Please wait



N / E / W / S R / E / L / E / A / S / E
    
October 21, 2026

FOR IMMEDIATE RELEASE
For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES THIRD QUARTER 2026 RESULTS

First Merchants Corporation (NASDAQ - FRME) (the "Corporation" or "First Merchants")

Third Quarter 2026 Highlights:

•Net income available to common stockholders was $67.8 million, or $1.09 per diluted common share, compared with $43.5 million, or $0.70 per diluted common share, in the second quarter of 2026 and $56.3 million, or $0.98 per diluted common share in the third quarter of 2025.
•Adjusted pre-tax, pre-provision income1 of $83.7 million, compared to $84.6 million in the prior quarter and $70.5 million in the third quarter of 2025.
•Net interest margin on a fully taxable equivalent basis1 of 3.44%, up 6 basis points from the prior quarter and up 20 basis points from the third quarter of 2025.
•Loan growth of $70.2 million, or 1.8% annualized, on a linked quarter basis.
•Deposit growth of $175.6 million, or 4.2% annualized, on a linked quarter basis.
•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.22%.
•Completed $100 million subordinated debt issuance in late September.
•Repurchased 1,264,062 shares of common stock totaling $50.3 million year-to-date, including 287,431 shares totaling $12.0 million in the third quarter.
•Nonperforming assets to total assets were 57 basis points compared to 56 basis points on a linked quarter basis.
•Efficiency ratio1 totaled 54.55% for the quarter.
•Announced the planned CEO transition: President Mike Stewart will succeed Mark Hardwick as Chief Executive Officer upon Mr. Hardwick’s retirement at year-end 2026.

"First Merchants delivered strong third quarter results. Earnings per diluted share were $1.09, up 11 percent from the third quarter of last year, fully taxable equivalent net interest margin1 rose 6 basis points to 3.44 percent, and deposit growth was solid," said Mark Hardwick, Chief Executive Officer. "We made meaningful progress resolving the two commercial credits identified last quarter, and nonperforming assets remained stable. Our capital position remains very strong and we continue to return capital to shareholders through dividends and share repurchases."

"As I approach my retirement at year-end, I am grateful to our 2,200 teammates for their dedication and to our clients and shareholders for the trust they have placed in us during my 29 years with First Merchants. I have great confidence in Mike Stewart and our leadership team, and I believe First Merchants is well positioned for continued success as they build on our Midwestern strength, deepen our client relationships and continue helping the communities we serve prosper."

Third Quarter Financial Results:

The Corporation reported net income available to common stockholders of $67.8 million for the third quarter of 2026, compared with $56.3 million in the third quarter of 2025. Diluted earnings per common share were $1.09, compared with $0.98 a year earlier. Current quarter results included acquisition-related costs of $0.9 million that consisted primarily of equipment and professional fees. Excluding these non-core charges, adjusted earnings per diluted common share1 for the third quarter of 2026 totaled $1.10 compared to $0.99 in the prior-year period.





For the nine months ended September 30, 2026, net income available to common stockholders totaled $139.0 million, or $2.24 per diluted common share, compared with $167.5 million, or $2.90 per diluted common share in the prior-year period. Adjusted net income available to common stockholders1 was $178.0 million, or $2.87 per diluted common share, compared with $168.2 million, or $2.91 per diluted common share, a year earlier. Nine-month adjusted earnings exclude $21.7 million of acquisition-related expenses and the $29.8 million negative valuation adjustment recorded in the first quarter on $271.1 million of mortgage loans sold, resulting in total adjustments of $51.4 million before tax and $39.0 million after tax.

Total assets of the Corporation equaled $21.1 billion as of quarter-end and loans totaled $15.6 billion. Loans increased $2.0 billion during the last twelve months and $70.2 million on a linked quarter basis. Excluding loans acquired through First Savings Financial Group, Inc. (“First Savings”) and the impact of mortgage loan sale activity in the first quarter of 2026, the Corporation generated organic loan growth of $473.7 million, or 3.5% during the past twelve months.

Investment securities, totaling $3.1 billion, decreased $257.9 million, or 7.6% during the last twelve months and decreased $167.6 million on a linked quarter basis. Investment securities declined during the quarter due to principal paydowns and maturities, and a decline in the securities portfolio valuation due to increases in interest rates.

Total deposits equaled $16.9 billion as of quarter-end and increased by $2.1 billion over the past twelve months. The acquisition of First Savings contributed $1.7 billion in deposits. Total deposits increased $175.6 million, or 4.2% annualized, on a linked quarter basis. The loan-to-deposit ratio remained relatively stable at 92.2% at period end, compared to 92.7% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $215.5 million as of quarter-end, or 1.38% of loans, a decrease of $26.1 million from the prior quarter. Net charge-offs totaled $29.4 million driven by two non-performing credits for which specific reserves were established in the prior quarter. Provision for credit losses of $3.3 million was recorded during the quarter. Nonperforming assets to total assets remained relatively stable at 0.57%, compared to 0.56% in the prior quarter. Related credit costs for new nonaccrual loans were recognized in prior quarters. Reserves for unfunded commitments totaling $18.5 million remained unchanged from the previous quarter.

Net interest income, totaling $161.1 million for the quarter, increased $2.1 million, or 1.3%, compared to prior quarter and increased $27.4 million, or 20.5%, compared to the third quarter of 2025. Fully taxable equivalent net interest margin1 was 3.44%, an increase of 6 basis points from the linked quarter and an increase of 20 basis points compared to the third quarter of 2025.

