Peoples Bancorp (PEBO) - 2025 Q3 - Quarterly Results

Executive Summary Peoples Bancorp Inc. reported increased Q3 2025 net income and diluted EPS, driven by strong loan growth and improved efficiency, with the CEO highlighting continued momentum Third Quarter 2025 Highlights Peoples Bancorp Inc. reported a net income of $29.5 million for Q3 2025, translating to $0.83 earnings per diluted common share, an increase compared to Q2 2025 but a slight decrease from Q3 2024 Key Financial Highlights | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (millions) | $29.5 | $21.2 | $31.7 | | Earnings per Diluted Common Share | $0.83 | $0.59 | $0.89 | - The efficiency ratio improved to 57.1% in Q3 2025 from 59.3% in the linked quarter[3] - Period-end total loan and lease balances increased by $127.1 million, or 8% annualized, compared to Q2 2025[4] CEO Commentary President and CEO Tyler Wilcox highlighted continued high loan growth and improvements in several key financial metrics during the third quarter, expressing a focus on maintaining momentum and driving shareholder value - CEO noted 'high loan growth and had improvements in several key financial metrics during the third quarter'[2] - Company aims to 'maintain our momentum going into the fourth quarter and to drive shareholder value in future periods'[2] Financial Performance Overview The company's Q3 2025 financial performance saw increased net interest income and improved efficiency, despite higher credit loss provisions and non-interest expenses Net Income and EPS Net income for Q3 2025 was $29.5 million, an increase from $21.2 million in Q2 2025 but a decrease from $31.7 million in Q3 2024, with diluted EPS following a similar trend, reaching $0.83 in Q3 2025 Net Income and EPS Summary | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (millions) | $29.5 | $21.2 | $31.7 | | Earnings per Diluted Common Share | $0.83 | $0.59 | $0.89 | Net Interest Income Net interest income increased by $3.8 million (4%) QoQ to $91.3 million in Q3 2025, driven by higher investment securities yields and loan balances, with net interest margin slightly increasing to 4.16% from 4.15% QoQ, but decreasing YoY due to lower accretion income Net Interest Income and Margin | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :------------------ | :------ | :------ | :------ | | Net Interest Income (millions) | $91.3 | $87.5 | $88.9 | | Net Interest Margin | 4.16% | 4.15% | 4.27% | - QoQ increase in net interest income driven by higher investment securities yields and loan balances[5] - Accretion income, net of amortization expense, contributed 8 basis points to margin in Q3 2025, down from 12 basis points in Q2 2025 and 39 basis points in Q3 2024, primarily due to fewer loan payoffs and more accretion recognized in 2024 from the Limestone Merger[8] Provision for Credit Losses The provision for credit losses significantly decreased to $7.3 million in Q3 2025 from $16.6 million in Q2 2025, but was slightly higher than $6.7 million in Q3 2024, mainly due to net charge-offs, loan growth, and a slight deterioration in economic forecasts, partially offset by reductions in reserves for individually analyzed loans Provision for Credit Losses | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------- | :------ | :------ | :------ | | Provision for Credit Losses (millions) | $7.3 | $16.6 | $6.7 | - Q3 2025 provision was driven by net charge-offs, loan growth, and slight deterioration in CECL model economic forecasts, partially offset by reductions in reserves for individually analyzed loans[5][11] - The provision negatively impacted diluted EPS by $0.16 in Q3 2025, compared to $0.36 in Q2 2025 and $0.15 in Q3 2024[14] Non-Interest Income Total non-interest income, excluding net gains and losses, decreased slightly QoQ but increased YoY, with the QoQ decrease mainly due to lower lease income, while the YoY increase was driven by BOLI, lease, and trust and investment income Total Non-Interest Income (Excluding Net Gains/Losses) | Metric (Excl. Net Gains/Losses) | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | Total Non-Interest Income | $26,885 | $27,160 | $25,663 | - QoQ decrease in non-interest income (excluding net gains/losses) was primarily due to a $0.6 million decrease in lease income, partially offset by a $0.3 million increase in electronic banking income[17] - YoY increase in non-interest income (excluding net gains/losses) was driven by increases in bank owned life insurance income (+$0.7 million), lease income (+$0.6 million), and trust and investment income (+$0.5 million), partially offset by a decrease in mortgage banking income (+$0.8 million)[18] Net Gains and Losses The company recorded a net loss of $3.1 million in Q3 2025, significantly higher than the $0.3 million loss in Q2 2025 and $0.9 million loss in Q3 2024, primarily due to a $2.7 million net loss from the sale of lower-yielding available-for-sale securities Net Gains and Losses | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--------------- | :------ | :------ | :------ | | Net Loss (millions) | $3.1 | $0.3 | $0.9 | - The Q3 2025 net loss was driven by a $2.7 million net loss on the sale of lower-yielding available-for-sale securities[15] - Net losses from the sale of assets negatively impacted diluted EPS by $0.06 in Q3 2025[5] Other Non-Interest Income For the first nine months of 2025, total non-interest income, excluding gains and losses, increased by $5.2 million (7%) YoY, primarily driven by increases in lease income, trust and investment income, and other non-interest income - For the first nine months of 2025, total non-interest income (excluding gains and losses) increased $5.2 million, or 7%, compared to the first nine months of 2024[19] - Key drivers of the increase for the nine months included: $4.0 million increase in lease income, $1.3 million increase in trust and investment income, and $1.0 million increase in other non-interest income[19] - These increases were partially offset by a $0.8 million decrease in mortgage banking income and a $0.7 million decrease in deposit account service charges[19] Non-Interest Expense Total non-interest expense decreased by $0.5 million QoQ in Q3 2025, mainly due to lower professional fees and other corporate expenses, but increased by $3.8 million (6%) YoY, primarily driven by higher salaries and employee benefits, data processing, and other non-interest expenses Total Non-Interest Expense | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------- | :------------------ | :------------------ | :------------------ | | Total Non-Interest Expense | $69,894 | $70,362 | $66,090 | - QoQ decrease was primarily due to decreases of $0.8 million in professional fees and $0.6 million in other non-interest expense[20] - YoY increase was primarily driven by increases of $1.6 million in salaries and employee benefit costs, $1.2 million in data processing and software expense, and $1.2 million in other non-interest expense[21] Efficiency Ratio The efficiency ratio improved to 57.1% in Q3 2025 from 59.3% in the linked quarter, mainly due to higher net interest income and lower non-interest expense, but increased to 59.0% for the first nine months of 2025 compared to 57.4% for the same period in 2024, due to increased non-interest expense Efficiency Ratio Trends | Metric | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------- | :------ | :------ | :------ | :------ | :------ | | Efficiency Ratio | 57.1% | 59.3% | 55.1% | 59.0% | 57.4% | - QoQ improvement in efficiency ratio was mainly due to higher net interest income and lower non-interest expense[23][24] - The efficiency ratio for the first nine months of 2025 increased compared to the prior year first nine months due to the increase in non-interest expense[24] Income Tax Expense Income tax expense for Q3 2025 was $8.5 million with an effective tax rate of 22.4%, an increase from Q2 2025 due to higher pre-tax income, while for the first nine months of 2025, income tax expense decreased to $21.8 million from $24.3 million in 2024, driven by lower pre-tax income Income Tax Expense and Effective Tax Rate | Metric | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :---------------- | :------ | :------ | :------ | :------ | :------ | | Income Tax Expense (millions) | $8.5 | $6.2 | $9.2 | $21.8 | $24.3 | | Effective Tax Rate | 22.4% | 22.7% | 22.5% | 22.5% | 