Group 1 - TotalEnergies SE is targeting the highest production growth among Euro majors at approximately 3% per annum through 2030 [1] - Despite the growth target, TotalEnergies should not be viewed as a growth story comparable to Exxon Mobil Corporation [1]

Group 1 - Occidental Petroleum Corporation (NYSE: OXY) recently experienced a decline in share price following a downgrade from Goldman Sachs [2] - The downgrade from Goldman Sachs is attributed to the company's performance and market conditions [2] - The Value Portfolio, which focuses on retirement portfolios, employs a fact-based research strategy that includes analyzing 10Ks, market reports, and investor presentations [2] Group 2 - The article emphasizes the importance of understanding market dynamics and investment strategies for maximizing returns [1] - It highlights the need for actionable ideas and macroeconomic outlooks to enhance capital and income [1]

Group 1 - The article discusses a Long/Short Generalist investment strategy focusing on high-quality companies facing short-term challenges and misunderstood narratives [1] - The author emphasizes a return to investing after a break, indicating a belief in ongoing opportunities in the market [1] - The mention of "there is always money in the banana stand" suggests a positive outlook on finding value in overlooked investments [1] Group 2 - The article does not provide specific financial data or performance metrics related to any companies or industries [2]

Group 1 - The article discusses the investment strategies of Vasily Zyryanov, focusing on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - Zyryanov emphasizes the importance of analyzing Free Cash Flow and Return on Capital in addition to profit and sales analysis to gain deeper insights into investments [1] - The research covers a wide range of industries, particularly the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] Group 2 - Zyryanov acknowledges that some growth stocks may deserve their premium valuations, highlighting the need for investors to investigate whether the market's current opinions are accurate [1]

NYSE: FCF 4Q 2024 Earnings Release Webcast Presentation January 29, 2025 2 FORWARD-LOOKING STATEMENTS Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwith ...

Financial Data and Key Metrics Changes - The company met consensus earnings estimates of $0.35 per share in Q4 2024, with a pre-tax pre-provision ROA of 1.77% and ROE of 1.23% [6] - The net interest margin (NIM) was reported at 3.54%, with a core efficiency ratio of 56.1% [6] - Average deposits grew by 8.7% in Q4, with a year-over-year increase of approximately $451.1 million or 5% [8][15] - Non-performing loans (NPLs) decreased from 0.83% to 0.68%, indicating improved credit quality [11] Business Line Data and Key Metrics Changes - Loans grew by $23.5 million in Q4, reflecting an annualized growth rate of 1.04% [17] - Equipment finance was highlighted as a growth area, with a notable increase of $61 million in Q4 alone [7] - Fee income improved by $800,000 quarter-over-quarter, driven by increases in swap income and mortgage gain on sale income [19][20] Market Data and Key Metrics Changes - The company experienced balanced deposit growth across most regions, with a focus on growing core deposits and transaction accounts [8] - The commercial real estate (CRE) sector showed good activity in Q4 after a period of selectivity due to credit and liquidity concerns [9] Company Strategy and Development Direction - The company aims for mid-single digit loan growth in 2025, with a focus on commercial and industrial (C&I) lending and commercial real estate [10][30] - A strategic acquisition of Center Bank in Cincinnati was announced, expected to enhance market presence and growth potential [12][48] - The management emphasized the importance of maintaining top quartile profitability while pursuing growth opportunities [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth in 2025, supported by a strong regional accountability and new leadership in key markets [9] - The evolving interest rate environment is expected to favor NIM, with projections for gradual improvement in fee income [10][18] - Management acknowledged challenges from higher credit costs and deposit pricing pressures but remains focused on growth and profitability [6][10] Other Important Information - The company repurchased 477,000 shares in the quarter but paused buybacks following the acquisition announcement [22] - Customer experience metrics improved, with historic highs in Net Promoter Score and branch customer satisfaction [12] Q&A Session Summary Question: Can you discuss the fee income, particularly in mortgage banking and card income? - Management noted that card income has stabilized post-Durbin impact, with mortgage banking performing well despite market conditions [25][26] Question: What are the expectations for loan growth in 2025? - Management anticipates mid-single digit growth, with contributions from both CRE and C&I lending [30][31] Question: How does the company plan to manage NIM expansion? - The company expects NIM expansion to come primarily from loan growth and positive replacement yields, with conservative deposit cost forecasts [42][46] Question: Can you provide insights on the Center Bank acquisition? - The acquisition is seen as a strategic move to enhance market presence in Cincinnati, with expectations for significant growth potential [48][49] Question: How is the credit quality holding up? - Management reported improvements in asset migration trends and a reduction in non-performing loans, indicating a positive trajectory [60][62]

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investo ...

