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Old National Bancorp Q3 earnings hit record $250M

At quarter-end, deposits stood at $57.6 billion and loans at $51.2 billion, as Old National repurchased $100 million of common stock.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Old National Bancorp reported record third-quarter 2026 net income applicable to common shares of $250.0 million, or $0.66 per diluted share, compared with $178.5 million and $0.46 a year earlier. Net interest income on a fully taxable equivalent basis was $592.0 million, while net interest margin on that basis was 3.52%, down 2 basis points linked-quarter. Period-end deposits were $57.6 billion and loans were $51.2 billion; loans increased $362.3 million, or 2.9% annualized.

Total noninterest income was $128.4 million, compared with $153.6 million in the second quarter; Old National attributed lower adjusted noninterest income to elevated second-quarter other income. Provision for credit losses was $33.6 million, net charge-offs were $34.1 million, and nonaccrual loans were 0.92% of total loans. Old National repurchased $100 million of common stock and paid $55 million in quarterly common stock cash dividends. Preliminary Tier 1 common equity to risk-weighted assets was 11.11% as of September 30, 2026.

1 point · 0 major

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0 major · 1 point

How the balance works

Positive

  • Moderate pointRecord common-share net income reached $250.0 million in third quarter 2026.

Negative

  • Moderate pointNoninterest income was $128.4 million, versus $153.6 million in second quarter 2026.

Filing Explained

Tangible common equity to tangible assets fell to 7.28% at September 30, 2026, from 7.68% at June 30, 2026; the company attributed the decline to a $391 million impact of rates on other comprehensive income.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income applicable to common shares $250.0 million Third quarter 2026; record
Diluted EPS $0.66 per share Third quarter 2026
Net interest income, fully taxable equivalent basis $592.0 million Third quarter 2026
Net interest margin, fully taxable equivalent basis 3.52% Third quarter 2026; down 2 basis points linked-quarter
Total deposits $57.6 billion Period-end, September 30, 2026
Total loans $51.2 billion Period-end, September 30, 2026
Net charge-offs $34.1 million Third quarter 2026
Common stock repurchases $100 million Third quarter 2026
fully taxable equivalent basis financial
"Net interest income on a fully taxable equivalent basis"
pre-provision net revenue financial
"Pre-provision net revenue of $365.0 million"
Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.
net charge-offs financial
"Net charge-offs were $34.1 million"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
purchased credit deteriorated (PCD) loans financial
"excluding purchased credit deteriorated (PCD) loans"
allowance for credit losses financial
"The allowance for credit losses"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Net income applicable to common shares $250.0 million Compared with $178.5 million in third quarter 2025
Diluted EPS $0.66 per diluted share Compared with $0.46 in third quarter 2025
Net interest income, fully taxable equivalent basis $592.0 million Up from $586.5 million in second quarter 2026
Net interest margin, fully taxable equivalent basis 3.52% Down 2 basis points from second quarter 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did ONB earn in the third quarter of 2026?
Old National reported $250.0 million in net income applicable to common shares and diluted EPS of $0.66 for the third quarter of 2026. It described net income as a record; third-quarter 2025 figures were $178.5 million and $0.46 per diluted share.

How many shares did ONB repurchase in the third quarter of 2026?
Old National repurchased 3.9 million shares of common stock for $100 million during the third quarter of 2026. It also paid $55 million in quarterly common stock cash dividends, resulting in a combined payout ratio of 62%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Old National Bancorp /IN/0000707179FALSE00007071792026-10-212026-10-210000707179us-gaap:CommonStockMember2026-10-212026-10-210000707179us-gaap:SeriesAPreferredStockMember2026-10-212026-10-210000707179us-gaap:SeriesCPreferredStockMember2026-10-212026-10-21



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 21, 2026
_________________________________________________________
OLD NATIONAL BANCORP
(Exact name of Registrant as specified in its charter)
_________________________________________________________
Indiana001-1581735-1539838
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

One Main Street
Evansville, Indiana47708
(Address of Principal Executive Offices)
 (Zip Code)
Registrant’s telephone number, including area code: (773) 765-7675
________________________________________________________
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications 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 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common stock, no par valueONBThe NASDAQ Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AONBPPThe NASDAQ Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series CONBPOThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




Item 2.02 Results of Operations and Financial Condition.

On October 21, 2026, Old National Bancorp (the “Company”) issued a press release (“Press Release”) reporting its financial results for the third quarter 2026. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. A slide presentation outlining third quarter 2026 earnings, strategic developments, and the Company’s financial outlook will be available on the “Investor Relations” section of the Company’s website to complement the conference call to be held on October 21, 2026, at 9:00 a.m. Central Time and will be accessible at http://www.oldnational.com immediately before the conference call begins.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Description

99.1    Press Release issued by Old National Bancorp on October 21, 2026.

104        Cover Page Interactive Data File (embedded within the Inline XBRL document).
2



SIGNATURE

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.

