News Release
For further information, please contact:
Marya Burgio Wlos, EVP & Chief Financial Officer
Office: (315) 299-2946
|
News Release For further information, please contact: |
| 5790 Widewaters Parkway, DeWitt, N.Y. 13214 | Marya Burgio Wlos, EVP & Chief Financial Officer Office: (315) 299-2946 |
Community Financial System, Inc. Reports Third Quarter 2025 Results
SYRACUSE, N.Y. — October 21, 2025 — Community Financial System, Inc. (the “Company”) (NYSE: CBU) reported third quarter 2025 results. The results are available within the “News” section of the Company's investor relations website or directly at https://communityfinancialsystem.com/Q3-2025-CBU-Earnings-Release.
Company management will host a conference call at 11:00 a.m. (ET) today, October 21, 2025, to discuss the third quarter 2025 results. The conference call can be accessed at https://app.webinar.net/XMb0LAgjl2p or via dial-in at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada).
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 68 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Nottingham Financial Group operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about the Company and each of its four main business lines visit https://communityfinancialsystem.com.
|
News Release For further information, please contact: |
| 5790 Widewaters Parkway, DeWitt, N.Y. 13214 | Marya Burgio Wlos, EVP & Chief Financial Officer Office: (315) 299-2946 |
Community Financial System, Inc. Reports Third Quarter 2025 Results
SYRACUSE, N.Y. — October 21, 2025
| Community Financial System, Inc. (the “Company”) (NYSE: CBU) reported third quarter 2025 net income of $55.1 million, or $1.04 per share and operating net income1 of $58.1 million, or $1.09 per share. |
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“Our
Company continued to expand its solid core operating performance with meaningful growth in net income, operating net income1
and operating pre-tax, pre-provision net revenue (“PPNR”)1 over the prior year’s third quarter. Our results
also improved from the linked second quarter, highlighted by a quarterly operating diluted earnings per share1 result of $1.09
that represents a second consecutive quarter of record results. This achievement reflected increases in revenues and improvements in
core operating performance in all four of our businesses – banking, employee benefit services, insurance services and wealth management
services – and resulted in quarterly operating return on assets1 of 1.38%,” commented Dimitar A. Karaivanov, President
and CEO.
“During the third quarter we were also pleased to announce a minority investment in Leap Holdings, Inc., the parent company of Leap Insurance Agency, LLC, a category defining tech-first managing general agent providing insurance solutions for the rental housing sector. This $37.4 million investment will complement the Company’s existing insurance services business and continues to underscore the Company’s commitment to scale as a diversified financial services company.” |
| Third Quarter 2025 Performance | Quarter-over- Quarter Increase (Decrease) |
Year-over-Year Increase (Decrease) | ||||||
| Dollars in thousands, except per share data | 3rd Qtr 2025 |
2nd
Qtr 2025 |
3rd Qtr 2024 |
$ | % | $ | % | |
| Operating Performance | Diluted Earnings Per Share | $1.04 | $0.97 | $0.83 | $0.07 | 7.2% | $0.21 | 25.3% |
| Operating Diluted Earnings Per Share1 | 1.09 | 1.04 | 0.88 | 0.05 | 4.8% | 0.21 | 23.9% | |
| Operating Pre-Tax, Pre-Provision Net Revenue Per Share1 | 1.56 | 1.41 | 1.29 | 0.15 | 10.6% | 0.27 | 20.9% | |
| Return Metrics | Return on Assets | 1.30% | 1.24% | 1.09% | - | 0.06% | - | 0.21% |
| Operating Return on Assets1 | 1.38% | 1.34% | 1.16% | - | 0.04% | - | 0.22% | |
| Return on Equity | 11.62% | 11.21% | 10.21% | - | 0.41% | - | 1.41% | |
| Operating Return on Equity1 | 12.25% | 12.10% | 10.85% | - | 0.15% | - | 1.40% | |
| Revenues | Total Revenues | $207,052 | $199,256 | $188,942 | $7,796 | 3.9% | $18,110 | 9.6% |
| Total Operating Revenues1 | 206,816 | 199,257 | 189,096 | 7,559 | 3.8% | 17,720 | 9.4% | |
| Noninterest Revenues | 78,887 | 74,508 | 76,197 | 4,379 | 5.9% | 2,690 | 3.5% | |
| Total Operating Noninterest Revenues1 | 78,651 | 74,509 | 76,351 | 4,142 | 5.6% | 2,300 | 3.0% | |
| Noninterest Revenues/Total Revenues | 38.1% | 37.4% | 40.3% | - | 0.7% | - | (2.2%) | |
| Operating Noninterest Revenues/Operating Revenues (FTE)1 | 37.9% | 37.2% | 40.2% | - | 0.7% | - | (2.3%) | |
1
| Quarter-over- Quarter Increase (Decrease) |
Year-over-Year
Increase (Decrease) | |||||||
| Dollars in thousands, except per share data | 3rd Qtr 2025 |
2nd
Qtr 2025 |
3rd Qtr 2024 |
$ | % | $ | % | |
| Net Interest Income and Margin | Net Interest Income | $128,165 | $124,748 | $112,745 | $3,417 | 2.7% | $15,420 | 13.7% |
| Net Interest Margin | 3.30% | 3.27% | 3.03% | - | 0.03% | - | 0.27% | |
| Net Interest Margin (FTE)1 | 3.33% | 3.30% | 3.05% | - | 0.03% | - | 0.28% | |
| Balance Sheet and Funding | Total Ending Loans | $10,750,262 | $10,519,117 | $10,251,674 | $231,145 | 2.2% | $498,588 | 4.9% |
| Total Ending Deposits | 14,056,850 | 13,701,768 | 13,476,171 | 355,082 | 2.6% | 580,679 | 4.3% | |
| Cost of Total Deposits | 1.17% | 1.19% | 1.23% | - | (0.02%) | - | (0.06%) | |
| Cost of Funds | 1.33% | 1.32% | 1.44% | - | 0.01% | - | (0.11%) | |
| Risk Metrics | Annualized Loan Net Charge-Offs | 0.09% | 0.20% | 0.11% | - | (0.11%) | - | (0.02%) |
| Tier 1 Leverage Ratio | 9.46% | 9.42% | 9.12% | - | 0.04% | - | 0.34% | |
| Loan-to-deposit ratio | 76.5% | 76.8% | 76.1% | - | (0.3%) | - | 0.4% | |
| Non-owner occupied and multifamily commercial real estate (“CRE”) / total bank-level regulatory capital | 188% | 184% | 199% | - | 4% | - | (11%) | |
1Non-GAAP Measure. For more information on Non-GAAP measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP Reconciliations included within the “Summary of Financial Data (unaudited)” tables below.
