United Bankshares(UBSI) - 2025 Q3 - Quarterly Results

Executive Summary United Bankshares achieved record Q3 2025 earnings, driven by strong profitability and sustained organic growth, as highlighted by the CEO Third Quarter 2025 Highlights United Bankshares, Inc. reported record earnings for Q3 2025, with net income of $130.7 million and diluted EPS of $0.92, representing significant growth compared to both Q2 2025 and Q3 2024, driven by strong profitability metrics Third Quarter 2025 Financial Highlights (Millions) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (Millions) | $130.7 | $120.7 | $95.3 | | Diluted EPS | $0.92 | $0.85 | $0.70 | | Return on Average Assets | 1.57% | 1.49% | 1.28% | | Return on Average Equity | 9.58% | 9.05% | 7.72% | | Return on Average Tangible Equity | 15.45% | 14.67% | 12.59% | CEO Statement CEO Richard M. Adams, Jr. highlighted the continuation of earnings momentum from the first half of 2025 into the third quarter, attributing record earnings to sustained organic growth, effective expense management, and robust profitability - UBSI's earnings momentum from the first half of the year carried through into the third quarter of 2025, marking another quarter of record earnings due to continued organic growth, tightly managed expenses, and strong profitability metrics[3] Financial Performance Analysis This section details United Bankshares' financial results for Q3 and the first nine months of 2025, highlighting significant growth in net income and net interest income across periods Third Quarter 2025 vs. Second Quarter 2025 United Bankshares reported an increase in net income for Q3 2025 compared to Q2 2025, driven by record net interest income and a significant increase in noninterest income, while noninterest expenses remained relatively flat, though the provision for credit losses also increased Net Interest Income Net interest income increased by $5.6 million, primarily due to growth in average earning assets, partially offset by higher interest-bearing deposits | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $280.1 | $274.5 | +$5.6 | +2% | | Tax-Equivalent NII | $280.9 | $275.3 | +$5.6 | +2% | | Net Interest Margin | 3.80% | 3.81% | -0.01 pp | | - Increase in net interest income was driven by a $470.3 million (2%) increase in average earning assets, partially offset by a $415.5 million (2%) increase in average interest-bearing deposits and a $4.3 million decrease in acquired loan accretion income to $7.5 million[6] Provision for Credit Losses The provision for credit losses significantly increased to $12.1 million, representing a 105.1% rise quarter-over-quarter | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $12.1 | $5.9 | +$6.2 | +105.1% | Noninterest Income Noninterest income rose by $11.7 million, primarily driven by net gains on investment securities and increased brokerage service fees | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $43.2 | $31.5 | +$11.7 | +37% | | Net gains on investment securities | $10.4 | $0.4 | +$10.0 | +2500% | | Fees from brokerage services | $6.3 | $4.9 | +$1.4 | +28.6% | - The increase in noninterest income was primarily due to unrealized fair value gains on equity securities and higher volume in brokerage services[8] Noninterest Expense Noninterest expense slightly decreased by $1.3 million, mainly due to a net benefit in the reserve for unfunded loan commitments | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $146.7 | $148.0 | -$1.3 | -0.9% | - The slight decrease in noninterest expense was driven by a $3.2 million net benefit in the expense for the reserve for unfunded loan commitments, partially offset by increases in employee compensation ($1.2 million) and employee benefits ($1.2 million)[9] Income Tax Expense Income tax expense increased by $2.3 million, primarily reflecting higher pre-tax earnings, with a stable effective tax rate | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $33.7 | $31.4 | +$2.3 | +7.3% | | Effective Tax Rate | 20.5% | 20.6% | -0.1 pp | | - The increase in income tax expense was primarily due to higher earnings[11] Third Quarter 2025 vs. Third Quarter 2024 United Bankshares experienced substantial growth in Q3 2025 compared to Q3 2024, with net income increasing significantly, primarily driven by a strong increase in net interest income