Exhibit 99.1
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Old National Bancorp Reports Second Quarter 2025 Results
and Names New President and COO
Evansville, Ind. (July 22, 2025)
Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1 basis, respectively.
CEO COMMENTARY:
"Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses," said Chairman and CEO Jim Ryan. "Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position."

"We are thrilled to welcome Tim Burke as Old National's President and Chief Operating Officer," said Chairman and CEO Jim Ryan. "Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve."
SECOND QUARTER HIGHLIGHTS2:
Net Income
•Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
•Earnings per diluted common share ("EPS") of $0.34; adjusted EPS1 of $0.53
Net Interest Income/NIM
•Net interest income on a fully taxable equivalent basis1 of $521.9 million
•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.53%, up 26 basis points ("bps")
Operating Performance
•Pre-provision net revenue1 ("PPNR") of $269.6 million; adjusted PPNR1 of $289.9 million
•Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
•Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
Deposits and Funding
•Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion
◦Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation ("Bremer")
•Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
Loans and Credit Quality
•End-of-period total loans3 of $48.0 billion, up $11.5 billion
◦End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
•Provision for credit losses4 ("provision") of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss ("CECL") Day 1 non-purchased credit deteriorated ("non-PCD") provision expense5
•Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
•30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
Return Profile & Capital
•Return on average tangible common equity1 ("ROATCE") of 12.0%; adjusted ROATCE1 of 18.1%
•Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps


Notable Items
•Closing of Bremer partnership on May 1, 2025
•$75.6 million of pre-tax CECL Day 1 non-PCD provision expense5
•$41.2 million of pre-tax merger-related charges
•$21.0 million of pre-tax pension plan gain6
1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses 6 Includes a gain associated with freezing benefits of the Bremer pension plan

TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
Timothy M. Burke, Jr. will join Old National Bancorp ("Old National") on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.
Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.
“I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”
As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.
RESULTS OF OPERATIONS2
Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.
Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $190.9 million, or $0.53 per diluted common share.
DEPOSITS AND FUNDING
Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.
•Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
◦Period-end core deposits up 0.8% annualized excluding Bremer.
•On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
•Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
•A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

LOANS
Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.
•Period-end total loans3 were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
◦Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
•Commercial loans, excluding Bremer, grew 4.6% annualized
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◦Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
•Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.
•Provision4 expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense5 related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
•Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
•30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
•Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense5 related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

NET INTEREST INCOME AND MARGIN
Higher reflective of larger balance sheet and higher asset yields.
•Net interest income on a fully taxable equivalent basis1 increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
•Net interest margin on a fully taxable equivalent basis1 increased 26 bps to 3.53%.
•Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

NONINTEREST INCOME
Increase driven by Bremer and organic growth of fee-based businesses.
•Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
•Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

NONINTEREST EXPENSE
Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.
•Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
•Excluding merger-related charges, adjusted noninterest expense1 was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
•The efficiency ratio1 was 55.8%, while the adjusted efficiency ratio1 was 50.2% compared to 53.7% and 51.8%, respectively.

INCOME TAXES
•Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.6% compared to 22.5%.
◦The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
•Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

