Old National Bancorp Reports First Quarter 2026 Results

EVANSVILLE, Ind., April 22, 2026 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted¹ basis, respectively.

CEO COMMENTARY

"Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan. "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we're seeing changes our confidence in our full-year expectations."

FIRST QUARTER HIGHLIGHTS²-

Net Income	Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1of $237.7 million Earnings per diluted common share ("EPS") of $0.59; adjusted EPS1of $0.61
Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis1of $580.4 million Net interest margin on a fully taxable equivalent basis1("NIM") of 3.55%, down 10 basis points ("bps")
Operating Performance	Pre-provision net revenue1("PPNR") of $338.1 million; adjusted PPNR1of $348.7 million Noninterest expense of $364.7 million; adjusted noninterest expense1of $354.0 million Efficiency ratio1of 48.3%; adjusted efficiency ratio1of 45.7%
Deposits and Funding	Period-end total deposits of $55.7 billion, up 4.2% annualized Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps
Loans and Credit Quality	End-of-period total loans3of $49.8 billion, up $970.9 million or 8.0% annualized Provision for credit losses4("provision") of $34.9 million Net charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition 30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans
Return Profile & Capital	Return on average tangible common equity1("ROATCE") of 18.4%; adjusted ROATCE1of 19.0% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bps Repurchased 3.9 million shares of common stock during the quarter
Notable Items	$7.3 million of pre-tax merger-related charges $3.4 million of pre-tax expense related to the distribution of excess pension plan assets5

¹ 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 ² Comparisons are on a linked-quarter basis, unless otherwise noted ³ Includes loans held-for-sale ⁴ Includes the provision for unfunded commitments ⁵ Includes non-cash expense associated with the distribution of excess pension assets with the
resolution of the legacy First Midwest Bancorp, Inc. plan ⁶ Includes a loss associated with the termination of the Bremer pension plan ⁷ Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund

RESULTS OF OPERATIONS²
Old National Bancorp reported first quarter 2026 net income applicable to common shares of $229.6 million, or $0.59 per diluted common share.

Included in first quarter results were pre-tax charges of $7.3 million for merger-related expenses, a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan. Excluding these items and realized debt securities gains from the current quarter, adjusted net income¹ was $237.7 million, or $0.61 per diluted common share.

DEPOSITS AND FUNDING
Increases in retail and commercial deposits more than offset seasonal outflows of public funds.

• Period-end total deposits were $55.7 billion, up 4.2% annualized.
• On average, total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025.
• Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps.
• A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS
Loan growth driven by strong high quality commercial loan production.

• Period-end total loans³ were $49.8 billion, up $970.9 million or 8.0% annualized, including commercial and industrial loan growth of $633.8 million.
• Total commercial loan production in the first quarter was $3.3 billion, down 5%; record period-end commercial pipeline totaled $5.5 billion, up 14%.
• Average total loans in the first quarter were $49.2 billion, up 7.9% annualized.
  

CREDIT QUALITY
Credit quality continues to be a hallmark of Old National.

• Provision⁴ expense was $34.9 million compared to $32.7 million.
• Net charge-offs were $32.0 million, or 26 bps of average loans, compared to 27 bps.
  • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 19 bps compared to 16 bps.
• 30+ day delinquencies as a percentage of loans were 0.24% compared to 0.22%.
• Nonaccrual loans as a percentage of total loans were 1.03% compared to 1.07%.
• The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN
Lower net interest income and margin compression reflective of the rate environment.

• Net interest income on a fully taxable equivalent basis¹ decreased to $580.4 million compared to $588.8 million, driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.
• Net interest margin on a fully taxable equivalent basis¹ decreased 10 bps to 3.55%.
• Cost of total deposits was 1.72%, decreasing 8 bps and the cost of total interest-bearing deposits decreased 14 bps to 2.24%.
  

NONINTEREST INCOME
Strong wealth fees more than offset by seasonally lower bank fees as well as lower capital markets and mortgage fees which were elevated in the prior quarter.

• Total noninterest income was $122.3 million compared to $109.7 million, or $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025.
• Excluding the pension plan loss⁶ in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 2.6% driven by seasonally lower bank fees as well as lower capital markets and mortgage fees, which were elevated in the prior quarter, partly offset by strong wealth management fees.

