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Cadence Bank Announces Fourth Quarter 2024 and Annual Financial Results; Announces Increase in Quarterly Common Dividend

1. CADE reported annual net income of $514.1 million, a 24.5% increase. 2. Quarterly dividend increased by 10% to $0.275 per share. 3. Net organic loan growth of $1.2 billion represents 3.8% increase. 4. Net interest margin rose to 3.30%, up 22 basis points year-over-year. 5. Improved efficiency ratio from 63.3% to 58.4% reflects operational improvements.

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CADE's strong financial performance and increasing dividends indicate positive growth potential, similar to past recovery patterns following earnings growth.

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The article details significant financial improvements and growth, directly affecting investors' perceptions of CADE.

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CADEJPMBAC
, /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2024.Annual highlights for 2024 included: Cadence Bank 2024 Q4 Earnings Fact Sheet Achieved net income available to common shareholders of $514.1 million, or $2.77 per diluted common share, and adjusted net income from continuing operations available to common shareholders,(1) which excludes non-routine income and expenses,(2) of $507.9 million, or $2.74 per diluted common share, an increase of 24.5% on a per share basis compared to 2023. Reported annual adjusted pre-tax pre-provision net revenue (PPNR) from continuing operations(1) of $739.0 million, or 1.54% of average assets, an increase of $126.7 million, or 20.7%, compared to 2023. Generated net organic loan growth of $1.2 billion, or 3.8% for the year while core customer deposits, which exclude brokered deposits and public funds, increased $2.2 billion, or 6.9%. Increased net interest margin for the year by 22 basis points to 3.30%. Achieved continued improvement in operating leverage reflected in a decline in the adjusted efficiency ratio(1) from 63.3% in 2023 to 58.4% in 2024. Realized stable net charge-offs as a percent of average loans in 2024 of 0.24%, and criticized loans improved 5.9% to $794.5 million at December 31, 2024. Repurchased 1,237,021 shares of Company common stock at a weighted average price of $26.74; tangible book value per common share(1) increased to $21.54 per share at December 31, 2024, up $2.22 per share, or 11.5%, compared to December 31, 2023 while tangible common shareholders' equity to tangible assets(1) increased from 7.44% to 8.67% over the same time period. Highlights for the fourth quarter of 2024 included: Reported quarterly net income available to common shareholders of $130.3 million, or $0.70 per diluted common share, and adjusted net income from continuing operations available to common shareholders(1) of $130.0 million, or $0.70 per diluted common share. Achieved quarterly adjusted PPNR from continuing operations(1) of $184.0 million, which is down $5.9 million compared to the third quarter of 2024 and up $46.1 million from the fourth quarter of 2023. Generated net organic loan growth of $437.8 million for the fourth quarter of 2024, or 5.2% on an annualized basis. Grew core customer deposits by $259.6 million in the fourth quarter, or 3.0% annualized, excluding the $435.0 million in temporary overnight sweep activity included in the September 30, 2024 deposit totals. Continued to improve net interest margin, increasing 7 basis points compared to the third quarter of 2024 to 3.38%. Realized 0.17% in annualized net charge-offs as a percent of average loans, improved 9 basis points from the linked quarter, and a $15.0 million provision for credit losses resulting in a 1.37% allowance for credit losses as a percent of loans. Additionally, criticized and classified loan levels as well as total nonperforming loans improved compared to the linked quarter. Maintained strong regulatory capital with Common Equity Tier 1 Capital of 12.4% and Total Capital of 14.0%. Quarterly dividend increase and approval: At its regular quarterly meeting today, the Board of Directors of the Company declared quarterly cash dividends of $0.275 per common share of stock and $0.34375 per share of Series A Preferred Stock. The common stock dividend represents an increase of $0.025, or 10.0%, per share compared to the previous quarterly dividend of $0.25 per common share and is payable on April 1, 2025 to shareholders of record at the close of business on March 14, 2025. The preferred stock dividend is payable on February 20, 2025 to shareholders of record at the close of business on February 5, 2025. "Our fourth quarter results reflect the culmination of a successful year of improved operating performance achieved through steady balance sheet growth, reduction of debt, stable credit quality, and improved net interest margin and operating efficiency," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "This has been an exciting year for Cadence. We could feel the momentum in our business throughout the year, and the benefits of our footprint, business diversification and talented teammates shined through. This momentum was evidenced by strong capital generation, supporting both our future growth as well as a 10% increase in the quarterly dividend to common shareholders. Importantly, this momentum also fueled the 25% increase in our adjusted earnings from continuing operations per common share(1) for the year."Earnings SummaryAll adjusted financial results discussed herein are adjusted results from continuing operations.(3)For the year ended December 31, 2024, the Company reported net income available to common shareholders of $514.1 million, or $2.77 per diluted common share, compared with $532.8 million, or $2.92 per diluted common share, for the year ended December 31, 2023. The Company reported adjusted net income from continuing operations available to common shareholders(1) of $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024 compared with $401.2 million, or $2.20 per diluted common share, for the year ended December 31, 2023. Additionally, the Company reported adjusted PPNR from continuing operations(1) of $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024 compared with $612.3 million, or 1.26% of average assets, for the year ended December 31, 2023.For the fourth quarter of 2024, the Company reported net income available to common shareholders of $130.3 million, or $0.70 per diluted common share, compared to $256.7 million, or $1.41 per diluted common share, for the fourth quarter of 2023 and $134.1 million, or $0.72 per diluted common share, for the third quarter of 2024. Adjusted net income available to common shareholders from continuing operations(1) was $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024, compared with $72.7 million, or $0.40 per diluted common share, for the fourth quarter of 2023 and $135.6 million, or $0.73 per diluted common share, for the third quarter of 2024. Additionally, the Company reported adjusted PPNR from continuing operations(1) of $184.0 million, or 1.55% of average assets on an annualized basis, for the fourth quarter of 2024, which represents a decline of $5.9 million or 3.1% compared to the third quarter of 2024, and an increase of $46.1 million or 33.4% compared to the same quarter of 2023.Net Interest RevenueNet interest revenue increased to $364.5 million for the fourth quarter of 2024, compared to $334.6 million for the fourth quarter of 2023 and $361.5 million for the third quarter of 2024. The net interest margin (fully taxable equivalent) improved to 3.38% for the fourth quarter of 2024, compared with 3.04% for the fourth quarter of 2023 and 3.31% for the third quarter of 2024.Net interest revenue increased $3.1 million, or 0.9%, compared to the third quarter of 2024 as the Company continues to benefit from an improved average earning asset mix, continued upward repricing of fixed rate and certain variable rate loans that soften the impact of declining interest rates on the portfolio, declining deposit costs and paydowns of borrowings. Purchase accounting accretion revenue was $2.4 million for the fourth quarter of 2024 compared with $3.0 million for the third quarter of 2024. Average earning assets declined slightly to $42.9 billion, as growth in average loans of $182.1 million was offset by lower excess cash and securities as the Company paid off the Bank Term Funding Program balances and called a sub-debt issuance in the fourth quarter.Yield on net loans, loans held for sale and leases, excluding accretion, was 6.40% for the fourth quarter of 2024, down 21 basis points from 6.61% for the third quarter of 2024. Investment securities yielded 3.04% in the fourth quarter of 2024, which is flat compared to the third quarter of 2024. The yield on total interest earning assets was 5.76% for the fourth quarter of 2024 compared with 5.92% for the third quarter of 2024.The average cost of total deposits