Open the filing on EDGAROld National Bancorp Reports Record Second Quarter 2026 Results;
Announces Enhanced Executive Leadership Structure
Old National Bancorp (NASDAQ: ONB) reports 2Q26 net income applicable to common shares of $249.4 million, diluted EPS of $0.65; $250.4 million and $0.65 on an adjusted basis, respectively.
CEO COMMENTARY:
"Our record second quarter results reflect another quarter of disciplined execution and demonstrate the strength of Old National's long-term growth strategy," said Chairman and CEO Jim Ryan. "Over the past several years, we have built a stronger, more diversified franchise with greater scale, capabilities, and opportunities for growth. As we continue that evolution, we're enhancing our leadership structure through the formation of an Operating Group and the expansion of our Executive Leadership Team. These changes position us to move with greater speed, strengthen accountability, and better connect strategy to execution as we build the next chapter of Old National's success."
SECOND QUARTER HIGHLIGHTS:
Net Income
- Record net income applicable to common shares of $249.4 million; record adjusted net income applicable to common shares of $250.4 million
- Earnings per diluted common share ("EPS") of $0.65; record adjusted EPS of $0.65
Net Interest Income/NIM
- Net interest income on a fully taxable equivalent basis of $586.5 million
- Net interest margin on a fully taxable equivalent basis ("NIM") of 3.54%, down 1 basis point ("bp")
Operating Performance
- Pre-provision net revenue ("PPNR") of $367.9 million; adjusted PPNR of $366.8 million
- Noninterest expense of $372.2 million; adjusted noninterest expense of $360.1 million
- Record efficiency ratio of 47.0%; record adjusted efficiency ratioof 45.2%
Deposits and Funding
- Period-end total deposits of $56.1 billion, up 3.4% annualized
- Granular low-cost deposit franchise; total deposit costs of 171 bps, down 1 bp; interest-bearing deposit costs of 223 bps, down 1 bp
Loans and Credit Quality
- End-of-period total loans of $50.8 billion, up $1.0 billion or 8.3% annualized
- Provision for credit losses ("provision") of $36.2 million
- Net charge-offs of $32.2 million, or 26 bps of average loans; 22 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
- 30+ day delinquencies of 0.29% and nonaccrual loans of 0.91% of total loans
Return Profile & Capital
- Return on average tangible common equity ("ROATCE") of 19.8%; adjusted ROATCE of 19.9%•Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.09%, down 2 bps•Repurchased $107 million, or 4.4 million shares, of common stock during the quarter
Notable Items
- $13.2 million of pre-tax pension gain•$12.1 million of pre-tax merger-related charges
Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - refer to the Non-GAAP reconciliations contained in this release Comparisons are on a linked-quarter basis, unless otherwise noted Includes loans held-for-sale Includes the provision for unfunded commitments Includes a gain associated with the settlement of the Bremer pension plan
EXECUTIVE LEADERSHIP STRUCTURE UPDATE
As a top 25 U.S. bank that is keenly focused on driving organic growth while also positioning the organization for continued success, Old National is pleased to announce structural changes to its senior-most Executive Leadership Team.
Establishment of an Operating Group
Old National’s Operating Group will comprise a subset of the company’s full Executive Leadership Team ("ELT"). Members will focus on enterprise strategy and alignment, emerging growth opportunities, and other critical enterprise-wide initiatives.
Members of the Operating Group are:
- Jim Ryan, Chairman and CEO - Evansville, Ind.
- Tim Burke, President and COO - Evansville, Ind.
- Nick Chulos, Chief Legal Officer - Chicago, Ill.
- Carrie Ellspermann, Chief People Officer - Evansville, Ind.
- Scott Evernham, Chief Risk Officer - Evansville, Ind.
- John Moran, Chief Financial Officer - Evansville, Ind.
- Kathy Schoettlin, Chief Communications, Culture & Social Responsibility Officer - Evansville, Ind.
- Kendra Vanzo, Chief Administrative Officer - Evansville, Ind.
The roles and responsibilities of Old National’s full ELT will not change. The bank’s ELT will continue to lead operational strategy, advance innovation, scale talent, and work to foster a collaborative, high-performing culture.
Four additional leaders added to the ELT
To further strengthen Old National’s ability to connect its operational strategy to execution and growth, the company is adding four proven leaders to its ELT:
- Joe Chasteen, Chief Revenue Enablement Officer - Troy, Mich.
- Chris Doyle, Commercial Banking President - Cleveland, Ohio
- Annie Hills, Chief of Staff - Evansville, Ind.
- John Thurston, Corporate Banking President - Chicago, Ill.
Biographies for these four executive leaders are included on page 6 of this release
Rafael Sanchez named Chief Government and Corporate Affairs Officer
Rafael Sanchez, formerly Old National’s Chief Impact Officer, is transitioning to the new role of Chief Government and Corporate Affairs Officer and retains the Indianapolis Market President role. This transition reflects the growing importance of public policy and stakeholder engagement within the financial industry. Mr. Sanchez will work out of Indianapolis and report directly to Old National Chief Risk Officer Scott Evernham.
Biography for Rafael Sanchez is included on page 6 of this release
RESULTS OF OPERATIONS
Old National Bancorp reported record second quarter 2026 net income applicable to common shares of $249.4 million, or $0.65 per diluted common share.
Included in second quarter results was a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan and pre-tax charges of $12.1 million for merger-related expenses. Excluding these items and realized debt securities gains from the current quarter net of tax, record adjusted net income was $250.4 million, or $0.65 per diluted common share.
DEPOSITS AND FUNDING
Increases in public funds and business checking partly offset by normal seasonal outflows of retail deposits.
- Period-end total deposits were $56.1 billion, up 3.4% annualized.
- On average, total deposits for the second quarter were $55.5 billion, an increase of $479.1 million.
- Granular low-cost deposit franchise; total deposit costs of 171 bps, down 1 bp.
- A loan to deposit ratio of 91%, combined with existing funding sources, provides strong liquidity.
LOANS
Loan growth driven by strong high quality commercial loan production.
- Period-end total loans were $50.8 billion, up $1.0 billion or 8.3% annualized, including commercial and industrial growth of $495.0 million, as well as commercial real estate growth of $342.3 million.
- Total commercial loan production in the second quarter was $3.5 billion, up 7%; record period-end commercial pipeline totaled $5.6 billion, up 2%.
- Average total loans in the second quarter were $50.1 billion, up 7.4% annualized.
CREDIT QUALITY
Credit quality continues to be a hallmark of Old National.
- Provision expense was $36.2 million compared to $34.9 million.
- Net charge-offs were $32.2 million, or 26 bps of average loans, consistent with the prior quarter.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 22 bps compared to 19 bps.
- 30+ day delinquencies as a percentage of loans were 0.29% compared to 0.24%.
- Nonaccrual loans as a percentage of total loans were 0.91% compared to 1.03%.
- The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $612.0 million, or 1.21% of total loans, compared to $608.1 million, or 1.22% of total loans.
NET INTEREST INCOME AND MARGIN
Higher net interest income and stable margin reflective of balance sheet growth and the rate environment.
- Net interest income on a fully taxable equivalent basis increased to $586.5 million compared to $580.4 million, driven by high quality loan growth and stable core deposit pricing, partly offset by funding mix.
- Net interest margin on a fully taxable equivalent basisdecreased 1 bp to 3.54%.
- Cost of total deposits was 1.71%, decreasing 1 bp and the cost of total interest-bearing deposits decreased 1 bp to 2.23%.
NONINTEREST INCOME
Higher fee income across all line items with other income elevated.
