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Associated Banc-Corp
ASB
#2919
Rank
S$7.69 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
S$40.79
Share price
1.69%
Change (1 day)
33.72%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Associated Banc-Corp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Associated Banc-Corp - 10-Q quarterly report FY2026 Q2


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Associated Banc-Corp0000007789001-3134310-Q06/30/26FALSE2026Q212/31188,849,659P3YP3YSubsequent 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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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: June 30, 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 July 31, 2026 was 188,849,659.
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
AOCIAccumulated Other Comprehensive Income
American NationalAmerican National Corporation
ASCAccounting Standards Codification
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
ERCEnterprise Risk Committee of the Corporation's Board of Directors
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
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
3

OREOOther Real Estate Owned
Parent CompanyAssociated Banc-Corp individually
PCDPurchased Credit-Deteriorated
PSLPurchased Seasoned Loans
QTDQuarter-to-date
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase AgreementsSecurities sold under agreements to repurchase
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
Jun 30, 2026Dec 31, 2025
 (in thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$548,057 $574,698 
Interest-bearing deposits in other financial institutions1,268,379 1,144,123 
Federal funds sold and securities purchased under agreements to resell14,355 1,400 
AFS investment securities, net, at fair value6,366,586 5,397,563 
HTM investment securities, net, at amortized cost3,510,726 3,602,519 
Equity securities29,960 26,060 
Regulatory stocks, at cost329,436 252,514 
Residential loans held for sale94,490 72,499 
Commercial loans held for sale15,000 — 
Loans36,467,040 31,163,614 
Allowance for loan losses(443,729)(378,068)
Loans, net36,023,311 30,785,546 
Tax credit and other investments235,536 236,657 
Premises and equipment, net449,003 381,624 
Bank and corporate owned life insurance717,116 694,452 
Goodwill1,147,081 1,104,992 
Other intangible assets, net116,953 22,849 
Mortgage servicing rights, net87,683 86,337 
Interest receivable181,916 161,118 
Other assets676,918 657,645 
Total assets$51,812,506 $45,202,596 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$6,908,338 $6,126,632 
Interest-bearing deposits33,022,917 29,425,976 
Total deposits39,931,255 35,552,608 
Federal funds purchased and securities sold under agreements to repurchase529,276 307,864 
FHLB advances4,574,681 3,268,094 
Senior and subordinated debt591,080 594,276 
Allowance for unfunded commitments50,744 41,276 
Accrued expenses and other liabilities497,347 463,131 
Total liabilities$46,174,383 $40,227,249 
Stockholders' equity
Preferred equity$194,112 $194,112 
Common equity
Common stock$2,120 $1,890 
Surplus2,648,846 2,050,410 
Retained earnings3,378,406 3,226,756 
Accumulated other comprehensive loss(79,593)(7,566)
Treasury stock, at cost(505,768)(490,255)
Total common equity5,444,011 4,781,235 
Total stockholders' equity5,638,123 4,975,347 
Total liabilities and stockholders' equity$51,812,506 $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 issued211,991,791 189,016,409 
Common shares outstanding188,718,072 165,979,940 


See accompanying notes to consolidated financial statements.
5

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
Three Months Ended Jun 30,Six Months Ended Jun 30,
 (in thousands, except per share data)
2026202520262025
Interest income
Interest and fees on loans$506,528 $447,781 $933,516 $881,080 
Interest and dividends on investment securities
Taxable88,347 71,174 164,023 140,962 
Tax-exempt13,725 13,902 27,463 27,858 
Other interest14,694 12,679 26,335 21,921 
Total interest income623,294 545,536 1,151,337 1,071,821 
Interest expense
Interest on deposits203,765 197,656 379,038 406,796 
Interest on federal funds purchased and securities sold under agreements to repurchase4,085 2,004 7,818 5,626 
Interest on FHLB advances35,052 34,889 66,621 50,979 
Interest on senior and subordinated debt10,163 10,700 20,326 21,785 
Interest on other interest-bearing liabilities190 287 306 695 
Total interest expense253,255 245,536 474,109 485,881 
Net interest income370,039 300,000 677,228 585,940 
Provision for credit losses19,388 17,996 30,389 30,999 
Net interest income after provision for credit losses350,651 282,004 646,839 554,941 
Noninterest income
Wealth management fees26,217 23,025 51,435 45,522 
Service charges and deposit account fees15,863 13,147 29,916 25,961 
Card-based fees14,161 11,200 25,740 21,642 
Other fee-based revenue5,758 4,995 10,623 10,245 
Capital markets, net7,476 5,765 14,018 10,110 
Mortgage banking, net2,777 4,213 8,888 8,035 
Loss on mortgage portfolio sale— — — (6,976)
Bank and corporate owned life insurance4,615 4,135 8,430 9,339 
Asset gains (losses), net789 (1,735)1,629 (2,613)
Investment securities gains, net35 7 6 11 
Other2,707 2,226 5,571 4,477 
Total noninterest income80,398 66,977 156,256 125,754 
Noninterest expense
Personnel161,168 126,994 296,341 250,890 
Technology32,867 26,508 62,603 53,646 
Occupancy14,091 12,644 27,817 28,025 
Business development and advertising8,548 7,748 16,374 14,134 
Equipment5,423 4,494 11,033 9,021 
Legal and professional17,454 6,674 24,176 12,757 
Loan and foreclosure costs1,552 2,705 3,259 5,299 
FDIC assessment10,595 9,708 19,432 20,144 
Other intangible amortization6,894 2,203 9,096 4,405 
Other13,290 9,674 20,914 21,648 
Total noninterest expense271,882 209,352 491,045 419,971 
Income before income taxes159,167 139,629 312,050 260,724 
Income tax expense35,603 28,399 68,850 47,808 
Net income123,564 111,230 243,200 212,916 
Preferred stock dividends2,875 2,875 5,750 5,750 
Net income available to common equity$120,689 $108,355 $237,450 $207,166 
Earnings per common share
Basic$0.64 $0.65 $1.34 $1.25 
Diluted$0.63 $0.65 $1.33 $1.24 
Average common shares outstanding
Basic188,084 164,936 176,654 165,081 
Diluted189,899 166,343 178,402 166,506 
Numbers may not recalculate due to rounding conventions.
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 Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Net income$123,564 $111,230 $243,200 $212,916 
Other comprehensive (loss) income, net of tax
Investment securities
Net unrealized (losses) gains(36,846)21,317 (73,377)53,149 
Amortization of net unrealized losses on AFS securities transferred to HTM securities1,901 2,059 3,590 3,986 
Income tax benefit (expense) 8,717 (5,830)17,407 (14,251)
Other comprehensive (loss) income on investment securities(26,228)17,545 (52,380)42,884 
Cash flow hedge derivatives
Net unrealized (losses) gains(6,506)1,264 (14,418)8,532 
Reclassification adjustment for net (gains) losses realized in net income(597)1,437 (1,343)2,555 
Income tax (expense) benefit(1,709)650 (3,792)2,668 
Other comprehensive (loss) income on cash flow hedge derivatives(8,812)3,352 (19,553)13,755 
Defined benefit pension and postretirement obligations
Amortization of prior service cost(63)(63)(126)(126)
Net actuarial gain— — — 4,770 
Amortization of actuarial loss— (4)— (8)
Income tax benefit (expense)15 17 31 (1,157)
Other comprehensive (loss) income on pension and postretirement obligations(48)(50)(95)3,480 
Total other comprehensive (loss) income(35,088)20,847 (72,027)60,119 
Comprehensive income$88,476 $132,076 $171,173 $273,035 
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 
Comprehensive income:
Net income— — — 123,564 — — 123,564 
Other comprehensive loss— — — — (35,088)— (35,088)
Comprehensive income88,476 
Common stock issued:
American National acquisition— 230 593,914 — — — 594,144 
Stock-based compensation plans, net— — (1,360)— — 4,472 3,112 
Purchase of treasury stock, stock-based compensation plans— — — — — (653)(653)
Cash dividends:
Common stock(a)
— — — (45,741)— — (45,741)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,788 — — — 3,788 
Balance, June 30, 2026$194,112 $2,120 $2,648,846 $3,378,406 $(79,593)$(505,768)$5,638,123 
(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.

8


(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 
Comprehensive income:
Net income— — — 111,230 — — 111,230 
Other comprehensive income— — — — 20,847 — 20,847 
Comprehensive income132,076 
Common stock issued:
Stock-based compensation plans, net— — 543 — — (449)94 
Purchase of treasury stock, stock-based compensation plans— — — — — (93)(93)
Cash dividends:
Common stock(a)
— — — (38,498)— — (38,498)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,518 — — — 3,518 
Balance, June 30, 2025$194,112 $1,890 $2,044,481 $3,049,383 $(14,297)$(494,788)$4,780,781 
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.




9

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended Jun 30,
 (in thousands)
20262025
Cash flows from operating activities
Net income$243,200 $212,916 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses30,389 30,999 
Depreciation and amortization24,824 26,006 
Change in MSRs valuation(86)1,632 
Amortization of other intangible assets9,096 4,405 
Amortization and accretion on earning assets, funding, and other, net15,062 18,278 
Net amortization of tax credit investments17,146 17,058 
Loss on sales of investment securities, net4 — 
Asset (gains) losses, net(1,629)2,613 
Loss (gain) on mortgage banking activities, net911 (683)
Loss on mortgage portfolio sale— 6,976 
Net periodic pension benefit(12,308)(12,372)
Mortgage loans originated for sale(367,223)(273,947)
Proceeds from sales of mortgage loans held for sale352,641 238,557 
Changes in certain assets and liabilities:
Increase in interest receivable(898)(854)
Increase in BOLI/COLI cash surrender value(8,430)(9,339)
Decrease in net income tax position34,744 49,335 
Increase (decrease) in interest payable1,610 (3,681)
Decrease in expense payable(53,437)(11,116)
Decrease (increase) in net derivative position16,624 (50,962)
Net change in other assets and other liabilities40,720 (6,184)
Net cash provided by operating activities342,960 239,637 
Cash flows from investing activities
Net increase in loans(1,593,324)(865,086)
Purchases of:
AFS securities(1,815,271)(910,262)
HTM securities— (994)
Regulatory stocks and equity securities(130,630)(177,712)
Proceeds from:
Sales of AFS securities995,830 — 
Sales of HTM securities 1,221 — 
Sales of regulatory stocks and equity securities53,765 76,535 
Prepayments, calls, and maturities of AFS securities 772,971 504,380 
Prepayments, calls, and maturities of HTM securities 92,018 69,279 
Sales, prepayments, calls, and maturities of other assets9,756 7,813 
Sale of mortgage portfolio— 564,375 
Premises, equipment, and software(21,046)(18,046)
Net change in tax credit and alternative investments(12,499)(14,903)
Net cash received from the American National acquisition220,898 — 
Net cash used in investing activities(1,426,311)(764,621)
Cash flows from financing activities
Net decrease in deposits(166,364)(500,869)
Net increase (decrease) in short-term funding207,090 (394,784)
Net increase in short-term FHLB advances1,417,750 2,220,000 
Repayment of long-term FHLB advances(151,007)(400,065)
Proceeds from long-term FHLB advances— 200,000 
Repayment of finance lease principal— (45)
Repayment of long-term funding— (250,000)
Proceeds from issuance of common stock for stock-based compensation plans10,233 2,286 
Purchase of treasury stock, open market purchases(25,202)(22,292)
Purchase of treasury stock, stock-based compensation plans(7,030)(5,910)
Cash dividends on common stock(85,799)(77,036)
Cash dividends on preferred stock(5,750)(5,750)
Payments for other financing activities— (52)
Net cash provided by financing activities1,193,921 765,485 
Net increase in cash and cash equivalents110,570 240,501 
Cash and cash equivalents at beginning of period1,720,221 1,019,604 
Cash and cash equivalents at end of period$1,830,791 $1,260,105 
Numbers may not recalculate due to rounding conventions.





10

ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows
Six Months Ended Jun 30,
 (in thousands)
20262025
Supplemental disclosures of cash flow information
Cash paid for interest$469,929 $488,277 
Issuance of common stock as consideration for the American National acquisition594,144 — 
Assets acquired from the American National acquisition5,228,544 — 
Liabilities assumed from the American National acquisition4,634,400 — 
See accompanying notes to consolidated financial statements.
11

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, except for new accounting pronouncements adopted, as discussed below.
New Accounting Pronouncements Adopted
StandardDescriptionDate of AdoptionEffect on Financial Statements
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.		Early adopted effective April 1, 2026 on a prospective basis, as permitted by the standardThe Corporation early adopted this standard and applied it in the purchase accounting for the acquisition of American National. The ASU expands the gross-up approach to certain acquired non-PCD loans that qualify as purchased seasoned loans, including loans acquired in a business combination, resulting in the acquisition-date allowance for credit losses being added to the loans’ initial amortized cost basis rather than recognized as a Day 1 provision for credit losses. Refer to Note 3 for additional information.
12

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.
Note 3 Business Combinations

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 the Corporation 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) immediately 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, 100% of 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 increased its deposit market share and will deliver its products and services to an expanded client base across attractive Midwest markets.
The acquisition of American National has been accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. Fair value estimates related to the assets and liabilities from American National are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. The purchase consideration allocation is considered preliminary as certain estimates related to the assets acquired and liabilities assumed are subject to continuing refinement. Valuations subject to refinement include, but are not limited to, loans, certain deposits, certain other assets, and the core deposit intangible asset.
13

The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the effective date of the American National acquisition.
(in thousands)April 1, 2026
Total Consideration$594,144 
Assets
Cash and cash equivalents$220,898 
Investment securities989,925 
Loans, net3,716,472 
Other intangible assets(a)
103,200 
Other assets155,960 
Total assets$5,186,455 
Liabilities
Deposits$4,544,700 
Other liabilities89,700 
Total liabilities$4,634,400 
Fair value of net assets acquired$552,055 
Goodwill$42,089 
(a) Core deposit intangibles
The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Corporation with the former operations of American National. None of the goodwill is deductible for income tax purposes as the acquisition was accounted for as a tax-free exchange.
The Corporation engaged an independent, third-party valuation specialist to assist in the valuation of certain assets acquired and liabilities assumed from the business combination. The following valuation techniques were used in the valuation:

Investment securities: The fair value of AFS investment securities and equity securities was determined utilizing quoted prices in an active market, if available, or an external third party broker opinion of the market value.

Loans, net: Fair values of loans were based on a discounted cash flow methodology that considered factors including the type of loan, related collateral, credit quality status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination. Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered purchase credit deteriorated (PCD) assets. All other loans acquired were deemed purchased seasoned loans (non-PCD). The initial estimate of expected credit losses, excluding credit card loans, was recognized in the ACLL on the date of acquisition using the same methodology as other loans and leases held-for-investment.