First Commonwealth Financial (FCF) reported $120.42 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 0.3%. EPS of $0.35 for the same period compares to $0.44 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $120.66 million, representing a surprise of -0.21%. The company delivered an EPS surprise of -2.78%, with the consensus EPS estimate being $0.36.While investors scrutinize revenue and earnings changes year-over-year and how they ...

Core Insights - First Commonwealth Financial (FCF) reported quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.36 per share, and down from $0.44 per share a year ago, representing an earnings surprise of -2.78% [1] - The company posted revenues of $120.42 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.21%, but up from $120.03 million year-over-year [2] - The stock has underperformed the market, losing about 0.9% since the beginning of the year compared to the S&P 500's gain of 2.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $119.7 million, and for the current fiscal year, it is $1.43 on revenues of $491.78 million [7] - The estimate revisions trend for First Commonwealth Financial is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Banks - Northeast industry, to which First Commonwealth Financial belongs, is currently in the top 9% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Executive Summary & Key Highlights [Financial Summary Table](index=1&type=section&id=Financial%20Summary%20Table) First Commonwealth Financial Corporation reported mixed financial results for Q4 and Full Year 2024, with Q4 net income up quarter-over-quarter but down year-over-year, and full-year net income decreasing from 2023 | (dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 (Year) | December 31, 2023 (Year) | | :------------------------------------------ | :---------------- | :----------------- | :---------------- | :----------------------- | :----------------------- | | **Reported Results** | | | | | | | Net income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | | Diluted earnings per share | $0.35 | $0.31 | $0.44 | $1.39 | $1.54 | | Return on average assets | 1.23 % | 1.08 % | 1.56 % | 1.22 % | 1.42 % | | Return on average equity | 10.16 % | 9.19 % | 14.11 % | 10.44 % | 12.80 % | | **Operating Results (non-GAAP)** | | | | | | | Core net income | $36,067 | $31,933 | $44,964 | $142,709 | $172,697 | | Core diluted earnings per share | $0.35 | $0.31 | $0.44 | $1.40 | $1.70 | | Core pre-tax pre-provision net revenue | $51,388 | $50,949 | $55,028 | $207,551 | $221,505 | | Provision expense | $6,490 | $10,615 | $(1,865) | $29,170 | $14,813 | | Net charge-offs | $13,691 | $8,785 | $16,338 | $31,180 | $30,152 | | Reserve build/(release) | $(7,206) | $2,458 | $(16,619) | $1,188 | $14,812 | | Core return on average assets (ROAA) | 1.23 % | 1.08 % | 1.56 % | 1.22 % | 1.56 % | | Core pre-tax pre-provision ROAA | 1.76 % | 1.72 % | 1.91 % | 1.78 % | 2.00 % | | Return on average tangible common equity | 14.40 % | 13.09 % | 20.78 % | 14.94 % | 19.01 % | | Core return on average tangible common equity | 14.48 % | 13.02 % | 20.85 % | 14.95 % | 20.86 % | | Core efficiency ratio | 56.07 % | 56.66 % | 53.00 % | 55.36 % | 52.91 % | | Net interest margin (FTE) | 3.54 % | 3.56 % | 3.65 % | 3.55 % | 3.81 % | [Fourth Quarter 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Highlights) Q4 2024 saw increased net income and diluted EPS quarter-over-quarter, alongside growth in average deposits and total loans, despite slight decreases in net interest income and margin - Net income increased by **$3.8 million** to **$35.8 million**, and diluted EPS rose by **$0.04** to **$0.35** from the previous quarter, though both decreased from Q4 2023[4](index=4&type=chunk) - Core pre-tax pre-provision net revenue (PPNR) increased by **$0.4 million** from the prior quarter to **$51.4 million**[4](index=4&type=chunk) - Average deposits grew by **$207.1 million**, or **8.7% annualized**, compared to the prior quarter[4](index=4&type=chunk) - Total loans increased by **$23.5 million**, or **1.0% annualized**, driven by Equipment Finance and Commercial Real Estate portfolios[8](index=8&type=chunk) - Net interest