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Old National Bancorp Reports Record Second Quarter 2026 Results; Announces Enhanced Executive Leadership Structure

July 22, 2026

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

Old National Bancorp (NASDAQ: ONB) reports 2Q26 net income applicable to common shares of $249.4 million, diluted EPS of $0.65; $250.4 million and $0.65 on an adjusted1 basis, respectively.


CEO COMMENTARY:

"Our record second quarter results reflect another quarter of disciplined execution and demonstrate the strength of Old National's long-term growth strategy," said Chairman and CEO Jim Ryan. "Over the past several years, we have built a stronger, more diversified franchise with greater scale, capabilities, and opportunities for growth. As we continue that evolution, we're enhancing our leadership structure through the formation of an Operating Group and the expansion of our Executive Leadership Team. These changes position us to move with greater speed, strengthen accountability, and better connect strategy to execution as we build the next chapter of Old National's success."


SECOND QUARTER HIGHLIGHTS2: 

Net Income
  • Record net income applicable to common shares of $249.4 million; record adjusted net income applicable to common shares1 of $250.4 million
  • Earnings per diluted common share ("EPS") of $0.65; record adjusted EPS1 of $0.65
  
Net Interest Income/NIM
  • Net interest income on a fully taxable equivalent basis1 of $586.5 million
  • Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.54%, down 1 basis point ("bp")
  
Operating Performance
  • Pre-provision net revenue1 ("PPNR") of $367.9 million; adjusted PPNR1 of $366.8 million
  • Noninterest expense of $372.2 million; adjusted noninterest expense1 of $360.1 million
  • Record efficiency ratio1 of 47.0%; record adjusted efficiency ratio1 of 45.2%
  
Deposits and Funding
  • Period-end total deposits of $56.1 billion, up 3.4% annualized
  • Granular low-cost deposit franchise; total deposit costs of 171 bps, down 1 bp; interest-bearing deposit costs of 223 bps, down 1 bp
  
Loans and Credit  Quality
  • End-of-period total loans3 of $50.8 billion, up $1.0 billion or 8.3% annualized
  • Provision for credit losses4 ("provision") of $36.2 million
  • Net charge-offs of $32.2 million, or 26 bps of average loans; 22 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
  • 30+ day delinquencies of 0.29% and nonaccrual loans of 0.91% of total loans
  
Return Profile & Capital
  • Return on average tangible common equity1 ("ROATCE") of 19.8%; adjusted ROATCE1 of 19.9%
  • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.09%, down 2 bps
  • Repurchased $107 million, or 4.4 million shares, of common stock during the quarter
  
Notable Items
  • $13.2 million of pre-tax pension gain5
  • $12.1 million of pre-tax merger-related charges

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 release2 Comparisons are on a linked-quarter basis, unless otherwise noted3 Includes loans held-for-sale4 Includes the provision for unfunded commitments5 Includes a gain associated with the settlement of the Bremer pension plan

EXECUTIVE LEADERSHIP STRUCTURE UPDATE
As a top 25 U.S. bank that is keenly focused on driving organic growth while also positioning the organization for continued success, Old National is pleased to announce structural changes to its senior-most Executive Leadership Team.

Establishment of an Operating Group
Old National’s Operating Group will comprise a subset of the company’s full Executive Leadership Team ("ELT"). Members will focus on enterprise strategy and alignment, emerging growth opportunities, and other critical enterprise-wide initiatives.

Members of the Operating Group are:

  • Jim Ryan, Chairman and CEO – Evansville, Ind.
  • Tim Burke, President and COO – Evansville, Ind.
  • Nick Chulos, Chief Legal Officer – Chicago, Ill.
  • Carrie Ellspermann, Chief People Officer – Evansville, Ind.
  • Scott Evernham, Chief Risk Officer – Evansville, Ind.
  • John Moran, Chief Financial Officer – Evansville, Ind.
  • Kathy Schoettlin, Chief Communications, Culture & Social Responsibility Officer – Evansville, Ind.
  • Kendra Vanzo, Chief Administrative Officer – Evansville, Ind.

The roles and responsibilities of Old National’s full ELT will not change. The bank’s ELT will continue to lead operational strategy, advance innovation, scale talent, and work to foster a collaborative, high-performing culture.

Four additional leaders added to the ELT
To further strengthen Old National’s ability to connect its operational strategy to execution and growth, the company is adding four proven leaders to its ELT:

  • Joe Chasteen, Chief Revenue Enablement Officer – Troy, Mich.
  • Chris Doyle, Commercial Banking President – Cleveland, Ohio
  • Annie Hills, Chief of Staff – Evansville, Ind.
  • John Thurston, Corporate Banking President – Chicago, Ill.

Biographies for these four executive leaders are included on page 6 of this release

Rafael Sanchez named Chief Government and Corporate Affairs Officer
Rafael Sanchez, formerly Old National’s Chief Impact Officer, is transitioning to the new role of Chief Government and Corporate Affairs Officer and retains the Indianapolis Market President role. This transition reflects the growing importance of public policy and stakeholder engagement within the financial industry. Mr. Sanchez will work out of Indianapolis and report directly to Old National Chief Risk Officer Scott Evernham.

Biography for Rafael Sanchez is included on page 6 of this release

RESULTS OF OPERATIONS2
Old National Bancorp reported record second quarter 2026 net income applicable to common shares of $249.4 million, or $0.65 per diluted common share.

Included in second quarter results was a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan and pre-tax charges of $12.1 million for merger-related expenses. Excluding these items and realized debt securities gains from the current quarter net of tax, record adjusted net income1 was $250.4 million, or $0.65 per diluted common share.

DEPOSITS AND FUNDING
Increases in public funds and business checking partly offset by normal seasonal outflows of retail deposits.

  • Period-end total deposits were $56.1 billion, up 3.4% annualized.
  • On average, total deposits for the second quarter were $55.5 billion, an increase of $479.1 million.
  • Granular low-cost deposit franchise; total deposit costs of 171 bps, down 1 bp.
  • A loan to deposit ratio of 91%, combined with existing funding sources, provides strong liquidity.

