Cadence Bank Announces Second Quarter 2025 Financial Results; Declares Quarterly Common and Preferred Dividends

Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended June 30, 2025.

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Highlights for the second quarter of 2025 included:

— Reported quarterly net income available to common shareholders of $129.9 million, or $0.69 per diluted common share, and adjusted net income available to common shareholders(1) of $137.5 million, or $0.73 per diluted common share.

— Achieved quarterly adjusted pre-tax pre-provision net revenue (PPNR)(1) of $206.0 million, an increase of $15.1 million, or 7.9% compared to the second quarter of 2024 and an increase of $16.0 million, or 8.4%, from the first quarter of 2025.

— Generated net organic loan growth of $1.1 billion for the second quarter of 2025, or 12.6% on an annualized basis; core customer deposit balances, which exclude brokered and public fund deposits, increased organically approximately $376.0 million, or 4.4% on an annualized basis.

— Maintained strong regulatory capital with Common Equity Tier 1 Capital of 12.2% and Total Capital of 13.8%.

— Effective May 1, 2025, completed the acquisition of FCB Financial Corp., the parent company of First Chatham Bank, which added approximately $604 million in assets to the Company's presence in Savannah, Georgia and surrounding areas.

— Effective July 1, 2025, completed the acquisition of Industry Bancshares, Inc., the parent company of Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, which added approximately $4.1 billion in assets to the Company's presence in Central and Southeast Texas.

“Our second quarter results reflect another quarter of strong operating performance driven by continued organic balance sheet growth combined with the closing of the First Chatham transaction effective on May 1,” remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. “Our continued balance sheet growth contributed to a meaningful linked quarter increase in revenues, and our operating efficiency continued to improve. Finally, we are pleased to have closed the Industry transaction effective on July 1. We are excited about the opportunity this transaction provides to add valuable core deposits and to further expand our customer base in Texas.”

At its regular quarterly meeting today, the Board of Directors declared quarterly cash dividends of $0.275 per share of common stock and $0.34375 per share of Series A Preferred Stock. The common stock dividend is payable on October 1, 2025 to shareholders of record at the close of business on September 15, 2025. The preferred stock dividend is payable on August 20, 2025 to shareholders of record at the close of business on August 5, 2025.

Earnings Summary

For the second quarter of 2025, the Company reported net income available to common shareholders of $129.9 million, or $0.69 per diluted common share, compared to $135.1 million, or $0.73 per diluted common share, for the second quarter of 2024 and $130.9 million, or $0.70 per diluted common share, for the first quarter of 2025. Adjusted net income available to common shareholders(1) was $137.5 million, or $0.73 per diluted common share, for the second quarter of 2025, compared with $127.9 million, or $0.69 per diluted common share, for the second quarter of 2024 and $131.4 million, or $0.71 per diluted common share, for the first quarter of 2025.

Return on average assets was 1.09% for the second quarter of 2025, compared to 1.15% for both the second quarter of 2024 and the first quarter of 2025. Adjusted return on average assets(1) was 1.14% for the second quarter of 2025, compared to 1.09% in the second quarter of 2024 and 1.15% in the first quarter of 2025. Additionally, the Company reported adjusted PPNR(1) of $206.0 million, or 1.67% of average assets on an annualized basis, for the second quarter of 2025, which represents an increase of $15.1 million, or 7.9%, compared to the same quarter of 2024 and an increase of $16.0 million, or 8.4% compared to the first quarter of 2025.

Net Interest Revenue

Net interest revenue was $378.1 million for the second quarter of 2025, compared to $356.3 million for the second quarter of 2024 and $363.2 million for the first quarter of 2025. The net interest margin (fully taxable equivalent) was 3.40% for the second quarter of 2025, compared with 3.27% for the second quarter of 2024 and 3.46% for the first quarter of 2025.

Net interest revenue increased $15.0 million, or 4.1%, compared to the first quarter of 2025 due primarily to organic loan growth and increases in investment securities, as well as an increase in day count and the closing of the First Chatham transaction. Purchase accounting accretion revenue was $2.6 million for the second quarter of 2025, flat compared to the first quarter of 2025. Average earning assets increased to $44.7 billion compared to $42.6 billion for the first quarter of 2025, primarily as a result of continued organic loan growth as well as an increase in investment securities. While net interest revenue increased notably, the linked quarter net interest margin declined by 6 basis points due to the impact of approximately $2 billion in investment securities added late in the first quarter of 2025 and early in the second quarter of 2025 that were funded by term FHLB borrowings. Otherwise, yields on our loans and securities, along with the cost of deposits, trended favorably in the second quarter of 2025.

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.31% for the second quarter of 2025, up 1 basis point from 6.30% for the first quarter of 2025. Investment securities yielded 3.33% in the second quarter of 2025, improving from 3.00% for the first quarter of 2025. The average cost of total deposits of 2.30% for the second quarter of 2025 declined by 5 basis points from 2.35% for the first quarter of 2025, driven by improvement in the cost of time deposits.

Balance Sheet Activity

Loans and leases, net of unearned income, increased to $35.5 billion at June 30, 2025 compared to $34.1 billion at March 31, 2025. Net organic loan growth of $1.1 billion, or 12.6% annualized, for the second quarter of 2025 was driven by diverse growth across asset classes in our community bank, corporate bank, private banking, and mortgage teams. Year-to-date, net organic loan growth was $1.4 billion, or 8.3% annualized.

Total deposits were $40.5 billion as of June 30, 2025, increasing $0.2 billion from $40.3 billion at the end of the first quarter of 2025. Core customer deposits increased organically by $376.0 million, or 4.4% annualized, compared to March 31, 2025 while brokered deposits declined $437.0 million and public fund deposits declined $301.0 million over the same time period. Year to date, core customer deposits have grown $367.0 million, or 2.1% annualized. The loan to deposit ratio was 87.6% as of June 30, 2025. Noninterest bearing deposits improved to 22.6% of total deposits at the end of the second quarter of 2025 compared to 21.2% at the end of the first quarter of 2025. Borrowed funds increased $2.2 billion during the second quarter of 2025 compared to the first quarter of 2025, due to the addition of FHLB term borrowings.

Total investment securities increased $0.9 billion from March 31, 2025 to $8.8 billion at June 30, 2025, representing 17.5% of total assets. Cash, due from balances and deposits at the Federal Reserve of $1.5 billion at June 30, 2025, was relatively flat compared to $1.6 billion at March 31, 2025.

Credit Results, Provision for Credit Losses and Allowance for Credit Losses

Credit metrics for the second quarter of 2025 reflected continued overall stability in credit quality. Net charge-offs for the second quarter of 2025 were $21.2 million, or 0.24% of average net loans and leases on an annualized basis, compared with net charge-offs of $22.6 million, or 0.28%, for the second quarter of 2024 and net charge-offs of $23.0 million, or 0.27%, for the first quarter of 2025. The provision for credit losses for the second quarter of 2025 was $31.0 million, compared with $22.0 million for the second quarter of 2024 and $20.0 million for the first quarter of 2025. The provision for credit losses for the second quarter of 2025 included $4.2 million in day-one provision associated with performing loans and leases acquired in the First Chatham transaction during the quarter. The allowance for credit losses of $474.7 million at June 30, 2025 was 1.34% of total loans and leases compared to 1.41% of total loans and leases at June 30, 2024 and 1.34% of total loans and leases at March 31, 2025.

Total nonperforming assets as a percent of total assets were 0.49% at June30, 2025 compared to 0.46% at June 30, 2024 and 0.51% at March 31, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.65% at June30, 2025 compared to 0.65% at June 30, 2024 and 0.69% at March31, 2025. Other real estate owned and other repossessed assets was $15.6 million at June30, 2025 compared to the June 30, 2024 balance of $4.8 million and the March31, 2025 balance of $8.5 million. Criticized loans represented 2.65% of loans at June30, 2025 compared to 2.51% at June 30, 2024 and 2.39% at March31, 2025, while classified loans were 2.01% at June30, 2025 compared to 2.09% at June 30, 2024 and 1.95% at March31, 2025.

Noninterest Revenue

Noninterest revenue was $98.2 million for the second quarter of 2025 compared with $100.7 million for the second quarter of 2024 and $85.4 million for the first quarter of 2025. Adjusted noninterest revenue(1) was $98.2 million for the second quarter of 2025 compared with $85.7 million for the second quarter of 2024 and $85.4 million for the first quarter of 2025. Adjusted noninterest revenue(1) for the second quarter of 2024 excludes a gain of $15.0 million primarily related to the sale of Cadence Business Solutions, LLC.

