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Cadence Bank Announces Third Quarter 2025 Financial Results

1. Cadence Bank reported Q3 2025 net income of $127.5 million. 2. Total loans increased by $1.3 billion, with $1 billion from acquisitions. 3. Deposits grew by $3.4 billion, significantly boosted by recent acquisitions. 4. Net interest margin improved to 3.46%, up from previous quarters. 5. The bank maintains strong regulatory capital ratios, enhancing stability.

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Why Bullish?

Strong earnings performance, strategic acquisitions, and increasing deposits suggest positive future valuation. Historically, similar results often drive interest and stock appreciation.

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The article illustrates substantial growth in earnings and market position, likely impacting CADE's performance positively on both earnings and investor sentiment.

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The impacts of acquisitions and financial growth metrics suggest sustained growth and profitability, providing long-term investor confidence.

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, /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended September 30, 2025. Highlights for the third quarter of 2025 included: Reported quarterly net income available to common shareholders of $127.5 million, or $0.67 per diluted common share, and adjusted net income available to common shareholders(1) of $152.8 million, or $0.81 per diluted common share. Achieved quarterly adjusted pre-tax pre-provision net revenue (PPNR)(1) of $224.1 million, an increase of $34.1 million, or 18.0% compared to the third quarter of 2024 and an increase of $18.1 million, or 8.8%, from the second quarter of 2025. Effective July 1, 2025, completed the acquisition of Industry Bancshares, Inc., the parent company of Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, which added approximately $4.1 billion in assets. Converted First Chatham Bank, acquired on May 1, 2025, to Cadence systems and branding in August 2025, and in October 2025, converted the Industry Bancshares banks to Cadence systems and branding. Total loans grew $1.3 billion in the third quarter of 2025, including approximately $1.0 billion through acquisition and $0.3 billion in net organic growth. Total deposits grew $3.4 billion in the third quarter of 2025, with core customer deposits up $3.1 billion reflecting growth from the Company's recent acquisitions. Net interest margin improved to 3.46% for the third quarter of 2025, which represents an increase of 6 basis points compared to the second quarter of 2025, driven by improved securities yields and a decline in overall funding costs. Tangible book value per common share(1) of $22.82 at September 30, 2025 declined $0.12 linked quarter, with the decline due to the initial impact of the Industry acquisition, partially offset by strong operating earnings and improved AOCI in the quarter. Maintained strong regulatory capital with Common Equity Tier 1 Capital of 11.5% and Total Capital of 13.1%. "Our third quarter results reflect strong earnings, including PPNR and adjusted earnings per share, as we continue to fire on all cylinders across our Company," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "These results were achieved through steady loan growth, improvement in our net interest margin, continued operating efficiency, and stable credit quality.  We are also very pleased to have completed the acquisition of Industry Bancshares, Inc. effective July 1, 2025 as well as the operational integrations of both Industry and First Chatham Bank, and now operate as one bank.  These newly merged banks have done an outstanding job retaining and building on customer relationships through the integration process, and we look forward to continuing to grow in these important markets." Earnings Summary For the third quarter of 2025, the Company reported net income available to common shareholders of $127.5 million, or $0.67 per diluted common share, compared to $134.1 million, or $0.72 per diluted common share, for the third quarter of 2024 and $129.9 million, or $0.69 per diluted common share, for the second quarter of 2025. Adjusted net income available to common shareholders(1) was $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025, compared with $135.6 million, or $0.73 per diluted common share, for the third quarter of 2024 and $137.5 million, or $0.73 per diluted common share, for the second quarter of 2025.Return on average assets was 0.95% for the third quarter of 2025, compared to 1.14% for the third quarter of 2024 and 1.09% second quarter of 2025. Adjusted return on average assets(1) was 1.13% for the third quarter of 2025, compared to 1.15% in the third quarter of 2024 and 1.14% in the second quarter of 2025. Additionally, the Company reported adjusted PPNR(1) of $224.1 million, or 1.64% of average assets on an annualized basis, for the third quarter of 2025, which represents an increase of $34.1 million, or 18.0%, compared to the third quarter of 2024 and an increase of $18.1 million, or 8.8% compared to the second quarter of 2025. Net Interest Revenue Net interest revenue was $423.7 million for the third quarter of 2025, compared to $361.5 million for the third quarter of 2024 and $378.1 million for the second quarter of 2025. The net interest margin (fully taxable equivalent) was 3.46% for the third quarter of 2025, compared with 3.31% for the third quarter of 2024 and 3.40% for the second quarter of 2025. Net interest revenue increased $45.6 million, or 12.1%, compared to the second quarter of 2025 due to the Industry transaction, a full quarter's impact of the First Chatham acquisition, and continued improvement in our net interest margin. Purchase accounting loan accretion revenue was $5.5 million for the third quarter of 2025 compared to $2.6 million for the second quarter of 2025. Average earning assets increased to $48.8 billion compared to $44.7 billion for the second quarter of 2025.  The linked quarter net interest margin improved by 6 basis points due to improved securities yields, higher loan yields impacted by accretion, and lower funding costs. Yield on net loans, loans held for sale and leases, excluding accretion, was 6.31% for the third quarter of 2025, which was consistent with the second quarter of 2025. Investment securities yielded 3.65% in the third quarter of 2025, improving from 3.33% for the second quarter of 2025 primarily as a result of the restructuring of the Industry securities portfolio.  The average cost of total deposits of 2.25% for the third quarter of 2025 declined by 5 basis points from 2.30% for the second quarter of 2025, driven by declines in the cost of time deposits, and total funding costs of 2.35% for the third quarter of 2025 declined by 7 basis points from 2.42% in the second quarter of 2025. Balance Sheet Activity Loans and leases, net of unearned income, increased to $36.8 billion at September 30, 2025 compared to $35.5 billion at June 30, 2025.  The increase includes $1.0 billion in loans acquired from Industry and net organic loan growth of $328.4 million, or 3.7% annualized, for the third quarter of 2025.  The organic growth was broad-based and included growth in C&I, energy, specialized industries and mortgage, partially offset by paydowns in commercial real estate and asset based lending.  Year-to-date, net organic loan growth totaled $1.7 billion, or 6.8% annualized, driven by expansion across our geographic footprint and lending verticals.Total deposits were $43.9 billion as of September 30, 2025, increasing $3.4 billion from $40.5 billion at the end of the second quarter of 2025.  