The following table includes the fair value and unpaid principal balance of the acquired loans and leases:

(in thousands)Unpaid principal balancePremium
(Discount)		Loans and leasesAllowance for credit losses on loansLoans and leases, net
Non-PCD loans$3,185,647 $2,692 $3,188,339 $(28,263)$3,160,076 
PCD Loans615,403 (19,495)595,908 (39,512)556,396 
Total$3,801,050 $(16,803)$3,784,247 $(67,775)$3,716,472 
Core Deposit Intangibles: This intangible asset represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs will be amortized utilizing the sum of years digits basis.
14

Time Deposits: The fair value for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.
The Corporation's operating results include operating results from American National for the three months ended June 30, 2026. Due to the integration of operating activities into those of the Corporation, bifurcation and reporting of revenues and net income from the former American National operations is impracticable. In addition, such amounts would require significant estimates related to the proper allocation of merger cost savings that cannot be objectively made. The following table presents merger related costs, and the line item that these costs are included in on the consolidated statement of income, for the three and six months ended June 30, 2026. Additional transaction and integration costs will be expensed in future periods as incurred.
(in thousands)Three Months Ended June 30, 2026Six Months Ended Jun 30, 2026
Personnel$13,364 $13,364 
Technology781 781 
Occupancy23 103 
Business development and advertising417 654 
Equipment98 98 
Legal and professional9,569 10,253 
Other217 223 
Total$24,469 $25,476 
Pro Forma Financial Information
The following unaudited pro forma summary presents consolidated information of the Corporation as if the American National acquisition had occurred on January 1, 2025. The amounts do not reflect anticipated operating cost savings, revenue enhancements, or other synergies expected to result from the acquisition. Actual results may differ from the unaudited pro forma information presented.
Three Months Ended Jun 30,Six Months Ended Jun 30,
(Unaudited) (in thousands)2026202520262025
Net interest income and noninterest income$447,151 $415,810 $881,852 $807,328 
Net income141,691 120,532 263,217 212,961 
The pro forma adjustments include the effect of excluding acquisition-related expenses of $25.5 million for the six months ended June 30, 2026 and included such expenses in the first half of 2025. These adjustments also include adjusting amortization and accretion of fair value marks on acquired loans, investments, deposits, intangibles, other assets/liabilities, and the effect of income taxes.
Note 4 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:
15

Three Months Ended Jun 30,Six Months Ended Jun 30,
 (in thousands, except per share data)2026202520262025
Net income$123,564 $111,230 $243,200 $212,916 
Preferred stock dividends(2,875)(2,875)(5,750)(5,750)
Net income available to common equity120,689 108,355 237,450 207,166 
Common shareholder dividends(45,634)(38,304)(85,577)(76,636)
Unvested share-based payment awards(107)(194)(223)(399)
Undistributed earnings$74,948 $69,857 $151,650 $130,131 
Undistributed earnings allocated to common shareholders$74,769 $69,501 $151,203 $129,500 
Undistributed earnings allocated to unvested share-based payment awards179 356 447 630 
Undistributed earnings$74,948 $69,857 $151,650 $130,131 
Basic
Distributed earnings to common shareholders$45,634 $38,304 $85,577 $76,636 
Undistributed earnings allocated to common shareholders74,769 69,501 151,203 129,500 
Total common shareholders earnings, basic$120,403 $107,805 $236,780 $206,137 
Diluted
Distributed earnings to common shareholders$45,634 $38,304 $85,577 $76,636 
Undistributed earnings allocated to common shareholders74,769 69,501 151,203 129,500 
Total common shareholders earnings, diluted$120,403 $107,805 $236,780 $206,137 
Weighted average common shares outstanding188,084 164,936 176,654 165,081 
Effect of dilutive common stock awards1,815 1,407 1,748 1,425 
Diluted weighted average common shares outstanding189,899 166,343 178,402 166,506 
Basic earnings per common share$0.64 $0.65 $1.34 $1.25 
Diluted earnings per common share$0.63 $0.65 $1.33 $1.24 
Excluded from the earnings per common share calculations were nominal amounts and 1.4 million anti-dilutive common stock options for the three months ended June 30, 2026 and 2025, respectively, and nominal amounts and 1.2 million anti-dilutive common stock options for the six months ended June 30, 2026 and 2025, respectively.
Note 5 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 Incentive Compensation Plan and 2025 Equity Incentive Plan (collectively, the Incentive 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 six months ended June 30, 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 
Exercised444 23.78 
Outstanding at June 30, 20261,016 $22.24 2.43 years$8,658 
Options Exercisable at June 30, 20261,016 $22.24 2.43 years$8,658 
(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 six months ended June 30, 2026, the intrinsic value of stock options exercised was $2.3 million, compared to $0.4 million for the six months ended June 30, 2025. All stock options were vested as of December 31, 2025.
16

The Corporation has issued service-based and performance-based restricted stock grants, in the form of awards and units, under the Incentive 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 six months ended June 30, 2026:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20252,372 $22.02 
Granted897 26.49 
Vested849 22.01 
Forfeited47 24.42 
Outstanding at June 30, 20262,373 $23.66 
(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 $11.2 million and $11.3 million was recorded for the six months ended June 30, 2026 and June 30, 2025, respectively. Included in compensation expense for the accelerated vesting of restricted stock granted to retirement eligible colleagues was $4.2 million and $4.4 million of expense in the first six months of 2026 and 2025, respectively. The Corporation had $28.1 million of unrecognized compensation costs related to restricted stock at June 30, 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.
17

Note 6 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 June 30, 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)$7,342 $4 $(106)$7,240 
Residential mortgage-related securities:
FNMA/FHLMC142,709 815 (6,236)137,288 
GNMA5,518,890 2,481 (29,723)5,491,648 
Commercial mortgage-related securities:
FNMA/FHLMC414,880 — (4,659)410,221 
GNMA111,910 — (5,066)106,844 
Asset backed securities:
FFELP89,197 1 (986)88,212 
SBA120,221 387 (538)120,070 
Other debt securities(a)
6,750 — (1,687)5,063 
Total AFS investment securities$6,411,899 $3,688 $(49,001)$6,366,586 
HTM investment securities
U.S. Treasury securities$997 $5 $— $1,002 
Obligations of state and political subdivisions (municipal securities)1,591,681 1,797 (124,874)1,468,604 
Residential mortgage-related securities:
FNMA/FHLMC790,729 39 (130,031)660,737 
GNMA37,215 18 (2,607)34,626 
Private-label292,007 — (45,547)246,460 
Commercial mortgage-related securities:
FNMA/FHLMC757,723 — (113,423)644,300 
GNMA40,423 — (4,334)36,089 
Total HTM investment securities$3,510,775 $1,859 $(420,816)$3,091,818 
(a)Unrealized losses includes allowance for credit losses

18

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 June 30, 2026, are shown below:
AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$3,750 $2,063 $820,235 $818,331 
Due after one year through five years7,739 7,655 825 779 
Due after five years through ten years— — 8,078 7,932 
Due after ten years2,603 2,585 763,540 642,564 
Total municipal, U.S. Treasury and other debt securities14,092 12,303 1,592,678 1,469,606 
Residential mortgage-related securities:
FNMA/FHLMC142,709 137,288 790,729 660,737 
GNMA5,518,890 5,491,648 37,215 34,626 
Private-label— — 292,007 246,460 
Commercial mortgage-related securities:
FNMA/FHLMC414,880 410,221 757,723 644,300 
GNMA111,910 106,844 40,423 36,089 
Asset backed securities:
FFELP 89,197 88,212 — — 
SBA120,221 120,070 — — 
Total investment securities$6,411,899 $6,366,586 $3,510,775 $3,091,818 
Ratio of fair value to amortized cost99.3 %88.1 %

19

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 Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Gross losses on HTM securities$— $— $(4)$— 
Fair value adjustment of equity securities35 7 10 11 
Investment securities (losses) gains, net$35 $7 $6 $11 
Investment securities with a carrying value of $1.0 billion at June 30, 2026 and $1.2 billion December 31, 2025, respectively, were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $17.2 million and $17.7 million at June 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on AFS securities totaled $25.1 million and $23.0 million at June 30, 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.
There was a nominal allowance for credit losses on HTM securities at June 30, 2026 and $0.1 million at 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 allowance for credit losses on AFS securities was $1.7 million at June 30, 2026 and zero at December 31, 2025, attributable to a corporate bond acquired through the recent acquisition of American National, included in other debt securities and AFS investment securities, net, at fair value 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 June 30, 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)4 $(99)$4,176 1 $(7)$243 $(106)$4,419 
Residential mortgage-related securities:
FNMA/FHLMC34 (604)47,975 5 (5,632)44,189 (6,236)92,164 
GNMA236 (29,685)4,396,013 2 (38)1,901 (29,723)4,397,914 
Commercial mortgage-related securities:
FNMA/FHLMC11 (3,780)393,331 1 (879)16,889 (4,659)410,220 
GNMA— — — 15 (5,066)106,844 (5,066)106,844 
Asset backed securities:
FFELP2 (75)30,893 12 (911)51,501 (986)82,394 
SBA6 (526)89,501 2 (12)183 (538)89,684 
Other debt securities(a)
3 (1,687)4,062 — — — (1,687)4,062 
Total296 $(36,456)$4,965,951 38 $(12,545)$221,750 $(49,001)$5,187,701 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)327 $(6,876)$500,662 407 $(117,998)$615,514 $(124,874)$1,116,176 
Residential mortgage-related securities:
FNMA/FHLMC15 (127)15,968 100 (129,904)637,637 (130,031)653,605 
GNMA4 (60)5,330 79 (2,547)26,571 (2,607)31,901 
Private-label— — — 18 (45,547)246,460 (45,547)246,460 
 Commercial mortgage-related securities:
FNMA/FHLMC2 (536)26,155 43 (112,887)618,145 (113,423)644,300 
GNMA— — — 13 (4,334)36,088 (4,334)36,088 
Total348 $(7,599)$548,115 660 $(413,217)$2,180,415 $(420,816)$2,728,530 
(a)Unrealized losses includes allowance for credit losses
20

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 June 30, 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 June 30, 2026 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions, except as disclosed above. As of June 30, 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 $215.0 million and $154.4 million at June 30, 2026 and December 31, 2025, respectively. The Corporation had Federal Reserve Bank stock of $114.4 million and $98.1 million at June 30, 2026 and December 31, 2025, respectively.
Accrued interest receivable on FHLB stock totaled $4.1 million at June 30, 2026 and $2.8 million at December 31, 2025. There was no accrued interest receivable on Federal Reserve Bank Stock at both June 30, 2026 and 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.
21

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 $15.0 million and $11.1 million at June 30, 2026 and December 31, 2025, respectively.
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 both June 30, 2026 and December 31, 2025.
Note 7 Loans
The period end loan composition was as follows:
(in thousands)Jun 30, 2026Dec 31, 2025
Commercial and industrial$13,750,175 $11,799,757 
Commercial real estate — owner occupied1,575,445 1,186,324 
Commercial and business lending15,325,620 12,986,081 
Commercial real estate — investor6,492,950 5,246,030 
Real estate construction2,546,186 1,994,642 
Commercial real estate lending9,039,136 7,240,672 
Total commercial24,364,756 20,226,753 
Residential mortgage6,808,398 6,793,957 
Auto finance4,044,416 3,106,498 
Home equity826,343 713,271 
Other consumer423,127 323,135 
Total consumer12,102,284 10,936,861 
Total loans$36,467,040 $31,163,614 
Accrued interest receivable on loans totaled $135.4 million at June 30, 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 $0.4 million for the three months ended June 30, 2026 and $0.8 million for the six months ended June 30, 2026, compared to $0.5 million for the three months ended June 30, 2025 and $1.1 million for the six months ended June 30, 2025.
22

The following table presents loans by credit quality indicator by origination year at June 30, 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$3,199 $2,741,443 $2,328,388 $3,787,950 $1,722,490 $982,648 $840,913 $738,339 $13,142,171 
Special mention— 22,708 626 26,761 24,508 9,346 5,458 72,581 161,988 
Substandard668 94,753 38,835 33,522 32,732 12,846 130,614 58,326 401,628 
Nonaccrual20 635 2,160 27,179 4,617 4,506 474 4,817 44,388 
Commercial and industrial$3,887 $2,859,539 $2,370,009 $3,875,412 $1,784,347 $1,009,346 $977,459 $874,063 $13,750,175 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $182,249 $129,676 $247,821 $199,462 $146,763 $197,576 $380,833 $1,484,380 
Special mention— 1,363 — 4,713 5,016 2,059 90 5,980 19,221 
Substandard— 11,913 1,886 2,097 14,611 14,693 47 23,342 68,589 
Nonaccrual— — — 1,797 — — 524 934 3,255 
Commercial real estate - owner occupied$— $195,525 $131,562 $256,428 $219,089 $163,515 $198,237 $411,089 $1,575,445 
Commercial and business lending:
Risk rating:
Pass$3,199 $2,923,692 $2,458,064 $4,035,771 $1,921,952 $1,129,411 $1,038,489 $1,119,172 $14,626,551 
Special mention— 24,071 626 31,474 29,524 11,405 5,548 78,561 181,209 
Substandard668 106,666 40,721 35,619 47,343 27,539 130,661 81,668 470,217 
Nonaccrual20 635 2,160 28,976 4,617 4,506 998 5,751 47,643 
Commercial and business lending$3,887 $3,055,064 $2,501,571 $4,131,840 $2,003,436 $1,172,861 $1,175,696 $1,285,152 $15,325,620 
Commercial real estate - investor:
Risk rating:
Pass$— $695,209 $1,061,877 $1,762,223 $662,819 $438,221 $679,245 $844,791 $6,144,385 
Special mention— 633 33,369 5,553 3,066 48,292 58,136 29,885 178,934 
Substandard— 21,867 10,855 12,186 24,000 5,783 54,229 29,527 158,447 
Nonaccrual— 698 — 793 — — 7,914 1,779 11,184 
Commercial real estate - investor$— $718,407 $1,106,101 $1,780,755 $689,885 $492,296 $799,524 $905,982 $6,492,950 
Real estate construction:
Risk rating:
Pass$— $219,286 $161,036 $541,782 $872,017 $152,821 $3,414 $6,963 $1,957,319 
Special mention— 2,663 — — 15,405 — 75,656 — 93,724 
Substandard— 25,497 80,123 105,451 7,685 34,493 238,920 — 492,169 
Nonaccrual— 2,913 — — — 38 — 23 2,974 
Real estate construction$— $250,359 $241,159 $647,233 $895,107 $187,352 $317,990 $6,986 $2,546,186 
Commercial real estate lending:
Risk rating:
Pass$— $914,495 $1,222,913 $2,304,005 $1,534,836 $591,042 $682,659 $851,754 $8,101,704 
Special mention— 3,296 33,369 5,553 18,471 48,292 133,792 29,885 272,658 
Substandard— 47,364 90,978 117,637 31,685 40,276 293,149 29,527 650,616 
Nonaccrual— 3,611 — 793 — 38 7,914 1,802 14,158 
Commercial real estate lending$— $968,766 $1,347,260 $2,427,988 $1,584,992 $679,648 $1,117,514 $912,968 $9,039,136 
Total commercial:
Risk rating:
Pass$3,199 $3,838,187 $3,680,977 $6,339,776 $3,456,788 $1,720,453 $1,721,148 $1,970,926 $22,728,255 
Special mention— 27,367 33,995 37,027 47,995 59,697 139,340 108,446 453,867 
Substandard668 154,030 131,699 153,256 79,028 67,815 423,810 111,195 1,120,833 
Nonaccrual20 4,246 2,160 29,769 4,617 4,544 8,912 7,553 61,801 
Total commercial$3,887 $4,023,830 $3,848,831 $6,559,828 $3,588,428 $1,852,509 $2,293,210 $2,198,120 $24,364,756 
23

