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Old National Bancorp Reports Third Quarter 2024 Results

EVANSVILLE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management," said Chairman and CEO Jim Ryan. "As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise."


THIRD
QUARTER HIGHLIGHTS2:

Net Income

  • Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
  • Earnings per diluted common share ("EPS") of $0.44; adjusted EPS1 of $0.46
  
Net Interest Income/NIM

  • Net interest income on a fully taxable equivalent basis1 of $397.9 million
  • Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.32%, down 1 basis point ("bp")
  
Operating Performance



  • Pre-provision net revenue1 (“PPNR”) of $219.7 million; adjusted PPNR1 of $229.3 million
  • Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
  • Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
  
Deposits and Funding

  • Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
  • Granular low-cost deposit franchise; total deposit costs of 225 bps
  
Loans and Credit Quality







  • End-of-period total loans3 of $36.5 billion, up 2.7% annualized
  • Provision for credit losses4 ("provision") of $28.5 million
  • Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
  • 30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
 
Return Profile & Capital

  • Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
  • Tangible common equity to tangible assets1 of 7.4%, up 7.2%
  
Notable Items
  • $6.9 million of pre-tax merger-related charges
  • $2.6 million of pre-tax separation expense5


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 Comparisons are on a linked-quarter basis, unless otherwise noted Includes loans held-for-sale Includes the provision for unfunded commitments Expense associated with a mutual separation agreement with a former Old National executive

RESULTS OF OPERATIONS2
Old National Bancorp ("Old National") reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.

Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. ("CapStar") and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.

DEPOSITS AND FUNDING
Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.

  • Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
  • On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
  • Granular low-cost deposit franchise; total deposit costs of 225 bps.
  • A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS
Broad-based disciplined commercial loan growth.

  • Period-end total loans3 were $36.5 billion, up 2.7% annualized.
  • Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
  • Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.

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

  • Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
  • Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
    • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
  • 30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
  • Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
  • Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
  • The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.

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

  • Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
  • Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
  • Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
  • Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.

NONINTEREST INCOME
Increase driven by higher service charges, mortgage fees, capital markets income, and other income.

  • Total noninterest income was $94.1 million compared to $87.3 million.
  • Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.

NONINTEREST EXPENSE
Disciplined expense management.

  • Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
    • Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
  • The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.

INCOME TAXES

  • Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.8% compared to 25.5%.
  • Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.

CAPITAL
Capital ratios remain strong.

  • Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
  • Tangible common equity to tangible assets was 7.44% compared to 6.94%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third 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 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 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 2024, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

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

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location ("Louisville expenses"), and property optimization charges. 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, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. 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 communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), 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," "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; 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 CapStar Financial Holdings, Inc. 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 potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; 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; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

CONTACTS:  
Media: Kathy Schoettlin Investors: Lynell Durchholz
(812) 465-7269 (812) 464-1366
Kathy.Schoettlin@oldnational.com Lynell.Durchholz@oldnational.com


