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Old National Bancorp Reports First Quarter 2026 Results

Evansville, Ind. (April 22, 2026)


Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted1 basis, respectively.

CEO COMMENTARY:




"Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan. "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we’re seeing changes our confidence in our full-year expectations."

FIRST QUARTER HIGHLIGHTS2:


Net Income			•Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1 of $237.7 million
			•Earnings per diluted common share ("EPS") of $0.59; adjusted EPS1 of $0.61

Net Interest Income/NIM			•Net interest income on a fully taxable equivalent basis1 of $580.4 million
			•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.55%, down 10 basis points ("bps")

Operating Performance			•Pre-provision net revenue1 ("PPNR") of $338.1 million; adjusted PPNR1 of $348.7 million
			•Noninterest expense of $364.7 million; adjusted noninterest expense1 of $354.0 million
			•Efficiency ratio1 of 48.3%; adjusted efficiency ratio1 of 45.7%

Deposits and Funding			•Period-end total deposits of $55.7 billion, up 4.2% annualized
			•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps






Loans and Credit Quality			•End-of-period total loans3 of $49.8 billion, up $970.9 million or 8.0% annualized
			•Provision for credit losses4 ("provision") of $34.9 million
			•Net charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
			•30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans

Return Profile & Capital			•Return on average tangible common equity1 ("ROATCE") of 18.4%; adjusted ROATCE1 of 19.0% •Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bps •Repurchased 3.9 million shares of common stock during the quarter


Notable Items			•$7.3 million of pre-tax merger-related charges •$3.4 million of pre-tax expense related to the distribution of excess pension plan assets5

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 Includes non-cash expense associated with the distribution of excess pension assets with the

resolution of the legacy First Midwest Bancorp, Inc. plan 6 Includes a loss associated with the termination of the Bremer pension plan 7 Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund

RESULTS OF OPERATIONS2

Old National Bancorp reported first quarter 2026 net income applicable to common shares of $229.6 million, or $0.59 per diluted common share.

Included in first quarter results were pre-tax charges of $7.3 million for merger-related expenses, a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan. Excluding these items and realized debt securities gains from the current quarter, adjusted net income1 was $237.7 million, or $0.61 per diluted common share.

DEPOSITS AND FUNDING

Increases in retail and commercial deposits more than offset seasonal outflows of public funds.

•Period-end total deposits were $55.7 billion, up 4.2% annualized.

•On average, total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025.

•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps.

•A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong high quality commercial loan production.

•Period-end total loans3 were $49.8 billion, up $970.9 million or 8.0% annualized, including commercial and industrial loan growth of $633.8 million.

•Total commercial loan production in the first quarter was $3.3 billion, down 5%; record period-end commercial pipeline totaled $5.5 billion, up 14%.

•Average total loans in the first quarter were $49.2 billion, up 7.9% annualized.

CREDIT QUALITY

Credit quality continues to be a hallmark of Old National.

•Provision4 expense was $34.9 million compared to $32.7 million.

•Net charge-offs were $32.0 million, or 26 bps of average loans, compared to 27 bps.

◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 19 bps compared to 16 bps.

•30+ day delinquencies as a percentage of loans were 0.24% compared to 0.22%.

•Nonaccrual loans as a percentage of total loans were 1.03% compared to 1.07%.

•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN

Lower net interest income and margin compression reflective of the rate environment.

•Net interest income on a fully taxable equivalent basis1 decreased to $580.4 million compared to $588.8 million, driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.

•Net interest margin on a fully taxable equivalent basis1 decreased 10 bps to 3.55%.

•Cost of total deposits was 1.72%, decreasing 8 bps and the cost of total interest-bearing deposits decreased 14 bps to 2.24%.

NONINTEREST INCOME

Strong wealth fees more than offset by seasonally lower bank fees as well as lower capital markets and mortgage fees which were elevated in the prior quarter.

•Total noninterest income was $122.3 million compared to $109.7 million, or $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025.

•Excluding the pension plan loss6 in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 2.6% driven by seasonally lower bank fees as well as lower capital markets and mortgage fees, which were elevated in the prior quarter, partly offset by strong wealth management fees.