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CAPITAL
Capital ratios remain strong.
•Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
•Tangible common equity to tangible assets was 7.26%, down 6.4%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core
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business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements
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to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick JillsonInvestors: Lynell Durchholz
(812) 465-7267(812) 464-1366
Rick.Jillson@oldnational.com
Lynell.Durchholz@oldnational.com
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Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Income Statement
Net interest income$514,790 $387,643 $394,180 $391,724 $388,421 $902,433 $744,879 
FTE adjustment1,3
7,063 5,360 5,777 6,144 6,340 12,423 12,593 
Net interest income - tax equivalent basis3
521,853 393,003 399,957 397,868 394,761 914,856 757,472 
Provision for credit losses106,835 31,403 27,017 28,497 36,214 138,238 55,105 
Noninterest income132,517 93,794 95,766 94,138 87,271 226,311 164,793 
Noninterest expense384,766 268,471 276,824 272,283 282,999 653,237 545,316 
Net income available to common shareholders$121,375 $140,625 $149,839 $139,768 $117,196 $262,000 $233,446 
Per Common Share Data
Weighted average diluted shares361,436 321,016 318,803 317,331 316,461 340,250 304,207 
EPS, diluted$0.34 $0.44 $0.47 $0.44 $0.37 $0.77 $0.77 
Cash dividends0.14 0.14 0.14 0.14 0.14 0.28 0.28 
Dividend payout ratio2
41 %32 %30 %32 %38 %36 %36 %
Book value$20.12 $19.71 $19.11 $19.20 $18.28 $20.12 $18.28 
Stock price21.34 21.19 21.71 18.66 17.19 21.34 17.19 
Tangible book value3
12.60 12.54 11.91 11.97 11.05 12.60 11.05 
Performance Ratios
ROAA0.77 %1.08 %1.14 %1.08 %0.92 %0.91 %0.95 %
ROAE6.7 %9.1 %9.8 %9.4 %8.2 %7.8 %8.4 %
ROATCE3
12.0 %15.0 %16.4 %16.0 %14.1 %13.4 %14.5 %
NIM (FTE)3
3.53 %3.27 %3.30 %3.32 %3.33 %3.41 %3.31 %
Efficiency ratio3
55.8 %53.7 %54.4 %53.8 %57.2 %54.9 %57.7 %
NCOs to average loans0.24 %0.24 %0.21 %0.19 %0.16 %0.24 %0.15 %
ACL on loans to EOP loans1.18 %1.10 %1.08 %1.05 %1.01 %1.18 %1.01 %
ACL4 to EOP loans
1.24 %1.16 %1.14 %1.12 %1.08 %1.24 %1.08 %
NPLs to EOP loans1.24 %1.29 %1.23 %1.22 %0.94 %1.24 %0.94 %
Balance Sheet (EOP)
Total loans$47,902,819$36,413,944$36,285,887$36,400,643$36,150,513$47,902,819$36,150,513
Total assets70,979,80553,877,94453,552,27253,602,29353,119,64570,979,80553,119,645
Total deposits54,357,68341,034,57240,823,56040,845,74639,999,22854,357,68339,999,228
Total borrowed funds7,346,0985,447,0545,411,5375,449,0966,085,2047,346,0986,085,204
Total shareholders' equity8,126,3876,534,6546,340,3506,367,2986,075,0728,126,3876,075,072
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity10.74 %11.62 %11.38 %11.00 %10.73 %10.74 %10.73 %
Tier 1 capital11.20 %12.23 %11.98 %11.60 %11.33 %11.20 %11.33 %
Total capital12.59 %13.68 %13.37 %12.94 %12.71 %12.59 %12.71 %
Leverage ratio (average assets)9.26 %9.44 %9.21 %9.05 %8.90 %9.26 %8.90 %
Equity to assets (averages)11.38 %12.01 %11.78 %11.60 %11.31 %11.66 %11.31 %
TCE to TA7.26 %7.76 %7.41 %7.44 %6.94 %7.26 %6.94 %
Nonfinancial Data
Full-time equivalent employees 5,3134,0284,0664,1054,2675,3134,267
Banking centers351280280280280351280
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
   June 30, 2025 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets
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Income Statement (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Interest income$824,961 $630,399 $662,082 $679,925 $663,663 $1,455,360 $1,259,644 
Less: interest expense310,171 242,756 267,902 288,201 275,242 552,927 514,765 
 Net interest income514,790 387,643 394,180 391,724 388,421 902,433 744,879 
Provision for credit losses106,835 31,403 27,017 28,497 36,214 138,238 55,105 
 Net interest income
  after provision for credit losses		407,955 356,240 367,163 363,227 352,207 764,195 689,774 
Wealth and investment services fees35,817 29,648 30,012 29,117 29,358 65,465 57,662 
Service charges on deposit accounts23,878 21,156 20,577 20,350 19,350 45,034 37,248 
Debit card and ATM fees12,922 9,991 10,991 11,362 10,993 22,913 21,047 
Mortgage banking revenue10,032 6,879 7,026 7,669 7,064 16,911 11,542 
Capital markets income7,114 4,506 5,244 7,426 4,729 11,620 7,629 
Company-owned life insurance6,625 5,381 6,499 5,315 5,739 12,006 9,173 
Other income36,170 16,309 15,539 12,975 10,036 52,479 20,506 
Debt securities gains (losses), net(41)(76)(122)(76)2 (117)(14)
Total noninterest income132,517 93,794 95,766 94,138 87,271 226,311 164,793 