        
Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
         
 Three Months Ended Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
Income Statement        
Net interest income$391,724 $388,421 $356,458 $364,408 $375,086  $1,136,603 $1,138,745 
FTE adjustment1,3 6,144  6,340  6,253  6,100  5,837   18,737  17,328 
Net interest income - tax equivalent basis3 397,868  394,761  362,711  370,508  380,923   1,155,340  1,156,073 
Provision for credit losses 28,497  36,214  18,891  11,595  19,068   83,602  47,292 
Noninterest income 94,138  87,271  77,522  100,094  80,938   258,931  233,248 
Noninterest expense 272,283  282,999  262,317  284,235  244,776   817,599  742,071 
Net income available to common shareholders$139,768 $117,196 $116,250 $128,446 $143,842  $373,214 $437,411 
Per Common Share Data        
Weighted average diluted shares 317,331  316,461  292,207  292,029  291,717   308,605  291,809 
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49  $1.21 $1.50 
Cash dividends 0.14  0.14  0.14  0.14  0.14   0.42  0.42 
Dividend payout ratio2 32% 38% 35% 32% 29%  35% 28%
Book value$19.20 $18.28 $18.24 $18.18 $17.07  $19.20 $17.07 
Stock price 18.66  17.19  17.41  16.89  14.54   18.66  14.54 
Tangible book value3 11.97  11.05  11.10  11.00  9.87   11.97  9.87 
Performance Ratios        
ROAA 1.08% 0.92% 0.98% 1.09% 1.22%  0.99% 1.25%
ROAE 9.4% 8.2% 8.7% 10.2% 11.4%  8.8% 11.7%
ROATCE3 16.0% 14.1% 14.9% 18.1% 20.2%  15.0% 20.8%
NIM (FTE) 3.32% 3.33% 3.28% 3.39% 3.49%  3.31% 3.59%
Efficiency ratio3 53.8% 57.2% 58.3% 59.0% 51.7%  56.4% 51.9%
NCOs to average loans 0.19% 0.16% 0.14% 0.12% 0.24%  0.16% 0.19%
ACL on loans to EOP loans 1.05% 1.01% 0.95% 0.93% 0.93%  1.05% 0.93%
ACL4 to EOP loans 1.12% 1.08% 1.03% 1.03% 1.03%  1.12% 1.03%
NPLs to EOP loans 1.22% 0.94% 0.98% 0.83% 0.80%  1.22% 0.80%
Balance Sheet (EOP)        
Total loans$36,400,643 $36,150,513 $33,623,319 $32,991,927 $32,577,834  $36,400,643 $32,577,834 
Total assets 53,602,293  53,119,645  49,534,918  49,089,836  49,059,448   53,602,293  49,059,448 
Total deposits 40,845,746  39,999,228  37,699,418  37,235,180  37,252,676   40,845,746  37,252,676 
Total borrowed funds 5,449,096  6,085,204  5,331,161  5,331,147  5,556,010   5,449,096  5,556,010 
Total shareholders' equity 6,367,298  6,075,072  5,595,408  5,562,900  5,239,537   6,367,298  5,239,537 
Capital Ratios        
Risk-based capital ratios (EOP):        
Tier 1 common equity 11.00% 10.73% 10.76% 10.70% 10.41%  11.00% 10.41%
Tier 1 capital 11.60% 11.33% 11.40% 11.35% 11.06%  11.60% 11.06%
Total capital 12.94% 12.71% 12.74% 12.64% 12.32%  12.94% 12.32%
Leverage ratio (average assets) 9.05% 8.90% 8.96% 8.83% 8.70%  9.05% 8.70%
Equity to assets (averages)3 11.60% 11.31% 11.32% 10.81% 10.88%  11.41% 10.95%
TCE to TA3 7.44% 6.94% 6.86% 6.85% 6.15%  7.44% 6.15%
Nonfinancial Data        
Full-time equivalent employees 4,105  4,267  3,955  3,940  3,981   4,105  3,981 
Banking centers 280  280  258  258  257   280  257 
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.
    September 30, 2024 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 Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
Interest income$679,925 $663,663 $595,981 $589,751 $576,519  $1,939,569 $1,617,070 
Less: interest expense 288,201  275,242  239,523  225,343  201,433   802,966  478,325 
Net interest income 391,724  388,421  356,458  364,408  375,086   1,136,603  1,138,745 
Provision for credit losses 28,497  36,214  18,891  11,595  19,068   83,602  47,292 
Net interest income after provision for credit losses 363,227  352,207  337,567  352,813  356,018   1,053,001  1,091,453 
Wealth and investment services fees 29,117  29,358  28,304  27,656  26,687   86,779  80,128 
Service charges on deposit accounts 20,350  19,350  17,898  18,667  18,524   57,598  53,278 
Debit card and ATM fees 11,362  10,993  10,054  10,700  10,818   32,409  31,453 
Mortgage banking revenue 7,669  7,064  4,478  3,691  5,063   19,211  12,628 
Capital markets income 7,426  4,729  2,900  5,416  5,891   15,055  19,003 
Company-owned life insurance 5,315  5,739  3,434  3,773  3,740   14,488  11,624 
Gain on sale of Visa Class B restricted shares       21,635        
Other income 12,975  10,036  10,470  9,381  10,456   33,481  30,574 
Debt securities gains (losses), net (76) 2  (16) (825) (241)  (90) (5,440)
Total noninterest income 94,138  87,271  77,522  100,094  80,938   258,931  233,248 
Salaries and employee benefits 147,494  159,193  149,803  141,649  131,541   456,490  404,715 
Occupancy 27,130  26,547  27,019  26,514  25,795   80,696  80,162 
Equipment 9,888  8,704  8,671  8,769  8,284   27,263  23,394 
Marketing 11,036  11,284  10,634  10,813  9,448   32,954  28,698 
Technology 23,343  24,002  20,023  20,493  20,592   67,368  59,850 
Communication 4,681  4,480  4,000  4,212  4,075   13,161  12,768 
Professional fees 7,278  10,552  6,406  8,250  5,956   24,236  19,085 
FDIC assessment 11,722  9,676  11,313  27,702  9,000   32,711  29,028 
Amortization of intangibles 7,411  7,425  5,455  5,869  6,040   20,291  18,286 
Amortization of tax credit investments 3,277  2,747  2,749  7,200  2,644   8,773  8,167 
Other expense 19,023  18,389  16,244  22,764  21,401   53,656  57,918 
Total noninterest expense 272,283  282,999  262,317  284,235  244,776   817,599  742,071 
Income before income taxes 185,082  156,479  152,772  168,672  192,180   494,333  582,630 
Income tax expense 41,280  35,250  32,488  36,192  44,304   109,018  133,118 
Net income$143,802 $121,229 $120,284 $132,480 $147,876  $385,315 $449,512 
Preferred dividends (4,034) (4,033) (4,034) (4,034) (4,034)  (12,101) (12,101)
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842  $373,214 $437,411 
         
