HOUSTON and TUPELO, Miss., Jan. 22, 2026 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2025.
Annual highlights for 2025 included:
- Achieved net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, and record adjusted net income available to common shareholders,(1) of $582.2 million, or $3.10 per diluted common share, an increase of 13.1% on a per share basis compared to 2024.
- Reported record annual adjusted pre-tax pre-provision net revenue (PPNR)(1) of $857.7 million, or 1.68% of average assets, an increase of $118.7 million, or 16.1%, compared to 2024.
- Announced and completed strategic transactions with FCB Financial Corp. and Industry Bancshares, Inc., which collectively added approximately $4.7 billion in assets and enhanced the Company's presence in Georgia and Texas.
- Total loans grew $3.5 billion, reflecting growth of 10% in 2025, while total deposits grew $3.6 billion, or 9% in 2025. Excluding acquired balances, organic loan growth was $2.2 billion, or 6.4% for 2025 while core customer deposits, which exclude brokered deposits and public funds, increased $1.0 billion, or 3.0%.
- Net interest margin improved by 17 basis points to 3.47% for 2025, benefitting from balance sheet growth and improved funding costs.
- Achieved continued improvement in operating leverage, which is reflected in a 200 basis point decline in the adjusted efficiency ratio(1) to 56.4% in 2025 from 58.4% in 2024.
Highlights for the fourth quarter of 2025 included:
- Reported quarterly net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, and record adjusted net income available to common shareholders(1) of $160.6 million, or $0.85 per diluted common share.
- Achieved quarterly adjusted PPNR(1) of $237.8 million, an increase of $53.8 million, or 29.2% compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1%, from the third quarter of 2025.
- Generated net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025 and core customer deposit growth totaled $529.0 million, or 4.8% annualized, for the fourth quarter of 2025.
- Net interest margin improved to 3.55% for the fourth quarter of 2025, an increase of 9 basis points compared to the third quarter of 2025, driven primarily by continued balance sheet growth as well as a meaningful reduction in funding costs.
- Attained an adjusted efficiency ratio(1) of 54.9%, reflecting linked quarter improvement of over 150 basis points in the fourth quarter of 2025.
- Tangible book value per common share(1) of $23.69 at December 31, 2025, an increase of $0.87 from the third quarter of 2025, as a result of strong core earnings combined with improvement in the fair value of the Company's securities portfolio.
- Maintained strong regulatory capital with Common Equity Tier 1 Capital of 11.7% and Total Capital of 13.3%.
- On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated, which is expected to close on February 1, 2026, subject to customary closing conditions, creating a top 10 franchise nationally with pro forma total assets of over $275 billion.
"We are pleased to report strong fourth quarter results reflecting themes that are consistent with our full year 2025 performance, including continued earnings improvement and balance sheet growth," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "Our fourth quarter and full year results both reflect continued earnings growth achieved through a positive trajectory in net interest margin and operating efficiency combined with steady organic balance sheet growth and stable credit quality. Additionally, we supplemented our organic growth efforts in 2025 with two strategic partnerships that accelerated our growth in Texas and Georgia. Finally, we are pleased to have received all shareholder and regulatory approvals necessary to complete our pending transaction with Huntington, which is expected to close on February 1, 2026. We are excited about the opportunity this combination provides to enhance growth efforts in the communities and markets we serve through the additional capabilities and product offerings available at Huntington."
Earnings Summary
For the year ended December 31, 2025, the Company reported net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, compared with $514.1 million, or $2.77 per diluted common share, for the year ended December 31, 2024. The Company reported adjusted net income available to common shareholders(1) of $582.2 million, or $3.10 per diluted common share, for the year ended December 31, 2025 compared with $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024. Additionally, the Company reported adjusted PPNR(1) of $857.7 million, or 1.68% of average assets, for the year ended December 31, 2025 compared with $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024.
For the fourth quarter of 2025, the Company reported net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, compared to $130.3 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $127.5 million, or $0.67 per diluted common share, for the third quarter of 2025. Adjusted net income available to common shareholders(1) was $160.6 million, or $0.85 per diluted common share, for the fourth quarter of 2025, compared with $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025.
Return on average assets was 1.10% for the fourth quarter of 2025, compared to 1.12% for the fourth quarter of 2024 and 0.95% for the third quarter of 2025. Adjusted return on average assets(1) was 1.22% for the fourth quarter of 2025, compared to 1.11% in the fourth quarter of 2024 and 1.13% in the third quarter of 2025. Additionally, the Company reported adjusted PPNR(1) of $237.8 million, or 1.78% of average assets on an annualized basis, for the fourth quarter of 2025, which represents an increase of $53.8 million, or 29.2%, compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1% compared to the third quarter of 2025.
Net Interest Revenue
Net interest revenue was $426.9 million for the fourth quarter of 2025, compared to $364.5 million for the fourth quarter of 2024 and $423.7 million for the third quarter of 2025. The net interest margin (fully taxable equivalent) was 3.55% for the fourth quarter of 2025, compared with 3.38% for the fourth quarter of 2024 and 3.46% for the third quarter of 2025.
Net interest revenue increased $3.2 million, or 0.8%, compared to the third quarter of 2025 due to continued balance sheet growth and improvement in net interest margin. Purchase accounting loan accretion revenue was $4.6 million for the fourth quarter of 2025 compared to $5.5 million for the third quarter of 2025. Average earning assets declined to $47.9 billion compared to $48.8 billion for the third quarter of 2025 as the third quarter of 2025 included temporarily elevated securities balances related to the Industry transaction. The linked quarter net interest margin improved by 9 basis points to 3.55% for the fourth quarter of 2025 due primarily to declines in the cost of deposits and overall funding costs outpacing declines in yields on loans and securities.
Yield on net loans, loans held for sale and leases, excluding accretion, was 6.26% for the fourth quarter of 2025 compared with 6.31% for the third quarter of 2025. Investment securities yielded 3.53% in the fourth quarter of 2025, declining from 3.65% for the third quarter of 2025. The average cost of total deposits of 2.15% for the fourth quarter of 2025 declined by 10 basis points from 2.25% for the third quarter of 2025, driven by a 20 basis point linked quarter decline in interest bearing demand and money market yields and an 8 basis point decline in the cost of time deposits. Total funding costs were 2.24% for the fourth quarter of 2025, a decline of 11 basis points from 2.35% in the third quarter of 2025.
Balance Sheet Activity
Loans and leases, net of unearned income, increased to $37.2 billion at December 31, 2025 compared to $36.8 billion at September 30, 2025, representing net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025. The organic growth for the fourth quarter of 2025 was broadly dispersed across all major asset classes. Net organic loan growth for the full year 2025 totaled $2.2 billion, or 6.4%.
Total deposits were $44.1 billion as of December 31, 2025, increasing $0.2 billion from $43.9 billion at the end of the third quarter of 2025. Core customer deposits grew $529.0 million quarter-over-quarter while public funds increased $150.0 million and brokered deposits declined $461.0 million. The loan to deposit ratio was 84.4% as of December 31, 2025. Noninterest bearing deposits represented 21.4% of total deposits at the end of the fourth quarter of 2025 compared to 20.6% at the end of the third quarter of 2025.
Investment securities cash flows supported loan growth in the quarter, with total investment securities declining $0.5 billion from September 30, 2025 to $9.1 billion at December 31, 2025, representing 17.0% of total assets. Cash, due from balances and deposits at the Federal Reserve of $2.2 billion at December 31, 2025 increased $0.3 billion compared to $1.9 billion at September 30, 2025. Borrowed funds were flat compared to September 30, 2025. The increase in other short-term borrowings and comparable decline in long-term borrowings were driven by the reclassification of FHLB advances that mature in the fourth quarter of 2026.
Credit Results, Provision for Credit Losses and Allowance for Credit Losses
Credit metrics for the fourth quarter of 2025 included net charge-offs of $26.1 million, or 0.28% of average net loans and leases on an annualized basis, compared with net charge-offs of $14.1 million, or 0.17%, for the fourth quarter of 2024 and net charge-offs of $23.6 million, or 0.26%, for the third quarter of 2025. The provision for credit losses for the fourth quarter of 2025 was $28.0 million, compared with $15.0 million for the fourth quarter of 2024 and $32.0 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2025 included $5.5 million in day-one provision associated with performing loans and leases acquired in the Industry transaction. The allowance for credit losses of $495.1 million at December 31, 2025 was 1.33% of total loans and leases compared to 1.37% of total loans and leases at December 31, 2024 and 1.35% of total loans and leases at September 30, 2025.
