HOUSTON and TUPELO, Miss., Jan. 22, 2026 /PRNewswire/ -- Cadence Bank (NYSE:CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2025.

Cadence Bank (NYSE:<a class= CADE) is a leading regional banking franchise with $53 billion in assets and over 390 branch locations across the South and Texas. (PRNewsfoto/Cadence Bank)" alt="Cadence Bank (NYSE:CADE) is a leading regional banking franchise with $53 billion in assets and over 390 branch locations across the South and Texas. (PRNewsfoto/Cadence Bank)">

Annual highlights for 2025 included:

Achieved net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, and record adjusted net income available to common shareholders,⁽¹⁾ of $582.2 million, or $3.10 per diluted common share, an increase of 13.1% on a per share basis compared to 2024.
Reported record annual adjusted pre-tax pre-provision net revenue (PPNR)⁽¹⁾ of $857.7 million, or 1.68% of average assets, an increase of $118.7 million, or 16.1%, compared to 2024.
Announced and completed strategic transactions with FCB Financial Corp. and Industry Bancshares, Inc., which collectively added approximately $4.7 billion in assets and enhanced the Company's presence in Georgia and Texas.
Total loans grew $3.5 billion, reflecting growth of 10% in 2025, while total deposits grew $3.6 billion, or 9% in 2025. Excluding acquired balances, organic loan growth was $2.2 billion, or 6.4% for 2025 while core customer deposits, which exclude brokered deposits and public funds, increased $1.0 billion, or 3.0%.
Net interest margin improved by 17 basis points to 3.47% for 2025, benefitting from balance sheet growth and improved funding costs.
Achieved continued improvement in operating leverage, which is reflected in a 200 basis point decline in the adjusted efficiency ratio⁽¹⁾to 56.4% in 2025 from 58.4% in 2024.

Highlights for the fourth quarter of 2025 included:

Reported quarterly net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, and record adjusted net income available to common shareholders⁽¹⁾ of $160.6 million, or $0.85 per diluted common share.
Achieved quarterly adjusted PPNR⁽¹⁾ of $237.8 million, an increase of $53.8 million, or 29.2% compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1%, from the third quarter of 2025.
Generated net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025 and core customer deposit growth totaled $529.0 million, or 4.8% annualized, for the fourth quarter of 2025.
Net interest margin improved to 3.55% for the fourth quarter of 2025, an increase of 9 basis points compared to the third quarter of 2025, driven primarily by continued balance sheet growth as well as a meaningful reduction in funding costs.
Attained an adjusted efficiency ratio⁽¹⁾ of 54.9%, reflecting linked quarter improvement of over 150 basis points in the fourth quarter of 2025.
Tangible book value per common share⁽¹⁾ of $23.69 at December 31, 2025, an increase of $0.87 from the third quarter of 2025, as a result of strong core earnings combined with improvement in the fair value of the Company's securities portfolio.
Maintained strong regulatory capital with Common Equity Tier 1 Capital of 11.7% and Total Capital of 13.3%.
On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated, which is expected to close on February 1, 2026, subject to customary closing conditions, creating a top 10 franchise nationally with pro forma total assets of over $275 billion.

"We are pleased to report strong fourth quarter results reflecting themes that are consistent with our full year 2025 performance, including continued earnings improvement and balance sheet growth," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "Our fourth quarter and full year results both reflect continued earnings growth achieved through a positive trajectory in net interest margin and operating efficiency combined with steady organic balance sheet growth and stable credit quality. Additionally, we supplemented our organic growth efforts in 2025 with two strategic partnerships that accelerated our growth in Texas and Georgia. Finally, we are pleased to have received all shareholder and regulatory approvals necessary to complete our pending transaction with Huntington, which is expected to close on February 1, 2026. We are excited about the opportunity this combination provides to enhance growth efforts in the communities and markets we serve through the additional capabilities and product offerings available at Huntington."

Earnings Summary

For the year ended December 31, 2025, the Company reported net income available to common shareholders of $532.6 million, or $2.83 per diluted common share, compared with $514.1 million, or $2.77 per diluted common share, for the year ended December 31, 2024. The Company reported adjusted net income available to common shareholders⁽¹⁾ of $582.2 million, or $3.10 per diluted common share, for the year ended December 31, 2025 compared with $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024. Additionally, the Company reported adjusted PPNR⁽¹⁾ of $857.7 million, or 1.68% of average assets, for the year ended December 31, 2025 compared with $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024.

For the fourth quarter of 2025, the Company reported net income available to common shareholders of $144.4 million, or $0.76 per diluted common share, compared to $130.3 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $127.5 million, or $0.67 per diluted common share, for the third quarter of 2025. Adjusted net income available to common shareholders⁽¹⁾was $160.6 million, or $0.85 per diluted common share, for the fourth quarter of 2025, compared with $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024 and $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025.

Return on average assets was 1.10% for the fourth quarter of 2025, compared to 1.12% for the fourth quarter of 2024 and 0.95% for the third quarter of 2025. Adjusted return on average assets⁽¹⁾ was 1.22% for the fourth quarter of 2025, compared to 1.11% in the fourth quarter of 2024 and 1.13% in the third quarter of 2025. Additionally, the Company reported adjusted PPNR⁽¹⁾ of $237.8 million, or 1.78% of average assets on an annualized basis, for the fourth quarter of 2025, which represents an increase of $53.8 million, or 29.2%, compared to the fourth quarter of 2024 and an increase of $13.7 million, or 6.1% compared to the third quarter of 2025.

Net Interest Revenue

Net interest revenue was $426.9 million for the fourth quarter of 2025, compared to $364.5 million for the fourth quarter of 2024 and $423.7 million for the third quarter of 2025. The net interest margin (fully taxable equivalent) was 3.55% for the fourth quarter of 2025, compared with 3.38% for the fourth quarter of 2024 and 3.46% for the third quarter of 2025.

Net interest revenue increased $3.2 million, or 0.8%, compared to the third quarter of 2025 due to continued balance sheet growth and improvement in net interest margin. Purchase accounting loan accretion revenue was $4.6 million for the fourth quarter of 2025 compared to $5.5 million for the third quarter of 2025. Average earning assets declined to $47.9 billion compared to $48.8 billion for the third quarter of 2025 as the third quarter of 2025 included temporarily elevated securities balances related to the Industry transaction. The linked quarter net interest margin improved by 9 basis points to 3.55% for the fourth quarter of 2025 due primarily to declines in the cost of deposits and overall funding costs outpacing declines in yields on loans and securities.

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.26% for the fourth quarter of 2025 compared with 6.31% for the third quarter of 2025. Investment securities yielded 3.53% in the fourth quarter of 2025, declining from 3.65% for the third quarter of 2025. The average cost of total deposits of 2.15% for the fourth quarter of 2025 declined by 10 basis points from 2.25% for the third quarter of 2025, driven by a 20 basis point linked quarter decline in interest bearing demand and money market yields and an 8 basis point decline in the cost of time deposits. Total funding costs were 2.24% for the fourth quarter of 2025, a decline of 11 basis points from 2.35% in the third quarter of 2025.

Balance Sheet Activity

Loans and leases, net of unearned income, increased to $37.2 billion at December 31, 2025 compared to $36.8 billion at September 30, 2025, representing net organic loan growth of $444.5 million, or 4.8% annualized, for the fourth quarter of 2025. The organic growth for the fourth quarter of 2025 was broadly dispersed across all major asset classes. Net organic loan growth for the full year 2025 totaled $2.2 billion, or 6.4%.

