Document

This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Selected Balance Sheet Data
Cash and cash equivalents	$	1,042,488		$	951,750		$	800,902		$	870,730		$	810,932
Investment securities, at fair value	1,538,008			1,567,922			1,482,379			1,464,682			1,471,973
Loans held for sale	126,760			103,145			106,875			82,704			67,847
Loans HFI	9,602,384			9,478,129			9,309,553			9,288,909			9,408,783
Allowance for credit losses on loans HFI	(151,942)			(156,260)			(155,055)			(151,667)			(150,326)


Total assets	13,157,482			12,920,222			12,535,169			12,548,320			12,604,403
Interest-bearing deposits (non-brokered)	8,625,113			8,230,867			8,130,704			8,191,962			8,179,430
Brokered deposits	469,089			519,200			150,113			130,845			150,475
Noninterest-bearing deposits	2,116,232			2,226,144			2,187,185			2,182,121			2,218,382
Total deposits	11,210,434			10,976,211			10,468,002			10,504,928			10,548,287
Borrowings	176,789			182,107			360,944			360,821			390,964
Allowance for credit losses on unfunded commitments	6,107			6,042			5,984			7,700			8,770
Total common shareholders' equity	1,567,538			1,562,329			1,500,502			1,479,526			1,454,794
Selected Statement of Income Data
Total interest income	$	186,369		$	185,628		$	177,413		$	176,128		$	174,835
Total interest expense	77,988			79,611			74,798			76,638			73,747
Net interest income	108,381			106,017			102,615			99,490			101,088
Total noninterest income (loss)	21,997			(16,497)			25,608			7,962			15,339
Total noninterest expense	73,174			76,212			75,093			72,420			80,200
Earnings before income taxes and provisions for credit losses	57,204			13,308			53,130			35,032			36,227
Provisions for credit losses	7,084			1,914			2,224			782			305
Income tax expense	12,226			1,174			10,919			6,300			6,545
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369
Net interest income (tax-equivalent basis)	$	109,004		$	106,634		$	103,254		$	100,199		$	101,924
Adjusted net income*	$	39,835		$	40,132		$	39,424		$	39,890		$	36,152
Adjusted pre-tax, pre-provision net revenue*	$	59,829		$	53,762		$	52,369		$	51,180		$	45,390
Per Common Share
Diluted net income	$	0.81		$	0.22		$	0.85		$	0.59		$	0.63
Adjusted diluted net income*	0.85			0.86			0.84			0.85			0.77

Book value	33.59			33.48			32.17			31.55			31.05
Tangible book value*	28.27			28.15			26.82			26.21			25.69

Weighted average number of shares outstanding - fully diluted	46,862,935			46,803,330			46,845,143			46,998,873			46,916,939
Period-end number of shares	46,663,120			46,658,019			46,642,958			46,897,378			46,848,934
Selected Ratios
Return on average:
Assets	1.14		%	0.32		%	1.30		%	0.89		%	0.94		%
Shareholders’ equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%
Tangible common equity*	11.5		%	3.19		%	13.1		%	9.29		%	10.3		%

Efficiency ratio	56.1		%	85.1		%	58.6		%	67.4		%	68.9		%
Core efficiency ratio (tax-equivalent basis)*	54.6		%	58.4		%	58.3		%	58.1		%	61.7		%
Loans HFI to deposit ratio	85.7		%	86.4		%	88.9		%	88.4		%	89.2		%

Noninterest-bearing deposits to total deposits	18.9		%	20.3		%	20.9		%	20.8		%	21.0		%
Net interest margin (NIM) (tax-equivalent basis)	3.50		%	3.55		%	3.57		%	3.42		%	3.46		%
Yield on interest-earning assets	6.01		%	6.20		%	6.16		%	6.03		%	5.96		%
Cost of interest-bearing liabilities	3.40		%	3.63		%	3.56		%	3.56		%	3.47		%
Cost of total deposits	2.70		%	2.83		%	2.77		%	2.76		%	2.65		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.58		%	1.65		%	1.67		%	1.63		%	1.60		%

Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.47		%	0.03		%	0.02		%	0.02		%	(0.04)		%
Nonperforming loans HFI as a percentage of loans HFI	0.87		%	0.96		%	0.79		%	0.73		%	0.65		%
Nonperforming assets as a percentage of total assets	0.93		%	0.99		%	0.81		%	0.75		%	0.69		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	11.9		%	12.1		%	12.0		%	11.8		%	11.5		%
Tangible common equity to tangible assets*	10.2		%	10.4		%	10.2		%	9.99		%	9.74		%
Tier 1 leverage	11.3		%	11.5		%	11.7		%	11.3		%	11.3		%
Tier 1 risk-based capital	13.1		%	13.0		%	13.0		%	12.8		%	12.5		%
Total risk-based capital	15.2		%	15.1		%	15.1		%	15.0		%	14.5		%

Common equity Tier 1	12.8		%	12.7		%	12.7		%	12.6		%	12.2		%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Dec 2024		Dec 2024
													vs.		vs.
	Three Months Ended										Sep 2024	Dec 2023
	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	156,792	$	158,625	$	155,379	$	155,606	$	155,737			(1.16)	%	0.68	%
Interest on investment securities
Taxable	15,043		13,943		11,966		9,105		7,808				7.89	%	92.7	%
Tax-exempt	1,035		1,104		1,168		1,442		1,746				(6.25)	%	(40.7)	%
Other	13,499		11,956		8,900		9,975		9,544				12.9	%	41.4	%
Total interest income	186,369		185,628		177,413		176,128		174,835				0.40	%	6.60	%
Interest expense:
Deposits	76,131		76,088		71,501		72,625		70,873				0.06	%	7.42	%
Borrowings	1,857		3,523		3,297		4,013		2,874				(47.3)	%	(35.4)	%
Total interest expense	77,988		79,611		74,798		76,638		73,747				(2.04)	%	5.75	%
Net interest income	108,381		106,017		102,615		99,490		101,088				2.23	%	7.21	%
Provision for credit losses on loans HFI	7,019		1,856		3,940		1,852		3,135				278.2	%	123.9	%
Provision for (reversal of) credit losses on unfunded commitments	65		58		(1,716)		(1,070)		(2,830)				12.1	%	(102.3)	%
Net interest income after provisions for credit losses	101,297		104,103		100,391		98,708		100,783				(2.70)	%	0.51	%
Noninterest income:
Mortgage banking income	10,586		11,553		11,910		12,585		8,376				(8.37)	%	26.4	%
Investment services and trust income	3,853		3,721		3,387		3,230		3,093				3.55	%	24.6	%
Service charges on deposit accounts	3,548		3,378		3,167		3,141		2,957				5.03	%	20.0	%
ATM and interchange fees	2,867		2,840		2,814		2,944		2,618				0.95	%	9.51	%
(Loss) gain from securities, net	—		(40,165)		—		(16,213)		183				(100.0)	%	(100.0)	%
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)				648.1	%	339.4	%