Total nonperforming assets as a percent of total assets were 0.49% at December 31, 2025 compared to 0.58% at December 31, 2024 and 0.50% at September 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.67% at December 31, 2025 compared to 0.78% at December 31, 2024 and 0.68% at September 30, 2025. Other real estate owned and other repossessed assets were $11.8 million at December 31, 2025 compared to the December 31, 2024 balance of $5.8 million and the September 30, 2025 balance of $16.3 million. Criticized loans represented 2.81% of loans at December 31, 2025 compared to 2.35% at December 31, 2024 and 2.71% at September 30, 2025, while classified loans were 1.85% at December 31, 2025 compared to 2.02% at December 31, 2024 and 1.89% at September 30, 2025.
Noninterest Revenue
Noninterest revenue was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue(1) was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue(1) for the third quarter of 2025 excludes a $4.3 million gain on securities sales and a corresponding $4.3 million loss recognized in other noninterest revenue related to the termination of fair value hedges associated with the Industry securities portfolio.
Adjusted noninterest revenue increased $8.0 million, or 8.5%, compared to the third quarter of 2025, which was driven primarily by increases in mortgage banking revenue, wealth management revenue, and other noninterest income. Wealth management revenue was $25.4 million for the fourth quarter of 2025 up from $24.5 million for the third quarter of 2025 primarily as a result of improved market conditions. Deposit service charge revenue was $19.1 million for the fourth quarter of 2025, up from $19.0 million for the third quarter of 2025. Credit card, debit card and merchant fee revenue was $13.7 million for the fourth quarter of 2025, up from $13.5 million for the third quarter of 2025.
Mortgage banking revenue totaled $6.1 million for the fourth quarter of 2025, compared to $3.6 million for the fourth quarter of 2024 and $4.5 million for the third quarter of 2025. The $1.7 million increase compared to the third quarter of 2025 reflects higher mortgage origination revenue driven by strong production as well as an improvement in the mortgage servicing rights valuation adjustment from the prior quarter.
Other noninterest revenue was $37.1 million for the fourth quarter of 2025, representing an increase of $9.5 million from $27.7 million for the third quarter of 2025. This increase was driven in part by the $4.3 million loss recognized in the third quarter of 2025 on the termination of fair value hedges related to the Industry securities portfolio, with the remainder of the linked quarter increase attributable to higher earnings from limited partnerships, increased BOLI revenue, and stronger SBA income.
Noninterest Expense
Noninterest expense for the fourth quarter of 2025 was $311.3 million, compared with $266.2 million for the fourth quarter of 2024 and $320.2 million for the third quarter of 2025. Adjusted noninterest expense(1) for the fourth quarter of 2025 was $290.6 million, compared with $266.7 million for the fourth quarter of 2024 and $293.2 million for the third quarter of 2025. Adjusted noninterest expense(1) for the fourth quarter of 2025 excludes $5.8 million of merger expense, $18.9 million of incremental merger related expense, and a $4.0 million reduction to the FDIC special assessment accrual. Adjusted noninterest expense(1) for third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense. The adjusted efficiency ratio(1) improved to 54.9% for the fourth quarter of 2025, compared to 59.1% for the fourth quarter of 2024 and 56.5% for the third quarter of 2025.
The $2.6 million, or 0.9%, linked quarter decline in adjusted noninterest expense(1) was driven primarily by declines in data processing and software, occupancy and equipment, and deposit insurance assessments, partially offset by an increase in salaries and employee benefits. Excluding the impact of nonroutine expenses, occupancy and equipment expense declined $1.9 million primarily due to negotiated vendor credits, and data processing expense declined $2.5 million due to elevated project implementation expense in the third quarter of 2025. These declines were partially offset by a linked quarter increase in salaries and benefits of $1.9 million on an adjusted basis, which primarily reflects increases in health insurance costs and other benefits.
Capital Management
Total shareholders' equity was $6.2 billion at December 31, 2025, up from $5.6 billion at December 31, 2024 and $6.1 billion at September 30, 2025. Estimated regulatory capital ratios at December 31, 2025 included Common Equity Tier 1 capital of 11.7%, Tier 1 capital of 12.1%, Total risk-based capital of 13.3%, and Tier 1 leverage capital of 9.7%. During the fourth quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.6 million outstanding shares of common stock as of December 31, 2025.
Key Transactions
On May 1, 2025, the Company completed its merger with FCB Financial Corp., the bank holding company for First Chatham Bank (collectively referred to as "First Chatham"), pursuant to which First Chatham was merged with and into the Company. First Chatham was a Savannah, Georgia-based community bank that operated eight branches across the Greater Savannah Area. As of April 30, 2025, First Chatham reported total assets of $604 million, total loans of $387 million, and total deposits of $525 million. Under the terms of the definitive merger agreement, the Company issued approximately 2.3 million shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies.
On July 1, 2025, the Company completed its merger with Industry Bancshares, Inc., the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham (collectively referred to as "Industry"), pursuant to which Industry was merged with and into the Company. Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. As of June 30, 2025, Industry reported total assets of $4.1 billion, total loans of $1.0 billion, and total deposits of $4.3 billion. Under the terms of the definitive merger agreement, the Company paid $20.0 million in cash for all outstanding shares of Industry. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies.
On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated ("Huntington") under which Huntington will acquire the Company in an all-stock transaction. Under the terms of the definitive agreement, Cadence common shareholders will receive 2.475 common shares of Huntington for each Cadence share. The partnership is expected to create a top 10 franchise nationally with pro forma total assets of over $275 billion. The transaction is expected to close February 1, 2026, subject to customary closing conditions.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a $54 billion regional bank committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.
(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 22 of this news release.
Forward-Looking Statements
Certain statements made in this news release constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the "bespeaks caution" doctrine. These statements are often, but not exclusively, made through the use of words or phrases like "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "foresee," "indicate," "may," "might," "outlook," "prospect," "potential," "roadmap," "should," "target," "will," "would," the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, trade, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact on the Company's financial condition, future net income and earnings per share resulting from the integration of its recently completed acquisitions of First Chatham and Industry, and the Company's ability to deploy capital into strategic and growth initiatives. These statements may also include discussion of the benefits of the proposed transaction with Huntington, the plans, objectives, expectations and intentions of the combined company, the expected timing of completion of the transaction, and other statements that are not historical facts. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.
The Company cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond the Company's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation (the "FDIC") special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"); volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the Securities and Exchange Commission (the "SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and the Company; the outcome of any legal proceedings that have been or may be instituted against Huntington or the Company; delays in completing the proposed transaction involving Huntington and the Company; the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and the Company do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the ability of Huntington and the Company to meet expectations regarding the timing, completion and accounting and tax treatment of the transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and the Company successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and the Company.
The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters, and costs related to the same; the impairment of goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the ability to execute business plans and strategies, and managing the risks involved in all of the foregoing.
Additional factors that could cause results to differ materially from those described above can be found in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the SEC and available on the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC, and in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the Federal Reserve and available on the Company's investor relations website, ir.cadencebank.com, under the heading "Public Filings" and in other documents the Company files with the Federal Reserve.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.