NONINTEREST EXPENSE

100% realization of Bremer cost savings along with disciplined expense management drives record adjusted efficiency ratio.

•Noninterest expense was $364.7 million and included $7.3 million of merger-related charges as well as a $3.4 million non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan.

•Excluding the above noted items, adjusted noninterest expense1 decreased to $354.0 million, compared to $364.8 million excluding merger-related charges and a $3.0 million pre-tax reduction of previously accrued FDIC special assessment7 in the fourth quarter of 2025, driven by disciplined expense management and lower other expense which was elevated in the prior quarter.

•The efficiency ratio1 was 48.3%, while the adjusted efficiency ratio1 was 45.7% compared to 51.6% and 46.0%, respectively.

INCOME TAXES

•Income tax expense was $61.6 million, resulting in an effective tax rate of 20.9% compared to 20.2%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 22.9% compared to 22.7%.

•Income tax expense included $8.7 million of tax credit benefit compared to $10.5 million.

CAPITAL

Capital ratios remain strong.

•Preliminary total risk-based capital up 86 bps to 13.71% and preliminary regulatory Tier 1 capital up 3 bps to 11.56%, as strong retained earnings drive capital, partly offset by growth in loans and share repurchases. In addition, total risk-based capital was impacted by the issuance of $450.0 million of subordinated notes during the quarter.

•Tangible common equity to tangible assets was 7.67% compared to 7.72%.

•The Company repurchased 3.9 million shares of common stock during the quarter.

CONFERENCE CALL AND WEBCAST

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, April 22, 2026, to review first 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. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on May 6, 2026. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $73 billion of assets and $39 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 merger-

related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, and CECL Day 1 non-PCD provision 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, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss 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 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 impact of purchase accounting with respect to the merger between Old National and Bremer (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, 2025 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 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 Jillson						Investors: Lynell Durchholz
(812) 465-7267						(812) 464-1366
Rick.Jillson@oldnational.com						Lynell.Durchholz@oldnational.com



Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Income Statement
Net interest income	$	572,573		$	580,832		$	574,609		$	514,790		$	387,643
FTE adjustment1,3	7,849			8,013			7,975			7,063			5,360
Net interest income - tax equivalent basis3	580,422			588,845			582,584			521,853			393,003
Provision for credit losses	34,946			32,745			26,738			106,835			31,403
Noninterest income	122,346			109,759			130,461			132,517			93,794
Noninterest expense	364,704			386,320			445,734			384,766			268,471
Net income applicable to common shareholders	229,638			212,589			178,533			121,375			140,625
Per Common Share Data
Weighted average diluted shares	388,054			389,550			390,496			361,436			321,016
EPS, diluted	$	0.59		$	0.55		$	0.46		$	0.34		$	0.44
Cash dividends	0.145			0.140			0.140			0.140			0.140
Dividend payout ratio2	25		%	25		%	30		%	41		%	32		%
Book value	$	21.40		$	21.17		$	20.64		$	20.12		$	19.71
Stock price	22.10			22.31			21.95			21.34			21.19
Tangible book value3	13.93			13.71			13.15			12.60			12.54
Performance Ratios
ROAA	1.29		%	1.21		%	1.03		%	0.77		%	1.08		%
ROAE	11.1		%	10.4		%	9.0		%	6.7		%	9.1		%

ROATCE3	18.4		%	17.8		%	15.9		%	12.0		%	15.0		%
NIM (FTE)3	3.55		%	3.65		%	3.64		%	3.53		%	3.27		%
Efficiency ratio3	48.3		%	51.6		%	58.8		%	55.8		%	53.7		%