Salaries and employee benefits202,112 148,305 146,605 147,494 159,193 350,417 308,996 
Occupancy30,432 29,053 29,733 27,130 26,547 59,485 53,566 
Equipment12,566 8,901 9,325 9,888 8,704 21,467 17,375 
Marketing13,759 11,940 12,653 11,036 11,284 25,699 21,918 
Technology31,452 22,020 21,429 23,343 24,002 53,472 44,025 
Communication5,014 4,134 4,176 4,681 4,480 9,148 8,480 
Professional fees21,931 7,919 11,055 7,278 10,552 29,850 16,958 
FDIC assessment13,409 9,700 11,970 11,722 9,676 23,109 20,989 
Amortization of intangibles19,630 6,830 7,237 7,411 7,425 26,460 12,880 
Amortization of tax credit investments5,815 3,424 4,556 3,277 2,747 9,239 5,496 
Other expense28,646 16,245 18,085 19,023 18,389 44,891 34,633 
 Total noninterest expense384,766 268,471 276,824 272,283 282,999 653,237 545,316 
  Income before income taxes155,706 181,563 186,105 185,082 156,479 337,269 309,251 
  Income tax expense30,298 36,904 32,232 41,280 35,250 67,202 67,738 
Net income$125,408 $144,659 $153,873 $143,802 $121,229 $270,067 $241,513 
 Preferred dividends(4,033)(4,034)(4,034)(4,034)(4,033)(8,067)(8,067)
Net income applicable to common shares$121,375 $140,625 $149,839 $139,768 $117,196 $262,000 $233,446 
EPS, diluted$0.34 $0.44 $0.47 $0.44 $0.37 $0.77 $0.77 
Weighted Average Common Shares Outstanding
    Basic360,155315,925315,673315,622315,585338,162303,283
    Diluted361,436321,016318,803317,331316,461340,250304,207
Common shares outstanding (EOP)391,818319,236318,980318,955318,969391,818318,969
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End of Period Balance Sheet (unaudited)
($ in thousands)
June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Assets
Cash and due from banks$637,556 $486,061 $394,450 $498,120 $428,665 
Money market and other interest-earning investments1,171,015 753,719 833,518 693,450 804,381 
Investments:
Treasury and government-sponsored agencies2,445,733 2,364,170 2,289,903 2,335,716 2,207,004 
Mortgage-backed securities9,632,206 6,458,023 6,175,103 6,085,826 5,890,371 
States and political subdivisions1,590,272 1,589,555 1,637,379 1,665,128 1,678,597 
Other securities852,687 755,348 781,656 783,079 775,623 
Total investments14,520,898 11,167,096 10,884,041 10,869,749 10,551,595 
Loans held-for-sale, at fair value77,618 40,424 34,483 62,376 66,126 
Loans:
Commercial14,662,916 10,650,615 10,288,560 10,408,095 10,332,631 
Commercial and agriculture real estate21,879,785 16,135,327 16,307,486 16,356,216 16,016,958 
Residential real estate8,212,242 6,771,694 6,797,586 6,757,896 6,894,957 
Consumer3,147,876 2,856,308 2,892,255 2,878,436 2,905,967 
Total loans47,902,819 36,413,944 36,285,887 36,400,643 36,150,513 
Allowance for credit losses on loans(565,109)(401,932)(392,522)(380,840)(366,335)
Premises and equipment, net682,539 584,664 588,970 599,528 601,945 
Goodwill and other intangible assets2,944,372 2,289,268 2,296,098 2,305,084 2,306,204 
Company-owned life insurance1,046,693 859,211 859,851 863,723 862,032 
Accrued interest receivable and other assets 2,561,404 1,685,489 1,767,496 1,690,460 1,714,519 
Total assets$70,979,805 $53,877,944 $53,552,272 $53,602,293 $53,119,645 
Liabilities and Equity
Noninterest-bearing demand deposits$12,652,556 $9,186,314 $9,399,019 $9,429,285 $9,336,042 
Interest-bearing:
Checking and NOW accounts9,194,738 7,736,014 7,538,987 7,314,245 7,680,865 
Savings accounts5,058,819 4,715,329 4,753,279 4,781,447 4,983,811 
Money market accounts16,564,125 11,638,653 11,807,228 11,601,461 10,485,491 
Other time deposits7,613,377 6,212,898 5,819,970 6,010,070 5,688,432 
Total core deposits51,083,615 39,489,208 39,318,483 39,136,508 38,174,641 
Brokered deposits3,274,068 1,545,364 1,505,077 1,709,238 1,824,587 
Total deposits54,357,683 41,034,572 40,823,560 40,845,746 39,999,228 
Federal funds purchased and interbank borrowings340,246 170 385 135,263 250,154 
Securities sold under agreements to repurchase297,637 290,256 268,975 244,626 240,713 
Federal Home Loan Bank advances5,835,918 4,514,354 4,452,559 4,471,153 4,744,560 
Other borrowings872,297 642,274 689,618 598,054 849,777 
Total borrowed funds7,346,098 5,447,054 5,411,537 5,449,096 6,085,204 
Accrued expenses and other liabilities1,149,637 861,664 976,825 940,153 960,141 
Total liabilities62,853,418 47,343,290 47,211,922 47,234,995 47,044,573 
Preferred stock, common stock, surplus, and retained earnings8,725,995 7,183,163 7,086,393 6,971,054 6,866,480 
Accumulated other comprehensive income (loss), net of tax(599,608)(648,509)(746,043)(603,756)(791,408)
Total shareholders' equity8,126,387 6,534,654 6,340,350 6,367,298 6,075,072 
Total liabilities and shareholders' equity$70,979,805 $53,877,944 $53,552,272 $53,602,293 $53,119,645 
9