Total deposits were $44.1 billion as of December 31, 2025, increasing $0.2 billion from $43.9 billion at the end of the third quarter of 2025. Core customer deposits grew $529.0 million quarter-over-quarter while public funds increased $150.0 million and brokered deposits declined $461.0 million. The loan to deposit ratio was 84.4% as of December 31, 2025. Noninterest bearing deposits represented 21.4% of total deposits at the end of the fourth quarter of 2025 compared to 20.6% at the end of the third quarter of 2025.

Investment securities cash flows supported loan growth in the quarter, with total investment securities declining $0.5 billion from September 30, 2025 to $9.1 billion at December 31, 2025, representing 17.0% of total assets. Cash, due from balances and deposits at the Federal Reserve of $2.2 billion at December 31, 2025 increased $0.3 billion compared to $1.9 billion at September 30, 2025. Borrowed funds were flat compared to September 30, 2025. The increase in other short-term borrowings and comparable decline in long-term borrowings were driven by the reclassification of FHLB advances that mature in the fourth quarter of 2026.

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

Credit metrics for the fourth quarter of 2025 included net charge-offs of $26.1 million, or 0.28% of average net loans and leases on an annualized basis, compared with net charge-offs of $14.1 million, or 0.17%, for the fourth quarter of 2024 and net charge-offs of $23.6 million, or 0.26%, for the third quarter of 2025. The provision for credit losses for the fourth quarter of 2025 was $28.0 million, compared with $15.0 million for the fourth quarter of 2024 and $32.0 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2025 included $5.5 million in day-one provision associated with performing loans and leases acquired in the Industry transaction. The allowance for credit losses of $495.1 million at December 31, 2025 was 1.33% of total loans and leases compared to 1.37% of total loans and leases at December 31, 2024 and 1.35% of total loans and leases at September 30, 2025.

Total nonperforming assets as a percent of total assets were 0.49% at December 31, 2025 compared to 0.58% at December 31, 2024 and 0.50% at September 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.67% at December 31, 2025 compared to 0.78% at December 31, 2024 and 0.68% at September 30, 2025. Other real estate owned and other repossessed assets were $11.8 million at December 31, 2025 compared to the December 31, 2024 balance of $5.8 million and the September 30, 2025 balance of $16.3 million. Criticized loans represented 2.81% of loans at December 31, 2025 compared to 2.35% at December 31, 2024 and 2.71% at September 30, 2025, while classified loans were 1.85% at December 31, 2025 compared to 2.02% at December 31, 2024 and 1.89% at September 30, 2025.

Noninterest Revenue

Noninterest revenue was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue⁽¹⁾ was $101.5 million for the fourth quarter of 2025 compared with $86.2 million for the fourth quarter of 2024 and $93.5 million for the third quarter of 2025. Adjusted noninterest revenue⁽¹⁾for the third quarter of 2025 excludes a $4.3 million gain on securities sales and a corresponding $4.3 million loss recognized in other noninterest revenue related to the termination of fair value hedges associated with the Industry securities portfolio.

Adjusted noninterest revenue increased $8.0 million, or 8.5%, compared to the third quarter of 2025, which was driven primarily by increases in mortgage banking revenue, wealth management revenue, and other noninterest income. Wealth management revenue was $25.4 million for the fourth quarter of 2025 up from $24.5 million for the third quarter of 2025 primarily as a result of improved market conditions. Deposit service charge revenue was $19.1 million for the fourth quarter of 2025, up from $19.0 million for the third quarter of 2025. Credit card, debit card and merchant fee revenue was $13.7 million for the fourth quarter of 2025, up from $13.5 million for the third quarter of 2025.

Mortgage banking revenue totaled $6.1 million for the fourth quarter of 2025, compared to $3.6 million for the fourth quarter of 2024 and $4.5 million for the third quarter of 2025. The $1.7 million increase compared to the third quarter of 2025 reflects higher mortgage origination revenue driven by strong production as well as an improvement in the mortgage servicing rights valuation adjustment from the prior quarter.

Other noninterest revenue was $37.1 million for the fourth quarter of 2025, representing an increase of $9.5 million from $27.7 million for the third quarter of 2025. This increase was driven in part by the $4.3 million loss recognized in the third quarter of 2025 on the termination of fair value hedges related to the Industry securities portfolio, with the remainder of the linked quarter increase attributable to higher earnings from limited partnerships, increased BOLI revenue, and stronger SBA income.

Noninterest Expense

Noninterest expense for the fourth quarter of 2025 was $311.3 million, compared with $266.2 million for the fourth quarter of 2024 and $320.2 million for the third quarter of 2025. Adjusted noninterest expense⁽¹⁾ for the fourth quarter of 2025 was $290.6 million, compared with $266.7 million for the fourth quarter of 2024 and $293.2 million for the third quarter of 2025. Adjusted noninterest expense⁽¹⁾ for the fourth quarter of 2025 excludes $5.8 million of merger expense, $18.9 million of incremental merger related expense, and a $4.0 million reduction to the FDIC special assessment accrual. Adjusted noninterest expense⁽¹⁾ for third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense. The adjusted efficiency ratio⁽¹⁾ improved to 54.9% for the fourth quarter of 2025, compared to 59.1% for the fourth quarter of 2024 and 56.5% for the third quarter of 2025.

The $2.6 million, or 0.9%, linked quarter decline in adjusted noninterest expense⁽¹⁾ was driven primarily by declines in data processing and software, occupancy and equipment, and deposit insurance assessments, partially offset by an increase in salaries and employee benefits. Excluding the impact of nonroutine expenses, occupancy and equipment expense declined $1.9 million primarily due to negotiated vendor credits, and data processing expense declined $2.5 million due to elevated project implementation expense in the third quarter of 2025. These declines were partially offset by a linked quarter increase in salaries and benefits of $1.9 million on an adjusted basis, which primarily reflects increases in health insurance costs and other benefits.

Capital Management

Total shareholders' equity was $6.2 billion at December 31, 2025, up from $5.6 billion at December 31, 2024 and $6.1 billion at September 30, 2025. Estimated regulatory capital ratios at December 31, 2025 included Common Equity Tier 1 capital of 11.7%, Tier 1 capital of 12.1%, Total risk-based capital of 13.3%, and Tier 1 leverage capital of 9.7%. During the fourth quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.6 million outstanding shares of common stock as of December 31, 2025.

Key Transactions

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

On July 1, 2025, the Company completed its merger with Industry Bancshares, Inc., the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham (collectively referred to as "Industry"), pursuant to which Industry was merged with and into the Company. Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. As of June 30, 2025, Industry reported total assets of $4.1 billion, total loans of $1.0 billion, and total deposits of $4.3 billion. Under the terms of the definitive merger agreement, the Company paid $20.0 million in cash for all outstanding shares of Industry. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies.

On October 26, 2025, the Company entered into a definitive merger agreement with Huntington Bancshares Incorporated ("Huntington") under which Huntington will acquire the Company in an all-stock transaction. Under the terms of the definitive agreement, Cadence common shareholders will receive 2.475 common shares of Huntington for each Cadence share. The partnership is expected to create a top 10 franchise nationally with pro forma total assets of over $275 billion. The transaction is expected to close February 1, 2026, subject to customary closing conditions.

About Cadence Bank

Cadence Bank (NYSE:CADE) is a $54 billion regional bank committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 22 of this news release.

Forward-Looking Statements

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

The Company cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond the Company's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation (the "FDIC") special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"); volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the Securities and Exchange Commission (the "SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and the Company; the outcome of any legal proceedings that have been or may be instituted against Huntington or the Company; delays in completing the proposed transaction involving Huntington and the Company; the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and the Company do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the ability of Huntington and the Company to meet expectations regarding the timing, completion and accounting and tax treatment of the transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and the Company successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and the Company.