| Third Quarter 2025 Business Segment Results2 | Quarter-over- |
Year-over-Year Increase (Decrease) | ||||||
| Dollars in thousands | 3rd Qtr 2025 |
2nd
Qtr 2025 |
3rd Qtr 2024 |
$ | % | $ | % | |
| Banking and Corporate | Net interest income | $127,348 | $123,973 | $111,846 | $3,375 | 2.7% | $15,502 | 13.9% |
| Provision for credit losses | 5,564 | 4,117 | 7,709 | 1,447 | 35.1% | (2,145) | (27.8%) | |
| Operating noninterest revenues | 21,082 | 19,949 | 20,478 | 1,133 | 5.7% | 604 | 2.9% | |
| Other segment expenses | 86,563 | 85,313 | 84,170 | 1,250 | 1.5% | 2,393 | 2.8% | |
| Adjusted income before income taxes | $56,303 | $54,492 | $40,445 | $1,811 | 3.3% | $15,858 | 39.2% | |
| Adjusted return on assets3 | 1.35% | 1.34% | 1.02% | - | 0.01% | - | 0.33% | |
| Adjusted return on equity3 | 14.08% | 14.16% | 11.36% | - | (0.08%) | - | 2.72% | |
| Adjusted return on tangible equity1, 3 | 25.09% | 25.82% | 22.46% | - | (0.73%) | - | 2.63% | |
| Employee Benefit Services | Segment operating revenues | $35,965 | $33,892 | $34,858 | $2,073 | 6.1% | $1,107 | 3.2% |
| Segment expenses | 21,464 | 21,981 | 19,621 | (517) | (2.4%) | 1,843 | 9.4% | |
| Adjusted income before income taxes | $14,501 | $11,911 | $15,237 | $2,590 | 21.7% | ($736) | (4.8%) | |
| Adjusted return on assets3 | 25.49% | 20.46% | 24.88% | - | 5.03% | - | 0.61% | |
| Adjusted return on equity3 | 28.66% | 22.80% | 27.92% | - | 5.86% | - | 0.74% | |
| Adjusted return on tangible equity1, 3 | 62.00% | 47.63% | 57.46% | - | 14.37% | - | 4.54% | |
2
Quarter-over- Increase |
Year-over-Year Increase (Decrease) | |||||||
| Dollars in thousands | 3rd Qtr 2025 |
2nd
Qtr 2025 |
3rd Qtr 2024 |
$ | % | $ | % | |
| Insurance Services | Segment operating revenues | $14,219 | $13,464 | $13,709 | $755 | 5.6% | $510 | 3.7% |
| Segment expenses | 10,977 | 11,217 | 10,830 | (240) | (2.1%) | 147 | 1.4% | |
| Adjusted income before income taxes | $3,242 | $2,247 | $2,879 | $995 | 44.3% | $363 | 12.6% | |
| Adjusted return on assets3 | 15.35% | 13.40% | 16.49% | - | 1.95% | - | (1.14%) | |
| Adjusted return on equity3 | 19.60% | 16.76% | 22.79% | - | 2.84% | - | (3.19%) | |
| Adjusted return on tangible equity1, 3 | 63.09% | 96.98% | 147.58% | - | (33.89%) | - | (84.49%) | |
| Wealth Management Services | Segment operating revenues | $9,528 | $9,219 | $9,380 | $309 | 3.4% | $148 | 1.6% |
| Segment expenses | 6,636 | 6,870 | 7,376 | (234) | (3.4%) | (740) | (10.0%) | |
| Adjusted income before income taxes | $2,892 | $2,349 | $2,004 | $543 | 23.1% | $888 | 44.3% | |
| Adjusted return on assets3 | 29.22% | 24.67% | 22.25% | - | 4.55% | - | 6.97% | |
| Adjusted return on equity3 | 41.02% | 31.21% | 30.57% | - | 9.81% | - | 10.45% | |
| Adjusted return on tangible equity1, 3 | 48.02% | 36.12% | 37.30% | - | 11.90% | - | 10.72% | |
1Non-GAAP Measure. For more information on Non-GAAP measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP Reconciliations included within the “Summary of Financial Data (unaudited)” tables below.
2Refer to the “Summary of Financial Data (unaudited)” tables below for reconciliations of the reported measure of segment profit (adjusted income before income taxes) results to Company results and calculations of the segment adjusted return metrics. The reported measure of segment profit, the reported segment assets and the reported segment equity that are used in the calculations of the segment adjusted return metrics are presented in conformity with ASC 280: Segment Reporting and follow the methodology disclosed in the Company’s 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2025.
3The segment adjusted return metrics are reported on a pre-tax basis.
Results of Operations
The Company reported third quarter 2025 net income of $55.1 million, or $1.04 per share. This compares to net income of $43.9 million, or $0.83 per share, for the third quarter of 2024. The $0.21 increase in earnings per share was primarily driven by increases in net interest income and noninterest revenues and a decrease in the provision for credit losses, partially offset by increases in noninterest expenses and income taxes. Comparatively, the Company’s diluted earnings per share increased $0.07 from $0.97 per share for the linked second quarter of 2025, primarily due to increases in net interest income and noninterest revenues and a decrease in noninterest expenses, partially offset by increases in the provision for credit losses and income taxes.
Net Interest Income and Net Interest Margin
The Company’s record quarterly net interest income reflected organic loan growth and repricing along with diminishing funding cost pressures, combining to drive margin expansion.
| · | Net interest income in the third quarter of 2025 was $128.2 million, up $15.4 million, or 13.7%, compared to the third quarter of 2024, and up $3.4 million, or 2.7%, from the second quarter of 2025. |
| · | Net interest margin for the third quarter of 3.30% and fully tax-equivalent net interest margin, a non-GAAP measure, of 3.33% increased 27 basis points and 28 basis points, respectively, from the third quarter of 2024. These increases were primarily the result of a higher yield on interest-earning assets and a lower cost of interest-bearing liabilities. |
| · | The yield on interest-earnings assets increased 16 basis points to 4.59% over the prior year’s third quarter primarily driven by higher loan yields. |
| · | The cost of interest-bearing liabilities decreased 17 basis points from 1.93% in the third quarter of 2024 to 1.76% in the third quarter of 2025, including a 26 basis point decrease in the average borrowing rate and a 10 basis point decrease in the average interest-bearing deposit rate. |
| · | On a linked quarter basis, net interest margin and fully tax-equivalent net interest margin, a non-GAAP measure, both increased by 3 basis points. The yield on interest-earning assets increased 3 basis points, while the cost of funds increased 1 basis point. This included a 2 basis point increase in the cost of interest-bearing liabilities driven by a 26 basis point increase in the average borrowing rate due to a higher proportion of overnight borrowings while the average interest-bearing deposit rate was consistent at 1.59%. |
3
Noninterest Revenues
The Company’s noninterest revenue streams generated 38% of total revenues in the third quarter.
| · | Banking noninterest revenues, comprised of deposit service and other banking fees and mortgage banking revenues, totaled $21.2 million for the third quarter of 2025, an increase of $0.6 million, or 2.8%, from the third quarter of 2024 and an increase of $1.1 million, or 5.5%, from the second quarter of 2025. The increases between both periods were comprised of higher deposit service fees, mortgage banking revenues and other banking fees. | |
| · | Employee benefit services revenues for the third quarter of 2025 were $34.4 million, an increase of $1.2 million, or 3.6%, in comparison to the third quarter of 2024 and an increase of $2.0 million, or 6.3%, from the second quarter of 2025. The increases between both periods were largely driven by revenue growth in the recordkeeping and third-party administration services business line due in part to revenue growth from acquisitions. | |
| · | Insurance services revenues for the third quarter of 2025 were $14.1 million, which represents a $0.5 million, or 3.6%, increase versus the prior year’s third quarter and a $0.7 million, or 5.6%, increase from the second quarter of 2025. The increase from the prior year’s third quarter was due to revenue growth from acquisitions while the increase from the second quarter of 2025 was driven by the seasonality of insurance policy renewals. | |
| · | Wealth management services revenues for the third quarter of 2025 totaled $8.9 million, consistent with the third quarter of 2024 and an increase of $0.3 million, or 3.0%, from the second quarter of 2025 reflective of relatively favorable market conditions. |
Noninterest Expenses and Income Taxes
The Company continues to focus on managing expenses consistent with its organic growth strategies and scale objectives, while evaluating efficiency opportunities and the enhancement of operating leverage in all lines of business.
| · | The Company recorded $128.3 million in total noninterest expenses in the third quarter of 2025, compared to $124.2 million of total noninterest expenses in the prior year’s third quarter. The $4.1 million, or 3.3% increase between the periods was driven by higher data processing and communications expenses, occupancy and equipment expenses, legal and professional fees and acquisition expenses, partially offset by lower salaries and employee benefits expenses. | |
| · | Data processing and communications expenses increased $3.2 million, or 20.3%, reflective of the Company’s continued investment in customer-facing and back-office technologies and included a $1.4 million consulting expense in connection with a contract renegotiation with its core system provider which is expected to result in lower future core system costs. | |
| · | Occupancy and equipment expenses increased $0.8 million, or 7.9%, driven by incremental costs associated with the opening of de novo bank branches between the periods. | |
| · | Legal and professional fees increased $0.7 million, or 20.0%, primarily attributable to legal expenses associated with the development of new collective investment funds in the employee benefit services business. | |
| · | Acquisition expenses increased $0.7 million due to integration-related expenses associated with the previously announced acquisition of seven branch locations from Santander Bank, N.A., which is expected to close during the fourth quarter of 2025. | |
| · | Salaries and employee benefits expenses decreased $1.5 million, or 1.9%, primarily driven by lower employee medical costs that reflected rebates received and a decrease in performance-based incentive compensation expenses for certain business units. | |
| · | The effective tax rate for the third quarter of 2025 was 24.7%, up from 23.0% in the third quarter of 2024 and 22.3% in the second quarter of 2025. The increase from the prior year’s third quarter was due to an increase in certain state income taxes while the increase from the linked second quarter was driven by the timing of investments in solar energy tax credits. The effective tax rate for the first nine months of 2025 was 23.3% compared to 22.9% for the first nine months of 2024. | |
| · | As a result of tax law changes enacted under the One Big Beautiful Bill Act that limit the deductibility of charitable contributions beginning in 2026, the Company plans to accelerate the payment of approximately $0.6 million of charitable contribution commitments in the fourth quarter of 2025. |
4
Financial Position and Liquidity
The Company’s financial position and liquidity profile remain strong, demonstrating the effectiveness of its strategic asset and liability management and prudent financial planning.