- Total noninterest income was $153.6 million, or $140.4 million excluding a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan, compared to $122.3 million.
- Excluding the pension plan gain in the second quarter of 2026 and realized debt securities gains, noninterest income was up 14.8% driven by higher fee income across all line items with other income elevated by market value adjustments, as well as higher company-owned life insurance income and an asset recovery.
NONINTEREST EXPENSE
Disciplined expense management drives record adjusted efficiency ratio.
- Noninterest expense was $372.2 million and included $12.1 million of merger-related charges.
- Excluding merger related charges, adjusted noninterest expense increased to $360.1 million, compared to $354.0 million excluding merger-related charges and a $3.4 million non-cash expense associated with the distribution of excess pension assets in the first quarter of 2026.
- The efficiency ratio was a record at 47.0%, while the adjusted efficiency ratio was a record at 45.2% compared to 48.3% and 45.7%, respectively.
INCOME TAXES
- Income tax expense was $70.8 million, resulting in an effective tax rate of 21.8% compared to 20.9%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 23.0% compared to 22.9%.
- Income tax expense included $9.9 million of tax credit benefit compared to $8.7 million.
CAPITAL
Capital ratios remain strong.
- Preliminary total risk-based capital down 6 bps to 13.65% and preliminary regulatory Tier 1 capital down 3 bps to 11.53%, as growth in loans and share repurchases is partly offset by strong retained earnings.
- Tangible common equity to tangible assets was 7.68% compared to 7.67%.
- The Company repurchased $107 million of common stock and paid $56 million of quarterly common stock cash dividends during the quarter resulting in a combined payout ratio of 65%.
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, July 22, 2026, to review second quarter financial results. To listen to the live conference call, dial U.S./International (833) 461-5787, meeting ID 181 433 839. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and the webcast replay will be available approximately two hours after completion of the call until midnight ET on July 22, 2027.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $74 billion of assets and $41 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2026, Points of Light named Old National one of "The Civic 50" for the third consecutive year - an honor recognizing the 50 most community-minded companies in the United States - and also named Old National the Financials Sector Leader among nominated banks and financial services organizations.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include a pension plan gain/loss, merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
Forward-looking statements notice
This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.
OLD NATIONAL EXECUTIVE LEADER BIOGRAPHIES
Joe Chasteen
Chief Revenue Enablement Officer
Joe Chasteen is Chief Revenue Enablement Officer at Old National Bank, a strategic leadership role focused on advancing organic growth and revenue generation across the company. Joe brings nearly 30 years of business banking and enterprise leadership experience, having held senior roles with large financial institutions across the country.
Joe has served as a member of the Consumer Bankers Association Business Banking Committee and is a graduate of the CBA Executive Banking School. He earned a bachelor’s degree in Marketing Management from Michigan State University and a master’s degree in Finance, with an emphasis in Economics, from Walsh College.
Christopher Doyle
Commercial Banking President
Christopher Doyle is President of Commercial Banking at Old National Bank. He brings more than 20 years of banking experience to the role.
At Old National, Chris leads Commercial & Industrial Banking, Middle Market Banking, Commercial Real Estate, Agricultural Lending, SBA Lending, Asset-Based Lending, Family Office, Expansion Markets, and SBIC strategy. He is active in the Cleveland, Ohio community and serves on several nonprofit boards, including Urban Community School and Boys & Girls Clubs of Greater Cleveland. Chris earned a Bachelor of Business Administration in Finance from Saint Louis University.
Annie Hills
Chief of Staff
Annie Hills is Chief of Staff to the CEO at Old National Bank. In this role, she supports key strategic priorities, executive leadership initiatives, and alignment among the CEO, ELT and Board of Directors. She joined the company in 2020 as an attorney in the legal department.
Annie earned her bachelor’s degrees in Political Science and Criminal Justice from Indiana University and her law degree from the Indiana University Robert H. McKinney School of Law. She is involved in workforce development and emerging talent initiatives, including the Orr Fellowship and Indiana’s Youth Apprenticeship Program, and serves on the Evansville Orr Fellowship Advisory Board.
Rafael Sanchez
Chief Government and Corporate Affairs Officer & Indianapolis Market President
Rafael Sanchez is Chief Government and Corporate Affairs Officer & Indianapolis Market President for Old National Bank. He most recently served as Old National’s Chief Impact Officer where he led the organization and launch of Generations Community Bank. Rafael is an attorney and former President and CEO of Indianapolis Power & Light Company (IPL, now AES Indiana).
A native of Puerto Rico, Rafael holds a bachelor’s degree in Social Sciences and Political Science from the University of Puerto Rico, and a law degree from the Indiana University Maurer School of Law.
Through his commitment and passion for the Indianapolis community, Rafael has served on numerous boards and community initiatives. He currently serves as Board Chair for Community Health Network and serves on the boards of The Children’s Museum of Indianapolis, the Indy Economic Development Corporation, the Center for Justice & Exoneration Network, Young Presidents Organization (YPO Gold), and Generations Community Bank.
In 2017, Rafael received the Sagamore of the Wabash award from Governor Eric Holcomb for his civic leadership in Indianapolis.
John Thurston
Corporate Banking President
John Thurston is President of Corporate Banking at Old National Bank. He joined Old National in 2023, and most recently served as Corporate Banking Director before being appointed to lead the Corporate Bank, which serves Old National’s largest commercial banking clients and specialty banking clients. John has more than 30 years of banking experience spanning multiple geographies, lines of business, and industry verticals.
A longtime Chicago resident, John is active in the community and serves on the boards of Christ the King Jesuit College Prep and Mercy Home for Boys & Girls. He earned a Bachelor of Business Administration and a Bachelor of Arts in Finance and Business Economics from the University of Notre Dame.