21.2% | - The increase in income tax expense QoQ was primarily due to higher pre-tax income[25] - The decrease in income tax expense for the first nine months of 2025 was driven by lower pre-tax income, with the effective tax rate being higher due to a one-time tax benefit in Q2 2024[25] Financial Position Overview The company's financial position as of Q3 2025 shows growth in loans and stockholders' equity, stable asset quality, and strategic shifts in investment securities and deposits Investment Securities and Liquidity The available-for-sale investment securities balance decreased by $74.6 million QoQ, while held-to-maturity investment securities increased by $31.8 million QoQ, driven by purchases of higher yielding, longer duration securities, with Peoples maintaining strong liquidity with $735.2 million in liquid assets and $985.2 million in borrowing capacity Investment Securities and Liquidity Summary | Metric (as of Sep 30, 2025) | Value (millions) | Change QoQ (millions) | | :-------------------------------- | :--------------- | :-------------------- | | Available-for-sale securities | $976.9 | -$74.6 | | Held-to-maturity securities | $931.8 | +$31.8 | - The decrease in accumulated other comprehensive loss was due to changes in the market value of available-for-sale investment securities, driven by changes in market interest rates[26] - At September 30, 2025, Peoples had liquid and liquefiable assets totaling $735.2 million and a total borrowing capacity of $985.2 million[29] Loans and Leases Total loan and lease balances increased by $127.1 million (8% annualized) QoQ to $6.73 billion, primarily driven by growth in other commercial real estate loans and commercial and industrial loans, partially offset by a decrease in construction loans Loan and Lease Balances | Metric | Sep 30, 2025 (millions) | Change QoQ (millions) | Change YoY (millions) | | :-------------------------------- | :---------------------- | :-------------------- | :-------------------- | | Total Loan and Lease Balances | $6,728.7 | +$127.1 | +$456.9 | - QoQ increase in loans was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by an $80.3 million decrease in construction loans[30] - Quarterly average total loan balances increased $190.9 million (3%) QoQ and $331.9 million (5%) YoY[32][33] Asset Quality Key asset quality metrics generally improved in Q3 2025, with nonperforming assets decreasing by $1.8 million (4%) QoQ and $25.0 million (36%) YoY, however, criticized loans increased by $23.9 million (10%) QoQ and classified loans increased by $33.6 million (27%) QoQ, primarily due to loan downgrades Asset Quality Metrics | Metric (as of Sep 30, 2025) | Value | Change QoQ | Change YoY | | :---------------------------- | :-------- | :--------- | :--------- | | Nonperforming Assets (millions) | $44.8 | -$1.8M | -$25.0M | | Nonperforming Assets % of Total Loans & OREO | 0.66% | -0.05% | -0.45% | | Criticized Loans (millions) | $268.3 | +$23.9M | +$30.7M | | Classified Loans (millions) | $158.6 | +$33.6M | +$25.3M | - Delinquency trends remained stable, with 99.0% of the loan portfolio considered current[34] - Annualized net charge-offs were 0.41% of average total loans for Q3 2025, a slight decrease from 0.43% in Q2 2025 but an increase from 0.38% in Q3 2024[37] Deposits Period-end total deposits decreased by $5.0 million QoQ, primarily due to decreases in brokered and governmental deposits, partially offset by increases in customer deposits (money market and interest-bearing demand accounts), while total deposits increased by $42.0 million YTD and $149.0 million YoY Total Deposits | Metric (as of Sep 30, 2025) | Value (millions) | Change QoQ (millions) | Change YTD (millions) | Change YoY (millions) | | :---------------------------- | :--------------- | :-------------------- | :-------------------- | :-------------------- | | Total Deposits | $7,632.2 | -$5.0 | +$42.0 | +$149.0 | - Customer deposits increased QoQ, driven by higher money market deposit accounts and interest-bearing demand accounts[13][39] - The decrease in brokered deposits was due to a strategic shift to other funding sources at lower rates[39][40] Stockholders' Equity Total