Cadence Bank Announces Fourth Quarter and Annual 2025 Financial Results
HOUSTON and TUPELO, Miss., Jan. 22, 2026 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2025.
Annual highlights for 2025 included:
Highlights for the fourth quarter of 2025 included:
"We are pleased to report strong fourth quarter results reflecting themes that are consistent with our full year 2025 performance, including continued earnings improvement and balance sheet growth," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "Our fourth quarter and full year results both reflect continued earnings growth achieved through a positive trajectory in net interest margin and operating efficiency combined with steady organic balance sheet growth and stable credit quality. Additionally, we supplemented our organic growth efforts in 2025 with two strategic partnerships that accelerated our growth in Texas and Georgia. Finally, we are pleased to have received all shareholder and regulatory approvals necessary to complete our pending transaction with Huntington, which is expected to close on February 1, 2026. We are excited about the opportunity this combination provides to enhance growth efforts in the communities and markets we serve through the additional capabilities and product offerings available at Huntington."
Earnings Summary
For the year ended December 31, 2025, the Company reported net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, compared with $514.1 million, or $2.77 per diluted common share, for the year ended December 31, 2024. The Company reported adjusted net income available to common shareholders (1) of $582.2 million, or $3.10 per diluted common share, for the year ended December 31, 2025 compared with $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024. Additionally, the Company reported adjusted PPNR (1) of $857.7 million, or 1.68% of average assets, for the year ended December 31, 2025 compared with $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024.
For the fourth quarter of 2025, the Company reported net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, compared to $130.3 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $127.5 million, or $0.67 per diluted common share, for the third quarter of 2025. Adjusted net income available to common shareholders (1) was $160.6 million, or $0.85 per diluted common share, for the fourth quarter of 2025, compared with $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025.
Return on average assets was 1.10% for the fourth quarter of 2025, compared to 1.12% for the fourth quarter of 2024 and 0.95% for the third quarter of 2025. Adjusted return on average assets (1) was 1.22% for the fourth quarter of 2025, compared to 1.11% in the fourth quarter of 2024 and 1.13% in the third quarter of 2025. Additionally, the Company reported adjusted PPNR (1) of $237.8 million, or 1.78% of average assets on an annualized basis, for the fourth quarter of 2025, which represents an increase of $53.8 million, or 29.2%, compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1% compared to the third quarter of 2025.
Net Interest Revenue
Net interest revenue was $426.9 million for the fourth quarter of 2025, compared to $364.5 million for the fourth quarter of 2024 and $423.7 million for the third quarter of 2025. The net interest margin (fully taxable equivalent) was 3.55% for the fourth quarter of 2025, compared with 3.38% for the fourth quarter of 2024 and 3.46% for the third quarter of 2025.
Net interest revenue increased $3.2 million, or 0.8%, compared to the third quarter of 2025 due to continued balance sheet growth and improvement in net interest margin. Purchase accounting loan accretion revenue was $4.6 million for the fourth quarter of 2025 compared to $5.5 million for the third quarter of 2025. Average earning assets declined to $47.9 billion compared to $48.8 billion for the third quarter of 2025 as the third quarter of 2025 included temporarily elevated securities balances related to the Industry transaction. The linked quarter net interest margin improved by 9 basis points to 3.55% for the fourth quarter of 2025 due primarily to declines in the cost of deposits and overall funding costs outpacing declines in yields on loans and securities.
Yield on net loans, loans held for sale and leases, excluding accretion, was 6.26% for the fourth quarter of 2025 compared with 6.31% for the third quarter of 2025. Investment securities yielded 3.53% in the fourth quarter of 2025, declining from 3.65% for the third quarter of 2025. The average cost of total deposits of 2.15% for the fourth quarter of 2025 declined by 10 basis points from 2.25% for the third quarter of 2025, driven by a 20 basis point linked quarter decline in interest bearing demand and money market yields and an 8 basis point decline in the cost of time deposits. Total funding costs were 2.24% for the fourth quarter of 2025, a decline of 11 basis points from 2.35% in the third quarter of 2025.
Balance Sheet Activity
Loans and leases, net of unearned income, increased to $37.2 billion at December 31, 2025 compared to $36.8 billion at September 30, 2025, representing net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025. The organic growth for the fourth quarter of 2025 was broadly dispersed across all major asset classes. Net organic loan growth for the full year 2025 totaled $2.2 billion, or 6.4%.
Total deposits were $44.1 billion as of December 31, 2025, increasing $0.2 billion from $43.9 billion at the end of the third quarter of 2025. Core customer deposits grew $529.0 million quarter-over-quarter while public funds increased $150.0 million and brokered deposits declined $461.0 million. The loan to deposit ratio was 84.4% as of December 31, 2025. Noninterest bearing deposits represented 21.4% of total deposits at the end of the fourth quarter of 2025 compared to 20.6% at the end of the third quarter of 2025.
Investment securities cash flows supported loan growth in the quarter, with total investment securities declining $0.5 billion from September 30, 2025 to $9.1 billion at December 31, 2025, representing 17.0% of total assets. Cash, due from balances and deposits at the Federal Reserve of $2.2 billion at December 31, 2025 increased $0.3 billion compared to $1.9 billion at September 30, 2025. Borrowed funds were flat compared to September 30, 2025. The increase in other short-term borrowings and comparable decline in long-term borrowings were driven by the reclassification of FHLB advances that mature in the fourth quarter of 2026.
Credit Results, Provision for Credit Losses and Allowance for Credit Losses
Credit metrics for the fourth quarter of 2025 included net charge-offs of $26.1 million, or 0.28% of average net loans and leases on an annualized basis, compared with net charge-offs of $14.1 million, or 0.17%, for the fourth quarter of 2024 and net charge-offs of $23.6 million, or 0.26%, for the third quarter of 2025. The provision for credit losses for the fourth quarter of 2025 was $28.0 million, compared with $15.0 million for the fourth quarter of 2024 and $32.0 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2025 included $5.5 million in day-one provision associated with performing loans and leases acquired in the Industry transaction. The allowance for credit losses of $495.1 million at December 31, 2025 was 1.33% of total loans and leases compared to 1.37% of total loans and leases at December 31, 2024 and 1.35% of total loans and leases at September 30, 2025.
Total nonperforming assets as a percent of total assets were 0.49% at December 31, 2025 compared to 0.58% at December 31, 2024 and 0.50% at September 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.67% at December 31, 2025 compared to 0.78% at December 31, 2024 and 0.68% at September 30, 2025. Other real estate owned and other repossessed assets were $11.8 million at December 31, 2025 compared to the December 31, 2024 balance of $5.8 million and the September 30, 2025 balance of $16.3 million. Criticized loans represented 2.81% of loans at December 31, 2025 compared to 2.35% at December 31, 2024 and 2.71% at September 30, 2025, while classified loans were 1.85% at December 31, 2025 compared to 2.02% at December 31, 2024 and 1.89% at September 30, 2025.
Noninterest Revenue
Noninterest revenue was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue (1) was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue (1) for the third quarter of 2025 excludes a $4.3 million gain on securities sales and a corresponding $4.3 million loss recognized in other noninterest revenue related to the termination of fair value hedges associated with the Industry securities portfolio.
Adjusted noninterest revenue increased $8.0 million, or 8.5%, compared to the third quarter of 2025, which was driven primarily by increases in mortgage banking revenue, wealth management revenue, and other noninterest income. Wealth management revenue was $25.4 million for the fourth quarter of 2025 up from $24.5 million for the third quarter of 2025 primarily as a result of improved market conditions. Deposit service charge revenue was $19.1 million for the fourth quarter of 2025, up from $19.0 million for the third quarter of 2025. Credit card, debit card and merchant fee revenue was $13.7 million for the fourth quarter of 2025, up from $13.5 million for the third quarter of 2025.
Mortgage banking revenue totaled $6.1 million for the fourth quarter of 2025, compared to $3.6 million for the fourth quarter of 2024 and $4.5 million for the third quarter of 2025. The $1.7 million increase compared to the third quarter of 2025 reflects higher mortgage origination revenue driven by strong production as well as an improvement in the mortgage servicing rights valuation adjustment from the prior quarter.
Other noninterest revenue was $37.1 million for the fourth quarter of 2025, representing an increase of $9.5 million from $27.7 million for the third quarter of 2025. This increase was driven in part by the $4.3 million loss recognized in the third quarter of 2025 on the termination of fair value hedges related to the Industry securities portfolio, with the remainder of the linked quarter increase attributable to higher earnings from limited partnerships, increased BOLI revenue, and stronger SBA income.