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$— $— $176,272 $309,720 $254,049 $438,829 $1,461,192 $4,090,505 $6,730,567 
Special mention— — — 315 — — — 188 503 
Substandard— — 5,355 — 572 366 454 246 6,993 
Nonaccrual— — — 2,054 4,408 7,680 11,041 45,152 70,335 
Residential mortgage$— $— $181,627 $312,089 $259,029 $446,875 $1,472,687 $4,136,091 $6,808,398 
Auto finance:
Risk rating:
Pass$— $— $856,927 $1,398,649 $867,078 $498,862 $351,555 $57,048 $4,030,119 
Special mention— — 84 1,032 581 868 625 134 3,324 
Nonaccrual— — 393 1,686 2,058 3,351 3,083 402 10,973 
Auto finance$— $— $857,404 $1,401,367 $869,717 $503,081 $355,263 $57,584 $4,044,416 
Home equity:
Risk rating:
Pass$11,561 $726,750 $1,158 $5,253 $3,937 $4,886 $21,268 $55,324 $818,576 
Special mention78 102 — — 130 — 39 914 1,185 
Nonaccrual272 317 — 102 151 159 1,025 4,828 6,582 
Home equity$11,911 $727,169 $1,158 $5,355 $4,218 $5,045 $22,332 $61,066 $826,343 
Other consumer:
Risk rating:
Pass$84 $260,894 $36,667 $44,583 $18,197 $10,311 $5,627 $43,888 $420,167 
Special mention1 885 — 17 62 47 45 9 1,065 
Substandard— 1,633 — — — — — — 1,633 
Nonaccrual— 47 — 60 47 41 53 14 262 
Other consumer$85 $263,459 $36,667 $44,660 $18,306 $10,399 $5,725 $43,911 $423,127 
Total consumer:
Risk rating:
Pass$11,645 $987,644 $1,071,024 $1,758,205 $1,143,261 $952,888 $1,839,642 $4,246,765 $11,999,429 
Special mention79 987 84 1,364 773 915 709 1,245 6,077 
Substandard— 1,633 5,355 — 572 366 454 246 8,626 
Nonaccrual272 364 393 3,902 6,664 11,231 15,202 50,396 88,152 
Total consumer$11,996 $990,628 $1,076,856 $1,763,471 $1,151,270 $965,400 $1,856,007 $4,298,652 $12,102,284 
Total loans:
Risk rating:
Pass$14,844 $4,825,831 $4,752,001 $8,097,981 $4,600,049 $2,673,341 $3,560,790 $6,217,691 $34,727,684 
Special mention79 28,354 34,079 38,391 48,768 60,612 140,049 109,691 459,944 
Substandard668 155,663 137,054 153,256 79,600 68,181 424,264 111,441 1,129,459 
Nonaccrual292 4,610 2,553 33,671 11,281 15,775 24,114 57,949 149,953 
Total loans$15,883 $5,014,458 $4,925,687 $8,323,299 $4,739,698 $2,817,909 $4,149,217 $6,496,772 $36,467,040 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.


24

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 
25

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 
Nonaccrual2 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 
Nonaccrual1,040 208 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.

26

The following table presents gross charge offs by origination year for the six months ended June 30, 2026:
Gross Charge Offs by Origination Year
(in thousands)Rev Loans Amortized Cost Basis20262025202420232022PriorTotal
Commercial and industrial$13,356 $135 $160 $254 $712 $425 $6,191 $21,233 
Commercial real estate-owner occupied— — — — — — — — 
Commercial and business lending13,356 135 160 254 712 425 6,191 21,233 
Commercial real estate-investor— — — — — — 2,710 2,710 
Real estate construction— — — — — — — — 
Commercial real estate lending— — — — — — 2,710 2,710 
Total commercial13,356 135 160 254 712 425 8,901 23,943 
Residential mortgage— — 6 57 66 24 107 260 
Auto finance— 110 1,125 1,135 1,547 1,742 179 5,838 
Home equity1 — 60 — 2 13 16 92 
Other consumer4,150 10 100 30 26 12 31 4,359 
Total consumer4,151 120 1,291 1,222 1,641 1,791 333 10,549 
Total gross charge offs$17,507 $255 $1,451 $1,476 $2,353 $2,216 $9,234 $34,492 
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.
27

The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $19.4 million and $20.1 million at June 30, 2026 and December 31, 2025, respectively.
The following table presents loans by past due status at June 30, 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$13,694,693 $834 $9,834 $426 $44,388 $13,750,175 
Commercial real estate - owner occupied1,571,158 893 — 139 3,255 1,575,445 
Commercial and business lending15,265,851 1,727 9,834 565 47,643 15,325,620 
Commercial real estate - investor6,478,677 1,839 1,250 — 11,184 6,492,950 
Real estate construction2,541,775 581 856 — 2,974 2,546,186 
Commercial real estate lending9,020,452 2,420 2,106 — 14,158 9,039,136 
Total commercial24,286,303 4,147 11,940 565 61,801 24,364,756 
Residential mortgage6,724,029 13,531 503 — 70,335 6,808,398 
Auto finance4,013,076 17,043 3,324 — 10,973 4,044,416 
Home equity815,225 3,351 1,185 — 6,582 826,343 
Other consumer(c)
418,154 1,899 1,089 1,723 262 423,127 
Total consumer11,970,484 35,824 6,101 1,723 88,152 12,102,284 
Total loans$36,256,787 $39,971 $18,041 $2,288 $149,953 $36,467,040 
(a) Of the total nonaccrual loans, $78.9 million, or 53%, were current with respect to payment at June 30, 2026.
(b) No interest income was recognized on nonaccrual loans for the three and six months ended June 30, 2026. In addition, there were $18.2 million of nonaccrual loans for which there was no related ACLL at June 30, 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 June 30, 2026 and June 30, 2025.
Interest Rate Concession
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Commercial and industrial$120 $154 $273 $294 
Other consumer727 737 1,330 1,529 
Total loans modified$847 $891 $1,603 $1,823 
28

Term Extension
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Residential mortgage$553 $305 $1,059 $305 
Combination - Interest Rate Concession and Term Extension
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Residential mortgage$1,137 $591 $3,463 $2,094 
Home equity37 67 88 125 
Total loans modified$1,174 $658 $3,551 $2,219 
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 Jun 30,Six Months Ended Jun 30,
Loan Type2026202520262025
Commercial and industrial(22)%(23)%(22)%(24)%
Residential mortgage— %2 %1 %1 %
Home equity(2)%— %(2)%(2)%
Other consumer(22)%(21)%(21)%(21)%
Weighted average of total loans modified(9)%(10)%(6)%(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 Jun 30,Six Months Ended Jun 30,
Loan Type2026202520262025
Residential mortgage115 months165 months107 months152 months
Home equity240 months60 months131 months60 months
Weighted average of total loans modified118 months158 months107 months147 months
(a) During the three months ended June 30, 2026 and June 30, 2025, term extensions changed the weighted average term on modified loans from 300 to 418 months and 268 to 426 months, respectively. During the six months ended June 30, 2026 and June 30, 2025, term extensions changed the weighted average term on modified loans from 305 to 412 months and 267 to 414, 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 June 30, 2026:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$367 $— $— 
Residential mortgage6,509 943 1,183 
Home equity239 — 27 
Other consumer2,055 — — 
Total loans modified$9,170 $943 $1,210 
29

The following table depicts the performance of loans that have been modified in the twelve months ended June 30, 2025:
Payment Status (Amortized Cost Basis)
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$431 $— $— 
Residential mortgage3,406 605 702 
Home equity288 31 — 
Other consumer2,303 — — 
Total loans modified$6,427 $635 $702 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession for loans that were modified in the previous twelve months and subsequently had a payment default during the six months ended June 30, 2026:
Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Residential mortgage$— $— $303 
None of the loans modified in the previous twelve months subsequently had a payment default during the six months ended June 30, 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 June 30, 2026 was the Moody's baseline scenario from May 2026, which was reviewed against the June 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 12 for additional information on the change in the allowance for unfunded commitments.

30

The following table presents a summary of the changes in the ACLL by portfolio segment for the six months ended June 30, 2026:
(in thousands)Dec 31, 2025Provision for loan losses recorded at acquisitionAllowance for PCD loans acquiredAllowance for PSL acquiredCharge offsRecoveriesNet
(Charge offs) Recoveries		Provision for Credit LossesJun 30, 2026ACLL / Loans
Allowance for loan losses
Commercial and industrial$168,636 $294 $19,514 $5,086 $(21,233)$893 $(20,340)$29,105 $202,295 
Commercial real estate — owner occupied11,327 — 2,516 1,198 — — — (1,887)13,154 
Commercial and business lending179,963 294 22,030 6,284 (21,233)893 (20,340)27,218 215,449 
Commercial real estate — investor58,243 — 11,640 7,590 (2,710)500 (2,210)(10,475)64,788 
Real estate construction46,595 — 3,459 3,298 — 4 4 6,065 59,421 
Commercial real estate lending104,838 — 15,099 10,888 (2,710)504 (2,206)(4,410)124,209 
Total commercial284,801 294 37,129 17,172 (23,943)1,397 (22,546)22,808 339,658 
Residential mortgage33,644 — 790 1,028 (260)211 (49)39 35,452 
Auto finance27,470 — 1,346 7,241 (5,838)2,487 (3,351)2,059 34,765 
Home equity16,343 — 174 2,058 (92)782 690 (765)18,500 
Other consumer15,810 103 73 764 (4,359)1,104 (3,255)1,859 15,354 
Total consumer93,267 103 2,383 11,091 (10,549)4,584 (5,965)3,192 104,071 
Total loans$378,068 $397 $39,512 $28,263 $(34,492)$5,981 $(28,511)$26,000 $443,729 
Allowance for unfunded commitments
Commercial and industrial$18,698 $— $1,300 $689 $— $— $— $(1,650)$19,037 
Commercial real estate — owner occupied132 — 18 21 — — — 78 249 
Commercial and business lending18,830 — 1,318 710 — — — (1,572)19,286 
Commercial real estate — investor499 — 102 28 — — — 281 910 
Real estate construction17,947 — 2,169 901 — — — 5,243 26,260 
Commercial real estate lending18,446 — 2,271 929 — — — 5,524 27,170 
Total commercial37,276 — 3,589 1,639 — — — 3,952 46,456 
Home equity2,406 — 8 207 — — — 49 2,670 
Other consumer1,594 — — 25 — — — (1)1,618 
Total consumer4,000 — 8 232 — — — 48 4,288 
Total loans$41,276 $— $3,597 $1,871 $— $— $— $4,000 $50,744 
Allowance for credit losses on loans
Commercial and industrial$187,334 $294 $20,814 $5,775 $(21,233)$893 $(20,340)$27,455 $221,332 1.61 %
Commercial real estate — owner occupied11,459 — 2,534 1,219 — — — (1,809)13,403 0.85 %
Commercial and business lending198,793 294 23,348 6,994 (21,233)893 (20,340)25,646 234,735 1.53 %
Commercial real estate — investor58,742 — 11,742 7,618 (2,710)500 (2,210)(10,194)65,698 1.01 %
Real estate construction64,542 — 5,628 4,199 — 4 4 11,308 85,681 3.37 %
Commercial real estate lending123,284 — 17,370 11,817 (2,710)504 (2,206)1,114 151,379 1.67 %
Total commercial322,077 294 40,718 18,811 (23,943)1,397 (22,546)26,760 386,114 1.58 %
Residential mortgage33,644 — 790 1,028 (260)211 (49)39 35,452 0.52 %
Auto finance27,470 — 1,346 7,241 (5,838)2,487 (3,351)2,059 34,765 0.86 %
Home equity18,749 — 182 2,265 (92)782 690 (716)21,170 2.56 %
Other consumer17,404 103 73 789 (4,359)1,104 (3,255)1,858 16,972 4.01 %
Total consumer97,267 103 2,391 11,323 (10,549)4,584 (5,965)3,240 108,359 0.90 %
Total loans$419,344 $397 $43,109 $30,134 $(34,492)$5,981 $(28,511)$30,000 $494,473 1.36 %




31

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 8 Goodwill and Other Intangible Assets
Goodwill
The Corporation conducted its most recent annual impairment testing in May 2026, 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 2026 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in the first six months of 2025 or 2026.
The Corporation added $42.1 million goodwill related to the American National acquisition in the second quarter of 2026. The Corporation had goodwill of $1.1 billion at both June 30, 2026 and December 31, 2025.
32

Core Deposit Intangibles
The Corporation has CDIs which are amortized. CDI recorded as part of the American National acquisition is amortized over ten years using the sum of digits method while prior acquisitions are amortized under the straight line method. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:
(in thousands)Six Months Ended Jun 30, 2026Year Ended Dec 31, 2025
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $88,109 
Additions during the period103,200 — 
Accumulated amortization(74,356)(65,260)
Net book value$116,953 $22,849 
Amortization during the period$9,096 $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)Six Months Ended Jun 30, 2026Year Ended Dec 31, 2025
Mortgage servicing rights
Mortgage servicing rights at beginning of period$86,337 $87,683 
Additions6,159 8,716 
Decay(4,899)(8,621)
Valuation:
Changes in fair value of asset86 (1,441)
Mortgage servicing rights at end of period$87,683 $86,337 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)$6,160,254 $6,191,012 
Mortgage servicing rights to servicing portfolio1.42 %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 June 30, 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
Six Months Ended December 31, 2026$13,788 $4,817 
202726,167 11,601 
202818,965 11,838 
202915,285 11,189 
203011,788 10,214 
20319,851 9,123 
Beyond 203121,109 28,901 
Total estimated amortization expense and MSRs decay(a)
$116,953 $87,683 
(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
33

Note 9 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)June 30, 2026December 31, 2025
Short-term funding
Federal funds purchased$473,905 $260,070 
Securities sold under agreements to repurchase55,371 47,794 
Federal funds purchased and securities sold under agreements to repurchase$529,276 $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(6,895)(7,484)
Subordinated debt fair value hedge(a)
(2,025)1,760 
Total long-term funding$591,080 $594,276 
   Total short and long-term funding, excluding FHLB advances$1,120,356 $902,140 
FHLB advances
Short-term FHLB advances$4,315,000 $2,855,250 
Long-term FHLB advances263,115 414,122 
FHLB advances fair value hedge(a)
(3,434)(1,278)
Total FHLB advances$4,574,681 $3,268,094 
Total short and long-term funding$5,695,037 $4,170,234 
(a) For additional information on the fair value hedges, see Note 10.
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 June 30, 2026, the Corporation had pledged securities valued at 202% 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)June 30, 2026December 31, 2025
Repurchase agreements
Agency mortgage-related securities$55,371 $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,
34

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 June 30, 2026.
Note 10 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 $73.8 million and $79.4 million of investment securities as collateral at June 30, 2026, and December 31, 2025, respectively. Cash is often pledged or received as collateral for derivatives that are not centrally cleared. The Corporation's cash collateral pledged was $3.5 million at June 30, 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.
35

