5,809,578 
Net deposits and other customer funding$28,975,941 $28,358,595 $29,202,221 $28,713,780 $27,855,707 
Time deposits of more than $250,000832,718 775,107 767,974 757,675 742,734 
(a) Periods have been adjusted to conform with current period presentation.
(b) Includes repurchase agreements.

•Total deposits, which are the Corporation's largest source of funds, increased $233.4 million, or 1% from December 31, 2024, and increased $1.3 billion, or 4%, from September 30, 2024. The increase from December 31, 2024, was primarily driven by increases in other time deposits, network transaction deposits, savings, and noninterest bearing demand deposits,
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offset by decreases in brokered CDs, money market and interest-bearing demand deposits, while the increase from September 30, 2024 was driven by increases in all deposit categories except brokered CD's and money market deposits.
•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 24.9% of total deposits at September 30, 2025, compared to 23.0% at December 31, 2024 and 22.3% at September 30, 2024.
Liquidity
The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.
The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percentage of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At September 30, 2025, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.
The Corporation maintains diverse and readily available liquidity sources, including:
•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of September 30, 2025, the Bank had $5.9 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of September 30, 2025, the Bank had $5.7 billion available for discount window borrowings.
•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.
•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.
•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.
•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.
•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.
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The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits:
Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio
(Dollars in thousands)Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Federal Reserve Bank balance$799,991 $735,876 $705,696 $451,298 $405,776 
Available FHLB Chicago capacity5,943,747 5,026,154 6,362,599 7,097,420 6,164,539 
Available Federal Reserve Bank discount window capacity5,725,892 5,441,186 3,308,303 2,778,294 2,981,211 
     Funding available within one business day(a)
12,469,630 11,203,216 10,376,598 10,327,012 9,551,527 
Available federal funds lines1,419,000 1,729,000 1,284,000 1,164,000 1,401,000 
Available brokered deposits capacity(b)
697,898 734,649 414,199 418,198 520,809 
Unsecured debt capacity(c)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
     Total available liquidity$15,586,528 $14,666,865 $13,074,797 $12,909,210 $12,473,336 
Uninsured and uncollateralized deposits$8,697,563 $8,469,167 $9,170,483 $7,954,259 $7,492,684 
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day143 %132 %113 %130 %127 %
Coverage ratio of uninsured and uncollateralized deposits with total funding179 %173 %143 %162 %166 %
(a) Estimated based on normal course of operations with indicated institution.
(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.
(c) Estimated availability based on the Corporation's current internal funding considerations.
Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.
Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part I, Item 1A, Risk Factors in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.
For the nine months ended September 30, 2025, net cash provided by operating and financing activities was $397.6 million and $1.1 billion, respectively, while net cash used in investing activities was $1.2 billion, for a net increase in cash and cash equivalents of $273.2 million since year-end 2024. At September 30, 2025, assets of $44.5 billion increased $1.4 billion, or 3%, from year-end 2024. On the funding side, deposits of $34.9 billion increased $233.4 million, or 1% from year-end 2024, short-term funding decreased $70.7 million, or 15%, FHLB advances increased $1.4 billion or 74%, and other long-term funding decreased $243.6 million, or 29%.
For the nine months ended September 30, 2024, net cash provided by operating and financing activities was $373.1 million and $843.1 million, respectively, while net cash used in investing activities was 1.2 billion, for a net increase in cash and cash equivalents of 43.2 million since year-end 2023. At September 30, 2024, assets of 42.2 billion increased $1.2 billion, or 3%, from year-end 2023. On the funding side, deposits of 33.6 billion increased $108.2 million, or 0%, from year-end 2023, short-term funding increased $590.2 million, or 181%, and FHLB advances increased $26.9 million, or 1%.
Quantitative and Qualitative Disclosures about Market Risk
Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.
Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.
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Interest Rate Risk
The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.
The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at September 30, 2025.
For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K.
The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.
While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first nine months of 2025.
Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Sep 30, 2025Dec 31, 2024
 Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates1.1 %0.5 %1.0 %0.7 %
200 bp increase in interest rates2.1 %1.0 %2.0 %1.3 %
100 bp decrease in interest rates(0.5)%— %(0.5)%(0.2)%
200 bp decrease in interest rates(1.4)%(0.5)%(1.3)%(0.8)%
At September 30, 2025, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.
Table 16 Market Value of Equity Sensitivity
Sep 30, 2025Dec 31, 2024
Instantaneous Rate Change
100 bp increase in interest rates(5.6)%(9.1)%
200 bp increase in interest rates(12.7)%(18.5)%
100 bp decrease in interest rates2.9 %7.1 %
200 bp decrease in interest rates2.3 %12.6 %
Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates. The MVE measure in the 200 bp increase in interest rates scenario is outside of the policy limit, which has been reported to the Corporation's Board.
The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.
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Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities
The following table summarizes significant contractual obligations and other commitments at September 30, 2025, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.
Table 17 Contractual Obligations and Other Commitments
( in thousands)Note ReferenceOne Year
or Less		One to
Three Years		Three to
Five Years		Over
Five Years		Total
Time deposits$7,912,192 $79,498 $11,636 $5 $8,003,332 
Short-term funding8399,665 — — — 399,665 
FHLB advances83,011,555 204,016 4,583 525 3,220,679 
Other long-term funding890 138 298,279 295,567 594,074 
Operating leases5,222 9,774 6,855 17,995 39,846 
Total$11,328,725 $293,425 $321,353 $314,092 $12,257,595 
The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of each obligation is included in the referenced note to the consolidated financial statements.
Capital
Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At September 30, 2025, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.
Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.
For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.
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Table 18 Capital Ratios
YTDQuarter Ended
 (Dollars in thousands)
Sep 30,
2025		Sep 30,
2024		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Risk-based capital(a)
CET1(b)
$3,584,712 $3,493,316 $3,417,432 $3,396,836 $3,238,155 
Tier 1 capital3,778,824 3,687,428 3,611,544 3,590,948 3,432,267 
Total capital4,488,957 4,394,367 4,311,239 4,282,597 4,117,632 
Total risk-weighted assets34,688,358 34,241,408 33,800,823 33,950,173 33,326,479 
Modified CECL transitional amount— — — 22,425 22,425 
CET1 capital ratio(b)
10.33 %10.20 %10.11 %10.01 %9.72 %
Tier 1 capital ratio10.89 %10.77 %10.68 %10.58 %10.30 %
Total capital ratio12.94 %12.83 %12.75 %12.61 %12.36 %
Tier 1 leverage ratio8.81 %8.72 %8.69 %8.73 %8.49 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.95 %10.87 %10.82 %10.70 %10.46 %
Average stockholders' equity / average assets10.91 %10.29 %10.95 %10.90 %10.86 %10.76 %10.46 %
Tangible common equity / tangible assets (TCE Ratio)(c)
8.18 %8.06 %7.96 %7.82 %7.50 %
N/M = Not Meaningful
(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of the Corporation's capital with the capital of other financial services companies.
(b) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This reflects that election.
(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the third quarter of 2025.


