Noninterest income totaled $38.0 million for the quarter, an increase of $0.8 million, compared to the prior quarter and an increase of $5.5 million compared to the third quarter of 2025. The linked-quarter increase primarily reflects higher deposit service charges and an increase in income from CRA investments recorded through Other Income.

Noninterest expense totaled $116.3 million for the quarter, an increase of $0.9 million from the prior quarter and an increase of $19.7 million from the third quarter of 2025. Acquisition-related costs totaling $0.9 million were incurred during the quarter and $3.8 million were recorded in the prior quarter. Excluding acquisition costs, noninterest expense increased $3.9 million linked quarter, primarily driven by a $1.4 million increase in marketing expense, a $0.7 million increase in employee health insurance costs, and a $0.6 million increase in premises expense that included a $0.5 million building lease impairment charge.

The Corporation’s total risk-based capital ratio equaled 13.58%, the common equity tier 1 capital ratio equaled 11.22%, and the tangible common equity ratio totaled 8.83%. These ratios continue to reflect the Corporation’s strong capital position.



1 See “Non-GAAP Financial Information” for reconciliation





CONFERENCE CALL

First Merchants Corporation will conduct an earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, October 22, 2026.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BIb6ca7718e42d48c3b903034aad19eef4)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/izzbnu6m) during the time of the call. A replay of the webcast will be available until October 22, 2027.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These forward-looking statements include, but are not limited to, statements relating to the expected benefits of the merger between First Merchants and First Savings, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the merger, as well as other statements of expectations regarding the merger, and other statements of First Merchants’ goals, intentions and expectations; statements regarding First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits, whether with respect to the merger or otherwise. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: the risk that the businesses of First Merchants and First Savings will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit-worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large uninsured deposits), credit and interest rate risks associated with First Merchants’ business; the impacts of epidemics, pandemics or other infectious disease outbreaks; and other risks and factors identified in each of First Merchants’ filings with the SEC. First Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release. In addition, First Merchants’ past results of operations do not necessarily indicate their anticipated future results.




Non-GAAP Financial Measures

This news release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within this news release, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

* * * *








CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,
20262025
ASSETS
Cash and due from banks$86,594 $88,079 
Interest-bearing deposits262,503 168,706 
Investment securities available for sale1,251,540 1,386,903 
Investment securities held to maturity, net of allowance for credit losses of $245 in 2026 and 20251,872,951 1,995,488 
Loans held for sale87,300 23,190 
Loans15,600,974 13,591,174 
Less: Allowance for credit losses - loans(215,526)(194,468)
Net loans15,385,448 13,396,706 
Premises and equipment145,030 121,771 
Federal Home Loan Bank stock70,794 47,264 
Interest receivable99,280 89,102 
Goodwill788,186 712,002 
Other intangibles36,320 15,298 
Cash surrender value of life insurance374,974 306,583 
Other real estate owned1,605 1,270 
Tax asset, deferred and receivable136,258 89,758 
Other assets457,939 369,509 
TOTAL ASSETS$21,056,722 $18,811,629 
LIABILITIES
Deposits:
Noninterest-bearing$3,752,990 $2,100,570 
Interest-bearing13,175,942 12,769,409 
Total Deposits16,928,932 14,869,979 
Borrowings:
Federal funds purchased— 199,370 
Securities sold under repurchase agreements99,638 122,226 
Federal Home Loan Bank advances903,941 798,626 
Subordinated debentures and other borrowings184,505 57,632 
Total Borrowings1,188,084 1,177,854 
Interest payable17,095 18,240 
Other liabilities286,230 333,154 
Total Liabilities18,420,341 16,399,227 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 62,210,134 and 57,192,497 shares7,754 7,149 
Additional paid-in capital1,347,943 1,158,026 
Retained earnings1,483,496 1,377,966 
Accumulated other comprehensive loss(227,937)(155,864)
Total Stockholders' Equity2,636,381 2,412,402 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$21,056,722 $18,811,629 