Other income	3,305		2,465		4,611		1,710		(1,396)				34.1	%	(336.7)	%
Total noninterest income (loss)	21,997		(16,497)		25,608		7,962		15,339				(233.3)	%	43.4	%
Total revenue	130,378		89,520		128,223		107,452		116,427				45.6	%	12.0	%
Noninterest expenses:
Salaries, commissions and employee benefits	45,432		47,538		46,225		44,618		48,142				(4.43)	%	(5.63)	%
Occupancy and equipment expense	6,668		6,640		6,328		6,614		9,530				0.42	%	(30.0)	%
Data processing	2,462		2,486		2,286		2,408		2,434				(0.97)	%	1.15	%
Legal and professional fees	1,881		1,900		1,979		1,919		1,823				(1.00)	%	3.18	%

Advertising	2,030		1,947		1,859		1,171		2,009				4.26	%	1.05	%
Amortization of core deposits and other intangibles	687		719		752		789		840				(4.45)	%	(18.2)	%



Other expense	14,014		14,982		15,664		14,901		15,422				(6.46)	%	(9.13)	%
Total noninterest expense	73,174		76,212		75,093		72,420		80,200				(3.99)	%	(8.76)	%
Income before income taxes	50,120		11,394		50,906		34,250		35,922				339.9	%	39.5	%
Income tax expense	12,226		1,174		10,919		6,300		6,545				941.4	%	86.8	%
Net income applicable to FB Financial Corporation and noncontrolling interest	37,894		10,220		39,987		27,950		29,377				270.8	%	29.0	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	37,886	$	10,220	$	39,979	$	27,950	$	29,369			270.7	%	29.0	%
Weighted average common shares outstanding:
Basic	46,662,772		46,650,563		46,762,488		46,874,882		46,845,055				0.03	%	(0.39)	%
Fully diluted	46,862,935		46,803,330		46,845,143		46,998,873		46,916,939				0.13	%	(0.12)	%
Earnings per common share:
Basic	$	0.81	$	0.22	$	0.85	$	0.60	$	0.63			268.2	%	28.6	%
Fully diluted	0.81		0.22		0.85		0.59		0.63				268.2	%	28.6	%
Fully diluted - adjusted*	0.85		0.86		0.84		0.85		0.77				(1.16)	%	10.4	%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)

					Dec 2024
					vs.
	Year Ended				Dec 2023
	Dec 2024		Dec 2023		Percent variance
Interest income:
Interest and fees on loans	$	626,402	$	599,195	4.54	%
Interest on investment securities
Taxable	50,057		27,257		83.6	%
Tax-exempt	4,749		7,153		(33.6)	%
Other	44,330		44,805		(1.06)	%
Total interest income	725,538		678,410		6.95	%
Interest expense:
Deposits	296,345		258,819		14.5	%
Borrowings	12,690		12,374		2.55	%
Total interest expense	309,035		271,193		14.0	%
Net interest income	416,503		407,217		2.28	%
Provision for credit losses on loans HFI	14,667		16,738		(12.4)	%
Reversal of credit losses on unfunded commitments	(2,663)		(14,199)		(81.2)	%
Net interest income after provisions for credit losses	404,499		404,678		(0.04)	%
Noninterest income:
Mortgage banking income	46,634		44,692		4.35	%
Investment services and trust income	14,191		11,320		25.4	%
Service charges on deposit accounts	13,234		12,154		8.89	%
ATM and interchange fees	11,465		10,282		11.5	%

Loss from securities, net	(56,378)		(13,973)		303.5	%
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(2,167)		(27)		NM

Other income	12,091		6,095		98.4	%
Total noninterest income	39,070		70,543		(44.6)	%
Total revenue	455,573		477,760		(4.64)	%
Noninterest expenses:
Salaries, commissions and employee benefits	183,813		203,441		(9.65)	%
Occupancy and equipment expense	26,250		28,148		(6.74)	%
Data processing	9,642		9,230		4.46	%
Legal and professional fees	7,679		8,890		(13.6)	%

Advertising	7,007		8,267		(15.2)	%
Amortization of core deposit and other intangibles	2,947		3,659		(19.5)	%

Other expense	59,561		63,294		(5.90)	%
Total noninterest expense	296,899		324,929		(8.63)	%
Income before income taxes	146,670		150,292		(2.41)	%
Income tax expense	30,619		30,052		1.89	%
Net income applicable to noncontrolling interest and FB Financial Corporation	116,051		120,240		(3.48)	%
Net income applicable to noncontrolling interests	16		16		—	%

Net income applicable to FB Financial Corporation	$	116,035	$	120,224	(3.48)	%
Weighted average common shares outstanding:
Basic	46,737,217		46,781,214		(0.09)	%
Fully diluted	46,872,625		46,822,792		0.11	%
Earnings per common share:
Basic	$	2.48	$	2.57	(3.50)	%
Fully diluted	2.48		2.57		(3.50)	%
Fully diluted - adjusted*	3.40		3.01		13.0	%


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Dec 2024		Dec 2024
													vs.		vs.
	As of										Sep 2024	Dec 2023
	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	120,153	$	126,470	$	192,571	$	124,772	$	146,542			(19.9)	%	(18.0)	%
Federal funds sold and reverse repurchase agreements	125,825		97,299		91,909		100,785		83,324				116.6	%	51.0	%
Interest-bearing deposits in financial institutions	796,510		727,981		516,422		645,173		581,066				37.4	%	37.1	%
Cash and cash equivalents	1,042,488		951,750		800,902		870,730		810,932				37.9	%	28.6	%
Investments:
Available-for-sale debt securities, at fair value	1,538,008		1,567,922		1,482,379		1,464,682		1,471,973				(7.59)	%	4.49	%

Federal Home Loan Bank stock, at cost	32,749		32,859		33,030		33,948		34,190				(1.33)	%	(4.21)	%


