Financial Summary
| (dollars in thousands, | For the Three Months Ended | ||||||||||
| except per share data) | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Reported Results | |||||||||||
| Net income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Diluted earnings per share | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Return on average assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Return on average equity | 9.75 | % | 11.49 | % | 9.28 | % | |||||
| Operating Results (non-GAAP)(1) | |||||||||||
| Core net income | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Core diluted earnings per share | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Core pre-tax pre-provision net revenue | $ | 57,854 | $ | 63,166 | $ | 46,879 | |||||
| Provision expense | $ | 10,733 | $ | 7,005 | $ | 5,736 | |||||
| Net charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
| Reserve build/(release)(2) | $ | 3,415 | $ | (3,837 | ) | $ | 1,025 | ||||
| Core return on average assets (ROAA) | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| Core pre-tax pre-provision ROAA | 1.92 | % | 2.05 | % | 1.63 | % | |||||
| Return on average tangible common equity | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| Core return on average tangible common equity | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| Core efficiency ratio | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| Net interest margin (FTE) | 3.92 | % | 3.98 | % | 3.62 | % | |||||
| (1) | Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release. | |
| (2) | Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period. | |
First Quarter 2026 Highlights
Financial results
- GAAP Net income of
$37.5 million and diluted earnings per share totaled$0.37 , a decrease of$7.3 million , or$0.06 per share from the prior quarter and an increase of$4.9 million , or$0.05 per share from first quarter of 2025.- Core pre-tax pre-provision net revenue (PPNR)(1) totaled
$57.9 million , a decrease of$5.3 million from the prior quarter and an increase of$11.0 million from the first quarter of 2025. The decrease from the prior quarter was primarily as a result of a$4.2 million decrease in net interest income (FTE)
- Core pre-tax pre-provision net revenue (PPNR)(1) totaled
- End of period loans (excluding loans held for sale) decreased
$74.2 million , or 3.2% annualized from the previous quarter- Loans held for sale decreased
$239.8 million from the previous quarter due primarily to the sale of a$225.4 million Commercial portfolio during the quarter that had been moved to held for sale at year end as previously disclosed
- Loans held for sale decreased
- Average deposits increased
$67.1 million , or 2.7% annualized from the previous quarter- End of period deposits increased
$158.9 million , or 6.3% annualized from the previous quarter
- End of period deposits increased
- The loan-to-deposit ratio decreased 447 basis points to 90.9% in the first quarter of 2026
- Net interest income (FTE) of
$109.3 million decreased$4.2 million from the previous quarter and increased$13.5 million from the first quarter of 2025 - Noninterest income (excluding security gains of
$0.2 million in 1Q26 and$0.4 million in 4Q25) of$24.4 million increased$0.1 million from the previous quarter and increased$1.9 million from the first quarter of 2025 - Noninterest expense (excluding merger-related expense of
$0.1 million in 1Q26 and$0.2 million in 4Q25 and$0.1 million in 1Q25) of$75.5 million increased$1.2 million from the previous quarter and increased$4.3 million from the first quarter of 2025 - Tangible book value per share increased
$0.12 , or 4.3% annualized from the previous quarter- AOCI as a percentage of tangible common equity increased 30 basis points to 5.90% in the first quarter of 2026
Profitability
- The net interest margin of 3.92% decreased 6 basis points compared to the prior quarter and increased 30 basis points from the first quarter of 2025
- The core efficiency ratio(1) increased 259 basis points to 55.43% compared to the prior quarter and decreased 365 basis points from the first quarter of 2025
- Core ROAA decreased 21 basis points to 1.24% compared to the prior quarter and increased 10 basis points from the first quarter of 2025
- Core pre-tax pre-provision ROAA(1) decreased 13 basis points to 1.92% compared to the prior quarter and increased 29 basis points from the first quarter of 2025
Strong capital positions
- On
April 28, 2026 , the Board of Directors authorized a 3.7% increase in the quarterly cash dividend to shareholders - The Bank-level Total Capital Ratio was 13.8% at
March 31, 2026 , which represents$376.3 million in excess capital above the regulatory “well capitalized” requirement of 10.0% - A total of 1,284,457 shares at a weighted average price of
$17.67 were repurchased during the first quarter of 2026 under the Company’s previously authorized share repurchase programs. The remaining repurchase capacity under the current program was$18.4 million as ofMarch 31, 2026
Asset quality
- The total provision for credit losses was
$10.7 million , an increase of$3.7 million from the previous quarter primarily due to a$4.2 million increase in reserves for individually analyzed commercial credits - Reserve build/(release)(2) was
$3.4 million , which resulted in reserves to total loans of 1.37%, which is an increase of 5 basis points from the previous quarter - Nonperforming loans of
$92.3 million increased$0.6 million from the previous quarter- Subsequent to
March 31, 2026 , two individually analyzed nonaccrual commercial credits with an outstanding balance of$5.6 million with associated reserves of$3.3 million were sold or paid off.