Date: October 21, 2026

OLD NATIONAL BANCORP

By: /s/ Nicholas J. Chulos
Nicholas J. Chulos
Executive Vice President,
Chief Legal Officer and Corporate Secretary


3

Exhibit 99.1
onbancorp-pmsx2955xrgb.jpg
Old National Bancorp Reports Record Third Quarter 2026 Results
Evansville, Ind. (October 21, 2026)
Old National Bancorp (NASDAQ: ONB) reports 3Q26 net income applicable to common shares of $250.0 million, diluted EPS of $0.66; $249.7 million and $0.66 on an adjusted1 basis, respectively.
CEO COMMENTARY:
"With our strong 3rd quarter results, highlighted by record net income, a record efficiency ratio, and growth in both deposits and loans, Old National continues to demonstrate the strength and consistency of our operating model," said Chairman and CEO Jim Ryan. "Our disciplined focus on fundamentals continues to drive profitable growth, positive operating leverage, and meaningful value creation for our shareholders. As we look ahead, we remain very well positioned to build on this momentum and capitalize on opportunities across our growing franchise."
THIRD QUARTER HIGHLIGHTS2:
Net Income
•Record net income applicable to common shares of $250.0 million; adjusted net income applicable to common shares1 of $249.7 million
•Earnings per diluted common share ("EPS") of $0.66; record adjusted EPS1 of $0.66
Net Interest Income/NIM
•Net interest income on a fully taxable equivalent basis1 of $592.0 million
•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.52%, down 2 basis points ("bps")
Operating Performance
•Pre-provision net revenue1 ("PPNR") of $365.0 million; adjusted PPNR1 of $364.8 million
•Noninterest expense of $355.4 million; adjusted noninterest expense1 of $354.7 million
•Record efficiency ratio1 of 46.1%; record adjusted efficiency ratio1 of 44.9%
Deposits and Funding
•Period-end total deposits of $57.6 billion, up 10.6% annualized
•Granular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps; interest-bearing deposit costs of 231 bps, up 8 bps
Loans and Credit Quality
•End-of-period total loans3 of $51.2 billion, up $362.3 million or 2.9% annualized
•Provision for credit losses4 ("provision") of $33.6 million
•Net charge-offs of $34.1 million, or 27 bps of average loans; 24 bps of average loans excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
•30+ day delinquencies of 0.25% and nonaccrual loans of 0.92% of total loans
Return Profile & Capital
•Return on average tangible common equity1 ("ROATCE") of 19.6%; adjusted ROATCE1 of 19.6%
•Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 2 bps
•Repurchased $100 million, or 3.9 million shares, of common stock during the quarter
Notable Items
•$0.9 million of pre-tax pension gain5
•$0.7 million of pre-tax merger-related charges
1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes a gain associated with the settlement of the Bremer pension plan


RESULTS OF OPERATIONS2
Old National Bancorp reported record third quarter 2026 net income applicable to common shares of $250.0 million, or $0.66 per diluted common share.
Included in third quarter results was a $0.9 million pre-tax gain associated with the settlement of the Bremer pension plan and pre-tax charges of $0.7 million for merger-related expenses. Excluding these items and realized debt securities gains from the current quarter net of tax, adjusted net income1 was $249.7 million, or $0.66 per diluted common share.
DEPOSITS AND FUNDING
Increases in business and public funds.
•Period-end total deposits were $57.6 billion, up 10.6% annualized.
•On average, total deposits for the third quarter were $56.9 billion, an increase of $1.3 billion.
•Granular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps.
•A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.
LOANS
Loan growth driven by high quality commercial loan production.
•Period-end total loans3 were $51.2 billion, up $362.3 million or 2.9% annualized, including commercial and industrial growth of $148.0 million, as well as commercial real estate growth of $157.3 million.
•Period-end commercial pipeline totaled $4.4 billion, down 20% from record levels at the end of the second quarter and up 6% from a year ago.
•Average total loans in the third quarter were $51.1 billion, up 7.8% annualized.
CREDIT QUALITY
Credit quality remains stable.
•Provision4 expense was $33.6 million compared to $36.2 million.
•Net charge-offs were $34.1 million, or 27 bps of average loans, compared to 26 bps.
◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 24 bps compared to 22 bps.
•30+ day delinquencies as a percentage of loans were 0.25% compared to 0.29%.
•Nonaccrual loans as a percentage of total loans were 0.92% compared to 0.91%.
•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $611.5 million, or 1.20% of total loans, compared to $612.0 million, or 1.21% of total loans.
NET INTEREST INCOME AND MARGIN
Earning asset growth and favorable rate/volume mix more than offset higher deposit costs.
•Net interest income on a fully taxable equivalent basis1 increased to $592.0 million compared to $586.5 million, driven by high quality loan and deposit growth, partly offset by core deposit pricing and funding mix.
•Net interest margin on a fully taxable equivalent basis1 decreased 2 bps to 3.52%.
•Cost of total deposits was 1.79%, increasing 8 bps and the cost of total interest-bearing deposits increased 8 bps to 2.31%.
NONINTEREST INCOME
Bank and wealth fees remained resilient as other income normalized from elevated second quarter levels.
•Total noninterest income was $128.4 million compared to $153.6 million, or $127.5 million compared to $140.4 million excluding pre-tax gains associated with the settlement of the Bremer pension plan.
•Excluding the pension plan gains5 and realized debt securities gains, noninterest income was down 9.1% driven by approximately $10 million of elevated other income in the second quarter of 2026 due to market value adjustments, higher company-owned life insurance income and an asset recovery.
NONINTEREST EXPENSE
Disciplined expense management drives record adjusted efficiency ratio.
•Noninterest expense was $355.4 million and included $0.7 million of merger-related charges.
•Excluding merger related charges, adjusted noninterest expense1 decreased to $354.7 million, compared to $360.1 million.
•The efficiency ratio1 was a record at 46.1%, while the adjusted efficiency ratio1 was a record at 44.9% compared to 47.0% and 45.2%, respectively.
2