Table 1
Selected Financial Data
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Earnings Summary:
Interest revenue $686,988 $704,643 $635,599 $599,257 $620,321 $2,626,487 $2,547,357
Interest expense 260,065 280,916 257,459 236,105 255,790 1,034,545 1,111,142
Net interest revenue 426,923 423,727 378,140 363,152 364,531 1,591,942 1,436,215
Provision for credit losses 28,000 32,000 31,000 20,000 15,000 111,000 71,000
Net interest revenue, after provision for credit losses 398,923 391,727 347,140 343,152 349,531 1,480,942 1,365,215
Noninterest revenue 101,488 93,478 98,181 85,387 86,165 378,534 356,510
Noninterest expense 311,312 320,246 272,863 259,349 266,186 1,163,770 1,045,528
Income before income taxes 189,099 164,959 172,458 169,190 169,510 695,706 676,197
Income tax expense 42,351 35,110 37,813 35,968 36,795 151,242 152,593
Net income 146,748 129,849 134,645 133,222 132,715 544,464 523,604
Less: Preferred dividends 2,372 2,372 4,744 2,372 2,372 11,860 9,488
Net income available to common shareholders $144,376 $127,477 $129,901 $130,850 $130,343 $532,604 $514,116
Balance Sheet - Period End Balances
Total assets $53,529,044 $53,282,352 $50,378,840 $47,743,294 $47,019,190 $53,529,044 $47,019,190
Total earning assets 48,067,542 47,729,237 45,400,518 43,172,997 42,386,627 48,067,542 42,386,627
Available for sale securities 9,117,370 9,616,389 8,837,400 7,912,159 7,293,988 9,117,370 7,293,988
Loans and leases, net of unearned income 37,246,384 36,801,836 35,465,181 34,051,610 33,741,755 37,246,384 33,741,755
Allowance for credit losses (ACL) 495,093 496,199 474,651 457,791 460,793 495,093 460,793
Net book value of acquired loans 5,027,280 5,512,749 4,594,171 4,365,789 4,783,206 5,027,280 4,783,206
Unamortized net discount on acquired loans 37,636 41,906 19,414 13,060 15,611 37,636 15,611
Total deposits 44,139,279 43,921,456 40,493,518 40,335,728 40,496,201 44,139,279 40,496,201
Total deposits and repurchase agreements 44,164,107 43,950,988 40,514,743 40,355,399 40,519,817 44,164,107 40,519,817
Other short-term borrowings 1,225,000 925,000 1,575,000 235,000 1,225,000
Subordinated and long-term borrowings 940,645 1,330,657 1,430,674 560,690 10,706 940,645 10,706
Total shareholders' equity 6,243,661 6,083,096 5,916,283 5,718,541 5,569,683 6,243,661 5,569,683
Total shareholders' equity, excluding AOCI (1) 6,671,983 6,576,878 6,492,440 6,339,744 6,264,178 6,671,983 6,264,178
Common shareholders' equity 6,076,668 5,916,103 5,749,290 5,551,548 5,402,690 6,076,668 5,402,690
Common shareholders' equity, excluding AOCI (1) $6,504,990 $6,409,885 $6,325,447 $6,172,751 $6,097,185 $6,504,990 $6,097,185
Balance Sheet - Average Balances
Total assets $53,076,624 $54,352,974 $49,356,696 $47,135,431 $47,263,538 $51,005,948 $47,973,279
Total earning assets 47,865,797 48,807,542 44,741,277 42,637,002 42,920,125 46,034,887 43,632,307
Available for sale securities 9,435,849 10,171,253 8,814,463 7,302,172 7,636,683 8,940,178 7,962,869
Loans and leases, net of unearned income 37,071,086 36,623,037 34,762,808 33,944,416 33,461,931 35,611,705 33,107,659
Total deposits 43,692,086 44,859,162 39,897,600 40,353,292 39,743,224 42,216,966 38,475,929
Total deposits and repurchase agreements 43,722,023 44,883,355 39,916,099 40,376,248 39,761,277 42,240,882 38,557,021
Other short-term borrowings 1,309,783 1,122,185 1,419,615 108,389 905,815 993,647 2,850,981
Subordinated and long-term borrowings 972,171 1,429,577 1,338,059 129,030 123,442 970,786 306,396
Total shareholders' equity 6,158,808 5,982,117 5,827,081 5,651,592 5,589,361 5,906,501 5,353,705
Common shareholders' equity $5,991,815 $5,815,124 $5,660,088 $5,484,599 $5,422,368 $5,739,508 $5,186,712
Nonperforming Assets:
Nonperforming loans and leases (NPL) (2) (3) 248,553 249,822 231,243 235,952 264,692 248,553 264,692
Other real estate owned and other assets 11,845 16,250 15,599 8,452 5,754 11,845 5,754
Nonperforming assets (NPA) $260,398 $266,072 $246,842 $244,404 $270,446 $260,398 $270,446
(1)
Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
(2) At December 31, 2025, $66.2 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on
page 13 for related information.
(3)
At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.
Table 2
Selected Financial Ratios
Quarter Ended Year-to-date
Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Financial Ratios and Other Data:
Return on average assets (2) 1.10 % 0.95 % 1.09 % 1.15 % 1.12 % 1.07 1.09
Adjusted return on average assets (1)(2) 1.22 1.13 1.14 1.15 1.11 1.16 1.08
Return on average common shareholders' equity (2) 9.56 8.70 9.21 9.68 9.56 9.28 9.91
Adjusted return on average common shareholders' equity 10.63 10.43 9.74 9.72 9.53 10.14 9.79
(1)(2)
Return on average tangible common equity (1)(2) 13.23 12.13 12.41 13.15 13.06 12.73 13.79
Adjusted return on average tangible common equity (1)(2) 14.71 14.54 13.13 13.20 13.02 13.91 13.62
Pre-tax pre-provision net revenue to total average assets (1)(2) 1.62 1.44 1.65 1.63 1.55 1.58 1.56
Adjusted pre-tax pre-provision net revenue to total average assets 1.78 1.64 1.67 1.63 1.55 1.68 1.54
(1)(2)
Net interest margin-fully taxable equivalent 3.55 3.46 3.40 3.46 3.38 3.47 3.30
Net interest rate spread-fully taxable equivalent 2.89 2.76 2.68 2.74 2.59 2.77 2.47
Efficiency ratio fully tax equivalent (1) 58.82 61.67 57.21 57.74 58.98 58.94 58.24
Adjusted efficiency ratio fully tax equivalent (1) 54.92 56.46 56.69 57.58 59.09 56.35 58.41
Loan/deposit ratio 84.38 % 83.79 % 87.58 % 84.42 % 83.32 % 84.38 % 83.32 %
Full time equivalent employees 5,749 5,825 5,514 5,356 5,335 5,749 5,335
Credit Quality Ratios:
Net charge-offs to average loans and leases (2) 0.28 % 0.26 % 0.24 % 0.27 % 0.17 % 0.26 % 0.24 %
Provision for credit losses to average loans and leases (2) 0.30 0.35 0.36 0.24 0.18 0.31 0.21
ACL to loans and leases, net 1.33 1.35 1.34 1.34 1.37 1.33 1.37
ACL to NPL 199.19 198.62 205.26 194.02 174.09 199.19 174.09
NPL to loans and leases, net 0.67 0.68 0.65 0.69 0.78 0.67 0.78
NPA to total assets 0.49 0.50 0.49 0.51 0.58 0.49 0.58
Equity Ratios:
Total shareholders' equity to total assets 11.66 % 11.42 % 11.74 % 11.98 % 11.85 % 11.66 % 11.85 %
Total common shareholders' equity to total assets 11.35 11.10 11.41 11.63 11.49 11.35 11.49
Tangible common shareholders' equity to tangible assets 8.52 8.24 8.74 8.87 8.67 8.52 8.67
(1)
Tangible common shareholders' equity, excluding AOCI, 9.27 9.11 9.80 10.07 10.04 9.27 10.04
to tangible assets, excluding AOCI (1)
Capital Adequacy (3):
Common Equity Tier 1 capital 11.7 % 11.5 % 12.2 % 12.4 % 12.4 % 11.7 % 12.4 %
Tier 1 capital 12.1 11.9 12.6 12.9 12.8 12.1 12.8
Total capital 13.3 13.1 13.8 14.1 14.0 13.3 14.0
Tier 1 leverage capital 9.7 9.2 10.3 10.6 10.4 9.7 10.4
(1) Denotes non-GAAP financial measure. Refer to related disclosure and
reconciliation on pages 23 - 27.
(2)
Annualized.
(3)
Current quarter regulatory capital ratios are estimated.
Table 3
Selected Financial Information
Quarter Ended
Year-to-date
Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Common Share Data:
Diluted earnings per share $0.76 $0.67 $0.69 $0.70 $0.70 $2.83 $2.77
Adjusted earnings per share (1) 0.85 0.81 0.73 0.71 0.70 3.10 2.74
Cash dividends per share 0.275 0.275 0.275 0.275 0.250 1.100 1.00
Book value per share 32.56 31.75 30.86 30.16 29.44 32.56 29.44
Tangible book value per share (1) 23.69 22.82 22.94 22.30 21.54 23.69 21.54
Market value per share (last) 42.84 37.54 31.98 30.36 34.45 42.84 34.45
Market value per share (high) 44.26 38.47 32.68 36.53 40.20 44.26 40.20
Market value per share (low) 34.81 31.76 25.22 28.90 30.21 25.22 24.99
Market value per share (average) 39.61 36.04 29.97 33.13 35.17 34.75 30.56
Dividend payout ratio 36.18 % 41.04 % 39.86 % 39.29 % 35.71 % 38.87 % 36.10 %
Adjusted dividend payout ratio (1) 32.35 % 33.95 % 37.67 % 38.73 % 35.71 % 35.48 % 36.50 %
Total shares outstanding 186,622,108 186,307,016 186,307,016 184,046,420 183,527,575 186,622,108 183,527,575
Average shares outstanding - diluted 189,506,284 189,053,254 187,642,873 186,121,979 186,038,243 188,091,060 185,592,759
Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases 6.31 % 6.37 % 6.34 % 6.33 % 6.42 % 6.34 % 6.54 %
Loans, loans held for sale, and leases 6.26 6.31 6.31 6.30 6.40 6.29 6.50
excluding net accretion on acquired loans
and leases
Available for sale securities:
Taxable 3.52 3.54 3.32 2.99 3.03 3.37 3.09
Tax-exempt 3.85 5.68 4.14 4.04 3.93 5.16 4.07
Other investments 4.05 4.78 4.41 4.42 4.77 4.46 5.33
Total interest earning assets and revenue 5.70 5.74 5.70 5.71 5.76 5.71 5.84
Deposits 2.15 2.25 2.30 2.35 2.44 2.26 2.49
Interest bearing demand and money 2.46 2.66 2.69 2.69 2.87 2.62 3.06
market
Savings 0.61 0.68 0.57 0.57 0.57 0.61 0.57
Time 3.84 3.92 3.98 4.10 4.28 3.96 4.42
Total interest bearing deposits 2.73 2.90 2.92 2.96 3.12 2.87 3.22
Fed funds purchased, securities sold 4.02 4.48 4.45 4.45 4.58 4.42 4.79
under agreement to repurchase and
other
Short-term FHLB borrowings 4.19 4.36 4.31 4.43 4.28
Short-term BTFP borrowings - 4.77 4.79
Total interest bearing deposits and short- 2.78 2.94 2.98 2.96 3.16 2.91 3.36
term borrowings
Subordinated and long-term borrowings 3.86 3.91 4.07 4.05 4.14 3.96 4.34
Total interest bearing liabilities 2.81 2.98 3.02 2.97 3.17 2.94 3.37
Interest bearing liabilities to interest 76.72 % 76.62 % 76.39 % 75.70 % 74.82 % 76.38 % 75.48 %
earning assets
Net interest income tax equivalent $809 $2,068 $637 $630 $648 $4,144 $2,623
adjustment (in thousands)
(1) Denotes non-GAAP financial measure. Refer to related disclosure and
reconciliation on pages 23 - 27.