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

  • Period-end total loans3 were $50.8 billion, up $1.0 billion or 8.3% annualized, including commercial and industrial growth of $495.0 million, as well as commercial real estate growth of $342.3 million.
  • Total commercial loan production in the second quarter was $3.5 billion, up 7%; record period-end commercial pipeline totaled $5.6 billion, up 2%.
  • Average total loans in the second quarter were $50.1 billion, up 7.4% annualized.

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

  • Provision4 expense was $36.2 million compared to $34.9 million.
  • Net charge-offs were $32.2 million, or 26 bps of average loans, consistent with the prior quarter.
    • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 22 bps compared to 19 bps.
  • 30+ day delinquencies as a percentage of loans were 0.29% compared to 0.24%.
  • Nonaccrual loans as a percentage of total loans were 0.91% compared to 1.03%.
  • The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $612.0 million, or 1.21% of total loans, compared to $608.1 million, or 1.22% of total loans.

NET INTEREST INCOME AND MARGIN
Higher net interest income and stable margin reflective of balance sheet growth and the rate environment.

  • Net interest income on a fully taxable equivalent basis1 increased to $586.5 million compared to $580.4 million, driven by high quality loan growth and stable core deposit pricing, partly offset by funding mix.
  • Net interest margin on a fully taxable equivalent basis1 decreased 1 bp to 3.54%.
  • Cost of total deposits was 1.71%, decreasing 1 bp and the cost of total interest-bearing deposits decreased 1 bp to 2.23%.

NONINTEREST INCOME
Higher fee income across all line items with other income elevated.

  • Total noninterest income was $153.6 million, or $140.4 million excluding a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan, compared to $122.3 million.
  • Excluding the pension plan gain5 in the second quarter of 2026 and realized debt securities gains, noninterest income was up 14.8% driven by higher fee income across all line items with other income elevated by market value adjustments, as well as higher company-owned life insurance income and an asset recovery.

NONINTEREST EXPENSE
Disciplined expense management drives record adjusted efficiency ratio.

  • Noninterest expense was $372.2 million and included $12.1 million of merger-related charges.
  • Excluding merger related charges, adjusted noninterest expense1 increased to $360.1 million, compared to $354.0 million excluding merger-related charges and a $3.4 million non-cash expense associated with the distribution of excess pension assets in the first quarter of 2026.
  • The efficiency ratio1 was a record at 47.0%, while the adjusted efficiency ratio1 was a record at 45.2% compared to 48.3% and 45.7%, respectively.

INCOME TAXES

  • Income tax expense was $70.8 million, resulting in an effective tax rate of 21.8% compared to 20.9%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 23.0% compared to 22.9%.
  • Income tax expense included $9.9 million of tax credit benefit compared to $8.7 million.

CAPITAL
Capital ratios remain strong.

  • Preliminary total risk-based capital down 6 bps to 13.65% and preliminary regulatory Tier 1 capital down 3 bps to 11.53%, as growth in loans and share repurchases is partly offset by strong retained earnings.
  • Tangible common equity to tangible assets was 7.68% compared to 7.67%.
  • The Company repurchased $107 million of common stock and paid $56 million of quarterly common stock cash dividends during the quarter resulting in a combined payout ratio of 65%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, July 22, 2026, to review second quarter financial results. To listen to the live conference call, dial U.S./International (833) 461-5787, meeting ID 181 433 839. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and the webcast replay will be available approximately two hours after completion of the call until midnight ET on July 22, 2027.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $74 billion of assets and $41 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2026, Points of Light named Old National one of "The Civic 50" for the third consecutive year – an honor recognizing the 50 most community-minded companies in the United States – and also named Old National the Financials Sector Leader among nominated banks and financial services organizations.

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

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

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

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

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

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

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

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

CONTACTS: 
Media: Scott ReinhardInvestors: Lynell Durchholz
(612) 716-0304(812) 464-1366
Scott.Reinhard@oldnational.comLynell.Durchholz@oldnational.com


OLD NATIONAL EXECUTIVE LEADER BIOGRAPHIES

Joe Chasteen
Chief Revenue Enablement Officer
Joe Chasteen is Chief Revenue Enablement Officer at Old National Bank, a strategic leadership role focused on advancing organic growth and revenue generation across the company. Joe brings nearly 30 years of business banking and enterprise leadership experience, having held senior roles with large financial institutions across the country.

Joe has served as a member of the Consumer Bankers Association Business Banking Committee and is a graduate of the CBA Executive Banking School. He earned a bachelor’s degree in Marketing Management from Michigan State University and a master’s degree in Finance, with an emphasis in Economics, from Walsh College.

Christopher Doyle
Commercial Banking President
Christopher Doyle is President of Commercial Banking at Old National Bank. He brings more than 20 years of banking experience to the role.

At Old National, Chris leads Commercial & Industrial Banking, Middle Market Banking, Commercial Real Estate, Agricultural Lending, SBA Lending, Asset-Based Lending, Family Office, Expansion Markets, and SBIC strategy. He is active in the Cleveland, Ohio community and serves on several nonprofit boards, including Urban Community School and Boys & Girls Clubs of Greater Cleveland. Chris earned a Bachelor of Business Administration in Finance from Saint Louis University.

Annie Hills
Chief of Staff
Annie Hills is Chief of Staff to the CEO at Old National Bank. In this role, she supports key strategic priorities, executive leadership initiatives, and alignment among the CEO, ELT and Board of Directors. She joined the company in 2020 as an attorney in the legal department.

Annie earned her bachelor’s degrees in Political Science and Criminal Justice from Indiana University and her law degree from the Indiana University Robert H. McKinney School of Law. She is involved in workforce development and emerging talent initiatives, including the Orr Fellowship and Indiana’s Youth Apprenticeship Program, and serves on the Evansville Orr Fellowship Advisory Board.