| · | The Company’s total assets were $16.96 billion at September 30, 2025, representing a $553.1 million, or 3.4%, increase from one year prior and a $292.8 million, or 1.8%, increase from the end of the second quarter of 2025. The increase in the Company’s total assets between both periods was primarily driven by organic loan growth. | |
| · | At September 30, 2025, the Company’s readily available sources of liquidity totaled $6.20 billion, including unrestricted cash and cash equivalents balances of $230.5 million, investment securities unpledged as collateral totaling $1.75 billion, unused borrowing capacity at the Federal Home Loan Bank of New York of $1.46 billion and $2.76 billion of funding availability at the Federal Reserve Bank’s discount window. | |
| · | The Company’s readily available sources of liquidity represent 240% of the Company’s estimated uninsured deposits, net of collateralized and intercompany deposits, at September 30, 2025. | |
| · | Estimated insured deposits, net of collateralized and intercompany deposits, represent 82% of total ending deposits at September 30, 2025. |
Deposits and Funding
The Company continues to leverage its strong core deposit base, characterized by low funding costs, to support its financial operations.
| · | Ending deposits at September 30, 2025 of $14.06 billion were $355.1 million, or 2.6%, higher than the end of the second quarter of 2025 and were $580.7 million, or 4.3%, higher than one year prior. The growth between both periods was driven by increases in non-maturity interest-bearing and noninterest-bearing deposit balances, partially offset by a decrease in time deposit balances, reflective of competitive offerings and expansion of both governmental and non-governmental deposit relationships as part to the Company’s business development efforts. | |
| · | Ending borrowings of $763.3 million at September 30, 2025, which included $462.8 million of fixed rate Federal Home Loan Bank of New York term borrowings, $224.2 million of customer repurchase agreements, $67.9 million of overnight borrowings and $8.4 million of finance lease liabilities, decreased $131.1 million, or 14.7%, from the end of the second quarter of 2025 and decreased $185.1 million, or 19.5%, from one year prior. | |
| · | The Company’s average cost of funds decreased 11 basis points, from 1.44% in the third quarter of 2024 to 1.33% in the third quarter of 2025 and increased 1 basis point from the second quarter of 2025. The increase from the second quarter of 2025 was primarily driven by higher average overnight borrowing balances. | |
| · | The quarterly average cost of total deposits of 1.17% remains comparatively low relative to the industry and decreased 6 basis points from the third quarter of 2024 and 2 basis points from the linked second quarter. | |
| · | 65% of the Company’s total deposits were in no- and relatively low-rate checking and savings accounts at the end of the third quarter of 2025. Time deposit accounts represented 14% of the Company’s total deposits at the end of the third quarter of 2025, a decrease of 2 percentage points from September 30, 2024, and 1 percentage point from the end of the linked second quarter. |
Loans and Credit Quality
The Company’s predominantly footprint-based loan portfolio is well diversified with credit quality remaining a central priority. The Company’s asset quality metrics, including net charge-offs and delinquent and nonperforming loan levels, remain relatively low compared to the banking industry, reflecting the Company’s robust risk management practices and disciplined credit quality standards.
| · | Ending loans at September 30, 2025 of $10.75 billion were $231.1 million, or 2.2%, higher than June 30, 2025 and $498.6 million, or 4.9%, higher than one year prior. The increases between both periods reflected organic growth in the overall business and consumer lending portfolios. | |
| · | At September 30, 2025, the Company’s allowance for credit losses totaled $84.9 million, or 0.79% of total loans outstanding, compared to $81.9 million, or 0.78% of total loans outstanding, at June 30, 2025, and $76.2 million, or 0.74% of total loans outstanding, at September 30, 2024. | |
| · | The Company recorded a $5.6 million provision for credit losses during the third quarter of 2025 reflective of organic loan growth and a stable economic environment. While certain macroeconomic concerns persist related to non-owner occupied and multifamily CRE, the Company’s exposure to these portfolios remains diverse both geographically and by property type, and relatively low at 15% of total assets, 24% of total loans and 188% of total bank-level regulatory capital. | |
| · | The Company recorded net charge-offs of $2.5 million, or an annualized 0.09% of average loans, in the third quarter of 2025 compared to net charge-offs of $2.8 million, or an annualized 0.11% of average loans, in the third quarter of 2024 and net charge-offs of $5.1 million, or an annualized 0.20% of average loans, in the second quarter of 2025. | |
| · | Total delinquent loans, which includes loans 30 or more days past due and nonaccrual loans, as a percentage of total loans outstanding was 1.00% at the end of the third quarter of 2025. This compares to 1.07% at September 30, 2024, and 1.01% at June 30, 2025. | |
| · | At September 30, 2025, nonperforming (90 or more days delinquent and non-accruing) loans were $56.1 million, or 0.52% of total loans outstanding compared to $53.3 million, or 0.51% of total loans outstanding at June 30, 2025, and $62.8 million, or 0.61% of total loans outstanding one year earlier. |
5
Shareholders’ Equity and Regulatory Capital
The Company’s capital planning and management activities, coupled with its diversified streams of income and prudent dividend practices, have allowed it to build and maintain a strong capital position. At September 30, 2025, all of the Company’s and Community Bank, N.A.’s regulatory capital ratios significantly exceeded well-capitalized standards.
| · | Shareholders’ equity of $1.94 billion at September 30, 2025 was $154.0 million, or 8.6%, higher than one year ago, primarily due to a $108.2 million increase in retained earnings and a $32.1 million decrease in accumulated other comprehensive loss related to the Company’s investment securities portfolio. Shareholders’ equity increased $55.9 million, or 3.0%, from June 30, 2025, primarily driven by a $33.6 million decrease in accumulated other comprehensive loss related to the Company’s investment securities portfolio and a $30.3 million increase in retained earnings. | |
| · | The Company’s shareholders’ equity to assets ratio was 11.43% at September 30, 2025, up from 10.88% at September 30, 2024, and 11.30% at June 30, 2025. | |
| · | The Company’s tier 1 leverage ratio of 9.46% at September 30, 2025 increased 34 basis points from one year earlier and increased 4 basis points from June 30, 2025, remaining substantially above the regulatory well-capitalized standard of 5.0%. | |
| · | The Company’s tangible equity to tangible assets ratio (non-GAAP) was 6.73% at September 30, 2025, up from 5.97% a year earlier and from 6.51% at June 30, 2025. Tangible equity (non-GAAP) increased $155.0 million, or 16.7%, from one year prior due to the aforementioned increase in retained earnings and decrease in accumulated other comprehensive loss related to the Company’s investment securities portfolio. Tangible assets (non-GAAP) increased $554.1 million, or 3.6%, from the prior year due primarily to organic loan growth. |
Dividend Increase and Stock Repurchase Program
The payment of a meaningful and growing dividend is an important component of the Company’s commitment to provide consistent and favorable long-term returns to its shareholders, and it reflects the continued strength of the Company’s long-term operating results and capital position, and management’s confidence in the future performance of the Company. The $0.01 increase in the quarterly dividend declared in the third quarter of 2025 marked the 33rd consecutive year of dividend increases for the Company.
| · | During the third quarter of 2025, the Company declared a quarterly cash dividend of $0.47 per share on its common stock, up 2.2% from the $0.46 dividend declared in the third quarter of 2024, representing an annualized yield of 3.4% based upon the $56.04 closing price of the Company’s stock on October 20, 2025. | |
| · | In December 2024, the Company’s Board of Directors (the “Board”) approved a stock repurchase program authorizing the repurchase of up to 2.63 million shares, or 5.0% of the Company’s common stock outstanding during the twelve-month period starting January 1, 2025. Such repurchases may be made at the discretion of the Company’s senior management based on market conditions and other relevant factors and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulatory and legal requirements. There were 206,054 shares repurchased pursuant to the 2025 stock repurchase program during the third quarter and first nine months of 2025. |
Banking Services Expansion into Strategic Lehigh Valley Market
On June 24, 2025, Community Bank, N.A. entered into a purchase and assumption agreement to acquire seven branch locations in the Allentown, Pennsylvania market from Santander Bank, N.A. The transaction accelerates the Company’s de novo expansion in the Greater Lehigh Valley, complements its existing commercial and consumer lending presence in the market, and is expected to add approximately $600 million of customer deposits as well as branch-related loans and wealth management relationships. Regulatory approval has been received for the branch transaction, which is expected to close on November 7, 2025.