declined to 2.44% for the fourth quarter of 2024, compared to 2.55% for the third quarter of 2024. The 18 basis point linked quarter decline in the cost of interest-bearing deposits was partially offset by product mix shift with quarterly growth in interest-bearing demand and time deposits and declines in noninterest bearing deposits. Total interest-bearing liabilities cost declined 30 basis points to 3.17% for the fourth quarter of 2024 compared to 3.47% for the third quarter of 2024.Balance Sheet ActivityLoans and leases, net of unearned income, increased to $33.7 billion at December 31, 2024 compared to $33.3 billion at September 30, 2024. Net loan growth of $437.8 million, or 5.2% annualized, for the fourth quarter was driven primarily by growth in residential mortgages, owner occupied C&I credits and  income producing CRE. Total deposits were $40.5 billion as of December 31, 2024, an increase of $1.7 billion from $38.8 billion at the end of the third quarter of 2024. The fourth quarter's increase included a seasonal increase of $360.0 million in public funds to $4.1 billion, and a $1.5 billion increase in brokered deposits to $2.1 billion at December 31, 2024. Brokered deposits were added during the fourth quarter primarily to facilitate the pay off of the $3.5 billion Bank Term Funding Program balance at rates the Company viewed as favorable compared to other alternative funding sources. Core customer deposits, which exclude brokered deposits and public funds, declined approximately $175.4 million compared to September 30, 2024. However, excluding approximately $435.0 million in temporary overnight customer sweep activity in core customer balances at the end of the third quarter, total core customer deposits increased $259.6 million during the fourth quarter, or 3.0% on an annualized basis. The December 31, 2024 loan to deposit ratio was 83.3%. Noninterest bearing deposits declined to 21.2% of total deposits at the end of the fourth quarter of 2024 from 23.8% at September 30, 2024. Total investment securities declined $0.5 billion during the fourth quarter of 2024 to $7.3 billion at December 31, 2024, representing 15.5% of total assets. Cash, due from balances and deposits at the Federal Reserve declined $2.3 billion to $1.7 billion at December 31, 2024 as the Company utilized excess liquidity to reduce reliance on higher cost funding, including the pay off of the Bank Term Funding Program borrowings and call of subordinated debt.In November 2024, the Company called $215.2 million in fixed-to-floating subordinated debt at par. This debt was yielding 4.125% and was set to reprice at SOFR+2.73% after the November call date. This call was in addition to the June 2024 call of $138.9 million in fixed-to-floating subordinated debt at par, yielding 5.65% and set to reprice to a weighted-average rate of SOFR+3.76% after the June call date.Credit Results, Provision for Credit Losses and Allowance for Credit LossesCredit metrics for the fourth quarter of 2024 reflected overall stability in credit quality. Net charge-offs for the fourth quarter of 2024 were $14.1 million, or 0.17% of average net loans and leases on an annualized basis, compared with net charge-offs of $23.8 million, or 0.29% of average net loans and leases on an annualized basis, for the fourth quarter of 2023 and net charge-offs of $22.2 million, or 0.26% of average net loans and leases on an annualized basis, for the third quarter of 2024. The provision for credit losses for the fourth quarter of 2024 was $15.0 million, compared with $38.0 million for the fourth quarter of 2023 and $12.0 million for the third quarter of 2024. The allowance for credit losses of $460.8 million at December 31, 2024 was stable at 1.37% of total loans and leases compared to 1.38% of total loans and leases at September 30, 2024 and down slightly from 1.44% of total loans and leases at December 31, 2023.Total nonperforming assets as a percent of total assets were 0.58% at December 31, 2024 compared to 0.45% at December 31, 2023 and 0.57% at September 30, 2024. Total nonperforming loans and leases as a percent of loans and leases, net were 0.78% at December 31, 2024, compared to 0.67% at December 31, 2023 and 0.82% at September 30, 2024. Other real estate owned and other repossessed assets was $5.8 million at December 31, 2024 compared to the December 31, 2023 balance of $6.2 million and the September 30, 2024 balance of $5.4 million. Criticized loans represented 2.35% of loans at December 31, 2024 compared to 2.60% at December 31, 2023 and 2.64% at September 30, 2024, while classified loans were 2.02% at December 31, 2024 compared to 2.09% at December 31, 2023 and 2.09% at September 30, 2024. Noninterest RevenueNoninterest revenue was $86.2 million for the fourth quarter of 2024 compared with negative $311.5 million for the fourth quarter of 2023 and $85.9 million for the third quarter of 2024.  Noninterest revenue for the fourth quarter of 2023 included a securities portfolio restructuring loss of $384.5 million. Adjusted noninterest revenue(1) for the fourth quarter of 2024 was $86.2 million, compared with $73.1 million for the fourth quarter of 2023 and $88.8 million for the third quarter of 2024. Adjusted noninterest revenue(1) for the fourth quarter of 2024 has no significant adjustments while adjusted noninterest revenue(1) for the fourth quarter of 2023 excludes $384.5 million securities portfolio restructuring loss and adjusted noninterest revenue(1) for the third quarter of 2024 excludes $2.9 million in securities losses.Adjusted noninterest revenue was relatively consistent with the third quarter of 2024, with improvements in mortgage banking revenue offset by a decline in other noninterest revenue. Wealth management revenue was $24.0 million for the fourth quarter of 2024, consistent with $24.1 million for the third quarter of 2024. Credit card, debit card and merchant fee revenue was $12.7 million for the fourth quarter of 2024, compared with $12.6 million for the third quarter of 2024. Deposit service charge revenue was $18.7 million for the fourth quarter of 2024, compared to $18.8 million for the third quarter of 2024.Mortgage banking revenue totaled $3.6 million for the fourth quarter of 2024, compared to negative $1.1 million for the fourth quarter of 2023 and $1.1 million for the third quarter of 2024. The $2.5 million improvement during the linked quarter was due to improvement in the MSR net valuation adjustment of $4.3 million, partially offset by $1.8 million in seasonally lower mortgage production and servicing revenue.Other noninterest revenue was $27.3 million for the fourth quarter of 2024, down from $32.1 million for the third quarter of 2024, with the $4.8 million decline impacted by lower quarterly fair valuations of limited partnerships and equity securities, as well as the impact of the prior quarter's gain on debt redemption. These declines were partially offset by increases in credit related fees, SBA income and BOLI proceeds.Noninterest ExpenseNoninterest expense for the fourth quarter of 2024 was $266.2 million, compared with $329.4 million for the fourth quarter of 2023 and $259.4 million for the third quarter of 2024. Adjusted noninterest expense(1) for the fourth quarter of 2024 was $266.7 million, compared with $269.8 million for the fourth quarter of 2023 and $260.4 million for the third quarter of 2024. Adjusted noninterest expense for the fourth quarter of 2024 excludes a benefit of $0.5 million associated with an adjustment to the estimated FDIC special assessment. The adjusted efficiency ratio(1) was 59.1% for the fourth quarter of 2024, compared to 57.7% for the third quarter of 2024 and 66.0% for the fourth quarter of 2023.The $6.3 million, or 2.4%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by increases in data processing and software expense as well as other noninterest expense. Data processing and software expense increased $4.1 million compared to the third quarter of 2024, primarily as a result of the fourth quarter system upgrade of the Company's treasury management platform, with a majority of those expenses not ongoing in nature. Other noninterest expense increased $3.4 million compared to the third quarter of 2024 driven by increases in various items including professional services, advertising and public relations, and operational losses.Capital ManagementTotal shareholders' equity was $5.6 billion at December 31, 2024 compared with $5.2 billion at December 31, 2023 and $5.6 billion at September 30, 2024. Estimated regulatory capital ratios at December 31, 2024 included Common Equity Tier 1 capital of 12.4%, Tier 1 capital of 12.8%, Total risk-based capital of 14.0%, and Tier 1 leverage capital of 10.4%. During the fourth quarter of 2024, the Company did not repurchase any shares of Company common stock.  