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Associated Banc-Corp
ASB
#3055
Rank
โ‚ฌ4.54 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
24,04ย โ‚ฌ
Share price
0.07%
Change (1 day)
19.33%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Associated Banc-Corp
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-04-28

Associated Banc-Corp - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2026

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to 
Commission file number: 001-31343

Associated Banc-Corp
(Exact name of registrant as specified in its charter)
Wisconsin39-1098068
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay,Wisconsin54301
(Address of principal executive offices)(Zip Code)
(920) 491-7500
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033ASBANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑        No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer ☐
Non-accelerated filer  ☐Smaller reporting company  ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐        No  ☑
APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at April 24, 2026 was 165,941,629.
1

ASSOCIATED BANC-CORP
Table of Contents

2

ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:
ACLLAllowance for Credit Losses on Loans
AFSAvailable for Sale
ALCO Asset / Liability Committee
American NationalAmerican National Corporation
ASUAccounting Standards Update
the BankAssociated Bank, National Association
Basel IIIInternational framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bpbasis point(s)
BTFPBank Term Funding Program
CDsCertificates of Deposit
CDIsCore Deposit Intangibles
CECLCurrent Expected Credit Losses
CET1Common Equity Tier 1
Corporation / ourAssociated Banc-Corp collectively with all of its subsidiaries and affiliates
CRACommunity Reinvestment Act
CRECommercial Real Estate
EAREarnings at Risk
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFELPFederal Family Education Loan Program
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FICOFair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMAFederal National Mortgage Association
FTEsFull-time equivalent employees
FTPFunds Transfer Pricing
GAAPGenerally Accepted Accounting Principles
GNMAGovernment National Mortgage Association
GSEGovernment-Sponsored Enterprise
HTMHeld to Maturity
LTVLoan-to-Value
Merger AgreementAgreement and Plan of Merger dated November 30, 2025
Moody's
Moody’s Investors Service
MSRsMortgage Servicing Rights
MVEMarket Value of Equity
NAVNet Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free FundsNoninterest-bearing sources of funds
NPAsNonperforming Assets
OCIOther Comprehensive Income
OREOOther Real Estate Owned
Parent CompanyAssociated Banc-Corp individually
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase AgreementsSecurities sold under agreements to repurchase
3

Restricted Stock AwardsRestricted common stock and restricted common stock units to certain key employees
Retirement Eligible ColleaguesColleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
Rev Loan(s)Revolving loans
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
Series E Preferred StockThe Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred StockThe Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFRSecured Overnight Finance Rate
YTDYear-to-Date

4

PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:
ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Mar 31, 2026Dec 31, 2025
 (in thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$465,318 $574,698 
Interest-bearing deposits in other financial institutions920,684 1,144,123 
Federal funds sold and securities purchased under agreements to resell175 1,400 
AFS investment securities, at fair value5,514,456 5,397,563 
HTM investment securities, net, at amortized cost3,570,843 3,602,519 
Equity securities26,109 26,060 
Regulatory stocks, at cost290,189 252,514 
Residential loans held for sale87,461 72,499 
Loans31,798,164 31,163,614 
Allowance for loan losses(385,756)(378,068)
Loans, net31,412,408 30,785,546 
Tax credit and other investments230,954 236,657 
Premises and equipment, net376,760 381,624 
Bank and corporate owned life insurance694,765 694,452 
Goodwill1,104,992 1,104,992 
Other intangible assets, net20,647 22,849 
Mortgage servicing rights, net87,599 86,337 
Interest receivable161,021 161,118 
Other assets629,359 657,645 
Total assets$45,593,740 $45,202,596 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$6,125,067 $6,126,632 
Interest-bearing deposits29,606,698 29,425,976 
Total deposits35,731,765 35,552,608 
Federal funds purchased and securities sold under agreements to repurchase395,652 307,864 
FHLB advances3,421,762 3,268,094 
Senior and subordinated debt592,629 594,276 
Allowance for unfunded commitments39,276 41,276 
Accrued expenses and other liabilities414,784 463,131 
Total liabilities$40,595,868 $40,227,249 
Stockholders' equity
Preferred equity$194,112 $194,112 
Common stock$1,890 $1,890 
Surplus2,052,504 2,050,410 
Retained earnings3,303,458 3,226,756 
Accumulated other comprehensive loss(44,505)(7,566)
Treasury stock, at cost(509,587)(490,255)
Total common equity4,803,760 4,781,235 
Total stockholders' equity4,997,872 4,975,347 
Total liabilities and stockholders' equity$45,593,740 $45,202,596 
Preferred shares authorized (par value $1.00 per share)
750,000 750,000 
Preferred shares issued and outstanding200,000 200,000 
Common shares authorized (par value $0.01 per share)
250,000,000 250,000,000 
Common shares issued189,016,409 189,016,409 
Common shares outstanding165,438,367 165,979,940 
Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.
5

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
 Three Months Ended Mar 31,
 (in thousands, except per share data)
20262025
Interest income
Interest and fees on loans$426,989 $433,299 
Interest and dividends on investment securities
Taxable75,676 69,788 
Tax-exempt13,738 13,956 
Other interest11,641 9,243 
Total interest income528,044 526,285 
Interest expense
Interest on deposits175,273 209,140 
Interest on federal funds purchased and securities sold under agreements to repurchase3,732 3,622 
Interest on FHLB advances31,570 16,090 
Interest on senior and subordinated debt10,163 11,085 
Interest on other interest-bearing liabilities116 408 
Total interest expense220,854 240,345 
Net interest income307,190 285,941 
Provision for credit losses11,001 13,003 
Net interest income after provision for credit losses296,189 272,938 
Noninterest income
Wealth management fees25,219 22,498 
Service charges and deposit account fees14,054 12,814 
Card-based fees11,579 10,442 
Other fee-based revenue4,862 5,251 
Capital markets, net6,543 4,345 
Mortgage banking, net6,111 3,822 
Loss on mortgage portfolio sale— (6,976)
Bank and corporate owned life insurance3,816 5,204 
Asset gains (losses), net840 (878)
Investment securities (losses) gains, net(28)4 
Other2,861 2,251 
Total noninterest income75,857 58,776 
Noninterest expense
Personnel135,172 123,897 
Technology29,736 27,139 
Occupancy13,725 15,381 
Business development and advertising7,827 6,386 
Equipment5,610 4,527 
Legal and professional6,721 6,083 
Loan and foreclosure costs1,707 2,594 
FDIC assessment8,837 10,436 
Other intangible amortization2,203 2,203 
Other7,625 11,974 
Total noninterest expense219,163 210,619 
Income before income taxes152,883 121,095 
Income tax expense33,248 19,409 
Net income119,635 101,687 
Preferred stock dividends2,875 2,875 
Net income available to common equity$116,760 $98,812 
Earnings per common share
Basic$0.70 $0.60 
Diluted$0.70 $0.59 
Average common shares outstanding
Basic165,097 165,228 
Diluted166,561 166,604 
Numbers may not recalculate due to rounding conventions.
Prior period has been adjusted to conform with current period presentation.
See accompanying notes to consolidated financial statements.
6

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended Mar 31,
(in thousands)20262025
Net income$119,635 $101,687 
Other comprehensive income (loss), net of tax
Investment securities
Net unrealized (losses) gains(36,531)31,832 
Amortization of net unrealized losses on AFS securities transferred to HTM securities1,690 1,927 
Income tax benefit (expense) 8,689 (8,420)
Other comprehensive (loss) income on AFS securities(26,152)25,339 
Cash flow hedge derivatives
Net unrealized (losses) gains(7,912)7,268 
Reclassification adjustment for net (gains) losses realized in net income(746)1,118 
Income tax (expense) benefit(2,083)2,018 
Other comprehensive (loss) income on cash flow hedge derivatives(10,741)10,403 
Defined benefit pension and postretirement obligations
Amortization of prior service cost(63)(63)
Net actuarial (loss) gain— 4,770 
Amortization of actuarial gain— (4)
Income tax benefit (expense)16 (1,173)
Other comprehensive (loss) income on pension and postretirement obligations(47)3,530 
Total other comprehensive (loss) income(36,939)39,272 
Comprehensive income$82,696 $140,959 
Numbers may not recalculate due to rounding conventions.
See accompanying notes to consolidated financial statements.

7

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
 Loss		Treasury StockTotal
Balance, December 31, 2025$194,112 $1,890 $2,050,410 $3,226,756 $(7,566)$(490,255)$4,975,347 
Comprehensive income:
Net income— — — 119,635 — — 119,635 
Other comprehensive loss— — — — (36,939)— (36,939)
Comprehensive income82,696 
Common stock issued:
Stock-based compensation plans, net— — (5,126)— — 12,247 7,121 
Purchase of treasury stock, open market purchases— — — — — (25,202)(25,202)
Purchase of treasury stock, stock-based compensation plans— — — — — (6,377)(6,377)
Cash dividends:
Common stock(a)
— — — (40,058)— — (40,058)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 7,220 — — — 7,220 
Balance, March 31, 2026$194,112 $1,890 $2,052,504 $3,303,458 $(44,505)$(509,587)$4,997,872 
(a) Common stock dividends of $0.24 per share.
(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.


(in thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Balance, December 31, 2024$194,112 $1,890 $2,047,349 $2,919,252 $(74,416)$(482,626)$4,605,562 
Comprehensive income:
Net income— — — 101,687 — — 101,687 
Other comprehensive income— — — — 39,272 — 39,272 
Comprehensive income140,959 
Common stock issued:
Public common stock offering— — (52)— — — (52)
Stock-based compensation plans, net— — (14,297)— — 16,489 2,192 
Purchase of treasury stock, open market purchases— — — — — (22,292)(22,292)
Purchase of treasury stock, stock-based compensation plans— — — — — (5,816)(5,816)
Cash dividends:
Common stock(a)
— — — (38,538)— — (38,538)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 7,419 — — — 7,419 
Balance, March 31, 2025$194,112 $1,890 $2,040,419 $2,979,526 $(35,144)$(494,246)$4,686,558 
Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.23 per share.
(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

See accompanying notes to consolidated financial statements.




8

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended Mar 31,
 (in thousands)
20262025
Cash flows from operating activities
Net income$119,635 $101,687 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses11,001 13,003 
Depreciation and amortization12,214 13,981 
Change in MSRs valuation(1,261)1,047 
Amortization of other intangible assets2,203 2,203 
Amortization and accretion on earning assets, funding, and other, net12,264 6,336 
Net amortization of tax credit investments8,455 8,689 
Gains on sales of investment securities, net4 — 
Asset (gains) losses, net(840)878 
Loss on mortgage banking activities, net998 329 
Loss on mortgage portfolio sale— 6,976 
Net periodic pension benefit(8,206)(6,186)
Mortgage loans originated for sale(159,442)(92,584)
Proceeds from sales of mortgage loans held for sale146,457 105,642 
Changes in certain assets and liabilities:
Decrease in interest receivable97 8,044 
Decrease in net income tax position22,342 29,846 
Increase (decrease) in interest payable1,409 (2,025)
Decrease in expense payable(52,852)(53,261)
Decrease (increase) in net derivative position3,169 (36,128)
Increase in BOLI/COLI cash surrender value(3,816)(5,204)
Net change in other assets and other liabilities22,034 (5,107)
Net cash provided by operating activities135,865 98,166 
Cash flows from investing activities
Net increase in loans(656,118)(513,237)
Purchases of:
AFS securities(534,565)(391,952)
HTM securities— (994)
Regulatory stocks and equity securities(56,881)(71,364)
Proceeds from:
Sales of HTM securities 1,222 — 
Sales of regulatory stocks and equity securities19,206 56,786 
Prepayments, calls, and maturities of AFS securities 380,404 206,882 
Prepayments, calls, and maturities of HTM securities 31,062 34,673 
Sales, prepayments, calls, and maturities of other assets3,734 2,631 
Sale of mortgage portfolio— 564,375 
Premises, equipment, and software(8,701)(7,472)
Net change in tax credit and alternative investments(3,543)(7,448)
Net cash used in investing activities(824,180)(127,119)
Cash flows from financing activities
Net increase in deposits179,157 548,279 
Net increase (decrease) in short-term funding87,788 (159,033)
Net increase in short-term FHLB advances154,750 170,000 
Repayment of long-term FHLB advances(33)(32)
Repayment of finance lease principal— (22)
Repayment of long-term funding— (250,000)
Proceeds from issuance of common stock for stock-based compensation plans7,121 2,192 
Purchase of treasury stock, open market purchases(25,202)(22,292)
Purchase of treasury stock, stock-based compensation plans(6,377)(5,816)
Cash dividends on common stock(40,058)(38,538)
Cash dividends on preferred stock(2,875)(2,875)
Payments for other financing activities— (52)
Net cash provided by financing activities354,271 241,810 
Net (decrease) increase in cash and cash equivalents(334,044)212,856 
Cash and cash equivalents at beginning of period1,720,221 1,019,604 
Cash and cash equivalents at end of period$1,386,177 $1,232,460 
Supplemental disclosures of cash flow information
Cash paid for interest$219,035 $241,667 
Numbers may not recalculate due to rounding conventions.
9

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Notes to Consolidated Financial Statements
These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2025 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.
Note 1 Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.
Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.
Note 2 Summary of Significant Accounting Policies
The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2025 Annual Report on Form 10-K.
Future Accounting Pronouncements
The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.
StandardDescriptionDate of Anticipated AdoptionEffect on Financial Statements
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. Annual period ending December 31, 2027 and subsequent interim periodsThe Corporation is currently evaluating the impact on its disclosures.
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)The amendments in this update simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages to align with the shift to incremental and iterative software development methods.Interim period ending March 31, 2028 and subsequent periodsThe Corporation is currently evaluating the impact on its disclosures.
ASU 2025-08 Financial
Instruments-Credit Losses
(Topic 326)		The amendments in this update expand the gross-up
approach for initial recognition and measurement of
acquired financial assets to purchased seasoned loans.		Interim period ending
March 31, 2027 and
subsequent periods with early adoption permitted		The Corporation will early adopt this standard in the second quarter of 2026 and apply it as part of the purchase accounting for the acquisition of American National. The Corporation is currently evaluating the impact on its disclosures.
10

Note 3 Earnings Per Common Share
Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:
 Three Months Ended Mar 31,
 (in thousands, except per share data)20262025
Net income$119,635 $101,687 
Preferred stock dividends(2,875)(2,875)
Net income available to common equity116,760 98,812 
Common shareholder dividends(39,943)(38,333)
Unvested share-based payment awards(115)(206)
Undistributed earnings$76,702 $60,274 
Undistributed earnings allocated to common shareholders$76,426 $59,997 
Undistributed earnings allocated to unvested share-based payment awards276 277 
Undistributed earnings$76,702 $60,274 
Basic
Distributed earnings to common shareholders$39,943 $38,333 
Undistributed earnings allocated to common shareholders76,426 59,997 
Total common shareholders earnings, basic$116,369 $98,329 
Diluted
Distributed earnings to common shareholders$39,943 $38,333 
Undistributed earnings allocated to common shareholders76,426 59,997 
Total common shareholders earnings, diluted$116,369 $98,329 
Weighted average common shares outstanding165,097 165,228 
Effect of dilutive common stock awards1,464 1,377 
Diluted weighted average common shares outstanding166,561 166,604 
Basic earnings per common share$0.70 $0.60 
Diluted earnings per common share$0.70 $0.59 
Excluded from the earnings per common share calculations were 0.2 million and 1.0 million anti-dilutive common stock options for the three months ended March 31, 2026 and 2025.
Note 4 Stock-Based Compensation
The fair values of stock options and restricted stock are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 and 2025 Incentive Compensation Plans, expenses related to stock options and restricted stock grants are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.
A summary of the Corporation’s stock option activity for the three months ended March 31, 2026 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value(a)
Outstanding at December 31, 20251,460 $22.71 2.52 years$4,483 
Exercised242 23.84 
Outstanding at March 31, 20261,218 $22.49 2.56 years$4,123 
Options Exercisable at March 31, 20261,218 $22.49 2.56 years$4,123 
(a) In thousands
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2026, the intrinsic value of stock options exercised was $1.2 million, compared to $0.3 million for the three months ended March 31, 2025. All stock options were vested as of December 31, 2024.
11