Investment Complements Insurance Services Business
On September 8, 2025, the Company announced an investment in Leap Holdings, Inc., a Delaware corporation (“Leap”). The Company acquired approximately $37.4 million in various classes of preferred and common stock. This investment will complement the Company’s existing insurance services business and continues to underscore the Company’s commitment to scale as a diversified financial services company.
Leap’s wholly owned subsidiary, Leap Insurance Agency, LLC, is a category defining tech-first managing general agent (“MGA”) providing insurance solutions for the rental housing sector. Leap’s products enable housing operators to reduce risk, accelerate leasing, and expand accessibility across their portfolios. Its flagship offerings include Agile Rent Guaranty, where Leap acts as a co-signer for renters, and Leap Deposit Replacement, which replaces traditional security deposits with low monthly payments. Both solutions are backed by an insurance company capacity rated A- (Excellent) by A.M. Best, provided via the Accelerant Risk Exchange. Since launching in 2018, Leap has experienced rapid, sustained growth.
6
Non-GAAP Measures
The Company also provides supplemental reporting of its results on an “operating” and “tangible” basis. Results on an “operating” basis exclude the after-tax effects of acquisition expenses, acquisition-related contingent consideration adjustments, restructuring expenses, litigation accrual, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of intangible assets. Results on a “tangible” basis exclude goodwill and intangible asset balances, net of accumulated amortization and applicable deferred tax amounts. The Company also provides supplemental ratio reporting at the segment level, which includes adjusted return on tangible equity. Adjusted return on tangible equity represents annualized adjusted income before income taxes applicable to each segment as a percentage of average tangible equity for each respective segment. In addition, the Company provides supplemental reporting for “operating pre-tax, pre-provision net revenues,” which subtracts the provision for credit losses, acquisition expenses, acquisition-related contingent consideration adjustments, restructuring expenses, litigation accrual, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of intangible assets from income before income taxes. Although these items are non-GAAP measures, the Company’s management believes this information helps investors and analysts measure underlying core performance and provides better comparability to other organizations that have not engaged in acquisitions. The Company also provides supplemental reporting of its net interest income and net interest margin on a fully tax-equivalent (“FTE”) basis, which includes an adjustment to net interest income that represents taxes that would have been paid had nontaxable investment securities and loans been taxable. Although fully tax-equivalent net interest income and net interest margin are non-GAAP measures, the Company’s management believes this information helps enhance comparability of the performance of assets that have different tax liabilities. The amounts for such items are presented in the tables that accompany this release.
Conference Call Scheduled
Company management will host a conference call at 11:00 a.m. (ET) today, October 21, 2025, to discuss the third quarter 2025 results. The conference call can be accessed at https://app.webinar.net/XMb0LAgjl2p or via dial-in at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada).
This earnings release is also available within the ”News” section of the Company's investor relations website at https://communityfinancialsystem.com/news/. A replay of the earnings call webcast will also be available on this site for at least one year.
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 68 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Nottingham Financial Group operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about the Company and each of its four main business lines visit https://communityfinancialsystem.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of CBU’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from its expectations: the macroeconomic and other challenges and uncertainties related to or resulting from current and future economic and market conditions, including the effects on CRE and housing or vehicle prices, unemployment rates, high inflation, U.S. fiscal debt, budget and tax matters, geopolitical matters, tariffs and global economic growth; fiscal and monetary policies of the Federal Reserve Board; the potential adverse effects of unusual and infrequently occurring events; litigation and actions of regulatory authorities; management’s estimates and projections of interest rates and interest rate policies; the effect of changes in the level of checking, savings, or money market account deposit balances and other factors that affect net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; ability to contain costs in inflationary conditions; the effect on financial market valuations on CBU’s fee income businesses, including its employee benefit services, wealth management services, and insurance services businesses; the successful integration of operations of its acquisitions and performance of new branches; competition; changes in legislation or regulatory requirements, including capital requirements; and the timing for receiving regulatory approvals and completing merger and acquisition transactions. For more information about factors that could cause actual results to differ materially from CBU’s expectations, refer to its annual, periodic and other reports filed with the Securities and Exchange Commission (“SEC”), including the discussion under the “Risk Factors” section of such reports filed with the SEC and available on CBU’s website at https://communityfinancialsystem.com and on the SEC’s website at https://sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and CBU undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
7
| Summary of Financial Data (unaudited) | ||||
| (Dollars in thousands, except per share data) | ||||
| Quarter Ended | Year-to-Date | |||
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2024 | 2025 | 2024 | |
| Earnings | ||||
| Loan income | $152,509 | $140,472 | $441,947 | $401,129 |
| Investment income | 24,774 | 23,428 | 75,861 | 72,468 |
| Total interest income | 177,283 | 163,900 | 517,808 | 473,597 |
| Interest expense | 49,118 | 51,155 | 144,683 | 144,453 |
| Net interest income | 128,165 | 112,745 | 373,125 | 329,144 |
| Provision for credit losses | 5,564 | 7,709 | 16,371 | 16,565 |
| Net interest income after provision for credit losses | 122,601 | 105,036 | 356,754 | 312,579 |
| Deposit service and other banking fees | 19,980 | 19,537 | 57,174 | 54,808 |
| Mortgage banking | 1,180 | 1,055 | 3,150 | 3,675 |
| Employee benefit services | 34,408 | 33,215 | 99,410 | 97,031 |
| Insurance services | 14,137 | 13,652 | 41,726 | 38,068 |
| Wealth management services | 8,946 | 8,892 | 27,491 | 26,793 |
| Loss on sales of investment securities | 0 | (255) | 0 | (487) |
| Unrealized gain on equity securities | 236 | 101 | 480 | 984 |
| Total noninterest revenues | 78,887 | 76,197 | 229,431 | 220,872 |
| Salaries and employee benefits | 76,532 | 78,022 | 231,995 | 224,532 |