Core customer deposits grew $3.1 billion quarter-over-quarter reflecting the addition of Industry core deposits and stable organic core deposits. Public funds increased $603.0 million due to the addition of Industry deposits, and brokered deposits declined $239.0 million over the same time period. The loan to deposit ratio was 83.8% as of September 30, 2025. Noninterest bearing deposits represented 20.6% of total deposits at the end of the third quarter of 2025 compared to 22.6% at the end of the second quarter of 2025. Borrowed funds declined $750.0 million during the third quarter of 2025 compared to the second quarter of 2025 due primarily to the maturity of FHLB term borrowings utilized to fund the purchase of investment securities in advance of the Industry transaction closing.Total investment securities increased $0.8 billion from June 30, 2025 to $9.6 billion at September 30, 2025, representing 18.0% of total assets.  During the third quarter, the $2.5 billion of securities acquired in the Industry transaction were sold, with the proceeds used for reinvestment back into our securities portfolio at improved yields and duration, and the paydown of brokered deposits and borrowings.  Additionally, gains achieved through the execution of these sales supported an additional restructure of approximately $550 million of the Company's existing securities portfolio at a yield improvement of approximately 2.0%. Cash, due from balances and deposits at the Federal Reserve of $1.9 billion at September 30, 2025 increased $0.4 billion compared to $1.5 billion at June 30, 2025.  Goodwill of $1.5 billion increased during the third quarter of 2025 by $127.8 million due to the Industry acquisition. Credit Results, Provision for Credit Losses and Allowance for Credit Losses Credit metrics for the third quarter of 2025 reflected overall stability in credit quality. Net charge-offs for the third quarter of 2025 were $23.6 million, or 0.26% of average net loans and leases on an annualized basis, compared with net charge-offs of $22.2 million, or 0.26%, for the third quarter of 2024 and net charge-offs of $21.2 million, or 0.24%, for the second quarter of 2025. The provision for credit losses for the third quarter of 2025 was $32.0 million, compared with $12.0 million for the third quarter of 2024 and $31.0 million for the second 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 while the second quarter of 2025 included $4.2 million in day-one provision associated with performing loans and leases acquired in the First Chatham transaction. The allowance for credit losses of $496.2 million at September 30, 2025 was 1.35% of total loans and leases compared to 1.38% of total loans and leases at September 30, 2024 and 1.34% of total loans and leases at June 30, 2025.Total nonperforming assets as a percent of total assets were 0.50% at September 30, 2025 compared to 0.57% at September 30, 2024 and 0.49% at June 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.68% at September 30, 2025 compared to 0.82% at September 30, 2024 and 0.65% at June 30, 2025.  Other real estate owned and other repossessed assets was $16.3 million at September 30, 2025 compared to the September 30, 2024 balance of $5.4 million and the June 30, 2025 balance of $15.6 million. Criticized loans represented 2.71% of loans at September 30, 2025 compared to 2.64% at September 30, 2024 and 2.65% at June 30, 2025, while classified loans were 1.89% at September 30, 2025 compared to 2.09% at September 30, 2024 and 2.01% at June 30, 2025.  Noninterest Revenue Noninterest revenue was $93.5 million for the third quarter of 2025 compared with $85.9 million for the third quarter of 2024 and $98.2 million for the second quarter of 2025. Adjusted noninterest revenue(1) was $93.5 million for the third quarter of 2025 compared with $88.8 million for the third quarter of 2024 and $98.2 million for the second quarter of 2025.Noninterest revenue declined $4.7 million, or 4.8%, compared to the second quarter of 2025 driven primarily by a decline mortgage banking revenue as well as a decline in other noninterest income. Wealth management revenue was $24.5 million for the third quarter of 2025 down from $25.3 million for the second quarter of 2025 due to approximately $1 million in second quarter seasonal trust tax revenues. Deposit service charge revenue was $19.0 million for the third quarter of 2025, up from $18.1 million for the second quarter of 2025, reflecting additional activity associated with acquired banks. Credit card, debit card and merchant fee revenue was $13.5 million for the third quarter of 2025, up from $13.0 million for the second quarter of 2025.Mortgage banking revenue totaled $4.5 million for the third quarter of 2025, compared to $1.1 million for the third quarter of 2024 and $8.7 million for the second quarter of 2025. The $4.2 million decline compared to the second quarter of 2025 reflects seasonally lower mortgage production volume and pipeline activity as well as linked quarter reduction in the mortgage servicing rights valuation adjustment.Other noninterest revenue was $27.7 million for the third quarter of 2025, representing a decline of $5.5 million from $33.1 million for the second quarter of 2025, driven by a $4.3 million loss on the termination of fair value hedges related to the Industry securities portfolio.  This loss was offset by the $4.3 million related gain on securities sales, which is shown separately in the income statement.  Both the hedging loss and the gain on sale are considered nonroutine in nature.  Additionally, other noninterest revenue declined approximately $1.2 million as declines in BOLI and SBA income were partially offset by increases in FHLB dividend income and earnings on limited partnerships. Noninterest Expense Noninterest expense for the third quarter of 2025 was $320.2 million, compared with $259.4 million for the third quarter of 2024 and $272.9 million for the second quarter of 2025. Adjusted noninterest expense(1) for the third quarter of 2025 was $293.2 million, compared with $260.4 million for the third quarter of 2024 and $270.4 million for the second quarter of 2025. Adjusted noninterest expense for the third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense while the second quarter of 2025 excludes $2.2 million of merger expense and $0.6 million of incremental merger related expense. The adjusted efficiency ratio(1) improved to 56.5% for the third quarter of 2025, compared to 57.7% for the third quarter of 2024 and 56.7% for the second quarter of 2025.The $22.8 million, or 8.4%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by increased expenses related to the addition of Industry as well as a full quarter's impact of the First Chatham transaction.  Salaries and employee benefits increased $16.1 million compared to the second quarter of 2025, including approximately $1.2 million in incremental merger related expense, $8 million related to the addition of Industry, and an additional $1 million related to the full quarter impact of the First Chatham transaction.  Additionally, the Company's annual merit cycle adjustments were effective at the beginning of the third quarter of 2025 and incentive compensation accruals increased linked quarter driven by operating performance.  Data processing and software expense increased $5.4 million compared to the second quarter of 2025, $4.7 million of which is incremental merger related expense.  