Table 4
Consolidated Balance Sheets
(Unaudited)
As of
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
ASSETS
Cash and due from banks $778,722 $839,841 $710,679 $578,513 $624,884
Interest bearing deposits with other banks and Federal 1,436,507 1,049,332 825,878 988,787 1,106,692
funds sold
Available for sale securities, at fair value 9,117,370 9,616,389 8,837,400 7,912,159 7,293,988
Loans and leases, net of unearned income 37,246,384 36,801,836 35,465,181 34,051,610 33,741,755
Allowance for credit losses 495,093 496,199 474,651 457,791 460,793
Net loans and leases 36,751,291 36,305,637 34,990,530 33,593,819 33,280,962
Loans held for sale, at fair value 267,281 261,680 272,059 220,441 244,192
Premises and equipment, net 846,624 855,275 806,879 780,963 783,456
Goodwill 1,514,244 1,515,771 1,387,990 1,366,923 1,366,923
Other intangible assets, net 141,528 149,039 87,814 79,522 83,190
Bank-owned life insurance 770,431 768,887 671,813 654,964 651,838
Other assets 1,905,046 1,920,501 1,787,798 1,567,203 1,583,065
Total Assets $53,529,044 $53,282,352 $50,378,840 $47,743,294 $47,019,190
LIABILITIES
Deposits:
Demand: Noninterest bearing $9,429,598 $9,036,907 $9,154,050 $8,558,412 $8,591,805
Interest bearing 21,129,189 20,518,436 18,936,579 19,221,356 19,345,114
Savings 3,026,218 3,095,622 2,641,482 2,626,901 2,588,406
Time deposits 10,554,274 11,270,491 9,761,407 9,929,059 9,970,876
Total deposits 44,139,279 43,921,456 40,493,518 40,335,728 40,496,201
Securities sold under agreement to repurchase 24,828 29,532 21,225 19,671 23,616
Other short-term borrowings 1,225,000 925,000 1,575,000 235,000
Subordinated and long-term borrowings 940,645 1,330,657 1,430,674 560,690 10,706
Other liabilities 955,631 992,611 942,140 873,664 918,984
Total Liabilities 47,285,383 47,199,256 44,462,557 42,024,753 41,449,507
SHAREHOLDERS' EQUITY
Preferred stock 166,993 166,993 166,993 166,993 166,993
Common stock 466,555 465,768 465,768 460,116 458,819
Capital surplus 2,814,628 2,813,356 2,805,171 2,736,799 2,742,913
Accumulated other comprehensive loss (428,322) (493,782) (576,157) (621,203) (694,495)
Retained earnings 3,223,807 3,130,761 3,054,508 2,975,836 2,895,453
Total Shareholders' Equity 6,243,661 6,083,096 5,916,283 5,718,541 5,569,683
Total Liabilities & Shareholders' Equity $53,529,044 $53,282,352 $50,378,840 $47,743,294 $47,019,190
Table 5
Consolidated Quarterly Average Balance Sheets
(Unaudited)
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
ASSETS
Cash and due from banks $598,790 $731,455 $526,612 $560,581 $490,161
Interest bearing deposits with other banks and Federal 1,192,650 1,845,618 1,017,815 1,275,153 1,698,300
funds sold
Available for sale securities, at fair value 9,435,849 10,171,253 8,814,463 7,302,172 7,636,683
Loans and leases, net of unearned income 37,071,086 36,623,037 34,762,808 33,944,416 33,461,931
Allowance for credit losses 497,030 481,059 467,521 465,332 465,971
Net loans and leases 36,574,056 36,141,978 34,295,287 33,479,084 32,995,960
Loans held for sale, at fair value 166,212 167,634 146,191 115,261 123,211
Premises and equipment, net 851,439 853,598 793,793 785,194 796,394
Goodwill 1,515,659 1,515,771 1,379,076 1,366,923 1,366,923
Other intangible assets, net 145,793 130,434 81,845 81,527 85,323
Bank-owned life insurance 769,585 767,234 662,909 652,689 651,166
Other assets 1,826,591 2,027,999 1,638,705 1,516,847 1,419,417
Total Assets $53,076,624 $54,352,974 $49,356,696 $47,135,431 $47,263,538
LIABILITIES
Deposits:
Demand: Noninterest bearing $9,283,298 $10,040,670 $8,494,542 $8,339,414 $8,676,765
Interest bearing 20,592,043 20,264,338 18,799,895 19,428,376 18,845,689
Savings 3,049,459 3,143,880 2,646,190 2,607,366 2,573,961
Time deposits 10,767,286 11,410,274 9,956,973 9,978,136 9,646,809
Total deposits 43,692,086 44,859,162 39,897,600 40,353,292 39,743,224
Securities sold under agreement to repurchase 29,937 24,193 18,499 22,956 18,053
Other short-term borrowings 1,309,783 1,122,185 1,419,615 108,389 905,815
Subordinated and long-term borrowings 972,171 1,429,577 1,338,059 129,030 123,442
Other liabilities 913,839 935,740 855,842 870,172 883,643
Total Liabilities 46,917,816 48,370,857 43,529,615 41,483,839 41,674,177
SHAREHOLDERS' EQUITY
Preferred stock 166,993 166,993 166,993 166,993 166,993
Common stock 465,776 465,768 463,937 458,830 457,798
Capital surplus 2,816,087 2,807,539 2,779,736 2,744,442 2,735,323
Accumulated other comprehensive loss (474,594) (565,609) (616,527) (663,883) (634,307)
Retained earnings 3,184,546 3,107,426 3,032,942 2,945,210 2,863,554
Total Shareholders' Equity 6,158,808 5,982,117 5,827,081 5,651,592 5,589,361
Total Liabilities & Shareholders' Equity $53,076,624 $54,352,974 $49,356,696 $47,135,431 $47,263,538
Table 6
Consolidated Statements of Income
(Unaudited)
Quarter Ended
Year-to-date
(Dollars in thousands, except per share data) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
INTEREST REVENUE:
Loans and leases $589,254 $588,570 $549,691 $530,050 $540,147 $2,257,565 $2,164,633
Available for sale securities:
Taxable 83,056 86,144 72,355 53,232 57,476 294,787 243,466
Tax-exempt 624 5,952 634 629 635 7,839 2,598
Loans held for sale 1,889 1,758 1,736 1,449 1,694 6,832 6,161
Short-term investments 12,165 22,219 11,183 13,897 20,369 59,464 130,499
Total interest revenue 686,988 704,643 635,599 599,257 620,321 2,626,487 2,547,357
INTEREST EXPENSE:
Interest bearing demand deposits and money 127,480 136,105 125,874 128,831 135,965 518,290 573,826
market accounts
Savings 4,695 5,378 3,747 3,644 3,684 17,464 14,922
Time deposits 104,293 112,720 98,721 100,900 103,785 416,634 368,572
Federal funds purchased and securities sold under 394 818 2,939 1,124 293 5,275 4,101
agreement to repurchase
Short-term borrowings 13,737 11,807 12,594 317 10,779 38,455 136,434