| Data processing and communications | 19,119 | 15,894 | 51,940 | 45,516 |
| Occupancy and equipment | 11,419 | 10,586 | 35,603 | 32,663 |
| Business development and marketing | 4,585 | 4,365 | 11,716 | 11,549 |
| Legal and professional fees | 4,469 | 3,723 | 13,686 | 11,523 |
| Amortization of intangible assets | 3,258 | 3,369 | 10,109 | 10,822 |
| Other | 8,937 | 8,244 | 27,662 | 24,681 |
| Total noninterest expenses | 128,319 | 124,203 | 382,711 | 361,286 |
| Income before income taxes | 73,169 | 57,030 | 203,474 | 172,165 |
| Income taxes | 18,081 | 13,129 | 47,441 | 39,477 |
| Net income | $55,088 | $43,901 | $156,033 | $132,688 |
| Basic earnings per share | $1.04 | $0.83 | $2.95 | $2.50 |
| Diluted earnings per share | $1.04 | $0.83 | $2.94 | $2.50 |
8
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Earnings | |||||
| Loan income | $152,509 | $146,534 | $142,904 | $144,638 | $140,472 |
| Investment income | 24,774 | 26,344 | 24,743 | 25,293 | 23,428 |
| Total interest income | 177,283 | 172,878 | 167,647 | 169,931 | 163,900 |
| Interest expense | 49,118 | 48,130 | 47,435 | 49,958 | 51,155 |
| Net interest income | 128,165 | 124,748 | 120,212 | 119,973 | 112,745 |
| Provision for credit losses | 5,564 | 4,117 | 6,690 | 6,208 | 7,709 |
| Net interest income after provision for credit losses | 122,601 | 120,631 | 113,522 | 113,765 | 105,036 |
| Deposit service and other banking fees | 19,980 | 19,086 | 18,108 | 19,315 | 19,537 |
| Mortgage banking | 1,180 | 972 | 998 | 746 | 1,055 |
| Employee benefit services | 34,408 | 32,380 | 32,622 | 33,950 | 33,215 |
| Insurance services | 14,137 | 13,388 | 14,201 | 12,181 | 13,652 |
| Wealth management services | 8,946 | 8,683 | 9,862 | 9,875 | 8,892 |
| Loss on sales of investment securities | 0 | 0 | 0 | 0 | (255) |
| Unrealized gain (loss) on equity securities | 236 | (1) | 245 | 247 | 101 |
| Total noninterest revenues | 78,887 | 74,508 | 76,036 | 76,314 | 76,197 |
| Salaries and employee benefits | 76,532 | 79,021 | 76,442 | 76,247 | 78,022 |
| Data processing and communications | 19,119 | 16,699 | 16,122 | 16,327 | 15,894 |
| Occupancy and equipment | 11,419 | 11,486 | 12,698 | 10,995 | 10,586 |
| Business development and marketing | 4,585 | 4,001 | 3,130 | 4,510 | 4,365 |
| Legal and professional fees | 4,469 | 4,368 | 4,849 | 3,800 | 3,723 |
| Amortization of intangible assets | 3,258 | 3,369 | 3,482 | 3,437 | 3,369 |
| Other | 8,937 | 10,158 | 8,567 | 10,223 | 8,244 |
| Total noninterest expenses | 128,319 | 129,102 | 125,290 | 125,539 | 124,203 |
| Income before income taxes | 73,169 | 66,037 | 64,268 | 64,540 | 57,030 |
| Income taxes | 18,081 | 14,706 | 14,654 | 14,747 | 13,129 |
| Net income | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Basic earnings per share | $1.04 | $0.97 | $0.94 | $0.94 | $0.83 |
| Diluted earnings per share | $1.04 | $0.97 | $0.93 | $0.94 | $0.83 |
| Profitability (GAAP) | |||||
| Return on assets (GAAP) | 1.30% | 1.24% | 1.22% | 1.21% | 1.09% |
| Return on equity (GAAP) | 11.62% | 11.21% | 11.28% | 11.27% | 10.21% |
| Noninterest revenues/total revenues (GAAP) | 38.1% | 37.4% | 38.7% | 38.9% | 40.3% |
| Efficiency ratio (GAAP) | 62.0% | 64.8% | 63.8% | 64.0% | 65.7% |
| Profitability (non-GAAP) | |||||
| Operating return on assets (non-GAAP) | 1.38% | 1.34% | 1.28% | 1.29% | 1.16% |
| Operating return on equity (non-GAAP) | 12.25% | 12.10% | 11.84% | 11.99% | 10.85% |
| Return on tangible equity (non-GAAP) | 21.27% | 20.97% | 21.69% | 21.97% | 20.53% |
| Operating return on tangible equity (non-GAAP) | 22.43% | 22.63% | 22.76% | 23.36% | 21.80% |
| Operating noninterest revenues/operating revenues (FTE) (non-GAAP) | 37.9% | 37.2% | 38.5% | 38.6% | 40.2% |
| Operating efficiency ratio (non-GAAP) | 59.9% | 62.0% | 61.9% | 61.8% | 63.6% |
9
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Components of Net Interest Margin (FTE) | |||||
| Loan yield | 5.68% | 5.63% | 5.58% | 5.58% | 5.51% |
| Cash equivalents yield | 3.92% | 4.33% | 4.30% | 4.71% | 4.90% |
| Investment yield | 2.12% | 2.17% | 2.11% | 2.15% | 2.05% |
| Earning asset yield | 4.59% | 4.56% | 4.51% | 4.52% | 4.43% |
| Interest-bearing deposit rate | 1.59% | 1.59% | 1.59% | 1.68% | 1.69% |
| Borrowing rate | 3.82% | 3.56% | 3.63% | 3.57% | 4.08% |
| Cost of all interest-bearing funds | 1.76% | 1.74% | 1.75% | 1.84% | 1.93% |
| Cost of total deposits | 1.17% | 1.19% | 1.17% | 1.23% | 1.23% |
| Cost of funds (includes noninterest-bearing deposits) | 1.33% | 1.32% | 1.33% | 1.38% | 1.44% |
| Net interest margin | 3.30% | 3.27% | 3.21% | 3.17% | 3.03% |
| Net interest margin (FTE) (non-GAAP) | 3.33% | 3.30% | 3.24% | 3.20% | 3.05% |
| Fully tax-equivalent adjustment (non-GAAP) | $880 | $884 | $894 | $882 | $872 |
| Average Balances | |||||
| Loans | $10,664,241 | $10,455,637 | $10,402,985 | $10,331,217 | $10,155,343 |
| Cash equivalents | 46,550 | 159,688 | 130,649 | 93,910 | 38,481 |
| Taxable investment securities | 4,268,660 | 4,256,943 | 4,211,921 | 4,187,538 | 4,165,783 |
| Nontaxable investment securities | 413,663 | 417,323 | 419,746 | 423,323 | 436,762 |
| Total interest-earning assets | 15,393,114 | 15,289,591 | 15,165,301 | 15,035,988 | 14,796,369 |
| Total assets | 16,755,095 | 16,590,741 | 16,439,357 | 16,324,320 | 16,058,219 |
| Interest checking, savings and money market deposits | 8,086,979 | 8,094,208 | 7,899,568 | 7,689,659 | 7,462,225 |
| Time deposits | 2,088,861 | 2,125,683 | 2,152,113 | 2,182,140 | 2,074,978 |
| Customer repurchase agreements | 187,845 | 240,817 | 250,142 | 278,275 | 241,454 |
| Overnight borrowings | 151,495 | 16,408 | 57,192 | 13,935 | 212,520 |
| FHLB and other borrowings | 531,979 | 587,523 | 602,838 | 623,265 | 576,225 |
| Total interest-bearing liabilities | 11,047,159 | 11,064,639 | 10,961,853 | 10,787,274 | 10,567,402 |
| Noninterest-bearing deposits | 3,640,964 | 3,522,734 | 3,519,962 | 3,603,416 | 3,611,755 |
| Shareholders' equity | 1,881,116 | 1,836,965 | 1,783,646 | 1,757,467 | 1,709,791 |
10
Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Balance Sheet Data | |||||
| Cash and cash equivalents | $245,247 | $237,248 | $518,021 | $197,004 | $346,110 |
| Investment securities: | |||||
| Available-for-sale | 2,859,312 | 2,832,370 | 2,826,915 | 2,785,714 | 2,885,943 |
| Held-to-maturity | 1,442,308 | 1,430,991 | 1,393,837 | 1,345,155 | 1,319,050 |
| Equity and other | 78,944 | 86,709 | 80,591 | 87,517 | 82,558 |
| Total investment securities | 4,380,564 | 4,350,070 | 4,301,343 | 4,218,386 | 4,287,551 |
| Loans: | |||||
| Business lending | 4,663,878 | 4,541,192 | 4,540,002 | 4,505,178 | 4,391,629 |
| Consumer mortgage | 3,544,277 | 3,523,025 | 3,504,151 | 3,489,780 | 3,427,317 |
| Consumer indirect | 1,834,766 | 1,767,213 | 1,707,938 | 1,767,655 | 1,780,586 |
| Home equity | 510,933 | 494,183 | 481,248 | 477,425 | 460,964 |
| Consumer direct | 196,408 | 193,504 | 187,802 | 192,327 | 191,178 |
| Total loans | 10,750,262 | 10,519,117 | 10,421,141 | 10,432,365 | 10,251,674 |
| Allowance for credit losses | 84,944 | 81,851 | 82,840 | 79,114 | 76,167 |
| Goodwill and intangible assets, net | 899,967 | 898,381 | 900,332 | 901,471 | 900,623 |
| Other assets | 766,708 | 742,053 | 706,299 | 715,932 | 694,909 |
| Total assets | 16,957,804 | 16,665,018 | 16,764,296 | 16,386,044 | 16,404,700 |
| Deposits: | |||||
| Noninterest-bearing | 3,686,772 | 3,588,602 | 3,526,485 | 3,557,219 | 3,586,845 |
| Non-maturity interest-bearing | 8,337,797 | 8,010,808 | 8,215,773 | 7,707,037 | 7,704,925 |