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:
Jun 30, 2026Dec 31, 2025
AssetLiabilityAssetLiability
(in thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Designated as hedging instruments:
Interest rate-related instruments(a)
$1,150,000 $1,435 $1,650,000 $6,737 $2,425,000 $10,517 $25,000 $1 
Foreign currency exchange forwards48,307 1,355 269,686 303 280,159 757 38,384 194 
Total designated as hedging instruments2,790 7,040 11,274 195 
Not designated as hedging instruments:
Interest rate-related and other instruments5,496,857 61,693 6,553,249 111,446 4,775,818 66,787 7,072,274 108,631 
Foreign currency exchange forwards65,014 440 13,535 198 48,904 1,731 43,787 1,517 
Mortgage banking(b)
68,998 1,432 141,000 397 39,998 814 107,000 444 
Total not designated as hedging instruments63,565 112,041 69,332 110,592 
Gross derivatives before netting66,355 119,081 80,606 110,787 
Less: Legally enforceable master netting agreements9,343 9,343 12,839 12,839 
Less: Cash collateral pledged/received17,769 720 10,343 8,334 
Total derivative instruments, after netting$39,243 $109,018 $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 June 30, 2026, this includes swaps with an effective dates of November 1, 2026 to December 1, 2026 that had an asset notational and fair value of $100.0 million and $0.2 million, respectively, and a liability notional amount and fair value of $250.0 million and $1.5 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 June 30, 2026, the fair value of the mortgage derivative asset included $1.4 million of interest rate lock commitments and the derivative liability included $0.4 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)Jun 30, 2026Dec 31, 2025
Other long-term funding$(297,975)$2,025 $(301,760)$(1,760)
FHLB Advances(196,566)3,434 (198,722)1,278 
Total$(494,541)$5,459 $(500,482)$(482)

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At June 30, 2026 and December 31, 2025, the carrying amount excluded for foreign currency denominated loans was $318.0 million and $318.5 million, respectively.
The Corporation terminated its $500.0 million fair value hedge during the fourth quarter of 2019. At June 30, 2026, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $151.4 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.
36

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 Jun 30,Six Months Ended Jun 30,
2026202520262025
(in thousands)Interest Income Interest (Expense)Interest IncomeInterest (Expense)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)
$565 $(380)$(1,464)$(1,942)$1,169 $(777)$(2,614)$(4,160)
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items (31)2,952 (27)(4,099)(174)5,942 (58)(11,096)
Derivatives designated as hedging instruments(a)
597 (3,332)(1,437)2,158 1,343 (6,719)(2,555)6,936 
(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 Jun 30,Six Months Ended Jun 30,
2026202520262025
(in thousands)Capital Markets, NetCapital Markets, NetCapital 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$51 $— $53 $1 
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items(13,163)19,542 (18,086)20,095 
Derivatives designated as hedging instruments13,214 (19,542)18,139 (20,093)
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a)
$(6,506)$1,264 $(14,418)$8,532 
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)
(597)1,437 (1,343)2,555 
(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 $3.1 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 June 30, 2026. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 41 months as of June 30, 2026.
37

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 Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Derivative instruments
Interest rate-related and other instruments — customer and mirror, netCapital markets, net$(1)$(42)$(31)$(90)
Interest rate-related instruments — MSRs hedgeMortgage banking, net(420)(308)(219)1,158 
Foreign currency exchange forwardsCapital markets, net202 (1,075)642 (575)
Interest rate lock commitments (mortgage)Mortgage banking, net595 933 617 1,594 
Forward commitments (mortgage)Mortgage banking, net(1,339)(779)46 (1,616)
Note 11 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
June 30, 2026$48,451 $(9,343)$(17,769)$21,339 $(17,912)$3,427 
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
June 30, 2026$15,109 $(9,343)$(720)$5,046 $— $5,046 
December 31, 202523,006 (12,839)(8,334)1,833 — 1,833 
38

Note 12 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 10). The following is a summary of lending-related commitments:
(in thousands)Jun 30, 2026Dec 31, 2025
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)
$13,006,388 $11,872,816 
Commercial letters of credit(a)
589 425 
Standby letters of credit(c)
252,770 222,047 
(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 June 30, 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 10.
(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.4 million at June 30, 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)Six Months Ended Jun 30, 2026Year Ended Dec 31, 2025
Allowance for unfunded commitments
Balance at beginning of period$41,276 $38,776 
Initial allowance for PCD unfunded commitments3,597 — 
Initial allowance for purchased seasoned unfunded commitments1,871 — 
Provision for unfunded commitments4,000 2,500 
Balance at end of period$50,744 $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 10. 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 investments in qualified affordable housing and historic projects at June 30, 2026 was $161.3 million, compared to $174.3 million at December 31, 2025, included in tax credit and other investments on the consolidated balance sheets. The Corporation's remaining investments accounted for under the proportional amortization method totaled $160.0 million at June 30, 2026 and $172.2 million at December 31, 2025.
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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 following table summarizes income tax credits, other income tax benefits, and investment amortization generated from the Corporation's investments in these projects, which are recognized as a component within income tax expense on the consolidated statements of income and included in the change in net income tax position and amortization of tax credit investments on the consolidated statements of cash flows:
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Income tax credits and other income tax benefits recognized$10,406 $10,772 $19,543 $20,230 
Amortization expense8,692 8,369 17,146 17,058 
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 $22.5 million at June 30, 2026 and $22.8 million at December 31, 2025.
For the three and six months ended June 30, 2026 and 2025, the Corporation recorded impairment of $0.9 million related to qualified affordable housing investments and historic tax credits which was recognized through asset gains (losses), net on the consolidated statements of income and included in the net change in other assets and liabilities on the consolidated statements of cash flows.
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 $74.3 million at June 30, 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 $2.9 million and $3.5 million for the six months ended June 30, 2026 and the year ended December 31, 2025, respectively. There were no loss reimbursement and settlement claims paid in the six months ended June 30, 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 balances totaling $4.3 billion at the time of sale, consisting primarily of loans sold to GSEs. As of June 30, 2026, $2.0 billion of those loans originated since January 1, 2022 remain outstanding.
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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 $0.4 million at June 30, 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 June 30, 2026 and December 31, 2025, there were $12.2 million and $11.4 million, respectively, of residential mortgage loans sold with such recourse risk. 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 June 30, 2026 and December 31, 2025, there were $365.8 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 13 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, as well as Note 3 Business Combinations.
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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:
Jun 30, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$548,057 $548,057 $548,057 $— $— 
Interest-bearing deposits in other financial institutions1,268,379 1,268,379 1,268,379 — — 
Federal funds sold and securities purchased under agreements to resell14,355 14,355 14,355 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)7,240 7,240 — 7,240 — 
Residential mortgage-related securities:
FNMA / FHLMC137,288 137,288 — 137,288 — 
GNMA5,491,648 5,491,648 — 5,491,648 — 
Commercial mortgage-related securities:
FNMA / FHLMC410,221 410,221 — 410,221 — 
GNMA106,844 106,844 — 106,844 — 
Asset backed securities:
FFELP88,212 88,212 — 88,212 — 
SBA120,070 120,070 — 120,070 — 
Other debt securities(b)
5,063 5,063 — 3,000 2,063 
Total AFS investment securities6,366,586 6,366,586 — 6,364,523 2,063 
HTM investment securities:
U.S. Treasury securities997 1,002 1,002 — — 
Obligations of state and political subdivisions (municipal securities)1,591,681 1,468,604 — 1,468,604 — 
Residential mortgage-related securities:
FNMA / FHLMC790,729 660,737 — 660,737 — 
GNMA37,215 34,626 — 34,626 — 
Private-label292,007 246,460 — 246,460 — 
Commercial mortgage-related securities:
FNMA / FHLMC757,723 644,300 — 644,300 — 
GNMA40,423 36,089 — 36,089 — 
Total HTM investment securities3,510,775 3,091,818 1,002 3,090,816 — 
Equity securities:
Equity securities14,960 14,960 14,960 — — 
Equity securities at NAV15,000 15,000 
Total equity securities29,960 29,960 
Regulatory stocks329,436 329,436 — 329,436 — 
Residential loans held for sale94,490 94,490 — 94,490 — 
Commercial loans held for sale15,000 15,000 — 15,000 — 
Loans, net35,976,291 35,021,793 — — 35,021,793 
Bank and corporate owned life insurance717,116 717,116 — 717,116 — 
Mortgage servicing rights, net87,683 87,683 — — 87,683 
Interest rate-related instruments designated as hedging instruments(a)
1,435 1,435 — 1,435 — 
Foreign currency exchange forwards designated as hedging instruments(a)
1,355 1,355 — 1,355 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
61,693 61,693 — 61,693 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
440 440 — 440 — 
Interest rate lock commitments to originate residential mortgage loans held for sale1,432 1,432 — — 1,432 
Total selected assets at fair value$49,024,483 $47,651,028 $1,846,753 $10,676,304 $35,112,971 
(a) Figures are presented gross before netting. See Note 10 and Note 11 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.
(b) The quantifiable unobservable input for fair value measurement of the Level 3 classified security is externally developed.
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Jun 30, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Brokered CDs$3,933,787 $3,923,505 $— $3,923,505 $— 
Other time deposits4,782,343 4,771,175 — 4,771,175 — 
Federal funds purchased and securities sold under agreements to repurchase529,276 529,276 529,276 — — 
FHLB advances4,574,681 4,568,111 — 4,568,111 — 
Senior and subordinated debt591,080 589,506 — 589,506 — 
Standby letters of credit(a)
2,365 2,365 — 2,365 — 
Interest rate-related instruments designated as hedging instruments(b)
6,737 6,737 — 6,737 — 
Foreign currency exchange forwards designated as hedging instruments(b)
303 303 — 303 — 
Interest rate-related and other instruments not designated as hedging instruments(b)
111,446 111,446 — 111,446 — 
Foreign currency exchange forwards not designated as hedging instruments(b)
198 198 — 198 — 
Forward commitments to sell residential mortgage loans397 397 — — 397 
Total selected liabilities at fair value$14,532,613 $14,503,019 $529,276 $13,973,346 $397 

(a) The commitment on standby letters of credit was $252.8 million at June 30, 2026. See Note 12 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 10 and Note 11 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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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 10 and Note 11 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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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 12 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 10 and Note 11 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 production7,629 (2,240)
Closed loans / settlements(6,308)2,910 
Other(703)(717)
Change in mortgage derivative618 (47)
Balance June 30, 2026$1,432 $397 
Refer to Note 8 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$72 
Purchases14 
Sales(23)
Transfers out of level 3(63)
Fair value as of December 31, 2025$— 
The Corporation did not have any activity for Level 3 equity securities for the six months ended June 30, 2026.
The Corporation acquired a Level 3 AFS debt security upon the acquisition of American National on April 1, 2026. The security was valued at $2.1 million and no related adjustments to fair value have been recorded as of June 30, 2026.

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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 HierarchyJune 30, 2026December 31, 2025
Assets
Individually evaluated loansLevel 3$48,296 $18,659 
OREO(a)
Level 21,397 770 
(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:
June 30, 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 sell44%-80%53%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing ratio70%-100%92%

Note 14 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. As part of acquisition-related integration activities, employees who become eligible for participation in the RAP are generally provided service credit for their employment with the acquired institution for eligibility and vesting 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 benefit and net periodic cost for the RAP and Postretirement Plan were as follows:
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
RAP
Service cost$869 $810 $1,737 $1,619 
Interest cost2,749 2,814 5,499 5,628 
Expected return on plan assets(9,772)(9,809)(19,544)(19,619)
Amortization of prior service credit(44)(44)(89)(89)
Total net periodic pension benefit$(6,198)$(6,230)$(12,397)$(12,460)
Postretirement Plan
Interest cost$22 $26 $43 $53 
Amortization of prior service credit(19)(19)(38)(38)
Amortization of actuarial loss— 4 — 8 
Total net periodic cost$3 $12 $6 $23 
The components of net periodic pension benefit and net periodic cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost component is 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 six months ended June 30, 2026 or 2025.
Note 15 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
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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 funding curve, maturity, prepayment, and other 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:
Three Months Ended June 30, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$267,324 $86,481 $16,234 $370,039 
Net intersegment interest (expense) income(105,641)136,046 (30,405)— 
Net interest income (expense)161,683 222,527 (14,171)370,039 
Noninterest income15,648 56,437 8,313 80,398 
Total income (expense) before provision177,331 278,964 (5,858)450,437 
Provision for credit losses21,287 6,456 (8,355)19,388 
Total income after provision156,044 272,508 2,497 431,049 
Noninterest expense
Personnel24,595 65,456 71,117 161,168 
Technology(a)
1,293 13,853 17,721 32,867 
Occupancy(a)
255 8,405 5,431 14,091 
Business development and advertising1,128 839 6,581 8,548 
Equipment(a)
6 2,319 3,098 5,423 
Legal and professional 272 1,478 15,704 17,454 
Loan and foreclosure costs233 1,296 23 1,552 
FDIC assessment— — 10,595 10,595 
Other intangible amortization— — 6,894 6,894 
Other noninterest expense1,087 10,376 1,827 13,290 
Allocated indirect expense (income)29,531 70,523 (100,054)— 
Total noninterest expense58,400 174,545 38,937 271,882 
Net income (loss) before income taxes97,644 97,963 (36,440)159,167 
Income tax expense17,567 20,676 (2,640)35,603 
Net income (loss)$80,077 $77,287 $(33,800)$123,564 
Loans$21,736,674 $14,231,238 $499,128 $36,467,040 
Allocated goodwill556,343 590,738 — 1,147,081 
Total assets22,552,085 15,452,018 13,808,403 51,812,506 
(a) A portion of total depreciation expense of $0.2 million, $6.3 million, and $6.0 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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Three Months Ended June 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$242,978 $68,871 $(11,849)$300,000 
Net intersegment interest (expense) income(107,337)143,478 (36,141)— 
Net interest income (expense)135,641 212,349 (47,990)300,000 
Noninterest income11,984 51,481 3,512 66,977 
Total income (expense) before provision147,625 263,830 (44,478)366,977 
Provision for credit losses20,369 6,363 (8,736)17,996 
Total income (expense) after provision127,256 257,467 (35,742)348,981 
Noninterest expense
Personnel20,149 56,641 50,204 126,994 
Technology(a)
842 12,903 12,763 26,508 
Occupancy(a)
190 7,386 5,068 12,644 
Business development and advertising1,252 968 5,528 7,748 
Equipment(a)
6 2,301 2,187 4,494 
Legal and professional221 529 5,924 6,674 
Loan and foreclosure costs261 1,171 1,273 2,705 
FDIC assessment— — 9,708 9,708 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense934 8,024 716 9,674 
Allocated indirect expense (income)32,166 63,408 (95,574)— 
Total noninterest expense56,021 153,331 — 209,352 
Net income (loss) before income taxes71,236 104,137 (35,744)139,629 
Income tax expense (benefit)13,211 21,869 (6,681)28,399 
Net income (loss)$58,025 $82,268 $(29,063)$111,230 
Loans$17,617,892 $12,531,178 $458,535 $30,607,605 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets17,907,721 13,043,969 13,042,039 43,993,729 
a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $6.0 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.

49

Six Months Ended Jun 30, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$498,429 $154,917 $23,882 $677,228 
Net intersegment interest (expense) income(208,353)266,076 (57,723)— 
Net interest income (expense)290,076 420,993 (33,841)677,228 
Noninterest income29,540 112,380 14,336 156,256 
Total income (expense) before provision319,616 533,373 (19,505)833,484 
Provision for credit losses41,947 13,391 (24,949)30,389 
Total income after provision277,669 519,982 5,444 803,095 
Noninterest expense
Personnel48,145 130,410 117,786 296,341 
Technology(a)
2,116 27,978 32,509 62,603 
Occupancy(a)
473 16,756 10,588 27,817 
Business development and advertising2,097 1,527 12,750 16,374 
Equipment(a)
12 4,395 6,626 11,033 
Legal and professional 529 2,160 21,487 24,176 
Loan and foreclosure costs721 2,236 302 3,259 
FDIC assessment— — 19,432 19,432 
Other intangible amortization— — 9,096 9,096 
Other noninterest expense1,808 18,058 1,048 20,914 
Allocated indirect expense (income)52,230 127,110 (179,340)— 
Total noninterest expense108,131 330,630 52,284 491,045 
Net income (loss) before income taxes169,538 189,352 (46,840)312,050 
Income tax expense (benefit)30,825 39,868 (1,843)68,850 
Net income (loss)$138,713 $149,484 $(44,997)$243,200 
(a) A portion of total depreciation expense of $0.3 million, $12.5 million, and $11.9 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.






