- Subsequent to
- Net charge-offs on loans totaled
$8.2 million , a decrease of$3.1 million from the prior quarter- Net charge-offs as a percentage of average loans outstanding (annualized) was 0.35% in the first quarter of 2025, a decrease of 11 basis points from the previous quarter
“Despite some credit headwinds, we were pleased to see our capital and liquidity strengthen during the quarter, supported by a strong net interest margin, and stable seasonally-adjusted fee income,” said
Earnings
Net income for the first quarter of 2026 was
Net Interest Income and Net Interest Margin
Net interest income (FTE) of
The NIM for the first quarter of 2026 was 3.92% as compared to 3.98% in the prior quarter and 3.62% in the year ago quarter. The decrease from the prior quarter was primarily due to a nine basis point decrease in the yield on earning assets that was only partially offset by a 5 basis point decrease in the cost of funds.
Total average deposits grew
End of period deposits increased
Asset Quality
Provision for credit losses totaled
The allowance for credit losses (ACL) as a percentage of end-of-period loans was 1.37% in the first quarter, which was an increase of 5 basis points from the previous quarter.
At
Subsequent to
Nonperforming loans represented 0.98% of total loans as of
At
During the first quarter of 2026, net charge-offs were
Net charge-offs were 0.35%, 0.46% and 0.14% of average loans (annualized) for the periods ended
Noninterest Income and Noninterest Expense
Noninterest income (excluding security gains of
The
Noninterest expense (excluding merger-related expense of
The core efficiency ratio was 55.43% during the first quarter of 2026 as compared to 52.84% in the previous quarter and 59.08% in the first quarter of 2025.
Full time equivalent staff was 1,592, 1,567 and 1,538 at
Dividends and Capital
First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the first quarter of 2026 on
About
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, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Relations:
Communications and Media Relations
Phone: 724-463-6806
E-mail: RWahl@fcbanking.com
Investor Relations:
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| SUMMARY RESULTS OF OPERATIONS | |||||||||||
| Net interest income | $ | 108,974 | $ | 113,201 | $ | 95,522 | |||||
| Provision for credit losses | 10,733 | 7,005 | 5,736 | ||||||||
| Noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Noninterest expense | 75,595 | 74,476 | 71,250 | ||||||||
| Net income | 37,548 | 44,876 | 32,696 | ||||||||
| Core net income(5) | 37,459 | 44,658 | 32,779 | ||||||||
| Earnings per common share (diluted) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Core earnings per common share (diluted)(6) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| KEY FINANCIAL RATIOS | |||||||||||
| Return on average assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Core return on average assets(7) | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| Return on average assets, pre-provision, pre-tax | 1.92 | % | 2.06 | % | 1.62 | % | |||||
| Core return on average assets, pre-provision, pre-tax | 1.92 | % | 2.05 | % | 1.63 | % | |||||
| Return on average shareholders' equity | 9.75 | % | 11.49 | % | 9.28 | % | |||||