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

Additional factors that could cause results to differ materially from those described above can be found in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the SEC and available on the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC, and in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each of which is on file with the Federal Reserve and available on the Company's investor relations website, ir.cadencebank.com, under the heading "Public Filings" and in other documents the Company files with the Federal Reserve.

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

Table 1 Selected Financial Data
	Quarter Ended					Year-to-date
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
Earnings Summary:
Interest revenue	$ 686,988	$ 704,643	$ 635,599	$ 599,257	$ 620,321	$ 2,626,487	$ 2,547,357
Interest expense	260,065	280,916	257,459	236,105	255,790	1,034,545	1,111,142
Net interest revenue	426,923	423,727	378,140	363,152	364,531	1,591,942	1,436,215
Provision for credit losses	28,000	32,000	31,000	20,000	15,000	111,000	71,000
Net interest revenue, after provision for credit losses	398,923	391,727	347,140	343,152	349,531	1,480,942	1,365,215
Noninterest revenue	101,488	93,478	98,181	85,387	86,165	378,534	356,510
Noninterest expense	311,312	320,246	272,863	259,349	266,186	1,163,770	1,045,528
Income before income taxes	189,099	164,959	172,458	169,190	169,510	695,706	676,197
Income tax expense	42,351	35,110	37,813	35,968	36,795	151,242	152,593
Net income	146,748	129,849	134,645	133,222	132,715	544,464	523,604
Less: Preferred dividends	2,372	2,372	4,744	2,372	2,372	11,860	9,488
Net income available to common shareholders	$ 144,376	$ 127,477	$ 129,901	$ 130,850	$ 130,343	$ 532,604	$ 514,116

Balance Sheet - Period End Balances
Total assets	$ 53,529,044	$ 53,282,352	$ 50,378,840	$ 47,743,294	$ 47,019,190	$ 53,529,044	$ 47,019,190
Total earning assets	48,067,542	47,729,237	45,400,518	43,172,997	42,386,627	48,067,542	42,386,627
Available for sale securities	9,117,370	9,616,389	8,837,400	7,912,159	7,293,988	9,117,370	7,293,988
Loans and leases, net of unearned income	37,246,384	36,801,836	35,465,181	34,051,610	33,741,755	37,246,384	33,741,755
Allowance for credit losses (ACL)	495,093	496,199	474,651	457,791	460,793	495,093	460,793
Net book value of acquired loans	5,027,280	5,512,749	4,594,171	4,365,789	4,783,206	5,027,280	4,783,206
Unamortized net discount on acquired loans	37,636	41,906	19,414	13,060	15,611	37,636	15,611
Total deposits	44,139,279	43,921,456	40,493,518	40,335,728	40,496,201	44,139,279	40,496,201
Total deposits and repurchase agreements	44,164,107	43,950,988	40,514,743	40,355,399	40,519,817	44,164,107	40,519,817
Other short-term borrowings	1,225,000	925,000	1,575,000	235,000	—	1,225,000	—
Subordinated and long-term borrowings	940,645	1,330,657	1,430,674	560,690	10,706	940,645	10,706
Total shareholders' equity	6,243,661	6,083,096	5,916,283	5,718,541	5,569,683	6,243,661	5,569,683
Total shareholders' equity, excluding AOCI ⁽¹⁾	6,671,983	6,576,878	6,492,440	6,339,744	6,264,178	6,671,983	6,264,178
Common shareholders' equity	6,076,668	5,916,103	5,749,290	5,551,548	5,402,690	6,076,668	5,402,690
Common shareholders' equity, excluding AOCI⁽¹⁾	$ 6,504,990	$ 6,409,885	$ 6,325,447	$ 6,172,751	$ 6,097,185	$ 6,504,990	$ 6,097,185

Balance Sheet - Average Balances
Total assets	$ 53,076,624	$ 54,352,974	$ 49,356,696	$ 47,135,431	$ 47,263,538	$ 51,005,948	$ 47,973,279
Total earning assets	47,865,797	48,807,542	44,741,277	42,637,002	42,920,125	46,034,887	43,632,307
Available for sale securities	9,435,849	10,171,253	8,814,463	7,302,172	7,636,683	8,940,178	7,962,869
Loans and leases, net of unearned income	37,071,086	36,623,037	34,762,808	33,944,416	33,461,931	35,611,705	33,107,659
Total deposits	43,692,086	44,859,162	39,897,600	40,353,292	39,743,224	42,216,966	38,475,929
Total deposits and repurchase agreements	43,722,023	44,883,355	39,916,099	40,376,248	39,761,277	42,240,882	38,557,021
Other short-term borrowings	1,309,783	1,122,185	1,419,615	108,389	905,815	993,647	2,850,981
Subordinated and long-term borrowings	972,171	1,429,577	1,338,059	129,030	123,442	970,786	306,396
Total shareholders' equity	6,158,808	5,982,117	5,827,081	5,651,592	5,589,361	5,906,501	5,353,705
Common shareholders' equity	$ 5,991,815	$ 5,815,124	$ 5,660,088	$ 5,484,599	$ 5,422,368	$ 5,739,508	$ 5,186,712

Nonperforming Assets:
Nonperforming loans and leases (NPL) ^{(2) (3)}	248,553	249,822	231,243	235,952	264,692	248,553	264,692
Other real estate owned and other assets	11,845	16,250	15,599	8,452	5,754	11,845	5,754
Nonperforming assets (NPA)	$ 260,398	$ 266,072	$ 246,842	$ 244,404	$ 270,446	$ 260,398	$ 270,446


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
(2)	At December 31, 2025, $66.2 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.
(3)	At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.

Table 2 Selected Financial Ratios
	Quarter Ended					Year-to-date
	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
Financial Ratios and Other Data:
Return on average assets ⁽²⁾	1.10 %	0.95 %	1.09 %	1.15 %	1.12 %	1.07	1.09
Adjusted return on average assets ⁽¹⁾⁽²⁾	1.22	1.13	1.14	1.15	1.11	1.16	1.08
Return on average common shareholders' equity ⁽²⁾	9.56	8.70	9.21	9.68	9.56	9.28	9.91
Adjusted return on average common shareholders' equity⁽¹⁾⁽²⁾	10.63	10.43	9.74	9.72	9.53	10.14	9.79
Return on average tangible common equity⁽¹⁾⁽²⁾	13.23	12.13	12.41	13.15	13.06	12.73	13.79
Adjusted return on average tangible common equity ⁽¹⁾⁽²⁾	14.71	14.54	13.13	13.20	13.02	13.91	13.62
Pre-tax pre-provision net revenue to total average assets ⁽¹⁾⁽²⁾	1.62	1.44	1.65	1.63	1.55	1.58	1.56
Adjusted pre-tax pre-provision net revenue to total average assets ⁽¹⁾⁽²⁾	1.78	1.64	1.67	1.63	1.55	1.68	1.54
Net interest margin-fully taxable equivalent	3.55	3.46	3.40	3.46	3.38	3.47	3.30
Net interest rate spread-fully taxable equivalent	2.89	2.76	2.68	2.74	2.59	2.77	2.47
Efficiency ratio fully tax equivalent ⁽¹⁾	58.82	61.67	57.21	57.74	58.98	58.94	58.24
Adjusted efficiency ratio fully tax equivalent⁽¹⁾	54.92	56.46	56.69	57.58	59.09	56.35	58.41
Loan/deposit ratio	84.38 %	83.79 %	87.58 %	84.42 %	83.32 %	84.38 %	83.32 %
Full time equivalent employees	5,749	5,825	5,514	5,356	5,335	5,749	5,335