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Non-GAAP Measures
Table 19 Non-GAAP Measures
YTDQuarter Ended
(Dollars in thousands)Sep 30,
2025		Sep 30,
2024		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024
Tangible common equity reconciliation
Common equity$4,674,186 $4,586,669 $4,492,446 $4,411,450 $4,219,125 
Less: Goodwill and other intangible assets, net1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 
Tangible common equity for TBV / share and TCE Ratio$3,544,142 $3,454,422 $3,357,996 $3,274,797 $3,080,269 
Tangible assets reconciliation
Total assets$44,455,863 $43,993,729 $43,309,136 $43,023,068 $42,210,815 
Less: Goodwill and other intangible assets, net1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 
Tangible assets for TCE Ratio$43,325,819 $42,861,482 $42,174,686 $41,886,415 $41,071,960 
Average tangible common equity reconciliation
Average common equity$4,534,716 $4,032,375 $4,627,038 $4,538,549 $4,436,467 $4,334,230 $4,136,615 
Less: Average goodwill and other intangible assets, net1,133,517 1,142,331 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060 
Average tangible common equity for ROATCE3,401,200 2,890,045 3,495,653 3,404,922 3,300,883 3,196,404 2,996,555 
Average tangible assets reconciliation
Average total assets$43,360,369 $41,086,156 $44,015,203 $43,420,063 $42,630,627 $42,071,562 $41,389,711 
Less: Average goodwill and other intangible assets, net1,133,517 1,142,331 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060 
Average tangible assets for return on average tangible assets$42,226,853 $39,943,825 $42,883,818 $42,286,436 $41,495,043 $40,933,736 $40,249,651 
Adjusted net income (loss) reconciliation
Net income (loss)$337,648 $284,760 $124,732 $111,230 $101,687 $(161,615)$88,018 
Other intangible amortization, net of tax4,956 4,956 1,652 1,652 1,652 1,652 1,652 
Adjusted net income (loss) for return on average tangible assets$342,604 $289,716 $126,384 $112,882 $103,339 $(159,963)$89,670 
Adjusted net income (loss) available to common equity reconciliation
Net income (loss) available to common equity$329,023 $276,135 $121,857 $108,355 $98,812 $(164,490)$85,143 
Other intangible amortization, net of tax4,956 4,956 1,652 1,652 1,652 1,652 1,652 
Adjusted net income (loss) available to common equity for ROATCE$333,979 $281,091 $123,509 $110,007 $100,464 $(162,838)$86,795 
Period end core customer deposits reconciliation
Total deposits$34,881,853 $34,147,565 $35,196,713 $34,648,434 $33,554,298 
Less: Network transaction deposits2,013,964 1,792,362 1,882,930 1,758,388 1,566,908 
Less: Brokered CDs3,956,517 4,072,048 4,197,512 4,276,309 4,242,670 
Core customer deposits$28,911,371 $28,283,155 $29,116,271 $28,613,737 $27,744,719 
Average core customer deposits reconciliation
Average total deposits$34,580,383 $33,073,335 $34,705,887 $34,203,201 $34,833,464 $34,337,468 $33,320,825 
Less: Average network transaction deposits1,875,523 1,630,568 1,933,659 1,843,998 1,847,972 1,690,745 1,644,305 
Less: Average brokered CDs4,105,700 4,148,547 3,916,329 4,089,844 4,315,311 4,514,841 4,247,941 
Average core customer deposits$28,599,160 $27,294,220 $28,855,899 $28,269,359 $28,670,181 $28,131,882 $27,428,578 
Total expense for efficiency ratios reconciliation(a)
Noninterest expense$636,173 $594,115 $216,202 $209,352 $210,619 $224,282 $200,597 
Less: Other intangible amortization6,608 6,608 2,203 2,203 2,203 2,203 2,203 
Total expense for fully tax-equivalent efficiency ratio629,565 587,506 213,999 207,149 208,416 222,080 198,394 
Less: FDIC special assessment— 7,696 — — — — — 
Less: Announced initiatives(b)
— — — — — 14,243 — 
Total expense for adjusted efficiency ratio$629,565 $579,810 $213,999 $207,149 $208,416 $207,836 $198,394 
Total revenue for efficiency ratios reconciliation(a)
Net interest income$891,163 $776,960 $305,222 $300,000 $285,941 $270,289 $262,509 
Noninterest income (loss)207,019 197,365 81,265 66,977 58,776 (206,772)67,221 
Less: Investment securities gains (losses), net13 4,047 1 7 4 (148,194)100 
Fully tax-equivalent adjustment12,705 11,239 4,222 4,228 4,254 3,680 3,723 
Total revenue for fully tax-equivalent efficiency ratio1,110,874 981,518 390,708 371,198 348,968 215,390 333,353 
Less: Announced initiatives(b)
(6,976)— — — (6,976)(130,406)— 
Total revenue for adjusted efficiency ratio$1,117,850 $981,518 $390,708 $371,198 $355,943 $345,795 $333,353 
(a) Periods prior to the quarter ended June 30, 2025 have been adjusted to conform with current period presentation.
(b) Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

