# ASSOCIATED BANC-CORP (ASB) Informational only - not investment advice. CIK: 0000007789 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=7789 Filing source: https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2172756000 | USD | 2025 | 2026-02-12 | | Net income | 474777000 | USD | 2025 | 2026-02-12 | | Assets | 45202596000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000007789.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 791,568,000 | 886,605,000 | 1,154,137,000 | 1,172,610,000 | 912,840,000 | 798,189,000 | 1,145,252,000 | 1,958,052,000 | 2,122,704,000 | 2,172,756,000 | | Net income | 200,274,000 | 229,264,000 | 333,562,000 | 326,790,000 | 306,771,000 | 350,994,000 | 366,122,000 | 182,956,000 | 123,145,000 | 474,777,000 | | Diluted EPS | 1.26 | 1.42 | 1.89 | 1.91 | 1.86 | 2.18 | 2.34 | 1.13 | 0.72 | 2.77 | | Assets | 29,139,315,000 | 30,483,594,000 | 33,615,122,000 | 32,386,478,000 | 33,419,783,000 | 35,104,253,000 | 39,405,727,000 | 41,015,855,000 | 43,023,068,000 | 45,202,596,000 | | Liabilities | 26,048,003,000 | 27,246,151,000 | 29,834,235,000 | 28,464,355,000 | 29,328,850,000 | 31,079,399,000 | 35,390,237,000 | 36,841,882,000 | 38,417,506,000 | 40,227,249,000 | | Stockholders' equity | 3,091,312,000 | 3,237,443,000 | 3,780,888,000 | 3,922,124,000 | 4,090,933,000 | 4,024,853,000 | 4,015,490,000 | 4,173,973,000 | 4,605,562,000 | 4,975,347,000 | | Net margin | 25.30% | 25.86% | 28.90% | 27.87% | 33.61% | 43.97% | 31.97% | 9.34% | 5.80% | 21.85% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000007789.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.56 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.62 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 103,360,000 | | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.66 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 481,231,000 | | 0.56 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 87,154,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 508,637,000 | | 0.53 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 525,367,000 | -90,806,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 523,388,000 | 81,169,000 | 0.52 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 81,169,000 | | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 115,573,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 530,274,000 | | 0.74 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 540,318,000 | | 0.56 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 528,724,000 | -161,615,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 525,877,000 | 101,687,000 | 0.59 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 101,687,000 | | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 111,230,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 545,536,000 | | 0.65 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 556,591,000 | | 0.73 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 544,344,000 | 137,129,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 528,044,000 | 119,635,000 | 0.70 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/7789/000000778926000141/asb-20260331.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-04-28 Report date: 2026-03-31 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Special Note Regarding Forward-Looking Statements This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements. All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be described from time to time in the Corporation’s subsequent SEC filings. Overview The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes. Performance Summary •Average loans of $31.3 billion increased $1.2 billion, or 4%, from the first three months of 2025, driven primarily by an increase in commercial and business lending, auto finance, and real estate construction; partially offset by decreases in residential mortgage and other commercial real estate - investor. •Average deposits of $35.2 billion increased $327.5 million, or 1%, from the first three months of 2025, driven by increases in all deposit types except brokered CDs, interest-bearing demand, and money market. •Net interest income of $307.2 increased $21.2 million, or 7%, from the first three months of 2025, and net interest margin was 3.03%, compared to 2.97% for the first three months of 2025. The increases in net interest income and net interest margin were driven by increases average balances of interest earning assets alongside a decrease in rates for interest-bearing liabilities. •Provision for credit losses was $11.0 million compared to $13.0 million for the first three months of 2025, driven by nominal credit movement coupled with general macroeconomic trends. •Noninterest income of $75.9 million increased $17.1 million, or 29%, from the first three months of 2025, primarily due to higher wealth management fees and mortgage banking revenue as well as the absence of a loss on mortgage portfolio sale that was recognized in the first quarter of 2025 in connection with the completion of balance sheet repositioning announced in the fourth quarter of 2024. •Noninterest expense of $219.2 million increased $8.5 million, or 4%, from the first three months of 2025, primarily due to an increase in personnel expense, primarily driven by increases in health care benefit costs and annual incentive accruals based on increased FTEs in incentive eligible roles; partially offset by a decrease in other noninterest expense, due to elevated OREO write downs in 2025 as compared to 2026. 46 Table of Contents Table 1 Summary Results of Operations: Trends Quarter ended (Dollars in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Net income $ 119,635  $ 137,129  $ 124,732  $ 111,230  $ 101,687  Net income available to common equity 116,760  134,254  121,857  108,355  98,812  Earnings per common share - basic 0.70  0.81  0.73  0.65  0.60  Earnings per common share - diluted 0.70  0.80  0.73  0.65  0.59  Dividend payout ratio(a) 34.29  % 29.63  % 31.51  % 35.38% 38.33  % Book value / share(b) 29.04  28.81  28.17  27.67  27.09  Tangible book value (TBV) / share(b)(c) 22.23  22.01  21.36  20.84  20.25  Performance ratios Return on average assets(d) 1.08  % 1.23  % 1.12  % 1.03  % 0.97  % Return on average tangible assets(c)(d) 1.12  % 1.27  % 1.17  % 1.07  % 1.01  % Return on average equity(d) 9.69  % 11.09  % 10.26  % 9.43  % 8.91  % Return on average tangible common equity (ROATCE)(c)(d) 13.03  % 15.04  % 14.02  % 12.96  % 12.34  % Efficiency ratios (expense / revenue) Fully tax-equivalent efficiency ratio 56.03  % 55.21  % 54.77  % 55.81  % 59.72  % Adjusted efficiency ratio(c) 55.77  % 55.15  % 54.77  % 55.81  % 58.55  % (a) Ratio is based upon basic earnings per common share. (b) Based on period end common shares outstanding. (c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures. (d) This ratio is annualized. 47 Table of Contents Table 2 Net Interest Income Analysis Three Months Ended, Mar 31, 2026 December 31, 2025(a) Mar 31, 2025(a)  (Dollars in thousands) Average Balance Interest Income / Expense Average Yield / Rate Average Balance Interest Income / Expense Average Yield / Rate Average Balance Interest Income / Expense Average Yield / Rate Assets Earning assets Loans(b)(c) Commercial and industrial $ 11,776,702  $ 172,507  5.94% $ 11,588,059  $ 182,101  6.24% $ 10,583,318  $ 169,785  6.50% Commercial real estate—owner occupied 1,190,708  15,968  5.44% 1,157,531  16,358  5.61% 1,141,167  16,200  5.76% Commercial and business lending 12,967,410  188,475  5.89% 12,745,590  198,459  6.18% 11,724,484  185,985  6.43% Commercial real estate—investor 5,277,283  78,154  6.01% 5,291,562  84,153  6.31% 5,415,412  87,089  6.52% Real estate construction 2,055,338  34,043  6.72% 1,974,318  34,870  7.01% 1,898,582  33,945  7.25% Commercial real estate lending 7,332,621  112,197  6.21% 7,265,880  119,023  6.50% 7,313,994  121,034  6.71% Total commercial 20,300,031  300,672  6.01% 20,011,470  317,482  6.30% 19,038,479  307,020  6.54% Residential mortgage 6,831,984  64,640  3.78% 6,899,778  64,779  3.76% 7,256,320  66,823  3.68% Auto finance 3,125,504  41,969  5.45% 3,064,457  42,915  5.56% 2,844,730  39,176  5.59% Home equity 709,865  11,692  6.60% 706,923  12,570  7.11% 657,625  12,052  7.34% Other consumer 314,118  8,504  10.98% 312,730  8,454  10.72% 313,828  8,773  11.34% Total consumer 10,981,471  126,805  4.65% 10,983,888  128,718  4.67% 11,072,503  126,824  4.61% Total loans 31,281,502  427,477  5.53% 30,995,358  446,200  5.72% 30,110,982  433,844  5.83% Investments Taxable securities 7,071,751  75,676  4.28% 6,912,251  73,511  4.25% 6,398,584  69,788  4.36% Tax-exempt securities(b) 1,978,501  17,389  3.52% 1,990,389  17,534  3.52% 2,016,144  17,666  3.50% Other short-term investments 1,016,795  11,641  4.64% 972,884  11,294  4.61% 757,227  9,243  4.95% Total investments 10,067,047  104,706  4.17% 9,875,524  102,339  4.14% 9,171,955  96,696  4.22% Total earning assets and related interest income 41,348,549  $ 532,183  5.20% 40,870,882  $ 548,539  5.34% 39,282,937  $ 530,540  5.45% Other assets, net 3,670,399  3,531,889  3,347,690  Total assets $ 45,018,948  $ 44,402,771  $ 42,630,627  Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $ 5,532,848  $ 17,690  1.30% $ 5,436,968  $ 18,823  1.37% $ 5,162,468  $ 17,929  1.41% Interest-bearing demand 7,886,442  34,236  1.76% 8,054,088  40,309  1.99% 8,031,707  45,430  2.29% Money market 6,061,442  34,239  2.29% 5,890,836  35,353  2.38% 6,079,551  39,560  2.64% Network transaction deposits 1,917,854  17,502  3.70% 2,090,587  20,882  3.96% 1,847,972  20,067  4.40% Brokered CDs 3,528,294  34,811  4.00% 3,998,012  42,056  4.17% 4,315,311  49,292  4.63% Other time deposits 4,234,785  36,795  3.52% 4,093,939  37,355  3.62% 3,756,332  36,862  3.98% Total interest-bearing deposits 29,161,665  175,273  2.44% 29,564,430  194,778  2.61% 29,193,341  209,140  2.91% Federal funds purchased and securities sold under agreements to repurchase 425,142  3,732  3.56% 289,679  2,682  3.67% 375,910  3,622  3.91% FHLB advances 3,380,379  31,570  3.79% 2,504,464  26,309  4.17% 1,595,972  16,090  4.09% Senior and subordinated debt 594,401  10,163  6.84% 594,104  10,483  7.06% 627,371  11,085  7.07% Other interest-bearing liabilities 11,212  116  4.18% 13,212  110  3.29% 31,599  408  5.24% Total funding 4,411,134  45,581  4.18% 3,401,459  39,584  4.63% 2,630,852  31,205  4.79% Total interest-bearing liabilities and related interest expense 33,572,799  $ 220,854  2.67% 32,965,889  $ 234,362  2.82% 31,824,193  $ 240,345  3.06% Noninterest-bearing demand deposits 5,999,278  6,064,487  5,640,123  Other liabilities 440,344  464,838  535,732  Stockholders’ equity 5,006,527  4,907,557  4,630,578  Total liabilities and stockholders’ equity $ 45,018,948  $ 44,402,771  $ 42,630,627  Interest rate spread 2.53% 2.52% 2.39% Net free funds 0.50% 0.55% 0.58% Fully tax-equivalent net interest income and net interest margin $ 311,329  3.03% $ 314,177  3.06% $ 290,195  2.97% Fully tax-equivalent adjustment (4,139) (4,196) (4,254) Net interest income $ 307,190  $ 309,981  $ 285,941  (a) Prior period has been adjusted to conform with current period presentation. (b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. (c) Loans held for sale have been included in the average balances. 