Rafael Sanchez
Chief Government and Corporate Affairs Officer & Indianapolis Market President
Rafael Sanchez is Chief Government and Corporate Affairs Officer & Indianapolis Market President for Old National Bank. He most recently served as Old National’s Chief Impact Officer where he led the organization and launch of Generations Community Bank. Rafael is an attorney and former President and CEO of Indianapolis Power & Light Company (IPL, now AES Indiana).

A native of Puerto Rico, Rafael holds a bachelor’s degree in Social Sciences and Political Science from the University of Puerto Rico, and a law degree from the Indiana University Maurer School of Law.

Through his commitment and passion for the Indianapolis community, Rafael has served on numerous boards and community initiatives. He currently serves as Board Chair for Community Health Network and serves on the boards of The Children’s Museum of Indianapolis, the Indy Economic Development Corporation, the Center for Justice & Exoneration Network, Young Presidents Organization (YPO Gold), and Generations Community Bank.

In 2017, Rafael received the Sagamore of the Wabash award from Governor Eric Holcomb for his civic leadership in Indianapolis.

John Thurston
Corporate Banking President
John Thurston is President of Corporate Banking at Old National Bank. He joined Old National in 2023, and most recently served as Corporate Banking Director before being appointed to lead the Corporate Bank, which serves Old National’s largest commercial banking clients and specialty banking clients. John has more than 30 years of banking experience spanning multiple geographies, lines of business, and industry verticals.

A longtime Chicago resident, John is active in the community and serves on the boards of Christ the King Jesuit College Prep and Mercy Home for Boys & Girls. He earned a Bachelor of Business Administration and a Bachelor of Arts in Finance and Business Economics from the University of Notre Dame.

 

        
Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
         
 Three Months Ended Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
Income Statement        
Net interest income$578,988 $572,573 $580,832 $574,609 $514,790  $1,151,561 $902,433 
FTE adjustment1,3 7,510  7,849  8,013  7,975  7,063   15,359  12,423 
Net interest income - tax equivalent basis3 586,498  580,422  588,845  582,584  521,853   1,166,920  914,856 
Provision for credit losses 36,206  34,946  32,745  26,738  106,835   71,152  138,238 
Noninterest income 153,564  122,346  109,759  130,461  132,517   275,910  226,311 
Noninterest expense 372,161  364,704  386,320  445,734  384,766   736,865  653,237 
Net income applicable to common shareholders 249,381  229,638  212,589  178,533  121,375  $479,019  262,000 
Per Common Share Data        
Weighted average diluted shares 383,273  388,054  389,550  390,496  361,436   385,697  340,250 
EPS, diluted$0.65 $0.59 $0.55 $0.46 $0.34  $1.24 $0.77 
Cash dividends 0.145  0.145  0.140  0.140  0.140   0.29  0.28 
Dividend payout ratio2 22% 25% 25% 30% 41%  23% 36%
Book value$21.80 $21.40 $21.17 $20.64 $20.12  $21.80 $20.12 
Stock price 25.90  22.10  22.31  21.95  21.34   25.90  21.34 
Tangible book value3 14.32  13.93  13.71  13.15  12.60   14.32  12.60 
Performance Ratios        
ROAA 1.38% 1.29% 1.21% 1.03% 0.77%  1.34% 0.91%
ROAE 12.1% 11.1% 10.4% 9.0% 6.7%  11.6% 7.8%
ROATCE3 19.8% 18.4% 17.8% 15.9% 12.0%  19.1% 13.4%
NIM (FTE)3 3.54% 3.55% 3.65% 3.64% 3.53%  3.54% 3.41%
Efficiency ratio3 47.0% 48.3% 51.6% 58.8% 55.8%  47.6% 54.9%
NCOs to average loans 0.26% 0.26% 0.27% 0.25% 0.24%  0.26% 0.24%
ACL on loans to EOP loans 1.14% 1.15% 1.17% 1.19% 1.18%  1.14% 1.18%
ACL4to EOP loans 1.21% 1.22% 1.24% 1.26% 1.24%  1.21% 1.24%
NPLs to EOP loans 0.91% 1.03% 1.07% 1.23% 1.24%  0.91% 1.24%
Balance Sheet (EOP)        
Total loans$50,772,584 $49,731,844 $48,764,162 $47,967,915 $47,902,819  $50,772,584 $47,902,819 
Total assets 74,189,417  73,002,651  72,151,967  71,210,162  70,979,805   74,189,417  70,979,805 
Total deposits 56,146,770  55,672,472  55,088,195  55,006,184  54,357,683   56,146,770  54,357,683 
Total borrowed funds 8,423,983  7,823,198  7,451,367  6,766,381  7,346,098   8,423,983  7,346,098 
Total shareholders' equity 8,583,843  8,510,653  8,494,788  8,309,271  8,126,387   8,583,843  8,126,387 
Capital Ratios3        
Risk-based capital ratios (EOP):        
Tier 1 common equity 11.09% 11.11% 11.08% 11.02% 10.74%  11.09% 10.74%
Tier 1 capital 11.53% 11.56% 11.53% 11.49% 11.20%  11.53% 11.20%
Total capital 13.65% 13.71% 12.85% 12.78% 12.59%  13.65% 12.59%
Leverage ratio (average assets) 8.95% 8.93% 8.90% 8.72% 9.26%  8.95% 9.26%
Equity to assets (averages) 11.61% 11.79% 11.73% 11.48% 11.38%  11.70% 11.66%
TCE to TA 7.68% 7.67% 7.72% 7.53% 7.26%  7.68% 7.26%
Nonfinancial Data        
Full-time equivalent employees 4,914  4,948  4,971  5,243  5,313   4,914  5,313 
Banking centers 346  346  346  351  351   346  351 
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.
   
