N / E / W / S R / E / L / E / A / S / E
July 22, 2026
FOR IMMEDIATE RELEASE
For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration 765-521-7619 http://www.firstmerchants.com SOURCE: First Merchants Corporation, Muncie, Indiana
FIRST MERCHANTS CORPORATION ANNOUNCES SECOND QUARTER 2026 RESULTS
First Merchants Corporation (NASDAQ - FRME) (the "Corporation" or "First Merchants")
Second Quarter 2026 Highlights:
- Net income available to common stockholders was $43.5 million, or $0.70 per diluted common share, compared to $27.7 million, or $0.45 per diluted common share, in the first quarter of 2026. On an adjusted basis¹, net income totaled $46.4 million, or $0.74 per diluted common share, compared to $63.1 million, or $1.03 per diluted common share in the prior quarter.
- Adjusted pre-tax, pre-provision income¹ of $84.6 million, compared to $78.7 million in the prior quarter and $70.7 million in the second quarter of 2025.
- Net interest margin on a fully taxable equivalent basis¹ of 3.38%, up 3 basis points from the prior quarter and up 13 basis points from the second quarter of 2025.
- Loan growth of $221.7 million, or 5.8% annualized, on a linked quarter basis².
- Sold $271.1 million of mortgage loans with a weighted average rate of 3.43% during the current quarter and deployed proceeds to fund loan growth and pay down high-cost funding. The loans had been moved to held-for-sale and marked to fair value in the first quarter.
- Deposit growth of $267.8 million, or 6.5% annualized, on a linked quarter basis.
- Robust capital position with Common Equity Tier 1 Capital Ratio of 11.16%.
- Repurchased 976,631 shares of common stock totaling $38.3 million year-to-date, including 336,145 shares totaling $13.4 million in the second quarter.
- Nonperforming assets to total assets were 56 basis points compared to 43 basis points on a linked quarter basis. Two commercial lending relationships with outstanding balances totaling $41.8 million were placed in nonaccrual status and associated reserves of $29.7 million were recorded.
- Adjusted efficiency ratio¹ totaled 53.22% for the quarter.
- Successfully completed systems conversion of First Savings Financial Group, Inc. (“First Savings”) in mid-May.
"First Merchants continued to build momentum during the second quarter with expanding net interest margin, solid loan and deposit growth, and another quarter of strong commercial loan production," said Mark Hardwick, Chief Executive Officer. "While we identified two commercial lending relationships that were placed on nonaccrual, we acted promptly to recognize the associated reserves and believe our balance sheet remains well positioned. We successfully completed the integration of First Savings, further strengthening our statewide Indiana franchise and enhancing our ability to serve clients across Indiana, Ohio and Michigan. Our capital, liquidity and credit quality remain very strong and position us well to execute our long-term growth strategy and continue creating shareholder value."
Second Quarter Financial Results:
The Corporation reported second quarter 2026 net income available to common stockholders of $43.5 million compared to $56.4 million during the same period in 2025. Diluted earnings per common share for the period totaled $0.70 compared to $0.98 in the second quarter of 2025. Current quarter results included acquisition-related costs of $3.8 million that consist primarily of employee salaries, equipment, and professional fees. Excluding these non-core charges, adjusted earnings per common share¹ for the second quarter of 2026 totaled $0.74 compared to $0.98 in the prior year period. Subsequent to quarter-end, based on additional information obtained regarding conditions that existed at June 30, 2026, two commercial lending relationships were placed on nonaccrual status and reserve levels were increased, resulting in elevated provision expense for the second quarter. The first was a $28.1 million participation in a shared national credit to a commercial authorized wireless retailer. The second was a credit to a commercial and residential roofing contractor with an outstanding balance of $13.7 million. Associated reserves for these credits totaled $29.7 million.
Total assets of the Corporation equaled $21.3 billion as of quarter-end and loans totaled $15.5 billion. Loans increased $2.2 billion during the last twelve months and $268.8 million on a linked quarter basis. During the second quarter, the Corporation completed the previously announced sale of $271.1 million of mortgage loans that had been transferred to held-for-sale during the first quarter. Additionally, mortgage loans totaling $47.1 million were returned to held-for-investment during the second quarter. Excluding loans acquired through First Savings and the impact of mortgage loan sale activity, the Corporation generated organic loan growth of $697.9 million, or 5.2% during the past twelve months. On a linked quarter basis, organic loan growth totaled $221.7 million, or 5.8% annualized.
Investment securities, totaling $3.3 billion, decreased $88.9 million, or 2.6% during the last twelve months and decreased $17.8 million, or 2.2% annualized on a linked quarter basis. Investment securities declined during the quarter due to principal paydowns and maturities, offset by an increase in the securities portfolio valuation.
Total deposits equaled $16.8 billion as of quarter-end and increased by $2.0 billion over the past twelve months. The acquisition of First Savings contributed $1.7 billion in deposits. Total deposits increased $267.8 million, or 6.5% annualized, on a linked quarter basis. The loan to deposit ratio of 92.7% at period end remained stable on a linked quarter basis.
The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $241.6 million as of quarter-end, or 1.56% of loans, an increase of $29.1 million from the prior quarter. Net charge-offs totaled $3.9 million and provision for credit losses of $33.0 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.5 million remained unchanged from the previous quarter. Nonperforming assets to total assets were 0.56% for the second quarter of 2026, an increase of 13 basis points compared to 0.43% in the prior quarter. The increase in nonperforming assets and provision for credit losses reflects the impact of the two commercial lending relationships placed in nonaccrual status.
Net interest income, totaling $158.9 million for the quarter, increased $7.6 million, or 5.0%, compared to prior quarter and increased $25.9 million, or 19.5%, compared to the second quarter of 2025. Fully taxable equivalent net interest margin was 3.38%, an increase of three basis points compared to the prior quarter and an increase of 13 basis points compared to the second quarter of 2025.
Noninterest income totaled $37.2 million for the quarter, an increase of $31.3 million, compared to the prior quarter and an increase of $5.9 million compared to the second quarter of 2025. The linked quarter increase primarily reflects the negative valuation adjustment of $29.8 million recorded in the first quarter on mortgage loans sold in the second quarter. Also contributing to the increase were higher gains on sales of loans and derivative hedge fees.
Noninterest expense totaled $115.3 million for the quarter, a decrease of $9.8 million from the prior quarter and an increase of $21.7 million from the second quarter of 2025. Acquisition-related costs totaling $3.8 million were incurred during the quarter, including $1.4 million in professional and other outside services and $1.0 million in equipment costs. Acquisition-related costs recorded in the prior quarter totaled $17.0 million.
