Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO
EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) --
Old National Bancorp (NASDAQ:ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1 basis, respectively.
CEO COMMENTARY:
"Old National's impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses," said Chairman and CEO Jim Ryan. "Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.""We are thrilled to welcome Tim Burke as Old National's President and Chief Operating Officer," said Chairman and CEO Jim Ryan. "Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve."
SECOND QUARTER HIGHLIGHTS2:
Net Income
Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
Earnings per diluted common share ("EPS") of $0.34; adjusted EPS1 of $0.53
Net Interest Income/NIM
Net interest income on a fully taxable equivalent basis1 of $521.9 million
Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.53%, up 26 basis points ("bps")
Operating Performance
Pre-provision net revenue1 ("PPNR") of $269.6 million; adjusted PPNR1 of $289.9 million
Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
Deposits and Funding
Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion
Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation ("Bremer")
Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
Loans and Credit Quality
End-of-period total loans3 of $48.0 billion, up $11.5 billion
End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
Provision for credit losses4 ("provision") of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss ("CECL") Day 1 non-purchased credit deteriorated ("non-PCD") provision expense5
Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
Return Profile & Capital
Return on average tangible common equity1 ("ROATCE") of 12.0%; adjusted ROATCE1 of 18.1%
Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps
Notable Items
Closing of Bremer partnership on May 1, 2025
$75.6 million of pre-tax CECL Day 1 non-PCD provision expense5
$41.2 million of pre-tax merger-related charges
$21.0 million of pre-tax pension plan gain6
1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company, refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses 6 Includes a gain associated with freezing benefits of the Bremer pension plan
TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COOTimothy M. Burke, Jr. will join Old National Bancorp ("Old National") on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.
Mr. Burke's nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.
"I'm truly thrilled to join a team that's so deeply committed to relationship banking and making a real impact on our communities," said Burke. "Old National's core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets."
As President and COO, Burke will be responsible for guiding the success of Old National's Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.
RESULTS OF OPERATIONS2Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.
Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $190.9 million, or $0.53 per diluted common share.
DEPOSITS AND FUNDINGGrowth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.
Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
Period-end core deposits up 0.8% annualized excluding Bremer.
On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.
LOANSLoan growth driven by Bremer and strong commercial loan production; pipeline increasing.
Period-end total loans3 were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
Commercial loans, excluding Bremer, grew 4.6% annualized
Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.
CREDIT QUALITYResilient credit quality continues to be a hallmark of Old National.
Provision4 expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense5 related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense5 related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.
NET INTEREST INCOME AND MARGINHigher reflective of larger balance sheet and higher asset yields.
Net interest income on a fully taxable equivalent basis1 increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
Net interest margin on a fully taxable equivalent basis1 increased 26 bps to 3.53%.
Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.
NONINTEREST INCOMEIncrease driven by Bremer and organic growth of fee-based businesses.
Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.
NONINTEREST EXPENSEHigher reflective of Bremer, disciplined expense management drives efficiency ratio lower.
Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
Excluding merger-related charges, adjusted noninterest expense1 was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
The efficiency ratio1 was 55.8%, while the adjusted efficiency ratio1 was 50.2% compared to 53.7% and 51.8%, respectively.
INCOME TAXES
Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.6% compared to 22.5%.
The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.
CAPITALCapital ratios remain strong.
Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
Tangible common equity to tangible assets was 7.26%, down 6.4%.
CONFERENCE CALL AND WEBCASTOld National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.
ABOUT OLD NATIONALOld National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.
USE OF NON-GAAP FINANCIAL MEASURESThe Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company's underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National's financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the "Merger") between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management's attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.
