ASB 10-Q Quarterly Report June 30, 2025

ASSOCIATED BANC-CORP

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asb-20250630

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission file number: 001-31343

Associated Banc-Corp

(Exact name of registrant as specified in its charter)


Wisconsin									39-1098068
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)


433 Main Street
Green Bay,	Wisconsin	54301
(Address of principal executive offices)		(Zip Code)

( 920 ) 491-7500

(Registrant’s telephone number, including area code )

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at July 25, 2025 was 165,848,030 .


ASSOCIATED BANC-CORP
Table of Contents


		Page
PART I. Financial Information

	Item 1. Financial Statements (Unaudited):	5

	Consolidated Balance Sheets	5

	Consolidated Statements of Income	6

	Consolidated Statements of Comprehensive Income	7

	Consolidated Statements of Changes in Stockholders’ Equity	8

	Consolidated Statements of Cash Flows	10

	Notes to Consolidated Financial Statements	12

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	76

	Item 4. Controls and Procedures	77

PART II. Other Information

	Item 1. Legal Proceedings	78

	Item 1A. Risk Factors	78

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	78

	Item 5. Other Information	78

	Item 6. Exhibits	79

	Signatures	80


ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:





ABL			Asset-Based Lending
ACLL			Allowance for Credit Losses on Loans

AFS			Available for Sale
ALCO			Asset / Liability Committee



ASU			Accounting Standards Update


the Bank			Associated Bank, National Association
Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)
BTFP			Bank Term Funding Program


CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1



Corporation / our			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
CRA			Community Reinvestment Act
CRE			Commercial Real Estate


EAR			Earnings at Risk



Exchange Act			Securities Exchange Act of 1934, as amended


FDIC			Federal Deposit Insurance Corporation
Federal Reserve			Board of Governors of the Federal Reserve System
FFELP			Federal Family Education Loan Program
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FICO			Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMA			Federal National Mortgage Association

FTEs			Full-time equivalent employees
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSE			Government-Sponsored Enterprise

HTM			Held to Maturity






LTV			Loan-to-Value


Moody's			Moody’s Investors Service
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
NAV			Net Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free Funds			Noninterest-bearing sources of funds

NPAs			Nonperforming Assets

OCI			Other Comprehensive Income
OREO			Other Real Estate Owned
Parent Company			Associated Banc-Corp individually
RAP			Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements			Securities sold under agreements to repurchase
Restricted Stock Awards			Restricted common stock and restricted common stock units to certain key employees


Retirement Eligible Colleagues			Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan


Rev Loan(s)			Revolving loans
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock			The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR			Secured Overnight Finance Rate




YTD			Year-to-Date

Table of Contents


PART I - FINANCIAL INFORMATION

ITEM 1.			Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets


	Jun 30, 2025		Dec 31, 2024
(in thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	521,167	$	544,059
Interest-bearing deposits in other financial institutions	738,938		453,590
Federal funds sold and securities purchased under agreements to resell	—		21,955
AFS investment securities, at fair value	5,036,508		4,581,434
HTM investment securities, net, at amortized cost	3,672,101		3,738,687
Equity securities	25,912		23,242
FHLB and Federal Reserve Bank stocks, at cost	278,356		179,665
Residential loans held for sale	96,804		646,687
Commercial loans held for sale	8,406		32,634
Loans	30,607,605		29,768,586
Allowance for loan losses	( 376,515 )		( 363,545 )
Loans, net	30,231,091		29,405,041
Tax credit and other investments	247,111		258,886

Premises and equipment, net	377,372		379,093
Bank and corporate owned life insurance	691,470		689,000
Goodwill	1,104,992		1,104,992
Other intangible assets, net	27,255		31,660
Mortgage servicing rights, net	85,245		87,683

Interest receivable	168,627		167,772
Other assets	682,373		676,987
Total assets	$	43,993,729	$	43,023,068
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	5,782,487	$	5,775,657
Interest-bearing deposits	28,365,079		28,872,777
Total deposits	34,147,565		34,648,434




Short-term funding	75,585		470,369
FHLB advances	3,879,489		1,853,807
Other long-term funding	593,530		837,635

Allowance for unfunded commitments	35,276		38,776
Accrued expenses and other liabilities	481,503		568,485
Total liabilities	$	39,212,948	$	38,417,506
Stockholders’ equity
Preferred equity	$	194,112	$	194,112
Common equity
Common stock	$	1,890	$	1,890
Surplus	2,044,481		2,047,349
Retained earnings	3,049,383		2,919,252
Accumulated other comprehensive loss	( 14,297 )		( 74,416 )
Treasury stock, at cost	( 494,788 )		( 482,626 )
Total common equity	4,586,669		4,411,450
Total stockholders’ equity	4,780,781		4,605,562
Total liabilities and stockholders’ equity	$	43,993,729	$	43,023,068
Preferred shares authorized (par value $ 1.00 per share)	750,000		750,000
Preferred shares issued and outstanding	200,000		200,000
Common shares authorized (par value $ 0.01 per share)	250,000,000		250,000,000
Common shares issued	189,016,409		189,016,409
Common shares outstanding	165,778,220		166,177,658

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands, except per share data)	2025		2024		2025		2024
Interest income
Interest and fees on loans	$	447,781	$	456,788	$	881,080	$	911,260
Interest and dividends on investment securities
Taxable	71,174		50,278		140,962		96,826
Tax-exempt	13,902		14,669		27,858		29,443
Other interest	12,679		8,539		21,921		16,133
Total interest income	545,536		530,274		1,071,821		1,053,662
Interest expense
Interest on deposits	197,656		221,062		406,796		447,293
Interest on federal funds purchased and securities sold under agreements to repurchase	2,004		2,303		5,626		5,166
Interest on other short-term funding	287		6,077		695		10,785
Interest on FHLB advances	34,889		34,143		50,979		55,814
Interest on other long-term funding	10,700		10,096		21,785		20,154
Total interest expense	245,536		273,681		485,881		539,211
Net interest income	300,000		256,593		585,940		514,451
Provision for credit losses	17,996		23,008		30,999		47,009
Net interest income after provision for credit losses	282,004		233,585		554,941		467,442
Noninterest income
Wealth management fees	23,025		22,628		45,522		44,323
Service charges and deposit account fees	13,147		12,263		25,961		24,702
Card-based fees	11,200		11,975		21,642		23,242
Other fee-based revenue	4,995		4,857		10,245		9,259
Capital markets, net	5,765		4,685		10,110		8,735
Mortgage banking, net	4,213		2,505		8,035		5,166
Loss on mortgage portfolio sale	—		—		( 6,976 )		—
Bank and corporate owned life insurance	4,135		4,584		9,339		7,154
Asset losses, net	( 1,735 )		( 627 )		( 2,613 )		( 933 )
Investment securities gains, net	7		67		11		3,947

Other	2,226		2,222		4,477		4,549
Total noninterest income	66,977		65,159		125,754		130,144
Noninterest expense
Personnel	126,994		121,581		250,890		240,976
Technology	26,508		27,161		53,646		53,362
Occupancy	12,644		13,128		28,025		26,761
Business development and advertising	7,748		7,535		14,134		14,052
Equipment	4,494		4,450		9,021		9,049
Legal and professional	6,674		4,429		12,757		9,101
Loan and foreclosure costs	2,705		1,793		5,299		3,771
FDIC assessment	9,708		7,131		20,144		21,077
Other intangible amortization	2,203		2,203		4,405		4,405

Other	9,674		6,450		21,648		10,963
Total noninterest expense	209,352		195,861		419,971		393,518
Income before income taxes	139,629		102,884		260,724		204,068
Income tax expense (benefit)	28,399		( 12,689 )		47,808		7,326
Net income	111,230		115,573		212,916		196,742
Preferred stock dividends	2,875		2,875		5,750		5,750
Net income available to common equity	$	108,355	$	112,698	$	207,166	$	190,992
Earnings per common share
Basic	$	0.65	$	0.75	$	1.25	$	1.27
Diluted	$	0.65	$	0.74	$	1.24	$	1.26
Average common shares outstanding
Basic	164,936		149,872		165,081		149,864
Diluted	166,343		151,288		166,506		151,310

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024

Net income	$	111,230	$	115,573	$	212,916	$	196,742
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized gains (losses)	21,317		( 11,126 )		53,149		( 41,014 )

Amortization of net unrealized losses on AFS securities transferred to HTM securities	2,059		2,122		3,986		4,182
Reclassification adjustment for net losses realized in net income	—		—		—		197


Income tax (expense) benefit	( 5,830 )		2,253		( 14,251 )		9,138
Other comprehensive income (loss) on AFS securities	17,545		( 6,751 )		42,884		( 27,498 )
Cash flow hedge derivatives
Net unrealized gains (losses)	1,264		( 6,787 )		8,532		( 26,248 )
Reclassification adjustment for net losses realized in net income	1,437		4,769		2,555		9,592
Income tax benefit (expense)	650		( 503 )		2,668		( 2,192 )
Other comprehensive income (loss) on cash flow hedge derivatives	3,352		( 2,522 )		13,755		( 18,848 )
Defined benefit pension and postretirement obligations
Amortization of prior service cost	( 63 )		( 73 )		( 126 )		( 144 )
Net actuarial gain	—		—		4,770		—
Amortization of actuarial gain	( 4 )		( 7 )		( 8 )		( 14 )
Income tax expense (benefit)	17		20		( 1,157 )		( 1,614 )
Other comprehensive (loss) income on pension and postretirement obligations	( 50 )		( 60 )		3,480		( 1,772 )
Total other comprehensive income (loss)	20,847		( 9,333 )		60,119		( 48,117 )
Comprehensive income	$	132,076	$	106,241	$	273,035	$	148,625

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock		Total
Balance, December 31, 2024	$	194,112	$	1,890	$	2,047,349	$	2,919,252	$	( 74,416 )	$	( 482,626 )	$	4,605,562


Comprehensive income:
Net income	—		—		—		101,687		—		—		101,687
Other comprehensive income	—		—		—		—		39,272		—		39,272
Comprehensive income													140,959
Common stock issued:
Public common stock offering	—		—		( 52 )		—		—		—		( 52 )
Stock-based compensation plans, net	—		—		( 14,297 )		—		—		16,489		2,192


Purchase of treasury stock, open market purchases	—		—		—		—		—		( 22,292 )		( 22,292 )
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		( 5,816 )		( 5,816 )
Cash dividends:
Common stock (a)	—		—		—		( 38,538 )		—		—		( 38,538 )
Preferred stock (b)	—		—		—		( 2,875 )		—		—		( 2,875 )




Stock-based compensation expense, net	—		—		7,419		—		—		—		7,419




Balance, March 31, 2025	$	194,112	$	1,890	$	2,040,419	$	2,979,526	$	( 35,144 )	$	( 494,246 )	$	4,686,558

Comprehensive income:
Net income	—		—		—		111,230		—		—		111,230
Other comprehensive income	—		—		—		—		20,847		—		20,847
Comprehensive income													132,076
Common stock issued:
Stock-based compensation plans, net	—		—		543		—		—		( 449 )		94


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		( 93 )		( 93 )
Cash dividends:
Common stock (a)	—		—		—		( 38,498 )		—		—		( 38,498 )
Preferred stock (b)	—		—		—		( 2,875 )		—		—		( 2,875 )


Stock-based compensation expense, net	—		—		3,518		—		—		—		3,518
Balance, June 30, 2025	$	194,112	$	1,890	$	2,044,481	$	3,049,383	$	( 14,297 )	$	( 494,788 )	$	4,780,781

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $ 0.23 per share.

(b) Preferred stock dividends for Series E of $ 0.3671875 per share and for Series F of $ 0.3515625 per share.

Table of Contents


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2023	$	194,112	$	1,752	$	1,714,822	$	2,946,805	$	( 171,096 )	$	( 512,421 )	$	4,173,973


Comprehensive income:
Net income	—		—		—		81,169		—		—		81,169
Other comprehensive (loss)	—		—		—		—		( 38,785 )		—		( 38,785 )

Comprehensive income													42,384
Common stock issued:
Stock-based compensation plans, net	—		—		( 13,839 )		—		—		17,749		3,910


Purchase of treasury stock, open market purchases	—		—		—		—		—		( 18,289 )		( 18,289 )
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		( 4,572 )		( 4,572 )
Cash dividends:
Common stock (a)	—		—		—		( 33,527 )		—		—		( 33,527 )
Preferred stock (b)	—		—		—		( 2,875 )		—		—		( 2,875 )


Stock-based compensation expense, net	—		—		7,669		—		—		—		7,669



Balance, March 31, 2024	$	194,112	$	1,752	$	1,708,652	$	2,991,571	$	( 209,881 )	$	( 517,533 )	$	4,168,673

Comprehensive income:
Net income	—		—		—		115,573		—		—		115,573
Other comprehensive (loss)	—		—		—		—		( 9,333 )		—		( 9,333 )
Comprehensive income													106,241
Common stock issued:
Stock-based compensation plans, net	—		—		( 1,704 )		—		—		2,230		526


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		( 1,088 )		( 1,088 )
Cash dividends:
Common stock (a)	—		—		—		( 33,507 )		—		—		( 33,507 )
Preferred stock (b)	—		—		—		( 2,875 )		—		—		( 2,875 )




Stock-based compensation expense, net	—		—		4,368		—		—		—		4,368

Balance, June 30, 2024	$	194,112	$	1,752	$	1,711,316	$	3,070,762	$	( 219,214 )	$	( 516,391 )	$	4,242,337

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $ 0.22 per share.

(b) Preferred stock dividends for Series E of $ 0.3671875 per share and for Series F of $ 0.3515625 per share.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended Jun 30,
(in thousands)	2025		2024
Cash flows from operating activities
Net income	$	212,916	$	196,742
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	30,999		47,009
Depreciation and amortization	26,006		24,519
Change in MSRs valuation	1,632		( 2,567 )
Amortization of other intangible assets	4,405		4,405
Amortization and accretion on earning assets, funding, and other, net	18,278		20,405
Net amortization of tax credit investments	17,058		17,788
Gains on sales of investment securities, net	—		( 3,857 )
Asset losses, net	2,613		933

(Gain) loss on mortgage banking activities, net	( 683 )		882
Loss on mortgage portfolio sale	6,976		—
Mortgage loans originated for sale	( 273,947 )		( 274,358 )
Proceeds from sales of mortgage loans held for sale	238,557		228,732

Changes in certain assets and liabilities:
Increase in interest receivable	( 854 )		( 3,537 )
(Decrease) increase in interest payable	( 3,681 )		13,646
Decrease in expense payable	( 11,116 )		( 15,042 )
(Decrease) increase in net derivative position	( 50,962 )		10,523


Net change in other assets and other liabilities	21,440		1,772
Net cash provided by operating activities	239,637		267,996
Cash flows from investing activities
Net increase in loans	( 865,086 )		( 378,926 )
Purchases of:
AFS securities	( 910,262 )		( 695,457 )
HTM securities	( 994 )		—
FHLB and Federal Reserve Bank stocks and equity securities	( 177,712 )		( 99,192 )


Proceeds from:
Sales of AFS securities	—		9,472

Sales of FHLB and Federal Reserve Bank stocks and equity securities	76,535		139,110
Prepayments, calls, and maturities of AFS securities	504,380		328,990
Prepayments, calls, and maturities of HTM securities	69,279		62,894
Sales, prepayments, calls, and maturities of other assets	7,813		1,700
Sale of mortgage portfolio	564,375		—
Premises, equipment, and software	( 18,046 )		( 20,016 )

Net change in tax credit and alternative investments	( 14,903 )		( 3,667 )

Net cash used in investing activities	( 764,621 )		( 655,093 )
Cash flows from financing activities
Net decrease in deposits	( 500,869 )		( 755,009 )

Net (decrease) increase in short-term funding	( 394,784 )		532,759
Net increase in short-term FHLB advances	2,220,000		735,000
Repayment of long-term FHLB advances	( 400,065 )		( 696 )
Proceeds from long-term FHLB advances	200,000		2,656



Repayment of finance lease principal	( 45 )		( 44 )
Repayment of long-term funding	( 250,000 )		—


Proceeds from issuance of common stock for stock-based compensation plans	2,286		4,436




Purchase of treasury stock, open market purchases	( 22,292 )		( 18,289 )
Purchase of treasury stock, stock-based compensation plans	( 5,910 )		( 5,660 )
Cash dividends on common stock	( 77,036 )		( 67,034 )
Cash dividends on preferred stock	( 5,750 )		( 5,750 )
Payments for other financing activities	( 52 )		—
Net cash provided by financing activities	765,485		422,369
Net increase in cash and cash equivalents	240,501		35,272
Cash and cash equivalents at beginning of period	1,019,604		923,823
Cash and cash equivalents at end of period (a)	$	1,260,105	$	959,094

Numbers may not recalculate due to rounding conventions.

(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.

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ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended Jun 30,
(in thousands)	2025		2024
Supplemental disclosures of cash flow information
Cash paid for interest	$	488,277	$	525,006
Cash (received) paid for income and franchise taxes	( 13,942 )		3,413
Loans and bank premises transferred to OREO	22,038		1,340
Capitalized mortgage servicing rights	3,256		2,490
Loans transferred from held for sale into portfolio, net	( 43,020 )		( 84,559 )



Fair value adjustments on hedged long-term FHLB advances and subordinated debt	( 11,096 )		9,779
Fair value adjustments on foreign currency exchange forwards	( 4,579 )		2,113
Fair value adjustments on cash flow hedges	13,755		( 18,848 )

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2024 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Note 2 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2024 Annual Report on Form 10-K.

Future Accounting Pronouncements

The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.


Standard	Description	Date of Anticipated Adoption	Effect on Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures	The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.	Annual period ending December 31, 2025	The Corporation will adopt the enhanced income tax related disclosures within the consolidated financial statements for the year ended December 31, 2025.
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)	The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.	Annual period ending December 31, 2027 and subsequent interim periods	The Corporation is currently evaluating the impact on its disclosures.

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Note 3 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	111,230	$	115,573	$	212,916	$	196,742
Preferred stock dividends	( 2,875 )		( 2,875 )		( 5,750 )		( 5,750 )
Net income available to common equity	108,355		112,698		207,166		190,992
Common shareholder dividends	( 38,304 )		( 33,310 )		( 76,636 )		( 66,718 )
Unvested share-based payment awards	( 194 )		( 197 )		( 399 )		( 317 )
Undistributed earnings	$	69,857	$	79,191	$	130,131	$	123,958
Undistributed earnings allocated to common shareholders	$	69,501	$	78,723	$	129,500	$	123,256
Undistributed earnings allocated to unvested share-based payment awards	356		468		630		702
Undistributed earnings	$	69,857	$	79,191	$	130,131	$	123,958
Basic
Distributed earnings to common shareholders	$	38,304	$	33,310	$	76,636	$	66,718
Undistributed earnings allocated to common shareholders	69,501		78,723		129,500		123,256
Total common shareholders earnings, basic	$	107,805	$	112,034	$	206,137	$	189,974
Diluted
Distributed earnings to common shareholders	$	38,304	$	33,310	$	76,636	$	66,718
Undistributed earnings allocated to common shareholders	69,501		78,723		129,500		123,256
Total common shareholders earnings, diluted	$	107,805	$	112,034	$	206,137	$	189,974
Weighted average common shares outstanding	164,936		149,872		165,081		149,864
Effect of dilutive common stock awards	1,407		1,416		1,425		1,446

Diluted weighted average common shares outstanding	166,343		151,288		166,506		151,310
Basic earnings per common share	$	0.65	$	0.75	$	1.25	$	1.27
Diluted earnings per common share	$	0.65	$	0.74	$	1.24	$	1.26

Excluded from the earnings per common share calculations were 1.4 million and 2.1 million anti-dilutive common stock options for the three months ended June 30, 2025 and 2024, respectively , and 1.2 million and 2.3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the six months ended June 30, 2025 and 2024, respectively.

Note 4 Stock-Based Compensation

The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

A summary of the Corporation’s stock option activity for the six months ended June 30, 2025 is presented below:


Stock Options	Shares (a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (a)
Outstanding at December 31, 2024	1,778	$	22.36	3.41 years	$	3,693

Exercised	51	17.92
Forfeited or expired	—	—
Outstanding at June 30, 2025	1,727	$	22.49	2.93 years	$	3,848
Options Exercisable at June 30, 2025	1,727	$	22.49	2.93 years	$	3,848

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the six months ended June 30, 2025, the intrinsic value of stock options exercised was $ 0.4 million, compared

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to $ 1.0 million for the six months ended June 30, 2024. All stock options were vested as of December 31, 2024. The total fair value of stock options vested was $ 0.5 million for the six months ended June 30, 2024.

The Corporation has issued time-based and performance-based restricted stock awards under the 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0 % to a maximum of 150 % of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the six months ended June 30, 2025:


Restricted Stock	Shares (a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	2,310	$	21.25
Granted	872	24.42
Vested	683	22.35
Forfeited	29	22.93
Outstanding at June 30, 2025	2,470	$	22.05

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years . Expense for restricted stock awards of $ 11.3 million and $ 12.3 million was recorded for the six months ended June 30, 2025 and June 30, 2024, respectively. Included in compensation expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues was $ 4.4 million and $ 3.5 million of expense the first six months of 2025 and 2024, respectively. The Corporation had $ 25.6 million of unrecognized compensation costs related to restricted stock awards at June 30, 2025 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2029 .