Noninterest Expense
Noninterest expense for the fourth quarter of 2025 was $311.3 million, compared with $266.2 million for the fourth quarter of 2024 and $320.2 million for the third quarter of 2025. Adjusted noninterest expense (1) for the fourth quarter of 2025 was $290.6 million, compared with $266.7 million for the fourth quarter of 2024 and $293.2 million for the third quarter of 2025. Adjusted noninterest expense (1) for the fourth quarter of 2025 excludes $5.8 million of merger expense, $18.9 million of incremental merger related expense, and a $4.0 million reduction to the FDIC special assessment accrual. Adjusted noninterest expense (1) for third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense. The adjusted efficiency ratio (1) improved to 54.9% for the fourth quarter of 2025, compared to 59.1% for the fourth quarter of 2024 and 56.5% for the third quarter of 2025.
The $2.6 million, or 0.9%, linked quarter decline in adjusted noninterest expense (1) was driven primarily by declines in data processing and software, occupancy and equipment, and deposit insurance assessments, partially offset by an increase in salaries and employee benefits. Excluding the impact of nonroutine expenses, occupancy and equipment expense declined $1.9 million primarily due to negotiated vendor credits, and data processing expense declined $2.5 million due to elevated project implementation expense in the third quarter of 2025. These declines were partially offset by a linked quarter increase in salaries and benefits of $1.9 million on an adjusted basis, which primarily reflects increases in health insurance costs and other benefits.
Capital Management
Total shareholders' equity was $6.2 billion at December 31, 2025, up from $5.6 billion at December 31, 2024 and $6.1 billion at September 30, 2025. Estimated regulatory capital ratios at December 31, 2025 included Common Equity Tier 1 capital of 11.7%, Tier 1 capital of 12.1%, Total risk-based capital of 13.3%, and Tier 1 leverage capital of 9.7%. During the fourth quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.6 million outstanding shares of common stock as of December 31, 2025.
Key Transactions
On May 1, 2025, the Company completed its 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 its 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 $1.0 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. 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 October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated ("Huntington") under which Huntington will acquire the Company in an all-stock transaction. Under the terms of the definitive agreement, Cadence common shareholders will receive 2.475 common shares of Huntington for each Cadence share. The partnership is expected to create a top 10 franchise nationally with pro forma total assets of over $275 billion. The transaction is expected to close February 1, 2026, subject to customary closing conditions.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a $54 billion regional bank 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 22 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," "estimate," "expect," "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. These statements may also include discussion of the benefits of the proposed transaction with Huntington, the plans, objectives, expectations and intentions of the combined company, the expected timing of completion of the transaction, and other statements that are not historical facts. 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.
The Company cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond the Company's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation (the "FDIC") special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"); volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the Securities and Exchange Commission (the "SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and the Company; the outcome of any legal proceedings that have been or may be instituted against Huntington or the Company; delays in completing the proposed transaction involving Huntington and the Company; the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and the Company do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the ability of Huntington and the Company to meet expectations regarding the timing, completion and accounting and tax treatment of the transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and the Company successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and the Company.
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, and costs related to the same; the impairment of 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 ability to execute business plans and strategies, and managing the risks involved in all of the foregoing.
Additional factors that could cause results to differ materially from those described above can be found in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the SEC and available on the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC, and in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the Federal Reserve and available on the Company's investor relations website, ir.cadencebank.com, under the heading "Public Filings" and in other documents the Company files with the Federal Reserve.
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 1
Selected Financial Data
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Earnings Summary:
Interest revenue
$ 686,988
$ 704,643
$ 635,599
$ 599,257
$ 620,321
$ 2,626,487
$ 2,547,357
Interest expense
260,065
280,916
257,459
236,105
255,790
1,034,545
1,111,142
Net interest revenue
426,923
423,727
378,140
363,152
364,531
1,591,942
1,436,215
Provision for credit losses
28,000
32,000
31,000
20,000
15,000
111,000
71,000
Net interest revenue, after provision for credit losses
398,923
391,727
347,140
343,152
349,531
1,480,942
1,365,215
Noninterest revenue
101,488
93,478
98,181
85,387
86,165
378,534
356,510
Noninterest expense
311,312
320,246
272,863
259,349
266,186
1,163,770
1,045,528
Income before income taxes
189,099
164,959
172,458
169,190
169,510
695,706
676,197
Income tax expense
42,351
35,110
37,813
35,968
36,795
151,242
152,593
Net income
146,748
129,849
134,645
133,222
132,715
544,464
523,604
Less: Preferred dividends
2,372
2,372
4,744
2,372
2,372
11,860
9,488
Net income available to common shareholders
$ 144,376
$ 127,477
$ 129,901
$ 130,850
$ 130,343
$ 532,604
$ 514,116
Balance Sheet - Period End Balances
Total assets
$ 53,529,044
$ 53,282,352
$ 50,378,840
$ 47,743,294
$ 47,019,190
$ 53,529,044
$ 47,019,190
Total earning assets
48,067,542
47,729,237
45,400,518
43,172,997
42,386,627
48,067,542
42,386,627
Available for sale securities
9,117,370
9,616,389
8,837,400
7,912,159
7,293,988
9,117,370
7,293,988
Loans and leases, net of unearned income
37,246,384
36,801,836
35,465,181
34,051,610
33,741,755
37,246,384
33,741,755
Allowance for credit losses (ACL)
495,093
496,199
474,651
457,791
460,793
495,093
460,793
Net book value of acquired loans
5,027,280
5,512,749
4,594,171
4,365,789
4,783,206
5,027,280
4,783,206
Unamortized net discount on acquired loans
37,636
41,906
19,414
13,060
15,611
37,636
15,611
Total deposits
44,139,279
43,921,456
40,493,518
40,335,728
40,496,201
44,139,279
40,496,201
Total deposits and repurchase agreements
44,164,107
43,950,988
40,514,743
40,355,399
40,519,817
44,164,107
40,519,817
Other short-term borrowings
1,225,000
925,000
1,575,000
235,000
—
1,225,000
—
Subordinated and long-term borrowings
940,645
1,330,657
1,430,674
560,690
10,706
940,645
10,706
Total shareholders' equity
6,243,661
6,083,096
5,916,283
5,718,541
5,569,683
6,243,661
5,569,683
Total shareholders' equity, excluding AOCI (1)
6,671,983
6,576,878
6,492,440
6,339,744
6,264,178
6,671,983
6,264,178
Common shareholders' equity
6,076,668
5,916,103
5,749,290
5,551,548
5,402,690
6,076,668
5,402,690
Common shareholders' equity, excluding AOCI (1)
$ 6,504,990
$ 6,409,885
$ 6,325,447
$ 6,172,751
$ 6,097,185
$ 6,504,990
$ 6,097,185
Balance Sheet - Average Balances
Total assets
$ 53,076,624
$ 54,352,974
$ 49,356,696
$ 47,135,431
$ 47,263,538
$ 51,005,948
$ 47,973,279
Total earning assets
47,865,797
48,807,542
44,741,277
42,637,002
42,920,125
46,034,887
43,632,307
Available for sale securities
9,435,849
10,171,253
8,814,463
7,302,172
7,636,683
8,940,178
7,962,869
Loans and leases, net of unearned income
37,071,086
36,623,037
34,762,808
33,944,416
33,461,931
35,611,705
33,107,659
Total deposits
43,692,086
44,859,162
39,897,600
40,353,292
39,743,224
42,216,966
38,475,929
Total deposits and repurchase agreements
43,722,023
44,883,355
39,916,099
40,376,248
39,761,277
42,240,882
38,557,021
Other short-term borrowings
1,309,783
1,122,185
1,419,615
108,389
905,815
993,647
2,850,981
Subordinated and long-term borrowings
972,171
1,429,577
1,338,059
129,030
123,442
970,786
306,396
Total shareholders' equity
6,158,808
5,982,117
5,827,081
5,651,592
5,589,361
5,906,501
5,353,705
Common shareholders' equity
$ 5,991,815
$ 5,815,124
$ 5,660,088
$ 5,484,599
$ 5,422,368
$ 5,739,508
$ 5,186,712
Nonperforming Assets:
Nonperforming loans and leases (NPL) (2) (3)
248,553
249,822
231,243
235,952
264,692
248,553
264,692
Other real estate owned and other assets
11,845
16,250
15,599
8,452
5,754
11,845
5,754
Nonperforming assets (NPA)
$ 260,398
$ 266,072
$ 246,842
$ 244,404
$ 270,446
$ 260,398
$ 270,446
(1)
Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
(2)
At December 31, 2025, $66.2 million of 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 September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.