| Return on average tangible common equity(8) | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| Core return on average tangible common equity(9) | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| Core efficiency ratio(2)(10) | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| Net interest margin (FTE)(1) | 3.92 | % | 3.98 | % | 3.62 | % | |||||
| Book value per common share | $ | 15.27 | $ | 15.11 | $ | 14.20 | |||||
| Tangible book value per common share(11) | 11.34 | 11.22 | 10.44 | ||||||||
| Market value per common share | 17.58 | 16.86 | 15.54 | ||||||||
| Cash dividends declared per common share | 0.135 | 0.135 | 0.130 | ||||||||
| ASSET QUALITY RATIOS | |||||||||||
| Nonperforming loans and leases as a percent of end-of-period loans and leases(3) | 0.98 | % | 0.94 | % | 0.65 | % | |||||
| Nonperforming assets as a percent of total assets(3) | 0.77 | % | 0.77 | % | 0.52 | % | |||||
| Net charge-offs as a percent of average loans and leases (annualized)(4) | 0.35 | % | 0.46 | % | 0.14 | % | |||||
| Allowance for credit losses as a percent of nonperforming loans and leases(4) | 141.70 | % | 137.07 | % | 201.89 | % | |||||
| Allowance for credit losses as a percent of end-of-period loans and leases(4) | 1.37 | % | 1.32 | % | 1.32 | % | |||||
| CAPITAL RATIOS | |||||||||||
| Shareholders' equity as a percent of total assets | 12.7 | % | 12.6 | % | 12.3 | % | |||||
| Tangible common equity as a percent of tangible assets(12) | 9.7 | % | 9.7 | % | 9.3 | % | |||||
| Leverage Ratio | 10.9 | % | 10.9 | % | 10.7 | % | |||||
| 13.2 | % | 12.7 | % | 12.9 | % | ||||||
| 14.9 | % | 14.5 | % | 14.7 | % | ||||||
| Common Equity - Tier I | 12.5 | % | 12.1 | % | 12.2 | % | |||||
| CONSOLIDATED FINANCIAL DATA | |||||||||
| Unaudited | |||||||||
| (dollars in thousands, except per share data) | |||||||||
| For the Three Months Ended | |||||||||
| 2026 | 2025 | 2025 | |||||||
| INCOME STATEMENT | |||||||||
| Interest income | $ | 157,218 | $ | 163,925 | $ | 147,128 | |||
| Interest expense | 48,244 | 50,724 | 51,606 | ||||||
| Net Interest Income | 108,974 | 113,201 | 95,522 | ||||||
| Provision for credit losses | 10,733 | 7,005 | 5,736 | ||||||
| Net Interest Income after Provision for Credit Losses | 98,241 | 106,196 | 89,786 | ||||||
| Net securities gains (losses) | 229 | 425 | (5,142 | ) | |||||
| Gain on sale of | — | — | 5,146 | ||||||
| Trust income | 3,408 | 3,379 | 3,022 | ||||||
| Service charges on deposit accounts | 5,530 | 5,828 | 5,438 | ||||||
| Insurance and retail brokerage commissions | 3,267 | 2,886 | 3,170 | ||||||
| Income from bank owned life insurance | 1,796 | 1,725 | 1,502 | ||||||
| Gain on sale of mortgage loans | 2,215 | 1,941 | 1,387 | ||||||
| Gain on sale of other loans and assets | 2,182 | 2,198 | 1,388 | ||||||
| Card-related interchange income | 3,661 | 3,974 | 3,654 | ||||||
| Derivative mark-to-market | (6 | ) | 25 | (153 | ) | ||||
| Swap fee income | 122 | 26 | 835 | ||||||
| Other income | 2,183 | 2,309 | 2,255 | ||||||
| Total Noninterest Income | 24,587 | 24,716 | 22,502 | ||||||
| Salaries and employee benefits | 42,874 | 42,265 | 40,415 | ||||||
| Net occupancy | 5,565 | 4,981 | 5,729 | ||||||
| Furniture and equipment | 4,823 | 4,994 | 4,193 | ||||||
| Data processing | 4,183 | 4,197 | 3,817 | ||||||
| 1,330 | 483 | 1,337 | |||||||
| Advertising and promotion | 1,671 | 1,687 | 1,372 | ||||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||