         
June 30, 2026 capital ratios are preliminary.   
FTE - Fully taxable equivalent basis  ROAA - Return on average assets  ROAE - Return on average equity  ROATCE - Return on average tangible common equity  NCOs - Net Charge-offs  ACL - Allowance for Credit Losses  EOP - End of period actual balances  NPLs - Non-performing Loans  TCE - Tangible common equity  TA - Tangible assets   

 

         
Income Statement (unaudited)
($ and shares in thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
Interest income$894,391 $877,391 $897,301 $917,192 $824,961  $1,771,782 $1,455,360 
Less:  interest expense 315,403  304,818  316,469  342,583  310,171   620,221  552,927 
Net interest income 578,988  572,573  580,832  574,609  514,790   1,151,561  902,433 
Provision for credit losses 36,206  34,946  32,745  26,738  106,835   71,152  138,238 
Net interest income
after provision for credit losses		 542,782  537,627  548,087  547,871  407,955   1,080,409  764,195 
Wealth and investment services fees 42,098  39,715  39,012  39,684  35,817   81,813  65,465 
Service charges on deposit accounts 28,009  26,937  27,516  27,856  23,878   54,946  45,034 
Debit card and ATM fees 13,092  12,038  13,178  13,197  12,922   25,130  22,913 
Mortgage banking revenue 11,163  9,554  11,053  10,442  10,032   20,717  16,911 
Capital markets income 12,329  11,016  13,080  12,629  7,114   23,345  11,620 
Company-owned life insurance 8,531  7,561  7,099  7,565  6,625   16,092  12,006 
Other income 38,376  15,450  (1,252) 19,081  36,170   53,826  52,479 
Debt securities gains (losses), net (34) 75  73  7  (41)  41  (117)
Total noninterest income 153,564  122,346  109,759  130,461  132,517   275,910  226,311 
Salaries and employee benefits 184,765  184,073  187,251  211,345  202,112   368,838  350,417 
Occupancy 33,452  36,995  35,243  34,442  30,432   70,447  59,485 
Equipment 11,077  12,075  14,184  12,703  12,566   23,152  21,467 
Marketing 15,601  16,434  14,418  15,093  13,759   32,035  25,699 
Technology 29,630  29,025  30,882  36,122  31,452   58,655  53,472 
Communication 6,130  6,196  6,726  7,742  5,014   12,326  9,148 
Professional fees 10,735  12,356  18,454  13,598  21,931   23,091  29,850 
FDIC assessment 13,592  13,756  11,190  14,095  13,409   27,348  23,109 
Amortization of intangibles 23,992  25,623  26,016  26,184  19,630   49,615  26,460 
Amortization of tax credit investments 7,807  7,111  9,822  7,057  5,815   14,918  9,239 
Other expense 35,380  21,060  32,134  67,353  28,646   56,440  44,891 
Total noninterest expense 372,161  364,704  386,320  445,734  384,766   736,865  653,237 
Income before income taxes 324,185  295,269  271,526  232,598  155,706   619,454  337,269 
Income tax expense 70,771  61,597  54,903  50,031  30,298   132,368  67,202 
Net income$253,414 $233,672 $216,623 $182,567 $125,408  $487,086 $270,067 
Preferred dividends (4,033) (4,034) (4,034) (4,034) (4,033)  (8,067) (8,067)
Net income applicable to common shares$249,381 $229,638 $212,589 $178,533 $121,375  $479,019 $262,000 
         
EPS, diluted$0.65 $0.59 $0.55 $0.46 $0.34  $1.24 $0.77 
Weighted Average Common Shares Outstanding        
Basic 381,864  385,849  387,862  389,038  360,155   383,845  338,162 
Diluted 383,273  388,054  389,550  390,496  361,436   385,697  340,250 
(EOP) 382,537  386,315  389,662  390,768  391,818   382,537  391,818 

 

 
End of Period Balance Sheet (unaudited)
($ in thousands)
 June 30,March 31,December 31,September 30,June 30,
  2026  2026  2025  2025  2025 
Assets     
Cash and due from banks$588,654 $537,322 $591,645 $491,910 $637,556 
Money market and other interest-earning investments 1,179,526  1,216,826  1,234,532  1,190,707  1,171,015 
Investments:     
Treasury and government-sponsored agencies 2,358,509  2,371,903  2,427,371  2,402,375  2,445,733 
Mortgage-backed securities 10,460,468  10,295,623  10,078,358  10,117,015  9,632,206 
States and political subdivisions 1,442,703  1,454,444  1,570,888  1,579,802  1,590,272 
Other securities 821,719  814,990  825,761  849,911  852,687 
Total investments 15,083,399  14,936,960  14,902,378  14,949,103  14,520,898 
Loans held-for-sale, at fair value 43,608  56,128  52,911  80,341  77,618 
Loans:     
Commercial 16,112,685  15,617,656  14,983,861  14,506,375  14,662,916 
Commercial real estate 22,535,229  22,192,900  22,050,007  22,083,734  21,879,785 
Residential real estate 8,760,832  8,621,409  8,467,496  8,190,127  8,212,242 
Consumer 3,363,838  3,299,879  3,262,798  3,187,679  3,147,876 
Total loans 50,772,584  49,731,844  48,764,162  47,967,915  47,902,819 
Allowance for credit losses on loans (580,511) (574,358) (569,520) (572,178) (565,109)
Premises and equipment, net 682,065  690,400  690,824  691,950  682,539 
Goodwill and other intangible assets 2,862,427  2,886,419  2,907,986  2,926,960  2,944,372 
Company-owned life insurance 1,053,333  1,054,824  1,051,009  1,044,780  1,046,693 
Accrued interest receivable and other assets 2,504,332  2,466,286  2,526,040  2,438,674  2,561,404 
Total assets$74,189,417 $73,002,651 $72,151,967 $71,210,162 $70,979,805 
      