Table 2
Selected Financial Ratios
Quarter Ended
Year-to-date
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Financial Ratios and Other Data:
Return on average assets (2)
1.10 %
0.95 %
1.09 %
1.15 %
1.12 %
1.07
1.09
Adjusted return on average assets (1)(2)
1.22
1.13
1.14
1.15
1.11
1.16
1.08
Return on average common shareholders' equity (2)
9.56
8.70
9.21
9.68
9.56
9.28
9.91
Adjusted return on average common shareholders' equity
(1)(2)
10.63
10.43
9.74
9.72
9.53
10.14
9.79
Return on average tangible common equity (1)(2)
13.23
12.13
12.41
13.15
13.06
12.73
13.79
Adjusted return on average tangible common equity (1)(2)
14.71
14.54
13.13
13.20
13.02
13.91
13.62
Pre-tax pre-provision net revenue to total average assets (1)(2)
1.62
1.44
1.65
1.63
1.55
1.58
1.56
Adjusted pre-tax pre-provision net revenue to total average assets
(1)(2)
1.78
1.64
1.67
1.63
1.55
1.68
1.54
Net interest margin-fully taxable equivalent
3.55
3.46
3.40
3.46
3.38
3.47
3.30
Net interest rate spread-fully taxable equivalent
2.89
2.76
2.68
2.74
2.59
2.77
2.47
Efficiency ratio fully tax equivalent (1)
58.82
61.67
57.21
57.74
58.98
58.94
58.24
Adjusted efficiency ratio fully tax equivalent (1)
54.92
56.46
56.69
57.58
59.09
56.35
58.41
Loan/deposit ratio
84.38 %
83.79 %
87.58 %
84.42 %
83.32 %
84.38 %
83.32 %
Full time equivalent employees
5,749
5,825
5,514
5,356
5,335
5,749
5,335
Credit Quality Ratios:
Net charge-offs to average loans and leases (2)
0.28 %
0.26 %
0.24 %
0.27 %
0.17 %
0.26 %
0.24 %
Provision for credit losses to average loans and leases (2)
0.30
0.35
0.36
0.24
0.18
0.31
0.21
ACL to loans and leases, net
1.33
1.35
1.34
1.34
1.37
1.33
1.37
ACL to NPL
199.19
198.62
205.26
194.02
174.09
199.19
174.09
NPL to loans and leases, net
0.67
0.68
0.65
0.69
0.78
0.67
0.78
NPA to total assets
0.49
0.50
0.49
0.51
0.58
0.49
0.58
Equity Ratios:
Total shareholders' equity to total assets
11.66 %
11.42 %
11.74 %
11.98 %
11.85 %
11.66 %
11.85 %
Total common shareholders' equity to total assets
11.35
11.10
11.41
11.63
11.49
11.35
11.49
Tangible common shareholders' equity to tangible assets
(1)
8.52
8.24
8.74
8.87
8.67
8.52
8.67
Tangible common shareholders' equity, excluding AOCI,
to tangible assets, excluding AOCI (1)
9.27
9.11
9.80
10.07
10.04
9.27
10.04
Capital Adequacy (3):
Common Equity Tier 1 capital
11.7 %
11.5 %
12.2 %
12.4 %
12.4 %
11.7 %
12.4 %
Tier 1 capital
12.1
11.9
12.6
12.9
12.8
12.1
12.8
Total capital
13.3
13.1
13.8
14.1
14.0
13.3
14.0
Tier 1 leverage capital
9.7
9.2
10.3
10.6
10.4
9.7
10.4
(1)
Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
(2)
Annualized.
(3)
Current quarter regulatory capital ratios are estimated.
Table 3
Selected Financial Information
Quarter Ended
Year-to-date
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Common Share Data:
Diluted earnings per share
$ 0.76
$ 0.67
$ 0.69
$ 0.70
$ 0.70
$ 2.83
$ 2.77
Adjusted earnings per share (1)
0.85
0.81
0.73
0.71
0.70
3.10
2.74
Cash dividends per share
0.275
0.275
0.275
0.275
0.250
1.100
1.00
Book value per share
32.56
31.75
30.86
30.16
29.44
32.56
29.44
Tangible book value per share (1)
23.69
22.82
22.94
22.30
21.54
23.69
21.54
Market value per share (last)
42.84
37.54
31.98
30.36
34.45
42.84
34.45
Market value per share (high)
44.26
38.47
32.68
36.53
40.20
44.26
40.20
Market value per share (low)
34.81
31.76
25.22
28.90
30.21
25.22
24.99
Market value per share (average)
39.61
36.04
29.97
33.13
35.17
34.75
30.56
Dividend payout ratio
36.18 %
41.04 %
39.86 %
39.29 %
35.71 %
38.87 %
36.10 %
Adjusted dividend payout ratio (1)
32.35 %
33.95 %
37.67 %
38.73 %
35.71 %
35.48 %
36.50 %
Total shares outstanding
186,622,108
186,307,016
186,307,016
184,046,420
183,527,575
186,622,108
183,527,575
Average shares outstanding - diluted
189,506,284
189,053,254
187,642,873
186,121,979
186,038,243
188,091,060
185,592,759
Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases
6.31 %
6.37 %
6.34 %
6.33 %
6.42 %
6.34 %
6.54 %
Loans, loans held for sale, and leases
excluding net accretion on acquired loans
and leases
6.26
6.31
6.31
6.30
6.40
6.29
6.50
Available for sale securities:
Taxable
3.52
3.54
3.32
2.99
3.03
3.37
3.09
Tax-exempt
3.85
5.68
4.14
4.04
3.93
5.16
4.07
Other investments
4.05
4.78
4.41
4.42
4.77
4.46
5.33
Total interest earning assets and revenue
5.70
5.74
5.70
5.71
5.76
5.71
5.84
Deposits
2.15
2.25
2.30
2.35
2.44
2.26
2.49
Interest bearing demand and money
market
2.46
2.66
2.69
2.69
2.87
2.62
3.06
Savings
0.61
0.68
0.57
0.57
0.57
0.61
0.57
Time
3.84
3.92
3.98
4.10
4.28
3.96
4.42
Total interest bearing deposits
2.73
2.90
2.92
2.96
3.12
2.87
3.22
Fed funds purchased, securities sold
under agreement to repurchase and
other
4.02
4.48
4.45
4.45
4.58
4.42
4.79
Short-term FHLB borrowings
4.19
4.36
4.31
4.43
—
4.28
—
Short-term BTFP borrowings
—
—
—
—
4.77
—
4.79
Total interest bearing deposits and short-
term borrowings
2.78
2.94
2.98
2.96
3.16
2.91
3.36
Subordinated and long-term borrowings
3.86
3.91
4.07
4.05
4.14
3.96
4.34
Total interest bearing liabilities
2.81
2.98
3.02
2.97
3.17
2.94
3.37
Interest bearing liabilities to interest
earning assets
76.72 %
76.62 %
76.39 %
75.70 %
74.82 %
76.38 %
75.48 %
Net interest income tax equivalent
adjustment (in thousands)
$ 809
$ 2,068
$ 637
$ 630
$ 648
$ 4,144
$ 2,623
(1)
Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
Table 4
Consolidated Balance Sheets
(Unaudited)
As of
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
ASSETS
Cash and due from banks
$ 778,722
$ 839,841
$ 710,679
$ 578,513
$ 624,884
Interest bearing deposits with other banks and Federal
funds sold
1,436,507
1,049,332
825,878
988,787
1,106,692
Available for sale securities, at fair value
9,117,370
9,616,389
8,837,400
7,912,159
7,293,988
Loans and leases, net of unearned income
37,246,384
36,801,836
35,465,181
34,051,610
33,741,755
Allowance for credit losses
495,093
496,199
474,651
457,791
460,793
Net loans and leases
36,751,291
36,305,637
34,990,530
33,593,819
33,280,962
Loans held for sale, at fair value
267,281
261,680
272,059
220,441
244,192
Premises and equipment, net
846,624
855,275
806,879
780,963
783,456
Goodwill
1,514,244
1,515,771
1,387,990
1,366,923
1,366,923
Other intangible assets, net
141,528
149,039
87,814
79,522
83,190
Bank-owned life insurance
770,431
768,887
671,813
654,964
651,838
Other assets
1,905,046
1,920,501
1,787,798
1,567,203
1,583,065
Total Assets
$ 53,529,044
$ 53,282,352
$ 50,378,840
$ 47,743,294
$ 47,019,190
LIABILITIES
Deposits:
Demand: Noninterest bearing
$ 9,429,598
$ 9,036,907
$ 9,154,050
$ 8,558,412
$ 8,591,805
Interest bearing
21,129,189
20,518,436
18,936,579
19,221,356
