Farmers National Banc Q3 2026 EPS falls to $0.25
Management expects fourth-quarter net interest margin to settle at approximately 3.43% to 3.46%, with additional contributions from recent initiatives expected in 2027.
Sentiment and the balance of points
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Rhea-AI Filing Summary
Farmers National Banc Corp. reported third-quarter 2026 net income of $14.5 million, compared with $12.5 million a year earlier; diluted earnings per share were $0.25, versus $0.33. Results included $6.1 million of acquisition and core-conversion costs, a $10.3 million securities-sale loss and $600,000 in severance costs. Excluding these items, non-GAAP adjusted net income was $28.0 million, or $0.47 per diluted share.
Net interest income rose to $57.9 million from $36.3 million, and net interest margin was 3.54%, versus 3.00%. The March 2, 2026, acquisition of Middlefield Banc Corp. added $1.82 billion in assets; total assets were $7.12 billion at September 30, 2026. Nonperforming loans were $47.9 million, or 0.99% of total loans, at September 30, 2026. Management expects net interest margin of approximately 3.43% to 3.46% in the fourth quarter of 2026 and expects to begin realizing financial benefits from recent initiatives in that quarter, with additional contributions in 2027. Farmers intends to pay off the remaining $72.0 million of fixed-to-floating rate subordinated notes on December 15, 2026.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income rose to $14.5 million from $12.5 million year over year.
Negative
- Moderate pointDiluted earnings per share fell to $0.25 from $0.33 year over year.
Filing Explained
A completed securities reshaping booked a quarterly loss in exchange for higher yields, with a stated 3.1-year payback period.
Farmers says it completed a
The 8-K says its earnings release and investor presentation are “furnished,” not deemed filed for Exchange Act Section 18 purposes; they are not incorporated by reference into Securities Act filings unless specifically referenced.
8-K Event Classification
Key Figures
Key Terms
net interest margin financial
acquisition marks financial
allowance for credit losses financial
non-GAAP financial measure financial
Earnings Snapshot
Management expects net interest margin to settle into approximately 3.43% to 3.46% in the fourth quarter of 2026.
FAQ
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What were FMNB's third-quarter 2026 earnings?
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(State or other jurisdiction
of incorporation) | (Commission
File Number) | (IRS Employer
Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading
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The |
(d) | Exhibits. |
Exhibit No. | Description |
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| 99.1 | Press Release, dated October 28, 2026 | |
| 99.2 | Investor Presentation, dated October 28, 2026 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Farmers National Banc Corp. | |||
By: | /s/ Kevin J. Helmick | ||
Kevin J. Helmick | |||
| President and Chief Executive Officer | |||
Exhibit 99.1
October 28, 2026
Press Release
Source: Farmers National Banc Corp.
Kevin J. Helmick, President and CEO
20 South Broad Street, P.O. Box 555
Canfield, OH 44406
330.533.3341
Email: exec@farmersbankgroup.com
FARMERS NATIONAL BANC CORP. REPORTS RESULTS FOR THIRD QUARTER OF 2026
| ● | 175 consecutive quarters of profitability |
| ● | EPS was $0.25 for the quarter, $0.47 excluding acquisition, core conversion and security restructure costs (non-GAAP) |
| ● | Outstanding loan growth of 1.6% for the quarter, or 6.6% annualized |
| ● | Completed a core system conversion to Jack Henry during the quarter |
| ● | Completed a $90.5 million security restructuring and recognized a $10.3 million loss |
| ● | Recognized $3.9 million of other income on the full payoff of a loan partially charged off by Middlefield Banc Corp. prior to the acquisition |
| ● | Net interest margin increased to 3.54% in the third quarter of 2026 from 3.44% in the second quarter of 2026 and 3.00% in the third quarter of 2025 |
| ● | Efficiency ratio was 68.0% in the third quarter of 2026, 50.2% excluding acquisition and core conversion costs (non-GAAP) |
CANFIELD, Ohio (October 28, 2026) – Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $14.5 million, or $0.25 per diluted share, for the third quarter of 2026 compared to $12.5 million, or $0.33 per diluted share, for the third quarter of 2025. Net income in the third quarter of 2026 included $6.1 million in expense related to the March 2, 2026, acquisition of Middlefield Banc Corp. (“Middlefield”) and core conversion costs. In addition, the Company recognized a $10.3 million loss on the sale of securities and $600,000 in severance costs. Excluding these items (non-GAAP), adjusted net income for the third quarter of 2026 was $28.0 million, or $0.47 per diluted share.
Kevin J. Helmick, President and CEO, stated: “As expected, the third quarter was a period of strategic execution and transformation for Farmers, as we completed our core technology conversion, executed the integration of the March 2026 Middlefield acquisition, and repositioned our investment securities portfolio. These actions represent important milestones in our ongoing strategy to improve operating efficiency, enhance profitability, and grow our community banking franchise. With these significant initiatives largely behind us, we expect to begin realizing their financial benefits in the fourth quarter, with additional contributions expected in 2027. We remain focused on leveraging our expanded capabilities and growing market presence to drive sustainable, profitable growth.”