INCOME TAXES
•Income tax expense was $69.8 million, resulting in an effective tax rate of 21.6% compared to 21.8%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 23.4% compared to 23.0%.
•Income tax expense included $9.5 million of tax credit benefit compared to $9.9 million.
CAPITAL
CET1 held at 11.11% while funding earning asset growth and returning $155 million to shareholders.
•Preliminary total risk-based capital down 6 bps to 13.59% and preliminary regulatory Tier 1 capital up 1 bps to 11.54%, as growth in loans and share repurchases is partly offset by strong retained earnings.
•Tangible common equity to tangible assets was 7.28% compared to 7.68%, driven by the $391 million impact of rates on other comprehensive income.
•The Company repurchased $100 million of common stock and paid $55 million of quarterly common stock cash dividends during the quarter resulting in a combined payout ratio of 62%.
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, October 21, 2026, to review third quarter financial results. To listen to the live conference call, dial U.S./International (833) 461-5787, meeting ID 244 307 806. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and the webcast replay will be available approximately two hours after completion of the call until midnight ET on October 21, 2027.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $74 billion of assets and $41 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2026, Points of Light named Old National one of "The Civic 50" for the third consecutive year – an honor recognizing the 50 most community-minded companies in the United States – and also named Old National the Financials Sector Leader among nominated banks and financial services organizations.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, pre-provision net revenue and net income applicable to common shares, all adjusted for certain notable items. These items include a pension plan gain/loss, merger-related charges associated with completed and pending acquisitions, realized debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
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The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and realized debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives, and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in
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our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.
CONTACTS:
Media: Scott ReinhardInvestors: Lynell Durchholz
(612) 716-0304(812) 464-1366
Scott.Reinhard@oldnational.comLynell.Durchholz@oldnational.com
5

``
Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Income Statement
Net interest income$584,287 $578,988 $572,573 $580,832 $574,609 $1,735,848 $1,477,042 
FTE adjustment1,3
7,667 7,510 7,849 8,013 7,975 23,026 20,398 
Net interest income - tax equivalent basis3
591,954 586,498 580,422 588,845 582,584 1,758,874 1,497,440 
Provision for credit losses33,580 36,206 34,946 32,745 26,738 104,732 164,976 
Noninterest income128,446 153,564 122,346 109,759 130,461 404,356 356,772 
Noninterest expense355,380 372,161 364,704 386,320 445,734 1,092,245 1,098,971 
Net income applicable to common shareholders249,960 249,381 229,638 212,589 178,533 $728,979 440,533 
Per Common Share Data
Weighted average diluted shares380,900 383,273 388,054 389,550 390,496 384,156 357,278 
EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 
Cash dividends0.145 0.145 0.145 0.140 0.140 0.44 0.42 
Dividend payout ratio2
22 %22 %25 %25 %30 %23 %34 %
Book value$21.26 $21.80 $21.40 $21.17 $20.64 $21.26 $20.64 
Stock price24.64 25.90 22.10 22.31 21.95 24.64 21.95 
Tangible book value3
13.77 14.32 13.93 13.71 13.15 13.77 13.15 
Performance Ratios
ROAA1.37 %1.38 %1.29 %1.21 %1.03 %1.35 %0.95 %
ROAE12.0 %12.1 %11.1 %10.4 %9.0 %11.7 %8.3 %
ROATCE3
19.6 %19.8 %18.4 %17.8 %15.9 %19.3 %14.3 %
NIM (FTE)3
3.52 %3.54 %3.55 %3.65 %3.64 %3.53 %3.50 %
Efficiency ratio3
46.1 %47.0 %48.3 %51.6 %58.8 %47.1 %56.4 %
NCOs to average loans0.27 %0.26 %0.26 %0.27 %0.25 %0.26 %0.24 %
ACL on loans to EOP loans1.13 %1.14 %1.15 %1.17 %1.19 %1.13 %1.19 %
ACL4 to EOP loans
1.20 %1.21 %1.22 %1.24 %1.26 %1.20 %1.26 %
Nonaccrual loans to EOP loans0.92 %0.91 %1.03 %1.07 %1.23 %0.92 %1.23 %
Balance Sheet (EOP)
Total loans$51,148,063$50,772,584$49,731,844$48,764,162$47,967,915$51,148,063$47,967,915
Total assets74,423,98074,189,41773,002,65172,151,96771,210,16274,423,98071,210,162
Total deposits57,639,10756,146,77055,672,47255,088,19555,006,18457,639,10755,006,184
Total borrowed funds7,134,2318,423,9837,823,1987,451,3676,766,3817,134,2316,766,381
Total shareholders' equity8,295,2118,583,8438,510,6538,494,7888,309,2718,295,2118,309,271
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity11.11 %11.09 %11.11 %11.08 %11.02 %11.11 %11.02 %
Tier 1 capital11.54 %11.53 %11.56 %11.53 %11.49 %11.54 %11.49 %
Total capital13.59 %13.65 %13.71 %12.85 %12.78 %13.59 %12.78 %
Leverage ratio (average assets)8.98 %8.95 %8.93 %8.90 %8.72 %8.98 %8.72 %
Equity to assets (averages)11.52 %11.61 %11.79 %11.73 %11.48 %11.64 %11.59 %
TCE to TA7.28 %7.68 %7.67 %7.72 %7.53 %7.28 %7.53 %
Nonfinancial Data
Full-time equivalent employees 4,8944,9144,9484,9715,2434,8945,243
Banking centers346346346346351346351
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
September 30, 2026 capital ratios are preliminary.
FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances TCE - Tangible common equity TA - Tangible assets
6