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Sequential Quarter Results
The Corporation reported net income of $124.7 million for the third quarter of 2025, compared to a net income of $111.2 million for the second quarter of 2025. Net income available to common equity was $121.9 million for the third quarter of 2025, or $0.73 for both basic and diluted earnings per common share. Comparatively, the net income available to common equity for the second quarter of 2025 was $108.4 million, or $0.65 for both basic and diluted earnings per common share. The increase was primarily driven by organic growth in net interest income, increases in noninterest income through elevated activity in our capital markets syndications and swaps businesses. These increases were offset by increases in noninterest expense, primarily personnel due to variable compensation as a result of strong execution against our strategic plan and increased healthcare costs.
Fully tax-equivalent net interest income for the third quarter of 2025 was $309.4 million, $5.2 million, or 2%, higher than the second quarter of 2025. The net interest margin in the second and third quarter of 2025 was 3.04%. This was due to organic net interest income growth driven by continued growth in higher yielding loans in our commercial and industrial segment.
Average earning assets increased $487.6 million, or 1%, to $40.6 billion in the third quarter of 2025, primarily due to an increase in commercial and business lending given our strategic focus in that segment and taxable securities from continued investment for liquidity needs as the balance sheet continues to grow. Average loans increased $258.5 million, or 1%, due to an increase in commercial and business lending and auto finance loans, partially offset by a decrease in commercial real estate lending. On the funding side, average total interest-bearing deposits increased $354.9 million, or 1%, driven by an increase in savings, interest-bearing demands, and other time deposits, offset by decreases in brokered CDs and money market deposits.
The provision for credit losses was $16.0 million for the third quarter of 2025 and $18.0 million for the second quarter of 2025. This was due to nominal credit movement and general macroeconomic trends. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the third quarter of 2025 was $81.3 million, up $14.3 million, or 21% from the second quarter of 2025. The increase was due to increases in net capital market income through elevated activity in our capital markets syndications and swaps businesses and net asset gains from deferred compensation valuation adjustments.
Noninterest expense for the third quarter of 2025 was $216.2 million, up $6.8 million, or 3%, from the second quarter of 2025, driven primarily by an increase in personnel due to variable compensation as a result of strong execution against our strategic plan and increased healthcare costs. Outside of personnel expense, there were slight increases in technology expense, business development and advertising expenses, netted against decreases in legal and professional fees, loan and foreclosure costs and other noninterest expense.
For the third quarter of 2025, the Corporation recognized income tax expense of $29.6 million, compared to an income tax expense of $28.4 million for the second quarter of 2025. The increase was driven by increased net income in the current quarter.
Comparable Quarter Results
The Corporation reported net income of $124.7 million for the third quarter of 2025, compared to net income of $88.0 million for the third quarter of 2024. Net income available to common equity was $121.9 million for the third quarter of 2025, or $0.73 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the third quarter of 2024 was $85.1 million, or $0.56 for both basic and diluted earnings per common share.
Fully tax-equivalent net interest income for the third quarter of 2025 was $309.4 million, $43.2 million, or 16%, higher than the third quarter of 2024. The net interest margin between the comparable quarters was up 26 bp, to 3.04% in the third quarter of 2025 from the third quarter of 2024. The increases in net interest income and net interest margin were primarily due to a mix shift in earning assets attributable to the balance sheet repositioning announced in the fourth quarter of 2024 and continued organic growth in higher yielding loans within the commercial and industrial segment.