48 Table of Contents Notable Contributions to the Change in Net Interest Income •Fully tax-equivalent net interest income and net interest income increased $21.1 million and $21.2 million, or 7%, as compared to the first three months of 2025, respectively. The average yield on earning assets decreased 25 bp and the cost of interest-bearing liabilities decreased 39 bp from the first three months of 2025. The increase in net interest income was primarily driven by higher earning assets along with an improved interest rate spread.  Asset yields benefitted from an asset mix shift away from lower yielding residential mortgages to higher yielding commercial and industrial loans, while interest bearing liability r [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion is management’s analysis to assist in the understanding and evaluation of the consolidated financial condition and results of operations of the Corporation. It should be read in conjunction with the consolidated financial statements and footnotes and the selected financial data presented elsewhere in this report. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. The detailed financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Overview The Corporation is a bank holding company headquartered in Wisconsin, providing a broad array of banking and nonbanking products and services to businesses and consumers primarily within our four-state footprint. The Corporation’s primary sources of revenue, through the Bank, are net interest income (predominantly from loans and investment securities) and noninterest income (principally fees and other revenue from financial services provided to customers or ancillary services tied to loans and deposits). Performance Summary •Average loans of $30.6 billion for the full year of 2025 increased $892.7 million, or 3%, from 2024, driven primarily by increases in commercial and business lending and auto finance loans, partially offset by a decrease in residential mortgage lending due to the mortgage portfolio sale announced as part of the balance sheet repositioning in the fourth quarter of 2024. •Average deposits of $34.8 billion for the full year of 2025 increased $1.5 billion, or 4%, from 2024, driven by increases in all deposit types, except money market and brokered CDs. •Net interest income of $1.2 billion in 2025 increased $153.9 million, or 15%, from 2024. Net interest margin of 3.03% in 2025 increased 25 bp from 2.78% in 2024. The increases in net interest income and net interest margin were driven by decreases in interest expense for interest-bearing deposits and the balance sheet repositioning announced in the fourth quarter of 2024 which sold lower yielding residential mortgage loans and investment securities. •Provision for credit losses was $54.0 million in 2025, compared to $85.0 million in 2024, driven by nominal credit movement coupled with general macroeconomic trends. •Noninterest income of $286.4 million in 2025 increased $295.8 million from 2024, primarily driven by nonrecurring losses on the sale of mortgages and investments in 2024 associated with the balance sheet repositioning announced in the fourth quarter of 2024. Additional increases were due to increased capital markets revenue from an elevated level of activity in our syndications, interest rate swaps and foreign currency businesses. The increases were partially offset by the nonrecurring loss recognized related to the settlement of the mortgage loan sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024. •Noninterest expense of $855.6 million in 2025 increased $37.2 million, or 5%, from 2024, primarily driven by increases in personnel expense reflective of higher variable compensation, which is the result of strong execution against our strategic plan and increased healthcare costs, business development and advertising expense increase due to additional spend on advertising, legal and professional expenses due to increased consultant and IT staff augmentation expenditures, and other noninterest expense primarily due to OREO write downs in 2025. These increases were offset by a decrease in loss on prepayments of FHLB advances due to the nonrecurring fee incurred in 2024 due to the prepayment of long-term FHLB advances. 43 Table 1 Summary Results of Operations: Trends Year Ended December 31, (Dollars in thousands, except per share data) 2025 2024 2023 Net income $ 474,777  $ 123,145  $ 182,956  Net income available to common equity 463,277  111,645  171,456  Earnings per common share - basic 2.79  0.73  1.14  Earnings per common share - diluted 2.77  0.72  1.13  Dividend payout ratio(a) 33.33  % 121.92  % 74.56  % Performance ratios Return on average assets 1.09  % 0.30  % 0.45  % Return on average tangible assets(b) 1.13  % 0.32  % 0.48  % Return on average equity 9.95  % 2.86  % 4.45  % Return on average tangible common equity (ROATCE)(b) 13.63  % 3.99  % 6.44  % Efficiency ratios (expense / revenue) Fully tax-equivalent efficiency ratio 56.29  % 67.64  % 68.16  % Adjusted efficiency ratio(b) 56.01  % 59.34  % 58.79  % N/M = Not Meaningful (a) Ratio is based upon basic earnings per common share. (b) This is a non-GAAP financial measure. See Table 23 Non-GAAP Measures for a reconciliation to GAAP financial measures. 44 Income Statement Analysis Net Interest Income Net interest income is the primary source of the Corporation’s revenue. Net interest income is the difference between interest income on interest-earning assets, such as loans and investment securities, and the interest expense on interest-bearing deposits and other borrowings used to fund interest-earning and other assets or activities. Net interest income is affected by the amount and composition of earning assets and interest-bearing liabilities, as well as the sensitivity of the balance sheet to changes in interest rates, including characteristics such as the fixed or variable nature of the financial instruments, contractual maturities, re-pricing frequencies, loan prepayment behavior, and the use of interest rate derivative financial instruments. Interest rate spread and net interest margin are utilized to measure and explain changes in net interest income. Interest rate spread is the difference between the yield on earning assets and the rate paid on interest-bearing liabilities that fund those assets. The net interest margin is expressed as the percentage of net interest income to average earning assets. The net interest margin exceeds the interest rate spread because net free funds, principally noninterest-bearing demand deposits and stockholders’ equity, also support earning assets. To compare tax-exempt asset yields to taxable yields, the yield on tax-exempt loans and investment securities is computed on a fully tax-equivalent basis. Net interest income, interest rate spread, and net interest margin are discussed on a fully tax-equivalent basis. Table 2 provides average daily balances of earning assets and interest-bearing liabilities, the associated interest income and expense, and the corresponding interest rates earned and paid, as well as net interest income, interest rate spread, and net interest margin on a fully tax-equivalent basis for the years ended December 31, 2025, 2024, and 2023. Table 2 presents additional information to facilitate the review and discussion of fully tax-equivalent net interest income, interest rate spread, and net interest margin. 45 Table 2 Net Interest Income Analysis Years Ended December 31, 2025 2024(a) 2023(a)  (Dollars in thousands) Average Balance Interest Income / Expense Average Yield / Rate Average Balance Interest Income / Expense Average Yield / Rate Average Balance Interest Income / Expense Average Yield / Rate Assets Earning assets Loans(b)(c) Commercial and industrial $ 11,133,436  $ 718,887  6.46  % $ 9,967,970  $ 720,359  7.23  % $ 9,783,075  $ 679,257  6.94  % Commercial real estate—owner occupied 1,129,614  64,400  5.70  % 1,101,216  66,605  6.05  % 1,048,201  60,760  5.80  % Commercial and business lending 12,263,050  783,287  6.39  % 11,069,185  786,963  7.11  % 10,831,275  740,017  6.83  % Commercial real estate—investor 5,396,914  349,925  6.48  % 5,053,175  363,187  7.19  % 5,165,710  363,158  7.03  % Real estate construction 1,933,910  139,468  7.21  % 2,217,064  175,041  7.90  % 2,148,940  156,870  7.30  % Commercial real estate lending 7,330,824  489,393  6.68  % 7,270,239  538,228  7.40  % 7,314,651  520,028  7.11  % Total commercial 19,593,874  1,272,680  6.50  % 18,339,424  1,325,191  7.23  % 18,145,926  1,260,045  6.94  % Residential mortgage 7,043,508  262,150  3.72  % 7,907,962  278,804  3.53  % 8,696,706  293,446  3.37  % Auto finance 2,961,544  165,476  5.59  % 2,576,979  144,892  5.62  % 1,793,959  89,454  4.99  % Home equity 680,716  49,361  7.25  % 607,044  52,404  8.63  % 619,507  49,243  7.95  % Other consumer 310,429  34,843  11.22  % 265,951  30,982  11.65  % 278,195  30,946  11.12  % Total consumer 10,996,197  511,830  4.65  % 11,357,935  507,083  4.46  % 11,388,367  463,088  4.07  % Total loans 30,590,071  1,784,510  5.83  % 29,697,360  1,832,274  6.17  % 29,534,293  1,723,134  5.83  % Investments Taxable securities 6,665,988  288,200  4.32  % 5,690,238  199,424  3.50  % 5,243,805  146,006  2.78  % Tax-exempt securities(b) 2,002,085  70,377  3.52  % 2,111,523  71,458  3.38  % 2,288,328  79,673  3.48  % Other short-term investments 944,904  46,568  4.93  % 668,730  37,291  5.58  % 564,284  28,408  5.03  % Total investments 9,612,977  405,145  4.21  % 8,470,491  308,173  3.64  % 8,096,417  254,087  3.14  % Total earning assets and related interest income $ 40,203,048  $ 2,189,655  5.45  % $ 38,167,851  $ 2,140,446  5.61  % $ 37,630,710  $ 1,977,221  5.25  % Other assets, net 3,420,064  3,166,002  3,018,214  Total assets $ 43,623,112  $ 41,333,853  $ 40,648,923  Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $ 5,290,992  $ 72,932  1.38  % $ 5,080,045  $ 85,450  1.68  % $ 4,773,366  $ 63,945  1.34  % Interest-bearing demand 7,917,003  172,987  2.19  % 7,443,738  193,900  2.60  % 6,904,514  154,136  2.23  % Money market 5,954,259  151,669  2.55  % 5,994,171  181,444  3.03  % 6,668,930  177,311  2.66  % Network transaction deposits 1,929,731  82,437  4.27  % 1,645,695  85,788  5.21  % 1,469,616  75,294  5.12  % Brokered CDs 4,078,557  179,645  4.40  % 4,240,621  221,157  5.22  % 2,687,316  137,280  5.11  % Other time deposits 3,885,386  144,248  3.71  % 3,240,865  134,065  4.14  % 2,218,432  65,658  2.96  % Total interest-bearing deposits 29,055,928  803,918  2.77  % 27,645,135  901,804  3.26  % 24,722,174  673,624  2.72  % Federal funds purchased and securities sold under agreements to repurchase 278,104  10,415  3.75  % 272,069  11,754  4.32  % 345,519  12,238  3.54  % Other short-term funding 20,177  1,016  5.04  % 403,214  20,420  5.06  % 8,582  1  0.01  % FHLB advances 2,630,034  113,253  4.31  % 1,793,734  98,520  5.49  % 3,741,790  196,535  5.25  % Other long-term funding 601,867  43,009  7.15  % 640,842  45,781  7.14  % 504,438  36,080  7.15  % Total short and long-term funding 3,530,182  167,693  4.75  % 3,109,859  176,475  5.67  % 4,600,329  244,855  5.32  % Total interest-bearing liabilities and related interest expense $ 32,586,110  $ 971,611  2.98  % $ 30,754,994  $ 1,078,279  3.51  % $ 29,322,503  $ 918,479  3.13  % Noninterest-bearing demand deposits 5,788,743  5,745,960  6,620,965  Other liabilities 474,382  530,537  594,318  Stockholders’ equity 4,773,877  4,302,362  4,111,138  Total liabilities and stockholders’ equity $ 43,623,112  $ 41,333,853  $ 40,648,923  Interest rate spread 2.46  % 2.10  % 2.12  % Net free funds 0.56  % 0.68  % 0.69  % Fully tax-equivalent net interest income and net interest margin $ 1,218,044  3.03  % $ 1,062,167  2.78  % $ 1,058,742  2.81  % Fully tax-equivalent adjustment (16,899) (14,919) (19,168) Net interest income $ 1,201,145  $ 1,047,248  $ 1,039,573  (a) Prior periods have been adjusted to conform with current period presentation. (b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. (c) Loans held for sale have been included in the average balances. Notable Contributions to the Change in 2025 Net Interest Income •Fully tax-equivalent net interest income was up $155.9 million and net interest income was up $153.9 million, or 15%, compared to 2024. The average yield on earning assets decreased 16 bp compared to 2024 and the cost of interest-bearing liabilities decreased 53 bp from 2024. The increase in net interest income was driven, in part, by the actions taken by the 46 Corporation as part of the balance sheet repositioning announced in the fourth quarter of 2024 which sold off lower yielding investment securities and residential mortgages. Additionally, continued organic investment activity in the AFS portfolio during 2025 drove higher average investment balances contributing to interest income expansion. Finally, given that the Corporation is slightly asset sensitive, the Federal Reserve decreasing the federal funds target interest rate by 100 bp in the second half of 2024 and 75 bp in the second half of 2025 caused contraction in the interest income earned on loans; however, this contraction was more than offset by the repricing of deposits downward, in line with market rates, resulting in lower interest expense on interest-bearing deposits. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk. •Average earning assets increased $2.0 billion, or 5% , from 2024. Average loans increased $892.7 million, or 3%, compared to 2024, driven by increases in commercial and industrial loans, auto loans, and commercial real estate lending, partially offset by a decrease in residential mortgage as a result of our balance sheet repositioning announced in the fourth quarter of 2024. Average investments increased $1.1 billion, or 13%, compared to 2024, due to organic investment activity. •Average interest-bearing liabilities increased $1.8 billion, or 6%, compared to 2024. Average interest-bearing deposits increased $1.4 billion, or 5%, compared to 2024, driven by increases in most deposit types except brokered CDs and money market which decreased slightly. Average total short and long-term funding increased $420.3 million, or 14%, from 2024, primarily driven by an increase in FHLB funding, partially offset by a decrease in other short-term funding related to the payoff of BTFP advances in October 2024. Average noninterest-bearing demand deposits increased $42.8 million, or 1%, compared to 2024. 47 Table 3 Rate/Volume Analysis(a) 2025 Compared to 2024 Increase (Decrease) Due to 2024 Compared to 2023 Increase (Decrease) Due to(b)  (Dollars in thousands) Volume Rate Net Volume Rate Net Interest income Loans(c)(d) Commercial and industrial $ 79,531  $ (81,002) $ (1,471) $ 12,900  $ 28,201  $ 41,101  Commercial real estate—owner occupied 1,687  (3,892) (2,205) 3,165  2,679  5,844  Commercial and business lending 81,218  (84,894) (3,676) 16,066  30,880  46,946  Commercial real estate—investor 23,714  (36,976) (13,262) (8,003) 8,032  29  Real estate construction (21,202) (14,371) (35,573) 5,087  13,083  18,171  Commercial real estate lending 2,512  (51,347) (48,835) (2,915) 21,115  18,200  Total commercial 83,730  (136,241) (52,511) 13,150  51,996  65,146  Residential mortgage (31,602) 14,948  (16,654) (27,413) 12,771  (14,641) Auto finance 21,493  (909) 20,584  42,899  12,539  55,438  Home equity 5,921  (8,964) (3,043) (1,005) 4,167  3,162  Other consumer 5,026  (1,165) 3,861  (1,398) 1,434  36  Total consumer 838  3,910  4,748  13,083  30,912  43,994  Total loans 84,568  (132,331) (47,763) 26,233  82,907  109,140  Investments Taxable securities 37,579  51,197  88,776  13,226  40,191  53,418  Tax-exempt securities(c) (3,786) 2,705  (1,081) (6,029) (2,186) (8,215) Other short-term investments 14,004  (4,727) 9,277  5,616  3,267  8,883  Total investments 47,797  49,175  96,972  12,813  41,272  54,086  Total earning assets $ 132,365  $ (83,156) $ 49,209  $ 39,046  $ 124,180  $ 163,226  Interest expense Savings $ 3,428  $ (15,946) $ (12,518) $ 4,319  $ 17,186  $ 21,505  Interest-bearing demand 11,765  (32,678) (20,913) 12,678  27,085  39,763  Money market (1,200) (28,575) (29,775) (18,989) 23,123  4,134  Network transaction deposits 13,501  (16,852) (3,351) 9,159  1,336  10,495  Brokered CDs (8,194) (33,318) (41,512) 80,992  2,885  83,876  Other time deposits 24,859  (14,676) 10,183  36,727  31,679  68,406  Total interest-bearing deposits 44,159  (142,045) (97,886) 124,886  103,294  228,180  Federal funds purchased and securities sold under agreements to repurchase 255  (1,594) (1,339) (2,883) 2,399  (484) Other short-term funding (19,297) (107) (19,404) 1,771  18,648  20,419  FHLB advances 39,154  (24,421) 14,733  (106,619) 8,604  (98,015) Other long-term funding (2,785) 13  (2,772) 9,745  (44) 9,701  Total short and long-term funding 17,327  (26,109) (8,782) (97,986) 29,606  (68,380) Total interest-bearing liabilities 61,486  (168,154) (106,668) 26,900  132,900  159,800  Fully tax-equivalent net interest income (expense) $ 70,879  $ 84,998  $ 155,877  $ 12,146  $ (8,721) $ 3,426  (a) The change in interest due to both rate and volume has been allocated in proportion to the relationship to the dollar amounts of the change in each. (b) Prior periods have been adjusted to conform with current period presentation. (c) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. (d) Loans held for sale have been included in the average balances used in the analysis. Provision for Credit Losses The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for December 31, 2025 was the Moody's baseline scenario from November 2025, which was reviewed against the December 2025 baseline scenario with no material updates made, over a two-year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans. 48 Noninterest Income Table 4 Noninterest Income Years Ended December 31, $ Change % Change (Dollars in thousands, except as noted) 2025 2024 2023 2025 from 2024 2024 from 2023 2025 from 2024 2024 from 2023 Wealth management fees $ 96,579  $ 92,569  $ 82,502  $ 4,010  $ 10,067  4  % 12  % Service charges and deposit account fees 53,649  51,642  49,045  2,007  2,597  4  % 5  % Card-based fees 46,629  46,921  45,020  (292) 1,901  (1) % 4  % Other fee-based revenue 21,216  19,499  17,268  1,717  2,231  9  % 13  % Capital markets, net 32,048  22,084  24,649  9,964  (2,565) 45  % (10) % Mortgage banking, net 14,502  10,686  19,429  3,816  (8,743) 36  % (45) % Loss on mortgage portfolio sale (6,976) (130,406) (136,239) 123,430  5,833  (95) % (4) % Bank and corporate owned life insurance 17,195  13,477  10,266  3,718  3,211  28  % 31  % Asset gains (losses), net 1,565  (1,042) 454  2,607  (1,496) N/M N/M Investment securities gains (losses), net 49  (144,147) (58,903) 144,196  (85,244) N/M 145  % Other 9,944  9,310  9,691  634  (381) 7  % (4) % Total noninterest income (loss) $ 286,400  $ (9,407) $ 63,182  $ 295,807  $ (72,589) N/M N/M Assets under management, at market value(a) $ 16,132  $ 14,773  $ 13,545  $ 1,359  $ 1,228  9  % 9  % N/M = Not Meaningful (a) In millions. Excludes assets held in brokerage accounts. Notable Contributions to the Change in 2025 Noninterest Income •Capital markets increased $10.0 million from 2024, primarily due to an elevated level of activity in our interest rate swap, syndications, and foreign currency businesses. •Mortgage banking increased $3.8 million from 2024, primarily as a result of increased gains on sales of mortgage loans originated for sale and MSR income impacts. •Loss on mortgage portfolio sale decreased $123.4 million from 2024 driven by a nonrecurring $130.4 million loss on sale of mortgages recognized in 2024 following the balance sheet repositioning announced during the fourth quarter of 2024, and an additional $7.0 million loss that was recognized in 2025 upon completion of the sale. •Bank and corporate owned life insurance increased $3.7 million 2024, driven by an increased number of claims. •Asset gains (losses), net improved $2.6 million from 2024, driven primarily by deferred compensation valuation adjustments given market conditions. •Investment securities (losses) gains, net improved $144.2 million from 2024, driven primarily by a nonrecurring $148.2 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024. 49 Noninterest Expense Table 5 Noninterest Expense Years Ended December 31, $ Change % Change  (Dollars in thousands) 2025 2024 2023 2025 from 2024 2024 from 2023 2025 from 2024 2024 from 2023 Personnel $ 521,723  $ 487,956  $ 468,355  $ 33,767  $ 19,601  7  % 4  % Technology 110,877  107,563  102,018  3,314  5,545  3  % 5  % Occupancy 55,011  54,622  57,204  389  (2,582) 1  % (5) % Business development and advertising 31,614  28,142  28,405  3,472  (263) 12  % (1) % Equipment 20,277  18,431  19,663  1,846  (1,232) 10  % (6) % Legal and professional 23,934  21,601  19,911  2,333  1,690  11  % 8  % Loan and foreclosure costs 8,264  8,471  5,408  (207) 3,063  (2) % 57  % FDIC assessment 36,713  38,439  67,072  (1,726) (28,633) (4) % (43) % Other intangible amortization 8,811  8,811  8,811  —  —  —  % —  % Loss on prepayments of FHLB advances —  14,243  —  (14,243) 14,243  N/M N/M Other 38,415  30,118  36,837  8,297  (6,719) 28  % (18) % Total noninterest expense $ 855,639  $ 818,397  $ 813,682  $ 37,242  $ 4,715  5  % 1  % Average FTEs(a) 3,886  4,030  4,199  (144) (169) (4) % (4) % Noninterest expense / average assets 1.96  % 1.98  % 2.00  % (a) Average FTEs without overtime Notable Contributions to the Change in 2025 Noninterest Expense •Personnel expense increased $33.8 million from 2024 largely driven by continued investment in our colleagues as we continue to execute on our growth strategy. •Business development and advertising expense increased $3.5 million from 2024 primarily due to additional spend on advertising including direct mail and television production. •Legal and professional expenses increased $2.3 million from 2024, primarily driven by increased consultant and IT staff augmentation expenses in the current year. •The decrease in loss on prepayments of FHLB advances was due to the prepayment of $600.0 million of long-term FHLB advances in the fourth quarter of 2024, for which the Corporation incurred a nonrecurring loss of $14.2 million. •Other noninterest expense increased $8.3 million from 2024 primarily due to OREO write downs in 2025 as compared to a gain on the sale of OREO properties in 2024 and higher donation expenditures in 2025. Income Taxes The Corporation recognized income tax expense of $103.1 million for 2025, compared to income tax expense of $11.3 million for 2024. The Corporation's effective tax rate was 17.85% for 2025, compared to an effective tax rate of 8.41% for 2024. The increase in income tax expense and higher effective tax rate during 2025 were primarily due to a strategic reallocation of the investment portfolio and the adoption of a legal entity rationalization plan that resulted in the recognition of deferred tax benefits in 2024 and increased net income in 2025. See Note 1 Summary of Significant Accounting Policies of the notes to consolidated financial statements for the Corporation’s income tax accounting policy. Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations. See Note 12 Income Taxes of the notes to consolidated financial statements for more information. 