Loans held for sale	126,760		103,145		106,875		82,704		67,847				91.1	%	86.8	%
Loans held for investment	9,602,384		9,478,129		9,309,553		9,288,909		9,408,783				5.22	%	2.06	%
Less: allowance for credit losses on loans HFI	151,942		156,260		155,055		151,667		150,326				(11.0)	%	1.07	%
Net loans held for investment	9,450,442		9,321,869		9,154,498		9,137,242		9,258,457				5.49	%	2.07	%
Premises and equipment, net	148,899		152,572		154,731		155,271		155,731				(9.58)	%	(4.39)	%
Other real estate owned, net	4,409		3,779		4,173		3,613		3,192				66.3	%	38.1	%
Operating lease right-of-use assets	47,963		47,346		49,123		51,421		54,295				5.18	%	(11.7)	%
Interest receivable	49,611		52,228		52,781		53,506		52,715				(19.9)	%	(5.89)	%
Mortgage servicing rights, at fair value	162,038		157,097		164,505		165,674		164,249				12.5	%	(1.35)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	5,762		6,449		7,168		7,920		8,709				(42.4)	%	(33.8)	%
Bank-owned life insurance	72,504		72,167		71,930		76,574		76,143				1.86	%	(4.78)	%
Other assets	233,288		208,478		210,513		202,474		203,409				47.3	%	14.7	%
Total assets	$	13,157,482	$	12,920,222	$	12,535,169	$	12,548,320	$	12,604,403			7.31	%	4.39	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,116,232	$	2,226,144	$	2,187,185	$	2,182,121	$	2,218,382			(19.6)	%	(4.60)	%
Interest-bearing checking	2,906,425		2,754,253		2,628,554		2,421,487		2,504,421				22.0	%	16.1	%
Money market and savings	4,338,483		4,098,496		4,157,968		4,298,938		4,204,851				23.3	%	3.18	%
Customer time deposits	1,380,205		1,378,118		1,343,934		1,471,190		1,469,811				0.60	%	(6.10)	%
Brokered and internet time deposits	469,089		519,200		150,361		131,192		150,822				(38.4)	%	211.0	%
Total deposits	11,210,434		10,976,211		10,468,002		10,504,928		10,548,287				8.49	%	6.28	%
Borrowings	176,789		182,107		360,944		360,821		390,964				(11.6)	%	(54.8)	%
Operating lease liabilities	60,024		59,584		61,932		64,562		67,643				2.94	%	(11.3)	%
Accrued expenses and other liabilities	142,604		139,898		143,696		138,390		142,622				7.70	%	(0.01)	%
Total liabilities	11,589,851		11,357,800		11,034,574		11,068,701		11,149,516				8.13	%	3.95	%
Shareholders’ equity:
Common stock, $1 par value	46,663		46,658		46,643		46,897		46,849				0.04	%	(0.40)	%
Additional paid-in capital	860,266		858,106		855,391		866,803		864,258				1.00	%	(0.46)	%
Retained earnings	762,293		732,435		730,242		698,310		678,412				16.2	%	12.4	%
Accumulated other comprehensive loss, net	(101,684)		(74,870)		(131,774)		(132,484)		(134,725)				142.5	%	(24.5)	%
Total common shareholders’ equity	1,567,538		1,562,329		1,500,502		1,479,526		1,454,794				1.33	%	7.75	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,567,631		1,562,422		1,500,595		1,479,619		1,454,887				1.33	%	7.75	%
Total liabilities and shareholders’ equity	$	13,157,482	$	12,920,222	$	12,535,169	$	12,548,320	$	12,604,403			7.31	%	4.39	%


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2024						September 30, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,522,996	$	155,897	6.51	%	$	9,362,937	$	157,751	6.70	%
Mortgage loans held for sale	71,569		1,153		6.41	%	66,828		1,102		6.56	%

Investment securities:
Taxable	1,523,297		15,043		3.93	%	1,487,200		13,943		3.73	%
Tax-exempt(b)	168,284		1,400		3.31	%	181,465		1,493		3.27	%
Total investment securities(b)	1,691,581		16,443		3.87	%	1,668,665		15,436		3.68	%
Federal funds sold and reverse repurchase agreements	112,388		1,393		4.93	%	118,715		1,687		5.65	%
Interest-bearing deposits with other financial institutions	943,638		11,361		4.79	%	701,666		9,519		5.40	%
FHLB stock	32,773		745		9.04	%	32,919		750		9.06	%
Total interest-earning assets(b)	12,374,945		186,992		6.01	%	11,951,730		186,245		6.20	%
Noninterest-earning assets:
Cash and due from banks	117,819						131,308
Allowance for credit losses on loans HFI	(155,022)						(155,665)
Other assets(c)(d)	856,453						814,577
Total noninterest-earning assets	819,250						790,220
Total assets	$	13,194,195					$	12,741,950
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,837,092	$	20,957	2.94	%	$	2,624,046	$	20,998	3.18	%
Money market	3,880,258		35,044		3.59	%	3,802,818		37,574		3.93	%
Savings deposits	349,912		62		0.07	%	357,165		65		0.07	%
Customer time deposits	1,402,300		14,114		4.00	%	1,349,986		13,479		3.97	%
Brokered and internet time deposits	518,337		5,954		4.57	%	322,667		3,972		4.90	%
Time deposits	1,920,637		20,068		4.16	%	1,672,653		17,451		4.15	%
Total interest-bearing deposits	8,987,899		76,131		3.37	%	8,456,682		76,088		3.58	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	14,791		16		0.43	%	21,734		79		1.45	%

Subordinated debt	130,658		1,837		5.59	%	130,561		1,900		5.79	%
Other borrowings	1,245		4		1.28	%	125,616		1,544		4.89	%
Total other interest-bearing liabilities	146,694		1,857		5.04	%	277,911		3,523		5.04	%
Total interest-bearing liabilities	9,134,593		77,988		3.40	%	8,734,593		79,611		3.63	%
Noninterest-bearing liabilities:
Demand deposits	2,241,492						2,241,512
Other liabilities(d)	253,514						242,155
Total noninterest-bearing liabilities	2,495,006						2,483,667
Total liabilities	11,629,599						11,218,260
Total common shareholders’ equity	1,564,503						1,523,597
Noncontrolling interest	93						93
Total equity	1,564,596						1,523,690
Total liabilities and shareholders’ equity	$	13,194,195					$	12,741,950
Net interest income(b)			$	109,004					$	106,634
Interest rate spread(b)					2.61	%					2.57	%
Net interest margin(b)(e)					3.50	%					3.55	%
Cost of total deposits					2.70	%					2.83	%
Average interest-earning assets to average interest-bearing liabilities					135.5	%					136.8	%
Tax-equivalent adjustment			$	623					$	617
Loans HFI yield components:
Contractual interest rate(b)			$	153,255	6.40	%			$	155,884	6.62	%
Origination and other loan fee income			1,859		0.08	%			1,779		0.08	%
Accretion (amortization) on purchased loans			119		—	%			(10)		—	%
Nonaccrual interest			664		0.03	%			98		—	%