CONSOLIDATED STATEMENTS OF INCOME (Unaudited)Three Months EndedNine Months Ended
(Dollars In Thousands, Except Per Share Amounts)September 30,September 30,
2026202520262025
INTEREST INCOME
Loans:
Taxable$230,072 $200,406 $670,230 $583,307 
Tax-exempt11,379 11,173 34,791 32,510 
Investment securities:
Taxable7,331 8,288 22,233 24,926 
Tax-exempt12,279 12,460 37,334 37,493 
Deposits with financial institutions1,308 1,676 3,699 5,940 
Federal Home Loan Bank stock1,578 1,092 5,068 3,172 
Total Interest Income263,947 235,095 773,355 687,348 
INTEREST EXPENSE
Deposits91,313 90,821 261,660 255,609 
Federal funds purchased225 224 1,532 2,001 
Securities sold under repurchase agreements378 654 1,129 2,059 
Federal Home Loan Bank advances9,537 8,638 33,775 27,716 
Subordinated debentures and other borrowings1,426 1,093 3,947 3,014 
Total Interest Expense102,879 101,430 302,043 290,399 
NET INTEREST INCOME161,068 133,665 471,312 396,949 
Provision for credit losses3,300 4,300 41,200 14,100 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES157,768 129,365 430,112 382,849 
NONINTEREST INCOME
Service charges on deposit accounts9,775 8,921 28,184 25,559 
Fiduciary and wealth management fees9,786 8,842 29,192 26,317 
Card payment fees5,606 5,007 16,386 14,465 
Net gains and fees on sales of loans7,428 4,983 21,681 15,854 
Derivative hedge fees1,082 1,097 2,763 2,332 
Other customer fees584 414 2,057 1,230 
Earnings on bank-owned life insurance2,353 1,667 8,124 5,759 
Net realized losses on sales of available for sale securities— — — (8)
Net loss on mortgage loans reclassified to held for sale— — (29,755)— 
Other income1,391 1,546 2,358 2,320 
Total Noninterest Income38,005 32,477 80,990 93,828 
NONINTEREST EXPENSE
Salaries and employee benefits66,339 57,317 201,556 166,826 
Net occupancy8,807 7,057 25,335 21,118 
Equipment8,061 6,998 24,482 20,933 
Marketing3,630 2,120 7,601 5,470 
Outside data processing fees7,883 6,943 23,118 19,979 
Printing and office supplies481 311 1,349 930 
Intangible asset amortization2,652 1,499 7,660 4,530 
FDIC assessments4,381 3,526 12,664 10,726 
Other real estate owned and foreclosure expenses1,594 121 3,746 750 
Professional and other outside services4,665 3,718 24,237 10,720 
Other expenses7,761 6,951 24,998 21,079 
Total Noninterest Expense116,254 96,561 356,746 283,061 
Income Before Income Taxes79,519 65,281 154,356 193,616 
Income tax expense11,204 8,516 13,905 24,680 
NET INCOME68,315 56,765 140,451 168,936 
Preferred stock dividends468 468 1,406 1,406 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$67,847 $56,297 $139,045 $167,530 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$1.09 $0.98 $2.25 $2.91 
Diluted Net Income Available to Common Stockholders$1.09 $0.98 $2.24 $2.90 
Cash Dividends Paid to Common Stockholders$0.37 $0.36 $1.10 $1.07 
Tangible Common Book Value Per Share(1)
$28.86 $29.08 $28.86 $29.08 
Average Diluted Common Shares Outstanding (in thousands)62,411 57,448 62,003 57,817 
(1) See "Non-GAAP Financial Information" for reconciliation





FINANCIAL HIGHLIGHTS
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
NET CHARGE-OFFS$29,389 $5,148 $43,550 $12,389 
AVERAGE BALANCES:
Assets$21,065,760 $18,637,581 $20,911,229 $18,497,118 
Loans15,608,069 13,376,214 15,321,286 13,162,668 
Earning Assets19,432,368 17,282,901 19,288,344 17,135,301 
Deposits16,885,365 14,907,861 16,537,651 14,654,894 
Stockholders' Equity2,695,943 2,367,971 2,684,796 2,349,718 
FINANCIAL RATIOS:
Return on Average Assets1.30 %1.22 %0.90 %1.22 %
Return on Average Stockholders' Equity10.07 9.51 6.91 9.51 
Return on Tangible Common Stockholders' Equity(1)
15.09 14.21 10.43 14.27 
Average Earning Assets to Average Assets92.25 92.73 92.24 92.64 
Allowance for Credit Losses - Loans as % of Loans1.38 1.43 1.38 1.43 
Net Charge-offs as % of Average Loans (Annualized)0.75 0.15 0.38 0.13 
Average Stockholders' Equity to Average Assets12.80 12.71 12.84 12.70 
Fully Taxable Equivalent ("FTE") Yield on Average Earning Assets5.56 5.58 5.48 5.49 
Interest Expense/Average Earning Assets2.12 2.34 2.09 2.26 
Net Interest Margin FTE(1)
3.44 3.24 3.39 3.23 
Efficiency Ratio(1)
54.55 55.09 60.44 54.54 
(1) See "Non-GAAP Financial Information" for reconciliation

ASSET QUALITY
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Nonaccrual Loans$117,415 $118,203 $89,592 $71,773 $65,740 
Other Real Estate Owned and Repossessions1,605 1,562 1,264 658 1,270 
Nonperforming Assets (NPA)119,020 119,765 90,856 72,431 67,010 
Accruing Loans 90+ Days Delinquent12,672 9,738 4,078 2,042 1,925 
NPAs & 90+ Days Delinquent$131,692 $129,503 $94,934 $74,473 $68,935 
Allowance for Credit Losses - Loans$215,526 $241,615 $212,520 $195,597 $194,468 
Quarterly Net Charge-offs29,389 3,905 10,256 6,021 5,148 
NPAs / Assets %0.57 %0.56 %0.43 %0.38 %0.36 %
NPAs & 90+ Days / Assets %0.63 %0.61 %0.45 %0.39 %0.37 %
NPAs / Loans and OREO %0.76 %0.77 %0.60 %0.52 %0.49 %
Allowance for Credit Losses - Loans as % of Loans1.38 %1.56 %1.39 %1.42 %1.43 %
Quarterly Net Charge-offs as % of Average Loans (Annualized)0.75 %0.10 %0.27 %0.18 %0.15 %





CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
ASSETS
Cash and due from banks$86,594 $86,665 $98,083 $84,158 $88,079 
Interest-bearing deposits262,503 529,432 175,354 196,300 168,706 
Investment securities available for sale1,251,540 1,384,392 1,372,417 1,407,102 1,386,903 
Investment securities held to maturity, net of allowance for credit losses1,872,951 1,907,684 1,937,485 1,971,539 1,995,488 
Loans held for sale87,300 77,880 401,839 20,079 23,190 
Loans15,600,974 15,530,737 15,261,889 13,791,707 13,591,174 
Less: Allowance for credit losses - loans(215,526)(241,615)(212,520)(195,597)(194,468)
Net loans15,385,448 15,289,122 15,049,369 13,596,110 13,396,706 
Premises and equipment145,030 148,164 146,013 121,058 121,771 
Federal Home Loan Bank stock70,794 70,818 70,835 47,245 47,264 
Interest receivable99,280 101,927 97,026 93,374 89,102 
Goodwill788,186 788,186 782,789 712,002 712,002 
Other intangibles36,320 38,972 41,678 13,800 15,298 
Cash surrender value of life insurance374,974 373,242 371,238 308,438 306,583 
Other real estate owned1,605 1,562 1,264 658 1,270 
Tax asset, deferred and receivable136,258 113,975 116,814 78,664 89,758 
Other assets457,939 436,744 410,317 374,574 369,509 
TOTAL ASSETS$21,056,722 $21,348,765 $21,072,521 $19,025,101 $18,811,629 
LIABILITIES
Deposits:
Noninterest-bearing$3,752,990 $3,831,836 $3,748,279 $2,137,262 $2,100,570 
Interest-bearing13,175,942 12,921,545 12,737,338 13,157,593 12,769,409 
Total Deposits16,928,932 16,753,381 16,485,617 15,294,855 14,869,979 
Borrowings:
Federal funds purchased— — 170,000 40,000 199,370 
Securities sold under repurchase agreements99,638 103,340 89,458 103,755 122,226 
Federal Home Loan Bank advances903,941 1,414,059 1,299,192 798,549 798,626 
Subordinated debentures and other borrowings184,505 86,350 86,345 57,630 57,632 
Total Borrowings1,188,084 1,603,749 1,644,995 999,934 1,177,854 
Interest payable17,095 17,491 18,890 18,235 18,240 
Other liabilities286,230 276,967 250,454 245,410 333,154 
Total Liabilities18,420,341 18,651,588 18,399,956 16,558,434 16,399,227 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 125 125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 25,000 25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding7,754 7,776 7,813 7,119 7,149 
Additional paid-in capital1,347,943 1,358,975 1,369,879 1,150,816 1,158,026 
Retained earnings1,483,496 1,438,894 1,418,609 1,413,742 1,377,966 
Accumulated other comprehensive loss(227,937)(133,593)(148,861)(130,135)(155,864)
Total Stockholders' Equity2,636,381 2,697,177 2,672,565 2,466,667 2,412,402 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$21,056,722 $21,348,765 $21,072,521 $19,025,101 $18,811,629 









CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
INTEREST INCOME
Loans:
Taxable$230,072 $226,531 $213,627 $203,120 $200,406 
Tax-exempt11,379 11,823 11,589 10,905 11,173 
Investment securities:
Taxable7,331 7,355 7,547 7,736 8,288 
Tax-exempt12,279 12,458 12,597 12,459 12,460 
Deposits with financial institutions1,308 1,147 1,244 2,187 1,676 
Federal Home Loan Bank stock1,578 1,525 1,965 1,037 1,092 
Total Interest Income263,947 260,839 248,569 237,444 235,095 
INTEREST EXPENSE
Deposits91,313 86,254 84,093 88,670 90,821 
Federal funds purchased225 717 590 218 224 
Securities sold under repurchase agreements378 419 332 405 654 
Federal Home Loan Bank advances9,537 13,190 11,048 8,047 8,638 
Subordinated debentures and other borrowings1,426 1,318 1,203 1,040 1,093 
Total Interest Expense102,879 101,898 97,266 98,380 101,430 
NET INTEREST INCOME161,068 158,941 151,303 139,064 133,665 
Provision for credit losses3,300 33,000 4,900 7,150 4,300 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES157,768 125,941 146,403 131,914 129,365 
NONINTEREST INCOME
Service charges on deposit accounts9,775 9,372 9,037 8,704 8,921 
Fiduciary and wealth management fees9,786 9,638 9,768 9,175 8,842 
Card payment fees5,606 5,505 5,275 5,325 5,007 
Net gains and fees on sales of loans7,428 7,742 6,511 5,421 4,983 
Derivative hedge fees1,082 1,117 564 1,053 1,097 
Other customer fees584 880 593 315 414 
Earnings on bank-owned life insurance2,353 2,325 3,446 1,854 1,667 
Net loss on mortgage loans reclassified to held for sale— — (29,755)— — 
Other income1,391 577 390 1,259 1,546 
Total Noninterest Income38,005 37,156 5,829 33,106 32,477 
NONINTEREST EXPENSE
Salaries and employee benefits66,339 65,774 69,443 58,254 57,317 
Net occupancy8,807 8,227 8,301 7,283 7,057 
Equipment8,061 8,603 7,818 7,681 6,998 
Marketing3,630 2,370 1,601 2,324 2,120 
Outside data processing fees7,883 8,045 7,190 7,509 6,943 
Printing and office supplies481 491 377 450 311 
Intangible asset amortization2,652 2,706 2,302 1,498 1,499 
FDIC assessments4,381 4,390 3,893 2,684 3,526 
Other real estate owned and foreclosure expenses1,594 1,052 1,100 775 121 
Professional and other outside services4,665 4,979 14,593 3,774 3,718 
Other expenses7,761 8,710 8,527 7,290 6,951 
Total Noninterest Expense116,254 115,347 125,145 99,522 96,561 
Income Before Income Taxes79,519 47,750 27,087 65,498 65,281 
Income tax expense (benefit)11,204 3,770 (1,069)8,433 8,516 
NET INCOME68,315 43,980 28,156 57,065 56,765 
Preferred stock dividends468 469 469 469 468 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$67,847 $43,511 $27,687 $56,596 $56,297 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$1.09 $0.70 $0.46 $0.99 $0.98 
Diluted Net Income Available to Common Stockholders$1.09 $0.70 $0.45 $0.99 $0.98 
Cash Dividends Paid to Common Stockholders$0.37 $0.37 $0.36 $0.36 $0.36 
Tangible Common Book Value Per Share(1)
$28.86 $29.80 $29.34 $30.18 $29.08 
Average Diluted Common Shares Outstanding (in thousands)62,411 62,574 61,008 57,442 57,448 
FINANCIAL RATIOS:
Return on Average Assets1.30 %0.83 %0.55 %1.20 %1.22 %
Return on Average Stockholders' Equity10.07 6.44 4.17 9.23 9.51 
Return on Tangible Common Stockholders' Equity(1)
15.09 9.80 6.39 13.57 14.21 
Average Earning Assets to Average Assets92.25 92.14 92.33 92.69 92.73 
Allowance for Credit Losses - Loans as % of Loans1.38 1.56 1.39 1.42 1.43 
Net Charge-offs as % of Average Loans (Annualized)0.75 0.10 0.27 0.18 0.15 
Average Stockholders' Equity to Average Assets12.80 12.71 13.01 12.88 12.71 
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets5.56 5.46 5.41 5.52 5.58 
Interest Expense/Average Earning Assets2.12 2.08 2.06 2.23 2.34 
Net Interest Margin FTE(1)
3.44 3.38 3.35 3.29 3.24 
Efficiency Ratio(1)
54.55 55.11 74.45 54.52 55.09 
(1) See "Non-GAAP Financial Information" for reconciliation