Deposit insurance assessments and amortization of intangibles increased $1.5 million and $3.5 million, respectively, linked quarter as a result of the Industry and First Chatham transactions.  Other noninterest expense increased $1.4 million compared to the second quarter of 2025 including $2.3 million of incremental merger related expense and a net reduction of $0.9 million in all other expenses.  Capital Management Total shareholders' equity was $6.1 billion at September 30, 2025, up from $5.6 billion at September 30, 2024 and $5.9 billion at June 30, 2025.  Estimated regulatory capital ratios at September 30, 2025 included Common Equity Tier 1 capital of 11.5%, Tier 1 capital of 11.9%, Total risk-based capital of 13.1%, and Tier 1 leverage capital of 9.2%. During the third quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.3 million outstanding shares of common stock as of September 30, 2025. Summary Rollins concluded, "We've achieved a number of key successes over the first three quarters of 2025. Our earnings and operating performance metrics have continued to improve, driven by continued organic balance sheet growth, improved net interest margin and operating efficiency, and stable credit quality. Additionally, the successful completion and operational integration of both the Industry and First Chatham transactions have further enhanced our core deposit base as well as our presence in great markets. As we look forward, we will continue the focus behind these results - taking care of the communities and customers we serve, as we seek to improve shareholder value."  Key Transactions On May 1, 2025, the Company completed the 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 the 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.  Conference Call and Webcast The Company will conduct a conference call to discuss its third quarter 2025 financial results on October 21, 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 Bank Cadence Bank (NYSE: CADE) is a $53 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," "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. 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, trade, 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; reputational risks arising from media coverage of the banking industry and digital misinformation; the risks of changes and continued volatility 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; continued uncertainties surrounding the impact of the U.S.'s tariffs, including potential negative impact to our loan portfolio, our customers' businesses and overall profitability, potential for increases in problem loans, potential re-evaluation of credit marks and interest rates, and lower equity valuation and potential slowdown in capital markets; uncertain duration of trade conflicts; 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; 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 the U.S.'s tariffs and international trade conflicts, Russia's military action in Ukraine, the durability of efforts at peace 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, 2024, 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 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Earnings Summary: Interest revenue $    704,643 $     635,599 $    599,257 $    620,321 $    647,713 $  1,939,499 $  1,927,036 Interest expense 280,916 257,459 236,105 255,790 286,255 774,480 855,352 Net interest revenue 423,727 378,140 363,152 364,531 361,458 1,165,019 1,071,684 Provision for credit losses 32,000 31,000 20,000 15,000 12,000 83,000 56,000 Net interest revenue, after provision for credit losses 391,727 347,140 343,152 349,531 349,458 1,082,019 1,015,684 Noninterest revenue 93,478 98,181 85,387 86,165 85,901 277,046 270,345 Noninterest expense 320,246 272,863 259,349 266,186 259,438 852,458 779,343 Income before income taxes 164,959 172,458 169,190 169,510 175,921 506,607 506,686 Income tax expense 35,110 37,813 35,968 36,795 39,482 108,891 115,797 Net income 129,849 134,645 133,222 132,715 136,439 397,716 390,889 Less: Preferred dividends 2,372 4,744 2,372 2,372 2,372 9,488 7,116 Net income available to common shareholders $    127,477 $     129,901 $    130,850 $    130,343 $    134,067 $    388,228 $     383,773 Balance Sheet - Period End Balances Total assets $  53,282,352 $ 50,378,840 $  47,743,294 $  47,019,190 $  49,204,933 $  53,282,352 $ 49,204,933 Total earning assets 47,729,237 45,400,518 43,172,997 42,386,627 44,834,897 47,729,237 44,834,897 Available for sale securities 9,616,389 8,837,400 7,912,159 7,293,988 7,841,685 9,616,389 7,841,685 Loans and leases, net of unearned income 36,801,836 35,465,181 34,051,610 33,741,755 33,303,972 36,801,836 33,303,972 Allowance for credit losses (ACL) 496,199 474,651 457,791 460,793 460,859 496,199 460,859 Net book value of acquired loans 5,512,749 4,594,171 4,365,789 4,783,206 5,521,000 5,512,749 5,521,000 Unamortized net discount on acquired loans 41,906 19,414 13,060 15,611 17,988 41,906 17,988 Total deposits 43,921,456 40,493,518 40,335,728 40,496,201 38,844,360 43,921,456 38,844,360 Total deposits and repurchase agreements 43,950,988 40,514,743 40,355,399 40,519,817 38,861,324 43,950,988 38,861,324 Other short-term borrowings 925,000 1,575,000 235,000 — 3,500,000 925,000 3,500,000 Subordinated and long-term borrowings 1,330,657 1,430,674 560,690 10,706 225,823 1,330,657 225,823 Total shareholders' equity 6,083,096 5,916,283 5,718,541 5,569,683 5,572,863 6,083,096 5,572,863 Total shareholders' equity, excluding AOCI (1) 6,576,878 6,492,440 6,339,744 6,264,178 6,163,205 6,576,878 6,163,205 Common shareholders' equity 5,916,103 5,749,290 5,551,548 5,402,690 5,405,870 5,916,103 5,405,870 Common shareholders' equity, excluding AOCI (1) $  6,409,885 $  6,325,447 $  6,172,751 $  6,097,185 $  5,996,212 $  6,409,885 $  5,996,212 Balance Sheet - Average Balances Total assets $  54,352,974 $ 49,356,696 $  47,135,431 $  47,263,538 $  47,803,977 $  50,308,138 $ 48,211,586 Total earning assets 48,807,542 44,741,277 42,637,002 42,920,125 43,540,045 45,417,877 43,871,434 Available for sale securities 10,171,253 8,814,463 7,302,172 7,636,683 7,915,636 8,773,139 8,072,391 Loans and leases, net of unearned income 36,623,037 34,762,808 33,944,416 33,461,931 33,279,819 35,119,899 32,988,706 Total deposits 44,859,162 39,897,600 40,353,292 39,743,224 37,634,453 41,719,856 38,050,413 Total deposits and repurchase agreements 44,883,355 39,916,099 40,376,248 39,761,277 37,666,828 41,741,743 38,152,672 Other short-term borrowings 1,122,185 1,419,615 108,389 905,815 3,512,218 887,110 3,504,102 Subordinated and long-term borrowings 1,429,577 1,338,059 129,030 123,442 265,790 970,319 367,826 Total shareholders' equity 5,982,117 5,827,081 5,651,592 5,589,361 5,420,826 5,821,474 5,274,579 Common shareholders' equity $  5,815,124 $  5,660,088 $  5,484,599 $  5,422,368 $  5,253,833 $  5,654,481 $  5,107,586 Nonperforming Assets: Nonperforming loans and leases (NPL) (2) (3) 249,822 231,243 235,952 264,692 272,954 249,822 272,954 Other real estate owned and other assets 16,250 15,599 8,452 5,754 5,354 16,250 5,354 Nonperforming assets (NPA) $    266,072 $     246,842 $    244,404 $    270,446 $    278,308 $    266,072 $     278,308 (1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27. (2) At September 30, 2025, $45.4 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 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Financial Ratios and Other Data: Return on average assets (2) 0.95 % 1.09 % 1.15 % 1.12 % 1.14 % 1.06 1.08 Adjusted return on average assets  (1)(2) 1.13 1.14 1.15 1.11 1.15 1.14 1.07 Return on average common shareholders' equity (2) 8.70 9.21 9.68 9.56 10.15 9.18 10.04 