Total loans HFI yield			$	155,897	6.51	%			$	157,751	6.70	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2024						March 31, 2024						December 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,263,822	$	154,226	6.70	%	$	9,386,794	$	154,956	6.64	%	$	9,330,176	$	155,081	6.59	%
Mortgage loans held for sale	80,919		1,380		6.86	%	48,566		851		7.05	%	47,293		877		7.36	%
Commercial loans held for sale	—		—		—	%	—		—		—	%	7,281		—		—	%
Investment securities:
Taxable	1,464,045		11,966		3.29	%	1,399,237		9,105		2.62	%	1,361,987		7,808		2.27	%
Tax-exempt(b)	193,347		1,580		3.29	%	241,379		1,950		3.25	%	283,395		2,361		3.31	%
Total investment securities(b)	1,657,392		13,546		3.29	%	1,640,616		11,055		2.71	%	1,645,382		10,169		2.45	%
Federal funds sold and reverse repurchase agreements	108,097		1,497		5.57	%	155,380		2,126		5.50	%	107,276		1,518		5.61	%
Interest-bearing deposits with other financial institutions	488,123		6,641		5.47	%	530,390		7,066		5.36	%	525,763		7,195		5.43	%
FHLB stock	33,495		762		9.15	%	34,051		783		9.25	%	34,556		831		9.54	%
Total interest-earning assets(b)	11,631,848		178,052		6.16	%	11,795,797		176,837		6.03	%	11,697,727		175,671		5.96	%
Noninterest-earning assets:
Cash and due from banks	124,729						167,732						127,715
Allowance for credit losses on loans HFI	(151,724)						(150,605)						(147,035)
Other assets(c)(d)	766,591						777,155						756,168
Total noninterest-earning assets	739,596						794,282						736,848
Total assets	$	12,371,444					$	12,590,079					$	12,434,575
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,325	$	19,074	3.07	%	$	2,539,084	$	19,016	3.01	%	$	2,500,139	$	18,444	2.93	%
Money market	3,779,139		36,887		3.93	%	3,849,080		37,570		3.93	%	3,761,500		36,740		3.88	%
Savings deposits	369,779		64		0.07	%	377,963		62		0.07	%	388,296		67		0.07	%
Customer time deposits	1,387,956		13,812		4.00	%	1,457,377		14,124		3.90	%	1,447,094		13,463		3.69	%
Brokered and internet time deposits	123,003		1,664		5.44	%	140,292		1,853		5.31	%	162,317		2,159		5.28	%
Time deposits	1,510,959		15,476		4.12	%	1,597,669		15,977		4.02	%	1,609,411		15,622		3.85	%
Total interest-bearing deposits	8,160,202		71,501		3.52	%	8,363,796		72,625		3.49	%	8,259,346		70,873		3.40	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,680		122		1.99	%	24,219		149		2.47	%	31,673		177		2.22	%

Subordinated debt	130,464		1,615		4.98	%	129,718		2,286		7.09	%	128,621		2,604		8.03	%
Other borrowings	131,293		1,560		4.78	%	131,318		1,578		4.83	%	8,407		93		4.39	%
Total other interest-bearing liabilities	286,437		3,297		4.63	%	285,255		4,013		5.66	%	168,701		2,874		6.76	%
Total interest-bearing liabilities	8,446,639		74,798		3.56	%	8,649,051		76,638		3.56	%	8,428,047		73,747		3.47	%
Noninterest-bearing liabilities:
Demand deposits	2,222,005						2,227,175						2,341,627
Other liabilities(d)	229,426						253,024						279,435
Total noninterest-bearing liabilities	2,451,431						2,480,199						2,621,062
Total liabilities	10,898,070						11,129,250						11,049,109
Total common shareholders’ equity	1,473,281						1,460,736						1,385,373
Noncontrolling interest	93						93						93
Total equity	1,473,374						1,460,829						1,385,466
Total liabilities and shareholders’ equity	$	12,371,444					$	12,590,079					$	12,434,575
Net interest income(b)			$	103,254					$	100,199					$	101,924
Interest rate spread(b)					2.60	%					2.47	%					2.49	%
Net interest margin(b)(e)					3.57	%					3.42	%					3.46	%
Cost of total deposits					2.77	%					2.76	%					2.65	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					136.4	%					138.8	%
Tax-equivalent adjustment			$	639					$	709					$	836
Loans HFI yield components:
Contractual interest rate(b)			$	152,037	6.60	%			$	152,875	6.55	%			$	151,193	6.43	%
Origination and other loan fee income			1,291		0.06	%			1,436		0.06	%			3,322		0.14	%
Accretion on purchased loans			161		0.01	%			387		0.02	%			77		—	%
Nonaccrual interest			737		0.03	%			258		0.01	%			489		0.02	%

Total loans HFI yield			$	154,226	6.70	%			$	154,956	6.64	%			$	155,081	6.59	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Year Ended
	December 31, 2024						December 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,384,458	$	622,830	6.64	%	$	9,335,977	$	596,001	6.38	%
Mortgage loans held for sale	66,983		4,486		6.70	%	56,815		3,856		6.79	%
Commercial loans held for sale	—		—		—	%	10,602		162		1.53	%
Investment securities:
Taxable	1,468,646		50,057		3.41	%	1,370,514		27,257		1.99	%
Tax-exempt(b)	196,003		6,423		3.28	%	290,884		9,674		3.33	%
Total investment securities(b)	1,664,649		56,480		3.39	%	1,661,398		36,931		2.22	%
Federal funds sold and reverse repurchase agreements	123,601		6,703		5.42	%	112,833		5,798		5.14	%
Interest-bearing deposits with other financial institutions	666,810		34,587		5.19	%	701,629		35,652		5.08	%
FHLB stock	33,307		3,040		9.13	%	40,058		3,355		8.38	%
Total interest-earning assets(b)	11,939,808		728,126		6.10	%	11,919,312		681,755		5.72	%
Noninterest-earning assets:
Cash and due from banks	135,338						132,327
Allowance for credit losses on loans HFI	(153,265)						(140,246)
Other assets(c)(d)	803,867						757,441
Total noninterest-earning assets	785,940						749,522
Total assets	$	12,725,748					$	12,668,834
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,625,713	$	80,045	3.05	%	$	2,863,053	$	81,761	2.86	%
Money market	3,827,898		147,075		3.84	%	3,578,707		126,205		3.53	%
Savings deposits	363,649		253		0.07	%	422,339		259		0.06	%
Customer time deposits	1,399,278		55,529		3.97	%	1,436,313		45,251		3.15	%
Brokered and internet time deposits	276,864		13,443		4.86	%	101,423		5,343		5.27	%
Time deposits	1,676,142		68,972		4.11	%	1,537,736		50,594		3.29	%
Total interest-bearing deposits	8,493,402		296,345		3.49	%	8,401,835		258,819		3.08	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	21,339		366		1.72	%	29,860		669		2.24	%
Federal Home Loan Bank advances	—		—		—	%	28,973		1,487		5.13	%
Subordinated debt	130,352		7,638		5.86	%	127,386		10,102		7.93	%
Other borrowings	97,182		4,686		4.82	%	3,225		116		3.60	%
Total other interest-bearing liabilities	248,873		12,690		5.10	%	189,444		12,374		6.53	%
Total interest-bearing liabilities	8,742,275		309,035		3.53	%	8,591,279		271,193		3.16	%
Noninterest-bearing liabilities:
Demand deposits	2,233,092						2,442,019
Other liabilities(d)	244,549						260,612
Total noninterest-bearing liabilities	2,477,641						2,702,631
Total liabilities	11,219,916						11,293,910
Total common shareholders’ equity	1,505,739						1,374,831
Noncontrolling interest	93						93
Total equity	1,505,832						1,374,924
Total liabilities and shareholders’ equity	$	12,725,748					$	12,668,834
Net interest income(b)			$	419,091					$	410,562
Interest rate spread(b)					2.57	%					2.56	%
Net interest margin(b)(e)					3.51	%					3.44	%
Cost of total deposits					2.76	%					2.39	%
Average interest-earning assets to average interest-bearing liabilities					136.6	%					138.7	%
Tax equivalent adjustment			$	2,588					$	3,345
Loans HFI yield components:
Contractual interest rate(b)			$	614,051	6.54	%			$	579,193	6.20	%
Origination and other loan fee income			6,365		0.07	%			14,675		0.15	%
Accretion on purchased loans			657		0.01	%			694		0.01	%
Nonaccrual interest			1,757		0.02	%			1,439		0.02	%