Balance Sheet
Total assets were $7.12 billion at September 30, 2026, compared to $7.14 billion at June 30, 2026, and $5.25 billion at December 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.82 billion in assets. Total loans, net of allowance, increased to $4.80 billion at September 30, 2026, from $4.72 billion at June 30, 2026, and $3.27 billion at December 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.49 billion in total loans. The 1.6% sequential increase from the second quarter was driven by strong gains across all business lines including 1.4% sequential growth in the commercial portfolio.
Securities available for sale decreased slightly to $1.40 billion at September 30, 2026, compared to $1.47 billion at June 30, 2026, and $1.34 billion at December 31, 2025. Middlefield added $152.8 million to securities available for sale. During the quarter, the Company restructured $90.5 million of securities incurring a $10.3 million loss. The restructuring resulted in an increase in the yield of the securities sold from 1.61% to approximately 5.25%. This increase resulted in a payback period on the loss of 3.1 years. The Company also saw a decline in the value of the securities of $91.3 million during the quarter due to the rapid rise in U.S. Treasury rates. The Company anticipates continued rate volatility in the bond market in 2026 and 2027, which will continue to affect the value of the portfolio.
Total deposits declined to $5.81 billion at September 30, 2026, compared to $5.83 billion at June 30, 2026, and $4.34 billion at December 31, 2025. The increase since December was primarily due to the acquisition of Middlefield, which added $1.49 billion in deposits. The decline since June was primarily due to seasonal factors associated with the timing of deposit flows from public funds.
On December 15, 2026, the Company intends to pay off the remaining $72.0 million of fixed-to-floating rate subordinated notes due December 15, 2031. The interest rate on the notes is due to reset from 3.125% to approximately 6.20% on December 15, 2026. The Company believes that it has ample capital and liquidity to pay off the notes and its future financial performance will benefit from the early redemption.
Total stockholders’ equity declined to $716.5 million at September 30, 2026, from $784.0 million at June 30, 2026, and $485.7 million at December 31, 2025. The increase since December was primarily driven by the acquisition of Middlefield while the decline since June was primarily driven by a decrease in accumulated other comprehensive income offset by earnings net of dividends paid to shareholders.
Credit Quality
Non-performing loans increased to $47.9 million at September 30, 2026, from $44.6 million at June 30, 2026, and $26.2 million at December 31, 2025. Nonperforming loans to total loans were 0.99% at September 30, 2026, compared to 0.93% at June 30, 2026, and 0.79% at December 31, 2025. Loans 30-89 days delinquent were $23.4 million at September 30, 2026, or 0.48% of total loans, compared to $18.9 million, or 0.40% of total loans at June 30, 2026, and $16.9 million, or 0.51% of total loans at December 31, 2025.
The provision for credit losses and unfunded commitments was $2.8 million during the third quarter of 2026 compared to a provision for credit losses of $1.4 million in the third quarter of 2025. The provision was higher during the quarter primarily due to increased CECL factors associated with historical loss ratios. Annualized net charge-offs as a percentage of average loans were 0.22% in the third quarter of 2026, compared to 0.07% in the third quarter of 2025. The increase in net charge-offs was associated with the partial charge-off of a non-performing loan. The amount charged off was specifically reserved and had been recognized in loan loss provision expense in prior periods. The allowance for credit losses to total loans was 1.10% at September 30, 2026, 1.12% at June 30, 2026, and 1.11% at December 31, 2025.
Net Interest Income
Net interest income increased to $57.9 million in the third quarter of 2026, compared to $36.3 million in the third quarter of 2025. Average interest earning assets increased to $6.65 billion in the third quarter of 2026 compared to $4.92 billion in the third quarter of 2025. The increase was primarily driven by the acquisition of Middlefield. The net interest margin improved to 3.54% in the third quarter of 2026 compared to 3.00% in the third quarter of 2025. The year-over-year increase in net interest margin was due to the acquisition, higher yields on interest earning assets and lower funding costs on interest bearing liabilities. The net interest margin also increased as a result of the security restructuring in the third quarter of 2026. In addition, the Company saw greater accretion of loan marks in the third quarter associated with the payoff of a large Middlefield loan. Due to the benefit from the security restructuring, a steeper yield curve and higher overall treasury yields, the Company now expects the net interest margin to settle into a range of approximately 3.43% to 3.46% in the fourth quarter of 2026. Excluding acquisition marks, non-GAAP, the Company’s net interest margin was 3.39% in the third quarter of 2026, and 2.87% in the third quarter of 2025.
