ASSOCIATED BANC-CORP (Form: 10-Q, Received: 04/28/2026 16:12:32)

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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: March 31, 2026


☐			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 April 24, 2026 was 165,941,629.


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	9

	Notes to Consolidated Financial Statements	10

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	46

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	67

	Item 4. Controls and Procedures	68

PART II. Other Information

	Item 1. Legal Proceedings	69

	Item 1A. Risk Factors	69

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	69

	Item 5. Other Information	69

	Item 6. Exhibits	70

	Signatures	71


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






ACLL			Allowance for Credit Losses on Loans

AFS			Available for Sale
ALCO			Asset / Liability Committee



American National			American National Corporation
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


Merger Agreement			Agreement and Plan of Merger dated November 30, 2025
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


	Mar 31, 2026		Dec 31, 2025
(in thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	465,318	$	574,698
Interest-bearing deposits in other financial institutions	920,684		1,144,123
Federal funds sold and securities purchased under agreements to resell	175		1,400
AFS investment securities, at fair value	5,514,456		5,397,563
HTM investment securities, net, at amortized cost	3,570,843		3,602,519
Equity securities	26,109		26,060
Regulatory stocks, at cost	290,189		252,514
Residential loans held for sale	87,461		72,499

Loans	31,798,164		31,163,614
Allowance for loan losses	(385,756)		(378,068)
Loans, net	31,412,408		30,785,546
Tax credit and other investments	230,954		236,657
Premises and equipment, net	376,760		381,624
Bank and corporate owned life insurance	694,765		694,452
Goodwill	1,104,992		1,104,992
Other intangible assets, net	20,647		22,849
Mortgage servicing rights, net	87,599		86,337
Interest receivable	161,021		161,118
Other assets	629,359		657,645
Total assets	$	45,593,740	$	45,202,596
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	6,125,067	$	6,126,632
Interest-bearing deposits	29,606,698		29,425,976
Total deposits	35,731,765		35,552,608
Federal funds purchased and securities sold under agreements to repurchase	395,652		307,864
FHLB advances	3,421,762		3,268,094
Senior and subordinated debt	592,629		594,276

Allowance for unfunded commitments	39,276		41,276
Accrued expenses and other liabilities	414,784		463,131
Total liabilities	$	40,595,868	$	40,227,249
Stockholders' equity
Preferred equity	$	194,112	$	194,112

Common stock	$	1,890	$	1,890
Surplus	2,052,504		2,050,410
Retained earnings	3,303,458		3,226,756
Accumulated other comprehensive loss	(44,505)		(7,566)
Treasury stock, at cost	(509,587)		(490,255)
Total common equity	4,803,760		4,781,235
Total stockholders' equity	4,997,872		4,975,347
Total liabilities and stockholders' equity	$	45,593,740	$	45,202,596
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	165,438,367		165,979,940

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)


	Three Months Ended Mar 31,
(in thousands, except per share data)	2026		2025
Interest income
Interest and fees on loans	$	426,989	$	433,299
Interest and dividends on investment securities
Taxable	75,676		69,788
Tax-exempt	13,738		13,956
Other interest	11,641		9,243
Total interest income	528,044		526,285
Interest expense
Interest on deposits	175,273		209,140
Interest on federal funds purchased and securities sold under agreements to repurchase	3,732		3,622
Interest on FHLB advances	31,570		16,090
Interest on senior and subordinated debt	10,163		11,085
Interest on other interest-bearing liabilities	116		408
Total interest expense	220,854		240,345
Net interest income	307,190		285,941
Provision for credit losses	11,001		13,003
Net interest income after provision for credit losses	296,189		272,938
Noninterest income
Wealth management fees	25,219		22,498
Service charges and deposit account fees	14,054		12,814
Card-based fees	11,579		10,442
Other fee-based revenue	4,862		5,251
Capital markets, net	6,543		4,345
Mortgage banking, net	6,111		3,822
Loss on mortgage portfolio sale	—		(6,976)
Bank and corporate owned life insurance	3,816		5,204
Asset gains (losses), net	840		(878)
Investment securities (losses) gains, net	(28)		4

Other	2,861		2,251
Total noninterest income	75,857		58,776
Noninterest expense
Personnel	135,172		123,897
Technology	29,736		27,139
Occupancy	13,725		15,381
Business development and advertising	7,827		6,386
Equipment	5,610		4,527
Legal and professional	6,721		6,083
Loan and foreclosure costs	1,707		2,594
FDIC assessment	8,837		10,436
Other intangible amortization	2,203		2,203

Other	7,625		11,974
Total noninterest expense	219,163		210,619
Income before income taxes	152,883		121,095
Income tax expense	33,248		19,409
Net income	119,635		101,687
Preferred stock dividends	2,875		2,875
Net income available to common equity	$	116,760	$	98,812
Earnings per common share
Basic	$	0.70	$	0.60
Diluted	$	0.70	$	0.59
Average common shares outstanding
Basic	165,097		165,228
Diluted	166,561		166,604

Numbers may not recalculate due to rounding conventions.