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Three Months EndedThree Months EndedThree Months Ended
June 30, 2025March 31, 2025June 30, 2024
Average
Income1/
Yield/Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$1,424,700 $14,791 4.16 %$791,067 $8,815 4.52 %$814,944 $11,311 5.58 %
Investments:
Treasury and government-sponsored agencies2,396,691 20,820 3.47 %2,318,869 20,019 3.45 %2,208,935 21,531 3.90 %
Mortgage-backed securities8,567,318 87,734 4.10 %6,287,825 54,523 3.47 %5,828,225 47,904 3.29 %
States and political subdivisions1,596,899 13,402 3.36 %1,610,819 13,242 3.29 %1,686,994 14,290 3.39 %
Other securities970,581 15,770 6.50 %770,839 10,512 5.45 %788,571 12,583 6.38 %
Total investments13,531,489 137,726 4.07 %10,988,352 98,296 3.58 %10,512,725 96,308 3.66 %
Loans:2
Commercial13,240,876 219,446 6.63 %10,397,991 165,595 6.37 %10,345,098 183,425 7.09 %
Commercial and agriculture real estate20,022,403 316,422 6.32 %16,213,606 245,935 6.07 %15,870,809 260,407 6.56 %
Residential real estate loans7,792,440 88,852 4.56 %6,815,091 67,648 3.97 %6,952,942 67,683 3.89 %
Consumer3,049,341 54,787 7.21 %2,871,213 49,470 6.99 %2,910,331 50,869 7.03 %
Total loans44,105,060 679,507 6.16 %36,297,901 528,648 5.83 %36,079,180 562,384 6.24 %
Total earning assets$59,061,249 $832,024 5.64 %$48,077,320 $635,759 5.30 %$47,406,849 $670,003 5.66 %
Less: Allowance for credit losses on loans(404,871)(398,765)(331,043)
Non-earning Assets:
Cash and due from banks$426,513 $372,428 $430,256 
Other assets6,403,239 5,394,600 5,341,022 
Total assets$65,486,130 $53,445,583 $52,847,084 
Interest-Bearing Liabilities:
Checking and NOW accounts$8,594,591 $29,291 1.37 %$7,526,294 $23,850 1.29 %$8,189,454 $34,398 1.69 %
Savings accounts4,968,232 3,777 0.30 %4,692,239 3,608 0.31 %5,044,800 5,254 0.42 %
Money market accounts15,055,735 110,933 2.96 %11,664,650 88,381 3.07 %10,728,156 102,560 3.84 %
Other time deposits7,092,124 67,204 3.80 %5,996,108 56,485 3.82 %5,358,103 56,586 4.25 %
Total interest-bearing core deposits35,710,682 211,205 2.37 %29,879,291 172,324 2.34 %29,320,513 198,798 2.73 %
Brokered deposits2,530,726 28,883 4.58 %1,546,756 18,171 4.76 %1,244,237 17,008 5.50 %
Total interest-bearing deposits38,241,408 240,088 2.52 %31,426,047 190,495 2.46 %30,564,750 215,806 2.84 %
Federal funds purchased and interbank borrowings88,603 953 4.31 %148,130 1,625 4.45 %148,835 1,986 5.37 %
Securities sold under agreements to repurchase295,948 636 0.86 %272,961 551 0.82 %249,939 639 1.03 %
Federal Home Loan Bank advances6,037,462 59,042 3.92 %4,464,590 41,896 3.81 %4,473,978 44,643 4.01 %
Other borrowings828,214 9,452 4.58 %675,759 8,189 4.91 %891,609 12,168 5.49 %
Total borrowed funds7,250,227 70,083 3.88 %5,561,440 52,261 3.81 %5,764,361 59,436 4.15 %
Total interest-bearing liabilities$45,491,635 $310,171 2.73 %$36,987,487 $242,756 2.66 %$36,329,111 $275,242 3.05 %
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits$11,568,854 $9,096,676 $9,558,675 
Other liabilities973,525 944,935 980,322 
Shareholders' equity7,452,116 6,416,485 5,978,976 
Total liabilities and shareholders' equity$65,486,130 $53,445,583 $52,847,084 
Net interest rate spread2.91 %2.64 %2.61 %
Net interest margin (GAAP)3.49 %3.23 %3.28 %
Net interest margin (FTE)3
3.53 %3.27 %3.33 %
FTE adjustment$7,063 $5,360 $6,340 
1 Interest income is reflected on a FTE basis.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
10