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Financial Highlights (unaudited) |
| ($ and shares in thousands, except per share data) |
| Income Statement | | | | | | | |
| Net interest income | $578,988 | | $572,573 | | $580,832 | | $574,609 | | $514,790 | | $1,151,561 | | $902,433 | |
| FTE adjustment | 7,510 | | 7,849 | | 8,013 | | 7,975 | | 7,063 | | 15,359 | | 12,423 | |
| Net interest income - tax equivalent basis | 586,498 | | 580,422 | | 588,845 | | 582,584 | | 521,853 | | 1,166,920 | | 914,856 | |
| Provision for credit losses | 36,206 | | 34,946 | | 32,745 | | 26,738 | | 106,835 | | 71,152 | | 138,238 | |
| Noninterest income | 153,564 | | 122,346 | | 109,759 | | 130,461 | | 132,517 | | 275,910 | | 226,311 | |
| Noninterest expense | 372,161 | | 364,704 | | 386,320 | | 445,734 | | 384,766 | | 736,865 | | 653,237 | |
| Net income applicable to common shareholders | 249,381 | | 229,638 | | 212,589 | | 178,533 | | 121,375 | | $479,019 | | 262,000 | |
| Per Common Share Data | | | | | | | |
| Weighted average diluted shares | 383,273 | | 388,054 | | 389,550 | | 390,496 | | 361,436 | | 385,697 | | 340,250 | |
| EPS, diluted | $0.65 | | $0.59 | | $0.55 | | $0.46 | | $0.34 | | $1.24 | | $0.77 | |
| Cash dividends | 0.145 | | 0.145 | | 0.140 | | 0.140 | | 0.140 | | 0.29 | | 0.28 | |
| Dividend payout ratio | 22% | | 25% | | 25% | | 30% | | 41% | | 23% | | 36% | |
| Book value | $21.80 | | $21.40 | | $21.17 | | $20.64 | | $20.12 | | $21.80 | | $20.12 | |
| Stock price | 25.90 | | 22.10 | | 22.31 | | 21.95 | | 21.34 | | 25.90 | | 21.34 | |
| Tangible book value | 14.32 | | 13.93 | | 13.71 | | 13.15 | | 12.60 | | 14.32 | | 12.60 | |
| Performance Ratios | | | | | | | |
| ROAA | 1.38% | | 1.29% | | 1.21% | | 1.03% | | 0.77% | | 1.34% | | 0.91% | |
| ROAE | 12.1% | | 11.1% | | 10.4% | | 9.0% | | 6.7% | | 11.6% | | 7.8% | |
| ROATCE | 19.8% | | 18.4% | | 17.8% | | 15.9% | | 12.0% | | 19.1% | | 13.4% | |
| NIM (FTE) | 3.54% | | 3.55% | | 3.65% | | 3.64% | | 3.53% | | 3.54% | | 3.41% | |
| Efficiency ratio | 47.0% | | 48.3% | | 51.6% | | 58.8% | | 55.8% | | 47.6% | | 54.9% | |
| NCOs to average loans | 0.26% | | 0.26% | | 0.27% | | 0.25% | | 0.24% | | 0.26% | | 0.24% | |
| ACL on loans to EOP loans | 1.14% | | 1.15% | | 1.17% | | 1.19% | | 1.18% | | 1.14% | | 1.18% | |
| ACL to EOP loans | 1.21% | | 1.22% | | 1.24% | | 1.26% | | 1.24% | | 1.21% | | 1.24% | |
| NPLs to EOP loans | 0.91% | | 1.03% | | 1.07% | | 1.23% | | 1.24% | | 0.91% | | 1.24% | |
| Balance Sheet (EOP) | | | | | | | |
| Total loans | | $50,772,584 | | $49,731,844 | | $48,764,162 | | $47,967,915 | | $47,902,819 | | $50,772,584 | | $47,902,819 |
| Total assets | | 74,189,417 | | 73,002,651 | | 72,151,967 | | 71,210,162 | | 70,979,805 | | 74,189,417 | | 70,979,805 |
| Total deposits | | 56,146,770 | | 55,672,472 | | 55,088,195 | | 55,006,184 | | 54,357,683 | | 56,146,770 | | 54,357,683 |
| Total borrowed funds | | 8,423,983 | | 7,823,198 | | 7,451,367 | | 6,766,381 | | 7,346,098 | | 8,423,983 | | 7,346,098 |
| Total shareholders' equity | | 8,583,843 | | 8,510,653 | | 8,494,788 | | 8,309,271 | | 8,126,387 | | 8,583,843 | | 8,126,387 |
| Capital Ratios | | | | | | | |
| Risk-based capital ratios (EOP): | | | | | | | |
| Tier 1 common equity | 11.09% | | 11.11% | | 11.08% | | 11.02% | | 10.74% | | 11.09% | | 10.74% | |
| Tier 1 capital | 11.53% | | 11.56% | | 11.53% | | 11.49% | | 11.20% | | 11.53% | | 11.20% | |
| Total capital | 13.65% | | 13.71% | | 12.85% | | 12.78% | | 12.59% | | 13.65% | | 12.59% | |
| Leverage ratio (average assets) | 8.95% | | 8.93% | | 8.90% | | 8.72% | | 9.26% | | 8.95% | | 9.26% | |
| Equity to assets (averages) | 11.61% | | 11.79% | | 11.73% | | 11.48% | | 11.38% | | 11.70% | | 11.66% | |
| TCE to TA | 7.68% | | 7.67% | | 7.72% | | 7.53% | | 7.26% | | 7.68% | | 7.26% | |
| Nonfinancial Data | | | | | | | |
| Full-time equivalent employees | | 4,914 | | 4,948 | | 4,971 | | 5,243 | | 5,313 | | 4,914 | | 5,313 |
| Banking centers | | 346 | | 346 | | 346 | | 351 | | 351 | | 346 | | 351 |
| Calculated using the federal statutory tax rate in effect of 21% for all periods. | | | | |
| Cash dividends per common share divided by net income per common share (basic). | | | | |
| Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | | |
| Includes the allowance for credit losses on loans and unfunded loan commitments. | | | | |
| June 30, 2026 capital ratios are preliminary. | | |
| FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | | |
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Income Statement (unaudited) |
| ($ and shares in thousands, except per share data) |
| Interest income | $894,391 | | $877,391 | | $897,301 | | $917,192 | | $824,961 | | $1,771,782 | | $1,455,360 | |
| Less: interest expense | 315,403 | | 304,818 | | 316,469 | | 342,583 | | 310,171 | | 620,221 | | 552,927 | |
| Net interest income | 578,988 | | 572,573 | | 580,832 | | 574,609 | | 514,790 | | 1,151,561 | | 902,433 | |
| Provision for credit losses | 36,206 | | 34,946 | | 32,745 | | 26,738 | | 106,835 | | 71,152 | | 138,238 | |
| Net interest income after provision for credit losses | 542,782 | | 537,627 | | 548,087 | | 547,871 | | 407,955 | | 1,080,409 | | 764,195 | |
| Wealth and investment services fees | 42,098 | | 39,715 | | 39,012 | | 39,684 | | 35,817 | | 81,813 | | 65,465 | |
| Service charges on deposit accounts | 28,009 | | 26,937 | | 27,516 | | 27,856 | | 23,878 | | 54,946 | | 45,034 | |
| Debit card and ATM fees | 13,092 | | 12,038 | | 13,178 | | 13,197 | | 12,922 | | 25,130 | | 22,913 | |
| Mortgage banking revenue | 11,163 | | 9,554 | | 11,053 | | 10,442 | | 10,032 | | 20,717 | | 16,911 | |
| Capital markets income | 12,329 | | 11,016 | | 13,080 | | 12,629 | | 7,114 | | 23,345 | | 11,620 | |
| Company-owned life insurance | 8,531 | | 7,561 | | 7,099 | | 7,565 | | 6,625 | | 16,092 | | 12,006 | |
| Other income | 38,376 | | 15,450 | | (1,252) | | 19,081 | | 36,170 | | 53,826 | | 52,479 | |