For the full year 2024, the Company repurchased 1,237,021 shares at a weighted average price of $26.74. Outstanding common shares were 183.5 million as of December 31, 2024.SummaryRollins concluded, "As we enter 2025, our team is excited about the opportunity to build on our accomplishments and momentum from 2024. Our focus on growth in loans, deposits and fee revenues, combined with net interest margin expansion, stable credit quality and improved operating efficiency, has contributed to continued improvement in our profitability and financial performance. We look forward to building on this success in 2025 and beyond as we focus on our company's vision of helping people, companies and communities prosper."Key TransactionsEffective May 17, 2024, the Company completed the sale of Cadence Business Solutions, its payroll processing business unit, resulting in a net gain on sale of approximately $12 million. The impact on both revenues and expenses is not material. The payroll processing unit had previously been part of Cadence Insurance, Inc., prior to its sale in November 2023.Effective November 30, 2023, the Company completed the sale of its insurance subsidiary, Cadence Insurance, to Arthur J. Gallagher & Co. for approximately $904 million. The Transaction resulted in net capital creation of approximately $625 million, including a net gain on sale of approximately $525 million. The gain along with Cadence Insurance's historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations. Additionally, current and prior period adjusted earnings exclude the impact of discontinued operations. Conference Call and WebcastThe Company will conduct a conference call to discuss its fourth quarter and annual 2024 financial results on January 23, 2025, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.About Cadence BankCadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. 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. (2) See Table 14 for detail on non-routine income and expenses. (3) Given the sale of Cadence Insurance, Inc. ("Cadence Insurance") in the fourth quarter of 2023, the financial results presented consist of both continuing operations and discontinued operations. The discontinued operations include the financial results of Cadence Insurance prior to the sale, as well as the associated gain on sale in the fourth quarter of 2023. The discontinued operations are presented as a single line item below income from continuing operations and as separate lines in the balance sheet in the accompanying tables for all periods presented. Forward-Looking StatementsCertain 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," "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, 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 of the Cadence Insurance sale on the Company's financial condition and future net income and earnings per share, and the Company's ability to deploy capital into strategic and growth initiatives. 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.Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company's growth, expansion, acquisition, or divestment strategies, including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements (including those related to stock repurchases); the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from Russia's military action in Ukraine, the escalating conflicts in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.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; the impairment of the Company's 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 Company's success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with its primary federal regulator, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, particularly those under the heading "Item 1A. Risk Factors," in the Company's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," and in the Company's Current Reports on Form 8-K.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 (Unaudited) Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Earnings Summary: Interest revenue $       620,321 $       647,713 $       642,210 $       637,113 $       615,187 $    2,547,357 $ 2,310,167 Interest expense 255,790 286,255 285,892 283,205 280,582 1,111,142 958,811 Net interest revenue 364,531 361,458 356,318 353,908 334,605 1,436,215 1,351,356 Provision for credit losses 15,000 12,000 22,000 22,000 38,000 71,000 80,000 Net interest revenue, after provision for credit losses 349,531 349,458 334,318 331,908 296,605 1,365,215 1,271,356 Noninterest revenue 86,165 85,901 100,658 83,786 (311,460) 356,510 (116,343) Noninterest expense 266,186 259,438 256,697 263,207 329,367 1,045,528 1,155,923 Income (loss) from continuing operations before income taxes 169,510 175,921 178,279 152,487 (344,222) 676,197 (910) Income tax expense (benefit) 36,795 39,482 40,807 35,509 (80,485) 152,593 (4,594) Income (loss) from continuing operations 132,715 136,439 137,472 116,978 (263,737) 523,604 3,684 Income from discontinued operations, net of taxes — — — — 522,801 — 538,620 Net income 132,715 136,439 137,472 116,978 259,064 523,604 542,304 Less: Preferred dividends 2,372 2,372 2,372 2,372 2,372 9,488 9,488 Net income available to common shareholders $       130,343 $       134,067 $       135,100 $       114,606 $       256,692 $       514,116 $   532,816 Balance Sheet - Period End Balances Total assets $  47,019,190 $  49,204,933 $  47,984,078 $  48,313,863 $  48,934,510 $  47,019,190 $  48,934,510 Total earning assets 42,386,627 44,834,897 43,525,688 43,968,692 44,192,887 42,386,627 44,192,887 Available for sale securities 7,293,988 7,841,685 7,921,422 8,306,589 8,075,476 7,293,988 8,075,476 Loans and leases, net of unearned income 33,741,755 33,303,972 33,312,773 32,882,616 32,497,022 33,741,755 32,497,022 Allowance for credit losses (ACL) 460,793 460,859 470,022 472,575 468,034 460,793 468,034 Net book value of acquired loans 4,783,206 5,521,000 5,543,419 6,011,007 6,353,344 4,783,206 6,353,344 Unamortized net discount on acquired loans 15,611 17,988 20,874 23,715 26,928 15,611 26,928 Total deposits 40,496,201 38,844,360 37,858,659 38,120,226 38,497,137 40,496,201 38,497,137 Total deposits and repurchase agreements 40,519,817 38,861,324 37,913,693 38,214,616 38,948,653 40,519,817 38,948,653 Other short-term borrowings — 3,500,000 3,500,000 3,500,000 3,500,000 — 3,500,000 Subordinated and long-term debt 10,706 225,823 269,353 430,123 438,460 10,706 438,460 Total shareholders' equity 5,569,683 5,572,863 5,287,758 5,189,932 5,167,843 5,569,683 5,167,843 Total shareholders' equity, excluding AOCI (1) 6,264,178 6,163,205 6,070,220 5,981,265 5,929,672 6,264,178 5,929,672 Common shareholders' equity 5,402,690 5,405,870 5,120,765 5,022,939 5,000,850 5,402,690 5,000,850 Common shareholders' equity, excluding AOCI (1) $    6,097,185 $    5,996,212 $    5,903,227 $    5,814,272 $    5,762,679 $    6,097,185 $ 5,762,679 Balance Sheet - Average Balances Total assets $  47,263,538 $  47,803,977 $  48,192,719 $  48,642,540 $  48,444,176 $  47,973,279 $  48,703,953 Total earning assets 42,920,125 43,540,045 43,851,822 44,226,077 43,754,664 43,632,307 43,951,257 Available for sale securities 7,636,683 7,915,636 8,033,552 8,269,708 9,300,714 7,962,869 10,322,335 Loans and leases, net of unearned income 33,461,931 33,279,819 32,945,526 32,737,574 32,529,030 33,107,659 31,913,925 Total deposits 39,743,224 37,634,453 38,100,087 38,421,272 38,215,379 38,475,929 38,628,453 Total deposits and repurchase agreements 39,761,277 37,666,828 38,165,908 38,630,620 38,968,397 38,557,021 39,399,230 Other short-term borrowings 905,815 3,512,218 3,500,000 3,500,000 3,503,320 2,850,981 3,471,207 Subordinated and long-term debt 123,442 265,790 404,231 434,579 443,251 306,396 452,645 Total shareholders' equity 5,589,361 5,420,826 5,207,254 5,194,048 4,507,343 5,353,705 4,487,433 Common shareholders' equity $    5,422,368 $    5,253,833 $    5,040,261 $    5,027,055 $    4,340,350 $    5,186,712 $ 4,320,440 Nonperforming Assets: Nonperforming loans and leases (NPL) (2) (3) 264,692 272,954 216,746 241,007 216,141 264,692 216,141 Other real estate owned and other assets 5,754 5,354 4,793 5,280 6,246 5,754 6,246 Nonperforming assets (NPA) $       270,446 $       278,308 $       221,539 $       246,287 $       222,387 $       270,446 $   222,387 (1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27. (2) At December 31, 2024, $89.9 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 June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million. Table 2 Selected Financial Ratios Quarter Ended Year-to-date Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Financial Ratios and Other Data: Return on average assets from continuing operations (2) 1.12 % 1.14 % 1.15 % 0.97 % (2.16) % 1.09 % 0.01 % Return on average assets (2) 1.12 1.14 1.15 0.97 2.12 1.09 1.11 Adjusted return on average assets from continuing operations (1)(2) 1.11 1.15 1.09 0.97 0.62 1.08 0.84 Return on average common shareholders' equity from continuing operations (2) 9.56 10.15 10.78 9.17 (24.32) 9.91 (0.13) Return on average common shareholders' equity (2) 9.56 10.15 10.78 9.17 23.46 9.91 12.33 Adjusted return on average common shareholders' equity from continuing operations (1)(2) 9.53 10.27 10.21 9.15 6.65 9.79 9.29 Return on average tangible common equity from continuing operations (1)(2) 13.06 14.04 15.18 12.94 (36.79) 13.79 (0.20) Return on average tangible common equity (1)(2) 13.06 14.04 15.18 12.94 35.49 13.79 18.74 Adjusted return on average tangible common equity from continuing operations (1)(2) 13.02 14.21 14.37 12.92 10.06 13.62 14.11 Pre-tax pre-provision net revenue from continuing operation to total average assets (1)(2) 1.55 1.56 1.67 1.44 (2.51) 1.56 0.16 Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets (1)(2) 1.55 1.58 1.59 1.44 1.13 1.54 1.26 Net interest margin-fully taxable equivalent 3.38 3.31 3.27 3.22 3.04 3.30 3.08 Net interest rate spread-fully taxable equivalent 2.59 2.45 2.45 2.40 2.25 2.47 2.33 Efficiency ratio fully tax equivalent (1) 58.98 57.90 56.09 60.05 NM 58.24 93.28 Adjusted efficiency ratio fully tax equivalent (1) 59.09 57.73 56.73 60.12 66.01 58.41 63.34 Loan/deposit ratio 83.32 % 85.74 % 87.99 % 86.26 % 84.41 % 83.32 % 84.41 % Full time equivalent employees 5,335 5,327 5,290 5,322 5,333 5,335 5,333 Credit Quality Ratios: Net charge-offs to average loans and leases (2) 0.17 % 0.26 % 0.28 % 0.24 % 0.29 % 0.24 % 0.23 % Provision for credit losses to average loans and leases (2) 0.18 0.14 0.27 0.27 0.46 0.21 0.25 ACL to loans and leases, net 1.37 1.38 1.41 1.44 1.44 1.37 1.44 ACL to NPL 174.09 168.84 216.85 196.08 216.54 174.09 216.54 NPL to loans and leases, net 0.78 0.82 0.65 0.73 0.67 0.78 0.67 NPA to total assets 0.58 0.57 0.46 0.51 0.45 0.58 0.45 Equity Ratios: Total shareholders' equity to total assets 11.85 % 11.33 % 11.02 % 10.74 % 10.56 % 11.85 % 10.56 % Total common shareholders' equity to total assets 11.49 10.99 10.67 10.40 10.22 11.49 10.22 Tangible common shareholders' equity to tangible assets (1) 8.67 8.28 7.87 7.60 7.44 8.67 7.44 Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (1) 10.04 9.40 9.40 9.13 8.90 10.04 8.90 Capital Adequacy (3): Common Equity Tier 1 capital 12.4 % 12.3 % 11.9 % 11.7 % 11.6 % 12.4 % 11.6 % Tier 1 capital 12.8 12.7 12.3 12.2 12.1 12.8 12.1 Total capital 14.0 14.5 14.2 14.5 14.3 14.0 14.3 Tier 1 leverage capital 10.4 10.1 9.7 9.5 9.3 10.4 9.3 (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. NM - Not meaningful Table 3 Selected Financial Information Quarter Ended Year-to-date Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Common Share Data: Diluted earnings (losses) per share from continuing operations $         0.70 $         0.72 $         0.73 $         0.62 $       (1.46) $      2.77 $     (0.03) Adjusted earnings per share from continuing operations (1) 0.70 0.73 0.69 0.62 0.40 2.74 2.20 Diluted earnings per share 0.70 0.72 0.73 0.62 1.41 2.77 2.92 Cash dividends per share 0.250 0.250 0.250 0.250 0.235 1.00 0.94 Book value per share 29.44 29.65 28.07 27.50 27.35 29.44 27.35 Tangible book value per share (1) 21.54 21.68 20.08 19.48 19.32 21.54 19.32 Market value per share (last) 34.45 31.85 28.28 29.00 29.59 34.45 29.59 Market value per share (high) 40.20 34.13 29.95 30.03 31.45 40.20 31.45 Market value per share (low) 30.21 27.46 26.16 24.99 19.67 24.99 16.95 Market value per share (average) 35.17 30.96 28.14 27.80 24.40 30.56 22.90 Dividend payout ratio from continuing operations 35.71 % 34.72 % 34.25 % 40.48 % (16.13) % 36.10 % NM Adjusted dividend payout ratio from continuing operations (1) 35.71 % 34.25 % 36.23 % 40.32 % 58.75 % 36.50 % 42.73 % Total shares outstanding 183,527,575 182,315,142 182,430,427 182,681,325 182,871,775 183,527,575 182,871,775 Average shares outstanding - diluted 186,038,243 185,496,110 185,260,963 185,574,130 182,688,190 185,592,759 182,608,713 Yield/Rate: (Taxable equivalent basis) Loans, loans held for sale, and leases 6.42 % 6.64 % 6.59 % 6.50 % 6.48 % 6.54 % 6.28 % Loans, loans held for sale, and leases excluding netaccretion on acquired loans and leases 6.40 6.61 6.56 6.46 6.43 6.50 6.20 Available for sale securities: Taxable 3.03 3.03 3.18 3.11 2.45 3.09 2.09 Tax-exempt 3.93 3.97 4.12 4.25 3.78 4.07 3.32 Other investments 4.77 5.37 5.45 5.48 5.41 5.33 5.13 Total interest earning assets and revenue 5.76 5.92 5.90 5.80 5.59 5.84 5.27 Deposits 2.44 2.55 2.53 2.45 2.32 2.49 1.90 Interest bearing demand and money market 2.87 3.13 3.13 3.11 3.02 3.06 2.58 Savings 0.57 0.57 0.57 0.57 0.56 0.57 0.49 Time 4.28 4.50 4.53 4.42 4.22 4.42 3.69 Total interest bearing deposits 3.12 3.30 3.28 3.21 3.10 3.22 2.62 Fed funds purchased, securities sold underagreement to repurchase and other 4.58 5.10 4.47 4.86 4.33 4.79 4.07 Short-term FHLB borrowings — — — — — — 4.91 Short-term BTFP borrowings 4.77 4.77 4.77 4.84 5.04 4.79 5.10 Total interest bearing deposits and short-term borrowings 3.16 3.46 3.44 3.39 3.33 3.36 2.91 Subordinated and long-term borrowings 4.14 4.30 4.41 4.35 4.18 4.34 4.23 Total interest bearing liabilities 3.17 3.47 3.45 3.40 3.34 3.37 2.93 Interest bearing liabilities to interest earning assets 74.82 % 75.40 % 75.97 % 75.73 % 76.08 % 75.48 % 74.43 % Net interest income tax equivalent adjustment (in thousands) $          648 $          694 $          644 $          636 $          987 $     2,623 $     4,184 (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 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 ASSETS Cash and due from banks $         624,884 $         504,827 $         516,715 $         427,543 $         798,177 Interest bearing deposits with other banks and Federal funds sold 1,106,692 3,483,299 2,093,820 2,609,931 3,434,088 Available for sale securities, at fair value 7,293,988 7,841,685 7,921,422 8,306,589 8,075,476 Loans and leases, net of unearned income 33,741,755 33,303,972 33,312,773 32,882,616 32,497,022 Allowance for credit losses 460,793 460,859 470,022 472,575 468,034 Net loans and leases 33,280,962 32,843,113 32,842,751 32,410,041 32,028,988 Loans held for sale, at fair value 244,192 205,941 197,673 169,556 186,301 Premises and equipment, net 783,456 797,556 808,705 822,666 802,133 Goodwill 1,366,923 1,366,923 1,366,923 1,367,785 1,367,785 Other intangible assets, net 83,190 87,094 91,027 96,126 100,191 Bank-owned life insurance 651,838 652,057 648,970 645,167 642,840 Other assets 1,583,065 1,422,438 1,496,072 1,458,459 1,498,531 Total Assets $    47,019,190 $    49,204,933 $    47,984,078 $    48,313,863 $    48,934,510 LIABILITIES Deposits: Demand: Noninterest bearing $      8,591,805 $      9,242,693 $      8,586,265 $      8,820,468 $      9,232,068 Interest bearing 19,345,114 18,125,553 18,514,015 18,945,982 19,276,596  Savings 2,588,406 2,560,803 2,613,950 2,694,777 2,720,913  Time deposits 9,970,876 8,915,311 8,144,429 7,658,999 7,267,560 Total deposits 40,496,201 38,844,360 37,858,659 38,120,226 38,497,137 Securities sold under agreement to repurchase 23,616 16,964 55,034 94,390 451,516 Other short-term borrowings — 3,500,000 3,500,000 3,500,000 3,500,000 Subordinated and long-term debt 10,706 225,823 269,353 430,123 438,460 Other liabilities 918,984 1,044,923 1,013,274 979,192 879,554 Total Liabilities 41,449,507 43,632,070 42,696,320 43,123,931 43,766,667 SHAREHOLDERS' EQUITY Preferred stock 166,993 166,993 166,993 166,993 166,993 Common stock 458,819 455,788 456,076 456,703 457,179 Capital surplus 2,742,913 2,729,440 2,724,656 2,724,587 2,743,066 Accumulated other comprehensive loss (694,495) (590,342) (782,462) (791,333) (761,829) Retained earnings 2,895,453 2,810,984 2,722,495 2,632,982 2,562,434 Total Shareholders' Equity 5,569,683 5,572,863 5,287,758 5,189,932 5,167,843 Total Liabilities & Shareholders' Equity $    47,019,190 $    49,204,933 $    47,984,078 $    48,313,863 $    48,934,510 Table 5 Consolidated Quarterly Average Balance Sheets (Unaudited) (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 ASSETS Cash and due from banks $         490,161 $         435,569 $         456,938 $         557,009 $         443,504 Interest bearing deposits with other banks and Federal funds sold 1,698,300 2,210,277 2,758,385 3,146,439 1,811,686 Available for sale securities, at fair value 7,636,683 7,915,636 8,033,552 8,269,708 9,300,714 Loans and leases, net of unearned income 33,461,931 33,279,819 32,945,526 32,737,574 32,529,030 Allowance for credit losses 465,971 469,919 475,181 473,849 447,879 Net loans and leases 32,995,960 32,809,900 32,470,345 32,263,725 32,081,151 Loans held for sale, at fair value 123,211 134,313 114,359 72,356 113,234 Premises and equipment, net 796,394 807,353 815,920 808,473 795,164 Goodwill 1,366,923 1,366,923 1,367,358 1,367,785 1,367,916 Other intangible assets, net 85,323 89,262 93,743 98,350 102,765 Bank-owned life insurance 651,166 650,307 646,124 643,189 640,439 Other assets 1,419,417 1,384,437 1,435,995 1,415,506 1,787,603 Total Assets $    47,263,538 $    47,803,977 $    48,192,719 $    48,642,540 $    48,444,176 LIABILITIES Deposits: Demand: Noninterest bearing $      