NONINTEREST EXPENSE
100% realization of Bremer cost savings along with disciplined expense management drives record adjusted efficiency ratio.

• Noninterest expense was $364.7 million and included $7.3 million of merger-related charges as well as a $3.4 million non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan.
• Excluding the above noted items, adjusted noninterest expense¹ decreased to $354.0 million, compared to $364.8 million excluding merger-related charges and a $3.0 million pre-tax reduction of previously accrued FDIC special assessment⁷ in the fourth quarter of 2025, driven by disciplined expense management and lower other expense which was elevated in the prior quarter.
• The efficiency ratio¹ was 48.3%, while the adjusted efficiency ratio¹ was 45.7% compared to 51.6% and 46.0%, respectively.
  

INCOME TAXES

• Income tax expense was $61.6 million, resulting in an effective tax rate of 20.9% compared to 20.2%. On an adjusted fully taxable equivalent ("FTE") basis¹, the effective tax rate was 22.9% compared to 22.7%.
• Income tax expense included $8.7 million of tax credit benefit compared to $10.5 million.

CAPITAL
Capital ratios remain strong.

• Preliminary total risk-based capital up 86 bps to 13.71% and preliminary regulatory Tier 1 capital up 3 bps to 11.56%, as strong retained earnings drive capital, partly offset by growth in loans and share repurchases. In addition, total risk-based capital was impacted by the issuance of $450.0 million of subordinated notes during the quarter.
• Tangible common equity to tangible assets was 7.67% compared to 7.72%.
• The Company repurchased 3.9 million shares of common stock during the quarter.
  
  

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, April 22, 2026, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. [phone] or International [phone], access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on May 6, 2026. To access the replay, dial U.S. [phone] or International [phone]; Access code 9394540.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $73 billion of assets and $39 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 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

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 merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, 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
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 impact of purchase accounting with respect to the merger between Old National and Bremer (the "Merger"), or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; 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.

CONTACTS:
Media: Rick Jillson		Investors: Lynell Durchholz
[phone]		[phone]
[e-mail]		[e-mail]

Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Income Statement
Net interest income	-	572,573		-	580,832		-	574,609		-	514,790		-	387,643
FTE adjustment1,3		7,849			8,013			7,975			7,063			5,360
Net interest income - tax equivalent basis3		580,422			588,845			582,584			521,853			393,003
Provision for credit losses		34,946			32,745			26,738			106,835			31,403
Noninterest income		122,346			109,759			130,461			132,517			93,794
Noninterest expense		364,704			386,320			445,734			384,766			268,471
Net income applicable to common shareholders		229,638			212,589			178,533			121,375			140,625
Per Common Share Data
Weighted average diluted shares		388,054			389,550			390,496			361,436			321,016
EPS, diluted	-	0.59		-	0.55		-	0.46		-	0.34		-	0.44
Cash dividends		0.145			0.140			0.140			0.140			0.140
Dividend payout ratio2		25	-		25	-		30	-		41	-		32	-
Book value	-	21.40		-	21.17		-	20.64		-	20.12		-	19.71
Stock price		22.10			22.31			21.95			21.34			21.19
Tangible book value3		13.93			13.71			13.15			12.60			12.54
Performance Ratios
ROAA		1.29	-		1.21	-		1.03	-		0.77	-		1.08	-
ROAE		11.1	-		10.4	-		9.0	-		6.7	-		9.1	-
ROATCE3		18.4	-		17.8	-		15.9	-		12.0	-		15.0	-
NIM (FTE)3		3.55	-		3.65	-		3.64	-		3.53	-		3.27	-
Efficiency ratio3		48.3	-		51.6	-		58.8	-		55.8	-		53.7	-
NCOs to average loans		0.26	-		0.27	-		0.25	-		0.24	-		0.24	-
ACL on loans to EOP loans		1.15	-		1.17	-		1.19	-		1.18	-		1.10	-
ACL4to EOP loans		1.22	-		1.24	-		1.26	-		1.24	-		1.16	-
NPLs to EOP loans		1.03	-		1.07	-		1.23	-		1.24	-		1.29	-
Balance Sheet (EOP)
Total loans	-	49,731,844		-	48,764,162		-	47,967,915		-	47,902,819		-	36,413,944
Total assets		73,002,651			72,151,967			71,210,162			70,979,805			53,877,944
Total deposits		55,672,472			55,088,195			55,006,184			54,357,683			41,034,572
Total borrowed funds		7,823,198			7,451,367			6,766,381			7,346,098			5,447,054
Total shareholders' equity		8,510,653			8,494,788			8,309,271			8,126,387			6,534,654
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity		11.11	-		11.08	-		11.02	-		10.74	-		11.62	-
Tier 1 capital		11.56	-		11.53	-		11.49	-		11.20	-		12.23	-
Total capital		13.71	-		12.85	-		12.78	-		12.59	-		13.68	-
Leverage ratio (average assets)		8.93	-		8.90	-		8.72	-		9.26	-		9.44	-
Equity to assets (averages)		11.79	-		11.73	-		11.48	-		11.38	-		12.01	-
TCE to TA		7.67	-		7.72	-		7.53	-		7.26	-		7.76	-
Nonfinancial Data
Full-time equivalent employees		4,948			4,971			5,243			5,313			4,028
Banking centers		346			346			351			351			280
1Calculated using the federal statutory tax rate in effect of 21% for all periods.
2Cash dividends per common share divided by net income per common share (basic).
3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
4Includes the allowance for credit losses on loans and unfunded loan commitments.
March 31, 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

Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Interest income	-	877,391		-	897,301		-	917,192		-	824,961		-	630,399
Less: interest expense		304,818			316,469			342,583			310,171			242,756
Net interest income		572,573			580,832			574,609			514,790			387,643
Provision for credit losses		34,946			32,745			26,738			106,835			31,403
Net interest income after provision for credit losses		537,627			548,087			547,871			407,955			356,240
Wealth and investment services fees		39,715			39,012			39,684			35,817			29,648
Service charges on deposit accounts		26,937			27,516			27,856			23,878			21,156
Debit card and ATM fees		12,038			13,178			13,197			12,922			9,991
Mortgage banking revenue		9,554			11,053			10,442			10,032			6,879
Capital markets income		11,016			13,080			12,629			7,114			4,506
Company-owned life insurance		7,561			7,099			7,565			6,625			5,381
Other income		15,450			(1,252	-		19,081			36,170			16,309
Debt securities gains (losses), net		75			73			7			(41	-		(76	-
Total noninterest income		122,346			109,759			130,461			132,517			93,794
Salaries and employee benefits		184,073			187,251			211,345			202,112			148,305
Occupancy		36,995			35,243			34,442			30,432			29,053
Equipment		12,075			14,184			12,703			12,566			8,901
Marketing		16,434			14,418			15,093			13,759			11,940
Technology		29,025			30,882			36,122			31,452			22,020
Communication		6,196			6,726			7,742			5,014			4,134
Professional fees		12,356			18,454			13,598			21,931			7,919
FDIC assessment		13,756			11,190			14,095			13,409			9,700
Amortization of intangibles		25,623			26,016			26,184			19,630			6,830
Amortization of tax credit investments		7,111			9,822			7,057			5,815			3,424
Other expense		21,060			32,134			67,353			28,646			16,245
Total noninterest expense		364,704			386,320			445,734			384,766			268,471
Income before income taxes		295,269			271,526			232,598			155,706			181,563
Income tax expense		61,597			54,903			50,031			30,298			36,904
Net income	-	233,672		-	216,623		-	182,567		-	125,408		-	144,659
Preferred dividends		(4,034	-		(4,034	-		(4,034	-		(4,033	-		(4,034	-
Net income applicable to common shares	-	229,638		-	212,589		-	178,533		-	121,375		-	140,625
EPS, diluted	-	0.59		-	0.55		-	0.46		-	0.34		-	0.44
Weighted Average Common Shares Outstanding
Basic		385,849			387,862			389,038			360,155			315,925
Diluted		388,054			389,550			390,496			361,436			321,016
Common shares outstanding (EOP)		386,315			389,662			390,768			391,818			319,236