Credit Quality Ratios:
Net charge-offs to average loans and leases⁽²⁾	0.28 %	0.26 %	0.24 %	0.27 %	0.17 %	0.26 %	0.24 %
Provision for credit losses to average loans and leases ⁽²⁾	0.30	0.35	0.36	0.24	0.18	0.31	0.21
ACL to loans and leases, net	1.33	1.35	1.34	1.34	1.37	1.33	1.37
ACL to NPL	199.19	198.62	205.26	194.02	174.09	199.19	174.09
NPL to loans and leases, net	0.67	0.68	0.65	0.69	0.78	0.67	0.78
NPA to total assets	0.49	0.50	0.49	0.51	0.58	0.49	0.58

Equity Ratios:
Total shareholders' equity to total assets	11.66 %	11.42 %	11.74 %	11.98 %	11.85 %	11.66 %	11.85 %
Total common shareholders' equity to total assets	11.35	11.10	11.41	11.63	11.49	11.35	11.49
Tangible common shareholders' equity to tangible assets⁽¹⁾	8.52	8.24	8.74	8.87	8.67	8.52	8.67
Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI ⁽¹⁾	9.27	9.11	9.80	10.07	10.04	9.27	10.04

Capital Adequacy ⁽³⁾:
Common Equity Tier 1 capital	11.7 %	11.5 %	12.2 %	12.4 %	12.4 %	11.7 %	12.4 %
Tier 1 capital	12.1	11.9	12.6	12.9	12.8	12.1	12.8
Total capital	13.3	13.1	13.8	14.1	14.0	13.3	14.0
Tier 1 leverage capital	9.7	9.2	10.3	10.6	10.4	9.7	10.4


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.
(2)	Annualized.
(3)	Current quarter regulatory capital ratios are estimated.

Table 3 Selected Financial Information
	Quarter Ended					Year-to-date
	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
Common Share Data:
Diluted earnings per share	$ 0.76	$ 0.67	$ 0.69	$ 0.70	$ 0.70	$ 2.83	$ 2.77
Adjusted earnings per share ⁽¹⁾	0.85	0.81	0.73	0.71	0.70	3.10	2.74
Cash dividends per share	0.275	0.275	0.275	0.275	0.250	1.100	1.00
Book value per share	32.56	31.75	30.86	30.16	29.44	32.56	29.44
Tangible book value per share ⁽¹⁾	23.69	22.82	22.94	22.30	21.54	23.69	21.54
Market value per share (last)	42.84	37.54	31.98	30.36	34.45	42.84	34.45
Market value per share (high)	44.26	38.47	32.68	36.53	40.20	44.26	40.20
Market value per share (low)	34.81	31.76	25.22	28.90	30.21	25.22	24.99
Market value per share (average)	39.61	36.04	29.97	33.13	35.17	34.75	30.56
Dividend payout ratio	36.18 %	41.04 %	39.86 %	39.29 %	35.71 %	38.87 %	36.10 %
Adjusted dividend payout ratio ⁽¹⁾	32.35 %	33.95 %	37.67 %	38.73 %	35.71 %	35.48 %	36.50 %
Total shares outstanding	186,622,108	186,307,016	186,307,016	184,046,420	183,527,575	186,622,108	183,527,575
Average shares outstanding - diluted	189,506,284	189,053,254	187,642,873	186,121,979	186,038,243	188,091,060	185,592,759

Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases	6.31 %	6.37 %	6.34 %	6.33 %	6.42 %	6.34 %	6.54 %
Loans, loans held for sale, and leases excluding net accretion on acquired loans and leases	6.26	6.31	6.31	6.30	6.40	6.29	6.50
Available for sale securities:
Taxable	3.52	3.54	3.32	2.99	3.03	3.37	3.09
Tax-exempt	3.85	5.68	4.14	4.04	3.93	5.16	4.07
Other investments	4.05	4.78	4.41	4.42	4.77	4.46	5.33
Total interest earning assets and revenue	5.70	5.74	5.70	5.71	5.76	5.71	5.84
Deposits	2.15	2.25	2.30	2.35	2.44	2.26	2.49
Interest bearing demand and money market	2.46	2.66	2.69	2.69	2.87	2.62	3.06
Savings	0.61	0.68	0.57	0.57	0.57	0.61	0.57
Time	3.84	3.92	3.98	4.10	4.28	3.96	4.42
Total interest bearing deposits	2.73	2.90	2.92	2.96	3.12	2.87	3.22
Fed funds purchased, securities sold under agreement to repurchase and other	4.02	4.48	4.45	4.45	4.58	4.42	4.79
Short-term FHLB borrowings	4.19	4.36	4.31	4.43	—	4.28	—
Short-term BTFP borrowings	—	—	—	—	4.77	—	4.79
Total interest bearing deposits and short- term borrowings	2.78	2.94	2.98	2.96	3.16	2.91	3.36
Subordinated and long-term borrowings	3.86	3.91	4.07	4.05	4.14	3.96	4.34
Total interest bearing liabilities	2.81	2.98	3.02	2.97	3.17	2.94	3.37
Interest bearing liabilities to interest earning assets	76.72 %	76.62 %	76.39 %	75.70 %	74.82 %	76.38 %	75.48 %
Net interest income tax equivalent adjustment (in thousands)	$ 809	$ 2,068	$ 637	$ 630	$ 648	$ 4,144	$ 2,623


(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

Table 4 Consolidated Balance Sheets (Unaudited)
	As of
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
ASSETS
Cash and due from banks	$ 778,722	$ 839,841	$ 710,679	$ 578,513	$ 624,884
Interest bearing deposits with other banks and Federal funds sold	1,436,507	1,049,332	825,878	988,787	1,106,692
Available for sale securities, at fair value	9,117,370	9,616,389	8,837,400	7,912,159	7,293,988
Loans and leases, net of unearned income	37,246,384	36,801,836	35,465,181	34,051,610	33,741,755
Allowance for credit losses	495,093	496,199	474,651	457,791	460,793
Net loans and leases	36,751,291	36,305,637	34,990,530	33,593,819	33,280,962
Loans held for sale, at fair value	267,281	261,680	272,059	220,441	244,192
Premises and equipment, net	846,624	855,275	806,879	780,963	783,456
Goodwill	1,514,244	1,515,771	1,387,990	1,366,923	1,366,923
Other intangible assets, net	141,528	149,039	87,814	79,522	83,190
Bank-owned life insurance	770,431	768,887	671,813	654,964	651,838
Other assets	1,905,046	1,920,501	1,787,798	1,567,203	1,583,065
Total Assets	$ 53,529,044	$ 53,282,352	$ 50,378,840	$ 47,743,294	$ 47,019,190
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 9,429,598	$ 9,036,907	$ 9,154,050	$ 8,558,412	$ 8,591,805
Interest bearing	21,129,189	20,518,436	18,936,579	19,221,356	19,345,114
Savings	3,026,218	3,095,622	2,641,482	2,626,901	2,588,406
Time deposits	10,554,274	11,270,491	9,761,407	9,929,059	9,970,876
Total deposits	44,139,279	43,921,456	40,493,518	40,335,728	40,496,201
Securities sold under agreement to repurchase	24,828	29,532	21,225	19,671	23,616
Other short-term borrowings	1,225,000	925,000	1,575,000	235,000	—
Subordinated and long-term borrowings	940,645	1,330,657	1,430,674	560,690	10,706
Other liabilities	955,631	992,611	942,140	873,664	918,984
Total Liabilities	47,285,383	47,199,256	44,462,557	42,024,753	41,449,507
SHAREHOLDERS' EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	466,555	465,768	465,768	460,116	458,819
Capital surplus	2,814,628	2,813,356	2,805,171	2,736,799	2,742,913
Accumulated other comprehensive loss	(428,322)	(493,782)	(576,157)	(621,203)	(694,495)
Retained earnings	3,223,807	3,130,761	3,054,508	2,975,836	2,895,453
Total Shareholders' Equity	6,243,661	6,083,096	5,916,283	5,718,541	5,569,683
Total Liabilities & Shareholders' Equity	$ 53,529,044	$ 53,282,352	$ 50,378,840	$ 47,743,294	$ 47,019,190