19,345,114
Savings
3,026,218
3,095,622
2,641,482
2,626,901
2,588,406
Time deposits
10,554,274
11,270,491
9,761,407
9,929,059
9,970,876
Total deposits
44,139,279
43,921,456
40,493,518
40,335,728
40,496,201
Securities sold under agreement to repurchase
24,828
29,532
21,225
19,671
23,616
Other short-term borrowings
1,225,000
925,000
1,575,000
235,000
—
Subordinated and long-term borrowings
940,645
1,330,657
1,430,674
560,690
10,706
Other liabilities
955,631
992,611
942,140
873,664
918,984
Total Liabilities
47,285,383
47,199,256
44,462,557
42,024,753
41,449,507
SHAREHOLDERS' EQUITY
Preferred stock
166,993
166,993
166,993
166,993
166,993
Common stock
466,555
465,768
465,768
460,116
458,819
Capital surplus
2,814,628
2,813,356
2,805,171
2,736,799
2,742,913
Accumulated other comprehensive loss
(428,322)
(493,782)
(576,157)
(621,203)
(694,495)
Retained earnings
3,223,807
3,130,761
3,054,508
2,975,836
2,895,453
Total Shareholders' Equity
6,243,661
6,083,096
5,916,283
5,718,541
5,569,683
Total Liabilities & Shareholders' Equity
$ 53,529,044
$ 53,282,352
$ 50,378,840
$ 47,743,294
$ 47,019,190
Table 5
Consolidated Quarterly Average Balance Sheets
(Unaudited)
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
ASSETS
Cash and due from banks
$ 598,790
$ 731,455
$ 526,612
$ 560,581
$ 490,161
Interest bearing deposits with other banks and Federal
funds sold
1,192,650
1,845,618
1,017,815
1,275,153
1,698,300
Available for sale securities, at fair value
9,435,849
10,171,253
8,814,463
7,302,172
7,636,683
Loans and leases, net of unearned income
37,071,086
36,623,037
34,762,808
33,944,416
33,461,931
Allowance for credit losses
497,030
481,059
467,521
465,332
465,971
Net loans and leases
36,574,056
36,141,978
34,295,287
33,479,084
32,995,960
Loans held for sale, at fair value
166,212
167,634
146,191
115,261
123,211
Premises and equipment, net
851,439
853,598
793,793
785,194
796,394
Goodwill
1,515,659
1,515,771
1,379,076
1,366,923
1,366,923
Other intangible assets, net
145,793
130,434
81,845
81,527
85,323
Bank-owned life insurance
769,585
767,234
662,909
652,689
651,166
Other assets
1,826,591
2,027,999
1,638,705
1,516,847
1,419,417
Total Assets
$ 53,076,624
$ 54,352,974
$ 49,356,696
$ 47,135,431
$ 47,263,538
LIABILITIES
Deposits:
Demand: Noninterest bearing
$ 9,283,298
$ 10,040,670
$ 8,494,542
$ 8,339,414
$ 8,676,765
Interest bearing
20,592,043
20,264,338
18,799,895
19,428,376
18,845,689
Savings
3,049,459
3,143,880
2,646,190
2,607,366
2,573,961
Time deposits
10,767,286
11,410,274
9,956,973
9,978,136
9,646,809
Total deposits
43,692,086
44,859,162
39,897,600
40,353,292
39,743,224
Securities sold under agreement to repurchase
29,937
24,193
18,499
22,956
18,053
Other short-term borrowings
1,309,783
1,122,185
1,419,615
108,389
905,815
Subordinated and long-term borrowings
972,171
1,429,577
1,338,059
129,030
123,442
Other liabilities
913,839
935,740
855,842
870,172
883,643
Total Liabilities
46,917,816
48,370,857
43,529,615
41,483,839
41,674,177
SHAREHOLDERS' EQUITY
Preferred stock
166,993
166,993
166,993
166,993
166,993
Common stock
465,776
465,768
463,937
458,830
457,798
Capital surplus
2,816,087
2,807,539
2,779,736
2,744,442
2,735,323
Accumulated other comprehensive loss
(474,594)
(565,609)
(616,527)
(663,883)
(634,307)
Retained earnings
3,184,546
3,107,426
3,032,942
2,945,210
2,863,554
Total Shareholders' Equity
6,158,808
5,982,117
5,827,081
5,651,592
5,589,361
Total Liabilities & Shareholders' Equity
$ 53,076,624
$ 54,352,974
$ 49,356,696
$ 47,135,431
$ 47,263,538
Table 6
Consolidated Statements of Income
(Unaudited)
Quarter Ended
Year-to-date
(Dollars in thousands, except per share data)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
INTEREST REVENUE:
Loans and leases
$ 589,254
$ 588,570
$ 549,691
$ 530,050
$ 540,147
$ 2,257,565
$ 2,164,633
Available for sale securities:
Taxable
83,056
86,144
72,355
53,232
57,476
294,787
243,466
Tax-exempt
624
5,952
634
629
635
7,839
2,598
Loans held for sale
1,889
1,758
1,736
1,449
1,694
6,832
6,161
Short-term investments
12,165
22,219
11,183
13,897
20,369
59,464
130,499
Total interest revenue
686,988
704,643
635,599
599,257
620,321
2,626,487
2,547,357
INTEREST EXPENSE:
Interest bearing demand deposits and money
market accounts
127,480
136,105
125,874
128,831
135,965
518,290
573,826
Savings
4,695
5,378
3,747
3,644
3,684
17,464
14,922
Time deposits
104,293
112,720
98,721
100,900
103,785
416,634
368,572
Federal funds purchased and securities sold under
agreement to repurchase
394
818
2,939
1,124
293
5,275
4,101
Short-term borrowings
13,737
11,807
12,594
317
10,779
38,455
136,434
Subordinated and long-term borrowings
9,466
14,088
13,584
1,289
1,284
38,427
13,287
Total interest expense
260,065
280,916
257,459
236,105
255,790
1,034,545
1,111,142
Net interest revenue
426,923
423,727
378,140
363,152
364,531
1,591,942
1,436,215
Provision for credit losses
28,000
32,000
31,000
20,000
15,000
111,000
71,000
Net interest revenue, after provision for credit
losses
398,923
391,727
347,140
343,152
349,531
1,480,942
1,365,215
NONINTEREST REVENUE:
Wealth management
25,390
24,515
25,298
23,279
23,973
98,482
94,922
Deposit service charges
19,149
19,047
18,061
17,736
18,694
73,993
73,497
Credit card, debit card and merchant fees
13,702
13,484
12,972
11,989
12,664
52,147
50,245
Mortgage banking
6,133
4,469
8,711
6,638
3,554
25,951
17,303
Security gains (losses), net
2
4,311
—
(9)
(3)
4,304
(2,962)
Other noninterest income
37,112
27,652
33,139
25,754
27,283
123,657
123,505
Total noninterest revenue
101,488
93,478
98,181
85,387
86,165
378,534
356,510
NONINTEREST EXPENSE:
Salaries and employee benefits
184,868
173,485
157,340
152,972
152,381
668,665
609,307
Occupancy and equipment
29,986
31,892
30,039
28,477
27,275
120,394
114,175
Data processing and software
33,657
36,120
30,701
27,132
33,226
127,610
121,884
Deposit insurance assessments
6,410
10,037
8,571
8,643
8,284
33,661
39,922
Amortization of intangibles
7,511
7,539
4,046
3,668
3,904
22,764
15,902
Merger expense
5,831
19,789
2,179
315
—
28,114
—
Other noninterest expense
43,049
41,384
39,987
38,142
41,116
162,562
144,338
Total noninterest expense
311,312
320,246
272,863
259,349
266,186
1,163,770
1,045,528
Income before income taxes
189,099
164,959
172,458
169,190
169,510
695,706
676,197
Income tax expense
42,351
35,110
37,813
35,968
36,795
151,242
152,593
Net income
146,748
129,849
134,645
133,222
132,715
544,464
523,604
Less: Preferred dividends
2,372
2,372
4,744
2,372
2,372
11,860
9,488
Net income available to common shareholders
$ 144,376
$ 127,477
$ 129,901
$ 130,850
$ 130,343
$ 532,604
$ 514,116
Diluted earnings per common share