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

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Note 5 Investment Securities

Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at June 30, 2025 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	3,063	$	—	$	( 71 )	$	2,993
Residential mortgage-related securities:
FNMA/FHLMC	126,138		500		( 6,725 )		119,914
GNMA	4,640,079		42,498		( 162 )		4,682,415

Commercial mortgage-related securities:
FNMA/FHLMC	18,147		—		( 1,210 )		16,937
GNMA	114,881		—		( 4,495 )		110,386
Asset backed securities:
FFELP	102,177		—		( 1,689 )		100,489
SBA	394		—		( 17 )		377

Other debt securities	3,000		—		( 2 )		2,998
Total AFS investment securities	$	5,007,880	$	42,999	$	( 14,370 )	$	5,036,508
HTM investment securities
U.S. Treasury securities	$	994	$	18	$	—	$	1,013
Obligations of state and political subdivisions (municipal securities)	1,643,021		578		( 201,630 )		1,441,969
Residential mortgage-related securities:
FNMA/FHLMC	854,777		20,900		( 168,381 )		707,296
GNMA	42,028		12		( 2,904 )		39,136
Private-label	313,439		7,387		( 58,290 )		262,536
Commercial mortgage-related securities:
FNMA/FHLMC	768,503		9,063		( 133,145 )		644,422
GNMA	49,399		197		( 5,637 )		43,959
Total HTM investment securities	$	3,672,161	$	38,157	$	( 569,986 )	$	3,140,331

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The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	3,063	$	—	$	( 58 )	$	3,005
Residential mortgage-related securities:
FNMA/FHLMC	120,272		190		( 9,534 )		110,928
GNMA	4,236,199		5,379		( 13,851 )		4,227,727

Commercial mortgage-related securities:
FNMA/FHLMC	18,332		—		( 1,332 )		17,000
GNMA	116,275		—		( 4,800 )		111,475
Asset backed securities:
FFELP	108,319		123		( 604 )		107,839
SBA	495		—		( 24 )		471

Other debt securities	3,000		—		( 11 )		2,989
Total AFS investment securities	$	4,605,954	$	5,693	$	( 30,213 )	$	4,581,434
HTM investment securities
U.S. Treasury securities	$	1,000	$	—	$	( 1 )	$	999
Obligations of state and political subdivisions (municipal securities)	1,659,722		1,122		( 174,202 )		1,486,642
Residential mortgage-related securities:
FNMA/FHLMC	885,476		22,934		( 186,464 )		721,946
GNMA	43,693		9		( 3,774 )		39,927
Private-label	324,182		8,135		( 65,963 )		266,353
Commercial mortgage-related securities:
FNMA/FHLMC	772,456		10,217		( 159,078 )		623,595
GNMA	52,219		236		( 6,424 )		46,032
Total HTM investment securities	$	3,738,747	$	42,653	$	( 595,906 )	$	3,185,494

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at June 30, 2025, are shown below:


	AFS					HTM
(in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	1,000	$	998		$	7,686	$	7,679
Due after one year through five years	3,040		3,029			89,077		88,681
Due after five years through ten years	1,390		1,390			219,972		211,472
Due after ten years	633		573			1,327,280		1,135,150
Total debt securities	6,063		5,991			1,644,015		1,442,982
Residential mortgage-related securities:
FNMA/FHLMC	126,138		119,914			854,777		707,296
GNMA	4,640,079		4,682,415			42,028		39,136
Private-label	—		—			313,439		262,536
Commercial mortgage-related securities:
FNMA/FHLMC	18,147		16,937			768,503		644,422
GNMA	114,881		110,386			49,399		43,959
Asset backed securities:
FFELP	102,177		100,489			—		—
SBA	394		377			—		—

Total investment securities	$	5,007,880	$	5,036,508		$	3,672,161	$	3,140,331
Ratio of fair value to amortized cost			100.6		%			85.5		%

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On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at June 30, 2025:


(in thousands)	AAA		AA		A		Not Rated		Total
U.S. Treasury securities	$	994							$	994
Obligations of state and political subdivisions (municipal securities)	759,281		869,223		8,913		5,605		1,643,021
Residential mortgage-related securities:
FNMA/FHLMC	854,777								854,777
GNMA	42,028								42,028
Private-label	313,439								313,439
Commercial mortgage-related securities:
FNMA/FHLMC	768,503								768,503
GNMA	49,399								49,399
Total HTM securities	$	2,788,421	$	869,223	$	8,913	$	5,605	$	3,672,161

The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2024:


(in thousands)	AAA		AA		A		Not Rated		Total
U.S. Treasury securities	$	1,000	$	—	$	—	$	—	$	1,000
Obligations of state and political subdivisions (municipal securities)	767,151		883,438		4,911		4,221		1,659,722
Residential mortgage-related securities:
FNMA/FHLMC	885,476		—		—		—		885,476
GNMA	43,693		—		—		—		43,693
Private-label	324,182		—		—		—		324,182
Commercial mortgage-related securities:
FNMA/FHLMC	772,456		—		—		—		772,456
GNMA	52,219		—		—		—		52,219
Total HTM securities	$	2,846,177	$	883,438	$	4,911	$	4,221	$	3,738,747

The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024



Gross realized (losses) on AFS securities	$	—	$	—	$	—	$	( 197 )

Gain on sale of equity securities	—		—		—		4,054
Fair value adjustment of equity securities	4		67		11		90
Investment securities gains, net	$	4	$	67	$	11	$	3,947
Proceeds from sales of AFS investment securities	$	—	$	—	$	—	$	9,472

Investment securities with a carrying value of $ 1.2 billion and $ 1.5 billion at June 30, 2025 and December 31, 2024, respectively, were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $ 17.8 million and $ 18.1 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $ 22.7 million and $ 21.4 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

The allowance for credit losses on HTM securities was $ 0.1 million at both June 30, 2025 and December 31, 2024, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

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The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at June 30, 2025:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	1	$	—	$	545	2	$	( 71 )	$	812	$	( 71 )	1,357
Residential mortgage-related securities:
FNMA/FHLMC	19	( 216 )		25,111		14	( 6,509 )		60,428		( 6,725 )		85,538
GNMA	11	( 81 )		60,239		5	( 81 )		4,956		( 162 )		65,195

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	( 1,210 )		16,937		( 1,210 )		16,937
GNMA	—	—		—		16	( 4,495 )		110,386		( 4,495 )		110,386
Asset backed securities:
FFELP	3	( 389 )		41,906		12	( 1,300 )		58,583		( 1,689 )		100,489
SBA	—	—		—		4	( 17 )		369		( 17 )		369
Other debt securities	1	( 2 )		998		—	—		—		( 2 )		998

Total	35	$	( 688 )	$	128,798	54	$	( 13,682 )	$	252,471	$	( 14,370 )	$	381,269
HTM investment securities

Obligations of state and political subdivisions (municipal securities)	343	$	( 16,718 )	$	486,300	651	$	( 184,912 )	$	863,436	$	( 201,630 )	$	1,349,736
Residential mortgage-related securities:
FNMA/FHLMC	9	( 110 )		8,687		106	( 168,271 )		695,891		( 168,381 )		704,578
GNMA	6	( 88 )		7,432		79	( 2,816 )		30,402		( 2,904 )		37,835
Private-label	—	—		—		18	( 58,290 )		262,536		( 58,290 )		262,536
Commercial mortgage-related securities:
FNMA/FHLMC	2	( 481 )		26,335		43	( 132,664 )		618,087		( 133,145 )		644,422
GNMA	—	—		—		13	( 5,637 )		43,959		( 5,637 )		43,959
Total	360	$	( 17,397 )	$	528,754	910	$	( 552,590 )	$	2,514,312	$	( 569,986 )	$	3,043,067

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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	1	$	( 3 )	$	542	2	$	( 55 )	$	828	$	( 58 )	$	1,370
Residential mortgage-related securities:
FNMA/FHLMC	23	( 607 )		31,983		14	( 8,927 )		61,596		( 9,534 )		93,579
GNMA	116	( 13,706 )		1,660,642		4	( 145 )		3,945		( 13,851 )		1,664,587

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	( 1,332 )		17,000		( 1,332 )		17,000
GNMA	—	—		—		16	( 4,800 )		111,475		( 4,800 )		111,475
Asset backed securities:
FFELP	—	—		—		12	( 604 )		62,830		( 604 )		62,830
SBA	—	—		—		4	( 24 )		464		( 24 )		464
Other debt securities	1	( 7 )		993		1	( 3 )		997		( 11 )		1,989

Total	141	$	( 14,323 )	$	1,694,159	54	$	( 15,890 )	$	259,134	$	( 30,213 )	$	1,953,294
HTM investment securities
U.S. Treasury securities	—	$	—	$	—	1	$	( 1 )	$	999	$	( 1 )	$	999
Obligations of state and political subdivisions (municipal securities)	370	( 11,860 )		483,073		641	( 162,343 )		866,949		( 174,202 )		1,350,022
Residential mortgage-related securities:
FNMA/FHLMC	12	( 280 )		11,617		106	( 186,184 )		710,114		( 186,464 )		721,732
GNMA	7	( 183 )		8,856		79	( 3,591 )		31,071		( 3,774 )		39,927
Private-label	—	—		—		18	( 65,963 )		266,353		( 65,963 )		266,353
Commercial mortgage-related securities:
FNMA/FHLMC	2	( 1,343 )		25,518		43	( 157,735 )		598,077		( 159,078 )		623,595
GNMA	—	—		—		13	( 6,424 )		46,032		( 6,424 )		46,032
Total	391	$	( 13,665 )	$	529,064	901	$	( 582,241 )	$	2,519,595	$	( 595,906 )	$	3,048,660

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at June 30, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of June 30, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $ 180.3 million and $ 91.5 million at June 30, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $ 98.1 million and $ 88.1 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on FHLB stock totaled $ 3.4 million at June 30, 2025 and $ 1.8 million at December 31, 2024. There was no accrued interest receivable on Federal Reserve Bank Stock at June 30, 2025 and December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

Table of Contents

Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $ 10.9 million at June 30, 2025 and $ 10.7 million at December 31, 2024.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $ 15.1 million at June 30, 2025 and $ 12.6 million at December 31, 2024.

Note 6 Loans

The period end loan composition was as follows:


(in thousands)	Jun 30, 2025		Dec 31, 2024


Commercial and industrial	$	11,281,964	$	10,573,741
Commercial real estate — owner occupied	1,101,501		1,143,741
Commercial and business lending	12,383,465		11,717,483
Commercial real estate — investor	5,370,422		5,227,975
Real estate construction	1,950,267		1,982,632
Commercial real estate lending	7,320,689		7,210,607
Total commercial	19,704,154		18,928,090
Residential mortgage	6,949,387		7,047,541
Auto finance	2,969,495		2,810,220
Home equity	676,208		664,252
Other consumer	308,361		318,483
Total consumer	10,903,451		10,840,496
Total loans	$	30,607,605	$	29,768,586

Accrued interest receivable on loans totaled $ 124.7 million at June 30, 2025 and $ 126.1 million at December 31, 2024, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $ 0.5 million for the three months ended June 30, 2025 and $ 1.1 million for the six months ended June 30, 2025, compared to $ 1.3 million for the three months ended June 30, 2024 and $ 1.7 million for the six months ended June 30, 2024.

Table of Contents

The following table presents loans by credit quality indicator by origination year at June 30, 2025:


					Term Loans Amortized Cost Basis by Origination Year (a)
(in thousands)	Rev Loans Converted to Term (a)		Rev Loans Amortized Cost Basis		YTD 2025		2024		2023		2022		2021		Prior		Total














Commercial and industrial:
Risk rating:
Pass	$	—	$	2,052,195	$	1,616,578	$	2,512,838	$	1,288,587	$	1,758,967	$	908,705	$	611,248	$	10,749,117
Special mention	—		17,393		5,637		13,086		23,126		10,791		5,720		566		76,319
Substandard	709		82,292		19,014		75,595		20,297		134,316		115,751		2,318		449,583
Nonaccrual	—		—		1,500		513		—		4,932		—		—		6,945
Commercial and industrial	$	709	$	2,151,880	$	1,642,730	$	2,602,031	$	1,332,009	$	1,909,006	$	1,030,176	$	614,133	$	11,281,964
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	9,946	$	36,675	$	218,397	$	161,369	$	166,366	$	173,969	$	247,617	$	1,014,340
Special mention	—		—		2,028		22,403		5,526		—		3,021		12,372		45,350
Substandard	—		970		7,395		4,912		1,701		1,396		17,687		7,752		41,812

Commercial real estate - owner occupied	$	—	$	10,916	$	46,098	$	245,712	$	168,596	$	167,762	$	194,677	$	267,741	$	1,101,501
Commercial and business lending:
Risk rating:
Pass	$	—	$	2,062,141	$	1,653,254	$	2,731,234	$	1,449,956	$	1,925,334	$	1,082,674	$	858,865	$	11,763,457
Special mention	—		17,393		7,665		35,489		28,652		10,791		8,740		12,939		121,668
Substandard	709		83,263		26,409		80,507		21,997		135,712		133,438		10,070		491,396
Nonaccrual	—		—		1,500		513		—		4,932		—		—		6,945
Commercial and business lending	$	709	$	2,162,796	$	1,688,828	$	2,847,743	$	1,500,606	$	2,076,768	$	1,224,852	$	881,873	$	12,383,465
Commercial real estate - investor:
Risk rating:
Pass	$	7,228	$	174,475	$	923,868	$	1,095,896	$	668,187	$	909,795	$	714,384	$	616,814	$	5,103,419
Special mention	—		—		—		2,992		13,525		30,974		19,863		5,110		72,464
Substandard	—		—		10,052		39,718		39,052		53,642		27,885		8,387		178,736
Nonaccrual	—		—		391		—		—		15,413		—		—		15,805
Commercial real estate - investor	$	7,228	$	174,475	$	934,311	$	1,138,606	$	720,764	$	1,009,824	$	762,133	$	630,310	$	5,370,422
Real estate construction:
Risk rating:
Pass	$	—	$	33,625	$	77,434	$	444,662	$	314,467	$	583,912	$	3,968	$	7,636	$	1,465,703
Special mention	—		—		—		7,802		38,699		222,857		—		—		269,358
Substandard	—		—		28,283		36,939		6,000		143,837		—		—		215,060
Nonaccrual	—		—		—		—		—		—		—		146		146
Real estate construction	$	—	$	33,625	$	105,717	$	489,403	$	359,166	$	950,606	$	3,968	$	7,781	$	1,950,267
Commercial real estate lending:
Risk rating:
Pass	$	7,228	$	208,100	$	1,001,301	$	1,540,557	$	982,654	$	1,493,708	$	718,352	$	624,449	$	6,569,121
Special mention	—		—		—		10,794		52,224		253,831		19,863		5,110		341,822
Substandard	—		—		38,335		76,657		45,052		197,479		27,885		8,387		393,795
Nonaccrual	—		—		391		—		—		15,413		—		146		15,950
Commercial real estate lending	$	7,228	$	208,100	$	1,040,028	$	1,628,009	$	1,079,930	$	1,960,431	$	766,100	$	638,091	$	7,320,689
Total commercial:
Risk rating:
Pass	$	7,228	$	2,270,240	$	2,654,555	$	4,271,791	$	2,432,610	$	3,419,041	$	1,801,026	$	1,483,314	$	18,332,578
Special mention	—		17,393		7,665		46,283		80,877		264,622		28,603		18,048		463,490
Substandard	709		83,263		64,745		157,164		67,049		333,191		161,323		18,457		885,191
Nonaccrual	—		—		1,891		513		—		20,345		—		146		22,895
Total commercial	$	7,938	$	2,370,896	$	2,728,856	$	4,475,751	$	2,580,536	$	4,037,198	$	1,990,953	$	1,519,965	$	19,704,154

Table of Contents


					Term Loans Amortized Cost Basis by Origination Year (a)
(in thousands)	Rev Loans Converted to Term (a)		Rev Loans Amortized Cost Basis		YTD 2025		2024		2023		2022		2021		Prior		Total
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	105,839	$	210,737	$	518,346	$	1,550,422	$	1,564,001	$	2,925,566	$	6,874,910
Special mention	—		—		10		—		—		—		—		34		44
Substandard	—		—		—		—		308		—		307		—		615
Nonaccrual	—		—		1,811		2,242		3,625		13,572		10,222		42,346		73,817
Residential mortgage	$	—	$	—	$	107,660	$	212,979	$	522,279	$	1,563,994	$	1,574,530	$	2,967,945	$	6,949,387
Auto finance:
Risk rating:
Pass	$	—	$	—	$	682,900	$	1,030,316	$	697,134	$	512,591	$	36,509	$	33	$	2,959,483
Special mention	—		—		33		376		800		671		127		—		2,007

Nonaccrual	—		—		67		1,271		2,757		3,557		324		28		8,004
Auto finance	$	—	$	—	$	683,000	$	1,031,963	$	700,691	$	516,819	$	36,960	$	61	$	2,969,495
Home equity:
Risk rating:
Pass	$	6,336	$	584,744	$	603	$	2,037	$	1,991	$	22,908	$	5,253	$	49,761	$	667,297
Special mention	357		100		—		144		29		85		—		351		709

Nonaccrual	411		149		—		79		193		1,059		202		6,519		8,201
Home equity	$	7,104	$	584,993	$	603	$	2,260	$	2,213	$	24,052	$	5,455	$	56,631	$	676,208
Other consumer:
Risk rating:
Pass	$	750	$	238,478	$	9,055	$	5,799	$	3,040	$	1,825	$	537	$	46,692	$	305,427
Special mention	10		911		—		—		6		9		5		1		931
Substandard	—		1,921		—		—		—		—		—		—		1,921
Nonaccrual	3		41		—		5		7		—		24		5		82
Other consumer	$	763	$	241,351	$	9,055	$	5,804	$	3,053	$	1,834	$	566	$	46,698	$	308,361
Total consumer:
Risk rating:
Pass	$	7,087	$	823,222	$	798,397	$	1,248,888	$	1,220,512	$	2,087,745	$	1,606,301	$	3,022,052	$	10,807,117
Special mention	366		1,011		43		520		835		766		132		385		3,692
Substandard	—		1,921		—		—		308		—		307		—		2,537
Nonaccrual	414		189		1,878		3,597		6,582		18,188		10,772		48,898		90,104
Total consumer	$	7,867	$	826,343	$	800,319	$	1,253,006	$	1,228,237	$	2,106,699	$	1,617,511	$	3,071,336	$	10,903,451
Total loans:
Risk rating:
Pass	$	14,315	$	3,093,462	$	3,452,952	$	5,520,680	$	3,653,122	$	5,506,787	$	3,407,327	$	4,505,366	$	29,139,696
Special mention	366		18,404		7,708		46,803		81,712		265,387		28,735		18,434		467,183
Substandard	709		85,184		64,745		157,164		67,357		333,191		161,630		18,457		887,728
Nonaccrual	414		189		3,769		4,111		6,582		38,533		10,772		49,044		112,999
Total loans	$	15,805	$	3,197,239	$	3,529,175	$	5,728,758	$	3,808,773	$	6,143,897	$	3,608,464	$	4,591,300	$	30,607,605

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

Table of Contents

The following table presents loans by credit quality indicator by origination year at December 31, 2024:


					Term Loans Amortized Cost Basis by Origination Year (a)
(in thousands)	Rev Loans Converted to Term (a)		Rev Loans Amortized Cost Basis		2024		2023		2022		2021		2020		Prior		Total