and a reversal from net losses to net gains on investment securities, though partially offset by higher provision for credit losses and increased noninterest expenses, largely due to the Piedmont acquisition Net Interest Income Net interest income significantly increased by $49.8 million, driven by growth in earning assets and a decrease in the cost of deposits | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $280.1 | $230.3 | +$49.8 | +21.6% | | Tax-Equivalent NII | $280.9 | $231.1 | +$49.8 | +21.5% | | Net Interest Margin | 3.80% | 3.52% | +0.28 pp | | - The increase was primarily due to a $3.3 billion (13%) increase in average earning assets (driven by Piedmont acquisition and organic loan growth), a 44 basis point decrease in the cost of average interest-bearing deposits, and an increase in acquired loan accretion income from $2.4 million to $7.5 million[13] Provision for Credit Losses The provision for credit losses increased by $5.2 million, reflecting a 75.4% rise compared to the prior year's third quarter | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $12.1 | $6.9 | +$5.2 | +75.4% | Noninterest Income Noninterest income increased by $11.3 million, primarily due to a positive swing in investment securities and higher brokerage fees | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $43.2 | $31.9 | +$11.3 | +35% | | Net gains (losses) on investment securities | $10.4 | -$6.7 | +$17.1 | N/A | | Fees from brokerage services | $6.3 | $5.1 | +$1.2 | +23.5% | | Mortgage loan servicing income | $0.0 | $7.4 | -$7.4 | -100% | | Income from mortgage banking activities | $2.5 | $4.5 | -$2.0 | -44.4% | - The increase was driven by a shift from net losses to net gains on investment securities and higher brokerage service fees, partially offset by decreases in mortgage loan servicing income (due to a gain on MSR sale in Q3 2024) and mortgage banking activities (due to lower production)[15] Noninterest Expense Noninterest expense increased by $11.4 million, largely attributable to the Piedmont acquisition and higher employee-related costs | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $146.7 | $135.3 | +$11.4 | +8% | - The increase was primarily due to higher employee compensation ($5.6 million), employee benefits ($1.6 million), amortization of intangibles ($1.4 million), and net occupancy ($1.2 million), largely attributable to the Piedmont acquisition and higher employee headcount/incentives[17] Income Tax Expense Income tax expense increased by $9.1 million, primarily driven by higher earnings, with a stable effective tax rate | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $33.7 | $24.6 | +$9.1 | +37% | | Effective Tax Rate | 20.5% | 20.6% | -0.1 pp | | - The increase in income tax expense was driven by higher earnings[18] First Nine Months 2025 vs. First Nine Months 2024 For the first nine months of 2025, United Bankshares reported a significant increase in earnings compared to the same period in 2024, primarily fueled by higher net interest income and a positive swing in investment securities gains, despite increased provision for credit losses (partially due to the Piedmont acquisition) and higher noninterest expenses Net Interest Income Net interest income increased by $136.2 million, driven by growth in average earning assets and reduced cost of interest-bearing deposits | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $814.7 | $678.5 | +$136.2 | +20% | | Tax-Equivalent NII | $817.1 | $681.0 | +$136.1 | +20% | | Net Interest Margin | 3.77% | 3.49% | +0.28 pp | | - The increase was primarily due to a $2.9 billion (11%) increase in average earning assets, a 34 basis point decrease in the cost of average interest-bearing deposits, an increase in acquired loan accretion income from $7.3 million to $25.2 million, and a $628.4 million (53%) decrease in average long-term borrowings[20] Provision for Credit Losses The provision for credit losses significantly increased by $28.6 million, including $18.7 million for Piedmont acquisition loans | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $47.1 | $18.5 | +$28.6 | +154.6% | - The 9M 2025 provision included $18.7 million for purchased non-credit deteriorated (non-PCD) loans from the Piedmont acquisition[21] Noninterest Income Noninterest income increased by $9.8 million, driven by investment