The Corporation’s total risk-based capital ratio equaled 12.98%, the common equity tier 1 capital ratio equaled 11.16%, and the tangible common equity ratio totaled 8.99%. These ratios continue to reflect the Corporation’s strong capital position.
¹ See “Non-GAAP Financial Information” for reconciliation
² Excludes $47.1 million of loans returned to held-for-investment from held-for-sale
CONFERENCE CALL
First Merchants Corporation will conduct an earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, July 23, 2026.
To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BIc1f6f98686534d529e7f3d66c4d50b16) To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/hqyvbr3q) during the time of the call. A replay of the webcast will be available until July 23, 2027.
Detailed financial results are reported on the attached pages.
About First Merchants Corporation
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).
First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).
FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.
Non-GAAP Financial Measures
This news release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within this news release, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.
- * * *
| CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollars In Thousands, Except Per Share Amounts) | June 30, 2026 | June 30, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $86,665 | $81,567 |
| Interest-bearing deposits | 529,432 | 223,343 |
| Investment securities available for sale | 1,384,392 | 1,358,130 |
| Investment securities held to maturity, net of allowance for credit losses of $245 in 2026 and 2025 | 1,907,684 | 2,022,826 |
| Loans held for sale | 77,880 | 28,783 |
| Loans | 15,530,737 | 13,296,759 |
| Less: Allowance for credit losses - loans | (241,615) | (195,316) |
| Net loans | 15,289,122 | 13,101,443 |
| Premises and equipment | 148,164 | 122,808 |
| Federal Home Loan Bank stock | 70,818 | 47,290 |
| Interest receivable | 101,927 | 93,258 |
| Goodwill | 788,186 | 712,002 |
| Other intangibles | 38,972 | 16,797 |
| Cash surrender value of life insurance | 373,242 | 305,695 |
| Other real estate owned | 1,562 | 177 |
| Tax asset, deferred and receivable | 113,975 | 97,749 |
| Other assets | 436,744 | 380,909 |
| TOTAL ASSETS | $21,348,765 | $18,592,777 |
| LIABILITIES | ||
| Deposits: | ||
| Noninterest-bearing | $3,831,836 | $2,197,416 |
| Interest-bearing | 12,921,545 | 12,600,162 |
| Total Deposits | 16,753,381 | 14,797,578 |
| Borrowings: | ||
| Federal funds purchased | — | 85,000 |
| Securities sold under repurchase agreements | 103,340 | 114,758 |
| Federal Home Loan Bank advances | 1,414,059 | 898,702 |
| Subordinated debentures and other borrowings | 86,350 | 62,617 |
| Total Borrowings | 1,603,749 | 1,161,077 |
| Interest payable | 17,491 | 16,174 |
| Other liabilities | 276,967 | 269,996 |
| Total Liabilities | 18,651,588 | 16,244,825 |
| STOCKHOLDERS' EQUITY | ||
| Preferred Stock, $1,000 par value, $1,000 liquidation value: | ||
| Authorized -- 600 cumulative shares | ||
| Issued and outstanding - 125 cumulative shares | 125 | 125 |
| Preferred Stock, Series A, no par value, $2,500 liquidation preference: | ||
| Authorized -- 10,000 non-cumulative perpetual shares | ||
| Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | 25,000 |
| Common Stock, $0.125 stated value: | ||
| Authorized -- 100,000,000 shares | ||
| Issued and outstanding - 62,205,528 and 57,272,433 shares | 7,776 | 7,159 |
| Additional paid-in capital | 1,358,975 | 1,163,170 |
| Retained earnings | 1,438,894 | 1,342,473 |
| Accumulated other comprehensive loss | (133,593) | (189,975) |
| Total Stockholders' Equity | 2,697,177 | 2,347,952 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $21,348,765 | $18,592,777 |
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(Dollars In Thousands, Except Per Share Amounts) | Three Months EndedJune 30, 2026 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|
| INTEREST INCOME | ||||
| Loans: | ||||
| Taxable | $226,531 | $195,173 | $440,158 | $382,901 |
| Tax-exempt | 11,823 | 10,805 | 23,412 | 21,337 |
| Investment securities: | ||||
| Taxable | 7,355 | 8,266 | 14,902 | 16,638 |
| Tax-exempt | 12,458 | 12,516 | 25,055 | 25,033 |
| Deposits with financial institutions | 1,147 | 1,892 | 2,391 | 4,264 |
| Federal Home Loan Bank stock | 1,525 | 1,083 | 3,490 | 2,080 |
| Total Interest Income | 260,839 | 229,735 | 509,408 | 452,253 |
| INTEREST EXPENSE | ||||
| Deposits | 86,254 | 84,241 | 170,347 | 164,788 |
| Federal funds purchased | 717 | 965 | 1,307 | 1,777 |
| Securities sold under repurchase agreements | 419 | 663 | 751 | 1,405 |
| Federal Home Loan Bank advances | 13,190 | 9,714 | 24,238 | 19,078 |
| Subordinated debentures and other borrowings | 1,318 | 1,138 | 2,521 | 1,921 |
| Total Interest Expense | 101,898 | 96,721 | 199,164 | 188,969 |
| NET INTEREST INCOME | 158,941 | 133,014 | 310,244 | 263,284 |
| Provision for credit losses | 33,000 | 5,600 | 37,900 | 9,800 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 125,941 | 127,414 | 272,344 | 253,484 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | 9,372 | 8,566 | 18,409 | 16,638 |