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Six Months EndedSix Months Ended
June 30, 2025June 30, 2024
Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$1,109,634 $23,606 4.29 %$786,094 $21,296 5.45 %
Investments:
Treasury and government-sponsored agencies2,357,995 40,839 3.46 %2,285,706 44,797 3.92 %
Mortgage-backed securities7,433,868 142,257 3.83 %5,592,655 86,792 3.10 %
States and political subdivisions1,603,821 26,644 3.32 %1,683,585 28,266 3.36 %
Other securities871,262 26,282 6.03 %779,504 24,756 6.35 %
Total investments$12,266,946 $236,022 3.85 %$10,341,450 $184,611 3.57 %
Loans:2
Commercial11,827,287 385,041 6.51 %9,942,741 350,688 7.05 %
Commercial and agriculture real estate18,128,526 562,357 6.20 %15,119,590 490,493 6.49 %
Residential real estate loans7,306,465 156,500 4.28 %6,823,378 130,686 3.83 %
Consumer2,960,769 104,257 7.10 %2,777,711 94,463 6.84 %
Total loans40,223,047 1,208,155 6.01 %34,663,420 1,066,330 6.16 %
Total earning assets$53,599,627 $1,467,783 5.48 %$45,790,964 $1,272,237 5.56 %
Less: Allowance for credit losses on loans(401,835)(322,256)
Non-earning Assets:
Cash and due from banks$399,620 $396,466 
Other assets5,901,705 5,151,308 
Total assets$59,499,117 $51,016,482 
Interest-Bearing Liabilities:
Checking and NOW accounts$8,063,393 $53,141 1.33 %$7,665,327 $59,650 1.56 %
Savings accounts4,830,998 7,385 0.31 %5,035,100 10,271 0.41 %
Money market accounts13,369,560 199,314 3.01 %10,322,808 196,773 3.83 %
Other time deposits6,547,143 123,689 3.81 %5,023,620 104,018 4.16 %
Total interest-bearing core deposits32,811,094 383,529 2.36 %28,046,855 370,712 2.66 %
Brokered deposits2,041,459 47,054 4.65 %1,145,744 30,533 5.36 %
Total interest-bearing deposits34,852,553 430,583 2.49 %29,192,599 401,245 2.76 %
Federal funds purchased and interbank borrowings118,202 2,578 4.40 %108,962 2,947 5.44 %
Securities sold under agreements to repurchase284,518 1,187 0.84 %273,088 1,556 1.15 %
Federal Home Loan Bank advances5,255,372 100,938 3.87 %4,430,236 85,810 3.90 %
Other borrowings752,408 17,641 4.73 %858,727 23,207 5.43 %
Total borrowed funds6,410,500 122,344 3.85 %5,671,013 113,520 4.03 %
Total interest-bearing liabilities41,263,053 552,927 2.70 %34,863,612 514,765 2.97 %
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits$10,339,594 $9,408,406 
Other liabilities959,309 972,205 
Shareholders' equity6,937,161 5,772,259 
Total liabilities and shareholders' equity$59,499,117 $51,016,482 
Net interest rate spread2.78 %2.59 %
Net interest margin (GAAP)3.37 %3.25 %
Net interest margin (FTE)3
3.41 %3.31 %
FTE adjustment$12,423 $12,593 
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

