HOUSTON and TUPELO, Miss., April 21, 2025 /PRNewswire/ -- Cadence Bank (NYSE:CADE) (the Company), today announced financial results for the quarter ended March 31, 2025.

Highlights for the first quarter of 2025 included:

Reported quarterly net income available to common shareholders of $130.9 million, or $0.70 per diluted common share, and adjusted net income available to common shareholders⁽¹⁾ of $131.4 million, or $0.71 per diluted common share.
Improved return on average assets to 1.15%, up 18 basis points from the first quarter of 2024 and up 3 basis points from the fourth quarter of 2024.
Achieved quarterly adjusted pre-tax pre-provision net revenue (PPNR)⁽¹⁾ of $189.9 million, an increase of $5.9 million compared to the fourth quarter of 2024 and an increase of $15.7 million, or 9.0%, from the first quarter of 2024.
Generated net organic loan growth of $309.9 million for the first quarter of 2025, or 3.7% on an annualized basis; core customer deposit balances, which exclude brokered and public fund deposits, remained stable and were flat linked quarter.
Improved net interest margin to 3.46%, up 8 basis points compared to the fourth quarter of 2024.
Adjusted noninterest expense⁽¹⁾ declined $8.1 million, or 3.0%, linked quarter driving improvement in the adjusted efficiency ratio⁽¹⁾ to 57.6% for the quarter.
Maintained strong regulatory capital with Common Equity Tier 1 Capital of 12.4% and Total Capital of 14.1%.
Received all required regulatory and shareholder approvals to complete proposed merger with FCB Financial Corp., the bank holding company for First Chatham Bank in Savannah, Georgia. The transaction is expected to close May 1, 2025, subject to customary closing conditions.

"Our first quarter results reflect a number of key accomplishments related to our financial performance and strategic growth efforts," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "We reported strong earnings driven by improved operating leverage and further expanded our net interest margin. Despite the recent economic volatility, we also captured nice organic loan growth while maintaining stable credit quality. Importantly, we received all necessary regulatory approvals related to our pending merger with First Chatham Bank in a very short timeframe, allowing us to quickly close and begin expanding our Company's presence in Savannah and other surrounding markets in Georgia."

Earnings Summary

For the first quarter of 2025, the Company reported net income available to common shareholders of $130.9 million, or $0.70 per diluted common share, compared to $114.6 million, or $0.62 per diluted common share, for the first quarter of 2024 and $130.3 million, or $0.70 per diluted common share, for the fourth quarter of 2024. Adjusted net income available to common shareholders⁽¹⁾was $131.4 million, or $0.71 per diluted common share, for the first quarter of 2025, compared with $114.4 million, or $0.62 per diluted common share, for the first quarter of 2024 and $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024.

Return on average assets was 1.15% for the first quarter of 2025, improved from both 0.97% for the first quarter of 2024 and 1.12% for the fourth quarter of 2024. Additionally, the Company reported adjusted PPNR⁽¹⁾ of $189.9 million, or 1.63% of average assets on an annualized basis, for the first quarter of 2025, which represents an increase of $5.9 million or 3.2% compared to the fourth quarter of 2024, and an increase of $15.7 million or 9.0% compared to the same quarter of 2024.

Net Interest Revenue

Net interest revenue was $363.2 million for the first quarter of 2025, compared to $353.9 million for the first quarter of 2024 and $364.5 million for the fourth quarter of 2024. The net interest margin (fully taxable equivalent) improved to 3.46% for the first quarter of 2025, compared with 3.22% for the first quarter of 2024 and 3.38% for the fourth quarter of 2024.

Net interest revenue declined $1.4 million compared to the fourth quarter of 2024 due to fewer number of days in the first quarter of 2025 and a slightly smaller average balance sheet. Purchase accounting accretion revenue was $2.6 million for the first quarter of 2025 compared with $2.4 million for the fourth quarter of 2024. Average earning assets declined slightly to $42.6 billion, as growth in average loans of $482.5 million was offset by lower linked quarter average cash and securities balances as the Company paid off the Bank Term Funding Program balances and called a subordinated-debt issuance in the fourth quarter of 2024.

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.30% for the first quarter of 2025, down 10 basis points from 6.40% for the fourth quarter of 2024, reflecting the full quarter's impact of the December rate cut as well as new origination loan mix. Investment securities yielded 3.00% in the first quarter of 2025, down slightly from 3.04% for the fourth quarter of 2024. The yield on total interest earning assets was 5.71% for the first quarter of 2025 compared with 5.76% for the fourth quarter of 2024.

The average cost of total deposits of 2.35% for the first quarter of 2025 declined by 9 basis points from 2.44% for the fourth quarter of 2024. The decline in the cost of deposits was driven by the full quarter's impact of the December rate cut on interest bearing deposits and repricing time deposits, combined with a stable funding mix. Total cost of interest-bearing liabilities declined 20 basis points to 2.97% for the first quarter of 2025 compared to 3.17% for the fourth quarter of 2024, benefiting from declining deposit costs as well as the payoff of the Bank Term Funding Program and the subordinated debt call in the fourth quarter of 2024.

Balance Sheet Activity

Loans and leases, net of unearned income, increased to $34.1 billion at March 31, 2025 compared to $33.7 billion at December 31, 2024. Net loan growth of $309.9 million, or 3.7% annualized, for the first quarter of 2025 was driven primarily by growth in our mortgage, community banking, and private banking segments, while corporate banking was relatively flat quarter over quarter.

Total deposits were $40.3 billion as of March 31, 2025, declining $0.2 billion from $40.5 billion at the end of the fourth quarter of 2024. This decline was driven primarily by a decline in brokered deposits, partially offset by a nominal seasonal increase in public fund deposits. The March 31, 2025 loan to deposit ratio was 84.4%. Noninterest bearing deposits remained stable at 21.2% of total deposits at the end of the first quarter of 2025 compared to December 31, 2024. Borrowed funds increased $0.8 billion during the first quarter of 2025 compared to December 31, 2024, supporting the purchase of additional investment securities. The borrowed funds increase was in FHLB borrowings with maturities generally ranging between six months and two years.

Total investment securities increased $0.6 billion from December 31, 2024 to $7.9 billion at March 31, 2025, representing 16.6% of total assets. Cash, due from balances and deposits at the Federal Reserve of $1.6 billion at March 31, 2025 was relatively flat compared to $1.7 billion at December 31, 2024.

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

Credit metrics for the first quarter of 2025 reflected continued overall stability in credit quality. Net charge-offs for the first quarter of 2025 were $23.0 million, or 0.27% of average net loans and leases on an annualized basis, compared with net charge-offs of $19.5 million, or 0.24% of average net loans and leases on an annualized basis, for the first quarter of 2024 and net charge-offs of $14.1 million, or 0.17% of average net loans and leases on an annualized basis, for the fourth quarter of 2024. The linked quarter increase was driven primarily by one C&I credit that was previously identified and reserved for in a prior quarter. The provision for credit losses for the first quarter of 2025 was $20.0 million, compared with $22.0 million for the first quarter of 2024 and $15.0 million for the fourth quarter of 2024. The allowance for credit losses of $457.8 million at March 31, 2025 was 1.34% of total loans and leases compared to 1.37% of total loans and leases at December 31, 2024 and 1.44% of total loans and leases at March 31, 2024.