| Other professional fees and services | 1,106 | 1,526 | 1,620 | ||||||
| 1,589 | 1,535 | 1,379 | |||||||
| Litigation and operational losses | 857 | 1,080 | 793 | ||||||
| Loss on sale or write-down of assets | 567 | 281 | 215 | ||||||
| Merger and acquisition | 117 | 150 | 109 | ||||||
| Other operating expenses | 9,549 | 9,803 | 9,140 | ||||||
| Total Noninterest Expense | 75,595 | 74,476 | 71,250 | ||||||
| Income before Income Taxes | 47,233 | 56,436 | 41,038 | ||||||
| Income tax provision | 9,685 | 11,560 | 8,342 | ||||||
| Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||
| Shares Outstanding at End of Period | 101,679,621 | 102,840,771 | 101,927,219 | ||||||
| Average Shares Outstanding Assuming Dilution | 102,394,488 | 103,643,551 | 101,859,825 | ||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| BALANCE SHEET (Period End) | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 118,134 | $ | 103,280 | $ | 118,792 | |||||
| Interest-bearing bank deposits | 224,806 | 77,082 | 22,566 | ||||||||
| Securities available for sale, at fair value | 1,071,345 | 1,052,489 | 1,186,438 | ||||||||
| Securities held to maturity, at amortized cost | 577,286 | 519,422 | 519,029 | ||||||||
| Loans held for sale | 31,638 | 271,452 | 41,587 | ||||||||
| Loans and leases | 9,433,825 | 9,508,039 | 9,093,140 | ||||||||
| Allowance for credit losses | (129,183 | ) | (125,768 | ) | (119,931 | ) | |||||
| Net loans and leases | 9,304,642 | 9,382,271 | 8,973,209 | ||||||||
| 399,233 | 400,229 | 382,514 | |||||||||
| Other assets | 535,488 | 536,811 | 542,263 | ||||||||
| Total Assets | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Noninterest-bearing demand deposits | $ | 2,370,132 | $ | 2,372,771 | $ | 2,273,858 | |||||
| Interest-bearing demand deposits(a) | 1,835,503 | 1,795,513 | 1,835,568 | ||||||||
| Savings deposits(a) | 4,402,789 | 4,241,762 | 4,029,705 | ||||||||
| Time deposits | 1,801,469 | 1,840,923 | 1,722,526 | ||||||||
| Total interest-bearing deposits | 8,039,761 | 7,878,198 | 7,587,799 | ||||||||
| Total deposits | 10,409,893 | 10,250,969 | 9,861,657 | ||||||||
| Short-term borrowings | 22,858 | 147,966 | 77,515 | ||||||||
| Long-term borrowings | 132,069 | 261,742 | 262,679 | ||||||||
| Total borrowings | 154,927 | 409,708 | 340,194 | ||||||||
| Other liabilities | 145,055 | 127,983 | 137,496 | ||||||||
| Shareholders' equity | 1,552,697 | 1,554,376 | 1,447,051 | ||||||||
| Total Liabilities and Shareholders' Equity | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| (a) | Deposits on the above balance sheet for | |
| CONSOLIDATED FINANCIAL DATA | ||||||||||||||
| Unaudited | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| For the Three Months Ended | ||||||||||||||
| Yield/ | Yield/ | Yield/ | ||||||||||||
| 2026 | Rate | 2025 | Rate | 2025 | Rate | |||||||||
| NET INTEREST MARGIN | ||||||||||||||
| Assets | ||||||||||||||
| Loans and leases (FTE)(1)(3) | $ | 9,566,302 | 6.03 | % | $ | 9,736,392 | 6.12 | % | $ | 9,068,872 | 5.92 | % | ||
| Interest bearing bank deposits | 207,792 | 3.84 | % | 48,542 | 4.48 | % | 76,836 | 4.72 | % | |||||
| Securities (FTE)(1) | 1,529,772 | 3.55 | % | 1,525,296 | 3.52 | % | 1,600,047 | 3.58 | % | |||||
| Total Interest-Earning Assets (FTE)(1) | 11,303,866 | 5.65 | % | 11,310,230 | 5.76 | % | 10,745,755 | 5.57 | % | |||||
| Noninterest-earning assets | 920,940 | 919,649 | 934,933 | |||||||||||