Subordinated and long-term borrowings 9,466 14,088 13,584 1,289 1,284 38,427 13,287
Total interest expense 260,065 280,916 257,459 236,105 255,790 1,034,545 1,111,142
Net interest revenue 426,923 423,727 378,140 363,152 364,531 1,591,942 1,436,215
Provision for credit losses 28,000 32,000 31,000 20,000 15,000 111,000 71,000
Net interest revenue, after provision for credit 398,923 391,727 347,140 343,152 349,531 1,480,942 1,365,215
losses
NONINTEREST REVENUE:
Wealth management 25,390 24,515 25,298 23,279 23,973 98,482 94,922
Deposit service charges 19,149 19,047 18,061 17,736 18,694 73,993 73,497
Credit card, debit card and merchant fees 13,702 13,484 12,972 11,989 12,664 52,147 50,245
Mortgage banking 6,133 4,469 8,711 6,638 3,554 25,951 17,303
Security gains (losses), net 2 4,311 (9) (3) 4,304 (2,962)
Other noninterest income 37,112 27,652 33,139 25,754 27,283 123,657 123,505
Total noninterest revenue 101,488 93,478 98,181 85,387 86,165 378,534 356,510
NONINTEREST EXPENSE:
Salaries and employee benefits 184,868 173,485 157,340 152,972 152,381 668,665 609,307
Occupancy and equipment 29,986 31,892 30,039 28,477 27,275 120,394 114,175
Data processing and software 33,657 36,120 30,701 27,132 33,226 127,610 121,884
Deposit insurance assessments 6,410 10,037 8,571 8,643 8,284 33,661 39,922
Amortization of intangibles 7,511 7,539 4,046 3,668 3,904 22,764 15,902
Merger expense 5,831 19,789 2,179 315 28,114
Other noninterest expense 43,049 41,384 39,987 38,142 41,116 162,562 144,338
Total noninterest expense 311,312 320,246 272,863 259,349 266,186 1,163,770 1,045,528
Income before income taxes 189,099 164,959 172,458 169,190 169,510 695,706 676,197
Income tax expense 42,351 35,110 37,813 35,968 36,795 151,242 152,593
Net income 146,748 129,849 134,645 133,222 132,715 544,464 523,604
Less: Preferred dividends 2,372 2,372 4,744 2,372 2,372 11,860 9,488
Net income available to common shareholders $144,376 $127,477 $129,901 $130,850 $130,343 $532,604 $514,116
Diluted earnings per common share $0.76 $0.67 $0.69 $0.70 $0.70 $2.83 $2.77
Table 7
Selected Loan and Lease Portfolio Data
(Unaudited)
Quarter Ended
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate $9,251,301 $9,239,690 $9,049,094 $8,688,653 $8,670,529
Owner occupied 5,345,089 5,291,566 4,762,408 4,667,477 4,665,015
Total commercial and industrial 14,596,390 14,531,256 13,811,502 13,356,130 13,335,544
Commercial real estate
Construction, acquisition and development 3,431,736 3,338,413 3,464,124 3,723,408 3,909,184
Income producing 7,119,072 7,071,911 7,025,539 6,268,456 6,015,773
Total commercial real estate 10,550,808 10,410,324 10,489,663 9,991,864 9,924,957
Consumer
Residential mortgages 11,851,542 11,604,742 10,951,618 10,498,320 10,267,883
Other consumer 247,644 255,514 212,398 205,296 213,371
Total consumer 12,099,186 11,860,256 11,164,016 10,703,616 10,481,254
Total loans and leases, net of unearned income $37,246,384 $36,801,836 $35,465,181 $34,051,610 $33,741,755
NONPERFORMING ASSETS
Nonperforming Loans and Leases
Commercial and industrial
Non-real estate $87,942 $83,090 $123,960 $118,078 $145,115
Owner occupied 23,705 20,067 18,158 18,988 16,904
Total commercial and industrial 111,647 103,157 142,118 137,066 162,019
Commercial real estate
Construction, acquisition and development 1,909 2,099 9,307 8,768 8,600
Income producing 51,743 50,595 4,379 8,021 18,542
Total commercial real estate 53,652 52,694 13,686 16,789 27,142
Consumer
Residential mortgages 82,995 93,608 75,076 81,803 75,287
Other consumer 259 363 363 294 244
Total consumer 83,254 93,971 75,439 82,097 75,531
Total nonperforming loans and leases (1) $248,553 $249,822 $231,243 $235,952 $264,692
Other real estate owned and repossessed assets 11,845 16,250 15,599 8,452 5,754
Total nonperforming assets $260,398 $266,072 $246,842 $244,404 $270,446
Government guaranteed portion of nonaccrual loans and $66,219 $45,401 $94,046 $84,339 $89,906
leases covered by the SBA, FHA, VA or USDA
Loans and leases 90+ days past due, still accruing $29,996 $42,598 $5,208 $8,832 $13,126
(1) At September 30, 2025, NPL does not include nonperforming loans held for
sale of $0.3 million.
Table 8
Allowance for Credit Losses
(Unaudited)
Quarter Ended
(Dollars in thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period $496,199 $474,651 $457,791 $460,793 $460,859
Charge-offs:
Commercial and industrial (26,426) (22,324) (18,147) (21,284) (15,116)
Commercial real estate (117) (391) (3,740) (1,382) (167)
Consumer (3,401) (3,653) (3,438) (3,062) (2,679)
Total loans charged-off (29,944) (26,368) (25,325) (25,728) (17,962)
Recoveries:
Commercial and industrial 1,359 1,812 3,191 1,822 2,613
Commercial real estate 1,721 129 110 83 549
Consumer 758 826 809 821 734
Total recoveries 3,838 2,767 4,110 2,726 3,896
Net charge-offs (26,106) (23,601) (21,215) (23,002) (14,066)
Initial allowance on loans purchased with credit - 15,149 8,075
deterioration
Provision:
Loans and leases acquired during the quarter - 5,519 4,152
Provision for credit losses related to loans and leases 25,000 24,481 25,848 20,000 14,000
Total provision for loans and leases 25,000 30,000 30,000 20,000 14,000
Balance, end of period $495,093 $496,199 $474,651 $457,791 $460,793
Average loans and leases, net of unearned income, for $37,071,086 $36,623,037 $34,762,808 $33,944,416 $33,461,931
period
Ratio: Net charge-offs to average loans and leases (2) 0.28 % 0.26 % 0.24 % 0.27 % 0.17 %
RESERVE FOR UNFUNDED COMMITMENTS (1)
Balance, beginning of period $11,551 $9,551 $8,551 $8,551 $7,551
Provision for credit losses for unfunded 3,000 2,000 1,000 1,000
commitments
Balance, end of period $14,551 $11,551 $9,551 $8,551 $8,551
(1) The Reserve for Unfunded Commitments is classified in other liabilities on the
consolidated balance sheets.
(2)
Annualized.