$ 0.76
$ 0.67
$ 0.69
$ 0.70
$ 0.70
$ 2.83
$ 2.77
Table 7
Selected Loan and Lease Portfolio Data
(Unaudited)
Quarter Ended
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate
$ 9,251,301
$ 9,239,690
$ 9,049,094
$ 8,688,653
$ 8,670,529
Owner occupied
5,345,089
5,291,566
4,762,408
4,667,477
4,665,015
Total commercial and industrial
14,596,390
14,531,256
13,811,502
13,356,130
13,335,544
Commercial real estate
Construction, acquisition and development
3,431,736
3,338,413
3,464,124
3,723,408
3,909,184
Income producing
7,119,072
7,071,911
7,025,539
6,268,456
6,015,773
Total commercial real estate
10,550,808
10,410,324
10,489,663
9,991,864
9,924,957
Consumer
Residential mortgages
11,851,542
11,604,742
10,951,618
10,498,320
10,267,883
Other consumer
247,644
255,514
212,398
205,296
213,371
Total consumer
12,099,186
11,860,256
11,164,016
10,703,616
10,481,254
Total loans and leases, net of unearned income
$ 37,246,384
$ 36,801,836
$ 35,465,181
$ 34,051,610
$ 33,741,755
NONPERFORMING ASSETS
Nonperforming Loans and Leases
Commercial and industrial
Non-real estate
$ 87,942
$ 83,090
$ 123,960
$ 118,078
$ 145,115
Owner occupied
23,705
20,067
18,158
18,988
16,904
Total commercial and industrial
111,647
103,157
142,118
137,066
162,019
Commercial real estate
Construction, acquisition and development
1,909
2,099
9,307
8,768
8,600
Income producing
51,743
50,595
4,379
8,021
18,542
Total commercial real estate
53,652
52,694
13,686
16,789
27,142
Consumer
Residential mortgages
82,995
93,608
75,076
81,803
75,287
Other consumer
259
363
363
294
244
Total consumer
83,254
93,971
75,439
82,097
75,531
Total nonperforming loans and leases (1)
$ 248,553
$ 249,822
$ 231,243
$ 235,952
$ 264,692
Other real estate owned and repossessed assets
11,845
16,250
15,599
8,452
5,754
Total nonperforming assets
$ 260,398
$ 266,072
$ 246,842
$ 244,404
$ 270,446
Government guaranteed portion of nonaccrual loans and
leases covered by the SBA, FHA, VA or USDA
$ 66,219
$ 45,401
$ 94,046
$ 84,339
$ 89,906
Loans and leases 90+ days past due, still accruing
$ 29,996
$ 42,598
$ 5,208
$ 8,832
$ 13,126
(1)
At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.
Table 8
Allowance for Credit Losses
(Unaudited)
Quarter Ended
(Dollars in thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period
$ 496,199
$ 474,651
$ 457,791
$ 460,793
$ 460,859
Charge-offs:
Commercial and industrial
(26,426)
(22,324)
(18,147)
(21,284)
(15,116)
Commercial real estate
(117)
(391)
(3,740)
(1,382)
(167)
Consumer
(3,401)
(3,653)
(3,438)
(3,062)
(2,679)
Total loans charged-off
(29,944)
(26,368)
(25,325)
(25,728)
(17,962)
Recoveries:
Commercial and industrial
1,359
1,812
3,191
1,822
2,613
Commercial real estate
1,721
129
110
83
549
Consumer
758
826
809
821
734
Total recoveries
3,838
2,767
4,110
2,726
3,896
Net charge-offs
(26,106)
(23,601)
(21,215)
(23,002)
(14,066)
Initial allowance on loans purchased with credit
deterioration
—
15,149
8,075
—
—
Provision:
Loans and leases acquired during the quarter
—
5,519
4,152
—
—
Provision for credit losses related to loans and leases
25,000
24,481
25,848
20,000
14,000
Total provision for loans and leases
25,000
30,000
30,000
20,000
14,000
Balance, end of period
$ 495,093
$ 496,199
$ 474,651
$ 457,791
$ 460,793
Average loans and leases, net of unearned income, for
period
$ 37,071,086
$ 36,623,037
$ 34,762,808
$ 33,944,416
$ 33,461,931
Ratio: Net charge-offs to average loans and leases (2)
0.28 %
0.26 %
0.24 %
0.27 %
0.17 %
RESERVE FOR UNFUNDED COMMITMENTS (1)
Balance, beginning of period
$ 11,551
$ 9,551
$ 8,551
$ 8,551
$ 7,551
Provision for credit losses for unfunded
commitments
3,000
2,000
1,000
—
1,000
Balance, end of period
$ 14,551
$ 11,551
$ 9,551
$ 8,551
$ 8,551
(1)
The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.
(2)
Annualized.
Table 9
Loan and Lease Portfolio by Grades
(Unaudited)
December 31, 2025
(In thousands)
Pass
Special
Mention
Substandard
Doubtful
Impaired
Purchased
Credit
Deteriorated
(Loss)
Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate
$ 8,777,313
$ 132,936
$ 305,168
$ 7,999
$ 24,623
$ 3,262
$ 9,251,301
Owner occupied
5,235,166
33,768
71,301
—
4,854
—
5,345,089
Total commercial and industrial
14,012,479
166,704
376,469
7,999
29,477
3,262
14,596,390
Commercial real estate
Construction, acquisition and development
3,420,866
2,588
8,216
—
66
—
3,431,736
Income producing
6,799,446
176,567
142,396
—
663
—
7,119,072
Total commercial real estate
10,220,312
179,155
150,612
—
729
—
10,550,808
Consumer
Residential mortgages
11,719,427
10,594
120,003
—
174
1,344
11,851,542
Other consumer
247,017
—
627
—
—
—
247,644
Total consumer
11,966,444
10,594
120,630
—
174
1,344
12,099,186
Total loans and leases, net of unearned
income
$ 36,199,235
$ 356,453
$ 647,711
$ 7,999
$ 30,380
$ 4,606
$ 37,246,384
September 30, 2025
(In thousands)
Pass
Special
Mention
Substandard
Doubtful
Impaired
Purchased
Credit
Deteriorated
(Loss)
Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate
$ 8,733,898
$ 154,131
$ 296,848
$ 8,183
$ 31,373
$ 15,257
$ 9,239,690
Owner occupied
5,217,614
15,251
53,587
—
4,641
473
5,291,566
Total commercial and industrial
13,951,512
169,382
350,435
8,183
36,014
15,730
14,531,256
Commercial real estate
Construction, acquisition and development
3,307,750
27,265
3,332
—
66
—
3,338,413
Income producing
6,802,210
98,974
169,090
—
862
775
7,071,911
Total commercial real estate
10,109,960
126,239
172,422
—
928
775
10,410,324
Consumer
Residential mortgages
11,486,319
9,167
105,076
—
2,836
1,344
11,604,742
Other consumer
254,917
—
597
—
—
—
255,514
Total consumer
11,741,236
9,167
105,673
—
2,836
1,344
11,860,256
Total loans and leases, net of unearned
income
$ 35,802,708
$ 304,788
$ 628,530
$ 8,183
$ 39,778
$ 17,849
$ 36,801,836
Table 10
Geographical Loan and Lease Information
(Unaudited)
December 31, 2025
(Dollars in thousands)
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
Missouri
Tennessee
Texas
Other
Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate
$ 432,703
$ 165,367
$ 531,926
$ 511,189
$ 376,523
$ 594,756
$ 70,652
$ 266,456
$ 3,746,467
$ 2,555,262
$ 9,251,301
Owner occupied
330,128
262,699
330,785
470,900
283,022
598,819
100,156
159,629
2,255,122
553,829
5,345,089
Total commercial and industrial
762,831
428,066
862,711
982,089
659,545
1,193,575
170,808
426,085
6,001,589
3,109,091
14,596,390
Commercial real estate
Construction, acquisition and development
193,334
82,374
162,162
350,191
71,359
185,536
45,021
154,669
1,874,000
313,090
3,431,736
Income producing
474,315
253,003
708,422
953,837
235,724
389,732
249,754
310,855
2,506,003
1,037,427
7,119,072