End of Period Balance Sheet (unaudited)
($ in thousands)
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Assets
Cash and due from banks	-	537,322		-	591,645		-	491,910		-	637,556		-	486,061
Money market and other interest-earning investments		1,216,826			1,234,532			1,190,707			1,171,015			753,719
Investments:
Treasury and government-sponsored agencies		2,371,903			2,427,371			2,402,375			2,445,733			2,364,170
Mortgage-backed securities		10,295,623			10,078,358			10,117,015			9,632,206			6,458,023
States and political subdivisions		1,454,444			1,570,888			1,579,802			1,590,272			1,589,555
Other securities		814,990			825,761			849,911			852,687			755,348
Total investments		14,936,960			14,902,378			14,949,103			14,520,898			11,167,096
Loans held-for-sale, at fair value		56,128			52,911			80,341			77,618			40,424
Loans:
Commercial		15,617,656			14,983,861			14,506,375			14,662,916			10,650,615
Commercial and agriculture real estate		22,192,900			22,050,007			22,083,734			21,879,785			16,135,327
Residential real estate		8,621,409			8,467,496			8,190,127			8,212,242			6,771,694
Consumer		3,299,879			3,262,798			3,187,679			3,147,876			2,856,308
Total loans		49,731,844			48,764,162			47,967,915			47,902,819			36,413,944
Allowance for credit losses on loans		(574,358	-		(569,520	-		(572,178	-		(565,109	-		(401,932	-
Premises and equipment, net		690,400			690,824			691,950			682,539			584,664
Goodwill and other intangible assets		2,886,419			2,907,986			2,926,960			2,944,372			2,289,268
Company-owned life insurance		1,054,824			1,051,009			1,044,780			1,046,693			859,211
Accrued interest receivable and other assets		2,466,286			2,526,040			2,438,674			2,561,404			1,685,489
Total assets	-	73,002,651		-	72,151,967		-	71,210,162		-	70,979,805		-	53,877,944
Liabilities and Equity
Noninterest-bearing demand deposits	-	12,927,096		-	13,247,483		-	12,691,658		-	12,652,556		-	9,186,314
Interest-bearing:
Checking and NOW accounts		10,969,731			10,740,919			11,162,121			10,554,889			8,237,335
Savings accounts		4,985,949			4,909,138			4,958,555			5,058,819			4,715,329
Money market accounts		16,871,237			16,529,631			17,032,446			16,880,190			11,638,653
Time deposits		9,918,459			9,661,024			9,161,404			9,211,229			7,256,941
Total deposits		55,672,472			55,088,195			55,006,184			54,357,683			41,034,572
Federal funds purchased and interbank borrowings		200,583			100,197			1			340,246			170
Securities sold under agreements to repurchase		264,518			261,366			277,594			297,637			290,256
Federal Home Loan Bank advances		6,026,801			6,237,375			5,663,361			5,835,918			4,514,354
Other borrowings		1,331,296			852,429			825,425			872,297			642,274
Total borrowed funds		7,823,198			7,451,367			6,766,381			7,346,098			5,447,054
Accrued expenses and other liabilities		996,328			1,117,617			1,128,326			1,149,637			861,664
Total liabilities		64,491,998			63,657,179			62,900,891			62,853,418			47,343,290
Preferred stock, common stock, surplus, and retained earnings		9,053,907			8,973,459			8,833,662			8,725,995			7,183,163
Accumulated other comprehensive income (loss), net of tax		(543,254	-		(478,671	-		(524,391	-		(599,608	-		(648,509	-
Total shareholders' equity		8,510,653			8,494,788			8,309,271			8,126,387			6,534,654
Total liabilities and shareholders' equity	-	73,002,651		-	72,151,967		-	71,210,162		-	70,979,805		-	53,877,944