Commercial and industrial:
Risk rating:
Pass	$	248	$	1,841,790	$	2,656,953	$	1,514,277	$	2,254,758	$	1,080,180	$	263,286	$	510,301	$	10,121,545
Special mention	—		48,829		4,037		4,810		63,390		6,984		515		48		128,613
Substandard	2,015		40,240		90,240		9,677		34,730		126,134		3,347		131		304,500
Nonaccrual	42		—		772		4,468		12,988		855		—		—		19,084
Commercial and industrial	$	2,306	$	1,930,860	$	2,752,002	$	1,533,233	$	2,365,866	$	1,214,154	$	267,148	$	510,480	$	10,573,741
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	13,760	$	228,913	$	175,059	$	180,132	$	214,237	$	114,064	$	181,982	$	1,108,147
Special mention	—		—		—		497		—		8,619		—		2,803		11,920
Substandard	—		943		2,532		10,009		1,492		701		3,371		3,125		22,173
Nonaccrual	—		—		—		1,501		—		—		—		—		1,501
Commercial real estate - owner occupied	$	—	$	14,703	$	231,446	$	187,066	$	181,625	$	223,557	$	117,435	$	187,911	$	1,143,741
Commercial and business lending:
Risk rating:
Pass	$	248	$	1,855,550	$	2,885,866	$	1,689,336	$	2,434,891	$	1,294,416	$	377,350	$	692,283	$	11,229,693
Special mention	—		48,829		4,037		5,307		63,390		15,604		515		2,852		140,532
Substandard	2,015		41,183		92,772		19,686		36,222		126,835		6,719		3,255		326,673
Nonaccrual	42		—		772		5,969		12,988		855		—		—		20,585
Commercial and business lending	$	2,306	$	1,945,563	$	2,983,447	$	1,720,298	$	2,547,491	$	1,437,710	$	384,583	$	698,390	$	11,717,483
Commercial real estate - investor:
Risk rating:
Pass	$	—	$	190,451	$	1,334,740	$	725,652	$	1,179,867	$	723,994	$	321,084	$	363,288	$	4,839,076
Special mention	—		—		69,014		6,385		30,672		12,312		6,870		10,366		135,618
Substandard	—		—		69,385		53,022		93,151		10,724		384		9,910		236,576
Nonaccrual	—		—		11,949		—		—		4,757		—		—		16,705
Commercial real estate - investor	$	—	$	190,451	$	1,485,088	$	785,058	$	1,303,690	$	751,786	$	328,338	$	383,563	$	5,227,975
Real estate construction:
Risk rating:
Pass	$	—	$	30,090	$	278,754	$	390,845	$	807,347	$	142,137	$	25,654	$	7,260	$	1,682,086
Special mention	—		—		19,419		—		96,442		—		—		—		115,862
Substandard	—		—		28,241		6,000		105,660		44,754		—		—		184,654
Nonaccrual	—		—		—		—		—		—		—		30		30
Real estate construction	$	—	$	30,090	$	326,414	$	396,845	$	1,009,450	$	186,890	$	25,654	$	7,289	$	1,982,632
Commercial real estate lending:
Risk rating:
Pass	$	—	$	220,541	$	1,613,494	$	1,116,496	$	1,987,215	$	866,130	$	346,738	$	370,548	$	6,521,163
Special mention	—		—		88,433		6,385		127,114		12,312		6,870		10,366		251,480
Substandard	—		—		97,626		59,022		198,811		55,477		384		9,910		421,230
Nonaccrual	—		—		11,949		—		—		4,757		—		30		16,735
Commercial real estate lending	$	—	$	220,541	$	1,811,502	$	1,181,903	$	2,313,140	$	938,677	$	353,992	$	390,853	$	7,210,607

Table of Contents


					Term Loans Amortized Cost Basis by Origination Year (a)
(in thousands)	Rev Loans Converted to Term (a)		Rev Loans Amortized Cost Basis		2024		2023		2022		2021		2020		Prior		Total
Total commercial:
Risk rating:
Pass	$	248	$	2,076,092	$	4,499,360	$	2,805,832	$	4,422,105	$	2,160,547	$	724,088	$	1,062,831	$	17,750,855
Special mention	—		48,829		92,469		11,692		190,504		27,916		7,385		13,217		392,012
Substandard	2,015		41,183		190,399		78,708		235,033		182,313		7,103		13,165		747,903
Nonaccrual	42		—		12,721		5,969		12,988		5,612		—		30		37,320
Total commercial	$	2,306	$	2,166,104	$	4,794,949	$	2,902,201	$	4,860,631	$	2,376,387	$	738,576	$	1,089,243	$	18,928,090
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	172,607	$	507,186	$	1,579,182	$	1,643,341	$	1,195,752	$	1,878,251	$	6,976,319
Special mention	—		—		—		—		—		—		—		162		162
Substandard	—		—		594		327		77		—		—		24		1,022
Nonaccrual	—		—		2,338		2,134		11,420		10,141		8,297		35,708		70,038
Residential mortgage	$	—	$	—	$	175,539	$	509,647	$	1,590,679	$	1,653,482	$	1,204,049	$	1,914,144	$	7,047,541
Auto finance:
Risk rating:
Pass	$	—	$	—	$	1,241,609	$	858,924	$	650,880	$	48,999	$	67	$	77	$	2,800,555
Special mention	—		—		332		704		1,048		178		—		—		2,262

Nonaccrual	—		—		491		2,162		4,284		466		—		—		7,402
Auto finance	$	—	$	—	$	1,242,431	$	861,790	$	656,212	$	49,643	$	67	$	77	$	2,810,220
Home equity:
Risk rating:
Pass	$	8,764	$	569,866	$	411	$	1,684	$	25,372	$	5,289	$	1,965	$	50,841	$	655,429
Special mention	127		81		41		—		—		—		—		323		445

Nonaccrual	1,677		104		15		103		933		231		215		6,778		8,378
Home equity	$	10,568	$	570,051	$	467	$	1,788	$	26,305	$	5,520	$	2,180	$	57,941	$	664,252
Other consumer:
Risk rating:
Pass	$	308	$	241,230	$	14,343	$	4,808	$	2,475	$	1,440	$	584	$	49,886	$	314,767
Special mention	—		1,125		8		—		36		7		—		—		1,176
Substandard	—		2,418		—		—		—		—		—		—		2,418
Nonaccrual	2		81		5		21		7		4		—		4		122
Other consumer	$	310	$	244,855	$	14,356	$	4,829	$	2,518	$	1,451	$	584	$	49,891	$	318,483
Total consumer:
Risk rating:
Pass	$	9,071	$	811,096	$	1,428,969	$	1,372,603	$	2,257,910	$	1,699,069	$	1,198,368	$	1,979,055	$	10,747,070
Special mention	127		1,207		381		704		1,083		185		—		484		4,045
Substandard	—		2,418		594		327		77		—		—		24		3,440
Nonaccrual	1,679		185		2,849		4,420		16,644		10,842		8,512		42,490		85,941
Total consumer	$	10,878	$	814,906	$	1,432,794	$	1,378,053	$	2,275,714	$	1,710,096	$	1,206,880	$	2,022,053	$	10,840,496
Total loans:
Risk rating:
Pass	$	9,320	$	2,887,188	$	5,928,329	$	4,178,435	$	6,680,015	$	3,859,616	$	1,922,456	$	3,041,886	$	28,497,925
Special mention	127		50,036		92,851		12,396		191,587		28,101		7,385		13,701		396,057
Substandard	2,015		43,602		190,993		79,035		235,110		182,313		7,103		13,189		751,344
Nonaccrual	1,721		185		15,570		10,389		29,632		16,453		8,512		42,519		123,260
Total loans	$	13,183	$	2,981,010	$	6,227,743	$	4,280,254	$	7,136,344	$	4,086,483	$	1,945,455	$	3,111,296	$	29,768,586

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents gross charge offs by origination year for the six months ended June 30, 2025:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total
Commercial and industrial	$	2,499	$	—	$	526	$	3,363	$	3,759	$	379	$	—	$	10,525
Commercial real estate-owner occupied	—		—		—		—		—		—		—		—
Commercial and business lending	2,499		—		526		3,363		3,759		379		—		10,525
Commercial real estate-investor	—		—		7,506		—		4,587		—		—		12,092
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		—		7,506		—		4,587		—		—		12,092
Total commercial	2,499		—		8,031		3,363		8,346		379		—		22,618
Residential mortgage	—		—		—		59		256		20		247		582
Auto finance	—		24		701		1,434		1,587		201		—		3,948
Home equity	—		—		—		26		—		5		56		88
Other consumer	4,455		—		26		32		44		224		45		4,826
Total consumer	4,455		24		728		1,551		1,887		451		348		9,444
Total gross charge offs	$	6,954	$	24	$	8,759	$	4,914	$	10,232	$	830	$	348	$	32,062

The following table presents gross charge offs by origination year for the year ended December 31, 2024:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2024		2023		2022		2021		2020		Prior		Total
Commercial and industrial	$	4,433	$	128	$	11,484	$	8,510	$	22,959	$	3	$	—	$	47,517
Commercial real estate-owner occupied	—		—		—		—		—		—		3		3
Commercial and business lending	4,433		128		11,484		8,510		22,959		3		3		47,520
Commercial real estate-investor	—		6,617		1		—		4,569		—		—		11,187
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		6,617		1		—		4,569		—		—		11,187
Total commercial	4,433		6,745		11,485		8,510		27,528		3		3		58,707
Residential mortgage	—		—		134		125		101		153		515		1,029
Auto finance	—		418		2,982		5,582		560		—		—		9,541
Home equity	93		—		—		9		19		10		85		216
Other consumer	6,555		20		96		75		75		42		59		6,922
Total consumer	6,649		438		3,212		5,790		755		205		659		17,709
Total gross charge offs	$	11,082	$	7,183	$	14,697	$	14,300	$	28,283	$	209	$	662	$	76,415

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit or in the credit position at some future date. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships over $0.5 million in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a loan modification, meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $ 24.4 million and $ 22.9 million at June 30, 2025 and December 31, 2024, respectively.

The following table presents loans by past due status at June 30, 2025:


	Accruing
(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual (a)(b)		Total


Commercial and industrial	$	11,271,869	$	555	$	2,039	$	558	$	6,945	$	11,281,964
Commercial real estate - owner occupied	1,095,873		5,258		370		—		—		1,101,501
Commercial and business lending	12,367,742		5,813		2,409		558		6,945		12,383,465
Commercial real estate - investor	5,342,011		587		455		11,565		15,805		5,370,422
Real estate construction	1,950,031		90		—		—		146		1,950,267
Commercial real estate lending	7,292,042		677		455		11,565		15,950		7,320,689
Total commercial	19,659,784		6,490		2,864		12,123		22,895		19,704,154
Residential mortgage	6,866,825		8,710		34		—		73,817		6,949,387
Auto finance	2,948,341		11,142		2,007		—		8,004		2,969,495
Home equity	663,668		3,629		709		—		8,201		676,208
Other consumer	303,664		1,591		987		2,038		82		308,361
Total consumer	10,782,499		25,072		3,738		2,038		90,104		10,903,451
Total loans	$	30,442,282	$	31,561	$	6,602	$	14,160	$	112,999	$	30,607,605

(a) Of the total nonaccrual loans, $ 33.3 million, or 29 %, were current with respect to payment at June 30, 2025.

(b) No interest income was recognized on nonaccrual loans for the three and six months ended June 30, 2025. In addition, there were $ 21.4 million of nonaccrual loans for which there was no related ACLL at June 30, 2025.

The following table presents loans by past due status at December 31, 2024:


	Accruing
(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual (a)(b)		Total


Commercial and industrial	$	10,552,756	$	899	$	361	$	642	$	19,084	$	10,573,741
Commercial real estate - owner occupied	1,140,607		1,533		101		—		1,501		1,143,741
Commercial and business lending	11,693,363		2,432		462		642		20,585		11,717,483
Commercial real estate - investor	5,174,879		5,117		31,274		—		16,705		5,227,975
Real estate construction	1,982,581		21		—		—		30		1,982,632
Commercial real estate lending	7,157,460		5,138		31,274		—		16,735		7,210,607
Total commercial	18,850,823		7,570		31,736		642		37,320		18,928,090
Residential mortgage	6,962,610		14,731		162		—		70,038		7,047,541
Auto finance	2,787,967		12,588		2,262		—		7,402		2,810,220
Home equity	651,248		4,181		445		—		8,378		664,252
Other consumer	312,687		1,892		1,236		2,547		122		318,483
Total consumer	10,714,512		33,391		4,105		2,547		85,941		10,840,496
Total loans	$	29,565,335	$	40,961	$	35,841	$	3,189	$	123,260	$	29,768,586

(a) Of the total nonaccrual loans, $ 52.4 million, or 42 %, were current with respect to payment at December 31, 2024.

(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2024. In addition, there were $ 23.8 million of nonaccrual loans for which there was no related ACLL at December 31, 2024.

Loan Modifications

The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at June 30, 2025 and June 30, 2024.


	Interest Rate Concession
	Amortized Cost
	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024
Commercial and industrial	$	154	$	161	$	294	$	298

Auto finance	—		139		—		144

Other consumer	737		631		1,529		1,110
Total loans modified	$	891	$	930	$	1,823	$	1,552

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	Term Extension
	Amortized Cost
	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024

Residential mortgage	$	305	$	—	$	305	$	—


Total loans modified	$	305	$	—	$	305	$	—


	Combination - Interest Rate Concession and Term Extension
	Amortized Cost
	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024

Residential mortgage	$	591	$	—	$	2,094	$	641
Home equity	67		—		125		30

Total loans modified	$	658	$	—	$	2,219	$	670

The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans.


	Interest Rate Concession
	Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase (a)
	Three Months Ended Jun 30,				Six Months Ended Jun 30,
Loan Type	2025		2024		2025		2024
Commercial and industrial	( 23 )	%	( 19 )	%	( 24 )	%	( 17 )	%
Residential mortgage	2	%	—	%	1	%	3	%
Auto finance	—	%	( 8 )	%	—	%	( 8 )	%
Home equity	—	%	—	%	( 2 )	%	( 3 )	%
Other consumer	( 21 )	%	( 22 )	%	( 21 )	%	( 22 )	%
Weighted average of total loans modified	( 10 )	%	( 18 )	%	( 8 )	%	( 13 )	%

(a) Some interest rate concessions may involve an increase in rate that was lower in comparison to prevailing market rates.

Term Extension

Financial Effect, Weighted Average Term Increase (a)

Three Months Ended Jun 30,

Six Months Ended Jun 30,

Loan Type

2025

2024

2025

2024

Residential mortgage

165 months

0 months

152 months

158 months

Home equity

60 months

0 months

60 months

64 months

Weighted average of total loans modified

158 months

0 months

147 months

153 months

(a) During the three months ended June 30, 2025 term extensions changed the weighted average term on modified loans from 268 to 426 months. During the three months ended June 30, 2024, there were no term extensions. During the six months ended June 30, 2025 and June 30, 2024, term extensions changed the weighted average term on modified loans from 267 to 414 months and 254 to 407 months, respectively.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended June 30, 2025:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	431	$	—	$	—
Residential mortgage	3,406		605		702

Home equity	288		31		—
Other consumer	2,303		—		—
Total loans modified	$	6,427	$	635	$	702

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The following table depicts the performance of loans that have been modified in the twelve months ended June 30, 2024:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	410	$	—	$	—
Residential mortgage	902		24		55
Auto finance	107		41		—
Home equity	139		—		—
Other consumer	1,615		—		—
Total loans modified	$	3,173	$	65	$	55

None of the loans modified in the previous twelve months subsequently had a payment default during the six months ended June 30, 2025. The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months had a payment default during the six months ended June 30, 2024:


	Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)	Interest Rate Concession		Term Extension		Combination Interest Rate Concession and Term Extension

Auto finance	$	6	$	—	$	—

Total loans modified	$	6	$	—	$	—

The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for June 30, 2025 was the Moody's baseline scenario from May 2025 , which was reviewed against the June 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the six months ended June 30, 2025:


(in thousands)	Dec 31, 2024		Charge offs		Recoveries		Net (Charge offs) Recoveries		Provision for Credit Losses		Jun 30, 2025		ACLL / Loans
Allowance for loan losses


Commercial and industrial	$	136,596	$	( 10,525 )	$	3,974	$	( 6,552 )	$	26,322	$	156,366
Commercial real estate — owner occupied	9,417		—		—		—		3,680		13,097
Commercial and business lending	146,013		( 10,525 )		3,974		( 6,552 )		30,001		169,463
Commercial real estate — investor	71,547		( 12,092 )		2,707		( 9,385 )		472		62,633
Real estate construction	51,499		—		150		150		322		51,972
Commercial real estate lending	123,046		( 12,092 )		2,858		( 9,235 )		794		114,605
Total commercial	269,060		( 22,618 )		6,831		( 15,787 )		30,795		284,068
Residential mortgage	32,576		( 582 )		478		( 105 )		1,625		34,096
Auto finance	28,467		( 3,948 )		1,740		( 2,208 )		1,493		27,751
Home equity	16,620		( 88 )		614		526		( 1,081 )		16,064
Other consumer	16,824		( 4,826 )		869		( 3,957 )		1,668		14,534
Total consumer	94,486		( 9,444 )		3,700		( 5,744 )		3,705		92,446
Total loans	$	363,545	$	( 32,062 )	$	10,531	$	( 21,531 )	$	34,500	$	376,515
Allowance for unfunded commitments


Commercial and industrial	$	14,456	$	—	$	—	$	—	$	2,092	$	16,547
Commercial real estate — owner occupied	151		—		—		—		( 26 )		125
Commercial and business lending	14,607		—		—		—		2,066		16,672
Commercial real estate — investor	578		—		—		—		131		709
Real estate construction	19,591		—		—		—		( 5,678 )		13,913
Commercial real estate lending	20,169		—		—		—		( 5,547 )		14,622
Total commercial	34,776		—		—		—		( 3,481 )		31,294


Home equity	2,465		—		—		—		( 30 )		2,435
Other consumer	1,535		—		—		—		11		1,546
Total consumer	4,000		—		—		—		( 19 )		3,981
Total loans	$	38,776	$	—	$	—	$	—	$	( 3,500 )	$	35,276
Allowance for credit losses on loans


Commercial and industrial	$	151,052	$	( 10,525 )	$	3,974	$	( 6,552 )	$	28,413	$	172,914	1.53	%
Commercial real estate — owner occupied	9,568		—		—		—		3,654		13,222		1.20	%
Commercial and business lending	160,620		( 10,525 )		3,974		( 6,552 )		32,067		186,135		1.50	%
Commercial real estate — investor	72,125		( 12,092 )		2,707		( 9,385 )		603		63,342		1.18	%
Real estate construction	71,090		—		150		150		( 5,356 )		65,885		3.38	%
Commercial real estate lending	143,215		( 12,092 )		2,858		( 9,235 )		( 4,753 )		129,227		1.77	%
Total commercial	303,835		( 22,618 )		6,831		( 15,787 )		27,314		315,363		1.60	%
Residential mortgage	32,576		( 582 )		478		( 105 )		1,625		34,096		0.49	%
Auto finance	28,467		( 3,948 )		1,740		( 2,208 )		1,493		27,751		0.93	%
Home equity	19,085		( 88 )		614		526		( 1,111 )		18,500		2.74	%
Other consumer	18,359		( 4,826 )		869		( 3,957 )		1,679		16,080		5.21	%
Total consumer	98,486		( 9,444 )		3,700		( 5,744 )		3,686		96,427		0.88	%
Total loans	$	402,322	$	( 32,062 )	$	10,531	$	( 21,531 )	$	31,000	$	411,791	1.35	%

Table of Contents

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2024:


(in thousands)	Dec 31, 2023		Charge offs		Recoveries		Net (Charge offs) Recoveries		Provision for Credit Losses		Dec 31, 2024		ACLL / Loans
Allowance for loan losses


Commercial and industrial	$	128,263	$	( 47,517 )	$	2,148	$	( 45,369 )	$	53,703	$	136,596
Commercial real estate — owner occupied	10,610		( 3 )		7		4		( 1,198 )		9,417
Commercial and business lending	138,873		( 47,520 )		2,155		( 45,365 )		52,505		146,013
Commercial real estate — investor	67,858		( 11,187 )		—		( 11,187 )		14,876		71,547
Real estate construction	53,554		—		65		65		( 2,119 )		51,499
Commercial real estate lending	121,412		( 11,187 )		65		( 11,122 )		12,756		123,046
Total commercial	260,285		( 58,707 )		2,220		( 56,487 )		65,262		269,060
Residential mortgage	37,808		( 1,029 )		280		( 750 )		( 4,483 )		32,576
Auto finance	24,961		( 9,541 )		2,905		( 6,637 )		10,142		28,467
Home equity	15,403		( 216 )		1,366		1,150		67		16,620
Other consumer	12,638		( 6,922 )		1,096		( 5,826 )		10,012		16,824
Total consumer	90,809		( 17,709 )		5,647		( 12,062 )		15,738		94,486
Total loans	$	351,094	$	( 76,415 )	$	7,867	$	( 68,549 )	$	81,000	$	363,545
Allowance for unfunded commitments


Commercial and industrial	$	13,319	$	—	$	—	$	—	$	1,137	$	14,456
Commercial real estate — owner occupied	149		—		—		—		2		151
Commercial and business lending	13,468		—		—		—		1,139		14,607
Commercial real estate — investor	480		—		—		—		98		578
Real estate construction	17,024		—		—		—		2,567		19,591
Commercial real estate lending	17,504		—		—		—		2,664		20,169
Total commercial	30,972		—		—		—		3,803		34,776


Home equity	2,629		—		—		—		( 164 )		2,465
Other consumer	1,174		—		—		—		361		1,535
Total consumer	3,803		—		—		—		197		4,000
Total loans	$	34,776	$	—	$	—	$	—	$	4,000	$	38,776
Allowance for credit losses on loans

Commercial and industrial	$	141,582	$	( 47,517 )	$	2,148	$	( 45,369 )	$	54,840	$	151,052	1.43	%
Commercial real estate — owner occupied	10,759		( 3 )		7		4		( 1,196 )		9,568		0.84	%
Commercial and business lending	152,341		( 47,520 )		2,155		( 45,365 )		53,644		160,620		1.37	%
Commercial real estate — investor	68,338		( 11,187 )		—		( 11,187 )		14,973		72,125		1.38	%
Real estate construction	70,578		—		65		65		447		71,090		3.59	%
Commercial real estate lending	138,916		( 11,187 )		65		( 11,122 )		15,421		143,215		1.99	%
Total commercial	291,257		( 58,707 )		2,220		( 56,487 )		69,065		303,835		1.61	%
Residential mortgage	37,808		( 1,029 )		280		( 750 )		( 4,483 )		32,576		0.46	%
Auto finance	24,961		( 9,541 )		2,905		( 6,637 )		10,142		28,467		1.01	%
Home equity	18,032		( 216 )		1,366		1,150		( 97 )		19,085		2.87	%
Other consumer	13,812		( 6,922 )		1,096		( 5,826 )		10,373		18,359		5.76	%
Total consumer	94,613		( 17,709 )		5,647		( 12,062 )		15,935		98,486		0.91	%
Total loans	$	385,870	$	( 76,415 )	$	7,867	$	( 68,549 )	$	85,000	$	402,322	1.35	%

Note 7 Goodwill and Other Intangible Assets

Goodwill

Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2024 or the first six months of 2025.