| Total Assets | $ | 12,224,806 | $ | 12,229,879 | $ | 11,680,688 | ||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||
| Interest-bearing demand and savings deposits | $ | 6,145,197 | 1.95 | % | $ | 6,054,039 | 2.00 | % | $ | 5,769,898 | 2.13 | % | ||
| Time deposits | 1,820,411 | 3.55 | % | 1,806,856 | 3.65 | % | 1,763,492 | 4.07 | % | |||||
| Short-term borrowings | 31,766 | 2.16 | % | 55,098 | 2.64 | % | 50,725 | 2.88 | % | |||||
| Long-term borrowings | 208,363 | 5.11 | % | 261,872 | 4.92 | % | 262,809 | 5.00 | % | |||||
| Total Interest-Bearing Liabilities | 8,205,737 | 2.38 | % | 8,177,865 | 2.46 | % | 7,846,924 | 2.67 | % | |||||
| Noninterest-bearing deposits | 2,339,160 | 2,376,821 | 2,252,794 | |||||||||||
| Other liabilities | 117,667 | 125,496 | 151,957 | |||||||||||
| Shareholders' equity | 1,562,242 | 1,549,697 | 1,429,013 | |||||||||||
| Total Noninterest-Bearing Funding Sources | 4,019,069 | 4,052,014 | 3,833,764 | |||||||||||
| Total Liabilities and Shareholders' Equity | $ | 12,224,806 | $ | 12,229,879 | $ | 11,680,688 | ||||||||
| Net Interest Margin (FTE) (annualized)(1) | 3.92 | % | 3.98 | % | 3.62 | % | ||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Loan and Lease Portfolio Detail | |||||||||||
| Commercial Loan and Lease Portfolio: | |||||||||||
| Commercial, financial, agricultural and other | $ | 1,315,171 | $ | 1,351,724 | $ | 1,276,420 | |||||
| Commercial real estate | 3,148,767 | 3,182,109 | 3,158,440 | ||||||||
| Equipment finance loans and leases | 746,723 | 693,265 | 485,782 | ||||||||
| Real estate construction | 404,394 | 415,536 | 478,833 | ||||||||
| Total Commercial | 5,615,055 | 5,642,634 | 5,399,475 | ||||||||
| Consumer Loan Portfolio: | |||||||||||
| Closed-end mortgages | 1,814,512 | 1,830,470 | 1,826,760 | ||||||||
| Home equity lines of credit | 537,089 | 529,815 | 488,411 | ||||||||
| Real estate construction | 31,843 | 47,250 | 9,869 | ||||||||
| 2,383,444 | 2,407,535 | 2,325,040 | |||||||||
| Auto & RV loans | 1,367,360 | 1,387,195 | 1,296,567 | ||||||||
| Direct installment | 22,451 | 23,057 | 24,962 | ||||||||
| Personal lines of credit | 43,751 | 45,785 | 45,079 | ||||||||
| Student loans | 1,764 | 1,833 | 2,017 | ||||||||
| Total Other Consumer | 1,435,326 | 1,457,870 | 1,368,625 | ||||||||
| Total Consumer Portfolio | 3,818,770 | 3,865,405 | 3,693,665 | ||||||||
| Total Portfolio Loans and Leases | 9,433,825 | 9,508,039 | 9,093,140 | ||||||||
| Loans held for sale - individual | 31,638 | 46,071 | 41,587 | ||||||||
| Loans held for sale - portfolio | — | 225,381 | — | ||||||||
| Total Loans and Leases | $ | 9,465,463 | $ | 9,779,491 | $ | 9,134,727 | |||||
| 2026 | 2025 | 2025 | |||||||||
| ASSET QUALITY DETAIL | |||||||||||
| Nonperforming Loans and Leases: | |||||||||||
| Loans and leases on nonaccrual basis | $ | 50,260 | $ | 51,151 | $ | 37,520 | |||||
| Loans and leases on a nonaccrual basis - with government guarantees | 27,028 | 30,325 | 13,016 | ||||||||
| Loans held for sale on a nonaccrual basis | 1,149 | — | — | ||||||||
| Loans and leases on a nonaccrual basis - acquired | 12,844 | 9,393 | 8,211 | ||||||||
| Loans and leases on a nonaccrual basis - acquired with government guarantees | 1,032 | 887 | 658 | ||||||||
| Total Nonperforming Loans and Leases | $ | 92,313 | $ | 91,756 | $ | 59,405 | |||||
| Other real estate owned ("OREO") | 221 | 990 | 1,270 | ||||||||