Liabilities and Equity     
Noninterest-bearing demand deposits$12,665,278 $12,927,096 $13,247,483 $12,691,658 $12,652,556 
Interest-bearing:     
Checking and NOW accounts 11,129,286  10,969,731  10,740,919  11,162,121  10,554,889 
Savings accounts 4,924,639  4,985,949  4,909,138  4,958,555  5,058,819 
Money market accounts 16,936,441  16,871,237  16,529,631  17,032,446  16,880,190 
Time deposits 10,491,126  9,918,459  9,661,024  9,161,404  9,211,229 
Total deposits 56,146,770  55,672,472  55,088,195  55,006,184  54,357,683 
      
Federal funds purchased and interbank borrowings 250,389  200,583  100,197  1  340,246 
Securities sold under agreements to repurchase 265,301  264,518  261,366  277,594  297,637 
Federal Home Loan Bank advances 6,520,296  6,026,801  6,237,375  5,663,361  5,835,918 
Other borrowings 1,387,997  1,331,296  852,429  825,425  872,297 
Total borrowed funds 8,423,983  7,823,198  7,451,367  6,766,381  7,346,098 
Accrued expenses and other liabilities 1,034,821  996,328  1,117,617  1,128,326  1,149,637 
Total liabilities 65,605,574  64,491,998  63,657,179  62,900,891  62,853,418 
Preferred stock, common stock, surplus, and retained earnings 9,141,984  9,053,907  8,973,459  8,833,662  8,725,995 
Accumulated other comprehensive income (loss), net of tax (558,141) (543,254) (478,671) (524,391) (599,608)
Total shareholders' equity 8,583,843  8,510,653  8,494,788  8,309,271  8,126,387 
Total liabilities and shareholders' equity$74,189,417 $73,002,651 $72,151,967 $71,210,162 $70,979,805 
 

 

            
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
            
            
 Three Months Ended Three Months Ended Three Months Ended
 June 30, 2026 March 31, 2026 June 30, 2025
 AverageIncome1/Yield/ AverageIncome1/Yield/ AverageIncome1/Yield/
Earning Assets:BalanceExpenseRate BalanceExpenseRate BalanceExpenseRate
Money market and other interest-earning investments$1,212,043 $11,1213.68% $1,215,029 $10,9443.65% $1,424,700 $14,7914.16%
Investments:           
Treasury and government-sponsored agencies 2,349,871  18,9933.23%  2,418,767  19,1213.16%  2,396,691  20,8203.47%
Mortgage-backed securities 10,428,343  111,1574.26%  10,267,648  107,4654.19%  8,567,318  87,7344.10%
States and political subdivisions 1,450,389  12,0173.31%  1,525,277  12,5413.29%  1,596,899  13,4023.36%
Other securities 828,774  12,3955.98%  839,943  13,3776.37%  970,581  15,7706.50%
Total investments 15,057,377  154,5624.11%  15,051,635  152,5044.05%  13,531,489  137,7264.07%
Loans:2           
Commercial 15,792,290  238,6636.05%  15,305,376  233,4406.10%  13,240,876  219,4466.63%
Commercial real estate 22,234,235  339,9256.12%  22,056,911  335,9486.09%  20,022,403  316,4226.32%
Residential real estate loans 8,722,341  103,1624.73%  8,534,092  98,9534.64%  7,792,440  88,8524.56%
Consumer 3,323,663  54,4686.57%  3,270,505  53,4516.63%  3,049,341  54,7877.21%
Total loans 50,072,529  736,2185.88%  49,166,884  721,7925.88%  44,105,060  679,5076.16%
            
Total earning assets$66,341,949 $901,9015.44% $65,433,548 $885,2405.42% $59,061,249 $832,0245.64%
            
Less: Allowance for credit losses on loans (580,550)    (573,105)    (404,871)  
            
Non-earning Assets:           
Cash and due from banks$545,346    $548,932    $426,513   
Other assets 6,991,436     7,044,468     6,403,239   
            
Total assets$73,298,181    $72,453,843    $65,486,130   
            
Interest-Bearing Liabilities:           
Checking and NOW accounts$11,106,289 $47,3491.71% $10,966,236 $46,2951.71% $9,672,146 $41,8621.74%
Savings accounts 4,950,785  3,0320.25%  4,920,639  3,0110.25%  4,968,232  3,7770.30%
Money market accounts 16,485,000  99,9032.43%  16,542,693  99,9562.45%  15,282,970  113,5422.98%
Time deposits 10,145,661  87,2203.45%  9,749,234  84,0693.50%  8,318,060  80,9073.90%
Total interest-bearing deposits 42,687,735  237,5042.23%  42,178,802  233,3312.24%  38,241,408  240,0882.52%
            
Federal funds purchased and interbank borrowings 42,228  3913.71%  3,634  232.57%  88,603  9534.31%
Securities sold under agreements to repurchase 257,217  5610.87%  260,865  5940.92%  295,948  6360.86%
Federal Home Loan Bank advances 6,561,147  61,7443.77%  6,303,888  58,0523.73%  6,037,462  59,0423.92%
Other borrowings 1,360,976  15,2034.48%  1,172,559  12,8184.43%  828,214  9,4524.58%
Total borrowed funds 8,221,568  77,8993.80%  7,740,946  71,4873.75%  7,250,227  70,0833.88%
            
Total interest-bearing liabilities$50,909,303 $315,4032.48% $49,919,748 $304,8182.48% $45,491,635 $310,1712.73%
            
Noninterest-Bearing Liabilities and Shareholders' Equity:           
Demand deposits$12,860,401    $12,890,201    $11,568,854   
Other liabilities 1,020,272     1,099,674     973,525   
Shareholders' equity 8,508,205     8,544,220     7,452,116   
            
Total liabilities and shareholders' equity$73,298,181    $72,453,843    $65,486,130   
            
Net interest rate spread  2.96%   2.94%   2.91%
            
Net interest margin (GAAP)  3.49%   3.50%   3.49%
            
Net interest margin (FTE)3  3.54%   3.55%   3.53%
            
FTE adjustment $7,510   $7,849   $7,063 
            
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. 
 