| Time | 2,032,281 | 2,102,358 | 2,149,789 | 2,177,451 | 2,184,401 |
| Total deposits | 14,056,850 | 13,701,768 | 13,892,047 | 13,441,707 | 13,476,171 |
| Customer repurchase agreements | 224,169 | 180,621 | 266,581 | 261,553 | 317,448 |
| Other borrowings | 539,180 | 713,839 | 595,455 | 737,312 | 630,970 |
| Accrued interest and other liabilities | 198,655 | 185,699 | 176,138 | 182,637 | 195,164 |
| Total liabilities | 15,018,854 | 14,781,927 | 14,930,221 | 14,623,209 | 14,619,753 |
| Shareholders' equity | 1,938,950 | 1,883,091 | 1,834,075 | 1,762,835 | 1,784,947 |
| Total liabilities and shareholders' equity | 16,957,804 | 16,665,018 | 16,764,296 | 16,386,044 | 16,404,700 |
| Capital and Other | |||||
| Shareholders’ equity/total assets (GAAP) | 11.43% | 11.30% | 10.94% | 10.76% | 10.88% |
| Tangible equity/tangible assets (non-GAAP) | 6.73% | 6.51% | 6.15% | 5.83% | 5.97% |
| Tier 1 leverage ratio | 9.46% | 9.42% | 9.29% | 9.19% | 9.12% |
| Loan-to-deposit ratio | 76.5% | 76.8% | 75.0% | 77.6% | 76.1% |
| Diluted weighted average common shares outstanding | 53,036 | 53,117 | 53,130 | 53,078 | 52,911 |
| Period end common shares outstanding | 52,662 | 52,869 | 52,836 | 52,668 | 52,546 |
| Cash dividends declared per common share | $0.47 | $0.46 | $0.46 | $0.46 | $0.46 |
| Book value (GAAP) | $36.82 | $35.62 | $34.71 | $33.47 | $33.97 |
| Tangible book value (non-GAAP) | $20.57 | $19.46 | $18.52 | $17.20 | $17.66 |
| Common stock price at quarter-end | $58.64 | $56.87 | $56.86 | $61.68 | $58.07 |
11
Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Asset Quality | |||||
| Nonaccrual loans | $49,327 | $45,808 | $69,051 | $66,387 | $59,013 |
| Accruing loans 90+ days delinquent | 6,730 | 7,519 | 5,928 | 7,000 | 3,833 |
| Total nonperforming loans | 56,057 | 53,327 | 74,979 | 73,387 | 62,846 |
| Other real estate owned | 7,851 | 7,954 | 2,746 | 2,781 | 2,279 |
| Total nonperforming assets | 63,908 | 61,281 | 77,725 | 76,168 | 65,125 |
| Net charge-offs | 2,471 | 5,114 | 3,229 | 3,211 | 2,772 |
| Allowance for credit losses/loans outstanding | 0.79% | 0.78% | 0.79% | 0.76% | 0.74% |
| Nonperforming loans/loans outstanding | 0.52% | 0.51% | 0.72% | 0.70% | 0.61% |
| Allowance for credit losses/nonperforming loans | 152% | 153% | 110% | 108% | 121% |
| Net charge-offs/average loans | 0.09% | 0.20% | 0.13% | 0.12% | 0.11% |
| Delinquent loans/ending loans | 1.00% | 1.01% | 1.29% | 1.24% | 1.07% |
| Provision for credit losses/net charge-offs | 225% | 80% | 207% | 193% | 278% |
| Nonperforming assets/total assets | 0.38% | 0.37% | 0.46% | 0.46% | 0.40% |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Operating pre-tax, pre-provision net revenue (non-GAAP) | |||||
| Net income (GAAP) | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Income taxes | 18,081 | 14,706 | 14,654 | 14,747 | 13,129 |
| Income before income taxes | 73,169 | 66,037 | 64,268 | 64,540 | 57,030 |
| Provision for credit losses | 5,564 | 4,117 | 6,690 | 6,208 | 7,709 |
| Pre-tax, pre-provision net revenue (non-GAAP) | 78,733 | 70,154 | 70,958 | 70,748 | 64,739 |
| Acquisition expenses | 747 | 67 | 1 | 8 | 66 |
| Acquisition-related contingent consideration adjustments | 0 | 0 | 0 | 400 | (156) |
| Restructuring expenses | 0 | 1,525 | 0 | 0 | 0 |
| Litigation accrual | 0 | 0 | (50) | (83) | 102 |
| Loss on sales of investment securities | 0 | 0 | 0 | 0 | 255 |
| Unrealized (gain) loss on equity securities | (236) | 1 | (245) | (247) | (101) |
| Amortization of intangible assets | 3,258 | 3,369 | 3,482 | 3,437 | 3,369 |
| Operating pre-tax, pre-provision net revenue (non-GAAP) | $82,502 | $75,116 | $74,146 | $74,263 | $68,274 |
12
Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Operating pre-tax, pre-provision net revenue per share (non-GAAP) | |||||
| Diluted earnings per share (GAAP) | $1.04 | $0.97 | $0.93 | $0.94 | $0.83 |
| Income taxes | 0.34 | 0.27 | 0.28 | 0.28 | 0.25 |
| Income before income taxes | 1.38 | 1.24 | 1.21 | 1.22 | 1.08 |
| Provision for credit losses | 0.11 | 0.08 | 0.12 | 0.11 | 0.15 |
| Pre-tax, pre-provision net revenue per share (non-GAAP) | 1.49 | 1.32 | 1.33 | 1.33 | 1.23 |
| Acquisition expenses | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Acquisition-related contingent consideration adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Restructuring expenses | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 |
| Litigation accrual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Loss on sales of investment securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unrealized (gain) loss on equity securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Amortization of intangible assets | 0.06 | 0.06 | 0.07 | 0.07 | 0.06 |
| Operating pre-tax, pre-provision net revenue per share (non-GAAP) | $1.56 | $1.41 | $1.40 | $1.40 | $1.29 |
| Operating net income (non-GAAP) | |||||
| Net income (GAAP) | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Acquisition expenses | 747 | 67 | 1 | 8 | 66 |
| Tax effect of acquisition expenses | (155) | (12) | 0 | (1) | (15) |
| Subtotal (non-GAAP) | 55,680 | 51,386 | 49,615 | 49,800 | 43,952 |
| Acquisition-related contingent consideration adjustments | 0 | 0 | 0 | 400 | (156) |
| Tax effect of acquisition-related contingent consideration adjustments | 0 | 0 | 0 | (41) | 35 |
| Subtotal (non-GAAP) | 55,680 | 51,386 | 49,615 | 50,159 | 43,831 |
| Restructuring expenses | 0 | 1,525 | 0 | 0 | 0 |
| Tax effect of restructuring expenses | 0 | (274) | 0 | 0 | 0 |
| Subtotal (non-GAAP) | 55,680 | 52,637 | 49,615 | 50,159 | 43,831 |
| Litigation accrual | 0 | 0 | (50) | (83) | 102 |
| Tax effect of litigation accrual | 0 | 0 | 12 | 8 | (23) |
| Subtotal (non-GAAP) | 55,680 | 52,637 | 49,577 | 50,084 | 43,910 |
| Loss on sales of investment securities | 0 | 0 | 0 | 0 | 255 |
| Tax effect of loss on sales of investment securities | 0 | 0 | 0 | 0 | (58) |
| Subtotal (non-GAAP) | 55,680 | 52,637 | 49,577 | 50,084 | 44,107 |
| Unrealized (gain) loss on equity securities | (236) | 1 | (245) | (247) | (101) |
| Tax effect of unrealized (gain) loss on equity securities | 49 | 0 | 57 | 25 | 23 |
| Subtotal (non-GAAP) | 55,493 | 52,638 | 49,389 | 49,862 | 44,029 |
| Amortization of intangible assets | 3,258 | 3,369 | 3,482 | 3,437 | 3,369 |
| Tax effect of amortization of intangible assets | (677) | (605) | (804) | (350) | (762) |
| Operating net income (non-GAAP) | $58,074 | $55,402 | $52,067 | $52,949 | $46,636 |
13
Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Operating diluted earnings per share (non-GAAP) | |||||
| Diluted earnings per share (GAAP) | $1.04 | $0.97 | $0.93 | $0.94 | $0.83 |
| Acquisition expenses | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax effect of acquisition expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.97 | 0.93 | 0.94 | 0.83 |
| Acquisition-related contingent consideration adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax effect of acquisition-related contingent consideration adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.97 | 0.93 | 0.94 | 0.83 |
| Restructuring expenses | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 |
| Tax effect of restructuring expenses | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.99 | 0.93 | 0.94 | 0.83 |
| Litigation accrual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax effect of litigation accrual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.99 | 0.93 | 0.94 | 0.83 |