| Repossessions ("Repos") | 1,328 | 1,744 | 621 | ||||||||
| Total Nonperforming Assets | $ | 93,862 | $ | 94,490 | $ | 61,296 | |||||
| Loans past due in excess of 90 days and still accruing | 2,927 | 1,288 | 1,156 | ||||||||
| Classified loans and leases | 136,897 | 139,378 | 88,929 | ||||||||
| Criticized loans and leases | 284,628 | 267,164 | 190,510 | ||||||||
| Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) | 0.99 | % | 0.99 | % | 0.67 | % | |||||
| Allowance for credit losses | $ | 129,183 | $ | 125,768 | $ | 119,931 | |||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net Charge-offs (Recoveries): | |||||||||||
| Commercial, financial, agricultural and other | $ | 3,608 | $ | 7,152 | $ | 329 | |||||
| Real estate construction | 326 | 465 | — | ||||||||
| Commercial real estate | 2,268 | 2,039 | 1,308 | ||||||||
| Residential real estate | 119 | 362 | (29 | ) | |||||||
| Loans to individuals | 1,840 | 1,254 | 1,490 | ||||||||
| Net Charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
| Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) | 0.35 | % | 0.46 | % | 0.14 | % | |||||
| Provision for credit losses as a percentage of net charge-offs | 131.52 | % | 62.15 | % | 185.15 | % | |||||
| Provision for credit losses | $ | 10,733 | $ | 7,005 | $ | 5,736 | |||||
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | ||||||||
| Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons. | ||||||||
| (1)Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%. | ||||||||
| (2)Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs. | ||||||||
| (3)Includes held for sale loans. | ||||||||
| (4)Excludes held for sale loans. | ||||||||
| For the Three Months Ended | ||||||||
| 2026 | 2025 | 2025 | ||||||
| Interest income | $ | 157,218 | $ | 163,925 | $ | 147,128 | ||
| Adjustment to fully taxable equivalent basis(1) | 361 | 355 | 335 | |||||
| Interest income adjusted to fully taxable equivalent basis (non-GAAP) | 157,579 | 164,280 | 147,463 | |||||
| Interest expense | 48,244 | 50,724 | 51,606 | |||||
| Net interest income, (FTE)(1) | $ | 109,335 | $ | 113,556 | $ | 95,857 | ||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Tax benefit of amortization of intangibles | (286 | ) | (314 | ) | (238 | ) | |||||
| Net Income, adjusted for tax affected amortization of intangibles | $ | 38,626 | $ | 46,056 | $ | 33,589 | |||||
| Average Tangible Equity: | |||||||||||
| Total shareholders' equity | $ | 1,562,242 | $ | 1,549,697 | $ | 1,429,013 | |||||
| Less: intangible assets | 399,668 | 400,638 | 382,919 | ||||||||
| Tangible Equity | 1,162,574 | 1,149,059 | 1,046,094 | ||||||||
| Less: preferred stock | — | — | — | ||||||||
| Tangible Common Equity | $ | 1,162,574 | $ | 1,149,059 | $ | 1,046,094 | |||||
| (8)Return on Average Tangible Common Equity | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Net Income: | |||||||||||
| Total Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Net securites gains | (229 | ) | (425 | ) | (4 | ) | |||||
| Tax benefit of net securities gains | 48 | 89 | 1 | ||||||||
| Merger and acquisition related expenses | 117 | 150 | 109 | ||||||||
| Tax benefit of merger and acquisition related expenses | (25 | ) | (32 | ) | (23 | ) | |||||
| (5)Core net income | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Average Shares Outstanding Assuming Dilution | 102,394,488 | 103,643,551 | 101,859,825 | ||||||||