securities gains and higher BOLI income, despite declines in mortgage activities | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $104.2 | $94.4 | +$9.8 | +10% | | Net gains (losses) on investment securities | $11.4 | -$7.0 | +$18.4 | N/A | | Income from bank-owned life insurance | $10.4 | $8.0 | +$2.4 | +30% | | Fees from brokerage services | $16.8 | $15.3 | +$1.5 | +9.8% | | Fees from deposit services | $29.1 | $27.7 | +$1.4 | +5.1% | | Mortgage loan servicing income | $0.0 | $9.0 | -$9.0 | -100% | | Income from mortgage banking activities | $7.6 | $13.7 | -$6.1 | -44.5% | - The increase was driven by a positive swing in investment securities (unrealized fair value gains vs. AFS losses in 2024), higher BOLI income (due to market values and death benefits), and increased fees from brokerage and deposit services[22][23] These gains were partially offset by decreases in mortgage loan servicing income (due to MSR sales in 2024) and mortgage banking activities (due to lower production)[22][23] Noninterest Expense Noninterest expense increased by $37.4 million, primarily due to higher merger-related expenses and increased employee compensation | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $448.3 | $410.9 | +$37.4 | +9.1% | | Merger-related expenses | $12.7 | $1.6 | +$11.1 | +693.8% | | Employee compensation | $187.9 | $176.3 | +$11.6 | +6.6% | - The increase was primarily due to higher merger-related expenses ($12.7 million vs. $1.6 million in 2024), increased employee compensation ($11.6 million, including merger-related expenses and higher headcount from acquisition), and other acquisition-related increases, partially offset by decreases in mortgage loan servicing expense and FDIC insurance expense[24] Income Tax Expense Income tax expense increased by $22.8 million, driven by higher earnings and the impact of discrete tax benefits in the prior year | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $87.7 | $64.9 | +$22.8 | +35.1% | | Effective Tax Rate | 20.7% | 18.9% | +1.8 pp | | - The increase was primarily due to higher earnings and the impact of discrete tax benefits recognized in the first nine months of 2024[25] Asset Quality United Bankshares experienced a notable increase in non-performing loans and assets in Q3 2025, primarily due to the downgrade of two significant commercial real estate loans, despite this, the allowance for loan and lease losses saw a slight decrease due to improved collateral valuations and resolutions, while net charge-offs increased significantly quarter-over-quarter Non-Performing Loans and Assets Non-performing loans and assets increased significantly in Q3 2025, primarily due to the downgrade of two large commercial real estate loans | Metric | Sep 30, 2025 (Millions) | Jun 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :-------------------------------------- | :---------------------- | :---------------------- | :---------------------- | | Non-Performing Loans (NPLs) | $116.9 | $68.3 | $73.4 | | NPLs as % of Loans & Leases, net | 0.48% | 0.28% | 0.34% | | Total Non-Performing Assets (NPAs) | $123.8 | $74.6 | $73.7 | | NPAs as % of Total Assets | 0.37% | 0.23% | 0.25% | - The increase in NPLs was primarily due to the downgrade of two commercial real estate nonowner-occupied (CRE NOO) loans totaling $60.5 million (after $16.5 million charge-offs) associated with a sponsor experiencing significant financial deterioration[26] Allowance for Loan & Lease Losses The allowance for loan and lease losses decreased slightly, driven by improved collateral valuations and resolutions, despite loan growth | Metric | Sep 30, 2025 (Millions) | Jun 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :------------------------------------------------ | :---------------------- | :---------------------- | :---------------------- | | Allowance for Loan & Lease Losses (ALLL) | $300.1 | $308.0 | $271.8 | | ALLL as % of Loans & Leases, net | 1.22% | 1.28% | 1.25% | | Allowance for Credit Losses (incl. commitments) | $332.7 | $343.8 | $308.7 | - The decrease in ALLL from Q2 to Q3 2025 was driven by improved collateral valuations, resolutions of individually assessed loans, and improving loan trends, partially offset by loss rate changes and loan growth[28][62] The first nine months of 2025 included an initial allowance of $18.7 