Total nonperforming assets as a percent of total assets were 0.51% at March 31, 2025 compared to 0.51% at March 31, 2024 and 0.58% at December 31, 2024. Total nonperforming loans and leases as a percent of loans and leases, net were 0.69% at March 31, 2025 compared to 0.73% at March 31, 2024 and 0.78% at December 31, 2024. Other real estate owned and other repossessed assets was $8.5 million at March 31, 2025 compared to the March 31, 2024 balance of $5.3 million and the December 31, 2024 balance of $5.8 million. Criticized loans represented 2.39% of loans at March 31, 2025 compared to 2.64% at March 31, 2024 and 2.35% at December 31, 2024, while classified loans were 1.95% at March 31, 2025 compared to 2.19% at March 31, 2024 and 2.02% at December 31, 2024.

Noninterest Revenue

Noninterest revenue was $85.4 million for the first quarter of 2025 compared with $83.8 million for the first quarter of 2024 and $86.2 million for the fourth quarter of 2024. Adjusted noninterest revenue⁽¹⁾ had no significant adjustments for the quarters presented.

Noninterest revenue declined slightly compared to the fourth quarter of 2024, with improvements in mortgage banking revenue offset by a decline in other noninterest revenue as well as service charge and card revenues that were impacted by day count. Wealth management revenue was $23.3 million for the first quarter of 2025, down slightly from $24.0 million for the fourth quarter of 2024 due to market conditions. Credit card, debit card and merchant fee revenue was $12.0 million for the first quarter of 2025, compared with $12.7 million for the fourth quarter of 2024 and reflective of typical softer first quarter card activity. Deposit service charge revenue was $17.7 million for the first quarter of 2025, compared to $18.7 million for the fourth quarter of 2024, partially impacted by fewer number of days.

Mortgage banking revenue totaled $6.6 million for the first quarter of 2025, compared to $6.4 million for the first quarter of 2024 and $3.6 million for the fourth quarter of 2024. The $3.1 million improvement during the linked quarter was primarily due to seasonally higher mortgage production and servicing revenue.

Other noninterest revenue was $25.8 million for the first quarter of 2025, down from $27.3 million for the fourth quarter of 2024, with the $1.5 million decline impacted by lower credit related fees and other miscellaneous revenues.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $259.3 million, compared with $263.2 million for the first quarter of 2024 and $266.2 million for the fourth quarter of 2024. Adjusted noninterest expense⁽¹⁾ for the first quarter of 2025 was $258.6 million, compared with $263.5 million for the first quarter of 2024 and $266.7 million for the fourth quarter of 2024. Adjusted noninterest expense for the first quarter of 2025 excludes an insignificant amount of merger expense and incremental merger related expense. The adjusted efficiency ratio⁽¹⁾ was 57.6% for the first quarter of 2025, compared to 60.1% for the first quarter of 2024 and 59.1% for the fourth quarter of 2024.

The $8.1 million, or 3.0%, linked quarter decline in adjusted noninterest expense⁽¹⁾ was driven primarily by declines in data processing and software expense as well as other noninterest expense, partially offset by small increase in various other expense categories. Data processing and software expense declined $6.1 million in the first quarter of 2025 compared to the fourth quarter of 2024, primarily as a result of the fourth quarter expenses associated with technology investments including enhancements to the Company's treasury management platform. Other noninterest expense decreased $3.0 million in the first quarter of 2025 compared to the fourth quarter of 2024 driven by declines in various items including advertising/public relations and legal expense.

Capital Management

Total shareholders' equity was $5.7 billion at March 31, 2025, up from $5.2 billion at March 31, 2024 and $5.6 billion at December 31, 2024. Estimated regulatory capital ratios at March 31, 2025 included Common Equity Tier 1 capital of 12.4%, Tier 1 capital of 12.9%, Total risk-based capital of 14.1%, and Tier 1 leverage capital of 10.6%. During the first quarter of 2025, the Company did not repurchase any shares of Company common stock. Outstanding common shares were 184.0 million as of March 31, 2025.

Summary

Rollins concluded, "Our team remains excited about the opportunity to build on our accomplishments and momentum. Our relentless focus on customer service, quality growth and enhanced operating efficiency has resulted in continued improvement in our profitability and financial performance. We look forward to building on this success throughout 2025 and beyond as we focus on our company's vision of helping people, companies and communities prosper."

Key Transactions

On January 22, 2025, the Company announced the signing of a definitive merger agreement with FCB Financial Corp., the bank holding company for First Chatham Bank, (collectively referred to as "First Chatham"), pursuant to which First Chatham will be merged with and into the Company. First Chatham is a Savannah, Georgia-based community bank operating eight branches across the Greater Savannah Area. As of December 31, 2024, First Chatham reported total assets of $589 million, total loans of $326 million, and total deposits of $507 million. Under the terms of the definitive merger agreement, the Company will issue approximately 2,300,000 shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. The Company has received all required regulatory and shareholder approvals related to the transaction. Subject to the satisfaction of all closing conditions, the merger is expected to close May 1, 2025, although the Company can provide no assurance that the merger will close on this date or at all.

Conference Call and Webcast

The Company will conduct a conference call to discuss its first quarter 2025 financial results on April 22, 2025, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank (NYSE:CADE) is a $50 billion regional financial services company committed to helping people, companies and communities prosper. With more than 350 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence maintains dual headquarters in Houston, Texas and Tupelo, Mississippi, and has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 20 of this news release.

Forward-Looking Statements

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

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

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

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

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

Table 1 Selected Financial Data

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Earnings Summary:
Interest revenue	$ 599,257	$ 620,321	$ 647,713	$ 642,210	$ 637,113
Interest expense	236,105	255,790	286,255	285,892	283,205
Net interest revenue	363,152	364,531	361,458	356,318	353,908
Provision for credit losses	20,000	15,000	12,000	22,000	22,000
Net interest revenue, after provision for credit losses	343,152	349,531	349,458	334,318	331,908
Noninterest revenue	85,387	86,165	85,901	100,658	83,786
Noninterest expense	259,349	266,186	259,438	256,697	263,207
Income before income taxes	169,190	169,510	175,921	178,279	152,487
Income tax expense	35,968	36,795	39,482	40,807	35,509
Net income	133,222	132,715	136,439	137,472	116,978
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372
Net income available to common shareholders	$ 130,850	$ 130,343	$ 134,067	$ 135,100	$ 114,606

Balance Sheet - Period End Balances
Total assets	$ 47,743,294	$ 47,019,190	$ 49,204,933	$ 47,984,078	$ 48,313,863
Total earning assets	43,172,997	42,386,627	44,834,897	43,525,688	43,968,692
Available for sale securities	7,912,159	7,293,988	7,841,685	7,921,422	8,306,589
Loans and leases, net of unearned income	34,051,610	33,741,755	33,303,972	33,312,773	32,882,616
Allowance for credit losses (ACL)	457,791	460,793	460,859	470,022	472,575
Net book value of acquired loans	4,365,789	4,783,206	5,521,000	5,543,419	6,011,007
Unamortized net discount on acquired loans	13,060	15,611	17,988	20,874	23,715
Total deposits	40,335,728	40,496,201	38,844,360	37,858,659	38,120,226
Total deposits and repurchase agreements	40,355,399	40,519,817	38,861,324	37,913,693	38,214,616
Other short-term borrowings	235,000	—	3,500,000	3,500,000	3,500,000
Subordinated and long-term borrowings	560,690	10,706	225,823	269,353	430,123
Total shareholders' equity	5,718,541	5,569,683	5,572,863	5,287,758	5,189,932
Total shareholders' equity, excluding AOCI ⁽¹⁾	6,339,744	6,264,178	6,163,205	6,070,220	5,981,265
Common shareholders' equity	5,551,548	5,402,690	5,405,870	5,120,765	5,022,939
Common shareholders' equity, excluding AOCI⁽¹⁾	$ 6,172,751	$ 6,097,185	$ 5,996,212	$ 5,903,227	$ 5,814,272