income (FTE) decreased by **$1.4 million** from the previous quarter to **$95.4 million**, and the net interest margin decreased by **two basis points** to **3.54%**[8](index=8&type=chunk) - The company repurchased **476,979 shares** at a weighted average price of **$16.60**, with **$6.7 million** remaining under the program[8](index=8&type=chunk) - Subsequent to Q4 2024, the company sold its remaining Visa-B shares in January 2025, realizing a gain of approximately **$5.1 million**, which will be recognized in Q1 2025[7](index=7&type=chunk) [Full Year 2024 Highlights](index=3&type=section&id=Full%20Year%202024%20Highlights) Full year 2024 net income and diluted EPS decreased due to deposit pricing pressure, higher credit costs, and reduced interchange revenue, yet the company achieved robust pre-tax pre-provision ROA and improved customer satisfaction - Net income for the year ended December 31, 2024, was **$142.6 million**, or **$1.39 per share**, down from **$157.1 million**, or **$1.54 per share** in 2023[10](index=10&type=chunk) - Core net income was **$142.7 million**, or **$1.40 diluted EPS**, compared to **$172.7 million**, or **$1.70 diluted EPS** in the prior year[14](index=14&type=chunk) - Core pre-tax pre-provision income decreased by **$14.0 million** from the prior year to **$207.6 million**[14](index=14&type=chunk) - Average deposits grew **$451.1 million (5.0%)** and end-of-period deposits grew **$485.7 million (5.3%)** compared to the prior year[14](index=14&type=chunk) - Total loans grew **$37.2 million**, or **0.4%**, compared to the prior year[14](index=14&type=chunk) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO T. Michael Price highlighted a robust pre-tax pre-provision ROA and efficiency ratio for 2024, emphasizing strong customer satisfaction and a 2025 strategic focus on loan growth, core deposit acquisition, and operational efficiency - CEO T. Michael Price stated that the company ended 2024 with a robust pre-tax pre-provision ROA of **1.76%** and an efficiency ratio of **56.07%**, despite deposit pricing pressure, higher credit costs, and lost interchange revenue[9](index=9&type=chunk) - The company achieved historic highs in customer satisfaction and net promoter scores, indicating deeper trust and stronger customer connections[9](index=9&type=chunk) - For 2025, the strategic focus is on mid-single-digit loan growth, core deposit acquisition, and operational efficiency[9](index=9&type=chunk) Detailed Financial Review [Earnings Performance](index=3&type=section&id=Earnings%20Performance) First Commonwealth reported Q4 2024 net income of $35.8 million ($0.35 per share), an increase from Q3 2024 but a decrease from Q4 2023, with full-year 2024 net income down from the prior year | Metric | Q4 2024 | Q3 2024 | Q4 2023 | FY 2024 | FY 2023 | | :----- | :------ | :------ | :------ | :------ | :------ | | Net income | $35.8M | $32.1M | $44.8M | $142.6M | $157.1M | | Diluted EPS | $0.35 | $0.31 | $0.44 | $1.39 | $1.54 | [Net Interest Income and Margin Analysis](index=3&type=section&id=Net%20Interest%20Income%20and%20Margin%20Analysis) Q4 2024 net interest income (FTE) decreased to $95.4 million, primarily due to a two basis point decrease in net interest margin and a reduction in lower-yielding interest-bearing bank deposits, despite a decrease in the total cost of funds - Net interest income (FTE) for Q4 2024 was **$95.4 million**, a decrease of **$1.4 million** from Q3 2024 and **$0.6 million** from Q4 2023[11](index=11&type=chunk) - The net interest margin for Q4 2024 was **3.54%**, a decrease of **two basis points** from Q3 2024 and **11 basis points** from Q4 2023[12](index=12&type=chunk) - The total cost of funds decreased **nine basis points**, driven by a **$442.9 million** decrease in higher-cost short-term borrowings, partially offset by a **$115.7 million** increase in long-term borrowings and a **12 basis point** decrease in the yield on loans[12](index=12&type=chunk) - Total average deposits increased **$207.1 million (8.7% annualized)** in Q4 2024, while total end-of-period deposits decreased **$67.5 million (2.7% annualized)** due to seasonal public fund withdrawals[13](index=13&type=chunk) [Noninterest