stockholders' equity increased by $29.4 million (3%) QoQ, primarily driven by net income and a decrease in accumulated other comprehensive loss, partially offset by dividends paid, and also increased by $71.2 million (6%) YTD and $57.8 million (5%) YoY Stockholders' Equity | Metric (as of Sep 30, 2025) | Value (millions) | Change QoQ (millions) | Change YTD (millions) | Change YoY (millions) | | :---------------------------- | :--------------- | :-------------------- | :-------------------- | :-------------------- | | Total Stockholders' Equity | $1,182.8 | +$29.4 | +$71.2 | +$57.8 | - QoQ increase was primarily driven by net income of $29.5 million and a $12.7 million decrease in accumulated other comprehensive loss, partially offset by $14.7 million in dividends paid[45] - The decrease in accumulated other comprehensive loss was a result of changes in the market value of available-for-sale investment securities[45] Company Information This section provides an overview of Peoples Bancorp Inc.'s business, details for the Q3 2025 conference call, explanations of non-US GAAP measures, and a safe harbor statement regarding forward-looking information Company Profile Peoples Bancorp Inc. is a diversified financial services holding company headquartered in Marietta, Ohio, offering banking, trust and investment, insurance, and specialty financing solutions, with $9.6 billion in total assets and 145 locations across multiple states as of September 30, 2025 - Peoples Bancorp Inc. is a diversified financial services holding company offering banking, trust and investment, insurance, and specialty financing solutions[48] - As of September 30, 2025, Peoples had $9.6 billion in total assets and 145 locations, including 127 full-service bank branches[48] - Peoples offers services through Peoples Bank (including Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC[49] Conference Call Details Peoples will host a conference call on October 21, 2025, at 11:00 a.m. Eastern Time, to discuss its third quarter 2025 results, with details for participation via phone or webcast provided - A conference call to discuss Q3 2025 results will be held on October 21, 2025, at 11:00 a.m. Eastern Time[50] - Participants can join by calling (866) 890-9285 or via webcast on the 'Investor Relations' section of www.peoplesbancorp.com[50](index=50&type=chunk) Non-US GAAP Financial Measures Explanation The news release includes non-US GAAP financial measures used by management to analyze performance and efficiency, believing they offer greater understanding and comparability, which are not substitutes for US GAAP and are reconciled at the end of the release - Non-US GAAP financial measures are used by management to analyze performance and efficiency, providing a greater understanding of ongoing operations and enhancing comparability[51] - These measures should not be viewed as substitutes for US GAAP financial measures and are reconciled in the 'Non-US GAAP Financial Measures (Unaudited)' section[51][52] - Examples of non-US GAAP measures include core non-interest expense, efficiency ratio, tangible assets/equity, total non-interest income excluding net gains and losses, pre-provision net revenue, and return on average tangible equity[53] Safe Harbor Statement and Risk Factors The report contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially, including interest rate policies, inflation, business strategies, competitive pressures, regulatory changes, economic conditions, credit quality, and cybersecurity risks, among others - The news release contains 'forward-looking statements' regarding financial condition, results of operations, plans, objectives, future performance, and business[52] - These statements are subject to risks and uncertainties that may cause actual results to differ materially, including effects of interest rate policies, inflationary pressures, competitive pressures, and legislative or regulatory changes[53][54] - Other significant risk factors include changes in economic conditions, credit quality, accounting standards, financial market trends, and operational issues like cybersecurity attacks and reliance on third-party vendors[54][55] Financial