NCOs to average loans	0.26		%	0.27		%	0.25		%	0.24		%	0.24		%
ACL on loans to EOP loans	1.15		%	1.17		%	1.19		%	1.18		%	1.10		%
ACL4 to EOP loans	1.22		%	1.24		%	1.26		%	1.24		%	1.16		%
NPLs to EOP loans	1.03		%	1.07		%	1.23		%	1.24		%	1.29		%
Balance Sheet (EOP)
Total loans	$	49,731,844		$	48,764,162		$	47,967,915		$	47,902,819		$	36,413,944
Total assets	73,002,651			72,151,967			71,210,162			70,979,805			53,877,944
Total deposits	55,672,472			55,088,195			55,006,184			54,357,683			41,034,572
Total borrowed funds	7,823,198			7,451,367			6,766,381			7,346,098			5,447,054
Total shareholders' equity	8,510,653			8,494,788			8,309,271			8,126,387			6,534,654
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity	11.11		%	11.08		%	11.02		%	10.74		%	11.62		%
Tier 1 capital	11.56		%	11.53		%	11.49		%	11.20		%	12.23		%
Total capital	13.71		%	12.85		%	12.78		%	12.59		%	13.68		%
Leverage ratio (average assets)	8.93		%	8.90		%	8.72		%	9.26		%	9.44		%
Equity to assets (averages)	11.79		%	11.73		%	11.48		%	11.38		%	12.01		%
TCE to TA	7.67		%	7.72		%	7.53		%	7.26		%	7.76		%
Nonfinancial Data
Full-time equivalent employees	4,948			4,971			5,243			5,313			4,028
Banking centers	346			346			351			351			280
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.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.

March 31, 2026 capital ratios are preliminary.

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



Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2026		2025		2025		2025		2025
Interest income	$	877,391	$	897,301	$	917,192	$	824,961	$	630,399
Less: interest expense	304,818		316,469		342,583		310,171		242,756
Net interest income	572,573		580,832		574,609		514,790		387,643
Provision for credit losses	34,946		32,745		26,738		106,835		31,403
Net interest income after provision for credit losses	537,627		548,087		547,871		407,955		356,240
Wealth and investment services fees	39,715		39,012		39,684		35,817		29,648
Service charges on deposit accounts	26,937		27,516		27,856		23,878		21,156
Debit card and ATM fees	12,038		13,178		13,197		12,922		9,991
Mortgage banking revenue	9,554		11,053		10,442		10,032		6,879
Capital markets income	11,016		13,080		12,629		7,114		4,506
Company-owned life insurance	7,561		7,099		7,565		6,625		5,381


Other income	15,450		(1,252)		19,081		36,170		16,309
Debt securities gains (losses), net	75		73		7		(41)		(76)
Total noninterest income	122,346		109,759		130,461		132,517		93,794
Salaries and employee benefits	184,073		187,251		211,345		202,112		148,305
Occupancy	36,995		35,243		34,442		30,432		29,053
Equipment	12,075		14,184		12,703		12,566		8,901
Marketing	16,434		14,418		15,093		13,759		11,940
Technology	29,025		30,882		36,122		31,452		22,020
Communication	6,196		6,726		7,742		5,014		4,134
Professional fees	12,356		18,454		13,598		21,931		7,919
FDIC assessment	13,756		11,190		14,095		13,409		9,700
Amortization of intangibles	25,623		26,016		26,184		19,630		6,830
Amortization of tax credit investments	7,111		9,822		7,057		5,815		3,424


Other expense	21,060		32,134		67,353		28,646		16,245
Total noninterest expense	364,704		386,320		445,734		384,766		268,471
Income before income taxes	295,269		271,526		232,598		155,706		181,563
Income tax expense	61,597		54,903		50,031		30,298		36,904
Net income	$	233,672	$	216,623	$	182,567	$	125,408	$	144,659
Preferred dividends	(4,034)		(4,034)		(4,034)		(4,033)		(4,034)
Net income applicable to common shares	$	229,638	$	212,589	$	178,533	$	121,375	$	140,625

EPS, diluted	$	0.59	$	0.55	$	0.46	$	0.34	$	0.44
Weighted Average Common Shares Outstanding
Basic	385,849		387,862		389,038		360,155		315,925
Diluted	388,054		389,550		390,496		361,436		321,016
Common shares outstanding (EOP)	386,315		389,662		390,768		391,818		319,236



End of Period Balance Sheet (unaudited)
($ in thousands)
	March 31,		December 31,		September 30,		June 30,		March 31,
	2026		2025		2025		2025		2025
Assets
Cash and due from banks	$	537,322	$	591,645	$	491,910	$	637,556	$	486,061