Noninterest revenue improved $12.8 million, or 15.0%, compared to the first quarter of 2025 driven by increases in mortgage banking revenue, card fee and service charge revenue, wealth management revenue, and other noninterest revenue. Wealth management revenue was $25.3 million for the second quarter of 2025, improved from $23.3 million for the first quarter of 2025 including approximately $1 million in seasonal trust tax revenue as well as favorable market conditions for managed assets. Deposit service charge revenue was $18.1 million for the second quarter of 2025, compared to $17.7 million for the first quarter of 2025, partially due to the higher day count in the second quarter of 2025. Credit card, debit card and merchant fee revenue was $13.0 million for the second quarter of 2025, up from $12.0million for the first quarter of 2025, reflecting typical seasonal trends.

Mortgage banking revenue totaled $8.7 million for the second quarter of 2025, compared to $6.2 million for the second quarter of 2024 and $6.6 million for the first quarter of 2025. The $2.1 million improvement compared to the first quarter of 2025 was primarily due to seasonally higher mortgage production and servicing revenue, as well as linked quarter improvement in the mortgage servicing rights valuation adjustment.

Other noninterest revenue was $33.1 million for the second quarter of 2025, representing an increase of $7.4 million from $25.8 million for the first quarter of2025, driven by various sources including higher customer swap fees, credit related fees, SBA income, FHLB dividend income and BOLI income.

Noninterest Expense

Noninterest expense for the second quarter of 2025 was $272.9 million, compared with $256.7 million for the second quarter of 2024 and $259.3 million for the first quarter of 2025. Adjusted noninterest expense(1) for the second quarter of 2025 was $270.4 million, compared with $251.1 million for the second quarter of 2024 and $258.6 million for the first quarter of 2025. Adjusted noninterest expense for the second quarter of 2025 excludes $2.2 million of merger expense and $0.6 million of incremental merger related expense. The adjusted efficiency ratio(1) was 56.7% for the second quarter of 2025, compared to 56.7% for the second quarter of 2024 and 57.6% for the first quarter of 2025.

The $11.7 million, or 4.5%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by the closing of the First Chatham transaction combined with costs associated with business growth and strong operating performance. Salaries and employee benefits increased $4.4 million compared to the first quarter of 2025, including approximately$2 million related to the addition of First Chatham, as well as increases in commission expense associated with strong fee revenue performance and higher share based payment accruals. Data processing and software expense increased $3.6 million compared to the first quarter of 2025 including both volume increases and other contractual and service increases. Advertising and public relations reflected seasonal increases of $3.1 million, while other miscellaneous expense declined by $5.3 million due to fraud and operational loss recoveries and lower consulting and regulatory costs.

Capital Management

Total shareholders' equity was $5.9 billion at June 30, 2025, up from $5.3 billion at June 30, 2024 and $5.7 billion at March 31, 2025. Estimated regulatory capital ratios at June30, 2025 included Common Equity Tier 1 capital of 12.2%, Tier 1 capital of 12.6%, Total risk-based capital of 13.8%, and Tier 1 leverage capital of 10.3%. During the second quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.3 million outstanding shares of common stock as of June 30, 2025.

Summary

Rollins concluded, “The hard work and successes of our team over the first half of 2025 have had a meaningful impact on our Company's growth and financial results. These efforts have driven continued improvement in many of our performance metrics, including earnings per share and operating efficiency, all while maintaining strong credit quality and capital. With the growth we have achieved, both organically and through the strategic partnerships with Industry and First Chatham, I am encouraged with our momentum into the remainder of this year and into 2026.”

Key Transactions

On May 1, 2025, the Company completed the merger with FCB Financial Corp., the bank holding company for First Chatham Bank (collectively referred to as “First Chatham”), pursuant to which First Chatham was merged with and into the Company. First Chatham was a Savannah, Georgia-based community bank that operated eight branches across the Greater Savannah Area. As of April 30, 2025, First Chatham reported total assets of $604 million, total loans of $387 million, and total deposits of $525 million. Under the terms of the definitive merger agreement, the Company issued approximately 2.3 million shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies.

On July 1, 2025, the Company completed the merger with Industry Bancshares, Inc., the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, (collectively referred to as “Industry”), pursuant to which Industry was merged with and into the Company. Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. As of June 30, 2025, Industry reported total assets of $4.1 billion, total loans of $1.1 billion, and total deposits of $4.3 billion. Under the terms of the definitive merger agreement, the Company paid $20.0 million in cash for all outstanding shares of Industry.

Conference Call and Webcast

The Company will conduct a conference call to discuss its second quarter 2025 financial results on July 24, 2025, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a $55 billion regional financial services company committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 “Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions” beginning on page 21 of this news release.

Forward-Looking Statements

Certain statements made in this news release constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the “bespeaks caution” doctrine. These statements are often, but not exclusively, made through the use of words or phrases like “assume,” “believe,” “budget,” “contemplate,” “continue,” “could,” “foresee,” “indicate,” “may,” “might,” “outlook,” “prospect,” “potential,” “roadmap,” “should,” “target,” “will,” “would,” the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, trade, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact on the Company's financial condition, future net income and earnings per share resulting from the integration of its recently completed acquisitions of First Chatham and Industry, and the Company's ability to deploy capital into strategic and growth initiatives. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.

Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, trade, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; reputational risks arising from media coverage of the banking industry and digital misinformation; the risks of changes and continued volatility in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; continued uncertainties surrounding the impact of the U.S.'s tariffs, including potential negative impact to our loan portfolio and profitability, potential for increases in problem loans, potential re-evaluation of credit marks and interest rates, and lower equity valuation and potential slowdown in capital markets; uncertain duration of trade conflicts; magnitude of the impact that the tariffs may continue to have on our customers' businesses; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company's growth, expansion, acquisition, or divestment strategies, including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements; the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from the U.S.'s tariffs and international trade conflicts, Russia's military action in Ukraine, the escalating conflicts in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.

The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters; the impairment of the Company's goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the Company's success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with its primary federal regulator, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, particularly those under the heading “Item 1A. Risk Factors,” in the Company's Quarterly Reports on Form 10-Q under the heading “Part II-Item 1A. Risk Factors,” and in the Company's Current Reports on Form 8-K.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.