11

Asset Quality (EOP) (unaudited)
($ in thousands)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Allowance for credit losses:
Beginning allowance for credit losses on loans$401,932 $392,522 $380,840 $366,335 $319,713 $392,522 $307,610 
Allowance established for acquired PCD loans90,442 — — 2,803 23,922 90,442 23,922 
Provision for credit losses on loans99,263 31,026 30,417 29,176 36,745 130,289 60,598 
Gross charge-offs(29,954)(24,540)(21,278)(18,965)(17,041)(54,494)(31,061)
Gross recoveries3,426 2,924 2,543 1,491 2,996 6,350 5,266 
NCOs(26,528)(21,616)(18,735)(17,474)(14,045)(48,144)(25,795)
Ending allowance for credit losses on loans$565,109 $401,932 $392,522 $380,840 $366,335 $565,109 $366,335 
Beginning allowance for credit losses on unfunded commitments$22,031 $21,654 $25,054 $25,733 $26,264 $21,654 $31,226 
Provision (release) for credit losses on unfunded commitments7,572 377 (3,400)(679)(531)7,949 (5,493)
Ending allowance for credit losses on unfunded commitments$29,603 $22,031 $21,654 $25,054 $25,733 $29,603 $25,733 
Allowance for credit losses$594,712 $423,963 $414,176 $405,894 $392,068 $594,712 $392,068 
Provision for credit losses on loans$99,263 $31,026 $30,417 $29,176 $36,745 $130,289 $60,598 
Provision (release) for credit losses on unfunded commitments7,572 377 (3,400)(679)(531)7,949 (5,493)
Provision for credit losses$106,835 $31,403 $27,017 $28,497 $36,214 $138,238 $55,105 
NCOs / average loans1
0.24 %0.24 %0.21 %0.19 %0.16 %0.24 %0.15 %
Average loans1
$44,075,472 $36,284,059 $36,410,414 $36,299,544 $36,053,845 $40,201,289 $34,648,292 
EOP loans1
47,902,819 36,413,944 36,285,887 36,400,643 36,150,513 47,902,819 36,150,513 
ACL on loans / EOP loans1
1.18 %1.10 %1.08 %1.05 %1.01 %1.18 %1.01 %
ACL / EOP loans1
1.24 %1.16 %1.14 %1.12 %1.08 %1.24 %1.08 %
Underperforming Assets:
Loans 90 days and over (still accruing)$16,893 $6,757 $4,060 $1,177 $5,251 $16,893 $5,251 
Nonaccrual loans594,709 469,211 447,979 443,597 340,181 594,709 340,181 
Foreclosed assets7,986 6,301 4,294 4,077 8,290 7,986 8,290 
Total underperforming assets$619,588 $482,269 $456,333 $448,851 $353,722 $619,588 $353,722 
Classified and Criticized Assets:
Nonaccrual loans$594,709 $469,211 $447,979 $443,597 $340,181 $594,709 $340,181 
Substandard loans (still accruing)1,969,260 1,479,630 1,073,413 1,074,243 841,087 1,969,260 841,087 
Loans 90 days and over (still accruing)16,893 6,757 4,060 1,177 5,251 16,893 5,251 
Total classified loans - "problem loans"2,580,862 1,955,598 1,525,452 1,519,017 1,186,519 2,580,862 1,186,519 
Other classified assets43,495 53,239 58,954 59,485 60,772 43,495 60,772 
Special Mention1,008,716 828,314 908,630 837,543 967,655 1,008,716 967,655 
Total classified and criticized assets$3,633,073 $2,837,151 $2,493,036 $2,416,045 $2,214,946 $3,633,073 $2,214,946 
Loans 30-89 days past due (still accruing)$128,771 $72,517 $93,141 $91,750 $51,712 $128,771 $51,712 
Nonaccrual loans / EOP loans1
1.24 %1.29 %1.23 %1.22 %0.94 %1.24 %0.94 %
ACL / nonaccrual loans100 %90 %92 %92 %115 %100 %115 %
Under-performing assets/EOP loans1
1.29 %1.32 %1.26 %1.23 %0.98 %1.29 %0.98 %
Under-performing assets/EOP assets0.87 %0.90 %0.85 %0.84 %0.67 %0.87 %0.67 %
30+ day delinquencies/EOP loans1
0.30 %0.22 %0.27 %0.26 %0.16 %0.30 %0.16 %
1 Excludes loans held-for-sale.
    