50

Six Months Ended Jun 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$470,263 $131,367 $(15,690)$585,940 
Net intersegment interest (expense) income(203,557)288,856 (85,299)— 
Net interest income (expense)266,706 420,223 (100,989)585,940 
Noninterest income24,887 100,560 307 125,754 
Total income (expense) before provision291,593 520,783 (100,682)711,694 
Provision for credit losses39,382 12,434 (20,817)30,999 
Total income (expense) after provision252,211 508,349 (79,865)680,695 
Noninterest expense
Personnel41,475 116,513 92,902 250,890 
Technology(a)
1,432 25,947 26,267 53,646 
Occupancy(a)
336 15,820 11,869 28,025 
Business development and advertising2,186 1,805 10,143 14,134 
Equipment(a)
12 4,331 4,678 9,021 
Legal and professional422 1,343 10,992 12,757 
Loan and foreclosure costs1,071 2,516 1,712 5,299 
FDIC assessment— — 20,144 20,144 
Other intangible amortization— — 4,405 4,405 
Other noninterest expense1,714 15,427 4,507 21,648 
Allocated indirect expense (income)63,505 124,114 (187,619)— 
Total noninterest expense112,155 307,816 — 419,971 
Net income (loss) before income taxes140,056 200,533 (79,865)260,724 
Income tax expense (benefit)25,997 42,112 (20,301)47,808 
Net income (loss)$114,059 $158,421 $(59,564)$212,916 
(a) A portion of total depreciation expense of $0.1 million, $11.8 million, and $14.0 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.
51

Note 16 Accumulated Other Comprehensive Income (Loss)
The following table summarizes the components of accumulated other comprehensive income (loss) at June 30, 2026 and 2025, including changes during the preceding six and 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(73,377)— — (73,377)
Amounts reclassified from accumulated other comprehensive (loss) income:
Amortization of net unrealized losses on AFS securities transferred to HTM securities
3,590 — — 3,590 
Other assets / accrued expenses and other liabilities— (14,418)— (14,418)
Interest expense— (1,343)— (1,343)
Personnel expense— — (126)(126)
Income tax benefit (expense)17,407 (3,792)31 13,647 
Net other comprehensive loss during period(52,380)(19,553)(95)(72,027)
Balance June 30, 2026$(54,836)$(6,659)$(18,098)$(79,593)
Balance December 31, 2024
$(48,993)$(1,268)$(24,154)$(74,416)
Other comprehensive income before reclassifications53,149 — 4,770 57,919 
Amounts reclassified from accumulated other comprehensive income (loss):
Amortization of net unrealized losses on AFS securities transferred to HTM securities
3,986 — — 3,986 
Other assets / accrued expenses and other liabilities— 8,532 — 8,532 
Interest income— 2,555 — 2,555 
Personnel expense— — (126)(126)
Other expense— — (8)(8)
Income tax (expense) benefit(14,251)2,668 (1,157)(12,740)
Net other comprehensive income during period42,884 13,755 3,480 60,119 
Balance June 30, 2025$(6,109)$12,487 $(20,674)$(14,297)
























52

(in thousands)AFS Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
(Loss) Income
Balance March 31, 2026
$(28,608)$2,153 $(18,050)$(44,505)
Other comprehensive loss before reclassifications(36,846)— — (36,846)
Amounts reclassified from accumulated other comprehensive (loss) income:
Amortization of net unrealized losses on AFS securities transferred to HTM securities
1,901 — — 1,901 
Other assets / accrued expenses and other liabilities— (6,506)— (6,506)
Interest income— (597)— (597)
Personnel expense— — (63)(63)
Income tax benefit (expense)8,717 (1,709)15 7,023 
Net other comprehensive loss during period(26,228)(8,812)(48)(35,088)
Balance June 30, 2026$(54,836)$(6,659)$(18,098)$(79,593)
Balance March 31, 2025$(23,655)$9,135 $(20,624)$(35,144)
Other comprehensive income before reclassifications21,317 — — 21,317 
Amounts reclassified from accumulated other comprehensive income (loss):
Amortization of net unrealized losses on AFS securities transferred to HTM securities
2,059 — — 2,059 
Other assets / accrued expenses and other liabilities— 1,264 — 1,264 
Interest income— 1,437 — 1,437 
Personnel expense— — (63)(63)
Other expense— — (4)(4)
Income tax (expense) benefit(5,830)650 17 (5,164)
Net other comprehensive income (loss) during period17,545 3,352 (50)20,847 
Balance June 30, 2025$(6,109)$12,487 $(20,674)$(14,297)
53

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 $33.6 billion increased $3.3 billion, or 11%, from the first six months of 2025, driven primarily by the American National acquisition and continued organic growth in commercial and business lending portfolio.
•Average deposits of $37.8 billion increased $3.3 billion, or 9%, from the first six months of 2025, primarily due to the American National acquisition, as well as organic growth in noninterest bearing demand, savings and other time deposits, partially offset by a decrease in brokered CDs.
•Net interest income of $677.2 million increased $91.3 million, or 16%, from the first six months of 2025, and net interest margin was 3.10%, compared to 3.01% for the first six months of 2025. The increases in net interest income and net interest margin were driven by the acquisition of American National in the second quarter of 2026 as well as organic growth in commercial and business lending alongside a mix shift in deposits to lower cost products.
•Provision for credit losses was $30.4 million compared to $31.0 million for the first six months of 2025, driven by nominal credit movement coupled with general macroeconomic trends. Provision for credit losses was relatively unchanged from the first six months of 2025, as credit losses associated with acquired seasoned loans were largely reflected through purchase accounting following the adoption of ASU 2025-08.
•Noninterest income of $156.3 million increased $30.5 million, or 24%, from the first six months of 2025, primarily due to higher wealth management fees and capital markets revenue in addition to the absence of a nonrecurring loss on mortgage portfolio sale 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 $491.0 million increased $71.1 million, or 17%, from the first six months of 2025, primarily driven by increases in expenses related to the American National acquisition.
54

Table 1 Summary Results of Operations: Trends
YTDQuarter ended
(Dollars in thousands, except per share data)Jun 30, 2026Jun 30, 2025Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
Net income$243,200 $212,916 $123,564 $119,635 $137,129 $124,732 $111,230 
Net income available to common equity237,450 207,166 120,689 116,760 134,254 121,857 108,355 
Earnings per common share - basic 1.34 1.25 0.64 0.70 0.81 0.73 0.65 
Earnings per common share - diluted1.33 1.24 0.63 0.70 0.80 0.73 0.65 
Dividend payout ratio(a)
35.82 %36.80 %37.50 %34.29 %29.63 %31.51%35.38 %
Book value / share(b)
28.85 29.04 28.81 28.17 27.67 
Tangible book value (TBV) / share(b)(c)
22.15 22.23 22.01 21.36 20.84 
Performance ratios
Return on average assets(d)
1.02 %1.00 %0.97 %1.08 %1.23 %1.12 %1.03 %
Return on average tangible assets(c)(d)
1.07 %1.04 %1.03 %1.12 %1.27 %1.17 %1.07 %
Return on average equity(d)
9.22 %9.17 %8.81 %9.69 %11.09 %10.26 %9.43 %
Return on average tangible common equity (ROATCE)(c)(d)
12.54 %12.66 %12.12 %13.03 %15.04 %14.02 %12.96 %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio57.26 %57.70 %58.30 %56.03 %55.21 %54.77 %55.81 %
Adjusted efficiency ratio(c)
54.23 %57.15 %52.91 %55.77 %55.15 %54.77 %55.81 %
(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.
55
Income Statement Analysis
Net Interest Income
Table 2 Net Interest Income Analysis
Six Months Ended Jun 30,
2026
2025(a)
 (Dollars in thousands)
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$12,485,064 $369,755 5.97%$10,783,368 $349,740 6.54%
Commercial real estate—owner occupied1,385,167 37,968 5.53%1,127,535 32,214 5.76%
Commercial and business lending13,870,231 407,723 5.93%11,910,904 381,954 6.46%
Commercial real estate—investor5,893,380 177,285 6.06%5,499,334 178,658 6.55%
Real estate construction2,233,900 74,468 6.72%1,884,065 67,829 7.26%
Commercial real estate lending8,127,280 251,753 6.24%7,383,399 246,486 6.73%
Total commercial21,997,511 659,476 6.04%19,294,303 628,440 6.57%
Residential mortgage6,874,603 130,603 3.80%7,144,851 131,818 3.69%
Auto finance3,587,435 100,736 5.66%2,889,190 80,332 5.61%
Home equity763,919 24,788 6.49%662,509 24,150 7.29%
Other consumer365,077 18,892 10.44%311,691 17,417 11.27%
Total consumer11,591,034 275,019 4.76%11,008,241 253,717 4.62%
Total loans33,588,545 934,495 5.60%30,302,544 882,157 5.86%
Investments
Taxable securities7,615,581 164,023 4.31%6,489,135 140,962 4.34%
Tax-exempt securities(b)
1,975,205 34,763 3.52%2,010,403 35,264 3.51%
Other short-term investments1,154,975 26,335 4.60%878,929 21,921 5.03%
Total investments10,745,761 225,121 4.19%9,378,467 198,147 4.23%
Total earning assets and related interest income44,334,306 $1,159,616 5.26%39,681,011 $1,080,304 5.48%
Other assets, net3,810,263 3,346,515 
Total assets$48,144,569 $43,027,526 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,791,146 $37,505 1.31%$5,192,835 $35,068 1.36%
Interest-bearing demand8,305,614 71,397 1.73%7,856,593 87,915 2.26%
Money market6,855,912 80,215 2.36%6,033,999 78,255 2.62%
Network transaction deposits1,898,760 34,961 3.71%1,845,974 40,278 4.40%
Brokered CDs3,808,685 75,298 3.99%4,201,955 94,711 4.55%
Other time deposits4,592,267 79,662 3.50%3,740,683 70,569 3.80%
Total interest-bearing deposits31,252,384 379,038 2.45%28,872,038 406,796 2.84%
Federal funds purchased and securities sold under agreements to repurchase442,876 7,818 3.56%297,963 5,626 3.81%
FHLB advances3,558,141 66,621 3.78%2,413,352 50,979 4.26%
Senior and subordinated debt593,292 20,326 6.85%609,788 21,785 7.15%
Other interest-bearing liabilities13,835 306 4.46%24,683 695 5.68%
Total funding4,608,144 95,071 4.15%3,345,786 79,085 4.76%
Total interest-bearing liabilities and related interest expense35,860,528 $474,109 2.67%32,217,824 $485,881 3.04%
Noninterest-bearing demand deposits6,533,624 5,644,554 
Other liabilities431,445 483,247 
Stockholders’ equity5,318,972 4,681,901 
Total liabilities and stockholders’ equity$48,144,569 $43,027,526 
Interest rate spread2.59%2.44%
Net free funds0.51%0.57%
Fully tax-equivalent net interest income and net interest margin$685,507 3.10%$594,423 3.01%
Fully tax-equivalent adjustment(8,279)(8,483)
Net interest income$677,228 $585,940 
(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.
56
Table 2 Net Interest Income Analysis
Three Months Ended,
Jun 30, 2026Mar 31, 2026
Jun 30, 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$13,185,643 $197,248 6.00%$11,776,702 $172,507 5.94%$10,981,221 $179,955 6.57%
Commercial real estate—owner occupied1,577,489 22,000 5.59%1,190,708 15,968 5.44%1,114,054 16,014 5.77%
Commercial and business lending14,763,132 219,248 5.96%12,967,410 188,475 5.89%12,095,274 195,969 6.50%
Commercial real estate—investor6,502,707 99,131 6.11%5,277,283 78,154 6.01%5,582,333 91,569 6.58%
Real estate construction2,410,500 40,425 6.73%2,055,338 34,043 6.72%1,869,708 33,883 7.27%
Commercial real estate lending8,913,207 139,556 6.28%7,332,621 112,197 6.21%7,452,041 125,452 6.75%
Total commercial23,676,339 358,804 6.08%20,300,031 300,672 6.01%19,547,316 321,421 6.59%
Residential mortgage6,916,754 65,963 3.81%6,831,984 64,640 3.78%7,034,607 64,995 3.70%
Auto finance4,044,290 58,768 5.83%3,125,504 41,969 5.45%2,933,161 41,156 5.63%
Home equity817,378 13,096 6.41%709,865 11,692 6.60%667,339 12,098 7.25%
Other consumer415,476 10,388 10.03%314,118 8,504 10.98%309,578 8,644 11.20%
Total consumer12,193,898 148,215 4.87%10,981,471 126,805 4.65%10,944,685 126,893 4.64%
Total loans35,870,237 507,019 5.67%31,281,502 427,477 5.53%30,492,001 448,313 5.89%
Investments
Taxable securities8,153,435 88,347 4.33%7,071,751 75,676 4.28%6,578,690 71,174 4.33%
Tax-exempt securities(b)
1,971,946 17,373 3.52%1,978,501 17,389 3.52%2,004,725 17,598 3.51%
Other short-term investments1,291,636 14,694 4.56%1,016,795 11,641 4.64%999,294 12,679 5.09%
Total investments11,417,017 120,414 4.22%10,067,047 104,706 4.17%9,582,709 101,451 4.24%
Total earning assets and related interest income47,287,254 $627,433 5.32%41,348,549 $532,183 5.20%40,074,710 $549,764 5.50%
Other assets, net3,948,588 3,670,399 3,345,353 
Total assets$51,235,842 $45,018,948 $43,420,063 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$6,046,605 $19,815 1.31%$5,532,848 $17,690 1.30%$5,222,869 $17,139 1.32%
Interest-bearing demand8,720,180 37,161 1.71%7,886,442 34,236 1.76%7,683,402 42,485 2.22%
Money market7,641,652 45,976 2.41%6,061,442 34,239 2.29%5,988,947 38,695 2.59%
Network transaction deposits1,879,876 17,459 3.73%1,917,854 17,502 3.70%1,843,998 20,211 4.40%
Brokered CDs4,085,995 40,487 3.97%3,528,294 34,811 4.00%4,089,844 45,418 4.45%
Other time deposits4,945,821 42,867 3.48%4,234,785 36,795 3.52%3,725,205 33,707 3.63%
Total interest-bearing deposits33,320,129 203,765 2.45%29,161,665 175,273 2.44%28,554,266 197,656 2.78%
Federal funds purchased and securities sold under agreements to repurchase460,414 4,085 3.56%425,142 3,732 3.56%220,872 2,004 3.64%
FHLB advances3,733,950 35,052 3.77%3,380,379 31,570 3.79%3,221,749 34,889 4.34%
Senior and subordinated debt592,195 10,163 6.86%594,401 10,163 6.84%592,399 10,700 7.22%
Other interest-bearing liabilities16,430 190 4.64%11,212 116 4.18%17,844 287 6.45%
Total funding4,802,989 49,490 4.13%4,411,134 45,581 4.18%4,052,863 47,880 4.74%
Total interest-bearing liabilities and related interest expense38,123,118 $253,255 2.66%33,572,799 $220,854 2.67%32,607,129 $245,536 3.02%
Noninterest-bearing demand deposits7,062,098 5,999,278 5,648,935 
Other liabilities422,642 440,344 431,338 
Stockholders’ equity5,627,984 5,006,527 4,732,661 
Total liabilities and stockholders’ equity$51,235,842 $45,018,948 $43,420,063 
Interest rate spread2.65%2.53%2.48%
Net free funds0.52%0.50%0.56%
Fully tax-equivalent net interest income and net interest margin$374,178 3.17%$311,329 3.03%$304,228 3.04%
Fully tax-equivalent adjustment(4,139)(4,139)(4,228)
Net interest income$370,039 $307,190 $300,000 
(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.