| Debt securities gains (losses), net | (34) | | 75 | | 73 | | 7 | | (41) | | 41 | | (117) | |
| Total noninterest income | 153,564 | | 122,346 | | 109,759 | | 130,461 | | 132,517 | | 275,910 | | 226,311 | |
| Salaries and employee benefits | 184,765 | | 184,073 | | 187,251 | | 211,345 | | 202,112 | | 368,838 | | 350,417 | |
| Occupancy | 33,452 | | 36,995 | | 35,243 | | 34,442 | | 30,432 | | 70,447 | | 59,485 | |
| Equipment | 11,077 | | 12,075 | | 14,184 | | 12,703 | | 12,566 | | 23,152 | | 21,467 | |
| Marketing | 15,601 | | 16,434 | | 14,418 | | 15,093 | | 13,759 | | 32,035 | | 25,699 | |
| Technology | 29,630 | | 29,025 | | 30,882 | | 36,122 | | 31,452 | | 58,655 | | 53,472 | |
| Communication | 6,130 | | 6,196 | | 6,726 | | 7,742 | | 5,014 | | 12,326 | | 9,148 | |
| Professional fees | 10,735 | | 12,356 | | 18,454 | | 13,598 | | 21,931 | | 23,091 | | 29,850 | |
| FDIC assessment | 13,592 | | 13,756 | | 11,190 | | 14,095 | | 13,409 | | 27,348 | | 23,109 | |
| Amortization of intangibles | 23,992 | | 25,623 | | 26,016 | | 26,184 | | 19,630 | | 49,615 | | 26,460 | |
| Amortization of tax credit investments | 7,807 | | 7,111 | | 9,822 | | 7,057 | | 5,815 | | 14,918 | | 9,239 | |
| Other expense | 35,380 | | 21,060 | | 32,134 | | 67,353 | | 28,646 | | 56,440 | | 44,891 | |
| Total noninterest expense | 372,161 | | 364,704 | | 386,320 | | 445,734 | | 384,766 | | 736,865 | | 653,237 | |
| Income before income taxes | 324,185 | | 295,269 | | 271,526 | | 232,598 | | 155,706 | | 619,454 | | 337,269 | |
| Income tax expense | 70,771 | | 61,597 | | 54,903 | | 50,031 | | 30,298 | | 132,368 | | 67,202 | |
| Net income | $253,414 | | $233,672 | | $216,623 | | $182,567 | | $125,408 | | $487,086 | | $270,067 | |
| Preferred dividends | (4,033) | | (4,034) | | (4,034) | | (4,034) | | (4,033) | | (8,067) | | (8,067) | |
| Net income applicable to common shares | $249,381 | | $229,638 | | $212,589 | | $178,533 | | $121,375 | | $479,019 | | $262,000 | |
| EPS, diluted | $0.65 | | $0.59 | | $0.55 | | $0.46 | | $0.34 | | $1.24 | | $0.77 | |
| Weighted Average Common Shares Outstanding | | | | | | | |
| Basic | | 381,864 | | 385,849 | | 387,862 | | 389,038 | | 360,155 | | 383,845 | | 338,162 |
| Diluted | | 383,273 | | 388,054 | | 389,550 | | 390,496 | | 361,436 | | 385,697 | | 340,250 |
| Common shares outstanding (EOP) | | 382,537 | | 386,315 | | 389,662 | | 390,768 | | 391,818 | | 382,537 | | 391,818 |
| June 30, | March 31, | December 31, | September 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 |
|---|
| End of Period Balance Sheet (unaudited) |
| ($ in thousands) |
| Assets | | | | | |
| Cash and due from banks | $588,654 | | $537,322 | | $591,645 | | $491,910 | | $637,556 | |
| Money market and other interest-earning investments | 1,179,526 | | 1,216,826 | | 1,234,532 | | 1,190,707 | | 1,171,015 | |
| Investments: | | | | | |
| Treasury and government-sponsored agencies | 2,358,509 | | 2,371,903 | | 2,427,371 | | 2,402,375 | | 2,445,733 | |
| Mortgage-backed securities | 10,460,468 | | 10,295,623 | | 10,078,358 | | 10,117,015 | | 9,632,206 | |
| States and political subdivisions | 1,442,703 | | 1,454,444 | | 1,570,888 | | 1,579,802 | | 1,590,272 | |
| Other securities | 821,719 | | 814,990 | | 825,761 | | 849,911 | | 852,687 | |
| Total investments | 15,083,399 | | 14,936,960 | | 14,902,378 | | 14,949,103 | | 14,520,898 | |
| Loans held-for-sale, at fair value | 43,608 | | 56,128 | | 52,911 | | 80,341 | | 77,618 | |
| Loans: | | | | | |
| Commercial | 16,112,685 | | 15,617,656 | | 14,983,861 | | 14,506,375 | | 14,662,916 | |
| Commercial real estate | 22,535,229 | | 22,192,900 | | 22,050,007 | | 22,083,734 | | 21,879,785 | |
| Residential real estate | 8,760,832 | | 8,621,409 | | 8,467,496 | | 8,190,127 | | 8,212,242 | |
| Consumer | 3,363,838 | | 3,299,879 | | 3,262,798 | | 3,187,679 | | 3,147,876 | |
| Total loans | 50,772,584 | | 49,731,844 | | 48,764,162 | | 47,967,915 | | 47,902,819 | |
| Allowance for credit losses on loans | (580,511) | | (574,358) | | (569,520) | | (572,178) | | (565,109) | |
| Premises and equipment, net | 682,065 | | 690,400 | | 690,824 | | 691,950 | | 682,539 | |
| Goodwill and other intangible assets | 2,862,427 | | 2,886,419 | | 2,907,986 | | 2,926,960 | | 2,944,372 | |
| Company-owned life insurance | 1,053,333 | | 1,054,824 | | 1,051,009 | | 1,044,780 | | 1,046,693 | |
| Accrued interest receivable and other assets | 2,504,332 | | 2,466,286 | | 2,526,040 | | 2,438,674 | | 2,561,404 | |
| Total assets | $74,189,417 | | $73,002,651 | | $72,151,967 | | $71,210,162 | | $70,979,805 | |
| Liabilities and Equity | | | | | |
| Noninterest-bearing demand deposits | $12,665,278 | | $12,927,096 | | $13,247,483 | | $12,691,658 | | $12,652,556 | |
| Interest-bearing: | | | | | |
| Checking and NOW accounts | 11,129,286 | | 10,969,731 | | 10,740,919 | | 11,162,121 | | 10,554,889 | |
| Savings accounts | 4,924,639 | | 4,985,949 | | 4,909,138 | | 4,958,555 | | 5,058,819 | |
| Money market accounts | 16,936,441 | | 16,871,237 | | 16,529,631 | | 17,032,446 | | 16,880,190 | |
| Time deposits | 10,491,126 | | 9,918,459 | | 9,661,024 | | 9,161,404 | | 9,211,229 | |
| Total deposits | 56,146,770 | | 55,672,472 | | 55,088,195 | | 55,006,184 | | 54,357,683 | |
| Federal funds purchased and interbank borrowings | 250,389 | | 200,583 | | 100,197 | | 1 | | 340,246 | |
| Securities sold under agreements to repurchase | 265,301 | | 264,518 | | 261,366 | | 277,594 | | 297,637 | |
| Federal Home Loan Bank advances | 6,520,296 | | 6,026,801 | | 6,237,375 | | 5,663,361 | | 5,835,918 | |
| Other borrowings | 1,387,997 | | 1,331,296 | | 852,429 | | 825,425 | | 872,297 | |
| Total borrowed funds | 8,423,983 | | 7,823,198 | | 7,451,367 | | 6,766,381 | | 7,346,098 | |
| Accrued expenses and other liabilities | 1,034,821 | | 996,328 | | 1,117,617 | | 1,128,326 | | 1,149,637 | |