Prior period has been adjusted to conform with current period presentation.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended Mar 31,
(in thousands)	2026		2025

Net income	$	119,635	$	101,687
Other comprehensive income (loss), net of tax
Investment securities
Net unrealized (losses) gains	(36,531)		31,832

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,690		1,927



Income tax benefit (expense)	8,689		(8,420)
Other comprehensive (loss) income on AFS securities	(26,152)		25,339
Cash flow hedge derivatives
Net unrealized (losses) gains	(7,912)		7,268
Reclassification adjustment for net (gains) losses realized in net income	(746)		1,118
Income tax (expense) benefit	(2,083)		2,018
Other comprehensive (loss) income on cash flow hedge derivatives	(10,741)		10,403
Defined benefit pension and postretirement obligations
Amortization of prior service cost	(63)		(63)
Net actuarial (loss) gain	—		4,770
Amortization of actuarial gain	—		(4)
Income tax benefit (expense)	16		(1,173)
Other comprehensive (loss) income on pension and postretirement obligations	(47)		3,530
Total other comprehensive (loss) income	(36,939)		39,272
Comprehensive income	$	82,696	$	140,959

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

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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, 2025	$	194,112	$	1,890	$	2,050,410	$	3,226,756	$	(7,566)	$	(490,255)	$	4,975,347












































Comprehensive income:
Net income	—		—		—		119,635		—		—		119,635
Other comprehensive loss	—		—		—		—		(36,939)		—		(36,939)
Comprehensive income													82,696
Common stock issued:
Stock-based compensation plans, net	—		—		(5,126)		—		—		12,247		7,121
Purchase of treasury stock, open market purchases	—		—		—		—		—		(25,202)		(25,202)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(6,377)		(6,377)
Cash dividends:
Common stock(a)	—		—		—		(40,058)		—		—		(40,058)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		7,220		—		—		—		7,220

Balance, March 31, 2026	$	194,112	$	1,890	$	2,052,504	$	3,303,458	$	(44,505)	$	(509,587)	$	4,997,872

(a) Common stock dividends of $0.24 per share.

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


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (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

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.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended Mar 31,
(in thousands)	2026		2025
Cash flows from operating activities
Net income	$	119,635	$	101,687
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	11,001		13,003
Depreciation and amortization	12,214		13,981
Change in MSRs valuation	(1,261)		1,047
Amortization of other intangible assets	2,203		2,203
Amortization and accretion on earning assets, funding, and other, net	12,264		6,336
Net amortization of tax credit investments	8,455		8,689
Gains on sales of investment securities, net	4		—
Asset (gains) losses, net	(840)		878

Loss on mortgage banking activities, net	998		329
Loss on mortgage portfolio sale	—		6,976
Net periodic pension benefit	(8,206)		(6,186)
Mortgage loans originated for sale	(159,442)		(92,584)
Proceeds from sales of mortgage loans held for sale	146,457		105,642
Changes in certain assets and liabilities:
Decrease in interest receivable	97		8,044
Decrease in net income tax position	22,342		29,846
Increase (decrease) in interest payable	1,409		(2,025)
Decrease in expense payable	(52,852)		(53,261)
Decrease (increase) in net derivative position	3,169		(36,128)
Increase in BOLI/COLI cash surrender value	(3,816)		(5,204)

Net change in other assets and other liabilities	22,034		(5,107)
Net cash provided by operating activities	135,865		98,166
Cash flows from investing activities
Net increase in loans	(656,118)		(513,237)
Purchases of:
AFS securities	(534,565)		(391,952)
HTM securities	—		(994)
Regulatory stocks and equity securities	(56,881)		(71,364)


Proceeds from:

Sales of HTM securities	1,222		—
Sales of regulatory stocks and equity securities	19,206		56,786
Prepayments, calls, and maturities of AFS securities	380,404		206,882
Prepayments, calls, and maturities of HTM securities	31,062		34,673
Sales, prepayments, calls, and maturities of other assets	3,734		2,631
Sale of mortgage portfolio	—		564,375
Premises, equipment, and software	(8,701)		(7,472)

Net change in tax credit and alternative investments	(3,543)		(7,448)

Net cash used in investing activities	(824,180)		(127,119)
Cash flows from financing activities
Net increase in deposits	179,157		548,279

Net increase (decrease) in short-term funding	87,788		(159,033)
Net increase in short-term FHLB advances	154,750		170,000
Repayment of long-term FHLB advances	(33)		(32)




Repayment of finance lease principal	—		(22)
Repayment of long-term funding	—		(250,000)


Proceeds from issuance of common stock for stock-based compensation plans	7,121		2,192




Purchase of treasury stock, open market purchases	(25,202)		(22,292)
Purchase of treasury stock, stock-based compensation plans	(6,377)		(5,816)
Cash dividends on common stock	(40,058)		(38,538)
Cash dividends on preferred stock	(2,875)		(2,875)
Payments for other financing activities	—		(52)
Net cash provided by financing activities	354,271		241,810
Net (decrease) increase in cash and cash equivalents	(334,044)		212,856
Cash and cash equivalents at beginning of period	1,720,221		1,019,604
Cash and cash equivalents at end of period	$	1,386,177	$	1,232,460

Supplemental disclosures of cash flow information
Cash paid for interest	$	219,035	$	241,667

Numbers may not recalculate due to rounding conventions.

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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 2025 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 2025 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 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.	Annual period ending December 31, 2027 and subsequent interim periods	The Corporation is currently evaluating the impact on its disclosures.
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The amendments in this update simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages to align with the shift to incremental and iterative software development methods.	Interim period ending March 31, 2028 and subsequent periods	The Corporation is currently evaluating the impact on its disclosures.
ASU 2025-08 Financial Instruments-Credit Losses (Topic 326)	The amendments in this update expand the gross-up approach for initial recognition and measurement of acquired financial assets to purchased seasoned loans.	Interim period ending March 31, 2027 and subsequent periods with early adoption permitted	The Corporation will early adopt this standard in the second quarter of 2026 and apply it as part of the purchase accounting for the acquisition of American National. 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 Mar 31,
(in thousands, except per share data)		2026		2025
Net income		$	119,635	$	101,687
Preferred stock dividends		(2,875)		(2,875)
Net income available to common equity		116,760		98,812
Common shareholder dividends		(39,943)		(38,333)
Unvested share-based payment awards		(115)		(206)
Undistributed earnings		$	76,702	$	60,274
Undistributed earnings allocated to common shareholders		$	76,426	$	59,997
Undistributed earnings allocated to unvested share-based payment awards		276		277
Undistributed earnings		$	76,702	$	60,274
Basic
Distributed earnings to common shareholders		$	39,943	$	38,333
Undistributed earnings allocated to common shareholders		76,426		59,997
Total common shareholders earnings, basic		$	116,369	$	98,329
Diluted
Distributed earnings to common shareholders		$	39,943	$	38,333
Undistributed earnings allocated to common shareholders		76,426		59,997
Total common shareholders earnings, diluted		$	116,369	$	98,329
Weighted average common shares outstanding		165,097		165,228
Effect of dilutive common stock awards		1,464		1,377

Diluted weighted average common shares outstanding		166,561		166,604
Basic earnings per common share		$	0.70	$	0.60
Diluted earnings per common share		$	0.70	$	0.59

Excluded from the earnings per common share calculations were 0.2 million and 1.0 million anti-dilutive common stock options for the three months ended March 31, 2026 and 2025.

Note 4 Stock-Based Compensation

The fair values of stock options and restricted stock 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 and 2025 Incentive Compensation Plans, expenses related to stock options and restricted stock grants 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 three months ended March 31, 2026 is presented below:


Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2025	1,460	$	22.71	2.52 years	$	4,483

Exercised	242	23.84

Outstanding at March 31, 2026	1,218	$	22.49	2.56 years	$	4,123
Options Exercisable at March 31, 2026	1,218	$	22.49	2.56 years	$	4,123

(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 three months ended March 31, 2026, the intrinsic value of stock options exercised was $1.2 million, compared to $0.3 million for the three months ended March 31, 2025. All stock options were vested as of December 31, 2024.