| Fiduciary and wealth management fees | 9,638 | 8,831 | 19,406 | 17,475 |
| Card payment fees | 5,505 | 4,932 | 10,780 | 9,458 |
| Net gains and fees on sales of loans | 7,742 | 5,849 | 14,253 | 10,871 |
| Derivative hedge fees | 1,117 | 831 | 1,681 | 1,235 |
| Other customer fees | 880 | 401 | 1,473 | 816 |
| Earnings on bank-owned life insurance | 2,325 | 1,913 | 5,771 | 4,092 |
| Net realized losses on sales of available for sale securities | — | (1) | — | (8) |
| Net loss on mortgage loans reclassified to held for sale | — | — | (29,755) | — |
| Other income (loss) | 577 | (19) | 967 | 774 |
| Total Noninterest Income | 37,156 | 31,303 | 42,985 | 61,351 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | 65,774 | 54,527 | 135,217 | 109,509 |
| Net occupancy | 8,227 | 6,845 | 16,528 | 14,061 |
| Equipment | 8,603 | 6,927 | 16,421 | 13,935 |
| Marketing | 2,370 | 1,997 | 3,971 | 3,350 |
| Outside data processing fees | 8,045 | 7,107 | 15,235 | 13,036 |
| Printing and office supplies | 491 | 272 | 868 | 619 |
| Intangible asset amortization | 2,706 | 1,505 | 5,008 | 3,031 |
| FDIC assessments | 4,390 | 3,552 | 8,283 | 7,200 |
| Other real estate owned and foreclosure expenses | 1,052 | 29 | 2,152 | 629 |
| Professional and other outside services | 4,979 | 3,741 | 19,572 | 7,002 |
| Other expenses | 8,710 | 7,096 | 17,237 | 14,128 |
| Total Noninterest Expense | 115,347 | 93,598 | 240,492 | 186,500 |
| Income Before Income Taxes | 47,750 | 65,119 | 74,837 | 128,335 |
| Income tax expense | 3,770 | 8,287 | 2,701 | 16,164 |
| NET INCOME | 43,980 | 56,832 | 72,136 | 112,171 |
| Preferred stock dividends | 469 | 469 | 938 | 938 |
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $43,511 | $56,363 | $71,198 | $111,233 |
| PER SHARE DATA: | ||||
| Basic Net Income Available to Common Stockholders | $0.70 | $0.98 | $1.16 | $1.93 |
| Diluted Net Income Available to Common Stockholders | $0.70 | $0.98 | $1.15 | $1.92 |
| Cash Dividends Paid to Common Stockholders | $0.37 | $0.36 | $0.73 | $0.71 |
| Tangible Common Book Value Per Share¹ | $29.80 | $27.90 | $29.80 | $27.90 |
| Average Diluted Common Shares Outstanding (in thousands) | 62,574 | 57,773 | 61,795 | 58,005 |
| FINANCIAL HIGHLIGHTS(Dollars In Thousands) | Three Months EndedJune 30, 2026 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|
| NET CHARGE-OFFS | $3,905 | $2,315 | $14,161 | $7,241 |
| AVERAGE BALANCES: | ||||
| Assets | $21,253,171 | $18,508,785 | $20,832,683 | $18,425,723 |
| Loans | 15,423,286 | 13,211,729 | 15,175,407 | 13,077,288 |
| Earning Assets | 19,583,204 | 17,158,984 | 19,215,138 | 17,060,278 |
| Deposits | 16,638,273 | 14,632,113 | 16,360,912 | 14,526,314 |
| Stockholders' Equity | 2,702,249 | 2,340,010 | 2,679,131 | 2,340,440 |
| FINANCIAL RATIOS: | ||||
| Return on Average Assets | 0.83% | 1.23% | 0.69% | 1.22% |
| Return on Average Stockholders' Equity | 6.44 | 9.63 | 5.32 | 9.51 |
| Return on Tangible Common Stockholders' Equity¹ | 9.80 | 14.49 | 8.10 | 14.30 |
| Average Earning Assets to Average Assets | 92.14 | 92.71 | 92.24 | 92.59 |
| Allowance for Credit Losses - Loans as % of Loans | 1.56 | 1.47 | 1.56 | 1.47 |
| Net Charge-offs as % of Average Loans (Annualized) | 0.10 | 0.07 | 0.19 | 0.11 |
| Average Stockholders' Equity to Average Assets | 12.71 | 12.64 | 12.86 | 12.70 |
| Fully Taxable Equivalent (FTE) Yield on Average Earning Assets | 5.46 | 5.50 | 5.43 | 5.45 |
| Interest Expense/Average Earning Assets | 2.08 | 2.25 | 2.07 | 2.22 |
| Net Interest Margin FTE¹ | 3.38 | 3.25 | 3.36 | 3.23 |
| Efficiency Ratio¹ | 55.11 | 53.99 | 63.75 | 54.26 |
| ASSET QUALITY(Dollars In Thousands) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 |
|---|---|---|---|---|---|
| Nonaccrual Loans | $118,203 | $89,592 | $71,773 | $65,740 | $67,358 |
| Other Real Estate Owned and Repossessions | 1,562 | 1,264 | 658 | 1,270 | 177 |
| Nonperforming Assets (NPA) | 119,765 | 90,856 | 72,431 | 67,010 | 67,535 |
| Accruing Loans 90+ Days Delinquent | 9,738 | 4,078 | 2,042 | 1,925 | 4,443 |
| NPAs & 90+ Days Delinquent | $129,503 | $94,934 | $74,473 | $68,935 | $71,978 |
| Allowance for Credit Losses - Loans | $241,615 | $212,520 | $195,597 | $194,468 | $195,316 |
| Quarterly Net Charge-offs | 3,905 | 10,256 | 6,021 | 5,148 | 2,315 |
| NPAs / Assets % | 0.56% | 0.43% | 0.38% | 0.36% | 0.36% |
| NPAs & 90 Day / Assets % | 0.61% | 0.45% | 0.39% | 0.37% | 0.39% |
| NPAs / Loans and OREO % | 0.77% | 0.60% | 0.52% | 0.49% | 0.51% |
| Allowance for Credit Losses - Loans as % of Loans | 1.56% | 1.39% | 1.42% | 1.43% | 1.47% |
| Quarterly Net Charge-offs as % of Average Loans (Annualized) | 0.10% | 0.27% | 0.18% | 0.15% | 0.07% |
| CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollars In Thousands, Except Per Share Amounts) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash and due from banks | $86,665 | $98,083 | $84,158 | $88,079 | $81,567 |
| Interest-bearing deposits | 529,432 | 175,354 | 196,300 | 168,706 | 223,343 |
| Investment securities available for sale | 1,384,392 | 1,372,417 | 1,407,102 | 1,386,903 | 1,358,130 |