Noninterest Income
Noninterest income declined to $7.9 million in the third quarter of 2026 from $11.4 million in the third quarter of 2025. The decrease was driven by the $10.3 million loss on the sale of securities during the quarter offset by the Middlefield acquisition and continued growth in the Company’s wealth lines of business. Service charge income totaled $2.3 million in the third quarter of 2026 compared to $1.9 million in the third quarter of 2025 primarily due to the acquisition. Bank owned life insurance income was $1.1 million in the third quarter of 2026 compared to $852,000 in the third quarter of 2025. The addition of Middlefield was primarily responsible for the difference. Trust fees were $3.2 million for the third quarter of 2026, an increase of $433,000 from the $2.7 million reported in the third quarter of 2025. Strong growth in the Company’s trust business unit along with solid market conditions continues to drive revenue. Security losses in the third quarter of 2026 totaled $10.3 million compared to losses of $927,000 in the third quarter of 2025. The security restructuring during the third quarter of 2026 was the primary driver compared to a much smaller security restructuring in the third quarter of 2025. Investment commissions totaled $1.1 million in the third quarter of 2026 compared to $658,000 for the third quarter of 2025. The increase was primarily due to the addition of Middlefield, the continued additions of investment representatives to the program and strong stock market returns during 2026. Net gains on the sale of loans were $390,000 in the third quarter of 2026 compared to $559,000 in the third quarter of 2025. The rise in rates has hurt overall mortgage volumes and will continue to be a headwind to this line of business. Debit card income increased to $2.6 million in the third quarter of 2026 from $2.1 million in the third quarter of 2025. The increase was driven by the Middlefield acquisition. Other noninterest income increased to $5.0 million in the third quarter of 2026 compared to $954,000 in the third quarter of 2025. The full payoff of a troubled loan that had been partially charged off by Middlefield prior to the acquisition resulting in $3.9 million of income was the primary driver.
Noninterest Expense
Noninterest expense increased to $46.6 million in the third quarter of 2026 from $31.7 million in the third quarter of 2025 primarily as a result of the Middlefield acquisition and an increased level of acquisition and core conversion costs compared to the third quarter of 2025. Salaries and employee benefits increased to $22.5 million in the third quarter of 2026 from $16.0 million in the third quarter of 2025. The increase was primarily driven by annual raises and the Middlefield acquisition along with $600,000 in severance expense in the third quarter of 2026. Occupancy and equipment expenses increased to $5.7 million in the third quarter of 2026, compared to $4.4 million in the third quarter of 2025, primarily as result of the acquisition. Several categories of expense including occupancy and equipment should begin to see a decline in expense beginning in the fourth quarter of 2026 as the remainder of cost savings related to Middlefield begin to accrue post system conversion. FDIC insurance and state and local taxes were $2.0 million in the third quarter of 2026 compared to $1.2 million in the third quarter of 2025. The increase was due to the acquisition and increased franchise tax from higher levels of capital year-over-year. Merger related and system conversion costs totaled $6.1 million during the third quarter of 2026 compared to $3.1 million in the third quarter of 2025. Conversion costs and contract severance costs were the primary driver for this increase. Intangible amortization increased to $1.2 million in the third quarter of 2026 as a result of the acquisition of Middlefield compared to the $718,000 of amortization recorded in the third quarter of 2025. Core processing expense increased to $2.7 million in the third quarter of 2026 compared to $1.4 million in the third quarter of 2025. The increase was due to the acquisition. Other noninterest expense increased by $1.3 million to $4.7 million in the third quarter of 2026 primarily as a result of the acquisition and timing issues.
Liquidity
The Company had access to an additional $465.3 million in FHLB borrowing capacity at September 30, 2026, along with $453.8 million in available for sale securities that are available for pledging. The Company’s loan to deposit ratio was 83.6% at September 30, 2026.
About Farmers National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $7.1 billion in banking assets. Farmers National Banc Corp.’s wholly owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 80 banking locations in Ohio and western Pennsylvania, and Farmers Trust Company, which operates trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2026, are $5.2 billion. Farmers National Insurance LLC, a wholly owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible book value per share, tangible common equity ratio, return on average tangible assets, return on average tangible equity, core EPS, net income excluding costs related to acquisition activities and certain items, return on average assets excluding acquisition costs and certain items, return on average equity excluding acquisition costs and certain items, net interest margin excluding acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.