 

        
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
        
        
 Six Months Ended Six Months Ended
 June 30, 2026 June 30, 2025
 AverageIncome1/Yield/ AverageIncome1/Yield/
Earning Assets:BalanceExpenseRate BalanceExpenseRate
Money market and other interest-earning investments$1,213,528 $22,0653.67% $1,109,634 $23,6064.29%
Investments:       
Treasury and government-sponsored agencies 2,384,129  38,1143.20%  2,357,995  40,8393.46%
Mortgage-backed securities 10,348,439  218,6224.23%  7,433,868  142,2573.83%
States and political subdivisions 1,487,627  24,5583.30%  1,603,821  26,6443.32%
Other securities 834,327  25,7726.18%  871,262  26,2826.03%
Total investments$15,054,522 $307,0664.08% $12,266,946 $236,0223.85%
Loans:2       
Commercial 15,550,178  472,1036.07%  11,827,287  385,0416.51%
Commercial real estate 22,146,063  675,8736.10%  18,128,526  562,3576.20%
Residential real estate loans 8,628,736  202,1154.68%  7,306,465  156,5004.28%
Consumer 3,297,231  107,9196.60%  2,960,769  104,2577.10%
Total loans 49,622,208  1,458,0105.88%  40,223,047  1,208,1556.01%
        
Total earning assets$65,890,258 $1,787,1415.43% $53,599,627 $1,467,7835.48%
        
Less: Allowance for credit losses on loans (576,848)    (401,835)  
        
Non-earning Assets:       
Cash and due from banks$547,129    $399,620   
Other assets 7,017,805     5,901,705   
        
Total assets$72,878,344    $59,499,117   
        
Interest-Bearing Liabilities:       
Checking and NOW accounts$11,036,650 $93,6441.71% $8,853,822 $71,3251.62%
Savings accounts 4,935,795  6,0430.25%  4,830,998  7,3850.31%
Money market accounts 16,513,687  199,8592.44%  13,523,239  202,8173.02%
Time deposits 9,948,542  171,2893.47%  7,644,494  149,0563.93%
Total interest-bearing deposits 42,434,674  470,8352.24%  34,852,553  430,5832.49%
        
Federal funds purchased and interbank borrowings 23,038  4143.62%  118,202  2,5784.40%
Securities sold under agreements to repurchase 259,031  1,1550.90%  284,518  1,1870.84%
Federal Home Loan Bank advances 6,433,228  119,7963.76%  5,255,372  100,9383.87%
Other borrowings 1,267,288  28,0214.46%  752,408  17,6414.73%
Total borrowed funds 7,982,585  149,3863.77%  6,410,500  122,3443.85%
        
Total interest-bearing liabilities 50,417,259  620,2212.48%  41,263,053  552,9272.70%
        
Noninterest-Bearing Liabilities and Shareholders' Equity:       
Demand deposits$12,875,219    $10,339,594   
Other liabilities 1,059,753     959,309   
Shareholders' equity 8,526,113     6,937,161   
        
Total liabilities and shareholders' equity$72,878,344    $59,499,117   
        
Net interest rate spread  2.95%   2.78%
        
Net interest margin (GAAP)  3.50%   3.37%
        
Net interest margin (FTE)3  3.54%   3.41%
        
FTE adjustment $15,359   $12,423 
        
1Interest income is reflected on a FTE.
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 Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
Allowance for credit losses:        
Beginning allowance for credit losses on loans$574,358 $569,520 $572,178 $565,109 $401,932  $569,520 $392,522 
Allowance established for acquired PCD loans —  —  —  13,104  90,442   —  90,442 
Provision for credit losses on loans 38,400  36,854  29,450  24,003  99,263   75,254  130,289 
Gross charge-offs (41,540) (37,307) (35,131) (35,402) (29,954)  (78,847) (54,494)
Gross recoveries 9,293  5,291  3,023  5,364  3,426   14,584  6,350 
NCOs (32,247) (32,016) (32,108) (30,038) (26,528)  (64,263) (48,144)
Ending allowance for credit losses on loans$580,511 $574,358 $569,520 $572,178 $565,109  $580,511 $565,109 
Beginning allowance for credit losses on unfunded commitments$33,725 $35,633 $32,338 $29,603 $22,031  $35,633 $21,654 
Provision (release) for credit losses on unfunded commitments (2,194) (1,908) 3,295  2,735  7,572   (4,102) 7,949 
Ending allowance for credit losses on unfunded commitments$31,531 $33,725 $35,633 $32,338 $29,603  $31,531 $29,603 
Allowance for credit losses$612,042 $608,083 $605,153 $604,516 $594,712  $612,042 $594,712 
Provision for credit losses on loans$38,400 $36,854 $29,450 $24,003 $99,263  $75,254 $130,289 
Provision (release) for credit losses on unfunded commitments (2,194) (1,908) 3,295  2,735  7,572   (4,102) 7,949 
Provision for credit losses$36,206 $34,946 $32,745 $26,738 $106,835  $71,152 $138,238 
NCOs / average loans1 0.26% 0.26% 0.27% 0.25% 0.24%  0.26% 0.24%
Average loans1$50,062,552 $49,157,096 $48,199,086 $48,153,186 $44,075,472  $49,612,325 $40,201,289 
EOP loans1 50,772,584  49,731,844  48,764,162  47,967,915  47,902,819   50,772,584  47,902,819 
ACL on loans / EOP loans1 1.14% 1.15% 1.17% 1.19% 1.18%  1.14% 1.18%
ACL / EOP loans1 1.21% 1.22% 1.24% 1.26% 1.24%  1.21% 1.24%
Underperforming Assets:        
Loans 90 days and over (still accruing)$6,832 $4,407 $2,691 $1,525 $16,893  $6,832 $16,893 
Nonaccrual loans 461,702  511,959  521,245  590,820  594,709   461,702  594,709 
Foreclosed assets 3,374  5,786  6,235  6,325  7,986   3,374  7,986 
Total underperforming assets$471,908 $522,152 $530,171 $598,670 $619,588  $471,908 $619,588 
Classified and Criticized Assets:        
Nonaccrual loans$461,702 $511,959 $521,245 $590,820 $594,709  $461,702 $594,709 
Substandard loans (still accruing) 1,918,721  1,881,374  1,759,221  1,881,294  1,969,260   1,918,721  1,969,260 
Loans 90 days and over (still accruing) 6,832  4,407  2,691  1,525  16,893   6,832  16,893 
Total classified loans - "problem loans" 2,387,255  2,397,740  2,283,157  2,473,639  2,580,862   2,387,255  2,580,862 
Other classified assets 7,960  20,620  20,616  35,373  43,495   7,960  43,495 
Special Mention 705,154  804,028  805,901  893,109  1,008,716   705,154  1,008,716 
Total classified and criticized assets$3,100,369 $3,222,388 $3,109,674 $3,402,121 $3,633,073  $3,100,369 $3,633,073 
Loans 30-89 days past due (still accruing)$140,428 $114,038 $105,632 $83,030 $128,771  $140,428 $128,771 
Nonaccrual loans / EOP loans1 0.91% 1.03% 1.07% 1.23% 1.24%  0.91% 1.24%
ACL / nonaccrual loans 133% 119% 116% 102% 100%  133% 100%
Under-performing assets/EOP loans1 0.93% 1.05% 1.09% 1.25% 1.29%  0.93% 1.29%
Under-performing assets/EOP assets 0.64% 0.72% 0.73% 0.84% 0.87%  0.64% 0.87%
30+ day delinquencies/EOP loans1 0.29% 0.24% 0.22% 0.18% 0.30%  0.29% 0.30%
         