Income Statement (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Interest income$916,830 $894,391 $877,391 $897,301 $917,192 $2,688,612 $2,372,552 
Less: interest expense332,543 315,403 304,818 316,469 342,583 952,764 895,510 
 Net interest income584,287 578,988 572,573 580,832 574,609 1,735,848 1,477,042 
Provision for credit losses33,580 36,206 34,946 32,745 26,738 104,732 164,976 
 Net interest income
  after provision for credit losses		550,707 542,782 537,627 548,087 547,871 1,631,116 1,312,066 
Wealth and investment services fees42,244 42,098 39,715 39,012 39,684 124,057 105,149 
Service charges on deposit accounts29,187 28,009 26,937 27,516 27,856 84,133 72,890 
Debit card and ATM fees13,325 13,092 12,038 13,178 13,197 38,455 36,110 
Mortgage banking revenue8,966 11,163 9,554 11,053 10,442 29,683 27,353 
Capital markets income12,348 12,329 11,016 13,080 12,629 35,693 24,249 
Company-owned life insurance7,326 8,531 7,561 7,099 7,565 23,418 19,571 
Other income15,045 38,376 15,450 (1,252)19,081 68,871 71,560 
Debt securities gains (losses), net5 (34)75 73 7 46 (110)
Total noninterest income128,446 153,564 122,346 109,759 130,461 404,356 356,772 
Salaries and employee benefits180,018 184,765 184,073 187,251 211,345 548,856 561,762 
Occupancy34,784 33,452 36,995 35,243 34,442 105,231 93,927 
Equipment11,326 11,077 12,075 14,184 12,703 34,478 34,170 
Marketing16,462 15,601 16,434 14,418 15,093 48,497 40,792 
Technology27,529 29,630 29,025 30,882 36,122 86,184 89,594 
Communication6,323 6,130 6,196 6,726 7,742 18,649 16,890 
Professional fees12,260 10,735 12,356 18,454 13,598 35,351 43,448 
FDIC assessment13,243 13,592 13,756 11,190 14,095 40,591 37,204 
Amortization of intangibles23,331 23,992 25,623 26,016 26,184 72,946 52,644 
Amortization of tax credit investments8,131 7,807 7,111 9,822 7,057 23,049 16,296 
Other expense21,973 35,380 21,060 32,134 67,353 78,413 112,244 
 Total noninterest expense355,380 372,161 364,704 386,320 445,734 1,092,245 1,098,971 
  Income before income taxes323,773 324,185 295,269 271,526 232,598 943,227 569,867 
  Income tax expense69,779 70,771 61,597 54,903 50,031 202,147 117,233 
Net income$253,994 $253,414 $233,672 $216,623 $182,567 $741,080 $452,634 
 Preferred dividends(4,034)(4,033)(4,034)(4,034)(4,034)(12,101)(12,101)
Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 
EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 
Weighted Average Common Shares Outstanding
    Basic379,250381,864385,849387,862389,038382,297355,307
    Diluted380,900383,273388,054389,550390,496384,156357,278
Common shares outstanding (EOP)378,639382,537386,315389,662390,768378,639390,768
7

End of Period Balance Sheet (unaudited)
($ in thousands)
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Assets
Cash and due from banks$507,214 $588,654 $537,322 $591,645 $491,910 
Money market and other interest-earning investments1,171,814 1,179,526 1,216,826 1,234,532 1,190,707 
Investments:
Treasury and government-sponsored agencies2,312,713 2,358,509 2,371,903 2,427,371 2,402,375 
Mortgage-backed securities10,275,345 10,460,468 10,295,623 10,078,358 10,117,015 
States and political subdivisions1,393,309 1,442,703 1,454,444 1,570,888 1,579,802 
Other securities814,729 821,719 814,990 825,761 849,911 
Total investments14,796,096 15,083,399 14,936,960 14,902,378 14,949,103 
Loans held-for-sale, at fair value30,456 43,608 56,128 52,911 80,341 
Loans:
Commercial16,260,724 16,112,685 15,617,656 14,983,861 14,506,375 
Commercial real estate22,692,502 22,535,229 22,192,900 22,050,007 22,083,734 
Residential real estate8,770,515 8,760,832 8,621,409 8,467,496 8,190,127 
Consumer3,424,322 3,363,838 3,299,879 3,262,798 3,187,679 
Total loans51,148,063 50,772,584 49,731,844 48,764,162 47,967,915 
Allowance for credit losses on loans(579,658)(580,511)(574,358)(569,520)(572,178)
Premises and equipment, net674,192 682,065 690,400 690,824 691,950 
Goodwill and other intangible assets2,839,096 2,862,427 2,886,419 2,907,986 2,926,960 
Company-owned life insurance1,058,220 1,053,333 1,054,824 1,051,009 1,044,780 
Accrued interest receivable and other assets 2,778,487 2,504,332 2,466,286 2,526,040 2,438,674 
Total assets$74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 
Liabilities and Equity
Noninterest-bearing demand deposits$12,847,561 $12,665,278 $12,927,096 $13,247,483 $12,691,658 
Interest-bearing:
Checking and NOW accounts11,177,144 11,129,286 10,969,731 10,740,919 11,162,121 
Savings accounts4,812,222 4,924,639 4,985,949 4,909,138 4,958,555 
Money market accounts17,949,816 16,936,441 16,871,237 16,529,631 17,032,446 
Time deposits10,852,364 10,491,126 9,918,459 9,661,024 9,161,404 
Total deposits57,639,107 56,146,770 55,672,472 55,088,195 55,006,184 
Federal funds purchased and interbank borrowings484 250,389 200,583 100,197 1 
Securities sold under agreements to repurchase240,698 265,301 264,518 261,366 277,594 
Federal Home Loan Bank advances5,484,611 6,520,296 6,026,801 6,237,375 5,663,361 
Other borrowings1,408,438 1,387,997 1,331,296 852,429 825,425 
Total borrowed funds7,134,231 8,423,983 7,823,198 7,451,367 6,766,381 
Accrued expenses and other liabilities1,355,431 1,034,821 996,328 1,117,617 1,128,326 
Total liabilities66,128,769 65,605,574 64,491,998 63,657,179 62,900,891 
Preferred stock, common stock, surplus, and retained earnings9,244,597 9,141,984 9,053,907 8,973,459 8,833,662 
Accumulated other comprehensive income (loss), net of tax(949,386)(558,141)(543,254)(478,671)(524,391)
Total shareholders' equity8,295,211 8,583,843 8,510,653 8,494,788 8,309,271 
Total liabilities and shareholders' equity$74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 
8