50 Balance Sheet Analysis •At December 31, 2025, total assets were $45.2 billion, up $2.2 billion, or 5%, from December 31, 2024. ◦Interest bearing deposits in other financial institutions were $1.1 billion at December 31, 2025, up $690.5 million, or 152%, from December 31, 2024. Federal funds sold and securities purchased under agreement to resell were $1.4 million at December 31, 2025, down $20.6 million, or 94% from December 31, 2024. See Consolidated Statements of Cash Flows for detailed information. ◦AFS investment securities at fair value were $5.4 billion at December 31, 2025, up $816.1 million, or 18%, from December 31, 2024. Regulatory stocks were $252.5 million at December 31, 2025, up $72.8 million, or 41%, from December 31, 2024. See Note 2 Investment Securities of the notes to the consolidated financial statements for details on these changes. ◦Loans of $31.2 billion at December 31, 2025 were up $1.4 billion, or 5%, from December 31, 2024 primarily due to increases in commercial and business lending and auto finance loans, offset by a decrease in residential mortgage loans. See section Loans and Note 3 Loans of the notes to consolidated financial statements for additional details. ◦Residential loans held for sale were $72.5 million at December 31, 2025, down $574.2 million, or 89%, from December 31, 2024. The decrease from December 31, 2024 was a result of the mortgage portfolio sale announced as part of the balance sheet repositioning in the fourth quarter of 2024 and the sale closing in January 2025. •At December 31, 2025, total liabilities were $40.2 billion, up $1.8 billion, or 5%, from December 31, 2024. ◦Short-term funding was $307.9 million at December 31, 2025, down $162.5 million, or 35%, from December 31, 2024. FHLB advances were $3.3 billion at December 31, 2025, up $1.4 billion, or 76%, from December 31, 2024. These changes were due to a mix shift in funding away from federal funds purchased to short-term FHLB advances. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details. ◦Other long-term funding was $594.3 million at December 31, 2025, down $243.4 million, or 29%, from December 31, 2024, primarily due to subordinated notes maturing in January 2025. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details. ◦Accrued expenses and other liabilities were $463.1 million, down $105.4 million, or 19%, from December 31, 2024, primarily due to decreases in derivative liabilities. See Note 13 Derivative and Hedging Activities of the notes to consolidated financial statements for additional details. •At December 31, 2025, the loans to deposits ratio was 87.65%, up from 85.92% at December 31, 2024. 51 Loans Table 6 Period End Loan Composition As of December 31, 2025 2024 2023  (Dollars in thousands) Amount % of Total Amount % of Total Amount % of Total Commercial and industrial $ 11,799,757  38  % $ 10,573,741  36  % $ 9,731,555  33  % Commercial real estate — owner occupied 1,186,324  4  % 1,143,741  4  % 1,061,700  4  % Commercial and business lending 12,986,081  42  % 11,717,483  39  % 10,793,255  37  % Commercial real estate — investor 5,246,030  17  % 5,227,975  18  % 5,124,245  18  % Real estate construction 1,994,642  6  % 1,982,632  7  % 2,271,398  8  % Commercial real estate lending 7,240,672  23  % 7,210,607  24  % 7,395,644  25  % Total commercial 20,226,753  65  % 18,928,090  64  % 18,188,898  62  % Residential mortgage 6,793,957  22  % 7,047,541  24  % 7,864,891  27  % Auto finance 3,106,498  10  % 2,810,220  9  % 2,256,162  8  % Home equity 713,271  2  % 664,252  2  % 628,526  2  % Other consumer 323,135  1  % 318,483  1  % 277,740  1  % Total consumer 10,936,861  35  % 10,840,496  36  % 11,027,319  38  % Total loans $ 31,163,614  100  % $ 29,768,586  100  % $ 29,216,218  100  % Commercial real estate and real estate construction loan detail Non-owner occupied $ 3,215,636  61  % $ 3,210,509  61  % $ 3,362,085  66  % Multi-family 2,028,760  39  % 2,015,401  39  % 1,759,504  34  % Farmland 1,634  —  % 2,065  —  % 2,656  —  % Commercial real estate — investor $ 5,246,030  100  % $ 5,227,975  100  % $ 5,124,245  100  % 1-4 family construction $ 191,892  10  % $ 160,699  8  % $ 275,292  12  % All other construction 1,802,750  90  % 1,821,933  92  % 1,996,106  88  % Real estate construction $ 1,994,642  100  % $ 1,982,632  100  % $ 2,271,398  100  % The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loans within the overall loan portfolio. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the ERC. These guidelines and limits are designed to create balance and diversification within the loan portfolios. In the first quarter of 2025, the Corporation completed a mortgage portfolio sale of $722.9 million in residential mortgages at a loss of $130.4 million as part of the balance sheet repositioning announced during the fourth quarter of 2024. The proceeds of this sale were used to pay down long-term FHLB advances and reinvest into higher yielding investment securities. During the fourth quarter of 2023, the Corporation completed a mortgage portfolio sale of $968.6 million of residential mortgages at a loss of $136.2 million related to the balance sheet repositioning announced during the fourth quarter of 2023. The proceeds of this sale were used to pay down higher cost funding and increase liquidity capacity. 52 The Corporation's loan distribution and interest rate sensitivity as of December 31, 2025 are summarized in the following table: Table 7 Loan Distribution and Interest Rate Sensitivity (Dollars in thousands) Within 1 Year(a) 1-5 Years 5-15 Years Over 15 Years Total % of Total Fixed rate Commercial and industrial $ 4,693,130  $ 1,007,322  $ 372,774  $ 470  $ 6,073,696  19  % Commercial real estate — owner occupied 135,508  245,098  94,870  —  475,476  2  % Commercial and business lending 4,828,638  1,252,420  467,644  470  6,549,172  21  % Commercial real estate — investor 496,650  259,389  10,888  —  766,927  2  % Real estate construction 287,453  30,377  8,865  —  326,695  1  % Commercial real estate lending 784,103  289,766  19,753  —  1,093,622  4  % Total commercial 5,612,741  1,542,186  487,397  470  7,642,794  25  % Residential mortgage 7,636  52,475  309,644  4,099,119  4,468,874  14  % Auto finance 5,191  1,793,088  1,308,219  —  3,106,498  10  % Home equity 360  5,318  21,297  7,555  34,530  —  % Other consumer 7,121  27,959  16,963  4,839  56,882  —  % Total consumer 20,308  1,878,840  1,656,123  4,111,513  7,666,784  25  % Total fixed rate loans $ 5,633,049  $ 3,421,026  $ 2,143,520  $ 4,111,983  $ 15,309,578  49  % Floating or adjustable rate Commercial and industrial $ 5,676,991  $ 48,522  $ 548  $ —  $ 5,726,061  18  % Commercial real estate — owner occupied 710,151  697  —  —  710,848  2  % Commercial and business lending 6,387,142  49,219  548  —  6,436,909  21  % Commercial real estate — investor 4,477,941  1,162  —  —  4,479,103  14  % Real estate construction 1,667,485  462  —  —  1,667,947  5  % Commercial real estate lending 6,145,426  1,624  —  —  6,147,050  20  % Total commercial 12,532,568  50,843  548  —  12,583,959  40  % Residential mortgage 199,876  984,186  1,140,966  55  2,325,083  7  % Auto finance —  —  —  —  —  —  % Home equity 678,043  698  —  —  678,741  2  % Other consumer 266,253  —  —  —  266,253  1  % Total consumer 1,144,172  984,884  1,140,966  55  3,270,077  10  % Total floating or adjustable rate loans $ 13,676,740  $ 1,035,727  $ 1,141,514  $ 55  $ 15,854,036  51  % Total loans $ 19,309,789  $ 4,456,753  $ 3,285,034  $ 4,112,038  $ 31,163,614  100  % (a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category. At December 31, 2025, $21.5 billion, or 69%, of the total loans outstanding and $18.2 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year. Credit Risk An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 3 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality. The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At December 31, 2025, no significant concentrations existed in the Corporation’s loan portfolio in excess of 10% of total loan exposure. 53 Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and ABL and equipment financing. Table 8 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector December 31, 2025 NAICS Subsector Outstanding Balance Total Exposure % of Total Loan Exposure (Dollars in thousands) Utilities(a) 221  $ 3,009,210  $ 3,787,934  9  % Real Estate(b) 531  2,183,905  3,757,948  9  % Credit Intermediation and Related Activities(c) 522  671,604  1,331,594  3  % Merchant Wholesalers, Durable Goods 423  713,836  1,212,061  3  % (a) 68% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal). (b) Includes REIT lines (c) Includes mortgage warehouse lines The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure. The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure. The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any. Commercial real estate - investor: CRE-investor is comprised of loans secured by various non-owner occupied or investor income producing property types. Table 9 Largest Commercial Real Estate - Investor Property Type Exposures December 31, 2025 % of Total Loan Exposure % of Total Commercial Real Estate - Investor Loan Exposure Multi-Family 5  % 37  % Industrial 3  % 27  % Office 2  % 16  % The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure. Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis. Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well-known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances. Table 10 Largest Real Estate Construction Property Type Exposures December 31, 2025 % of Total Loan Exposure % of Total Real Estate Construction Loan Exposure Multi-Family 5  % 52  % The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure. The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan 54 amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out. Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g., private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 88% of the outstanding loan balances in the Corporation's branch footprint at December 31, 2025. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years. The Corporation generally retains certain adjustable-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management's historical practice of originating and servicing residential mortgage loans, generally the Corporation's 30-year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management's analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet. The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines. Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio. The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required. Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts. Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions. 55 Nonperforming Assets Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 11 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans: Table 11 Nonperforming Assets As of December 31,  (Dollars in thousands) 2025 2024 2023 Nonperforming assets Commercial and industrial $ 7,178  $ 19,084  $ 62,022  Commercial real estate — owner occupied 203  1,501  1,394  Commercial and business lending 7,381  20,585  63,416  Commercial real estate — investor 8,311  16,705  —  Real estate construction 144  30  6  Commercial real estate lending 8,455  16,735  6  Total commercial 15,836  37,320  63,422  Residential mortgage 68,492  70,038  71,142  Auto finance 8,271  7,402  5,797  Home equity 7,774  8,378  8,508  Other consumer 55  122  128  Total consumer 84,592  85,941  85,574  Total nonaccrual loans 100,428  123,260  148,997  Commercial real estate owned 25,530  11,914  914  Residential real estate owned 2,414  2,068  1,290  Bank properties real estate owned(a) 72  6,235  8,301  OREO 28,016  20,217  10,506  Repossessed assets 757  687  919  Total nonperforming assets $ 129,201  $ 144,164  $ 160,421  Accruing loans past due 90 days or more Commercial $ 370  $ 642  $ 19,812  Consumer(b) 2,444  2,547  1,876  Total accruing loans past due 90 days or more $ 2,814  $ 3,189  $ 21,689  Restructured loans (accruing) Commercial $ 458  $ 475  $ 306  Consumer 5,584  3,057  2,414  Total restructured loans (accruing) $ 6,042  $ 3,531  $ 2,719  Nonaccrual restructured loans (included in nonaccrual loans) $ 3,472  $ 2,581  $ 805  Ratios Nonaccrual loans to total loans 0.32  % 0.41  % 0.51  % NPAs to total loans plus OREO and repossessed assets 0.41  % 0.48  % 0.55  % NPAs to total assets 0.29  % 0.34  % 0.39  % Allowance for credit losses on loans to nonaccrual loans 417.56  % 326.40  % 258.98  % 56 Table 11 Nonperforming Assets (continued) As of December 31, (Dollars in thousands) 2025 2024 2023 Accruing loans 30-89 days past due Commercial and industrial $ 2,683  $ 1,260  $ 5,565  Commercial real estate — owner occupied 34  1,634  358  Commercial and business lending 2,717  2,893  5,923  Commercial real estate — investor 19,405  36,391  18,697  Real estate construction 117  21  —  Commercial real estate lending 19,522  36,412  18,697  Total commercial 22,239  39,305  24,619  Residential mortgage 13,135  14,892  13,446  Auto finance 16,445  14,850  17,386  Home equity 3,779  4,625  4,208  Other consumer(b) 2,704  3,128  2,166  Total consumer 36,063  37,496  37,205  Total accruing loans 30-89 days past due $ 58,302  $ 76,801  $ 61,825  (a) Primarily closed branches and other bank operated real estate facilities, pending disposition. (b) Excluding guaranteed student loans. Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See management’s accounting policy for nonaccrual loans in Note 1 Summary of Significant Accounting Policies and Note 3 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans. Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well-secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection. Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 3 Loans of the notes to consolidated financial statements for additional restructured loans disclosures. OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation's risk of loss. Allowance for Credit Losses on Loans Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 3 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL. To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for December 31, 2025 was the Moody's baseline scenario from November 2025, which was reviewed against the December 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 3 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 6 provides information 57 on loan growth and period end loan composition, Table 11 provides additional information regarding NPAs, and Table 12 and Table 13 provide additional information regarding activity in the ACLL. The loan segmentation used in calculating the ACLL at December 31, 2025 and December 31, 2024 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio. 58 Table 12 Allowance for Credit Losses on Loans Years Ended December 31, (Dollars in thousands) 2025 2024 2023 Allowance for loan losses Balance at beginning of period $ 363,545  $ 351,094  $ 312,720  Provision for loan losses 51,500  81,000  87,000  Charge offs (54,953) (76,415) (58,768) Recoveries 17,976  7,867  10,142  Net charge offs (36,977) (68,549) (48,626) Balance at end of period $ 378,068  $ 363,545  $ 351,094  Allowance for unfunded commitments Balance at beginning of period $ 38,776  $ 34,776  $ 38,776  Provision for unfunded commitments 2,500  4,000  (4,000) Balance at end of period $ 41,276  $ 38,776  $ 34,776  Allowance for credit losses on loans $ 419,344  $ 402,322  $ 385,870  Provision for credit losses on loans 54,000  85,000  83,000  Net loan (charge offs) recoveries Commercial and industrial $ (6,258) $ (45,369) $ (42,672) Commercial real estate — owner occupied (113) 4  (15) Commercial and business lending (6,371) (45,365) (42,687) Commercial real estate — investor (18,221) (11,187) 2,763  Real estate construction 154  65  55  Commercial real estate lending (18,067) (11,122) 2,819  Total commercial (24,438) (56,487) (39,868) Residential mortgage (533) (750) (411) Auto finance (5,723) (6,637) (4,709) Home equity 583  1,150  837  Other consumer (6,866) (5,826) (4,475) Total consumer (12,539) (12,062) (8,758) Total net charge offs $ (36,977) $ (68,549) $ (48,626) Ratios Allowance for credit losses on loans to total loans 1.35  % 1.35  % 1.32  % Allowance for credit losses on loans to net charge offs 11.3x 5.9x 7.9x Loan evaluation method for ACLL Individually evaluated for impairment $ 2,992  $ 5,689  $ 15,492  Collectively evaluated for impairment 375,076  396,632  370,378  Total ACLL $ 378,068  $ 402,322  $ 385,870  Loan balance Individually evaluated for impairment $ 21,651  $ 37,172  $ 62,712  Collectively evaluated for impairment 31,141,963  29,731,414  29,153,505  Total loan balance $ 31,163,614  $ 29,768,586  $ 29,216,218  59 Table 13 Net (Charge Offs) Recoveries to Average Loans Years Ended December 31, (In basis points) 2025 2024 2023 Net loan (charge offs) recoveries Commercial and industrial (6) (46) (44) Commercial real estate — owner occupied (1) —  —  Commercial and business lending (5) (41) (39) Commercial real estate — investor (34) (22) 5  Real estate construction 1  —  —  Commercial real estate lending (25) (15) 4  Total commercial (12) (31) (22) Residential mortgage (1) (1) —  Auto finance (19) (26) (26) Home equity 9  19  14  Other consumer (221) (219) (161) Total consumer (11) (11) (8) Total net charge offs (12) (23) (16) Notable Contributions to the Change in the Allowance for Credit Losses on Loans •Total loans increased $1.4 billion, or 5%, from December 31, 2024, driven by increases in commercial and industrial lending and auto finance, partially offset by a decrease in residential mortgage lending, mainly due to the Corporation's balance sheet repositioning in December 2024. See also Note 3 Loans of the notes to consolidated financial statements for additional information on loans. •Total nonaccrual loans decreased $22.8 million, or 19%, from December 31, 2024, primarily driven by decreases in nonaccrual loans within the Corporation's commercial and industrial portfolio and CRE-investor portfolio, partially offset by increases in nonaccrual loans within the auto finance portfolio and real estate construction portfolio. See also Note 3 Loans of the notes to consolidated financial statements and section Nonperforming Assets for additional disclosures on the changes in asset quality. •For the year ended December 31, 2025, net charge offs decreased $31.6 million, or 46%, from December 31, 2024, primarily driven by a decrease in net charge offs in the Corporation's commercial and industrial portfolio, partially offset by an increase in net charge offs in the CRE-investor portfolio. See Tables 12 and 13 for additional information regarding the activity in the ACLL. Management believes the level of ACLL to be appropriate at December 31, 2025. Consolidated net income and stockholders’ equity could be affected if management’s estimate of the ACLL is subsequently materially different, requiring additional or less provision for credit losses to be recorded. Management carefully considers numerous detailed and general factors, its assumptions, and the likelihood of materially different conditions that could alter its assumptions. While management uses currently available information to recognize losses on loans, future adjustments to the ACLL may be necessary based on newly received appraisals, updated commercial customer financial statements, rapidly deteriorating customer cash flow, and changes in economic conditions that affect our customers. Additionally, larger credit relationships do not inherently create more risk, but can create wider fluctuations in net charge offs and asset quality measures. As an integral part of their examination processes, various federal and state regulatory agencies also review the ACLL. These agencies may require additions to the ACLL or may require that certain loan balances be charged off or downgraded into criticized loan categories when their credit evaluations differ from those of management, based on their judgments about information available to them at the time of their examinations. 60 Investment Securities Portfolio Management of the investment securities portfolio involves the maximization of income while actively monitoring the portfolio's liquidity, market risk, quality of the investment securities, and its role in balance sheet and capital management. The Corporation classifies its investment securities as AFS, HTM, or equity securities on the consolidated balance sheets at the time of purchase. Securities classified as AFS may be sold from time to time in order to help manage interest rate risk, liquidity, credit quality, capital levels, or to take advantage of relative value opportunities in the marketplace. Investment securities classified as AFS and equity are carried at fair value on the consolidated balance sheets, while investment securities classified as HTM are carried at amortized cost on the consolidated balance sheets. The Corporation's investment securities portfolio contains the following types of securities: U.S. Treasury securities: U.S. Treasury Securities, including Treasury bills, notes, and bonds, are debt obligations issued by the U.S. Department of the Treasury and are backed by the full faith and credit of the U.S. government. Municipal securities: The municipal securities relate to various state and political subdivisions and school districts. The municipal securities portfolio is regularly assessed for credit quality and deterioration. Residential and commercial mortgage-related securities: Residential and commercial mortgage-related securities include predominantly FNMA, FHLMC and GNMA MBS and CMOs. The Corporation also has private-label residential mortgage-related securities are the most senior AAA-rated tranche CMO securities issued by a non-agency sponsor and collateralized by Prime Jumbo residential mortgage loans. The fair value of these mortgage-related securities is subject to inherent risks, such as prepayment risk and interest rate changes. FFELP asset backed securities: FFELP asset backed securities are collateralized with government guaranteed student loans. SBA asset backed securities: SBA asset backed securities are securities whose underlying assets are loans from the SBA. These loans are backed by the U.S. government. Other debt securities: Other debt securities are primarily comprised of debt securities that mature within 3 years and have a rating of A. 61 Table 14 Investment Securities Portfolio At December 31, (Dollars in thousands) 2025 % of Total 2024 % of Total 2023 % of Total AFS investment securities Amortized cost U.S. Treasury securities $ —  —  % $ —  —  % $ 39,984  1  % Obligations of state and political subdivisions (municipal securities) 3,063  —  % 3,063  —  % 94,008  3  % Residential mortgage-related securities: FNMA/FHLMC 134,142  3  % 120,272  3  % 1,274,052  34  % GNMA 5,000,015  93  % 4,236,199  92  % 2,021,242  54  % Commercial mortgage-related securities: FNMA/FHLMC 17,959  —  % 18,332  —  % 