Total commercial real estate
667,649
335,377
870,584
1,304,028
307,083
575,268
294,775
465,524
4,380,003
1,350,517
10,550,808
Consumer
Residential mortgages
1,371,405
465,851
727,535
549,655
504,205
1,287,201
236,224
935,711
5,492,128
281,627
11,851,542
Other consumer
27,406
17,769
4,447
8,817
10,431
82,113
1,753
16,720
72,525
5,663
247,644
Total consumer
1,398,811
483,620
731,982
558,472
514,636
1,369,314
237,977
952,431
5,564,653
287,290
12,099,186
Total loans and leases, net of
unearned income
$2,829,291
$ 1,247,063
$ 2,465,277
$ 2,844,589
$ 1,481,264
$ 3,138,157
$ 703,560
$ 1,844,040
$ 15,946,245
$ 4,746,898
$37,246,384
Loan (decline) growth, excluding loans
acquired during the quarter ($)
$ (2,982)
$ (3,139)
$ 3,461
$ 28,372
$ 4,668
$ 33,897
$ 35,316
$ (39,145)
$ 221,632
$ 162,468
$ 444,548
Loan (decline) growth, excluding loans
acquired during the quarter (%) (annualized)
(0.42) %
(1.00) %
0.56 %
4.00 %
1.25 %
4.33 %
20.97 %
(8.25) %
5.59 %
14.06 %
4.79 %
September 30, 2025
(Dollars in thousands)
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
Missouri
Tennessee
Texas
Other
Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate
$ 462,300
$ 175,539
$ 550,774
$ 478,906
$ 371,130
$ 582,184
$ 73,942
$ 311,110
$ 3,815,423
$ 2,418,382
$ 9,239,690
Owner occupied
321,662
257,437
332,609
456,553
296,228
589,168
99,740
161,689
2,229,387
547,093
5,291,566
Total commercial and industrial
783,962
432,976
883,383
935,459
667,358
1,171,352
173,682
472,799
6,044,810
2,965,475
14,531,256
Commercial real estate
Construction, acquisition and development
212,199
74,828
161,397
343,712
63,750
173,564
40,826
145,668
1,689,811
432,658
3,338,413
Income producing
450,073
266,511
678,157
992,713
231,125
406,276
222,229
341,344
2,566,690
916,793
7,071,911
Total commercial real estate
662,272
341,339
839,554
1,336,425
294,875
579,840
263,055
487,012
4,256,501
1,349,451
10,410,324
Consumer
Residential mortgages
1,357,455
457,332
733,156
535,352
504,138
1,270,904
230,107
906,977
5,345,855
263,466
11,604,742
Other consumer
28,584
18,555
5,723
8,981
10,225
82,164
1,400
16,397
77,447
6,038
255,514
Total consumer
1,386,039
475,887
738,879
544,333
514,363
1,353,068
231,507
923,374
5,423,302
269,504
11,860,256
Total loans and leases, net of
unearned income
$ 2,832,273
$ 1,250,202
$ 2,461,816
$ 2,816,217
$ 1,476,596
$ 3,104,260
$ 668,244
$ 1,883,185
$ 15,724,613
$ 4,584,430
$ 36,801,836
Table 11
Noninterest Revenue and Expense
(Unaudited)
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
NONINTEREST REVENUE:
Trust and asset management income
$ 12,108
$ 11,948
$ 13,227
$ 11,823
$ 12,485
$ 49,106
$ 48,507
Investment advisory fees
9,584
9,314
8,970
8,454
8,502
36,322
33,660
Brokerage and annuity fees
3,698
3,253
3,101
3,002
2,986
13,054
12,755
Deposit service charges
19,149
19,047
18,061
17,736
18,694
73,993
73,497
Credit card, debit card and merchant fees
13,702
13,484
12,972
11,989
12,664
52,147
50,245
Mortgage banking excl. MSR and MSR
hedge market value adjustment
10,365
9,208
10,734
9,743
6,293
40,050
33,455
MSR and MSR hedge market value
adjustment
(4,232)
(4,739)
(2,023)
(3,105)
(2,739)
(14,099)
(16,152)
Security gains (losses), net
2
4,311
—
(9)
(3)
4,304
(2,962)
Bank-owned life insurance
6,633
5,093
6,812
5,202
5,046
23,741
17,716
Other miscellaneous income
30,479
22,559
26,327
20,552
22,237
99,916
105,789
Total noninterest revenue
$ 101,488
$ 93,478
$ 98,181
$ 85,387
$ 86,165
$ 378,534
$ 356,510
NONINTEREST EXPENSE:
Salaries and employee benefits
$ 184,868
$ 173,485
$ 157,340
$ 152,972
$ 152,381
$ 668,665
$ 609,307
Occupancy and equipment
29,986
31,892
30,039
28,477
27,275
120,394
114,175
Data processing and software
33,657
36,120
30,701
27,132
33,226
127,610
121,884
Deposit insurance assessments
6,410
10,037
8,571
8,643
8,284
33,661
39,922
Amortization of intangibles
7,511
7,539
4,046
3,668
3,904
22,764
15,902
Merger expense
5,831
19,789
2,179
315
—
28,114
—
Advertising and public relations
6,386
6,939
7,304
4,157
5,870
24,786
22,112
Foreclosed property expense
1,306
1,294
757
864
621
4,221
1,891
Telecommunications
1,447
1,520
1,330
1,512
1,359
5,809
5,857
Travel and entertainment
4,520
3,004
2,829
2,436
2,618
12,790
10,015
Professional, consulting and outsourcing
3,886
3,025
4,043
4,733
4,540
15,686
16,124
Legal
3,774
4,463
8,111
3,559
4,176
19,907
12,279
Postage and shipping
3,009
2,026
1,797
1,773
1,624
8,606
7,128
Other miscellaneous expense
18,721
19,113
13,816
19,108
20,308
70,757
68,932
Total noninterest expense
$ 311,312
$ 320,246
$ 272,863
$ 259,349
$ 266,186
$ 1,163,770
$ 1,045,528
Table 12
Average Balance and Yields
(Unaudited)
Quarter Ended
December 31, 2025
September 30, 2025
December 31, 2024
(Dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding
accretion
$ 37,071,086
$ 585,286
6.26 %
$ 36,623,037
$ 583,537
6.32 %
$ 33,461,931
$ 538,204
6.40 %
Accretion income on acquired
loans
4,611
0.05
5,519
0.06
2,422
0.03
Loans held for sale
166,212
1,889
4.51
167,634
1,758
4.16
123,211
1,694
5.47
Investment securities
Taxable
9,354,438
83,056
3.52
9,644,752
86,144
3.54
7,555,265
57,476
3.03
Tax-exempt
81,411
790
3.85
526,501
7,534
5.68
81,418
804
3.93
Total investment securities
9,435,849
83,846
3.53
10,171,253
93,678
3.65
7,636,683
58,280
3.04
Other investments
1,192,650
12,165
4.05
1,845,618
22,219
4.78
1,698,300
20,369
4.77
Total interest-earning assets
47,865,797
687,797
5.70 %
48,807,542
706,711
5.74 %
42,920,125
620,969
5.76 %
Other assets
5,707,857
6,026,491
4,809,384
Allowance for credit losses
497,030
481,059
465,971
Total assets
$ 53,076,624
$ 54,352,974
$ 47,263,538
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and
money market
$ 20,592,043
$ 127,480
2.46 %
$ 20,264,338
$ 136,105
2.66 %
$ 18,845,689
$ 135,965
2.87 %
Savings deposits
3,049,459
4,695
0.61
3,143,880
5,378
0.68
2,573,961
3,684
0.57
Time deposits
10,767,286
104,293
3.84
11,410,274
112,720
3.92
9,646,809
103,785
4.28
Total interest-bearing deposits
34,408,788
236,468
2.73
34,818,492
254,203
2.90
31,066,459
243,434
3.12
Fed funds purchased, securities
sold under agreement to
repurchase and other
38,850
394
4.02
72,454
818
4.48
26,042
300
4.58
Short-term FHLB borrowings
1,300,870
13,737
4.19
1,073,924
11,807
4.36
—
—
—
Short-term BTFP borrowings
—
—
—
—
—
—
897,826
10,772
4.77
Subordinated and long-term
borrowings
972,171
9,466
3.86
1,429,577
14,088
3.91
123,442
1,284
4.14
Total interest-bearing
liabilities
36,720,679
260,065
2.81 %
37,394,447
280,916
2.98 %
32,113,769
255,790
3.17 %
Noninterest-bearing liabilities:
Demand deposits
9,283,298
10,040,670
8,676,765
Other liabilities
913,839