Total loans HFI yield			$	622,830	6.64	%			$	596,001	6.38	%


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2024					Sep 2024					Jun 2024					Mar 2024					Dec 2023
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	563,007		36	%	$	516,833		33	%	$	428,608		29	%	$	415,927		28	%	$	203,956		14	%
Mortgage-backed securities - residential	810,999			53	%	879,589			56	%	864,272			59	%	826,214			57	%	896,971			62	%
Mortgage-backed securities - commercial	14,857			1	%	16,289			1	%	16,103			1	%	16,615			1	%	16,961			1	%
Municipal securities	147,857			10	%	154,229			10	%	169,977			11	%	171,672			12	%	242,263			16	%
Treasury securities	299			—	%	—			—	%	—			—	%	30,857			2	%	108,496			7	%
Corporate securities	989			—	%	982			—	%	3,419			—	%	3,397			—	%	3,326			—	%
Total available-for-sale debt securities	1,538,008			100	%	1,567,922			100	%	1,482,379			100	%	1,464,682			100	%	1,471,973			100	%


Investment securities to total assets	11.7		%			12.1		%			11.8		%			11.7		%			11.7		%
Unrealized loss on available-for-sale debt securities	(141,389)					(105,157)					(182,208)					(183,598)					(186,806)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	1,042,488		63	%	$	951,750		65	%	$	800,902		57	%	$	870,730		63	%	$	810,932		60	%
Unpledged available-for-sale debt securities	600,965			37	%	510,538			35	%	612,756			43	%	514,724			37	%	542,427			40	%

Total on-balance sheet liquidity	$	1,643,453		100	%	$	1,462,288		100	%	$	1,413,658		100	%	$	1,385,454		100	%	$	1,353,359		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,318,091		49	%	$	3,199,575		48	%	$	3,361,580		49	%	$	3,392,255		48	%	$	3,350,026		48	%
FHLB remaining borrowing capacity	1,397,905			21	%	1,355,884			20	%	1,294,743			19	%	1,237,843			18	%	1,297,702			18	%
Federal Reserve discount window	2,053,541			30	%	2,133,951			32	%	2,230,338			32	%	2,382,574			34	%	2,431,084			34	%
Total available sources of liquidity	$	6,769,537		100	%	$	6,689,410		100	%	$	6,886,661		100	%	$	7,012,672		100	%	$	7,078,812		100	%

On-balance sheet liquidity as a percentage of total assets	12.5		%			11.3		%			11.3		%			11.0		%			10.7		%
On-balance sheet liquidity as a percentage of total tangible assets*	12.7		%			11.5		%			11.5		%			11.3		%			11.0		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	293.8		%			245.4		%			259.2		%			268.1		%			269.0		%


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2024		% of Total		Sep 2024		% of Total		Jun 2024		% of Total		Mar 2024		% of Total		Dec 2023		% of Total
Loan portfolio
Commercial and industrial	$	1,691,213	18	%	$	1,688,815	18	%	$	1,614,307	17	%	$	1,621,611	17	%	$	1,720,733	18	%
Construction	1,087,732		11	%	1,079,726		11	%	1,200,123		13	%	1,268,883		14	%	1,397,313		15	%
Residential real estate:
1-to-4 family mortgage	1,616,754		17	%	1,612,031		17	%	1,584,029		17	%	1,577,824		17	%	1,568,552		17	%
Residential line of credit	602,475		6	%	591,049		6	%	559,359		6	%	549,306		6	%	530,912		6	%
Multi-family mortgage	653,769		7	%	654,188		7	%	597,039		6	%	615,081		7	%	603,804		6	%
Commercial real estate:
Owner-occupied	1,357,568		14	%	1,324,208		14	%	1,274,705		14	%	1,236,007		13	%	1,232,071		13	%
Non-owner occupied	2,099,129		22	%	2,048,036		22	%	2,035,102		22	%	1,991,526		21	%	1,943,525		21	%
Consumer and other	493,744		5	%	480,076		5	%	444,889		5	%	428,671		5	%	411,873		4	%
Total loans HFI	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%
Percentage of loans HFI portfolio with floating interest rates			49.4	%			49.2	%			49.8	%			49.0	%			48.5	%
Percentage of loans HFI portfolio with floating interest rates that mature after one year			43.5	%			43.6	%			43.4	%			42.4	%			41.3	%

Loans by market
Metropolitan	$	7,934,549	82	%	$	7,795,075	82	%	$	7,668,893	82	%	$	7,668,330	83	%	$	7,830,739	83	%
Community	546,987		6	%	565,194		6	%	567,465		6	%	599,557		6	%	629,152		7	%
Specialty lending and other	1,120,848		12	%	1,117,860		12	%	1,073,195		12	%	1,021,022		11	%	948,892		10	%
Total	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%