| Investment securities held to maturity, net of allowance for credit losses | 1,907,684 | 1,937,485 | 1,971,539 | 1,995,488 | 2,022,826 |
| Loans held for sale | 77,880 | 401,839 | 20,079 | 23,190 | 28,783 |
| Loans | 15,530,737 | 15,261,889 | 13,791,707 | 13,591,174 | 13,296,759 |
| Less: Allowance for credit losses - loans | (241,615) | (212,520) | (195,597) | (194,468) | (195,316) |
| Net loans | 15,289,122 | 15,049,369 | 13,596,110 | 13,396,706 | 13,101,443 |
| Premises and equipment | 148,164 | 146,013 | 121,058 | 121,771 | 122,808 |
| Federal Home Loan Bank stock | 70,818 | 70,835 | 47,245 | 47,264 | 47,290 |
| Interest receivable | 101,927 | 97,026 | 93,374 | 89,102 | 93,258 |
| Goodwill | 788,186 | 782,789 | 712,002 | 712,002 | 712,002 |
| Other intangibles | 38,972 | 41,678 | 13,800 | 15,298 | 16,797 |
| Cash surrender value of life insurance | 373,242 | 371,238 | 308,438 | 306,583 | 305,695 |
| Other real estate owned | 1,562 | 1,264 | 658 | 1,270 | 177 |
| Tax asset, deferred and receivable | 113,975 | 116,814 | 78,664 | 89,758 | 97,749 |
| Other assets | 436,744 | 410,317 | 374,574 | 369,509 | 380,909 |
| TOTAL ASSETS | $21,348,765 | $21,072,521 | $19,025,101 | $18,811,629 | $18,592,777 |
| LIABILITIES | |||||
| Deposits: | |||||
| Noninterest-bearing | $3,831,836 | $3,748,279 | $2,137,262 | $2,100,570 | $2,197,416 |
| Interest-bearing | 12,921,545 | 12,737,338 | 13,157,593 | 12,769,409 | 12,600,162 |
| Total Deposits | 16,753,381 | 16,485,617 | 15,294,855 | 14,869,979 | 14,797,578 |
| Borrowings: | |||||
| Federal funds purchased | — | 170,000 | 40,000 | 199,370 | 85,000 |
| Securities sold under repurchase agreements | 103,340 | 89,458 | 103,755 | 122,226 | 114,758 |
| Federal Home Loan Bank advances | 1,414,059 | 1,299,192 | 798,549 | 798,626 | 898,702 |
| Subordinated debentures and other borrowings | 86,350 | 86,345 | 57,630 | 57,632 | 62,617 |
| Total Borrowings | 1,603,749 | 1,644,995 | 999,934 | 1,177,854 | 1,161,077 |
| Interest payable | 17,491 | 18,890 | 18,235 | 18,240 | 16,174 |
| Other liabilities | 276,967 | 250,454 | 245,410 | 333,154 | 269,996 |
| Total Liabilities | 18,651,588 | 18,399,956 | 16,558,434 | 16,399,227 | 16,244,825 |
| STOCKHOLDERS' EQUITY | |||||
| Preferred Stock, $1,000 par value, $1,000 liquidation value: | |||||
| Authorized -- 600 cumulative shares | |||||
| Issued and outstanding - 125 cumulative shares | 125 | 125 | 125 | 125 | 125 |
| Preferred Stock, Series A, no par value, $2,500 liquidation preference: | |||||
| Authorized -- 10,000 non-cumulative perpetual shares | |||||
| Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 |
| Common Stock, $0.125 stated value: | |||||
| Authorized -- 100,000,000 shares | |||||
| Issued and outstanding | 7,776 | 7,813 | 7,119 | 7,149 | 7,159 |
| Additional paid-in capital | 1,358,975 | 1,369,879 | 1,150,816 | 1,158,026 | 1,163,170 |
| Retained earnings | 1,438,894 | 1,418,609 | 1,413,742 | 1,377,966 | 1,342,473 |
| Accumulated other comprehensive loss | (133,593) | (148,861) | (130,135) | (155,864) | (189,975) |
| Total Stockholders' Equity | 2,697,177 | 2,672,565 | 2,466,667 | 2,412,402 | 2,347,952 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $21,348,765 | $21,072,521 | $19,025,101 | $18,811,629 | $18,592,777 |
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(Dollars In Thousands, Except Per Share Amounts) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 |
|---|---|---|---|---|---|
| INTEREST INCOME | |||||
| Loans: | |||||
| Taxable | $226,531 | $213,627 | $203,120 | $200,406 | $195,173 |
| Tax-exempt | 11,823 | 11,589 | 10,905 | 11,173 | 10,805 |
| Investment securities: | |||||
| Taxable | 7,355 | 7,547 | 7,736 | 8,288 | 8,266 |
| Tax-exempt | 12,458 | 12,597 | 12,459 | 12,460 | 12,516 |
| Deposits with financial institutions | 1,147 | 1,244 | 2,187 | 1,676 | 1,892 |
| Federal Home Loan Bank stock | 1,525 | 1,965 | 1,037 | 1,092 | 1,083 |
| Total Interest Income | 260,839 | 248,569 | 237,444 | 235,095 | 229,735 |
| INTEREST EXPENSE | |||||
| Deposits | 86,254 | 84,093 | 88,670 | 90,821 | 84,241 |
| Federal funds purchased | 717 | 590 | 218 | 224 | 965 |
| Securities sold under repurchase agreements | 419 | 332 | 405 | 654 | 663 |
| Federal Home Loan Bank advances | 13,190 | 11,048 | 8,047 | 8,638 | 9,714 |
| Subordinated debentures and other borrowings | 1,318 | 1,203 | 1,040 | 1,093 | 1,138 |
| Total Interest Expense | 101,898 | 97,266 | 98,380 | 101,430 | 96,721 |
| NET INTEREST INCOME | 158,941 | 151,303 | 139,064 | 133,665 | 133,014 |
| Provision for credit losses | 33,000 | 4,900 | 7,150 | 4,300 | 5,600 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 125,941 | 146,403 | 131,914 | 129,365 | 127,414 |
| NONINTEREST INCOME | |||||
| Service charges on deposit accounts | 9,372 | 9,037 | 8,704 | 8,921 | 8,566 |
| Fiduciary and wealth management fees | 9,638 | 9,768 | 9,175 | 8,842 | 8,831 |
| Card payment fees | 5,505 | 5,275 | 5,325 | 5,007 | 4,932 |
| Net gains and fees on sales of loans | 7,742 | 6,511 | 5,421 | 4,983 | 5,849 |
| Derivative hedge fees | 1,117 | 564 | 1,053 | 1,097 | 831 |