Table 9
Loan and Lease Portfolio by Grades
(Unaudited)
December 31, 2025
(In thousands) Pass Special Substandard Doubtful Impaired Purchased Total
Mention Credit
Deteriorated
(Loss)
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate $8,777,313 $132,936 $305,168 $7,999 $24,623 $3,262 $9,251,301
Owner occupied 5,235,166 33,768 71,301 4,854 5,345,089
Total commercial and industrial 14,012,479 166,704 376,469 7,999 29,477 3,262 14,596,390
Commercial real estate
Construction, acquisition and development 3,420,866 2,588 8,216 66 3,431,736
Income producing 6,799,446 176,567 142,396 663 7,119,072
Total commercial real estate 10,220,312 179,155 150,612 729 10,550,808
Consumer
Residential mortgages 11,719,427 10,594 120,003 174 1,344 11,851,542
Other consumer 247,017 627 247,644
Total consumer 11,966,444 10,594 120,630 174 1,344 12,099,186
Total loans and leases, net of unearned $36,199,235 $356,453 $647,711 $7,999 $30,380 $4,606 $37,246,384
income
September 30, 2025
(In thousands) Pass Special Substandard Doubtful Impaired Purchased Total
Mention Credit
Deteriorated
(Loss)
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate $8,733,898 $154,131 $296,848 $8,183 $31,373 $15,257 $9,239,690
Owner occupied 5,217,614 15,251 53,587 4,641 473 5,291,566
Total commercial and industrial 13,951,512 169,382 350,435 8,183 36,014 15,730 14,531,256
Commercial real estate
Construction, acquisition and development 3,307,750 27,265 3,332 66 3,338,413
Income producing 6,802,210 98,974 169,090 862 775 7,071,911
Total commercial real estate 10,109,960 126,239 172,422 928 775 10,410,324
Consumer
Residential mortgages 11,486,319 9,167 105,076 2,836 1,344 11,604,742
Other consumer 254,917 597 255,514
Total consumer 11,741,236 9,167 105,673 2,836 1,344 11,860,256
Total loans and leases, net of unearned $35,802,708 $304,788 $628,530 $8,183 $39,778 $17,849 $36,801,836
income
Table 10
Geographical Loan and Lease Information
(Unaudited)
December 31, 2025
(Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate $432,703 $165,367 $531,926 $511,189 $376,523 $594,756 $70,652 $266,456 $3,746,467 $2,555,262 $9,251,301
Owner occupied 330,128 262,699 330,785 470,900 283,022 598,819 100,156 159,629 2,255,122 553,829 5,345,089
Total commercial and industrial 762,831 428,066 862,711 982,089 659,545 1,193,575 170,808 426,085 6,001,589 3,109,091 14,596,390
Commercial real estate
Construction, acquisition and development 193,334 82,374 162,162 350,191 71,359 185,536 45,021 154,669 1,874,000 313,090 3,431,736
Income producing 474,315 253,003 708,422 953,837 235,724 389,732 249,754 310,855 2,506,003 1,037,427 7,119,072
Total commercial real estate 667,649 335,377 870,584 1,304,028 307,083 575,268 294,775 465,524 4,380,003 1,350,517 10,550,808
Consumer
Residential mortgages 1,371,405 465,851 727,535 549,655 504,205 1,287,201 236,224 935,711 5,492,128 281,627 11,851,542
Other consumer 27,406 17,769 4,447 8,817 10,431 82,113 1,753 16,720 72,525 5,663 247,644
Total consumer 1,398,811 483,620 731,982 558,472 514,636 1,369,314 237,977 952,431 5,564,653 287,290 12,099,186
Total loans and leases, net of $2,829,291 $1,247,063 $2,465,277 $2,844,589 $1,481,264 $3,138,157 $703,560 $1,844,040 $15,946,245 $4,746,898 $37,246,384
unearned income
Loan (decline) growth, excluding loans $(2,982) $(3,139) $3,461 $28,372 $4,668 $33,897 $35,316 $(39,145) $221,632 $162,468 $444,548
acquired during the quarter ($)
Loan (decline) growth, excluding loans (0.42) % (1.00) % 0.56 % 4.00 % 1.25 % 4.33 % 20.97 % (8.25) % 5.59 % 14.06 % 4.79 %
acquired during the quarter (%) (annualized)
September 30, 2025
(Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate $462,300 $175,539 $550,774 $478,906 $371,130 $582,184 $73,942 $311,110 $3,815,423 $2,418,382 $9,239,690
Owner occupied 321,662 257,437 332,609 456,553 296,228 589,168 99,740 161,689 2,229,387 547,093 5,291,566
Total commercial and industrial 783,962 432,976 883,383 935,459 667,358 1,171,352 173,682 472,799 6,044,810 2,965,475 14,531,256
Commercial real estate
Construction, acquisition and development 212,199 74,828 161,397 343,712 63,750 173,564 40,826 145,668 1,689,811 432,658 3,338,413
Income producing 450,073 266,511 678,157 992,713 231,125 406,276 222,229 341,344 2,566,690 916,793 7,071,911
Total commercial real estate 662,272 341,339 839,554 1,336,425 294,875 579,840 263,055 487,012 4,256,501 1,349,451 10,410,324
Consumer
Residential mortgages 1,357,455 457,332 733,156 535,352 504,138 1,270,904 230,107 906,977 5,345,855 263,466 11,604,742
Other consumer 28,584 18,555 5,723 8,981 10,225 82,164 1,400 16,397 77,447 6,038 255,514
Total consumer 1,386,039 475,887 738,879 544,333 514,363 1,353,068 231,507 923,374 5,423,302 269,504 11,860,256
Total loans and leases, net of $2,832,273 $1,250,202 $2,461,816 $2,816,217 $1,476,596 $3,104,260 $668,244 $1,883,185 $15,724,613 $4,584,430 $36,801,836
unearned income
Table 11
Noninterest Revenue and Expense
(Unaudited)
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
NONINTEREST REVENUE:
Trust and asset management income $12,108 $11,948 $13,227 $11,823 $12,485 $49,106 $48,507
Investment advisory fees 9,584 9,314 8,970 8,454 8,502 36,322 33,660
Brokerage and annuity fees 3,698 3,253 3,101 3,002 2,986 13,054 12,755
Deposit service charges 19,149 19,047 18,061 17,736 18,694 73,993 73,497
Credit card, debit card and merchant fees 13,702 13,484 12,972 11,989 12,664 52,147 50,245
Mortgage banking excl. MSR and MSR 10,365 9,208 10,734 9,743 6,293 40,050 33,455
hedge market value adjustment
MSR and MSR hedge market value (4,232) (4,739) (2,023) (3,105) (2,739) (14,099) (16,152)
adjustment
Security gains (losses), net 2 4,311 (9) (3) 4,304 (2,962)
Bank-owned life insurance 6,633 5,093 6,812 5,202 5,046 23,741 17,716
Other miscellaneous income 30,479 22,559 26,327 20,552 22,237 99,916 105,789
Total noninterest revenue $101,488 $93,478 $98,181 $85,387 $86,165 $378,534 $356,510
NONINTEREST EXPENSE:
Salaries and employee benefits $184,868 $173,485 $157,340 $152,972 $152,381 $668,665 $609,307
Occupancy and equipment 29,986 31,892 30,039 28,477 27,275 120,394 114,175
Data processing and software 33,657 36,120 30,701 27,132 33,226 127,610 121,884
Deposit insurance assessments 6,410 10,037 8,571 8,643 8,284 33,661 39,922
Amortization of intangibles 7,511 7,539 4,046 3,668 3,904 22,764 15,902
Merger expense 5,831 19,789 2,179 315 28,114
Advertising and public relations 6,386 6,939 7,304 4,157 5,870 24,786 22,112
Foreclosed property expense 1,306 1,294 757 864 621 4,221 1,891
Telecommunications 1,447 1,520 1,330 1,512 1,359 5,809 5,857
Travel and entertainment 4,520 3,004 2,829 2,436 2,618 12,790 10,015
Professional, consulting and outsourcing 3,886 3,025 4,043 4,733 4,540 15,686 16,124
Legal 3,774 4,463 8,111 3,559 4,176 19,907 12,279
Postage and shipping 3,009 2,026 1,797 1,773 1,624 8,606 7,128
Other miscellaneous expense 18,721 19,113 13,816 19,108 20,308 70,757 68,932
Total noninterest expense $311,312 $320,246 $272,863 $259,349 $266,186 $1,163,770 $1,045,528
Table 12
Average Balance and Yields
(Unaudited)
Quarter Ended
December 31, 2025
September 30, 2025
December 31, 2024
(Dollars in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Expense Expense Expense
Balance Rate Balance Rate Balance Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding $37,071,086 $585,286 6.26 % $36,623,037 $583,537 6.32 % $33,461,931 $538,204 6.40 %
accretion
Accretion income on acquired 4,611 0.05 5,519 0.06 2,422 0.03
loans
Loans held for sale 166,212 1,889 4.51 167,634 1,758 4.16 123,211 1,694 5.47
Investment securities
Taxable 9,354,438 83,056 3.52 9,644,752 86,144 3.54 7,555,265 57,476 3.03