Table 1Selected Financial Data Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Earnings Summary:Interest revenue $ 635,599 $ 599,257 $ 620,321 $ 647,713 $ 642,210 $ 1,234,856 $ 1,279,323Interest expense 257,459 236,105 255,790 286,255 285,892 493,564 569,097Net interest revenue 378,140 363,152 364,531 361,458 356,318 741,292 710,226Provision for credit losses 31,000 20,000 15,000 12,000 22,000 51,000 44,000Net interest revenue, after provision for credit losses 347,140 343,152 349,531 349,458 334,318 690,292 666,226Noninterest revenue 98,181 85,387 86,165 85,901 100,658 183,568 184,444Noninterest expense 272,863 259,349 266,186 259,438 256,697 532,212 519,904Income before income taxes 172,458 169,190 169,510 175,921 178,279 341,648 330,766Income tax expense 37,813 35,968 36,795 39,482 40,807 73,781 76,316Net income 134,645 133,222 132,715 136,439 137,472 267,867 254,450Less: Preferred dividends 4,744 2,372 2,372 2,372 2,372 7,116 4,744Net income available to common shareholders $ 129,901 $ 130,850 $ 130,343 $ 134,067 $ 135,100 $ 260,751 $ 249,706Balance Sheet – Period End BalancesTotal assets $ 50,378,840 $ 47,743,294 $ 47,019,190 $ 49,204,933 $ 47,984,078 $ 50,378,840 $ 47,984,078Total earning assets 45,400,518 43,172,997 42,386,627 44,834,897 43,525,688 45,400,518 43,525,688Available for sale securities 8,837,400 7,912,159 7,293,988 7,841,685 7,921,422 8,837,400 7,921,422Loans and leases, net of unearned income 35,465,181 34,051,610 33,741,755 33,303,972 33,312,773 35,465,181 33,312,773Allowance for credit losses (ACL) 474,651 457,791 460,793 460,859 470,022 474,651 470,022Net book value of acquired loans 4,594,171 4,365,789 4,783,206 5,521,000 5,543,419 4,594,171 5,543,419Unamortized net discount on acquired loans 19,414 13,060 15,611 17,988 20,874 19,414 20,874Total deposits 40,493,518 40,335,728 40,496,201 38,844,360 37,858,659 40,493,518 37,858,659Total deposits and repurchase agreements 40,514,743 40,355,399 40,519,817 38,861,324 37,913,693 40,514,743 37,913,693Other short-term borrowings 1,575,000 235,000 – 3,500,000 3,500,000 1,575,000 3,500,000Subordinated and long-term borrowings 1,430,674 560,690 10,706 225,823 269,353 1,430,674 269,353Total shareholders' equity 5,916,283 5,718,541 5,569,683 5,572,863 5,287,758 5,916,283 5,287,758Total shareholders' equity, excluding AOCI (1) 6,492,440 6,339,744 6,264,178 6,163,205 6,070,220 6,492,440 6,070,220Common shareholders' equity 5,749,290 5,551,548 5,402,690 5,405,870 5,120,765 5,749,290 5,120,765Common shareholders' equity, excluding AOCI (1) $ 6,325,447 $ 6,172,751 $ 6,097,185 $ 5,996,212 $ 5,903,227 $ 6,325,447 $ 5,903,227Balance Sheet – Average BalancesTotal assets $ 49,356,696 $ 47,135,431 $ 47,263,538 $ 47,803,977 $ 48,192,719 $ 48,252,199 $ 48,417,630Total earning assets 44,741,277 42,637,002 42,920,125 43,540,045 43,851,822 43,694,953 44,038,950Available for sale securities 8,814,463 7,302,172 7,636,683 7,915,636 8,033,552 8,062,495 8,151,630Loans and leases, net of unearned income 34,762,808 33,944,416 33,461,931 33,279,819 32,945,526 34,355,873 32,841,550Total deposits 39,897,600 40,353,292 39,743,224 37,634,453 38,100,087 40,124,186 38,260,680Total deposits and repurchase agreements 39,916,099 40,376,248 39,761,277 37,666,828 38,165,908 40,144,901 38,398,265Other short-term borrowings 1,419,615 108,389 905,815 3,512,218 3,500,000 767,624 3,500,000Subordinated and long-term borrowings 1,338,059 129,030 123,442 265,790 404,231 736,885 419,405Total shareholders' equity 5,827,081 5,651,592 5,589,361 5,420,826 5,207,254 5,739,821 5,200,651Common shareholders' equity $ 5,660,088 $ 5,484,599 $ 5,422,368 $ 5,253,833 $ 5,040,261 $ 5,572,828 $ 5,033,658Nonperforming Assets:Nonperforming loans and leases (NPL) (2) (3) 231,243 235,952 264,692 272,954 216,746 231,243 216,746Other real estate owned and other assets 15,599 8,452 5,754 5,354 4,793 15,599 4,793Nonperforming assets (NPA) $ 246,842 $ 244,404 $ 270,446 $ 278,308 $ 221,539 $ 246,842 $ 221,539(1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 22 – 26.(2) At June 30, 2025, $94.0 millionof NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.(3) At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.Table 2Selected Financial Ratios Quarter Ended Year-to-date Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Financial Ratios and Other Data:Return on average assets (2) 1.09% 1.15% 1.12% 1.14% 1.15% 1.12 1.06Adjusted return on average assets (1)(2) 1.14 1.15 1.11 1.15 1.09 1.14 1.03Return on average common shareholders' equity (2) 9.21 9.68 9.56 10.15 10.78 9.44 9.98Adjusted return on average common shareholders' equity (1)(2) 9.74 9.72 9.53 10.27 10.21 9.73 9.68Return on average tangible common equity (1)(2) 12.41 13.15 13.06 14.04 15.18 12.77 14.07Adjusted return on average tangible common equity (1)(2) 13.13 13.20 13.02 14.21 14.37 13.17 13.65Pre-tax pre-provision net revenue to total average assets (1)(2) 1.65 1.63 1.55 1.56 1.67 1.64 1.56Adjusted pre-tax pre-provision net revenue to total average assets (1)(2) 1.67 1.63 1.55 1.58 1.59 1.65 1.52Net interest margin-fully taxable equivalent 3.40 3.46 3.38 3.31 3.27 3.43 3.25Net interest rate spread-fully taxable equivalent 2.68 2.74 2.59 2.45 2.45 2.70 2.42Efficiency ratio fully tax equivalent (1) 57.21 57.74 58.98 57.90 56.09 57.47 58.03Adjusted efficiency ratio fully tax equivalent (1) 56.69 57.58 59.09 57.73 56.73 57.12 58.42Loan/deposit ratio 87.58% 84.42% 83.32% 85.74% 87.99% 87.58% 87.99%Full time equivalent employees 5,514 5,356 5,335 5,327 5,290 5,514 5,290Credit Quality Ratios:Net charge-offs to average loans and leases (2) 0.24% 0.27% 0.17% 0.26% 0.28% 0.26% 0.26%Provision for credit losses to average loans and leases (2) 0.36 0.24 0.18 0.14 0.27 0.30 0.27ACL to loans and leases, net 1.34 1.34 1.37 1.38 1.41 1.34 1.41ACL to NPL 205.26 194.02 174.09 168.84 216.85 205.26 216.85NPL to loans and leases, net 0.65 0.69 0.78 0.82 0.65 0.65 0.65NPA to total assets 0.49 0.51 0.58 0.57 0.46 0.49 0.46Equity Ratios:Total shareholders' equity to total assets 11.74% 11.98% 11.85% 11.33% 11.02% 11.74% 11.02%Total common shareholders' equity to total assets 11.41 11.63 11.49 10.99 10.67 11.41 10.67Tangible common shareholders' equity to tangible assets (1) 8.74 8.87 8.67 8.28 7.87 8.74 7.87Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (1) 9.80 10.07 10.04 9.40 9.40 9.80 9.40Capital Adequacy (3):Common Equity Tier 1 capital 12.2% 12.4% 12.4% 12.3% 11.9% 12.2% 11.9%Tier 1 capital 12.6 12.9 12.8 12.7 12.3 12.6 12.3Total capital 13.8 14.1 14.0 14.5 14.2 13.8 14.2Tier 1 leverage capital 10.3 10.6 10.4 10.1 9.7 10.3 9.7(1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 22- 26.(2) Annualized.