The Corporation has issued service-based and performance-based restricted stock grants, in the form of awards and units, under the 2025 Incentive Compensation Plans. Service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.
The following table summarizes information about the Corporation’s restricted stock activity for the three months ended March 31, 2026:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20252,372 $22.02 
Granted884 26.57 
Vested664 22.79 
Forfeited13 23.59 
Outstanding at March 31, 20262,579 $23.37 
(a) In thousands
The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock granted during 2025 and 2026 will cliff-vest after the three year performance period has ended. Service-based restricted stock granted during 2025 and 2026 will generally vest ratably over a period of four years. Expense for restricted stock of $7.4 million and $7.6 million was recorded for the three months ended March 31, 2026 and March 31, 2025, respectively. Included in compensation expense for the accelerated vesting of restricted stock granted to retirement eligible colleagues was $4.1 million and $4.3 million of expense the first three months of 2026 and 2025, respectively. The Corporation had $32.5 million of unrecognized compensation costs related to restricted stock at March 31, 2026 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2030.
The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.
12

Note 5 Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at March 31, 2026 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $1 $(44)$3,020 
Residential mortgage-related securities:
FNMA/FHLMC136,572 892 (5,881)131,583 
GNMA5,091,918 12,930 (8,189)5,096,659 
Commercial mortgage-related securities:
FNMA/FHLMC17,864 — (928)16,936 
GNMA112,710 — (4,579)108,131 
Asset backed securities:
FFELP92,852 12 (1,036)91,828 
SBA63,257 231 (187)63,301 
Other debt securities3,000 — (2)2,998 
Total AFS investment securities$5,521,236 $14,066 $(20,846)$5,514,456 
HTM investment securities
U.S. Treasury securities$996 $11 $— $1,007 
Obligations of state and political subdivisions (municipal securities)1,618,922 1,212 (157,227)1,462,907 
Residential mortgage-related securities:
FNMA/FHLMC811,047 38 (129,239)681,846 
GNMA38,021 33 (2,365)35,689 
Private-label298,196 — (44,962)253,234 
Commercial mortgage-related securities:
FNMA/FHLMC761,410 — (111,600)649,810 
GNMA42,309 — (4,353)37,956 
Total HTM investment securities$3,570,901 $1,294 $(449,746)$3,122,449 


13

The amortized cost and fair values of AFS and HTM securities at December 31, 2025 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $1 $(20)$3,044 
Residential mortgage-related securities:
FNMA/FHLMC134,142 1,214 (5,493)129,863 
GNMA5,000,015 40,067 (253)5,039,829 
Commercial mortgage-related securities:
FNMA/FHLMC17,959 — (1,001)16,958 
GNMA113,374 — (3,818)109,556 
Asset backed securities:
FFELP95,977 19 (950)95,046 
SBA283 — (14)269 
Other debt securities3,000 — (2)2,998 
Total AFS investment securities$5,367,813 $41,301 $(11,551)$5,397,563 
HTM investment securities
U.S. Treasury securities$996 $19 $— $1,015 
Obligations of state and political subdivisions (municipal securities)1,628,088 3,070 (123,856)1,507,302 
Residential mortgage-related securities:
FNMA/FHLMC823,630 165 (127,333)696,462 
GNMA39,123 82 (2,321)36,884 
Private-label302,817 — (43,990)258,827 
Commercial mortgage-related securities:
FNMA/FHLMC763,370 — (113,004)650,366 
GNMA44,552 152 (4,566)40,138 
 Total HTM investment securities$3,602,576 $3,488 $(415,070)$3,190,994 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at March 31, 2026, are shown below:
 AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,000 $1,000 $647,686 $644,429 
Due after one year through five years4,430 4,421 1,862 1,767 
Due after five years through ten years— — 7,298 7,103 
Due after ten years633 597 963,072 810,615 
Total municipal, U.S. Treasury and other debt securities6,063 6,018 1,619,918 1,463,914 
Residential mortgage-related securities:
FNMA/FHLMC136,572 131,583 811,047 681,846 
GNMA5,091,918 5,096,659 38,021 35,689 
Private-label— — 298,196 253,234 
Commercial mortgage-related securities:
FNMA/FHLMC17,864 16,936 761,410 649,810 
GNMA112,710 108,131 42,309 37,956 
Asset backed securities:
FFELP 92,852 91,828 — — 
SBA63,257 63,301 — — 
Total investment securities$5,521,236 $5,514,456 $3,570,901 $3,122,449 
Ratio of fair value to amortized cost99.9 %87.4 %

14

The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:
Three Months Ended Mar 31,
(in thousands)20262025
Gross losses on HTM securities(4)— 
Fair value adjustment of equity securities(24)4 
Investment securities (losses) gains, net$(28)$4 
Investment securities with a carrying value of $1.2 billion at both March 31, 2026 and December 31, 2025 were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $15.3 million and $17.7 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable on AFS securities totaled $22.8 million and $23.0 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.
The Corporation holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 16% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.
The allowance for credit losses on HTM securities was $0.1 million at both March 31, 2026 and December 31, 2025, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets.

The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2026:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
Losses		Fair
Value		Number
of
Securities		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)1 $(36)$597 1 $(8)$242 $(44)$839 
Residential mortgage-related securities:
FNMA/FHLMC28 (505)36,416 5 (5,376)45,914 (5,881)82,330 
GNMA91 (8,157)1,256,165 2 (32)1,915 (8,189)1,258,080 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (928)16,937 (928)16,937 
GNMA— — — 15 (4,579)108,132 (4,579)108,132 
Asset backed securities:
FFELP2 (92)28,630 12 (944)53,560 (1,036)82,190 
SBA1 (183)26,816 1 (4)73 (187)26,889 
Other debt securities2 (2)1,998 — — — (2)1,998 
Total125 $(8,975)$1,350,622 37 $(11,871)$226,773 $(20,846)$1,577,395 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)455 $(17,977)$636,009 407 $(139,250)$594,738 $(157,227)$1,230,747 
Residential mortgage-related securities:
FNMA/FHLMC17 (125)14,542 96 (129,114)655,718 (129,239)670,260 
GNMA2 (39)3,980 79 (2,326)27,441 (2,365)31,421 
Private-label— — — 18 (44,962)253,234 (44,962)253,234 
 Commercial mortgage-related securities:
FNMA/FHLMC2 (321)26,403 43 (111,279)623,406 (111,600)649,809 
GNMA— — — 13 (4,353)37,956 (4,353)37,956 
Total476 $(18,462)$680,934 656 $(431,284)$2,192,493 $(449,746)$2,873,427 
15

For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2025:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
Losses		Fair
Value		Number
of
Securities		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)— $— $— 2 $(20)$863 $(20)$863 
Residential mortgage-related securities:
FNMA/FHLMC12 (95)14,155 12 (5,398)56,215 (5,493)70,370 
GNMA16 (232)143,734 3 (21)2,674 (253)146,408 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,001)16,958 (1,001)16,958 
GNMA— — — 15 (3,818)109,556 (3,818)109,556 
Asset backed securities:
FFELP2 (152)33,239 12 (798)55,565 (950)88,804 
SBA— — — 2 (14)231 (14)231 
Other debt securities2 (2)1,998 — — — (2)1,998 
Total32 $(481)$193,126 47 $(11,070)$242,062 $(11,551)$435,188 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)81 $(2,978)$89,826 543 $(120,878)$842,485 $(123,856)$932,311 
Residential mortgage-related securities:
FNMA/FHLMC1 — 30 102 (127,333)676,915 (127,333)676,945 
GNMA— — — 80 (2,321)30,237 (2,321)30,237 
Private-label— — — 18 (43,990)258,827 (43,990)258,827 
Commercial mortgage-related securities:
FNMA/FHLMC2 (470)26,287 43 (112,534)624,079 (113,004)650,366 
GNMA— — — 13 (4,566)40,138 (4,566)40,138 
Total84 $(3,448)$116,143 799 $(411,622)$2,472,681 $(415,070)$2,588,824 
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of March 31, 2026 and December 31, 2025, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2026 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of March 31, 2026, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.
Regulatory stocks: The Corporation had FHLB stock of $192.1 million and $154.4 million at March 31, 2026 and December 31, 2025, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million at both March 31, 2026 and December 31, 2025.
Accrued interest receivable on FHLB stock totaled $3.6 million at March 31, 2026 and $2.8 million at December 31, 2025. There was $1.0 million accrued interest receivable on Federal Reserve Bank Stock at March 31, 2026 and none at December 31, 2025. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
16

Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $11.1 million at March 31, 2026 and December 31, 2025.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.0 million at March 31, 2026 and December 31, 2025.
Note 6 Loans
The period end loan composition was as follows:
(in thousands)Mar 31, 2026Dec 31, 2025
Commercial and industrial$12,339,597 $11,799,757 
Commercial real estate — owner occupied1,193,778 1,186,324 
Commercial and business lending13,533,375 12,986,081 
Commercial real estate — investor5,266,584 5,246,030 
Real estate construction2,117,479 1,994,642 
Commercial real estate lending7,384,063 7,240,672 
Total commercial20,917,438 20,226,753 
Residential mortgage6,727,734 6,793,957 
Auto finance3,136,334 3,106,498 
Home equity706,075 713,271 
Other consumer310,583 323,135 
Total consumer10,880,726 10,936,861 
Total loans$31,798,164 $31,163,614 
Accrued interest receivable on loans totaled $118.3 million at March 31, 2026 and $117.6 million at December 31, 2025, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $0.3 million for the three months ended March 31, 2026, compared to $0.7 million for the three months ended March 31, 2025.
17

The following table presents loans by credit quality indicator by origination year at March 31, 2026:
Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20262025202420232022PriorTotal
Commercial and industrial:
Risk rating:
Pass$15 $2,136,241 $907,033 $3,857,825 $1,968,939 $1,064,273 $1,056,185 $845,774 $11,836,270 
Special mention— 3,485 48 2,965 13,876 6,244 4,133 34,931 65,682 
Substandard470 46,270 3,622 58,367 74,361 13,745 145,901 75,773 418,039 
Nonaccrual4,412 — 193 — 5,304 4,468 — 9,641 19,606 
Commercial and industrial$4,897 $2,185,996 $910,896 $3,919,157 $2,062,480 $1,088,730 $1,206,219 $966,119 $12,339,597 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $3,075 $34,703 $239,903 $182,647 $145,269 $164,509 $344,437 $1,114,543 
Special mention— 94 — — 9,142 — — — 9,236 
Substandard— 7,280 44 7,090 14,156 15,470 1,682 24,243 69,965 
Nonaccrual— — — — — — — 34 34 
Commercial real estate - owner occupied$— $10,449 $34,747 $246,993 $205,945 $160,739 $166,191 $368,714 $1,193,778 
Commercial and business lending:
Risk rating:
Pass$15 $2,139,316 $941,736 $4,097,728 $2,151,586 $1,209,542 $1,220,694 $1,190,211 $12,950,813 
Special mention— 3,579 48 2,965 23,018 6,244 4,133 34,931 74,918 
Substandard470 53,550 3,666 65,457 88,517 29,215 147,583 100,016 488,004 
Nonaccrual4,412 — 193 — 5,304 4,468 — 9,675 19,640 
Commercial and business lending$4,897 $2,196,445 $945,643 $4,166,150 $2,268,425 $1,249,469 $1,372,410 $1,334,833 $13,533,375 
Commercial real estate - investor:
Risk rating:
Pass$— $186,359 $330,533 $1,773,563 $727,844 $483,401 $666,331 $835,849 $5,003,880 
Special mention— — — 39,938 — 14,730 81,330 32,454 168,452 
Substandard— — — 17,571 10,953 5,129 41,183 11,338 86,174 
Nonaccrual— — — — — — 8,078 — 8,078 
Commercial real estate - investor$— $186,359 $330,533 $1,831,072 $738,797 $503,260 $796,922 $879,641 $5,266,584 
Real estate construction:
Risk rating:
Pass$— $25,335 $26,855 $470,524 $803,327 $153,221 $122,501 $7,313 $1,609,076 
Special mention— — — — — 1,773 23,650 — 25,423 
Substandard— — 49,624 143,464 17,702 79,101 193,064 — 482,955 
Nonaccrual— — — — — — — 25 25 
Real estate construction$— $25,335 $76,479 $613,988 $821,029 $234,095 $339,215 $7,338 $2,117,479 
Commercial real estate lending:
Risk rating:
Pass$— $211,694 $357,388 $2,244,087 $1,531,171 $636,622 $788,832 $843,162 $6,612,956 
Special mention— — — 39,938 — 16,503 104,980 32,454 193,875 
Substandard— — 49,624 161,035 28,655 84,230 234,247 11,338 569,129 
Nonaccrual— — — — — — 8,078 25 8,103 
Commercial real estate lending$— $211,694 $407,012 $2,445,060 $1,559,826 $737,355 $1,136,137 $886,979 $7,384,063 
Total commercial:
Risk rating:
Pass$15 $2,351,010 $1,299,124 $6,341,815 $3,682,757 $1,846,164 $2,009,526 $2,033,373 $19,563,769 
Special mention— 3,579 48 42,903 23,018 22,747 109,113 67,385 268,793 
Substandard470 53,550 53,290 226,492 117,172 113,445 381,830 111,354 1,057,133 
Nonaccrual4,412 — 193 — 5,304 4,468 8,078 9,700 27,743 
Total commercial$4,897 $2,408,139 $1,352,655 $6,611,210 $3,828,251 $1,986,824 $2,508,547 $2,221,812 $20,917,438 
18

Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20262025202420232022PriorTotal
Residential mortgage:
Risk rating:
Pass$— $— $64,436 $259,990 $249,460 $450,109 $1,465,780 $4,164,383 $6,654,158 
Special mention— — — — — — — 32 32 
Substandard— — — — 576 5,655 127 296 6,654 
Nonaccrual— — — 2,056 3,591 5,136 11,344 44,763 66,890 
Residential mortgage$— $— $64,436 $262,046 $253,627 $460,900 $1,477,251 $4,209,474 $6,727,734 
Auto finance:
Risk rating:
Pass$— $— $339,662 $1,186,673 $757,889 $486,428 $332,417 $22,052 $3,125,121 
Special mention— — — 496 511 697 553 57 2,314 
Substandard— — — — — 11 — — 11 
Nonaccrual— — — 1,055 1,671 3,015 2,839 308 8,888 
Auto finance$— $— $339,662 $1,188,224 $760,071 $490,151 $335,809 $22,417 $3,136,334 
Home equity:
Risk rating:
Pass$5,547 $618,030 $60 $1,149 $1,989 $3,489 $20,088 $53,737 $698,542 
Special mention205 43 — — 216 40 — 284 583 
Nonaccrual238 269 — 160 245 281 1,049 4,946 6,950 
Home equity$5,990 $618,342 $60 $1,309 $2,450 $3,810 $21,137 $58,967 $706,075 
Other consumer:
Risk rating:
Pass$215 $244,002 $2,959 $11,753 $3,442 $1,856 $675 $42,941 $307,628 
Special mention— 801 — 33 — 2 4 — 840 
Substandard— 2,005 — — — — — — 2,005 
Nonaccrual(b)
— 60 — 10 2 7 31 — 110 
Other consumer$215 $246,868 $2,959 $11,796 $3,444 $1,865 $710 $42,941 $310,583 
Total consumer:
Risk rating:
Pass$5,762 $862,032 $407,117 $1,459,565 $1,012,780 $941,882 $1,818,960 $4,283,113 $10,785,449 
Special mention205 844 — 529 727 739 557 373 3,769 
Substandard— 2,005 — — 576 5,666 127 296 8,670 
Nonaccrual(b)
238 329 — 3,281 5,509 8,439 15,263 50,017 82,838 
Total consumer$6,205 $865,210 $407,117 $1,463,375 $1,019,592 $956,726 $1,834,907 $4,333,799 $10,880,726 
Total loans:
Risk rating:
Pass$5,777 $3,213,042 $1,706,241 $7,801,380 $4,695,537 $2,788,046 $3,828,486 $6,316,486 $30,349,218 
Special mention205 4,423 48 43,432 23,745 23,486 109,670 67,758 272,562 
Substandard470 55,555 53,290 226,492 117,748 119,111 381,957 111,650 1,065,803 
Nonaccrual4,650 329 193 3,281 10,813 12,907 23,341 59,717 110,581 
Total loans$11,102 $3,273,349 $1,759,772 $8,074,585 $4,847,843 $2,943,550 $4,343,454 $6,555,611 $31,798,164 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.
(b) Excluding guaranteed portion of student loans