Tax-exempt 81,411 790 3.85 526,501 7,534 5.68 81,418 804 3.93
Total investment securities 9,435,849 83,846 3.53 10,171,253 93,678 3.65 7,636,683 58,280 3.04
Other investments 1,192,650 12,165 4.05 1,845,618 22,219 4.78 1,698,300 20,369 4.77
Total interest-earning assets 47,865,797 687,797 5.70 % 48,807,542 706,711 5.74 % 42,920,125 620,969 5.76 %
Other assets 5,707,857 6,026,491 4,809,384
Allowance for credit losses 497,030 481,059 465,971
Total assets $53,076,624 $54,352,974 $47,263,538
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and $20,592,043 $127,480 2.46 % $20,264,338 $136,105 2.66 % $18,845,689 $135,965 2.87 %
money market
Savings deposits 3,049,459 4,695 0.61 3,143,880 5,378 0.68 2,573,961 3,684 0.57
Time deposits 10,767,286 104,293 3.84 11,410,274 112,720 3.92 9,646,809 103,785 4.28
Total interest-bearing deposits 34,408,788 236,468 2.73 34,818,492 254,203 2.90 31,066,459 243,434 3.12
Fed funds purchased, securities 38,850 394 4.02 72,454 818 4.48 26,042 300 4.58
sold under agreement to
repurchase and other
Short-term FHLB borrowings 1,300,870 13,737 4.19 1,073,924 11,807 4.36
Short-term BTFP borrowings - 897,826 10,772 4.77
Subordinated and long-term 972,171 9,466 3.86 1,429,577 14,088 3.91 123,442 1,284 4.14
borrowings
Total interest-bearing 36,720,679 260,065 2.81 % 37,394,447 280,916 2.98 % 32,113,769 255,790 3.17 %
liabilities
Noninterest-bearing liabilities:
Demand deposits 9,283,298 10,040,670 8,676,765
Other liabilities 913,839 935,740 883,643
Total liabilities 46,917,816 48,370,857 41,674,177
Shareholders' equity 6,158,808 5,982,117 5,589,361
Total liabilities and $53,076,624 $54,352,974 $47,263,538
shareholders' equity
Net interest income/net interest 427,732 2.89 % 425,795 2.76 % 365,179 2.59 %
spread
Net yield on earning assets/net 3.55 % 3.46 % 3.38 %
interest margin
Taxable equivalent adjustment:
Loans and investment securities (809) (2,068) (648)
Net interest revenue $426,923 $423,727 $364,531
Table 12
Average Balance and Yields Continued
Year-To-Date
December 31, 2025
December 31, 2024
(Dollars in thousands) Average Income/ Yield/ Average Income/ Yield/
Expense Expense
Balance Rate Balance Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion $35,611,705 $2,244,288 6.30 % $33,107,659 $2,154,654 6.50 %
Accretion income on acquired loans 15,337 0.04 11,911 0.04
Loans held for sale 149,016 6,832 4.58 111,156 6,161 5.54
Investment securities
Taxable 8,747,857 294,787 3.37 7,881,989 243,466 3.09
Tax-exempt 192,321 9,923 5.16 80,880 3,289 4.07
Total investment securities 8,940,178 304,710 3.41 7,962,869 246,755 3.10
Other investments 1,333,988 59,464 4.46 2,450,623 130,499 5.33
Total interest-earning assets 46,034,887 2,630,631 5.71 % 43,632,307 2,549,980 5.84 %
Other assets 5,448,893 4,812,184
Allowance for credit losses 477,832 471,212
Total assets $51,005,948 $47,973,279
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market $19,775,702 518,290 2.62 % $18,739,210 $573,826 3.06 %
Savings deposits 2,863,708 17,464 0.61 2,626,539 14,922 0.57
Time deposits 10,532,746 416,634 3.96 8,330,176 368,572 4.42
Total interest-bearing deposits 33,172,156 952,388 2.87 29,695,925 957,320 3.22
Fed funds purchased, securities sold under 119,560 5,283 4.42 86,171 4,131 4.79
agreement to repurchase and other
Short-term FHLB borrowings 898,003 38,447 4.28
Short-term BTFP borrowings - 2,845,902 136,404 4.79
Subordinated and long-term borrowings 970,786 38,427 3.96 306,396 13,287 4.34
Total interest-bearing liabilities 35,160,505 1,034,545 2.94 % 32,934,394 1,111,142 3.37 %
Noninterest-bearing liabilities:
Demand deposits 9,044,810 8,780,004
Other liabilities 894,132 905,176
Total liabilities 45,099,447 42,619,574
Shareholders' equity 5,906,501 5,353,705
Total liabilities and shareholders' equity $51,005,948 $47,973,279
Net interest income/net interest spread 1,596,086 2.77 % 1,438,838 2.47 %
Net yield on earning assets/net interest margin 3.47 % 3.30 %
Taxable equivalent adjustment:
Loans and investment securities (4,144) (2,623)
Net interest revenue $1,591,942 $1,436,215
Table 13
Selected Additional Data
(Unaudited)
Quarter Ended
(Dollars in thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
MORTGAGE SERVICING RIGHTS ("MSR"):
Fair value, beginning of period $110,495 $111,624 $110,969 $114,594 $104,891
Originations of servicing assets 3,536 3,844 3,732 2,796 4,227
Changes in fair value:
Due to changes in valuation inputs or assumptions(1) 456 (1,254) (2,468) (4,447) 9,193
Other changes in fair value(2) (4,163) (3,719) (609) (1,974) (3,717)
Fair value, end of period $110,324 $110,495 $111,624 $110,969 $114,594
MORTGAGE BANKING REVENUE:
Origination $4,146 $2,753 $4,362 $3,402 $332
Servicing 6,219 6,455 6,372 6,341 5,961
Total mortgage banking revenue excluding MSR 10,365 9,208 10,734 9,743 6,293
Due to changes in valuation inputs or assumptions(1) 456 (1,254) (2,468) (4,447) 9,193
Other changes in fair value(2) (4,163) (3,719) (609) (1,974) (3,717)
Market value adjustment on MSR Hedge (525) 234 1,054 3,316 (8,215)
Total mortgage banking revenue $6,133 $4,469 $8,711 $6,638 $3,554
Mortgage loans serviced $8,433,488 $8,346,802 $8,216,970 $8,111,379 $8,043,306
MSR/mortgage loans serviced 1.31 % 1.32 % 1.36 % 1.37 % 1.42 %
(1) Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on
market interest rates.
(2)
Primarily reflects changes due to realized cash flows.
Quarter Ended
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024
AVAILABLE FOR SALE SECURITIES, at fair value
Obligations of U.S. government agencies $246,535 $254,678 $266,905 $274,285 $281,231
Mortgage-backed securities issued or guaranteed by U.S.
agencies ("MBS"):
Residential pass-through:
Guaranteed by GNMA 61,815 63,756 64,464 66,149 66,581
Issued by FNMA and FHLMC 4,756,051 4,863,136 4,166,316 4,024,678 3,965,556
Other residential mortgage-backed securities 2,388,778 2,742,699 2,389,062 1,564,928 934,721
Commercial mortgage-backed securities 1,443,183 1,466,878 1,455,638 1,486,525 1,549,641
Total MBS 8,649,827 9,136,469 8,075,480 7,142,280 6,516,499
Obligations of states and political subdivisions 124,058 125,478 131,335 129,822 132,069
Other domestic debt securities 26,891 29,703 45,999 48,422 47,402
Foreign debt securities 70,059 70,061 317,681 317,350 316,787
Total available for sale securities $9,117,370 $9,616,389 $8,837,400 $7,912,159 $7,293,988
Table 14
Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions
(Unaudited)
Management evaluates the Company's capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted net income, adjusted net income available to common shareholders, pre-tax pre-provision net revenue, adjusted pre-tax pre-provision net revenue, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders' equity to tangible assets, total shareholders' equity (excluding AOCI), common shareholders' equity (excluding AOCI), tangible common shareholders' equity to tangible assets (excluding AOCI), return on average tangible common equity, adjusted return on average tangible common equity, adjusted return on average assets, adjusted return on average common shareholders' equity, adjusted return on average common shareholders' equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio, and adjusted dividend payout ratio. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company's capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company's business and (iii) allows investors to evaluate the Company's performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies' non-GAAP financial measures having the same or similar names.