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
		Three Months Ended								Three Months Ended								Three Months Ended
		March 31, 2026								December 31, 2025								March 31, 2025
		Average			Income1-		Yield/			Average			Income1-		Yield/			Average			Income1-		Yield/
Earning Assets:		Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
Money market and other interest-earning investments		-	1,215,029		-	10,944	3.65	-		-	1,261,352		-	12,411	3.90	-		-	791,067		-	8,815	4.52	-
Investments:
Treasury and government-sponsored agencies			2,418,767			19,121	3.16	-			2,417,085			19,907	3.29	-			2,318,869			20,019	3.45	-
Mortgage-backed securities			10,267,648			107,465	4.19	-			10,148,898			106,935	4.21	-			6,287,825			54,523	3.47	-
States and political subdivisions			1,525,277			12,541	3.29	-			1,576,423			13,002	3.30	-			1,610,819			13,242	3.29	-
Other securities			839,943			13,377	6.37	-			836,161			12,006	5.74	-			770,839			10,512	5.45	-
Total investments			15,051,635			152,504	4.05	-			14,978,567			151,850	4.06	-			10,988,352			98,296	3.58	-
Loans:2
Commercial			15,305,376			233,440	6.10	-			14,658,743			237,687	6.49	-			10,397,991			165,595	6.37	-
Commercial and agriculture real estate			22,056,911			335,948	6.09	-			22,020,548			351,761	6.39	-			16,213,606			245,935	6.07	-
Residential real estate loans			8,534,092			98,953	4.64	-			8,310,815			95,981	4.62	-			6,815,091			67,648	3.97	-
Consumer			3,270,505			53,451	6.63	-			3,226,790			55,624	6.84	-			2,871,213			49,470	6.99	-
Total loans			49,166,884			721,792	5.88	-			48,216,896			741,053	6.14	-			36,297,901			528,648	5.83	-
Total earning assets		-	65,433,548		-	885,240	5.42	-		-	64,456,815		-	905,314	5.61	-		-	48,077,320		-	635,759	5.30	-
Less: Allowance for credit losses on loans			(573,105	-							(570,659	-							(398,765	-
Non-earning Assets:
Cash and due from banks		-	548,932							-	558,909							-	372,428
Other assets			7,044,468								7,111,237								5,394,600
Total assets		-	72,453,843							-	71,556,302							-	53,445,583
Interest-Bearing Liabilities:
Checking and NOW accounts		-	10,966,236		-	46,295	1.71	-		-	10,530,694		-	47,987	1.81	-		-	8,026,407		-	29,462	1.49	-
Savings accounts			4,920,639			3,011	0.25	-			4,915,822			3,410	0.28	-			4,692,239			3,608	0.31	-
Money market accounts			16,542,693			99,956	2.45	-			16,948,275			112,644	2.64	-			11,743,957			89,275	3.08	-
Time deposits			9,749,234			84,069	3.50	-			9,363,453			85,992	3.64	-			6,963,444			68,150	3.97	-
Total interest-bearing deposits			42,178,802			233,331	2.24	-			41,758,244			250,033	2.38	-			31,426,047			190,495	2.46	-
Federal funds purchased and interbank borrowings			3,634			23	2.57	-			4,593			54	4.66	-			148,130			1,625	4.45	-
Securities sold under agreements to repurchase			260,865			594	0.92	-			244,732			650	1.05	-			272,961			551	0.82	-
Federal Home Loan Bank advances			6,303,888			58,052	3.73	-			5,854,007			56,775	3.85	-			4,464,590			41,896	3.81	-
Other borrowings			1,172,559			12,818	4.43	-			836,908			8,957	4.25	-			675,759			8,189	4.91	-
Total borrowed funds			7,740,946			71,487	3.75	-			6,940,240			66,436	3.80	-			5,561,440			52,261	3.81	-
Total interest-bearing liabilities		-	49,919,748		-	304,818	2.48	-		-	48,698,484		-	316,469	2.58	-		-	36,987,487		-	242,756	2.66	-
Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits		-	12,890,201							-	13,318,459							-	9,096,676
Other liabilities			1,099,674								1,148,292								944,935
Shareholders' equity			8,544,220								8,391,067								6,416,485
Total liabilities and shareholders' equity		-	72,453,843							-	71,556,302							-	53,445,583
Net interest rate spread							2.94	-							3.03	-							2.64	-
Net interest margin (GAAP)							3.50	-							3.60	-							3.23	-
Net interest margin (FTE)3							3.55	-							3.65	-							3.27	-
FTE adjustment					-	7,849							-	8,013							-	5,360
1Interest income is reflected on a FTE basis.
2Includes loans held-for-sale.
3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