935,740
883,643
Total liabilities
46,917,816
48,370,857
41,674,177
Shareholders' equity
6,158,808
5,982,117
5,589,361
Total liabilities and
shareholders' equity
$ 53,076,624
$ 54,352,974
$ 47,263,538
Net interest income/net interest
spread
427,732
2.89 %
425,795
2.76 %
365,179
2.59 %
Net yield on earning assets/net
interest margin
3.55 %
3.46 %
3.38 %
Taxable equivalent adjustment:
Loans and investment securities
(809)
(2,068)
(648)
Net interest revenue
$ 426,923
$ 423,727
$ 364,531
Table 12
Average Balance and Yields Continued
Year-To-Date
December 31, 2025
December 31, 2024
(Dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion
$ 35,611,705
$ 2,244,288
6.30 %
$ 33,107,659
$ 2,154,654
6.50 %
Accretion income on acquired loans
15,337
0.04
11,911
0.04
Loans held for sale
149,016
6,832
4.58
111,156
6,161
5.54
Investment securities
Taxable
8,747,857
294,787
3.37
7,881,989
243,466
3.09
Tax-exempt
192,321
9,923
5.16
80,880
3,289
4.07
Total investment securities
8,940,178
304,710
3.41
7,962,869
246,755
3.10
Other investments
1,333,988
59,464
4.46
2,450,623
130,499
5.33
Total interest-earning assets
46,034,887
2,630,631
5.71 %
43,632,307
2,549,980
5.84 %
Other assets
5,448,893
4,812,184
Allowance for credit losses
477,832
471,212
Total assets
$ 51,005,948
$ 47,973,279
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market
$ 19,775,702
518,290
2.62 %
$ 18,739,210
$ 573,826
3.06 %
Savings deposits
2,863,708
17,464
0.61
2,626,539
14,922
0.57
Time deposits
10,532,746
416,634
3.96
8,330,176
368,572
4.42
Total interest-bearing deposits
33,172,156
952,388
2.87
29,695,925
957,320
3.22
Fed funds purchased, securities sold under
agreement to repurchase and other
119,560
5,283
4.42
86,171
4,131
4.79
Short-term FHLB borrowings
898,003
38,447
4.28
—
—
—
Short-term BTFP borrowings
—
—
—
2,845,902
136,404
4.79
Subordinated and long-term borrowings
970,786
38,427
3.96
306,396
13,287
4.34
Total interest-bearing liabilities
35,160,505
1,034,545
2.94 %
32,934,394
1,111,142
3.37 %
Noninterest-bearing liabilities:
Demand deposits
9,044,810
8,780,004
Other liabilities
894,132
905,176
Total liabilities
45,099,447
42,619,574
Shareholders' equity
5,906,501
5,353,705
Total liabilities and shareholders' equity
$ 51,005,948
$ 47,973,279
Net interest income/net interest spread
1,596,086
2.77 %
1,438,838
2.47 %
Net yield on earning assets/net interest margin
3.47 %
3.30 %
Taxable equivalent adjustment:
Loans and investment securities
(4,144)
(2,623)
Net interest revenue
$ 1,591,942
$ 1,436,215
Table 13
Selected Additional Data
(Unaudited)
Quarter Ended
(Dollars in thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
MORTGAGE SERVICING RIGHTS ("MSR"):
Fair value, beginning of period
$ 110,495
$ 111,624
$ 110,969
$ 114,594
$ 104,891
Originations of servicing assets
3,536
3,844
3,732
2,796
4,227
Changes in fair value:
Due to changes in valuation inputs or assumptions (1)
456
(1,254)
(2,468)
(4,447)
9,193
Other changes in fair value (2)
(4,163)
(3,719)
(609)
(1,974)
(3,717)
Fair value, end of period
$ 110,324
$ 110,495
$ 111,624
$ 110,969
$ 114,594
MORTGAGE BANKING REVENUE:
Origination
$ 4,146
$ 2,753
$ 4,362
$ 3,402
$ 332
Servicing
6,219
6,455
6,372
6,341
5,961
Total mortgage banking revenue excluding MSR
10,365
9,208
10,734
9,743
6,293
Due to changes in valuation inputs or assumptions (1)
456
(1,254)
(2,468)
(4,447)
9,193
Other changes in fair value (2)
(4,163)
(3,719)
(609)
(1,974)
(3,717)
Market value adjustment on MSR Hedge
(525)
234
1,054
3,316
(8,215)
Total mortgage banking revenue
$ 6,133
$ 4,469
$ 8,711
$ 6,638
$ 3,554
Mortgage loans serviced
$ 8,433,488
$ 8,346,802
$ 8,216,970
$ 8,111,379
$ 8,043,306
MSR/mortgage loans serviced
1.31 %
1.32 %
1.36 %
1.37 %
1.42 %
(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)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
AVAILABLE FOR SALE SECURITIES, at fair value
Obligations of U.S. government agencies
$ 246,535
$ 254,678
$ 266,905
$ 274,285
$ 281,231
Mortgage-backed securities issued or guaranteed by U.S.
agencies ("MBS"):
Residential pass-through:
Guaranteed by GNMA
61,815
63,756
64,464
66,149
66,581
Issued by FNMA and FHLMC
4,756,051
4,863,136
4,166,316
4,024,678
3,965,556
Other residential mortgage-backed securities
2,388,778
2,742,699
2,389,062
1,564,928
934,721
Commercial mortgage-backed securities
1,443,183
1,466,878
1,455,638
1,486,525
1,549,641
Total MBS
8,649,827
9,136,469
8,075,480
7,142,280
6,516,499
Obligations of states and political subdivisions
124,058
125,478
131,335
129,822
132,069
Other domestic debt securities
26,891
29,703
45,999
48,422
47,402
Foreign debt securities
70,059
70,061
317,681
317,350
316,787
Total available for sale securities
$ 9,117,370
$ 9,616,389
$ 8,837,400
$ 7,912,159
$ 7,293,988
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)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Adjusted Net Income Available to Common
Shareholders
Net income
$ 146,748
$ 129,849
$ 134,645
$ 133,222
$ 132,715
$ 544,464
$ 523,604
Plus: Merger expense
5,831
19,789
2,179
315
—
28,114
—
Incremental merger related expense
18,866
8,226
616
55
—
27,763
—
Initial provision for acquired loans
—
5,519
4,182
—
—
9,701
—
Gain on extinguishment of debt
—
—
—
—
—
—
(1,674)
Restructuring and other nonroutine
expenses
(4,006)
(950)
(300)
351
(505)
(4,905)
5,501
Less: Security gains (losses), net
2
4,311
—
(9)
(3)
4,304
(2,962)
Loss on fair value hedge termination
—
(4,290)
—
—
—
(4,290)
—
Gain on sale of businesses
—
—
—
—
—
—
14,980
Nonroutine losses, net
—
(51)
—
—
—
(51)
—
Tax effect of the adjustments
4,498
7,286
1,483
172
(118)
13,438
(1,925)
Adjusted net income
162,939
155,177
139,839
133,780
132,331
591,736
517,338
Less: Preferred dividends
2,372
2,372
4,744
2,372
2,372
11,860
9,488
Plus: Special preferred dividends
—
—
2,372
—
—
2,372
—
Adjusted net income available to common
shareholders
$ 160,567
$ 152,805
$ 137,467
$ 131,408
$ 129,959
$ 582,248
$ 507,850
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Pre-Tax Pre-Provision Net Revenue
Net income
$ 146,748
$ 129,849
$ 134,645
$ 133,222
$ 132,715
$ 544,464
$ 523,604
Plus: Provision for credit losses
28,000
32,000
31,000
20,000
15,000
111,000
71,000
Income tax expense
42,351
35,110
37,813
35,968
36,795
151,242
152,593
Pre-tax pre-provision net revenue
$ 217,099
$ 196,959
$ 203,458
$ 189,190
$ 184,510
$ 806,706
$ 747,197
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Adjusted Pre-Tax Pre-Provision Net Revenue
Net income
$ 146,748
$ 129,849
$ 134,645
$ 133,222
$ 132,715
$ 544,464
$ 523,604
Plus: Provision for credit losses
28,000
32,000
31,000
20,000
15,000
111,000