19

The following table presents loans by credit quality indicator by origination year at December 31, 2025:
Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20252024202320222021PriorTotal
Commercial and industrial:
Risk rating:
Pass$503 $1,920,351 $3,886,880 $2,097,760 $1,133,873 $1,238,941 $521,793 $471,834 $11,271,432 
Special mention— 11,139 3,024 311 13,774 5,849 24,971 293 59,361 
Substandard7,290 65,451 60,593 78,773 22,126 162,841 70,231 1,771 461,786 
Nonaccrual1,473 — 25 7,153 — — — — 7,178 
Commercial and industrial$9,266 $1,996,941 $3,950,522 $2,183,997 $1,169,773 $1,407,631 $616,995 $473,898 $11,799,757 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $2,957 $241,141 $180,867 $141,254 $167,496 $157,837 $201,588 $1,093,140 
Special mention— — — 11,620 5,432 — — 1,242 18,294 
Substandard— 13,445 7,478 14,001 15,635 1,691 11,929 10,508 74,687 
Nonaccrual— — 203 — — — — — 203 
Commercial real estate - owner occupied$— $16,402 $248,822 $206,488 $162,321 $169,187 $169,766 $213,338 $1,186,324 
Commercial and business lending:
Risk rating:
Pass$503 $1,923,308 $4,128,021 $2,278,627 $1,275,127 $1,406,437 $679,630 $673,422 $12,364,572 
Special mention— 11,139 3,024 11,931 19,206 5,849 24,971 1,535 77,655 
Substandard7,290 78,896 68,071 92,774 37,761 164,532 82,160 12,279 536,473 
Nonaccrual1,473 — 228 7,153 — — — — 7,381 
Commercial and business lending$9,266 $2,013,343 $4,199,344 $2,390,485 $1,332,094 $1,576,818 $786,761 $687,236 $12,986,081 
Commercial real estate - investor:
Risk rating:
Pass$3,195 $185,825 $1,842,395 $776,187 $503,511 $711,947 $432,442 $503,468 $4,955,775 
Special mention— — 40,067 11,135 14,809 58,523 26,964 5,007 156,505 
Substandard— — 24,090 1,446 7,741 70,608 17,633 3,921 125,439 
Nonaccrual— — — 546 — 7,765 — — 8,311 
Commercial real estate - investor$3,195 $185,825 $1,906,552 $789,314 $526,061 $848,843 $477,039 $512,396 $5,246,030 
Real estate construction:
Risk rating:
Pass$— $33,847 $359,610 $720,429 $223,239 $175,056 $2,991 $5,768 $1,520,940 
Special mention— — 20,611 — — 51,262 — — 71,873 
Substandard— — 122,320 42,511 48,980 187,874 — — 401,685 
Nonaccrual— — — — — — — 144 144 
Real estate construction$— $33,847 $502,541 $762,940 $272,219 $414,192 $2,991 $5,912 $1,994,642 
Commercial real estate lending:
Risk rating:
Pass$3,195 $219,672 $2,202,005 $1,496,616 $726,750 $887,003 $435,433 $509,236 $6,476,715 
Special mention— — 60,678 11,135 14,809 109,785 26,964 5,007 228,378 
Substandard— — 146,410 43,957 56,721 258,482 17,633 3,921 527,124 
Nonaccrual— — — 546 — 7,765 — 144 8,455 
Commercial real estate lending$3,195 $219,672 $2,409,093 $1,552,254 $798,280 $1,263,035 $480,030 $518,308 $7,240,672 
20

Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20252024202320222021PriorTotal
Total commercial:
Risk rating:
Pass$3,698 $2,142,980 $6,330,026 $3,775,243 $2,001,877 $2,293,440 $1,115,063 $1,182,658 $18,841,287 
Special mention— 11,139 63,702 23,066 34,015 115,634 51,935 6,542 306,033 
Substandard7,290 78,896 214,481 136,731 94,482 423,014 99,793 16,200 1,063,597 
Nonaccrual1,473 — 228 7,699 — 7,765 — 144 15,836 
Total commercial$12,461 $2,233,015 $6,608,437 $3,942,739 $2,130,374 $2,839,853 $1,266,791 $1,205,544 $20,226,753 
Residential mortgage:
Risk rating:
Pass$— $— $253,364 $238,787 $480,076 $1,488,335 $1,499,223 $2,764,379 $6,724,164 
Substandard— — — 580 292 129 300 — 1,301 
Nonaccrual— — 2,425 3,102 5,101 13,141 8,985 35,738 68,492 
Residential mortgage$— $— $255,789 $242,469 $485,469 $1,501,605 $1,508,508 $2,800,117 $6,793,957 
Auto finance:
Risk rating:
Pass$— $— $1,287,267 $842,838 $551,549 $388,064 $26,402 $2 $3,096,122 
Special mention— — 295 325 814 621 50 — 2,105 
Nonaccrual— — 559 1,356 2,811 3,255 290 — 8,271 
Auto finance$— $— $1,288,121 $844,519 $555,174 $391,940 $26,742 $2 $3,106,498 
Home equity:
Risk rating:
Pass$15,259 $623,853 $855 $2,188 $2,728 $20,514 $4,733 $49,793 $704,664 
Special mention315 52 — 119 190 104 — 368 833 
Nonaccrual1,038 173 2 221 333 1,016 414 5,615 7,774 
Home equity$16,612 $624,078 $857 $2,528 $3,251 $21,634 $5,147 $55,776 $713,271 
Other consumer:
Risk rating:
Pass$529 $255,490 $13,159 $4,070 $1,990 $958 $264 $43,575 $319,506 
Special mention12 1,139 27 — 5 9 — 20 1,200 
Substandard— 2,374 — — — — — — 2,374 
Nonaccrual(b)
2 35 — 3 12 — 2 3 55 
Other consumer$543 $259,038 $13,186 $4,073 $2,007 $967 $266 $43,598 $323,135 
Total consumer:
Risk rating:
Pass$15,788 $879,343 $1,554,645 $1,087,883 $1,036,343 $1,897,871 $1,530,622 $2,857,749 $10,844,456 
Special mention327 1,191 322 444 1,009 734 50 388 4,138 
Substandard— 2,374 — 580 292 129 300 — 3,675 
Nonaccrual(b)
1,040 208 2,986 4,682 8,257 17,412 9,691 41,356 84,592 
Total consumer$17,155 $883,116 $1,557,953 $1,093,589 $1,045,901 $1,916,146 $1,540,663 $2,899,493 $10,936,861 
Total loans:
Risk rating:
Pass$19,486 $3,022,323 $7,884,671 $4,863,126 $3,038,220 $4,191,311 $2,645,685 $4,040,407 $29,685,743 
Special mention327 12,330 64,024 23,510 35,024 116,368 51,985 6,930 310,171 
Substandard7,290 81,270 214,481 137,311 94,774 423,143 100,093 16,200 1,067,272 
Nonaccrual2,513 208 3,214 12,381 8,257 25,177 9,691 41,500 100,428 
Total loans$29,616 $3,116,131 $8,166,390 $5,036,328 $3,176,275 $4,755,999 $2,807,454 $4,105,037 $31,163,614 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.
(b) Excluding guaranteed portion of student loans

21

The following table presents gross charge offs by origination year for the three months ended March 31, 2026:
Gross Charge Offs by Origination Year
(in thousands)Rev Loans Amortized Cost Basis20262025202420232022PriorTotal
Commercial and industrial$1,730 $— $61 $135 $690 $390 $— $3,006 
Commercial real estate-owner occupied— — — — — — — — 
Commercial and business lending1,730 — 61 135 690 390 — 3,006 
Commercial real estate-investor— — — — — — — — 
Real estate construction— — — — — — — — 
Commercial real estate lending— — — — — — — — 
Total commercial1,730 — 61 135 690 390 — 3,006 
Residential mortgage— — 6 27 21 24 60 138 
Auto finance— — 493 536 759 972 10 2,770 
Home equity1 — 2 — — — — 3 
Other consumer2,170 — 5 8 5 5 100 2,293 
Total consumer2,171 — 506 571 785 1,001 170 5,204 
Total gross charge offs$3,901 $— $567 $706 $1,475 $1,391 $170 $8,210 
The following table presents gross charge offs by origination year for the year ended December 31, 2025:
Gross Charge Offs by Origination Year
(in thousands)Rev Loans Amortized Cost Basis20252024202320222021PriorTotal
Commercial and industrial$5,424 $831 $627 $3,555 $3,799 $379 $— $14,615 
Commercial real estate-owner occupied— — — 113 — — — 113 
Commercial and business lending5,424 831 627 3,668 3,799 379 — 14,728 
Commercial real estate-investor— — 8,356 184 12,666 — — 21,206 
Real estate construction— — — — — — — — 
Commercial real estate lending— — 8,356 184 12,666 — — 21,206 
Total commercial5,424 831 8,983 3,852 16,465 379 — 35,934 
Residential mortgage— — 115 209 320 74 430 1,148 
Auto finance— 432 1,699 2,804 3,384 433 — 8,752 
Home equity— — — 26 5 5 380 416 
Other consumer8,194 18 85 63 63 224 56 8,703 
Total consumer8,194 450 1,899 3,102 3,772 736 866 19,019 
Total gross charge offs$13,618 $1,281 $10,882 $6,954 $20,237 $1,115 $866 $54,953 
Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.
For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit or in the credit position at some future date. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Commercial loan relationships over $0.5 million in nonaccrual status, or that otherwise do not share similar risk characteristics with other loans, including those for which a debt restructuring is probable, are evaluated individually for expected credit losses. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.
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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $17.8 million and $20.1 million at March 31, 2026 and December 31, 2025, respectively.
The following table presents loans by past due status at March 31, 2026:
Accruing
(in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$12,295,353 $24,050 $203 $385 $19,606 $12,339,597 
Commercial real estate - owner occupied1,193,399 345 — — 34 1,193,778 
Commercial and business lending13,488,752 24,395 203 385 19,640 13,533,375 
Commercial real estate - investor5,225,019 33,012 475 — 8,078 5,266,584 
Real estate construction2,117,454 — — — 25 2,117,479 
Commercial real estate lending7,342,473 33,012 475 — 8,103 7,384,063 
Total commercial20,831,225 57,407 678 385 27,743 20,917,438 
Residential mortgage6,653,089 7,723 32 — 66,890 6,727,734 
Auto finance3,112,886 12,235 2,314 11 8,888 3,136,334 
Home equity696,383 2,159 583 — 6,950 706,075 
Other consumer(c)
306,206 1,297 876 2,094 110 310,583 
Total consumer10,768,564 23,414 3,805 2,105 82,838 10,880,726 
Total loans$31,599,789 $80,821 $4,483 $2,490 $110,581 $31,798,164 
(a) Of the total nonaccrual loans, $45.6 million, or 41%, were current with respect to payment at March 31, 2026.
(b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2026. In addition, there were $13.2 million of nonaccrual loans for which there was no related ACLL at March 31, 2026.
(c) Past due portions exclude guaranteed student loans.
The following table presents loans by past due status at December 31, 2025:
Accruing
(in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days 
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$11,789,526 $2,153 $530 $370 $7,178 $11,799,757 
Commercial real estate - owner occupied1,186,087 — 34 — 203 1,186,324 
Commercial and business lending12,975,613 2,153 564 370 7,381 12,986,081 
Commercial real estate - investor5,218,314 14,148 5,257 — 8,311 5,246,030 
Real estate construction1,994,381 117 — — 144 1,994,642 
Commercial real estate lending7,212,695 14,265 5,257 — 8,455 7,240,672 
Total commercial20,188,308 16,418 5,821 370 15,836 20,226,753 
Residential mortgage6,712,330 13,135 — — 68,492 6,793,957 
Auto finance3,081,782 14,340 2,105 — 8,271 3,106,498 
Home equity701,719 2,945 833 — 7,774 713,271 
Other consumer(c)
317,932 1,473 1,231 2,444 55 323,135 
Total consumer10,813,763 31,893 4,169 2,444 84,592 10,936,861 
Total loans$31,002,071 $48,311 $9,990 $2,814 $100,428 $31,163,614 
(a) Of the total nonaccrual loans, $31.2 million, or 31%, were current with respect to payment at December 31, 2025.
(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2025. In addition, there were $14.6 million of nonaccrual loans for which there was no related ACLL at December 31, 2025
(c) Past due portions exclude guaranteed student loans.

Loan Modifications
The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at March 31, 2026 and March 31, 2025.
Interest Rate Concession
Amortized Cost
Three Months Ended Mar 31,
(in thousands)20262025
Commercial and industrial$153 $176 
Other consumer704 887 
Total loans modified$857 $1,063 
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Term Extension
Amortized Cost
Three Months Ended Mar 31,
(in thousands)20262025
Residential mortgage$510 $— 
Combination - Interest Rate Concession and Term Extension
Amortized Cost
Three Months Ended Mar 31,
(in thousands)20262025
Residential mortgage$2,330 $1,644 
Home equity54 61 
Total loans modified$2,384 $1,704 
The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans.
Interest Rate Concession
Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
Three Months Ended Mar 31,
Loan Type20262025
Commercial and industrial(22)%(25)%
Residential mortgage1 %1 %
Home equity(3)%(4)%
Other consumer(21)%(21)%
Weighted average of total loans modified(5)%(8)%
(a) Some interest rate concessions may involve an increase in rate that was lower in comparison to prevailing market rates.
Term Extension
Financial Effect, Weighted Average Term Increase(a)
Three Months Ended Mar 31,
Loan Type20262025
Residential mortgage102 months145 months
Home equity60 months60 months
Weighted average of total loans modified101 months141 months
(a) During the three months ended March 31, 2026 and March 31, 2025, term extensions changed the weighted average term on modified loans from 308 to 409 months and 258 to 399 months, respectively.
The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2026:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$461 $— $— 
Residential mortgage5,759 1,365 716 
Home equity267 — 27 
Other consumer2,139 — — 
Total loans modified$8,626 $1,365 $743 
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The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2025:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$459 $— $— 
Residential mortgage3,037 346 572 
Auto finance1 — — 
Home equity267 — — 
Other consumer2,421 — — 
Total loans modified$6,184 $346 $572 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession for loans that were modified in the previous twelve months and subsequently had a payment default during the three months ended March 31, 2026:
Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Residential mortgage$— $— $304 
Total loans modified$— $— $304 
None of the loans modified in the previous twelve months subsequently had a payment default during the three months ended March 31, 2025.
The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.
Allowance for Credit Losses on Loans
The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for March 31, 2026 was the Moody's baseline scenario from February 2026, which was reviewed against the March 2026 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