8,676,765 $      8,616,534 $      8,757,029 $      9,072,619 $      9,625,912 Interest bearing 18,845,689 18,043,686 18,770,093 19,303,845 18,292,826  Savings 2,573,961 2,584,761 2,652,019 2,696,452 2,758,977  Time deposits 9,646,809 8,389,472 7,920,946 7,348,356 7,537,664 Total deposits 39,743,224 37,634,453 38,100,087 38,421,272 38,215,379 Securities sold under agreement to repurchase 18,053 32,375 65,821 209,348 753,018 Other short-term borrowings 905,815 3,512,218 3,500,000 3,500,000 3,503,320 Subordinated and long-term debt 123,442 265,790 404,231 434,579 443,251 Other liabilities 883,643 938,315 915,326 883,293 1,021,865 Total Liabilities 41,674,177 42,383,151 42,985,465 43,448,492 43,936,833 SHAREHOLDERS' EQUITY Preferred stock 166,993 166,993 166,993 166,993 166,993 Common stock 457,798 455,954 456,618 456,437 456,636 Capital surplus 2,735,323 2,725,581 2,724,838 2,733,902 2,733,985 Accumulated other comprehensive loss (634,307) (703,619) (838,710) (777,940) (1,279,235) Retained earnings 2,863,554 2,775,917 2,697,515 2,614,656 2,428,964 Total Shareholders' Equity 5,589,361 5,420,826 5,207,254 5,194,048 4,507,343 Total Liabilities & Shareholders' Equity $    47,263,538 $    47,803,977 $    48,192,719 $    48,642,540 $    48,444,176 Table 6 Consolidated Statements of Income (Unaudited) Quarter Ended Year-to-date (Dollars in thousands, except per share data) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 INTEREST REVENUE: Loans and leases $     540,147 $     555,862 $     539,685 $     528,940 $     531,340 $  2,164,633 $  2,004,812 Available for sale securities: Taxable 57,476 59,732 62,852 63,405 55,801 243,466 208,122 Tax-exempt 635 638 638 687 1,927 2,598 9,206 Loans held for sale 1,694 1,630 1,652 1,184 1,418 6,161 4,450 Short-term investments 20,369 29,851 37,383 42,897 24,701 130,499 83,577 Total interest revenue 620,321 647,713 642,210 637,113 615,187 2,547,357 2,310,167 INTEREST EXPENSE: Interest bearing demand deposits and money market accounts 135,965 142,179 146,279 149,403 139,144 573,826 472,723 Savings 3,684 3,695 3,743 3,801 3,918 14,922 14,955 Time deposits 103,785 94,944 89,173 80,670 80,143 368,572 246,476 Federal funds purchased and securities sold under agreement to repurchase 293 561 724 2,523 8,254 4,101 32,581 Short-term debt 10,779 42,003 41,544 42,109 44,451 136,434 172,940 Subordinated and long-term debt 1,284 2,873 4,429 4,699 4,672 13,287 19,136 Total interest expense 255,790 286,255 285,892 283,205 280,582 1,111,142 958,811 Net interest revenue 364,531 361,458 356,318 353,908 334,605 1,436,215 1,351,356 Provision for credit losses 15,000 12,000 22,000 22,000 38,000 71,000 80,000 Net interest revenue, after provision for credit losses 349,531 349,458 334,318 331,908 296,605 1,365,215 1,271,356 NONINTEREST REVENUE: Wealth management 23,973 24,110 24,006 22,833 22,576 94,922 86,928 Deposit service charges 18,694 18,814 17,652 18,338 11,161 73,497 61,718 Credit card, debit card and merchant fees 12,664 12,649 12,770 12,162 12,902 50,245 49,784 Mortgage banking 3,554 1,133 6,173 6,443 (1,137) 17,303 18,978 Security losses (3) (2,947) (4) (9) (384,524) (2,962) (435,652) Other noninterest income 27,283 32,142 40,061 24,019 27,562 123,505 101,901 Total noninterest revenue 86,165 85,901 100,658 83,786 (311,460) 356,510 (116,343) NONINTEREST EXPENSE: Salaries and employee benefits 152,381 152,237 148,038 156,650 148,081 609,307 634,722 Occupancy and equipment 27,275 28,894 29,367 28,640 28,009 114,175 110,972 Data processing and software 33,226 29,164 29,467 30,028 32,922 121,884 120,443 Deposit insurance assessments 8,284 7,481 15,741 8,414 45,733 39,922 72,224 Amortization of intangibles 3,904 3,933 3,999 4,066 4,405 15,902 19,388 Pension settlement expense — — — — 11,226 — 11,826 Merger expense — — — — — — 5,192 Other noninterest expense 41,116 37,729 30,085 35,409 58,991 144,338 181,156 Total noninterest expense 266,186 259,438 256,697 263,207 329,367 1,045,528 1,155,923 Income (loss) from continuing operations before taxes 169,510 175,921 178,279 152,487 (344,222) 676,197 (910) Income tax expense (benefit) 36,795 39,482 40,807 35,509 (80,485) 152,593 (4,594) Income (loss) from continuing operations $     132,715 $     136,439 $     137,472 $     116,978 $   (263,737) 523,604 3,684 Income from discontinued operations — — — — 706,129 — 727,591 Income tax expense from discontinued operations — — — — 183,328 — 188,971 Income from discontinued operations, net of taxes — — — — 522,801 — 538,620 Net income 132,715 136,439 137,472 116,978 259,064 523,604 542,304 Less: Preferred dividends 2,372 2,372 2,372 2,372 2,372 9,488 9,488 Net income available to common shareholders $     130,343 $     134,067 $     135,100 $     114,606 $     256,692 $     514,116 $     532,816 Diluted earnings (losses) per common share from continuing operations $          0.70 $          0.72 $          0.73 $          0.62 $        (1.46) $          2.77 $        (0.03) Diluted earnings per common share $          0.70 $          0.72 $          0.73 $          0.62 $          1.41 $          2.77 $          2.92 Table 7 Selected Loan Portfolio Data (Unaudited) Quarter Ended (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $     8,670,529 $     8,692,639 $     9,136,929 $     9,121,457 $     8,935,598 Owner occupied 4,665,015 4,557,723 4,475,647 4,442,357 4,349,060 Total commercial and industrial 13,335,544 13,250,362 13,612,576 13,563,814 13,284,658 Commercial real estate Construction, acquisition and development 3,909,184 3,931,821 3,892,527 3,864,351 3,910,962 Income producing 6,015,773 5,978,695 5,851,340 5,783,943 5,736,871 Total commercial real estate 9,924,957 9,910,516 9,743,867 9,648,294 9,647,833 Consumer Residential mortgages 10,267,883 9,933,222 9,740,713 9,447,675 9,329,692 Other consumer 213,371 209,872 215,617 222,833 234,839 Total consumer 10,481,254 10,143,094 9,956,330 9,670,508 9,564,531 Total loans and leases, net of unearned income $   33,741,755 $   33,303,972 $   33,312,773 $   32,882,616 $   32,497,022 NONPERFORMING ASSETS Nonperforming Loans and Leases Commercial and industrial Non-real estate $        145,115 $        148,267 $        121,171 $        149,683 $        131,559 Owner occupied 16,904 15,127 13,700 5,962 7,097 Total commercial and industrial 162,019 163,394 134,871 155,645 138,656 Commercial real estate Construction, acquisition and development 8,600 2,034 4,923 3,787 1,859 Income producing 18,542 25,112 15,002 19,428 17,485 Total commercial real estate 27,142 27,146 19,925 23,215 19,344 Consumer Residential mortgages 75,287 82,191 61,677 61,886 57,881 Other consumer 244 223 273 261 260 Total consumer 75,531 82,414 61,950 62,147 58,141 Total nonperforming loans and leases (1) $        264,692 $        272,954 $        216,746 $        241,007 $        216,141 Other real estate owned and repossessed assets 5,754 5,354 4,793 5,280 6,246 Total nonperforming assets $        270,446 $        278,308 $        221,539 $        246,287 $        222,387 Government guaranteed portion of nonaccrual loans andleases covered by the SBA, FHA, VA or USDA $          89,906 $          81,632 $          71,418 $          59,897 $          49,551 Loans and leases 90+ days past due, still accruing $          13,126 $          11,757 $            6,150 $          30,048 $          22,466 (1) At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million. Table 8 Allowance for Credit Losses (Unaudited) Quarter Ended (Dollars in thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 ALLOWANCE FOR CREDIT LOSSES: Balance, beginning of period $      460,859 $      470,022 $      472,575 $      468,034 $      446,859 Charge-offs: Commercial and industrial (15,116) (21,620) (23,340) (16,997) (21,385) Commercial real estate (167) (222) (649) (2,244) (2,290) Consumer (2,679) (2,681) (2,294) (2,395) (3,229) Total loans charged-off (17,962) (24,523) (26,283) (21,636) (26,904) Recoveries: Commercial and industrial 2,613 1,647 2,943 1,312 2,117 Commercial real estate 549 65 101 150 95 Consumer 734 648 686 715 867 Total recoveries 3,896 2,360 3,730 2,177 3,079 Net charge-offs (14,066) (22,163) (22,553) (19,459) (23,825) Provision for credit losses related to loans and leases 14,000 13,000 20,000 24,000 45,000 Balance, end of period $      460,793 $      460,859 $      470,022 $      472,575 $      468,034 Average loans and leases, net of unearned income, for period $ 33,461,931 $ 33,279,819 $ 32,945,526 $ 32,737,574 $ 32,529,030 Ratio: Net charge-offs to average loans and leases (2) 0.17 % 0.26 % 0.28 % 0.24 % 0.29 % RESERVE FOR UNFUNDED COMMITMENTS (1) Balance, beginning of period $          7,551 $          8,551 $          6,551 $          8,551 $        15,551  Provision (reversal) for credit losses for unfunded commitments 1,000 (1,000) 2,000 (2,000) (7,000) Balance, end of period $          8,551 $          7,551 $          8,551 $          6,551 $          8,551 (1) The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets. (2) Annualized.  