LOANS
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Commercial and industrial loans$4,578,572 $4,720,441 $4,611,596 $4,478,282 $4,604,895 
Agricultural land, production and other loans to farmers339,723 323,348 310,788 283,125 275,817 
Real estate loans:
Construction959,483 874,419 899,895 804,775 789,021 
Commercial real estate, non-owner occupied3,208,902 3,271,620 3,192,337 2,338,666 2,304,889 
Commercial real estate, owner occupied1,440,264 1,368,627 1,334,959 1,237,100 1,232,117 
Residential2,419,376 2,361,480 2,273,860 2,420,310 2,412,783 
Home equity1,139,040 1,118,662 1,104,739 710,980 687,021 
Individuals' loans for household and other personal expenditures157,939 149,878 153,283 155,436 138,703 
Public finance and other commercial loans1,357,675 1,342,262 1,380,432 1,363,033 1,145,928 
Loans15,600,974 15,530,737 15,261,889 13,791,707 13,591,174 
Allowance for credit losses - loans(215,526)(241,615)(212,520)(195,597)(194,468)
NET LOANS$15,385,448 $15,289,122 $15,049,369 $13,596,110 $13,396,706 

DEPOSITS
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Interest-Bearing Deposits:
Checking deposits$4,768,669 $4,738,680 $4,261,269 $5,633,210 $5,545,127 
Money market deposits4,780,359 4,632,564 4,761,930 4,219,226 3,908,199 
Savings deposits1,380,813 1,410,997 1,442,596 1,262,560 1,256,508 
Certificates and other time deposits2,246,101 2,139,304 2,271,543 2,042,597 2,059,575 
Total Interest-Bearing Deposits(1)
13,175,942 12,921,545 12,737,338 13,157,593 12,769,409 
Noninterest-bearing deposits3,752,990 3,831,836 3,748,279 2,137,262 2,100,570 
TOTAL DEPOSITS$16,928,932 $16,753,381 $16,485,617 $15,294,855 $14,869,979 

(1) Total Interest-Bearing Deposits contain brokered deposits of $1.4 billion, which includes brokered CDs of $409.8 million at September 30, 2026.








CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Three Months Ended
September 30, 2026September 30, 2025
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$234,715 $1,308 2.23 %$229,271 $1,676 2.92 %
Federal Home Loan Bank stock70,805 1,578 8.91 47,278 1,092 9.24 
Investment Securities: (1)
Taxable1,434,474 7,331 2.04 1,567,594 8,288 2.11 
Tax-exempt (2)
2,005,985 15,543 3.10 2,036,379 15,772 3.10 
Total Investment Securities3,440,459 22,874 2.66 3,603,973 24,060 2.67 
Loans held for sale78,320 1,600 8.17 26,165 401 6.13 
Loans: (3)
Commercial10,915,052 177,309 6.50 9,165,241 158,469 6.92 
Real estate mortgage2,215,960 27,989 5.05 2,217,524 25,676 4.63 
HELOC and installment1,317,354 23,174 7.04 851,239 15,860 7.45 
Tax-exempt (2)
1,159,703 14,375 4.96 1,142,210 14,070 4.93 
Total Loans, including loans held for sale15,686,389 244,447 6.23 13,402,379 214,476 6.40 
Total Earning Assets19,432,368 270,207 5.56 %17,282,901 241,304 5.58 %
Total Non-Earning Assets1,633,392 1,354,680 
TOTAL ASSETS$21,065,760 $18,637,581 
LIABILITIES
Interest-Bearing Deposits:
Checking deposits$4,774,656 $35,524 2.98 %$5,600,373 $37,463 2.68 %
Money market deposits4,702,730 33,686 2.87 3,843,537 31,709 3.30 
Savings deposits1,396,706 2,311 0.66 1,269,539 2,605 0.82 
Certificates and other time deposits2,249,894 19,792 3.52 2,036,704 19,044 3.74 
Total Interest-Bearing Deposits13,123,986 91,313 2.78 12,750,153 90,821 2.85 
Borrowings1,191,522 11,566 3.88 1,072,145 10,609 3.96 
Total Interest-Bearing Liabilities14,315,508 102,879 2.87 13,822,298 101,430 2.94 
Noninterest-bearing deposits3,761,379 2,157,708 
Other liabilities292,930 289,604 
Total Liabilities18,369,817 16,269,610 
STOCKHOLDERS' EQUITY2,695,943 2,367,971 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$21,065,760 $18,637,581 
Net Interest Income (FTE)$167,328 $139,874 
Net Interest Spread (FTE) (4)
2.69 %2.64 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.56 %5.58 %
Interest Expense / Average Earning Assets2.12 %2.34 %
Net Interest Margin (FTE) (5)
3.44 %3.24 %
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $6.3 million and $6.2 million for the three months ended September 30, 2026 and 2025, respectively. See "Non-GAAP Financial Information" for reconciliation.
(3) Nonaccrual loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. See "Non-GAAP Financial Information" for reconciliation.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. See "Non-GAAP Financial Information" for reconciliation.






CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Nine Months Ended
September 30, 2026September 30, 2025
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$225,198 $3,699 2.19 %$258,396 $5,940 3.07 %
Federal Home Loan Bank stock68,147 5,068 9.92 45,964 3,172 9.20 
Investment Securities: (1)
Taxable1,467,054 22,233 2.02 1,602,343 24,926 2.07 
Tax-exempt (2)
2,030,587 47,258 3.10 2,041,755 47,459 3.10 
Total Investment Securities3,497,641 69,491 2.65 3,644,098 72,385 2.65 
Loans held for sale176,072 7,568 5.73 24,175 1,109 6.12 
Loans: (3)
Commercial10,655,628 514,636 6.44 8,982,171 460,349 6.83 
Real estate mortgage2,239,083 82,763 4.93 2,203,263 75,184 4.55 
HELOC and installment1,241,618 65,263 7.01 838,420 46,665 7.42 
Tax-exempt (2)
1,184,957 43,912 4.94 1,138,814 41,079 4.81 
Total Loans, including loans held for sale15,497,358 714,142 6.14 13,186,843 624,386 6.31 
Total Earning Assets19,288,344 792,400 5.48 %17,135,301 705,883 5.49 %
Total Non-Earning Assets1,622,885 1,361,817 
TOTAL ASSETS$20,911,229 $18,497,118 
LIABILITIES
Interest-Bearing Deposits:
Checking deposits$4,904,249 $96,544 2.62 %$5,556,274 $107,372 2.58 %
Money market deposits4,667,252 99,003 2.83 3,633,314 86,375 3.17 
Savings deposits1,397,781 6,823 0.65 1,283,856 7,563 0.79 
Certificates and other time deposits2,245,010 59,290 3.52 1,996,406 54,299 3.63 
Total Interest-Bearing Deposits13,214,292 261,660 2.64 12,469,850 255,609 2.73 
Borrowings1,412,602 40,383 3.81 1,194,498 34,790 3.88 
Total Interest-Bearing Liabilities14,626,894 302,043 2.76 13,664,348 290,399 2.83 
Noninterest-bearing deposits3,323,359 2,185,044 
Other liabilities276,180 298,008 
Total Liabilities18,226,433 16,147,400 
STOCKHOLDERS' EQUITY2,684,796 2,349,718 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$20,911,229 $18,497,118 
Net Interest Income (FTE)$490,357 $415,484 
Net Interest Spread (FTE) (4)
2.72 %2.66 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.48 %5.49 %
Interest Expense / Average Earning Assets2.09 %2.26 %
Net Interest Margin (FTE) (5)
3.39 %3.23 %
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $19.0 million and $18.5 million for the nine months ended September 30, 2026 and 2025, respectively. See "Non-GAAP Financial Information" for reconciliation.
(3) Nonaccrual loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. See "Non-GAAP Financial Information" for reconciliation.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. See "Non-GAAP Financial Information" for reconciliation.










ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE (NON-GAAP)
(Dollars In Thousands, Except Per Share Amounts)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net Income Available to Common Stockholders (GAAP)$67,847 $43,511 $27,687 $56,596 $56,297 $139,045 $167,530 
Adjustments:
Net realized losses on sales of available for sale securities— — — — — — 8 
Net loss on mortgage loans reclassified to held for sale— — 29,755 — — 29,755 — 
Acquisition-related expenses862 3,830 16,968 524 276 21,660 276 
Non-core expenses (1)(2)
— — — (743)633 — 633 
Tax on adjustments(208)(925)(11,279)53 (220)(12,412)(222)
Adjusted Net Income Available to Common Stockholders (non-GAAP)$68,501 $46,416 $63,131 $56,430 $56,986 $178,048 $168,225 
Average Diluted Common Shares Outstanding (in thousands)62,411 62,574 61,008 57,442 57,448 62,003 57,817 
Diluted Earnings Per Common Share (GAAP)$1.09 $0.70 $0.45 $0.99 $0.98 $2.24 $2.90 
Adjustments:
Net realized losses on sales of available for sale securities— — — — — — — 
Net loss on mortgage loans reclassified to held for sale— — 0.49 — — 0.48 — 
Acquisition-related expenses0.01 0.06 0.28 — — 0.35 — 
Non-core expenses (1)(2)
— — — (0.01)0.01 — 0.01 
Tax on adjustments— (0.02)(0.19)— — (0.20)— 
Adjusted Diluted Earnings Per Common Share (non-GAAP)$1.10 $0.74 $1.03 $0.98 $0.99 $2.87 $2.91 

(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs

PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED (NON-GAAP)
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net Interest Income (GAAP)$161,068 $158,941 $151,303 $139,064 $133,665 $471,312 $396,949 
Noninterest Income (GAAP)38,005 37,156 5,829 33,106 32,477 80,990 93,828 
Total Revenue199,073 196,097 157,132 172,170 166,142 552,302 490,777 
Noninterest Expense (GAAP)116,254 115,347 125,145 99,522 96,561 356,746 283,061 
Pre-Tax, Pre-Provision Earnings (non-GAAP)82,819 80,750 31,987 72,648 69,581 195,556 207,716 
Provision for Credit Losses (GAAP)3,300 33,000 4,900 7,150 4,300 41,200 14,100 
Income Tax Expense (Benefit) (GAAP)11,204 3,770 (1,069)8,433 8,516 13,905 24,680 
Net Income (GAAP)$68,315 $43,980 $28,156 $57,065 $56,765 $140,451 $168,936 
Pre-Tax, Pre-Provision Earnings (non-GAAP)82,819 80,750 31,987 72,648 69,581 195,556 207,716 
Net realized losses on sales of available for sale securities— — — — — — 8 
Net loss on mortgage loans reclassified to held for sale— — 29,755 — — 29,755 — 
Acquisition-related expenses862 3,830 16,968 524 276 21,660 276 
Non-core expenses (1)(2) (non-GAAP)
— — — (743)633 — 633 
Adjusted Pre-Tax, Pre-Provision ("Adjusted PTPP") Earnings (non-GAAP)$83,681 $84,580 $78,710 $72,429 $70,490 $246,971 $208,633 
Average Assets (GAAP)$21,065,760 $21,253,171 $20,407,523 $19,039,989 $18,637,581 $20,911,229 $18,497,118 
Average Equity (GAAP)$2,695,943 $2,702,249 $2,655,756 $2,452,005 $2,367,971 $2,684,796 $2,349,718 
Adjusted PTPP / Average Assets (Adjusted PTPP ROA)1.59 %1.59 %1.54 %1.52 %1.51 %1.57 %1.50 %
Adjusted PTPP / Average Equity (Adjusted PTPP ROE)12.42 %12.52 %11.86 %11.82 %11.91 %12.27 %11.84 %
(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs




NET INTEREST SPREAD AND MARGIN (FTE ADJUSTED) (NON-GAAP)
(Dollars in Thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Interest income (GAAP)$263,947 $260,839 $248,569 $237,444 $235,095 $773,355 $687,348 
FTE adjustment6,260 6,391 6,394 6,185 6,209 19,045 18,535 
Interest Income (FTE) (non-GAAP)270,207 267,230 254,963 243,629 241,304 792,400 705,883 
Interest Expense (GAAP)102,879 101,898 97,266 98,380 101,430 302,043 290,399 
Net Interest Income (FTE) (non-GAAP)$167,328 $165,332 $157,697 $145,249 $139,874 $490,357 $415,484 
Average Earning Assets (GAAP)$19,432,368 $19,583,204 $18,842,984 $17,648,233 $17,282,901 $19,288,344 $17,135,301 
Average Interest-Bearing Liabilities (GAAP)$14,315,508 $14,553,001 $15,019,911 $14,109,091 $13,822,298 $14,626,894 $13,664,348 
Net Interest Spread (GAAP)2.56 %2.53 %2.69 %2.59 %2.50 %2.59 %2.51 %
FTE adjustment0.13 %0.13 %0.13 %0.14 %0.14 %0.13 %0.15 %
Net Interest Spread (FTE) (non-GAAP)2.69 %2.66 %2.82 %2.73 %2.64 %2.72 %2.66 %
Net Interest Margin (GAAP)3.32 %3.25 %3.21 %3.15 %3.09 %3.26 %3.09 %
FTE adjustment0.12 %0.13 %0.14 %0.14 %0.15 %0.13 %0.14 %
Net Interest Margin (FTE) (non-GAAP)3.44 %3.38 %3.35 %3.29 %3.24 %3.39 %3.23 %