| Total liabilities | 65,605,574 | | 64,491,998 | | 63,657,179 | | 62,900,891 | | 62,853,418 | |
| Preferred stock, common stock, surplus, and retained earnings | 9,141,984 | | 9,053,907 | | 8,973,459 | | 8,833,662 | | 8,725,995 | |
| Accumulated other comprehensive income (loss), net of tax | (558,141) | | (543,254) | | (478,671) | | (524,391) | | (599,608) | |
| Total shareholders' equity | 8,583,843 | | 8,510,653 | | 8,494,788 | | 8,309,271 | | 8,126,387 | |
| Total liabilities and shareholders' equity | $74,189,417 | | $73,002,651 | | $72,151,967 | | $71,210,162 | | $70,979,805 | |
| Three Months Ended | Three Months Ended | Three Months Ended |
|---|
| June 30, 2026 | March 31, 2026 | June 30, 2025 |
|---|
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ |
|---|
| Average Balance Sheet and Interest Rates (unaudited) |
| ($ in thousands) |
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate |
| Money market and other interest-earning investments | $1,212,043 | $11,121 | 3.68% | $1,215,029 | $10,944 | 3.65% | $1,424,700 | $14,791 | 4.16% |
| Investments: | | | | | | | | | |
| Treasury and government-sponsored agencies | 2,349,871 | 18,993 | 3.23% | 2,418,767 | 19,121 | 3.16% | 2,396,691 | 20,820 | 3.47% |
| Mortgage-backed securities | 10,428,343 | 111,157 | 4.26% | 10,267,648 | 107,465 | 4.19% | 8,567,318 | 87,734 | 4.10% |
| States and political subdivisions | 1,450,389 | 12,017 | 3.31% | 1,525,277 | 12,541 | 3.29% | 1,596,899 | 13,402 | 3.36% |
| Other securities | 828,774 | 12,395 | 5.98% | 839,943 | 13,377 | 6.37% | 970,581 | 15,770 | 6.50% |
| Total investments | 15,057,377 | 154,562 | 4.11% | 15,051,635 | 152,504 | 4.05% | 13,531,489 | 137,726 | 4.07% |
| Loans: | | | | | | | | | |
| Commercial | 15,792,290 | 238,663 | 6.05% | 15,305,376 | 233,440 | 6.10% | 13,240,876 | 219,446 | 6.63% |
| Commercial real estate | 22,234,235 | 339,925 | 6.12% | 22,056,911 | 335,948 | 6.09% | 20,022,403 | 316,422 | 6.32% |
| Residential real estate loans | 8,722,341 | 103,162 | 4.73% | 8,534,092 | 98,953 | 4.64% | 7,792,440 | 88,852 | 4.56% |
| Consumer | 3,323,663 | 54,468 | 6.57% | 3,270,505 | 53,451 | 6.63% | 3,049,341 | 54,787 | 7.21% |
| Total loans | 50,072,529 | 736,218 | 5.88% | 49,166,884 | 721,792 | 5.88% | 44,105,060 | 679,507 | 6.16% |
| Total earning assets | $66,341,949 | $901,901 | 5.44% | $65,433,548 | $885,240 | 5.42% | $59,061,249 | $832,024 | 5.64% |
| Less: Allowance for credit losses on loans | (580,550) | | | (573,105) | | | (404,871) | | |
| Non-earning Assets: | | | | | | | | | |
| Cash and due from banks | $545,346 | | | $548,932 | | | $426,513 | | |
| Other assets | 6,991,436 | | | 7,044,468 | | | 6,403,239 | | |
| Total assets | $73,298,181 | | | $72,453,843 | | | $65,486,130 | | |
| Interest-Bearing Liabilities: | | | | | | | | | |
| Checking and NOW accounts | $11,106,289 | $47,349 | 1.71% | $10,966,236 | $46,295 | 1.71% | $9,672,146 | $41,862 | 1.74% |
| Savings accounts | 4,950,785 | 3,032 | 0.25% | 4,920,639 | 3,011 | 0.25% | 4,968,232 | 3,777 | 0.30% |
| Money market accounts | 16,485,000 | 99,903 | 2.43% | 16,542,693 | 99,956 | 2.45% | 15,282,970 | 113,542 | 2.98% |
| Time deposits | 10,145,661 | 87,220 | 3.45% | 9,749,234 | 84,069 | 3.50% | 8,318,060 | 80,907 | 3.90% |
| Total interest-bearing deposits | 42,687,735 | 237,504 | 2.23% | 42,178,802 | 233,331 | 2.24% | 38,241,408 | 240,088 | 2.52% |
| Federal funds purchased and interbank borrowings | 42,228 | 391 | 3.71% | 3,634 | 23 | 2.57% | 88,603 | 953 | 4.31% |
| Securities sold under agreements to repurchase | 257,217 | 561 | 0.87% | 260,865 | 594 | 0.92% | 295,948 | 636 | 0.86% |
| Federal Home Loan Bank advances | 6,561,147 | 61,744 | 3.77% | 6,303,888 | 58,052 | 3.73% | 6,037,462 | 59,042 | 3.92% |
| Other borrowings | 1,360,976 | 15,203 | 4.48% | 1,172,559 | 12,818 | 4.43% | 828,214 | 9,452 | 4.58% |
| Total borrowed funds | 8,221,568 | 77,899 | 3.80% | 7,740,946 | 71,487 | 3.75% | 7,250,227 | 70,083 | 3.88% |
| Total interest-bearing liabilities | $50,909,303 | $315,403 | 2.48% | $49,919,748 | $304,818 | 2.48% | $45,491,635 | $310,171 | 2.73% |
| Noninterest-Bearing Liabilities and Shareholders' Equity: | | | | | | | | | |
| Demand deposits | $12,860,401 | | | $12,890,201 | | | $11,568,854 | | |
| Other liabilities | 1,020,272 | | | 1,099,674 | | | 973,525 | | |
| Shareholders' equity | 8,508,205 | | | 8,544,220 | | | 7,452,116 | | |
| Total liabilities and shareholders' equity | $73,298,181 | | | $72,453,843 | | | $65,486,130 | | |
| Net interest rate spread | | | 2.96% | | | 2.94% | | | 2.91% |
| Net interest margin (GAAP) | | | 3.49% | | | 3.50% | | | 3.49% |
| Net interest margin (FTE) | | | 3.54% | | | 3.55% | | | 3.53% |
| FTE adjustment | | $7,510 | | | $7,849 | | | $7,063 | |
| Interest income is reflected on a FTE basis. | |
| Includes loans held-for-sale. | |
| Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | |
| Six Months Ended | Six Months Ended |
|---|
| June 30, 2026 | June 30, 2025 |
|---|
| Average | Income/ | Yield/ | Average | Income/ | Yield/ |
|---|
| Average Balance Sheet and Interest Rates (unaudited) |
| ($ in thousands) |
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate |
| Money market and other interest-earning investments | $1,213,528 | $22,065 | 3.67% | $1,109,634 | $23,606 | 4.29% |
| Investments: | | | | | | |
| Treasury and government-sponsored agencies | 2,384,129 | 38,114 | 3.20% | 2,357,995 | 40,839 | 3.46% |
| Mortgage-backed securities | 10,348,439 | 218,622 | 4.23% | 7,433,868 | 142,257 | 3.83% |
| States and political subdivisions | 1,487,627 | 24,558 | 3.30% | 1,603,821 | 26,644 | 3.32% |
| Other securities | 834,327 | 25,772 | 6.18% | 871,262 | 26,282 | 6.03% |
| Total investments | $15,054,522 | $307,066 | 4.08% | $12,266,946 | $236,022 | 3.85% |
| Loans: | | | | | | |
| Commercial | 15,550,178 | 472,103 | 6.07% | 11,827,287 | 385,041 | 6.51% |
| Commercial real estate | 22,146,063 | 675,873 | 6.10% | 18,128,526 | 562,357 | 6.20% |