million for acquired Piedmont non-PCD loans and $17.5 million for PCD loans[28][62] Net Charge-offs Net charge-offs significantly increased to $20.0 million in Q3 2025, primarily due to specific commercial real estate loan write-downs | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Q3 2024 (Millions) | 9M 2025 (Millions) | 9M 2024 (Millions) | | :------------------------------------------------ | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Net Charge-offs | $20.0 | $8.4 | $3.6 | $36.4 | $6.9 | | Annualized Net Charge-offs as % of Average Loans | 0.33% | 0.14% | 0.07% | 0.20% | 0.04% | - Net charge-offs for Q3 2025 included $16.5 million on the two aforementioned CRE NOO loans due to updated collateral valuations[29] Capital Management United Bankshares remains well-capitalized, exceeding all regulatory requirements, and continued its stock repurchase program during Q3 and the first nine months of 2025, buying back a significant number of shares Regulatory Capital Ratios United Bankshares maintains strong regulatory capital ratios, significantly exceeding all 'well-capitalized' thresholds | Capital Ratio | Sep 30, 2025 (Estimated) | Well-Capitalized Requirement | | :---------------------- | :----------------------- | :--------------------------- | | Risk-Based Capital | 15.7% | 10.0% | | Common Equity Tier 1 | 13.4% | 6.5% | | Tier 1 Capital | 13.4% | 8.0% | | Leverage Ratio | 11.3% | 5.0% | Stock Repurchase Program The company repurchased 735 thousand shares in Q3 2025 and 2.3 million shares year-to-date under its stock repurchase program | Period | Shares Repurchased (Approx.) | Average Price Per Share | | :-------------------- | :--------------------------- | :---------------------- | | Q3 2025 | 735 thousand | $36.04 | | First Nine Months 2025 | 2.3 million | $34.53 | | 2024 | None | N/A | Company Overview United Bankshares, Inc. is a financial services company with approximately $33 billion in consolidated assets as of September 30, 2025, ranking as the 43rd largest banking company in the U.S. by market capitalization, operating over 240 offices across nine states and Washington, D.C. through its subsidiary, United Bank - United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $33 billion as of September 30, 2025[32] It is the 43rd largest banking company in the U.S. based on market capitalization[32] - The company operates through its subsidiary, United Bank, which has over 240 offices in Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia[32] Disclosures and Non-GAAP Measures This section outlines the company's cautionary statements regarding future events, the use and reconciliation of non-GAAP financial measures (such as tax-equivalent net interest income, average tangible equity, and return on average tangible equity), and forward-looking statements, emphasizing that actual results may differ materially from expectations due to various risk factors Cautionary Statements The company will evaluate and adjust preliminarily reported amounts if necessary upon filing its Form 10-Q for September 30, 2025 - The Company is required to evaluate subsequent events through the filing of its September 30, 2025 consolidated financial statements on Form 10-Q and will adjust preliminarily reported amounts if necessary[34] Use of Non-GAAP Financial Measures This section explains the use of non-GAAP financial measures, such as tax-equivalent net interest income, for evaluating financial performance - The press release includes non-GAAP financial measures like tax-equivalent net interest income, average tangible equity, return on average tangible equity, and tangible book value per share, which management believes provide meaningful additional information for evaluating results and financial position, consistent with industry practice[35][36] - Reconciliations to comparable GAAP measures are provided in the attached financial tables, and investors are encouraged to review the condensed consolidated financial statements in their entirety, as non-GAAP measures should not be considered a substitute for GAAP[39] Forward-Looking Statements Statements regarding future events are forward-looking and subject to risks, with actual results potentially differing materially from expectations - Statements regarding current expectations or forecasts of future events are 