Adjusted return on average common shareholders' equity (1)(2) 10.43 9.74 9.72 9.53 10.27 9.97 9.88 Return on average tangible common equity (1)(2) 12.13 12.41 13.15 13.06 14.04 12.55 14.06 Adjusted return on average tangible common equity (1)(2) 14.54 13.13 13.20 13.02 14.21 13.63 13.84 Pre-tax pre-provision net revenue to total average assets (1)(2) 1.44 1.65 1.63 1.55 1.56 1.57 1.56 Adjusted pre-tax pre-provision net revenue to total average assets (1)(2) 1.64 1.67 1.63 1.55 1.58 1.65 1.54 Net interest margin-fully taxable equivalent 3.46 3.40 3.46 3.38 3.31 3.44 3.27 Net interest rate spread-fully taxable equivalent 2.76 2.68 2.74 2.59 2.45 2.73 2.43 Efficiency ratio fully tax equivalent (1) 61.67 57.21 57.74 58.98 57.90 58.98 57.99 Adjusted efficiency ratio fully tax equivalent (1) 56.46 56.69 57.58 59.09 57.73 56.88 58.18 Loan/deposit ratio 83.79 % 87.58 % 84.42 % 83.32 % 85.74 % 83.79 % 85.74 % Full time equivalent employees 5,825 5,514 5,356 5,335 5,327 5,825 5,327 Credit Quality Ratios: Net charge-offs to average loans and leases (2) 0.26 % 0.24 % 0.27 % 0.17 % 0.26 % 0.26 % 0.26 % Provision for credit losses to average loans and leases (2) 0.35 0.36 0.24 0.18 0.14 0.32 0.23 ACL to loans and leases, net 1.35 1.34 1.34 1.37 1.38 1.35 1.38 ACL to NPL 198.62 205.26 194.02 174.09 168.84 198.62 168.84 NPL to loans and leases, net 0.68 0.65 0.69 0.78 0.82 0.68 0.82 NPA to total assets 0.50 0.49 0.51 0.58 0.57 0.50 0.57 Equity Ratios: Total shareholders' equity to total assets 11.42 % 11.74 % 11.98 % 11.85 % 11.33 % 11.42 % 11.33 % Total common shareholders' equity to total assets 11.10 11.41 11.63 11.49 10.99 11.10 10.99 Tangible common shareholders' equity to tangible assets (1) 8.24 8.74 8.87 8.67 8.28 8.24 8.28 Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (1) 9.11 9.80 10.07 10.04 9.40 9.11 9.40 Capital Adequacy (3): Common Equity Tier 1 capital 11.5 % 12.2 % 12.4 % 12.4 % 12.3 % 11.5 % 12.3 % Tier 1 capital 11.9 12.6 12.9 12.8 12.7 11.9 12.7 Total capital 13.1 13.8 14.1 14.0 14.5 13.1 14.5 Tier 1 leverage capital 9.2 10.3 10.6 10.4 10.1 9.2 10.1 (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 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Common Share Data: Diluted earnings per share $             0.67 $           0.69 $           0.70 $           0.70 $           0.72 $             2.07 $             2.07 Adjusted earnings per share (1) 0.81 0.73 0.71 0.70 0.73 2.25 2.04 Cash dividends per share 0.275 0.275 0.275 0.250 0.250 0.825 0.75 Book value per share 31.75 30.86 30.16 29.44 29.65 31.75 29.65 Tangible book value per share (1) 22.82 22.94 22.30 21.54 21.68 22.82 21.68 Market value per share (last) 37.54 31.98 30.36 34.45 31.85 37.54 31.85 Market value per share (high) 38.47 32.68 36.53 40.20 34.13 38.47 34.13 Market value per share (low) 31.76 25.22 28.90 30.21 27.46 25.22 24.99 Market value per share (average) 36.04 29.97 33.13 35.17 30.96 33.08 28.98 Dividend payout ratio 41.04 % 39.86 % 39.29 % 35.71 % 34.72 % 39.86 % 36.23 % Adjusted dividend payout ratio (1) 33.95 % 37.67 % 38.73 % 35.71 % 34.25 % 36.67 % 36.76 % Total shares outstanding 186,307,016 186,307,016 184,046,420 183,527,575 182,315,142 186,307,016 182,315,142 Average shares outstanding - diluted 189,053,254 187,642,873 186,121,979 186,038,243 185,496,110 187,616,202 185,443,201 Yield/Rate: (Taxable equivalent basis) Loans, loans held for sale, and leases 6.37 % 6.34 % 6.33 % 6.42 % 6.64 % 6.35 % 6.58 % Loans, loans held for sale, and leases excluding net accretion on acquired loans and leases 6.31 6.31 6.30 6.40 6.61 6.31 6.54 Available for sale securities: Taxable 3.54 3.32 2.99 3.03 3.03 3.31 3.11 Tax-exempt 5.68 4.14 4.04 3.93 3.97 5.32 4.11 Other investments 4.78 4.41 4.42 4.77 5.37 4.58 5.44 Total interest earning assets and revenue 5.74 5.70 5.71 5.76 5.92 5.72 5.87 Deposits 2.25 2.30 2.35 2.44 2.55 2.29 2.51 Interest bearing demand and money market 2.66 2.69 2.69 2.87 3.13 2.68 3.13 Savings 0.68 0.57 0.57 0.57 0.57 0.61 0.57 Time 3.92 3.98 4.10 4.28 4.50 3.99 4.48 Total interest bearing deposits 2.90 2.92 2.96 3.12 3.30 2.92 3.26 Fed funds purchased, securities sold under agreement to repurchase and other 4.48 4.45 4.45 4.58 5.10 4.45 4.81 Short-term FHLB borrowings 4.36 4.31 4.43 — — 4.33 — Short-term BTFP borrowings — — — 4.77 4.77 — 4.79 Total interest bearing deposits and short-term borrowings 2.94 2.98 2.96 3.16 3.46 2.96 3.43 Subordinated and long-term borrowings 3.91 4.07 4.05 4.14 4.30 3.99 4.36 Total interest bearing liabilities 2.98 3.02 2.97 3.17 3.47 2.99 3.44 Interest bearing liabilities to interest earning assets 76.62 % 76.39 % 75.70 % 74.82 % 75.40 % 76.26 % 75.70 % Net interest income tax equivalent adjustment (in thousands) $           2,068 $            637 $            630 $            648 $            694 $           3,335 $           1,974 (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) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 ASSETS Cash and due from banks $         839,841 $         710,679 $         578,513 $         624,884 $         504,827 Interest bearing deposits with other banks and Federal funds sold 1,049,332 825,878 988,787 1,106,692 3,483,299 Available for sale securities, at fair value 9,616,389 8,837,400 7,912,159 7,293,988 7,841,685 Loans and leases, net of unearned income 36,801,836 35,465,181 34,051,610 33,741,755 33,303,972 Allowance for credit losses 496,199 474,651 457,791 460,793 460,859 Net loans and leases 36,305,637 34,990,530 33,593,819 33,280,962 32,843,113 Loans held for sale, at fair value 261,680 272,059 220,441 244,192 205,941 Premises and equipment, net 855,275 806,879 780,963 783,456 797,556 Goodwill 1,515,771 1,387,990 1,366,923 1,366,923 1,366,923 Other intangible assets, net 149,039 87,814 79,522 83,190 87,094 Bank-owned life insurance 768,887 671,813 654,964 651,838 652,057 Other assets 1,920,501 1,787,798 1,567,203 1,583,065 1,422,438 Total Assets $    53,282,352 $    50,378,840 $    47,743,294 $    47,019,190 $    49,204,933 LIABILITIES Deposits: Demand: Noninterest bearing $      9,036,907 $      9,154,050 $      8,558,412 $      8,591,805 $      9,242,693 Interest bearing 20,518,436 18,936,579 19,221,356 19,345,114 18,125,553  Savings 3,095,622 2,641,482 2,626,901 2,588,406 2,560,803  Time deposits 11,270,491 9,761,407 9,929,059 9,970,876 8,915,311 Total deposits 43,921,456 40,493,518 40,335,728 40,496,201 38,844,360 Securities sold under agreement to repurchase 29,532 21,225 19,671 23,616 16,964 Other short-term borrowings 925,000 1,575,000 235,000 — 3,500,000 Subordinated and long-term borrowings 1,330,657 1,430,674 560,690 10,706 225,823 Other liabilities 992,611 942,140 873,664 918,984 1,044,923 Total Liabilities 47,199,256 44,462,557 42,024,753 41,449,507 43,632,070 SHAREHOLDERS' EQUITY Preferred stock 166,993 166,993 166,993 166,993 166,993 Common stock 465,768 465,768 460,116 458,819 455,788 Capital surplus 2,813,356 2,805,171 2,736,799 2,742,913 2,729,440 Accumulated other comprehensive loss (493,782) (576,157) (621,203) (694,495) (590,342) Retained earnings 3,130,761 3,054,508 2,975,836 2,895,453 2,810,984 Total Shareholders' Equity 6,083,096 5,916,283 5,718,541 5,569,683 5,572,863 Total Liabilities & Shareholders' Equity $    53,282,352 $    50,378,840 $    47,743,294 $    47,019,190 $    49,204,933 Table 5 Consolidated Quarterly Average Balance Sheets (Unaudited) (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 ASSETS Cash and due from banks $         731,455 $         526,612 $         560,581 $         490,161 $         435,569 Interest bearing deposits with other banks and Federal funds sold 1,845,618 1,017,815 1,275,153 