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Three Months EndedThree Months EndedThree Months Ended
September 30, 2026June 30, 2026September 30, 2025
Average
Income1/
Yield/Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$1,170,557 $10,979 3.72 %$1,212,043 $11,121 3.68 %$1,159,564 $12,207 4.18 %
Investments:
Treasury and government-sponsored agencies2,358,480 19,370 3.29 %2,349,871 18,993 3.23 %2,391,564 20,721 3.47 %
Mortgage-backed securities10,479,035 114,368 4.37 %10,428,343 111,157 4.26 %9,854,107 105,596 4.29 %
States and political subdivisions1,417,175 11,844 3.34 %1,450,389 12,017 3.31 %1,577,384 13,109 3.32 %
Other securities824,408 12,488 6.06 %828,774 12,395 5.98 %874,728 16,265 7.44 %
Total investments15,079,098 158,070 4.19 %15,057,377 154,562 4.11 %14,697,783 155,691 4.24 %
Loans:2
Commercial16,207,022 248,740 6.14 %15,792,290 238,663 6.05 %14,722,785 249,569 6.78 %
Commercial real estate22,660,192 346,840 6.12 %22,234,235 339,925 6.12 %21,999,016 356,014 6.47 %
Residential real estate loans8,800,325 104,378 4.74 %8,722,341 103,162 4.73 %8,287,155 95,129 4.59 %
Consumer3,383,853 55,490 6.51 %3,323,663 54,468 6.57 %3,166,508 56,557 7.09 %
Total loans51,051,392 755,448 5.92 %50,072,529 736,218 5.88 %48,175,464 757,269 6.28 %
Total earning assets$67,301,047 $924,497 5.49 %$66,341,949 $901,901 5.44 %$64,032,811 $925,167 5.78 %
Less: Allowance for credit losses on loans(592,670)(580,550)(566,102)
Non-earning Assets:
Cash and due from banks$526,400 $545,346 $492,415 
Other assets7,040,733 6,991,436 7,177,663 
Total assets$74,275,510 $73,298,181 $71,136,787 
Interest-Bearing Liabilities:
Checking and NOW accounts$11,217,310 $52,484 1.86 %$11,106,289 $47,349 1.71 %$10,807,113 $52,301 1.92 %
Savings accounts4,878,272 3,071 0.25 %4,950,785 3,032 0.25 %5,009,293 3,866 0.31 %
Money market accounts17,085,773 104,643 2.43 %16,485,000 99,903 2.43 %17,007,426 125,717 2.93 %
Time deposits10,831,986 96,449 3.53 %10,145,661 87,220 3.45 %9,337,597 90,717 3.85 %
Total interest-bearing deposits44,013,341 256,647 2.31 %42,687,735 237,504 2.23 %42,161,429 272,601 2.57 %
Federal funds purchased and interbank borrowings9,668 90 3.69 %42,228 391 3.71 %157,192 1,816 4.58 %
Securities sold under agreements to repurchase258,721 577 0.88 %257,217 561 0.87 %289,323 731 1.00 %
Federal Home Loan Bank advances6,068,074 59,292 3.88 %6,561,147 61,744 3.77 %5,552,780 57,143 4.08 %
Other borrowings1,449,183 15,937 4.36 %1,360,976 15,203 4.48 %871,996 10,292 4.68 %
Total borrowed funds7,785,646 75,896 3.87 %8,221,568 77,899 3.80 %6,871,291 69,982 4.04 %
Total interest-bearing liabilities$51,798,987 $332,543 2.55 %$50,909,303 $315,403 2.48 %$49,032,720 $342,583 2.77 %
Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits$12,837,453 $12,860,401 $12,731,654 
Other liabilities1,083,626 1,020,272 1,203,838 
Shareholders' equity8,555,444 8,508,205 8,168,575 
Total liabilities and shareholders' equity$74,275,510 $73,298,181 $71,136,787 
Net interest rate spread2.94 %2.96 %3.01 %
Net interest margin (GAAP)3.47 %3.49 %3.59 %
Net interest margin (FTE)3
3.52 %3.54 %3.64 %
FTE adjustment$7,667 $7,510 $7,975 
1 Interest income is reflected on a FTE basis.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
9