EFFICIENCY RATIO (NON-GAAP)
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Noninterest Expense (GAAP)$116,254 $115,347 $125,145 $99,522 $96,561 $356,746 $283,061 
Less: Intangible asset amortization(2,652)(2,706)(2,302)(1,498)(1,499)(7,660)(4,530)
Less: OREO and foreclosure expenses(1,594)(1,052)(1,100)(775)(121)(3,746)(750)
Adjusted Noninterest Expense (non-GAAP)$112,008 $111,589 $121,743 $97,249 $94,941 $345,340 $277,781 
Net Interest Income (GAAP)$161,068 $158,941 $151,303 $139,064 $133,665 $471,312 $396,949 
Plus: Fully taxable equivalent adjustment6,260 6,391 6,394 6,185 6,209 19,045 18,535 
Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP)$167,328 $165,332 $157,697 $145,249 $139,874 $490,357 $415,484 
Noninterest Income (GAAP)$38,005 $37,156 $5,829 $33,106 $32,477 $80,990 $93,828 
Less: Investment securities (gains) losses— — — — — — 8 
Adjusted Noninterest Income (non-GAAP)$38,005 $37,156 $5,829 $33,106 $32,477 $80,990 $93,836 
Adjusted Revenue (non-GAAP)$205,333 $202,488 $163,526 $178,355 $172,351 $571,347 $509,320 
Efficiency Ratio (non-GAAP)54.55 %55.11 %74.45 %54.52 %55.09 %60.44 %54.54 %
Adjusted Noninterest Expense (non-GAAP)$112,008 $111,589 $121,743 $97,249 $94,941 $345,340 $277,781 
Less: Acquisition-related expenses(862)(3,830)(16,968)(524)(276)(21,660)(276)
Less: Non-core expenses (1)(2)
— — — 743 (633)— (633)
Adjusted Noninterest Expense Excluding Non-core Expenses (non-GAAP)$111,146 $107,759 $104,775 $97,468 $94,032 $323,680 $276,872 
Adjusted Revenue (non-GAAP)$205,333 $202,488 $163,526 $178,355 $172,351 $571,347 $509,320 
Add: Net loss on mortgage loans reclassified to held for sale— — 29,755 — — 29,755 — 
Adjusted Revenue Excluding Net loss on mortgage loans reclassified to held for sale (non-GAAP)$205,333 $202,488 $193,281 $178,355 $172,351 $601,102 $509,320 
Adjusted Efficiency Ratio (non-GAAP)54.13 %53.22 %54.21 %54.65 %54.56 %53.85 %54.36 %

(1) Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
(2) Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs





TANGIBLE COMMON EQUITY (NON-GAAP)
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Total Stockholders' Equity (GAAP)$2,636,381 $2,697,177 $2,672,565 $2,466,667 $2,412,402 
Less: Preferred stock(25,125)(25,125)(25,125)(25,125)(25,125)
Less: Intangible assets(824,506)(827,158)(824,467)(725,802)(727,300)
Tangible Common Equity (non-GAAP)$1,786,750 $1,844,894 $1,822,973 $1,715,740 $1,659,977 
Total Assets (GAAP)$21,056,722 $21,348,765 $21,072,521 $19,025,101 $18,811,629 
Less: Intangible assets(824,506)(827,158)(824,467)(725,802)(727,300)
Tangible Assets (non-GAAP)$20,232,216 $20,521,607 $20,248,054 $18,299,299 $18,084,329 
Tangible Common Equity Ratio (non-GAAP)8.83 %8.99 %9.00 %9.38 %9.18 %

TANGIBLE COMMON EQUITY PER COMMON SHARE (NON-GAAP)
(Dollars In Thousands, Except Per Share Amounts)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Total Stockholders' Equity (GAAP)$2,636,381 $2,697,177 $2,672,565 $2,466,667 $2,412,402 
Less: Preferred stock(25,125)(25,125)(25,125)(25,125)(25,125)
Less: Intangible assets(824,506)(827,158)(824,467)(725,802)(727,300)
Plus: Tax benefit8,470 9,084 11,069 2,966 3,290 
Tangible Common Equity, Net of Tax (non-GAAP)$1,795,220 $1,853,978 $1,834,042 $1,718,706 $1,663,267 
Common Shares Outstanding62,210,134 62,205,528 62,508,055 56,951,939 57,192,497 
Tangible Common Equity per Share, Net of Tax (non-GAAP)$28.86 $29.80 $29.34 $30.18 $29.08 

RETURN ON TANGIBLE COMMON EQUITY (NON-GAAP)
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Total Average Stockholders' Equity (GAAP)$2,695,943 $2,702,249 $2,655,756 $2,452,005 $2,367,971 $2,684,796 $2,349,718 
Less: Average preferred stock(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)
Less: Average intangible assets, net of tax(817,139)(813,608)(784,490)(723,466)(724,619)(805,198)(725,775)
Average Tangible Common Equity, Net of Tax (non-GAAP)$1,853,679 $1,863,516 $1,846,141 $1,703,414 $1,618,227 $1,854,473 $1,598,818 
Net Income Available to Common Stockholders (GAAP)$67,847 $43,511 $27,687 $56,596 $56,297 $139,045 $167,530 
Plus: Intangible asset amortization, net of tax2,095 2,137 1,819 1,183 1,185 6,051 3,579 
Tangible Net Income (non-GAAP)$69,942 $45,648 $29,506 $57,779 $57,482 $145,096 $171,109 
Return on Tangible Common Equity (non-GAAP)15.09 %9.80 %6.39 %13.57 %14.21 %10.43 %14.27 %