| Other customer fees | 880 | 593 | 315 | 414 | 401 |
| Earnings on bank-owned life insurance | 2,325 | 3,446 | 1,854 | 1,667 | 1,913 |
| Net realized losses on sales of available for sale securities | — | — | — | — | (1) |
| Net loss on mortgage loans reclassified to held for sale | — | (29,755) | — | — | — |
| Other income (loss) | 577 | 390 | 1,259 | 1,546 | (19) |
| Total Noninterest Income | 37,156 | 5,829 | 33,106 | 32,477 | 31,303 |
| NONINTEREST EXPENSE | |||||
| Salaries and employee benefits | 65,774 | 69,443 | 58,254 | 57,317 | 54,527 |
| Net occupancy | 8,227 | 8,301 | 7,283 | 7,057 | 6,845 |
| Equipment | 8,603 | 7,818 | 7,681 | 6,998 | 6,927 |
| Marketing | 2,370 | 1,601 | 2,324 | 2,120 | 1,997 |
| Outside data processing fees | 8,045 | 7,190 | 7,509 | 6,943 | 7,107 |
| Printing and office supplies | 491 | 377 | 450 | 311 | 272 |
| Intangible asset amortization | 2,706 | 2,302 | 1,498 | 1,499 | 1,505 |
| FDIC assessments | 4,390 | 3,893 | 2,684 | 3,526 | 3,552 |
| Other real estate owned and foreclosure expenses | 1,052 | 1,100 | 775 | 121 | 29 |
| Professional and other outside services | 4,979 | 14,593 | 3,774 | 3,718 | 3,741 |
| Other expenses | 8,710 | 8,527 | 7,290 | 6,951 | 7,096 |
| Total Noninterest Expense | 115,347 | 125,145 | 99,522 | 96,561 | 93,598 |
| Income Before Income Taxes | 47,750 | 27,087 | 65,498 | 65,281 | 65,119 |
| Income tax expense (benefit) | 3,770 | (1,069) | 8,433 | 8,516 | 8,287 |
| NET INCOME | 43,980 | 28,156 | 57,065 | 56,765 | 56,832 |
| Preferred stock dividends | 469 | 469 | 469 | 468 | 469 |
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $43,511 | $27,687 | $56,596 | $56,297 | $56,363 |
| PER SHARE DATA: | |||||
| Basic Net Income Available to Common Stockholders | $0.70 | $0.46 | $0.99 | $0.98 | $0.98 |
| Diluted Net Income Available to Common Stockholders | $0.70 | $0.45 | $0.99 | $0.98 | $0.98 |
| Cash Dividends Paid to Common Stockholders | $0.37 | $0.36 | $0.36 | $0.36 | $0.36 |
| Tangible Common Book Value Per Share¹ | $29.80 | $29.34 | $30.18 | $29.08 | $27.90 |
| Average Diluted Common Shares Outstanding (in thousands) | 62,574 | 61,008 | 57,442 | 57,448 | 57,773 |
| FINANCIAL RATIOS: | |||||
| Return on Average Assets | 0.83% | 0.55% | 1.20% | 1.22% | 1.23% |
| Return on Average Stockholders' Equity | 6.44 | 4.17 | 9.23 | 9.51 | 9.63 |
| Return on Tangible Common Stockholders' Equity¹ | 9.80 | 6.39 | 13.57 | 14.21 | 14.49 |
| Average Earning Assets to Average Assets | 92.14 | 92.33 | 92.69 | 92.73 | 92.71 |
| Allowance for Credit Losses - Loans as % of Total Loans | 1.56 | 1.39 | 1.42 | 1.43 | 1.47 |
| Net Charge-offs as % of Average Loans (Annualized) | 0.10 | 0.27 | 0.18 | 0.15 | 0.07 |
| Average Stockholders' Equity to Average Assets | 12.71 | 13.01 | 12.88 | 12.71 | 12.64 |
| Fully Taxable Equivalent (FTE) Yield on Average Earning Assets | 5.46 | 5.41 | 5.52 | 5.58 | 5.50 |
| Interest Expense/Average Earning Assets | 2.08 | 2.06 | 2.23 | 2.34 | 2.25 |
| Net Interest Margin FTE¹ | 3.38 | 3.35 | 3.29 | 3.24 | 3.25 |
| Efficiency Ratio¹ | 55.11 | 74.45 | 54.52 | 55.09 | 53.99 |
| LOANS(Dollars In Thousands) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 |
|---|---|---|---|---|---|
| Commercial and industrial loans | $4,720,441 | $4,611,596 | $4,478,282 | $4,604,895 | $4,440,924 |
| Agricultural land, production and other loans to farmers | 323,348 | 310,788 | 283,125 | 275,817 | 265,172 |
| Real estate loans: | |||||
| Construction | 874,419 | 899,895 | 804,775 | 789,021 | 836,033 |
| Commercial real estate, non-owner occupied | 3,271,620 | 3,192,337 | 2,338,666 | 2,304,889 | 2,171,092 |
| Commercial real estate, owner occupied | 1,368,627 | 1,334,959 | 1,237,100 | 1,232,117 | 1,226,797 |
| Residential | 2,361,480 | 2,273,860 | 2,420,310 | 2,412,783 | 2,397,094 |
| Home equity | 1,118,662 | 1,104,739 | 710,980 | 687,021 | 673,961 |
| Individuals' loans for household and other personal expenditures | 149,878 | 153,283 | 155,436 | 138,703 | 141,045 |
| Public finance and other commercial loans | 1,342,262 | 1,380,432 | 1,363,033 | 1,145,928 | 1,144,641 |
| Loans | 15,530,737 | 15,261,889 | 13,791,707 | 13,591,174 | 13,296,759 |
| Allowance for credit losses - loans | (241,615) | (212,520) | (195,597) | (194,468) | (195,316) |
| NET LOANS | $15,289,122 | $15,049,369 | $13,596,110 | $13,396,706 | $13,101,443 |
| DEPOSITS(Dollars In Thousands) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 |
|---|---|---|---|---|---|
| Demand deposits | $8,570,517 | $8,009,548 | $7,770,473 | $7,645,698 | $7,798,695 |
| Savings deposits | 6,043,560 | 6,204,526 | 5,481,785 | 5,164,707 | 4,984,659 |
| Certificates and other time deposits of $100,000 or less | 666,369 | 665,639 | 603,690 | 627,828 | 617,857 |
| Certificates and other time deposits of $100,000 or more | 1,054,075 | 1,012,922 | 915,293 | 910,337 | 891,139 |
| Brokered certificates of deposits (1) | 418,860 | 592,982 | 523,614 | 521,409 | 505,228 |
| TOTAL DEPOSITS | $16,753,381 | $16,485,617 | $15,294,855 | $14,869,979 | $14,797,578 |
(1) Total brokered deposits of $1.3 billion, which includes brokered CD's of $418.9 million at June 30, 2026.
| CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS(Dollars In Thousands) | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Three Months Ended · June 30, 2026Average Balance | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Three Months Ended · June 30, 2026 · Interest IncomeExpense | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Three Months Ended · June 30, 2026Average Rate | Three Months Ended · June 30, 2025Average Balance | Three Months Ended · June 30, 2025 · Interest IncomeExpense | Three Months Ended · June 30, 2025Average Rate |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Interest-bearing deposits | $228,468 | $1,147 | 2.01% | $252,613 | $1,892 | 3.00% |
| Federal Home Loan Bank stock | 70,826 | 1,525 | 8.61 | 46,598 | 1,083 | 9.30 |
| Investment Securities: (1) | ||||||
| Taxable | 1,457,179 | 7,355 | 2.02 | 1,605,718 | 8,266 | 2.06 |
| Tax-exempt (2) | 2,024,323 | 15,769 | 3.12 | 2,042,326 | 15,843 | 3.10 |
| Total Investment Securities | 3,481,502 | 23,124 | 2.66 | 3,648,044 | 24,109 | 2.64 |
| Loans held for sale | 379,122 | 4,541 | 4.79 | 25,411 | 389 | 6.12 |
| Loans: (3) | ||||||
| Commercial | 10,809,590 | 172,562 | 6.39 | 9,006,650 | 154,108 | 6.84 |
| Real estate mortgage | 2,133,638 | 26,859 | 5.04 | 2,200,521 | 25,062 | 4.56 |
| HELOC and installment | 1,281,529 | 22,569 | 7.04 | 834,901 | 15,614 | 7.48 |
| Tax-exempt (2) | 1,198,529 | 14,903 | 4.97 | 1,144,246 | 13,677 | 4.78 |
| Total Loans, including loans held for sale | 15,802,408 | 241,434 | 6.11 | 13,211,729 | 208,850 | 6.32 |
| Total Earning Assets | 19,583,204 | 267,230 | 5.46% | 17,158,984 | 235,934 | 5.50% |
| Total Non-Earning Assets | 1,669,967 | 1,349,801 | ||||
| TOTAL ASSETS | $21,253,171 | $18,508,785 | ||||
| LIABILITIES | ||||||
| Interest-Bearing Deposits: | ||||||
| Interest-bearing deposits | $4,515,106 | $31,239 | 2.77% | $5,545,158 | $35,303 | 2.55% |
| Money market deposits | 4,731,251 | 33,269 | 2.81 | 3,613,952 | 28,714 | 3.18 |
| Savings deposits | 1,424,566 | 2,279 | 0.64 | 1,282,951 | 2,513 | 0.78 |
| Certificates and other time deposits | 2,241,647 | 19,467 | 3.47 | 2,003,682 | 17,711 | 3.54 |
| Total Interest-Bearing Deposits | 12,912,570 | 86,254 | 2.67 | 12,445,743 | 84,241 | 2.71 |
| Borrowings | 1,640,431 | 15,644 | 3.81 | 1,250,519 | 12,480 | 3.99 |
| Total Interest-Bearing Liabilities | 14,553,001 | 101,898 | 2.80 | 13,696,262 | 96,721 | 2.82 |
| Noninterest-bearing deposits | 3,725,703 | 2,186,370 | ||||
| Other liabilities | 272,218 | 286,143 | ||||
| Total Liabilities | 18,550,922 | 16,168,775 | ||||
| STOCKHOLDERS' EQUITY | 2,702,249 | 2,340,010 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $21,253,171 | $18,508,785 | ||||
| Net Interest Income (FTE) | $165,332 | $139,213 | ||||
| Net Interest Spread (FTE) (4) | 2.66% | 2.68% | ||||
| Net Interest Margin (FTE): | ||||||
| Interest Income (FTE) / Average Earning Assets | 5.46% | 5.50% | ||||
| Interest Expense / Average Earning Assets | 2.08% | 2.25% | ||||
| Net Interest Margin (FTE) (5) | 3.38% | 3.25% | ||||
| (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis. | ||||||
| (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $6.4 million and $6.2 million for the three months ended June 30, 2026 and 2025, respectively. | ||||||
| (3) Non accruing loans have been included in the average balances. | ||||||
| (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | ||||||
| (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
| CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS(Dollars In Thousands) | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Six Months Ended · June 30, 2026Average Balance | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Six Months Ended · June 30, 2026 · Interest IncomeExpense | CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS · Six Months Ended · June 30, 2026Average Rate | Six Months Ended · June 30, 2025Average Balance | Six Months Ended · June 30, 2025 · Interest IncomeExpense | Six Months Ended · June 30, 2025Average Rate |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Federal Funds Sold | ||||||
| Interest-bearing deposits | $220,361 | $2,391 | 2.17% | $273,200 | $4,264 | 3.12% |
| Federal Home Loan Bank stock | 66,795 | 3,490 | 10.45 | 45,296 | 2,080 | 9.18 |
| Investment Securities: (1) | ||||||
| Taxable | 1,483,615 | 14,902 | 2.01 | 1,620,005 | 16,638 | 2.05 |
| Tax-exempt (2) | 2,043,092 | 31,715 | 3.10 | 2,044,489 | 31,687 | 3.10 |
| Total Investment Securities | 3,526,707 | 46,617 | 2.64 | 3,664,494 | 48,325 | 2.64 |
| Loans held for sale | 225,868 | 5,968 | 5.28 | 23,190 | 708 | 6.11 |
| Loans: (3) | ||||||
| Commercial | 10,523,765 | 337,327 | 6.41 | 8,889,119 | 301,880 | 6.79 |
| Real estate mortgage | 2,250,726 | 54,774 | 4.87 | 2,195,988 | 49,508 | 4.51 |
| HELOC and installment | 1,203,122 | 42,089 | 7.00 | 831,904 | 30,805 | 7.41 |
| Tax-exempt (2) | 1,197,794 | 29,537 | 4.93 | 1,137,087 | 27,009 | 4.75 |
| Total Loans, including loans held for sale | 15,401,275 | 469,695 | 6.10 | 13,077,288 | 409,910 | 6.27 |
| Total Earning Assets | 19,215,138 | 522,193 | 5.43% | 17,060,278 | 464,579 | 5.45% |
| Total Non-Earning Assets | 1,617,545 | 1,365,445 | ||||