25

The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2026:
(in thousands)Dec 31, 2025Charge offsRecoveriesNet
(Charge offs) Recoveries		Provision for Credit LossesMar 31, 2026ACLL / Loans
Allowance for loan losses
Commercial and industrial$168,636 $(3,006)$270 $(2,736)$15,231 $181,131 
Commercial real estate — owner occupied11,327 — — — (635)10,692 
Commercial and business lending179,963 (3,006)270 (2,736)14,596 191,823 
Commercial real estate — investor58,243 — 500 500 (5,110)53,633 
Real estate construction46,595 — 2 2 4,493 51,090 
Commercial real estate lending104,838 — 502 502 (617)104,723 
Total commercial284,801 (3,006)772 (2,234)13,979 296,546 
Residential mortgage33,644 (138)286 148 (1,053)32,739 
Auto finance27,470 (2,770)927 (1,843)1,169 26,796 
Home equity16,343 (3)442 439 (1,504)15,278 
Other consumer15,810 (2,293)471 (1,822)409 14,397 
Total consumer93,267 (5,204)2,126 (3,078)(979)89,210 
Total loans$378,068 $(8,210)$2,898 $(5,312)$13,000 $385,756 
Allowance for unfunded commitments
Commercial and industrial$18,698 $— $— $— $(2,512)$16,186 
Commercial real estate — owner occupied132 — — — 67 199 
Commercial and business lending18,830 — — — (2,445)16,385 
Commercial real estate — investor499 — — — (233)266 
Real estate construction17,947 — — — 773 18,720 
Commercial real estate lending18,446 — — — 540 18,986 
Total commercial37,276 — — — (1,905)35,371 
Home equity2,406 — — — (130)2,276 
Other consumer1,594 — — — 35 1,629 
Total consumer4,000 — — — (95)3,905 
Total loans$41,276 $— $— $— $(2,000)$39,276 
Allowance for credit losses on loans
Commercial and industrial$187,334 $(3,006)$270 $(2,736)$12,719 $197,317 1.60 %
Commercial real estate — owner occupied11,459 — — — (568)10,891 0.91 %
Commercial and business lending198,793 (3,006)270 (2,736)12,151 208,208 1.54 %
Commercial real estate — investor58,742 — 500 500 (5,343)53,899 1.02 %
Real estate construction64,542 — 2 2 5,266 69,810 3.30 %
Commercial real estate lending123,284 — 502 502 (77)123,709 1.68 %
Total commercial322,077 (3,006)772 (2,234)12,074 331,917 1.59 %
Residential mortgage33,644 (138)286 148 (1,053)32,739 0.49 %
Auto finance27,470 (2,770)927 (1,843)1,169 26,796 0.85 %
Home equity18,749 (3)442 439 (1,634)17,554 2.49 %
Other consumer17,404 (2,293)471 (1,822)444 16,026 5.16 %
Total consumer97,267 (5,204)2,126 (3,078)(1,074)93,115 0.86 %
Total loans$419,344 $(8,210)$2,898 $(5,312)$11,000 $425,032 1.34 %




26

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2025:
(in thousands)Dec 31, 2024Charge offsRecoveriesNet
(Charge offs) Recoveries		Provision for Credit LossesDec 31, 2025ACLL / Loans
Allowance for loan losses
Commercial and industrial$136,596 $(14,615)$8,357 $(6,258)$38,298 $168,636 
Commercial real estate — owner occupied9,417 (113)— (113)2,023 11,327 
Commercial and business lending146,013 (14,728)8,357 (6,371)40,321 179,963 
Commercial real estate — investor71,547 (21,206)2,985 (18,221)4,917 58,243 
Real estate construction51,499 — 154 154 (5,058)46,595 
Commercial real estate lending123,046 (21,206)3,139 (18,067)(141)104,838 
Total commercial269,060 (35,934)11,496 (24,438)40,180 284,801 
Residential mortgage32,576 (1,148)615 (533)1,601 33,644 
Auto finance28,467 (8,752)3,029 (5,723)4,726 27,470 
Home equity16,620 (416)999 583 (860)16,343 
Other consumer16,823 (8,703)1,837 (6,866)5,853 15,810 
Total consumer94,486 (19,019)6,480 (12,539)11,320 93,267 
Total loans$363,545 $(54,953)$17,976 $(36,977)$51,500 $378,068 
Allowance for unfunded commitments
Commercial and industrial$14,456 $— $— $— $4,242 $18,698 
Commercial real estate — owner occupied151 — — — (19)132 
Commercial and business lending14,607 — — — 4,223 18,830 
Commercial real estate — investor578 — — — (79)499 
Real estate construction19,591 — — — (1,644)17,947 
Commercial real estate lending20,169 — — — (1,723)18,446 
Total commercial34,776 — — — 2,500 37,276 
Home equity2,465 — — — (59)2,406 
Other consumer1,535 — — — 59 1,594 
Total consumer4,000 — — — — 4,000 
Total loans$38,776 $— $— $— $2,500 $41,276 
Allowance for credit losses on loans
Commercial and industrial$151,052 $(14,615)$8,357 $(6,258)$42,540 $187,334 1.59 %
Commercial real estate — owner occupied9,568 (113)— (113)2,004 11,459 0.97 %
Commercial and business lending160,620 (14,728)8,357 (6,371)44,544 198,793 1.53 %
Commercial real estate — investor72,125 (21,206)2,985 (18,221)4,838 58,742 1.12 %
Real estate construction71,090 — 154 154 (6,702)64,542 3.24 %
Commercial real estate lending143,215 (21,206)3,139 (18,067)(1,864)123,284 1.70 %
Total commercial303,835 (35,934)11,496 (24,438)42,680 322,077 1.59 %
Residential mortgage32,576 (1,148)615 (533)1,601 33,644 0.50 %
Auto finance28,467 (8,752)3,029 (5,723)4,726 27,470 0.88 %
Home equity19,085 (416)999 583 (919)18,749 2.63 %
Other consumer18,358 (8,703)1,837 (6,866)5,912 17,404 5.39 %
Total consumer98,486 (19,019)6,480 (12,539)11,320 97,267 0.89 %
Total loans$402,322 $(54,953)$17,976 $(36,977)$54,000 $419,344 1.35 %
Note 7 Goodwill and Other Intangible Assets
Goodwill
The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in the first three months of 2025 or the first three months of 2026.
The Corporation had goodwill of $1.1 billion at both March 31, 2026 and December 31, 2025.
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Core Deposit Intangibles
The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:
(in thousands)Three Months Ended Mar 31, 2026Year Ended Dec 31, 2025
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $88,109 
Accumulated amortization(67,462)(65,260)
Net book value$20,647 $22,849 
Amortization during the period$2,203 $8,811 
Mortgage Servicing Rights
A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:
(in thousands)Three Months Ended Mar 31, 2026Year Ended Dec 31, 2025
Mortgage servicing rights
Mortgage servicing rights at beginning of period$86,337 $87,683 
Additions2,246 8,716 
Decay(2,245)(8,621)
Valuation:
Changes in fair value of asset1,261 (1,441)
Mortgage servicing rights at end of period$87,599 $86,337 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)$6,144,785 $6,191,012 
Mortgage servicing rights to servicing portfolio1.43 %1.39 %
The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2026. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:
(in thousands)Core Deposit IntangiblesMortgage Servicing Rights
Nine Months Ended December 31, 2026$6,608 $6,785 
20278,811 11,573 
20283,485 11,793 
20291,681 11,060 
203062 10,080 
2031— 8,988 
Beyond 2031— 27,320 
Total estimated amortization expense and MSRs decay(a)
$20,647 $87,599 
(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
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Note 8 Short and Long-Term Funding
The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):
(in thousands)March 31, 2026December 31, 2025
Short-term funding
Federal funds purchased$353,280 $260,070 
Securities sold under agreements to repurchase42,372 47,794 
Federal funds purchased and securities sold under agreements to repurchase$395,652 $307,864 
Long-term funding
Corporation senior notes, at par$300,000 $300,000 
Corporation subordinated notes, at par300,000 300,000 
Discount and capitalized costs(7,190)(7,484)
Subordinated debt fair value hedge(a)
(181)1,760 
Total long-term funding$592,629 $594,276 
   Total short and long-term funding, excluding FHLB advances$988,281 $902,140 
FHLB advances
Short-term FHLB advances$3,010,000 $2,855,250 
Long-term FHLB advances414,089 414,122 
FHLB advances fair value hedge(a)
(2,327)(1,278)
Total FHLB advances$3,421,762 $3,268,094 
Total short and long-term funding$4,410,043 $4,170,234 
(a) For additional information on the fair value hedges, see Note 9.
Securities Sold Under Agreements to Repurchase
The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).
The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At March 31, 2026, the Corporation had pledged securities valued at 275% of the gross outstanding balance of repurchase agreements to manage this risk.
The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:
Overnight and Continuous
(in thousands)March 31, 2026December 31, 2025
Repurchase agreements
Agency mortgage-related securities$42,372 $47,794 
Long-Term Funding
Senior Notes
In August 2024, the Corporation issued $300.0 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes due August 29, 2030. During the period from, and including, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR, as defined in the Global Note issued in connection with the senior notes, plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the redemption price, as defined in the Global Note issued in connection with the senior notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029, the Corporation may at its option, redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may, at its option,
29

redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount.
Subordinated Notes 
In February 2023, the Corporation issued $300.0 million of 10-year subordinated notes, due March 1, 2033 and redeemable in whole or in part at the Corporation's option (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event, as defined in the Global Note issued in connection with the subordinated notes. The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount.
FHLB Advances
Under agreements with the FHLB of Chicago, FHLB advances are secured by pledging qualifying collateral of the subsidiary bank (such as residential mortgage loans, residential mortgage loans held for sale, home equity loans, CRE loans, and investment securities). The FHLB advances had maturity or call dates ranging from 2026 through 2031 at March 31, 2026.
Note 9 Derivative and Hedging Activities
The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.
At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2025 Annual Report on Form 10-K.
The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $76.9 million and $79.4 million of investment securities as collateral at March 31, 2026, and December 31, 2025, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $6.0 million at March 31, 2026 and $11.8 million at December 31, 2025. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2025 Annual Report on Form 10-K.
30

The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments:
 Mar 31, 2026Dec 31, 2025
AssetLiabilityAssetLiability
(in thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Designated as hedging instruments:
Interest rate-related instruments(a)
$1,650,000 $4,253 $850,000 $2,326 $2,425,000 $10,517 $25,000 $1 
Foreign currency exchange forwards43,857 827 260,905 402 280,159 757 38,384 194 
Total designated as hedging instruments5,080 2,728 11,274 195 
Not designated as hedging instruments:
Interest rate-related and other instruments5,970,070 58,177 6,022,235 101,284 4,775,818 66,787 7,072,274 108,631 
Foreign currency exchange forwards60,812 334 12,197 121 48,904 1,731 43,787 1,517 
Mortgage banking(b)
73,415 1,777 146,000 — 39,998 814 107,000 444 
Total not designated as hedging instruments60,288 101,405 69,332 110,592 
Gross derivatives before netting65,368 104,133 80,606 110,787 
Less: Legally enforceable master netting agreements11,708 11,708 12,839 12,839 
Less: Cash collateral pledged/received10,170 3,197 10,343 8,334 
Total derivative instruments, after netting$43,490 $89,228 $57,424 $89,614 

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of March 31, 2026, this includes a swap with an effective date of November 1, 2026 that had a liability notional amount and fair value of $50.0 million and $0.1 million, respectively. As of December 31, 2025, the Corporation did not have any forward starting interest rate-swaps.
(b) The mortgage derivative asset includes interest rate lock commitments, while the mortgage derivative liability includes forward commitments.Given the fair value position as of March 31, 2026 the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and $0.9 million of forward commitments. Given the fair value position as of December 31, 2025, the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and the derivative liability included $0.4 million of forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
(in thousands)Mar 31, 2026Dec 31, 2025
Other long-term funding$(299,819)$181 $(301,760)$(1,760)
FHLB Advances(197,673)2,327 (198,722)1,278 
Total$(497,492)$2,508 $(500,482)$(482)

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2026 and December 31, 2025, the carrying amount excluded for foreign currency denominated loans was $304.8 million and $318.5 million, respectively.
The Corporation terminated its $500.0 million fair value hedge during the fourth quarter of 2019. At March 31, 2026, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $184.8 million and is included in loans on the consolidated balance sheets. This amount includes $0.7 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.
31

The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income:
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value and Cash Flow Hedging Relationships
Three Months Ended Mar 31,
20262025
(in thousands)Interest IncomeInterest (Expense)Interest IncomeInterest (Expense)
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)
$604 $(397)$(1,149)$(2,219)
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items (143)2,990 (32)(6,997)
Derivatives designated as hedging instruments(a)
746 (3,387)(1,118)4,778 
(a) Includes net settlements on the derivatives.
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value Hedging Relationships
Three Months Ended Mar 31,
20262025
(in thousands)Capital Markets, NetCapital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded$2 $1 
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items(4,923)553 
Derivatives designated as hedging instruments4,925 (551)
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):
Three Months Ended Mar 31,
(in thousands)20262025
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a)
$(7,912)$7,268 
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)
(746)1,118 
(a) The entirety of gains (losses) recognized in OCI as well as those reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.
Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $1.6 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to March 31, 2026. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 35 months as of March 31, 2026.
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The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income:
Consolidated Statements of Income Category of Gain / (Loss) 
Recognized in Income		Three Months Ended Mar 31,
(in thousands)20262025
Derivative instruments
Interest rate-related and other instruments — customer and mirror, netCapital markets, net$(30)$(48)
Interest rate-related instruments — MSRs hedgeMortgage banking, net202 1,466 
Foreign currency exchange forwardsCapital markets, net440 500 
Interest rate lock commitments (mortgage)Mortgage banking, net962 661 
Forward commitments (mortgage)Mortgage banking, net444 (837)
Note 10 Balance Sheet Offsetting
Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)
The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.
The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer, or failure to deliver collateral or margin when due).
Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the "demanding party"). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to offset any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.
For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2025 Annual Report on Form 10-K.
The following tables present the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from these tables:
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets 
 (in thousands)Derivative
Liabilities Offset		Cash Collateral ReceivedSecurity Collateral ReceivedNet
Amount
Derivative assets
March 31, 2026$37,112 $(11,708)$(10,170)$15,234 $(15,234)$— 
December 31, 202542,468 (12,839)(10,343)19,286 (18,131)1,155 
Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)Derivative
Assets Offset		Cash Collateral PledgedSecurity Collateral PledgedNet
 Amount
Derivative liabilities
March 31, 2026$(16,831)$11,708 $3,197 $(1,926)$— $(1,926)
December 31, 202523,006 (12,839)(8,334)1,833 — 1,833 
33

Note 11 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:
(in thousands)Mar 31, 2026Dec 31, 2025
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)
$11,847,950 $11,872,816 
Commercial letters of credit(a)
2,047 425 
Standby letters of credit(c)
241,240 222,047 
(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2026 or December 31, 2025.
(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.
(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.4 million at March 31, 2026 and $2.2 million at December 31, 2025, as an estimate of the fair value of these financial instruments.
Lending-related Commitments
As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).
The following table presents a summary of the changes in the allowance for unfunded commitments:
(in thousands)Three Months Ended Mar 31, 2026Year Ended Dec 31, 2025
Allowance for unfunded commitments
Balance at beginning of period$41,276 $38,776 
Provision for unfunded commitments(2,000)2,500 
Balance at end of period$39,276 $41,276 
Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.
Other Commitments
The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation. The aggregate carrying value of these investments at March 31, 2026 was $165.9 million, compared to $174.3 million at December 31, 2025, included in tax credit and other investments on the consolidated balance sheets.
Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $8.5 million and $8.7 million for the three months ended March 31, 2026 and ended March 31, 2025, respectively. The Corporation's remaining investment in qualified affordable housing projects
34

accounted for under the proportional amortization method totaled $166.6 million at March 31, 2026 and $172.2 million at December 31, 2025.
The Corporation’s unfunded contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded contributions totaled $22.0 million at March 31, 2026 and $22.8 million at December 31, 2025.
For the three months ended March 31, 2026 and the year ended December 31, 2025, the Corporation did not record any impairment related to qualified affordable housing investments.
The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial public offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $65.1 million at March 31, 2026 and $62.3 million at December 31, 2025, included in tax credit and other investments on the consolidated balance sheets.
Legal Proceedings
The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.
Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.
Mortgage Repurchase Reserve
The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.
As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $2.2 million and $3.5 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. There were no loss reimbursement and settlement claims paid in the three months ended March 31, 2026 or for the year ended December 31, 2025. Make whole requests since January 1, 2025 generally arose from loans originated since January 1, 2022 with such balances totaling $4.1 billion at the time of sale, consisting primarily of loans sold to GSEs. As of March 31, 2026, $1.8 billion of those loans originated since January 1, 2022 remain outstanding.
The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $0.2 million at March 31, 2026 and $0.3 million at December 31, 2025.
The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At March 31, 2026 and December 31, 2025, there were $13.9 million and $11.4 million, respectively, of residential mortgage loans sold with such recourse risk.
35

There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.
The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At March 31, 2026 and December 31, 2025, there were $290.7 million and $273.4 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.
Note 12 Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).
The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2025 Annual Report on Form 10-K.
36