Balance Sheet - Average Balances
Total assets	$ 47,135,431	$ 47,263,538	$ 47,803,977	$ 48,192,719	$ 48,642,540
Total earning assets	42,637,002	42,920,125	43,540,045	43,851,822	44,226,077
Available for sale securities	7,302,172	7,636,683	7,915,636	8,033,552	8,269,708
Loans and leases, net of unearned income	33,944,416	33,461,931	33,279,819	32,945,526	32,737,574
Total deposits	40,353,292	39,743,224	37,634,453	38,100,087	38,421,272
Total deposits and repurchase agreements	40,376,248	39,761,277	37,666,828	38,165,908	38,630,620
Other short-term borrowings	108,389	905,815	3,512,218	3,500,000	3,500,000
Subordinated and long-term borrowings	129,030	123,442	265,790	404,231	434,579
Total shareholders' equity	5,651,592	5,589,361	5,420,826	5,207,254	5,194,048
Common shareholders' equity	$ 5,484,599	$ 5,422,368	$ 5,253,833	$ 5,040,261	$ 5,027,055

Nonperforming Assets:
Nonperforming loans and leases (NPL) ^{(2) (3)}	235,952	264,692	272,954	216,746	241,007
Other real estate owned and other assets	8,452	5,754	5,354	4,793	5,280
Nonperforming assets (NPA)	$ 244,404	$ 270,446	$ 278,308	$ 221,539	$ 246,287


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 20 - 23.
(2)	At March 31, 2025, $84.3 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.
(3)	At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

Table 2 Selected Financial Ratios

	Quarter Ended
	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Financial Ratios and Other Data:
Return on average assets ⁽²⁾	1.15 %	1.12 %	1.14 %	1.15 %	0.97 %
Adjusted return on average assets ⁽¹⁾⁽²⁾	1.15	1.11	1.15	1.09	0.97
Return on average common shareholders' equity ⁽²⁾	9.68	9.56	10.15	10.78	9.17
Adjusted return on average common shareholders' equity⁽¹⁾⁽²⁾	9.72	9.53	10.27	10.21	9.15
Return on average tangible common equity⁽¹⁾⁽²⁾	13.15	13.06	14.04	15.18	12.94
Adjusted return on average tangible common equity ⁽¹⁾⁽²⁾	13.20	13.02	14.21	14.37	12.92
Pre-tax pre-provision net revenue to total average assets ⁽¹⁾⁽²⁾	1.63	1.55	1.56	1.67	1.44
Adjusted pre-tax pre-provision net revenue to total average assets ⁽¹⁾⁽²⁾	1.63	1.55	1.58	1.59	1.44
Net interest margin-fully taxable equivalent	3.46	3.38	3.31	3.27	3.22
Net interest rate spread-fully taxable equivalent	2.74	2.59	2.45	2.45	2.40
Efficiency ratio fully tax equivalent ⁽¹⁾	57.74	58.98	57.90	56.09	60.05
Adjusted efficiency ratio fully tax equivalent⁽¹⁾	57.58	59.09	57.73	56.73	60.12
Loan/deposit ratio	84.42 %	83.32 %	85.74 %	87.99 %	86.26 %
Full time equivalent employees	5,356	5,335	5,327	5,290	5,322

Credit Quality Ratios:
Net charge-offs to average loans and leases⁽²⁾	0.27 %	0.17 %	0.26 %	0.28 %	0.24 %
Provision for credit losses to average loans and leases ⁽²⁾	0.24	0.18	0.14	0.27	0.27
ACL to loans and leases, net	1.34	1.37	1.38	1.41	1.44
ACL to NPL	194.02	174.09	168.84	216.85	196.08
NPL to loans and leases, net	0.69	0.78	0.82	0.65	0.73
NPA to total assets	0.51	0.58	0.57	0.46	0.51

Equity Ratios:
Total shareholders' equity to total assets	11.98 %	11.85 %	11.33 %	11.02 %	10.74 %
Total common shareholders' equity to total assets	11.63	11.49	10.99	10.67	10.40
Tangible common shareholders' equity to tangible assets⁽¹⁾	8.87	8.67	8.28	7.87	7.60
Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI ⁽¹⁾	10.07	10.04	9.40	9.40	9.13

Capital Adequacy ⁽³⁾:
Common Equity Tier 1 capital	12.4 %	12.4 %	12.3 %	11.9 %	11.7 %
Tier 1 capital	12.9	12.8	12.7	12.3	12.2
Total capital	14.1	14.0	14.5	14.2	14.5
Tier 1 leverage capital	10.6	10.4	10.1	9.7	9.5


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 20 - 23.
(2)	Annualized.
(3)	Current quarter regulatory capital ratios are estimated.

Table 3 Selected Financial Information

	Quarter Ended
	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Common Share Data:
Diluted earnings per share	$ 0.70	$ 0.70	$ 0.72	$ 0.73	$ 0.62
Adjusted earnings per share ⁽¹⁾	0.71	0.70	0.73	0.69	0.62
Cash dividends per share	0.275	0.250	0.250	0.250	0.250
Book value per share	30.16	29.44	29.65	28.07	27.50
Tangible book value per share ⁽¹⁾	22.30	21.54	21.68	20.08	19.48
Market value per share (last)	30.36	34.45	31.85	28.28	29.00
Market value per share (high)	36.53	40.20	34.13	29.95	30.03
Market value per share (low)	28.90	30.21	27.46	26.16	24.99
Market value per share (average)	33.13	35.17	30.96	28.14	27.80
Dividend payout ratio	39.29 %	35.71 %	34.72 %	34.25 %	40.48 %
Adjusted dividend payout ratio ⁽¹⁾	38.73 %	35.71 %	34.25 %	36.23 %	40.32 %
Total shares outstanding	184,046,420	183,527,575	182,315,142	182,430,427	182,681,325
Average shares outstanding - diluted	186,121,979	186,038,243	185,496,110	185,260,963	185,574,130

Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases	6.33 %	6.42 %	6.64 %	6.59 %	6.50 %
Loans, loans held for sale, and leases excluding net accretion on acquired loans and leases	6.30	6.40	6.61	6.56	6.46
Available for sale securities:
Taxable	2.99	3.03	3.03	3.18	3.11
Tax-exempt	4.04	3.93	3.97	4.12	4.25
Other investments	4.42	4.77	5.37	5.45	5.48
Total interest earning assets and revenue	5.71	5.76	5.92	5.90	5.80
Deposits	2.35	2.44	2.55	2.53	2.45
Interest bearing demand and money market	2.69	2.87	3.13	3.13	3.11
Savings	0.57	0.57	0.57	0.57	0.57
Time	4.10	4.28	4.50	4.53	4.42
Total interest bearing deposits	2.96	3.12	3.30	3.28	3.21
Fed funds purchased, securities sold under agreement to repurchase and other	4.45	4.58	5.10	4.47	4.86
Short-term FHLB borrowings	4.43	—	—	—	—
Short-term BTFP borrowings	—	4.77	4.77	4.77	4.84
Total interest bearing deposits and short-term borrowings	2.96	3.16	3.46	3.44	3.39
Subordinated and long-term borrowings	4.05	4.14	4.30	4.41	4.35
Total interest bearing liabilities	2.97	3.17	3.47	3.45	3.40
Interest bearing liabilities to interest earning assets	75.70 %	74.82 %	75.40 %	75.97 %	75.73 %
Net interest income tax equivalent adjustment (in thousands)	$ 630	$ 648	$ 694	$ 644	$ 636


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 20 - 23.