Money market and other interest-earning investments	1,216,826		1,234,532		1,190,707		1,171,015		753,719
Investments:
Treasury and government-sponsored agencies	2,371,903		2,427,371		2,402,375		2,445,733		2,364,170
Mortgage-backed securities	10,295,623		10,078,358		10,117,015		9,632,206		6,458,023
States and political subdivisions	1,454,444		1,570,888		1,579,802		1,590,272		1,589,555
Other securities	814,990		825,761		849,911		852,687		755,348
Total investments	14,936,960		14,902,378		14,949,103		14,520,898		11,167,096
Loans held-for-sale, at fair value	56,128		52,911		80,341		77,618		40,424

Loans:
Commercial	15,617,656		14,983,861		14,506,375		14,662,916		10,650,615
Commercial and agriculture real estate	22,192,900		22,050,007		22,083,734		21,879,785		16,135,327
Residential real estate	8,621,409		8,467,496		8,190,127		8,212,242		6,771,694
Consumer	3,299,879		3,262,798		3,187,679		3,147,876		2,856,308
Total loans	49,731,844		48,764,162		47,967,915		47,902,819		36,413,944
Allowance for credit losses on loans	(574,358)		(569,520)		(572,178)		(565,109)		(401,932)
Premises and equipment, net	690,400		690,824		691,950		682,539		584,664

Goodwill and other intangible assets	2,886,419		2,907,986		2,926,960		2,944,372		2,289,268
Company-owned life insurance	1,054,824		1,051,009		1,044,780		1,046,693		859,211
Accrued interest receivable and other assets	2,466,286		2,526,040		2,438,674		2,561,404		1,685,489
Total assets	$	73,002,651	$	72,151,967	$	71,210,162	$	70,979,805	$	53,877,944

Liabilities and Equity
Noninterest-bearing demand deposits	$	12,927,096	$	13,247,483	$	12,691,658	$	12,652,556	$	9,186,314
Interest-bearing:
Checking and NOW accounts	10,969,731		10,740,919		11,162,121		10,554,889		8,237,335
Savings accounts	4,985,949		4,909,138		4,958,555		5,058,819		4,715,329
Money market accounts	16,871,237		16,529,631		17,032,446		16,880,190		11,638,653
Time deposits	9,918,459		9,661,024		9,161,404		9,211,229		7,256,941


Total deposits	55,672,472		55,088,195		55,006,184		54,357,683		41,034,572

Federal funds purchased and interbank borrowings	200,583		100,197		1		340,246		170
Securities sold under agreements to repurchase	264,518		261,366		277,594		297,637		290,256
Federal Home Loan Bank advances	6,026,801		6,237,375		5,663,361		5,835,918		4,514,354
Other borrowings	1,331,296		852,429		825,425		872,297		642,274
Total borrowed funds	7,823,198		7,451,367		6,766,381		7,346,098		5,447,054

Accrued expenses and other liabilities	996,328		1,117,617		1,128,326		1,149,637		861,664
Total liabilities	64,491,998		63,657,179		62,900,891		62,853,418		47,343,290
Preferred stock, common stock, surplus, and retained earnings	9,053,907		8,973,459		8,833,662		8,725,995		7,183,163
Accumulated other comprehensive income (loss), net of tax	(543,254)		(478,671)		(524,391)		(599,608)		(648,509)
Total shareholders' equity	8,510,653		8,494,788		8,309,271		8,126,387		6,534,654
Total liabilities and shareholders' equity	$	73,002,651	$	72,151,967	$	71,210,162	$	70,979,805	$	53,877,944



Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2026						December 31, 2025						March 31, 2025
	Average		Income1/		Yield/		Average		Income1/		Yield/		Average		Income1/		Yield/
Earning Assets:	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Money market and other interest-earning investments	$	1,215,029	$	10,944	3.65	%	$	1,261,352	$	12,411	3.90	%	$	791,067	$	8,815	4.52	%
Investments:
Treasury and government-sponsored agencies	2,418,767		19,121		3.16	%	2,417,085		19,907		3.29	%	2,318,869		20,019		3.45	%
Mortgage-backed securities	10,267,648		107,465		4.19	%	10,148,898		106,935		4.21	%	6,287,825		54,523		3.47	%
States and political subdivisions	1,525,277		12,541		3.29	%	1,576,423		13,002		3.30	%	1,610,819		13,242		3.29	%
Other securities	839,943		13,377		6.37	%	836,161		12,006		5.74	%	770,839		10,512		5.45	%
Total investments	15,051,635		152,504		4.05	%	14,978,567		151,850		4.06	%	10,988,352		98,296		3.58	%
Loans:2
Commercial	15,305,376		233,440		6.10	%	14,658,743		237,687		6.49	%	10,397,991		165,595		6.37	%
Commercial and agriculture real estate	22,056,911		335,948		6.09	%	22,020,548		351,761		6.39	%	16,213,606		245,935		6.07	%
Residential real estate loans	8,534,092		98,953		4.64	%	8,310,815		95,981		4.62	%	6,815,091		67,648		3.97	%
Consumer	3,270,505		53,451		6.63	%	3,226,790		55,624		6.84	%	2,871,213		49,470		6.99	%
Total loans	49,166,884		721,792		5.88	%	48,216,896		741,053		6.14	%	36,297,901		528,648		5.83	%

Total earning assets	$	65,433,548	$	885,240	5.42	%	$	64,456,815	$	905,314	5.61	%	$	48,077,320	$	635,759	5.30	%

Less: Allowance for credit losses on loans	(573,105)						(570,659)						(398,765)

Non-earning Assets:
Cash and due from banks	$	548,932					$	558,909					$	372,428
Other assets	7,044,468						7,111,237						5,394,600

Total assets	$	72,453,843					$	71,556,302					$	53,445,583

Interest-Bearing Liabilities:
Checking and NOW accounts	$	10,966,236	$	46,295	1.71	%	$	10,530,694	$	47,987	1.81	%	$	8,026,407	$	29,462	1.49	%
Savings accounts	4,920,639		3,011		0.25	%	4,915,822		3,410		0.28	%	4,692,239		3,608		0.31	%
Money market accounts	16,542,693		99,956		2.45	%	16,948,275		112,644		2.64	%	11,743,957		89,275		3.08	%
Time deposits	9,749,234		84,069		3.50	%	9,363,453		85,992		3.64	%	6,963,444		68,150		3.97	%


Total interest-bearing deposits	42,178,802		233,331		2.24	%	41,758,244		250,033		2.38	%	31,426,047		190,495		2.46	%

Federal funds purchased and interbank borrowings	3,634		23		2.57	%	4,593		54		4.66	%	148,130		1,625		4.45	%
Securities sold under agreements to repurchase	260,865		594		0.92	%	244,732		650		1.05	%	272,961		551		0.82	%
Federal Home Loan Bank advances	6,303,888		58,052		3.73	%	5,854,007		56,775		3.85	%	4,464,590		41,896		3.81	%
Other borrowings	1,172,559		12,818		4.43	%	836,908		8,957		4.25	%	675,759		8,189		4.91	%
Total borrowed funds	7,740,946		71,487		3.75	%	6,940,240		66,436		3.80	%	5,561,440		52,261		3.81	%

Total interest-bearing liabilities	$	49,919,748	$	304,818	2.48	%	$	48,698,484	$	316,469	2.58	%	$	36,987,487	$	242,756	2.66	%

Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits	$	12,890,201					$	13,318,459					$	9,096,676
Other liabilities	1,099,674						1,148,292						944,935
Shareholders' equity	8,544,220						8,391,067						6,416,485

Total liabilities and shareholders' equity	$	72,453,843					$	71,556,302					$	53,445,583

Net interest rate spread					2.94	%					3.03	%					2.64	%

Net interest margin (GAAP)					3.50	%					3.60	%					3.23	%

Net interest margin (FTE)3					3.55	%					3.65	%					3.27	%

FTE adjustment			$	7,849					$	8,013					$	5,360

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.



Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	569,520		$	572,178		$	565,109		$	401,932		$	392,522
Allowance established for acquired PCD loans	—			—			13,104			90,442			—
Provision for credit losses on loans	36,854			29,450			24,003			99,263			31,026
Gross charge-offs	(37,307)			(35,131)			(35,402)			(29,954)			(24,540)
Gross recoveries	5,291			3,023			5,364			3,426			2,924
NCOs	(32,016)			(32,108)			(30,038)			(26,528)			(21,616)
Ending allowance for credit losses on loans	$	574,358		$	569,520		$	572,178		$	565,109		$	401,932
Beginning allowance for credit losses on unfunded commitments	$	35,633		$	32,338		$	29,603		$	22,031		$	21,654

Provision (release) for credit losses on unfunded commitments	(1,908)			3,295			2,735			7,572			377
Ending allowance for credit losses on unfunded commitments	$	33,725		$	35,633		$	32,338		$	29,603		$	22,031
Allowance for credit losses	$	608,083		$	605,153		$	604,516		$	594,712		$	423,963
Provision for credit losses on loans	$	36,854		$	29,450		$	24,003		$	99,263		$	31,026
Provision (release) for credit losses on unfunded commitments	(1,908)			3,295			2,735			7,572			377
Provision for credit losses	$	34,946		$	32,745		$	26,738		$	106,835		$	31,403
NCOs / average loans1	0.26		%	0.27		%	0.25		%	0.24		%	0.24		%
Average loans1	$	49,157,096		$	48,199,086		$	48,153,186		$	44,075,472		$	36,284,059
EOP loans1	49,731,844			48,764,162			47,967,915			47,902,819			36,413,944
ACL on loans / EOP loans1	1.15		%	1.17		%	1.19		%	1.18		%	1.10		%
ACL / EOP loans1	1.22		%	1.24		%	1.26		%	1.24		%	1.16		%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	4,407		$	2,691		$	1,525		$	16,893		$	6,757

Nonaccrual loans	511,959			521,245			590,820			594,709			469,211


Foreclosed assets	5,786			6,235			6,325			7,986			6,301
Total underperforming assets	$	522,152		$	530,171		$	598,670		$	619,588		$	482,269
Classified and Criticized Assets:
Nonaccrual loans	$	511,959		$	521,245		$	590,820		$	594,709		$	469,211
Substandard loans (still accruing)	1,881,374			1,759,221			1,881,294			1,969,260			1,479,630
Loans 90 days and over (still accruing)	4,407			2,691			1,525			16,893			6,757
Total classified loans - "problem loans"	2,397,740			2,283,157			2,473,639			2,580,862			1,955,598
Other classified assets	20,620			20,616			35,373			43,495			53,239
Special Mention	804,028			805,901			893,109			1,008,716			828,314
Total classified and criticized assets	$	3,222,388		$	3,109,674		$	3,402,121		$	3,633,073		$	2,837,151
Loans 30-89 days past due (still accruing)	$	114,038		$	105,632		$	83,030		$	128,771		$	72,517
Nonaccrual loans / EOP loans1	1.03		%	1.07		%	1.23		%	1.24		%	1.29		%
ACL / nonaccrual loans	119		%	116		%	102		%	100		%	90		%
Under-performing assets/EOP loans1	1.05		%	1.09		%	1.25		%	1.29		%	1.32		%

Under-performing assets/EOP assets	0.72		%	0.73		%	0.84		%	0.87		%	0.90		%
30+ day delinquencies/EOP loans1	0.24		%	0.22		%	0.18		%	0.30		%	0.22		%