Income and Expense Analysis](index=4&type=section&id=Noninterest%20Income%20and%20Expense%20Analysis) Noninterest income for Q4 2024 increased due to higher swap fees, mortgage loan sales, and a limited partnership gain, while noninterest expense decreased due to lower operational losses and salaries, though full-year expenses rose - Noninterest income (excluding investment securities gains) totaled **$25.3 million** for Q4 2024, an increase of **$0.8 million** from Q3 2024[19](index=19&type=chunk) - The increase in noninterest income was primarily due to a **$0.7 million** increase in swap fee income, a **$0.5 million** increase in gain on sale of Mortgage loans, and a **$0.5 million** gain on a limited partnership[19](index=19&type=chunk) - For FY 2024, noninterest income totaled **$99.0 million**, an increase of **$2.3 million** from the prior year, despite a **$6.8 million** decrease in card-related interchange income due to the Durbin amendment[20](index=20&type=chunk) - Noninterest expense (excluding merger-related expenses) totaled **$69.0 million** for Q4 2024, a **$1.0 million** decrease from Q3 2024, mainly due to a **$1.3 million** decrease in operational losses and a **$0.6 million** decrease in salaries and benefits[21](index=21&type=chunk) - For FY 2024, noninterest expense totaled **$270.0 million**, a **$9.1 million** increase from the prior year, primarily driven by a **$6.4 million** increase in salaries and benefits[23](index=23&type=chunk) - The core efficiency ratio improved to **56.07%** in Q4 2024 from **56.66%** in Q3 2024, but increased to **55.36%** for FY 2024 from **52.91%** in the prior year[22](index=22&type=chunk)[24](index=24&type=chunk) [Asset Quality Review](index=4&type=section&id=Asset%20Quality%20Review) Provision for credit losses decreased in Q4 2024, and nonperforming and criticized loans improved, indicating better asset quality, despite an increase in net charge-offs due to specific commercial credits - Provision for credit losses totaled **$6.5 million** in Q4 2024, a decrease of **$4.1 million** from Q3 2024, primarily due to higher specific reserves in the previous quarter and improved quantitative factors and loan mix[15](index=15&type=chunk) - Nonperforming loans decreased by **$13.3 million** from the previous quarter to **$61.5 million**, representing **0.68%** of total loans (down from **0.83%**)[16](index=16&type=chunk) - Criticized loans totaled **$224.2 million**, a decrease of **$17.8 million** from the previous quarter[16](index=16&type=chunk) - Net charge-offs were **$13.7 million** in Q4 2024, an increase of **$4.9 million** from Q3 2024, mainly due to the charge-off of three commercial credits totaling **$8.0 million**[17](index=17&type=chunk) - Net charge-offs (annualized) as a percentage of average loans was **0.61%** in Q4 2024, up from **0.39%** in Q3 2024[18](index=18&type=chunk) - The allowance for credit losses as a percentage of end-of-period loans was **1.32%**, down from **1.41%** in the previous quarter[8](index=8&type=chunk) [Dividends and Capital Position](index=4&type=section&id=Dividends%20and%20Capital%20Position) First Commonwealth declared a $0.13 per share quarterly common stock dividend, a 4.0% increase from Q4 2023, while maintaining strong capital ratios exceeding fully phased-in Basel III requirements - A common stock quarterly dividend of **$0.13 per share** was declared, representing a **4.0% increase** from Q4 2023[25](index=25&type=chunk) - The cash dividend is payable on February 21, 2025, to shareholders of record as of February 7, 2025, with a projected annual yield of **3.1%**[25](index=25&type=chunk) | Capital Ratio | December 31, 2024 | | :------------ | :---------------- | | Total | 14.6% | | Tier I | 12.9% | | Leverage | 10.6% | | Common Equity Tier I | 12.1% | - First Commonwealth's capital levels exceed the fully phased-in Basel III capital requirements[26](index=26&type=chunk) Corporate Information [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) First Commonwealth will host a conference call on January 29, 2025, to discuss its Q4 and full-year 2024 financial results, with details provided for live access and replay - A quarterly conference call to discuss financial results will be held on Wednesday, January 29, 2025, at **2:00 PM (ET)**[27](index=27&type=chunk) - Access is available via toll-free dial-in (**1-888-330-3181, ID 4651379**) or the company's investor relations webpage[27](index=27&type=chunk) - A replay will be available approximately one hour after the call for **30 days**[27](index=27&type=chunk) [About First Commonwealth Financial Corporation](index=5&type=section&id=About%20First%20Commonwealth%20Financial%20Corporation) First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a financial services company operating 124 community banking offices across Pennsylvania and Ohio, offering a comprehensive range of banking and financial products - First Commonwealth Financial Corporation (NYSE: FCF) is headquartered in Indiana, Pennsylvania[28](index=28&type=chunk) - The company operates **124 community banking offices** in **30 counties** across western and central Pennsylvania and throughout Ohio[28](index=28&type=chunk) - It provides commercial banking, consumer banking, mortgage, equipment finance, wealth management, and insurance products and services through its subsidiaries[28](index=28&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section cautions that the release contains forward-looking statements subject to significant risks, assumptions, and uncertainties, including market volatility, regulatory changes, and economic conditions, advising against undue reliance - The release contains "forward-looking statements" subject to significant risks, assumptions, and uncertainties[29](index=29&type=chunk) - Factors that could affect results include volatility in financial markets, changes in monetary and fiscal policies, inflation, interest rate fluctuations, regulatory changes, and technological advancements[29](index=29&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company undertakes no obligation to publicly update or revise them[30](index=30&type=chunk) Consolidated Financial Data (Unaudited) [Summary Results of Operations & Key Financial Ratios](index=7&type=section&id=Summary%20Results%20of%20Operations%20%26%20Key%20Financial%20Ratios) This section provides a consolidated summary of the company's operational results and key financial ratios for the three months and full year ended December 31, 2024, and comparative periods, including reported and core net income, EPS, various return metrics, efficiency ratio, net interest margin, and asset quality ratios | (dollars in thousands, except per share data) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :------------------------------------------ | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | **SUMMARY RESULTS OF OPERATIONS** | | | | | | | Net interest income | $95,081 | $96,515 | $95,737 | $378,892 | $385,676 | | Provision for credit losses | $6,490 | $10,615 | $(1,865) | $29,170 | $4,160 | | Noninterest income | $25,335 | $24,698 | $24,297 | $99,231 | $96,609 | | Noninterest expense | $69,304 | $70,070 | $65,180 | $270,745 | $269,917 | | Net income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | | Earnings per common share (diluted) | $0.35 | $0.31 | $0.44 | $1.39 | $1.54 | | **KEY FINANCIAL RATIOS** | | | | | | | Return on average assets | 1.23 % | 1.08 % | 1.56 % | 1.22 % | 1.42 % | | Net interest margin (FTE) | 3.54 % | 3.56 % | 3.65 % | 3.55 % | 3.81 % | | Nonperforming loans and leases as a percent of end-of-period loans and leases | 0.68 % | 0.83 % | 0.44 % | | | | Allowance for credit losses as a percent of end-of-period loans and leases | 1.32 % | 1.41 % | 1.31 % | | | | Shareholders' equity as a percent of total assets | 12.1 % | 11.8 % | 11.5 % | | | | Leverage Ratio | 10.6 % | 10.3 % | 10.0 % | | | [Income Statement](index=8&type=section&id=Income%20Statement) This table presents the detailed income statement for the three months and full year ended December 31, 2024, and comparative periods, breaking down interest income and expense, noninterest income sources, and noninterest expense categories, leading to net income | (dollars in thousands) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :--------------------- | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | **INCOME