Table 4 Consolidated Balance Sheets (Unaudited)

	As of
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
ASSETS
Cash and due from banks	$ 578,513	$ 624,884	$ 504,827	$ 516,715	$ 427,543
Interest bearing deposits with other banks and Federal funds sold	988,787	1,106,692	3,483,299	2,093,820	2,609,931
Available for sale securities, at fair value	7,912,159	7,293,988	7,841,685	7,921,422	8,306,589
Loans and leases, net of unearned income	34,051,610	33,741,755	33,303,972	33,312,773	32,882,616
Allowance for credit losses	457,791	460,793	460,859	470,022	472,575
Net loans and leases	33,593,819	33,280,962	32,843,113	32,842,751	32,410,041
Loans held for sale, at fair value	220,441	244,192	205,941	197,673	169,556
Premises and equipment, net	780,963	783,456	797,556	808,705	822,666
Goodwill	1,366,923	1,366,923	1,366,923	1,366,923	1,367,785
Other intangible assets, net	79,522	83,190	87,094	91,027	96,126
Bank-owned life insurance	654,964	651,838	652,057	648,970	645,167
Other assets	1,567,203	1,583,065	1,422,438	1,496,072	1,458,459
Total Assets	$ 47,743,294	$ 47,019,190	$ 49,204,933	$ 47,984,078	$ 48,313,863
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 8,558,412	$ 8,591,805	$ 9,242,693	$ 8,586,265	$ 8,820,468
Interest bearing	19,221,356	19,345,114	18,125,553	18,514,015	18,945,982
Savings	2,626,901	2,588,406	2,560,803	2,613,950	2,694,777
Time deposits	9,929,059	9,970,876	8,915,311	8,144,429	7,658,999
Total deposits	40,335,728	40,496,201	38,844,360	37,858,659	38,120,226
Securities sold under agreement to repurchase	19,671	23,616	16,964	55,034	94,390
Other short-term borrowings	235,000	—	3,500,000	3,500,000	3,500,000
Subordinated and long-term borrowings	560,690	10,706	225,823	269,353	430,123
Other liabilities	873,664	918,984	1,044,923	1,013,274	979,192
Total Liabilities	42,024,753	41,449,507	43,632,070	42,696,320	43,123,931
SHAREHOLDERS' EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	460,116	458,819	455,788	456,076	456,703
Capital surplus	2,736,799	2,742,913	2,729,440	2,724,656	2,724,587
Accumulated other comprehensive loss	(621,203)	(694,495)	(590,342)	(782,462)	(791,333)
Retained earnings	2,975,836	2,895,453	2,810,984	2,722,495	2,632,982
Total Shareholders' Equity	5,718,541	5,569,683	5,572,863	5,287,758	5,189,932
Total Liabilities & Shareholders' Equity	$ 47,743,294	$ 47,019,190	$ 49,204,933	$ 47,984,078	$ 48,313,863

Table 5 Consolidated Quarterly Average Balance Sheets (Unaudited)

(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
ASSETS
Cash and due from banks	$ 560,581	$ 490,161	$ 435,569	$ 456,938	$ 557,009
Interest bearing deposits with other banks and Federal funds sold	1,275,153	1,698,300	2,210,277	2,758,385	3,146,439
Available for sale securities, at fair value	7,302,172	7,636,683	7,915,636	8,033,552	8,269,708
Loans and leases, net of unearned income	33,944,416	33,461,931	33,279,819	32,945,526	32,737,574
Allowance for credit losses	465,332	465,971	469,919	475,181	473,849
Net loans and leases	33,479,084	32,995,960	32,809,900	32,470,345	32,263,725
Loans held for sale, at fair value	115,261	123,211	134,313	114,359	72,356
Premises and equipment, net	785,194	796,394	807,353	815,920	808,473
Goodwill	1,366,923	1,366,923	1,366,923	1,367,358	1,367,785
Other intangible assets, net	81,527	85,323	89,262	93,743	98,350
Bank-owned life insurance	652,689	651,166	650,307	646,124	643,189
Other assets	1,516,847	1,419,417	1,384,437	1,435,995	1,415,506
Total Assets	$ 47,135,431	$ 47,263,538	$ 47,803,977	$ 48,192,719	$ 48,642,540
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 8,339,414	$ 8,676,765	$ 8,616,534	$ 8,757,029	$ 9,072,619
Interest bearing	19,428,376	18,845,689	18,043,686	18,770,093	19,303,845
Savings	2,607,366	2,573,961	2,584,761	2,652,019	2,696,452
Time deposits	9,978,136	9,646,809	8,389,472	7,920,946	7,348,356
Total deposits	40,353,292	39,743,224	37,634,453	38,100,087	38,421,272
Securities sold under agreement to repurchase	22,956	18,053	32,375	65,821	209,348
Other short-term borrowings	108,389	905,815	3,512,218	3,500,000	3,500,000
Subordinated and long-term borrowings	129,030	123,442	265,790	404,231	434,579
Other liabilities	870,172	883,643	938,315	915,326	883,293
Total Liabilities	41,483,839	41,674,177	42,383,151	42,985,465	43,448,492
SHAREHOLDERS' EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	458,830	457,798	455,954	456,618	456,437
Capital surplus	2,744,442	2,735,323	2,725,581	2,724,838	2,733,902
Accumulated other comprehensive loss	(663,883)	(634,307)	(703,619)	(838,710)	(777,940)
Retained earnings	2,945,210	2,863,554	2,775,917	2,697,515	2,614,656
Total Shareholders' Equity	5,651,592	5,589,361	5,420,826	5,207,254	5,194,048
Total Liabilities & Shareholders' Equity	$ 47,135,431	$ 47,263,538	$ 47,803,977	$ 48,192,719	$ 48,642,540

Table 6 Consolidated Statements of Income (Unaudited)

	Quarter Ended
(Dollars in thousands, except per share data)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
INTEREST REVENUE:
Loans and leases	$ 530,050	$ 540,147	$ 555,862	$ 539,685	$ 528,940
Available for sale securities:
Taxable	53,232	57,476	59,732	62,852	63,405
Tax-exempt	629	635	638	638	687
Loans held for sale	1,449	1,694	1,630	1,652	1,184
Short-term investments	13,897	20,369	29,851	37,383	42,897
Total interest revenue	599,257	620,321	647,713	642,210	637,113
INTEREST EXPENSE:
Interest bearing demand deposits and money market accounts	128,831	135,965	142,179	146,279	149,403
Savings	3,644	3,684	3,695	3,743	3,801
Time deposits	100,900	103,785	94,944	89,173	80,670
Federal funds purchased and securities sold under agreement to repurchase	1,124	293	561	724	2,523
Short-term borrowings	317	10,779	42,003	41,544	42,109
Subordinated and long-term borrowings	1,289	1,284	2,873	4,429	4,699
Total interest expense	236,105	255,790	286,255	285,892	283,205
Net interest revenue	363,152	364,531	361,458	356,318	353,908
Provision for credit losses	20,000	15,000	12,000	22,000	22,000
Net interest revenue, after provision for credit losses	343,152	349,531	349,458	334,318	331,908

