Old National Bancorp Reports First Quarter 2026 Results

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

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

CEO COMMENTARY:

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

FIRST QUARTER HIGHLIGHTS2:

Net Income

• Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1of $237.7 million
• Earnings per diluted common share ("EPS") of $0.59; adjusted EPS1of $0.61
  

  Net Interest Income/NIM

• Net interest income on a fully taxable equivalent basis1of $580.4 million
• Net interest margin on a fully taxable equivalent basis1("NIM") of 3.55%, down 10 basis points ("bps")
  

  Operating Performance

• Pre-provision net revenue1("PPNR") of $338.1 million; adjusted PPNR1of $348.7 million
• Noninterest expense of $364.7 million; adjusted noninterest expense1of $354.0 million
• Efficiency ratio1of 48.3%; adjusted efficiency ratio1of 45.7%

  Deposits and Funding

• Period-end total deposits of $55.7 billion, up 4.2% annualized
• Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps
  

  Loans and Credit Quality

• End-of-period total loans3of $49.8 billion, up $970.9 million or 8.0% annualized
• Provision for credit losses4("provision") of $34.9 million
• Net charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
• 30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans

  Return Profile & Capital

• Return on average tangible common equity1("ROATCE") of 18.4%; adjusted ROATCE1of 19.0%
• Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bps
• Repurchased 3.9 million shares of common stock during the quarter

  Notable Items

• $7.3 million of pre-tax merger-related charges
• $3.4 million of pre-tax expense related to the distribution of excess pension plan assets5

1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes non-cash expense associated with the distribution of excess pension assets with the
resolution of the legacy First Midwest Bancorp, Inc. plan 6 Includes a loss associated with the termination of the Bremer pension plan 7 Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

INCOME TAXES

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

CAPITAL
Capital ratios remain strong.

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

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, April 22, 2026, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on May 6, 2026. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $73 billion of assets and $39 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.

Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the impact of purchase accounting with respect to the merger between Old National and Bremer (the “Merger”), or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:  Media: Rick Jillson Investors: Lynell Durchholz(812) 465-7267 (812) [email protected] [email protected]

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

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

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

             Average Balance Sheet and Interest Rates (unaudited)($ in thousands)               Three Months Ended Three Months Ended Three Months Ended  March 31, 2026 December 31, 2025 March 31, 2025  AverageIncome1/Yield/ AverageIncome1/Yield/ AverageIncome1/Yield/Earning Assets: BalanceExpenseRate BalanceExpenseRate BalanceExpenseRateMoney market and other interest-earning investments $1,215,029 $10,9443.65% $1,261,352 $12,4113.90% $791,067 $8,8154.52%Investments:            Treasury and government-sponsored agencies  2,418,767  19,1213.16%  2,417,085  19,9073.29%  2,318,869  20,0193.45%Mortgage-backed securities  10,267,648  107,4654.19%  10,148,898  106,9354.21%  6,287,825  54,5233.47%States and political subdivisions  1,525,277  12,5413.29%  1,576,423  13,0023.30%  1,610,819  13,2423.29%Other securities  839,943  13,3776.37%  836,161  12,0065.74%  770,839  10,5125.45%Total investments  15,051,635  152,5044.05%  14,978,567  151,8504.06%  10,988,352  98,2963.58%Loans:2            Commercial  15,305,376  233,4406.10%  14,658,743  237,6876.49%  10,397,991  165,5956.37%Commercial and agriculture real estate  22,056,911  335,9486.09%  22,020,548  351,7616.39%  16,213,606  245,9356.07%Residential real estate loans  8,534,092  98,9534.64%  8,310,815  95,9814.62%  6,815,091  67,6483.97%Consumer  3,270,505  53,4516.63%  3,226,790  55,6246.84%  2,871,213  49,4706.99%Total loans  49,166,884  721,7925.88%  48,216,896  741,0536.14%  36,297,901  528,6485.83%             Total earning assets $65,433,548 $885,2405.42% $64,456,815 $905,3145.61% $48,077,320 $635,7595.30%             Less: Allowance for credit losses on loans  (573,105)    (570,659)    (398,765)               Non-earning Assets:            Cash and due from banks $548,932    $558,909    $372,428   Other assets  7,044,468     7,111,237     5,394,600                Total assets $72,453,843    $71,556,302    $53,445,583                Interest-Bearing Liabilities:            Checking and NOW accounts $10,966,236 $46,2951.71% $10,530,694 $47,9871.81% $8,026,407 $29,4621.49%Savings accounts  4,920,639  3,0110.25%  4,915,822  3,4100.28%  4,692,239  3,6080.31%Money market accounts  16,542,693  99,9562.45%  16,948,275  112,6442.64%  11,743,957  89,2753.08%Time deposits  9,749,234  84,0693.50%  9,363,453  85,9923.64%  6,963,444  68,1503.97%Total interest-bearing deposits  42,178,802  233,3312.24%  41,758,244  250,0332.38%  31,426,047  190,4952.46%             Federal funds purchased and interbank borrowings  3,634  232.57%  4,593  544.66%  148,130  1,6254.45%Securities sold under agreements to repurchase  260,865  5940.92%  244,732  6501.05%  272,961  5510.82%Federal Home Loan Bank advances  6,303,888  58,0523.73%  5,854,007  56,7753.85%  4,464,590  41,8963.81%Other borrowings  1,172,559  12,8184.43%  836,908  8,9574.25%  675,759  8,1894.91%Total borrowed funds  7,740,946  71,4873.75%  6,940,240  66,4363.80%  5,561,440  52,2613.81%             Total interest-bearing liabilities $49,919,748 $304,8182.48% $48,698,484 $316,4692.58% $36,987,487 $242,7562.66%             Noninterest-Bearing Liabilities and Shareholders' Equity:           Demand deposits $12,890,201    $13,318,459    $9,096,676   Other liabilities  1,099,674     1,148,292     944,935   Shareholders' equity  8,544,220     8,391,067     6,416,485                Total liabilities and shareholders' equity $72,453,843    $71,556,302    $53,445,583                Net interest rate spread   2.94%   3.03%   2.64%             Net interest margin (GAAP)   3.50%   3.60%   3.23%             Net interest margin (FTE)3   3.55%   3.65%   3.27%             FTE adjustment  $7,849   $8,013   $5,360              1Interest income is reflected on a FTE basis. 2Includes loans held-for-sale. 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.  

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

        

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

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

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

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