Cautionary Statements Regarding Forward-Looking Statements
We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, U.S. and foreign country tariff policies, and possibility of a recession; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
Farmers National Banc Corp. and Subsidiaries |
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Consolidated Financial Highlights |
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(Amounts in thousands, except per share results) Unaudited |
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Consolidated Statements of Income | For the Three Months Ended | For the Nine Months Ended |
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| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, | Percent |
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | Change |
Total interest income | $88,522 | $86,094 | $67,117 | $59,418 | $59,366 | $241,732 | $174,374 | 38.6% |
Total interest expense | 30,580 | 30,062 | 24,549 | 22,398 | 23,059 | 85,190 | 68,949 | 23.6% |
Net interest income | 57,942 | 56,032 | 42,568 | 37,020 | 36,307 | 156,542 | 105,425 | 48.5% |
Provision (credit) for credit losses | 2,792 | 2,437 | (1,034) | 2,306 | 1,419 | 4,196 | 4,763 | -11.9% |
Noninterest income | 7,927 | 14,413 | 13,688 | 12,098 | 11,430 | 36,027 | 34,032 | 5.9% |
System conversion / Acquisition related costs | 6,106 | 1,695 | 3,981 | 925 | 3,123 | 11,782 | 3,123 | 0.0% |
Other expense | 40,536 | 39,179 | 33,337 | 28,153 | 28,556 | 113,051 | 84,258 | 34.2% |
Income before income taxes | 16,435 | 27,134 | 19,972 | 17,734 | 14,639 | 63,540 | 47,313 | 34.3% |
Income taxes | 1,900 | 4,099 | 3,708 | 3,096 | 2,178 | 9,706 | 7,364 | 31.8% |
Net income | $14,535 | $23,035 | $16,264 | $14,638 | $12,461 | $53,834 | $39,949 | 34.8% |
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Average diluted shares outstanding | 59,301 | 59,223 | 44,874 | 37,705 | 37,677 | 54,487 | 37,626 |
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Basic earnings per share | 0.25 | 0.39 | 0.36 | 0.39 | 0.33 | 0.99 | 1.07 |
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Diluted earnings per share | 0.25 | 0.39 | 0.36 | 0.39 | 0.33 | 0.99 | 1.06 |
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Cash dividends per share | 0.18 | 0.17 | 0.17 | 0.17 | 0.17 | 0.52 | 0.51 |
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Performance Ratios |
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Net Interest Margin (Annualized) | 3.54% | 3.44% | 3.12% | 3.05% | 3.00% | 3.38% | 2.92% |
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Efficiency Ratio (Tax equivalent basis) | 68.00% | 55.60% | 63.97% | 57.11% | 62.66% | 62.29% | 59.68% |
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Efficiency Ratio (Tax equivalent basis) excluding core conversion, acquisition costs and other extraordinary items (b) | 50.19% | 53.21% | 56.96% | 55.00% | 56.43% | 53.12% | 57.20% |
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Return on Average Assets (Annualized) | 0.81% | 1.29% | 1.11% | 1.12% | 0.96% | 1.07% | 1.04% |
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Return on Average Equity (Annualized) | 7.45% | 11.82% | 11.55% | 12.17% | 11.26% | 10.13% | 12.46% |
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Other Performance Ratios (Non-GAAP) |
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Return on Average Tangible Assets | 0.85% | 1.35% | 1.15% | 1.16% | 1.00% | 1.11% | 1.07% |
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Return on Average Tangible Equity | 12.27% | 19.54% | 18.13% | 19.90% | 19.46% | 16.49% | 22.18% |
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Consolidated Statements of Financial Condition |
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| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, |
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| 2026 | 2026 | 2026 | 2025 | 2025 |
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Assets |
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Cash and cash equivalents | $111,919 | $164,754 | $186,083 | $92,357 | $92,345 |
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Debt securities available for sale | 1,403,531 | 1,473,698 | 1,484,198 | 1,343,457 | 1,301,766 |
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Other investments | 63,482 | 60,539 | 54,858 | 45,397 | 44,245 |
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Loans held for sale | 3,144 | 2,862 | 1,919 | 1,516 | 4,975 |
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Loans | 4,854,818 | 4,776,477 | 4,800,064 | 3,304,713 | 3,337,780 |
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Less allowance for credit losses | 53,531 | 53,285 | 54,684 | 36,811 | 39,528 |