Unfunded loan commitments
Commercial and industrial	$	1,371,413	50	%	$	1,314,683	48	%	$	1,286,013	47	%	$	1,255,409	46	%	$	1,262,234	44	%
Construction	498,133		18	%	510,157		19	%	516,813		19	%	590,575		21	%	725,864		25	%
Residential real estate:
1-to-4 family mortgage	7,299		—	%	3,665		—	%	5,597		—	%	1,485		—	%	973		—	%
Residential line of credit	734,031		26	%	735,928		27	%	721,949		27	%	702,939		25	%	700,126		24	%
Multi-family mortgage	12,044		—	%	11,771		—	%	12,526		—	%	25,047		1	%	23,583		1	%
Commercial real estate:
Owner-occupied	78,856		3	%	67,875		3	%	77,498		3	%	77,400		3	%	73,432		2	%
Non-owner occupied	54,898		2	%	51,960		2	%	73,178		3	%	82,370		3	%	82,966		3	%
Consumer and other	13,431		1	%	17,321		1	%	29,103		1	%	25,058		1	%	25,509		1	%
Total unfunded loans HFI	$	2,770,105	100	%	$	2,713,360	100	%	$	2,722,677	100	%	$	2,760,283	100	%	$	2,894,687	100	%


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	156,260		$	155,055		$	151,667		$	150,326		$	146,134


Charge-offs	(12,010)			(915)			(913)			(927)			(1,048)
Recoveries	673			264			361			416			2,105
Provision for credit losses on loans HFI	7,019			1,856			3,940			1,852			3,135


Allowance for credit losses on loans HFI at the end of the period	$	151,942		$	156,260		$	155,055		$	151,667		$	150,326
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.58		%	1.65		%	1.67		%	1.63		%	1.60		%

Allowance for credit losses on unfunded commitments	$	6,107		$	6,042		$	5,984		$	7,700		$	8,770
Charge-offs
Commercial and industrial	$	(10,921)		$	(90)		$	(26)		$	(43)		$	(251)
Construction	(30)			—			—			(92)			—
Residential real estate:
1-to-4 family mortgage	(144)			(2)			(293)			—			(10)
Residential line of credit	—			(53)			—			(20)			—




Consumer and other	(915)			(770)			(594)			(772)			(787)
Total charge-offs	(12,010)			(915)			(913)			(927)			(1,048)
Recoveries
Commercial and industrial	371			23			20			14			81

Residential real estate:
1-to-4 family mortgage	9			9			10			56			44
Residential line of credit	—			18			—			—			—

Commercial real estate:
Owner occupied	5			12			188			40			14
Non-owner occupied	—			—			—			—			1,833
Consumer and other	288			202			143			306			133
Total recoveries	673			264			361			416			2,105
Net (charge-offs) recoveries	$	(11,337)		$	(651)		$	(552)		$	(511)		$	1,057
Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.47		%	0.03		%	0.02		%	0.02		%	(0.04)		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	24,347		$	26,250		$	17,058		$	12,858		$	12,693
Nonaccrual loans	59,358			64,585			56,165			54,892			48,230
Total nonperforming loans HFI	83,705			90,835			73,223			67,750			60,923

Mortgage loans held for sale(a)	31,357			30,537			22,354			20,876			21,229

Other real estate owned	4,409			3,779			4,173			3,613			3,192

Other repossessed assets	2,444			2,182			1,720			1,834			1,139
Total nonperforming assets	$	121,915		$	127,333		$	101,470		$	94,073		$	86,483
Total nonperforming loans HFI as a percentage of loans HFI	0.87		%	0.96		%	0.79		%	0.73		%	0.65		%
Total nonperforming assets as a percentage of total assets	0.93		%	0.99		%	0.81		%	0.75		%	0.69		%
Total nonaccrual loans as a percentage of loans HFI	0.62		%	0.68		%	0.60		%	0.59		%	0.51		%


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2024					Sep 2024					Jun 2024					Mar 2024					Dec 2023





Deposits by market
Metropolitan	$	8,136,849		73	%	$	7,794,790		71	%	$	7,440,577		71	%	$	7,506,630		72	%	$	7,536,301		72	%
Community	2,471,052			22	%	2,459,641			22	%	2,499,574			24	%	2,500,182			24	%	2,522,536			24	%
Brokered/wholesale	469,089			4	%	519,200			5	%	150,113			1	%	130,845			1	%	150,475			1	%
Escrow and other(a)	133,444			1	%	202,580			2	%	377,738			4	%	367,271			3	%	338,975			3	%
Total	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%

Deposits by customer segment
Consumer	$	4,853,609		43	%	$	4,676,492		43	%	$	4,675,189		45	%	$	4,866,099		46	%	$	4,880,890		46	%
Commercial	4,802,105			43	%	4,886,660			45	%	4,270,924			41	%	4,085,282			39	%	4,069,724			39	%
Public	1,554,720			14	%	1,413,059			12	%	1,521,889			14	%	1,553,547			15	%	1,597,673			15	%
Total	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%

Estimated insured or collateralized deposits	$	8,346,796				$	7,654,786				$	7,265,975				$	7,372,728				$	7,414,224





Estimated uninsured and uncollateralized deposits(b)	$	2,863,638				$	3,321,425				$	3,202,027				$	3,132,200				$	3,134,063

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	25.5		%			30.3		%			30.6		%			29.8		%			29.7		%


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	December 31, 2024			December 31, 2023

Total Common Shareholders' Equity	$	1,567,538		$	1,454,794
Less:
Goodwill	242,561			242,561
Other intangibles	5,762			8,709
Tangible Common Equity	$	1,319,215		$	1,203,524

Total Assets	$	13,157,482		$	12,604,403
Less:
Goodwill	242,561			242,561
Other intangibles	5,762			8,709
Tangible Assets	$	12,909,159		$	12,353,133

Preliminary Total Risk-Weighted Assets	$	11,306,312		$	11,257,406

Total Common Equity to Total Assets	11.9		%	11.5		%
Tangible Common Equity to Tangible Assets*	10.2		%	9.74		%


	December 31, 2024			December 31, 2023
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,450,722		$	1,375,890
Tier 1 Capital	1,480,722			1,405,890
Total Capital	1,721,941			1,635,848

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.8		%	12.2		%
Tier 1 Risk-Based	13.1		%	12.5		%
Total Risk-Based	15.2		%	14.5		%
Tier 1 Leverage	11.3		%	11.3		%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Banking segment
Interest income	$	186,219		$	185,824		$	177,570		$	176,420		$	175,132
Interest expense	79,426			81,489			76,377			77,958			75,321
Net interest income	$	106,793		$	104,335		$	101,193		$	98,462		$	99,811
Provisions for credit losses	7,133			1,861			2,432			838			283