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The Corporation had goodwill of $ 1.1 billion at both June 30, 2025 and December 31, 2024.

Core Deposit Intangibles

The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:


(in thousands)	Six Months Ended Jun 30, 2025		Year Ended Dec 31, 2024
Core deposit intangibles
Gross carrying amount at the beginning of period	$	88,109	$	88,109

Accumulated amortization	( 60,854 )		( 56,449 )
Net book value	$	27,255	$	31,660
Amortization during the period	$	4,405	$	8,811

Mortgage Servicing Rights

The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.

A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:


(in thousands)	Six Months Ended Jun 30, 2025			Year Ended Dec 31, 2024
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	87,683		$	84,390


Additions	3,256			6,707
Decay	( 4,062 )			( 8,060 )
Valuation:

Changes in fair value of asset	( 1,632 )			4,646


Mortgage servicing rights at end of period	$	85,245		$	87,683





Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	6,185,631		$	6,285,018
Mortgage servicing rights to servicing portfolio	1.38		%	1.40		%

The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of June 30, 2025. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:


(in thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
Six months ended December 31, 2025	$	4,405	$	4,695
2026	8,811		10,817
2027	8,811		11,309
2028	3,485		10,955
2029	1,681		9,945
2030	61		8,840
Beyond 2030	—		28,684
Total estimated amortization expense and MSRs decay (a)	$	27,255	$	85,245

(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

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Note 8 Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):


(Dollars in thousands)	Jun 30, 2025		Dec 31, 2024
Short-term funding
Federal funds purchased	$	145	$	370,325
Securities sold under agreements to repurchase	75,440		100,044
Federal funds purchased and securities sold under agreements to repurchase	$	75,585	$	470,369



Long-term funding
Corporation senior notes, at par	$	300,000	$	300,000
Corporation subordinated notes, at par	300,000		550,000
Discount and capitalized costs	( 8,074 )		( 8,664 )
Subordinated debt fair value hedge (a)	1,354		( 3,996 )
Finance leases	250		295
Total long-term funding	$	593,530	$	837,635
Total short and long-term funding, excluding FHLB advances	$	669,115	$	1,308,004
FHLB advances
Short-term FHLB advances	$	3,470,000	$	1,250,000
Long-term FHLB advances	411,486		611,551
FHLB advances fair value hedge (a)	( 1,997 )		( 7,744 )
Total FHLB advances	$	3,879,489	$	1,853,807
Total short and long-term funding	$	4,548,604	$	3,161,811

(a) For additional information on the fair value hedges, see Note 9.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).

The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At June 30, 2025, the Corporation had pledged securities valued at 196 % of the gross outstanding balance of repurchase agreements to manage this risk.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:


	Overnight and Continuous
(in thousands)	Jun 30, 2025		Dec 31, 2024
Repurchase agreements
Agency mortgage-related securities	$	75,440	$	100,044

Long-Term Funding

Senior Notes

In August 2024 , the Corporation issued $ 300.0 million in aggregate principal amount of 6.455 % Fixed Rate / Floating Rate Senior Notes due August 29, 2030 . During the period from, and including, August 29, 2024 , to, but excluding, August 29, 2029 , the senior notes will have a fixed coupon interest rate of 6.455 % per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029 , to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR, as defined in the Global Note issued in connection with the senior notes, plus 3.030 %, payable quarterly in arrears. Prior to August 29, 2029 , the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the redemption price, as defined in the Global Note issued in connection with the senior notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029 , the Corporation may at its option, redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may, at its option,

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redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount.

Subordinated Notes

In February 2023 , the Corporation issued $ 300.0 million of 10 -year subordinated notes, due March 1, 2033 and redeemable in whole or in part at the Corporation's option (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event, as defined in the Global Note issued in connection with the subordinated notes. The subordinated notes have a fixed coupon interest rate of 6.625 % until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812 % per annum. The notes were issued at a discount.

In January 2025 , $ 250.0 million of 10 -year subordinated notes issued in November 2014 by the Corporation matured and were repaid.

Note 9 Derivative and Hedging Activities

The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.

At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $ 78.5 million and $ 81.4 million of investment securities as collateral at June 30, 2025, and December 31, 2024, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $ 23.1 million at June 30, 2025 and $ 0.3 million at December 31, 2024. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2024 Annual Report on Form 10-K.

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The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments:


	Jun 30, 2025								Dec 31, 2024
	Asset				Liability				Asset				Liability
(in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Designated as hedging instruments:
Interest rate-related instruments (a)	$	2,350,000	$	10,652	$	425,000	$	170	$	1,950,000	$	2,960	$	1,150,000	$	2,976
Foreign currency exchange forwards	37,962		423		333,589		3,108		127,518		2,457		216,665		563
Total designated as hedging instruments	11,076				3,278				5,418				3,539
Not designated as hedging instruments:
Interest rate-related and other instruments	4,746,901		77,258		6,268,703		123,694		3,858,867		88,541		6,992,894		170,928
Foreign currency exchange forwards	71,948		3,078		76,003		2,912		68,028		4,315		74,199		4,106

Mortgage banking (b)	83,223		1,921		174,013		1,362		28,580		580		85,000		—
Total not designated as hedging instruments	82,257				127,969				93,436				175,034
Gross derivatives before netting			93,333				131,247				98,854				178,573
Less: Legally enforceable master netting agreements	16,720				16,720				12,667				12,667
Less: Cash collateral pledged/received	13,871				5,671				35,190				250
Total derivative instruments, after netting	$	62,742			$	108,856			$	50,997			$	165,656

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of June 30, 2025 such swaps with effective dates of November 1, 2025 to December 1, 2025 had an asset notional amount and fair value of $ 300.0 million and $ 3.0 million, respectively, and a liability notional amount and fair value of $ 25.0 million and $ 0 , respectively. As of December 31, 2024 such swaps with effective dates ranging from February 1, 2025 to March 1, 2025 had an asset notional amount and fair value of $ 100.0 million and $ 0.3 million, respectively, and a liability notional amount and fair value of $ 300.0 million and $ 1.4 million, respectively.
(b) The mortgage derivative asset includes interest rate lock commitments, while the mortgage derivative liability includes forward commitments. Given the fair value position as of December 31, 2024, the fair value of the mortgage derivative asset included $ 0.3 million of interest rate lock commitments and $ 0.3 million of forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:


	Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
	Carrying Amount of the Hedged Assets/(Liabilities) (a)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)		Carrying Amount of the Hedged Assets/(Liabilities) (a)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
(in thousands)	Jun 30, 2025				Dec 31, 2024
Other long-term funding	$	( 301,354 )	$	( 1,354 )	$	( 296,004 )	$	3,996
FHLB advances	( 598,003 )		1,997		( 592,256 )		7,744
Total	$	( 899,357 )	$	643	$	( 888,260 )	$	11,740

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At June 30, 2025 and December 31, 2024, the carrying amount excluded for foreign currency denominated loans was $ 371.6 million and $ 344.2 million, respectively.

The Corporation terminated its $ 500.0 million fair value hedge during the fourth quarter of 2019. At June 30, 2025, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $ 205.4 million and is included in loans on the consolidated balance sheets. This amount includes $ 0.8 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.

The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income:


	Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships
	Three Months Ended Jun 30,								Six Months Ended Jun 30,
	2025				2024				2025				2024
(in thousands)	Interest Income		Interest (Expense)		Interest Income		Interest (Expense)		Interest Income		Interest (Expense)		Interest Income		Interest (Expense)
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded (a)	$	( 1,464 )	$	( 1,942 )	$	( 4,805 )	$	( 5,367 )	$	( 2,614 )	$	( 4,160 )	$	( 9,668 )	$	( 10,689 )
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items	( 27 )		( 4,099 )		( 36 )		( 431 )		( 58 )		( 11,096 )		( 76 )		9,779
Derivatives designated as hedging instruments (a)	( 1,437 )		2,158		( 4,769 )		( 4,935 )		( 2,555 )		6,936		( 9,592 )		( 20,468 )

(a) Includes net settlements on the derivatives.

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	Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
	Three Months Ended Jun 30,				Six Months Ended Jun 30,
	2025		2024		2025		2024
(in thousands)	Capital Markets, Net		Capital Markets, Net		Capital Markets, Net		Capital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded	$	—	$	—	$	1	$	—
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items	19,542		( 4,269 )		20,095		( 13,339 )
Derivatives designated as hedging instruments	( 19,542 )		4,269		( 20,093 )		13,339

The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024
Interest rate-related instruments designated as cash flow hedging instruments
Amount of income (loss) recognized in OCI on cash flow hedge derivatives (a)	$	1,264	$	( 6,787 )	$	8,532	$	( 26,248 )


Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income (a)	1,437		4,769		2,555		9,592

(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $ 2.2 million will be reclassified as an increase to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to June 30, 2025. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 30 months as of June 30, 2025.

The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income:


	Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)		2025		2024		2025		2024
Derivative instruments
Interest rate-related and other instruments — customer and mirror, net	Capital markets, net	$	( 42 )	$	13	$	( 90 )	$	( 58 )
Interest rate-related instruments — MSRs hedge	Mortgage banking, net	( 308 )		( 1,374 )		1,158		( 4,311 )
Foreign currency exchange forwards	Capital markets, net	( 1,075 )		( 140 )		( 575 )		605

Interest rate lock commitments (mortgage)	Mortgage banking, net	933		100		1,594		327
Forward commitments (mortgage)	Mortgage banking, net	( 779 )		127		( 1,616 )		578

Note 10 Balance Sheet Offsetting

Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)

The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.

The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).

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Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to offset any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.

For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.

The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from these tables:


	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)			Derivative Liabilities Offset		Cash Collateral Received				Security Collateral Received		Net Amount
Derivative assets
June 30, 2025	$	53,989	$	( 16,720 )	$	( 13,871 )	$	23,398	$	( 23,398 )	$	—
December 31, 2024	79,807		( 12,667 )		( 35,190 )		31,950		( 31,950 )		—


	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)			Derivative Assets Offset		Cash Collateral Pledged				Security Collateral Pledged		Net Amount
Derivative liabilities
June 30, 2025	$	26,096	$	( 16,720 )	$	( 5,671 )	$	3,705	$	—	$	3,705
December 31, 2024	14,369		( 12,667 )		( 250 )		1,452		—		1,452

Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:


(in thousands)	Jun 30, 2025		Dec 31, 2024
Commitments to extend credit (a) , excluding commitments to originate residential mortgage loans held for sale (b)	$	11,072,466	$	11,173,438
Commercial letters of credit (a)	636		875
Standby letters of credit (c)	237,979		253,709

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at June 30, 2025 or December 31, 2024.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.

(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $ 2.4 million at June 30, 2025 and $ 2.5 million at December 31, 2024, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient

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to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).

The following table presents a summary of the changes in the allowance for unfunded commitments:


(in thousands)	Six Months Ended Jun 30, 2025		Year Ended Dec 31, 2024
Allowance for unfunded commitments
Balance at beginning of period	$	38,776	$	34,776


Provision for unfunded commitments	( 3,500 )		4,000

Balance at end of period	$	35,276	$	38,776

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation. The aggregate carrying value of these investments at June 30, 2025 was $ 186.8 million, compared to $ 204.8 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $ 17.1 million and $ 17.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $ 184.7 million at June 30, 2025 and $ 202.8 million at December 31, 2024.

The Corporation’s unfunded contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded contributions totaled $ 21.2 million at June 30, 2025 and $ 29.7 million at December 31, 2024.

For the six months ended June 30, 2025 and the year ended December 31, 2024, the Corporation did not record any impairment related to qualified affordable housing investments.

The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $ 60.3 million at June 30, 2025 and $ 54.1 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

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On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.

Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products, fees and charges. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $ 2.0 million and $ 3.2 million for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively. There were no loss reimbursement and settlement claims paid in the six months ended June 30, 2025 or for the year ended December 31, 2024. Make whole requests since January 1, 2024 generally arose from loans originated since January 1, 2022 with such balances totaling $ 3.5 billion at the time of sale, consisting primarily of loans sold to GSEs. As of June 30, 2025, $ 1.5 billion of those loans originated since January 1, 2022 remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $ 0.6 million at June 30, 2025 and December 31, 2024.

The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At June 30, 2025 and December 31, 2024, there were $ 13.3 million and $ 13.7 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

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The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At June 30, 2025 and December 31, 2024, there were $ 192.3 million and $ 133.8 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.

Note 12 Fair Value Measurements

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2024 Annual Report on Form 10-K.

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The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:


	Jun 30, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	521,167	$	521,167	$	521,167	$	—	$	—
Interest-bearing deposits in other financial institutions	738,938		738,938		738,938		—		—
Federal funds sold and securities purchased under agreements to resell	—		—		—		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	2,993		2,993		—		2,993		—
Residential mortgage-related securities:
FNMA / FHLMC	119,914		119,914		—		119,914		—
GNMA	4,682,415		4,682,415		—		4,682,415		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,937		16,937		—		16,937		—
GNMA	110,386		110,386		—		110,386		—
Asset backed securities:
FFELP	100,489		100,489		—		100,489		—
SBA	377		377		—		377		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,036,508		5,036,508		—		5,036,508		—

HTM investment securities:
U.S. Treasury securities	994		1,013		1,013		—		—
Obligations of state and political subdivisions (municipal securities), net	1,642,962		1,441,910		—		1,441,910		—
Residential mortgage-related securities:
FNMA / FHLMC	854,777		707,296		—		707,296		—
GNMA	42,028		39,136		—		39,136		—
Private-label	313,439		262,536		—		262,536		—
Commercial mortgage-related securities:
FNMA / FHLMC	768,503		644,422		—		644,422		—
GNMA	49,399		43,959		—		43,959		—
Total HTM investment securities, net	3,672,101		3,140,272		1,013		3,139,259		—

Equity securities:
Equity securities	10,912		10,912		10,853		—		59
Equity securities at NAV	15,000		15,000
Total equity securities	25,912		25,912

FHLB and Federal Reserve Bank stocks	278,356		278,356		—		278,356		—
Residential loans held for sale	96,804		96,804		—		96,804		—
Commercial loans held for sale	8,406		8,406		—		8,406		—
Loans, net	30,252,521		29,483,667		—		—		29,483,667
Bank and corporate owned life insurance	691,470		691,470		—		691,470		—
Mortgage servicing rights, net	85,245		85,245		—		—		85,245
Interest rate-related instruments designated as hedging instruments (a)	10,652		10,652		—		10,652		—
Foreign currency exchange forwards designated as hedging instruments (a)	423		423		—		423		—
Interest rate-related and other instruments not designated as hedging instruments (a)	77,258		77,258		—		77,258		—
Foreign currency exchange forwards not designated as hedging instruments (a)	3,078		3,078		—		3,078		—
Interest rate lock commitments to originate residential mortgage loans held for sale	1,921		1,921		—		—		1,921

Total selected assets at fair value	$	41,500,762	$	40,200,079	$	1,271,971	$	9,342,216	$	29,570,892

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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	Jun 30, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:
Noninterest-bearing demand	$	5,782,487	$	5,782,487	$	—	$	—	$	5,782,487
Savings	5,291,674		5,291,674		—		—		5,291,674
Interest-bearing demand	8,579,678		8,579,678		—		—		8,579,678
Money market	6,619,323		6,619,323		—		—		6,619,323
Brokered CDs (a)	4,072,048		4,072,048		—		4,072,048		—
Other time deposits (a)	3,802,356		3,802,356		—		3,802,356		—
Total deposits	34,147,565		34,147,565		—		7,874,404		26,273,162


Federal funds purchased and securities sold under agreements to repurchase	75,585		75,586		—		75,586		—



FHLB advances	3,879,489		3,881,930		—		3,881,930		—
Other long-term funding	593,530		596,673		—		596,673		—
Standby letters of credit (b)	2,386		2,386		—		2,386		—
Interest rate-related instruments designated as hedging instruments (c)	170		170		—		170		—
Foreign currency exchange forwards designated as hedging instruments (c)	3,108		3,108		—		3,108		—
Interest rate-related and other instruments not designated as hedging instruments (c)	123,694		123,694		—		123,694		—
Foreign currency exchange forwards not designated as hedging instruments (c)	2,912		2,912		—		2,912		—

Forward commitments to sell residential mortgage loans	1,362		1,362		—		—		1,362
Total selected liabilities at fair value	$	38,829,803	$	38,835,388	$	—	$	12,560,864	$	26,274,524

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $ 238.0 million at June 30, 2025. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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	Dec 31, 2024
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	544,059	$	544,059	$	544,059	$	—	$	—
Interest-bearing deposits in other financial institutions	453,590		453,590		453,590		—		—
Federal funds sold and securities purchased under agreements to resell	21,955		21,955		21,955		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,005		3,005		—		3,005		—
Residential mortgage-related securities:
FNMA / FHLMC	110,928		110,928		—		110,928		—
GNMA	4,227,727		4,227,727		—		4,227,727		—

Commercial mortgage-related securities:
FNMA / FHLMC	17,000		17,000		—		17,000		—
GNMA	111,475		111,475		—		111,475		—
Asset backed securities:
FFELP	107,839		107,839		—		107,839		—
SBA	471		471		—		471		—
Other debt securities	2,989		2,989		—		2,989		—
Total AFS investment securities	4,581,434		4,581,434		—		4,581,434		—

HTM investment securities:
U.S. Treasury securities	1,000		999		999		—		—
Obligations of state and political subdivisions (municipal securities), net	1,659,662		1,486,582		—		1,486,582		—
Residential mortgage-related securities:
FNMA / FHLMC	885,476		721,946		—		721,946		—
GNMA	43,693		39,927		—		39,927		—
Private-label	324,182		266,353		—		266,353		—
Commercial mortgage-related securities:
FNMA / FHLMC	772,456		623,595		—		623,595		—
GNMA	52,219		46,032		—		46,032		—
Total HTM investment securities, net	3,738,687		3,185,434		999		3,184,435		—

Equity securities:
Equity securities	10,742		10,742		10,670		—		72
Equity securities at NAV	12,500		12,500
Total equity securities	23,242		23,242

FHLB and Federal Reserve Bank stocks	179,665		179,665		—		179,665		—
Residential loans held for sale	646,687		646,687		—		646,687		—
Commercial loans held for sale	32,634		32,634		—		32,634		—
Loans, net	29,373,557		28,327,115		—		—		28,327,115
Bank and corporate owned life insurance	689,000		689,000		—		689,000		—
Mortgage servicing rights, net	87,683		87,683		—		—		87,683
Interest rate-related instruments designated as hedging instruments (a)	2,960		2,960		—		2,960		—
Foreign currency exchange forwards designated as hedging instruments (a)	2,457		2,457		—		2,457		—
Interest rate-related and other instruments not designated as hedging instruments (a)	88,541		88,541		—		88,541		—
Foreign currency exchange forwards not designated as hedging instruments (a)	4,315		4,315		—		4,315		—
Interest rate lock commitments to originate residential mortgage loans held for sale	327		327		—		—		327
Forward commitments to sell residential mortgage loans	254		254		—		—		254
Total selected assets at fair value	$	40,471,048	$	38,871,352	$	1,031,273	$	9,412,129	$	28,415,450

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	Dec 31, 2024
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:
Noninterest-bearing demand	$	5,775,657	$	5,775,657	$	—	$	—	$	5,775,657
Savings	5,133,295		5,133,295		—		—		5,133,295
Interest-bearing demand	9,124,741		9,124,741		—		—		9,124,741
Money market	6,637,915		6,637,915		—		—		6,637,915
Brokered CDs (a)	4,276,309		4,276,309		—		4,276,309		—
Other time deposits (a)	3,700,518		3,700,518		—		3,700,518		—
Total deposits	34,648,434		34,648,434		—		7,976,827		26,671,607

Federal funds purchased and securities sold under agreements to repurchase	470,369		470,370		—		470,370		—



FHLB advances	1,853,807		1,852,685		—		1,852,685		—
Other long-term funding	837,635		823,991		—		823,991		—
Standby letters of credit (b)	2,546		2,546		—		2,546		—
Interest rate-related instruments designated as hedging instruments (c)	2,976		2,976		—		2,976		—
Foreign currency exchange forwards designated as hedging instruments (c)	563		563		—		563		—
Interest rate-related and other instruments not designated as hedging instruments (c)	170,928		170,928		—		170,928		—
Foreign currency exchange forwards not designated as hedging instruments (c)	4,106		4,106		—		4,106		—


Total selected liabilities at fair value	$	37,991,364	$	37,976,599	$	—	$	11,304,992	$	26,671,607

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(b) The commitment on standby letters of credit was $ 253.7 million at December 31, 2024. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

The table below presents a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:


(in thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans		Total
Balance December 31, 2023	$	439	$	673	$	( 234 )
New production	11,771		( 4,000 )		15,771
Closed loans / settlements	( 8,816 )		3,512		( 12,328 )
Other	( 3,068 )		( 438 )		( 2,630 )
Change in mortgage derivative	( 113 )		( 927 )		814

Balance December 31, 2024	327		( 254 )		580
New production	6,409		( 1,716 )		8,125
Closed loans / settlements	( 5,300 )		1,755		( 7,055 )
Other	486		1,577		( 1,092 )
Change in mortgage derivative	1,594		1,616		( 21 )

Balance June 30, 2025	$	1,921	$	1,362	$	559

The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:


(in thousands)
Fair value as of December 31, 2023	$	24,769
Gains recognized in investment securities gains, net	4,054

Purchases	22
Sales	( 28,772 )

Fair value as of December 31, 2024	$	72


Purchases	10
Sales	( 23 )

Fair value as of June 30, 2025	$	59

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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

(in thousands)

Fair Value Hierarchy

Fair Value

Consolidated Statements of Income Category of Adjustment Recognized in Income

Adjustment Recognized on the Consolidated Statements of Income (a)

Jun 30, 2025

Assets

Individually evaluated loans

Level 3

16,913

Provision for credit losses

1,559

OREO (a)

Level 2

8,802

Other noninterest expense / provision for credit losses (b)

7,046

Dec 31, 2024

Assets

Individually evaluated loans

Level 3

31,483

Provision for credit losses

17,454

OREO (a)

Level 2

276

Other noninterest expense / provision for credit losses (b)

1,067

(a) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table.