The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:
Mar 31, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$465,318 $465,318 $465,318 $— $— 
Interest-bearing deposits in other financial institutions920,684 920,684 920,684 — — 
Federal funds sold and securities purchased under agreements to resell175 175 175 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)3,020 3,020 — 3,020 — 
Residential mortgage-related securities:
FNMA / FHLMC131,583 131,583 — 131,583 — 
GNMA5,096,659 5,096,659 — 5,096,659 — 
Commercial mortgage-related securities:
FNMA / FHLMC16,936 16,936 — 16,936 — 
GNMA108,131 108,131 — 108,131 — 
Asset backed securities:
FFELP91,828 91,828 — 91,828 — 
SBA63,301 63,301 — 63,301 — 
Other debt securities2,998 2,998 — 2,998 — 
Total AFS investment securities5,514,456 5,514,456 — 5,514,456 — 
HTM investment securities:
U.S. Treasury securities996 1,007 1,007 — — 
Obligations of state and political subdivisions (municipal securities)1,618,922 1,462,907 — 1,462,907 — 
Residential mortgage-related securities:
FNMA / FHLMC811,047 681,846 — 681,846 — 
GNMA38,021 35,689 — 35,689 — 
Private-label298,196 253,234 — 253,234 — 
Commercial mortgage-related securities:
FNMA / FHLMC761,410 649,810 — 649,810 — 
GNMA42,309 37,956 — 37,956 — 
Total HTM investment securities3,570,901 3,122,449 1,007 3,121,442 — 
Equity securities:
Equity securities11,109 11,109 11,109 — — 
Equity securities at NAV15,000 15,000 
Total equity securities26,109 26,109 
Regulatory stocks290,189 290,189 — 290,189 — 
Residential loans held for sale87,461 87,461 — 87,461 — 
Loans, net31,373,006 30,475,513 — — 30,475,513 
Bank and corporate owned life insurance694,765 694,765 — 694,765 — 
Mortgage servicing rights, net87,599 87,599 — — 87,599 
Interest rate-related instruments designated as hedging instruments(a)
4,253 4,253 — 4,253 — 
Foreign currency exchange forwards designated as hedging instruments(a)
827 827 — 827 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
58,177 58,177 — 58,177 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
334 334 — 334 — 
Interest rate lock commitments to originate residential mortgage loans held for sale1,777 1,777 — — 1,777 
Total selected assets at fair value$43,096,031 $41,750,086 $1,398,293 $9,771,904 $30,564,889 
(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
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Mar 31, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Brokered CDs$3,562,752 $3,556,597 $— $3,556,597 $— 
Other time deposits4,484,077 4,478,871 — 4,478,871 — 
Federal funds purchased and securities sold under agreements to repurchase395,652 395,652 395,652 — — 
FHLB advances3,421,762 3,414,381 — 3,414,381 — 
Senior and subordinated debt592,629 593,506 — 593,506 — 
Standby letters of credit(a)
2,433 2,433 — 2,433 — 
Interest rate-related instruments designated as hedging instruments(b)
2,326 2,326 — 2,326 — 
Foreign currency exchange forwards designated as hedging instruments(b)
402 402 — 402 — 
Interest rate-related and other instruments not designated as hedging instruments(b)
101,284 101,284 — 101,284 — 
Foreign currency exchange forwards not designated as hedging instruments(b)
121 121 — 121 — 
Total selected liabilities at fair value$12,563,438 $12,545,573 $395,652 $12,149,921 $— 

(a) The commitment on standby letters of credit was $241.2 million at March 31, 2026. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(b) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
38

Dec 31, 2025
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$574,698 $574,698 $574,698 $— $— 
Interest-bearing deposits in other financial institutions1,144,123 1,144,123 1,144,123 — — 
Federal funds sold and securities purchased under agreements to resell1,400 1,400 1,400 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)3,044 3,044 — 3,044 — 
Residential mortgage-related securities:
FNMA / FHLMC129,863 129,863 — 129,863 — 
GNMA5,039,829 5,039,829 — 5,039,829 — 
Commercial mortgage-related securities:
FNMA / FHLMC16,958 16,958 — 16,958 — 
GNMA109,556 109,556 — 109,556 — 
Asset backed securities:
FFELP95,046 95,046 — 95,046 — 
SBA269 269 — 269 — 
Other debt securities2,998 2,998 — 2,998 — 
Total AFS investment securities5,397,563 5,397,563 — 5,397,563 — 
HTM investment securities:
U.S. Treasury securities996 1,015 1,015 — — 
Obligations of state and political subdivisions (municipal securities)1,628,088 1,507,302 — 1,507,302 — 
Residential mortgage-related securities:
FNMA / FHLMC823,630 696,462 — 696,462 — 
GNMA39,123 36,884 — 36,884 — 
Private-label302,817 258,827 — 258,827 — 
Commercial mortgage-related securities:
FNMA / FHLMC763,370 650,366 — 650,366 — 
GNMA44,552 40,138 — 40,138 — 
Total HTM investment securities3,602,576 3,190,994 1,015 3,189,979 — 
Equity securities:
Equity securities11,060 11,060 11,060 — — 
Equity securities at NAV15,000 15,000 
Total equity securities26,060 26,060 
Regulatory stocks252,514 252,514 — 252,514 — 
Residential loans held for sale72,499 72,499 — 72,499 — 
Loans, net30,766,886 29,970,788 — — 29,970,788 
Bank and corporate owned life insurance694,452 694,452 — 694,452 — 
Mortgage servicing rights, net86,337 86,337 — — 86,337 
Interest rate-related instruments designated as hedging instruments(a)
10,517 10,517 — 10,517 — 
Foreign currency exchange forwards designated as hedging instruments(a)
757 757 — 757 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
66,787 66,787 — 66,787 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
1,731 1,731 — 1,731 — 
Interest rate lock commitments to originate residential mortgage loans held for sale814 814 — — 814 
Total selected assets at fair value$42,699,714 $41,492,034 $1,732,296 $9,686,799 $30,057,939 
(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
39

Dec 31, 2025
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Brokered CDs$3,795,133 $3,791,245 $— $3,791,245 $— 
Other time deposits4,041,178 4,035,549 — 4,035,549 — 
Federal funds purchased and securities sold under agreements to repurchase307,864 307,864 307,864 — — 
FHLB advances3,268,094 3,267,836 — 3,267,836 — 
Senior and subordinated debt594,276 598,141 — 598,141 — 
Standby letters of credit(a)
2,225 2,225 — 2,225 — 
Interest rate-related instruments designated as hedging instruments(b)
1 1 — 1 — 
Foreign currency exchange forwards designated as hedging instruments(b)
194 194 — 194 — 
Interest rate-related and other instruments not designated as hedging instruments(b)
108,631 108,631 — 108,631 — 
Foreign currency exchange forwards not designated as hedging instruments(b)
1,517 1,517 — 1,517 — 
Forward commitments to sell residential mortgage loans444 444 — — 444 
Total selected liabilities at fair value$12,119,557 $12,113,647 $307,864 $11,805,339 $444 
(a) The commitment on standby letters of credit was $222.0 million at December 31, 2025. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(b) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
The table below presents a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage derivatives measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy:
(in thousands)Interest rate lock commitments to originate residential mortgage loans held for saleForward commitments to sell residential mortgage loans
Balance December 31, 2024$327 $(254)
New production13,435 (3,998)
Closed loans / settlements(13,690)2,738 
Other742 1,958 
Change in mortgage derivative487 698 
Balance December 31, 2025814 444 
New production3,573 (884)
Closed loans / settlements(2,756)721 
Other146 (281)
Change in mortgage derivative963 (444)
Balance March 31, 2026$1,777 $— 
Refer to Note 7 for a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage servicing rights measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy.
The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:
 (in thousands)
Fair value as of December 31, 2024$72 
Gains recognized in investment securities gains, net— 
Purchases14 
Sales(23)
Transfers out of level 3(63)
Fair value as of December 31, 2025$— 
The Corporation did not have any activity for Level 3 equity securities for the three months ended March 31, 2026.
40

The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:
Fair Value
(in thousands)Fair Value HierarchyMarch 31, 2026December 31, 2025
Assets
Individually evaluated loansLevel 3$40,602 $18,659 
OREO(a)
Level 2722 770 
(a) These assets are held at lower of its carrying amount or fair value less cost to sell. Assets included here are those that were adjusted to fair value less cost to sell during the period.
The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
March 31, 2026Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowOption adjusted spread5%-8%5%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate—%-100%8%
Individually evaluated loansDiscounted cash flowDiscount factor45%45%45%
Individually evaluated loansMarket approachAppraisal / Cost to sell59%-90%74%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing ratio72%-100%92%

Note 13 Retirement Plans
The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefit allocations are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.
The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.
The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows:
Three Months Ended Mar 31,
(in thousands)20262025
RAP
Service cost$869 $810 
Interest cost2,749 2,814 
Expected return on plan assets(9,772)(9,809)
Amortization of prior service cost(44)(44)
Total net periodic pension benefit$(6,198)$(6,230)
Postretirement Plan
Interest cost$22 $26 
Amortization of prior service cost(19)(19)
Amortization of actuarial loss (gain)— 4 
Total net periodic cost$3 $12 
The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost components are included in the personnel noninterest expense caption of the consolidated statements of income.
The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during the three months ended 2025 or the three months ended March 31, 2026.
Note 14 Segment Reporting
The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and
41

Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2025 Annual Report on Form 10-K.
Effective beginning the first quarter of 2026, the Corporation made adjustments to both its FTP and expense allocation of shared services to its reportable segments to better align with how management assesses performance and allocates resources. These changes consisted of updates to the FTP methodology, including revisions to the funding curve and deposit assumptions; reassignment of certain branch locations based on the primary business activities supported by those branches; and revisions to the allocation of shared service expenses. The Corporation has recast prior period segment information to conform to the current period presentation.
The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2025 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:
The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.
The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment, and/or re-pricing characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.
The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2025 Annual Report on Form 10-K.
The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.
Indirect expenses incurred by the Corporation's centralized support functions - including facilities, information technology, finance, and corporate risk management - are allocated to reportable segments based on actual usage, such as transaction volumes or FTEs, as well as other relevant drivers that reflect consumption of those services. Because these allocations are based on estimated activity levels, individual period results may reflect variability in the distribution of indirect expenses among segments. Certain corporate-level expenses, including acquisition-related costs, integration expenses, and gains or losses on the disposition of branches or business units, are not allocated and remain in the Risk Management and Shared Services segment. These allocations are reflected as allocated indirect expense in the accompanying tables.
Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.
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Financial information about the Corporation’s segments is presented below:
As of and for the three months ended March 31, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$231,105 $68,436 $7,649 $307,190 
Net intersegment interest (expense) income(102,712)130,030 (27,318)— 
Net interest income (expense)128,393 198,466 (19,669)307,190 
Noninterest income13,891 55,943 6,023 75,857 
Total income (expense) before provision142,284 254,409 (13,646)383,047 
Provision for credit losses20,660 6,934 (16,593)11,001 
Total income after provision121,624 247,475 2,947 372,046 
Noninterest expense
Personnel23,550 64,953 46,669 135,172 
Technology(a)
823 14,124 14,789 29,736 
Occupancy(a)
217 8,351 5,157 13,725 
Business development and advertising969 688 6,170 7,827 
Equipment(a)
6 2,075 3,529 5,610 
Legal and professional 256 682 5,783 6,721 
Loan and foreclosure costs488 940 279 1,707 
FDIC assessment— — 8,837 8,837 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense (income)722 7,681 (778)7,625 
Allocated indirect expense (income)22,699 56,588 (79,287)— 
Total noninterest expense49,730 156,082 13,351 219,163 
Net income (loss) before income taxes71,894 91,393 (10,404)152,883 
Income tax expense13,259 19,192 797 33,248 
Net income (loss)$58,635 $72,201 $(11,201)$119,635 
Loans$18,806,881 $12,609,186 $382,097 $31,798,164 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets19,571,725 13,687,627 12,334,388 45,593,740 
(a) A portion of total depreciation expense of $0.1 million, $6.2 million, and $5.9 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.