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Notable Contributions to the Change in Net Interest Income
•Fully tax-equivalent net interest income and net interest income increased $91.1 million and $91.3 million, or 15% and 16%, as compared to the first six months of 2025, respectively. The average yield on earning assets decreased 22 bp and the cost of interest-bearing liabilities decreased 37 bp from the first six months of 2025. The increase in net interest income was primarily driven by growth in average earning assets resulting from the American National acquisition in the second quarter of 2026. In addition, asset yields benefited from a continued focus to shift the asset mix away from lower-yielding residential mortgages toward higher-yielding commercial loans, while rates paid on interest-bearing liabilities decreased alongside a mix shift in deposits to lower cost products. 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 $4.7 billion, or 12%, from the first six months of 2025. Average loans increased $3.3 billion, or 11%, from the first six months of 2025, driven by loans acquired from American National as well as increases in commercial and industrial, auto finance, and real estate construction loans, partially offset by a decrease 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. Average investments increased $1.4 billion, or 15%, from the first six months of 2025 due to the American National acquisition.
•    Average interest-bearing liabilities increased $3.6 billion, or 11%, compared to the first six months of 2025. Average interest-bearing deposits increased $2.4 billion, or 8% from the first six months of 2025. This was primarily driven by the acquisition of American National along with increases in other time deposits and savings, partially offset by a decrease in brokered CDs. Average total funding increased $1.3 billion, or 38%, from the first six months of 2025, primarily driven by an increase in FHLB advances to prepare for and execute the acquisition of American National and fund continued loan growth. Average noninterest-bearing demand deposits increased $889.1 million, or 16%, driven by deposits acquired from the American National acquisition and organic growth from the first six 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
Six months endedThree months endedChanges vs
(Dollars in thousands, except as noted)Jun 30, 2026Jun 30, 2025YTD % ChangeJun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2026Jun 30, 2025
Wealth management fees$51,435 $45,522 13 %$26,217 $25,219 $25,742 $25,315 $23,025 4 %14 %
Service charges and deposit account fees29,916 25,961 15 %15,863 14,054 13,827 13,861 13,147 13 %21 %
Card-based fees25,740 21,642 19 %14,161 11,579 12,679 12,308 11,200 22 %26 %
Other fee-based revenue10,623 10,245 4 %5,758 4,862 5,557 5,414 4,995 18 %15 %
Capital markets, net14,018 10,110 39 %7,476 6,543 11,175 10,764 5,765 14 %30 %
Mortgage banking, net8,888 8,035 11 %2,777 6,111 2,926 3,541 4,213 (55)%(34)%
Loss on mortgage portfolio sale— (6,976)(100)%— — — — — — %— %
Bank and corporate owned life insurance8,430 9,339 (10)%4,615 3,816 3,804 4,051 4,135 21 %12 %
Asset gains (losses), net1,629 (2,613)N/M789 840 838 3,340 (1,735)(6)%N/M
Investment securities gains, net6 11 (45)%35 (28)37 1 7 N/MN/M
Other5,571 $4,477 24 %2,707 2,861 2,799 2,670 2,226 (5)%22 %
Total noninterest income$156,256 $125,754 24 %$80,398 $75,857 $79,384 $81,265 $66,977 6 %20 %
Assets under management, at market value(a)
17,009 15,708 16,132 16,178 15,537 8 %9 %
N/M = Not meaningful
(a) In millions. Excludes assets held in brokerage accounts.
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Notable Contributions to the Change in Noninterest Income
•Wealth management fees increased $5.9 million from the first six months of 2025, primarily due to increased assets under management.
•Service charges and deposit account fees increased $4.0 million from the first six months of 2025, due to an increase in overdraft and business demand deposit account fees.
•Card-based fees increased $4.1 million from the first six months of 2025, primarily due to commercial loan charges and interchange fee income.
•Capital markets, net increased $3.9 million from the first six months of 2025, primarily from increased syndication fees and interest rate swaps.
•Loss on mortgage portfolio sale decreased $7.0 million from the first six months of 2025, due to the balance sheet repositioning completed during the first quarter of 2025.
•Asset gains (losses), net increased $4.2 million from the first six months of 2025, due to changes in deferred compensation, partially offset by losses on leases.
Noninterest Expense
Table 4 Noninterest Expense
Six months endedThree months endedQTD % Change vs
(Dollars in thousands)Jun 30, 2026Jun 30, 2025YTD % ChangeJun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2026Jun 30, 2025
Personnel$296,341 $250,890 18 %$161,168 $135,172 $135,130 $135,703 $126,994 19 %27 %
Technology62,603 53,646 17 %32,867 29,736 28,641 28,590 26,508 11 %24 %
Occupancy27,817 28,025 (1)%14,091 13,725 14,229 12,757 12,644 3 %11 %
Business development and advertising16,374 14,134 16 %8,548 7,827 9,118 8,362 7,748 9 %10 %
Equipment11,033 9,021 22 %5,423 5,610 6,888 4,368 4,494 (3)%21 %
Legal and professional24,176 12,757 90 %17,454 6,721 5,945 5,232 6,674 160 %162 %
Loan and foreclosure costs3,259 5,299 (38)%1,552 1,707 1,327 1,638 2,705 (9)%(43)%
FDIC assessment19,432 20,144 (4)%10,595 8,837 6,589 9,980 9,708 20 %9 %
Other intangible amortization9,096 4,405 106 %6,894 2,203 2,203 2,203 2,203 N/MN/M
Other20,914 21,648 (3)%13,290 7,625 9,396 7,369 9,674 74 %37 %
Total noninterest expense$491,045 $419,971 17 %$271,882 $219,163 $219,466 $216,202 $209,352 24 %30 %
Average FTEs excluding overtime4,129 3,993 3 %4,321 3,934 3,919 3,982 3,980 10 %9 %
Annualized noninterest expense / average assets2.06 %1.97 %2.13 %1.97 %1.96 %1.95 %1.93 %
Notable Contributions to the Change in Noninterest Expense
•Personnel expense increased $45.5 million from the first six months of 2025, driven by nonrecurring increases in severance and retention bonuses paired with ongoing increased salaries and annual incentive accruals primarily from the American National acquisition, and elevated health care benefit costs.
•Technology expense increased $9.0 million from the first six months of 2025, driven by an increase in subscription costs.
•Business development and advertising increased $2.2 million from the first six months of 2025, driven by marketing and advertising activities.
•Legal and professional expense increased $11.4 million from the first six months of 2025, primarily due to nonrecurring expenses related to the American National acquisition.
•Loan and foreclosure costs decreased $2.0 million from the first six months of 2025, due to recoveries on foreclosure costs due to sales of OREO properties in the first half of 2026.
•Other intangible amortization increased $4.4 million from the first six months of 2025, due to additional amortization related to core deposit intangibles recognized as part of the American National acquisition.
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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 $68.9 million for the six months ended June 30, 2026, compared to income tax expense of $47.8 million for the six months ended June 30, 2025. The Corporation's effective tax rate from continuing operations was 22.06% and 18.34% for the six months ended June 30, 2026, and 2025, respectively. The increase in income tax expense of $21.0 million and higher effective tax rate during the first six months of 2026 as compared to the same period of 2025 were primarily due to the net impact of several discrete items from 2025 that resulted in the release of a portion of the valuation allowance, which did not reoccur in 2026. Additionally, the Corporation recognized higher net income before tax for the six months ended June 30, 2026, which reduced the relative impact of any recurring favorable rate drivers.
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.