(b) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.

The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:


Jun 30, 2025	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Option adjusted spread	5 %	-	8 %	5 %
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	1 %	-	100 %	7 %
Individually evaluated loans	Appraisals	Collateral	46 %	-	80 %	76 %
Individually evaluated loans	Discounted cash flow	Discount factor	45 %		45 %	45 %
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	52 %	-	100 %	90 %

Note 13 Retirement Plans

The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows:


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024
RAP
Service cost	$	810	$	881	$	1,619	$	1,755
Interest cost	2,814		2,719		5,628		5,438
Expected return on plan assets	( 9,809 )		( 8,650 )		( 19,619 )		( 17,301 )
Amortization of prior service cost	( 44 )		( 54 )		( 89 )		( 107 )

Total net periodic pension cost	$	( 6,230 )	$	( 5,104 )	$	( 12,460 )	$	( 10,215 )







Postretirement Plan
Interest cost	$	26	$	18	$	53	$	37
Amortization of prior service cost	( 19 )		( 19 )		( 38 )		( 38 )
Amortization of actuarial loss (gain)	4		( 7 )		8		( 14 )
Total net periodic benefit cost	$	12	$	( 8 )	$	23	$	( 15 )

The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost components are included in personnel noninterest expense caption of the consolidated statements of income.

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The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2024 or the six months ended June 30, 2025.

Note 14 Segment Reporting

The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2024 Annual Report on Form 10-K.

Effective beginning the fourth quarter of 2024, the Corporation made the change to move the private wealth operating segment from the Corporate and Commercial Specialty segment to the Community, Consumer and Business segment given its continued alignment with the products, services, and customers of that segment. This impacted the composition of the reportable segments and the Corporation has recast the impacted items of reportable segment information for the earlier presented periods.

The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:

The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. There were no significant changes in the current year to the methods for allocations to the segments from the prior periods.

The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment, and/or re-pricing characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.

The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2024 Annual Report on Form 10-K.

The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.

Indirect expenses incurred by certain centralized support areas (including facilities, information technology services and applications, management expenses, and FDIC expense) are allocated to segments based on actual usage (for example, volume measurements or FTEs) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated and remain in the Risk Management and Shared Services segment. This allocation is reflected as allocated indirect expense in the accompanying tables.

Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.

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Financial i nformation about the Corporation’s segments is presented below:


	As of and for the three months ended June 30, 2025
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income (expense)	$	242,978	$	68,871	$	( 11,849 )	$	300,000
Net intersegment interest (expense) income	( 104,430 )		133,665		( 29,235 )		—
Net interest income (expense)	138,548		202,536		( 41,084 )		300,000
Noninterest income (expense)	11,984		51,461		3,532		66,977
Total income (expense) before provision	150,532		253,997		( 37,552 )		366,977
Provision for credit losses	20,368		6,363		( 8,735 )		17,996
Total income (expense) after provision	130,164		247,634		( 28,817 )		348,981
Noninterest expense
Personnel	20,149		56,641		50,204		126,994
Technology (a)	842		12,903		12,763		26,508
Occupancy (a)	33		31		12,580		12,644
Business development and advertising	1,252		968		5,528		7,748
Equipment (b)	—		1,427		3,067		4,494
Legal and professional	220		527		5,927		6,674
Loan and foreclosure costs	260		1,172		1,273		2,705
FDIC assessment	—		—		9,708		9,708
Other intangible amortization	—		—		2,203		2,203

Other noninterest expense	934		8,001		739		9,674
Allocated indirect expense (income)	22,112		52,884		( 74,996 )		—
Total noninterest expense	45,802		134,554		28,996		209,352
Net income (loss) before income taxes	84,362		113,080		( 57,813 )		139,629
Income tax expense (benefit)	15,968		23,747		( 11,316 )		28,399
Net income (loss)	$	68,394	$	89,333	$	( 46,497 )	$	111,230

Loans	$	17,617,892	$	12,531,178	$	458,535	$	30,607,605
Allocated goodwill	525,836		579,156		—		1,104,992
Total assets	18,431,586		13,403,906		12,158,236		43,993,729

(a) A portion of total depreciation expense of $ 0.1 million, $ 2.7 million, and $ 9.3 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	As of and for the three months ended June 30, 2024
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income (expense)	$	245,797	$	63,207	$	( 52,411 )	$	256,593
Net intersegment interest (expense) income	( 110,719 )		146,814		( 36,095 )		—
Net interest income (expense)	135,078		210,021		( 88,506 )		256,593
Noninterest income	11,671		48,878		4,610		65,159
Total income (expense) before provision	146,749		258,899		( 83,896 )		321,752
Provision for credit losses	16,038		6,045		925		23,008
Total income (expense) after provision	130,711		252,854		( 84,821 )		298,745
Noninterest expense
Personnel	20,447		56,159		44,975		121,581
Technology (a)	586		11,717		14,858		27,161
Occupancy (a)	—		11		13,117		13,128
Business development and advertising	823		744		5,968		7,535
Equipment (a)	—		1,309		3,141		4,450
Legal and professional	289		208		3,932		4,429
Loan and foreclosure costs	113		1,121		559		1,793
FDIC assessment	—		—		7,131		7,131
Other intangible amortization	—		—		2,203		2,203

Other noninterest expense	841		5,710		( 101 )		6,450
Allocated indirect expense (income)	19,936		52,945		( 72,881 )		—
Total noninterest expense	43,035		129,924		22,902		195,861
Net income (loss) before income taxes	87,676		122,930		( 107,722 )		102,884
Income tax expense (benefit)	14,084		25,815		( 52,589 )		( 12,689 )
Net income (loss)	$	73,592	$	97,115	$	( 55,133 )	$	115,573

Loans	$	16,191,823	$	12,874,874	$	551,574	29,618,271
Allocated goodwill	525,836		$	579,156	—		1,104,992
Total assets	16,817,587		13,736,691		11,069,628		41,623,908

(a) A portion of total depreciation expense of $ 0.1 million, $ 2.3 million, and $ 9.9 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	As of and for the six months ended June 30, 2025
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services (a)		Consolidated Corporation
Net segment interest income (expense)	$	470,263	$	131,367	$	( 15,690 )	$	585,940
Net intersegment interest (expense) income	( 197,772 )		269,320		( 71,548 )		—
Net interest income (expense)	272,491		400,687		( 87,238 )		585,940
Noninterest income (expense)	24,887		100,561		306		125,754
Total income (expense) before provision	297,378		501,248		( 86,932 )		711,694
Provision for credit losses	39,382		12,434		( 20,817 )		30,999
Total income (expense) after provision	257,996		488,814		( 66,115 )		680,695
Noninterest expense
Personnel	41,475		116,512		92,903		250,890
Technology (b)	1,432		25,947		26,267		53,646
Occupancy (b)	33		59		27,933		28,025
Business development and advertising	2,186		1,805		10,143		14,134
Equipment (b)	—		2,530		6,491		9,021
Legal and professional	422		1,335		11,000		12,757
Loan and foreclosure costs	1,071		2,516		1,712		5,299
FDIC assessment	—		—		20,144		20,144
Other intangible amortization	—		—		4,405		4,405

Other noninterest expense	1,715		15,491		4,442		21,648
Allocated indirect expense (income)	42,620		105,174		( 147,794 )		—
Total noninterest expense	90,954		271,369		57,646		419,971
Net income (loss) before income taxes	167,042		217,445		( 123,761 )		260,724
Income tax expense (benefit)	31,665		45,663		( 29,520 )		47,808
Net income (loss)	$	135,377	$	171,782	$	( 94,241 )	$	212,916

(a) An unusual item of a $ 7.0 million loss on mortgage portfolio sale as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024 is included within the noninterest income (expense) caption.

(b) A portion of total depreciation expense of $ 0.1 million, $ 5.3 million, and $ 20.5 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	As of and for the six months ended June 30, 2024
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income (expense)	$	485,526	$	124,602	$	( 95,677 )	$	514,451
Net intersegment interest (expense) income	( 218,284 )		290,801		( 72,517 )		—
Net interest income (expense)	267,242		415,403		( 168,194 )		514,451
Noninterest income	23,540		95,926		10,678		130,144
Total income (expense) before provision	290,782		511,329		( 157,515 )		644,595
Provision for credit losses	31,036		13,301		2,672		47,009
Total income (expense) after provision	259,746		498,028		( 160,187 )		597,586
Noninterest expense
Personnel	40,877		116,728		83,371		240,976
Technology (a)	1,187		23,066		29,109		53,362
Occupancy (a)	—		33		26,728		26,761
Business development and advertising	1,760		1,604		10,688		14,052
Equipment (a)	1		2,708		6,340		9,049
Legal and professional	424		609		8,068		9,101
Loan and foreclosure costs	359		2,772		640		3,771
FDIC assessment	—		—		21,077		21,077
Other intangible amortization	—		—		4,405		4,405

Other noninterest expense	1,604		12,098		( 2,739 )		10,963
Allocated indirect expense (income)	39,601		104,368		( 143,969 )		—
Total noninterest expense	85,813		263,986		43,719		393,518
Net income (loss) before income taxes	173,933		234,042		( 203,906 )		204,068
Income tax expense (benefit)	31,893		49,149		( 73,716 )		7,326
Net income (loss)	$	142,040	$	184,893	$	( 130,191 )	$	196,742

(a) A portion of total depreciation expense of $ 0.2 million, $ 9.7 million, and $ 39.1 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.

The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.

The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.

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Note 15 Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at June 30, 2025 and 2024, including changes during the preceding six month periods as well as any reclassifications out of accumulated other comprehensive income (loss):


(in thousands)	AFS Investment Securities		Cash Flow Hedge Derivatives		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2024	$	( 48,993 )	$	( 1,268 )	$	( 24,154 )	$	( 74,416 )
Other comprehensive income before reclassifications	53,149		—		4,770		57,919

Amounts reclassified from accumulated other comprehensive income (loss):

HTM investment securities, net, at amortized cost (a)	3,986		—		—		3,986
Other assets / accrued expenses and other liabilities	—		8,532		—		8,532
Interest income	—		2,555		—		2,555
Personnel expense	—		—		( 126 )		( 126 )
Other expense	—		—		( 8 )		( 8 )
Income tax (expense) benefit	( 14,251 )		2,668		( 1,157 )		( 12,740 )
Net other comprehensive income during period	42,884		13,755		3,480		60,119
Balance June 30, 2025	$	( 6,109 )	$	12,487	$	( 20,674 )	$	( 14,297 )

Balance December 31, 2023	$	( 148,641 )	$	3,080	$	( 25,535 )	$	( 171,096 )
Other comprehensive loss before reclassifications	( 41,014 )		—		—		( 41,014 )

Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net	197		—		—		197
HTM investment securities, net, at amortized cost (a)	4,182		—		—		4,182
Other assets / accrued expenses and other liabilities	—		( 26,248 )		—		( 26,248 )
Interest income	—		9,592		—		9,592
Personnel expense	—		—		( 144 )		( 144 )
Other expense	—		—		( 14 )		( 14 )
Income tax benefit (expense)	9,138		( 2,192 )		( 1,614 )		5,333
Net other comprehensive loss during period	( 27,498 )		( 18,848 )		( 1,772 )		( 48,117 )
Balance June 30, 2024	$	( 176,139 )	$	( 15,768 )	$	( 27,307 )	$	( 219,214 )

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.

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(in thousands)	AFS Investment Securities		Cash Flow Hedge Derivatives		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive (Loss) Income
Balance March 31, 2025	$	( 23,655 )	$	9,135	$	( 20,624 )	$	( 35,144 )
Other comprehensive income before reclassifications	21,317		—		—		21,317

Amounts reclassified from accumulated other comprehensive income (loss):

HTM investment securities, net, at amortized cost (a)	2,059		—		—		2,059
Other assets / accrued expenses and other liabilities	—		1,264		—		1,264
Interest income	—		1,437		—		1,437
Personnel expense	—		—		( 63 )		( 63 )
Other expense	—		—		( 4 )		( 4 )
Income tax (expense) benefit	( 5,830 )		650		17		( 5,164 )
Net other comprehensive income (loss) during period	17,545		3,352		( 50 )		20,847
Balance June 30, 2025	$	( 6,109 )	$	12,487	$	( 20,674 )	$	( 14,297 )

Balance March 31, 2024	$	( 169,388 )	$	( 13,246 )	$	( 27,247 )	$	( 209,881 )
Other comprehensive loss before reclassifications	( 11,126 )		—		—		( 11,126 )

Amounts reclassified from accumulated other comprehensive income (loss):

HTM investment securities, net, at amortized cost (a)	2,122		—		—		2,122
Other assets / accrued expenses and other liabilities	—		( 6,787 )		—		( 6,787 )
Interest income	—		4,769		—		4,769
Personnel expense	—		—		( 73 )		( 73 )
Other expense	—		—		( 7 )		( 7 )
Income tax benefit (expense)	2,253		( 503 )		20		1,769
Net other comprehensive loss during period	( 6,751 )		( 2,522 )		( 60 )		( 9,333 )
Balance June 30, 2024	$	( 176,139 )	$	( 15,768 )	$	( 27,307 )	$	( 219,214 )

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.

Note 16 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices.

These leases have original terms of 1 year or longer with remaining maturities up to 37 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.

Operating and finance lease costs and cash flows resulting from these leases are presented below:


	Three Months Ended Jun 30,				Six Months Ended Jun 30,
(in thousands)	2025		2024		2025		2024
Operating lease costs	$	1,682	$	1,551	$	3,384	$	3,096
Finance lease costs	1		23		2		46
Operating lease cash flows	1,653		1,592		3,328		3,436
Finance lease cash flows	23		23		46		46

The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:


(in thousands)	Consolidated Balance Sheets Category	Jun 30, 2025		Dec 31, 2024
Operating lease right-of-use asset	Premises and equipment	$	31,795	$	33,202

Operating lease liability	Accrued expenses and other liabilities	34,246		35,596
Finance lease liability	Other long-term funding	250		295

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The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:


	Jun 30, 2025					Dec 31, 2024
(in thousands)	Lease Payments		Weighted-average Lease Term (in years)	Weighted-average Discount Rate		Lease Payments		Weighted-average Lease Term (in years)	Weighted-average Discount Rate
Operating leases
Retail and corporate offices	$	36,813	7.91	4.29	%	$	39,072	8.30	4.26	%
Land	3,567		6.36	3.82	%	3,228		6.63	3.52	%
Equipment	204		1.00	4.62	%	204		1.50	4.62	%
Total operating leases	$	40,584	7.73	4.25	%	$	42,505	8.13	4.20	%
Finance leases
Retail and corporate offices	$	255	2.75	1.32	%	$	301	3.25	1.32	%

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:


(in thousands)	Operating Leases		Finance Leases		Total Leases
Six months ended December 31, 2025	$	3,523	$	46	$	3,570
2026	6,638		93		6,730
2027	5,875		93		5,968
2028	5,135		23		5,158
2029	3,836		—		3,836
Beyond 2029	15,577		—		15,577
Total lease payments	$	40,584	$	255	$	40,839
Less: interest	6,338		4		6,342
Present value of lease payments	$	34,246	$	250	$	34,497

There are no leases that had not yet commenced as of June 30, 2025. Rental income generated by the Corporation's leases is included within occupancy expense on the consolidated statements of income.

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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, 2024, 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 $30.3 billion increased $828.3 million, or 3%, from the first six months of 2024, driven primarily by increases in commercial and business lending and auto finance loans, partially offset by a decrease in residential mortgage lending resulting from the Corporation's balance sheet repositioning announced in the fourth quarter of 2024.

• Average deposits of $34.5 billion increased $1.6 billion, or 5%, from the first six months of 2024, driven by increases in all deposit types except noninterest-bearing demand and money market deposits.

• Net interest income of $585.9 million increased $71.5 million, or 14%, from the first six months of 2024, and net interest margin was 3.01%, compared to 2.77% for the first six months of 2024. The increases in net interest income and net interest margin were driven by increases in higher yielding loan balances in commercial and industrial and auto finance and the balance sheet repositioning announced in the fourth quarter of 2024 which sold lower yielding residential mortgage loans and investment securities allowing for reinvestment in higher yielding investment securities.

• Provision for credit losses was $31.0 million compared to $47.0 million for the first six months of 2024, driven by nominal credit movement coupled with general macroeconomic trends.

• Noninterest income of $125.8 million decreased $4.4 million, or 3%, from the first six months of 2024, primarily driven by the loss recognized related to the settlement of the mortgage loan sale as part of the balance sheet repositioning announced in the fourth quarter of 2024.

• Noninterest expense of $420.0 million increased $26.5 million, or 7%, from the first six months of 2024, primarily driven by increases in personnel expense due to annual merit increases, 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.