CONTACTS:
Media: Rick Jillson
Investors: Lynell Durchholz
(812) 465-7267
(812) 464-1366
Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
2025
2025
2024
2024
2024
2025
2024
Income Statement
Net interest income
$
514,790
$
387,643
$
394,180
$
391,724
$
388,421
$
902,433
$
744,879
FTE adjustment1,3
7,063
5,360
5,777
6,144
6,340
12,423
12,593
Net interest income - tax equivalent basis3
521,853
393,003
399,957
397,868
394,761
914,856
757,472
Provision for credit losses
106,835
31,403
27,017
28,497
36,214
138,238
55,105
Noninterest income
132,517
93,794
95,766
94,138
87,271
226,311
164,793
Noninterest expense
384,766
268,471
276,824
272,283
282,999
653,237
545,316
Net income available to common shareholders
$
121,375
$
140,625
$
149,839
$
139,768
$
117,196
$
262,000
$
233,446
Per Common Share Data
Weighted average diluted shares
361,436
321,016
318,803
317,331
316,461
340,250
304,207
EPS, diluted
$
0.34
$
0.44
$
0.47
$
0.44
$
0.37
$
0.77
$
0.77
Cash dividends
0.14
0.14
0.14
0.14
0.14
0.28
0.28
Dividend payout ratio2
41
%
32
%
30
%
32
%
38
%
36
%
36
%
Book value
$
20.12
$
19.71
$
19.11
$
19.20
$
18.28
$
20.12
$
18.28
Stock price
21.34
21.19
21.71
18.66
17.19
21.34
17.19
Tangible book value3
12.60
12.54
11.91
11.97
11.05
12.60
11.05
Performance Ratios
ROAA
0.77
%
1.08
%
1.14
%
1.08
%
0.92
%
0.91
%
0.95
%
ROAE
6.7
%
9.1
%
9.8
%
9.4
%
8.2
%
7.8
%
8.4
%
ROATCE3
12.0
%
15.0
%
16.4
%
16.0
%
14.1
%
13.4
%
14.5
%
NIM (FTE)3
3.53
%
3.27
%
3.30
%
3.32
%
3.33
%
3.41
%
3.31
%
Efficiency ratio3
55.8
%
53.7
%
54.4
%
53.8
%
57.2
%
54.9
%
57.7
%
NCOs to average loans
0.24
%
0.24
%
0.21
%
0.19
%
0.16
%
0.24
%
0.15
%
ACL on loans to EOP loans
1.18
%
1.10
%
1.08
%
1.05
%
1.01
%
1.18
%
1.01
%
ACL4 to EOP loans
1.24
%
1.16
%
1.14
%
1.12
%
1.08
%
1.24
%
1.08
%
NPLs to EOP loans
1.24
%
1.29
%
1.23
%
1.22
%
0.94
%
1.24
%
0.94
%
Balance Sheet (EOP)
Total loans
$
47,902,819
$
36,413,944
$
36,285,887
$
36,400,643
$
36,150,513
$
47,902,819
$
36,150,513
Total assets
70,979,805
53,877,944
53,552,272
53,602,293
53,119,645
70,979,805
53,119,645
Total deposits
54,357,683
41,034,572
40,823,560
40,845,746
39,999,228
54,357,683
39,999,228
Total borrowed funds
7,346,098
5,447,054
5,411,537
5,449,096
6,085,204
7,346,098
6,085,204
Total shareholders' equity
8,126,387
6,534,654
6,340,350
6,367,298
6,075,072
8,126,387
6,075,072
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity
10.74
%
11.62
%
11.38
%
11.00
%
10.73
%
10.74
%
10.73
%
Tier 1 capital
11.20
%
12.23
%
11.98
%
11.60
%
11.33
%
11.20
%
11.33
%
Total capital
12.59
%
13.68
%
13.37
%
12.94
%
12.71
%
12.59
%
12.71
%
Leverage ratio (average assets)
9.26
%
9.44
%
9.21
%
9.05
%
8.90
%
9.26
%
8.90
%
Equity to assets (averages)
11.38
%
12.01
%
11.78
%
11.60
%
11.31
%
11.66
%
11.31
%
TCE to TA
7.26
%
7.76
%
7.41
%
7.44
%
6.94
%
7.26
%
6.94
%
Nonfinancial Data
Full-time equivalent employees
5,313
4,028
4,066
4,105
4,267
5,313
4,267
Banking centers
351
280
280
280
280
351
280
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. June 30, 2025 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets
Income Statement (unaudited)
($ and shares in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
2025
2025
2024
2024
2024
2025
2024
Interest income
$
824,961
$
630,399
$
662,082
$
679,925
$
663,663
$
1,455,360
$
1,259,644
Less: interest expense
310,171
242,756
267,902
288,201
275,242
552,927
514,765
Net interest income
514,790
387,643
394,180
391,724
388,421
902,433
744,879
Provision for credit losses
106,835
31,403
27,017
28,497
36,214
138,238
55,105
Net interest income after provision for credit losses
407,955
356,240
367,163
363,227
352,207
764,195
689,774
Wealth and investment services fees
35,817
29,648
30,012
29,117
29,358
65,465
57,662
Service charges on deposit accounts