1,698,300 2,210,277 Available for sale securities, at fair value 10,171,253 8,814,463 7,302,172 7,636,683 7,915,636 Loans and leases, net of unearned income 36,623,037 34,762,808 33,944,416 33,461,931 33,279,819 Allowance for credit losses 481,059 467,521 465,332 465,971 469,919 Net loans and leases 36,141,978 34,295,287 33,479,084 32,995,960 32,809,900 Loans held for sale, at fair value 167,634 146,191 115,261 123,211 134,313 Premises and equipment, net 853,598 793,793 785,194 796,394 807,353 Goodwill 1,515,771 1,379,076 1,366,923 1,366,923 1,366,923 Other intangible assets, net 130,434 81,845 81,527 85,323 89,262 Bank-owned life insurance 767,234 662,909 652,689 651,166 650,307 Other assets 2,027,999 1,638,705 1,516,847 1,419,417 1,384,437 Total Assets $    54,352,974 $    49,356,696 $    47,135,431 $    47,263,538 $    47,803,977 LIABILITIES Deposits: Demand: Noninterest bearing $    10,040,670 $      8,494,542 $      8,339,414 $      8,676,765 $      8,616,534 Interest bearing 20,264,338 18,799,895 19,428,376 18,845,689 18,043,686  Savings 3,143,880 2,646,190 2,607,366 2,573,961 2,584,761  Time deposits 11,410,274 9,956,973 9,978,136 9,646,809 8,389,472 Total deposits 44,859,162 39,897,600 40,353,292 39,743,224 37,634,453 Securities sold under agreement to repurchase 24,193 18,499 22,956 18,053 32,375 Other short-term borrowings 1,122,185 1,419,615 108,389 905,815 3,512,218 Subordinated and long-term borrowings 1,429,577 1,338,059 129,030 123,442 265,790 Other liabilities 935,740 855,842 870,172 883,643 938,315 Total Liabilities 48,370,857 43,529,615 41,483,839 41,674,177 42,383,151 SHAREHOLDERS' EQUITY Preferred stock 166,993 166,993 166,993 166,993 166,993 Common stock 465,768 463,937 458,830 457,798 455,954 Capital surplus 2,807,539 2,779,736 2,744,442 2,735,323 2,725,581 Accumulated other comprehensive loss (565,609) (616,527) (663,883) (634,307) (703,619) Retained earnings 3,107,426 3,032,942 2,945,210 2,863,554 2,775,917 Total Shareholders' Equity 5,982,117 5,827,081 5,651,592 5,589,361 5,420,826 Total Liabilities & Shareholders' Equity $    54,352,974 $    49,356,696 $    47,135,431 $    47,263,538 $    47,803,977 Table 6 Consolidated Statements of Income (Unaudited) Quarter Ended Year-to-date (Dollars in thousands, except per share data) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 INTEREST REVENUE: Loans and leases $        588,570 $        549,691 $        530,050 $        540,147 $        555,862 $  1,668,311 $  1,624,487 Available for sale securities: Taxable 86,144 72,355 53,232 57,476 59,732 211,731 185,989 Tax-exempt 5,952 634 629 635 638 7,215 1,963 Loans held for sale 1,758 1,736 1,449 1,694 1,630 4,943 4,467 Short-term investments 22,219 11,183 13,897 20,369 29,851 47,299 110,130 Total interest revenue 704,643 635,599 599,257 620,321 647,713 1,939,499 1,927,036 INTEREST EXPENSE: Interest bearing demand deposits and money market accounts 136,105 125,874 128,831 135,965 142,179 390,810 437,861 Savings 5,378 3,747 3,644 3,684 3,695 12,769 11,238 Time deposits 112,720 98,721 100,900 103,785 94,944 312,341 264,786 Federal funds purchased and securities sold under agreement to repurchase 818 2,939 1,124 293 561 4,881 3,808 Short-term borrowings 11,807 12,594 317 10,779 42,003 24,718 125,656 Subordinated and long-term borrowings 14,088 13,584 1,289 1,284 2,873 28,961 12,003 Total interest expense 280,916 257,459 236,105 255,790 286,255 774,480 855,352 Net interest revenue 423,727 378,140 363,152 364,531 361,458 1,165,019 1,071,684 Provision for credit losses 32,000 31,000 20,000 15,000 12,000 83,000 56,000 Net interest revenue, after provision for credit losses 391,727 347,140 343,152 349,531 349,458 1,082,019 1,015,684 NONINTEREST REVENUE: Wealth management 24,515 25,298 23,279 23,973 24,110 73,092 70,949 Deposit service charges 19,047 18,061 17,736 18,694 18,814 54,844 54,803 Credit card, debit card and merchant fees 13,484 12,972 11,989 12,664 12,649 38,445 37,581 Mortgage banking 4,469 8,711 6,638 3,554 1,133 19,818 13,749 Security gains (losses), net 4,311 — (9) (3) (2,947) 4,302 (2,960) Other noninterest income 27,652 33,139 25,754 27,283 32,142 86,545 96,223 Total noninterest revenue 93,478 98,181 85,387 86,165 85,901 277,046 270,345 NONINTEREST EXPENSE: Salaries and employee benefits 173,485 157,340 152,972 152,381 152,237 483,797 456,926 Occupancy and equipment 31,892 30,039 28,477 27,275 28,894 90,408 86,901 Data processing and software 36,120 30,701 27,132 33,226 29,164 93,953 88,658 Deposit insurance assessments 10,037 8,571 8,643 8,284 7,481 27,251 31,637 Amortization of intangibles 7,539 4,046 3,668 3,904 3,933 15,253 11,998 Merger expense 19,789 2,179 315 — — 22,283 — Other noninterest expense 41,384 39,987 38,142 41,116 37,729 119,513 103,223 Total noninterest expense 320,246 272,863 259,349 266,186 259,438 852,458 779,343 Income before income taxes 164,959 172,458 169,190 169,510 175,921 506,607 506,686 Income tax expense 35,110 37,813 35,968 36,795 39,482 108,891 115,797 Net income 129,849 134,645 133,222 132,715 136,439 397,716 390,889 Less: Preferred dividends 2,372 4,744 2,372 2,372 2,372 9,488 7,116 Net income available to common shareholders $       127,477 $       129,901 $       130,850 $       130,343 $       134,067 $    388,228 $    383,773 Diluted earnings per common share $             0.67 $             0.69 $             0.70 $             0.70 $             0.72 $          2.07 $          2.07 Table 7 Selected Loan and Lease Portfolio Data (Unaudited) Quarter Ended (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $     9,239,690 $     9,049,094 $     8,688,653 $     8,670,529 $     8,692,639 Owner occupied 5,291,566 4,762,408 4,667,477 4,665,015 4,557,723 Total commercial and industrial 14,531,256 13,811,502 13,356,130 13,335,544 13,250,362 Commercial real estate Construction, acquisition and development 3,338,413 3,464,124 3,723,408 3,909,184 3,931,821 Income producing 7,071,911 7,025,539 6,268,456 6,015,773 5,978,695 Total commercial real estate 10,410,324 10,489,663 9,991,864 9,924,957 9,910,516 Consumer Residential mortgages 11,604,742 10,951,618 10,498,320 10,267,883 9,933,222 Other consumer 255,514 212,398 205,296 213,371 209,872 Total consumer 11,860,256 11,164,016 10,703,616 10,481,254 10,143,094 Total loans and leases, net of unearned income $   36,801,836 $   35,465,181 $   34,051,610 $   33,741,755 $   33,303,972 NONPERFORMING ASSETS Nonperforming Loans and Leases Commercial and industrial Non-real estate $          83,090 $        123,960 $        118,078 $        145,115 $        148,267 Owner occupied 20,067 18,158 18,988 16,904 15,127 Total commercial and industrial 103,157 142,118 137,066 162,019 163,394 Commercial real estate Construction, acquisition and development 2,099 9,307 8,768 8,600 2,034 Income producing 50,595 4,379 8,021 18,542 25,112 Total commercial real estate 52,694 13,686 16,789 27,142 27,146 Consumer Residential mortgages 93,608 75,076 81,803 75,287 82,191 Other consumer 363 363 294 244 223 Total consumer 93,971 75,439 82,097 75,531 82,414 Total nonperforming loans and leases (1) $        249,822 $        231,243 $        235,952 $        264,692 $        272,954 Other real estate owned and repossessed assets 16,250 15,599 8,452 5,754 5,354 Total nonperforming assets $        266,072 $        246,842 $        244,404 $        270,446 $        278,308 Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA $          45,401 $          94,046 $          84,339 $          89,906 $          81,632 Loans and leases 90+ days past due, still accruing $          42,598 $            5,208 $            8,832 $          13,126 $          11,757 (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) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 ALLOWANCE FOR CREDIT LOSSES: Balance, beginning of period $      474,651 $      457,791 $      460,793 $      460,859 $      470,022 Charge-offs: Commercial and industrial (22,324) (18,147) (21,284) (15,116) (21,620) Commercial real estate (391) (3,740) (1,382) (167) (222) Consumer (3,653) (3,438) (3,062) (2,679) (2,681) Total loans charged-off (26,368) (25,325) (25,728) (17,962) (24,523) Recoveries: Commercial and industrial 1,812 3,191 1,822 2,613 1,647 Commercial real estate 129 110 83 549 65 Consumer 826 809 821 734 648 Total recoveries 2,767 4,110 2,726 3,896 2,360 Net charge-offs (23,601) (21,215) (23,002) (14,066) (22,163) Initial allowance on loans purchased with credit deterioration 15,149 8,075 — — — Provision: Loans and leases acquired during the quarter 5,519 4,152 — — —      Provision for credit losses related to loans and leases 24,481 25,848 20,000 14,000 13,000 Total provision for loans and leases 30,000 30,000 20,000 14,000 13,000 Balance, end of period $      496,199 $      474,651 $      457,791 $      460,793 $      460,859 Average loans and leases, net of unearned income, for period $ 36,623,037 $ 34,762,808 $ 33,944,416 $ 33,461,931 $ 33,279,819 Ratio: Net charge-offs to average loans and leases (2) 0.26 % 0.24 % 0.27 % 0.17 % 0.26 % RESERVE FOR UNFUNDED COMMITMENTS (1) Balance, beginning of period $          9,551 $          8,551 $          8,551 $          7,551 $          8,551 Provision (reversal) for credit losses for unfunded commitments 2,000 1,000 — 1,000 (1,000) Balance, end of period $        11,551 $          9,551 $          8,551 $          8,551 $          7,551 (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) September 30, 2025 (In thousands) Pass Special Mention Substandard Doubtful Impaired Purchased Credit Deteriorated (Loss) Total 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 income $ 35,802,708 $   304,788 $     628,530 $      8,183 $      39,778 $       17,849 $  36,801,836 June 30, 2025 (In thousands) Pass Special Mention Substandard Doubtful Impaired Purchased Credit Deteriorated (Loss) Total LOAN AND LEASE PORTFOLIO: Commercial and industrial Non-real estate $ 8,516,718 $   157,279 $     344,254 $      8,369 $      19,112 $         3,362 $  9,049,094 Owner occupied 4,719,527 7,886 28,021 — 6,974 — 4,762,408 Total commercial and industrial 13,236,245 165,165 372,275 8,369 26,086 3,362 13,811,502 Commercial real estate Construction, acquisition and development 3,452,247 1,634 4,400 — 5,843 — 3,464,124 Income producing 6,776,961 53,088 188,979 — 2,218 4,293 7,025,539 Total commercial real estate 10,229,208 54,722 193,379 — 8,061 4,293 10,489,663 Consumer Residential mortgages 10,847,867 9,008 89,257 — 4,075 1,411 10,951,618 Other consumer 211,722 — 676 — — — 212,398 Total consumer 11,059,589 9,008 89,933 — 4,075 1,411 11,164,016 Total loans and leases, net of unearned income $  34,525,042 $   228,895 $     655,587 $      8,369 $      38,222 $         9,066 $  35,465,181 Table 10 Geographical Loan and Lease Information (Unaudited) 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 unearned income $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 $36,801,836 Loan (decline) growth, excluding loans acquired during the quarter ($) $    (8,230) $    36,115 $  (56,732) $    23,615 $    11,494 $    24,542 $      2,636 $      2,111 $  336,407 $  (43,521) $  328,437 Loan (decline) growth, excluding loans acquired during the quarter (%) (annualized) (1.15) % 11.80 % (8.94) % 3.35 % 3.11 % 3.16 % 1.57 % 0.45 % 9.27 % (3.75) % 3.67 % June 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 $      461,841 $      150,416 $      578,930 $      463,910 $      380,995 $      566,433 $        73,659 $      335,082 $   3,560,172 $   2,477,656 $   9,049,094 Owner occupied 327,424 247,534 306,486 412,620 288,772 591,957 99,690 157,107 1,861,471 469,347 4,762,408 Total commercial and industrial 789,265 397,950 885,416 876,530 669,767 1,158,390 173,349 492,189 5,421,643 2,947,003 13,811,502 Commercial real estate Construction, acquisition and development 223,889 67,466 234,381 359,066 60,759 167,989 39,054 179,527 1,671,287 460,706 3,464,124 Income producing 475,388 278,193 673,011 1,021,286 229,432 415,358 220,172 327,886 2,459,308 925,505 7,025,539 Total commercial real estate 699,277 345,659 907,392 1,380,352 290,191 583,347 259,226 507,413 4,130,595 1,386,211 10,489,663 Consumer Residential mortgages 1,324,421 451,893 720,256 526,537 494,173 1,253,916 231,680 864,729 4,816,298 267,715 10,951,618 Other consumer 27,540 18,585 5,066 9,182 10,739 84,064 1,353 16,712 33,853 5,304 212,398 Total consumer 1,351,961 470,478 725,322 535,719 504,912 1,337,980 233,033 881,441 4,850,151 273,019 11,164,016 Total loans and leases, net of unearned income $   2,840,503 $   1,214,087 $   2,518,130 $   2,792,601 $   1,464,870 $   3,079,717 $      665,608 $   1,881,043 $ 14,402,389 $   4,606,233 $ 35,465,181 Table 11 Noninterest Revenue and Expense (Unaudited) Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 NONINTEREST REVENUE: Trust and asset management income $       11,948 $       13,227 $       11,823 $       12,485 $       12,055 $       36,998 $       36,023 Investment advisory fees 9,314 8,970 8,454 8,502 8,641 26,738 25,157 Brokerage and annuity fees 3,253 3,101 3,002 2,986 3,414 9,356 9,769 Deposit service charges 19,047 18,061 17,736 18,694 18,814 54,844 54,803 Credit card, debit card and merchant fees 13,484 12,972 11,989 12,664 12,649 38,445 37,581 Mortgage banking excl. MSR and MSR hedge market value adjustment 9,208 10,734 9,743 6,293 8,171 29,685 27,162 MSR and MSR hedge market value adjustment (4,739) (2,023) (3,105) (2,739) (7,038) (9,867) (13,413) Security gains (losses), net 4,311 — (9) (3) (2,947) 4,302 (2,960) Bank-owned life insurance 5,093 6,812 5,202 5,046 4,353 17,107 12,670 Other miscellaneous income 22,559 26,327 20,552 22,237 27,789 69,438 83,553 Total noninterest revenue $       93,478 $       98,181 $       85,387 $       86,165 $       85,901 $     277,046 $     270,345 NONINTEREST EXPENSE: Salaries and employee benefits $     173,485 $     157,340 $     152,972 $     152,381 $     152,237 $     483,797 $     456,926 Occupancy and equipment 31,892 30,039 28,477 27,275 28,894 90,408 86,901 Data processing and software 36,120 30,701 27,132 33,226 29,164 93,953 88,658 Deposit insurance assessments 10,037 8,571 8,643 8,284 7,481 27,251 31,637 Amortization of intangibles 7,539 4,046 3,668 3,904 3,933 15,253 11,998 Merger expense 19,789 2,179 315 — — 22,283 — Advertising and public relations 6,939 7,304 4,157 5,870 5,481 18,400 16,241 Foreclosed property expense 1,294 757 864 621 486 2,915 1,269 Telecommunications 1,520 1,330 1,512 1,359 1,513 4,362 4,498 Travel and entertainment 3,004 2,829 2,436 2,618 2,612 8,271 7,397 Professional, consulting and outsourcing 3,025 4,043 4,733 4,540 4,115 11,801 11,584 Legal 4,463 8,111 3,559 4,176 3,664 16,133 8,104 Postage and shipping 2,026 1,797 1,773 1,624 1,677 5,597 5,504 Other miscellaneous expense 19,113 13,816 19,108 20,308 18,181 52,034 48,626 Total noninterest expense $     320,246 $     272,863 $     259,349 $     266,186 $     259,438 $     852,458 $     779,343 Table 12 Average Balance and Yields (Unaudited) Quarter Ended September 30, 2025 June 30, 2025 September 30, 2024 (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 $ 36,623,037 $   583,537 6.32 % $  34,762,808 $   547,514 6.32 % $ 33,279,819 $   553,394 6.62 % Accretion income on acquired loans 5,519 0.06 2,645 0.03 2,992 0.04 Loans held for sale 