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Table 1 Summary Results of Operations: Trends


	Six months ended						Three months ended
($ in thousands, except per share data)	Jun 30, 2025			Jun 30, 2024			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024		Sep 30, 2024			Jun 30, 2024
Net income (loss)	$	212,916		$	196,742		$	111,230		$	101,687		$	(161,615)	$	88,018		$	115,573
Net income (loss) available to common equity	207,166			190,992			108,355			98,812			(164,490)		85,143			112,698
Earnings (loss) per common share - basic	1.25			1.27			0.65			0.60			(1.04)		0.56			0.75
Earnings (loss) per common share - diluted	1.24			1.26			0.65			0.59			(1.03)		0.56			0.74
Effective tax rate	18.34		%	3.59		%	20.34		%	16.03		%	N/M		18.61		%	(12.33)		%

N/M = Not Meaningful

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Income Statement Analysis

Net Interest Income

Table 2 Net Interest Income Analysis


	Six Months Ended Jun 30,
	2025					2024 (a)
(Dollars in thousands)	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	$	10,783,368	$	349,740	6.54%	$	9,822,806	$	359,302	7.35%
Commercial real estate—owner occupied	1,127,535		32,214		5.76%	1,090,935		32,979		6.08%
Commercial and business lending	11,910,904		381,954		6.46%	10,913,741		392,281		7.23%
Commercial real estate—investor	5,499,334		178,658		6.55%	5,002,956		181,099		7.28%
Real estate construction	1,884,065		67,829		7.26%	2,316,911		91,954		7.98%
Commercial real estate lending	7,383,399		246,486		6.73%	7,319,867		273,053		7.50%
Total commercial	19,294,303		628,440		6.57%	18,233,608		665,334		7.34%
Residential mortgage	7,144,851		131,818		3.69%	7,965,375		138,120		3.47%
Auto finance	2,889,190		80,332		5.61%	2,448,914		67,624		5.55%
Home equity	662,509		24,150		7.29%	563,992		26,036		9.23%
Other consumer	311,691		17,417		11.27%	262,404		15,185		11.64%
Total consumer	11,008,241		253,717		4.62%	11,240,684		246,965		4.40%
Total loans	30,302,544		882,157		5.86%	29,474,293		912,299		6.22%
Investments
Taxable securities	6,489,135		140,962		4.34%	5,598,890		97,206		3.47%
Tax-exempt securities (b)	2,010,403		35,264		3.51%	2,124,763		35,920		3.38%
Other short-term investments	878,929		21,921		5.03%	598,888		17,615		5.91%
Total investments	9,378,467		198,147		4.23%	8,322,541		150,741		3.62%
Total earning assets and related interest income	39,681,011		$	1,080,304	5.48%	37,796,834		$	1,063,040	5.65%
Other assets, net	3,346,515					3,135,876
Total assets	$	43,027,526				$	40,932,710
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,192,835	$	35,068	1.36%	$	5,030,859	$	43,719	1.75%
Interest-bearing demand	7,856,593		87,915		2.26%	7,377,870		98,099		2.67%
Money market	6,033,999		78,255		2.62%	6,055,804		93,698		3.11%
Network transaction deposits	1,845,974		40,278		4.40%	1,623,625		43,621		5.40%
Brokered CDs	4,201,955		94,711		4.55%	4,098,304		109,116		5.35%
Other time deposits	3,740,683		70,569		3.80%	2,964,685		59,040		4.00%
Total interest-bearing deposits	28,872,038		406,796		2.84%	27,151,147		447,293		3.31%
Federal funds purchased and securities sold under agreements to repurchase	297,963		5,626		3.81%	238,950		5,166		4.35%
Other short-term funding	24,408		695		5.74%	503,602		12,646		5.05%
FHLB advances	2,413,352		50,979		4.26%	1,986,221		55,814		5.65%
Other long-term funding	610,064		21,785		7.14%	536,388		20,154		7.51%
Total short and long-term funding	3,345,786		79,085		4.76%	3,265,160		93,780		5.77%
Total interest-bearing liabilities and related interest expense	32,217,824		$	485,881	3.04%	30,416,308		$	541,073	3.58%
Noninterest-bearing demand deposits	5,644,554					5,797,084
Other liabilities	483,247					545,526
Stockholders’ equity	4,681,901					4,173,793
Total liabilities and stockholders’ equity	$	43,027,526				$	40,932,710
Interest rate spread					2.44%					2.07%
Net free funds					0.57%					0.70%
Fully tax-equivalent net interest income and net interest margin			$	594,423	3.01%			$	521,967	2.77%
Fully tax-equivalent adjustment			8,483					7,516
Net interest income			$	585,940				$	514,451

(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%.

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Table 2 Net Interest Income Analysis


	Three Months Ended,
	Jun 30, 2025					Mar 31, 2025 (a)					Jun 30, 2024 (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	$	10,981,221	$	179,955	6.57%	$	10,583,318	$	169,785	6.50%	$	9,915,894	$	181,615	7.37%
Commercial real estate—owner occupied	1,114,054		16,014		5.77%	1,141,167		16,200		5.76%	1,095,334		16,577		6.09%
Commercial and business lending	12,095,274		195,969		6.50%	11,724,484		185,985		6.43%	11,011,228		198,191		7.24%
Commercial real estate—investor	5,582,333		91,569		6.58%	5,415,412		87,089		6.52%	4,964,394		88,737		7.19%
Real estate construction	1,869,708		33,883		7.27%	1,898,582		33,945		7.25%	2,285,379		45,466		8.00%
Commercial real estate lending	7,452,041		125,452		6.75%	7,313,994		121,034		6.71%	7,249,773		134,203		7.45%
Total commercial	19,547,316		321,421		6.59%	19,038,479		307,020		6.54%	18,261,000		332,394		7.32%
Residential mortgage	7,034,607		64,995		3.70%	7,256,320		66,823		3.68%	7,905,236		69,389		3.51%
Auto finance	2,933,161		41,156		5.63%	2,844,730		39,176		5.59%	2,524,107		35,021		5.58%
Home equity	667,339		12,098		7.25%	657,625		12,052		7.34%	630,855		12,975		8.23%
Other consumer	309,578		8,644		11.20%	313,828		8,773		11.34%	258,366		7,528		11.72%
Total consumer	10,944,685		126,893		4.64%	11,072,503		126,824		4.61%	11,318,564		124,913		4.42%
Total loans	30,492,001		448,313		5.89%	30,110,982		433,844		5.83%	29,579,564		457,307		6.21%
Investments
Taxable securities	6,578,690		71,174		4.33%	6,398,584		69,788		4.36%	5,680,757		50,479		3.55%
Tax-exempt securities (b)	2,004,725		17,598		3.51%	2,016,144		17,666		3.50%	2,116,174		17,896		3.38%
Other short-term investments	999,294		12,679		5.09%	757,227		9,243		4.95%	620,943		9,304		6.03%
Total investments	9,582,709		101,451		4.24%	9,171,955		96,696		4.22%	8,417,874		77,680		3.69%
Total earning assets and related interest income	40,074,710		$	549,764	5.50%	39,282,937		$	530,540	5.45%	37,997,438		$	534,987	5.65%
Other assets, net	3,345,353					3,347,690					3,103,168
Total assets	$	43,420,063				$	42,630,627				$	41,100,606
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,222,869	$	17,139	1.32%	$	5,162,468	$	17,929	1.41%	$	5,133,688	$	21,972	1.72%
Interest-bearing demand	7,683,402		42,485		2.22%	8,031,707		45,430		2.29%	7,265,621		48,109		2.66%
Money market	5,988,947		38,695		2.59%	6,079,551		39,560		2.64%	5,995,005		46,391		3.11%
Network transaction deposits	1,843,998		20,211		4.40%	1,847,972		20,067		4.40%	1,595,312		21,416		5.40%
Brokered CDs	4,089,844		45,418		4.45%	4,315,311		49,292		4.63%	3,927,727		52,306		5.36%
Other time deposits	3,725,205		33,707		3.63%	3,756,332		36,862		3.98%	2,999,936		30,867		4.14%
Total interest-bearing deposits	28,554,266		197,656		2.78%	29,193,341		209,140		2.91%	26,917,289		221,062		3.30%
Federal funds purchased and securities sold under agreements to repurchase	220,872		2,004		3.64%	375,910		3,622		3.91%	213,921		2,303		4.33%
Other short-term funding	17,580		287		6.55%	31,312		408		5.28%	561,596		7,044		5.04%
FHLB advances	3,221,749		34,889		4.34%	1,595,972		16,090		4.09%	2,432,195		34,143		5.65%
Other long-term funding	592,664		10,700		7.22%	627,658		11,085		7.06%	533,670		10,096		7.57%
Total short and long-term funding	4,052,863		47,880		4.74%	2,630,852		31,205		4.79%	3,741,381		53,586		5.75%
Total interest-bearing liabilities and related interest expense	32,607,129		$	245,536	3.02%	31,824,193		$	240,345	3.06%	30,658,670		$	274,648	3.60%
Noninterest-bearing demand deposits	5,648,935					5,640,123					5,712,115
Other liabilities	431,338					535,732					563,616
Stockholders’ equity	4,732,661					4,630,578					4,166,204
Total liabilities and stockholders’ equity	$	43,420,063				$	42,630,627				$	41,100,606
Interest rate spread					2.48%					2.39%					2.05%
Net free funds					0.56%					0.58%					0.70%
Fully tax-equivalent net interest income and net interest margin			$	304,228	3.04%			$	290,195	2.97%			$	260,340	2.75%
Fully tax-equivalent adjustment			4,228					4,254					3,747
Net interest income			$	300,000				$	285,941				$	256,593

(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%.

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Notable Contributions to the Change in Net Interest Income

• Fully tax-equivalent net interest income and net interest income were $72.5 million and $71.5 million, or 14%, higher than the first six months of 2024, respectively. The increase was driven by the actions taken by the 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 and increased earning assets. This was offset by the Federal Reserve decreasing the federal funds target interest rate by 100 bp in the second half of 2024 causing a decrease in the rate environment. This resulted in the average yield on earning assets to decrease 17 bp and the cost of interest-bearing liabilities to decrease 54 bp from the first six months of 2024 given our ability to reprice deposits downwards. 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 $1.9 billion, or 5%, from the first six months of 2024. Average loans increased $828.3 million, or 3%, from the first six months of 2024, driven by increases in commercial and industrial, commercial real estate-investor, and auto loans, partially offset by decreases in residential mortgage as a result of our balance sheet repositioning announced in the fourth quarter of 2024 and real estate construction loans. Average investment securities increased $1.1 billion, or 13%, from the first six months of 2024 driven by increases in taxable securities resulting from the fourth quarter 2024 balance sheet repositioning and other short-term investments.

• Average interest-bearing liabilities increased $1.8 billion, or 6%, compared to the first six months of 2024. Average interest-bearing deposits increased $1.7 billion, or 6%, from the first six months of 2024, driven by increases in all deposit types except money market which decreased slightly. Average total short and long-term funding increased $80.6 million, or 2%, from the first six months of 2024, primarily driven by increases in all funding categories except other short-term funding which decreased related to the payoff of BTFP advances in October 2024. Average noninterest-bearing demand deposits decreased $152.5 million, or 3%, from the first six months of 2024.

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. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest Income

Table 3 Noninterest Income


	Six months ended						Three months ended										Changes vs
(Dollars in thousands, except as noted)	Jun 30, 2025		Jun 30, 2024		YTD % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2025		Jun 30, 2024
Wealth management fees	$	45,522	$	44,323	3	%	$	23,025	$	22,498	$	24,103	$	24,144	$	22,628	2	%	2	%
Service charges and deposit account fees	25,961		24,702		5	%	13,147		12,814		13,232		13,708		12,263		3	%	7	%
Card-based fees	21,642		23,242		(7)	%	11,200		10,442		11,948		11,731		11,975		7	%	(6)	%
Other fee-based revenue	10,245		9,259		11	%	4,995		5,251		5,182		5,057		4,857		(5)	%	3	%
Total fee-based revenue	103,370		101,525		2	%	52,366		51,004		54,465		54,640		51,723		3	%	1	%
Capital markets, net	10,110		8,735		16	%	5,765		4,345		9,032		4,317		4,685		33	%	23	%





Mortgage banking, net	8,035		5,166		56	%	4,213		3,822		3,387		2,132		2,505		10	%	68	%
Loss on mortgage portfolio sale	(6,976)		—		N/M		—		(6,976)		(130,406)		—		—		(100)	%	N/M
Bank and corporate owned life insurance	9,339		7,154		31	%	4,135		5,204		2,322		4,001		4,584		(21)	%	(10)	%

Other	4,477		4,549		(2)	%	2,226		2,251		2,257		2,504		2,222		(1)	%	—	%
Subtotal	128,356		127,131		1	%	68,705		59,650		(58,943)		67,595		65,719		15	%	5	%
Asset (losses) gains, net	(2,613)		(933)		180	%	(1,735)		(878)		364		(474)		(627)		98	%	177	%
Investment securities gains (losses), net	11		3,947		(100)	%	7		4		(148,194)		100		67		66	%	(90)	%

Total noninterest income (loss)	$	125,754	$	130,144	(3)	%	$	66,977	$	58,776	$	(206,772)	$	67,221	$	65,159	14	%	3	%



Assets under management, at market value (a)							15,537		14,685		14,773		15,033		14,304		6	%	9	%

N/M = Not Meaningful
(a) In millions. Excludes assets held in brokerage accounts.

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Notable Contributions to the Change in Noninterest Income

• Mortgage banking increased $2.9 million from the first six months of 2024, primarily as a result of MSR valuation impacts and increased gains on sales of mortgage loans originated for sale.

• Loss on mortgage portfolio sale increased $7.0 million from the first six months of 2024, due to the recognition of a loss in the first quarter of 2025 related to the settlement of the balance sheet repositioning transactions announced in the fourth quarter of 2024.

• Bank and corporate owned life insurance increased $2.2 million from the first six months of 2024, driven by an increased number of claims.

• Investment securities gains (losses), net, decreased $3.9 million from the first six months of 2024, as a result of the sale of the Corporation's remaining Visa B shares in the first quarter of 2024.

Noninterest Expense

Table 4 Noninterest Expense


	Six months ended						Three months ended										Change vs
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		YTD % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2025		Jun 30, 2024
Personnel	$	250,890	$	240,976	4	%	$	126,994	$	123,897	$	125,944	$	121,036	$	121,581	2	%	4	%
Technology	53,646		53,362		1	%	26,508		27,139		26,984		27,217		27,161		(2)	%	(2)	%
Occupancy	28,025		26,761		5	%	12,644		15,381		14,325		13,536		13,128		(18)	%	(4)	%
Business development and advertising	14,134		14,052		1	%	7,748		6,386		7,408		6,683		7,535		21	%	3	%
Equipment	9,021		9,049		—	%	4,494		4,527		4,729		4,653		4,450		(1)	%	1	%
Legal and professional	12,757		9,101		40	%	6,674		6,083		6,861		5,639		4,429		10	%	51	%
Loan and foreclosure costs	5,299		3,771		41	%	2,705		2,594		1,951		2,748		1,793		4	%	51	%
FDIC assessment	20,144		21,077		(4)	%	9,708		10,436		9,139		8,223		7,131		(7)	%	36	%
Other intangible amortization	4,405		4,405		—	%	2,203		2,203		2,203		2,203		2,203		—	%	—	%
Loss on prepayments of FHLB advances	—		—		N/M		—		—		14,243		—		—		N/M		N/M
Other	21,648		10,963		97	%	9,674		11,974		10,496		8,659		6,450		(19)	%	50	%
Total noninterest expense	$	419,971	$	393,518	7	%	$	209,352	$	210,619	$	224,282	$	200,597	$	195,861	(1)	%	7	%
Average FTEs excluding overtime	3,993		4,048		(1)	%	3,980		4,006		3,982		4,041		4,025		(1)	%	(1)	%

Notable Contributions to the Change in Noninterest Expense

• Legal and professional expense increased $3.7 million from the first six months of 2024, primarily driven by increased consultant and IT staff augmentation expenses in the current year.

• Other noninterest expense increased $10.7 million from the first six months of 2024 primarily due to additional OREO write downs in the first half of 2025. Additionally in the first six months of 2024, there was a gain on the sale of OREO properties which did not reoccur in 2025.

Income Taxes

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $47.8 million for the six months ended June 30, 2025, compared to income tax expense of $7.3 million for the six months ended June 30, 2024. The Corporation's effective tax rate from continuing operations was 18.34% and 3.59% for the six months ended June 30, 2025, and 2024, respectively. The increase in income tax expense of $40.5 million and higher effective tax rate during the first six months of 2025 as compared to the same period of 2024 were primarily due to a strategic reallocation of the investment portfolio and the adaptation of a legal entity rationalization plan that resulted in the recognition of deferred benefits in 2024.

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. On July 4, 2025, H.R.1 - One Big Beautiful Bill Act was signed into federal law and enacted new federal tax laws and regulations. The Corporation is currently evaluating the impact of these laws and regulations on the financial position and operations of the Corporation; however, an estimate of the impact cannot be made at this time.

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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.

Balance Sheet Analysis

• At June 30, 2025, total assets were $44.0 billion, up $970.7 million, or 2%, from December 31, 2024.

◦ Interest bearing deposits in other financial institutions were $738.9 million at June 30, 2025, up $285.3 million, or 63%, from December 31, 2024. Federal funds sold and securities purchased under agreement to resell were $0 at June 30, 2025, down $22.0 million, or 100% from December 31, 2024. See Consolidated Statements of Cash Flows for detailed information.

◦ AFS investment securities, at fair value were $5.0 billion at June 30, 2025, up $455.1 million, or 10%, from December 31, 2024. FHLB and Fed Reserve Stocks were $278.4 million at June 30, 2025, up $98.7 million, or 55%, from December 31, 2024. See Note 5 Investment Securities of the notes to the consolidated financial statements for details on these changes.

◦ Loans of $30.6 billion at June 30, 2025 were up $839.0 million, or 3%, from December 31, 2024 primarily due to increases in commercial and business lending along with increases in commercial real estate - investor and auto finance loans. See section Loans and Note 6 Loans of the notes to consolidated financial statements for additional details.

◦ Residential loans held for sale were $96.8 million at June 30, 2025, down $549.9 million, or 85%, from December 31, 2024. The decrease from December 31, 2024 was a result of the mortgage portfolio sale announced in the fourth quarter of 2024 and the sale closing in January 2025.

• At June 30, 2025, total liabilities were $39.2 billion, up $795.4 million, or 2%, from December 31, 2024.

◦ At June 30, 2025, total deposits of $34.1 billion were down $500.9 million from December 31, 2024, or 1% due to seasonality of deposits and a decrease in interest-bearing demand deposits and brokered CDs. See section Deposits and Customer Funding for additional information on deposits.

◦ Short-term funding was $75.6 million at June 30, 2025, down $394.8 million, or 84%, from December 31, 2024 primarily due to the reduction in federal funds purchased. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

◦ FHLB advances were $3.9 billion at June 30, 2025, up $2.0 billion, or 109%, from December 31, 2024 primarily due to increases in short-term FHLB advances to continue to fund loan growth and seasonal outflow of deposits. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

◦ Other long-term funding was $593.5 million at June 30, 2025, down $244.1 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.

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Loans

Table 5 Period End Loan Composition


	Jun 30, 2025				Mar 31, 2025				Dec 31, 2024				Sep 30, 2024				Jun 30, 2024
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total


Commercial and industrial	$	11,281,964	37	%	$	10,925,769	36	%	$	10,573,741	36	%	$	10,258,899	34	%	$	9,970,412	34	%
Commercial real estate — owner occupied	1,101,501		4	%	1,118,363		4	%	1,143,741		4	%	1,120,849		4	%	1,102,146		4	%
Commercial and business lending	12,383,465		40	%	12,044,132		40	%	11,717,483		39	%	11,379,748		38	%	11,072,558		37	%
Commercial real estate — investor	5,370,422		18	%	5,597,442		18	%	5,227,975		18	%	5,070,635		17	%	5,001,392		17	%
Real estate construction	1,950,267		6	%	1,809,054		6	%	1,982,632		7	%	2,114,300		7	%	2,255,637		8	%
Commercial real estate lending	7,320,689		24	%	7,406,496		24	%	7,210,607		24	%	7,184,934		24	%	7,257,029		25	%
Total commercial	19,704,154		64	%	19,450,628		64	%	18,928,090		64	%	18,564,683		62	%	18,329,587		62	%
Residential mortgage	6,949,387		23	%	6,999,654		23	%	7,047,541		24	%	7,803,083		26	%	7,840,073		26	%
Auto finance	2,969,495		10	%	2,878,765		10	%	2,810,220		9	%	2,708,946		9	%	2,556,009		9	%


Home equity	676,208		2	%	654,140		2	%	664,252		2	%	651,379		2	%	634,142		2	%
Other consumer	308,361		1	%	310,940		1	%	318,483		1	%	262,806		1	%	258,460		1	%
Total consumer	10,903,451		36	%	10,843,499		36	%	10,840,496		36	%	11,426,214		38	%	11,288,684		38	%
Total loans	$	30,607,605	100	%	$	30,294,127	100	%	$	29,768,586	100	%	$	29,990,897	100	%	$	29,618,271	100	%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30% to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2024 and the first six months of 2025. 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 Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

The Corporation’s loan distribution and interest rate sensitivity as of June 30, 2025 are summarized in the following table:

Table 6 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


Commercial and industrial	$	9,957,478	$	970,915	$	353,088	$	484	$	11,281,964	37	%
Commercial real estate — owner occupied	717,159		290,100		94,242		—		1,101,501		4	%
Commercial real estate — investor	5,053,979		298,292		18,151		—		5,370,422		18	%
Real estate construction	1,913,577		32,305		4,133		251		1,950,267		6	%
Total commercial loans	$	17,642,193	$	1,591,612	$	469,614	$	735	$	19,704,154	65	%

Commercial - adjustable	$	12,371,078	$	49,113	$	559	$	—	$	12,420,750	41	%
Commercial - fixed	5,271,115		1,542,498		469,056		735		7,283,404		24	%
Residential mortgage - adjustable	180,700		897,491		1,209,834		282		2,288,308		7	%
Residential mortgage - fixed	7,622		55,899		338,720		4,258,840		4,661,079		15	%
Auto finance	3,511		1,673,462		1,292,521		—		2,969,495		10	%
Home equity	635,868		7,175		25,201		7,964		676,208		2	%
Other consumer	255,087		28,802		16,695		7,777		308,361		1	%
Total loans	$	18,724,980	$	4,254,441	$	3,352,586	$	4,275,598	$	30,607,605	100	%

Fixed-rate	$	5,287,800	$	3,306,786	$	2,142,193	$	4,275,316	$	15,012,095	49	%
Floating or adjustable rate	13,437,180		947,655		1,210,393		282		15,595,510		51	%
Total	$	18,724,980	$	4,254,441	$	3,352,586	$	4,275,598	$	30,607,605	100	%

(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.

At June 30, 2025, $20.9 billion, or 68%, of the loans outstanding and $17.7 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

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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 6 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 June 30, 2025, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.