1Excludes loans held-for-sale.      
         

              

         
Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
         
 Three Months Ended Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
Earnings Per Share:        
Net income applicable to common shares$249,381 $229,638 $212,589 $178,533 $121,375  $479,019 $262,000 
Adjustments:        
Pension plan loss (gain) (13,240) —  15,878  —  (21,001)  (13,240) (21,001)
Tax effect1 2,890  —  (3,814) —  5,778   2,890  5,778 
Pension plan loss (gain), net (10,350) —  12,064  —  (15,223)  (10,350) (15,223)
Merger-related charges 12,109  7,323  24,547  69,274  41,206   19,432  47,062 
Tax effect1 (792) (1,810) (5,896) (16,494) (11,337)  (2,602) (12,426)
Merger-related charges, net 11,317  5,513  18,651  52,780  29,869   16,830  34,636 
Debt securities (gains) losses 34  (75) (73) (7) 41   (41) 117 
Tax effect1 (7) 19  18  2  (11)  11  (25)
Debt securities (gains) losses, net 27  (56) (55) (5) 30   (30) 92 
Distribution of excess pension assets —  3,394  —  —  —   3,394  — 
Tax effect1 —  (839) —  —  —   (839) — 
Distribution of excess pension assets, net —  2,555  —  —  —   2,555  — 
FDIC special assessment —  —  (2,994) —  —   —  — 
Tax effect1 —  —  719  —  —   —  — 
FDIC special assessment, net —  —  (2,275) —  —   —  — 
CECL Day 1 non-PCD provision expense —  —  —  —  75,604   —  75,604 
Tax effect1 —  —  —  —  (20,802)  —  (20,802)
CECL Day 1 non-PCD provision expense, net —  —  —  —  54,802   —  54,802 
Total adjustments, net 994  8,012  28,385  52,775  69,478   9,005  74,307 
Net income applicable to common shares, adjusted$250,375 $237,650 $240,974 $231,308 $190,853  $488,024 $336,307 
Weighted average diluted common shares outstanding 383,273  388,054  389,550  390,496  361,436   385,697  340,250 
EPS, diluted$0.65 $0.59 $0.55 $0.46 $0.34  $1.24 $0.77 
Adjusted EPS, diluted$0.65 $0.61 $0.62 $0.59 $0.53  $1.27 $0.99 
NIM:        
Net interest income$578,988 $572,573 $580,832 $574,609 $514,790  $1,151,561 $902,433 
Add: FTE adjustment2 7,510  7,849  8,013  7,975  7,063   15,359  12,423 
Net interest income (FTE)$586,498 $580,422 $588,845 $582,584 $521,853  $1,166,920 $914,856 
Average earning assets$66,341,949 $65,433,548 $64,456,815 $64,032,811 $59,061,249  $65,890,258 $53,599,627 
NIM (GAAP) 3.49% 3.50% 3.60% 3.59% 3.49%  3.50% 3.37%
NIM (FTE) 3.54% 3.55% 3.65% 3.64% 3.53%  3.54% 3.41%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      

 

         
Non-GAAP Measures (unaudited)
($ in thousands)
         