| Loss on sales of investment securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax effect of loss on sales of investment securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.99 | 0.93 | 0.94 | 0.83 |
| Unrealized (gain) loss on equity securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax effect of unrealized (gain) loss on equity securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Subtotal (non-GAAP) | 1.05 | 0.99 | 0.93 | 0.94 | 0.83 |
| Amortization of intangible assets | 0.06 | 0.06 | 0.07 | 0.07 | 0.06 |
| Tax effect of amortization of intangible assets | (0.02) | (0.01) | (0.02) | (0.01) | (0.01) |
| Operating diluted earnings per share (non-GAAP) | $1.09 | $1.04 | $0.98 | $1.00 | $0.88 |
| Return on assets | |||||
| Net income (GAAP) | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Average total assets | 16,755,095 | 16,590,741 | 16,439,357 | 16,324,320 | 16,058,219 |
| Return on assets (GAAP) | 1.30% | 1.24% | 1.22% | 1.21% | 1.09% |
| Operating return on assets (non-GAAP) | |||||
| Operating net income (non-GAAP) | $58,074 | $55,402 | $52,067 | $52,949 | $46,636 |
| Average total assets | 16,755,095 | 16,590,741 | 16,439,357 | 16,324,320 | 16,058,219 |
| Operating return on assets (non-GAAP) | 1.38% | 1.34% | 1.28% | 1.29% | 1.16% |
| Return on equity | |||||
| Net income (GAAP) | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Average total equity | 1,881,116 | 1,836,965 | 1,783,646 | 1,757,467 | 1,709,791 |
| Return on equity (GAAP) | 11.62% | 11.21% | 11.28% | 11.27% | 10.21% |
| Operating return on equity (non-GAAP) | |||||
| Operating net income (non-GAAP) | $58,074 | $55,402 | $52,067 | $52,949 | $46,636 |
| Average total equity | 1,881,116 | 1,836,965 | 1,783,646 | 1,757,467 | 1,709,791 |
| Operating return on equity (non-GAAP) | 12.25% | 12.10% | 11.84% | 11.99% | 10.85% |
14
Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Net interest margin | |||||
| Net interest income | $128,165 | $124,748 | $120,212 | $119,973 | $112,745 |
| Total average interest-earning assets | 15,393,114 | 15,289,591 | 15,165,301 | 15,035,988 | 14,796,369 |
| Net interest margin | 3.30% | 3.27% | 3.21% | 3.17% | 3.03% |
| Net interest margin (FTE) (non-GAAP) | |||||
| Net interest income | $128,165 | $124,748 | $120,212 | $119,973 | $112,745 |
| Fully tax-equivalent adjustment (non-GAAP) | 880 | 884 | 894 | 882 | 872 |
| Fully tax-equivalent net interest income (non-GAAP) | 129,045 | 125,632 | 121,106 | 120,855 | 113,617 |
| Total average interest-earning assets | 15,393,114 | 15,289,591 | 15,165,301 | 15,035,988 | 14,796,369 |
| Net interest margin (FTE) (non-GAAP) | 3.33% | 3.30% | 3.24% | 3.20% | 3.05% |
| Operating noninterest revenues (non-GAAP) | |||||
| Noninterest revenues (GAAP) | $78,887 | $74,508 | $76,036 | $76,314 | $76,197 |
| Loss on sales of investment securities | 0 | 0 | 0 | 0 | 255 |
| Unrealized (gain) loss on equity securities | (236) | 1 | (245) | (247) | (101) |
| Total operating noninterest revenues (non-GAAP) | $78,651 | $74,509 | $75,791 | $76,067 | $76,351 |
| Operating noninterest expenses (non-GAAP) | |||||
| Noninterest expenses (GAAP) | $128,319 | $129,102 | $125,290 | $125,539 | $124,203 |
| Acquisition expenses | (747) | (67) | (1) | (8) | (66) |
| Acquisition-related contingent consideration adjustments | 0 | 0 | 0 | (400) | 156 |
| Restructuring expenses | 0 | (1,525) | 0 | 0 | 0 |
| Litigation accrual | 0 | 0 | 50 | 83 | (102) |
| Amortization of intangible assets | (3,258) | (3,369) | (3,482) | (3,437) | (3,369) |
| Total operating noninterest expenses (non-GAAP) | $124,314 | $124,141 | $121,857 | $121,777 | $120,822 |
| Operating revenues (non-GAAP) | |||||
| Net interest income (GAAP) | $128,165 | $124,748 | $120,212 | $119,973 | $112,745 |
| Noninterest revenues (GAAP) | 78,887 | 74,508 | 76,036 | 76,314 | 76,197 |
| Total revenues (GAAP) | 207,052 | 199,256 | 196,248 | 196,287 | 188,942 |
| Loss on sales of investment securities | 0 | 0 | 0 | 0 | 255 |
| Unrealized (gain) loss on equity securities | (236) | 1 | (245) | (247) | (101) |
| Total operating revenues (non-GAAP) | $206,816 | $199,257 | $196,003 | $196,040 | $189,096 |
| Noninterest revenues/total revenues | |||||
| Total noninterest revenues (GAAP) – numerator | $78,887 | $74,508 | $76,036 | $76,314 | $76,197 |
| Total revenues (GAAP) – denominator | 207,052 | 199,256 | 196,248 | 196,287 | 188,942 |
| Noninterest revenues/total revenues (GAAP) | 38.1% | 37.4% | 38.7% | 38.9% | 40.3% |
| Operating noninterest revenues/operating revenues (FTE) (non-GAAP) | |||||
| Total operating noninterest revenues (non-GAAP) – numerator | $78,651 | $74,509 | $75,791 | $76,067 | $76,351 |
| Total operating revenues (non-GAAP) | 206,816 | 199,257 | 196,003 | 196,040 | 189,096 |
| Fully tax-equivalent adjustment (non-GAAP) | 880 | 884 | 894 | 882 | 872 |
| Total operating revenues (FTE) (non-GAAP) – denominator | 207,696 | 200,141 | 196,897 | 196,922 | 189,968 |
| Operating noninterest revenues/operating revenues (FTE) (non-GAAP) | 37.9% | 37.2% | 38.5% | 38.6% | 40.2% |
15
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Efficiency ratio (GAAP) | |||||
| Total noninterest expenses (GAAP) – numerator | $128,319 | $129,102 | $125,290 | $125,539 | $124,203 |
| Total revenues (GAAP) – denominator | 207,052 | 199,256 | 196,248 | 196,287 | 188,942 |
| Efficiency ratio (GAAP) | 62.0% | 64.8% | 63.8% | 64.0% | 65.7% |
| Operating efficiency ratio (non-GAAP) | |||||
| Total operating noninterest expenses (non-GAAP) - numerator | $124,314 | $124,141 | $121,857 | $121,777 | $120,822 |
| Total operating revenues (FTE) (non-GAAP) - denominator | 207,696 | 200,141 | 196,897 | 196,922 | 189,968 |
| Operating efficiency ratio (non-GAAP) | 59.9% | 62.0% | 61.9% | 61.8% | 63.6% |
| Total tangible assets (non-GAAP) | |||||
| Total assets (GAAP) | $16,957,804 | $16,665,018 | $16,764,296 | $16,386,044 | $16,404,700 |
| Goodwill and intangible assets, net | (899,967) | (898,381) | (900,332) | (901,471) | (900,623) |
| Deferred taxes on goodwill and intangible assets, net | 44,130 | 44,336 | 44,644 | 44,618 | 43,832 |
| Total tangible assets (non-GAAP) | $16,101,967 | $15,810,973 | $15,908,608 | $15,529,191 | $15,547,909 |
| Total tangible common equity (non-GAAP) | |||||
| Shareholders' equity (GAAP) | $1,938,950 | $1,883,091 | $1,834,075 | $1,762,835 | $1,784,947 |
| Goodwill and intangible assets, net | (899,967) | (898,381) | (900,332) | (901,471) | (900,623) |
| Deferred taxes on goodwill and intangible assets, net | 44,130 | 44,336 | 44,644 | 44,618 | 43,832 |
| Total tangible common equity (non-GAAP) | $1,083,113 | $1,029,046 | $978,387 | $905,982 | $928,156 |
| Shareholders’ equity-to-assets ratio at quarter end | |||||
| Total shareholders’ equity (GAAP) – numerator | $1,938,950 | $1,883,091 | $1,834,075 | $1,762,835 | $1,784,947 |
| Total assets (GAAP) – denominator | 16,957,804 | 16,665,018 | 16,764,296 | 16,386,044 | 16,404,700 |
| Shareholders’ equity-to-assets ratio at quarter end (GAAP) | 11.43% | 11.30% | 10.94% | 10.76% | 10.88% |
| Tangible equity-to-tangible assets ratio at quarter end (non-GAAP) | |||||
| Total tangible common equity (non-GAAP) - numerator | $1,083,113 | $1,029,046 | $978,387 | $905,982 | $928,156 |
| Total tangible assets (non-GAAP) - denominator | 16,101,967 | 15,810,973 | 15,908,608 | 15,529,191 | 15,547,909 |