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49  $1.21 $1.50 
Weighted Average Common Shares Outstanding        
Basic 315,622  315,585  290,980  290,701  290,648   307,426  290,763 
Diluted 317,331  316,461  292,207  292,029  291,717   308,605  291,809 
Common shares outstanding (EOP) 318,955  318,969  293,330  292,655  292,586   318,955  292,586 
         
         


 
End of Period Balance Sheet (unaudited)
($ in thousands)
 September 30,June 30,March 31,December 31,September 30,
  2024  2024  2024  2023  2023 
Assets     
Cash and due from banks$498,120 $428,665 $350,990 $430,866 $381,343 
Money market and other interest-earning investments 693,450  804,381  588,509  744,192  1,282,087 
Investments:     
Treasury and government-sponsored agencies 2,335,716  2,207,004  2,243,754  2,453,950  2,515,249 
Mortgage-backed securities 6,085,826  5,890,371  5,566,881  5,245,691  4,906,290 
States and political subdivisions 1,665,128  1,678,597  1,672,061  1,693,819  1,705,200 
Other securities 783,079  775,623  760,847  779,048  751,404 
Total investments 10,869,749  10,551,595  10,243,543  10,172,508  9,878,143 
Loans held-for-sale, at fair value 62,376  66,126  19,418  32,006  122,033 
Loans:     
Commercial 10,408,095  10,332,631  9,648,269  9,512,230  9,333,448 
Commercial and agriculture real estate 16,356,216  16,016,958  14,653,958  14,140,629  13,916,221 
Residential real estate 6,757,896  6,894,957  6,661,379  6,699,443  6,696,288 
Consumer 2,878,436  2,905,967  2,659,713  2,639,625  2,631,877 
Total loans 36,400,643  36,150,513  33,623,319  32,991,927  32,577,834 
Allowance for credit losses on loans (380,840) (366,335) (319,713) (307,610) (303,982)
Premises and equipment, net 599,528  601,945  564,007  565,396  565,607 
Goodwill and other intangible assets 2,305,084  2,306,204  2,095,511  2,100,966  2,106,835 
Company-owned life insurance 863,723  862,032  767,423  767,902  774,517 
Accrued interest receivable and other assets 1,690,460  1,714,519  1,601,911  1,591,683  1,675,031 
Total assets$53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
      
Liabilities and Equity     
Noninterest-bearing demand deposits$9,429,285 $9,336,042 $9,257,709 $9,664,247 $10,091,352 
Interest-bearing:     
Checking and NOW accounts 7,314,245  7,680,865  7,236,667  7,331,487  7,495,417 
Savings accounts 4,781,447  4,983,811  5,020,095  5,099,186  5,296,985 
Money market accounts 11,601,461  10,485,491  10,234,113  9,561,116  8,793,218 
Other time deposits 6,010,070  5,688,432  4,760,659  4,565,137  4,398,182 
Total core deposits 39,136,508  38,174,641  36,509,243  36,221,173  36,075,154 
Brokered deposits 1,709,238  1,824,587  1,190,175  1,014,007  1,177,522 
Total deposits 40,845,746  39,999,228  37,699,418  37,235,180  37,252,676 
      
Federal funds purchased and interbank borrowings 135,263  250,154  50,416  390  918 
Securities sold under agreements to repurchase 244,626  240,713  274,493  285,206  279,061 
Federal Home Loan Bank advances 4,471,153  4,744,560  4,193,039  4,280,681  4,412,576 
Other borrowings 598,054  849,777  813,213  764,870  863,455 
Total borrowed funds 5,449,096  6,085,204  5,331,161  5,331,147  5,556,010 
Accrued expenses and other liabilities 940,153  960,141  908,931  960,609  1,011,225 
Total liabilities 47,234,995  47,044,573  43,939,510  43,526,936  43,819,911 
Preferred stock, common stock, surplus, and retained earnings 6,971,054  6,866,480  6,375,036  6,301,709  6,208,352 
Accumulated other comprehensive income (loss), net of tax (603,756) (791,408) (779,628) (738,809) (968,815)
Total shareholders' equity 6,367,298  6,075,072  5,595,408  5,562,900  5,239,537 
Total liabilities and shareholders' equity$53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
 