Table 5 Consolidated Quarterly Average Balance Sheets (Unaudited)
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
ASSETS
Cash and due from banks	$ 598,790	$ 731,455	$ 526,612	$ 560,581	$ 490,161
Interest bearing deposits with other banks and Federal funds sold	1,192,650	1,845,618	1,017,815	1,275,153	1,698,300
Available for sale securities, at fair value	9,435,849	10,171,253	8,814,463	7,302,172	7,636,683
Loans and leases, net of unearned income	37,071,086	36,623,037	34,762,808	33,944,416	33,461,931
Allowance for credit losses	497,030	481,059	467,521	465,332	465,971
Net loans and leases	36,574,056	36,141,978	34,295,287	33,479,084	32,995,960
Loans held for sale, at fair value	166,212	167,634	146,191	115,261	123,211
Premises and equipment, net	851,439	853,598	793,793	785,194	796,394
Goodwill	1,515,659	1,515,771	1,379,076	1,366,923	1,366,923
Other intangible assets, net	145,793	130,434	81,845	81,527	85,323
Bank-owned life insurance	769,585	767,234	662,909	652,689	651,166
Other assets	1,826,591	2,027,999	1,638,705	1,516,847	1,419,417
Total Assets	$ 53,076,624	$ 54,352,974	$ 49,356,696	$ 47,135,431	$ 47,263,538
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 9,283,298	$ 10,040,670	$ 8,494,542	$ 8,339,414	$ 8,676,765
Interest bearing	20,592,043	20,264,338	18,799,895	19,428,376	18,845,689
Savings	3,049,459	3,143,880	2,646,190	2,607,366	2,573,961
Time deposits	10,767,286	11,410,274	9,956,973	9,978,136	9,646,809
Total deposits	43,692,086	44,859,162	39,897,600	40,353,292	39,743,224
Securities sold under agreement to repurchase	29,937	24,193	18,499	22,956	18,053
Other short-term borrowings	1,309,783	1,122,185	1,419,615	108,389	905,815
Subordinated and long-term borrowings	972,171	1,429,577	1,338,059	129,030	123,442
Other liabilities	913,839	935,740	855,842	870,172	883,643
Total Liabilities	46,917,816	48,370,857	43,529,615	41,483,839	41,674,177
SHAREHOLDERS' EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	465,776	465,768	463,937	458,830	457,798
Capital surplus	2,816,087	2,807,539	2,779,736	2,744,442	2,735,323
Accumulated other comprehensive loss	(474,594)	(565,609)	(616,527)	(663,883)	(634,307)
Retained earnings	3,184,546	3,107,426	3,032,942	2,945,210	2,863,554
Total Shareholders' Equity	6,158,808	5,982,117	5,827,081	5,651,592	5,589,361
Total Liabilities & Shareholders' Equity	$ 53,076,624	$ 54,352,974	$ 49,356,696	$ 47,135,431	$ 47,263,538

Table 6 Consolidated Statements of Income (Unaudited)
	Quarter Ended					Year-to-date
(Dollars in thousands, except per share data)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
INTEREST REVENUE:
Loans and leases	$ 589,254	$ 588,570	$ 549,691	$ 530,050	$ 540,147	$ 2,257,565	$ 2,164,633
Available for sale securities:
Taxable	83,056	86,144	72,355	53,232	57,476	294,787	243,466
Tax-exempt	624	5,952	634	629	635	7,839	2,598
Loans held for sale	1,889	1,758	1,736	1,449	1,694	6,832	6,161
Short-term investments	12,165	22,219	11,183	13,897	20,369	59,464	130,499
Total interest revenue	686,988	704,643	635,599	599,257	620,321	2,626,487	2,547,357
INTEREST EXPENSE:
Interest bearing demand deposits and money market accounts	127,480	136,105	125,874	128,831	135,965	518,290	573,826
Savings	4,695	5,378	3,747	3,644	3,684	17,464	14,922
Time deposits	104,293	112,720	98,721	100,900	103,785	416,634	368,572
Federal funds purchased and securities sold under agreement to repurchase	394	818	2,939	1,124	293	5,275	4,101
Short-term borrowings	13,737	11,807	12,594	317	10,779	38,455	136,434
Subordinated and long-term borrowings	9,466	14,088	13,584	1,289	1,284	38,427	13,287
Total interest expense	260,065	280,916	257,459	236,105	255,790	1,034,545	1,111,142
Net interest revenue	426,923	423,727	378,140	363,152	364,531	1,591,942	1,436,215
Provision for credit losses	28,000	32,000	31,000	20,000	15,000	111,000	71,000
Net interest revenue, after provision for credit losses	398,923	391,727	347,140	343,152	349,531	1,480,942	1,365,215

NONINTEREST REVENUE:
Wealth management	25,390	24,515	25,298	23,279	23,973	98,482	94,922
Deposit service charges	19,149	19,047	18,061	17,736	18,694	73,993	73,497
Credit card, debit card and merchant fees	13,702	13,484	12,972	11,989	12,664	52,147	50,245
Mortgage banking	6,133	4,469	8,711	6,638	3,554	25,951	17,303
Security gains (losses), net	2	4,311	—	(9)	(3)	4,304	(2,962)
Other noninterest income	37,112	27,652	33,139	25,754	27,283	123,657	123,505
Total noninterest revenue	101,488	93,478	98,181	85,387	86,165	378,534	356,510

NONINTEREST EXPENSE:
Salaries and employee benefits	184,868	173,485	157,340	152,972	152,381	668,665	609,307
Occupancy and equipment	29,986	31,892	30,039	28,477	27,275	120,394	114,175
Data processing and software	33,657	36,120	30,701	27,132	33,226	127,610	121,884
Deposit insurance assessments	6,410	10,037	8,571	8,643	8,284	33,661	39,922
Amortization of intangibles	7,511	7,539	4,046	3,668	3,904	22,764	15,902
Merger expense	5,831	19,789	2,179	315	—	28,114	—
Other noninterest expense	43,049	41,384	39,987	38,142	41,116	162,562	144,338
Total noninterest expense	311,312	320,246	272,863	259,349	266,186	1,163,770	1,045,528
Income before income taxes	189,099	164,959	172,458	169,190	169,510	695,706	676,197
Income tax expense	42,351	35,110	37,813	35,968	36,795	151,242	152,593
Net income	146,748	129,849	134,645	133,222	132,715	544,464	523,604
Less: Preferred dividends	2,372	2,372	4,744	2,372	2,372	11,860	9,488
Net income available to common shareholders	$ 144,376	$ 127,477	$ 129,901	$ 130,850	$ 130,343	$ 532,604	$ 514,116
Diluted earnings per common share	$ 0.76	$ 0.67	$ 0.69	$ 0.70	$ 0.70	$ 2.83	$ 2.77