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As of and for the three months ended March 31, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$227,286 $62,496 $(3,841)$285,941 
Net intersegment interest (expense) income(96,221)145,379 (49,158)— 
Net interest income (expense)131,065 207,875 (52,999)285,941 
Noninterest income (expense)12,903 49,078 (3,205)58,776 
Total income (expense) before provision143,968 256,953 (56,204)344,717 
Provision for credit losses19,014 6,072 (12,083)13,003 
Total income (expense) after provision124,954 250,881 (44,121)331,714 
Noninterest expense
Personnel21,327 59,872 42,698 123,897 
Technology(a)
591 13,045 13,503 27,139 
Occupancy(a)
146 8,434 6,801 15,381 
Business development and advertising934 837 4,615 6,386 
Equipment(a)
6 2,030 2,491 4,527 
Legal and professional201 814 5,068 6,083 
Loan and foreclosure costs811 1,344 439 2,594 
FDIC assessment— — 10,436 10,436 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense781 7,402 3,791 11,974 
Allocated indirect expense (income)31,339 60,706 (92,045)— 
Total noninterest expense56,135 154,484 — 210,619 
Net income (loss) before income taxes68,819 96,397 (44,121)121,095 
Income tax expense (benefit)12,786 20,244 (13,621)19,409 
Net income (loss)$56,033 $76,153 $(30,500)$101,687 
Loans$17,400,092 $12,417,213 $476,822 $30,294,127 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets17,678,473 12,886,713 12,743,950 43,309,136 
(a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $7.9 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.
The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.
The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.
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Note 15 Accumulated Other Comprehensive Income (Loss)
The following table summarizes the components of accumulated other comprehensive (loss) income at March 31, 2026 and 2025, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):
(in thousands)Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance December 31, 2025
$(2,456)$12,894 $(18,003)$(7,566)
Other comprehensive loss before reclassifications(36,531)— — (36,531)
Amounts reclassified from accumulated other comprehensive (loss) income:
Amortization of net unrealized losses on AFS securities transferred to HTM securities
1,690 — — 1,690 
Other assets / accrued expenses and other liabilities— (7,912)— (7,912)
Interest expense— (746)— (746)
Personnel expense— — (63)(63)
Income tax benefit (expense)8,689 (2,083)16 6,623 
Net other comprehensive loss during period(26,152)(10,741)(47)(36,939)
Balance March 31, 2026$(28,608)$2,153 $(18,050)$(44,505)
Balance December 31, 2024
$(48,993)$(1,268)$(24,154)$(74,416)
Other comprehensive income before reclassifications31,832 — 4,770 36,602 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of net unrealized losses on AFS securities transferred to HTM securities
1,927 — — 1,927 
Other assets / accrued expenses and other liabilities— 7,268 — 7,268 
Interest income— 1,118 — 1,118 
Personnel expense— — (63)(63)
Other expense— — (4)(4)
Income tax (expense) benefit(8,420)2,018 (1,173)(7,576)
Net other comprehensive income during period25,339 10,403 3,530 39,272 
Balance March 31, 2025$(23,655)$9,135 $(20,624)$(35,144)
Note 16 Subsequent Events
On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National.
Pursuant to the Merger Agreement, (i) American National merged with and into Associated Banc-Corp, with Associated Banc-Corp continuing as the surviving corporation, and (ii) following such merger, American National Bank, a national banking association and wholly owned subsidiary of American National, merged with and into the Bank, with the Bank continuing as the surviving bank.
At the effective time of the merger, the outstanding shares of voting common stock and non-voting common stock of American National outstanding immediately prior to the effective time of the merger, other than certain shares held by the Corporation or American National, were converted into the right to receive an aggregate 22,975,382 shares of common stock of the Corporation. This represented 36.250 shares of the Corporation's common stock for each share of outstanding common stock of American National; with cash paid in lieu of fractional shares. Total consideration for the acquisition was $594.1 million valued at the acquisition date fair value of $25.86 per share.
American National operated 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As a result of the acquisition, the Corporation will increase its deposit market share and deliver its products and services to an expanded client base across attractive Midwest markets. As of March 31, 2026, American National had total assets of $5.2 billion, total loans of $3.8 billion and total deposits of $4.5 billion.
The acquisition of American National will be accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. Due to the timing of the acquisition, the initial accounting for the acquisition has not been completed. The Corporation expects to finalize the valuation and complete the purchase price allocation as soon as practicable.
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ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Special Note Regarding Forward-Looking Statements
This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.
All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be described from time to time in the Corporation’s subsequent SEC filings.
Overview
The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.
Performance Summary
•Average loans of $31.3 billion increased $1.2 billion, or 4%, from the first three months of 2025, driven primarily by an increase in commercial and business lending, auto finance, and real estate construction; partially offset by decreases in residential mortgage and other commercial real estate - investor.
•Average deposits of $35.2 billion increased $327.5 million, or 1%, from the first three months of 2025, driven by increases in all deposit types except brokered CDs, interest-bearing demand, and money market.
•Net interest income of $307.2 increased $21.2 million, or 7%, from the first three months of 2025, and net interest margin was 3.03%, compared to 2.97% for the first three months of 2025. The increases in net interest income and net interest margin were driven by increases average balances of interest earning assets alongside a decrease in rates for interest-bearing liabilities.
•Provision for credit losses was $11.0 million compared to $13.0 million for the first three months of 2025, driven by nominal credit movement coupled with general macroeconomic trends.
•Noninterest income of $75.9 million increased $17.1 million, or 29%, from the first three months of 2025, primarily due to higher wealth management fees and mortgage banking revenue as well as the absence of a loss on mortgage portfolio sale that was recognized in the first quarter of 2025 in connection with the completion of balance sheet repositioning announced in the fourth quarter of 2024.
•Noninterest expense of $219.2 million increased $8.5 million, or 4%, from the first three months of 2025, primarily due to an increase in personnel expense, primarily driven by increases in health care benefit costs and annual incentive accruals based on increased FTEs in incentive eligible roles; partially offset by a decrease in other noninterest expense, due to elevated OREO write downs in 2025 as compared to 2026.
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Table 1 Summary Results of Operations: Trends
Quarter ended
(Dollars in thousands, except per share data)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Net income$119,635 $137,129 $124,732 $111,230 $101,687 
Net income available to common equity116,760 134,254 121,857 108,355 98,812 
Earnings per common share - basic 0.70 0.81 0.73 0.65 0.60 
Earnings per common share - diluted0.70 0.80 0.73 0.65 0.59 
Dividend payout ratio(a)
34.29 %29.63 %31.51 %35.38%38.33 %
Book value / share(b)
29.04 28.81 28.17 27.67 27.09 
Tangible book value (TBV) / share(b)(c)
22.23 22.01 21.36 20.84 20.25 
Performance ratios
Return on average assets(d)
1.08 %1.23 %1.12 %1.03 %0.97 %
Return on average tangible assets(c)(d)
1.12 %1.27 %1.17 %1.07 %1.01 %
Return on average equity(d)
9.69 %11.09 %10.26 %9.43 %8.91 %
Return on average tangible common equity (ROATCE)(c)(d)
13.03 %15.04 %14.02 %12.96 %12.34 %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio56.03 %55.21 %54.77 %55.81 %59.72 %
Adjusted efficiency ratio(c)
55.77 %55.15 %54.77 %55.81 %58.55 %
(a) Ratio is based upon basic earnings per common share.
(b) Based on period end common shares outstanding.
(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.
(d) This ratio is annualized.
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Table 2 Net Interest Income Analysis
 Three Months Ended,
 Mar 31, 2026
December 31, 2025(a)
Mar 31, 2025(a)
 (Dollars in thousands)Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial$11,776,702 $172,507 5.94%$11,588,059 $182,101 6.24%$10,583,318 $169,785 6.50%
Commercial real estate—owner occupied1,190,708 15,968 5.44%1,157,531 16,358 5.61%1,141,167 16,200 5.76%
Commercial and business lending12,967,410 188,475 5.89%12,745,590 198,459 6.18%11,724,484 185,985 6.43%
Commercial real estate—investor5,277,283 78,154 6.01%5,291,562 84,153 6.31%5,415,412 87,089 6.52%
Real estate construction2,055,338 34,043 6.72%1,974,318 34,870 7.01%1,898,582 33,945 7.25%
Commercial real estate lending7,332,621 112,197 6.21%7,265,880 119,023 6.50%7,313,994 121,034 6.71%
Total commercial20,300,031 300,672 6.01%20,011,470 317,482 6.30%19,038,479 307,020 6.54%
Residential mortgage6,831,984 64,640 3.78%6,899,778 64,779 3.76%7,256,320 66,823 3.68%
Auto finance3,125,504 41,969 5.45%3,064,457 42,915 5.56%2,844,730 39,176 5.59%
Home equity709,865 11,692 6.60%706,923 12,570 7.11%657,625 12,052 7.34%
Other consumer314,118 8,504 10.98%312,730 8,454 10.72%313,828 8,773 11.34%
Total consumer10,981,471 126,805 4.65%10,983,888 128,718 4.67%11,072,503 126,824 4.61%
Total loans31,281,502 427,477 5.53%30,995,358 446,200 5.72%30,110,982 433,844 5.83%
Investments
Taxable securities7,071,751 75,676 4.28%6,912,251 73,511 4.25%6,398,584 69,788 4.36%
Tax-exempt securities(b)
1,978,501 17,389 3.52%1,990,389 17,534 3.52%2,016,144 17,666 3.50%
Other short-term investments1,016,795 11,641 4.64%972,884 11,294 4.61%757,227 9,243 4.95%
Total investments10,067,047 104,706 4.17%9,875,524 102,339 4.14%9,171,955 96,696 4.22%
Total earning assets and related interest income41,348,549 $532,183 5.20%40,870,882 $548,539 5.34%39,282,937 $530,540 5.45%
Other assets, net3,670,399 3,531,889 3,347,690 
Total assets$45,018,948 $44,402,771 $42,630,627 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,532,848 $17,690 1.30%$5,436,968 $18,823 1.37%$5,162,468 $17,929 1.41%
Interest-bearing demand7,886,442 34,236 1.76%8,054,088 40,309 1.99%8,031,707 45,430 2.29%
Money market6,061,442 34,239 2.29%5,890,836 35,353 2.38%6,079,551 39,560 2.64%
Network transaction deposits1,917,854 17,502 3.70%2,090,587 20,882 3.96%1,847,972 20,067 4.40%
Brokered CDs3,528,294 34,811 4.00%3,998,012 42,056 4.17%4,315,311 49,292 4.63%
Other time deposits4,234,785 36,795 3.52%4,093,939 37,355 3.62%3,756,332 36,862 3.98%
Total interest-bearing deposits29,161,665 175,273 2.44%29,564,430 194,778 2.61%29,193,341 209,140 2.91%
Federal funds purchased and securities sold under agreements to repurchase425,142 3,732 3.56%289,679 2,682 3.67%375,910 3,622 3.91%
FHLB advances3,380,379 31,570 3.79%2,504,464 26,309 4.17%1,595,972 16,090 4.09%
Senior and subordinated debt594,401 10,163 6.84%594,104 10,483 7.06%627,371 11,085 7.07%
Other interest-bearing liabilities11,212 116 4.18%13,212 110 3.29%31,599 408 5.24%
Total funding4,411,134 45,581 4.18%3,401,459 39,584 4.63%2,630,852 31,205 4.79%
Total interest-bearing liabilities and related interest expense33,572,799 $220,854 2.67%32,965,889 $234,362 2.82%31,824,193 $240,345 3.06%
Noninterest-bearing demand deposits5,999,278 6,064,487 5,640,123 
Other liabilities440,344 464,838 535,732 
Stockholders’ equity5,006,527 4,907,557 4,630,578 
Total liabilities and stockholders’ equity$45,018,948 $44,402,771 $42,630,627 
Interest rate spread2.53%2.52%2.39%
Net free funds0.50%0.55%0.58%
Fully tax-equivalent net interest income and net interest margin$311,329 3.03%$314,177 3.06%$290,195 2.97%
Fully tax-equivalent adjustment(4,139)(4,196)(4,254)
Net interest income$307,190 $309,981 $285,941 
(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c) Loans held for sale have been included in the average balances.


48
Notable Contributions to the Change in Net Interest Income
•Fully tax-equivalent net interest income and net interest income increased $21.1 million and $21.2 million, or 7%, as compared to the first three months of 2025, respectively. The average yield on earning assets decreased 25 bp and the cost of interest-bearing liabilities decreased 39 bp from the first three months of 2025. The increase in net interest income was primarily driven by higher earning assets along with an improved interest rate spread.  Asset yields benefitted from an asset mix shift away from lower yielding residential mortgages to higher yielding commercial and industrial loans, while interest bearing liability rates decreased as the interest rate environment declined. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.
•Average earning assets increased $2.1 billion, or 5%, from the first three months of 2025. Average loans increased $1.2 billion, or 4%, from the first three months of 2025, driven by increases in commercial and industrial and auto loans, partially offset by decreases in residential mortgage loans as a result of the completion of the Corporation's mortgage portfolio sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024 and CRE - investor loans. Average investments increased $895.1 million, or 10%, from the first three months of 2025 due to continued investment in the Corporation's AFS portfolio and increased regulatory stock holdings.
•    Average interest-bearing liabilities increased $1.7 billion, or 5%, compared to the first three months of 2025. Average interest-bearing deposits decreased $31.7 million, from the first three months of 2025. This was driven by a $787.0 million or 18% decrease in brokered CDs, offset by increases in savings, money market and other time deposits. Average total funding increased $1.8 billion, or 68%, from the first three months of 2025, primarily driven by an increase in FHLB advances. Average noninterest-bearing demand deposits increased $359.2 million, or 6%, from the first three months of 2025.
Provision for Credit Losses
The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest Income
Table 3 Noninterest Income
Three months endedChanges vs
(Dollars in thousands, except as noted)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2025Mar 31, 2025
Wealth management fees$25,219 $25,742 $25,315 $23,025 $22,498 (2)%12 %
Service charges and deposit account fees14,054 13,827 13,861 13,147 12,814 2 %10 %
Card-based fees11,579 12,679 12,308 11,200 10,442 (9)%11 %
Other fee-based revenue4,862 5,557 5,414 4,995 5,251 (13)%(7)%
Capital markets, net6,543 11,175 10,764 5,765 4,345 (41)%51 %
Mortgage banking, net6,111 2,926 3,541 4,213 3,822 109 %60 %
Loss on mortgage portfolio sale— — — — (6,976)— %(100)%
Bank and corporate owned life insurance3,816 3,804 4,051 4,135 5,204 — %(27)%
Asset gains (losses), net840 838 3,340 (1,735)(878)— %N/M
Investment securities (losses) gains, net(28)37 1 7 4 N/MN/M
Other2,861 2,799 2,670 2,226 2,251 2 %27 %
Total noninterest income$75,857 $79,384 $81,265 $66,977 $58,776 (4)%29 %
Assets under management, at market value(a)
15,708 16,132 16,178 15,537 14,685 (3)%7 %
N/M = Not meaningful
(a) In millions. Excludes assets held in brokerage accounts.
49
Notable Contributions to the Change in Noninterest Income
•Wealth management fees increased $2.7 million from the first three months of 2025, primarily due to an increase in revenues related to our trust services business.
•Mortgage banking income increased $2.3 million from the first three months of 2025, due to an increase in the valuation of our mortgage servicing rights assets compared to the related hedges.
•Loss on mortgage portfolio sale decreased $7.0 million from the first three months of 2025, due to the balance sheet repositioning completed during the first quarter of 2025.
Noninterest Expense
Table 4 Noninterest Expense
Three months endedChange vs
(Dollars in thousands)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2025Mar 31, 2025
Personnel$135,172 $135,130 $135,703 $126,994 $123,897 — %9 %
Technology29,736 28,641 28,590 26,508 27,139 4 %10 %
Occupancy13,725 14,229 12,757 12,644 15,381 (4)%(11)%
Business development and advertising7,827 9,118 8,362 7,748 6,386 (14)%23 %
Equipment5,610 6,888 4,368 4,494 4,527 (19)%24 %
Legal and professional6,721 5,945 5,232 6,674 6,083 13 %10 %
Loan and foreclosure costs1,707 1,327 1,638 2,705 2,594 29 %(34)%
FDIC assessment8,837 6,589 9,980 9,708 10,436 34 %(15)%
Other intangible amortization2,203 2,203 2,203 2,203 2,203 — %— %
Other7,625 9,396 7,369 9,674 11,974 (19)%(36)%
Total noninterest expense$219,163 $219,466 $216,202 $209,352 $210,619 — %4 %
Average FTEs excluding overtime3,934 3,919 3,982 3,980 4,006 — %(2)%
Annualized noninterest expense / average assets1.97 %1.96 %1.95 %1.93 %2.00 %
Notable Contributions to the Change in Noninterest Expense
•Personnel expense increased $11.3 million from the first three months of 2025, primarily driven by increases in health care benefit costs and annual incentive accruals based on increased FTEs in incentive eligible roles.
•Other noninterest expense decreased $4.3 million from the first three months of 2025, due to OREO write downs in 2025 that did not recur in 2026.
Income Taxes
The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $33.2 million for the three months ended March 31, 2026, compared to income tax expense of $19.4 million for the three months ended March 31, 2025. The Corporation's effective tax rate from continuing operations was 21.75% and 16.03% for the three months ended March 31, 2026, and 2025, respectively. The increase in income tax expense of $13.8 million and higher effective tax rate during the first three months of 2026 as compared to the same period of 2025 was primarily due to a reduction in the valuation allowance that occurred in the first three months of 2025, making that quarter’s tax expense lower than it otherwise would have been.
Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations.