NONINTEREST REVENUE:
Wealth management	23,279	23,973	24,110	24,006	22,833
Deposit service charges	17,736	18,694	18,814	17,652	18,338
Credit card, debit card and merchant fees	11,989	12,664	12,649	12,770	12,162
Mortgage banking	6,638	3,554	1,133	6,173	6,443
Security losses	(9)	(3)	(2,947)	(4)	(9)
Other noninterest income	25,754	27,283	32,142	40,061	24,019
Total noninterest revenue	85,387	86,165	85,901	100,658	83,786

NONINTEREST EXPENSE:
Salaries and employee benefits	152,972	152,381	152,237	148,038	156,650
Occupancy and equipment	28,477	27,275	28,894	29,367	28,640
Data processing and software	27,132	33,226	29,164	29,467	30,028
Deposit insurance assessments	8,643	8,284	7,481	15,741	8,414
Amortization of intangibles	3,668	3,904	3,933	3,999	4,066
Merger expense	315	—	—	—	—
Other noninterest expense	38,142	41,116	37,729	30,085	35,409
Total noninterest expense	259,349	266,186	259,438	256,697	263,207
Income before income taxes	169,190	169,510	175,921	178,279	152,487
Income tax expense	35,968	36,795	39,482	40,807	35,509
Net income	133,222	132,715	136,439	137,472	116,978
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372
Net income available to common shareholders	$ 130,850	$ 130,343	$ 134,067	$ 135,100	$ 114,606
Diluted earnings per common share	$ 0.70	$ 0.70	$ 0.72	$ 0.73	$ 0.62

Table 7 Selected Loan and Lease Portfolio Data (Unaudited)

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,688,653	$ 8,670,529	$ 8,692,639	$ 9,136,929	$ 9,121,457
Owner occupied	4,667,477	4,665,015	4,557,723	4,475,647	4,442,357
Total commercial and industrial	13,356,130	13,335,544	13,250,362	13,612,576	13,563,814
Commercial real estate
Construction, acquisition and development	3,723,408	3,909,184	3,931,821	3,892,527	3,864,351
Income producing	6,268,456	6,015,773	5,978,695	5,851,340	5,783,943
Total commercial real estate	9,991,864	9,924,957	9,910,516	9,743,867	9,648,294
Consumer
Residential mortgages	10,498,320	10,267,883	9,933,222	9,740,713	9,447,675
Other consumer	205,296	213,371	209,872	215,617	222,833
Total consumer	10,703,616	10,481,254	10,143,094	9,956,330	9,670,508
Total loans and leases, net of unearned income	$ 34,051,610	$ 33,741,755	$ 33,303,972	$ 33,312,773	$ 32,882,616

NONPERFORMING ASSETS
Nonperforming Loans and Leases
Commercial and industrial
Non-real estate	$ 118,078	$ 145,115	$ 148,267	$ 121,171	$ 149,683
Owner occupied	18,988	16,904	15,127	13,700	5,962
Total commercial and industrial	137,066	162,019	163,394	134,871	155,645
Commercial real estate
Construction, acquisition and development	8,768	8,600	2,034	4,923	3,787
Income producing	8,021	18,542	25,112	15,002	19,428
Total commercial real estate	16,789	27,142	27,146	19,925	23,215
Consumer
Residential mortgages	81,803	75,287	82,191	61,677	61,886
Other consumer	294	244	223	273	261
Total consumer	82,097	75,531	82,414	61,950	62,147
Total nonperforming loans and leases ⁽¹⁾	$ 235,952	$ 264,692	$ 272,954	$ 216,746	$ 241,007

Other real estate owned and repossessed assets	8,452	5,754	5,354	4,793	5,280
Total nonperforming assets	$ 244,404	$ 270,446	$ 278,308	$ 221,539	$ 246,287

Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA	$ 84,339	$ 89,906	$ 81,632	$ 71,418	$ 59,897

Loans and leases 90+ days past due, still accruing	$ 8,832	$ 13,126	$ 11,757	$ 6,150	$ 30,048


(1)	At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

Table 8 Allowance for Credit Losses (Unaudited)

	Quarter Ended
(Dollars in thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period	$ 460,793	$ 460,859	$ 470,022	$ 472,575	$ 468,034
Charge-offs:
Commercial and industrial	(21,284)	(15,116)	(21,620)	(23,340)	(16,997)
Commercial real estate	(1,382)	(167)	(222)	(649)	(2,244)
Consumer	(3,062)	(2,679)	(2,681)	(2,294)	(2,395)
Total loans charged-off	(25,728)	(17,962)	(24,523)	(26,283)	(21,636)
Recoveries:
Commercial and industrial	1,822	2,613	1,647	2,943	1,312
Commercial real estate	83	549	65	101	150
Consumer	821	734	648	686	715
Total recoveries	2,726	3,896	2,360	3,730	2,177
Net charge-offs	(23,002)	(14,066)	(22,163)	(22,553)	(19,459)
Provision for credit losses related to loans and leases	20,000	14,000	13,000	20,000	24,000
Balance, end of period	$ 457,791	$ 460,793	$ 460,859	$ 470,022	$ 472,575

Average loans and leases, net of unearned income, for period	$ 33,944,416	$ 33,461,931	$ 33,279,819	$ 32,945,526	$ 32,737,574
Ratio: Net charge-offs to average loans and leases ⁽²⁾	0.27 %	0.17 %	0.26 %	0.28 %	0.24 %

RESERVE FOR UNFUNDED COMMITMENTS ⁽¹⁾
Balance, beginning of period	$ 8,551	$ 7,551	$ 8,551	$ 6,551	$ 8,551
Provision (reversal) for credit losses for unfunded commitments	—	1,000	(1,000)	2,000	(2,000)
Balance, end of period	$ 8,551	$ 8,551	$ 7,551	$ 8,551	$ 6,551


(1)	The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.
(2)	Annualized.

Table 9 Loan and Lease Portfolio by Grades (Unaudited)

	March 31, 2025
(In thousands)	Pass	Special Mention	Substandard	Doubtful	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,234,513	$ 108,903	$ 317,012	$ 8,556	$ 16,227	$ 3,442	$ 8,688,653
Owner occupied	4,617,617	—	38,174	—	10,592	1,094	4,667,477
Total commercial and industrial	12,852,130	108,903	355,186	8,556	26,819	4,536	13,356,130
Commercial real estate
Construction, acquisition and development	3,710,504	—	7,031	—	5,873	—	3,723,408
Income producing	6,078,353	39,412	144,159	—	6,532	—	6,268,456
Total commercial real estate	9,788,857	39,412	151,190	—	12,405	—	9,991,864
Consumer
Residential mortgages	10,392,396	—	99,305	—	5,208	1,411	10,498,320
Other consumer	204,701	—	595	—	—	—	205,296
Total consumer	10,597,097	—	99,900	—	5,208	1,411	10,703,616
Total loans and leases, net of unearned income	$ 33,238,084	$ 148,315	$ 606,276	$ 8,556	$ 44,432	$ 5,947	$ 34,051,610