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Balance Sheet Analysis
•At June 30, 2026, total assets were $51.8 billion, up $6.6 billion, or 15%, from December 31, 2025.
◦Cash and due from banks were $548.1 million at June 30, 2026, down $26.6 million, or 5%, from December 31, 2025. Interest bearing deposits in other financial institutions were $1.3 billion at June 30, 2026, up $124.3 million, or 11%, from December 31, 2025. See the Consolidated Statements of Cash Flows for detailed information on those fluctuations.
◦Available for sale investment securities were $6.4 billion at June 30, 2026, up $969.0 million or 18%, from December 31, 2025. Changes were primarily driven by the acquisition, sale, and reinvestment of the proceeds of the investment securities from the American National acquisition. See Note 3 Business Combinations and Note 6 Investment Securities of the notes to consolidated financial statements for additional detail.
◦Regulatory stocks of $329.4 million at June 30, 2026 were up $76.9 million, or 30%, from December 31, 2025 due to increases in FHLB advances in preparation for and execution of the the American National acquisition requiring additional purchases of FHLB stock.
◦Loans of $36.5 billion at June 30, 2026 were up $5.3 billion, or 17%, from December 31, 2025 primarily due to the American National acquisition and continued organic growth in the commercial and industrial loan portfolio. See Note 3 Business Combinations and Note 7 Loans of the notes to consolidated financial statements and Table 5 Period End Loan Composition below for additional detail.
◦Premise and equipment of $449.0 million at June 30, 2026, up $67.4 million, or 18% from December 31, 2025, primarily due to the American National acquisition. See Note 3 Business Combinations of the notes to consolidated financial statements for additional detail.
•At June 30, 2026, total liabilities were $46.2 billion, up $5.9 billion, or 15%, from December 31, 2025.
◦Total deposits of $39.9 billion at June 30, 2026 were up $4.4 billion or 12%, from December 31, 2025. The increase was primarily due to deposits assumed from the American National acquisition. See Note 3 Business Combinations of the notes to consolidated financial statements for additional detail.
◦Federal funds purchased and securities sold under agreements to repurchase was $529.3 million at June 30, 2026, up $221.4 million, or 72%, from December 31, 2025. FHLB advances of $4.6 billion at June 30, 2026 were up $1.3 billion, or 40%, from December 31, 2025. These increases were driven by the Corporation's need for additional funding to fund the loan growth in the first half of 2026 as well as execution of the American National acquisition. See Note 9 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
•At June 30, 2026, the loans to deposits ratio was 91.32%, up from 87.65% at December 31, 2025.
•At June 30, 2026, total stockholders' equity was $5.6 billion, up $662.8 million, or 13%, from December 31, 2025 primarily due to the issuance of additional shares of the Corporation's common stock in connection with the acquisition of American National.
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Loans
Table 5 Period End Loan Composition
Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Commercial and industrial$13,750,175 38 %$12,339,597 39 %$11,799,757 38 %$11,567,651 37 %$11,281,964 37 %
Commercial real estate — owner occupied1,575,445 4 %1,193,778 4 %1,186,324 4 %1,149,939 4 %1,101,501 4 %
Commercial and business lending15,325,620 42 %13,533,375 43 %12,986,081 42 %12,717,590 41 %12,383,465 40 %
Commercial real estate — investor6,492,950 18 %5,266,584 16 %5,246,030 17 %5,369,441 17 %5,370,422 18 %
Real estate construction2,546,186 7 %2,117,479 7 %1,994,642 6 %1,958,766 6 %1,950,267 6 %
Commercial real estate lending9,039,136 25 %7,384,063 23 %7,240,672 23 %7,328,207 24 %7,320,689 24 %
Total commercial24,364,756 67 %20,917,438 66 %20,226,753 65 %20,045,797 65 %19,704,154 64 %
Residential mortgage6,808,398 19 %6,727,734 21 %6,793,957 22 %6,858,285 22 %6,949,387 23 %
Auto finance4,044,416 11 %3,136,334 10 %3,106,498 10 %3,041,644 10 %2,969,495 10 %
Home equity826,343 2 %706,075 2 %713,271 2 %698,112 2 %676,208 2 %
Other consumer423,127 1 %310,583 1 %323,135 1 %308,126 1 %308,361 1 %
Total consumer12,102,284 33 %10,880,726 34 %10,936,861 35 %10,906,167 35 %10,903,451 36 %
Total loans$36,467,040 100 %$31,798,164 100 %$31,163,614 100 %$30,951,964 100 %$30,607,605 100 %
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 June 30, 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$4,840,849 $1,396,539 $342,031 $35 $6,579,454 18 %
Commercial real estate — owner occupied160,187 397,749 125,816 6,931 690,683 2 %
Commercial and business lending5,001,036 1,794,288 467,847 6,966 7,270,137 20 %
Commercial real estate — investor697,252 654,378 94,312 5,232 1,451,174 4 %
Real estate construction410,812 113,475 10,903 6,935 542,125 1 %
Commercial real estate lending1,108,064 767,853 105,215 12,167 1,993,299 5 %
Total commercial6,109,100 2,562,141 573,062 19,133 9,263,436 25 %
Residential mortgage22,691 74,371 302,290 3,953,549 4,352,901 12 %
Auto finance22,074 2,310,151 1,712,191 — 4,044,416 11 %
Home equity1,099 6,308 23,844 6,995 38,246 — %
Other consumer7,684 75,135 61,436 4,315 148,570 — %
Total consumer53,548 2,465,965 2,099,761 3,964,859 8,584,133 23 %
Total fixed rate loans$6,162,648 $5,028,106 $2,672,823 $3,983,992 $17,847,569 48 %
Floating or adjustable rate
Commercial and industrial$7,046,167 $114,620 $972 $8,962 $7,170,721 20 %
Commercial real estate — owner occupied789,238 94,747 777 — 884,762 2 %
Commercial and business lending7,835,405 209,367 1,749 8,962 8,055,483 22 %
Commercial real estate — investor4,786,443 250,962 3,759 612 5,041,776 14 %
Real estate construction1,981,142 22,919 — — 2,004,061 6 %
Commercial real estate lending6,767,585 273,881 3,759 612 7,045,837 20 %
Total commercial14,602,990 483,248 5,508 9,574 15,101,320 42 %
Residential mortgage221,237 1,035,531 1,198,674 55 2,455,497 7 %
Home equity754,144 33,600 316 37 788,097 2 %
Other consumer274,557 — — — 274,557 1 %
Total consumer1,249,938 1,069,131 1,198,990 92 3,518,151 10 %
Total floating or adjustable rate loans$15,852,928 $1,552,379 $1,204,498 $9,666 $18,619,471 52 %
Total loans$22,015,576 $6,580,485 $3,877,321 $3,993,658 $36,467,040 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
At June 30, 2026, $24.8 billion, or 68%, of the loans outstanding and $21.2 billion, or 87%, 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 7 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 June 30, 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
Jun 30, 2026NAICS SubsectorOutstanding BalanceTotal Exposure% of Total Loan Exposure
(Dollars in thousands)
Utilities(a)
221$3,253,512 $4,249,681 9 %
Real Estate(b)
5312,616,999 4,137,227 8 %
Credit Intermediation and Related Activities(c)
5221,039,948 1,583,471 3 %
Merchant Wholesalers, Durable Goods423737,268 1,213,733 2 %
(a) 72% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).
(b) 63% of the total real estate exposure comes from REIT lines.
(c) 71% 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
Jun 30, 2026% of Total Loan Exposure% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family5 %37 %
Industrial3 %24 %
Office2 %16 %
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
Jun 30, 2026% of Total Loan Exposure% of Total Real Estate Construction Loan Exposure
Multi-Family5 %50 %
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. Certain loans acquired through business combinations may not adhere to these underwriting standards. 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.
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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 primarily in the Corporation's six-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at June 30, 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%. Certain loans acquired through business combinations may not adhere to these underwriting standards. 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 22 states throughout the Northeast, Mid-Atlantic, Midwest, and Great Plains regions of the 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 credit cards, recreational vehicles, revolving credit plans, and student loans. 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)Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025
Nonperforming assets
Commercial and industrial$44,388 $19,606 $7,178 $12,802 $6,945 
Commercial real estate — owner occupied3,255 34 203 203 — 
Commercial and business lending47,643 19,640 7,381 13,006 6,945 
Commercial real estate — investor11,184 8,078 8,311 7,333 15,805 
Real estate construction2,974 25 144 145 146 
Commercial real estate lending14,158 8,103 8,455 7,478 15,950 
Total commercial61,801 27,743 15,836 20,484 22,895 
Residential mortgage70,335 66,890 68,492 69,093 73,817 
Auto finance10,973 8,888 8,271 8,218 8,004 
Home equity6,582 6,950 7,774 8,299 8,201 
Other consumer262 110 55 85 82 
Total consumer88,152 82,838 84,592 85,696 90,104 
Total nonaccrual loans149,953 110,581 100,428 106,179 112,999 
Commercial real estate owned28,856 25,530 25,530 27,203 31,629 
Residential real estate owned2,690 3,692 2,414 1,816 1,687 
Bank properties real estate owned(a)
2,506 3,312 72 249 972 
OREO34,052 32,534 28,016 29,268 34,287 
Repossessed assets1,293 806 757 789 882 
Total nonperforming assets$185,298 $143,921 $129,201 $136,236 $148,169 
Accruing loans past due 90 days or more
Commercial$565 $385 $370 $395 $12,123 
Consumer(b)
1,723 2,105 2,444 2,297 2,038 
Total accruing loans past due 90 days or more$2,288 $2,490 $2,814 $2,692 $14,160 
Restructured loans (accruing)
Commercial$367 $461 $458 $458 $431 
Consumer5,888 5,849 5,584 4,280 3,630 
Total restructured loans (accruing)$6,255 $6,310 $6,042 $4,738 $4,061 
Nonaccrual restructured loans (included in nonaccrual loans)$5,068 $4,424 $3,472 $3,899 $3,704 
Ratios
Nonaccrual loans to total loans0.41 %0.35 %0.32 %0.34 %0.37 %
NPAs to total loans plus OREO and repossessed assets0.51 %0.45 %0.41 %0.44 %0.48 %
NPAs to total assets0.36 %0.32 %0.29 %0.31 %0.34 %
Allowance for credit losses on loans to nonaccrual loans329.75 %384.36 %417.56 %390.49 %364.42 %
Accruing loans 30-89 days past due
Commercial and industrial$10,668 $24,253 $2,683 $1,071 $2,593 
Commercial real estate — owner occupied893 345 34 — 5,628 
Commercial and business lending11,561 24,598 2,717 1,071 8,221 
Commercial real estate — investor3,089 33,487 19,405 14,190 1,042 
Real estate construction1,437 — 117 21 90 
Commercial real estate lending4,526 33,487 19,522 14,211 1,132 
Total commercial16,087 58,085 22,239 15,282 9,353 
Residential mortgage14,034 7,755 13,135 12,684 8,744 
Auto finance20,367 14,549 16,445 14,013 13,149 
Home equity4,536 2,742 3,779 4,265 4,338 
Other consumer(b)
2,988 2,173 2,704 2,728 2,578 
Total consumer41,925 27,219 36,063 33,689 28,810 
Total accruing loans 30-89 days past due$58,012 $85,304 $58,302 $48,971 $38,163 
(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 7 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 7 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 7 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 June 30, 2026 was the Moody's baseline scenario from May 2026, which was reviewed against the June 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 7 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 June 30, 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
YTDQuarter Ended
(Dollars in thousands)Jun 30,
2026		Jun 30,
2025		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025
Allowance for loan losses
Balance at beginning of period$378,068 $363,545 $385,756 $378,068 $378,341 $376,515 $371,348 
Provision for loan losses recorded at acquisition397 — 397 — — — — 
Initial allowance for PCD loans39,512 — 39,512 — — — — 
Initial allowance for PSL28,263 — 28,263 — — — — 
Provision for loan losses26,000 34,500 13,000 13,000 2,000 15,000 18,000 
Charge offs(34,492)(32,062)(26,282)(8,210)(7,636)(15,254)(18,348)
Recoveries5,981 10,531 3,083 2,898 5,363 2,081 5,515 
Net charge offs(28,511)(21,531)(23,199)(5,312)(2,273)(13,173)(12,833)
Balance at end of period$443,729 $376,515 $443,729 $385,756 $378,068 $378,341 $376,515 
Allowance for unfunded commitments
Balance at beginning of period$41,276 $38,776 $39,276 $41,276 $36,276 $35,276 $35,276 
Initial allowance for PCD unfunded commitments3,597 — 3,597 — — — — 
Initial allowance for purchased seasoned unfunded commitments1,871 — 1,871 — — — — 
Provision for unfunded commitments4,000 (3,500)6,000 (2,000)5,000 1,000 — 
Balance at end of period$50,744 $35,276 $50,744 $39,276 $41,276 $36,276 $35,276 
Allowance for credit losses on loans$494,473 $411,791 $494,473 $425,032 $419,344 $414,618 $411,791 
Provision for credit losses on loans30,397 31,000 19,397 11,000 7,000 16,000 18,000 
Net (charge offs) recoveries
Commercial and industrial$(20,340)$(6,552)$(17,604)$(2,736)$1,524 $(1,230)$(1,826)
Commercial real estate — owner occupied— — — — (113)— — 
Commercial and business lending(20,340)(6,552)(17,604)(2,736)1,411 (1,230)(1,826)
Commercial real estate — investor(2,210)(9,385)(2,710)500 94 (8,930)(8,493)
Real estate construction4 150 2 2 2 2 121 
Commercial real estate lending(2,206)(9,235)(2,708)502 96 (8,928)(8,372)
Total commercial(22,546)(15,787)(20,312)(2,234)1,507 (10,158)(10,198)
Residential mortgage(49)(105)(197)148 (197)(231)(302)
Auto finance(3,351)(2,208)(1,508)(1,843)(2,010)(1,505)(689)
Home equity690 526 251 439 2 56 237 
Other consumer(3,255)(3,957)(1,433)(1,822)(1,575)(1,336)(1,881)
Total consumer(5,965)(5,744)(2,887)(3,078)(3,780)(3,015)(2,636)
Total net charge offs$(28,511)$(21,531)$(23,199)$(5,312)$(2,273)$(13,173)$(12,833)
Ratios
Allowance for credit losses on loans to total loans1.36 %1.34 %1.35 %1.34 %1.35 %
Allowance for credit losses on loans to net charge offs (annualized)8.6x9.5x5.3x19.7x46.5x7.9x8.0x
Loan evaluation method for ACLL
Individually evaluated for impairment$18,624 $19,919 $2,992 $4,518 $— 
Collectively evaluated for impairment475,849 405,113 416,352 410,100 411,791 
     Total ACLL$494,473 $425,032 $419,344 $414,618 $411,791 
Loan balance
Individually evaluated for impairment$65,645 $59,321 $21,651 $19,282 $21,431 
Collectively evaluated for impairment36,401,395 31,738,843 31,141,963 30,932,683 30,586,174 
     Total loan balance$36,467,040 $31,798,164 $31,163,614 $30,951,964 $30,607,605 
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Table 12 Annualized Net (Charge Offs) Recoveries to Average Loans
YTDQuarter Ended
(In basis points)Jun 30,
2026		Jun 30,
2025		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025
Net (charge offs) recoveries
Commercial and industrial(33)(12)(54)(9)5 (4)(7)
Commercial real estate — owner occupied— — — — (4)— — 
Commercial and business lending(30)(11)(48)(9)4 (4)(6)
Commercial real estate — investor(8)(34)(17)4 1 (67)(61)
Real estate construction— 2 — — — — 3 
Commercial real estate lending(5)(25)(12)3 1 (49)(45)
Total commercial(21)(16)(34)(4)3 (20)(21)
Residential mortgage— — (1)1 (1)(1)(2)
Auto finance(19)(15)(15)(24)(26)(20)(9)
Home equity18 16 12 25 — 3 14 
Other consumer(180)(256)(138)(235)(200)(173)(244)
Total consumer(10)(11)(9)(11)(14)(11)(10)
Total net charge offs(17)(14)(26)(7)(3)(17)(17)
Notable Contributions to the Change in the Allowance for Credit Losses on Loans
•Total nonaccrual loans increased $49.5 million, or 49%, from December 31, 2025, and increased $37.0 million, or 33%, from June 30, 2025. The increase from December 31, 2025 was primarily driven by an organic increase in commercial and industrial and auto finance lending, partially offset by decreases in home equity and residential mortgage lending. Additionally, nonaccrual loans acquired from American National contributed to the increase. The increase from June 30, 2025 was primarily driven by nonaccrual loans acquired from American National. There were also organic increases in commercial and industrial and auto finance lending, partially offset by decreases in CRE - investor, residential mortgage, and home equity lending. See Note 7 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.
•YTD net charge offs increased $7.0 million from June 30, 2025, primarily driven by net charge offs of loans acquired from American National. 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 June 30, 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
Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
 (Dollars in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$6,908,338 17 %$6,125,067 17 %$6,126,632 17 %$5,906,251 17 %$5,782,487 17 %
Savings6,171,614 15 %5,660,641 16 %5,471,870 15 %5,380,574 15 %5,291,674 15 %
Interest-bearing demand8,697,879 22 %7,964,665 22 %7,823,362 22 %7,791,861 22 %7,490,772 22 %
Money market7,614,164 19 %6,188,045 17 %6,139,438 17 %5,785,871 17 %5,915,867 17 %
Network transaction deposits 1,823,130 5 %1,746,518 5 %2,154,995 6 %2,013,964 6 %1,792,362 5 %
Brokered CDs3,933,787 10 %3,562,752 10 %3,795,133 11 %3,956,517 11 %4,072,048 12 %
Other time deposits4,782,343 12 %4,484,077 13 %4,041,178 11 %4,046,815 12 %3,802,356 11 %
   Total deposits$39,931,255 100 %$35,731,765 100 %$35,552,608 100 %$34,881,853 100 %$34,147,565 100 %
Other customer funding(a)
55,371 42,372 47,794 64,570 75,440 
Total deposits and other customer funding$39,986,626 $35,774,137 $35,600,402 $34,946,423 $34,223,005 
Less: Total network transaction deposits and brokered CDs5,756,917 5,309,270 5,950,128 5,970,481 5,864,410 
Core customer deposits(b) and other customer funding
$34,229,709 $30,464,867 $29,650,274 $28,975,941 $28,358,595 
Time deposits of more than $250,0001,073,890 956,299 834,309 832,718 775,107 
(a) Includes repurchase agreements.
(b) 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 $4.4 billion, or 12% from December 31, 2025, and increased $5.8 billion, or 17%, from June 30, 2025. The increases from December 31, 2025 and June 30, 2025, were driven by the American National acquisition causing increases in all deposit categories, except network transaction deposits and brokered CD's, respectively.
•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 26.5% of total deposits at both June 30, 2026 and December 31, 2025, while it was 24.8% at June 30, 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 June 30, 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 June 30, 2026, the Bank had $5.3 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 June 30, 2026, the Bank had $6.4 billion available for discount window borrowings.
•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)Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
Federal Reserve Bank balance$1,265,738 $915,691 $1,139,401 $799,991 $735,876 
Available FHLB Chicago capacity5,330,837 5,574,246 6,221,495 5,943,747 5,026,154 
Available Federal Reserve Bank discount window capacity6,387,365 6,506,759 6,443,766 5,725,892 5,441,186 
     Funding available within one business day(a)
12,983,940 12,996,696 13,804,662 12,469,630 11,203,216 
Available federal funds lines1,967,000 1,981,000 1,846,000 1,419,000 1,729,000 
Available brokered deposits capacity(b)
2,014,958 1,529,791 823,055 697,898 734,649 
Unsecured debt capacity(c)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
     Total available liquidity$17,965,898 $17,507,487 $17,473,717 $15,586,528 $14,666,865 
Uninsured and uncollateralized deposits$10,590,229 $9,178,436 $9,432,066 $8,697,563 $8,469,167 
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day123 %142 %146 %143 %132 %
Coverage ratio of uninsured and uncollateralized deposits with total funding170 %191 %185 %179 %173 %
(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 six months ended June 30, 2026, net cash provided by operating and financing activities was $343.0 million and $1.2 billion, respectively, while investing activities used net cash of $1.4 billion, for a net increase in cash and cash equivalents of $110.6 million since year-end 2025. At June 30, 2026, assets of $51.8 billion increased $6.6 billion, or 15%, from year-end 2025. On the funding side, deposits of $39.9 billion increased $4.4 billion, or 12% from year-end 2025, short-term funding increased $221.4 million, or 72%, and FHLB advances increased $1.3 billion or 40%.
For the six months ended June 30, 2025, net cash provided by operating and financing activities was $239.6 million and $765.5 million, respectively, while investing activities used net cash of $764.6 million, for a net increase in cash and cash equivalents of $240.5 million since year-end 2024. At June 30, 2025, assets of $44.0 billion increased $970.7 million, or 2%, from year-end 2024. On the funding side, deposits of $34.1 billion decreased $500.9 million, or 1%, from year-end 2024, short-term funding decreased $394.8 million, or 84%, and FHLB advances increased $2.0 billion, or 109%.
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 June 30, 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 six months of 2026.
Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Jun 30, 2026Dec 31, 2025
Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates1.9 %1.8 %1.5 %2.0 %
200 bp increase in interest rates3.7 %3.4 %2.8 %3.9 %
100 bp decrease in interest rates(1.2)%(1.0)%(0.8)%(1.4)%
200 bp decrease in interest rates(2.6)%(2.4)%(2.2)%(3.4)%
At June 30, 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
Jun 30, 2026Dec 31, 2025
Instantaneous Rate Change
100 bp increase in interest rates(4.8)%(5.2)%
200 bp increase in interest rates(10.6)%(11.8)%
100 bp decrease in interest rates2.5 %2.3 %
200 bp decrease in interest rates2.2 %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 June 30, 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$8,500,693 $195,624 $19,761 $52 $8,716,130 
Federal funds purchased and securities sold under agreements to repurchase529,276 — — — 529,276 
FHLB advances4,368,275 204,249 2,157 — 4,574,681 
Senior and subordinated debt— — 298,547 292,533 591,080 
Operating leases5,853 10,098 7,342 16,544 39,837 
Total$13,404,097 $409,971 $327,807 $309,129 $14,451,004 
The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 10 Derivative and Hedging Activities, Note 12 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings, and Note 14 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 9 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 June 30, 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
YTDQuarter Ended
 (Dollars in thousands)
Jun 30,
2026		Jun 30,
2025		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025
Risk-based capital(a)
CET1(b)
$4,304,915 $3,744,610 $3,683,711 $3,584,712 $3,493,316 
Tier 1 capital4,499,027 3,938,722 3,877,823 3,778,824 3,687,428 
Total capital5,259,164 4,657,925 4,593,079 4,488,957 4,394,367 
Total risk-weighted assets41,108,330 35,773,810 35,125,680 34,688,358 34,241,408 
CET1 capital ratio(b)
10.47 %10.47 %10.49 %10.33 %10.20 %
Tier 1 capital ratio10.94 %11.01 %11.04 %10.89 %10.77 %
Total capital ratio12.79 %13.02 %13.08 %12.94 %12.83 %
Tier 1 leverage ratio8.99 %8.98 %8.96 %8.81 %8.72 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.88 %10.96 %11.01 %10.95 %10.87 %
Average stockholders' equity / average assets11.05 %10.88 %10.98 %11.12 %11.05 %10.95 %10.90 %
Tangible common equity / tangible assets (TCE Ratio)(c)
8.27 %8.27 %8.29 %8.18 %8.06 %
(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 second quarter of 2026.