             
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
             
             
  Three Months Ended Three Months Ended Three Months Ended
  September 30, 2024 June 30, 2024 September 30, 2023
  AverageIncome1/Yield/ AverageIncome1/Yield/ AverageIncome1/Yield/
Earning Assets: BalanceExpenseRate BalanceExpenseRate BalanceExpenseRate
Money market and other interest-earning investments $904,176 $11,6965.15% $814,944 $11,3115.58% $980,813 $13,1945.34%
Investments:            
Treasury and government-sponsored agencies  2,255,629  21,8513.87%  2,208,935  21,5313.90%  2,376,864  23,0373.88%
Mortgage-backed securities  5,977,058  48,4253.24%  5,828,225  47,9043.29%  5,079,091  33,2372.62%
States and political subdivisions  1,668,454  14,0423.37%  1,686,994  14,2903.39%  1,737,037  14,2203.27%
Other securities  785,107  12,5476.39%  788,571  12,5836.38%  793,196  10,1275.11%
Total investments  10,686,248  96,8653.63%  10,512,725  96,3083.66%  9,986,188  80,6213.23%
Loans:2            
Commercial  10,373,340  183,8787.09%  10,345,098  183,4257.09%  9,612,102  163,8696.82%
Commercial and agriculture real estate  16,216,842  274,8326.78%  15,870,809  260,4076.56%  13,711,156  219,5756.41%
Residential real estate loans  6,833,597  67,0843.93%  6,952,942  67,6833.89%  6,712,269  62,7753.74%
Consumer  2,891,260  51,7147.12%  2,910,331  50,8697.03%  2,614,928  42,3226.42%
Total loans  36,315,039  577,5086.36%  36,079,180  562,3846.24%  32,650,455  488,5415.98%
             
Total earning assets $47,905,463 $686,0695.73% $47,406,849 $670,0035.66% $43,617,456 $582,3565.34%
             
Less: Allowance for credit losses on loans  (366,667)    (331,043)    (300,071)  
             
Non-earning Assets:            
Cash and due from banks $413,583    $430,256    $382,755   
Other assets  5,394,032     5,341,022     4,960,383   
             
Total assets $53,346,411    $52,847,084    $48,660,523   
             
Interest-Bearing Liabilities:            
Checking and NOW accounts $7,551,264 $29,3441.55% $8,189,454 $34,3981.69% $7,515,439 $25,5311.35%
Savings accounts  4,860,161  5,1840.42%  5,044,800  5,2540.42%  5,414,775  4,2680.31%
Money market accounts  11,064,433  106,1483.82%  10,728,156  102,5603.84%  7,979,999  65,5493.26%
Other time deposits  5,928,241  64,4354.32%  5,358,103  56,5864.25%  4,229,692  37,1103.48%
Total interest-bearing core deposits  29,404,099  205,1112.78%  29,320,513  198,7982.73%  25,139,905  132,4582.09%
Brokered deposits  1,829,218  24,6165.35%  1,244,237  17,0085.50%  1,183,228  14,9705.02%
Total interest-bearing deposits  31,233,317  229,7272.93%  30,564,750  215,8062.84%  26,323,133  147,4282.22%
             
Federal funds purchased and interbank borrowings  14,549  2927.98%  148,835  1,9865.37%  62,921  9105.74%
Securities sold under agreements to repurchase  239,524  6121.02%  249,939  6391.03%  302,305  7100.93%
Federal Home Loan Bank advances  4,572,046  47,7194.15%  4,473,978  44,6434.01%  4,537,250  40,3823.53%
Other borrowings  754,544  9,8515.19%  891,609  12,1685.49%  841,307  12,0035.66%
Total borrowed funds  5,580,663  58,4744.17%  5,764,361  59,4364.15%  5,743,783  54,0053.73%
             
Total interest-bearing liabilities $36,813,980 $288,2013.11% $36,329,111 $275,2423.05% $32,066,916 $201,4332.49%
             
Noninterest-Bearing Liabilities and Shareholders' Equity           
Demand deposits $9,371,698    $9,558,675    $10,338,267   
Other liabilities  970,662     980,322     961,268   
Shareholders' equity  6,190,071     5,978,976     5,294,072   
             
Total liabilities and shareholders' equity $53,346,411    $52,847,084    $48,660,523   
             
Net interest rate spread   2.62%   2.61%   2.85%
             
Net interest margin (GAAP)   3.27%   3.28%   3.44%
             
Net interest margin (FTE)3   3.32%   3.33%   3.49%
             
FTE adjustment  $6,144   $6,340   $5,837 
             
1 Interest income is reflected on a FTE basis. 
2 Includes loans held-for-sale. 
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. 
 