| TOTAL ASSETS | $20,832,683 | $18,425,723 | ||||
| LIABILITIES | ||||||
| Interest-Bearing deposits: | ||||||
| Interest-bearing deposits | $4,970,120 | $61,020 | 2.46% | $5,533,858 | $69,909 | 2.53% |
| Money market deposits | 4,649,219 | 65,317 | 2.81 | 3,526,461 | 54,666 | 3.10 |
| Savings deposits | 1,398,327 | 4,512 | 0.65 | 1,291,133 | 4,958 | 0.77 |
| Certificates and other time deposits | 2,242,527 | 39,498 | 3.52 | 1,975,923 | 35,255 | 3.57 |
| Total Interest-Bearing Deposits | 13,260,193 | 170,347 | 2.57 | 12,327,375 | 164,788 | 2.67 |
| Borrowings | 1,524,974 | 28,817 | 3.78 | 1,256,688 | 24,181 | 3.85 |
| Total Interest-Bearing Liabilities | 14,785,167 | 199,164 | 2.69 | 13,584,063 | 188,969 | 2.78 |
| Noninterest-bearing deposits | 3,100,719 | 2,198,939 | ||||
| Other liabilities | 267,666 | 302,281 | ||||
| Total Liabilities | 18,153,552 | 16,085,283 | ||||
| STOCKHOLDERS' EQUITY | 2,679,131 | 2,340,440 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $20,832,683 | $18,425,723 | ||||
| Net Interest Income (FTE) | $323,029 | $275,610 | ||||
| Net Interest Spread (FTE) (4) | 2.74% | 2.67% | ||||
| Net Interest Margin (FTE): | ||||||
| Interest Income (FTE) / Average Earning Assets | 5.43% | 5.45% | ||||
| Interest Expense / Average Earning Assets | 2.07% | 2.22% | ||||
| Net Interest Margin (FTE) (5) | 3.36% | 3.23% | ||||
| (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis. | ||||||
| (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $12.8 million and $12.3 million for the six months ended June 30, 2026 and 2025, respectively. | ||||||
| (3) Non accruing loans have been included in the average balances. | ||||||
| (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | ||||||
| (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE (NON-GAAP)
| (Dollars In Thousands, Except Per Share Amounts) | Three Months EndedJune 30, 2026 | Three Months EndedMarch 31, 2026 | Three Months EndedDecember 31, 2025 | Three Months EndedSeptember 30, 2025 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Net Income Available to Common Stockholders (GAAP) | $43,511 | $27,687 | $56,596 | $56,297 | $56,363 | $71,198 | $111,233 |
| Adjustments: | |||||||
| Net realized losses on sales of available for sale securities | — | — | — | — | 1 | — | 8 |
| Net loss on mortgage loans reclassified to held for sale | — | 29,755 | — | — | — | 29,755 | — |
| Acquisition-related expenses | 3,830 | 16,968 | 524 | 276 | — | 20,798 | — |
| Non-core expenses (1)(2) | — | — | (743) | 633 | — | — | — |
| Tax on adjustments | (925) | (11,279) | 53 | (220) | — | (12,204) | (2) |
| Adjusted Net Income Available to Common Stockholders (non-GAAP) | $46,416 | $63,131 | $56,430 | $56,986 | $56,364 | $109,547 | $111,239 |
| Average Diluted Common Shares Outstanding (in thousands) | 62,574 | 61,008 | 57,442 | 57,448 | 57,773 | 61,795 | 58,005 |
| Diluted Earnings Per Common Share (GAAP) | $0.70 | $0.45 | $0.99 | $0.98 | $0.98 | $1.15 | $1.92 |
| Adjustments: | |||||||
| Net realized losses on sales of available for sale securities | — | — | — | — | — | — | — |
| Net loss on mortgage loans reclassified to held for sale | — | 0.49 | — | — | — | 0.48 | — |
| Acquisition-related expenses | 0.06 | 0.28 | — | — | — | 0.34 | — |
| Non-core expenses (1)(2) | — | — | (0.01) | 0.01 | — | — | — |
| Tax on adjustments | (0.02) | (0.19) | — | — | — | (0.20) | — |
| Adjusted Diluted Earnings Per Common Share (non-GAAP) | $0.74 | $1.03 | $0.98 | $0.99 | $0.98 | $1.77 | $1.92 |
(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three Months Ended September 30, 2025 included $0.6 million of severance costs
PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED (NON-GAAP)
| (Dollars In Thousands) | Three Months EndedJune 30, 2026 | Three Months EndedMarch 31, 2026 | Three Months EndedDecember 31, 2025 | Three Months EndedSeptember 30, 2025 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Net Interest Income (GAAP) | $158,941 | $151,303 | $139,064 | $133,665 | $133,014 | $310,244 | $263,284 |
| Noninterest Income (GAAP) | 37,156 | 5,829 | 33,106 | 32,477 | 31,303 | 42,985 | 61,351 |
| Total Revenue | 196,097 | 157,132 | 172,170 | 166,142 | 164,317 | 353,229 | 324,635 |
| Less: Noninterest Expense (GAAP) | (115,347) | (125,145) | (99,522) | (96,561) | (93,598) | (240,492) | (186,500) |
| Add: Net Realized Losses on Sales of Available for Sale Securities | — | — | — | — | 1 | — | 8 |
| Add: Net loss on mortgage loans reclassified to held for sale | — | 29,755 | — | — | — | 29,755 | — |
| Add: Acquisition-Related Expenses (non-GAAP) | 3,830 | 16,968 | 524 | 276 | — | 20,798 | — |
| Add: Non-core Expenses (1)(2) (non-GAAP) | — | — | (743) | 633 | — | — | — |
| Pre-Tax, Pre-Provision Earnings (non-GAAP) | $84,580 | $78,710 | $72,429 | $70,490 | $70,720 | $163,290 | $138,143 |
| Average Assets (GAAP) | $21,253,171 | $20,407,523 | $19,039,989 | $18,637,581 | $18,508,785 | $20,832,683 | $18,425,723 |
| Average Equity (GAAP) | $2,702,249 | $2,655,756 | $2,452,005 | $2,367,971 | $2,340,010 | $2,679,131 | $2,340,440 |
| PTPP/Average Assets (PTPP ROA) | 1.59% | 1.54% | 1.52% | 1.51% | 1.53% | 1.57% | 1.50% |