167,634 1,758 4.16 146,191 1,736 4.76 134,313 1,630 4.83 Investment securities Taxable 9,644,752 86,144 3.54 8,736,627 72,355 3.32 7,834,596 59,732 3.03 Tax-exempt 526,501 7,534 5.68 77,836 803 4.14 81,040 808 3.97 Total investment securities 10,171,253 93,678 3.65 8,814,463 73,158 3.33 7,915,636 60,540 3.04 Other investments 1,845,618 22,219 4.78 1,017,815 11,183 4.41 2,210,277 29,851 5.37 Total interest-earning assets 48,807,542 706,711 5.74 % 44,741,277 636,236 5.70 % 43,540,045 648,407 5.92 % Other assets 6,026,491 5,082,940 4,733,851 Allowance for credit losses 481,059 467,521 469,919 Total assets $ 54,352,974 $  49,356,696 $ 47,803,977 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest bearing demand and money market $ 20,264,338 $   136,105 2.66 % $  18,799,895 $   125,874 2.69 % $ 18,043,686 $   142,179 3.13 % Savings deposits 3,143,880 5,378 0.68 2,646,190 3,747 0.57 2,584,761 3,695 0.57 Time deposits 11,410,274 112,720 3.92 9,956,973 98,721 3.98 8,389,472 94,944 4.50 Total interest-bearing deposits 34,818,492 254,203 2.90 31,403,058 228,342 2.92 29,017,919 240,818 3.30 Fed funds purchased, securities sold under agreement to repurchase and other 72,454 818 4.48 265,092 2,939 4.45 44,582 572 5.10   Short-term FHLB borrowings 1,073,924 11,807 4.36 1,173,022 12,594 4.31 11 — —   Short-term BTFP borrowings — — — — — — 3,500,000 41,992 4.77 Subordinated and long-term borrowings 1,429,577 14,088 3.91 1,338,059 13,584 4.07 265,790 2,873 4.30 Total interest-bearing liabilities 37,394,447 280,916 2.98 % 34,179,231 257,459 3.02 % 32,828,302 286,255 3.47 % Noninterest-bearing liabilities: Demand deposits 10,040,670 8,494,542 8,616,534 Other liabilities 935,740 855,842 938,315 Total liabilities 48,370,857 43,529,615 42,383,151 Shareholders' equity 5,982,117 5,827,081 5,420,826 Total liabilities and shareholders' equity $ 54,352,974 $  49,356,696 $ 47,803,977 Net interest income/net interest spread 425,795 2.76 % 378,777 2.68 % 362,152 2.45 % Net yield on earning assets/net interest margin 3.46 % 3.40 % 3.31 % Taxable equivalent adjustment: Loans and investment securities (2,068) (637) (694) Net interest revenue $   423,727 $   378,140 $   361,458 Table 12 Average Balance and Yields Continued Year-To-Date September 30, 2025 September 30, 2024 (Dollars in thousands) Average Balance Income/Expense Yield/ Rate Average Balance Income/Expense Yield/ Rate ASSETS Interest-earning assets: Loans and leases, excluding accretion $   35,119,899 $   1,659,002 6.32 % $   32,988,706 $   1,616,450 6.54 % Accretion income on acquired loans 10,726 0.04 9,489 0.04 Loans held for sale 143,221 4,943 4.61 107,109 4,467 5.57 Investment securities Taxable 8,543,442 211,731 3.31 7,991,692 185,989 3.11 Tax-exempt 229,697 9,133 5.32 80,699 2,485 4.11 Total investment securities 8,773,139 220,864 3.37 8,072,391 188,474 3.12 Other investments 1,381,618 47,299 4.58 2,703,228 110,130 5.44 Total interest-earning assets 45,417,877 1,942,834 5.72 % 43,871,434 1,929,010 5.87 % Other assets 5,361,623 4,813,124 Allowance for credit losses 471,362 472,972 Total assets $   50,308,138 $   48,211,586 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest bearing demand and money market $   19,500,598 390,810 2.68 % $   18,703,458 $      437,861 3.13 % Savings deposits 2,801,111 12,769 0.61 2,644,193 11,238 0.57 Time deposits 10,453,707 312,341 3.99 7,888,094 264,786 4.48 Total interest-bearing deposits 32,755,416 715,920 2.92 29,235,745 713,885 3.26 Fed funds purchased, securities sold under agreement to repurchase and other 146,759 4,889 4.45 106,357 3,832 4.81    Short-term FHLB borrowings 762,238 24,710 4.33 4 — —  Short-term BTFP borrowings — — — 3,500,000 125,632 4.79 Subordinated and long-term borrowings 970,319 28,961 3.99 367,826 12,003 4.36 Total interest-bearing liabilities 34,634,732 774,480 2.99 % 33,209,932 855,352 3.44 % Noninterest-bearing liabilities: Demand deposits 8,964,440 8,814,668 Other liabilities 887,492 912,407 Total liabilities 44,486,664 42,937,007 Shareholders' equity 5,821,474 5,274,579 Total liabilities and shareholders' equity $   50,308,138 $   48,211,586 Net interest income/net interest spread 1,168,354 2.73 % 1,073,658 2.43 % Net yield on earning assets/net interest margin 3.44 % 3.27 % Taxable equivalent adjustment: Loans and investment securities (3,335) (1,974) Net interest revenue $   1,165,019 $   1,071,684 Table 13 Selected Additional Data (Unaudited) Quarter Ended (Dollars in thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 MORTGAGE SERVICING RIGHTS ("MSR"): Fair value, beginning of period $      111,624 $    110,969 $     114,594 $     104,891 $    113,595 Originations of servicing assets 3,844 3,732 2,796 4,227 3,361 Changes in fair value: Due to changes in valuation inputs or assumptions(1) (1,254) (2,468) (4,447) 9,193 (8,232) Other changes in fair value(2) (3,719) (609) (1,974) (3,717) (3,833) Fair value, end of period $      110,495 $    111,624 $     110,969 $     114,594 $    104,891 MORTGAGE BANKING REVENUE: Origination $          2,753 $        4,362 $         3,402 $            332 $        2,145 Servicing 6,455 6,372 6,341 5,961 6,026 Total mortgage banking revenue excluding MSR 9,208 10,734 9,743 6,293 8,171 Due to changes in valuation inputs or assumptions(1) (1,254) (2,468) (4,447) 9,193 (8,232) Other changes in fair value(2) (3,719) (609) (1,974) (3,717) (3,833) Market value adjustment on MSR Hedge 234 1,054 3,316 (8,215) 5,027 Total mortgage banking revenue $          4,469 $        8,711 $         6,638 $         3,554 $        1,133 Mortgage loans serviced $   8,346,802 $ 8,216,970 $  8,111,379 $  8,043,306 $ 7,927,028 MSR/mortgage loans serviced 1.32 % 1.36 % 1.37 % 1.42 % 1.32 % (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) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 AVAILABLE FOR SALE SECURITIES, at fair value Obligations of U.S. government agencies $         254,678 $         266,905 $         274,285 $         281,231 $         300,730 Mortgage-backed securities issued or guaranteed by U.S. agencies ("MBS"): Residential pass-through: Guaranteed by GNMA 63,756 64,464 66,149 66,581 71,001 Issued by FNMA and FHLMC 4,863,136 4,166,316 4,024,678 3,965,556 4,163,760 Other residential mortgage-back securities 2,742,699 2,389,062 1,564,928 934,721 1,135,004 Commercial mortgage-backed securities 1,466,878 1,455,638 1,486,525 1,549,641 1,664,288 Total MBS 9,136,469 8,075,480 7,142,280 6,516,499 7,034,053 Obligations of states and political subdivisions 125,478 131,335 129,822 132,069 137,996 Other domestic debt securities 29,703 45,999 48,422 47,402 51,599 Foreign debt securities 70,061 317,681 317,350 316,787 317,307 Total available for sale securities $      9,616,389 $      8,837,400 $      7,912,159 $      7,293,988 $      7,841,685 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) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Adjusted Net Income Available to Common Shareholders Net income $      129,849 $      134,645 $      133,222 $      132,715 $      136,439 $      397,716 $      390,889 Plus: Merger expense 19,789 2,179 315 — — 22,283 — Incremental merger related expense 8,226 616 55 — — 8,897 — Initial provision for acquired loans 5,519 4,182 — — — 9,701 — Gain on extinguishment of debt — — — — — — (1,674) Restructuring and other nonroutine expenses (950) (300) 351 (505) (920) (899) 6,006 Less: Security gains (losses), net 4,311 — (9) (3) (2,947) 4,302 (2,960) 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 7,286 1,483 172 (118) 476 8,940 (1,807) Adjusted net income 155,177 139,839 133,780 132,331 137,990 428,797 385,008 Less: Preferred dividends 2,372 4,744 