1 Excludes loans held-for-sale.



Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Earnings Per Share:
Net income applicable to common shares	$	229,638		$	212,589		$	178,533		$	121,375		$	140,625
Adjustments:
Merger-related charges	7,323			24,547			69,274			41,206			5,856
Tax effect1	(1,810)			(5,896)			(16,494)			(11,337)			(1,089)
Merger-related charges, net	5,513			18,651			52,780			29,869			4,767
Distribution of excess pension assets	3,394			—			—			—			—
Tax effect1	(839)			—			—			—			—
Distribution of excess pension assets, net	2,555			—			—			—			—
Debt securities (gains) losses	(75)			(73)			(7)			41			76
Tax effect1	19			18			2			(11)			(14)
Debt securities (gains) losses, net	(56)			(55)			(5)			30			62
Pension plan loss (gain)	—			15,878			—			(21,001)			—
Tax effect1	—			(3,814)			—			5,778			—
Pension plan loss (gain), net	—			12,064			—			(15,223)			—
FDIC special assessment	—			(2,994)			—			—			—
Tax effect1	—			719			—			—			—
FDIC special assessment, net	—			(2,275)			—			—			—
CECL Day 1 non-PCD provision expense	—			—			—			75,604			—
Tax effect1	—			—			—			(20,802)			—
CECL Day 1 non-PCD provision expense, net	—			—			—			54,802			—












Total adjustments, net	8,012			28,385			52,775			69,478			4,829
Net income applicable to common shares, adjusted	$	237,650		$	240,974		$	231,308		$	190,853		$	145,454
Weighted average diluted common shares outstanding	388,054			389,550			390,496			361,436			321,016
EPS, diluted	$	0.59		$	0.55		$	0.46		$	0.34		$	0.44
Adjusted EPS, diluted	$	0.61		$	0.62		$	0.59		$	0.53		$	0.45
NIM:
Net interest income	$	572,573		$	580,832		$	574,609		$	514,790		$	387,643
Add: FTE adjustment2	7,849			8,013			7,975			7,063			5,360
Net interest income (FTE)	$	580,422		$	588,845		$	582,584		$	521,853		$	393,003
Average earning assets	$	65,433,548		$	64,456,815		$	64,032,811		$	59,061,249		$	48,077,320
NIM (GAAP)	3.50		%	3.60		%	3.59		%	3.49		%	3.23		%
NIM (FTE)	3.55		%	3.65		%	3.64		%	3.53		%	3.27		%

Refer to last page of Non-GAAP reconciliations for footnotes.



Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
PPNR:
Net interest income (FTE)2	$	580,422		$	588,845		$	582,584		$	521,853		$	393,003
Add: Noninterest income	122,346			109,759			130,461			132,517			93,794
Total revenue (FTE)	702,768			698,604			713,045			654,370			486,797
Less: Noninterest expense	(364,704)			(386,320)			(445,734)			(384,766)			(268,471)
PPNR	$	338,064		$	312,284		$	267,311		$	269,604		$	218,326
Adjustments:
Pension plan loss (gain)	$	—		$	15,878		$	—		$	(21,001)		$	—
Debt securities (gains) losses	(75)			(73)			(7)			41			76
Noninterest income adjustments	(75)			15,805			(7)			(20,960)			76
Adjusted noninterest income	122,271			125,564			130,454			111,557			93,870
Adjusted revenue	$	702,693		$	714,409		$	713,038		$	633,410		$	486,873
Adjustments:
Merger-related charges	$	7,323		$	24,547		$	69,274		$	41,206		$	5,856
FDIC Special Assessment	—			(2,994)			—			—			—
Distribution of excess pension assets	3,394			—			—			—			—




Noninterest expense adjustments	10,717			21,553			69,274			41,206			5,856
Adjusted total noninterest expense	(353,987)			(364,767)			(376,460)			(343,560)			(262,615)
Adjusted PPNR	$	348,706		$	349,642		$	336,578		$	289,850		$	224,258
Efficiency Ratio:
Noninterest expense	$	364,704		$	386,320		$	445,734		$	384,766		$	268,471
Less: Amortization of intangibles	(25,623)			(26,016)			(26,184)			(19,630)			(6,830)
Noninterest expense, excl. amortization of intangibles	339,081			360,304			419,550			365,136			261,641
Less: Amortization of tax credit investments	(7,111)			(9,822)			(7,057)			(5,815)			(3,424)
Less: Noninterest expense adjustments	(10,717)			(21,553)			(69,274)			(41,206)			(5,856)
Adjusted noninterest expense, excluding amortization	$	321,253		$	328,929		$	343,219		$	318,115		$	252,361
Total revenue (FTE)2	$	702,768		$	698,604		$	713,045		$	654,370		$	486,797
Less: Debt securities (gains) losses	(75)			(73)			(7)			41			76