| PTPP/Average Equity (PTPP ROE) | 12.52% | 11.86% | 11.82% | 11.91% | 12.09% | 12.19% | 11.80% |
(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three Months Ended September 30, 2025 included $0.6 million of severance costs
| NET INTEREST MARGIN (FTE) (NON-GAAP)(Dollars in Thousands) | NET INTEREST MARGIN (FTE) (NON-GAAP) · (Dollars in Thousands) · Three Months EndedJune 30, 2026 | NET INTEREST MARGIN (FTE) (NON-GAAP) · (Dollars in Thousands) · Three Months EndedMarch 31, 2026 | NET INTEREST MARGIN (FTE) (NON-GAAP) · (Dollars in Thousands) · Three Months EndedDecember 31, 2025 | Three Months EndedSeptember 30, 2025 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Net Interest Income (GAAP) | $158,941 | $151,303 | $139,064 | $133,665 | $133,014 | $310,244 | $263,284 |
| Fully Taxable Equivalent ("FTE") Adjustment | 6,391 | 6,394 | 6,185 | 6,209 | 6,199 | 12,785 | 12,326 |
| Net Interest Income (FTE) (Non-GAAP) | $165,332 | $157,697 | $145,249 | $139,874 | $139,213 | $323,029 | $275,610 |
| Average Earning Assets (GAAP) | $19,583,204 | $18,842,984 | $17,648,233 | $17,282,901 | $17,158,984 | $19,215,138 | $17,060,278 |
| Net Interest Margin (GAAP) | 3.25% | 3.21% | 3.15% | 3.09% | 3.10% | 3.23% | 3.09% |
| FTE Adjustment | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | 0.13% | 0.14% |
| Net Interest Margin (FTE) (Non-GAAP) | 3.38% | 3.35% | 3.29% | 3.24% | 3.25% | 3.36% | 3.23% |
RETURN ON TANGIBLE COMMON EQUITY (NON-GAAP)
| (Dollars In Thousands) | Three Months EndedJune 30, 2026 | Three Months EndedMarch 31, 2026 | Three Months EndedDecember 31, 2025 | Three Months EndedSeptember 30, 2025 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Total Average Stockholders' Equity (GAAP) | $2,702,249 | $2,655,756 | $2,452,005 | $2,367,971 | $2,340,010 | $2,679,131 | $2,340,440 |
| Less: Average Preferred Stock | (25,125) | (25,125) | (25,125) | (25,125) | (25,125) | (25,125) | (25,125) |
| Less: Average Intangible Assets, Net of Tax | (813,608) | (784,490) | (723,466) | (724,619) | (725,813) | (799,129) | (726,362) |
| Average Tangible Common Equity, Net of Tax (non-GAAP) | $1,863,516 | $1,846,141 | $1,703,414 | $1,618,227 | $1,589,072 | $1,854,877 | $1,588,953 |
| Net Income Available to Common Stockholders (GAAP) | $43,511 | $27,687 | $56,596 | $56,297 | $56,363 | $71,198 | $111,233 |
| Plus: Intangible Asset Amortization, Net of Tax | 2,137 | 1,819 | 1,183 | 1,185 | 1,188 | 3,956 | 2,394 |
| Tangible Net Income (Non-GAAP) | $45,648 | $29,506 | $57,779 | $57,482 | $57,551 | $75,154 | $113,627 |
| Return on Tangible Common Equity (non-GAAP) | 9.80% | 6.39% | 13.57% | 14.21% | 14.49% | 8.10% | 14.30% |
| EFFICIENCY RATIO (NON-GAAP)(Dollars In Thousands) | Three Months EndedJune 30, 2026 | Three Months EndedMarch 31, 2026 | Three Months EndedDecember 31, 2025 | Three Months EndedSeptember 30, 2025 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Noninterest Expense (GAAP) | $115,347 | $125,145 | $99,522 | $96,561 | $93,598 | $240,492 | $186,500 |
| Less: Intangible Asset Amortization | (2,706) | (2,302) | (1,498) | (1,499) | (1,505) | (5,008) | (3,031) |
| Less: OREO and Foreclosure Expenses | (1,052) | (1,100) | (775) | (121) | (29) | (2,152) | (629) |
| Adjusted Noninterest Expense (non-GAAP) | $111,589 | $121,743 | $97,249 | $94,941 | $92,064 | $233,332 | $182,840 |
| Net Interest Income (GAAP) | $158,941 | $151,303 | $139,064 | $133,665 | $133,014 | $310,244 | $263,284 |
| Plus: Fully Taxable Equivalent Adjustment | 6,391 | 6,394 | 6,185 | 6,209 | 6,199 | 12,785 | 12,326 |
| Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) | $165,332 | $157,697 | $145,249 | $139,874 | $139,213 | $323,029 | $275,610 |
| Noninterest Income (GAAP) | $37,156 | $5,829 | $33,106 | $32,477 | $31,303 | $42,985 | $61,351 |
| Less: Investment Securities (Gains) Losses | — | — | — | — | 1 | — | 8 |
| Adjusted Noninterest Income (non-GAAP) | $37,156 | $5,829 | $33,106 | $32,477 | $31,304 | $42,985 | $61,359 |
| Adjusted Revenue (non-GAAP) | $202,488 | $163,526 | $178,355 | $172,351 | $170,517 | $366,014 | $336,969 |
| Efficiency Ratio (non-GAAP) | 55.11% | 74.45% | 54.52% | 55.09% | 53.99% | 63.75% | 54.26% |
| Adjusted Noninterest Expense (non-GAAP) | $111,589 | $121,743 | $97,249 | $94,941 | $92,064 | $233,332 | $182,840 |
| Less: Acquisition-related Expenses | (3,830) | (16,968) | (524) | (276) | — | (20,798) | — |
| Less: Non-core Expenses (1)(2) | — | — | 743 | (633) | — | — | — |
| Adjusted Noninterest Expense Excluding Non-core Expenses (non-GAAP) | $107,759 | $104,775 | $97,468 | $94,032 | $92,064 | $212,534 | $182,840 |
| Adjusted Revenue (non-GAAP) | $202,488 | $163,526 | $178,355 | $172,351 | $170,517 | $366,014 | $336,969 |
| Add: Net loss on mortgage loans reclassified to held for sale | — | 29,755 | — | — | — | 29,755 | — |
| Adjusted Revenue Excluding Net loss on mortgage loans reclassified to held for sale (non-GAAP) | $202,488 | $193,281 | $178,355 | $172,351 | $170,517 | $395,769 | $336,969 |
| Adjusted Efficiency Ratio (non-GAAP) | 53.22% | 54.21% | 54.65% | 54.56% | 53.99% | 53.70% | 54.26% |
(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three Months Ended September 30, 2025 included $0.6 million of severance costs