(3) Current quarter regulatory capital ratios are estimated.Table 3Selected Financial Information Quarter Ended Year-to-date Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Common Share Data:Diluted earnings per share $ 0.69 $ 0.70 $ 0.70 $ 0.72 $ 0.73 1.40 1.35Adjusted earnings per share (1) 0.73 0.71 0.70 0.73 0.69 1.44 1.31Cash dividends per share 0.275 0.275 0.250 0.250 0.250 0.55 0.50Book value per share 30.86 30.16 29.44 29.65 28.07 30.86 28.07Tangible book value per share (1) 22.94 22.30 21.54 21.68 20.08 22.94 20.08Market value per share (last) 31.98 30.36 34.45 31.85 28.28 31.98 28.28Market value per share (high) 32.68 36.53 40.20 34.13 29.95 36.53 30.03Market value per share (low) 25.22 28.90 30.21 27.46 26.16 25.22 24.99Market value per share (average) 29.97 33.13 35.17 30.96 28.14 31.53 27.97Dividend payout ratio 39.86% 39.29% 35.71% 34.72% 34.25% 39.29% 37.04%Adjusted dividend payout ratio (1) 37.67% 38.73% 35.71% 34.25% 36.23% 38.19% 38.17%Total shares outstanding 186,307,016 184,046,420 183,527,575 182,315,142 182,430,427 186,307,016 182,430,427Average shares outstanding – diluted 187,642,873 186,121,979 186,038,243 185,496,110 185,260,963 186,888,073 185,417,547Yield/Rate:(Taxable equivalent basis)Loans, loans held for sale, and leases 6.34% 6.33% 6.42% 6.64% 6.59% 6.34% 6.55%Loans, loans held for sale, and leases excluding net accretion on acquired loans and leases 6.31 6.30 6.40 6.61 6.56 6.31 6.51Available for sale securities:Taxable 3.32 2.99 3.03 3.03 3.18 3.17 3.15Tax-exempt 4.14 4.04 3.93 3.97 4.12 4.09 4.19Other investments 4.41 4.42 4.77 5.37 5.45 4.41 5.47Total interest earning assets and revenue 5.70 5.71 5.76 5.92 5.90 5.70 5.85Deposits 2.30 2.35 2.44 2.55 2.53 2.32 2.49Interest bearing demand and money market 2.69 2.69 2.87 3.13 3.13 2.69 3.12Savings 0.57 0.57 0.57 0.57 0.57 0.57 0.57Time 3.98 4.10 4.28 4.50 4.53 4.04 4.47Total interest bearing deposits 2.92 2.96 3.12 3.30 3.28 2.94 3.24Fed funds purchased, securities sold under agreement to repurchase and other 4.45 4.45 4.58 5.10 4.47 4.45 4.76Short-term FHLB borrowings 4.31 4.43 – – – 4.31 -Short-term BTFP borrowings – – 4.77 4.77 4.77 – 4.81Total interest bearing deposits and short-term borrowings 2.98 2.96 3.16 3.46 3.44 2.97 3.41Subordinated and long-term borrowings 4.07 4.05 4.14 4.30 4.41 4.07 4.38Total interest bearing liabilities 3.02 2.97 3.17 3.47 3.45 3.00 3.43Interest bearing liabilities to interest earning assets 76.39% 75.70% 74.82% 75.40% 75.97% 76.05% 75.85%Net interest income tax equivalent adjustment (in thousands) $ 637 $ 630 $ 648 $ 694 $ 644 $ 1,267 $ 1,280(1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 22- 26.Table 4Consolidated Balance Sheets(Unaudited) As of(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024ASSETSCash and due from banks $ 710,679 $ 578,513 $ 624,884 $ 504,827 $ 516,715Interest bearing deposits with other banks and Federal funds sold 825,878 988,787 1,106,692 3,483,299 2,093,820Available for sale securities, at fair value 8,837,400 7,912,159 7,293,988 7,841,685 7,921,422Loans and leases, net of unearned income 35,465,181 34,051,610 33,741,755 33,303,972 33,312,773Allowance for credit losses 474,651 457,791 460,793 460,859 470,022Net loans and leases 34,990,530 33,593,819 33,280,962 32,843,113 32,842,751Loans held for sale, at fair value 272,059 220,441 244,192 205,941 197,673Premises and equipment, net 806,879 780,963 783,456 797,556 808,705Goodwill 1,387,990 1,366,923 1,366,923 1,366,923 1,366,923Other intangible assets, net 87,814 79,522 83,190 87,094 91,027Bank-owned life insurance 671,813 654,964 651,838 652,057 648,970Other assets 1,787,798 1,567,203 1,583,065 1,422,438 1,496,072Total Assets $ 50,378,840 $ 47,743,294 $ 47,019,190 $ 49,204,933 $ 47,984,078LIABILITIESDeposits:Demand: Noninterest bearing $ 9,154,050 $ 8,558,412 $ 8,591,805 $ 9,242,693 $ 8,586,265Interest bearing 18,936,579 19,221,356 19,345,114 18,125,553 18,514,015Savings 2,641,482 2,626,901 2,588,406 2,560,803 2,613,950Time deposits 9,761,407 9,929,059 9,970,876 8,915,311 8,144,429Total deposits 40,493,518 40,335,728 40,496,201 38,844,360 37,858,659Securities sold under agreement to repurchase 21,225 19,671 23,616 16,964 55,034Other short-term borrowings 1,575,000 235,000 – 3,500,000 3,500,000Subordinated and long-term borrowings 1,430,674 560,690 10,706 225,823 269,353Other liabilities 942,140 873,664 918,984 1,044,923 1,013,274Total Liabilities 44,462,557 42,024,753 41,449,507 43,632,070 42,696,320SHAREHOLDERS' EQUITYPreferred stock 166,993 166,993 166,993 166,993 166,993Common stock 465,768 460,116 458,819 455,788 456,076Capital surplus 2,805,171 2,736,799 2,742,913 2,729,440 2,724,656Accumulated other comprehensive loss (576,157) (621,203) (694,495) (590,342) (782,462)Retained earnings 3,054,508 2,975,836 2,895,453 2,810,984 2,722,495Total Shareholders' Equity 5,916,283 5,718,541 5,569,683 5,572,863 5,287,758Total Liabilities & Shareholders' Equity $ 50,378,840 $ 47,743,294 $ 47,019,190 $ 49,204,933 $ 47,984,078Table 5Consolidated Quarterly Average Balance Sheets(Unaudited)(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024ASSETSCash and due from banks $ 526,612 $ 560,581 $ 490,161 $ 435,569 $ 456,938Interest bearing deposits with other banks and Federal funds sold 1,017,815 1,275,153 1,698,300 2,210,277 2,758,385Available for sale securities, at fair value 8,814,463 7,302,172 7,636,683 7,915,636 8,033,552Loans and leases, net of unearned income 34,762,808 33,944,416 33,461,931 33,279,819 32,945,526Allowance for credit losses 467,521 465,332 465,971 469,919 475,181Net loans and leases 34,295,287 33,479,084 32,995,960 32,809,900 32,470,345Loans held for sale, at fair value 146,191 115,261 123,211 134,313 114,359Premises and equipment, net 793,793 785,194 796,394 807,353 815,920Goodwill 1,379,076 1,366,923 1,366,923 1,366,923 1,367,358Other intangible assets, net 81,845 81,527 85,323 89,262 93,743Bank-owned life insurance 662,909 652,689 651,166 650,307 646,124Other assets 1,638,705 1,516,847 1,419,417 1,384,437 1,435,995Total Assets $ 49,356,696 $ 47,135,431 $ 47,263,538 $ 47,803,977 $ 48,192,719LIABILITIESDeposits:Demand: Noninterest bearing $ 8,494,542 $ 8,339,414 $ 8,676,765 $ 8,616,534 $ 8,757,029Interest bearing 18,799,895 19,428,376 18,845,689 18,043,686 18,770,093Savings 2,646,190 2,607,366 2,573,961 2,584,761 2,652,019Time deposits 9,956,973 9,978,136 9,646,809 8,389,472 7,920,946Total deposits 39,897,600 40,353,292 39,743,224 37,634,453 38,100,087Securities sold under agreement to repurchase 18,499 22,956 18,053 32,375 65,821Other short-term borrowings 1,419,615 108,389 905,815 3,512,218 3,500,000Subordinated and long-term borrowings 1,338,059 129,030 123,442 265,790 404,231Other liabilities 855,842 870,172 883,643 938,315 915,326Total Liabilities 43,529,615 41,483,839 41,674,177 42,383,151 42,985,465SHAREHOLDERS' EQUITYPreferred stock 166,993 166,993 166,993 166,993 166,993Common stock 463,937 458,830 457,798 455,954 456,618Capital surplus 2,779,736 2,744,442 2,735,323 2,725,581 2,724,838Accumulated other comprehensive loss (616,527) (663,883) (634,307) (703,619) (838,710)Retained earnings 3,032,942 2,945,210 2,863,554 2,775,917 2,697,515Total Shareholders' Equity 5,827,081 5,651,592 5,589,361 5,420,826 5,207,254Total Liabilities & Shareholders' Equity $ 49,356,696 $ 47,135,431 $ 