| Residential real estate loans | 8,628,736 | 202,115 | 4.68% | 7,306,465 | 156,500 | 4.28% |
| Consumer | 3,297,231 | 107,919 | 6.60% | 2,960,769 | 104,257 | 7.10% |
| Total loans | 49,622,208 | 1,458,010 | 5.88% | 40,223,047 | 1,208,155 | 6.01% |
| Total earning assets | $65,890,258 | $1,787,141 | 5.43% | $53,599,627 | $1,467,783 | 5.48% |
| Less: Allowance for credit losses on loans | (576,848) | | | (401,835) | | |
| Non-earning Assets: | | | | | | |
| Cash and due from banks | $547,129 | | | $399,620 | | |
| Other assets | 7,017,805 | | | 5,901,705 | | |
| Total assets | $72,878,344 | | | $59,499,117 | | |
| Interest-Bearing Liabilities: | | | | | | |
| Checking and NOW accounts | $11,036,650 | $93,644 | 1.71% | $8,853,822 | $71,325 | 1.62% |
| Savings accounts | 4,935,795 | 6,043 | 0.25% | 4,830,998 | 7,385 | 0.31% |
| Money market accounts | 16,513,687 | 199,859 | 2.44% | 13,523,239 | 202,817 | 3.02% |
| Time deposits | 9,948,542 | 171,289 | 3.47% | 7,644,494 | 149,056 | 3.93% |
| Total interest-bearing deposits | 42,434,674 | 470,835 | 2.24% | 34,852,553 | 430,583 | 2.49% |
| Federal funds purchased and interbank borrowings | 23,038 | 414 | 3.62% | 118,202 | 2,578 | 4.40% |
| Securities sold under agreements to repurchase | 259,031 | 1,155 | 0.90% | 284,518 | 1,187 | 0.84% |
| Federal Home Loan Bank advances | 6,433,228 | 119,796 | 3.76% | 5,255,372 | 100,938 | 3.87% |
| Other borrowings | 1,267,288 | 28,021 | 4.46% | 752,408 | 17,641 | 4.73% |
| Total borrowed funds | 7,982,585 | 149,386 | 3.77% | 6,410,500 | 122,344 | 3.85% |
| Total interest-bearing liabilities | 50,417,259 | 620,221 | 2.48% | 41,263,053 | 552,927 | 2.70% |
| Noninterest-Bearing Liabilities and Shareholders' Equity: | | | | | | |
| Demand deposits | $12,875,219 | | | $10,339,594 | | |
| Other liabilities | 1,059,753 | | | 959,309 | | |
| Shareholders' equity | 8,526,113 | | | 6,937,161 | | |
| Total liabilities and shareholders' equity | $72,878,344 | | | $59,499,117 | | |
| Net interest rate spread | | | 2.95% | | | 2.78% |
| Net interest margin (GAAP) | | | 3.50% | | | 3.37% |
| Net interest margin (FTE) | | | 3.54% | | | 3.41% |
| FTE adjustment | | $15,359 | | | $12,423 | |
| Interest income is reflected on a FTE. |
| Includes loans held-for-sale. | | | | | | |
| Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | | |
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Asset Quality (EOP) (unaudited) |
| ($ in thousands) |
| Allowance for credit losses: | | | | | | | |
| Beginning allowance for credit losses on loans | $574,358 | | $569,520 | | $572,178 | | $565,109 | | $401,932 | | $569,520 | | $392,522 | |
| Allowance established for acquired PCD loans | - | | - | | - | | 13,104 | | 90,442 | | - | | 90,442 | |
| Provision for credit losses on loans | 38,400 | | 36,854 | | 29,450 | | 24,003 | | 99,263 | | 75,254 | | 130,289 | |
| Gross charge-offs | (41,540) | | (37,307) | | (35,131) | | (35,402) | | (29,954) | | (78,847) | | (54,494) | |
| Gross recoveries | 9,293 | | 5,291 | | 3,023 | | 5,364 | | 3,426 | | 14,584 | | 6,350 | |
| NCOs | (32,247) | | (32,016) | | (32,108) | | (30,038) | | (26,528) | | (64,263) | | (48,144) | |
| Ending allowance for credit losses on loans | $580,511 | | $574,358 | | $569,520 | | $572,178 | | $565,109 | | $580,511 | | $565,109 | |
| Beginning allowance for credit losses on unfunded commitments | $33,725 | | $35,633 | | $32,338 | | $29,603 | | $22,031 | | $35,633 | | $21,654 | |
| Provision (release) for credit losses on unfunded commitments | (2,194) | | (1,908) | | 3,295 | | 2,735 | | 7,572 | | (4,102) | | 7,949 | |
| Ending allowance for credit losses on unfunded commitments | $31,531 | | $33,725 | | $35,633 | | $32,338 | | $29,603 | | $31,531 | | $29,603 | |
| Allowance for credit losses | $612,042 | | $608,083 | | $605,153 | | $604,516 | | $594,712 | | $612,042 | | $594,712 | |
| Provision for credit losses on loans | $38,400 | | $36,854 | | $29,450 | | $24,003 | | $99,263 | | $75,254 | | $130,289 | |
| Provision (release) for credit losses on unfunded commitments | (2,194) | | (1,908) | | 3,295 | | 2,735 | | 7,572 | | (4,102) | | 7,949 | |
| Provision for credit losses | $36,206 | | $34,946 | | $32,745 | | $26,738 | | $106,835 | | $71,152 | | $138,238 | |
| NCOs / average loans | 0.26% | | 0.26% | | 0.27% | | 0.25% | | 0.24% | | 0.26% | | 0.24% | |
| Average loans | $50,062,552 | | $49,157,096 | | $48,199,086 | | $48,153,186 | | $44,075,472 | | $49,612,325 | | $40,201,289 | |
| EOP loans | 50,772,584 | | 49,731,844 | | 48,764,162 | | 47,967,915 | | 47,902,819 | | 50,772,584 | | 47,902,819 | |
| ACL on loans / EOP loans | 1.14% | | 1.15% | | 1.17% | | 1.19% | | 1.18% | | 1.14% | | 1.18% | |
| ACL / EOP loans | 1.21% | | 1.22% | | 1.24% | | 1.26% | | 1.24% | | 1.21% | | 1.24% | |
| Underperforming Assets: | | | | | | | |
| Loans 90 days and over (still accruing) | $6,832 | | $4,407 | | $2,691 | | $1,525 | | $16,893 | | $6,832 | | $16,893 | |
| Nonaccrual loans | 461,702 | | 511,959 | | 521,245 | | 590,820 | | 594,709 | | 461,702 | | 594,709 | |
| Foreclosed assets | 3,374 | | 5,786 | | 6,235 | | 6,325 | | 7,986 | | 3,374 | | 7,986 | |
| Total underperforming assets | $471,908 | | $522,152 | | $530,171 | | $598,670 | | $619,588 | | $471,908 | | $619,588 | |
| Classified and Criticized Assets: | | | | | | | |
| Nonaccrual loans | $461,702 | | $511,959 | | $521,245 | | $590,820 | | $594,709 | | $461,702 | | $594,709 | |
| Substandard loans (still accruing) | 1,918,721 | | 1,881,374 | | 1,759,221 | | 1,881,294 | | 1,969,260 | | 1,918,721 | | 1,969,260 | |
| Loans 90 days and over (still accruing) | 6,832 | | 4,407 | | 2,691 | | 1,525 | | 16,893 | | 6,832 | | 16,893 | |
| Total classified loans - "problem loans" | 2,387,255 | | 2,397,740 | | 2,283,157 | | 2,473,639 | | 2,580,862 | | 2,387,255 | | 2,580,862 | |
| Other classified assets | 7,960 | | 20,620 | | 20,616 | | 35,373 | | 43,495 | | 7,960 | | 43,495 | |