Table 7 Selected Loan and Lease Portfolio Data (Unaudited)
	Quarter Ended
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 9,251,301	$ 9,239,690	$ 9,049,094	$ 8,688,653	$ 8,670,529
Owner occupied	5,345,089	5,291,566	4,762,408	4,667,477	4,665,015
Total commercial and industrial	14,596,390	14,531,256	13,811,502	13,356,130	13,335,544
Commercial real estate
Construction, acquisition and development	3,431,736	3,338,413	3,464,124	3,723,408	3,909,184
Income producing	7,119,072	7,071,911	7,025,539	6,268,456	6,015,773
Total commercial real estate	10,550,808	10,410,324	10,489,663	9,991,864	9,924,957
Consumer
Residential mortgages	11,851,542	11,604,742	10,951,618	10,498,320	10,267,883
Other consumer	247,644	255,514	212,398	205,296	213,371
Total consumer	12,099,186	11,860,256	11,164,016	10,703,616	10,481,254
Total loans and leases, net of unearned income	$ 37,246,384	$ 36,801,836	$ 35,465,181	$ 34,051,610	$ 33,741,755

NONPERFORMING ASSETS
Nonperforming Loans and Leases
Commercial and industrial
Non-real estate	$ 87,942	$ 83,090	$ 123,960	$ 118,078	$ 145,115
Owner occupied	23,705	20,067	18,158	18,988	16,904
Total commercial and industrial	111,647	103,157	142,118	137,066	162,019
Commercial real estate
Construction, acquisition and development	1,909	2,099	9,307	8,768	8,600
Income producing	51,743	50,595	4,379	8,021	18,542
Total commercial real estate	53,652	52,694	13,686	16,789	27,142
Consumer
Residential mortgages	82,995	93,608	75,076	81,803	75,287
Other consumer	259	363	363	294	244
Total consumer	83,254	93,971	75,439	82,097	75,531
Total nonperforming loans and leases ⁽¹⁾	$ 248,553	$ 249,822	$ 231,243	$ 235,952	$ 264,692

Other real estate owned and repossessed assets	11,845	16,250	15,599	8,452	5,754
Total nonperforming assets	$ 260,398	$ 266,072	$ 246,842	$ 244,404	$ 270,446

Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA	$ 66,219	$ 45,401	$ 94,046	$ 84,339	$ 89,906

Loans and leases 90+ days past due, still accruing	$ 29,996	$ 42,598	$ 5,208	$ 8,832	$ 13,126


(1)	At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.

Table 8 Allowance for Credit Losses (Unaudited)
	Quarter Ended
(Dollars in thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period	$ 496,199	$ 474,651	$ 457,791	$ 460,793	$ 460,859
Charge-offs:
Commercial and industrial	(26,426)	(22,324)	(18,147)	(21,284)	(15,116)
Commercial real estate	(117)	(391)	(3,740)	(1,382)	(167)
Consumer	(3,401)	(3,653)	(3,438)	(3,062)	(2,679)
Total loans charged-off	(29,944)	(26,368)	(25,325)	(25,728)	(17,962)
Recoveries:
Commercial and industrial	1,359	1,812	3,191	1,822	2,613
Commercial real estate	1,721	129	110	83	549
Consumer	758	826	809	821	734
Total recoveries	3,838	2,767	4,110	2,726	3,896
Net charge-offs	(26,106)	(23,601)	(21,215)	(23,002)	(14,066)
Initial allowance on loans purchased with credit deterioration	—	15,149	8,075	—	—
Provision:
Loans and leases acquired during the quarter	—	5,519	4,152	—	—
Provision for credit losses related to loans and leases	25,000	24,481	25,848	20,000	14,000
Total provision for loans and leases	25,000	30,000	30,000	20,000	14,000
Balance, end of period	$ 495,093	$ 496,199	$ 474,651	$ 457,791	$ 460,793

Average loans and leases, net of unearned income, for period	$ 37,071,086	$ 36,623,037	$ 34,762,808	$ 33,944,416	$ 33,461,931
Ratio: Net charge-offs to average loans and leases ⁽²⁾	0.28 %	0.26 %	0.24 %	0.27 %	0.17 %

RESERVE FOR UNFUNDED COMMITMENTS ⁽¹⁾
Balance, beginning of period	$ 11,551	$ 9,551	$ 8,551	$ 8,551	$ 7,551
Provision for credit losses for unfunded commitments	3,000	2,000	1,000	—	1,000
Balance, end of period	$ 14,551	$ 11,551	$ 9,551	$ 8,551	$ 8,551


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

Table 9 Loan and Lease Portfolio by Grades (Unaudited)
	December 31, 2025
(In thousands)	Pass	Special Mention	Substandard	Doubtful	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,777,313	$ 132,936	$ 305,168	$ 7,999	$ 24,623	$ 3,262	$ 9,251,301
Owner occupied	5,235,166	33,768	71,301	—	4,854	—	5,345,089
Total commercial and industrial	14,012,479	166,704	376,469	7,999	29,477	3,262	14,596,390
Commercial real estate
Construction, acquisition and development	3,420,866	2,588	8,216	—	66	—	3,431,736
Income producing	6,799,446	176,567	142,396	—	663	—	7,119,072
Total commercial real estate	10,220,312	179,155	150,612	—	729	—	10,550,808
Consumer
Residential mortgages	11,719,427	10,594	120,003	—	174	1,344	11,851,542
Other consumer	247,017	—	627	—	—	—	247,644
Total consumer	11,966,444	10,594	120,630	—	174	1,344	12,099,186
Total loans and leases, net of unearned income	$ 36,199,235	$ 356,453	$ 647,711	$ 7,999	$ 30,380	$ 4,606	$ 37,246,384

	September 30, 2025
(In thousands)	Pass	Special Mention	Substandard	Doubtful	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,733,898	$ 154,131	$ 296,848	$ 8,183	$ 31,373	$ 15,257	$ 9,239,690
Owner occupied	5,217,614	15,251	53,587	—	4,641	473	5,291,566
Total commercial and industrial	13,951,512	169,382	350,435	8,183	36,014	15,730	14,531,256
Commercial real estate
Construction, acquisition and development	3,307,750	27,265	3,332	—	66	—	3,338,413
Income producing	6,802,210	98,974	169,090	—	862	775	7,071,911
Total commercial real estate	10,109,960	126,239	172,422	—	928	775	10,410,324
Consumer
Residential mortgages	11,486,319	9,167	105,076	—	2,836	1,344	11,604,742
Other consumer	254,917	—	597	—	—	—	255,514
Total consumer	11,741,236	9,167	105,673	—	2,836	1,344	11,860,256
Total loans and leases, net of unearned income	$ 35,802,708	$ 304,788	$ 628,530	$ 8,183	$ 39,778	$ 17,849	$ 36,801,836