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Net Loans | 4,801,287 | 4,723,192 | 4,745,380 | 3,267,902 | 3,298,252 |
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Other assets | 736,000 | 715,839 | 703,038 | 495,241 | 493,992 |
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Total Assets | $7,119,363 | $7,140,884 | $7,175,476 | $5,245,870 | $5,235,575 |
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Liabilities and Stockholders' Equity |
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Deposits |
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Noninterest-bearing | $1,415,970 | $1,368,145 | $1,334,021 | $994,122 | $994,604 |
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Interest-bearing | 4,392,800 | 4,462,969 | 4,587,364 | 3,348,656 | 3,405,911 |
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Brokered time deposits | 0 | 0 | 0 | 0 | 0 |
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Total deposits | 5,808,770 | 5,831,114 | 5,921,385 | 4,342,778 | 4,400,515 |
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Other interest-bearing liabilities | 521,646 | 455,374 | 435,108 | 367,733 | 321,581 |
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Other liabilities | 72,462 | 70,444 | 52,093 | 49,634 | 47,530 |
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Total liabilities | 6,402,878 | 6,356,932 | 6,408,586 | 4,760,145 | 4,769,626 |
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Stockholders' Equity | 716,485 | 783,952 | 766,890 | 485,725 | 465,949 |
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Total Liabilities |
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and Stockholders' Equity | $7,119,363 | $7,140,884 | $7,175,476 | $5,245,870 | $5,235,575 |
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Period-end shares outstanding | 59,249 | 59,233 | 59,215 | 37,653 | 37,647 |
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Book value per share | $12.09 | $13.24 | $12.95 | $12.90 | $12.38 |
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Tangible book value per share (Non-GAAP)* | 6.93 | 8.05 | 7.74 | 7.98 | 7.44 |
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* Tangible book value per share is calculated by dividing tangible common equity by outstanding shares |
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| For the Three Months Ended | For the Nine Months Ended |
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| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
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Capital and Liquidity | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
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Common Equity Tier 1 Capital Ratio (a) | 11.98% | 12.00% | 11.70% | 12.02% | 11.62% |
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Total Risk Based Capital Ratio (a) | 14.82% | 14.91% | 14.63% | 15.46% | 15.08% |
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Tier 1 Risk Based Capital Ratio (a) | 12.47% | 12.50% | 12.19% | 12.51% | 12.10% |
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Tier 1 Leverage Ratio (a) | 9.40% | 9.38% | 11.21% | 8.92% | 8.75% |
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Equity to Asset Ratio | 10.06% | 10.98% | 10.69% | 9.26% | 8.90% |
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Tangible Common Equity Ratio (b) | 6.02% | 6.98% | 6.68% | 5.94% | 5.54% |
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Net Loans to Assets | 67.44% | 66.14% | 66.13% | 62.29% | 63.00% |
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Loans to Deposits | 83.58% | 81.91% | 81.06% | 76.10% | 75.85% |
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Asset Quality |
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Non-performing loans | $47,938 | $44,636 | $59,854 | $26,215 | $35,344 |
|
|
|
Non-performing assets | 48,107 | 44,827 | 59,977 | 26,370 | 35,519 |
|
|
|
Loans 30 - 89 days delinquent | 23,391 | 18,869 | 14,700 | 16,947 | 16,083 |
|
|
|
Charged-off loans | 2,906 | 3,803 | 729 | 5,192 | 869 | 7,438 | 2,315 |
|
Recoveries | 280 | 170 | 285 | 295 | 333 | 735 | 871 |
|
Net Charge-offs | 2,626 | 3,633 | 444 | 4,897 | 536 | 6,703 | 1,444 |
|
Annualized Net Charge-offs to Average Net Loans | 0.22% | 0.30% | 0.05% | 0.59% | 0.07% | 0.20% | 0.06% |
|
Allowance for Credit Losses to Total Loans | 1.10% | 1.12% | 1.14% | 1.11% | 1.18% |
|
|
|
Non-performing Loans to Total Loans | 0.99% | 0.93% | 1.25% | 0.79% | 1.06% |
|
|
|
Loans 30 - 89 Days Delinquent to Total Loans | 0.48% | 0.40% | 0.31% | 0.51% | 0.48% |
|
|
|
Allowance to Non-performing Loans | 111.67% | 119.38% | 91.36% | 140.42% | 111.84% |