Table 9 Loan Portfolio by Grades (Unaudited) December 31, 2024 (In thousands) Pass Special Mention Substandard Doubtful Impaired Purchased CreditDeteriorated(Loss) Total LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $    8,208,176 $   106,996 $     311,096 $    8,743 $      31,996 $         3,522 $  8,670,529 Owner occupied 4,610,775 815 41,363 — 10,968 1,094 4,665,015 Total commercial and industrial 12,818,951 107,811 352,459 8,743 42,964 4,616 13,335,544 Commercial real estate Construction, acquisition and development 3,896,856 — 12,262 — 66 — 3,909,184 Income producing 5,850,702 5,094 144,084 — 15,893 — 6,015,773 Total commercial real estate 9,747,558 5,094 156,346 — 15,959 — 9,924,957 Consumer Residential mortgages 10,167,830 891 89,597 — 8,154 1,411 10,267,883 Other consumer 212,865 — 506 — — — 213,371 Total consumer 10,380,695 891 90,103 — 8,154 1,411 10,481,254 Total loans and leases, net of unearned income $  32,947,204 $   113,796 $     598,908 $    8,743 $      67,077 $         6,027 $  33,741,755 September 30, 2024 (In thousands) Pass Special Mention Substandard Doubtful Impaired Purchased Credit Deteriorated (Loss) Total LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $  8,190,551 $     171,866 $     258,496 $       13,325 $       54,795 $         3,606 $  8,692,639 Owner occupied 4,506,806 1,530 39,101 — 9,187 1,099 4,557,723 Total commercial and industrial 12,697,357 173,396 297,597 13,325 63,982 4,705 13,250,362 Commercial real estate Construction, acquisition and development 3,918,273 — 13,548 — — — 3,931,821 Income producing 5,767,252 8,611 180,414 — 22,418 — 5,978,695 Total commercial real estate 9,685,525 8,611 193,962 — 22,418 — 9,910,516 Consumer Residential mortgages 9,831,527 795 91,863 — 7,579 1,458 9,933,222 Other consumer 209,460 — 412 — — — 209,872 Total consumer 10,040,987 795 92,275 — 7,579 1,458 10,143,094 Total loans and leases, net of unearned income $ 32,423,869 $     182,802 $     583,834 $       13,325 $       93,979 $         6,163 $ 33,303,972 Table 10 Geographical Loan Information (Unaudited) December 31, 2024 (Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other Total LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $  413,359 $  169,534 $  532,224 $  446,812 $  371,543 $  536,651 $    64,846 $  399,346 $    3,478,755 $  2,257,459 $  8,670,529 Owner occupied 337,580 253,538 308,545 400,342 298,787 624,950 107,443 159,058 1,708,113 466,659 4,665,015 Total commercial and industrial 750,939 423,072 840,769 847,154 670,330 1,161,601 172,289 558,404 5,186,868 2,724,118 13,335,544 Commercial real estate Construction, acquisition and development 230,810 65,358 438,173 543,249 36,194 169,336 45,690 180,566 1,656,715 543,093 3,909,184 Income producing 437,146 259,767 477,493 613,337 226,849 424,078 204,119 319,560 2,298,344 755,080 6,015,773 Total commercial real estate 667,956 325,125 915,666 1,156,586 263,043 593,414 249,809 500,126 3,955,059 1,298,173 9,924,957 Consumer Residential mortgages 1,300,485 425,602 709,335 449,117 478,947 1,214,542 210,712 796,490 4,436,803 245,850 10,267,883 Other consumer 27,186 17,653 5,002 7,817 10,653 86,059 1,322 16,668 36,559 4,452 213,371 Total consumer 1,327,671 443,255 714,337 456,934 489,600 1,300,601 212,034 813,158 4,473,362 250,302 10,481,254 Total $2,746,566 $  1,191,452 $  2,470,772 $  2,460,674 $  1,422,973 $  3,055,616 $  634,132 $  1,871,688 $  13,615,289 $  4,272,593 $33,741,755 Loan growth (decline), excluding loans acquired during the quarter ($) $    79,452 $    25,420 $    91,514 $  113,446 $    19,029 $    47,708 $    10,055 $    77,334 $  227,675 $  (253,850) $  437,783 Loan growth (decline), excluding loansacquired during the quarter (%) (annualized) 11.85 % 8.67 % 15.30 % 19.23 % 5.39 % 6.31 % 6.41 % 17.15 % 6.77 % (22.31) % 5.23 % September 30, 2024 (Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other Total LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $      373,496 $      174,110 $      503,478 $      451,079 $      347,397 $      493,209 $        67,512 $      366,114 $   3,443,772 $   2,472,472 $   8,692,639 Owner occupied 342,037 248,109 302,228 323,643 296,937 625,425 101,509 162,176 1,749,994 405,665 4,557,723 Total commercial and industrial 715,533 422,219 805,706 774,722 644,334 1,118,634 169,021 528,290 5,193,766 2,878,137 13,250,362 Commercial real estate Construction, acquisition and development 214,627 72,186 467,852 553,316 42,963 183,412 40,413 166,889 1,604,724 585,439 3,931,821 Income producing 425,613 248,133 408,683 574,925 232,605 428,569 204,351 323,786 2,312,282 819,748 5,978,695 Total commercial real estate 640,240 320,319 876,535 1,128,241 275,568 611,981 244,764 490,675 3,917,006 1,405,187 9,910,516 Consumer Residential mortgages 1,284,111 406,108 691,794 436,840 473,271 1,193,982 208,750 759,480 4,241,278 237,608 9,933,222 Other consumer 27,230 17,386 5,223 7,425 10,771 83,311 1,542 15,909 35,564 5,511 209,872 Total consumer 1,311,341 423,494 697,017 444,265 484,042 1,277,293 210,292 775,389 4,276,842 243,119 10,143,094 Total loans and leases, net of unearned income $   2,667,114 $   1,166,032 $   2,379,258 $   2,347,228 $   1,403,944 $   3,007,908 $      624,077 $   1,794,354 $ 13,387,614 $   4,526,443 $ 33,303,972 Table 11 Noninterest Revenue and Expense (Unaudited) Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 NONINTEREST REVENUE: Trust and asset management income $      12,485 $      12,055 $      12,645 $      11,322 $      11,301 $      48,507 $      42,513 Investment advisory fees 8,502 8,641 8,180 8,336 8,084 33,660 31,403 Brokerage and annuity fees 2,986 3,414 3,181 3,175 3,191 12,755 13,012 Deposit service charges 18,694 18,814 17,652 18,338 11,161 73,497 61,718 Credit card, debit card and merchant fees 12,664 12,649 12,770 12,162 12,902 50,245 49,784 Mortgage banking excl. MSR and MSR hedge market value adjustment 6,293 8,171 9,875 9,116 6,966 33,455 33,763 MSR and MSR hedge market value adjustment (2,739) (7,038) (3,702) (2,673) (8,103) (16,152) (14,785) Security losses, net (3) (2,947) (4) (9) (384,524) (2,962) (435,652) Bank-owned life insurance 5,046 4,353 4,370 3,946 4,728 17,716 16,294 Other miscellaneous income 22,237 27,789 35,691 20,073 22,834 105,789 85,607 Total noninterest revenue $      86,165 $      85,901 $    100,658 $      83,786 $  (311,460) $    356,510 $  (116,343) NONINTEREST EXPENSE: Salaries and employee benefits $    152,381 $    152,237 $    148,038 $    156,650 $    148,081 $    609,307 $    634,722 Occupancy and equipment 27,275 28,894 29,367 28,640 28,009 114,175 110,972 Data processing and software 33,226 29,164 29,467 30,028 32,922 121,884 120,443 Deposit insurance assessments 8,284 7,481 15,741 8,414 45,733 39,922 72,224 Amortization of intangibles 3,904 3,933 3,999 4,066 4,405 15,902 19,388 Pension settlement expense — — — — 11,226 — 11,826 Merger expense — — — — — — 5,192 Advertising and public relations 5,870 5,481 6,537 4,224 12,632 22,112 28,162 Foreclosed property expense 621 486 515 268 915 1,891 2,488 Telecommunications 1,359 1,513 1,441 1,545 1,356 5,857 5,775 Travel and entertainment 2,618 2,612 2,549 2,236 3,146 10,015 11,004 Professional, consulting and outsourcing 4,540 4,115 3,534 3,935 5,194 16,124 19,892 Legal 4,176 3,664 758 3,682 13,724 12,279 20,093 Postage and shipping 1,624 1,677 1,622 2,205 1,907 7,128 8,443 Other miscellaneous expense 20,308 18,181 13,129 17,314 20,117 68,932 85,299 Total noninterest expense $    266,186 $    259,438 $    256,697 $    263,207 $    329,367 $ 1,045,528 $ 1,155,923 Table 12 Average Balance and Yields (Unaudited) Quarter Ended December 31, 2024 September 30, 2024 December 31, 2023 (Dollars in thousands) Average Balance Income/Expense Yield/ Rate Average Balance Income/Expense Yield/ Rate Average Balance Income/Expense Yield/ Rate ASSETS Interest-earning assets: Loans and leases, excluding accretion $ 33,461,931 $   538,204 6.40 % $  33,279,819 $   553,394 6.62 % $ 32,529,030 $   527,688 6.44 % Accretion income on acquired loans 2,422 0.03 2,992 0.04 4,127 0.05 Loans held for sale 123,211 1,694 5.47 134,313 1,630 4.83 113,234 1,418 4.97 Investment securities Taxable 7,555,265 57,476 3.03 7,834,596 59,732 3.03 9,044,724 55,801 2.45 Tax-exempt 81,418 804 3.93 81,040 808 3.97 255,990 2,439 3.78 Total investment securities 7,636,683 58,280 3.04 7,915,636 60,540 3.04 9,300,714 58,240 2.48 Other investments 1,698,300 20,369 4.77 2,210,277 29,851 5.37 1,811,686 24,701 5.41 Total interest-earning assets 42,920,125 620,969 5.76 % 43,540,045 648,407 5.92 % 43,754,664 616,174 5.59 % Other assets 4,809,384 4,733,851 5,137,391 Allowance for credit losses 465,971 469,919 447,879 Total assets $ 47,263,538 $  47,803,977 $ 48,444,176 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest bearing demand and money market $ 18,845,689 $   135,965 2.87 % $  18,043,686 $   142,179 3.13 % $ 18,292,826 139,144 3.02 % Savings deposits 2,573,961 3,684 0.57 2,584,761 3,695 0.57 2,758,977 3,918 0.56 Time deposits 