The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

Balance Sheet Analysis
•At March 31, 2026, total assets were $45.6 billion, up $391.1 million, or 1%, from December 31, 2025.
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◦Cash and due from banks were $465.3 million at March 31, 2026, down 109.4 million, or 19%, from December 31, 2025. Interest bearing deposits in other financial institutions were $920.7 million at March 31, 2026, down $223.4 million, or 20%, from December 31, 2025. See the Consolidated Statements of Cash Flows for detailed information on those fluctuations.
◦Regulatory stocks of $290.2 million at March 31, 2026 were up $37.7 million, or 15%, from December 31, 2025 due to increases in FHLB advances requiring additional purchases of FHLB stock.
◦Residential loans held for sale were $87.5 million at March 31, 2026, up $15.0 million, or 21%, from December 31, 2025. The increase from December 31, 2025 was a result of increased secondary market production during the first quarter.
◦Loans of $31.8 billion at March 31, 2026 were up $634.6 million, or 2%, from December 31, 2025 primarily due to the realization of the Corporation's continued focus and investment in commercial and business lending. See Note 6 Loans of the notes to consolidated financial statements and Table 5 Period End Loan Composition below for additional detail.
•At March 31, 2026, total liabilities were $40.6 billion, up $368.6 million, or 1%, from December 31, 2025.
◦Federal funds purchased and securities sold under agreements to repurchase was $395.7 million at March 31, 2026, up $87.8 million, or 29%, from December 31, 2025. FHLB advances of $3.4 billion at March 31, 2026 were up $153.7 million, or 5%, from December 31, 2025. These increases were driven by the Corporation's need for additional funding to fund the loan growth in the first quarter of 2026 and to ensure adequate funding levels with the anticipated completion of the acquisition of American National. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
◦Accrued expenses and other liabilities were $414.8 million at March 31, 2026, down $48.3 million, or 10% from December 31, 2025. These changes were primary due to a decrease in payroll related accruals for annual incentive and employer 401(k) match payments made in the first quarter of 2026.
•At March 31, 2026, the loans to deposits ratio was 88.99%, up from 87.65% at December 31, 2025.
Loans
Table 5 Period End Loan Composition
 Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Commercial and industrial$12,339,597 39 %$11,799,757 38 %$11,567,651 37 %$11,281,964 37 %$10,925,769 36 %
Commercial real estate — owner occupied1,193,778 4 %1,186,324 4 %1,149,939 4 %1,101,501 4 %1,118,363 4 %
Commercial and business lending13,533,375 43 %12,986,081 42 %12,717,590 41 %12,383,465 40 %12,044,132 40 %
Commercial real estate — investor5,266,584 16 %5,246,030 17 %5,369,441 17 %5,370,422 18 %5,597,442 18 %
Real estate construction2,117,479 7 %1,994,642 6 %1,958,766 6 %1,950,267 6 %1,809,054 6 %
Commercial real estate lending7,384,063 23 %7,240,672 23 %7,328,207 24 %7,320,689 24 %7,406,496 24 %
Total commercial20,917,438 66 %20,226,753 65 %20,045,797 65 %19,704,154 64 %19,450,628 64 %
Residential mortgage6,727,734 21 %6,793,957 22 %6,858,285 22 %6,949,387 23 %6,999,654 23 %
Auto finance3,136,334 10 %3,106,498 10 %3,041,644 10 %2,969,495 10 %2,878,765 10 %
Home equity706,075 2 %713,271 2 %698,112 2 %676,208 2 %654,140 2 %
Other consumer310,583 1 %323,135 1 %308,126 1 %308,361 1 %310,940 1 %
Total consumer10,880,726 34 %10,936,861 35 %10,906,167 35 %10,903,451 36 %10,843,499 36 %
Total loans$31,798,164 100 %$31,163,614 100 %$30,951,964 100 %$30,607,605 100 %$30,294,127 100 %
The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loans within the overall loan portfolio. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the ERC. These guidelines and limits are designed to create balance and diversification within the loan portfolios.
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The Corporation’s loan distribution and interest rate sensitivity as of March 31, 2026 are summarized in the following table:
Table 6 Loan Distribution and Interest Rate Sensitivity
(Dollars in thousands)
Within 1 Year(a)
1-5 Years5-15 YearsOver 15 YearsTotal% of Total
Fixed rate
Commercial and industrial$4,804,628 $1,075,073 $322,923 $464 $6,203,088 20 %
Commercial real estate — owner occupied140,035 250,326 89,993 — 480,354 2 %
Commercial and business lending4,944,663 1,325,399 412,916 464 6,683,442 22 %
Commercial real estate — investor470,824 252,606 5,032 — 728,462 2 %
Real estate construction318,111 34,284 8,261 — 360,656 1 %
Commercial real estate lending788,935 286,890 13,293 — 1,089,118 3 %
Total commercial5,733,598 1,612,289 426,209 464 7,772,560 25 %
Residential mortgage7,428 49,934 303,420 4,030,711 4,391,493 14 %
Auto finance7,603 1,820,649 1,308,082 — 3,136,334 10 %
Home equity526 4,641 20,242 7,072 32,481 — %
Other consumer6,994 27,024 16,562 5,192 55,772 — %
Total consumer22,551 1,902,248 1,648,306 4,042,975 7,616,080 24 %
Total fixed rate loans$5,756,149 $3,514,537 $2,074,515 $4,043,439 $15,388,640 49 %
Floating or adjustable rate
Commercial and industrial$6,083,713 $52,252 $544 $— $6,136,509 19 %
Commercial real estate — owner occupied712,737 687 — — 713,424 2 %
Commercial and business lending6,796,450 52,939 544 — 6,849,933 21 %
Commercial real estate — investor4,537,044 1,078 — — 4,538,122 14 %
Real estate construction1,756,449 374 — — 1,756,823 6 %
Commercial real estate lending6,293,493 1,452 — — 6,294,945 20 %
Total commercial13,089,943 54,391 544 — 13,144,878 41 %
Residential mortgage186,404 1,001,618 1,148,164 55 2,336,241 7 %
Home equity672,530 1,064 — — 673,594 2 %
Other consumer254,811 — — — 254,811 1 %
Total consumer1,113,745 1,002,682 1,148,164 55 3,264,646 10 %
Total floating or adjustable rate loans$14,203,688 $1,057,073 $1,148,708 $55 $16,409,524 51 %
Total loans$19,959,837 $4,571,610 $3,223,223 $4,043,494 $31,798,164 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
At March 31, 2026, $22.2 billion, or 70%, of the loans outstanding and $18.9 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.
Credit Risk
An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location is performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.
The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2026, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.
Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based lending and equipment financing.
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Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector
Mar 31, 2026NAICS SubsectorOutstanding BalanceTotal Exposure% of Total Loan Exposure
(Dollars in thousands)
Utilities(a)
221$3,183,282 $4,045,367 9 %
Real Estate(b)
5312,186,469 3,755,254 9 %
Credit Intermediation and Related Activities(c)
522834,624 1,429,814 3 %
Merchant Wholesalers, Durable Goods423741,500 1,182,026 3 %
(a) 70% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).
(b) 68% of the total real estate exposure comes from REIT lines.
(c) 73% of credit intermediation and related activities exposure comes from mortgage warehouse lines.
The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.
Commercial real estate - investor: Commercial real estate - investor is comprised of loans secured by various non-owner occupied or investor income producing property types.
Table 8 Largest Commercial Real Estate - Investor Property Type Exposures
Mar 31, 2026% of Total Loan Exposure% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family5 %38 %
Industrial3 %27 %
The remaining commercial real estate - investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.
Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.
Table 9 Largest Real Estate Construction Property Type Exposures
Mar 31, 2026% of Total Loan Exposure% of Total Real Estate Construction Loan Exposure
Multi-Family5 %53 %
The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.
Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused
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primarily in the Corporation's four-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2026. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.
The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30-year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.
The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.
Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.
The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.
Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts.
Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.
Nonperforming Assets
Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:
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Table 10 Nonperforming Assets
 (Dollars in thousands)Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Nonperforming assets
Commercial and industrial$19,606 $7,178 $12,802 $6,945 $12,898 
Commercial real estate — owner occupied34 203 203 — 1,501 
Commercial and business lending19,640 7,381 13,006 6,945 14,399 
Commercial real estate — investor8,078 8,311 7,333 15,805 31,689 
Real estate construction25 144 145 146 125 
Commercial real estate lending8,103 8,455 7,478 15,950 31,814 
Total commercial27,743 15,836 20,484 22,895 46,213 
Residential mortgage66,890 68,492 69,093 73,817 72,455 
Auto finance8,888 8,271 8,218 8,004 7,692 
Home equity6,950 7,774 8,299 8,201 8,275 
Other consumer110 55 85 82 173 
Total consumer82,838 84,592 85,696 90,104 88,595 
Total nonaccrual loans110,581 100,428 106,179 112,999 134,808 
Commercial real estate owned25,530 25,530 27,203 31,629 19,114 
Residential real estate owned3,692 2,414 1,816 1,687 3,119 
Bank properties real estate owned(a)
3,312 72 249 972 1,242 
OREO32,534 28,016 29,268 34,287 23,475 
Repossessed assets806 757 789 882 688 
Total nonperforming assets$143,921 $129,201 $136,236 $148,169 $158,971 
Accruing loans past due 90 days or more
Commercial$385 $370 $395 $12,123 $515 
Consumer(b)
2,105 2,444 2,297 2,038 2,521 
Total accruing loans past due 90 days or more$2,490 $2,814 $2,692 $14,160 $3,036 
Restructured loans (accruing)
Commercial$461 $458 $458 $431 $459 
Consumer5,849 5,584 4,280 3,630 3,192 
Total restructured loans (accruing)$6,310 $6,042 $4,738 $4,061 $3,651 
Nonaccrual restructured loans (included in nonaccrual loans)$4,424 $3,472 $3,899 $3,704 $3,451 
Ratios
Nonaccrual loans to total loans0.35 %0.32 %0.34 %0.37 %0.44 %
NPAs to total loans plus OREO and repossessed assets0.45 %0.41 %0.44 %0.48 %0.52 %
NPAs to total assets0.32 %0.29 %0.31 %0.34 %0.37 %
Allowance for credit losses on loans to nonaccrual loans384.36 %417.56 %390.49 %364.42 %301.63 %
Accruing loans 30-89 days past due
Commercial and industrial$24,253 $2,683 $1,071 $2,593 $7,740 
Commercial real estate — owner occupied345 34 — 5,628 1,156 
Commercial and business lending24,598 2,717 1,071 8,221 8,896 
Commercial real estate — investor33,487 19,405 14,190 1,042 2,463 
Real estate construction— 117 21 90 — 
Commercial real estate lending33,487 19,522 14,211 1,132 2,463 
Total commercial58,085 22,239 15,282 9,353 11,360 
Residential mortgage7,755 13,135 12,684 8,744 13,568 
Auto finance14,549 16,445 14,013 13,149 12,522 
Home equity2,742 3,779 4,265 4,338 3,606 
Other consumer(b)
2,173 2,704 2,728 2,578 2,381 
Total consumer27,219 36,063 33,689 28,810 32,076 
Total accruing loans 30-89 days past due$85,304 $58,302 $48,971 $38,163 $43,435 
(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.
(b) Excluding guaranteed student loans.
Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.
OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.
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Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well-secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.
Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 6 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.
Allowance for Credit Losses on Loans
Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 6 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.
To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for March 31, 2026 was the Moody's baseline scenario from February 2026, which was reviewed against the March 2026 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates in the Corporation's 2025 Annual Report on Form 10-K for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.
The loan segmentation used in calculating the ACLL at March 31, 2026 and December 31, 2025 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.
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Table 11 Allowance for Credit Losses on Loans
Quarter Ended
(Dollars in thousands)Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Allowance for loan losses
Balance at beginning of period$378,068 $378,341 $376,515 $371,348 $363,545 
Provision for loan losses13,000 2,000 15,000 18,000 16,500 
Charge offs(8,210)(7,636)(15,254)(18,348)(13,714)
Recoveries2,898 5,363 2,081 5,515 5,017 
Net charge offs(5,312)(2,273)(13,173)(12,833)(8,698)
Balance at end of period$385,756 $378,068 $378,341 $376,515 $371,348 
Allowance for unfunded commitments
Balance at beginning of period$41,276 $36,276 $35,276 $35,276 $38,776 
Provision for unfunded commitments(2,000)5,000 1,000 — (3,500)
Balance at end of period$39,276 $41,276 $36,276 $35,276 $35,276 
Allowance for credit losses on loans$425,032 $419,344 $414,618 $411,791 $406,624 
Provision for credit losses on loans11,000 7,000 16,000 18,000 13,000 
Net (charge offs) recoveries
Commercial and industrial$(2,736)$1,524 $(1,230)$(1,826)$(4,726)
Commercial real estate — owner occupied— (113)— — — 
Commercial and business lending(2,736)1,411 (1,230)(1,826)(4,726)
Commercial real estate — investor500 94 (8,930)(8,493)(892)
Real estate construction2 2 2 121 30 
Commercial real estate lending502 96 (8,928)(8,372)(863)
Total commercial(2,234)1,507 (10,158)(10,198)(5,589)
Residential mortgage148 (197)(231)(302)197 
Auto finance(1,843)(2,010)(1,505)(689)(1,519)
Home equity439 2 56 237 289 
Other consumer(1,822)(1,575)(1,336)(1,881)(2,076)
Total consumer(3,078)(3,780)(3,015)(2,636)(3,109)
Total net charge offs$(5,312)$(2,273)$(13,173)$(12,833)$(8,698)
Ratios
Allowance for credit losses on loans to total loans1.34 %1.35 %1.34 %1.35 %1.34 %
Allowance for credit losses on loans to net charge offs (annualized)19.7x46.5x7.9x8.0x11.5x
Loan evaluation method for ACLL
Individually evaluated for impairment$19,919 $2,992 $4,518 $— $6,092 
Collectively evaluated for impairment405,113 416,352 410,100 411,791 400,532 
     Total ACLL$425,032 $419,344 $414,618 $411,791 $406,624 
Loan balance
Individually evaluated for impairment$59,321 $21,651 $19,282 $21,431 $46,065 
Collectively evaluated for impairment31,738,843 31,141,963 30,932,683 30,586,174 30,248,062 
     Total loan balance$31,798,164 $31,163,614 $30,951,964 $30,607,605 $30,294,127 
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Table 12 Annualized Net (Charge Offs) Recoveries to Average Loans
Quarter Ended
(In basis points)Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Net (charge offs) recoveries
Commercial and industrial(9)5 (4)(7)(18)
Commercial real estate — owner occupied— (4)— — — 
Commercial and business lending(9)4 (4)(6)(16)
Commercial real estate — investor4 1 (67)(61)(7)
Real estate construction— — — 3 1 
Commercial real estate lending3 1 (49)(45)(5)
Total commercial(4)3 (20)(21)(12)
Residential mortgage1 (1)(1)(2)1 
Auto finance(24)(26)(20)(9)(22)
Home equity25 — 3 14 18 
Other consumer(235)(200)(173)(244)(268)
Total consumer(11)(14)(11)(10)(11)
Total net charge offs(7)(3)(17)(17)(12)
Notable Contributions to the Change in the Allowance for Credit Losses on Loans
•Total nonaccrual loans increased $10.2 million, or 10%, from December 31, 2025, and decreased $24.2 million, or 18%, from March 31, 2025. The increase from December 31, 2025 was primarily driven by increases in commercial and industrial and auto finance lending, partially offset by decreases in residential mortgage and home equity lending. The decrease from March 31, 2025 was primarily driven by decreases in CRE - investor and residential mortgage lending, partially offset by increases in commercial and industrial and auto finance lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.
•YTD net charge offs decreased $3.4 million from March 31, 2025, primarily driven by decreases within commercial and industrial and CRE - investor, partially offset by an increase in auto finance lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.
Management believes the level of ACLL to be appropriate at March 31, 2026.
Deposits and Customer Funding
The following table summarizes the composition of our deposits and customer funding:
Table 13 Period End Deposit and Customer Funding Composition
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
Mar 31, 2025(a)
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$6,125,067 17 %$6,126,632 17 %$5,906,251 17 %$5,782,487 17 %$6,135,946 17 %
Savings5,660,641 16 %5,471,870 15 %5,380,574 15 %5,291,674 15 %5,247,291 15 %
Interest-bearing demand7,964,665 22 %7,823,362 22 %7,791,861 22 %7,490,772 22 %7,870,965 22 %
Money market6,188,045 17 %6,139,438 17 %5,785,871 17 %5,915,867 17 %6,141,275 17 %
Network transaction deposits 1,746,518 5 %2,154,995 6 %2,013,964 6 %1,792,362 5 %1,882,930 5 %
Brokered CDs3,562,752 10 %3,795,133 11 %3,956,517 11 %4,072,048 12 %4,197,512 12 %
Other time deposits4,484,077 13 %4,041,178 11 %4,046,815 12 %3,802,356 11 %3,720,793 11 %
   Total deposits$35,731,765 100 %$35,552,608 100 %$34,881,853 100 %$34,147,565 100 %$35,196,713 100 %
Other customer funding(b)
42,372 47,794 64,570 75,440 85,950 
Total deposits and other customer funding$35,774,137 $35,600,402 $34,946,423 $34,223,005 $35,282,663 
Less: Total network transaction deposits and brokered CDs5,309,270 5,950,128 5,970,481 5,864,410 6,080,442 
Core customer deposits(c) and other customer funding
$30,464,867 $29,650,274 $28,975,941 $28,358,595 $29,202,221 
Time deposits of more than $250,000956,299 834,309 832,718 775,107 767,974 
(a) Period has been adjusted to conform with current period presentation.
(b) Includes repurchase agreements.
(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