2,372 2,372 2,372 9,488 7,116 Plus: Special preferred dividends — 2,372 — — — 2,372 — Adjusted net income available to common shareholders $      152,805 $      137,467 $      131,408 $      129,959 $      135,618 $      421,681 $      377,892 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Pre-Tax Pre-Provision Net Revenue Net income $      129,849 $      134,645 $      133,222 $      132,715 $      136,439 $      397,716 $      390,889 Plus:   Provision for credit losses 32,000 31,000 20,000 15,000 12,000 83,000 56,000 Income tax expense 35,110 37,813 35,968 36,795 39,482 108,891 115,797 Pre-tax pre-provision net revenue $      196,959 $      203,458 $      189,190 $      184,510 $      187,921 $      589,607 $      562,686 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Adjusted Pre-Tax Pre-Provision Net Revenue Net income $      129,849 $      134,645 $      133,222 $      132,715 $      136,439 $      397,716 $      390,889 Plus:   Provision for credit losses 32,000 31,000 20,000 15,000 12,000 83,000 56,000 Merger expense 19,789 2,179 315 — — 22,283 — Incremental merger related expense 8,226 616 55 — — 8,897 — Gain on extinguishment of debt — — — — — — (1,674) Restructuring and other nonroutine expenses (950) (300) 351 (505) (920) (899) 6,006 Income tax expense 35,110 37,813 35,968 36,795 39,482 108,891 115,797 Less:   Security gains (losses), net 4,311 — (9) (3) (2,947) 4,302 (2,960) 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 $      224,054 $      205,953 $      189,920 $      184,008 $      189,948 $      619,927 $      554,998 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Total Adjusted Revenue Net interest revenue $      423,727 $      378,140 $      363,152 $      364,531 $      361,458 $   1,165,019 $   1,071,684 Total Adjusted Noninterest Revenue Total noninterest revenue $        93,478 $        98,181 $        85,387 $        86,165 $        85,901 $      277,046 $      270,345 Less:   Security gains (losses), net 4,311 — (9) (3) (2,947) 4,302 (2,960) 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 $        93,508 $        98,181 $        85,396 $        86,168 $        88,848 $      277,085 $      258,325 Total adjusted revenue $      517,235 $      476,321 $      448,548 $      450,699 $      450,306 $   1,442,104 $   1,330,009 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Total Adjusted Noninterest Expense Total noninterest expense $      320,246 $      272,863 $      259,349 $      266,186 $      259,438 $      852,458 $      779,343 Less:   Merger expense 19,789 2,179 315 — — 22,283 — Incremental merger related expense 8,226 616 55 — — 8,897 — Gain on extinguishment of debt — — — — — — (1,674) Restructuring and other nonroutine expenses (950) (300) 351 (505) (920) (899) 6,006 Total adjusted noninterest expense $      293,181 $      270,368 $      258,628 $      266,691 $      260,358 $      822,177 $      775,011 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 Total Tangible Assets, Excluding AOCI Total assets $  53,282,352 $  50,378,840 $  47,743,294 $  47,019,190 $  49,204,933 $  53,282,352 $  49,204,933 Less:  Goodwill 1,515,771 1,387,990 1,366,923 1,366,923 1,366,923 1,515,771 1,366,923 Other intangible assets, net 149,039 87,814 79,522 83,190 87,094 149,039 87,094 Total tangible assets 51,617,542 48,903,036 46,296,849 45,569,077 47,750,916 51,617,542 47,750,916 Less: AOCI (493,782) (576,157) (621,203) (694,495) (590,342) (493,782) (590,342) Total tangible assets, excluding AOCI $  52,111,324 $  49,479,193 $  46,918,052 $  46,263,572 $  48,341,258 $  52,111,324 $  48,341,258 Quarter Ended Year-to-date (In thousands) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 PERIOD END BALANCES: Total Shareholders' Equity, Excluding AOCI Total shareholders' equity $6,083,096 $5,916,283 $5,718,541 $5,569,683 $5,572,863 $6,083,096 $5,572,863 Less: AOCI (493,782) (576,157) (621,203) (694,495) (590,342) (493,782) (590,342) Total shareholders' equity, excluding AOCI $6,576,878 $6,492,440 $6,339,744 $6,264,178 $6,163,205 $6,576,878 $6,163,205 Common Shareholders' Equity, Excluding AOCI Total shareholders' equity $6,083,096 $5,916,283 $5,718,541 $5,569,683 $5,572,863 $6,083,096 $5,572,863 Less: preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Common shareholders' equity 5,916,103 5,749,290 5,551,548 5,402,690 5,405,870 5,916,103 5,405,870 Less: AOCI (493,782) (576,157) (621,203) (694,495) (590,342) (493,782) (590,342) Common shareholders' equity, excluding AOCI $6,409,885 $6,325,447 $6,172,751 $6,097,185 $5,996,212 $6,409,885 $5,996,212 Total Tangible Common Shareholders' Equity, Excluding AOCI Total shareholders' equity $6,083,096 $5,916,283 $5,718,541 $5,569,683 $5,572,863 $6,083,096 $5,572,863 Less:  Goodwill 1,515,771 1,387,990 1,366,923 1,366,923 1,366,923 1,515,771 1,366,923 Other intangible assets, net 149,039 87,814 79,522 83,190 87,094 149,039 87,094 Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Total tangible common shareholders' equity 4,251,293 4,273,486 4,105,103 3,952,577 3,951,853 4,251,293 3,951,853 Less: AOCI (493,782) (576,157) (621,203) (694,495) (590,342) (493,782) (590,342) Total tangible common shareholders' equity, excluding AOCI $4,745,075 $4,849,643 $4,726,306 $4,647,072 $4,542,195 $4,745,075 $4,542,195 Quarter Ended Year-to-date (Dollars in thousands, except per share data) Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Sep 2025 Sep 2024 AVERAGE BALANCES: Total Tangible Common Shareholders' Equity Total shareholders' equity $5,982,117 $5,827,081 $5,651,592 $5,589,361 $5,420,826 $5,821,474 $5,274,579 Less:   Goodwill 1,515,771 1,379,076 1,366,923 1,366,923 1,366,923 1,421,135 1,367,354 Other intangible assets, net 130,434 81,845 81,527 85,323 89,262 98,114 93,769 Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993 Total tangible common shareholders' equity $4,168,919 $4,199,167 $4,036,149 $3,970,122 $3,797,648 $4,135,232 $3,646,463 Total average assets $54,352,974 $49,356,696 $47,135,431 $47,263,538 $47,803,977 $50,308,138 $48,211,586 Total shares of common stock outstanding 186,307,016 186,307,016 184,046,420 183,527,575 182,315,142 186,307,016 182,315,142 Average shares outstanding-diluted 189,053,254 187,642,873 186,121,979 186,038,243 185,496,110 187,616,202 185,443,201 Tangible common shareholders' equity to tangible assets (1) 8.24 % 8.74 % 8.87 % 8.67 % 8.28 % 8.24 % 8.28 % Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (2) 9.11 9.80 10.07 10.04 9.40 9.11 9.40 Return on average tangible common equity (3) 12.13 12.41 13.15 13.06 14.04 12.55 14.06 Adjusted return on average tangible common equity (4) 14.54 13.13 13.20 13.02 14.21 13.63 13.84 Adjusted return on average assets (5) 1.13 1.14 1.15 1.11 1.15 1.14 1.07 Adjusted return on average common shareholders' equity (6) 10.43 9.74 9.72 9.53 10.27 9.97 9.88 Pre-tax pre-provision net revenue to total average assets (7) 1.44 1.65 1.63 1.55 1.56 1.57 1.56 Adjusted pre-tax pre-provision net revenue to total average assets (8) 1.64 1.67 1.63 1.55 1.58 1.65 1.54 Tangible book value per common share (9) $      22.82 $      22.94 $      22.30 $      21.54 $      21.68 $      22.82 $      21.68 Tangible book value per common share, excluding AOCI (10) 25.47 26.03 25.68 25.32 24.91 25.47 24.91 Adjusted earnings per common share (11) $       0.81 $       0.73 $       0.71 $       0.70 $       0.73 $       2.25 $       2.04 Adjusted dividend payout ratio (12) 33.95 % 37.67 % 38.73 % 35.71 % 34.25 % 36.67 % 36.76 % 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.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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