47,263,538 $ 47,803,977 $ 48,192,719Table 6Consolidated Statements of Income(Unaudited) Quarter Ended Year-to-date(Dollars in thousands, except per share data) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024INTEREST REVENUE:Loans and leases $ 549,691 $ 530,050 $ 540,147 $ 555,862 $ 539,685 $ 1,079,741 $ 1,068,624Available for sale securities:Taxable 72,355 53,232 57,476 59,732 62,852 125,587 126,257Tax-exempt 634 629 635 638 638 1,263 1,325Loans held for sale 1,736 1,449 1,694 1,630 1,652 3,185 2,837Short-term investments 11,183 13,897 20,369 29,851 37,383 25,080 80,280Total interest revenue 635,599 599,257 620,321 647,713 642,210 1,234,856 1,279,323INTEREST EXPENSE:Interest bearing demand deposits and money market accounts 125,874 128,831 135,965 142,179 146,279 254,705 295,682Savings 3,747 3,644 3,684 3,695 3,743 7,391 7,544Time deposits 98,721 100,900 103,785 94,944 89,173 199,621 169,842Federal funds purchased and securities sold under agreement to repurchase 2,939 1,124 293 561 724 4,063 3,247Short-term borrowings 12,594 317 10,779 42,003 41,544 12,911 83,653Subordinated and long-term borrowings 13,584 1,289 1,284 2,873 4,429 14,873 9,129Total interest expense 257,459 236,105 255,790 286,255 285,892 493,564 569,097Net interest revenue 378,140 363,152 364,531 361,458 356,318 741,292 710,226Provision for credit losses 31,000 20,000 15,000 12,000 22,000 51,000 44,000Net interest revenue, after provision for credit losses 347,140 343,152 349,531 349,458 334,318 690,292 666,226NONINTEREST REVENUE:Wealth management 25,298 23,279 23,973 24,110 24,006 48,577 46,839Deposit service charges 18,061 17,736 18,694 18,814 17,652 35,797 35,989Credit card, debit card and merchant fees 12,972 11,989 12,664 12,649 12,770 24,961 24,932Mortgage banking 8,711 6,638 3,554 1,133 6,173 15,349 12,616Security losses – (9) (3) (2,947) (4) (9) (12)Other noninterest income 33,139 25,754 27,283 32,142 40,061 58,893 64,080Total noninterest revenue 98,181 85,387 86,165 85,901 100,658 183,568 184,444NONINTEREST EXPENSE:Salaries and employee benefits 157,340 152,972 152,381 152,237 148,038 310,312 304,689Occupancy and equipment 30,039 28,477 27,275 28,894 29,367 58,516 58,007Data processing and software 30,701 27,132 33,226 29,164 29,467 57,833 59,494Deposit insurance assessments 8,571 8,643 8,284 7,481 15,741 17,214 24,156Amortization of intangibles 4,046 3,668 3,904 3,933 3,999 7,714 8,065Merger expense 2,179 315 – – – 2,494 -Other noninterest expense 39,987 38,142 41,116 37,729 30,085 78,129 65,493Total noninterest expense 272,863 259,349 266,186 259,438 256,697 532,212 519,904Income before income taxes 172,458 169,190 169,510 175,921 178,279 341,648 330,766Income tax expense 37,813 35,968 36,795 39,482 40,807 73,781 76,316Net income 134,645 133,222 132,715 136,439 137,472 267,867 254,450Less: Preferred dividends 4,744 2,372 2,372 2,372 2,372 7,116 4,744Net income available to common shareholders $ 129,901 $ 130,850 $ 130,343 $ 134,067 $ 135,100 $ 260,751 $ 249,706Diluted earnings per common share $ 0.69 $ 0.70 $ 0.70 $ 0.72 $ 0.73 $ 1.40 $ 1.35Table 7Selected Loan and Lease Portfolio Data(Unaudited) Quarter Ended(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024LOAN AND LEASE PORTFOLIO:Commercial and industrialNon-real estate $ 9,049,094 $ 8,688,653 $ 8,670,529 $ 8,692,639 $ 9,136,929Owner occupied 4,762,408 4,667,477 4,665,015 4,557,723 4,475,647Total commercial and industrial 13,811,502 13,356,130 13,335,544 13,250,362 13,612,576Commercial real estateConstruction, acquisition and development 3,464,124 3,723,408 3,909,184 3,931,821 3,892,527Income producing 7,025,539 6,268,456 6,015,773 5,978,695 5,851,340Total commercial real estate 10,489,663 9,991,864 9,924,957 9,910,516 9,743,867ConsumerResidential mortgages 10,951,618 10,498,320 10,267,883 9,933,222 9,740,713Other consumer 212,398 205,296 213,371 209,872 215,617Total consumer 11,164,016 10,703,616 10,481,254 10,143,094 9,956,330Total loans and leases, net of unearned income $ 35,465,181 $ 34,051,610 $ 33,741,755 $ 33,303,972 $ 33,312,773NONPERFORMING ASSETSNonperforming Loans and LeasesCommercial and industrialNon-real estate $ 123,960 $ 118,078 $ 145,115 $ 148,267 $ 121,171Owner occupied 18,158 18,988 16,904 15,127 13,700Total commercial and industrial 142,118 137,066 162,019 163,394 134,871Commercial real estateConstruction, acquisition and development 9,307 8,768 8,600 2,034 4,923Income producing 4,379 8,021 18,542 25,112 15,002Total commercial real estate 13,686 16,789 27,142 27,146 19,925ConsumerResidential mortgages 75,076 81,803 75,287 82,191 61,677Other consumer 363 294 244 223 273Total consumer 75,439 82,097 75,531 82,414 61,950Total nonperforming loans and leases (1) $ 231,243 $ 235,952 $ 264,692 $ 272,954 $ 216,746Other real estate owned and repossessed assets 15,599 8,452 5,754 5,354 4,793Total nonperforming assets $ 246,842 $ 244,404 $ 270,446 $ 278,308 $ 221,539Government guaranteed portion of nonaccrual loans and $ 94,046 $ 84,339 $ 89,906 $ 81,632 $ 71,418leases covered by the SBA, FHA, VA or USDALoans and leases 90+ days past due, still accruing $ 5,208 $ 8,832 $ 13,126 $ 11,757 $ 6,150(1) At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.Table 8Allowance for Credit Losses(Unaudited) Quarter Ended(Dollars in thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024ALLOWANCE FOR CREDIT LOSSES:Balance, beginning of period $ 457,791 $ 460,793 $ 460,859 $ 470,022 $ 472,575Charge-offs:Commercial and industrial (18,147) (21,284) (15,116) (21,620) (23,340)Commercial real estate (3,740) (1,382) (167) (222) (649)Consumer (3,438) (3,062) (2,679) (2,681) (2,294)Total loans charged-off (25,325) (25,728) (17,962) (24,523) (26,283)Recoveries:Commercial and industrial 3,191 1,822 2,613 1,647 2,943Commercial real estate 110 83 549 65 101Consumer 809 821 734 648 686Total recoveries 4,110 2,726 3,896 2,360 3,730Net charge-offs (21,215) (23,002) (14,066) (22,163) (22,553)Initial allowance on loans purchased with credit deterioration 8,075 – – – -Provision:Loans and leases acquired during the quarter 4,152 – – – -Provision for credit losses related to loans and leases 25,848 20,000 14,000 13,000 20,000Total provision for loans and leases 30,000 20,000 14,000 13,000 20,000Balance, end of period $ 474,651 $ 457,791 $ 460,793 $ 460,859 $ 470,022Average loans and leases, net of unearned income, for period $ 34,762,808 $ 33,944,416 $ 33,461,931 $ 33,279,819 $ 32,945,526Ratio: Net charge-offs to average loans and leases (2) 0.24% 0.27% 0.17% 0.26% 0.28%RESERVE FOR UNFUNDED COMMITMENTS (1)Balance, beginning of period $ 8,551 $ 8,551 $ 7,551 $ 8,551 $ 6,551Provision (reversal) for credit losses for unfunded commitments 1,000 – 1,000 (1,000) 2,000Balance, end of period $ 9,551 $ 8,551 $ 8,551 $ 7,551 $ 8,551(1) The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.