	December 31, 2024
(In thousands)	Pass	Special Mention	Substandard	Doubtful	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,208,176	$ 106,996	$ 311,096	$ 8,743	$ 31,996	$ 3,522	$ 8,670,529
Owner occupied	4,610,775	815	41,363	—	10,968	1,094	4,665,015
Total commercial and industrial	12,818,951	107,811	352,459	8,743	42,964	4,616	13,335,544
Commercial real estate
Construction, acquisition and development	3,896,856	—	12,262	—	66	—	3,909,184
Income producing	5,850,702	5,094	144,084	—	15,893	—	6,015,773
Total commercial real estate	9,747,558	5,094	156,346	—	15,959	—	9,924,957
Consumer
Residential mortgages	10,167,830	891	89,597	—	8,154	1,411	10,267,883
Other consumer	212,865	—	506	—	—	—	213,371
Total consumer	10,380,695	891	90,103	—	8,154	1,411	10,481,254
Total loans and leases, net of unearned income	$ 32,947,204	$ 113,796	$ 598,908	$ 8,743	$ 67,077	$ 6,027	$ 33,741,755

Table 10 Geographical Loan and Lease Information (Unaudited)

	March 31, 2025
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 424,598	$ 157,460	$ 576,477	$ 464,611	$ 375,154	$ 534,964	$ 65,370	$ 338,916	$ 3,467,605	$ 2,283,498	$ 8,688,653
Owner occupied	338,752	244,335	306,890	429,592	294,980	590,076	99,197	159,241	1,766,119	438,295	4,667,477
Total commercial and industrial	763,350	401,795	883,367	894,203	670,134	1,125,040	164,567	498,157	5,233,724	2,721,793	13,356,130
Commercial real estate
Construction, acquisition and development	220,664	79,437	371,396	443,876	48,561	166,644	36,117	184,595	1,714,761	457,357	3,723,408
Income producing	434,990	258,337	544,896	783,768	226,924	423,200	215,550	315,125	2,323,475	742,191	6,268,456
Total commercial real estate	655,654	337,774	916,292	1,227,644	275,485	589,844	251,667	499,720	4,038,236	1,199,548	9,991,864
Consumer
Residential mortgages	1,309,478	430,005	719,379	455,027	484,751	1,221,895	226,051	821,297	4,571,649	258,788	10,498,320
Other consumer	25,579	17,844	4,776	7,982	10,486	83,368	1,246	15,557	33,872	4,586	205,296
Total consumer	1,335,057	447,849	724,155	463,009	495,237	1,305,263	227,297	836,854	4,605,521	263,374	10,703,616
Total loans and leases, net of unearned income	$2,754,061	$ 1,187,418	$ 2,523,814	$ 2,584,856	$ 1,440,856	$ 3,020,147	$ 643,531	$ 1,834,731	$ 13,877,481	$ 4,184,715	$34,051,610

Loan growth (decline), excluding loans acquired during the quarter ($)	$ 7,495	$ (4,034)	$ 53,042	$ 124,182	$ 17,883	$ (35,469)	$ 9,399	$ (36,957)	$ 262,192	$ (87,878)	$ 309,855
Loan growth (decline), excluding loans acquired during the quarter (%) (annualized)	1.11 %	(1.37) %	8.71 %	20.47 %	5.10 %	(4.71) %	6.01 %	(8.01) %	7.81 %	(8.34) %	3.72 %

	December 31, 2024
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 413,359	$ 169,534	$ 532,224	$ 446,812	$ 371,543	$ 536,651	$ 64,846	$ 399,346	$ 3,478,755	$ 2,257,459	$ 8,670,529
Owner occupied	337,580	253,538	308,545	400,342	298,787	624,950	107,443	159,058	1,708,113	466,659	4,665,015
Total commercial and industrial	750,939	423,072	840,769	847,154	670,330	1,161,601	172,289	558,404	5,186,868	2,724,118	13,335,544
Commercial real estate
Construction, acquisition and development	230,810	65,358	438,173	543,249	36,194	169,336	45,690	180,566	1,656,715	543,093	3,909,184
Income producing	437,146	259,767	477,493	613,337	226,849	424,078	204,119	319,560	2,298,344	755,080	6,015,773
Total commercial real estate	667,956	325,125	915,666	1,156,586	263,043	593,414	249,809	500,126	3,955,059	1,298,173	9,924,957
Consumer
Residential mortgages	1,300,485	425,602	709,335	449,117	478,947	1,214,542	210,712	796,490	4,436,803	245,850	10,267,883
Other consumer	27,186	17,653	5,002	7,817	10,653	86,059	1,322	16,668	36,559	4,452	213,371
Total consumer	1,327,671	443,255	714,337	456,934	489,600	1,300,601	212,034	813,158	4,473,362	250,302	10,481,254
Total loans and leases, net of unearned income	$ 2,746,566	$ 1,191,452	$ 2,470,772	$ 2,460,674	$ 1,422,973	$ 3,055,616	$ 634,132	$ 1,871,688	$ 13,615,289	$ 4,272,593	$ 33,741,755

Table 11 Noninterest Revenue and Expense (Unaudited)

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
NONINTEREST REVENUE:
Trust and asset management income	$ 11,823	$ 12,485	$ 12,055	$ 12,645	$ 11,322
Investment advisory fees	8,454	8,502	8,641	8,180	8,336
Brokerage and annuity fees	3,002	2,986	3,414	3,181	3,175
Deposit service charges	17,736	18,694	18,814	17,652	18,338
Credit card, debit card and merchant fees	11,989	12,664	12,649	12,770	12,162
Mortgage banking excl. MSR and MSR hedge market value adjustment	9,743	6,293	8,171	9,875	9,116
MSR and MSR hedge market value adjustment	(3,105)	(2,739)	(7,038)	(3,702)	(2,673)
Security losses, net	(9)	(3)	(2,947)	(4)	(9)
Bank-owned life insurance	5,202	5,046	4,353	4,370	3,946
Other miscellaneous income	20,552	22,237	27,789	35,691	20,073
Total noninterest revenue	$ 85,387	$ 86,165	$ 85,901	$ 100,658	$ 83,786

NONINTEREST EXPENSE:
Salaries and employee benefits	$ 152,972	$ 152,381	$ 152,237	$ 148,038	$ 156,650
Occupancy and equipment	28,477	27,275	28,894	29,367	28,640
Data processing and software	27,132	33,226	29,164	29,467	30,028
Deposit insurance assessments	8,643	8,284	7,481	15,741	8,414
Amortization of intangibles	3,668	3,904	3,933	3,999	4,066
Merger expense	315	—	—	—	—
Advertising and public relations	4,157	5,870	5,481	6,537	4,224
Foreclosed property expense	864	621	486	515	268
Telecommunications	1,512	1,359	1,513	1,441	1,545
Travel and entertainment	2,436	2,618	2,612	2,549	2,236
Professional, consulting and outsourcing	4,733	4,540	4,115	3,534	3,935
Legal	3,559	4,176	3,664	758	3,682
Postage and shipping	1,773	1,624	1,677	1,622	2,205
Other miscellaneous expense	19,108	20,308	18,181	13,129	17,314
Total noninterest expense	$ 259,349	$ 266,186	$ 259,438	$ 256,697	$ 263,207

Table 12 Average Balance and Yields (Unaudited)