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Adjusted Net Income Available to Common
Shareholders
Net income $146,748 $129,849 $134,645 $133,222 $132,715 $544,464 $523,604
Plus: Merger expense 5,831 19,789 2,179 315 28,114
Incremental merger related expense 18,866 8,226 616 55 27,763
Initial provision for acquired loans - 5,519 4,182 9,701
Gain on extinguishment of debt - (1,674)
Restructuring and other nonroutine (4,006) (950) (300) 351 (505) (4,905) 5,501
expenses
Less: Security gains (losses), net 2 4,311 (9) (3) 4,304 (2,962)
Loss on fair value hedge termination - (4,290) (4,290)
Gain on sale of businesses - 14,980
Nonroutine losses, net - (51) (51)
Tax effect of the adjustments 4,498 7,286 1,483 172 (118) 13,438 (1,925)
Adjusted net income 162,939 155,177 139,839 133,780 132,331 591,736 517,338
Less: Preferred dividends 2,372 2,372 4,744 2,372 2,372 11,860 9,488
Plus: Special preferred dividends - 2,372 2,372
Adjusted net income available to common $160,567 $152,805 $137,467 $131,408 $129,959 $582,248 $507,850
shareholders
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Pre-Tax Pre-Provision Net Revenue
Net income $146,748 $129,849 $134,645 $133,222 $132,715 $544,464 $523,604
Plus: Provision for credit losses 28,000 32,000 31,000 20,000 15,000 111,000 71,000
Income tax expense 42,351 35,110 37,813 35,968 36,795 151,242 152,593
Pre-tax pre-provision net revenue $217,099 $196,959 $203,458 $189,190 $184,510 $806,706 $747,197
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Adjusted Pre-Tax Pre-Provision Net Revenue
Net income $146,748 $129,849 $134,645 $133,222 $132,715 $544,464 $523,604
Plus: Provision for credit losses 28,000 32,000 31,000 20,000 15,000 111,000 71,000
Merger expense 5,831 19,789 2,179 315 28,114
Incremental merger related expense 18,866 8,226 616 55 27,763
Gain on extinguishment of debt - (1,674)
Restructuring and other nonroutine expenses (4,006) (950) (300) 351 (505) (4,905) 5,501
Income tax expense 42,351 35,110 37,813 35,968 36,795 151,242 152,593
Less: Security gains (losses), net 2 4,311 (9) (3) 4,304 (2,962)
Loss on fair value hedge termination - (4,290) (4,290)
Gain on sale of businesses - 14,980
Nonroutine losses, net - (51) (51)
Adjusted pre-tax pre-provision net revenue $237,788 $224,054 $205,953 $189,920 $184,008 $857,715 $739,006
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Total Adjusted Revenue
Net interest revenue $426,923 $423,727 $378,140 $363,152 $364,531 $1,591,942 $1,436,215
Total Adjusted Noninterest Revenue
Total noninterest revenue $101,488 $93,478 $98,181 $85,387 $86,165 $378,534 $356,510
Less: Security gains (losses), net 2 4,311 (9) (3) 4,304 (2,962)
Loss on fair value hedge termination - (4,290) (4,290)
Gain on sale of businesses - 14,980
Nonroutine losses, net - (51) (51)
Total adjusted noninterest revenue $101,486 $93,508 $98,181 $85,396 $86,168 $378,571 $344,492
Total adjusted revenue $528,409 $517,235 $476,321 $448,548 $450,699 $1,970,513 $1,780,707
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Total Adjusted Noninterest Expense
Total noninterest expense $311,312 $320,246 $272,863 $259,349 $266,186 $1,163,770 $1,045,528
Less: Merger expense 5,831 19,789 2,179 315 28,114
Incremental merger related expense 18,866 8,226 616 55 27,763
Gain on extinguishment of debt - (1,674)
Restructuring and other nonroutine (4,006) (950) (300) 351 (505) (4,905) 5,501
expenses
Total adjusted noninterest expense $290,621 $293,181 $270,368 $258,628 $266,691 $1,112,798 $1,041,701
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
Total Tangible Assets, Excluding AOCI
Total assets $53,529,044 $53,282,352 $50,378,840 $47,743,294 $47,019,190 $53,529,044 $47,019,190
Less: Goodwill 1,514,244 1,515,771 1,387,990 1,366,923 1,366,923 1,514,244 1,366,923
Other intangible assets, net 141,528 149,039 87,814 79,522 83,190 141,528 83,190
Total tangible assets 51,873,272 51,617,542 48,903,036 46,296,849 45,569,077 51,873,272 45,569,077
Less: AOCI (428,322) (493,782) (576,157) (621,203) (694,495) (428,322) (694,495)
Total tangible assets, excluding AOCI $52,301,594 $52,111,324 $49,479,193 $46,918,052 $46,263,572 $52,301,594 $46,263,572
Quarter Ended
Year-to-date
(In thousands) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
PERIOD END BALANCES:
Total Shareholders' Equity, Excluding AOCI
Total shareholders' equity $6,243,661 $6,083,096 $5,916,283 $5,718,541 $5,569,683 $6,243,661 $5,569,683
Less: AOCI (428,322) (493,782) (576,157) (621,203) (694,495) (428,322) (694,495)
Total shareholders' equity, excluding AOCI $6,671,983 $6,576,878 $6,492,440 $6,339,744 $6,264,178 $6,671,983 $6,264,178
Common Shareholders' Equity, Excluding AOCI
Total shareholders' equity $6,243,661 $6,083,096 $5,916,283 $5,718,541 $5,569,683 $6,243,661 $5,569,683
Less: preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993
Common shareholders' equity 6,076,668 5,916,103 5,749,290 5,551,548 5,402,690 6,076,668 5,402,690
Less: AOCI (428,322) (493,782) (576,157) (621,203) (694,495) (428,322) (694,495)
Common shareholders' equity, excluding AOCI $6,504,990 $6,409,885 $6,325,447 $6,172,751 $6,097,185 $6,504,990 $6,097,185
Total Tangible Common Shareholders' Equity,
Excluding AOCI
Total shareholders' equity $6,243,661 $6,083,096 $5,916,283 $5,718,541 $5,569,683 $6,243,661 $5,569,683
Less: Goodwill 1,514,244 1,515,771 1,387,990 1,366,923 1,366,923 1,514,244 1,366,923
Other intangible assets, net 141,528 149,039 87,814 79,522 83,190 141,528 83,190
Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993
Total tangible common shareholders' equity 4,420,896 4,251,293 4,273,486 4,105,103 3,952,577 4,420,896 3,952,577
Less: AOCI (428,322) (493,782) (576,157) (621,203) (694,495) (428,322) (694,495)
Total tangible common shareholders' equity, $4,849,218 $4,745,075 $4,849,643 $4,726,306 $4,647,072 $4,849,218 $4,647,072
excluding AOCI
Quarter Ended
Year-to-date
(Dollars in thousands, except per share data) Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Dec 2025 Dec 2024
AVERAGE BALANCES:
Total Tangible Common Shareholders' Equity
Total shareholders' equity $6,158,808 $5,982,117 $5,827,081 $5,651,592 $5,589,361 $5,906,501 $5,353,705
Less: Goodwill 1,515,659 1,515,771 1,379,076 1,366,923 1,366,923 1,444,960 1,367,245
Other intangible assets, net 145,793 130,434 81,845 81,527 85,323 110,132 91,645
Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993
Total tangible common shareholders' equity $4,330,363 $4,168,919 $4,199,167 $4,036,149 $3,970,122 $4,184,416 $3,727,822
Total average assets $53,076,624 $54,352,974 $49,356,696 $47,135,431 $47,263,538 $51,005,948 $47,973,279
Total shares of common stock outstanding 186,622,108 186,307,016 186,307,016 184,046,420 183,527,575 186,622,108 183,527,575
Average shares outstanding-diluted 189,506,284 189,053,254 187,642,873 186,121,979 186,038,243 188,091,060 185,592,759
Tangible common shareholders' equity to tangible 8.52 % 8.24 % 8.74 % 8.87 % 8.67 % 8.52 % 8.67 %
assets (1)
Tangible common shareholders' equity, excluding 9.27 9.11 9.80 10.07 10.04 9.27 10.04
AOCI, to tangible assets, excluding AOCI (2)
Return on average tangible common equity (3) 13.23 12.13 12.41 13.15 13.06 12.73 13.79
Adjusted return on average tangible common 14.71 14.54 13.13 13.20 13.02 13.91 13.62
equity (4)
Adjusted return on average assets (5) 1.22 1.13 1.14 1.15 1.11 1.16 1.08
Adjusted return on average common shareholders' 10.63 10.43 9.74 9.72 9.53 10.14 9.79
equity (6)
Pre-tax pre-provision net revenue to total average 1.62 1.44 1.65 1.63 1.55 1.58 1.56
assets (7)
Adjusted pre-tax pre-provision net revenue to total 1.78 1.64 1.67 1.63 1.55 1.68 1.54
average assets (8)
Tangible book value per common share (9) $23.69 $22.82 $22.94 $22.30 $21.54 $23.69 $21.54
Tangible book value per common share, excluding 25.98 25.47 26.03 25.68 25.32 25.98 25.32
AOCI (10)
Adjusted earnings per common share (11) $0.85 $0.81 $0.73 $0.71 $0.70 $3.10 $2.74
Adjusted dividend payout ratio (12) 32.35 % 33.95 % 37.67 % 38.73 % 35.71 % 35.48 % 36.50 %
Definitions of Non-GAAP Measures:
(1) Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference
of total assets less goodwill and other intangible assets, net.
(2) Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets,
net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.
(3)
Return on average tangible common equity is defined by the Company as annualized net income available to common shareholders divided by average tangible common shareholders equity.
(4) Adjusted return on average tangible common equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity.
(5)
Adjusted return on average assets is defined by the Company as annualized net adjusted income divided by total average assets.
(6) Adjusted return on average common shareholders' equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average common shareholders' equity.
(7)
Pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue divided by total average assets.
(8) Adjusted pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for
items included in the definition and calculation of adjusted income.
(9)
Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding.
(10) Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock
outstanding.
(11)
Adjusted earnings per common share is defined by the Company as net adjusted income available to common shareholders divided by average common shares outstanding-diluted.
(12)
Adjusted dividend payout ratio is defined by the Company as common share dividends divided by net adjusted income available to common shareholders.
Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions
The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management's internal evaluation of the Company's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense.
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SOURCE Cadence Bank
Valerie C. Toalson, Senior Executive Vice President, Chief Financial Officer and Banking Services President, 713/871-3903; Will Fisackerly, Executive Vice President, Director of Corporate Finance, 662/680-2475