Statements and Supplemental Data This section provides comprehensive financial statements, including per common share data, income statements, balance sheets, and detailed reconciliations of non-US GAAP measures Per Common Share Data and Selected Ratios This section provides a table detailing key per common share data and selected financial ratios for various periods, including basic and diluted EPS, cash dividends, book value, tangible book value, and performance ratios like return on equity, return on assets, efficiency ratio, and net interest margin Per Common Share Data and Selected Ratios | Metric | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Diluted EPS | $0.83 | $0.59 | $0.89 | $2.10 | $2.55 | | Cash Dividends Declared per Share | $0.41 | $0.41 | $0.40 | $1.22 | $1.19 | | Book Value per Share | $33.13 | $32.33 | $31.65 | $33.13 | $31.65 | | Return on Average Stockholders' Equity | 10.06% | 7.42% | 11.46% | 8.76% | 11.25% | | Return on Average Assets | 1.22% | 0.92% | 1.38% | 1.07% | 1.32% | | Efficiency Ratio | 57.11% | 59.25% | 55.10% | 58.99% | 57.43% | | Net Interest Margin | 4.16% | 4.15% | 4.27% | 4.15% | 4.24% | Consolidated Statements of Income This section presents the detailed consolidated statements of income for the three and nine months ended September 30, 2025, and comparable periods, including total interest income and expense, net interest income, provision for credit losses, various non-interest income categories, and non-interest expenses, culminating in net income Consolidated Statements of Income | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Total interest income | $132,808 | $126,407 | $133,620 | $383,757 | $391,983 | | Total interest expense | $41,459 | $38,830 | $44,708 | $119,576 | $129,818 | | Net interest income | $91,349 | $87,577 | $88,912 | $264,181 | $262,165 | | Provision for credit losses | $7,280 | $16,642 | $6,735 | $34,112 | $18,520 | | Total non-interest income | $23,827 | $26,880 | $24,794 | $77,806 | $74,277 | | Total non-interest expense | $69,894 | $70,362 | $66,090 | $211,043 | $203,313 | | Income before income taxes | $38,002 | $27,453 | $40,881 | $96,832 | $114,609 | | Income tax expense | $8,526 | $6,241 | $9,197 | $21,808 | $24,334 | | Net income | $29,476 | $21,212 | $31,684 | $75,024 | $90,275 | Consolidated Balance Sheets This section provides the consolidated balance sheets as of September 30, 2025, and December 31, 2024, detailing assets such as cash, investment securities, loans and leases, and liabilities including deposits, borrowings, and stockholders' equity Consolidated Balance Sheets | (Dollars in thousands) | Sep 30, 2025 | Dec 31, 2024 | | :-------------------------------- | :----------- | :----------- | | Total assets | $9,623,944 | $9,254,247 | | Total investment securities | $1,972,721 | $1,918,487 | | Loans and leases, net | $6,653,864 | $6,294,655 | | Allowance for credit losses | $74,864 | $63,348 | | Total deposits | $7,632,196 | $7,590,205 | | Total liabilities | $8,441,168 | $8,142,657 | | Total stockholders' equity | $1,182,776 | $1,111,590 | Selected Financial Information This section presents selected financial data including detailed breakdowns of the loan portfolio, investment securities, deposit balances, asset quality metrics (nonperforming assets, criticized and classified loans), and capital information for various periods Selected Financial Information | (Dollars in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total loans and leases | $6,728,728 | $6,601,589 | $6,428,526 | $6,358,003 | $6,271,839 | | Total Investment Securities | $1,972,721 | $2,019,054 | $1,878,462 | $1,918,487 | $1,829,995 | | Total deposits | $7,632,196 | $7,637,208 | $7,734,749 | $7,590,205 | $7,483,157 | | Total Nonperforming Assets (NPAs) | $44,800 | $46,624 | $45,815 | $48,936 | $69,782 | | NPAs as a percent of total assets | 0.47% | 0.49% | 0.50% | 0.53% | 0.76% | | Common equity tier 1 capital ratio | 12.11% | 11.95% | 12.10% | 11.95% | 11.80% | - Loan portfolio growth was notable in other commercial real estate and commercial and industrial loans[73] - Allowance for credit losses as a percent of non-performing loans increased to 193.01% at September 