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•Total deposits, which are the Corporation's largest source of funds, increased $179.2 million, or 1% from December 31, 2025, and increased $535.1 million, or 2%, from March 31, 2025. The increase from December 31, 2025, was driven by increases in other time deposits, savings, and interest bearing demand deposits, offset by decreases in network transaction deposits and brokered CDs, while the increase from March 31, 2025 was driven by increases in all deposit categories except brokered CD's, network transaction deposits, and noninterest-bearing demand deposits.
•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 25.7% of total deposits at March 31, 2026, compared to 26.5% at December 31, 2025 and 26.1% at March 31, 2025.
Liquidity
The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost-effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.
The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percent of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At March 31, 2026, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.
The Corporation maintains diverse and readily available liquidity sources, including:
•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of March 31, 2026, the Bank had $5.6 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of March 31, 2026, the Bank had $6.5 billion available for discount window borrowings.
•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.
•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.
•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.
•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.
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The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits.
Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio
(Dollars in thousands)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Federal Reserve Bank balance$915,691 $1,139,401 $799,991 $735,876 $705,696 
Available FHLB Chicago capacity5,574,246 6,221,495 5,943,747 5,026,154 6,362,599 
Available Federal Reserve Bank discount window capacity6,506,759 6,443,766 5,725,892 5,441,186 3,308,303 
     Funding available within one business day(a)
12,996,696 13,804,662 12,469,630 11,203,216 10,376,598 
Available federal funds lines1,981,000 1,846,000 1,419,000 1,729,000 1,284,000 
Available brokered deposits capacity(b)
1,529,791 823,055 697,898 734,649 414,199 
Unsecured debt capacity(c)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
     Total available liquidity$17,507,487 $17,473,717 $15,586,528 $14,666,865 $13,074,797 
Uninsured and uncollateralized deposits$9,178,436 $9,432,066 $8,697,563 $8,469,167 $9,170,483 
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day142 %146 %143 %132 %113 %
Coverage ratio of uninsured and uncollateralized deposits with total funding191 %185 %179 %173 %143 %
(a) Estimated based on normal course of operations with indicated institution.
(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.
(c) Estimated availability based on the Corporation's current internal funding considerations.
Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.
Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part I, Item 1A, Risk Factors in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
For the three months ended March 31, 2026, net cash provided by operating and financing activities was $135.9 million and $354.3 million, respectively, while investing activities used net cash of $824.2 million, for a net decrease in cash and cash equivalents of $334.0 million since year-end 2025. At March 31, 2026, assets of $45.6 billion increased $391.1 million, or 1%, from year-end 2025. On the funding side, deposits of $35.7 billion increased $179.2 million, or 1% from year-end 2025, short-term funding increased $87.8 million, or 29%, and FHLB advances increased $153.7 million or 5%.
For the three months ended March 31, 2025, net cash provided by operating and financing activities was $98.2 million and $241.8 million, respectively, while investing activities used net cash of $127.1 million, for a net increase in cash and cash equivalents of $212.9 million since year-end 2024. At March 31, 2025, assets of $43.3 billion increased $286.1 million, or 1%, from year-end 2024. On the funding side, deposits of $35.2 billion increased $548.3 million, or 2%, from year-end 2024, short-term funding decreased $159.0 million, or 34%, and FHLB advances increased $173.5 million, or 9%.
Quantitative and Qualitative Disclosures about Market Risk
Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.
Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.
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Interest Rate Risk
The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.
The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at March 31, 2026.
For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2025 Annual Report on Form 10-K.
The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.
While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first three months of 2026.
Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Mar 31, 2026Dec 31, 2025
 Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates2.0 %1.8 %1.5 %2.0 %
200 bp increase in interest rates3.8 %3.5 %2.8 %3.9 %
100 bp decrease in interest rates(1.4)%(1.3)%(0.8)%(1.4)%
200 bp decrease in interest rates(3.1)%(2.8)%(2.2)%(3.4)%
At March 31, 2026, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.
Table 16 Market Value of Equity Sensitivity
Mar 31, 2026Dec 31, 2025
Instantaneous Rate Change
100 bp increase in interest rates(5.2)%(5.2)%
200 bp increase in interest rates(11.6)%(11.8)%
100 bp decrease in interest rates2.7 %2.3 %
200 bp decrease in interest rates2.0 %1.4 %
Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates.
The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.
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Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities
The following table summarizes significant contractual obligations and other commitments at March 31, 2026, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.
Table 17 Contractual Obligations and Other Commitments
(in thousands)One Year
or Less		One to
Three Years		Three to
Five Years		Over
Five Years		Total
Time deposits$7,996,634 $40,807 $9,386 $2 $8,046,829 
Federal funds purchased and securities sold under agreements to repurchase395,652 — — — 395,652 
FHLB advances3,214,249 203,844 3,144 525 3,421,762 
Senior and subordinated debt— — 298,457 294,172 592,629 
Operating leases5,257 9,476 6,698 16,334 37,765 
Total$11,611,792 $254,127 $317,685 $311,033 $12,494,637 
The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of federal funds purchased and securities sold under agreements to repurchase, FHLB advances, and senior and subordinated debt is included in Note 8 Short and Long-Term Funding of the notes to consolidated financial statements.
Capital
Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At March 31, 2026, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.
Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.
For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025.
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Table 18 Capital Ratios
Quarter Ended
 (Dollars in thousands)
Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Risk-based capital(a)
CET1(b)
$3,744,610 $3,683,711 $3,584,712 $3,493,316 $3,417,432 
Tier 1 capital3,938,722 3,877,823 3,778,824 3,687,428 3,611,544 
Total capital4,657,925 4,593,079 4,488,957 4,394,367 4,311,239 
Total risk-weighted assets35,773,810 35,125,680 34,688,358 34,241,408 33,800,823 
CET1 capital ratio(b)
10.47 %10.49 %10.33 %10.20 %10.11 %
Tier 1 capital ratio11.01 %11.04 %10.89 %10.77 %10.68 %
Total capital ratio13.02 %13.08 %12.94 %12.83 %12.75 %
Tier 1 leverage ratio8.98 %8.96 %8.81 %8.72 %8.69 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.96 %11.01 %10.95 %10.87 %10.82 %
Average stockholders' equity / average assets11.12 %11.05 %10.95 %10.90 %10.86 %
Tangible common equity / tangible assets (TCE Ratio)(c)
8.27 %8.29 %8.18 %8.06 %7.96 %
(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards, for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(b) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating CET1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in CET1 capital.
(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the first quarter of 2026.















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Non-GAAP Measures
Table 19 Non-GAAP Measures
Quarter Ended
(Dollars in thousands)Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Tangible common equity reconciliation
Common equity$4,803,760 $4,781,235 $4,674,186 $4,586,669 $4,492,446 
Less: Goodwill and other intangible assets, net1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 
Tangible common equity for TBV / share and TCE Ratio$3,678,121 $3,653,393 $3,544,142 $3,454,422 $3,357,996 
Tangible assets reconciliation
Total assets$45,593,740 $45,202,596 $44,455,863 $43,993,729 $43,309,136 
Less: Goodwill and other intangible assets, net1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 
Tangible assets for TCE Ratio$44,468,101 $44,074,754 $43,325,819 $42,861,482 $42,174,686 
Average tangible common equity reconciliation
Average common equity$4,812,415 $4,713,445 $4,627,038 $4,538,549 $4,436,467 
Less: Average goodwill and other intangible assets, net1,126,748 1,129,055 1,131,385 1,133,627 1,135,584 
Average tangible common equity for ROATCE$3,685,667 $3,584,390 $3,495,653 $3,404,922 $3,300,883 
Average tangible assets reconciliation
Average total assets$45,018,948 $44,402,771 $44,015,203 $43,420,063 $42,630,627 
Less: Average goodwill and other intangible assets, net1,126,748 1,129,055 1,131,385 1,133,627 1,135,584 
Average tangible assets for return on average tangible assets$43,892,200 $43,273,716 $42,883,818 $42,286,436 $41,495,043 
Adjusted net income reconciliation
Net income$119,635 $137,129 $124,732 $111,230 $101,687 
Other intangible amortization, net of tax1,652 1,652 1,652 1,652 1,652 
Adjusted net income for return on average tangible assets$121,287 $138,781 $126,384 $112,882 $103,339 
Adjusted net income available to common equity reconciliation
Net income available to common equity$116,760 $134,254 $121,857 $108,355 $98,812 
Other intangible amortization, net of tax1,652 1,652 1,652 1,652 1,652 
Adjusted net income available to common equity for ROATCE$118,412 $135,906 $123,509 $110,007 $100,464 
Period end core customer deposits reconciliation
Total deposits$35,731,765 $35,552,608 $34,881,853 $34,147,565 $35,196,713 
Less: Network transaction deposits1,746,518 2,154,995 2,013,964 1,792,362 1,882,930 
Less: Brokered CDs3,562,752 3,795,133 3,956,517 4,072,048 4,197,512 
Core customer deposits$30,422,495 $29,602,480 $28,911,371 $28,283,155 $29,116,271 
Average core customer deposits reconciliation
Average total deposits$35,160,943 $35,628,917 $34,705,887 $34,203,201 $34,833,464 
Less: Average network transaction deposits1,917,854 2,090,587 1,933,659 1,843,998 1,847,972 
Less: Average brokered CDs3,528,294 3,998,012 3,916,329 4,089,844 4,315,311 
Average core customer deposits$29,714,795 $29,540,318 $28,855,899 $28,269,359 $28,670,181 
Total expense for efficiency ratios reconciliation
Noninterest expense$219,163 $219,466 $216,202 $209,352 $210,619 
Less: Other intangible amortization2,203 2,203 2,203 2,203 2,203 
Total expense for fully tax-equivalent efficiency ratio216,960 217,263 213,999 207,149 208,416 
Less: Acquisition costs(a)
1,007 252 — — — 
Total expense for adjusted efficiency ratio$215,953 $217,011 $213,999 $207,149 $208,416 
Total revenue for efficiency ratios reconciliation
Net interest income$307,190 $309,981 $305,222 $300,000 $285,941 
Noninterest income75,857 79,384 81,265 66,977 58,776 
Less: Investment securities (losses) gains, net(28)37 1 7 4 
Fully tax-equivalent adjustment4,139 4,196 4,222 4,228 4,254 
Total revenue for fully tax-equivalent efficiency ratio387,214 393,524 390,708 371,198 348,968 
Less: Announced initiatives(b)
— — — — (6,976)
Total revenue for adjusted efficiency ratio$387,214 $393,524 $390,708 $371,198 $355,943 
(a) During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
(b) Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.

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Sequential Quarter Results
The Corporation reported net income of $119.6 million for the first quarter of 2026, compared to a net income of $137.1 million for the fourth quarter of 2025. Net income available to common equity was $116.8 million for the first quarter of 2026, or $0.70 for both basic and diluted earnings per common share. Comparatively, the net income available to common equity for the fourth quarter of 2025 was $134.3 million, or $0.81 and $0.80 for basic and diluted earnings per common share, respectively.
Fully tax-equivalent net interest income for the first quarter of 2026 was $311.3 million, $2.8 million, or 1%, lower than the fourth quarter of 2025. The decrease in net interest income is due to two less days in the first quarter of 2026 as compared to the fourth quarter of 2025; partially offset by an increase in average earning assets between periods. The net interest margin in the first quarter of 2026 and fourth quarter of 2025 were 3.03% and 3.06%, respectively.
Average earning assets increased $477.7 million, or 1%, to $41.3 billion in the first quarter of 2026, primarily due to an increase in commercial lending given our strategic focus in that segment and taxable securities and other short-term investments from continued investment for liquidity needs as the balance sheet continues to grow. Average loans increased $286.1 million, or 1%, due to an increase in commercial lending and auto finance loans, partially offset by a decrease in residential mortgage lending. On the funding side, average total interest-bearing deposits decreased $402.8 million, or 1%, primarily driven by an decrease in non-core customer deposits including brokered CDs and network transaction deposits; partially offset by growth in money market and other time deposits.
The provision for credit losses was $11.0 million for the first quarter of 2026 and $7.0 million for the fourth quarter of 2025. This was due to nominal credit movement and general macroeconomic trends. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the first quarter of 2026 was $75.9 million, down $3.5 million, or 4% from the fourth quarter of 2025. The decrease was due to decreases in net capital market income and card-based fees, and is partially offset by increases in net mortgage banking activity.
For the first quarter of 2026, the Corporation recognized income tax expense of $33.2 million, compared to an income tax expense of $25.8 million for the fourth quarter of 2025. The lower expense in the fourth quarter of 2025 was primarily attributable to the Corporation's reduction of its valuation allowance.
Segment Review
The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in the Corporation’s 2025 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.
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Table 20 Selected Segment Financial Data
Three Months Ended Mar 31,
(Dollars in thousands)20262025% Change
Corporate and Commercial Specialty
Total revenue$142,284 $143,968 (1)%
Provision for credit losses20,660 19,014 9%
Noninterest expense49,730 56,135 (11)%
Income tax expense13,259 12,786 4%
Net income58,635 56,033 5%
Average earning assets18,194,646 17,002,754 7%
Average loans18,182,296 16,997,009 7%
Average deposits6,939,723 7,244,897 (4)%
Community, Consumer, and Business
Total revenue$254,409 $256,953 (1)%
Provision for credit losses6,934 6,072 14%
Noninterest expense156,082 154,484 1%
Income tax expense19,192 20,244 (5)%
Net income72,201 76,153 (5)%
Average earning assets12,686,295 12,650,533 —%
Average loans12,682,885 12,647,122 —%
Average deposits22,183,274 21,294,167 4%
Risk Management and Shared Services
Total net revenue$(13,646)$(56,204)(76)%
Provision for credit losses(16,593)(12,083)37%
Noninterest expense13,351 — N/M
Income tax benefit797 (13,621)N/M
Net loss(11,201)(30,500)(63)%
Average earning assets10,467,608 9,629,650 9%
Average loans416,321 466,851 (11)%
Average deposits6,037,946 6,294,400 (4)%
N/M = Not meaningful

Notable Changes in Segment Financial Data
Corporate and Commercial Specialty
•Average earning assets and average loans both increased $1.2 billion from the three months ended March 31, 2025, primarily driven by growth in commercial and business lending.
•Noninterest expense decreased $6.4 million from three months ended March 31, 2025, due to a decrease in allocated indirect expense offset by an increase in personnel expense.
Community, Consumer, and Business
•Average earning assets and average loans both increased by $35.8 million from the three months ended March 31, 2025, primarily driven by growth in home equity and other consumer loans as well as commercial and business lending, offset by decreases in residential mortgage, residential loans held for sale, and commercial real estate lending loans.
•Average deposits increased $889.1 million from the three months ended March 31, 2025, mainly driven by increases in all deposit types except for noninterest-bearing demand and money market deposits.
Risk Management and Shared Services
•Total net revenue increased $42.6 million from the three months ended March 31, 2025, due to an increase in interest income and a decrease in intersegment interest expense. In addition, during the first three months of 2025, the Corporation incurred a loss on the mortgage portfolio sale upon completion of the sale as part of the balance sheet repositioning announced in the fourth quarter of 2024.
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•Provision for credit losses decreased $4.5 million from the three months ended March 31, 2025, due to a decrease in average loans.
•Average loans decreased $50.5 million from the three months ended March 31, 2025, attributable to lower balances in all loan categories except for residential loans held for sale.
Critical Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2025 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2025.
Recent Developments
On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National. See Note 16 Subsequent Events of the notes to the consolidated financial statements for additional information regarding this transaction.
On April 28, 2026, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.24 per common share, payable on June 15, 2026, to shareholders of record at the close of business on June 1, 2026.
The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Perpetual Preferred Stock, Series E, payable on June 15, 2026 to the shareholders of record at the close of business on June 1, 2026.
The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Perpetual Preferred Stock, Series F, payable on June 15, 2026 to the shareholders of record at the close of business on June 1, 2026.
Finally, the Board of Directors also authorized the repurchase of up to $100 million of the Corporation's common stock. This repurchase authorization is in addition to the authority remaining under the previous program.
ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk
Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.
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ITEM 4.    Controls and Procedures
The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of March 31, 2026, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of March 31, 2026.
No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.Legal Proceedings
The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings of the notes to consolidated financial statements.
ITEM 1A.Risk Factors
There have been no material changes in the Risk Factors described in the Corporation’s 2025 Annual Report on Form 10-K.
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
During the first quarter of 2026, the Corporation repurchased $31.6 million of common stock, of which $25.2 million were open market repurchases while $6.4 million were repurchases related to tax withholding on equity compensation. The repurchase details are presented in the table below:
Common Stock Purchases
Total Number  of
Shares Purchased(a)
Average Price
Paid per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs(b)
Period
January 1, 2026 - January 31, 20264,798 $26.48 — 
February 1, 2026 - February 28, 20261,020,734 28.34 893,840 
March 1, 2026 - March 31, 202699,055 25.48 — 
Total1,124,587 $28.08 893,840 4,403,045 
(a) During the first quarter of 2026, the Corporation repurchased 230,747 shares for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2021 and 2026 authorization.
(b) On January 27, 2026, the Board of Directors authorized the repurchase of up to $100 million of the Corporation's common stock. This repurchase authorization was in addition to the authority remaining under the previous program. At March 31, 2026, there remained $113.9 million authorized to be repurchased in the aggregate. Approximately 4.4 million shares of common stock remained available to be repurchased under this Board authorization given the closing share price on March 31, 2026.
Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.
ITEM 5.Other Information
During the three months ended March 31, 2026, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.Exhibits
(a)    Exhibits:
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.

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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASSOCIATED BANC-CORP
(Registrant)
Date: April 28, 2026
/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: April 28, 2026
/s/ Derek S. Meyer
  Derek S. Meyer
Chief Financial Officer
Date: April 28, 2026
/s/ Ryan J. Beld
Ryan J. Beld
Chief Accounting Officer

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