'forward-looking statements' subject to risks and uncertainties, and actual results may differ materially from expectations due to factors such as economic conditions, interest rate policies, competitive pressures, and risks related to acquisitions (e.g., Piedmont)[40] - The company undertakes no obligation to publicly update any forward-looking statements and advises consulting further disclosures in SEC filings, including the 'Risk Factors' section in the Annual Report on Form 10-K[40] Financial Tables This section provides detailed consolidated financial statements and key financial ratios, including earnings summaries, balance sheets, average balance sheets, share data, average balances and yields, selected financial ratios, and specific data on mortgage banking and asset quality, offering a comprehensive view of the company's financial performance and position Earnings Summary This table provides a concise overview of key earnings metrics for the quarter and year-to-date periods | Metric | Three Months Ended Sep 2025 | Three Months Ended Jun 2025 | Three Months Ended Sep 2024 | Nine Months Ended Sep 2025 | Nine Months Ended Sep 2024 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :------------------------- | :------------------------- | | Interest income (Thousands) | $430,957 | $421,196 | $382,723 | $1,255,800 | $1,126,087 | | Interest expense (Thousands) | $150,842 | $146,659 | $152,467 | $441,093 | $447,627 | | Net interest income (Thousands) | $280,115 | $274,537 | $230,256 | $814,707 | $678,460 | | Provision for credit losses (Thousands) | $12,095 | $5,889 | $6,943 | $47,087 | $18,462 | | Noninterest income (Thousands) | $43,204 | $31,460 | $31,942 | $104,218 | $94,377 | | Noninterest expense (Thousands) | $146,741 | $148,020 | $135,339 | $448,334 | $410,855 | | Income before income taxes (Thousands) | $164,483 | $152,088 | $119,916 | $423,504 | $343,520 | | Income taxes (Thousands) | $33,735 | $31,367 | $24,649 | $87,729 | $64,932 | | Net income (Thousands) | $130,748 | $120,721 | $95,267 | $335,775 | $278,588 | | Diluted EPS ($) | $0.92 | $0.85 | $0.70 | $2.36 | $2.06 | | Net interest margin (%) | 3.80% | 3.81% | 3.52% | 3.77% | 3.49% | Consolidated Statements of Income This table presents detailed income statement figures, including interest income, noninterest income, and net income | Metric (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Interest & Loan Fees Income (GAAP) | $430,957 | $421,196 | $382,723 | $1,255,800 | $1,126,087 | | Net Interest Income (FTE) (non-GAAP) | $280,896 | $275,328 | $231,084 | $817,061 | $681,027 | | Provision for Credit Losses | $12,095 | $5,889 | $6,943 | $47,087 | $18,462 | | Total Noninterest Income | $43,204 | $31,460 | $31,942 | $104,218 | $94,377 | | Total Noninterest Expense | $146,741 | $148,020 | $135,339 | $448,334 | $410,855 | | Net Income | $130,748 | $120,721 | $95,267 | $335,775 | $278,588 | | Effective Tax Rate (%) | 20.51% | 20.62% | 20.56% | 20.72% | 18.90% | Consolidated Balance Sheets This table provides a snapshot of the company's assets, liabilities, and equity at various reporting dates | Metric (Thousands) | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Total Assets | $33,407,181 | $32,783,363 | $30,023,545 | $29,863,262 | | Loans & Leases, net of unearned income | $24,519,706 | $24,050,222 | $21,673,493 | $21,621,968 | | Total Deposits | $26,883,520 | $26,335,874 | $23,961,859 | $23,828,345 | | Total Liabilities | $27,961,466 | $27,418,822 | $25,030,322 | $24,895,442 | | Total Shareholders' Equity | $5,445,715 | $5,364,541 | $4,993,223 | $4,967,820 | | Goodwill | $2,018,864 | $2,018,910 | $1,888,889 | $1,888,889 | | Allowance for Loan & Lease Losses | $300,050 | $307,962 | $271,844 | $270,767 | Consolidated Average Balance Sheets This table details average balances for key assets, liabilities, and equity over the reporting periods | Metric (Thousands) | Sep 2025 (Q-T-D Average) | Jun 2025 (Q-T-D Average) | Sep 2024 (Q-T-D Average) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Assets | $33,069,770 | $32,584,368 | $29,503,324 | | Interest-earning Assets | $29,419,570 | $28,949,287 | $26,131,676 | | Loans & Leases, net of unearned income | $24,290,915 | $23,977,199 | $21,532,925 | | Total Deposits | $26,635,159 | $26,202,718 | $23,356,552 | | Total Interest-bearing Liabilities | $20,720,559 | $20,321,323 | $18,339,930 | | Total Shareholders' Equity | $5,413,460 | $5,351,140 | $4,908,866 | Quarterly/Year-to-Date Share Data This table presents per-share data, including diluted EPS, dividends, and book values, for quarterly and year-to-date periods | Metric | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Diluted EPS ($) | $0.92 | $0.85 | $0.70 | $2.36 | $2.06 | | Common Dividend Declared Per Share ($) | $0.37 | $0.37 | $0.37 | $1.11 | $1.11 | | Dividend Payout Ratio (%) | 40.12% | 43.69% | 52.71% | 47.22% | 54.07% | | Metric | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Book Value Per Share ($) | $38.58 | $37.80 | $36.89 | $36.74 | | Tangible Book Value Per Share (non-GAAP) ($) | $24.03 | $23.32 | $22.87 | $22.70 | | EOP Shares Outstanding (Shares) | 141,170,258 | 141,909,452 | 135,346,628 | 135,220,770 | Selected Average Balances and Yields This table provides average balances and associated yields for interest-earning assets and interest-bearing liabilities | Metric (Thousands) | Sep 2025 (Q-T-D Average) | Jun 2025 (Q-T-D Average) | Sep 2024 (Q-T-D Average) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Earning Assets | $29,419,570 | $28,949,287 | $26,131,676 | | Loans and loans held for sale, net of unearned income | $24,321,283 | $24,012,929 | $21,588,333 | | Total Interest-Bearing Liabilities | $20,720,559 | $20,321,323 | $18,339,930 | | Net Interest Income | $280,896 | $275,328 | $231,084 | | Interest Rate Spread (%) | 2.94% | 2.95% | 2.54% | | Net Interest Margin (%) | 3.80% | 3.81% | 3.52% | | Metric (Thousands) | Sep 2025 (9 Months Average) | Sep 2024 (9 Months Average) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Total Earning Assets | $28,982,251 | $26,077,485 | | Loans and loans held for sale, net of unearned income | $23,947,635 | $21,578,981 | | Total Interest-Bearing Liabilities | $20,379,383 | $18,314,847 | | Net Interest Income | $817,061 | $681,027 | | Interest Rate Spread (%) | 2.91% | 2.52% | | Net Interest Margin (%) | 3.77% | 3.49% | Selected Financial Ratios This table summarizes key financial performance and asset quality ratios for various reporting periods | Metric | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Return on Average Assets (%) | 1.57% | 1.49% | 1.28% | 1.38% | 1.26% | | Return on Average Shareholders' Equity (%) | 9.58% | 9.05% | 7.72% | 8.39% | 7.65% | | Return on Average Tangible Equity (non-GAAP) (%) | 15.45% | 14.67% | 12.59% | 13.63% | 12.57% | | Efficiency Ratio (%) | 45.39% | 48.37% | 51.62% | 48.79% | 53.16% | | Price / Earnings Ratio (x) | 10.21x | 10.74x | 13.22x | 11.81x | 13.53x | | Metric | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Loans & Leases, net of unearned income / Deposit Ratio (%) | 91.21% | 91.32% | 90.45% | 90.74% | | Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income (%) | 1.22% | 1.28% | 1.25% | 1.25% | | Non-performing Loans/ Loans & Leases, net of unearned income (%) | 0.48% | 0.28% | 0.34% | 0.30% | | Non-performing Assets/ Total Assets (%) | 0.37% | 0.23% | 0.25% | 0.22% | Mortgage Banking and Asset Quality Data This table presents detailed data on mortgage banking activities, non-performing loans, and the allowance for loan and lease losses Mortgage Banking Data (Thousands) | Mortgage Banking Data (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Loans originated | $91,228 | $116,591 | $151,333 | $283,722 | $513,561 | | Loans sold | $104,055 | $108,180 | $171,315 | $303,856 | $523,329 | Asset Quality Data (Thousands) | Asset Quality Data (Thousands) | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------- | :----------- | :----------- | :----------- | :----------- | | EOP Non-Accrual Loans | $110,236 | $64,014 | $56,460 | $52,446 | | Total EOP Non-performing Loans | $116,867 | $68,267 | $73,400 | $65,240 | | Total EOP Non-performing Assets | $123,758 | $74,598 | $73,727 | $65,409 | Allowance for Loan & Lease Losses (Thousands) | Allowance for Loan & Lease Losses (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Beginning Balance | $307,962 | $310,424 | $267,423 | $271,844 | $259,237 | | Net Charge-offs | ($20,008) | ($8,351) | ($3,599) | ($36,400) | ($6,930) | | Provision for Loan & Lease Losses | $12,096 | $5,889 | $6,943 | $47,088 | $18,460 | | Ending Balance | $300,050 | $307,962 | $270,767 | $300,050 | $270,767 |