Less: Pension plan loss (gain)	—			15,878			—			(21,001)			—
Total adjusted revenue	$	702,693		$	714,409		$	713,038		$	633,410		$	486,873
Efficiency Ratio	48.3		%	51.6		%	58.8		%	55.8		%	53.7		%
Adjusted Efficiency Ratio	45.7		%	46.0		%	48.1		%	50.2		%	51.8		%

Refer to last page of Non-GAAP reconciliations for footnotes.



Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,		September 30,		June 30,		March 31,
	2026			2025		2025		2025		2025
ROAE and ROATCE:
Net income applicable to common shares	$	229,638		$	212,589	$	178,533	$	121,375	$	140,625
Amortization of intangibles	25,623			26,016		26,184		19,630		6,830
Tax effect1	(6,406)			(6,504)		(6,546)		(4,908)		(1,708)
Amortization of intangibles, net	19,217			19,512		19,638		14,722		5,122
Net income applicable to common shares, excluding intangibles amortization	248,855			232,101		198,171		136,097		145,747
Total adjustments, net (see pg.12)	8,012			28,385		52,775		69,478		4,829
Adjusted net income applicable to common shares, excluding intangibles amortization	$	256,867		$	260,486	$	250,946	$	205,575	$	150,576
Average shareholders' equity	$	8,544,220		$	8,391,067	$	8,168,575	$	7,452,116	$	6,416,485
Less: Average preferred equity	(243,719)			(243,719)		(243,719)		(243,719)		(243,719)
Average shareholders' common equity	$	8,300,501		$	8,147,348	$	7,924,856	$	7,208,397	$	6,172,766
Average goodwill and other intangible assets	(2,894,824)			(2,919,924)		(2,931,319)		(2,670,710)		(2,292,526)
Average tangible shareholder's common equity	$	5,405,677		$	5,227,424	$	4,993,537	$	4,537,687	$	3,880,240
ROAE	11.1		%	10.4%		9.0%		6.7%		9.1%
ROAE, adjusted	11.5		%	11.8%		11.7%		10.6%		9.4%
ROATCE	18.4		%	17.8%		15.9%		12.0%		15.0%
ROATCE, adjusted	19.0		%	19.9%		20.1%		18.1%		15.5%

Refer to last page of Non-GAAP reconciliations for footnotes.



Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
Tangible Common Equity:
Shareholders' equity	$	8,510,653		$	8,494,788		$	8,309,271		$	8,126,387		$	6,534,654
Less: Preferred equity	(243,719)			(243,719)			(243,719)			(243,719)			(243,719)
Shareholders' common equity	$	8,266,934		$	8,251,069		$	8,065,552		$	7,882,668		$	6,290,935
Less: Goodwill and other intangible assets	(2,886,419)			(2,907,986)			(2,926,960)			(2,944,372)			(2,289,268)
Tangible shareholders' common equity	$	5,380,515		$	5,343,083		$	5,138,592		$	4,938,296		$	4,001,667

Total assets	$	73,002,651		$	72,151,967		$	71,210,162		$	70,979,805		$	53,877,944
Less: Goodwill and other intangible assets	(2,886,419)			(2,907,986)			(2,926,960)			(2,944,372)			(2,289,268)
Tangible assets	$	70,116,232		$	69,243,981		$	68,283,202		$	68,035,433		$	51,588,676

Risk-weighted assets3	$	54,283,745		$	53,617,620		$	52,515,468		$	52,517,871		$	40,266,670

Tangible common equity to tangible assets	7.67		%	7.72		%	7.53		%	7.26		%	7.76		%
Tangible common equity to risk-weighted assets3	9.91		%	9.97		%	9.78		%	9.40		%	9.94		%


Tangible Common Book Value:
Common shares outstanding	386,315			389,662			390,768			391,818			319,236
Tangible common book value	$	13.93		$	13.71		$	13.15		$	12.60		$	12.54







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 March 31, 2026 figures are preliminary.