 Three Months Ended Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
PPNR:        
Net interest income (FTE)2$586,498 $580,422 $588,845 $582,584 $521,853  $1,166,920 $914,856 
Add: Noninterest income 153,564  122,346  109,759  130,461  132,517   275,910  226,311 
Total revenue (FTE) 740,062  702,768  698,604  713,045  654,370   1,442,830  1,141,167 
Less: Noninterest expense (372,161) (364,704) (386,320) (445,734) (384,766)  (736,865) (653,237)
PPNR$367,901 $338,064 $312,284 $267,311 $269,604  $705,965 $487,930 
Adjustments:        
Pension plan loss (gain)$(13,240)$— $15,878 $— $(21,001) $(13,240)$(21,001)
Debt securities (gains) losses 34  (75) (73) (7) 41   (41) 117 
Noninterest income adjustments (13,206) (75) 15,805  (7) (20,960)  (13,281) (20,884)
Adjusted noninterest income 140,358  122,271  125,564  130,454  111,557   262,629  205,427 
Adjusted revenue$726,856 $702,693 $714,409 $713,038 $633,410  $1,429,549 $1,120,283 
Adjustments:        
Merger-related charges$12,109 $7,323 $24,547 $69,274 $41,206  $19,432 $47,062 
FDIC Special Assessment —  —  (2,994) —  —   —  — 
Distribution of excess pension assets —  3,394  —  —  —   3,394  — 
Noninterest expense adjustments 12,109  10,717  21,553  69,274  41,206   22,826  47,062 
Adjusted total noninterest expense (360,052) (353,987) (364,767) (376,460) (343,560)  (714,039) (606,175)
Adjusted PPNR$366,804 $348,706 $349,642 $336,578 $289,850  $715,510 $514,108 
Efficiency Ratio:        
Noninterest expense$372,161 $364,704 $386,320 $445,734 $384,766  $736,865 $653,237 
Less: Amortization of intangibles (23,992) (25,623) (26,016) (26,184) (19,630)  (49,615) (26,460)
Noninterest expense, excl. amortization of intangibles 348,169  339,081  360,304  419,550  365,136   687,250  626,777 
Less: Amortization of tax credit investments (7,807) (7,111) (9,822) (7,057) (5,815)  (14,918) (9,239)
Less: Noninterest expense adjustments (12,109) (10,717) (21,553) (69,274) (41,206)  (22,826) (47,062)
Adjusted noninterest expense, excluding amortization$328,253 $321,253 $328,929 $343,219 $318,115  $649,506 $570,476 
Total revenue (FTE)2$740,062 $702,768 $698,604 $713,045 $654,370  $1,442,830 $1,141,167 
Less: Debt securities (gains) losses 34  (75) (73) (7) 41   (41) 117 
Less: Pension plan loss (gain) (13,240) —  15,878  —  (21,001)  (13,240) (21,001)
Total adjusted revenue$726,856 $702,693 $714,409 $713,038 $633,410  $1,429,549 $1,120,283 
Efficiency Ratio 47.0% 48.3% 51.6% 58.8% 55.8%  47.6% 54.9%
Adjusted Efficiency Ratio 45.2% 45.7% 46.0% 48.1% 50.2%  45.4% 50.9%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      

 

         
Non-GAAP Measures (unaudited)
($ in thousands)
         
 Three Months Ended Six Months Ended
 June 30,March 31,December 31,September 30,June 30, June 30,June 30,
  2026  2026  2025  2025  2025   2026  2025 
ROAE and ROATCE:        
Net income applicable to common shares$249,381 $229,638 $212,589 $178,533 $121,375  $479,019 $262,000 
Amortization of intangibles 23,992  25,623  26,016  26,184  19,630   49,615  26,460 
Tax effect1 (5,998) (6,406) (6,504) (6,546) (4,908)  (12,404) (6,615)
Amortization of intangibles, net 17,994  19,217  19,512  19,638  14,722   37,211  19,845 
Net income applicable to common shares, excluding intangibles amortization 267,375  248,855  232,101  198,171  136,097   516,230  281,845 
Total adjustments, net (see pg.12) 994  8,012  28,385  52,775  69,478   9,005  74,307 
Adjusted net income applicable to common shares, excluding intangibles amortization$268,369 $256,867 $260,486 $250,946 $205,575  $525,235 $356,152 
Average shareholders' equity$8,508,205 $8,544,220 $8,391,067 $8,168,575 $7,452,116  $8,526,113 $6,937,161 
Less: Average preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)  (243,719) (243,719)
Average shareholders' common equity$8,264,486 $8,300,501 $8,147,348 $7,924,856 $7,208,397  $8,282,394 $6,693,442 
Average goodwill and other intangible assets (2,873,898) (2,894,824) (2,919,924) (2,931,319) (2,670,710)  (2,884,304) (2,482,663)
Average tangible shareholder's common equity$5,390,588 $5,405,677 $5,227,424 $4,993,537 $4,537,687  $5,398,090 $4,210,779 
ROAE 12.1% 11.1% 10.4% 9.0% 6.7%  11.6% 7.8%
ROAE, adjusted 12.1% 11.5% 11.8% 11.7% 10.6%  11.8% 10.0%
ROATCE 19.8% 18.4% 17.8% 15.9% 12.0%  19.1% 13.4%
ROATCE, adjusted 19.9% 19.0% 19.9% 20.1% 18.1%  19.5% 16.9%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      

 

      
Non-GAAP Measures (unaudited)
($ in thousands)
      
 As of
 June 30,March 31,December 31,September 30,June 30,
  2026  2026  2025  2025  2025 
Tangible Common Equity:     
Shareholders' equity$8,583,843 $8,510,653 $8,494,788 $8,309,271 $8,126,387 
Less: Preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)
Shareholders' common equity$8,340,124 $8,266,934 $8,251,069 $8,065,552 $7,882,668 
Less: Goodwill and other intangible assets (2,862,427) (2,886,419) (2,907,986) (2,926,960) (2,944,372)
Tangible shareholders' common equity$5,477,697 $5,380,515 $5,343,083 $5,138,592 $4,938,296 
      
Total assets$74,189,417 $73,002,651 $72,151,967 $71,210,162 $70,979,805 
Less: Goodwill and other intangible assets (2,862,427) (2,886,419) (2,907,986) (2,926,960) (2,944,372)
Tangible assets$71,326,990 $70,116,232 $69,243,981 $68,283,202 $68,035,433 
      
Risk-weighted assets3$55,349,162 $54,283,745 $53,617,620 $52,515,468 $52,517,871 
      
Tangible common equity to tangible assets 7.68% 7.67% 7.72% 7.53% 7.26%
Tangible common equity to risk-weighted assets3 9.90% 9.91% 9.97% 9.78% 9.40%
Tangible Common Book Value:     
Common shares outstanding 382,537  386,315  389,662  390,768  391,818 
Tangible common book value$14.32 $13.93 $13.71 $13.15 $12.60 
      
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.
3June 30, 2026 figures are preliminary.

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Source: Old National Bancorp
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