18,691  —  % GNMA 113,374  2  % 116,275  3  % 161,928  4  % Asset backed securities: FFELP 95,977  2  % 108,319  2  % 135,832  4  % SBA 283  —  % 495  —  % 1,077  —  % Other debt securities 3,000  —  % 3,000  —  % 3,000  —  % Total amortized cost $ 5,367,813  100  % $ 4,605,954  100  % $ 3,749,814  100  % Fair value U.S. Treasury securities $ —  —  % $ —  —  % $ 35,902  1  % Obligations of state and political subdivisions (municipal securities) 3,044  —  % 3,005  —  % 91,817  3  % Residential mortgage-related securities: FNMA/FHLMC 129,863  3  % 110,928  2  % 1,120,794  31  % GNMA 5,039,829  93  % 4,227,727  92  % 2,042,675  57  % Commercial mortgage-related securities: FNMA/FHLMC 16,958  —  % 17,000  —  % 16,937  —  % GNMA 109,556  2  % 111,475  2  % 154,793  4  % Asset backed securities: FFELP 95,046  2  % 107,839  2  % 133,975  4  % SBA 269  —  % 471  —  % 1,051  —  % Other debt securities 2,998  —  % 2,989  —  % 2,950  —  % Total fair value and carrying value $ 5,397,563  100  % $ 4,581,434  100  % $ 3,600,892  100  % Net unrealized gains (losses) $ 29,750  $ (24,520) $ (148,922) 62 Table 14 Investment Securities Portfolio (continued) At December 31, (Dollars in thousands) 2025 % of Total 2024 % of Total 2023 % of Total HTM investment securities Amortized cost U.S. Treasury securities $ 996  —  % $ 1,000  —  % $ 999  —  % Obligations of state and political subdivisions (municipal securities) 1,628,088  45  % 1,659,722  44  % 1,682,473  44  % Residential mortgage-related securities: FNMA/FHLMC 823,630  23  % 885,476  24  % 941,973  24  % GNMA 39,123  1  % 43,693  1  % 48,979  1  % Private-label 302,817  9  % 324,182  9  % 345,083  9  % Commercial mortgage-related securities: FNMA/FHLMC 763,370  21  % 772,456  21  % 780,995  20  % GNMA 44,552  1  % 52,219  1  % 59,733  2  % Total amortized cost and carrying value $ 3,602,576  100  % $ 3,738,747  100  % $ 3,860,235  100  % Fair value U.S. Treasury securities $ 1,015  —  % $ 999  —  % $ 963  —  % Obligations of state and political subdivisions (municipal securities) 1,507,302  47  % 1,486,642  47  % 1,554,059  46  % Residential mortgage-related securities: FNMA/FHLMC 696,462  22  % 721,946  23  % 804,393  24  % GNMA 36,884  1  % 39,927  1  % 46,170  1  % Private-label 258,827  8  % 266,353  8  % 289,507  9  % Commercial mortgage-related securities: FNMA/FHLMC 650,366  21  % 623,595  20  % 632,914  19  % GNMA 40,138  1  % 46,032  1  % 52,619  2  % Total fair value $ 3,190,994  100  % $ 3,185,494  100  % $ 3,380,624  100  % Net unrealized losses $ (411,582) $ (553,253) $ (479,610) During the fourth quarter of 2024 as part of a balance sheet repositioning, the Corporation sold lower yielding AFS securities with a carrying value of $1.1 billion at a net loss of $148.2 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities. During the fourth quarter of 2023 as part of a balance sheet repositioning, the Corporation sold lower yielding AFS securities with a carrying value of $715.1 million at a net loss of $64.9 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities. At December 31, 2025, the Corporation’s investment securities portfolio did not contain securities of any single non-government or non-GSE issuer that were payable from and secured by the same source of revenue or taxing authority where the aggregate carrying value of such securities exceeded 5% of stockholders’ equity. The Corporation did not recognize any credit-related write-downs to the allowance for credit losses on investments during 2025, 2024, or 2023. See Note 1 Summary of Significant Accounting Policies for management's accounting policy for investment securities and Note 2 Investment Securities of the notes to consolidated financial statements for additional investment securities disclosures. 63 Table 15 Investment Securities Portfolio Maturity Distribution(a) December 31, 2025 (Dollars in thousands) Amortized Cost Fair Value Weighted Average Yield(b) AFS securities Obligations of state and political subdivisions (municipal securities) After one but within five years $ 2,430  $ 2,424  4.41  % After ten years 633  620  4.46  % Total obligations of state and political subdivisions (municipal securities) $ 3,063  $ 3,044  4.42  % Agency residential mortgage-related securities Within one year $ 227,011  $ 228,194  6.03  % After one but within five years 4,217,709  4,251,763  5.16  % After five years but within ten years 591,705  591,618  4.56  % After ten years 97,732  98,117  5.19  % Total agency residential mortgage-related securities $ 5,134,157  $ 5,169,692  5.13  % Agency commercial mortgage-related securities Within one year $ 803  $ 778  2.31  % After one but within five years 84,383  81,515  3.69  % After five years but within ten years 46,147  44,221  3.92  % Total agency commercial mortgage-related securities $ 131,333  $ 126,514  3.77  % Asset backed securities Within one year $ 8  $ 8  5.31  % After one but within five years 75,576  75,007  5.30  % After five years but within ten years 20,676  20,300  5.08  % Total asset backed securities $ 96,260  $ 95,315  5.25  % Other debt securities Within one year $ 1,000  $ 1,000  4.40  % After one but within five years 2,000  1,998  4.88  % Total other debt securities $ 3,000  $ 2,998  4.72  % Total AFS securities $ 5,367,813  $ 5,397,563  5.10  % HTM securities U.S. Treasury securities After one but within five years $ 996  $ 1,015  4.49  % Obligations of state and political subdivisions (municipal securities) Within one year $ 4,214  $ 4,215  4.40  % After one but within five years 98,081  98,021  4.08  % After five years but within ten years 218,537  218,398  4.03  % After ten years 1,307,256  1,186,668  3.69  % Total obligations of state and political subdivisions (municipal securities) $ 1,628,088  $ 1,507,302  3.76  % Agency residential mortgage-related securities After one but within five years $ 32,391  $ 30,864  3.63  % After five years but within ten years 281,632  233,526  2.21  % After ten years 548,730  468,956  2.20  % Total agency residential mortgage-related securities $ 862,753  $ 733,346  2.26  % Private-label residential mortgage-related securities After one but within five years $ 52,479  $ 47,036  2.54  % After five years but within ten years 250,338  211,791  2.31  % Total private-label residential mortgage-related securities $ 302,817  $ 258,827  2.35  % Agency commercial mortgage-related securities Within one year $ 3,042  $ 2,933  2.35  % After one but within five years 345,903  308,464  1.56  % After five years but within ten years 313,249  264,357  2.32  % After ten years 145,728  114,750  2.13  % Total agency commercial mortgage-related securities $ 807,922  $ 690,504  1.96  % Total HTM securities $ 3,602,576  $ 3,190,994  2.88  % (a) Expected maturities will differ from contractual maturities, as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. (b) Yields on tax-exempt securities are computed on a fully tax-equivalent basis using a tax rate of 21%. In addition to the investment securities portfolio noted above, the Corporation also holds the following investments: Equity Securities with Readily Determinable Fair Values: Equity securities with readily determinable fair values is primarily comprised of mutual funds. 64 Equity Securities without Readily Determinable Fair Values: Equity securities without readily determinable fair values primarily consists of an investment in a private loan fund, and historically, Visa Class B restricted shares which the Corporation sold all remaining shares during the first quarter of 2024. Regulatory Stock: The Corporation is required to hold and maintain, for regulatory purposes, Federal Reserve Bank stock and FHLB stock as member banks of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. See Note 2 Investment Securities of the notes to consolidated financial statements for additional information on the equity securities and regulatory stock. Deposits and Customer Funding The following table summarizes the composition of our deposits and customer funding: Table 16 Period End Deposit and Customer Funding Composition(a) As of December 31, 2025 2024 2023 (Dollars in thousands) Amount % of Total Amount % of Total Amount % of Total Noninterest-bearing demand $ 6,126,632  17  % $ 5,775,657  17  % $ 6,119,956  18  % Savings 5,471,870  15  % 5,133,295  15  % 4,835,701  14  % Interest-bearing demand 7,823,362  22  % 7,994,475  23  % 7,561,353  23  % Money market 6,139,438  17  % 6,009,793  17  % 6,046,928  18  % Network transaction deposits 2,154,995  6  % 1,758,388  5  % 1,566,139  5  % Brokered CDs 3,795,133  11  % 4,276,309  12  % 4,447,479  13  % Other time deposits 4,041,178  11  % 3,700,518  11  % 2,868,494  9  % Total deposits $ 35,552,608  100  % $ 34,648,434  100  % $ 33,446,049  100  % Other customer funding(b) 47,794  100,044  106,620  Total deposits and other customer funding $ 35,600,402  $ 34,748,478  $ 33,552,669  Less: Total network transaction deposits and brokered CDs 5,950,128  6,034,697  6,013,618  Core customer deposits(c) and other customer funding $ 29,650,274  $ 28,713,780  $ 27,539,051  Time deposits of more than $250,000 $ 834,309  $ 757,675  $ 522,626  (a) Prior periods have been adjusted to conform with current period presentation. (b) Includes repurchase agreements. (c) Total deposits excluding brokered CDs and network transaction deposits. This is a non-GAAP financial measure. See Table 23 Non-GAAP Measures for a reconciliation to GAAP financial measures. •Total deposits, which are the Corporation's largest source of funds, increased $904.2 million, or 3%, from December 31, 2024 driven by growth in all deposit types except interest-bearing demand and brokered CDs. •Total uninsured deposits were $17.0 billion, $15.5 billion and $14.8 billion at December 31, 2025, 2024 and 2023 respectively. The increase was primarily driven by increase in balances in business deposit accounts. Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were $9.4 billion or 26.5% of total deposits at December 31, 2025, compared to $8.0 billion or 23.0% at December 31, 2024 and $7.6 billion or 22.7% at December 31, 2023. Table 17 Maturity Distribution – Time Deposits of $250,000 or More (Dollars in thousands) December 31, 2025 Three months or less $ 351,362  Over three months through six months 373,122  Over six months through twelve months 107,581  Over twelve months 2,244  Total $ 834,309  Selected period end deposit information is detailed in Note 7 Deposits of the notes to consolidated financial statements, including a maturity distribution of all time deposits at December 31, 2025. See Table 2 for additional information on average deposit balances and deposit rates. 65 Other Funding Sources Short-Term Funding: Short-term funding is comprised of short-term FHLB advances (with original contractual maturities less than one year), federal funds purchased, securities sold under agreements to repurchase. Many short-term funding sources are secured with collateral, expected to be reissued, and, therefore, do not represent an immediate need for cash. The organization manages to a multitude of liquidity risk limits which consider availability of short-term funding sources across a spectrum of stress scenarios, among other risk-based assumptions. Short-term funding sources at December 31, 2025 were $3.2 billion, an increase of $1.4 billion, or 84%, from December 31, 2024, driven by a $1.6 billion, or 128%, increase in short-term FHLB advances. Long-Term Funding: Long-term funding is comprised of long-term FHLB advances (with original contractual maturities greater than one year), senior notes, subordinated notes, and finance leases. Long-term funding at December 31, 2025 was $1.0 billion, a decrease of $434.3 million, or 30%, from December 31, 2024, driven by a $250.0 million, or 45%, decrease in subordinated notes, and a $197.4 million, or 32%, decrease in long-term FHLB advances. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional information on short-term and long-term funding. See Table 2 for additional information on average funding and rates. Liquidity The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost-effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed. The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percent of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At December 31, 2025, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario. The Corporation maintains diverse and readily available liquidity sources, including: •Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of December 31, 2025, the Bank had $6.2 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of December 31, 2025, the Bank had $6.4 billion available for discount window borrowings. •Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies. •Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants. •Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs. •Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes. 66 The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits. Table 18 Liquidity Sources and Uninsured Deposit Coverage Ratio As of December 31, (Dollars in thousands) 2025 2024 2023 Federal Reserve Bank balance $ 1,139,401  $ 451,298  $ 421,848  Available FHLB Chicago capacity 6,221,495  7,097,420  5,985,385  Available Federal Reserve Bank discount window capacity 6,443,766  2,778,294  1,433,655  Available BTFP capacity —  —  522,465       Funding available within one business day(a) 13,804,662  10,327,012  8,363,353  Available federal funds lines 1,846,000  1,164,000  1,550,000  Available brokered deposits capacity(b) 823,055  418,198  138,512  Unsecured debt capacity(c) 1,000,000  1,000,000  1,000,000       Total available liquidity $ 17,473,717  $ 12,909,210  $ 11,051,865  Uninsured and uncollateralized deposits $ 9,432,066  $ 7,954,259  $ 7,586,047  Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day 146  % 130  % 110  % Coverage ratio of uninsured and uncollateralized deposits with total funding 185  % 162  % 146  % (a) Estimated based on normal course of operations with indicated institution. (b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. (c) Estimated availability based on the Corporation's current internal funding considerations. Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 21 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations. Credit ratings impact the Corporation’s ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part I, Item 1A, Risk Factors. For the year ended December 31, 2025, net cash provided by operating and financing activities was $615.7 million and $1.7 billion, respectively, while investing activities used net cash of $1.6 billion, for a net increase in cash and cash equivalents of $700.6 million since year-end 2024. During 2025, total assets increased to $45.2 billion, up $2.2 billion compared to year-end 2024, primarily due to increases in loans of $1.4 billion, AFS investment securities at fair value of $816.1 million, and interest-bearing deposits in other financial institutions of $690.5 million offset by a decrease in residential loans held for sale of $574.2 million. On the funding side, FHLB advances increased $1.4 billion, and deposits increased $904.2 million, mainly driven by increases in all deposit types except for brokered CDs which decreased $481.2 million. For the year ended December 31, 2024, net cash provided by operating and financing activities was $580.2 million and $1.7 billion, respectively, while investing activities used net cash of $2.2 billion, for a net increase in cash and cash equivalents of $95.8 million since year-end 2023. During 2024, total assets increased to $43.0 billion, up $2.0 billion compared to year-end 2023, primarily due to increases in AFS investment securities, at fair value of $980.5 million, residential loans held for sale of $613.7 million resulting from a nonrecurring mortgage portfolio sale related to the balance sheet repositioning announced in the fourth quarter of 2024 which closed in January 2025, and loans of $552.4 million. On the funding side, deposits increased $1.2 billion, mainly driven by increases in other time deposits, money market, savings, and interest-bearing demand of $832.0 million, $307.5 million, $297.6 million, and $280.8 million, respectively, partially offset by a decrease in noninterest-bearing demand of $344.3 million. Additionally, other long-term funding increased $296.4 million, primarily driven by the Corporation's issuance of senior notes in August 2024. Quantitative and Qualitative Disclosures about Market Risk Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk. 67 Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value. Interest Rate Risk The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons. The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at December 31, 2025. MVE and EAR are complementary interest rate risk metrics and should be viewed together. EAR sensitivity captures asset and liability re-pricing mismatches for the first year inclusive of forecast balance sheet changes and is considered a shorter-term measure, while MVE sensitivity captures mismatches within the period end balance sheets through the financial instruments’ respective maturities and is considered a longer term measure. A positive EAR sensitivity in a rising rate environment indicates that over the forecast horizon of one year, asset-based income will increase more quickly than liability-based expense due to the balance sheet composition. A negative MVE sensitivity in a rising rate environment indicates that the value of financial assets will decrease more than the value of financial liabilities. One of the primary methods that we use to quantify and manage interest rate risk is simulation analysis, which we use to model net interest income and rate-sensitive noninterest items from the Corporation’s balance sheet and derivative positions under various interest rate scenarios. As the future path of interest rates is not known with certainty, we use simulation analysis to project rate-sensitive income under many scenarios including implied forward and deliberately extreme and perhaps unlikely scenarios. The analyses may include rapid and gradual ramping of interest rates, rate shocks, basis risk analysis, and yield curve twists. Specific balance sheet management strategies are also analyzed to determine their impact on EAR. Key assumptions in the simulation analysis (and in the valuation analysis discussed below) relate to the behavior of interest rates and pricing spreads, the changes in product balances, and the behavior of loan and deposit clients in different rate environments. This analysis incorporates several assumptions, the most material of which relate to the re-pricing characteristics and balance fluctuations of deposits with indeterminate or non-contractual maturities, and prepayment of loans and securities. The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: (1) a dynamic forecast incorporating expected growth in the balance sheet, and (2) a static forecast where the current balance sheet is held constant. While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during 2025. Table 19 Estimated % Change in Rate Sensitive EAR Over 12 Months Dynamic Forecast December 31, 2025 Static Forecast December 31, 2025 Dynamic Forecast December 31, 2024 Static Forecast December 31, 2024 Gradual Rate Change 100 bp increase in interest rates 1.5% 2.0% 1.0% 0.7% 200 bp increase in interest rates 2.8% 3.9% 2.0% 1.3% 100 bp decrease in interest rates (0.8)% (1.4)% (0.5)% (0.2)% 200 bp decrease in interest rates (2.2)% (3.4)% (1.3)% (0.8)% We also perform valuation analysis, which we use for discerning levels of risk present in the balance sheet and derivative positions that might not be taken into account in the EAR simulation analysis. Whereas, EAR simulation highlights exposures over a relatively short time horizon, valuation analysis incorporates all cash flows over the estimated remaining life of all balance sheet and derivative positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of all asset cash flows and derivative cash flows, minus the discounted present value of all liability cash flows, the net of which is referred to as MVE. The sensitivity of MVE to changes in the level of interest rates is a measure of the longer-term re- 68 pricing risk and options risk embedded in the balance sheet. Unlike the EAR simulation, MVE uses instantaneous changes in rates. Additionally, MVE values only the current balance sheet and does not incorporate the growth assumptions that are used in the EAR simulation. As with EAR simulations, assumptions about the timing and variability of balance sheet cash flows are critical in the MVE analysis. Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate deposit portfolios. At December 31, 2025, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates. Table 20 Market Value of Equity Sensitivity December 31, 2025 December 31, 2024 Instantaneous Rate Change 100 bp increase in interest rates (5.2) % (9.1) % 200 bp increase in interest rates (11.8) % (18.5) % 100 bp decrease in interest rates 2.3  % 7.1  % 200 bp decrease in interest rates 1.4  % 12.6  % Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates. The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates. Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities The following table summarizes significant contractual obligations and other commitments at December 31, 2025, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments. Table 21 Contractual Obligations and Other Commitments (Dollars in thousands) Note Reference One Year or Less One to Three Years Three to Five Years Over Five Years Total Time deposits 7 $ 7,772,473  $ 52,886  $ 10,947  $ 5  $ 7,836,311  Short-term funding 8 307,864  —  —  —  307,864  FHLB advances 8 3,059,532  203,610  4,427  525  3,268,094  Other long-term funding 8 —  —  298,369  295,907  594,276  Operating leases 6 5,304  9,707  6,915  17,203  39,129  Total $ 11,145,173  $ 266,203  $ 320,658  $ 313,640  $ 12,045,674  The Corporation also has obligations under its retirement plans, derivatives, and lending-related commitments as described in Note 11 Retirement Plans, Note 13 Derivative and Hedging Activities, and Note 15 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings of the notes to consolidated financial statements, respectively. Further discussion of the nature of each obligation is included in the referenced note to the consolidated financial statements. Capital Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At December 31, 2025, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table. Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and 69 the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress. For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors. Table 22 Capital Ratios As of December 31, (Dollars in thousands) 2025 2024 2023 Risk-based capital(a) CET1 $ 3,683,711  $ 3,396,836  $ 3,074,938  Tier 1 capital 3,877,823  3,590,948  3,269,050  Total capital 4,593,079  4,282,597  3,997,205  Total risk-weighted assets 35,125,680  33,950,173  32,732,710  Modified CECL transitional amount —  22,425  44,851  CET1 capital ratio 10.49  % 10.01  % 9.39  % Tier 1 capital ratio 11.04  % 10.58  % 9.99  % Total capital ratio 13.08  % 12.61  % 12.21  % Tier 1 leverage ratio 8.96  % 8.73  % 8.06  % Selected equity and performance ratios Total stockholders’ equity / total assets 11.01  % 10.70  % 10.18  % Average stockholders' equity / average assets 10.94  % 10.41  % 10.11  % Tangible common equity / tangible assets (TCE Ratio)(b) 8.29  % 7.82  % 7.11  % (a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards, for the Corporation. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of the Corporation's capital with the capital of other financial services companies. (b) This is a non-GAAP financial measure. See Table 23 Non-GAAP Measures for a reconciliation to GAAP financial measures. See Item 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, for information on the shares repurchased during the fourth quarter of 2025. See Note 9 Stockholders' Equity and Note 18 Regulatory Matters of the notes to consolidated financial statements for additional capital disclosures. 70 Table 23 Non-GAAP Measures At or for the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Tangible common equity reconciliation Common equity $ 4,781,235  $ 4,411,450  $ 3,979,861  Less: Goodwill and other intangible assets, net 1,127,842  1,136,653  1,145,464  Tangible common equity for TCE Ratio $ 3,653,393  $ 3,274,797  $ 2,834,398  Tangible assets reconciliation Total assets $ 45,202,596  $ 43,023,068  $ 41,015,855  Less: Goodwill and other intangible assets, net 1,127,842  1,136,653  1,145,464  Tangible assets for TCE Ratio $ 44,074,754  $ 41,886,415  $ 39,870,392  Average tangible common equity reconciliation Average common equity $ 4,579,765  $ 4,108,251  $ 3,917,026  Less: Average goodwill and other intangible assets, net 1,132,392  1,141,198  1,149,939  Average tangible common equity for ROATCE 3,447,373  2,967,052  2,767,087  Average tangible assets reconciliation Average total assets $ 43,623,112  $ 41,333,853  $ 40,648,923  Less: Average goodwill and other intangible assets, net 1,132,392  1,141,198  1,149,939  Average tangible assets for return on average tangible assets $ 42,490,720  $ 40,192,655  $ 39,498,984  Adjusted net income reconciliation Net income $ 474,777  $ 123,145  $ 182,956  Other intangible amortization, net of tax 6,608  6,608  6,608  Adjusted net income for return on average tangible assets $ 481,385  $ 129,753  $ 189,564  Adjusted net income available to common equity reconciliation Net income available to common equity $ 463,277  $ 111,645  $ 171,456  Other intangible amortization, net of tax 6,608  6,608  6,608  Adjusted net income available to common equity for ROATCE $ 469,885  $ 118,253  $ 178,064  Period end core customer deposits reconciliation Total deposits $ 35,552,608  $ 34,648,434  $ 33,446,049  Less: Network transaction deposits 2,154,995  1,758,388  1,566,139  Less: Brokered CDs 3,795,133  4,276,309  4,447,479  Core customer deposits $ 29,602,480  $ 28,613,737  $ 27,432,431  Average core customer deposits reconciliation Average total deposits $ 34,844,671  $ 33,391,095  $ 31,343,139  Less: Average network transaction deposits 1,929,731  1,645,695  1,469,616  Less: Average brokered CDs 4,078,557  4,240,621  2,687,316  Average core customer deposits $ 28,836,383  $ 27,504,780  $ 27,186,207  Total expense for efficiency ratios reconciliation(a) Noninterest expense $ 855,639  $ 818,397  $ 813,682  Less: Other intangible amortization 8,811  8,811  8,811  Total expense for fully tax-equivalent efficiency ratio 846,828  809,586  804,871  Less: FDIC special assessment —  7,696  30,597  Less: Announced initiatives(b) —  14,243  —  Less: Acquisition costs(c) 252  —  —  Total expense for adjusted efficiency ratio $ 846,576  $ 787,647  $ 774,274  Total revenue for efficiency ratios reconciliation(a) Net interest income $ 1,201,145  $ 1,047,248  $ 1,039,573  Noninterest income (loss) 286,400  (9,407) 63,182  Less: Investment securities gains (losses), net 49  (144,147) (58,903) Fully tax-equivalent adjustment 16,899  14,919  19,168  Total revenue for fully tax-equivalent efficiency ratio 1,504,395  1,196,907  1,180,826  Less: Announced initiatives(b) (6,976) (130,406) (136,239) Total revenue for adjusted efficiency ratio $ 1,511,371  $ 1,327,313  $ 1,317,065  (a) Prior periods have been adjusted to conform with current period presentation. (b) Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. (c) During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. These costs, incurred in connection with the proposed acquisition, represent nonrecurring costs. 71 Segment Review The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in Note 1 Summary of Significant Accounting Policies and Note 20 Segment Reporting of the notes to consolidated financial statements. Table 24 Selected Segment Financial Data Year Ended December 31, % Change From (Dollars in thousands) 2025 2024 2023 2024 to 2025 2023 to 2024 Corporate and Commercial Specialty Total revenue $ 621,039  $ 600,396  $ 553,761  3  % 8  % Provision for credit losses 80,808  66,390  54,302  22  % 22  % Noninterest expense 185,890  179,291  167,589  4  % 7  % Income tax expense 68,165  64,346  59,143  6  % 9  % Net income 286,176  290,369  272,727  (1) % 6  % Average earning assets 17,533,814  16,232,593  15,856,298  8  % 2  % Average loans 17,517,683  16,224,504  15,844,450  8  % 2  % Average deposits 7,099,832  6,936,891  7,289,740  2  % (5) % Community, Consumer, and Business Total revenue $ 1,014,441  $ 1,025,863  $ 991,136  (1) % 4  % Provision for credit losses 25,790  24,759  29,757  4  % (17) % Noninterest expense 551,434  530,084  517,323  4  % 2  % Income tax expense 91,816  97,460  91,770  (6) % 6  % Net income 345,401  373,560  352,286  (8) % 6  % Average earning assets 12,602,149  12,945,288  13,165,560  (3) % (2) % Average loans 12,598,738  12,943,509  13,165,560  (3) % (2) % Average deposits 21,501,775  20,458,411  19,928,414  5  % 3  % Risk Management and Shared Services Total net revenue $ (147,935) $ (588,418) $ (442,142) (75) % 33  % Provision for credit losses (52,602) (6,163) (1,038) N/M N/M Noninterest expense 118,315  109,022  128,770  9  % (15) % Income tax benefit (56,848) (150,492) (127,816) (62) % 18  % Net loss (156,800) (540,785) (442,057) (71) % 22  % Average earning assets 10,067,085  8,989,970  8,608,852  12  % 4  % Average loans 473,650  529,347  524,283  (11) % 1  % Average deposits 6,243,064  5,995,793  4,124,985  4  % 45  % N/M = Not Meaningful Segment Review 2025 Compared to 2024 Corporate and Commercial Specialty •Average earning assets and average loans both increased $1.3 billion, from the year ended December 31, 2024, primarily as a result of growth within commercial and business lending. •Provision for credit losses increased $14.4 million from the year ended December 31, 2024, due to increased commercial loan balances coupled with general macroeconomic trends. Community, Consumer, and Business •Average earning assets and average loan balances decreased $343.1 million and $344.8 million, respectively, from the year ended December 31, 2024, primarily driven by the sale of residential mortgages as part of the balance sheet repositioning announced in the fourth quarter of 2024 which closed in January 2025 offset by growth in all other consumer loan categories. •Average deposit balances increased $1.0 billion from the year ended December 31, 2024, largely driven by increases in time, interest bearing and savings deposits. 72 Risk Management and Shared Services •Total revenue increased $440.5 million from the year ended December 31, 2024, driven by the nonrecurring losses incurred in 2024 due to the investment portfolio and mortgage sale actions taken as part of the balance sheet repositioning announced in the fourth quarter of 2024 and organic interest income expansion due to the continued investment in higher yielding AFS securities throughout 2025. •Income tax benefit decreased $93.6 million from the year ended December 31, 2024, due to the decrease in the net loss incurred in 2025 compared to 2024 and the strategic reallocation of the investment portfolio announced in the second quarter of 2024 creating additional benefit in 2024 which did not recur in 2025. •Average earning assets increased $1.1 billion from the year ended December 31, 2024, primarily due to increased investment in AFS investment securities. •Average loan balances decreased $55.7 million from the year ended December 31, 2024, attributable to lower balances in all loan categories. Critical Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. The consolidated financial statements of the Corporation are prepared in conformity with U.S. GAAP and follow general practices within the industries in which it operates. This preparation requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, actual results could differ from the estimates, assumptions, and judgments reflected in the financial statements. Certain estimates inherently have a greater reliance on the use of assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. Management believes the following estimate is both important to the portrayal of the Corporation’s financial condition and results of operations and requires subjective or complex judgments and, therefore, management considers the following to be a critical accounting estimate. This critical accounting estimate is discussed directly with the Audit Committee of the Corporation’s Board of Directors. Allowance for Credit Losses on Loans: Management’s evaluation process used to determine the appropriateness of the ACLL is subject to the use of estimates, assumptions, and judgments. The evaluation process combines many factors: management’s ongoing review and grading of the loan portfolio using a dual risk rating system leveraging probability of default and loss given default, consideration of historical loan loss and delinquency experience, trends in past due and nonaccrual loans, risk characteristics of the various classifications of loans, concentrations of loans to specific borrowers or industries, existing economic conditions and forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect future credit losses. The Corporation uses Moody's baseline economic forecast within its model. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ACLL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all product types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. As an integral part of their examination process, various regulatory agencies also review the ACLL. Such agencies may require additions to the ACLL or may require that certain loan balances be charged off or downgraded into criticized loan categories when their credit evaluations differ from those of management, based on their judgments about information available to them at the time of their examination. A large driver to the ACLL is the overall credit quality of the underlying credits. Deterioration or improvement in credit quality could have a significant impact on the overall level of ACLL. At December 31, 2025, a 10% change in loans classified as special mention or worse would result in a +/- 4 bp change in the ACLL to total loans ratio. The Corporation believes the level of the ACLL is appropriate. See Note 1 Summary of Significant Accounting Policies and Note 3 Loans of the notes to consolidated financial statements as well as the Allowance for Credit Losses on Loans section.