         
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
         
         
  Nine Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023
  AverageIncome1/Yield/ AverageIncome1/Yield/
Earning Assets: BalanceExpenseRate BalanceExpenseRate
Money market and other interest-earning investments $825,743 $32,9925.34% $736,225 $25,2584.59%
Investments:        
Treasury and government-sponsored agencies  2,275,607  66,6483.91%  2,266,177  58,9233.47%
Mortgage-backed securities  5,721,725  135,2173.15%  5,268,509  102,6182.60%
States and political subdivisions  1,678,504  42,3083.36%  1,771,155  43,3063.26%
Other securities  781,385  37,3036.37%  785,474  28,7264.88%
Total investments $10,457,221 $281,4763.59% $10,091,315 $233,5733.09%
Loans:2        
Commercial  10,087,322  534,5667.07%  9,644,541  475,2106.57%
Commercial and agriculture real estate  15,488,010  765,3256.59%  13,180,509  598,3376.05%
Residential real estate loans  6,826,809  197,7703.86%  6,626,551  181,5923.65%
Consumer  2,815,837  146,1776.93%  2,612,519  120,4286.16%
Total loans  35,217,978  1,643,8386.22%  32,064,120  1,375,5675.72%
         
Total earning assets $46,500,942 $1,958,3065.62% $42,891,660 $1,634,3985.08%
         
Less: Allowance for credit losses on loans  (337,168)    (301,909)  
         
Non-earning Assets:        
Cash and due from banks $402,213    $412,998   
Other assets  5,232,807     4,917,592   
         
Total assets $51,798,794    $47,920,341   
         
Interest-Bearing Liabilities:        
Checking and NOW accounts $7,627,029 $88,9941.56% $7,793,561 $69,2481.19%
Savings accounts  4,976,361  15,4550.41%  5,791,780  9,7450.22%
Money market accounts  10,571,821  302,9213.83%  6,577,317  120,9172.46%
Other time deposits  5,327,361  168,4534.22%  3,660,156  79,0322.89%
Total interest-bearing core deposits  28,502,572  575,8232.70%  23,822,814  278,9421.57%
Brokered deposits  1,375,231  55,1495.36%  879,886  32,0534.87%
Total interest-bearing deposits  29,877,803  630,9722.82%  24,702,700  310,9951.68%
         
Federal funds purchased and interbank borrowings  77,262  3,2395.60%  306,480  11,4044.97%
Securities sold under agreements to repurchase  261,818  2,1681.11%  351,362  2,3890.91%
Federal Home Loan Bank advances  4,477,851  133,5293.98%  4,699,074  123,4663.51%
Other borrowings  823,746  33,0585.36%  806,575  30,0714.98%
Total borrowed funds  5,640,677  171,9944.07%  6,163,491  167,3303.63%
         
Total interest-bearing liabilities  35,518,480  802,9663.02%  30,866,191  478,3252.07%
         
Noninterest-Bearing Liabilities and Shareholders' Equity       
Demand deposits $9,396,081    $10,864,375   
Other liabilities  971,687     944,619   
Shareholders' equity  5,912,546     5,245,156   
         
Total liabilities and shareholders' equity $51,798,794    $47,920,341   
         
Net interest rate spread   2.60%   3.01%
         
Net interest margin (GAAP)   3.26%   3.54%
         
Net interest margin (FTE)3   3.31%   3.59%
         
FTE adjustment  $18,737   $17,328 
         
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.        
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.  
 


         
Asset Quality (EOP) (unaudited)
($ in thousands)
         