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Nine Months EndedNine Months Ended
September 30, 2026September 30, 2025
Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$1,199,047 $33,044 3.68 %$1,126,460 $35,813 4.25 %
Investments:
Treasury and government-sponsored agencies2,375,485 57,484 3.23 %2,369,307 61,560 3.46 %
Mortgage-backed securities10,392,449 332,990 4.27 %8,249,480 247,853 4.01 %
States and political subdivisions1,463,885 36,402 3.32 %1,594,912 39,753 3.32 %
Other securities830,985 38,260 6.14 %872,430 42,547 6.50 %
Total investments$15,062,804 $465,136 4.12 %$13,086,129 $391,713 3.99 %
Loans:2
Commercial15,771,532 720,843 6.09 %12,803,059 634,610 6.61 %
Commercial real estate22,319,323 1,022,713 6.11 %19,432,867 918,371 6.30 %
Residential real estate loans8,686,561 306,493 4.70 %7,636,955 251,629 4.39 %
Consumer3,326,422 163,409 6.57 %3,030,102 160,814 7.10 %
Total loans50,103,838 2,213,458 5.89 %42,902,983 1,965,424 6.11 %
Total earning assets$66,365,689 $2,711,638 5.45 %$57,115,572 $2,392,950 5.59 %
Less: Allowance for credit losses on loans(582,180)(457,192)
Non-earning Assets:
Cash and due from banks$540,143 $430,891 
Other assets7,025,532 6,331,698 
Total assets$73,349,184 $63,420,969 
Interest-Bearing Liabilities:
Checking and NOW accounts$11,097,532 $146,128 1.76 %$9,512,075 $123,627 1.74 %
Savings accounts4,916,410 9,114 0.25 %4,891,083 11,251 0.31 %
Money market accounts16,706,478 304,502 2.44 %14,697,398 328,533 2.99 %
Time deposits10,246,260 267,738 3.49 %8,215,063 239,773 3.90 %
Total interest-bearing deposits42,966,680 727,482 2.26 %37,315,619 703,184 2.52 %
Federal funds purchased and interbank borrowings18,532 504 3.64 %131,341 4,394 4.47 %
Securities sold under agreements to repurchase258,927 1,732 0.89 %286,137 1,918 0.90 %
Federal Home Loan Bank advances6,310,172 179,088 3.79 %5,355,597 158,081 3.95 %
Other borrowings1,328,586 43,958 4.42 %792,708 27,933 4.71 %
Total borrowed funds7,916,217 225,282 3.80 %6,565,783 192,326 3.92 %
Total interest-bearing liabilities50,882,897 952,764 2.50 %43,881,402 895,510 2.73 %
Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits$12,862,492 $11,145,709 
Other liabilities1,067,798 1,041,715 
Shareholders' equity8,535,997 7,352,143 
Total liabilities and shareholders' equity$73,349,184 $63,420,969 
Net interest rate spread2.95 %2.86 %
Net interest margin (GAAP)3.49 %3.45 %
Net interest margin (FTE)3
3.53 %3.50 %
FTE adjustment$23,026 $20,398 
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

10

Asset Quality (EOP) (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Allowance for credit losses:
Beginning allowance for credit losses on loans$580,511 $574,358 $569,520 $572,178 $565,109 $569,520 $392,522 
Allowance established for acquired PCD loans— — — — 13,104 — 103,546 
Provision for credit losses on loans33,237 38,400 36,854 29,450 24,003 108,491 154,292 
Gross charge-offs(48,275)(41,540)(37,307)(35,131)(35,402)(127,122)(89,896)
Gross recoveries14,185 9,293 5,291 3,023 5,364 28,769 11,714 
NCOs(34,090)(32,247)(32,016)(32,108)(30,038)(98,353)(78,182)
Ending allowance for credit losses on loans$579,658 $580,511 $574,358 $569,520 $572,178 $579,658 $572,178 
Beginning allowance for credit losses on unfunded commitments$31,531 $33,725 $35,633 $32,338 $29,603 $35,633 $21,654 
Provision (release) for credit losses on unfunded commitments343 (2,194)(1,908)3,295 2,735 (3,759)10,684 
Ending allowance for credit losses on unfunded commitments$31,874 $31,531 $33,725 $35,633 $32,338 $31,874 $32,338 
Allowance for credit losses$611,532 $612,042 $608,083 $605,153 $604,516 $611,532 $604,516 
Provision for credit losses on loans$33,237 $38,400 $36,854 $29,450 $24,003 $108,491 $154,292 
Provision (release) for credit losses on unfunded commitments343 (2,194)(1,908)3,295 2,735 (3,759)10,684 
Provision for credit losses$33,580 $36,206 $34,946 $32,745 $26,738 $104,732 $164,976 
NCOs / average loans1
0.27 %0.26 %0.26 %0.27 %0.25 %0.26 %0.24 %
Average loans1
$51,040,909 $50,062,552 $49,157,096 $48,199,086 $48,153,186 $50,093,753 $42,881,049 
EOP loans1
51,148,063 50,772,584 49,731,844 48,764,162 47,967,915 51,148,063 47,967,915 
ACL on loans / EOP loans1
1.13 %1.14 %1.15 %1.17 %1.19 %1.13 %1.19 %
ACL / EOP loans1
1.20 %1.21 %1.22 %1.24 %1.26 %1.20 %1.26 %
Underperforming Assets:
Loans 90 days and over (still accruing)$4,079 $6,832 $4,407 $2,691 $1,525 $4,079 $1,525 
Nonaccrual loans470,196 461,702 511,959 521,245 590,820 470,196 590,820 
Foreclosed assets2,885 3,374 5,786 6,235 6,325 2,885 6,325 
Total underperforming assets$477,160 $471,908 $522,152 $530,171 $598,670 $477,160 $598,670 
Classified and Criticized Assets:
Nonaccrual loans$470,196 $461,702 $511,959 $521,245 $590,820 $470,196 $590,820 
Substandard loans (still accruing)1,737,688 1,918,721 1,881,374 1,759,221 1,881,294 1,737,688 1,881,294 
Loans 90 days and over (still accruing)4,079 6,832 4,407 2,691 1,525 4,079 1,525 
Total classified loans - "problem loans"2,211,963 2,387,255 2,397,740 2,283,157 2,473,639 2,211,963 2,473,639 
Other classified assets6,861 7,960 20,620 20,616 35,373 6,861 35,373 
Special Mention608,806 705,154 804,028 805,901 893,109 608,806 893,109 
Total classified and criticized assets$2,827,630 $3,100,369 $3,222,388 $3,109,674 $3,402,121 $2,827,630 $3,402,121 
Loans 30-89 days past due (still accruing)$126,202 $140,428 $114,038 $105,632 $83,030 $126,202 $83,030 
Nonaccrual loans / EOP loans1
0.92 %0.91 %1.03 %1.07 %1.23 %0.92 %1.23 %
ACL / nonaccrual loans130 %133 %119 %116 %102 %130 %102 %
Under-performing assets/EOP loans1
0.93 %0.93 %1.05 %1.09 %1.25 %0.93 %1.25 %
Under-performing assets/EOP assets0.64 %0.64 %0.72 %0.73 %0.84 %0.64 %0.84 %
30+ day delinquencies/EOP loans1
0.25 %0.29 %0.24 %0.22 %0.18 %0.25 %0.18 %
1 Excludes loans held-for-sale.
    