Average earning assets increased $2.4 billion, or 6%, to $40.6 billion in the third quarter of 2025, driven by an increase in total loans and increases in total investments driven by reinvestment of additional proceeds from the common stock offering in the fourth quarter of 2024 and additional growth to keep pace with overall balance sheet growth for liquidity needs. Average loans increased $1.1 billion, or 4%,driven by increases in commercial and industrial, commercial real estate - investor and auto finance offset by a decrease in residential mortgage, which decreased due to the balance sheet repositioning announced in the fourth quarter of 2024. On the funding side, average interest-bearing deposits increased $1.2 billion, or 4%, from the third quarter of 2024, due to increases in all deposit categories except money market and brokered CDs which saw a slight contraction. Average short and long-term funding increased $804.9 million, or 25%, primarily driven by an increase in FHLB
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advances, particularly short-term advances as the Corporation paid down the majority of its long-term FHLB advances as part of the balance sheet repositioning announced in the fourth quarter of 2024, partially offset by a decrease in other short-term funding due to the pay off of BTFP funding.
The provision for credit losses was $16.0 million for the third quarter of 2025, compared to a provision of $21.0 million for the third quarter of 2024. This was due to continued nominal credit movement in the portfolio and general macroeconomic conditions. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the third quarter of 2025 was $81.3 million, up $14.0 million, or 21%, compared to the third quarter of 2024, primarily due to increases in net capital market income through elevated activity in our capital markets syndications and swaps businesses and net asset gains from deferred compensation valuation adjustments.
Noninterest expense for the third quarter of 2025 was $216.2 million, up $15.6 million, or 8%, from the third quarter of 2024, driven mainly by increases in personnel due to variable compensation as a result of strong execution against our strategic plan and increased healthcare costs offset by slight decreases in most other expenses.
The Corporation recognized income tax expense of $29.6 million for the third quarter of 2025, compared to income tax expense of $20.1 million for the third quarter of 2024, the increase was driven by higher net income in the current year.
Segment Review
The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.
Table 20 Selected Segment Financial Data
Three Months Ended Sep 30,Nine Months Ended Sep 30,
(Dollars in thousands)20252024% Change20252024% Change
Corporate and Commercial Specialty
Total revenue$160,016 $151,408 6%$457,396 $442,191 3%
Provision for credit losses20,424 16,565 23%59,806 47,602 26%
Noninterest expense46,697 42,044 11%137,653 127,859 8%
Income tax expense17,835 17,255 3%49,500 49,147 1%
Net income75,060 75,544 (1)%210,437 217,585 (3)%
Average earning assets17,716,834 16,115,935 10%17,409,553 16,092,726 8%
Average loans17,695,432 16,103,510 10%17,394,587 16,084,012 8%
Average deposits7,121,719 6,834,268 4%7,095,533 6,966,222 2%
Community, Consumer, and Business
Total revenue$257,839 $260,090 (1)%$759,086 $771,418 (2)%
Provision for credit losses6,437 5,639 14%18,871 18,939 —%
Noninterest expense140,132 139,027 1%411,502 403,013 2%
Income tax expense23,367 24,239 (4)%69,030 73,389 (6)%
Net income87,903 91,185 (4)%259,683 276,077 (6)%
Average earning assets12,580,401 13,003,398 (3)%12,587,872 12,897,084 (2)%
Average loans12,576,991 12,999,988 (3)%12,584,461 12,895,852 (2)%
Average deposits21,470,102 20,436,898 5%21,317,239 20,236,995 5%
Risk Management and Shared Services
Total revenue$(31,368)$(81,768)(62)%$(118,300)$(239,284)(51)%
Provision for credit losses(10,861)(1,213)N/M(31,678)1,459 N/M
Noninterest expense29,373 19,526 50%87,018 63,245 38%
Income tax benefit(11,648)(21,370)(45)%(41,168)(95,085)(57)%
Net loss(38,231)(78,711)(51)%(132,472)(208,902)(37)%
Average earning assets10,265,029 9,071,183 13%9,980,565 8,939,209 12%
Average loans478,037 530,589 (10)%474,442 548,082 (13)%
Average deposits6,114,066 6,049,659 1%6,167,611 5,870,118 5%
N//M = Not meaningful