9,646,809 103,785 4.28 8,389,472 94,944 4.50 7,537,664 80,143 4.22 Total interest-bearing deposits 31,066,459 243,434 3.12 29,017,919 240,818 3.30 28,589,467 223,205 3.10 Fed funds purchased, securities sold underagreement to repurchase and other 26,042 300 4.58 44,593 572 5.10 756,338 8,257 4.33   Short-term BTFP borrowings 897,826 10,772 4.77 3,500,000 41,992 4.77 3,500,000 44,448 5.04 Subordinated and long-term borrowings 123,442 1,284 4.14 265,790 2,873 4.30 443,251 4,672 4.18 Total interest-bearing liabilities 32,113,769 255,790 3.17 % 32,828,302 286,255 3.47 % 33,289,056 280,582 3.34 % Noninterest-bearing liabilities: Demand deposits 8,676,765 8,616,534 9,625,912 Other liabilities 883,643 938,315 1,021,865 Total liabilities 41,674,177 42,383,151 43,936,833 Shareholders' equity 5,589,361 5,420,826 4,507,343 Total liabilities and shareholders' equity $ 47,263,538 $  47,803,977 $ 48,444,176 Net interest income/net interest spread 365,179 2.59 % 362,152 2.45 % 335,592 2.25 % Net yield on earning assets/net interest margin 3.38 % 3.31 % 3.04 % Taxable equivalent adjustment: Loans and investment securities (648) (694) (987) Net interest revenue $   364,531 $   361,458 $   334,605 Table 12 Average Balance and Yields Continued Year-To-Date December 31, 2024 December 31, 2023 (Dollars in thousands) Average Balance Income/Expense Yield/ Rate Average Balance Income/Expense Yield/ Rate ASSETS Interest-earning assets: Loans and leases, excluding accretion $   33,107,659 $   2,154,654 6.50 % $   31,913,925 $   1,980,600 6.21 % Accretion income on acquired loans 11,911 0.04 25,949 0.08 Loans held for sale 111,156 6,161 5.54 85,961 4,450 5.18 Investment securities Taxable 7,881,989 243,466 3.09 9,971,325 208,122 2.09 Tax-exempt 80,880 3,289 4.07 351,010 11,653 3.32 Total investment securities 7,962,869 246,755 3.10 10,322,335 219,775 2.13 Other investments 2,450,623 130,499 5.33 1,629,036 83,577 5.13 Total interest-earning assets 43,632,307 2,549,980 5.84 % 43,951,257 2,314,351 5.27 % Other assets 4,812,184 5,204,505 Allowance for credit losses 471,212 451,809 Total assets $   47,973,279 $   48,703,953 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest bearing demand and money market $   18,739,210 573,826 3.06 % $   18,314,649 $      472,723 2.58 % Savings deposits 2,626,539 14,922 0.57 3,028,875 14,955 0.49 Time deposits 8,330,176 368,572 4.42 6,674,231 246,476 3.69 Total interest-bearing deposits 29,695,925 957,320 3.22 28,017,755 734,154 2.62 Fed funds purchased, securities sold under agreement to repurchase and other 86,171 4,131 4.79 800,170 32,590 4.07 Short-term FHLB borrowings — — — 1,389,759 68,235 4.91 Short-term BTFP borrowings 2,845,902 136,404 4.79 2,052,055 104,696 5.10 Subordinated and long-term borrowings 306,396 13,287 4.34 452,645 19,136 4.23 Total interest-bearing liabilities 32,934,394 1,111,142 3.37 % 32,712,384 958,811 2.93 % Noninterest-bearing liabilities: Demand deposits 8,780,004 10,610,698 Other liabilities 905,176 893,438 Total liabilities 42,619,574 44,216,520 Shareholders' equity 5,353,705 4,487,433 Total liabilities and shareholders' equity $   47,973,279 $   48,703,953 Net interest income/net interest spread 1,438,838 2.47 % 1,355,540 2.33 % Net yield on earning assets/net interest margin 3.30 % 3.08 % Taxable equivalent adjustment: Loans and investment securities (2,623) (4,184) Net interest revenue $   1,436,215 $   1,351,356 Table 13 Selected Additional Data (Unaudited) Quarter Ended (Dollars in thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 MORTGAGE SERVICING RIGHTS ("MSR"): Fair value, beginning of period $      104,891 $    113,595 $     111,685 $     106,824 $    116,266 Originations of servicing assets 4,227 3,361 3,687 2,736 2,636 Changes in fair value: Due to changes in valuation inputs or assumptions(1) 9,193 (8,232) 927 4,781 (9,043) Other changes in fair value(2) (3,717) (3,833) (2,704) (2,656) (3,035) Fair value, end of period $      114,594 $    104,891 $     113,595 $     111,685 $    106,824 MORTGAGE BANKING REVENUE: Origination $             332 $        2,145 $         3,976 $         3,165 $        1,040 Servicing 5,961 6,026 5,899 5,951 5,926 Total mortgage banking revenue excluding MSR 6,293 8,171 9,875 9,116 6,966 Due to changes in valuation inputs or assumptions(1) 9,193 (8,232) 927 4,781 (9,043) Other changes in fair value(2) (3,717) (3,833) (2,704) (2,656) (3,035) Market value adjustment on MSR Hedge (8,215) 5,027 (1,925) (4,798) 3,975 Total mortgage banking revenue $          3,554 $        1,133 $         6,173 $         6,443 $      (1,137) Mortgage loans serviced $   8,043,306 $ 7,927,028 $  7,824,895 $  7,764,936 $ 7,702,592 MSR/mortgage loans serviced 1.42 % 1.32 % 1.45 % 1.44 % 1.39 % (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 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 AVAILABLE FOR SALE SECURITIES, at fair value U.S. Treasury securities $                  — $                  — $                  — $         239,402 $         465,018 Obligations of U.S. government agencies 281,231 300,730 305,200 318,233 332,011 Mortgage-backed securities issued or guaranteed byU.S. agencies ("MBS"): Residential pass-through: Guaranteed by GNMA 66,581 71,001 69,788 72,034 75,662 Issued by FNMA and FHLMC 3,965,556 4,163,760 4,125,416 4,254,227 4,387,101 Other residential mortgage-back securities 934,721 1,135,004 1,233,868 1,210,617 727,434 Commercial mortgage-backed securities 1,549,641 1,664,288 1,673,823 1,694,967 1,742,837 Total MBS 6,516,499 7,034,053 7,102,895 7,231,845 6,933,034 Obligations of states and political subdivisions 132,069 137,996 133,155 134,643 137,624 Other domestic debt securities 47,402 51,599 64,288 67,421 67,197 Foreign debt securities 316,787 317,307 315,884 315,045 140,592 Total available for sale securities $      7,293,988 $      7,841,685 $      7,921,422 $      8,306,589 $      8,075,476 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 income from continuing operations, adjusted income from continuing operations available to common shareholders, pre-tax pre-provision net revenue from continuing operations, adjusted pre-tax pre-provision net revenue from continuing operations, 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 from continuing operations, return on average tangible common equity, adjusted return on average tangible common equity from continuing operations, adjusted return on average tangible common equity, adjusted return on average assets from continuing operations, adjusted return on average assets, adjusted return on average common shareholders' equity from continuing operations, 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 from continuing operations, and adjusted dividend payout ratio from continuing operations. 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 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Adjusted Income from Continuing OperationsAvailable to Common Shareholders Income (loss) from continuing operations $    132,715 $      136,439 $      137,472 $      116,978 $    (263,737) $      523,604 $          3,684 Plus: Merger expense — — — — — — 5,192 Incremental merger related expense — — — — 7,500 — 18,131 Gain on extinguishment of debt — — (1,098) (576) (652) (1,674) (1,792) Restructuring and other nonroutine expenses (505) (920) 6,675 251 41,522 5,501 57,548 Pension settlement expense — — — — 11,226 — 11,826 Less:   Security losses, net (3) (2,947) (4) (9) (384,524) (2,962) (435,652) Gain on sale of businesses — 14,980 — — 14,980 — Nonroutine losses, net — — — — — — (6,653) Tax adjustment (118) 476 (2,209) (74) 105,275 (1,925) 126,211 Adjusted income from continuing operations 132,331 137,990 130,282 116,736 75,108 517,338 410,683 Less: Preferred dividends 2,372 2,372 2,372 2,372 2,372 9,488 9,488 Adjusted income from continuing operationsavailable to common shareholders $    129,959 $      135,618 $      127,910 $      114,364 $        72,736 $      507,850 $      401,195 Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Pre-Tax Pre-Provision Net Revenue from Continuing Operations Income (loss) from continuing operations $    132,715 $   136,439 $     137,472 $     116,978 $    (263,737) $     523,604 $           3,684 Plus:   Provision for credit losses 15,000 12,000 22,000 22,000 38,000 71,000 80,000 Income tax expense (benefit) 36,795 39,482 40,807 35,509 (80,485) 152,593 (4,594) Pre-tax pre-provision net revenue fromcontinuing operations $    184,510 $   187,921 $     200,279 $     174,487 $    (306,222) $     747,197 $         79,090 Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Adjusted Pre-Tax Pre-Provision Net Revenuefrom Continuing Operations Income (loss) from continuing operations $    132,715 $      136,439 $      137,472 $      116,978 $    (263,737) $      523,604 $          3,684 Plus:   Provision for credit losses 15,000 12,000 22,000 22,000 38,000 71,000 80,000 Merger expense — — — — — — 5,192 Incremental merger related expense — — — — 7,500 — 18,131 Gain