|
|
|
Non-performing Assets to Total Assets | 0.68% | 0.63% | 0.84% | 0.50% | 0.68% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) September 30, 2026 ratio is estimated |
|
|
||||||
(b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended |
|
|
|
||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, |
|
|
|
End of Period Loan Balances | 2026 | 2026 | 2026 | 2025 | 2025 |
|
|
|
Commercial real estate | $2,058,757 | $2,022,733 | $2,078,421 | $1,398,116 | $1,428,583 |
|
|
|
Commercial | 598,720 | 592,431 | 591,406 | 340,224 | 351,213 |
|
|
|
Residential real estate | 1,238,920 | 1,230,110 | 1,219,766 | 850,300 | 850,112 |
|
|
|
HELOC | 372,256 | 360,685 | 349,656 | 181,544 | 176,609 |
|
|
|
Consumer | 288,805 | 272,890 | 265,136 | 257,795 | 251,557 |
|
|
|
Agricultural loans | 283,390 | 285,027 | 284,014 | 265,565 | 269,025 |
|
|
|
Total, excluding net deferred loan costs | $4,840,848 | $4,763,876 | $4,788,399 | $3,293,544 | $3,327,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended |
|
|
|
||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, |
|
|
|
End of Period Customer Deposit Balances | 2026 | 2026 | 2026 | 2025 | 2025 |
|
|
|
Noninterest-bearing demand | $1,415,970 | $1,368,145 | $1,334,021 | $994,122 | $994,604 |
|
|
|
Interest-bearing demand | 1,625,103 | 1,626,459 | 1,698,780 | 1,377,520 | 1,443,422 |
|
|
|
Money market | 1,434,215 | 1,397,397 | 1,395,660 | 795,631 | 761,788 |
|
|
|
Savings | 495,992 | 560,710 | 576,089 | 408,743 | 410,165 |
|
|
|
Certificate of deposit | 837,490 | 878,402 | 916,835 | 766,762 | 790,536 |
|
|
|
Total customer deposits | $5,808,770 | $5,831,113 | $5,921,385 | $4,342,778 | $4,400,515 |
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Public funds included in above numbers | $976,373 | $989,604 | $1,056,571 | $773,896 | $867,253 |
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
Noninterest Income | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Service charges on deposit accounts | $2,313 | $2,434 | $1,966 | $1,831 | $1,874 | $6,713 | $5,381 |
|
Bank owned life insurance income, including death benefits | 1,116 | 1,401 | 1,492 | 891 | 852 | $4,009 | 2,494 |
|
Trust fees | 3,178 | 3,089 | 3,030 | 3,079 | 2,745 | $9,297 | 7,982 |
|
Insurance agency commissions | 1,432 | 1,485 | 1,683 | 1,567 | 1,395 | $4,600 | 4,964 |
|
Security gains (losses), including fair value changes for equity securities | (10,342) | 22 | (18) | (7) | (927) | ($10,338) | (2,205) |
|
Retirement plan consulting fees | 899 | 954 | 886 | 1,009 | 1,060 | $2,739 | 2,641 |
|
Investment commissions | 1,085 | 1,044 | 871 | 706 | 658 | $3,000 | 1,908 |
|
Net gains on sale of loans | 390 | 398 | 380 | 436 | 559 | $1,168 | 1,214 |
|
Other mortgage banking fee income (loss), net | 268 | 199 | 477 | 106 | 192 | $944 | 366 |
|
Debit card and EFT fees | 2,584 | 2,561 | 2,023 | 1,956 | 2,068 | $7,168 | 5,951 |
|
Other noninterest income | 5,004 | 826 | 898 | 523 | 954 | $6,727 | 3,336 |
|
Total Noninterest Income | $7,927 | $14,413 | $13,688 | $12,097 | $11,430 | $36,027 | $34,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
Noninterest Expense | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Salaries and employee benefits | $22,542 | $21,312 | $18,511 | $15,397 | $15,992 | $62,365 | $46,880 |
|
Occupancy and equipment | 5,710 | 5,935 | 5,126 | 4,456 | 4,370 | $16,770 | 12,627 |
|
FDIC insurance and state and local taxes | 1,954 | 1,933 | 1,603 | 925 | 1,212 | $5,490 | 3,736 |
|
Professional fees | 1,083 | 1,357 | 1,112 | 1,179 | 990 | $3,552 | 3,213 |
|
System conversion / Merger related costs | 6,106 | 1,695 | 3,981 | 925 | 3,123 | $11,782 | 3,123 |
|
Advertising | 624 | 627 | 544 | 449 | 466 | $1,795 | 1,376 |
|
Intangible amortization | 1,214 | 1,195 | 865 | 711 | 718 | $3,274 | 2,188 |
|
Core processing charges | 2,679 | 2,327 | 1,750 | 1,391 | 1,412 | $6,756 | 4,210 |
|
Other noninterest expenses | 4,730 | 4,493 | 3,826 | 3,646 | 3,396 | $13,049 | 10,028 |
|
Total Noninterest Expense | $46,642 | $40,874 | $37,318 | $29,079 | $31,679 | $124,833 | $87,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets and Related Yields and Rates |
|
|
||||||
(Dollar Amounts in Thousands) |
|
|
||||||
|
|
|
|
|
|
|
|
|
| Three Months Ended | Three Months Ended |
|
|
|
|||
| September 30, 2026 | September 30, 2025 |
|
|
|
|||
| AVERAGE |
| YIELD/ | AVERAGE |
| YIELD/ |
|
|
| BALANCE | INTEREST (1) | RATE (1) | BALANCE | INTEREST (1) | RATE (1) |
|
|
EARNING ASSETS |
|
|
|
|
|
|
|
|
Loans (2) | $4,799,788 | $74,083 | 6.17% | $3,311,535 | $48,713 | 5.88% |
|
|
Taxable securities | 1,192,889 | 9,302 | 3.12 | 1,134,806 | 7,466 | 2.63 |
|
|
Tax-exempt securities (2) | 485,881 | 4,468 | 3.68 | 363,171 | 2,895 | 3.19 |