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Notable Changes in Segment Financial Data
Corporate and Commercial Specialty
•Average earning assets and average loans both increased $1.3 billion from the nine months ended September 30, 2024, primarily driven by growth in commercial and business lending.
•Provision for credit losses increased $12.2 million from nine months ended September 30, 2024, due to increased commercial loan balances coupled with general macroeconomic trends.
Community, Consumer, and Business
•Average earning assets and average loans decreased by $309.2 million and $311.4 million, respectively, from the nine months ended September 30, 2024, primarily driven by a decrease in residential mortgage loans due to the balance sheet restructuring announced in the fourth quarter of 2024 offset by increases in home equity and other consumer loans.
•Average deposits increased $1.1 billion from the nine months ended September 30, 2024, primarily driven by increases in all deposit types except for noninterest-bearing demand deposits.
Risk Management and Shared Services
•Total revenue increased $121.0 million from the nine months ended September 30, 2024, primarily driven by organic net interest income growth primarily due to the investment portfolio actions taken as part of the balance sheet repositioning announced in the fourth quarter of 2024.
•Noninterest expense increased $23.8 million from the nine months ended September 30, 2024, primarily caused by increases in personnel expense due to higher variable compensation and healthcare costs as well as OREO write downs in 2025 offset by lower indirect expenses allocated to the segment.
•Income tax benefit decreased $53.9 million from the nine months ended September 30, 2024, due to the strategic reallocation of the investment portfolio and the adaptation of a legal entity rationalization plan that resulted in the recognition of significant deferred tax benefits in 2024 and a lower net loss before taxes in the current year.
•Average earning assets increased $1.0 billion from the nine months ended September 30, 2024, driven by higher balances of investment securities in the portfolio due to the investment of a portion of the proceeds from the common stock offering in the fourth quarter of 2024 along with organic investment of additional available funds.
•Average loans decreased $73.6 million from the nine months ended September 30, 2024, attributable to lower balances in all loan categories.
•Average deposits increased $297.5 million from the nine months ended September 30, 2024, driven by increases in all deposit types.
Critical Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2024.
Recent Developments
On October 28, 2025, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.24 per common share, payable on December 15, 2025, to shareholders of record at the close of business on December 1, 2025.
The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Perpetual Preferred Stock, Series E, payable on December 15, 2025 to the shareholders of record at the close of business on December 1, 2025.
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The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Perpetual Preferred Stock, Series F, payable on December 15, 2025 to the shareholders of record at the close of business on December 1, 2025.
ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk
Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.
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ITEM 4.    Controls and Procedures
The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2025, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of September 30, 2025.
No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.Legal Proceedings
The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters of the notes to consolidated financial statements.
ITEM 1A.Risk Factors
There have been no material changes in the Risk Factors described in the Corporation’s 2024 Annual Report on Form 10-K.
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
During the third quarter of 2025, the Corporation repurchased common stock, of which all were related to tax withholding on equity compensation. The repurchase details are presented in the table below:
Common Stock Purchases
Total Number  of
Shares Purchased(a)
Average Price
Paid per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs(b)
Period
July 1, 2025 - July 31, 20254,605 $25.82 — 
August 1, 2025 - August 31, 20253,352 24.74 — 
September 1, 2025 - September 30, 20255,979 24.13 — 
Total13,936 $24.83 — 1,519,429 
(a) As all of the repurchased shares were for minimum tax withholding settlements on equity compensation, these purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2021 authorization.
(b) At September 30, 2025, there remained $39.1 million authorized to be repurchased under the Board of Directors' 2021 $100.0 million authorization. The maximum number of shares that may yet be purchased under this authorization is based on the closing share price on September 30, 2025.
Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.
ITEM 5.Other Information
During the three months ended September 30, 2025, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