Table 10 Geographical Loan and Lease Information (Unaudited)
	December 31, 2025
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 432,703	$ 165,367	$ 531,926	$ 511,189	$ 376,523	$ 594,756	$ 70,652	$ 266,456	$ 3,746,467	$ 2,555,262	$ 9,251,301
Owner occupied	330,128	262,699	330,785	470,900	283,022	598,819	100,156	159,629	2,255,122	553,829	5,345,089
Total commercial and industrial	762,831	428,066	862,711	982,089	659,545	1,193,575	170,808	426,085	6,001,589	3,109,091	14,596,390
Commercial real estate
Construction, acquisition and development	193,334	82,374	162,162	350,191	71,359	185,536	45,021	154,669	1,874,000	313,090	3,431,736
Income producing	474,315	253,003	708,422	953,837	235,724	389,732	249,754	310,855	2,506,003	1,037,427	7,119,072
Total commercial real estate	667,649	335,377	870,584	1,304,028	307,083	575,268	294,775	465,524	4,380,003	1,350,517	10,550,808
Consumer
Residential mortgages	1,371,405	465,851	727,535	549,655	504,205	1,287,201	236,224	935,711	5,492,128	281,627	11,851,542
Other consumer	27,406	17,769	4,447	8,817	10,431	82,113	1,753	16,720	72,525	5,663	247,644
Total consumer	1,398,811	483,620	731,982	558,472	514,636	1,369,314	237,977	952,431	5,564,653	287,290	12,099,186
Total loans and leases, net of unearned income	$2,829,291	$ 1,247,063	$ 2,465,277	$ 2,844,589	$ 1,481,264	$ 3,138,157	$ 703,560	$ 1,844,040	$ 15,946,245	$ 4,746,898	$37,246,384

Loan (decline) growth, excluding loans acquired during the quarter ($)	$ (2,982)	$ (3,139)	$ 3,461	$ 28,372	$ 4,668	$ 33,897	$ 35,316	$ (39,145)	$ 221,632	$ 162,468	$ 444,548
Loan (decline) growth, excluding loans acquired during the quarter (%) (annualized)	(0.42) %	(1.00) %	0.56 %	4.00 %	1.25 %	4.33 %	20.97 %	(8.25) %	5.59 %	14.06 %	4.79 %

	September 30, 2025
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 462,300	$ 175,539	$ 550,774	$ 478,906	$ 371,130	$ 582,184	$ 73,942	$ 311,110	$ 3,815,423	$ 2,418,382	$ 9,239,690
Owner occupied	321,662	257,437	332,609	456,553	296,228	589,168	99,740	161,689	2,229,387	547,093	5,291,566
Total commercial and industrial	783,962	432,976	883,383	935,459	667,358	1,171,352	173,682	472,799	6,044,810	2,965,475	14,531,256
Commercial real estate
Construction, acquisition and development	212,199	74,828	161,397	343,712	63,750	173,564	40,826	145,668	1,689,811	432,658	3,338,413
Income producing	450,073	266,511	678,157	992,713	231,125	406,276	222,229	341,344	2,566,690	916,793	7,071,911
Total commercial real estate	662,272	341,339	839,554	1,336,425	294,875	579,840	263,055	487,012	4,256,501	1,349,451	10,410,324
Consumer
Residential mortgages	1,357,455	457,332	733,156	535,352	504,138	1,270,904	230,107	906,977	5,345,855	263,466	11,604,742
Other consumer	28,584	18,555	5,723	8,981	10,225	82,164	1,400	16,397	77,447	6,038	255,514
Total consumer	1,386,039	475,887	738,879	544,333	514,363	1,353,068	231,507	923,374	5,423,302	269,504	11,860,256
Total loans and leases, net of unearned income	$ 2,832,273	$ 1,250,202	$ 2,461,816	$ 2,816,217	$ 1,476,596	$ 3,104,260	$ 668,244	$ 1,883,185	$ 15,724,613	$ 4,584,430	$ 36,801,836

Table 11 Noninterest Revenue and Expense (Unaudited)
	Quarter Ended					Year-to-date
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
NONINTEREST REVENUE:
Trust and asset management income	$ 12,108	$ 11,948	$ 13,227	$ 11,823	$ 12,485	$ 49,106	$ 48,507
Investment advisory fees	9,584	9,314	8,970	8,454	8,502	36,322	33,660
Brokerage and annuity fees	3,698	3,253	3,101	3,002	2,986	13,054	12,755
Deposit service charges	19,149	19,047	18,061	17,736	18,694	73,993	73,497
Credit card, debit card and merchant fees	13,702	13,484	12,972	11,989	12,664	52,147	50,245
Mortgage banking excl. MSR and MSR hedge market value adjustment	10,365	9,208	10,734	9,743	6,293	40,050	33,455
MSR and MSR hedge market value adjustment	(4,232)	(4,739)	(2,023)	(3,105)	(2,739)	(14,099)	(16,152)
Security gains (losses), net	2	4,311	—	(9)	(3)	4,304	(2,962)
Bank-owned life insurance	6,633	5,093	6,812	5,202	5,046	23,741	17,716
Other miscellaneous income	30,479	22,559	26,327	20,552	22,237	99,916	105,789
Total noninterest revenue	$ 101,488	$ 93,478	$ 98,181	$ 85,387	$ 86,165	$ 378,534	$ 356,510

NONINTEREST EXPENSE:
Salaries and employee benefits	$ 184,868	$ 173,485	$ 157,340	$ 152,972	$ 152,381	$ 668,665	$ 609,307
Occupancy and equipment	29,986	31,892	30,039	28,477	27,275	120,394	114,175
Data processing and software	33,657	36,120	30,701	27,132	33,226	127,610	121,884
Deposit insurance assessments	6,410	10,037	8,571	8,643	8,284	33,661	39,922
Amortization of intangibles	7,511	7,539	4,046	3,668	3,904	22,764	15,902
Merger expense	5,831	19,789	2,179	315	—	28,114	—
Advertising and public relations	6,386	6,939	7,304	4,157	5,870	24,786	22,112
Foreclosed property expense	1,306	1,294	757	864	621	4,221	1,891
Telecommunications	1,447	1,520	1,330	1,512	1,359	5,809	5,857
Travel and entertainment	4,520	3,004	2,829	2,436	2,618	12,790	10,015
Professional, consulting and outsourcing	3,886	3,025	4,043	4,733	4,540	15,686	16,124
Legal	3,774	4,463	8,111	3,559	4,176	19,907	12,279
Postage and shipping	3,009	2,026	1,797	1,773	1,624	8,606	7,128
Other miscellaneous expense	18,721	19,113	13,816	19,108	20,308	70,757	68,932
Total noninterest expense	$ 311,312	$ 320,246	$ 272,863	$ 259,349	$ 266,186	$ 1,163,770	$ 1,045,528

Table 12 Average Balance and Yields (Unaudited)
	Quarter Ended
	December 31, 2025			September 30, 2025			December 31, 2024
(Dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion	$ 37,071,086	$ 585,286	6.26 %	$ 36,623,037	$ 583,537	6.32 %	$ 33,461,931	$ 538,204	6.40 %
Accretion income on acquired loans		4,611	0.05		5,519	0.06		2,422	0.03
Loans held for sale	166,212	1,889	4.51	167,634	1,758	4.16	123,211	1,694	5.47
Investment securities
Taxable	9,354,438	83,056	3.52	9,644,752	86,144	3.54	7,555,265	57,476	3.03
Tax-exempt	81,411	790	3.85	526,501	7,534	5.68	81,418	804	3.93
Total investment securities	9,435,849	83,846	3.53	10,171,253	93,678	3.65	7,636,683	58,280	3.04
Other investments	1,192,650	12,165	4.05	1,845,618	22,219	4.78	1,698,300	20,369	4.77
Total interest-earning assets	47,865,797	687,797	5.70 %	48,807,542	706,711	5.74 %	42,920,125	620,969	5.76 %
Other assets	5,707,857			6,026,491			4,809,384
Allowance for credit losses	497,030			481,059			465,971
Total assets	$ 53,076,624			$ 54,352,974			$ 47,263,538