Asset Quality (EOP) (unaudited)
($ in thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Allowance for credit losses:
Beginning allowance for credit losses on loans	-	569,520		-	572,178		-	565,109		-	401,932		-	392,522
Allowance established for acquired PCD loans		-			-			13,104			90,442			-
Provision for credit losses on loans		36,854			29,450			24,003			99,263			31,026
Gross charge-offs		(37,307	-		(35,131	-		(35,402	-		(29,954	-		(24,540	-
Gross recoveries		5,291			3,023			5,364			3,426			2,924
NCOs		(32,016	-		(32,108	-		(30,038	-		(26,528	-		(21,616	-
Ending allowance for credit losses on loans	-	574,358		-	569,520		-	572,178		-	565,109		-	401,932
Beginning allowance for credit losses on unfunded commitments	-	35,633		-	32,338		-	29,603		-	22,031		-	21,654
Provision (release) for credit losses on unfunded commitments		(1,908	-		3,295			2,735			7,572			377
Ending allowance for credit losses on unfunded commitments	-	33,725		-	35,633		-	32,338		-	29,603		-	22,031
Allowance for credit losses	-	608,083		-	605,153		-	604,516		-	594,712		-	423,963
Provision for credit losses on loans	-	36,854		-	29,450		-	24,003		-	99,263		-	31,026
Provision (release) for credit losses on unfunded commitments		(1,908	-		3,295			2,735			7,572			377
Provision for credit losses	-	34,946		-	32,745		-	26,738		-	106,835		-	31,403
NCOs / average loans1		0.26	-		0.27	-		0.25	-		0.24	-		0.24	-
Average loans1	-	49,157,096		-	48,199,086		-	48,153,186		-	44,075,472		-	36,284,059
EOP loans1		49,731,844			48,764,162			47,967,915			47,902,819			36,413,944
ACL on loans / EOP loans1		1.15	-		1.17	-		1.19	-		1.18	-		1.10	-
ACL / EOP loans1		1.22	-		1.24	-		1.26	-		1.24	-		1.16	-
Underperforming Assets:
Loans 90 days and over (still accruing)	-	4,407		-	2,691		-	1,525		-	16,893		-	6,757
Nonaccrual loans		511,959			521,245			590,820			594,709			469,211
Foreclosed assets		5,786			6,235			6,325			7,986			6,301
Total underperforming assets	-	522,152		-	530,171		-	598,670		-	619,588		-	482,269
Classified and Criticized Assets:
Nonaccrual loans	-	511,959		-	521,245		-	590,820		-	594,709		-	469,211
Substandard loans (still accruing)		1,881,374			1,759,221			1,881,294			1,969,260			1,479,630
Loans 90 days and over (still accruing)		4,407			2,691			1,525			16,893			6,757
Total classified loans - "problem loans"		2,397,740			2,283,157			2,473,639			2,580,862			1,955,598
Other classified assets		20,620			20,616			35,373			43,495			53,239
Special Mention		804,028			805,901			893,109			1,008,716			828,314
Total classified and criticized assets	-	3,222,388		-	3,109,674		-	3,402,121		-	3,633,073		-	2,837,151
Loans 30-89 days past due (still accruing)	-	114,038		-	105,632		-	83,030		-	128,771		-	72,517
Nonaccrual loans / EOP loans1		1.03	-		1.07	-		1.23	-		1.24	-		1.29	-
ACL / nonaccrual loans		119	-		116	-		102	-		100	-		90	-
Under-performing assets/EOP loans1		1.05	-		1.09	-		1.25	-		1.29	-		1.32	-
Under-performing assets/EOP assets		0.72	-		0.73	-		0.84	-		0.87	-		0.90	-
30+ day delinquencies/EOP loans1		0.24	-		0.22	-		0.18	-		0.30	-		0.22	-
1Excludes loans held-for-sale.

Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Earnings Per Share:
Net income applicable to common shares	-	229,638		-	212,589		-	178,533		-	121,375		-	140,625
Adjustments:
Merger-related charges		7,323			24,547			69,274			41,206			5,856
Tax effect1		(1,810	-		(5,896	-		(16,494	-		(11,337	-		(1,089	-
Merger-related charges, net		5,513			18,651			52,780			29,869			4,767
Distribution of excess pension assets		3,394			-			-			-			-
Tax effect1		(839	-		-			-			-			-
Distribution of excess pension assets, net		2,555			-			-			-			-
Debt securities (gains) losses		(75	-		(73	-		(7	-		41			76
Tax effect1		19			18			2			(11	-		(14	-
Debt securities (gains) losses, net		(56	-		(55	-		(5	-		30			62
Pension plan loss (gain)		-			15,878			-			(21,001	-		-
Tax effect1		-			(3,814	-		-			5,778			-
Pension plan loss (gain), net		-			12,064			-			(15,223	-		-
FDIC special assessment		-			(2,994	-		-			-			-
Tax effect1		-			719			-			-			-
FDIC special assessment, net		-			(2,275	-		-			-			-
CECL Day 1 non-PCD provision expense		-			-			-			75,604			-
Tax effect1		-			-			-			(20,802	-		-
CECL Day 1 non-PCD provision expense, net		-			-			-			54,802			-
Total adjustments, net		8,012			28,385			52,775			69,478			4,829
Net income applicable to common shares, adjusted	-	237,650		-	240,974		-	231,308		-	190,853		-	145,454
Weighted average diluted common shares outstanding		388,054			389,550			390,496			361,436			321,016
EPS, diluted	-	0.59		-	0.55		-	0.46		-	0.34		-	0.44
Adjusted EPS, diluted	-	0.61		-	0.62		-	0.59		-	0.53		-	0.45
NIM:
Net interest income	-	572,573		-	580,832		-	574,609		-	514,790		-	387,643
Add: FTE adjustment2		7,849			8,013			7,975			7,063			5,360
Net interest income (FTE)	-	580,422		-	588,845		-	582,584		-	521,853		-	393,003
Average earning assets	-	65,433,548		-	64,456,815		-	64,032,811		-	59,061,249		-	48,077,320
NIM (GAAP)		3.50	-		3.60	-		3.59	-		3.49	-		3.23	-
NIM (FTE)		3.55	-		3.65	-		3.64	-		3.53	-		3.27	-
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
PPNR:
Net interest income (FTE)2	-	580,422		-	588,845		-	582,584		-	521,853		-	393,003
Add: Noninterest income		122,346			109,759			130,461			132,517			93,794
Total revenue (FTE)		702,768			698,604			713,045			654,370			486,797
Less: Noninterest expense		(364,704	-		(386,320	-		(445,734	-		(384,766	-		(268,471	-
PPNR	-	338,064		-	312,284		-	267,311		-	269,604		-	218,326
Adjustments:
Pension plan loss (gain)	-	-		-	15,878		-	-		-	(21,001	-	-	-
Debt securities (gains) losses		(75	-		(73	-		(7	-		41			76
Noninterest income adjustments		(75	-		15,805			(7	-		(20,960	-		76
Adjusted noninterest income		122,271			125,564			130,454			111,557			93,870
Adjusted revenue	-	702,693		-	714,409		-	713,038		-	633,410		-	486,873
Adjustments:
Merger-related charges	-	7,323		-	24,547		-	69,274		-	41,206		-	5,856
FDIC Special Assessment		-			(2,994	-		-			-			-
Distribution of excess pension assets		3,394			-			-			-			-
Noninterest expense adjustments		10,717			21,553			69,274			41,206			5,856
Adjusted total noninterest expense		(353,987	-		(364,767	-		(376,460	-		(343,560	-		(262,615	-
Adjusted PPNR	-	348,706		-	349,642		-	336,578		-	289,850		-	224,258
Efficiency Ratio:
Noninterest expense	-	364,704		-	386,320		-	445,734		-	384,766		-	268,471
Less: Amortization of intangibles		(25,623	-		(26,016	-		(26,184	-		(19,630	-		(6,830	-
Noninterest expense, excl. amortization of intangibles		339,081			360,304			419,550			365,136			261,641
Less: Amortization of tax credit investments		(7,111	-		(9,822	-		(7,057	-		(5,815	-		(3,424	-