|
|
Other investments | 63,147 | 742 | 4.70 | 40,940 | 459 | 4.48 |
|
|
Federal funds sold and other | 112,953 | 861 | 3.05 | 71,823 | 466 | 2.60 |
|
|
Total earning assets | 6,654,658 | 89,456 | 5.38 | 4,922,275 | 59,999 | 4.88 |
|
|
Nonearning assets | 502,848 |
|
| 256,723 |
|
|
|
|
Total assets | $7,157,506 |
|
| $5,178,998 |
|
|
|
|
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
Time deposits | $844,165 | $6,834 | 3.24% | $782,861 | $6,825 | 3.49% |
|
|
Brokered time deposits | 0 | 0 | 0.00 | 48,094 | 527 | 4.38 |
|
|
Savings deposits | 1,966,024 | 10,060 | 2.05 | 1,177,080 | 4,566 | 1.55 |
|
|
Demand deposits - interest bearing | 1,588,407 | 8,569 | 2.16 | 1,431,878 | 8,454 | 2.36 |
|
|
Total interest-bearing deposits | 4,398,596 | 25,463 | 2.32 | 3,439,913 | 20,372 | 2.37 |
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings | 401,000 | 3,901 | 3.89 | 150,022 | 1,681 | 4.48 |
|
|
Long term borrowings | 94,513 | 1,216 | 5.15 | 86,506 | 1,006 | 4.65 |
|
|
Total borrowed funds | 495,513 | 5,117 | 4.13 | 236,528 | 2,687 | 4.54 |
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities | 4,894,109 | 30,580 | 2.50 | 3,676,441 | 23,059 | 2.51 |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Demand deposits - noninterest bearing | 1,408,961 |
|
| 1,007,534 |
|
|
|
|
Other liabilities | 73,804 |
|
| 52,467 |
|
|
|
|
Stockholders' equity | 780,632 |
|
| 442,556 |
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY | $7,157,506 |
|
| $5,178,998 |
|
|
|
|
Net interest income and interest rate spread |
| $58,876 | 2.88% |
| $36,940 | 2.37% |
|
|
Net interest margin |
|
| 3.54% |
|
| 3.00% |
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and yields are calculated on a tax-equivalent basis where applicable. |
|
|
||||||
(2) For 2026, adjustments of $125,000 and $809,000, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2025, adjustments of $110,000 and $523,000, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances. |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Nine Months Ended | For the Nine Months Ended |
|
|
||||
| September 30, 2026 | September 30, 2025 |
|
|
||||
| AVERAGE |
| YIELD/ | AVERAGE |
| YIELD/ |
|
|
| BALANCE | INTEREST (1) | RATE (1) | BALANCE | INTEREST (1) | RATE (1) |
|
|
EARNING ASSETS |
|
|
|
|
|
|
|
|
Loans (2) | $4,466,028 | $202,384 | 6.04% | $3,282,794 | $142,683 | 5.80% |
|
|
Taxable securities | 1,183,247 | 24,942 | 2.81 | 1,137,393 | 21,946 | 2.57 |
|
|
Tax-exempt securities (2) | 459,131 | 12,358 | 3.59 | 368,209 | 8,785 | 3.18 |
|
|
Other investments | 57,038 | 2,195 | 5.13 | 41,760 | 1,462 | 4.67 |
|
|
Federal funds sold and other | 114,457 | 2,428 | 2.83 | 70,407 | 1,405 | 2.66 |
|
|
Total earning assets | 6,279,901 | 244,307 | 5.19 | 4,900,563 | 176,281 | 4.80 |
|
|
Nonearning assets | 437,959 |
|
| 243,133 |
|
|
|
|
Total assets | $6,717,860 |
|
| $5,143,696 |
|
|
|
|
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
Time deposits | $852,342 | $20,675 | 3.23% | $751,144 | $20,041 | 3.56% |
|
|
Brokered time deposits | 0 | 0 | 0.00 | 95,634 | 3,112 | 4.34 |
|
|
Savings deposits | 1,805,618 | 26,286 | 1.94 | 1,146,098 | 12,861 | 1.50 |
|
|
Demand deposits - interest bearing | 1,573,823 | 24,927 | 2.11 | 1,421,764 | 24,314 | 2.28 |
|
|
Total interest-bearing deposits | 4,231,783 | 71,888 | 2.27 | 3,414,640 | 60,328 | 2.36 |
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings | 345,770 | 9,910 | 3.82 | 168,480 | 5,634 | 4.46 |
|
|
Long term borrowings | 92,677 | 3,392 | 4.88 | 86,358 | 2,987 | 4.61 |
|
|
Total borrowed funds | 438,447 | 13,302 | 4.05 | 254,838 | 8,621 | 4.51 |
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities | 4,670,230 | 85,190 | 2.43 | 3,669,478 | 68,949 | 2.51 |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Demand deposits - noninterest bearing | $1,288,072 |
|
| 992,824 |
|
|
|
|
Other liabilities | 51,050 |
|
| 54,014 |
|
|
|
|
Stockholders' equity | 708,508 |
|
| 427,380 |
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY | $6,717,860 |
|
| $5,143,696 |
|
|
|
|
Net interest income and interest rate spread |
| $159,117 | 2.76% |
| $107,332 | 2.29% |
|
|
Net interest margin |
|
| 3.38% |
|
| 2.92% |
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and yields are calculated on a tax-equivalent basis where applicable. |
|
|
|
|
|
|
|
|
(2) For 2026, adjustments of 340,000 and $2.2 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2025, adjustments of $322,000 and $1.6 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances. |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of Total Assets to Tangible Assets | For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Total Assets | $7,119,363 | $7,140,884 | $7,175,476 | $5,245,870 | $5,235,575 | $7,119,363 | $5,235,575 |