12

    
Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
Earnings Per Share:
Net income applicable to common shares$121,375 $140,625 $149,839 $139,768 $117,196 $262,000 $233,446 
Adjustments:
CECL Day 1 non-PCD provision expense75,604 — — — 15,312 75,604 15,312 
Tax effect1
(20,802)— — — (3,476)(20,802)(3,476)
CECL Day 1 non-PCD provision expense, net54,802 — — — 11,836 54,802 11,836 
Merger-related charges41,206 5,856 8,117 6,860 19,440 47,062 22,348 
Tax effect1
(11,337)(1,089)(2,058)(1,528)(4,413)(12,426)(5,123)
Merger-related charges, net29,869 4,767 6,059 5,332 15,027 34,636 17,225 
Pension plan gain(21,001)— — — — (21,001)— 
Tax effect1
5,778 — — — — 5,778 — 
Pension plan gain, net(15,223)— — — — (15,223)— 
Debt securities (gains) losses41 76 122 76 (2)117 14 
Tax effect1
(11)(14)(31)(17)1 (25)(3)
Debt securities (gains) losses, net30 62 91 59 (1)92 11 
Separation expense— — — 2,646 — — — 
Tax effect1
— — — (589)— — — 
Separation expense, net— — — 2,057 — — — 
Distribution of excess pension assets— — — — — — — 13,318 
Tax effect1
— — — — — — — (3,250)
Distribution excess pension assets, net— — — — — — 10,068 
FDIC special assessment— — — — — — 2,994 
Tax effect1
— — — — — — (731)
FDIC special assessment, net— — — — — — 2,263 
Total adjustments, net69,478 4,829 6,150 7,448 26,862 74,307 41,403 
Net income applicable to common shares, adjusted$190,853 $145,454 $155,989 $147,216 $144,058 $336,307 $274,849 
Weighted average diluted common shares outstanding361,436 321,016 318,803 317,331 316,461 340,250 304,207 
EPS, diluted$0.34 $0.44 $0.47 $0.44 $0.37 $0.77 $0.77 
Adjusted EPS, diluted$0.53 $0.45 $0.49 $0.46 $0.46 $0.99 $0.90 
NIM:
Net interest income$514,790 $387,643 $394,180 $391,724 $388,421 $902,433 $744,879 
Add: FTE adjustment2
7,063 5,360 5,777 6,144 6,340 12,423 12,593 
Net interest income (FTE)$521,853 $393,003 $399,957 $397,868 $394,761 $914,856 $757,472 
Average earning assets$59,061,249 $48,077,320 $48,411,803 $47,905,463 $47,406,849 $53,599,627 $45,790,964 
NIM (GAAP)3.49 %3.23 %3.26 %3.27 %3.28 %3.37 %3.25 %
NIM (FTE)3.53 %3.27 %3.30 %3.32 %3.33 %3.41 %3.31 %
Refer to last page of Non-GAAP reconciliations for footnotes.
13

Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
PPNR:
Net interest income (FTE)2
$521,853 $393,003 $399,957 $397,868 $394,761 $914,856 $757,472 
Add: Noninterest income132,517 93,794 95,766 94,138 87,271 226,311 164,793 
Total revenue (FTE)654,370 486,797 495,723 492,006 482,032 1,141,167 922,265 
Less: Noninterest expense(384,766)(268,471)(276,824)(272,283)(282,999)(653,237)(545,316)
PPNR$269,604 $218,326 $218,899 $219,723 $199,033 $487,930 $376,949 
Adjustments:
Pension plan termination gain$(21,001)$— $— $— $— $(21,001)$— 
Debt securities (gains) losses$41 $76 $122 $76 $(2)$117 $14 
Noninterest income adjustments(20,960)76 122 76 (2)(20,884)14 
Adjusted noninterest income111,557 93,870 95,888 94,214 87,269 205,427 164,807 
Adjusted revenue$633,410 $486,873 $495,845 $492,082 $482,030 $1,120,283 $922,279 
Adjustments:
Merger-related charges$41,206 $5,856 $8,117 $6,860 $19,440 $47,062 $22,348 
Separation expense— — — 2,646 — — — 
Distribution of excess pension assets— — — — — — 13,318 
FDIC Special Assessment— — — — — — 2,994 
Noninterest expense adjustments41,206 5,856 8,117 9,506 19,440 47,062 38,660 
Adjusted total noninterest expense(343,560)(262,615)(268,707)(262,777)(263,559)(606,175)(506,656)
Adjusted PPNR$289,850 $224,258 $227,138 $229,305 $218,471 $514,108 $415,623 
Efficiency Ratio:
Noninterest expense$384,766 $268,471 $276,824 $272,283 $282,999 $653,237 $545,316 
Less: Amortization of intangibles(19,630)(6,830)(7,237)(7,411)(7,425)(26,460)(12,880)
Noninterest expense, excl. amortization of intangibles365,136 261,641 269,587 264,872 275,574 626,777 532,436 
Less: Amortization of tax credit investments(5,815)(3,424)(4,556)(3,277)(2,747)(9,239)(5,496)
Less: Noninterest expense adjustments(41,206)(5,856)(8,117)(9,506)(19,440)(47,062)(38,660)
Adjusted noninterest expense, excluding amortization$318,115 $252,361 $256,914 $252,089 $253,387 $570,476 $488,280 
Total revenue (FTE)2
$654,370 $486,797 $495,723 $492,006 $482,032 $1,141,167 $922,265 
Less: Debt securities (gains) losses41 76 122 76 (2)117 14 
Less: Pension plan gain(21,001)— — — — (21,001)— 
Total adjusted revenue $633,410 $486,873 $495,845 $492,082 $482,030 $1,120,283 $922,279 
Efficiency Ratio55.8 %53.7 %54.4 %53.8 %57.2 %54.9 %57.7 %
Adjusted Efficiency Ratio50.2 %51.8 %51.8 %51.2 %52.6 %50.9 %52.9 %
Refer to last page of Non-GAAP reconciliations for footnotes.
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Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2025202520242024202420252024
ROAE and ROATCE:
Net income applicable to common shares$121,375 $140,625 $149,839 $139,768 $117,196 $262,000 $233,446 
Amortization of intangibles 19,630 6,830 7,237 7,411 7,425 26,460 12,880 
Tax effect1
(4,908)(1,708)(1,809)(1,853)(1,856)(6,615)(3,220)
Amortization of intangibles, net14,722 5,122 5,428 5,558 5,569 19,845 9,660 
Net income applicable to common shares, excluding intangibles amortization136,097 145,747 155,267 145,326 122,765 281,845 243,106 
Total adjustments, net (see pg.12)69,478 4,829 6,150 7,448 26,862 74,307 41,403 
Adjusted net income applicable to common shares, excluding intangibles amortization$205,575 $150,576 $161,417 $152,774 $149,627 $356,152 $284,509 
Average shareholders' equity$7,452,116 $6,416,485 $6,338,953 $6,190,071 $5,978,976 $6,937,161 $5,772,259 
Less: Average preferred equity(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)
Average shareholders' common equity$7,208,397 $6,172,766 $6,095,234 $5,946,352 $5,735,257 $6,693,442 $5,528,540 
Average goodwill and other intangible assets(2,670,710)(2,292,526)(2,301,177)(2,304,597)(2,245,405)(2,482,663)(2,171,872)
Average tangible shareholder's common equity$4,537,687 $3,880,240 $3,794,057 $3,641,755 $3,489,852 $4,210,779 $3,356,668 
ROAE6.7 %9.1%9.8%9.4%8.2%7.8 %8.4 %
ROAE, adjusted10.6 %9.4%10.2%9.9%10.0%10.0 %9.9 %
ROATCE12.0 %15.0%16.4%16.0%14.1%13.4 %14.5 %
ROATCE, adjusted18.1 %15.5%17.0%16.8%17.1%16.9 %17.0 %
Refer to last page of Non-GAAP reconciliations for footnotes.
15

Non-GAAP Measures (unaudited)
($ in thousands)
As of
June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Tangible Common Equity:
Shareholders' equity$8,126,387 $6,534,654 $6,340,350 $6,367,298 $6,075,072 
Less: Preferred equity (243,719)(243,719)(243,719)(243,719)(243,719)
Shareholders' common equity $7,882,668 $6,290,935 $6,096,631 $6,123,579 $5,831,353 
Less: Goodwill and other intangible assets(2,944,372)(2,289,268)(2,296,098)(2,305,084)(2,306,204)
Tangible shareholders' common equity $4,938,296 $4,001,667 $3,800,533 $3,818,495 $3,525,149 
Total assets $70,979,805 $53,877,944 $53,552,272 $53,602,293 $53,119,645 
Less: Goodwill and other intangible assets(2,944,372)(2,289,268)(2,296,098)(2,305,084)(2,306,204)
Tangible assets $68,035,433 $51,588,676 $51,256,174 $51,297,209 $50,813,441 
Risk-weighted assets3
$52,517,871 $40,266,670 $40,314,805 $40,584,608 $40,627,117 
Tangible common equity to tangible assets 7.26 %7.76 %7.41 %7.44 %6.94 %
Tangible common equity to risk-weighted assets3
9.40 %9.94 %9.43 %9.41 %8.68 %
Tangible Common Book Value:
Common shares outstanding391,818 319,236 318,980 318,955 318,969 
Tangible common book value$12.60 $12.54 $11.91 $11.97 $11.05 
1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
3 June 30, 2025 figures are preliminary.
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