23,878
21,156
20,577
20,350
19,350
45,034
37,248
Debit card and ATM fees
12,922
9,991
10,991
11,362
10,993
22,913
21,047
Mortgage banking revenue
10,032
6,879
7,026
7,669
7,064
16,911
11,542
Capital markets income
7,114
4,506
5,244
7,426
4,729
11,620
7,629
Company-owned life insurance
6,625
5,381
6,499
5,315
5,739
12,006
9,173
Other income
36,170
16,309
15,539
12,975
10,036
52,479
20,506
Debt securities gains (losses), net
(41
)
(76
)
(122
)
(76
)
2
(117
)
(14
)
Total noninterest income
132,517
93,794
95,766
94,138
87,271
226,311
164,793
Salaries and employee benefits
202,112
148,305
146,605
147,494
159,193
350,417
308,996
Occupancy
30,432
29,053
29,733
27,130
26,547
59,485
53,566
Equipment
12,566
8,901
9,325
9,888
8,704
21,467
17,375
Marketing
13,759
11,940
12,653
11,036
11,284
25,699
21,918
Technology
31,452
22,020
21,429
23,343
24,002
53,472
44,025
Communication
5,014
4,134
4,176
4,681
4,480
9,148
8,480
Professional fees
21,931
7,919
11,055
7,278
10,552
29,850
16,958
FDIC assessment
13,409
9,700
11,970
11,722
9,676
23,109
20,989
Amortization of intangibles
19,630
6,830
7,237
7,411
7,425
26,460
12,880
Amortization of tax credit investments
5,815
3,424
4,556
3,277
2,747
9,239
5,496
Other expense
28,646
16,245
18,085
19,023
18,389
44,891
34,633
Total noninterest expense
384,766
268,471
276,824
272,283
282,999
653,237
545,316
Income before income taxes
155,706
181,563
186,105
185,082
156,479
337,269
309,251
Income tax expense
30,298
36,904
32,232
41,280
35,250
67,202
67,738
Net income
$
125,408
$
144,659
$
153,873
$
143,802
$
121,229
$
270,067
$
241,513
Preferred dividends
(4,033
)
(4,034
)
(4,034
)
(4,034
)
(4,033
)
(8,067
)
(8,067
)
Net income applicable to common shares
$
121,375
$
140,625
$
149,839
$
139,768
$
117,196
$
262,000
$
233,446
EPS, diluted
$
0.34
$
0.44
$
0.47
$
0.44
$
0.37
$
0.77
$
0.77
Weighted Average Common Shares Outstanding
Basic
360,155
315,925
315,673
315,622
315,585
338,162
303,283
Diluted
361,436
321,016
318,803
317,331
316,461
340,250
304,207
(EOP)
391,818
319,236
318,980
318,955
318,969
391,818
318,969
End of Period Balance Sheet (unaudited)
($ in thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Assets
Cash and due from banks
$
637,556
$
486,061
$
394,450
$
498,120
$
428,665
Money market and other interest-earning investments
1,171,015
753,719
833,518
693,450
804,381
Investments:
Treasury and government-sponsored agencies
2,445,733
2,364,170
2,289,903
2,335,716
2,207,004
Mortgage-backed securities
9,632,206
6,458,023
6,175,103
6,085,826
5,890,371
States and political subdivisions
1,590,272
1,589,555
1,637,379
1,665,128
1,678,597
Other securities
852,687
755,348
781,656
783,079
775,623
Total investments
14,520,898
11,167,096
10,884,041
10,869,749
10,551,595
Loans held-for-sale, at fair value
77,618
40,424
34,483
62,376
66,126
Loans:
Commercial
14,662,916
10,650,615
10,288,560
10,408,095
10,332,631
Commercial and agriculture real estate
21,879,785
16,135,327
16,307,486
16,356,216
16,016,958
Residential real estate
8,212,242
6,771,694
6,797,586
6,757,896
6,894,957
Consumer
3,147,876
2,856,308
2,892,255
2,878,436
2,905,967
Total loans
47,902,819
36,413,944
36,285,887
36,400,643
36,150,513
Allowance for credit losses on loans
(565,109
)
(401,932
)
(392,522
)
(380,840
)
(366,335
)
Premises and equipment, net
682,539
584,664
588,970
599,528
601,945
Goodwill and other intangible assets
2,944,372
2,289,268
2,296,098
2,305,084
2,306,204
Company-owned life insurance
1,046,693
859,211
859,851
863,723
862,032
Accrued interest receivable and other assets
2,561,404
1,685,489
1,767,496
1,690,460
1,714,519
Total assets
$
70,979,805
$
53,877,944
$
53,552,272
$
53,602,293
$
53,119,645
Liabilities and Equity
Noninterest-bearing demand deposits
$
12,652,556
$