| Special Mention | 705,154 | | 804,028 | | 805,901 | | 893,109 | | 1,008,716 | | 705,154 | | 1,008,716 | |
| Total classified and criticized assets | $3,100,369 | | $3,222,388 | | $3,109,674 | | $3,402,121 | | $3,633,073 | | $3,100,369 | | $3,633,073 | |
| Loans 30-89 days past due (still accruing) | $140,428 | | $114,038 | | $105,632 | | $83,030 | | $128,771 | | $140,428 | | $128,771 | |
| Nonaccrual loans / EOP loans | 0.91% | | 1.03% | | 1.07% | | 1.23% | | 1.24% | | 0.91% | | 1.24% | |
| ACL / nonaccrual loans | 133% | | 119% | | 116% | | 102% | | 100% | | 133% | | 100% | |
| Under-performing assets/EOP loans | 0.93% | | 1.05% | | 1.09% | | 1.25% | | 1.29% | | 0.93% | | 1.29% | |
| Under-performing assets/EOP assets | 0.64% | | 0.72% | | 0.73% | | 0.84% | | 0.87% | | 0.64% | | 0.87% | |
| 30+ day delinquencies/EOP loans | 0.29% | | 0.24% | | 0.22% | | 0.18% | | 0.30% | | 0.29% | | 0.30% | |
| Excludes loans held-for-sale. | | | | | |
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Non-GAAP Measures (unaudited) |
| ($ and shares in thousands, except per share data) |
| Earnings Per Share: | | | | | | | |
| Net income applicable to common shares | $249,381 | | $229,638 | | $212,589 | | $178,533 | | $121,375 | | $479,019 | | $262,000 | |
| Adjustments: | | | | | | | |
| Pension plan loss (gain) | (13,240) | | - | | 15,878 | | - | | (21,001) | | (13,240) | | (21,001) | |
| Tax effect | 2,890 | | - | | (3,814) | | - | | 5,778 | | 2,890 | | 5,778 | |
| Pension plan loss (gain), net | (10,350) | | - | | 12,064 | | - | | (15,223) | | (10,350) | | (15,223) | |
| Merger-related charges | 12,109 | | 7,323 | | 24,547 | | 69,274 | | 41,206 | | 19,432 | | 47,062 | |
| Tax effect | (792) | | (1,810) | | (5,896) | | (16,494) | | (11,337) | | (2,602) | | (12,426) | |
| Merger-related charges, net | 11,317 | | 5,513 | | 18,651 | | 52,780 | | 29,869 | | 16,830 | | 34,636 | |
| Debt securities (gains) losses | 34 | | (75) | | (73) | | (7) | | 41 | | (41) | | 117 | |
| Tax effect | (7) | | 19 | | 18 | | 2 | | (11) | | 11 | | (25) | |
| Debt securities (gains) losses, net | 27 | | (56) | | (55) | | (5) | | 30 | | (30) | | 92 | |
| Distribution of excess pension assets | - | | 3,394 | | - | | - | | - | | 3,394 | | - | |
| Tax effect | - | | (839) | | - | | - | | - | | (839) | | - | |
| Distribution of excess pension assets, net | - | | 2,555 | | - | | - | | - | | 2,555 | | - | |
| FDIC special assessment | - | | - | | (2,994) | | - | | - | | - | | - | |
| Tax effect | - | | - | | 719 | | - | | - | | - | | - | |
| FDIC special assessment, net | - | | - | | (2,275) | | - | | - | | - | | - | |
| CECL Day 1 non-PCD provision expense | - | | - | | - | | - | | 75,604 | | - | | 75,604 | |
| Tax effect | - | | - | | - | | - | | (20,802) | | - | | (20,802) | |
| CECL Day 1 non-PCD provision expense, net | - | | - | | - | | - | | 54,802 | | - | | 54,802 | |
| Total adjustments, net | 994 | | 8,012 | | 28,385 | | 52,775 | | 69,478 | | 9,005 | | 74,307 | |
| Net income applicable to common shares, adjusted | $250,375 | | $237,650 | | $240,974 | | $231,308 | | $190,853 | | $488,024 | | $336,307 | |
| Weighted average diluted common shares outstanding | 383,273 | | 388,054 | | 389,550 | | 390,496 | | 361,436 | | 385,697 | | 340,250 | |
| EPS, diluted | $0.65 | | $0.59 | | $0.55 | | $0.46 | | $0.34 | | $1.24 | | $0.77 | |
| Adjusted EPS, diluted | $0.65 | | $0.61 | | $0.62 | | $0.59 | | $0.53 | | $1.27 | | $0.99 | |
| NIM: | | | | | | | |
| Net interest income | $578,988 | | $572,573 | | $580,832 | | $574,609 | | $514,790 | | $1,151,561 | | $902,433 | |
| Add: FTE adjustment | 7,510 | | 7,849 | | 8,013 | | 7,975 | | 7,063 | | 15,359 | | 12,423 | |
| Net interest income (FTE) | $586,498 | | $580,422 | | $588,845 | | $582,584 | | $521,853 | | $1,166,920 | | $914,856 | |
| Average earning assets | $66,341,949 | | $65,433,548 | | $64,456,815 | | $64,032,811 | | $59,061,249 | | $65,890,258 | | $53,599,627 | |
| NIM (GAAP) | 3.49% | | 3.50% | | 3.60% | | 3.59% | | 3.49% | | 3.50% | | 3.37% | |
| NIM (FTE) | 3.54% | | 3.55% | | 3.65% | | 3.64% | | 3.53% | | 3.54% | | 3.41% | |
| Refer to last page of Non-GAAP reconciliations for footnotes. | | | | | |
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Non-GAAP Measures (unaudited) |
| ($ in thousands) |
| PPNR: | | | | | | | |
| Net interest income (FTE) | $586,498 | | $580,422 | | $588,845 | | $582,584 | | $521,853 | | $1,166,920 | | $914,856 | |
| Add: Noninterest income | 153,564 | | 122,346 | | 109,759 | | 130,461 | | 132,517 | | 275,910 | | 226,311 | |
| Total revenue (FTE) | 740,062 | | 702,768 | | 698,604 | | 713,045 | | 654,370 | | 1,442,830 | | 1,141,167 | |
| Less: Noninterest expense | (372,161) | | (364,704) | | (386,320) | | (445,734) | | (384,766) | | (736,865) | | (653,237) | |
| PPNR | $367,901 | | $338,064 | | $312,284 | | $267,311 | | $269,604 | | $705,965 | | $487,930 | |
| Adjustments: | | | | | | | |
| Pension plan loss (gain) | $(13,240) | | $ - | | $15,878 | | $ - | | $(21,001) | | $(13,240) | | $(21,001) | |
| Debt securities (gains) losses | 34 | | (75) | | (73) | | (7) | | 41 | | (41) | | 117 | |
| Noninterest income adjustments | (13,206) | | (75) | | 15,805 | | (7) | | (20,960) | | (13,281) | | (20,884) | |
| Adjusted noninterest income | 140,358 | | 122,271 | | 125,564 | | 130,454 | | 111,557 | | 262,629 | | 205,427 | |
| Adjusted revenue | $726,856 | | $702,693 | | $714,409 | | $713,038 | | $633,410 | | $1,429,549 | | $1,120,283 | |
| Adjustments: | | | | | | | |
| Merger-related charges | $12,109 | | $7,323 | | $24,547 | | $69,274 | | $41,206 | | $19,432 | | $47,062 | |
| FDIC Special Assessment | - | | - | | (2,994) | | - | | - | | - | | - | |
| Distribution of excess pension assets | - | | 3,394 | | - | | - | | - | | 3,394 | | - | |
| Noninterest expense adjustments | 12,109 | | 10,717 | | 21,553 | | 69,274 | | 41,206 | | 22,826 | | 47,062 | |