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market	$ 20,592,043	$ 127,480	2.46 %	$ 20,264,338	$ 136,105	2.66 %	$ 18,845,689	$ 135,965	2.87 %
Savings deposits	3,049,459	4,695	0.61	3,143,880	5,378	0.68	2,573,961	3,684	0.57
Time deposits	10,767,286	104,293	3.84	11,410,274	112,720	3.92	9,646,809	103,785	4.28
Total interest-bearing deposits	34,408,788	236,468	2.73	34,818,492	254,203	2.90	31,066,459	243,434	3.12
Fed funds purchased, securities sold under agreement to repurchase and other	38,850	394	4.02	72,454	818	4.48	26,042	300	4.58
Short-term FHLB borrowings	1,300,870	13,737	4.19	1,073,924	11,807	4.36	—	—	—
Short-term BTFP borrowings	—	—	—	—	—	—	897,826	10,772	4.77
Subordinated and long-term borrowings	972,171	9,466	3.86	1,429,577	14,088	3.91	123,442	1,284	4.14
Total interest-bearing liabilities	36,720,679	260,065	2.81 %	37,394,447	280,916	2.98 %	32,113,769	255,790	3.17 %
Noninterest-bearing liabilities:
Demand deposits	9,283,298			10,040,670			8,676,765
Other liabilities	913,839			935,740			883,643
Total liabilities	46,917,816			48,370,857			41,674,177
Shareholders' equity	6,158,808			5,982,117			5,589,361
Total liabilities and shareholders' equity	$ 53,076,624			$ 54,352,974			$ 47,263,538
Net interest income/net interest spread		427,732	2.89 %		425,795	2.76 %		365,179	2.59 %
Net yield on earning assets/net interest margin			3.55 %			3.46 %			3.38 %
Taxable equivalent adjustment:
Loans and investment securities		(809)			(2,068)			(648)
Net interest revenue		$ 426,923			$ 423,727			$ 364,531

Table 12 Average Balance and Yields Continued
	Year-To-Date
	December 31, 2025			December 31, 2024
(Dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion	$ 35,611,705	$ 2,244,288	6.30 %	$ 33,107,659	$ 2,154,654	6.50 %
Accretion income on acquired loans		15,337	0.04		11,911	0.04
Loans held for sale	149,016	6,832	4.58	111,156	6,161	5.54
Investment securities
Taxable	8,747,857	294,787	3.37	7,881,989	243,466	3.09
Tax-exempt	192,321	9,923	5.16	80,880	3,289	4.07
Total investment securities	8,940,178	304,710	3.41	7,962,869	246,755	3.10
Other investments	1,333,988	59,464	4.46	2,450,623	130,499	5.33
Total interest-earning assets	46,034,887	2,630,631	5.71 %	43,632,307	2,549,980	5.84 %
Other assets	5,448,893			4,812,184
Allowance for credit losses	477,832			471,212
Total assets	$ 51,005,948			$ 47,973,279

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market	$ 19,775,702	518,290	2.62 %	$ 18,739,210	$ 573,826	3.06 %
Savings deposits	2,863,708	17,464	0.61	2,626,539	14,922	0.57
Time deposits	10,532,746	416,634	3.96	8,330,176	368,572	4.42
Total interest-bearing deposits	33,172,156	952,388	2.87	29,695,925	957,320	3.22
Fed funds purchased, securities sold under agreement to repurchase and other	119,560	5,283	4.42	86,171	4,131	4.79
Short-term FHLB borrowings	898,003	38,447	4.28	—	—	—
Short-term BTFP borrowings	—	—	—	2,845,902	136,404	4.79
Subordinated and long-term borrowings	970,786	38,427	3.96	306,396	13,287	4.34
Total interest-bearing liabilities	35,160,505	1,034,545	2.94 %	32,934,394	1,111,142	3.37 %
Noninterest-bearing liabilities:
Demand deposits	9,044,810			8,780,004
Other liabilities	894,132			905,176
Total liabilities	45,099,447			42,619,574
Shareholders' equity	5,906,501			5,353,705
Total liabilities and shareholders' equity	$ 51,005,948			$ 47,973,279
Net interest income/net interest spread		1,596,086	2.77 %		1,438,838	2.47 %
Net yield on earning assets/net interest margin			3.47 %			3.30 %
Taxable equivalent adjustment:
Loans and investment securities		(4,144)			(2,623)
Net interest revenue		$ 1,591,942			$ 1,436,215

Table 13 Selected Additional Data (Unaudited)
	Quarter Ended
(Dollars in thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
MORTGAGE SERVICING RIGHTS ("MSR"):
Fair value, beginning of period	$ 110,495	$ 111,624	$ 110,969	$ 114,594	$ 104,891
Originations of servicing assets	3,536	3,844	3,732	2,796	4,227
Changes in fair value:
Due to changes in valuation inputs or assumptions⁽¹⁾	456	(1,254)	(2,468)	(4,447)	9,193
Other changes in fair value⁽²⁾	(4,163)	(3,719)	(609)	(1,974)	(3,717)
Fair value, end of period	$ 110,324	$ 110,495	$ 111,624	$ 110,969	$ 114,594

MORTGAGE BANKING REVENUE:
Origination	$ 4,146	$ 2,753	$ 4,362	$ 3,402	$ 332
Servicing	6,219	6,455	6,372	6,341	5,961
Total mortgage banking revenue excluding MSR	10,365	9,208	10,734	9,743	6,293
Due to changes in valuation inputs or assumptions⁽¹⁾	456	(1,254)	(2,468)	(4,447)	9,193
Other changes in fair value⁽²⁾	(4,163)	(3,719)	(609)	(1,974)	(3,717)
Market value adjustment on MSR Hedge	(525)	234	1,054	3,316	(8,215)
Total mortgage banking revenue	$ 6,133	$ 4,469	$ 8,711	$ 6,638	$ 3,554

Mortgage loans serviced	$ 8,433,488	$ 8,346,802	$ 8,216,970	$ 8,111,379	$ 8,043,306
MSR/mortgage loans serviced	1.31 %	1.32 %	1.36 %	1.37 %	1.42 %


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

	Quarter Ended
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
AVAILABLE FOR SALE SECURITIES, at fair value
Obligations of U.S. government agencies	$ 246,535	$ 254,678	$ 266,905	$ 274,285	$ 281,231
Mortgage-backed securities issued or guaranteed by U.S. agencies ("MBS"):
Residential pass-through:
Guaranteed by GNMA	61,815	63,756	64,464	66,149	66,581
Issued by FNMA and FHLMC	4,756,051	4,863,136	4,166,316	4,024,678	3,965,556
Other residential mortgage-backed securities	2,388,778	2,742,699	2,389,062	1,564,928	934,721
Commercial mortgage-backed securities	1,443,183	1,466,878	1,455,638	1,486,525	1,549,641
Total MBS	8,649,827	9,136,469	8,075,480	7,142,280	6,516,499
Obligations of states and political subdivisions	124,058	125,478	131,335	129,822	132,069
Other domestic debt securities	26,891	29,703	45,999	48,422	47,402
Foreign debt securities	70,059	70,061	317,681	317,350	316,787
Total available for sale securities	$ 9,117,370	$ 9,616,389	$ 8,837,400	$ 7,912,159	$ 7,293,988

Table 14

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

(Unaudited)

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

	Quarter Ended					Year-to-date
(In thousands)	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Dec 2025	Dec 2024
Adjusted Net Income Available to Common Shareholders
Net income	$ 146,748	$ 129,849	$ 134,645	$ 133,222	$ 132,715	$ 544,464	$ 523,604
Plus: Merger expense	5,831

Cadence Bank Announces Fourth Quarter and Annual 2025 Financial Results