(2) Annualized.Table 9Loan and Lease Portfolio by Grades(Unaudited) June 30, 2025(In thousands) Pass Special Substandard Doubtful Impaired Purchased Total Mention Credit Deteriorated (Loss)LOAN AND LEASE PORTFOLIO:Commercial and industrialNon-real estate $ 8,516,718 $ 157,279 $ 344,254 $ 8,369 $ 19,112 $ 3,362 $ 9,049,094Owner occupied 4,719,527 7,886 28,021 – 6,974 – 4,762,408Total commercial and industrial 13,236,245 165,165 372,275 8,369 26,086 3,362 13,811,502Commercial real estateConstruction, acquisition and development 3,452,247 1,634 4,400 – 5,843 – 3,464,124Income producing 6,776,961 53,088 188,979 – 2,218 4,293 7,025,539Total commercial real estate 10,229,208 54,722 193,379 – 8,061 4,293 10,489,663ConsumerResidential mortgages 10,847,867 9,008 89,257 – 4,075 1,411 10,951,618Other consumer 211,722 – 676 – – – 212,398Total consumer 11,059,589 9,008 89,933 – 4,075 1,411 11,164,016Total loans and leases, net of unearned income $ 34,525,042 $ 228,895 $ 655,587 $ 8,369 $ 38,222 $ 9,066 $ 35,465,181 March 31, 2025(In thousands) Pass Special Substandard Doubtful Impaired Purchased Total Mention Credit Deteriorated (Loss)LOAN AND LEASE PORTFOLIO:Commercial and industrialNon-real estate $ 8,234,513 $ 108,903 $ 317,012 $ 8,556 $ 16,227 $ 3,442 $ 8,688,653Owner occupied 4,617,617 – 38,174 – 10,592 1,094 4,667,477Total commercial and industrial 12,852,130 108,903 355,186 8,556 26,819 4,536 13,356,130Commercial real estateConstruction, acquisition and development 3,710,504 – 7,031 – 5,873 – 3,723,408Income producing 6,078,353 39,412 144,159 – 6,532 – 6,268,456Total commercial real estate 9,788,857 39,412 151,190 – 12,405 – 9,991,864ConsumerResidential mortgages 10,392,396 – 99,305 – 5,208 1,411 10,498,320Other consumer 204,701 – 595 – – – 205,296Total consumer 10,597,097 – 99,900 – 5,208 1,411 10,703,616Total loans and leases, net of unearned income $ 33,238,084 $ 148,315 $ 606,276 $ 8,556 $ 44,432 $ 5,947 $ 34,051,610Table 10Geographical Loan and Lease Information(Unaudited) June 30, 2025(Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other TotalLOAN AND LEASE PORTFOLIO:Commercial and industrialNon-real estate $ 461,841 $ 150,416 $ 578,930 $ 463,910 $ 380,995 $ 566,433 $ 73,659 $ 335,082 $3,560,172 $2,477,656 $9,049,094Owner occupied 327,424 247,534 306,486 412,620 288,772 591,957 99,690 157,107 1,861,471 469,347 4,762,408Total commercial and industrial 789,265 397,950 885,416 876,530 669,767 1,158,390 173,349 492,189 5,421,643 2,947,003 13,811,502Commercial real estateConstruction, acquisition and development 223,889 67,466 234,381 359,066 60,759 167,989 39,054 179,527 1,671,287 460,706 3,464,124Income producing 475,388 278,193 673,011 1,021,286 229,432 415,358 220,172 327,886 2,459,308 925,505 7,025,539Total commercial real estate 699,277 345,659 907,392 1,380,352 290,191 583,347 259,226 507,413 4,130,595 1,386,211 10,489,663ConsumerResidential mortgages 1,324,421 451,893 720,256 526,537 494,173 1,253,916 231,680 864,729 4,816,298 267,715 10,951,618Other consumer 27,540 18,585 5,066 9,182 10,739 84,064 1,353 16,712 33,853 5,304 212,398Total consumer 1,351,961 470,478 725,322 535,719 504,912 1,337,980 233,033 881,441 4,850,151 273,019 11,164,016Total loans and leases, net of unearned income $2,840,503 $ 1,214,087 $ 2,518,130 $ 2,792,601 $ 1,464,870 $ 3,079,717 $ 665,608 $ 1,881,043 $14,402,389 $4,606,233 $35,465,181Loan growth (decline), excluding loans acquired during the quarter ($) $ 85,796 $ 24,724 $ (21,244) $ 11,285 $ 20,547 $ 59,189 $ 19,330 $ 45,295 $ 516,169 $ 310,003 $1,071,094Loan growth (decline), excluding loans acquired during the quarter (%) (annualized) 12.50% 8.35% (3.38)% 1.75% 5.72% 7.86% 12.05% 9.90% 14.92% 29.71% 12.62% March 31, 2025(Dollars in thousands) Alabama Arkansas Florida Georgia Louisiana Mississippi Missouri Tennessee Texas Other TotalLOAN AND LEASE PORTFOLIO:Commercial and industrialNon-real estate $ 424,598 $ 157,460 $ 576,477 $ 464,611 $ 375,154 $ 534,964 $ 65,370 $ 338,916 $ 3,467,605 $ 2,283,498 $ 8,688,653Owner occupied 338,752 244,335 306,890 429,592 294,980 590,076 99,197 159,241 1,766,119 438,295 4,667,477Total commercial and industrial 763,350 401,795 883,367 894,203 670,134 1,125,040 164,567 498,157 5,233,724 2,721,793 13,356,130Commercial real estateConstruction, acquisition and development 220,664 79,437 371,396 443,876 48,561 166,644 36,117 184,595 1,714,761 457,357 3,723,408Income producing 434,990 258,337 544,896 783,768 226,924 423,200 215,550 315,125 2,323,475 742,191 6,268,456Total commercial real estate 655,654 337,774 916,292 1,227,644 275,485 589,844 251,667 499,720 4,038,236 1,199,548 9,991,864ConsumerResidential mortgages 1,309,478 430,005 719,379 455,027 484,751 1,221,895 226,051 821,297 4,571,649 258,788 10,498,320Other consumer 25,579 17,844 4,776 7,982 10,486 83,368 1,246 15,557 33,872 4,586 205,296Total consumer 1,335,057 447,849 724,155 463,009 495,237 1,305,263 227,297 836,854 4,605,521 263,374 10,703,616Total loans and leases, net of unearned income $ 2,754,061 $ 1,187,418 $ 2,523,814 $ 2,584,856 $ 1,440,856 $ 3,020,147 $ 643,531 $ 1,834,731 $ 13,877,481 $ 4,184,715 $ 34,051,610Table 11Noninterest Revenue and Expense(Unaudited) Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024NONINTEREST REVENUE:Trust and asset management income $ 13,227 $ 11,823 $ 12,485 $ 12,055 $ 12,645 $ 25,050 $ 23,967Investment advisory fees 8,970 8,454 8,502 8,641 8,180 17,424 16,517Brokerage and annuity fees 3,101 3,002 2,986 3,414 3,181 6,103 6,355Deposit service charges 18,061 17,736 18,694 18,814 17,652 35,797 35,989Credit card, debit card and merchant fees 12,972 11,989 12,664 12,649 12,770 24,961 24,932Mortgage banking excl. MSR and MSR hedge market value adjustment 10,734 9,743 6,293 8,171 9,875 20,477 13,631MSR and MSR hedge market value adjustment (2,023) (3,105) (2,739) (7,038) (3,702) (5,128) (1,015)Security losses, net – (9) (3) (2,947) (4) (9) (12)Bank-owned life insurance 6,812 5,202 5,046 4,353 4,370 12,014 8,316Other miscellaneous income 26,327 20,552 22,237 27,789 35,691 46,879 55,764Total noninterest revenue $ 98,181 $ 85,387 $ 86,165 $ 85,901 $ 100,658 $ 183,568 $ 184,444NONINTEREST EXPENSE:Salaries and employee benefits $ 157,340 $ 152,972 $ 152,381 $ 152,237 $ 148,038 $ 310,312 $ 304,689Occupancy and equipment 30,039 28,477 27,275 28,894 29,367 58,516 58,007Data processing and software 30,701 27,132 33,226 29,164 29,467 57,833 59,494Deposit insurance assessments 8,571 8,643 8,284 7,481 15,741 17,214 24,156Amortization of intangibles 4,046 3,668 3,904 3,933 3,999 7,714 8,065Merger expense 2,179 315 – – – 2,494 -Advertising and public relations 7,304 4,157 5,870 5,481 6,537 11,461 10,760Foreclosed property expense 757 864 621 486 515 1,621 783Telecommunications 1,330 1,512 1,359 1,513 1,441 2,842 2,985Travel and entertainment 2,829 2,436 2,618 2,612 2,549 5,266 4,785Professional, consulting and outsourcing 4,043 4,733 4,540 4,115 3,534 8,775 7,469Legal 8,111 3,559 4,176 3,664 758 11,669 4,440Postage and shipping 1,797 1,773 1,624 1,677 1,622 3,571 3,827Other miscellaneous expense 13,816 19,108 20,308 18,181 13,129 32,924 30,444Total noninterest expense $ 272,863 $ 259,349 $ 266,186 $ 259,438 $ 256,697 $ 