 Three Months Ended Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
Allowance for credit losses:        
Beginning allowance for credit losses on loans$366,335 $319,713 $307,610 $303,982 $300,555  $307,610 $303,671 
Allowance established for acquired PCD loans 2,803  23,922         26,725   
Provision for credit losses on loans 29,176  36,745  23,853  13,329  23,115   89,774  46,520 
Gross charge-offs (18,965) (17,041) (14,020) (13,202) (22,750)  (50,026) (55,261)
Gross recoveries 1,491  2,996  2,270  3,501  3,062   6,757  9,052 
NCOs (17,474) (14,045) (11,750) (9,701) (19,688)  (43,269) (46,209)
Ending allowance for credit losses on loans$380,840 $366,335 $319,713 $307,610 $303,982  $380,840 $303,982 
Beginning allowance for credit losses on unfunded commitments$25,733 $26,264 $31,226 $32,960 $37,007  $31,226 $32,188 
Provision (release) for credit losses on unfunded commitments (679) (531) (4,962) (1,734) (4,047)  (6,172) 772 
Ending allowance for credit losses on unfunded commitments$25,054 $25,733 $26,264 $31,226 $32,960  $25,054 $32,960 
Allowance for credit losses$405,894 $392,068 $345,977 $338,836 $336,942  $405,894 $336,942 
Provision for credit losses on loans$29,176 $36,745 $23,853 $13,329 $23,115  $89,774 $46,520 
Provision (release) for credit losses on unfunded commitments (679) (531) (4,962) (1,734) (4,047)  (6,172) 772 
Provision for credit losses$28,497 $36,214 $18,891 $11,595 $19,068  $83,602 $47,292 
NCOs / average loans1 0.19% 0.16% 0.14% 0.12% 0.24%  0.16% 0.19%
Average loans1$36,299,544 $36,053,845 $33,242,739 $32,752,406 $32,639,812  $35,202,727 $32,057,989 
EOP loans1 36,400,643  36,150,513  33,623,319  32,991,927  32,577,834   36,400,643  32,577,834 
ACL on loans / EOP loans1 1.05% 1.01% 0.95% 0.93% 0.93%  1.05% 0.93%
ACL / EOP loans1 1.12% 1.08% 1.03% 1.03% 1.03%  1.12% 1.03%
Underperforming Assets:        
Loans 90 days and over (still accruing)$1,177 $5,251 $2,172 $961 $1,192  $1,177 $1,192 
Nonaccrual loans 443,597  340,181  328,645  274,821  261,346   443,597  261,346 
Foreclosed assets 4,077  8,290  9,344  9,434  9,761   4,077  9,761 
Total underperforming assets$448,851 $353,722 $340,161 $285,216 $272,299  $448,851 $272,299 
Classified and Criticized Assets:        
Nonaccrual loans$443,597 $340,181 $328,645 $274,821 $261,346  $443,597 $261,346 
Substandard loans (still accruing) 1,074,243  841,087  626,157  599,358  563,427   1,074,243  563,427 
Loans 90 days and over (still accruing) 1,177  5,251  2,172  961  1,192   1,177  1,192 
Total classified loans - "problem loans" 1,519,017  1,186,519  956,974  875,140  825,965   1,519,017  825,965 
Other classified assets 59,485  60,772  54,392  48,930  48,998   59,485  48,998 
Special Mention 837,543  967,655  827,419  843,920  775,526   837,543  775,526 
Total classified and criticized assets$2,416,045 $2,214,946 $1,838,785 $1,767,990 $1,650,489  $2,416,045 $1,650,489 
Loans 30-89 days past due (still accruing)$91,750 $51,712 $53,112 $71,868 $56,772  $91,750 $56,772 
Nonaccrual loans / EOP loans1 1.22% 0.94% 0.98% 0.83% 0.80%  1.22% 0.80%
ACL / nonaccrual loans 92% 115% 105% 123% 129%  92% 129%
Under-performing assets/EOP loans1 1.23% 0.98% 1.01% 0.86% 0.84%  1.23% 0.84%
Under-performing assets/EOP assets 0.84% 0.67% 0.69% 0.58% 0.56%  0.84% 0.56%
30+ day delinquencies/EOP loans1 0.26% 0.16% 0.16% 0.22% 0.18%  0.26% 0.18%
         
1 Excludes loans held-for-sale.      
         

                