71,000
Merger expense
5,831
19,789
2,179
315
—
28,114
—
Incremental merger related expense
18,866
8,226
616
55
—
27,763
—
Gain on extinguishment of debt
—
—
—
—
—
—
(1,674)
Restructuring and other nonroutine expenses
(4,006)
(950)
(300)
351
(505)
(4,905)
5,501
Income tax expense
42,351
35,110
37,813
35,968
36,795
151,242
152,593
Less: Security gains (losses), net
2
4,311
—
(9)
(3)
4,304
(2,962)
Loss on fair value hedge termination
—
(4,290)
—
—
—
(4,290)
—
Gain on sale of businesses
—
—
—
—
—
—
14,980
Nonroutine losses, net
—
(51)
—
—
—
(51)
—
Adjusted pre-tax pre-provision net revenue
$ 237,788
$ 224,054
$ 205,953
$ 189,920
$ 184,008
$ 857,715
$ 739,006
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Total Adjusted Revenue
Net interest revenue
$ 426,923
$ 423,727
$ 378,140
$ 363,152
$ 364,531
$ 1,591,942
$ 1,436,215
Total Adjusted Noninterest Revenue
Total noninterest revenue
$ 101,488
$ 93,478
$ 98,181
$ 85,387
$ 86,165
$ 378,534
$ 356,510
Less: Security gains (losses), net
2
4,311
—
(9)
(3)
4,304
(2,962)
Loss on fair value hedge termination
—
(4,290)
—
—
—
(4,290)
—
Gain on sale of businesses
—
—
—
—
—
—
14,980
Nonroutine losses, net
—
(51)
—
—
—
(51)
—
Total adjusted noninterest revenue
$ 101,486
$ 93,508
$ 98,181
$ 85,396
$ 86,168
$ 378,571
$ 344,492
Total adjusted revenue
$ 528,409
$ 517,235
$ 476,321
$ 448,548
$ 450,699
$ 1,970,513
$ 1,780,707
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Total Adjusted Noninterest Expense
Total noninterest expense
$ 311,312
$ 320,246
$ 272,863
$ 259,349
$ 266,186
$ 1,163,770
$ 1,045,528
Less: Merger expense
5,831
19,789
2,179
315
—
28,114
—
Incremental merger related expense
18,866
8,226
616
55
—
27,763
—
Gain on extinguishment of debt
—
—
—
—
—
—
(1,674)
Restructuring and other nonroutine
expenses
(4,006)
(950)
(300)
351
(505)
(4,905)
5,501
Total adjusted noninterest expense
$ 290,621
$ 293,181
$ 270,368
$ 258,628
$ 266,691
$ 1,112,798
$ 1,041,701
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
Total Tangible Assets, Excluding AOCI
Total assets
$ 53,529,044
$ 53,282,352
$ 50,378,840
$ 47,743,294
$ 47,019,190
$ 53,529,044
$ 47,019,190
Less: Goodwill
1,514,244
1,515,771
1,387,990
1,366,923
1,366,923
1,514,244
1,366,923
Other intangible assets, net
141,528
149,039
87,814
79,522
83,190
141,528
83,190
Total tangible assets
51,873,272
51,617,542
48,903,036
46,296,849
45,569,077
51,873,272
45,569,077
Less: AOCI
(428,322)
(493,782)
(576,157)
(621,203)
(694,495)
(428,322)
(694,495)
Total tangible assets, excluding AOCI
$ 52,301,594
$ 52,111,324
$ 49,479,193
$ 46,918,052
$ 46,263,572
$ 52,301,594
$ 46,263,572
Quarter Ended
Year-to-date
(In thousands)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
PERIOD END BALANCES:
Total Shareholders' Equity, Excluding AOCI
Total shareholders' equity
$6,243,661
$6,083,096
$5,916,283
$5,718,541
$5,569,683
$6,243,661
$5,569,683
Less: AOCI
(428,322)
(493,782)
(576,157)
(621,203)
(694,495)
(428,322)
(694,495)
Total shareholders' equity, excluding AOCI
$6,671,983
$6,576,878
$6,492,440
$6,339,744
$6,264,178
$6,671,983
$6,264,178
Common Shareholders' Equity, Excluding AOCI
Total shareholders' equity
$6,243,661
$6,083,096
$5,916,283
$5,718,541
$5,569,683
$6,243,661
$5,569,683
Less: preferred stock
166,993
166,993
166,993
166,993
166,993
166,993
166,993
Common shareholders' equity
6,076,668
5,916,103
5,749,290
5,551,548
5,402,690
6,076,668
5,402,690
Less: AOCI
(428,322)
(493,782)
(576,157)
(621,203)
(694,495)
(428,322)
(694,495)
Common shareholders' equity, excluding AOCI
$6,504,990
$6,409,885
$6,325,447
$6,172,751
$6,097,185
$6,504,990
$6,097,185
Total Tangible Common Shareholders' Equity,
Excluding AOCI
Total shareholders' equity
$6,243,661
$6,083,096
$5,916,283
$5,718,541
$5,569,683
$6,243,661
$5,569,683
Less: Goodwill
1,514,244
1,515,771
1,387,990
1,366,923
1,366,923
1,514,244
1,366,923
Other intangible assets, net
141,528
149,039
87,814
79,522
83,190
141,528
83,190
Preferred stock
166,993
166,993
166,993
166,993
166,993
166,993
166,993
Total tangible common shareholders' equity
4,420,896
4,251,293
4,273,486
4,105,103
3,952,577
4,420,896
3,952,577
Less: AOCI
(428,322)
(493,782)
(576,157)
(621,203)
(694,495)
(428,322)
(694,495)
Total tangible common shareholders' equity,
excluding AOCI
$4,849,218
$4,745,075
$4,849,643
$4,726,306
$4,647,072
$4,849,218
$4,647,072
Quarter Ended
Year-to-date
(Dollars in thousands, except per share data)
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Dec 2025
Dec 2024
AVERAGE BALANCES:
Total Tangible Common Shareholders' Equity
Total shareholders' equity
$6,158,808
$5,982,117
$5,827,081
$5,651,592
$5,589,361
$5,906,501
$5,353,705
Less: Goodwill
1,515,659
1,515,771
1,379,076
1,366,923
1,366,923
1,444,960
1,367,245
Other intangible assets, net
145,793
130,434
81,845
81,527
85,323
110,132
91,645
Preferred stock
166,993
166,993
166,993
166,993
166,993
166,993
166,993
Total tangible common shareholders' equity
$4,330,363
$4,168,919
$4,199,167
$4,036,149
$3,970,122
$4,184,416
$3,727,822
Total average assets
$53,076,624
$54,352,974
$49,356,696
$47,135,431
$47,263,538
$51,005,948
$47,973,279
Total shares of common stock outstanding
186,622,108
186,307,016
186,307,016
184,046,420
183,527,575
186,622,108
183,527,575
Average shares outstanding-diluted
189,506,284
189,053,254
187,642,873
186,121,979
186,038,243
188,091,060
185,592,759
Tangible common shareholders' equity to tangible
assets (1)
8.52 %
8.24 %
8.74 %
8.87 %
8.67 %
8.52 %
8.67 %
Tangible common shareholders' equity, excluding
AOCI, to tangible assets, excluding AOCI (2)
9.27
9.11
9.80
10.07
10.04
9.27
10.04
Return on average tangible common equity (3)
13.23
12.13
12.41
13.15
13.06
12.73
13.79
Adjusted return on average tangible common
equity (4)
14.71
14.54
13.13
13.20
13.02
13.91
13.62
Adjusted return on average assets (5)
1.22
1.13
1.14
1.15
1.11
1.16
1.08
Adjusted return on average common shareholders'
equity (6)
10.63
10.43
9.74
9.72
9.53
10.14
9.79
Pre-tax pre-provision net revenue to total average
assets (7)
1.62
1.44
1.65
1.63
1.55
1.58
1.56
Adjusted pre-tax pre-provision net revenue to total
average assets (8)
1.78
1.64
1.67
1.63
1.55
1.68
1.54
Tangible book value per common share (9)
$ 23.69
$ 22.82
$ 22.94
$ 22.30
$ 21.54
$ 23.69
$ 21.54
Tangible book value per common share, excluding
AOCI (10)
25.98
25.47
26.03
25.68
25.32
25.98
25.32
Adjusted earnings per common share (11)
$ 0.85
$ 0.81
$ 0.73
$ 0.71
$ 0.70
$ 3.10
$ 2.74
Adjusted dividend payout ratio (12)
32.35 %
33.95 %
37.67 %
38.73 %
35.71 %
35.48 %
36.50 %
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.
SOURCE Cadence Bank