532,212 $ 519,904Table 12Average Balance and Yields(Unaudited) Quarter Ended June 30, 2025 March 31, 2025 June 30, 2024(Dollars in thousands) Average Income/Expense Yield/ Average Income/Expense Yield/ Average Income/Expense Yield/ Balance Rate Balance Rate Balance RateASSETSInterest-earning assets:Loans and leases, excluding accretion $ 34,762,808 $ 547,514 6.32% $ 33,944,416 $ 527,951 6.31% $ 32,945,526 $ 537,179 6.56%Accretion income on acquired loans 2,645 0.03 2,562 0.03 2,981 0.04Loans held for sale 146,191 1,736 4.76 115,261 1,449 5.10 114,359 1,652 5.81Investment securitiesTaxable 8,736,627 72,355 3.32 7,222,326 53,232 2.99 7,954,865 62,852 3.18Tax-exempt 77,836 803 4.14 79,846 796 4.04 78,687 807 4.12Total investment securities 8,814,463 73,158 3.33 7,302,172 54,028 3.00 8,033,552 63,659 3.19Other investments 1,017,815 11,183 4.41 1,275,153 13,897 4.42 2,758,385 37,383 5.45Total interest-earning assets 44,741,277 636,236 5.70% 42,637,002 599,887 5.71% 43,851,822 642,854 5.90%Other assets 5,082,940 4,963,761 4,816,078Allowance for credit losses 467,521 465,332 475,181Total assets $ 49,356,696 $ 47,135,431 $ 48,192,719LIABILITIES AND SHAREHOLDERS' EQUITYInterest-bearing liabilities:Interest bearing demand and money market $ 18,799,895 $ 125,874 2.69% $ 19,428,376 $ 128,831 2.69% $ 18,770,093 $ 146,279 3.13%Savings deposits 2,646,190 3,747 0.57 2,607,366 3,644 0.57 2,652,019 3,743 0.57Time deposits 9,956,973 98,721 3.98 9,978,136 100,900 4.10 7,920,946 89,173 4.53Total interest-bearing deposits 31,403,058 228,342 2.92 32,013,878 233,375 2.96 29,343,058 239,195 3.28Fed funds purchased, securities sold under agreement to repurchase and other 265,092 2,939 4.45 103,067 1,132 4.45 65,821 732 4.47Short-term FHLB borrowings 1,173,022 12,594 4.31 28,278 309 4.43 – – -Short-term BTFP borrowings – – – – – – 3,500,000 41,536 4.77Subordinated and long-term borrowings 1,338,059 13,584 4.07 129,030 1,289 4.05 404,231 4,429 4.41Total interest-bearing liabilities 34,179,231 257,459 3.02% 32,274,253 236,105 2.97% 33,313,110 285,892 3.45%Noninterest-bearing liabilities:Demand deposits 8,494,542 8,339,414 8,757,029Other liabilities 855,842 870,172 915,326Total liabilities 43,529,615 41,483,839 42,985,465Shareholders' equity 5,827,081 5,651,592 5,207,254Total liabilities and shareholders' equity $ 49,356,696 $ 47,135,431 $ 48,192,719Net interest income/net interest spread 378,777 2.68% 363,782 2.74% 356,962 2.45%Net yield on earning assets/net interest margin 3.40% 3.46% 3.27%Taxable equivalent adjustment:Loans and investment securities (637) (630) (644)Net interest revenue $ 378,140 $ 363,152 $ 356,318Table 12Average Balance and Yields Continued Year-To-Date June 30, 2025 June 30, 2024(Dollars in thousands) Average Income/Expense Yield/ Average Income/Expense Yield/ Balance Rate Balance RateASSETSInterest-earning assets:Loans and leases, excluding accretion $ 34,355,873 $ 1,075,465 6.31% $ 32,841,550 $ 1,063,056 6.51%Accretion income on acquired loans 5,207 0.03 6,496 0.04Loans held for sale 130,812 3,185 4.91 93,358 2,837 6.11Investment securitiesTaxable 7,983,659 125,587 3.17 8,071,103 126,257 3.15Tax-exempt 78,836 1,599 4.09 80,527 1,677 4.19Total investment securities 8,062,495 127,186 3.18 8,151,630 127,934 3.16Other investments 1,145,773 25,080 4.41 2,952,412 80,280 5.47Total interest-earning assets 43,694,953 1,236,123 5.70% 44,038,950 1,280,603 5.85%Other assets 5,023,679 4,853,195Allowance for credit losses 466,433 474,515Total assets $ 48,252,199 $ 48,417,630LIABILITIES AND SHAREHOLDERS' EQUITYInterest-bearing liabilities:Interest bearing demand and money market $ 19,112,399 254,705 2.69% $ 19,036,969 $ 295,682 3.12%Savings deposits 2,626,885 7,391 0.57 2,674,236 7,544 0.57Time deposits 9,967,496 199,621 4.04 7,634,651 169,842 4.47Total interest-bearing deposits 31,706,780 461,717 2.94 29,345,856 473,068 3.24Fed funds purchased, securities sold under agreement to repurchase and other 184,527 4,071 4.45 137,585 3,260 4.76Short-term FHLB borrowings 603,812 12,903 4.31 – – -Short-term BTFP borrowings – – – 3,500,000 83,640 4.81Subordinated and long-term borrowings 736,885 14,873 4.07 419,405 9,129 4.38Total interest-bearing liabilities 33,232,004 493,564 3.00% 33,402,846 569,097 3.43%Noninterest-bearing liabilities:Demand deposits 8,417,406 8,914,824Other liabilities 862,968 899,309Total liabilities 42,512,378 43,216,979Shareholders' equity 5,739,821 5,200,651Total liabilities and shareholders' equity $ 48,252,199 $ 48,417,630Net interest income/net interest spread 742,559 2.70% 711,506 2.42%Net yield on earning assets/net interest margin 3.43% 3.25%Taxable equivalent adjustment:Loans and investment securities (1,267) (1,280)Net interest revenue $ 741,292 $ 710,226Table 13Selected Additional Data(Unaudited) Quarter Ended(Dollars in thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024MORTGAGE SERVICING RIGHTS (“MSR”):Fair value, beginning of period $ 110,969 $ 114,594 $ 104,891 $ 113,595 $ 111,685Originations of servicing assets 3,732 2,796 4,227 3,361 3,687Changes in fair value:Due to changes in valuation inputs or assumptions(1) (2,468) (4,447) 9,193 (8,232) 927Other changes in fair value(2) (609) (1,974) (3,717) (3,833) (2,704)Fair value, end of period $ 111,624 $ 110,969 $ 114,594 $ 104,891 $ 113,595MORTGAGE BANKING REVENUE:Origination $ 4,362 $ 3,402 $ 332 $ 2,145 $ 3,976Servicing 6,372 6,341 5,961 6,026 5,899Total mortgage banking revenue excluding MSR 10,734 9,743 6,293 8,171 9,875Due to changes in valuation inputs or assumptions(1) (2,468) (4,447) 9,193 (8,232) 927Other changes in fair value(2) (609) (1,974) (3,717) (3,833) (2,704)Market value adjustment on MSR Hedge 1,054 3,316 (8,215) 5,027 (1,925)Total mortgage banking revenue $ 8,711 $ 6,638 $ 3,554 $ 1,133 $ 6,173Mortgage loans serviced $ 8,216,970 $ 8,111,379 $ 8,043,306 $ 7,927,028 $ 7,824,895MSR/mortgage loans serviced 1.36% 1.37% 1.42% 1.32% 1.45%(1) Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates.(2) Primarily reflects changes due to realized cash flows. Quarter Ended(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024AVAILABLE FOR SALE SECURITIES, at fair valueObligations of U.S. government agencies $ 266,905 $ 274,285 $ 281,231 $ 300,730 $ 305,200Mortgage-backed securities issued or guaranteed by U.S. agencies (“MBS”):Residential pass-through:Guaranteed by GNMA 64,464 66,149 66,581 71,001 69,788Issued by FNMA and FHLMC 4,166,316 4,024,678 3,965,556 4,163,760 4,125,416Other residential mortgage-back securities 2,389,062 1,564,928 934,721 1,135,004 1,233,868Commercial mortgage-backed securities 1,455,638 1,486,525 1,549,641 1,664,288 1,673,823Total MBS 8,075,480 7,142,280 6,516,499 7,034,053 7,102,895Obligations of states and political subdivisions 131,335 129,822 132,069 137,996 133,155Other domestic debt securities 45,999 48,422 47,402 51,599 64,288Foreign debt securities 317,681 317,350 316,787 317,307 315,884Total available for sale securities $ 8,837,400 $ 7,912,159 $ 7,293,988 $ 7,841,685 $ 7,921,422