         
Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
         
 Three Months Ended Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
Earnings Per Share:        
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842  $373,214 $437,411 
Adjustments:        
Merger-related charges 6,860  19,440  2,908  5,529  6,257   29,208  23,187 
Tax effect1 (1,528) (4,413) (710) (1,343) (1,042)  (6,651) (4,491)
Merger-related charges, net 5,332  15,027  2,198  4,186  5,215   22,557  18,696 
Separation expense 2,646           2,646   
Tax effect1 (589)          (589)  
Separation expense, net 2,057           2,057   
Debt securities (gains) losses 76  (2) 16  825  241   90  5,440 
Tax effect1 (17) 1  (4) (200) (40)  (20) (1,175)
Debt securities (gains) losses, net 59  (1) 12  625  201   70  4,265 
CECL Day 1 non-PCD provision expense   15,312         15,312   
Tax effect1   (3,476)        (3,476)  
CECL Day 1 non-PCD provision expense, net   11,836         11,836   
Distribution of excess pension assets     13,318      13,318   
Tax effect1     (3,250)     (3,250)  
Distribution excess pension assets, net     10,068       10,068   
FDIC special assessment     2,994  19,052     2,994   
Tax effect1     (731) (4,628)    (731)  
FDIC special assessment, net     2,263  14,424     2,263   
Gain on sale of Visa Class B restricted shares       (21,635)       
Tax effect1       5,255        
Gain on sale of Visa Class B restricted shares, net       (16,380)       
Contract termination charge       4,413        
Tax effect1       (1,072)       
Contract termination charge, net       3,341        
Louisville expenses              3,361 
Tax effect1              (392)
Louisville expenses, net              2,969 
Property optimization charges              1,559 
Tax effect1              (315)
Property optimization charges, net              1,244 
Total adjustments, net 7,448  26,862  14,541  6,196  5,416   48,851  27,174 
Net income applicable to common shares, adjusted$147,216 $144,058 $130,791 $134,642 $149,258  $422,065 $464,585 
Weighted average diluted common shares outstanding 317,331  316,461  292,207  292,029  291,717   308,605  291,809 
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49  $1.21 $1.50 
Adjusted EPS, diluted$0.46 $0.46 $0.45 $0.46 $0.51  $1.37 $1.59 
NIM:        
Net interest income$391,724 $388,421 $356,458 $364,408 $375,086  $1,136,603 $1,138,745 
Add: FTE adjustment2 6,144  6,340  6,253  6,100  5,837   18,737  17,328 
Net interest income (FTE)$397,868 $394,761 $362,711 $370,508 $380,923  $1,155,340 $1,156,073 
Average earning assets$47,905,463 $47,406,849 $44,175,079 $43,701,283 $43,617,456  $46,500,942 $42,891,660 
NIM (GAAP) 3.27% 3.28% 3.23% 3.34% 3.44%  3.26% 3.54%
NIM (FTE) 3.32% 3.33% 3.28% 3.39% 3.49%  3.31% 3.59%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      


         
Non-GAAP Measures (unaudited)
($ in thousands)
         
 Three Months Ended Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
PPNR:        
Net interest income (FTE)2$397,868 $394,761 $362,711 $370,508 $380,923  $1,155,340 $1,156,073 
Add: Noninterest income 94,138  87,271  77,522  100,094  80,938   258,931  233,248 
Total revenue (FTE) 492,006  482,032  440,233  470,602  461,861   1,414,271  1,389,321 
Less: Noninterest expense (272,283) (282,999) (262,317) (284,235) (244,776)  (817,599) (742,071)
PPNR$219,723 $199,033 $177,916 $186,367 $217,085  $596,672 $647,250 
Adjustments:        
Gain on sale of Visa Class B restricted shares$ $ $ $(21,635)$  $ $ 
Debt securities (gains) losses 76  (2) 16  825  241   90  5,440 
Noninterest income adjustments 76  (2) 16  (20,810) 241   90  5,440 
Adjusted noninterest income 94,214  87,269  77,538  79,284  81,179   259,021  238,688 
Adjusted revenue$492,082 $482,030 $440,249 $449,792 $462,102  $1,414,361 $1,394,761 
Adjustments:        
Merger-related charges$6,860 $19,440 $2,908 $5,529 $6,257  $29,208 $23,187 
Separation expense 2,646           2,646   
Distribution of excess pension assets     13,318       13,318   
FDIC Special Assessment     2,994  19,052     2,994   
Contract termination charges       4,413        
Louisville expenses              3,361 
Property optimization charges              1,559 
Noninterest expense adjustments 9,506  19,440  19,220  28,994  6,257   48,166  28,107 
Adjusted total noninterest expense (262,777) (263,559) (243,097) (255,241) (238,519)  (769,433) (713,964)
Adjusted PPNR$229,305 $218,471 $197,152 $194,551 $223,583  $644,928 $680,797 
Efficiency Ratio:        
Noninterest expense$272,283 $282,999 $262,317 $284,235 $244,776  $817,599 $742,071 
Less: Amortization of intangibles (7,411) (7,425) (5,455) (5,869) (6,040)  (20,291) (18,286)
Noninterest expense, excl. amortization of intangibles 264,872  275,574  256,862  278,366  238,736   797,308  723,785 
Less: Amortization of tax credit investments (3,277) (2,747) (2,749) (7,200) (2,644)  (8,773) (8,167)
Less: Noninterest expense adjustments (9,506) (19,440) (19,220) (28,994) (6,257)  (48,166) (28,107)
Adjusted noninterest expense, excluding amortization$252,089 $253,387 $234,893 $242,172 $229,835  $740,369 $687,511 
Total revenue (FTE)2$492,006 $482,032 $440,233 $470,602 $461,861  $1,414,271 $1,389,321 
Less: Debt securities (gains) losses 76  (2) 16  825  241   90  5,440 
Total revenue excl. debt securities (gains) losses 492,082  482,030  440,249  471,427  462,102   1,414,361  1,394,761 
Less: Gain on sale of Visa Class B restricted shares       (21,635)       
Total adjusted revenue$492,082 $482,030 $440,249 $449,792 $462,102  $1,414,361 $1,394,761 
Efficiency Ratio 53.8% 57.2% 58.3% 59.0% 51.7%  56.4% 51.9%
Adjusted Efficiency Ratio 51.2% 52.6% 53.4% 53.8% 49.7%  52.3% 49.3%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      