79

ITEM 6.Exhibits
(a)    Exhibits:
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.

80

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASSOCIATED BANC-CORP
(Registrant)
Date: October 28, 2025
/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: October 28, 2025
/s/ Derek S. Meyer
  Derek S. Meyer
Chief Financial Officer
Date: October 28, 2025
/s/ Ryan J. Beld
Ryan J. Beld
Chief Accounting Officer

81

Source: View Original Filing on SEC EDGAR

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Associated Banc Corp

NYSE:ASB

ASB Rankings

#1528 Ranked by Market Cap
#878 Ranked by Dividends

ASB Latest News

Oct 29, 2025
Associated Banc-Corp Decreases Prime Rate
Oct 29, 2025
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Oct 28, 2025
Associated Banc-Corp Announces Increase in Common Stock Dividend
Oct 23, 2025
Associated Banc-Corp Reports Third Quarter 2025 Net Income Available to Common Equity of $122 Million, or $0.73 per Common Share
Oct 15, 2025
Associated Bank Advances Credit Risk Strategy with Upgrade to FICO Auto Score 10

ASB Latest SEC Filings

Oct 24, 2025
[13F-HR] ASSOCIATED BANC-CORP SEC Filing
Oct 23, 2025
[8-K] ASSOCIATED BANC-CORP Reports Material Event
Oct 17, 2025
[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity
Oct 17, 2025
[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity
Oct 16, 2025
[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity

ASB Stock Data

4.15B
164.34M
0.77%
86.7%
3.67%
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