Noninterest income (loss)	11,311			(28,370)			13,477			(4,794)			6,889


Salaries, commissions and employee benefits	38,169			39,851			38,689			37,702			41,439
Other noninterest expense	22,944			23,434			23,640			22,642			27,024
Pre-tax net contribution after allocations	$	49,858		$	10,819		$	49,909		$	32,486		$	37,954
Total assets	$	12,554,435		$	12,337,135		$	11,947,550		$	11,979,904		$	12,050,245

Efficiency ratio	51.7		%	83.3		%	54.4		%	64.4		%	64.2		%
Core efficiency ratio*	50.2		%	54.1		%	53.9		%	54.4		%	56.5		%
Mortgage segment
Interest income	$	150		$	(196)		$	(157)		$	(292)		$	(297)
Interest expense	(1,438)			(1,878)			(1,579)			(1,320)			(1,574)
Net interest income	$	1,588		$	1,682		$	1,422		$	1,028		$	1,277
(Reversals of) provisions for loan losses	(49)			53			(208)			(56)			22
Mortgage banking income	10,586			11,553			11,910			12,585			8,376
Other noninterest income	100			320			221			171			74


Salaries, commissions and employee benefits	7,263			7,687			7,536			6,916			6,703
Other noninterest expense	4,798			5,240			5,228			5,160			5,034
Pre-tax net contribution (loss) after allocations	$	262		$	575		$	997		$	1,764		$	(2,032)
Total assets	$	603,047		$	583,087		$	587,619		$	568,416		$	554,158

Efficiency ratio	98.3		%	95.4		%	94.2		%	87.6		%	120.7		%
Core efficiency ratio*	98.3		%	95.4		%	95.0		%	88.0		%	120.3		%










Interest rate lock commitments volume	$	315,891		$	381,240		$	385,197		$	377,166		$	245,776




Interest rate lock commitments pipeline (period end)	$	65,687		$	105,714		$	108,694		$	130,315		$	69,217




Mortgage loan sales	$	287,291		$	327,269		$	315,044		$	243,461		$	257,170
Gains and fees from origination and sale of mortgage loans held for sale	$	7,788		$	9,279		$	8,934		$	6,458		$	7,389
Net change in fair value of loans held for sale, derivatives, and other	(96)			(480)			(4)			1,821			(1,686)
Mortgage servicing income	7,305			7,244			7,316			7,347			7,546
Change in fair value of mortgage servicing rights, net of hedging	(4,411)			(4,490)			(4,336)			(3,041)			(4,873)
Total mortgage banking income	$	10,586		$	11,553		$	11,910		$	12,585		$	8,376
Mortgage sale margin(a)	2.71		%	2.84		%	2.84		%	2.65		%	2.87		%


Non-GAAP Reconciliations

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Year Ended
Adjusted net income	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788


Adjusted pre-tax net income	52,745		51,848		50,145		50,398		45,085		205,136		178,413
Income tax expense, adjusted for items above	12,910		11,716		10,721		10,508		8,933		45,855		37,380
Adjusted net income	$	39,835	$	40,132	$	39,424	$	39,890	$	36,152	$	159,281	$	141,033
Weighted average common share outstanding - fully diluted	46,862,935		46,803,330		46,845,143		46,998,873		46,916,939		46,872,625		46,822,792
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.81	$	0.22	$	0.85	$	0.59	$	0.63	$	2.48	$	2.57








Adjusted diluted earnings per common share	$	0.85	$	0.86	$	0.84	$	0.85	$	0.77	$	3.40	$	3.01


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Year Ended
Adjusted pre-tax pre-provision net revenue	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292
Plus provisions for credit losses	7,084		1,914		2,224		782		305		12,004		2,539
Pre-tax pre-provision net revenue	57,204		13,308		53,130		35,032		36,227		158,674		152,831
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788

Adjusted pre-tax pre-provision net revenue	$	59,829	$	53,762	$	52,369	$	51,180	$	45,390	$	217,140	$	180,952



	Three Months Ended										Year Ended
Adjusted tangible net income	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292

Plus amortization of core deposit and other intangibles	687		719		752		789		840		2,947		3,659
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788

Less income tax expense, adjusted for items above	13,089		11,904		10,917		10,714		9,152		46,623		38,334
Adjusted tangible net income	$	40,343	$	40,663	$	39,980	$	40,473	$	36,773	$	161,460	$	143,738


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Year Ended
Core efficiency ratio (tax-equivalent basis)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Total noninterest expense	$	73,174		$	76,212		$	75,093		$	72,420		$	80,200		$	296,899		$	324,929



Less early retirement, severance and other costs	463			—			1,015			—			2,214			1,478			8,449
Plus loss on lease terminations	—			—			—			—			1,843			—			1,770
Less FDIC special assessment	—			—			—			500			1,788			500			1,788

Core noninterest expense	$	72,711		$	76,212		$	74,078		$	71,920		$	74,355		$	294,921		$	312,922
Net interest income	$	108,381		$	106,017		$	102,615		$	99,490		$	101,088		$	416,503		$	407,217
Net interest income (tax-equivalent basis)	109,004			106,634			103,254			100,199			101,924			419,091			410,562
Total noninterest income (loss)	21,997			(16,497)			25,608			7,962			15,339			39,070			70,543
Less (loss) gain from securities, net	—			(40,165)			—			(16,213)			183			(56,378)			(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)			(289)			(281)			565			(492)			(2,167)			(27)
Less cash life insurance benefit	—			—			2,057			—			—			2,057			—
Less loss from changes in fair value of commercial loans held for sale	—			—			—			—			(3,009)			—			(2,114)


Core noninterest income	24,159			23,957			23,832			23,610			18,657			95,558			86,657
Total revenue	$	130,378		$	89,520		$	128,223		$	107,452		$	116,427		$	455,573		$	477,760
Core revenue (tax-equivalent basis)	$	133,163		$	130,591		$	127,086		$	123,809		$	120,581		$	514,649		$	497,219
Efficiency ratio	56.1		%	85.1		%	58.6		%	67.4		%	68.9		%	65.2		%	68.0		%
Core efficiency ratio (tax-equivalent basis)	54.6		%	58.4		%	58.3		%	58.1		%	61.7		%	57.3		%	62.9		%


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	Three Months Ended															Year Ended
Banking segment core efficiency ratio (tax-equivalent)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Banking segment noninterest expense	$	61,113		$	63,285		$	62,329		$	60,344		$	68,463		$	247,071		$	270,135
Less early retirement, severance and other costs	463			—			1,015			—			2,214			1,478			8,024
Less loss on lease terminations	—			—			—			—			1,843			—			1,843
Less FDIC special assessment	—			—			—			500			1,788			500			1,788
Banking segment core noninterest expense	$	60,650		$	63,285		$	61,314		$	59,844		$	62,618		$	245,093		$	258,480
Banking segment net interest income	$	106,793		$	104,335		$	101,193		$	98,462		$	99,811		$	410,783		$	401,249
Banking segment net interest income (tax-equivalent basis)	107,416			104,952			101,832			99,171			100,647			413,371			404,594
Banking segment noninterest income (loss)	11,311			(28,370)			13,477			(4,794)			6,889			(8,376)			25,831
Less (loss) gain from securities, net	—			(40,165)			—			(16,213)			183			(56,378)			(13,973)
Less loss from changes in fair value of commercial loans held for sale	—			—			—			—			(3,009)			—			(2,114)