         
Non-GAAP Measures (unaudited)
($ in thousands)
         
 Three Months Ended Nine Months Ended
 September 30,June 30,March 31,December 31,September 30, September 30,September 30,
  2024  2024  2024  2023  2023   2024  2023 
ROAE and ROATCE:        
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842  $373,214 $437,411 
Amortization of intangibles 7,411  7,425  5,455  5,869  6,040   20,291  18,286 
Tax effect1 (1,853) (1,856) (1,364) (1,467) (1,510)  (5,073) (4,572)
Amortization of intangibles, net 5,558  5,569  4,091  4,402  4,530   15,218  13,714 
Net income applicable to common shares, excluding intangibles amortization 145,326  122,765  120,341  132,848  148,372   388,432  451,125 
Total adjustments, net (see pg.12) 7,448  26,862  14,541  6,196  5,416   48,851  27,174 
Adjusted net income applicable to common shares, excluding intangibles amortization$152,774 $149,627 $134,882 $139,044 $153,788  $437,283 $478,299 
Average shareholders' equity$6,190,071 $5,978,976 $5,565,542 $5,281,487 $5,294,072  $5,912,546 $5,245,156 
Less: Average preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)  (243,719) (243,719)
Average shareholders' common equity$5,946,352 $5,735,257 $5,321,823 $5,037,768 $5,050,353  $5,668,827 $5,001,437 
Average goodwill and other intangible assets (2,304,597) (2,245,405) (2,098,338) (2,103,935) (2,109,944)  (2,216,437) (2,115,953)
Average tangible shareholder's common equity$3,641,755 $3,489,852 $3,223,485 $2,933,833 $2,940,409  $3,452,390 $2,885,484 
ROAE 9.4% 8.2% 8.7% 10.2% 11.4%  8.8% 11.7%
ROAE, adjusted 9.9% 10.0% 9.8% 10.7% 11.8%  9.9% 12.4%
ROATCE 16.0% 14.1% 14.9% 18.1% 20.2%  15.0% 20.8%
ROATCE, adjusted 16.8% 17.2% 16.7% 19.0% 20.9%  16.9% 22.1%
         
Refer to last page of Non-GAAP reconciliations for footnotes.      


      
Non-GAAP Measures (unaudited)
($ in thousands)
      
 As of
 September 30,June 30,March 31,December 31,September 30,
  2024  2024  2024  2023  2023 
Tangible Common Equity:     
Shareholders' equity$6,367,298 $6,075,072 $5,595,408 $5,562,900 $5,239,537 
Less: Preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)
Shareholders' common equity$6,123,579 $5,831,353 $5,351,689 $5,319,181 $4,995,818 
Less: Goodwill and other intangible assets (2,305,084) (2,306,204) (2,095,511) (2,100,966) (2,106,835)
Tangible shareholders' common equity$3,818,495 $3,525,149 $3,256,178 $3,218,215 $2,888,983 
      
Total assets$53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
Less: Goodwill and other intangible assets (2,305,084) (2,306,204) (2,095,511) (2,100,966) (2,106,835)
Tangible assets$51,297,209 $50,813,441 $47,439,407 $46,988,870 $46,952,613 
      
Risk-weighted assets3$40,584,608 $40,627,117 $37,845,139 $37,407,347 $37,501,646 
      
Tangible common equity to tangible assets 7.44% 6.94% 6.86% 6.85% 6.15%
Tangible common equity to risk-weighted assets3 9.41% 8.68% 8.60% 8.60% 7.70%
Tangible Common Book Value:     
Common shares outstanding 318,955  318,969  293,330  292,655  292,586 
Tangible common book value$11.97 $11.05 $11.10 $11.00 $9.87 
      
1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
3 September 30, 2024 figures are preliminary.

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