| (6)Core Earnings per common share (diluted) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Tax benefit of amortization of intangibles | (286 | ) | (314 | ) | (238 | ) | |||||
| Core Net Income, adjusted for tax affected amortization of intangibles | $ | 38,537 | $ | 45,838 | $ | 33,672 | |||||
| (9)Core Return on Average Tangible Common Equity | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Return on Average Assets: | |||||||||||
| Total Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Total Average Assets | 12,224,806 | 12,229,879 | 11,680,688 | ||||||||
| Return on Average Assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Core Net Income(5) | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Total Average Assets | 12,224,806 | 12,229,879 | 11,680,688 | ||||||||
| (7)Core Return on Average Assets | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Efficiency Ratio: | |||||||||||
| Total Noninterest Expense | $ | 75,595 | $ | 74,476 | $ | 71,250 | |||||
| Adjustments to Noninterest Expense: | |||||||||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Merger and acquisition related | 117 | 150 | 109 | ||||||||
| Noninterest Expense - Core | $ | 74,114 | $ | 72,832 | $ | 70,010 | |||||
| Net interest income, (FTE) | $ | 109,335 | $ | 113,556 | $ | 95,857 | |||||
| Total noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Net securities gains | (229 | ) | (425 | ) | (4 | ) | |||||
| Total Revenue | 133,693 | 137,847 | 118,355 | ||||||||
| Adjustments to Revenue: | |||||||||||
| Derivative mark-to-market | (6 | ) | 25 | (153 | ) | ||||||
| Total Revenue - Core | $ | 133,699 | $ | 137,822 | $ | 118,508 | |||||
| (10)Core Efficiency Ratio | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Tangible Equity: | |||||||||||
| Total shareholders' equity | $ | 1,552,697 | $ | 1,554,376 | $ | 1,447,051 | |||||
| Less: intangible assets | 399,233 | 400,229 | 382,514 | ||||||||
| Tangible Equity | 1,153,464 | 1,154,147 | 1,064,537 | ||||||||
| Less: preferred stock | — | — | — | ||||||||
| Tangible Common Equity | $ | 1,153,464 | $ | 1,154,147 | $ | 1,064,537 | |||||
| Tangible Assets: | |||||||||||
| Total assets | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| Less: intangible assets | 399,233 | 400,229 | 382,514 | ||||||||
| Tangible Assets | $ | 11,863,339 | $ | 11,942,807 | $ | 11,403,884 | |||||
| (12)Tangible Common Equity as a percentage of Tangible Assets | 9.72 | % | 9.66 | % | 9.33 | % | |||||
| Shares Outstanding at End of Period | 101,679,621 | 102,840,771 | 101,927,219 | ||||||||
| (11)Tangible Book Value Per Common Share | $ | 11.34 | $ | 11.22 | $ | 10.44 | |||||
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Pre-tax pre-provision net revenue: | |||||||||||
| Net interest income | $ | 108,974 | $ | 113,201 | $ | 95,522 | |||||
| Noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Noninterest expense | 75,595 | 74,476 | 71,250 | ||||||||
| Pre-tax pre-provision net revenue | $ | 57,966 | $ | 63,441 | $ | 46,774 | |||||
| Net securites gains | $ | (229 | ) | $ | (425 | ) | $ | (4 | ) | ||
| Merger and acquisition related expenses | 117 | 150 | 109 | ||||||||
| Core pre-tax pre-provision net revenue | $ | 57,854 | $ | 63,166 | $ | 46,879 | |||||
| Net charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