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 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector


Jun 30, 2025	NAICS Subsector	Outstanding Balance		Total Exposure		% of Total Loan Exposure
(Dollars in thousands)
Real Estate (a)	531	$	2,128,734	$	3,680,972	9	%
Utilities (b)	221	2,786,224		3,457,042		8	%
Credit Intermediation and Related Activities (c)	522	881,472		1,463,272		4	%

Merchant Wholesalers, Durable Goods	423	631,230		1,090,175		3	%

(a) Includes REIT lines.

(b) 63% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

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: Commercial real estate - investor is comprised of loans secured by various non-owner occupied or investor income producing property types.

Table 8 Largest Commercial Real Estate - Investor Property Type Exposures


Jun 30, 2025	% of Total Loan Exposure		% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family	5	%	39	%
Industrial	3	%	24	%
Office	2	%	17	%

The remaining commercial real estate - 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.

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Table 9 Largest Real Estate Construction Property Type Exposures


Jun 30, 2025	% of Total Loan Exposure		% of Total Real Estate Construction Loan Exposure
Multi-Family	5	%	51	%
Industrial	2	%	22	%

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 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 89% of the outstanding loan balances in the Corporation's branch footprint at June 30, 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 fixed-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.

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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.

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 10 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 10 Nonperforming Assets


(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Nonperforming assets
Commercial and industrial	$	6,945		$	12,898		$	19,084		$	14,369		$	21,190
Commercial real estate — owner occupied	—			1,501			1,501			9,285			1,851
Commercial and business lending	6,945			14,399			20,585			23,654			23,041
Commercial real estate — investor	15,805			31,689			16,705			18,913			48,249
Real estate construction	146			125			30			15			16
Commercial real estate lending	15,950			31,814			16,735			18,928			48,265
Total commercial	22,895			46,213			37,320			42,582			71,306
Residential mortgage	73,817			72,455			70,038			70,138			68,058
Auto finance	8,004			7,692			7,402			7,456			6,986
Home equity	8,201			8,275			8,378			8,231			7,996
Other consumer	82			173			122			70			77
Total consumer	90,104			88,595			85,941			85,894			83,117
Total nonaccrual loans	112,999			134,808			123,260			128,476			154,423
Commercial real estate owned	31,629			19,114			11,914			11,914			914
Residential real estate owned	1,687			3,119			2,068			1,012			1,467
Bank properties real estate owned (a)	972			1,242			6,235			5,903			5,944
OREO	34,287			23,475			20,217			18,830			8,325

Repossessed assets	882			688			687			793			671
Total nonperforming assets	$	148,169		$	158,971		$	144,164		$	148,098		$	163,418
Accruing loans past due 90 days or more
Commercial	$	12,123		$	515		$	642		$	5,359		$	384
Consumer	2,038			2,521			2,547			1,748			1,970
Total accruing loans past due 90 days or more	$	14,160		$	3,036		$	3,189		$	7,107		$	2,354
Restructured loans (accruing)
Commercial	$	431		$	459		$	475		$	424		$	410
Consumer	3,630			3,192			3,057			2,141			2,166
Total restructured loans (accruing)	$	4,061		$	3,651		$	3,531		$	2,565		$	2,576
Nonaccrual restructured loans (included in nonaccrual loans)	$	3,704		$	3,451		$	2,581		$	1,840		$	717
Ratios
Nonaccrual loans to total loans	0.37		%	0.44		%	0.41		%	0.43		%	0.52		%
NPAs to total loans plus OREO and repossessed assets	0.48		%	0.52		%	0.48		%	0.49		%	0.55		%
NPAs to total assets	0.34		%	0.37		%	0.34		%	0.35		%	0.39		%

Allowance for credit losses on loans to nonaccrual loans	364.42		%	301.63		%	326.40		%	309.43		%	252.31		%

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Table 10 Nonperforming Assets (continued)


(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Accruing loans 30-89 days past due
Commercial and industrial	$	2,593	$	7,740	$	1,260	$	1,212	$	2,052
Commercial real estate — owner occupied	5,628		1,156		1,634		2,209		—
Commercial and business lending	8,221		8,896		2,893		3,421		2,052
Commercial real estate — investor	1,042		2,463		36,391		10,746		1,023
Real estate construction	90		—		21		88		—
Commercial real estate lending	1,132		2,463		36,412		10,834		1,023
Total commercial	9,353		11,360		39,305		14,255		3,075
Residential mortgage	8,744		13,568		14,892		13,630		10,374
Auto finance	13,149		12,522		14,850		15,458		15,814
Home equity	4,338		3,606		4,625		3,146		3,694
Other consumer	2,578		2,381		3,128		2,163		1,995
Total consumer	28,810		32,076		37,496		34,397		31,877
Total accruing loans 30-89 days past due	$	38,163	$	43,435	$	76,801	$	48,651	$	34,952

(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 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 6 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 6 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 June 30, 2025 was the Moody's baseline scenario from May 2025, which was reviewed against the June 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 in the Corporation's 2024 Annual Report on Form 10-K for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.

The loan segmentation used in calculating the ACLL at June 30, 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

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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.

Table 11 Allowance for Credit Losses on Loans


	YTD				Quarter Ended
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Allowance for loan losses
Balance at beginning of period	$	363,545	$	351,094	$	371,348		$	363,545		$	361,765		$	355,844		$	356,006
Provision for loan losses	34,500		48,000		18,000			16,500			14,000			19,000			21,000
Charge offs	(32,062)		(47,308)		(18,348)			(13,714)			(13,770)			(15,337)			(23,290)
Recoveries	10,531		4,058		5,515			5,017			1,551			2,258			2,127
Net charge offs	(21,531)		(43,251)		(12,833)			(8,698)			(12,220)			(13,078)			(21,163)
Balance at end of period	$	376,515	$	355,844	$	376,515		$	371,348		$	363,545		$	361,765		$	355,844
Allowance for unfunded commitments
Balance at beginning of period	38,776		34,776		35,276			38,776			35,776			33,776			31,776
Provision for unfunded commitments	(3,500)		(1,000)		—			(3,500)			3,000			2,000			2,000
Balance at end of period	$	35,276	$	33,776	$	35,276		$	35,276		$	38,776		$	35,776		$	33,776
Allowance for credit losses on loans	$	411,791	$	389,620	$	411,791		$	406,624		$	402,322		$	397,541		$	389,620
Provision for credit losses on loans	31,000		47,000		18,000			13,000			17,000			21,000			23,000
Net loan (charge offs) recoveries
Commercial and industrial	$	(6,552)	$	(32,314)	$	(1,826)		$	(4,726)		$	(2,406)		$	(10,649)		$	(13,676)
Commercial real estate — owner occupied	—		4		—			—			—			—			1
Commercial and business lending	(6,552)		(32,310)		(1,826)			(4,726)			(2,406)			(10,649)			(13,674)
Commercial real estate — investor	(9,385)		(4,569)		(8,493)			(892)			(6,617)			(1)			(4,569)
Real estate construction	150		58		121			30			4			2			28
Commercial real estate lending	(9,235)		(4,511)		(8,372)			(863)			(6,612)			2			(4,541)
Total commercial	(15,787)		(36,821)		(10,198)			(5,589)			(9,018)			(10,647)			(18,216)
Residential mortgage	(105)		(351)		(302)			197			(239)			(160)			(289)
Auto finance	(2,208)		(3,574)		(689)			(1,519)			(1,782)			(1,281)			(1,480)
Home equity	526		449		237			289			277			424			238
Other consumer	(3,957)		(2,954)		(1,881)			(2,076)			(1,457)			(1,414)			(1,417)
Total consumer	(5,744)		(6,429)		(2,636)			(3,109)			(3,202)			(2,431)			(2,947)
Total net charge offs	$	(21,531)	$	(43,251)	$	(12,833)		$	(8,698)		$	(12,220)		$	(13,078)		$	(21,163)
Ratios

Allowance for credit losses on loans to total loans					1.35		%	1.34		%	1.35		%	1.33		%	1.32		%

Allowance for credit losses on loans to net charge offs (annualized)	9.5x		4.5x		8.0x			11.5x			8.3x			7.6x			4.6x
Loan evaluation method for ACLL
Individually evaluated for impairment					$	—		$	6,092		$	5,689		$	7,498		$	16,882
Collectively evaluated for impairment					411,791			400,532			396,632			390,043			372,738
Total ACLL					$	411,791		$	406,624		$	402,322		$	397,541		$	389,620
Loan balance
Individually evaluated for impairment					$	21,431		$	46,065		$	37,172		$	41,938		$	70,763
Collectively evaluated for impairment					30,586,174			30,248,062			29,731,414			29,948,958			29,547,508
Total loan balance					$	30,607,605		$	30,294,127		$	29,768,586		$	29,990,897		$	29,618,271

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Table 12 Annualized Net (Charge Offs) Recoveries (a)


	YTD		Quarter Ended
(In basis points)	Jun 30, 2025	Jun 30, 2024	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Net loan (charge offs) recoveries


Commercial and industrial	(12)	(66)	(7)	(18)	(9)	(43)	(55)
Commercial real estate — owner occupied	—	—	—	—	—	—	—
Commercial and business lending	(11)	(60)	(6)	(16)	(8)	(39)	(50)
Commercial real estate — investor	(34)	(18)	(61)	(7)	(51)	—	(37)
Real estate construction	2	1	3	1	—	—	—
Commercial real estate lending	(25)	(12)	(45)	(5)	(37)	—	(25)
Total commercial	(16)	(41)	(21)	(12)	(19)	(23)	(40)
Residential mortgage	—	(1)	(2)	1	(1)	(1)	(1)
Auto finance	(15)	(29)	(9)	(22)	(26)	(19)	(24)
Home equity	16	16	14	18	17	26	15
Other consumer	(256)	(226)	(244)	(268)	(208)	(216)	(221)
Total consumer	(11)	(12)	(10)	(11)	(11)	(8)	(10)
Total net charge offs	(14)	(30)	(17)	(12)	(16)	(18)	(29)

(a) Annualized ratio of net charge offs to average loans by loan type.

Notable Contributions to the Change in the Allowance for Credit Losses on Loans

• Total nonaccrual loans decreased $10.3 million, or 8%, from December 31, 2024, and decreased $41.4 million, or 27%, from June 30, 2024. The decrease from December 31, 2024 was driven by a decrease in commercial and business lending, partially offset by an increase in residential mortgage lending. The decrease from June 30, 2024 was driven by decreases in commercial real estate - investor and commercial and business lending, partially offset by an increase in residential mortgage lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

• YTD net charge offs decreased $21.7 million from June 30, 2024, primarily driven by a decrease within commercial and industrial lending, partially offset by an increase in commercial real estate - investor lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Management believes the level of ACLL to be appropriate at June 30, 2025.

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Deposits and Customer Funding

The following table summarizes the composition of our deposits and customer funding:

Table 13 Period End Deposit and Customer Funding Composition (a)


	Jun 30, 2025				Mar 31, 2025				Dec 31, 2024				Sep 30, 2024				Jun 30, 2024
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Noninterest-bearing demand	$	5,782,487	17	%	$	6,135,946	17	%	$	5,775,657	17	%	$	5,857,421	17	%	$	5,815,045	18	%
Savings	5,291,674		15	%	5,247,291		15	%	5,133,295		15	%	5,072,508		15	%	5,157,103		16	%
Interest-bearing demand	7,490,772		22	%	7,870,965		22	%	7,994,475		23	%	7,302,239		22	%	7,193,485		22	%
Money market	5,915,867		17	%	6,141,275		17	%	6,009,793		17	%	5,831,637		17	%	5,882,508		18	%
Network transaction deposits	1,792,362		5	%	1,882,930		5	%	1,758,388		5	%	1,566,908		5	%	1,502,919		5	%
Brokered CDs	4,072,048		12	%	4,197,512		12	%	4,276,309		12	%	4,242,670		13	%	4,061,578		12	%
Other time deposits	3,802,356		11	%	3,720,793		11	%	3,700,518		11	%	3,680,914		11	%	3,078,401		9	%
Total deposits	$	34,147,565	100	%	$	35,196,713	100	%	$	34,648,434	100	%	$	33,554,298	100	%	$	32,691,039	100	%
Other customer funding (b)	75,440				85,950				100,044				110,988				89,524
Total deposits and other customer funding	$	34,223,005			$	35,282,663			$	34,748,478			$	33,665,286			$	32,780,564

Less: Total network transaction deposits and brokered CDs	5,864,410				6,080,442				6,034,697				5,809,578				5,564,497
Net deposits and other customer funding	$	28,358,595			$	29,202,221			$	28,713,780			$	27,855,707			$	27,216,066
Time deposits of more than $250,000	775,107				767,974				757,675				742,734				546,586

(a) Prior periods have been adjusted to conform with current period presentation.

(b) Includes repurchase agreements.

• Total deposits, which are the Corporation's largest source of funds, decreased $500.9 million, or 1% from December 31, 2024, and increased $1.5 billion, or 4%, from June 30, 2024. The decrease from December 31, 2024, was primarily driven by decreases in interest-bearing demand and brokered CDs, offset by increases in savings and other time deposits, while the increase from June 30, 2024 was driven by increases in all deposit categories except non-interest bearing demand deposits which decreased slightly by 1%.

• Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 24.8% of total deposits at June 30, 2025, compared to 23.0% at December 31, 2024 and 21.9% at June 30, 2024. The increase was primarily driven by increases in uninsured balances in business deposit accounts.

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 percentage 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 June 30, 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 June 30, 2025, the Bank had $5.0 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 June 30, 2025, the Bank had $5.4 billion available for discount window borrowings.

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• Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.

• 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 from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.

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 14 Liquidity Sources and Uninsured Deposit Coverage Ratio


(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Federal Reserve Bank balance	$	735,876		$	705,696		$	451,298		$	405,776		$	482,362
Available FHLB Chicago capacity	5,026,154			6,362,599			7,097,420			6,164,539			5,184,341
Available Federal Reserve Bank discount window capacity	5,441,186			3,308,303			2,778,294			2,981,211			2,336,073

Funding available within one business day (a)	11,203,216			10,376,598			10,327,012			9,551,527			8,002,776
Available federal funds lines	1,729,000			1,284,000			1,164,000			1,401,000			1,406,000
Available brokered deposits capacity (b)	734,649			414,199			418,198			520,809			679,089
Unsecured debt capacity (c)	1,000,000			1,000,000			1,000,000			1,000,000			1,000,000
Total available liquidity	$	14,666,865		$	13,074,797		$	12,909,210		$	12,473,336		$	11,087,865
Uninsured and uncollateralized deposits	$	8,469,167		$	9,170,483		$	7,954,259		$	7,492,684		$	7,174,369
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day	132		%	113		%	130		%	127		%	112		%
Coverage ratio of uninsured and uncollateralized deposits with total funding	173		%	143		%	162		%	166		%	155		%

(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.

Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 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 II, Item 1A, Risk Factors.

For the six months ended June 30, 2025, net cash provided by operating and financing activities was $239.6 million and $765.5 million, respectively, while net cash used in investing activities was $764.6 million, for a net increase in cash and cash equivalents of $240.5 million since year-end 2024. At June 30, 2025, assets of $44.0 billion increased $970.7 million, or 2%, from year-end 2024. On the funding side, deposits of $34.1 billion decreased $500.9 million, or 1% from year-end 2024, short-term funding decreased $394.8 million, or 84%, and other long-term funding decreased $244.1 million, or 29%.

For the six months ended June 30, 2024, net cash provided by operating and financing activities was $268.0 million and $422.4 million, respectively, while net cash used in investing activities was $655.1 million, for a net increase in cash and cash equivalents of $35.3 million since year-end 2023. At June 30, 2024, assets of $41.6 billion increased $608.1 million, from year-end 2023. On the funding side, deposits of $32.7 billion decreased $755.0 million, or 2%, from year-end 2023, short-term funding increased $532.8 million, or 163%, and FHLB advances increased $732.9 million, or 38%.

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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.

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 June 30, 2025.

For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K.

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 the first six months of 2025.

Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months


	Jun 30, 2025				Dec 31, 2024
	Dynamic Forecast		Static Forecast		Dynamic Forecast		Static Forecast
Gradual Rate Change
100 bp increase in interest rates	1.6	%	1.4	%	1.0	%	0.7	%
200 bp increase in interest rates	2.9	%	2.5	%	2.0	%	1.3	%
100 bp decrease in interest rates	(1.0)	%	(0.9)	%	(0.5)	%	(0.2)	%
200 bp decrease in interest rates	(1.9)	%	(1.7)	%	(1.3)	%	(0.8)	%

At June 30, 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 16 Market Value of Equity Sensitivity


	Jun 30, 2025		Dec 31, 2024
Instantaneous Rate Change
100 bp increase in interest rates	(8.2)	%	(9.1)	%
200 bp increase in interest rates	(17.2)	%	(18.5)	%
100 bp decrease in interest rates	6.6	%	7.1	%
200 bp decrease in interest rates	11.8	%	12.6	%

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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 MVE measure in the 200 bp increase in interest rates scenario is outside of the policy limit, which has been reported to the Corporation's Board.

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 June 30, 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 17 Contractual Obligations and Other Commitments


( in thousands)	Note Reference	One Year or Less		One to Three Years		Three to Five Years		Over Five Years		Total
Time deposits		$	7,799,522	$	62,415	$	12,461	$	5	$	7,874,404
Short-term funding	8	75,585		—		—		—		75,585
FHLB advances	8	3,671,155		201,945		5,864		525		3,879,489

Other long-term funding	8	90		160		—		593,279		593,530

Operating leases	16	5,649		9,762		6,486		12,349		34,246

Total		$	11,552,001	$	274,282	$	24,811	$	606,159	$	12,457,254

The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters, and Note 13 Retirement Plans 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 June 30, 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 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 in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.

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Table 18 Capital Ratios


	YTD				Quarter Ended
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Risk-based capital (a)
CET1					$	3,493,316		$	3,417,432		$	3,396,836		$	3,238,155		$	3,172,298
Tier 1 capital					3,687,428			3,611,544			3,590,948			3,432,267			3,366,410
Total capital					4,394,367			4,311,239			4,282,597			4,117,632			4,042,812
Total risk-weighted assets					34,241,408			33,800,823			33,950,173			33,326,479			32,767,830
Modified CECL transitional amount					—			—			22,425			22,425			22,425
CET1 capital ratio					10.20		%	10.11		%	10.01		%	9.72		%	9.68		%
Tier 1 capital ratio					10.77		%	10.68		%	10.58		%	10.30		%	10.27		%
Total capital ratio					12.83		%	12.75		%	12.61		%	12.36		%	12.34		%
Tier 1 leverage ratio					8.72		%	8.69		%	8.73		%	8.49		%	8.37		%
Selected equity and performance ratios
Total stockholders’ equity / total assets					10.87		%	10.82		%	10.70		%	10.46		%	10.19		%
Dividend payout ratio (b)	36.80	%	34.65	%	35.38		%	38.33		%	N/M			39.29		%	29.33		%
Return on average assets	1.00	%	0.97	%	1.03		%	0.97		%	(1.53)		%	0.85		%	1.13		%
Annualized noninterest expense / average assets	1.97	%	1.93	%	1.93		%	2.00		%	2.12		%	1.93		%	1.92		%

N/M = Not Meaningful

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. 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) Ratio is based upon basic earnings per common share.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the second quarter of 2025.