	Quarter Ended
	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion	$ 33,944,416	$ 527,951	6.31 %	$ 33,461,931	$ 538,204	6.40 %	$ 32,737,574	$ 525,878	6.46 %
Accretion income on acquired loans		2,562	0.03		2,422	0.03		3,515	0.04
Loans held for sale	115,261	1,449	5.10	123,211	1,694	5.47	72,356	1,184	6.58
Investment securities
Taxable	7,222,326	53,232	2.99	7,555,265	57,476	3.03	8,187,342	63,405	3.11
Tax-exempt	79,846	796	4.04	81,418	804	3.93	82,366	870	4.25
Total investment securities	7,302,172	54,028	3.00	7,636,683	58,280	3.04	8,269,708	64,275	3.13
Other investments	1,275,153	13,897	4.42	1,698,300	20,369	4.77	3,146,439	42,897	5.48
Total interest-earning assets	42,637,002	599,887	5.71 %	42,920,125	620,969	5.76 %	44,226,077	637,749	5.80 %
Other assets	4,963,761			4,809,384			4,890,312
Allowance for credit losses	465,332			465,971			473,849
Total assets	$ 47,135,431			$ 47,263,538			$ 48,642,540

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market	$ 19,428,376	$ 128,831	2.69 %	$ 18,845,689	$ 135,965	2.87 %	$ 19,303,845	$ 149,403	3.11 %
Savings deposits	2,607,366	3,644	0.57	2,573,961	3,684	0.57	2,696,452	3,801	0.57
Time deposits	9,978,136	100,900	4.10	9,646,809	103,785	4.28	7,348,356	80,670	4.42
Total interest-bearing deposits	32,013,878	233,375	2.96	31,066,459	243,434	3.12	29,348,653	233,874	3.21
Fed funds purchased, securities sold under agreement to repurchase and other	103,067	1,132	4.45	26,042	300	4.58	209,348	2,528	4.86
Short-term FHLB borrowings	28,278	309	4.43	—	—	—	—	—	—
Short-term BTFP borrowings	—	—	—	897,826	10,772	4.77	3,500,000	42,104	4.84
Subordinated and long-term borrowings	129,030	1,289	4.05	123,442	1,284	4.14	434,579	4,699	4.35
Total interest-bearing liabilities	32,274,253	236,105	2.97 %	32,113,769	255,790	3.17 %	33,492,580	283,205	3.40 %
Noninterest-bearing liabilities:
Demand deposits	8,339,414			8,676,765			9,072,619
Other liabilities	870,172			883,643			883,293
Total liabilities	41,483,839			41,674,177			43,448,492
Shareholders' equity	5,651,592			5,589,361			5,194,048
Total liabilities and shareholders' equity	$ 47,135,431			$ 47,263,538			$ 48,642,540
Net interest income/net interest spread		363,782	2.74 %		365,179	2.59 %		354,544	2.40 %
Net yield on earning assets/net interest margin			3.46 %			3.38 %			3.22 %
Taxable equivalent adjustment:
Loans and investment securities		(630)			(648)			(636)
Net interest revenue		$ 363,152			$ 364,531			$ 353,908

Table 13 Selected Additional Data (Unaudited)

	Quarter Ended
(Dollars in thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
MORTGAGE SERVICING RIGHTS ("MSR"):
Fair value, beginning of period	$ 114,594	$ 104,891	$ 113,595	$ 111,685	$ 106,824
Originations of servicing assets	2,796	4,227	3,361	3,687	2,736
Changes in fair value:
Due to changes in valuation inputs or assumptions⁽¹⁾	(4,447)	9,193	(8,232)	927	4,781
Other changes in fair value⁽²⁾	(1,974)	(3,717)	(3,833)	(2,704)	(2,656)
Fair value, end of period	$ 110,969	$ 114,594	$ 104,891	$ 113,595	$ 111,685

MORTGAGE BANKING REVENUE:
Origination	$ 3,402	$ 332	$ 2,145	$ 3,976	$ 3,165
Servicing	6,341	5,961	6,026	5,899	5,951
Total mortgage banking revenue excluding MSR	9,743	6,293	8,171	9,875	9,116
Due to changes in valuation inputs or assumptions⁽¹⁾	(4,447)	9,193	(8,232)	927	4,781
Other changes in fair value⁽²⁾	(1,974)	(3,717)	(3,833)	(2,704)	(2,656)
Market value adjustment on MSR Hedge	3,316	(8,215)	5,027	(1,925)	(4,798)
Total mortgage banking revenue	$ 6,638	$ 3,554	$ 1,133	$ 6,173	$ 6,443

Mortgage loans serviced	$ 8,111,379	$ 8,043,306	$ 7,927,028	$ 7,824,895	$ 7,764,936
MSR/mortgage loans serviced	1.37 %	1.42 %	1.32 %	1.45 %	1.44 %

(1) Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates.
(2) Primarily reflects changes due to realized cash flows.

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
AVAILABLE FOR SALE SECURITIES, at fair value
U.S. Treasury securities	$ —	$ —	$ —	$ —	$ 239,402
Obligations of U.S. government agencies	274,285	281,231	300,730	305,200	318,233
Mortgage-backed securities issued or guaranteed by U.S. agencies ("MBS"):
Residential pass-through:
Guaranteed by GNMA	66,149	66,581	71,001	69,788	72,034
Issued by FNMA and FHLMC	4,024,678	3,965,556	4,163,760	4,125,416	4,254,227
Other residential mortgage-back securities	1,564,928	934,721	1,135,004	1,233,868	1,210,617
Commercial mortgage-backed securities	1,486,525	1,549,641	1,664,288	1,673,823	1,694,967
Total MBS	7,142,280	6,516,499	7,034,053	7,102,895	7,231,845
Obligations of states and political subdivisions	129,822	132,069	137,996	133,155	134,643
Other domestic debt securities	48,422	47,402	51,599	64,288	67,421
Foreign debt securities	317,350	316,787	317,307	315,884	315,045
Total available for sale securities	$ 7,912,159	$ 7,293,988	$ 7,841,685	$ 7,921,422	$ 8,306,589

Table 14

Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions

(Unaudited)

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

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Adjusted Net Income Available to Common Shareholders
Net income	$ 133,222	$ 132,715	$ 136,439	$ 137,472	$ 116,978
Plus: Merger expense	315	—	—	—	—
Incremental merger related expense	55	—	—	—	—
Gain on extinguishment of debt	—	—	—	(1,098)	(576)
Restructuring and other nonroutine expenses	351	(505)	(920)	6,675	251
Less: Security losses, net	(9)	(3)	(2,947)	(4)	(9)
Gain on sale of businesses	—	—	—	14,980	—
Tax adjustment	172	(118)	476	(2,209)	(74)
Adjusted net income	133,780	132,331	137,990	130,282	116,736
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372
Adjusted net income available to common shareholders	$ 131,408	$ 129,959	$ 135,618	$ 127,910	$ 114,364

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Pre-Tax Pre-Provision Net Revenue
Net income	$ 133,222	$ 132,715	$ 136,439	$ 137,472	$ 116,978
Plus: Provision for credit losses	20,000	15,000	12,000	22,000	22,000
Income tax expense	35,968	36,795	39,482	40,807	35,509
Pre-tax pre-provision net revenue	$ 189,190	$ 184,510	$ 187,921	$ 200,279	$ 174,487