on extinguishment of debt — — (1,098) (576) (652) (1,674) (1,792) Restructuring and other nonroutine expenses (505) (920) 6,675 251 41,522 5,501 57,548 Pension settlement expense — — — — 11,226 — 11,826 Income tax expense (benefit) 36,795 39,482 40,807 35,509 (80,485) 152,593 (4,594) Less:   Security losses, net (3) (2,947) (4) (9) (384,524) (2,962) (435,652) Gain on sale of businesses — 14,980 — — 14,980 — Nonroutine losses, net — — — — — — (6,653) Adjusted pre-tax pre-provision net revenuefrom continuing operations $    184,008 $      189,948 $      190,880 $      174,171 $      137,898 $      739,006 $      612,300 Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Total Adjusted Revenue Net interest revenue $    364,531 $      361,458 $      356,318 $      353,908 $      334,605 $   1,436,215 $   1,351,356 Total Adjusted Noninterest Revenue Total noninterest revenue $      86,165 $        85,901 $      100,658 $        83,786 $    (311,460) $      356,510 $    (116,343) Less:   Security losses, net (3) (2,947) (4) (9) (384,524) (2,962) (435,652) Gain on sale of businesses — — 14,980 — — 14,980 — Nonroutine losses, net — — — — — — (6,653) Total adjusted noninterest revenue $      86,168 $        88,848 $        85,682 $        83,795 $        73,064 $      344,492 $      325,962 Total adjusted revenue $    450,699 $      450,306 $      442,000 $      437,703 $      407,669 $   1,780,707 $   1,677,318 Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Total Adjusted Noninterest Expense Total noninterest expense $    266,186 $      259,438 $      256,697 $      263,207 $      329,367 $   1,045,528 $   1,155,923 Less:   Merger expense — — — — — — 5,192 Incremental merger related expense — — — — 7,500 — 18,131 Gain on extinguishment of debt — — (1,098) (576) (652) (1,674) (1,792) Restructuring and other nonroutine expenses (505) (920) 6,675 251 41,522 5,501 57,548 Pension settlement expense — — — — 11,226 — 11,826 Total adjusted noninterest expense $    266,691 $      260,358 $      251,120 $      263,532 $      269,771 $   1,041,701 $   1,065,018 Quarter Ended Year-to-date (In thousands) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 Total Tangible Assets, Excluding AOCI Total assets $  47,019,190 $  49,204,933 $  47,984,078 $  48,313,863 $  48,934,510 $ 47,019,190 $ 48,934,510 Less:  Goodwill 1,366,923 1,366,923 1,366,923 1,367,785 1,367,785 1,366,923 1,367,785 Other intangible assets, net 83,190 87,094 91,027 96,126 100,191 83,190 100,191 Total tangible assets 45,569,077 47,750,916 46,526,128 46,849,952 47,466,534 45,569,077 47,466,534 Less: AOCI (694,495) (590,342) (782,462) (791,333) (761,829) (694,495) (761,829) Total tangible assets, excluding AOCI $  46,263,572 $  48,341,258 $  47,308,590 $  47,641,285 $  48,228,363 $ 46,263,572 $ 48,228,363 Quarter Ended Year-to-date (Dollars in thousands, except per share data) Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Dec 2024 Dec 2023 PERIOD END BALANCES: Total Shareholders' Equity, Excluding AOCI Total shareholders' equity $5,569,683 $5,572,863 $5,287,758 $5,189,932 $5,167,843 $5,569,683 $5,167,843 Less: AOCI (694,495) (590,342) (782,462) (791,333) (761,829) (694,495) (761,829) Total shareholders' equity, excluding AOCI $6,264,178 $6,163,205 $6,070,220 $5,981,265 $5,929,672 $6,264,178 $5,929,672 Common Shareholders' Equity, Excluding AOCI Total shareholders' equity $5,569,683 $5,572,863 $5,287,758 $5,189,932 $5,167,843 $5,569,683 $5,167,843 Less: preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Common shareholders' equity 5,402,690 5,405,870 5,120,765 5,022,939 5,000,850 5,402,690 5,000,850 Less: AOCI (694,495) (590,342) (782,462) (791,333) (761,829) (694,495) (761,829) Common shareholders' equity, excluding AOCI $6,097,185 $5,996,212 $5,903,227 $5,814,272 $5,762,679 $6,097,185 $5,762,679 Total Tangible Common Shareholders' Equity, Excluding AOCI Total shareholders' equity $5,569,683 $5,572,863 $5,287,758 $5,189,932 $5,167,843 $5,569,683 $5,167,843 Less:  Goodwill 1,366,923 1,366,923 1,366,923 1,367,785 1,367,785 1,366,923 1,367,785 Other intangible assets, net 83,190 87,094 91,027 96,126 100,191 83,190 100,191 Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Total tangible common shareholders' equity 3,952,577 3,951,853 3,662,815 3,559,028 3,532,874 3,952,577 3,532,874 Less: AOCI (694,495) (590,342) (782,462) (791,333) (761,829) (694,495) (761,829) Total tangible common shareholders' equity, excluding AOCI $4,647,072 $4,542,195 $4,445,277 $4,350,361 $4,294,703 $4,647,072 $4,294,703 AVERAGE BALANCES: Total Tangible Common Shareholders' Equity Total shareholders' equity $5,589,361 $5,420,826 $5,207,254 $5,194,048 $4,507,343 $5,353,705 $4,487,433 Less:   Goodwill 1,366,923 1,366,923 1,367,358 1,367,785 1,367,916 1,367,245 1,367,818 Other intangible assets, net 85,323 89,262 93,743 98,350 102,765 91,645 110,053 Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Total tangible common shareholders' equity $3,970,122 $3,797,648 $3,579,160 $3,560,920 $2,869,669 $3,727,822 $2,842,569 Total average assets $47,263,538 $47,803,977 $48,192,719 $48,642,540 $48,444,176 $47,973,279 $48,703,953 Total shares of common stock outstanding 183,527,575 182,315,142 182,430,427 182,681,325 182,871,775 183,527,575 182,871,775 Average shares outstanding-diluted 186,038,243 185,496,110 185,260,963 185,574,130 182,688,190 185,592,759 182,608,713 Tangible common shareholders' equity to tangible assets (1) 8.67 % 8.28 % 7.87 % 7.60 % 7.44 % 8.67 % 7.44 % Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (2) 10.04 9.40 9.40 9.13 8.90 10.04 8.90 Return on average tangible common equity from continuing operations (3) 13.06 14.04 15.18 12.94 (36.79) 13.79 (0.20) Return on average tangible common equity (4) 13.06 14.04 15.18 12.94 35.49 13.79 18.74 Adjusted return on average tangible common equity fromcontinuing operations (5) 13.02 14.21 14.37 12.92 10.06 13.62 14.11 Adjusted return on average assets from continuing operations (6) 1.11 1.15 1.09 0.97 0.62 1.08 0.84 Adjusted return on average common shareholders' equity fromcontinuing operations (7) 9.53 10.27 10.21 9.15 6.65 9.79 9.29 Pre-tax pre-provision net revenue from continuing operations to total average assets (8) 1.55 1.56 1.67 1.44 (2.51) 1.56 0.16 Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets (9) 1.55 1.58 1.59 1.44 1.13 1.54 1.26 Tangible book value per common share (10) $      21.54 $      21.68 $      20.08 $      19.48 $      19.32 $      21.54 $       19.32 Tangible book value per common share, excluding AOCI (11) 25.32 24.91 24.37 23.81 23.48 25.32 23.48 Adjusted earnings from continuing operations per common share (12) $        0.70 $        0.73 $        0.69 $        0.62 $        0.40 $        2.74 $        2.20 Adjusted dividend payout ratio from continuing operations (13) 35.71 % 34.25 % 36.23 % 40.32 % 58.75 % 36.50 % 42.73 % 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 from continuing operations is defined by the Company as annualized income available to common shareholders from continuing operation divided by average tangible common shareholders equity. (4) Return on average tangible common equity is defined by the Company as annualized income available to common shareholders divided by average tangible common shareholders equity. (5) Adjusted return on average tangible common equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average tangible common shareholders' equity. (6) Adjusted return on average assets from continuing operations is defined by the Company as annualized adjusted income from continuing operations divided by total average assets. (7) Adjusted return on average common shareholders' equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average common shareholders' equity. (8) Pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue from continuing operations divided by total average assets. (9) Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue from continuing operations divided by total average assets adjusted for items included in the definition and calculation of adjusted income. (10) Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding. (11) 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. (12) Adjusted earnings from continuing operations per common share is defined by the Company as adjusted income available to common shareholders from continuing operations divided by average common shares outstanding-diluted. (13) Adjusted dividend payout ratio from continuing operations is defined by the Company as common share dividends divided by adjusted income available to common shareholders from continuing operations. Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent DefinitionsThe 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 from continuing operations. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense from continuing operations.SOURCE Cadence Bank WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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