| Tangible equity-to-tangible assets ratio at quarter end (non-GAAP) | 6.73% | 6.51% | 6.15% | 5.83% | 5.97% |
| Return on tangible equity (non-GAAP) | |||||
| Net income (GAAP) | $55,088 | $51,331 | $49,614 | $49,793 | $43,901 |
| Average shareholders’ equity | 1,881,116 | 1,836,965 | 1,783,646 | 1,757,467 | 1,709,791 |
| Average goodwill and intangible assets, net | (897,943) | (899,416) | (900,530) | (900,118) | (903,281) |
| Average deferred taxes on goodwill and intangible assets, net | 44,233 | 44,490 | 44,631 | 44,225 | 44,376 |
| Average tangible common equity (non-GAAP) | 1,027,406 | 982,039 | 927,747 | 901,574 | 850,886 |
| Return on tangible equity (non-GAAP) | 21.27% | 20.97% | 21.69% | 21.97% | 20.53% |
| Operating return on tangible equity (non-GAAP) | |||||
| Operating net income (non-GAAP) | $58,074 | $55,402 | $52,067 | $52,949 | $46,636 |
| Average tangible common equity (non-GAAP) | 1,027,406 | 982,039 | 927,747 | 901,574 | 850,886 |
| Operating return on tangible equity (non-GAAP) | 22.43% | 22.63% | 22.76% | 23.36% | 21.80% |
16
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |
| Quarterly GAAP to Non-GAAP Reconciliations | |||||
| Book value (GAAP) | |||||
| Total shareholders’ equity (GAAP) – numerator | $1,938,950 | $1,883,091 | $1,834,075 | $1,762,835 | $1,784,947 |
| Period end common shares outstanding – denominator | 52,662 | 52,869 | 52,836 | 52,668 | 52,546 |
| Book value (GAAP) | $36.82 | $35.62 | $34.71 | $33.47 | $33.97 |
| Tangible book value (non-GAAP) | |||||
| Total tangible common equity (non-GAAP) – numerator | $1,083,113 | $1,029,046 | $978,387 | $905,982 | $928,156 |
| Period end common shares outstanding – denominator | 52,662 | 52,869 | 52,836 | 52,668 | 52,546 |
| Tangible book value (non-GAAP) | $20.57 | $19.46 | $18.52 | $17.20 | $17.66 |
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | |||
| Quarterly Segment Information Reconciliations | |||||
| Reconciliation of total segment adjusted income before income taxes to total consolidated income before income taxes | |||||
| Total segment adjusted income before income taxes | $76,938 | $70,999 | $60,565 | ||
| Loss on sales of investment securities | 0 | 0 | (255) | ||
| Unrealized gain (loss) on equity securities | 236 | (1) | 101 | ||
| Amortization of intangible assets | (3,258) | (3,369) | (3,369) | ||
| Restructuring expenses | 0 | (1,525) | 0 | ||
| Litigation accrual | 0 | 0 | (102) | ||
| Acquisition-related contingent consideration adjustments | 0 | 0 | 156 | ||
| Acquisition expenses | (747) | (67) | (66) | ||
| Total consolidated income before income taxes | $73,169 | $66,037 | $57,030 | ||
| Reconciliation of average total segment assets to average total consolidated assets | |||||
| Average total segment assets | $16,865,710 | $16,706,797 | $16,180,396 | ||
| Elimination of intersegment cash and deposits | (110,615) | (116,056) | (122,177) | ||
| Average total consolidated assets | $16,755,095 | $16,590,741 | $16,058,219 | ||
| Banking and Corporate | |||||
| Adjusted return on assets | |||||
| Adjusted income before income taxes | $56,303 | $54,492 | $40,445 | ||
| Average segment assets | 16,516,913 | 16,367,823 | 15,831,451 | ||
| Adjusted return on assets | 1.35% | 1.34% | 1.02% | ||
| Adjusted return on equity | |||||
| Adjusted income before income taxes | $56,303 | $54,492 | $40,445 | ||
| Average shareholders’ equity | 1,586,794 | 1,543,438 | 1,416,350 | ||
| Adjusted return on equity | 14.08% | 14.16% | 11.36% | ||
| Adjusted return on tangible equity (non-GAAP) | |||||
| Adjusted income before income taxes | $56,303 | $54,492 | $40,445 | ||
| Average shareholders’ equity | 1,586,794 | 1,543,438 | 1,416,350 | ||
| Average goodwill and intangible assets, net | (736,894) | (737,360) | (739,427) | ||
| Average deferred taxes on goodwill and intangible assets, net | 40,433 | 40,282 | 39,329 | ||
| Average tangible common equity (non-GAAP) | 890,333 | 846,360 | 716,252 | ||
| Adjusted return on tangible equity (non-GAAP) | 25.09% | 25.82% | 22.46% | ||
17
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | |||
| Quarterly Segment Information Reconciliations | |||||
| Employee Benefit Services | |||||
| Adjusted return on assets | |||||
| Adjusted income before income taxes | $14,501 | $11,911 | $15,237 | ||
| Average segment assets | 225,717 | 233,553 | 243,651 | ||
| Adjusted return on assets | 25.49% | 20.46% | 24.88% | ||
| Adjusted return on equity | |||||
| Adjusted income before income taxes | $14,501 | $11,911 | $15,237 | ||
| Average shareholders’ equity | 200,739 | 209,573 | 217,109 | ||
| Adjusted return on equity | 28.66% | 22.80% | 27.92% | ||
| Adjusted return on tangible equity (non-GAAP) | |||||
| Adjusted income before income taxes | $14,501 | $11,911 | $15,237 | ||
| Average shareholders’ equity | 200,739 | 209,573 | 217,109 | ||
| Average goodwill and intangible assets, net | (111,860) | (113,475) | (116,724) | ||
| Average deferred taxes on goodwill and intangible assets, net | 3,912 | 4,200 | 5,116 | ||
| Average tangible common equity (non-GAAP) | 92,791 | 100,298 | 105,501 | ||
| Adjusted return on tangible equity (non-GAAP) | 62.00% | 47.63% | 57.46% | ||
| Insurance Services | |||||
| Adjusted return on assets | |||||
| Adjusted income before income taxes | $3,242 | $2,247 | $2,879 | ||
| Average segment assets | 83,819 | 67,236 | 69,467 | ||
| Adjusted return on assets | 15.35% | 13.40% | 16.49% | ||
| Adjusted return on equity | |||||
| Adjusted income before income taxes | $3,242 | $2,247 | $2,879 | ||
| Average shareholders’ equity | 65,615 | 53,762 | 50,252 | ||
| Adjusted return on equity | 19.60% | 16.76% | 22.79% | ||
| Adjusted return on tangible equity (non-GAAP) | |||||
| Adjusted income before income taxes | $3,242 | $2,247 | $2,879 | ||
| Average shareholders’ equity | 65,615 | 53,762 | 50,252 | ||
| Average goodwill and intangible assets, net | (44,916) | (44,197) | (42,134) | ||
| Average deferred taxes on goodwill and intangible assets, net | (311) | (272) | (357) | ||
| Average tangible common equity (non-GAAP) | 20,388 | 9,293 | 7,761 | ||
| Adjusted return on tangible equity (non-GAAP) | 63.09% | 96.98% | 147.58% | ||
18
| Summary of Financial Data (unaudited) | |||||
| (Dollars in thousands, except per share data) | |||||
| 2025 | 2024 | ||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | |||
| Quarterly Segment Information Reconciliations | |||||
| Wealth Management Services | |||||
| Adjusted return on assets | |||||
| Adjusted income before income taxes | $2,892 | $2,349 | $2,004 | ||
| Average segment assets | 39,261 | 38,185 | 35,827 | ||
| Adjusted return on assets | 29.22% | 24.67% | 22.25% | ||
| Adjusted return on equity | |||||
| Adjusted income before income taxes | $2,892 | $2,349 | $2,004 | ||
| Average shareholders’ equity | 27,968 | 30,192 | 26,080 | ||
| Adjusted return on equity | 41.02% | 31.21% | 30.57% | ||
| Adjusted return on tangible equity (non-GAAP) | |||||
| Adjusted income before income taxes | $2,892 | $2,349 | $2,004 | ||
| Average shareholders’ equity | 27,968 | 30,192 | 26,080 | ||
| Average goodwill and intangible assets, net | (4,273) | (4,384) | (4,996) | ||
| Average deferred taxes on goodwill and intangible assets, net | 199 | 280 | 288 | ||
| Average tangible common equity (non-GAAP) | 23,894 | 26,088 | 21,372 | ||
| Adjusted return on tangible equity (non-GAAP) | 48.02% | 36.12% | 37.30% | ||
# # #
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