| Adjusted total noninterest expense | (360,052) | | (353,987) | | (364,767) | | (376,460) | | (343,560) | | (714,039) | | (606,175) | |
| Adjusted PPNR | $366,804 | | $348,706 | | $349,642 | | $336,578 | | $289,850 | | $715,510 | | $514,108 | |
| Efficiency Ratio: | | | | | | | |
| Noninterest expense | $372,161 | | $364,704 | | $386,320 | | $445,734 | | $384,766 | | $736,865 | | $653,237 | |
| Less: Amortization of intangibles | (23,992) | | (25,623) | | (26,016) | | (26,184) | | (19,630) | | (49,615) | | (26,460) | |
| Noninterest expense, excl. amortization of intangibles | 348,169 | | 339,081 | | 360,304 | | 419,550 | | 365,136 | | 687,250 | | 626,777 | |
| Less: Amortization of tax credit investments | (7,807) | | (7,111) | | (9,822) | | (7,057) | | (5,815) | | (14,918) | | (9,239) | |
| Less: Noninterest expense adjustments | (12,109) | | (10,717) | | (21,553) | | (69,274) | | (41,206) | | (22,826) | | (47,062) | |
| Adjusted noninterest expense, excluding amortization | $328,253 | | $321,253 | | $328,929 | | $343,219 | | $318,115 | | $649,506 | | $570,476 | |
| Total revenue (FTE) | $740,062 | | $702,768 | | $698,604 | | $713,045 | | $654,370 | | $1,442,830 | | $1,141,167 | |
| Less: Debt securities (gains) losses | 34 | | (75) | | (73) | | (7) | | 41 | | (41) | | 117 | |
| Less: Pension plan loss (gain) | (13,240) | | - | | 15,878 | | - | | (21,001) | | (13,240) | | (21,001) | |
| Total adjusted revenue | $726,856 | | $702,693 | | $714,409 | | $713,038 | | $633,410 | | $1,429,549 | | $1,120,283 | |
| Efficiency Ratio | 47.0% | | 48.3% | | 51.6% | | 58.8% | | 55.8% | | 47.6% | | 54.9% | |
| Adjusted Efficiency Ratio | 45.2% | | 45.7% | | 46.0% | | 48.1% | | 50.2% | | 45.4% | | 50.9% | |
| Refer to last page of Non-GAAP reconciliations for footnotes. | | | | | |
| Three Months Ended | Six Months Ended |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 |
|---|
| Non-GAAP Measures (unaudited) |
| ($ in thousands) |
| ROAE and ROATCE: | | | | | | | |
| Net income applicable to common shares | $249,381 | | $229,638 | | $212,589 | | $178,533 | | $121,375 | | $479,019 | | $262,000 | |
| Amortization of intangibles | 23,992 | | 25,623 | | 26,016 | | 26,184 | | 19,630 | | 49,615 | | 26,460 | |
| Tax effect | (5,998) | | (6,406) | | (6,504) | | (6,546) | | (4,908) | | (12,404) | | (6,615) | |
| Amortization of intangibles, net | 17,994 | | 19,217 | | 19,512 | | 19,638 | | 14,722 | | 37,211 | | 19,845 | |
| Net income applicable to common shares, excluding intangibles amortization | 267,375 | | 248,855 | | 232,101 | | 198,171 | | 136,097 | | 516,230 | | 281,845 | |
| Total adjustments, net (see pg.12) | 994 | | 8,012 | | 28,385 | | 52,775 | | 69,478 | | 9,005 | | 74,307 | |
| Adjusted net income applicable to common shares, excluding intangibles amortization | $268,369 | | $256,867 | | $260,486 | | $250,946 | | $205,575 | | $525,235 | | $356,152 | |
| Average shareholders' equity | $8,508,205 | | $8,544,220 | | $8,391,067 | | $8,168,575 | | $7,452,116 | | $8,526,113 | | $6,937,161 | |
| Less: Average preferred equity | (243,719) | | (243,719) | | (243,719) | | (243,719) | | (243,719) | | (243,719) | | (243,719) | |
| Average shareholders' common equity | $8,264,486 | | $8,300,501 | | $8,147,348 | | $7,924,856 | | $7,208,397 | | $8,282,394 | | $6,693,442 | |
| Average goodwill and other intangible assets | (2,873,898) | | (2,894,824) | | (2,919,924) | | (2,931,319) | | (2,670,710) | | (2,884,304) | | (2,482,663) | |
| Average tangible shareholder's common equity | $5,390,588 | | $5,405,677 | | $5,227,424 | | $4,993,537 | | $4,537,687 | | $5,398,090 | | $4,210,779 | |
| ROAE | 12.1% | | | 11.1% | | 10.4% | | 9.0% | | 6.7% | 11.6% | | 7.8% | |
| ROAE, adjusted | 12.1% | | | 11.5% | | 11.8% | | 11.7% | | 10.6% | 11.8% | | 10.0% | |
| ROATCE | 19.8% | | | 18.4% | | 17.8% | | 15.9% | | 12.0% | 19.1% | | 13.4% | |
| ROATCE, adjusted | 19.9% | | | 19.0% | | 19.9% | | 20.1% | | 18.1% | 19.5% | | 16.9% | |
| Refer to last page of Non-GAAP reconciliations for footnotes. | | | | | |
| As of |
|---|
| June 30, | March 31, | December 31, | September 30, | June 30, |
|---|
| 2026 | 2026 | 2025 | 2025 | 2025 |
|---|
| Non-GAAP Measures (unaudited) |
| ($ in thousands) |
| Tangible Common Equity: | | | | | |
| Shareholders' equity | $8,583,843 | | $8,510,653 | | $8,494,788 | | $8,309,271 | | $8,126,387 | |
| Less: Preferred equity | (243,719) | | (243,719) | | (243,719) | | (243,719) | | (243,719) | |
| Shareholders' common equity | $8,340,124 | | $8,266,934 | | $8,251,069 | | $8,065,552 | | $7,882,668 | |
| Less: Goodwill and other intangible assets | (2,862,427) | | (2,886,419) | | (2,907,986) | | (2,926,960) | | (2,944,372) | |
| Tangible shareholders' common equity | $5,477,697 | | $5,380,515 | | $5,343,083 | | $5,138,592 | | $4,938,296 | |
| Total assets | $74,189,417 | | $73,002,651 | | $72,151,967 | | $71,210,162 | | $70,979,805 | |
| Less: Goodwill and other intangible assets | (2,862,427) | | (2,886,419) | | (2,907,986) | | (2,926,960) | | (2,944,372) | |
| Tangible assets | $71,326,990 | | $70,116,232 | | $69,243,981 | | $68,283,202 | | $68,035,433 | |
| Risk-weighted assets | $55,349,162 | | $54,283,745 | | $53,617,620 | | $52,515,468 | | $52,517,871 | |
| Tangible common equity to tangible assets | 7.68% | | 7.67% | | 7.72% | | 7.53% | | 7.26% | |
| Tangible common equity to risk-weighted assets | 9.90% | | 9.91% | | 9.97% | | 9.78% | | 9.40% | |
| Tangible Common Book Value: | | | | | |
| Common shares outstanding | 382,537 | | 386,315 | | 389,662 | | 390,768 | | 391,818 | |
| Tangible common book value | $14.32 | | $13.93 | | $13.71 | | $13.15 | | $12.60 | |
| Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state). |
| Calculated using the federal statutory tax rate in effect of 21% for all periods. |
| June 30, 2026 figures are preliminary. |
Contacts
Media: Scott Reinhard · (612) 716-0304 · Scott.Reinhard@oldnational.com
Investors: Lynell Durchholz · (812) 464-1366 · Lynell.Durchholz@oldnational.com