Table 14 Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions (Unaudited)

Management evaluates the Company's capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted net income, adjusted net income available to common shareholders, pre-tax pre-provision net revenue, adjusted pre-tax pre-provision net revenue, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders' equity to tangible assets, total shareholders' equity (excluding AOCI), common shareholders' equity (excluding AOCI), tangible common shareholders' equity to tangible assets (excluding AOCI), return on average tangible common equity, adjusted return on average tangible common equity, adjusted return on average assets, adjusted return on average common shareholders' equity, adjusted return on average common shareholders' equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio, and adjusted dividend payout ratio. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company's capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company's business and (iii) allows investors to evaluate the Company's performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies' non-GAAP financial measures having the same or similar names.

Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Adjusted Net Income Available to Common ShareholdersNet income $ 134,645 $ 133,222 $ 132,715 $ 136,439 $ 137,472 $ 267,867 $ 254,450Plus: Merger expense 2,179 315 – – – 2,494 -Incremental merger related expense 616 55 – – – 671 -Initial provision for acquired loans 4,182 – – – – 4,182 -Gain on extinguishment of debt – – – – (1,098) – (1,674)Restructuring and other nonroutine expenses (300) 351 (505) (920) 6,675 51 6,926Less: Security losses, net – (9) (3) (2,947) (4) (9) (12)Gain on sale of businesses – – – – 14,980 – 14,980Tax effect of the adjustments 1,483 172 (118) 476 (2,209) 1,655 (2,283)Adjusted net income 139,839 133,780 132,331 137,990 130,282 273,619 247,017Less: Preferred dividends 4,744 2,372 2,372 2,372 2,372 7,116 4,744Plus: Special preferred dividends 2,372 – – – – 2,372 -Adjusted net income available to common shareholders $ 137,467 $ 131,408 $ 129,959 $ 135,618 $ 127,910 $ 268,875 $ 242,273 Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Pre-Tax Pre-Provision Net RevenueNet income $ 134,645 $ 133,222 $ 132,715 $ 136,439 $ 137,472 $ 267,867 $ 254,450Plus: Provision for credit losses 31,000 20,000 15,000 12,000 22,000 51,000 44,000Income tax expense 37,813 35,968 36,795 39,482 40,807 73,781 76,316Pre-tax pre-provision net revenue $ 203,458 $ 189,190 $ 184,510 $ 187,921 $ 200,279 $ 392,648 $ 374,766 Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Adjusted Pre-Tax Pre-Provision Net RevenueNet income $ 134,645 $ 133,222 $ 132,715 $ 136,439 $ 137,472 $ 267,867 $ 254,450Plus: Provision for credit losses 31,000 20,000 15,000 12,000 22,000 51,000 44,000Merger expense 2,179 315 – – – 2,494 -Incremental merger related expense 616 55 – – – 671 -Gain on extinguishment of debt – – – – (1,098) – (1,674)Restructuring and other nonroutine expenses (300) 351 (505) (920) 6,675 51 6,926Pension settlement expense – – – – – – -Income tax expense 37,813 35,968 36,795 39,482 40,807 73,781 76,316Less: Security losses, net – (9) (3) (2,947) (4) (9) (12)Gain on sale of businesses – – – – 14,980 – 14,980Adjusted pre-tax pre-provision net revenue $ 205,953 $ 189,920 $ 184,008 $ 189,948 $ 190,880 $ 395,873 $ 365,050 Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Total Adjusted RevenueNet interest revenue $ 378,140 $ 363,152 $ 364,531 $ 361,458 $ 356,318 $ 741,292 $ 710,226Total Adjusted Noninterest RevenueTotal noninterest revenue $ 98,181 $ 85,387 $ 86,165 $ 85,901 $ 100,658 $ 183,568 $ 184,444Less: Security losses, net – (9) (3) (2,947) (4) (9) (12)Gain on sale of businesses – – – – 14,980 – 14,980Total adjusted noninterest revenue $ 98,181 $ 85,396 $ 86,168 $ 88,848 $ 85,682 $ 183,577 $ 169,476Total adjusted revenue $ 476,321 $ 448,548 $ 450,699 $ 450,306 $ 442,000 $ 924,869 $ 879,702 Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Total Adjusted Noninterest ExpenseTotal noninterest expense $ 272,863 $ 259,349 $ 266,186 $ 259,438 $ 256,697 $ 532,212 $ 519,904Less: Merger expense 2,179 315 – – – 2,494 -Incremental merger related expense 616 55 – – – 671 -Gain on extinguishment of debt – – – – (1,098) – (1,674)Restructuring and other nonroutine expenses (300) 351 (505) (920) 6,675 51 6,926Total adjusted noninterest expense $ 270,368 $ 258,628 $ 266,691 $ 260,358 $ 251,120 $ 528,996 $ 514,652 Quarter Ended Year-to-date(In thousands) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024Total Tangible Assets, Excluding AOCITotal assets $ 50,378,840 $ 47,743,294 $ 47,019,190 $ 49,204,933 $ 47,984,078 $ 50,378,840 $ 47,984,078Less: Goodwill 1,387,990 1,366,923 1,366,923 1,366,923 1,366,923 1,387,990 1,366,923Other intangible assets, net 87,814 79,522 83,190 87,094 91,027 87,814 91,027Total tangible assets 48,903,036 46,296,849 45,569,077 47,750,916 46,526,128 48,903,036 46,526,128Less: AOCI (576,157) (621,203) (694,495) (590,342) (782,462) (576,157) (782,462)Total tangible assets, excluding AOCI $ 49,479,193 $ 46,918,052 $ 46,263,572 $ 48,341,258 $ 47,308,590 $ 49,479,193 $ 47,308,590 Quarter Ended Year-to-date(Dollars in thousands, except per share data) Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Jun 2025 Jun 2024PERIOD END BALANCES:Total Shareholders' Equity, Excluding AOCITotal shareholders' equity $5,916,283 $5,718,541 $5,569,683 $5,572,863 $5,287,758 $5,916,283 $5,287,758Less: AOCI (576,157) (621,203) (694,495) (590,342) (782,462) (576,157) (782,462)Total shareholders' equity, excluding AOCI $6,492,440 $6,339,744 $6,264,178 $6,163,205 $6,070,220 $6,492,440 $6,070,220Common Shareholders' Equity, Excluding AOCITotal shareholders' equity $5,916,283 $5,718,541 $5,569,683 $5,572,863 $5,287,758 $5,916,283 $5,287,758Less: preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993Common shareholders' equity 5,749,290 5,551,548 5,402,690 5,405,870 5,120,765 5,749,290 5,120,765Less: AOCI (576,157) (621,203) (694,495) (590,342) (782,462) (576,157) (782,462)Common shareholders' equity, excluding AOCI $6,325,447 $6,172,751 $6,097,185 $5,996,212 $5,903,227 $6,325,447 $5,903,227Total Tangible Common Shareholders' Equity, Excluding AOCITotal shareholders' equity $5,916,283 $5,718,541 $5,569,683 $5,572,863 $5,287,758 $5,916,283 $5,287,758Less: Goodwill 1,387,990 1,366,923 1,366,923 1,366,923 1,366,923 1,387,990 1,366,923Other intangible assets, net 87,814 79,522 83,190 87,094 91,027 87,814 91,027Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993Total tangible common shareholders' equity 4,273,486 4,105,103 3,952,577 3,951,853 3,662,815 4,273,486 3,662,815Less: AOCI (576,157) (621,203) (694,495) (590,342) (782,462) (576,157) (782,462)Total tangible common shareholders' equity, excluding AOCI $4,849,643 $4,726,306 $4,647,072 $4,542,195 $4,445,277 $4,849,643 $4,445,277AVERAGE BALANCES:Total Tangible Common Shareholders' EquityTotal shareholders' equity $5,827,081 $5,651,592 $5,589,361 $5,420,826 $5,207,254 $5,739,821 $5,200,651Less: Goodwill 1,379,076 1,366,923 1,366,923 1,366,923 1,367,358 1,373,033 1,367,572Other intangible assets, net 81,845 81,527 85,323 89,262 93,743 81,687 96,047Preferred stock 166,993 166,993 166,993 166,993 166,993 166,993 166,993Total tangible common shareholders' equity $4,199,167 $4,036,149 $3,970,122 $3,797,648 $3,579,160 $4,118,108 $3,570,039Total average assets $49,356,696 $47,135,431 $47,263,538 $47,803,977 $48,192,719 $48,252,199 $48,417,630Total shares of common stock outstanding 186,307,016 184,046,420 183,527,575 182,315,142 182,430,427 186,307,016 182,430,427Average shares outstanding-diluted 187,642,873 186,121,979 186,038,243 185,496,110 185,260,963 186,888,073 185,417,547Tangible common shareholders' equity to tangible assets (1) 8.74% 8.87% 8.67% 8.28% 7.87% 8.74% 7.87%Tangible common shareholders' equity, excluding AOCI, to tangible assets, 9.80 10.07 10.04 9.40 9.40 9.80 9.40excluding AOCI (2)Return on average tangible common equity (3) 12.41 13.15 13.06 14.04 15.18 12.77 14.07Adjusted return on average tangible common equity (4) 13.13 13.20 13.02 14.21 14.37 13.17 13.65Adjusted return on average assets (5) 1.14 1.15 1.11 1.15 1.09 1.14 1.03Adjusted return on average common shareholders' equity (6) 9.74 9.72 9.53 10.27 10.21 9.73 9.68Pre-tax pre-provision net revenue to total average assets (7) 1.65 1.63 1.55 1.56 1.67 1.64 1.56Adjusted pre-tax pre-provision net revenue to total average assets (8) 1.67 1.63 1.55 1.58 1.59 1.65 1.52Tangible book value per common share (9) $ 22.94 $ 22.30 $ 21.54 $ 21.68 $ 20.08 $ 22.94 $ 20.08Tangible book value per common share, excluding AOCI (10) 26.03 25.68 25.32 24.91 24.37 26.03 24.37Adjusted earnings per common share (11) $ 0.73 $ 0.71 $ 0.70 $ 0.73 $ 0.69 $ 1.44 $ 1.31Adjusted dividend payout ratio (12) 37.67% 38.73% 35.71% 34.25% 36.23% 38.19% 38.17%Definitions of Non-GAAP Measures:(1) Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net.(2) Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.(3) Return on average tangible common equity is defined by the Company as annualized net income available to common shareholders divided by average tangible common shareholders equity.(4) Adjusted return on average tangible common equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity.(5) Adjusted return on average assets is defined by the Company as annualized net adjusted income divided by total average assets.(6) Adjusted return on average common shareholders' equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average common shareholders' equity.(7) Pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue divided by total average assets.(8) Adjusted pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for items included in the definition and calculation of adjusted income.(9) Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding.(10) Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding.(11) Adjusted earnings per common share is defined by the Company as net adjusted income available to common shareholders divided by average common shares outstanding-diluted.(12) Adjusted dividend payout ratio is defined by the Company as common share dividends divided by net adjusted income available to common shareholders.

Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions

The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management's internal evaluation of the Company's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense.

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