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Adjusted Pre-Tax Pre-Provision Net Revenue
Net income	$ 133,222	$ 132,715	$ 136,439	$ 137,472	$ 116,978
Plus: Provision for credit losses	20,000	15,000	12,000	22,000	22,000
Merger expense	315	—	—	—	—
Incremental merger related expense	55	—	—	—	—
Gain on extinguishment of debt	—	—	—	(1,098)	(576)
Restructuring and other nonroutine expenses	351	(505)	(920)	6,675	251
Income tax expense	35,968	36,795	39,482	40,807	35,509
Less: Security losses, net	(9)	(3)	(2,947)	(4)	(9)
Gain on sale of businesses	—	—	—	14,980	—
Adjusted pre-tax pre-provision net revenue	$ 189,920	$ 184,008	$ 189,948	$ 190,880	$ 174,171

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Total Adjusted Revenue
Net interest revenue	$ 363,152	$ 364,531	$ 361,458	$ 356,318	$ 353,908
Total Adjusted Noninterest Revenue
Total noninterest revenue	$ 85,387	$ 86,165	$ 85,901	$ 100,658	$ 83,786
Less: Security losses, net	(9)	(3)	(2,947)	(4)	(9)
Gain on sale of businesses	—	—	—	14,980	—
Total adjusted noninterest revenue	$ 85,396	$ 86,168	$ 88,848	$ 85,682	$ 83,795
Total adjusted revenue	$ 448,548	$ 450,699	$ 450,306	$ 442,000	$ 437,703

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Total Adjusted Noninterest Expense
Total noninterest expense	$ 259,349	$ 266,186	$ 259,438	$ 256,697	$ 263,207
Less: Merger expense	315	—	—	—	—
Incremental merger related expense	55	—	—	—	—
Gain on extinguishment of debt	—	—	—	(1,098)	(576)
Restructuring and other nonroutine expenses	351	(505)	(920)	6,675	251
Total adjusted noninterest expense	$ 258,628	$ 266,691	$ 260,358	$ 251,120	$ 263,532

	Quarter Ended
(In thousands)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
Total Tangible Assets, Excluding AOCI
Total assets	$ 47,743,294	$ 47,019,190	$ 49,204,933	$ 47,984,078	$ 48,313,863
Less: Goodwill	1,366,923	1,366,923	1,366,923	1,366,923	1,367,785
Other intangible assets, net	79,522	83,190	87,094	91,027	96,126
Total tangible assets	46,296,849	45,569,077	47,750,916	46,526,128	46,849,952
Less: AOCI	(621,203)	(694,495)	(590,342)	(782,462)	(791,333)
Total tangible assets, excluding AOCI	$ 46,918,052	$ 46,263,572	$ 48,341,258	$ 47,308,590	$ 47,641,285

	Quarter Ended
(Dollars in thousands, except per share data)	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024
PERIOD END BALANCES:
Total Shareholders' Equity, Excluding AOCI
Total shareholders' equity	$5,718,541	$5,569,683	$5,572,863	$5,287,758	$5,189,932
Less: AOCI	(621,203)	(694,495)	(590,342)	(782,462)	(791,333)
Total shareholders' equity, excluding AOCI	$6,339,744	$6,264,178	$6,163,205	$6,070,220	$5,981,265

Common Shareholders' Equity, Excluding AOCI
Total shareholders' equity	$5,718,541	$5,569,683	$5,572,863	$5,287,758	$5,189,932
Less: preferred stock	166,993	166,993	166,993	166,993	166,993
Common shareholders' equity	5,551,548	5,402,690	5,405,870	5,120,765	5,022,939
Less: AOCI	(621,203)	(694,495)	(590,342)	(782,462)	(791,333)
Common shareholders' equity, excluding AOCI	$6,172,751	$6,097,185	$5,996,212	$5,903,227	$5,814,272

Total Tangible Common Shareholders' Equity, Excluding AOCI
Total shareholders' equity	$5,718,541	$5,569,683	$5,572,863	$5,287,758	$5,189,932
Less: Goodwill	1,366,923	1,366,923	1,366,923	1,366,923	1,367,785
Other intangible assets, net	79,522	83,190	87,094	91,027	96,126
Preferred stock	166,993	166,993	166,993	166,993	166,993
Total tangible common shareholders' equity	4,105,103	3,952,577	3,951,853	3,662,815	3,559,028
Less: AOCI	(621,203)	(694,495)	(590,342)	(782,462)	(791,333)
Total tangible common shareholders' equity, excluding AOCI	$4,726,306	$4,647,072	$4,542,195	$4,445,277	$4,350,361

AVERAGE BALANCES:
Total Tangible Common Shareholders' Equity
Total shareholders' equity	$5,651,592	$5,589,361	$5,420,826	$5,207,254	$5,194,048
Less: Goodwill	1,366,923	1,366,923	1,366,923	1,367,358	1,367,785
Other intangible assets, net	81,527	85,323	89,262	93,743	98,350
Preferred stock	166,993	166,993	166,993	166,993	166,993
Total tangible common shareholders' equity	$4,036,149	$3,970,122	$3,797,648	$3,579,160	$3,560,920

Total average assets	$47,135,431	$47,263,538	$47,803,977	$48,192,719	$48,642,540
Total shares of common stock outstanding	184,046,420	183,527,575	182,315,142	182,430,427	182,681,325
Average shares outstanding-diluted	186,121,979	186,038,243	185,496,110	185,260,963	185,574,130

Tangible common shareholders' equity to tangible assets⁽¹⁾	8.87 %	8.67 %	8.28 %	7.87 %	7.60 %
Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI ⁽²⁾	10.07	10.04	9.40	9.40	9.13
Return on average tangible common equity ⁽³⁾	13.15	13.06	14.04	15.18	12.94
Adjusted return on average tangible common equity ⁽⁴⁾	13.20	13.02	14.21	14.37	12.92
Adjusted return on average assets ⁽⁵⁾	1.15	1.11	1.15	1.09	0.97
Adjusted return on average common shareholders' equity ⁽⁶⁾	9.72	9.53	10.27	10.21	9.15
Pre-tax pre-provision net revenue to total average assets ⁽⁷⁾	1.63	1.55	1.56	1.67	1.44
Adjusted pre-tax pre-provision net revenue to total average assets⁽⁸⁾	1.63	1.55	1.58	1.59	1.44
Tangible book value per common share ⁽⁹⁾	$ 22.30	$ 21.54	$ 21.68	$ 20.08	$ 19.48
Tangible book value per common share, excluding AOCI ⁽¹⁰⁾	25.68	25.32	24.91	24.37	23.81
Adjusted earnings per common share ⁽¹¹⁾	$ 0.71	$ 0.70	$ 0.73	$ 0.69	$ 0.62
Adjusted dividend payout ratio ⁽¹²⁾	38.73 %	35.71 %	34.25 %	36.23 %	40.32 %

Definitions of Non-GAAP Measures:
(1)	Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net.
(2)	Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.
(3)	Return on average tangible common equity is defined by the Company as annualized net income available to common shareholders divided by average tangible common shareholders equity.
(4)	Adjusted return on average tangible common equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity.
(5)	Adjusted return on average assets is defined by the Company as annualized net adjusted income divided by total average assets.
(6)	Adjusted return on average common shareholders' equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average common shareholders' equity.
(7)	Pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue divided by total average assets.
(8)	Adjusted pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for items included in the definition and calculation of adjusted income.
(9)	Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding.
(10)	Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding.
(11)	Adjusted earnings per common share is defined by the Company as net adjusted income available to common shareholders divided by average common shares outstanding-diluted.
(12)	Adjusted dividend payout ratio is defined by the Company as common share dividends divided by net adjusted income available to common shareholders.

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

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

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