30, 2025, from 106.82% at September 30, 2024[73] Provision for Credit Losses Information This section provides detailed information on the provision for credit losses and net charge-offs, broken down by loan type, for the three and nine months ended September 30, 2025, and comparable periods Provision for Credit Losses and Net Charge-Offs | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Total provision for credit losses | $7,280 | $16,642 | $6,735 | $34,112 | $18,520 | | Gross charge-offs | $7,841 | $7,829 | $6,591 | $24,430 | $15,072 | | Recoveries | $1,012 | $865 | $507 | $2,516 | $1,435 | | Net charge-offs | $6,829 | $6,964 | $6,084 | $21,914 | $13,637 | | Net Charge-Offs as % of Avg Total Loans (annualized) | 0.41% | 0.43% | 0.38% | 0.45% | 0.29% | - Leases accounted for the largest portion of net charge-offs in Q3 2025 ($4.487 million) and for the nine months ended September 30, 2025 ($14.734 million)[75] Consolidated Average Balance Sheets and Net Interest Income This section provides average balance sheets and net interest income data, including average balances, income/expense, and yields/costs for earning assets and interest-bearing liabilities, for the three and nine months ended September 30, 2025, and comparable periods Q3 2025 Consolidated Average Balance Sheets and Net Interest Income | (Dollars in thousands) | Q3 2025 Avg Balance | Q3 2025 Income/Expense | Q3 2025 Yield/Cost | | :-------------------------------- | :------------------ | :------------------- | :----------------- | | Total earning assets | $8,649,329 | $133,087 | 6.07% | | Total loans | $6,634,323 | $113,186 | 6.71% | | Total interest-bearing deposits | $6,155,493 | $33,890 | 2.18% | | Total interest-bearing liabilities | $6,753,337 | $41,459 | 2.44% | | Net interest income/spread | | $91,628 | 3.63% | | Net interest margin | | | 4.16% | 9M 2025 Consolidated Average Balance Sheets and Net Interest Income | (Dollars in thousands) | 9M 2025 Avg Balance | 9M 2025 Income/Expense | 9M 2025 Yield/Cost | | :-------------------------------- | :------------------ | :------------------- | :----------------- | | Total earning assets | $8,435,528 | $384,598 | 6.04% | | Total loans | $6,478,440 | $329,354 | 6.73% | | Total interest-bearing deposits | $6,150,367 | $102,930 | 2.24% | | Total interest-bearing liabilities | $6,569,222 | $119,575 | 2.43% | | Net interest income/spread | | $265,023 | 3.61% | | Net interest margin | | | 4.15% | Non-US GAAP Financial Measures Reconciliation This section provides detailed reconciliations of non-US GAAP financial measures to their most directly comparable US GAAP measures, including calculations for the efficiency ratio, tangible equity, tangible assets, tangible book value per common share, pre-provision net revenue, and various return on asset/equity metrics adjusted for non-core items or amortization of intangible assets Non-US GAAP Financial Measures Reconciliation (Income Statement Related) | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Adjusted total non-interest expense | $67,683 | $68,151 | $63,304 | $204,408 | $194,952 | | Total non-interest income, excluding net gains and losses | $26,885 | $27,160 | $25,663 | $81,507 | $76,269 | | Net interest income on a fully tax-equivalent basis | $91,628 | $87,857 | $89,230 | $265,023 | $263,187 | | Adjusted revenue | $118,513 | $115,017 | $114,893 | $346,530 | $339,456 | | Efficiency ratio | 57.11% | 59.25% | 55.10% | 58.99% | 57.43% | Non-US GAAP Financial Measures Reconciliation (Balance Sheet Related) | (Dollars in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Tangible equity | $787,241 | $755,565 | $737,722 | $709,168 | $721,050 | | Tangible assets | $9,228,409 | $9,142,823 | $8,845,901 | $8,851,825 | $8,736,549 | | Tangible book value per common share | $22.05 | $21.18 | $20.68 | $19.94 | $20.29 | | Tangible equity to tangible assets | 8.53% | 8.26% | 8.34% | 8.01% | 8.25% | Non-US GAAP Financial Measures Reconciliation (Performance Ratios) | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Pre-provision net revenue | $48,340 | $44,375 | $48,484 | $134,645 | $135,121 | | Return on average tangible equity | 16.17% | 12.31% | 19.40% | 14.40% | 19.50% |