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Non-GAAP Measures
Table 19 Non-GAAP Measures
YTDQuarter Ended
(Dollars in thousands)Jun 30,
2026		Jun 30,
2025		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025
Tangible common equity reconciliation
Common equity$5,444,011 $4,803,760 $4,781,235 $4,674,186 $4,586,669 
Less: Goodwill and other intangible assets, net1,264,034 1,125,639 1,127,842 1,130,044 1,132,247 
Tangible common equity for TBV / share and TCE Ratio$4,179,977 $3,678,121 $3,653,393 $3,544,142 $3,454,422 
Tangible assets reconciliation
Total assets$51,812,506 $45,593,740 $45,202,596 $44,455,863 $43,993,729 
Less: Goodwill and other intangible assets, net1,264,034 1,125,639 1,127,842 1,130,044 1,132,247 
Tangible assets for TCE Ratio$50,548,472 $44,468,101 $44,074,754 $43,325,819 $42,861,482 
Average tangible common equity reconciliation
Average common equity$5,124,860 $4,487,789 $5,433,872 $4,812,415 $4,713,445 $4,627,038 $4,538,549 
Less: Average goodwill and other intangible assets, net1,197,702 1,134,600 1,267,876 1,126,748 1,129,055 1,131,385 1,133,627 
Average tangible common equity for ROATCE$3,927,158 $3,353,189 $4,165,996 $3,685,667 $3,584,390 $3,495,653 $3,404,922 
Average tangible assets reconciliation
Average total assets$48,144,569 $43,027,526 $51,235,842 $45,018,948 $44,402,771 $44,015,203 $43,420,063 
Less: Average goodwill and other intangible assets, net1,197,702 1,134,600 1,267,876 1,126,748 1,129,055 1,131,385 1,133,627 
Average tangible assets for return on average tangible assets$46,946,867 $41,892,926 $49,967,966 $43,892,200 $43,273,716 $42,883,818 $42,286,436 
Adjusted net income reconciliation
Net income$243,200 $212,916 $123,564 $119,635 $137,129 $124,732 $111,230 
Other intangible amortization, net of tax6,822 3,304 5,170 1,652 1,652 1,652 1,652 
Adjusted net income for return on average tangible assets$250,022 $216,220 $128,734 $121,287 $138,781 $126,384 $112,882 
Adjusted net income available to common equity reconciliation
Net income available to common equity$237,450 $207,166 $120,689 $116,760 $134,254 $121,857 $108,355 
Other intangible amortization, net of tax6,822 3,304 5,170 1,652 1,652 1,652 1,652 
Adjusted net income available to common equity for ROATCE$244,272 $210,470 $125,859 $118,412 $135,906 $123,509 $110,007 
Period end core customer deposits reconciliation
Total deposits$39,931,255 $35,731,765 $35,552,608 $34,881,853 $34,147,565 
Less: Network transaction deposits1,823,130 1,746,518 2,154,995 2,013,964 1,792,362 
Less: Brokered CDs3,933,787 3,562,752 3,795,133 3,956,517 4,072,048 
Core customer deposits$34,174,338 $30,422,495 $29,602,480 $28,911,371 $28,283,155 
Average core customer deposits reconciliation
Average total deposits$37,786,008 $34,516,592 $40,382,227 $35,160,943 $35,628,917 $34,705,887 $34,203,201 
Less: Average network transaction deposits1,898,760 1,845,974 1,879,876 1,917,854 2,090,587 1,933,659 1,843,998 
Less: Average brokered CDs3,808,685 4,201,955 4,085,995 3,528,294 3,998,012 3,916,329 4,089,844 
Average core customer deposits$32,078,563 $28,468,663 $34,416,356 $29,714,795 $29,540,318 $28,855,899 $28,269,359 
Total expense for efficiency ratios reconciliation
Noninterest expense$491,045 $419,971 $271,882 $219,163 $219,466 $216,202 $209,352 
Less: Other intangible amortization9,096 4,405 6,894 2,203 2,203 2,203 2,203 
Total expense for fully tax-equivalent efficiency ratio481,949 415,566 264,988 216,960 217,263 213,999 207,149 
Less: Acquisition costs(a)
25,476 — 24,469 1,007 252 — — 
Total expense for adjusted efficiency ratio$456,473 $415,566 $240,519 $215,953 $217,011 $213,999 $207,149 
Total revenue for efficiency ratios reconciliation
Net interest income$677,228 $585,940 $370,039 $307,190 $309,981 $305,222 $300,000 
Noninterest income156,256 125,754 80,398 75,857 79,384 81,265 66,977 
Less: Investment securities (losses) gains, net6 11 35 (28)37 1 7 
Fully tax-equivalent adjustment8,279 8,483 4,139 4,139 4,196 4,222 4,228 
Total revenue for fully tax-equivalent efficiency ratio841,757 720,166 454,541 387,214 393,524 390,708 371,198 
Less: Announced initiatives(b)
— (6,976)— — — — — 
Total revenue for adjusted efficiency ratio$841,757 $727,142 $454,541 $387,214 $393,524 $390,708 $371,198 
(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 $123.6 million for the second quarter of 2026, compared to a net income of $119.6 million for the first quarter of 2026. Net income available to common equity was $120.7 million for the second quarter of 2026, or $0.64 and $0.63 for basic and diluted earnings per common share, respectively. Comparatively, the net income available to common equity for the first quarter of 2026 was $116.8 million, or $0.70 for both basic and diluted earnings per common share.
Fully tax-equivalent net interest income for the second quarter of 2026 was $374.2 million, $62.8 million, or 20%, higher than the first quarter of 2026. The increase in net interest income was driven by growth in average earning assets resulting from the American National acquisition, along with an improved interest rate spread. The net interest margin in the second quarter of 2026 and first quarter of 2026 were 3.17% and 3.03%, respectively.
Average earning assets increased $5.9 billion, or 14%, to $47.3 billion in the second quarter of 2026. Driven by the acquisition of American National's loan portfolio and continued organic growth in commercial and industrial lending, average loans increased $4.6 billion, or 15%. On the funding side, average total interest-bearing deposits increased $4.2 billion, or 14%, primarily driven by the acquisition of American National along with organic increases in all deposit types except for network transaction deposits and money market.
The provision for credit losses was $19.4 million for the second quarter of 2026 and $11.0 million for the first quarter of 2026. This was due to an increase in our allowance for unfunded commitments; 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 second quarter of 2026 was $80.4 million, up $4.5 million, or 6% from the first quarter of 2026. This is due to an increase in income from card-based fees and service charges and deposit account fees, partially offset by a decrease in mortgage banking income.
Noninterest expense for the second quarter of 2026 was $271.9 million, up $52.7 million, or 24% from the first quarter of 2026. This was primarily driven by increases in expenses related to the American National acquisition.
For the second quarter of 2026, the Corporation recognized income tax expense of $35.6 million, compared to an income tax expense of $33.2 million for the first quarter of 2026. The increase in expense from the first quarter of 2026 was primarily attributable to an increase in net income from the American National acquisition.
Comparable Quarter Results
The Corporation reported net income of $123.6 million for the second quarter of 2026, compared to net income of $111.2 million for the second quarter of 2025. Net income available to common equity was $120.7 million for the second quarter of 2026, or $0.64 and $0.63 for basic and diluted earnings per common share, respectively. Comparatively, net income available to common equity for the second quarter of 2025 was $108.4 million, or $0.65 for both basic and diluted earnings per common share.
Fully tax-equivalent net interest income for the second quarter of 2026 was $374.2 million, $70.0 million, or 23%, higher than the second quarter of 2025. The net interest margin between the comparable quarters was up 13 bp, to 3.17% in the second quarter of 2026 from the second quarter of 2025. The increase in net interest income was primarily driven by growth in average earning assets resulting from the American National acquisition, along with an improved interest rate spread.
Average earning assets increased $7.2 billion, or 18%, to $47.3 billion in the second quarter of 2026. Average loans increased $5.4 billion, or 18% and average investments increased $1.8 billion, or 19%, primarily due to the American National transaction and continued organic growth in commercial and industrial lending. On the funding side, average interest-bearing deposits increased $4.8 billion, or 17%, from the second quarter of 2025, primarily due to the American National acquisition. Average short and long-term funding increased $750.1 million, or 19%, primarily due to increases in federal funds purchased and securities sold under repurchase agreements and short term FHLB advances driven by the Corporation's need for additional funding to continue to fund the loan growth as well as execution of the American National acquisition.
The provision for credit losses was $19.4 million for the second quarter of 2026, compared to a provision of $18.0 million for the second quarter of 2025. This was due to loan growth, continued nominal credit movement in the portfolio, and general macroeconomic conditions. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the second quarter of 2026 was $80.4 million, up $13.4 million, or 20%, compared to the second quarter of 2025. This is due to an increase in income from wealth management fees, card-based fees, and service charges and deposit account fees, and partially offset by a decrease in mortgage banking income.
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Noninterest expense for the second quarter of 2026 was $271.9 million, up $62.5 million, or 30%, from the second quarter of 2025, driven by nonrecurring expenses related to the American National transaction and increases in personnel expense related to increases in annual incentive accruals and health care costs and technology costs.
The Corporation recognized income tax expense of $35.6 million for the second quarter of 2026, compared to income tax expense of $28.4 million for the second quarter of 2025. The increase was due the net effect of several discrete items with favorable tax rate impacts in the second quarter of 2025 that did not reoccur, as well as an increase in net income in the second quarter of 2026.
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 15 Segment Reporting of the notes to consolidated financial statements.
Table 20 Selected Segment Financial Data
Three Months Ended Jun 30,Six Months Ended Jun 30,
(Dollars in thousands)20262025% Change20262025% Change
Corporate and Commercial Specialty
Total revenue$177,331 $147,625 20%$319,616 $291,593 10%
Provision for credit losses21,287 20,369 5%41,947 39,382 7%
Noninterest expense58,400 56,021 4%108,131 112,155 (4)%
Income tax expense17,567 13,211 33%30,825 25,997 19%
Net income80,077 58,025 38%138,713 114,059 22%
Average earning assets21,167,443 17,501,224 21%19,689,554 17,253,366 14%
Average loans21,160,951 17,483,645 21%19,680,150 17,241,671 14%
Average deposits8,907,099 6,921,336 29%7,928,845 7,082,223 12%
Community, Consumer, and Business
Total revenue$278,964 $263,830 6%$533,373 $520,783 2%
Provision for credit losses6,456 6,363 1%13,391 12,434 8%
Noninterest expense174,545 153,331 14%330,630 307,816 7%
Income tax expense20,676 21,869 (5)%39,868 42,112 (5)%
Net income77,287 82,268 (6)%149,484 158,421 (6)%
Average earning assets14,263,119 12,533,452 14%13,478,556 12,591,669 7%
Average loans14,259,708 12,530,041 14%13,475,145 12,588,258 7%
Average deposits24,622,409 21,185,516 16%23,409,579 21,239,541 10%
Risk Management and Shared Services
Total net revenue$(5,858)$(44,478)(87)%$(19,505)$(100,682)(81)%
Provision for credit losses(8,355)(8,736)(4)%(24,949)(20,817)20%
Noninterest expense38,937 — N/M52,284 — N/M
Income tax benefit(2,640)(6,681)(60)%(1,843)(20,301)(91)%
Net loss(33,800)(29,063)16%(44,997)(59,564)(24)%
Average earning assets11,856,692 10,040,034 18%11,166,195 9,835,976 14%
Average loans449,578 478,315 (6)%433,250 472,615 (8)%
Average deposits6,852,719 6,096,349 12%6,447,584 6,194,828 4%
N/M = Not meaningful

Notable Changes in Segment Financial Data
Corporate and Commercial Specialty
•Net income increased $24.7 million from the six months ended June 30, 2025, attributable to growth in commercial and business lending as well as the inclusion of operating results from the recent acquisition of American National.
•Average earning assets and average loans increased $2.4 billion and compared to the six months ended June 30, 2025, primarily driven by the acquisition of American National and continued organic growth in commercial and industrial lending.
77
•Average deposits increased $846.6 million from the six months ended June 30, 2025 due to increases in all major deposit types primarily through the acquisition of American National.
Community, Consumer, and Business
•Average earning assets and average loans both increased by $886.9 million from the six months ended June 30, 2025, driven by the acquisition of American National loans with the majority being auto finance loans.
•Average deposits increased $2.2 billion from the six months ended June 30, 2025, driven by increases in all deposit types through the acquisition of American National and organic core customer deposit growth.
Risk Management and Shared Services
•Total net revenue increased $81.2 million from the six months ended June 30, 2025, due to an increase in direct interest income due to the increased AFS securities acquired from American National and additional FTP expense being allocated to the other segments based on their related funding mixes.
•Average earning assets increased $1.3 billion from the six months ended June 30, 2025, due to an increase to the Corporation's the investment portfolio following the American National acquisition.
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 July 28, 2026, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.24 per common share, payable on September 15, 2026, to shareholders of record at the close of business on September 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 September 15, 2026 to the shareholders of record at the close of business on September 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 September 15, 2026 to the shareholders of record at the close of business on September 1, 2026.
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.
78
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 June 30, 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 June 30, 2026.
On April 1, 2026, the Corporation completed its acquisition of American National. The Corporation is in the process of integrating the acquired operations, business processes and systems into its overall internal control environment and has begun to extend its oversight and monitoring activities to include the acquired operations. Management's evaluation of internal control over financial reporting as of June 30, 2026 did not include an assessment of the internal controls over financial reporting of American National. The Corporation expects to continue evaluating and integrating American National into the Corporation's internal control environment in connection with the planned conversion of systems and operations.
Other than the integration activities associated with the American National acquisition, there were 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 12 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 second quarter of 2026, the Corporation repurchased $0.7 million of common stock, all of which were 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
April 1, 2026 - April 30, 20262,614 $26.74 — 
May 1, 2026 - May 31, 202617,840 28.21 — 
June 1, 2026 - June 30, 20262,935 27.54 — 
Total23,389 $27.96 — 6,950,375 
(a) During the second quarter of 2026, the Corporation repurchased 23,389 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 and April 28, 2026, the Board of Directors authorized the repurchase of up to $100 million each of the Corporation's common stock. This repurchase authorization was in addition to the authority remaining under the previous program. At June 30, 2026, there remained $213.9 million authorized to be repurchased in the aggregate. Approximately 7.0 million shares of common stock remained available to be repurchased under this Board authorization given the closing share price on June 30, 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 June 30, 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 June 30, 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: August 4, 2026
/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: August 4, 2026
/s/ Derek S. Meyer
  Derek S. Meyer
Chief Financial Officer
Date: August 4, 2026
/s/ Ryan J. Beld
Ryan J. Beld
Chief Accounting Officer

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