|
Less Goodwill and other intangibles | 306,018 | 307,000 | 308,463 | 185,301 | 186,013 | 306,018 | 186,013 |
|
Tangible Assets | $6,813,345 | $6,833,884 | $6,867,013 | $5,060,569 | $5,049,562 | $6,813,345 | $5,049,562 |
|
Average Assets | 7,157,506 | 7,119,745 | 5,862,096 | 5,225,497 | 5,178,998 | 6,717,860 | 5,143,696 |
|
Less average Goodwill and other intangibles | 306,603 | 307,881 | 204,198 | 186,844 | 186,479 | 273,269 | 187,207 |
|
Average Tangible Assets | $6,850,903 | $6,811,864 | $5,657,898 | $5,038,653 | $4,992,519 | $6,444,591 | $4,956,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Common Stockholders' Equity to Tangible Common Equity | For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Stockholders' Equity | $716,485 | $783,952 | $766,890 | $485,725 | $465,949 | $716,485 | $465,949 |
|
Less Goodwill and other intangibles | 306,018 | 307,000 | 308,463 | 185,301 | 186,013 | 306,018 | 186,013 |
|
Tangible Common Equity | $410,467 | $476,952 | $458,427 | $300,424 | $279,936 | $410,467 | $279,936 |
|
Average Stockholders' Equity | 780,632 | 779,455 | 563,048 | 481,061 | 442,556 | 708,508 | 427,380 |
|
Less average Goodwill and other intangibles | 306,603 | 307,881 | 204,198 | 186,844 | 186,479 | 273,269 | 187,207 |
|
Average Tangible Common Equity | $474,029 | $471,574 | $358,850 | $294,217 | $256,077 | $435,239 | $240,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income, Less Merger and Certain Items | For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Net income | $14,535 | $23,035 | $16,264 | $14,638 | $12,461 | $53,834 | $39,949 |
|
System conversion / Acquisition related costs - after tax | 4,840 | 1,365 | 3,418 | 398 | 2,467 | 9,625 | 2,467 |
|
Employee severence - after tax | 474 | 0 | 0 | 0 | 0 | 474 | 0 |
|
Net loss (gain) on asset/security sales - after tax | 8,170 | 13 | 22 | 113 | 760 | 8,206 | 1,680 |
|
Net income - Adjusted | $28,019 | $24,413 | $19,704 | $15,149 | $15,688 | $72,139 | $44,097 |
|
Diluted EPS excluding merger and certain items | $0.47 | $0.41 | $0.44 | $0.40 | $0.42 | $1.32 | $1.17 |
|
Return on Average Assets excluding system conversion, merger and certain items (Annualized) | 1.57% | 1.37% | 1.37% | 1.16% | 1.21% | 1.43% | 1.14% |
|
Return on Average Equity excluding system conversion, merger and certain items (Annualized) | 14.36% | 12.53% | 14.22% | 12.60% | 14.18% | 13.58% | 13.76% |
|
Return on Average Tangible Equity excluding system conversion, merger costs and certain items (Annualized) | 23.64% | 20.71% | 22.31% | 20.60% | 24.51% | 22.10% | 24.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio excluding certain items | For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Net interest income, tax equated | $58,876 | $56,953 | $43,295 | $37,653 | $36,940 | $159,124 | $107,332 |
|
Noninterest income | 7,927 | 14,413 | 13,688 | 12,097 | 11,430 | 36,027 | 34,032 |
|
Net loss (gain) on asset/security sales | 10,342 | 17 | 28 | 143 | 962 | 10,387 | 2,127 |
|
Net interest income and noninterest income adjusted | 77,145 | 71,383 | 57,011 | 49,893 | 49,332 | 205,538 | 143,491 |
|
Noninterest expense less intangible amortization | 45,428 | 39,679 | 36,453 | 28,368 | 30,961 | 121,559 | 85,193 |
|
Employee severence | 600 | 0 | 0 | 0 | 0 | 600 | 0 |
|
System conversion / Acquisition related costs | 6,106 | 1,695 | 3,981 | 925 | 3,123 | 11,782 | 3,123 |
|
Noninterest expense adjusted | 38,722 | 37,984 | 32,472 | 27,443 | 27,838 | 109,177 | 82,070 |
|
Efficiency ratio excluding certain items | 50.19% | 53.21% | 56.96% | 55.00% | 56.43% | 53.12% | 57.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin excluding acquisition marks and PPP interest and fees | For the Three Months Ended | For the Nine Months Ended |
|
|||||
| Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, |
|
| 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 |
|
Net interest income, tax equated | $ 58,876 | $ 56,953 | $ 43,295 | $ 37,653 | $ 36,940 | $ 159,117 | $ 107,332 |
|
Acquisition marks | 2,544 | 2,658 | 1,817 | 1,894 | 1,677 | 7,019 | 5,559 |
|
Adjusted and annualized net interest income | 225,328 | 217,180 | 165,912 | 143,036 | 141,052 | 202,797 | 135,697 |
|
Average earning assets | 6,654,658 | 6,626,548 | 5,546,319 | 4,937,016 | 4,922,275 | 6,279,901 | 4,900,563 |
|
Less PPP average balances | - | 27 | 69 | 87 | 89 | 32 | 98 |
|
Adjusted average earning assets | 6,654,658 | 6,626,521 | 5,546,250 | 4,936,929 | 4,922,186 | 6,279,869 | 4,900,465 |
|
Net interest margin excluding marks and PPP interest and fees | 3.39% | 3.28% | 2.99% | 2.90% | 2.87% | 3.23% | 2.77% |
|
Exhibit 99.2