STATEMENT** | | | | | | | Interest income | $149,996 | $154,323 | $144,257 | $600,463 | $529,998 | | Interest expense | $54,915 | $57,808 | $48,520 | $221,571 | $144,322 | | Net Interest Income | $95,081 | $96,515 | $95,737 | $378,892 | $385,676 | | Provision for credit losses | $6,490 | $10,615 | $(1,865) | $29,170 | $4,160 | | Total Noninterest Income | $25,335 | $24,698 | $24,297 | $99,231 | $96,609 | | Total Noninterest Expense | $69,304 | $70,070 | $65,180 | $270,745 | $269,917 | | Income before Income Taxes | $44,622 | $40,528 | $56,719 | $178,208 | $197,555 | | Income tax provision | $8,773 | $8,442 | $11,892 | $35,636 | $40,492 | | Net Income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | [Balance Sheet](index=9&type=section&id=Balance%20Sheet) This table presents the consolidated balance sheet at period end for December 31, 2024, September 30, 2024, and December 31, 2023, detailing assets, liabilities, and shareholders' equity, showing changes in key components like deposits, loans, and borrowings | (dollars in thousands) | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--------------------- | :----------- | :----------- | :----------- | | **Assets** | | | | | Total Assets | $11,584,936 | $11,983,199 | $11,459,488 | | Loans and leases | $8,983,754 | $8,965,500 | $8,968,761 | | Allowance for credit losses | $(118,906) | $(126,112) | $(117,718) | | Net loans and leases | $8,864,848 | $8,839,388 | $8,851,043 | | **Liabilities and Shareholders' Equity** | | | | | Total deposits | $9,678,019 | $9,745,552 | $9,192,309 | | Noninterest-bearing demand deposits | $2,249,615 | $2,463,971 | $2,388,533 | | Total interest-bearing deposits | $7,428,404 | $7,281,581 | $6,803,776 | | Total borrowings | $343,124 | $675,113 | $784,592 | | Shareholders' equity | $1,405,165 | $1,409,616 | $1,314,274 | | Total Liabilities and Shareholders' Equity | $11,584,936 | $11,983,199 | $11,459,488 | [Net Interest Margin Details](index=10&type=section&id=Net%20Interest%20Margin%20Details) This table provides a detailed breakdown of average interest-earning assets and interest-bearing liabilities, along with their respective yields and rates, for the three months and full year ended December 31, 2024, and comparative periods, illustrating the components contributing to the net interest margin | (dollars in thousands) | Dec 31, 2024 (3M) | Yield/Rate | Sep 30, 2024 (3M) | Yield/Rate | Dec 31, 2023 (3M) | Yield/Rate | Dec 31, 2024 (YTD) | Yield/Rate | Dec 31, 2023 (YTD) | Yield/Rate | | :--------------------- | :---------------- | :--------- | :---------------- | :--------- | :---------------- | :--------- | :----------------- | :--------- | :----------------- | :--------- | | **NET INTEREST MARGIN** | | | | | | | | | | | | **Assets** | | | | | | | | | | | | Loans and leases (FTE) | $9,034,096 | 5.97 % | $9,004,808 | 6.09 % | $8,974,613 | 5.89 % | $9,013,742 | 6.02 % | $8,714,770 | 5.64 % | | Securities (FTE) | $1,620,823 | 3.43 % | $1,542,792 | 3.34 % | $1,353,240 | 2.85 % | $1,536,812 | 3.27 % | $1,260,854 | 2.37 % | | Total Interest-Earning Assets (FTE) | $10,713,388 | 5.58 % | $10,825,606 | 5.68 % | $10,440,575 | 5.49 % | $10,714,893 | 5.62 % | $10,151,770 | 5.23 % | | **Liabilities** | | | | | | | | | | | | Interest-bearing demand and savings deposits | $5,703,763 | 2.22 % | $5,657,796 | 2.27 % | $5,540,364 | 1.90 % | $5,636,553 | 2.20 % | $5,508,182 | 1.46 % | | Time deposits | $1,730,251 | 4.32 % | $1,575,975 | 4.40 % | $1,217,356 | 3.81 % | $1,549,999 | 4.32 % | $972,735 | 3.28 % | | Total Interest-Bearing Liabilities | $7,784,191 | 2.81 % | $7,911,189 | 2.91 % | $7,493,260 | 2.57 % | $7,817,555 | 2.83 % | $7,107,160 | 2.03 % | | Net Interest Margin (FTE) (annualized) | | 3.54 % | | 3.56 % | | 3.65 % | | 3.55 % | | 3.81 % | [Loan and Lease Portfolio & Asset Quality Details](index=11&type=section&id=Loan%20and%20Lease%20Portfolio%20%26%20Asset%20Quality%20Details) This section provides a detailed breakdown of the loan and lease portfolio by commercial and consumer segments, as well as a comprehensive view of asset quality metrics including nonperforming loans, other real estate owned (OREO), repossessions, and classified/criticized loans | (dollars in thousands) | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--------------------- | :----------- | :----------- | :----------- | | **Loan and Lease Portfolio Detail** | | | | | Total Commercial | $5,278,060 | $5,221,521 | $5,138,134 | | Total Consumer Portfolio | $3,705,694 | $3,743,979 | $3,830,627 | | Total Portfolio Loans and Leases | $8,983,754 | $8,965,500 | $8,968,761 | | **ASSET QUALITY DETAIL** | | | | | Total Nonperforming Loans and Leases | $61,456 | $74,723 | $39,472 | | Total Nonperforming Assets | $63,143 | $76,580 | $40,918 | | Criticized loans and leases | $224,175 | $241,962 | $210,187 | | Allowance for credit losses | $118,906 | $126,112 | $117,718 | [Net Charge-offs (Recoveries)](index=12&type=section&id=Net%20Charge-offs%20%28Recoveries%29) This table details net charge-offs (recoveries) by loan category for the three months and full year ended December 31, 2024, and comparative periods, also including net charge-offs as a percentage of average loans and the provision for credit losses as a percentage of net charge-offs | (dollars in thousands) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :--------------------- | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | **Net Charge-offs (Recoveries):** | | | | | | | Commercial, financial, agricultural and other | $4,102 | $5,870 | $9,951 | $14,699 | $18,701 | | Commercial real estate | $6,620 | $1,381 | $4,579 | $8,501 | $6,126 | | Loans to individuals | $1,939 | $1,479 | $1,750 | $6,781 | $5,011 | | Net Charge-offs | $13,691 | $8,785 | $16,338 | $31,180 | $30,152 | | Net charge-offs as a percentage of average loans and leases outstanding (annualized) | 0.61 % | 0.39 % | 0.72 % | 0.35 % | 0.35 % | | Provision for credit losses | $6,490 | $10,615 | $(1,865) | $29,170 | $4,160 | Non-GAAP Measures Reconciliation [Net Interest Income (FTE) Reconciliation](index=12&type=section&id=Net%20Interest%20Income%20%28FTE%29%20Reconciliation) This section reconciles net interest income to a fully taxable equivalent (FTE) basis, a non-GAAP measure used by management to enhance comparability for investors, with adjustments based on the 21% federal income tax statutory rate | (dollars in thousands) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :--------------------- | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | Interest income | $149,996 | $154,323 | $144,257 | $600,463 | $529,998 | | Adjustment to fully taxable equivalent basis (1) | $354 | $342 | $314 | $1,347 | $1,237 | | Interest income adjusted to fully taxable equivalent basis (non-GAAP) | $150,350 | $154,665 | $144,571 | $601,810 | $531,235 | | Interest expense | $54,915 | $57,808 | $48,520 | $221,571 | $144,322 | | Net interest income, (FTE) (1) | $95,435 | $96,857 | $96,051 | $380,239 | $386,913 | [Core Net Income and Return on Average Tangible Common Equity Reconciliation](index=13&type=section&id=Core%20Net%20Income%20and%20Return%20on%20Average%20Tangible%20Common%20Equity%20Reconciliation) This section reconciles reported net income to 'core net income' and calculates 'return on average tangible common equity' and 'core return on average tangible common equity', adjusting for items like intangible amortization and merger-related expenses to clarify core business performance | (dollars in thousands, except per share data) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :------------------------------------------ | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | Net Income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | | Intangible amortization | $1,368 | $1,223 | $1,210 | $5,024 | $4,983 | | Tax benefit of amortization of intangibles | $(287) | $(257) | $(254) | $(1,055) | $(1,046) | | Net Income, adjusted for tax affected amortization of intangibles | $36,930 | $33,052 | $45,783 | $146,541 | $161,000 | | **Core Net Income:** | | | | | | | Total Net Income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | | Net securities (gains) losses | $(1) | $(194) | — | $(218) | $103 | | Merger and acquisition related expenses | $277 | — | $174 | $391 | $9,034 | | Core net income (5) | $36,067 | $31,933 | $44,964 | $142,709 | $172,697 | | Core Earnings per common share (diluted) (6) | $0.35 | $0.31 | $0.44 | $1.40 | $1.70 | | Core Return on Average Tangible Common Equity (9) | 14.48 % | 13.02 % | 20.85 % | 14.95 % | 20.86 % | [Core Return on Average Assets and Core Efficiency Ratio Reconciliation](index=14&type=section&id=Core%20Return%20on%20Average%20Assets%20and%20Core%20Efficiency%20Ratio%20Reconciliation) This section reconciles reported return on average assets (ROAA) to 'core ROAA' and calculates the 'core efficiency ratio', adjusting for specific noninterest expenses and revenue items (like intangible amortization, merger costs, and derivative mark-to-market) to provide a normalized view of profitability and operational efficiency | (dollars in thousands, except per share data) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :------------------------------------------ | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | **Core Return on Average Assets:** | | | | | | | Total Net Income | $35,849 | $32,086 | $44,827 | $142,572 | $157,063 | | Total Average Assets | $11,625,716 | $11,776,532 | $11,402,130 | $11,654,966 | $11,091,853 | | Return on Average Assets | 1.23 % | 1.08 % | 1.56 % | 1.22 % | 1.42 % | | Core Net Income (5) | $36,067 | $31,933 | $44,964 | $142,709 | $172,697 | | Core Return on Average Assets (7) | 1.23 % | 1.08 % | 1.56 % | 1.22 % | 1.56 % | | **Core Efficiency Ratio:** | | | | | | | Total Noninterest Expense | $69,304 | $70,070 | $65,180 | $270,745 | $269,917 | | Noninterest Expense - Core | $67,659 | $68,847 | $63,796 | $265,330 | $255,900 | | Total Revenue - Core | $120,674 | $121,514 | $120,361 | $479,298 | $483,611 | | Core Efficiency Ratio (10) | 56.07 % | 56.66 % | 53.00 % | 55.36 % | 52.91 % | [Tangible Common Equity as a Percentage of Tangible Assets Reconciliation](index=15&type=section&id=Tangible%20Common%20Equity%20as%20a%20Percentage%20of%20Tangible%20Assets%20Reconciliation) This section provides the reconciliation of total shareholders' equity to tangible common equity and total assets to tangible assets, then calculates tangible common equity as a percentage of tangible assets, a key non-GAAP capital metric used by management and investors to assess capital strength excluding intangible assets | (dollars in thousands) | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--------------------- | :----------- | :----------- | :----------- | | **Tangible Equity:** | | | | | Total shareholders' equity | $1,405,165 | $1,409,616 | $1,314,274 | | Less: intangible assets | $383,352 | $384,172 | $386,535 | | Tangible Common Equity | $1,021,813 | $1,025,444 | $927,739 | | **Tangible Assets:** | | | | | Total assets | $11,584,936 | $11,983,199 | $11,459,488 | | Less: intangible assets | $383,352 | $384,172 | $386,535 | | Tangible Assets | $11,201,584 | $11,599,027 | $11,072,953 | | Tangible Common Equity as a percentage of Tangible Assets (12) | 9.12 % | 8.84 % | 8.38 % | [Pre-tax Pre-provision Income Reconciliation](index=15&type=section&id=Pre-tax%20Pre-provision%20Income%20Reconciliation) This section reconciles reported pre-tax pre-provision income to 'core pre-tax pre-provision income', a non-GAAP measure adjusting for net securities gains/losses and merger and acquisition related expenses to highlight the underlying profitability before taxes and credit loss provisions | (dollars in thousands) | Dec 31, 2024 (3M) | Sep 30, 2024 (3M) | Dec 31, 2023 (3M) | Dec 31, 2024 (YTD) | Dec 31, 2023 (YTD) | | :--------------------- | :---------------- | :---------------- | :---------------- | :----------------- | :----------------- | | **Pre-tax pre-provision income:** | | | | | | | Net interest income | $95,081 | $96,515 | $95,737 | $378,892 | $385,676 | | Noninterest income | $25,335 | $24,698 | $24,297 | $99,231 | $96,609 | | Noninterest expense | $69,304 | $70,070 | $65,180 | $270,745 | $269,917 | | Pre-tax pre-provision income | $51,112 | $51,143 | $54,854 | $207,378 | $212,368 | | Net securities (gains) losses | $(1) | $(194) | — | $(218) | $103 | | Merger and acquisition related expenses | $277 | — | $174 | $391 | $9,034 | | Core pre-tax pre-provision income | $51,388 | $50,949 | $55,028 | $207,551 | $221,505 |