Less: Noninterest expense adjustments		(10,717	-		(21,553	-		(69,274	-		(41,206	-		(5,856	-
Adjusted noninterest expense, excluding amortization	-	321,253		-	328,929		-	343,219		-	318,115		-	252,361
Total revenue (FTE)2	-	702,768		-	698,604		-	713,045		-	654,370		-	486,797
Less: Debt securities (gains) losses		(75	-		(73	-		(7	-		41			76
Less: Pension plan loss (gain)		-			15,878			-			(21,001	-		-
Total adjusted revenue	-	702,693		-	714,409		-	713,038		-	633,410		-	486,873
Efficiency Ratio		48.3	-		51.6	-		58.8	-		55.8	-		53.7	-
Adjusted Efficiency Ratio		45.7	-		46.0	-		48.1	-		50.2	-		51.8	-
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
ROAE and ROATCE:
Net income applicable to common shares	-	229,638		-	212,589		-	178,533		-	121,375		-	140,625
Amortization of intangibles		25,623			26,016			26,184			19,630			6,830
Tax effect1		(6,406	-		(6,504	-		(6,546	-		(4,908	-		(1,708	-
Amortization of intangibles, net		19,217			19,512			19,638			14,722			5,122
Net income applicable to common shares, excluding intangibles amortization		248,855			232,101			198,171			136,097			145,747
Total adjustments, net (see pg.12)		8,012			28,385			52,775			69,478			4,829
Adjusted net income applicable to common shares, excluding intangibles amortization	-	256,867		-	260,486		-	250,946		-	205,575		-	150,576
Average shareholders' equity	-	8,544,220		-	8,391,067		-	8,168,575		-	7,452,116		-	6,416,485
Less: Average preferred equity		(243,719	-		(243,719	-		(243,719	-		(243,719	-		(243,719	-
Average shareholders' common equity	-	8,300,501		-	8,147,348		-	7,924,856		-	7,208,397		-	6,172,766
Average goodwill and other intangible assets		(2,894,824	-		(2,919,924	-		(2,931,319	-		(2,670,710	-		(2,292,526	-
Average tangible shareholder's common equity	-	5,405,677		-	5,227,424		-	4,993,537		-	4,537,687		-	3,880,240
ROAE		11.1	-		10.4	-		9.0	-		6.7	-		9.1	-
ROAE, adjusted		11.5	-		11.8	-		11.7	-		10.6	-		9.4	-
ROATCE		18.4	-		17.8	-		15.9	-		12.0	-		15.0	-
ROATCE, adjusted		19.0	-		19.9	-		20.1	-		18.1	-		15.5	-
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Tangible Common Equity:
Shareholders' equity	-	8,510,653		-	8,494,788		-	8,309,271		-	8,126,387		-	6,534,654
Less: Preferred equity		(243,719	-		(243,719	-		(243,719	-		(243,719	-		(243,719	-
Shareholders' common equity	-	8,266,934		-	8,251,069		-	8,065,552		-	7,882,668		-	6,290,935
Less: Goodwill and other intangible assets		(2,886,419	-		(2,907,986	-		(2,926,960	-		(2,944,372	-		(2,289,268	-
Tangible shareholders' common equity	-	5,380,515		-	5,343,083		-	5,138,592		-	4,938,296		-	4,001,667
Total assets	-	73,002,651		-	72,151,967		-	71,210,162		-	70,979,805		-	53,877,944
Less: Goodwill and other intangible assets		(2,886,419	-		(2,907,986	-		(2,926,960	-		(2,944,372	-		(2,289,268	-
Tangible assets	-	70,116,232		-	69,243,981		-	68,283,202		-	68,035,433		-	51,588,676
Risk-weighted assets3	-	54,283,745		-	53,617,620		-	52,515,468		-	52,517,871		-	40,266,670
Tangible common equity to tangible assets		7.67	-		7.72	-		7.53	-		7.26	-		7.76	-
Tangible common equity to risk-weighted assets3		9.91	-		9.97	-		9.78	-		9.40	-		9.94	-
Tangible Common Book Value:
Common shares outstanding		386,315			389,662			390,768			391,818			319,236
Tangible common book value	-	13.93		-	13.71		-	13.15		-	12.60		-	12.54
1Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2Calculated using the federal statutory tax rate in effect of 21% for all periods.
3March 31, 2026 figures are preliminary.