11

Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Earnings Per Share:
Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 
Adjustments:
Pension plan loss (gain)(893)(13,240)— 15,878 — (14,133)(21,001)
Tax effect1
160 2,890 — (3,814)— 3,050 5,778 
Pension plan loss (gain), net(733)(10,350)— 12,064 — (11,083)(15,223)
Merger-related charges689 12,109 7,323 24,547 69,274 20,121 116,336 
Tax effect1
(199)(792)(1,810)(5,896)(16,494)(2,801)(28,921)
Merger-related charges, net490 11,317 5,513 18,651 52,780 17,320 87,415 
Debt securities (gains) losses(5)34 (75)(73)(7)(46)110 
Tax effect1
1 (7)19 18 2 12 (24)
Debt securities (gains) losses, net(4)27 (56)(55)(5)(34)86 
Distribution of excess pension assets— — 3,394 — — 3,394 — 
Tax effect1
— — (839)— — (839)— 
Distribution of excess pension assets, net— — 2,555 — — 2,555 — 
FDIC special assessment— — — (2,994)— — — 
Tax effect1
— — — 719 — — — 
FDIC special assessment, net— — — (2,275)— — — 
CECL Day 1 non-PCD provision expense— — — — — — 75,604 
Tax effect1
— — — — — — (20,802)
CECL Day 1 non-PCD provision expense, net— — — — — — 54,802 
Total adjustments, net(247)994 8,012 28,385 52,775 8,758 127,080 
Net income applicable to common shares, adjusted$249,713 $250,375 $237,650 $240,974 $231,308 $737,737 $567,613 
Weighted average diluted common shares outstanding380,900 383,273 388,054 389,550 390,496 384,156 357,278 
EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 
Adjusted EPS, diluted$0.66 $0.65 $0.61 $0.62 $0.59 $1.92 $1.59 
NIM:
Net interest income$584,287 $578,988 $572,573 $580,832 $574,609 $1,735,848 $1,477,042 
Add: FTE adjustment2
7,667 7,510 7,849 8,013 7,975 23,026 20,398 
Net interest income (FTE)$591,954 $586,498 $580,422 $588,845 $582,584 $1,758,874 $1,497,440 
Average earning assets$67,301,047 $66,341,949 $65,433,548 $64,456,815 $64,032,811 $66,365,689 $57,115,572 
NIM (GAAP)3.47 %3.49 %3.50 %3.60 %3.59 %3.49 %3.45 %
NIM (FTE)3.52 %3.54 %3.55 %3.65 %3.64 %3.53 %3.50 %
Refer to last page of Non-GAAP reconciliations for footnotes.
12

Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
PPNR:
Net interest income (FTE)2
$591,954 $586,498 $580,422 $588,845 $582,584 $1,758,874 $1,497,440 
Add: Noninterest income128,446 153,564 122,346 109,759 130,461 404,356 356,772 
Total revenue (FTE)720,400 740,062 702,768 698,604 713,045 2,163,230 1,854,212 
Less: Noninterest expense(355,380)(372,161)(364,704)(386,320)(445,734)(1,092,245)(1,098,971)
PPNR$365,020 $367,901 $338,064 $312,284 $267,311 $1,070,985 $755,241 
Adjustments:
Pension plan loss (gain)$(893)$(13,240)$— $15,878 $— $(14,133)$(21,001)
Debt securities (gains) losses(5)34 (75)(73)(7)(46)110 
Noninterest income adjustments(898)(13,206)(75)15,805 (7)(14,179)(20,891)
Adjusted noninterest income127,548 140,358 122,271 125,564 130,454 390,177 335,881 
Adjusted revenue$719,502 $726,856 $702,693 $714,409 $713,038 $2,149,051 $1,833,321 
Adjustments:
Merger-related charges$689 $12,109 $7,323 $24,547 $69,274 $20,121 $116,336 
FDIC Special Assessment— — — (2,994)— — — 
Distribution of excess pension assets— — 3,394 — — 3,394 — 
Noninterest expense adjustments689 12,109 10,717 21,553 69,274 23,515 116,336 
Adjusted total noninterest expense(354,691)(360,052)(353,987)(364,767)(376,460)(1,068,730)(982,635)
Adjusted PPNR$364,811 $366,804 $348,706 $349,642 $336,578 $1,080,321 $850,686 
Efficiency Ratio:
Noninterest expense$355,380 $372,161 $364,704 $386,320 $445,734 $1,092,245 $1,098,971 
Less: Amortization of intangibles(23,331)(23,992)(25,623)(26,016)(26,184)(72,946)(52,644)
Noninterest expense, excl. amortization of intangibles332,049 348,169 339,081 360,304 419,550 1,019,299 1,046,327 
Less: Amortization of tax credit investments(8,131)(7,807)(7,111)(9,822)(7,057)(23,049)(16,296)
Less: Noninterest expense adjustments(689)(12,109)(10,717)(21,553)(69,274)(23,515)(116,336)
Adjusted noninterest expense, excluding amortization$323,229 $328,253 $321,253 $328,929 $343,219 $972,735 $913,695 
Total revenue (FTE)2
$720,400 $740,062 $702,768 $698,604 $713,045 $2,163,230 $1,854,212 
Less: Debt securities (gains) losses(5)34 (75)(73)(7)(46)110 
Less: Pension plan loss (gain)(893)(13,240)— 15,878 — (14,133)(21,001)
Total adjusted revenue $719,502 $726,856 $702,693 $714,409 $713,038 $2,149,051 $1,833,321 
Efficiency Ratio46.1 %47.0 %48.3 %51.6 %58.8 %47.1 %56.4 %
Adjusted Efficiency Ratio44.9 %45.2 %45.7 %46.0 %48.1 %45.3 %49.8 %
Refer to last page of Non-GAAP reconciliations for footnotes.
13

Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
ROAE and ROATCE:
Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 
Amortization of intangibles 23,331 23,992 25,623 26,016 26,184 72,946 52,644 
Tax effect1
(5,833)(5,998)(6,406)(6,504)(6,546)(18,237)(13,161)
Amortization of intangibles, net17,498 17,994 19,217 19,512 19,638 54,709 39,483 
Net income applicable to common shares, excluding intangibles amortization267,458 267,375 248,855 232,101 198,171 783,688 480,016 
Total adjustments, net (see pg.12)(247)994 8,012 28,385 52,775 8,758 127,080 
Adjusted net income applicable to common shares, excluding intangibles amortization$267,211 $268,369 $256,867 $260,486 $250,946 $792,446 $607,096 
Average shareholders' equity$8,555,444 $8,508,205 $8,544,220 $8,391,067 $8,168,575 $8,535,997 $7,352,143 
Less: Average preferred equity(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)
Average shareholders' common equity$8,311,725 $8,264,486 $8,300,501 $8,147,348 $7,924,856 $8,292,278 $7,108,424 
Average goodwill and other intangible assets(2,850,422)(2,873,898)(2,894,824)(2,919,924)(2,931,319)(2,872,886)(2,633,858)
Average tangible shareholder's common equity$5,461,303 $5,390,588 $5,405,677 $5,227,424 $4,993,537 $5,419,392 $4,474,566 
ROAE12.0 %12.1%11.1%10.4%9.0%11.7 %8.3 %
ROAE, adjusted12.0 %12.1%11.5%11.8%11.7%11.9 %10.6 %
ROATCE19.6 %19.8%18.4%17.8%15.9%19.3 %14.3 %
ROATCE, adjusted19.6 %19.9%19.0%19.9%20.1%19.5 %18.1 %
Refer to last page of Non-GAAP reconciliations for footnotes.
14

Non-GAAP Measures (unaudited)
($ in thousands)
As of
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Tangible Common Equity:
Shareholders' equity$8,295,211 $8,583,843 $8,510,653 $8,494,788 $8,309,271 
Less: Preferred equity (243,719)(243,719)(243,719)(243,719)(243,719)
Shareholders' common equity $8,051,492 $8,340,124 $8,266,934 $8,251,069 $8,065,552 
Less: Goodwill and other intangible assets(2,839,096)(2,862,427)(2,886,419)(2,907,986)(2,926,960)
Tangible shareholders' common equity $5,212,396 $5,477,697 $5,380,515 $5,343,083 $5,138,592 
Total assets $74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 
Less: Goodwill and other intangible assets(2,839,096)(2,862,427)(2,886,419)(2,907,986)(2,926,960)
Tangible assets $71,584,884 $71,326,990 $70,116,232 $69,243,981 $68,283,202 
Risk-weighted assets3
$56,350,807 $55,349,162 $54,283,745 $53,617,620 $52,515,468 
Tangible common equity to tangible assets 7.28 %7.68 %7.67 %7.72 %7.53 %
Tangible common equity to risk-weighted assets3
9.25 %9.90 %9.91 %9.97 %9.78 %
Tangible Common Book Value:
Common shares outstanding378,639 382,537 386,315 389,662 390,768 
Tangible common book value$13.77 $14.32 $13.93 $13.71 $13.15 
1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
3 September 30, 2026 figures are preliminary.
15

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