Less cash life insurance benefit	—			—			2,057			—			—			2,057			—
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)			(299)			(398)			509			(460)			(2,350)			466
Banking segment core noninterest income	13,473			12,094			11,818			10,910			10,175			48,295			41,452
Banking segment total revenue	$	118,104		$	75,965		$	114,670		$	93,668		$	106,700		$	402,407		$	427,080
Banking segment total core revenue (tax-equivalent basis)	$	120,889		$	117,046		$	113,650		$	110,081		$	110,822		$	461,666		$	446,046
Banking segment efficiency ratio	51.7		%	83.3		%	54.4		%	64.4		%	64.2		%	61.4		%	63.3		%
Banking segment core efficiency ratio (tax-equivalent basis)	50.2		%	54.1		%	53.9		%	54.4		%	56.5		%	53.1		%	57.9		%





	Three Months Ended															Year Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Mortgage segment noninterest expense	$	12,061		$	12,927		$	12,764		$	12,076		$	11,737		$	49,828		$	54,794
Less severance costs	—			—			—			—			—			—			425
Less gain on lease terminations	—			—			—			—			—			—			(73)



Mortgage segment core noninterest expense	$	12,061		$	12,927		$	12,764		$	12,076		$	11,737		$	49,828		$	54,442
Mortgage segment net interest income	$	1,588		$	1,682		$	1,422		$	1,028		$	1,277		$	5,720		$	5,968
Mortgage segment noninterest income	10,686			11,873			12,131			12,756			8,450			47,446			44,712
Less gain (loss) on sales or write- downs of premises and equipment, other real estate owned and other assets, net	—			10			117			56			(32)			183			(493)
Mortgage segment core noninterest income	10,686			11,863			12,014			12,700			8,482			47,263			45,205
Mortgage segment total revenue	$	12,274		$	13,555		$	13,553		$	13,784		$	9,727		$	53,166		$	50,680
Mortgage segment core total revenue	$	12,274		$	13,545		$	13,436		$	13,728		$	9,759		$	52,983		$	51,173
Mortgage segment efficiency ratio	98.3		%	95.4		%	94.2		%	87.6		%	120.7		%	93.7		%	108.1		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	98.3		%	95.4		%	95.0		%	88.0		%	120.3		%	94.0		%	106.4		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of
Tangible assets, common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Tangible assets
Total assets	$	13,157,482		$	12,920,222		$	12,535,169		$	12,548,320		$	12,604,403
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	5,762			6,449			7,168			7,920			8,709
Tangible assets	$	12,909,159		$	12,671,212		$	12,285,440		$	12,297,839		$	12,353,133
Tangible common equity
Total common shareholders’ equity	$	1,567,538		$	1,562,329		$	1,500,502		$	1,479,526		$	1,454,794
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	5,762			6,449			7,168			7,920			8,709
Tangible common equity	$	1,319,215		$	1,313,319		$	1,250,773		$	1,229,045		$	1,203,524


Common shares outstanding	46,663,120			46,658,019			46,642,958			46,897,378			46,848,934
Book value per common share	$	33.59		$	33.48		$	32.17		$	31.55		$	31.05
Tangible book value per common share	$	28.27		$	28.15		$	26.82		$	26.21		$	25.69

Total common shareholders’ equity to total assets	11.9		%	12.1		%	12.0		%	11.8		%	11.5		%
Tangible common equity to tangible assets	10.2		%	10.4		%	10.2		%	9.99		%	9.74		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,042,488		$	951,750		$	800,902		$	870,730		$	810,932
Unpledged securities	600,965			510,538			612,756			514,724			542,427

Total on-balance sheet liquidity	$	1,643,453		$	1,462,288		$	1,413,658		$	1,385,454		$	1,353,359
On-balance sheet liquidity as a percentage of total assets	12.5		%	11.3		%	11.3		%	11.0		%	10.7		%
On-balance sheet liquidity as a percentage of total tangible assets	12.7		%	11.5		%	11.5		%	11.3		%	11.0		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Year Ended
Adjusted return on average tangible common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Average common shareholders’ equity	$	1,564,503		$	1,523,597		$	1,473,281		$	1,460,736		$	1,385,373		$	1,505,739		$	1,374,831
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	6,107			6,795			7,525			8,299			9,138			7,177			10,472
Average tangible common equity	$	1,315,835		$	1,274,241		$	1,223,195		$	1,209,876		$	1,133,674		$	1,256,001		$	1,121,798
Net income	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369		$	116,035		$	120,224
Return on average common equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%	7.71		%	8.74		%
Return on average tangible common equity	11.5		%	3.19		%	13.1		%	9.29		%	10.3		%	9.24		%	10.7		%
Adjusted tangible net income	$	40,343		$	40,663		$	39,980		$	40,473		$	36,773		$	161,460		$	143,738
Adjusted return on average tangible common equity	12.2		%	12.7		%	13.1		%	13.5		%	12.9		%	12.9		%	12.8		%












	Three Months Ended															Year Ended
Adjusted return on average assets, common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Net income	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369		$	116,035		$	120,224
Average assets	13,194,195			12,741,950			12,371,444			12,590,079			12,434,575			12,725,748			12,668,834
Average common equity	1,564,503			1,523,597			1,473,281			1,460,736			1,385,373			1,505,739			1,374,831
Return on average assets	1.14		%	0.32		%	1.30		%	0.89		%	0.94		%	0.91		%	0.95		%
Return on average common equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%	7.71		%	8.74		%
Adjusted net income	$	39,835		$	40,132		$	39,424		$	39,890		$	36,152		$	159,281		$	141,033
Adjusted return on average assets	1.20		%	1.25		%	1.28		%	1.27		%	1.15		%	1.25		%	1.11		%
Adjusted return on average common equity	10.1		%	10.5		%	10.8		%	11.0		%	10.4		%	10.6		%	10.3		%













Adjusted pre-tax pre-provision net income	$	59,829		$	53,762		$	52,369		$	51,180		$	45,390		$	217,140		$	180,952
Adjusted pre-tax pre-provision return on average assets	1.80		%	1.68		%	1.70		%	1.63		%	1.45		%	1.71		%	1.43		%


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17