Non-GAAP Measures

Table 19 Non-GAAP Measures


	YTD						Quarter Ended
(Dollars in thousands)	Jun 30, 2025			Jun 30, 2024			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Selected equity and performance ratios (a)
Average stockholders' equity / average assets	10.88		%	10.20		%	10.90		%	10.86		%	10.76		%	10.46		%	10.14		%
Tangible common equity / tangible assets (TCE Ratio) (b)							8.06		%	7.96		%	7.82		%	7.50		%	7.18		%
Return on average equity	9.17		%	9.48		%	9.43		%	8.91		%	(14.20)		%	8.09		%	11.16		%
Return on average tangible common equity (ROATCE) (c)	12.66		%	13.78		%	12.96		%	12.34		%	(20.27)		%	11.52		%	16.25		%
Return on average common equity Tier 1 (ROACET1) (c)	12.20		%	12.42		%	12.57		%	11.82		%	(19.28)		%	10.53		%	14.54		%

Return on average tangible assets (c)	1.04		%	1.01		%	1.07		%	1.01		%	(1.55)		%	0.89		%	1.18		%
Tangible common equity reconciliation (b)
Common equity							$	4,586,669		$	4,492,446		$	4,411,450		$	4,219,125		$	4,048,225
Less: Goodwill and other intangible assets, net							1,132,247			1,134,450			1,136,653			1,138,855			1,141,058
Tangible common equity for TCE Ratio							$	3,454,422		$	3,357,996		$	3,274,797		$	3,080,269		$	2,907,167
Tangible assets reconciliation (b)
Total assets							$	43,993,729		$	43,309,136		$	43,023,068		$	42,210,815		$	41,623,908
Less: Goodwill and other intangible assets, net							1,132,247			1,134,450			1,136,653			1,138,855			1,141,058
Tangible common equity for TCE Ratio							$	42,861,482		$	42,174,686		$	41,886,415		$	41,071,960		$	40,482,850
Average tangible common equity (b) and average common equity Tier 1 reconciliation
Average common equity	$	4,487,789		$	3,979,681		$	4,538,549		$	4,436,467		$	4,334,230		$	4,136,615		$	3,972,092
Less: Average goodwill and other intangible assets, net	1,134,600			1,143,478			1,133,627			1,135,584			1,137,826			1,140,060			1,142,368
Average tangible common equity for ROATCE	3,353,189			2,836,203			3,404,922			3,300,883			3,196,404			2,996,555			2,829,725
Modified CECL transitional amount	—			22,425			—			—			22,425			22,425			22,425
Average accumulated other comprehensive loss (d)	46,443			214,850			28,405			64,680			151,862			172,711			241,634
Average deferred tax assets, net	24,638			18,404			24,392			24,886			23,462			23,564			24,506
Average common equity Tier 1 for ROACET1	$	3,424,270		$	3,091,883		$	3,457,719		$	3,390,449		$	3,394,154		$	3,215,255		$	3,118,290

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	YTD						Quarter Ended
(Dollars in thousands)	Jun 30, 2025			Jun 30, 2024			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Average tangible assets reconciliation (b)
Average total assets	$	43,027,526		$	40,932,710		$	43,420,063		$	42,630,627		$	42,071,562		$	41,389,711		$	41,100,606
Less: Average goodwill and other intangible assets, net	1,134,600			1,143,478			1,133,627			1,135,584			1,137,826			1,140,060			1,142,368
Average tangible assets for return on average tangible assets	$	41,892,926		$	39,789,232		$	42,286,436		$	41,495,043		$	40,933,736		$	40,249,651		$	39,958,238




Adjusted net income (loss) reconciliation (c)
Net income (loss)	$	212,916		$	196,742		$	111,230		$	101,687		$	(161,615)		$	88,018		$	115,573
Other intangible amortization, net of tax	3,304			3,304			1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss) for return on average tangible assets	$	216,220		$	200,046		$	112,882		$	103,339		$	(159,963)		$	89,670		$	117,225
Adjusted net income (loss) available to common equity reconciliation (c)
Net income (loss) available to common equity	$	207,166		$	190,992		$	108,355		$	98,812		$	(164,490)		$	85,143		$	112,698
Other intangible amortization, net of tax	3,304			3,304			1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss) available to common equity for ROATCE and ROACET1	$	210,470		$	194,296		$	110,007		$	100,464		$	(162,838)		$	86,795		$	114,350




Period end core customer deposits reconciliation
Total deposits							$	34,147,565		$	35,196,713		$	34,648,434		$	33,554,298		$	32,691,039
Less: Network transaction deposits							1,792,362			1,882,930			1,758,388			1,566,908			1,502,919
Less: Brokered CDs							4,072,048			4,197,512			4,276,309			4,242,670			4,061,578
Core customer deposits							$	28,283,155		$	29,116,271		$	28,613,737		$	27,744,719		$	27,126,542
Average core customer deposits reconciliation
Average total deposits	$	34,516,592		$	32,948,231		$	34,203,201		$	34,833,464		$	34,337,468		$	33,320,825		$	32,629,404
Less: Average network transaction deposits	1,845,974			1,623,625			1,843,998			1,847,972			1,690,745			1,644,305			1,595,312
Less: Average brokered CDs	4,201,955			4,098,304			4,089,844			4,315,311			4,514,841			4,247,941			3,927,727
Average core customer deposits	$	28,468,663		$	27,226,302		$	28,269,359		$	28,670,181		$	28,131,882		$	27,428,578		$	27,106,365
Total expense for efficiency ratios reconciliation
Noninterest expense	$	419,971		$	393,518		$	209,352		$	210,619		$	224,282		$	200,597		$	195,861
Less: Other intangible amortization	4,405			4,405			2,203			2,203			2,203			2,203			2,203
Total expense for fully tax-equivalent efficiency ratio	415,566			389,112			207,149			208,416			222,080			198,394			193,658
Less: FDIC special assessment	—			7,696			—			—			—			—			—
Less: Announced initiatives (e)	—			—			—			—			14,243			—			—
Total expense for adjusted efficiency ratio	$	415,566		$	381,416		$	207,149		$	208,416		$	207,836		$	198,394		$	193,658
Total revenue for efficiency ratios reconciliation
Net interest income	$	585,940		$	514,451		$	300,000		$	285,941		$	270,289		$	262,509		$	256,593
Noninterest income (loss)	125,754			130,144			66,977			58,776			(206,772)			67,221			65,159
Less: Investment securities gains (losses), net	11			3,947			7			4			(148,194)			100			67
Fully tax-equivalent adjustment	8,483			7,516			4,228			4,254			3,680			3,723			3,747
Total revenue for fully tax-equivalent efficiency ratio	720,166			648,165			371,198			348,968			215,390			333,353			325,432
Less: Announced initiatives (e)	(6,976)			—			—			(6,976)			(130,406)			—			—
Total revenue for adjusted efficiency ratio	$	727,142		$	648,165		$	371,198		$	355,943		$	345,795		$	333,353		$	325,432
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	57.70		%	60.03		%	55.81		%	59.72		%	103.11		%	59.51		%	59.51		%
Adjusted efficiency ratio	57.15		%	58.85		%	55.81		%	58.55		%	60.10		%	59.51		%	59.51		%

(a) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(b) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.

(c) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(d) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.

(e) 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.

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Sequential Quarter Results

The Corporation reported net income of $111.2 million for the second quarter of 2025, compared to a net income of $101.7 million for the first quarter of 2025. Net income available to common equity was $108.4 million for the second quarter of 2025, or $0.65 for both basic and diluted earnings per common share. Comparatively, the net income available to common equity for the first quarter of 2025 was $98.8 million, or $0.60 for basic earnings per common share and $0.59 for diluted earnings per common share. The increase was primarily driven by increase in net interest income.

Fully tax-equivalent net interest income for the second quarter of 2025 was $304.2 million, $14.0 million, or 5%, higher than the first quarter of 2025. The net interest margin in the second quarter of 2025 was up 7 bp to 3.04%. This was due to organic net interest income growth along with realizing full impacts of the balance sheet repositioning announced in the fourth quarter of 2024 for the entire quarter as compared to prior quarter.

Average earning assets increased $791.8 million, or 2%, to $40.1 billion in the second quarter of 2025, primarily due to an increase in commercial and business lending, taxable securities, and other short term investments. Average loans increased $381.0 million, due to an increase in commercial and business and commercial real estate lending and auto finance loans, partially offset by a decrease in residential mortgages. On the funding side, average total interest-bearing deposits decreased $639.1 million, or 2%, driven by a decrease in all deposit categories primarily due to seasonality, except for savings which increased slightly. In the second quarter of 2025, average FHLB advances increased $1.6 billion, or 102%, to account for the seasonality of deposits and fund loan growth, and average other long-term funding decreased $35.0 million, or 6%, in the second quarter of 2025 due to a portion of the subordinated notes maturing and being repaid in January 2025.

The provision for credit losses was $18.0 million for the second quarter of 2025 and $13.0 million for the first quarter of 2025. This was due to increases in the commercial and business lending, CRE construction and other consumer categories partially offset by decreases in commercial real estate - investor and residential mortgages. The increase in commercial was largely attributable to loan growth and nominal movements within risk rating categories during the quarter. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the second quarter of 2025 was $67.0 million, compared to $58.8 million in the first quarter of 2025, the increase was due to the loss on mortgage portfolio sale as a result of the settlement of the mortgage sale in January 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024.

Noninterest expense for the second quarter of 2025 was $209.4 million, down $1.3 million, or 1%, from the first quarter of 2025, driven primarily by a decrease in occupancy expense and a reduction in OREO expenses (included within other noninterest expense), partially offset by an increase in personnel expense.

For the second quarter of 2025, the Corporation recognized income tax expense of $28.4 million, compared to an income tax expense of $19.4 million for the first quarter of 2025. The increase is mainly because of the release of a portion of the valuation allowance on deferred taxes in the first quarter.

Comparable Quarter Results

The Corporation reported net income of $111.2 million for the second quarter of 2025, compared to net income of $115.6 million for the second quarter of 2024. Net income available to common equity was $108.4 million for the second quarter of 2025, or $0.65 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the second quarter of 2024 was $112.7 million, or $0.75 for basic earnings per common share and $0.74 for diluted earnings per common share. The decrease was mainly attributable to a tax benefit recognized in the second quarter of 2024.

Fully tax-equivalent net interest income for the second quarter of 2025 was $304.2 million, $43.9 million, or 17%, higher than the second quarter of 2024. The net interest margin between the comparable quarters was up 29 bp, to 3.04% in the second quarter of 2025. The increases in net interest income and net interest margin were primarily due to a mix shift in earning assets attributable to the balance sheet repositioning announced in the fourth quarter of 2024.

Average earning assets increased $2.1 billion to $40.1 billion in the second quarter of 2025, driven by an increase in total loans and increases in total investments given our reinvestment of a portion of the proceeds from the common stock issuance in the fourth quarter of 2024. Average loans increased $912.4 million, driven by increases in all asset categories except residential mortgage, which decreased due to the balance sheet repositioning announced in the fourth quarter of 2024 and real estate construction. On the funding side, average interest-bearing deposits increased $1.6 billion, or 6%, from the second quarter of 2024, due to increases in all deposit categories except money market which saw a slight contraction. Average short and long-term funding increased $311.5 million, or 8%, primarily driven by an increase in FHLB advances, particularly short-term as the

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Corporation paid down the majority of its long-term FHLB advances as part of the balance sheet repositioning announced in the fourth quarter of 2024, partially offset by a decrease in other short-term funding due to the pay off of BTFP.

The provision for credit losses was $18.0 million for the second quarter of 2025, compared to a provision of $23.0 million for the second quarter of 2024. This was due to decreases in commercial real estate lending and commercial real estate - investor, offset by smaller increases in commercial and business lending. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the second quarter of 2025 was $67.0 million, up $1.8 million, or 3%, compared to the second quarter of 2024, primarily due to an increase in mortgage banking income as a result of MSR valuation impacts and increased gains on sales of mortgage loans originated for sale.

Noninterest expense for the second quarter of 2025 was $209.4 million, up $13.5 million, or 7%, from the second quarter of 2024, driven increases in personnel, legal and professional, and FDIC assessment expenses.

The Corporation recognized income tax expense of $28.4 million for the second quarter of 2025, compared to income tax benefit of $12.7 million for the second quarter of 2024, primarily due to a strategic reallocation of the investment portfolio and the adaptation of a legal entity rationalization plan that resulted in the recognition of deferred benefits in 2024.

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 the Corporation’s 2024 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.

Table 20 Selected Segment Financial Data


	Three Months Ended Jun 30,					Six Months Ended Jun 30,
(Dollars in thousands)	2025		2024		% Change	2025		2024		% Change
Corporate and Commercial Specialty
Total revenue	$	150,532	$	146,749	3%	$	297,378	$	290,782	2%
Provision for credit losses	20,368		16,038		27%	39,382		31,036		27%
Noninterest expense	45,802		43,035		6%	90,954		85,813		6%
Income tax expense	15,968		14,084		13%	31,665		31,893		(1)%
Net income	68,394		73,592		(7)%	135,377		142,040		(5)%
Average earning assets	17,501,224		16,136,463		8%	17,253,366		16,080,994		7%
Average loans	17,483,645		16,127,936		8%	17,241,671		16,074,156		7%
Average deposits	6,921,336		6,788,753		2%	7,082,223		7,032,924		1%
Community, Consumer, and Business
Total revenue	$	253,997	$	258,899	(2)%	$	501,248	$	511,329	(2)%
Provision for credit losses	6,363		6,045		5%	12,434		13,301		(7)%
Noninterest expense	134,554		129,924		4%	271,369		263,986		3%
Income tax expense	23,747		25,815		(8)%	45,663		49,149		(7)%
Net income	89,333		97,115		(8)%	171,782		184,893		(7)%
Average earning assets	12,533,452		12,899,329		(3)%	12,591,669		12,843,343		(2)%
Average loans	12,530,041		12,899,067		(3)%	12,588,258		12,843,212		(2)%
Average deposits	21,185,516		20,143,288		5%	21,239,541		20,135,945		5%
Risk Management and Shared Services
Total revenue	$	(37,552)	$	(83,896)	(55)%	$	(86,932)	$	(157,515)	(45)%
Provision for credit losses	(8,735)		925		N/M	(20,817)		2,672		N/M
Noninterest expense	28,996		22,902		27%	57,646		43,719		32%
Income tax benefit	(11,316)		(52,589)		(78)%	(29,520)		(73,716)		(60)%
Net loss	(46,497)		(55,133)		(16)%	(94,241)		(130,191)		(28)%
Average earning assets	10,040,034		8,961,646		12%	9,835,976		8,872,497		11%
Average loans	478,315		552,561		(13)%	472,615		556,925		(15)%
Average deposits	6,096,349		5,697,363		7%	6,194,828		5,779,362		7%

N//M = Not meaningful

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Notable Changes in Segment Financial Data

Corporate and Commercial Specialty

• Average earning assets and average loans both increased $1.2 billion from the six months ended June 30, 2024, primarily driven by growth in commercial and business lending.

Community, Consumer, and Business

• Net income decreased $13.1 million from the six months ended June 30, 2024, driven by a decrease in net interest income due to lower FTP allocations partially offset by organic net interest income growth, an increase in noninterest income primarily related to higher mortgage banking fees due to MSR valuation impacts and larger gains on sales of loans originated for sale, an increase in noninterest expense predominantly due to elevated technology costs, and a decrease in income tax expense due to the lower net income before taxes.

• Average deposits increased $1.1 billion from the six months ended June 30, 2024, primarily driven by increases in all deposit types except for noninterest-bearing demand deposits.

Risk Management and Shared Services

• Total revenue increased $70.6 million from the six months ended June 30, 2024, primarily driven organic net interest income growth primarily due to the investment portfolio actions taken as part of the balance sheet repositioning announced in the fourth quarter of 2024, partially offset by contraction in noninterest income mainly due to the loss on mortgage portfolio sale recognized in the first quarter of 2025 as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024.

• Noninterest expense increased $13.9 million from the six months ended June 30, 2024, caused by increases in personnel, OREO, legal, and donation expenses, offset by decreases in technology expense and the allocation of some of the additional expenses to the other reportable segments.

• Income tax benefit decreased $44.2 million from the six months ended June 30, 2024, due to the strategic reallocation of the investment portfolio and the adaptation of a legal entity rationalization plan that resulted in the recognition of significant deferred tax benefits in 2024 and a lower net loss before taxes in the current year.

• Average earning assets increased $963.5 million from the six months ended June 30, 2024, driven by higher balances of AFS investment securities in the portfolio offset by a decreases in all loans categories.

• Average loans decreased $84.3 million from the six months ended June 30, 2024, attributable to lower balances in all loan categories.

• Average deposits increased $415.5 million from the six months ended June 30, 2024, primarily driven by increases in all deposit types.

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. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2024.

Recent Developments

On July 29, 2025, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.23 per common share, payable on September 15, 2025, to shareholders of record at the close of business on September 2, 2025.

The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on September 15, 2025, to shareholders of record at the close of business on September 2, 2025.

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The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on September 15, 2025, to shareholders of record at the close of business on September 2, 2025.


ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk

Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.

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ITEM 4.			Controls and Procedures

The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2025, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of June 30, 2025.

No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act of 1934) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

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PART II - OTHER INFORMATION


ITEM 1.			Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters of the notes to consolidated financial statements.


ITEM 1A.			Risk Factors

There have been no material changes in the Risk Factors described in the Corporation’s 2024 Annual Report on Form 10-K.


ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds

During the second quarter of 2025, the Corporation repurchased common stock, of which all were related to tax withholding on equity compensation. The repurchase details are presented in the table below:

Common Stock Purchases


	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b)
Period

April 1, 2025 - April 30, 2025	1,045	$	21.41	—
May 1, 2025 - May 31, 2025	2,088	22.95		—
June 1, 2025 - June 30, 2025	1,001	22.88		—
Total	4,134	$	22.54	—	1,601,661

(a) As all of the repurchased shares were for minimum tax withholding settlements on equity compensation, these purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2021 authorization.

(b) At June 30, 2025, there remained $39.1 million authorized to be repurchased under the Board of Directors' 2021 $100.0 million authorization. The maximum number of shares that may yet be purchased under this authorization is based on the closing share price on June 30, 2025.

Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.


ITEM 5.			Other Information

During the three months ended June 30, 2025, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.


ITEM 6.			Exhibits

(a) Exhibits:




Exhibit (10.1), Employment Transition - Letter Agreement between Associated Banc-Corp and Angie M. DeWitt, effective May 12, 2025.
Exhibit (10.2), Associated Banc-Corp 2025 Equity Incentive Plan, incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on March 17, 2025, as supplemented, in connection with the 2025 Annual Meeting of Shareholders of Associated Banc-Corp.
Exhibit (10.3), Employment Transition Letter Agreement dated May 7, 2025, between Associated Banc-Corp and David Stein, incorporated by reference to Exhibit 10.1 of the Corporation’s Current Report, dated May 7, 2025.
Exhibit (10.4), Form of Restricted Stock Award Agreement, incorporated by reference to Exhibit 10.1 of the Corporation’s Registration Statement on Form S-8 filed on May 1, 2025.
Exhibit (10.5), Form of Restricted Stock Unit Award Agreement (Deferral Option), incorporated by reference to Exhibit 10.2 of the Corporation’s Registration Statement on Form S-8 filed on May 1, 2025.
Exhibit (10.6), Form of Restricted Stock Unit Award Agreement (No Deferral Option), incorporated by reference to Exhibit 10.3 of the Corporation’s Registration Statement on Form S-8 filed on May 1, 2025.
Exhibit (10.7), Form of Performance Restricted Stock Unit Award Agreement (Deferral Option), incorporated by reference to Exhibit 10.4 of the Corporation’s Registration Statement on Form S-8 filed on May 1, 2025.
Exhibit (10.8), Form of Performance Restricted Stock Unit Award Agreement (No Deferral Option), incorporated by reference to Exhibit 10.5 of the Corporation’s Registration Statement on Form S-8 filed on May 1, 2025.
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



						ASSOCIATED BANC-CORP
						(Registrant)



Date: July 29, 2025						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer



Date: July 29, 2025						/s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer



Date: July 29, 2025						/s/ Ryan J. Beld
						Ryan J. Beld
						Chief Accounting Officer

TABLE OF CONTENTS

Part I - Financial Information Item 1. Financial Statements:Item 1. Financial Statements Continued:Note 1 Basis Of Presentation Note 2 Summary Of Significant Accounting Policies Note 3 Earnings Per Common Share Note 4 Stock-based Compensation Note 5 Investment Securities Note 6 Loans Note 7 Goodwill and Other Intangible Assets Note 8 Short and Long-term Funding Note 9 Derivative and Hedging Activities Note 10 Balance Sheet Offsetting Note 11 Commitments, Off-balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters Note 12 Fair Value Measurements Note 13 Retirement Plans Note 14 Segment Reporting Note 15 Accumulated Other Comprehensive Income (loss)Note 16 Leases Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II - Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

Exhibit (10.1), Employment Transition - Letter Agreement between Associated Banc-Corp and Angie M. DeWitt, effective May 12, 2025. Exhibit (10.2), Associated Banc-Corp 2025 Equity Incentive Plan, incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on March 17, 2025, as supplemented, in connection with the 2025 Annual Meeting of Shareholders of Associated Banc-Corp. Exhibit (10.3), Employment Transition Letter Agreement dated May 7, 2025, between Associated Banc-Corp and David Stein, incorporated by reference to Exhibit 10.1 of the Corporations Current Report, dated May 7, 2025. Exhibit (10.4), Form of Restricted Stock Award Agreement, incorporated by reference to Exhibit 10.1 of the Corporations Registration Statement on Form S-8 filed on May 1, 2025. Exhibit (10.5), Form of Restricted Stock Unit Award Agreement (Deferral Option), incorporated by reference to Exhibit 10.2 of the Corporations Registration Statement on Form S-8 filed on May 1, 2025. Exhibit (10.6), Form of Restricted Stock Unit Award Agreement (No Deferral Option), incorporated by reference to Exhibit 10.3 of the Corporations Registration Statement on Form S-8 filed on May 1, 2025. Exhibit (10.7), Form of Performance Restricted Stock Unit Award Agreement (Deferral Option), incorporated by reference to Exhibit 10.4 of the Corporations Registration Statement on Form S-8 filed on May 1, 2025. Exhibit (10.8), Form of Performance Restricted Stock Unit Award Agreement (No Deferral Option), incorporated by reference to Exhibit 10.5 of the Corporations Registration Statement on Form S-8 filed on May 1, 2025. Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer. Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer. Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.

ASB 10-Q Quarter ended June 30, 2025

Exhibits