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The Corporation has issued service-based and performance-based restricted stock grants, in the form of awards and units, under the 2025 Incentive Compensation Plans. Service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based 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 activity for the three months ended March 31, 2026:


Restricted Stock	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025	2,372	$	22.02
Granted	884	26.57
Vested	664	22.79
Forfeited	13	23.59
Outstanding at March 31, 2026	2,579	$	23.37

(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 granted during 2025 and 2026 will cliff-vest after the three year performance period has ended. Service-based restricted stock granted during 2025 and 2026 will generally vest ratably over a period of four years. Expense for restricted stock of $7.4 million and $7.6 million was recorded for the three months ended March 31, 2026 and March 31, 2025, respectively. Included in compensation expense for the accelerated vesting of restricted stock granted to retirement eligible colleagues was $4.1 million and $4.3 million of expense the first three months of 2026 and 2025, respectively. The Corporation had $32.5 million of unrecognized compensation costs related to restricted stock at March 31, 2026 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2030.

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. 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 March 31, 2026 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	$	1	$	(44)	$	3,020
Residential mortgage-related securities:
FNMA/FHLMC	136,572		892		(5,881)		131,583
GNMA	5,091,918		12,930		(8,189)		5,096,659

Commercial mortgage-related securities:
FNMA/FHLMC	17,864		—		(928)		16,936
GNMA	112,710		—		(4,579)		108,131
Asset backed securities:
FFELP	92,852		12		(1,036)		91,828
SBA	63,257		231		(187)		63,301

Other debt securities	3,000		—		(2)		2,998
Total AFS investment securities	$	5,521,236	$	14,066	$	(20,846)	$	5,514,456
HTM investment securities
U.S. Treasury securities	$	996	$	11	$	—	$	1,007
Obligations of state and political subdivisions (municipal securities)	1,618,922		1,212		(157,227)		1,462,907
Residential mortgage-related securities:
FNMA/FHLMC	811,047		38		(129,239)		681,846
GNMA	38,021		33		(2,365)		35,689
Private-label	298,196		—		(44,962)		253,234
Commercial mortgage-related securities:
FNMA/FHLMC	761,410		—		(111,600)		649,810
GNMA	42,309		—		(4,353)		37,956
Total HTM investment securities	$	3,570,901	$	1,294	$	(449,746)	$	3,122,449

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The amortized cost and fair values of AFS and HTM securities at December 31, 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	$	1	$	(20)	$	3,044
Residential mortgage-related securities:
FNMA/FHLMC	134,142		1,214		(5,493)		129,863
GNMA	5,000,015		40,067		(253)		5,039,829

Commercial mortgage-related securities:
FNMA/FHLMC	17,959		—		(1,001)		16,958
GNMA	113,374		—		(3,818)		109,556
Asset backed securities:
FFELP	95,977		19		(950)		95,046
SBA	283		—		(14)		269

Other debt securities	3,000		—		(2)		2,998
Total AFS investment securities	$	5,367,813	$	41,301	$	(11,551)	$	5,397,563
HTM investment securities
U.S. Treasury securities	$	996	$	19	$	—	$	1,015
Obligations of state and political subdivisions (municipal securities)	1,628,088		3,070		(123,856)		1,507,302
Residential mortgage-related securities:
FNMA/FHLMC	823,630		165		(127,333)		696,462
GNMA	39,123		82		(2,321)		36,884
Private-label	302,817		—		(43,990)		258,827
Commercial mortgage-related securities:
FNMA/FHLMC	763,370		—		(113,004)		650,366
GNMA	44,552		152		(4,566)		40,138
Total HTM investment securities	$	3,602,576	$	3,488	$	(415,070)	$	3,190,994

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 March 31, 2026, are shown below:


	AFS					HTM
(in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	1,000	$	1,000		$	647,686	$	644,429
Due after one year through five years	4,430		4,421			1,862		1,767
Due after five years through ten years	—		—			7,298		7,103
Due after ten years	633		597			963,072		810,615
Total municipal, U.S. Treasury and other debt securities	6,063		6,018			1,619,918		1,463,914
Residential mortgage-related securities:
FNMA/FHLMC	136,572		131,583			811,047		681,846
GNMA	5,091,918		5,096,659			38,021		35,689
Private-label	—		—			298,196		253,234
Commercial mortgage-related securities:
FNMA/FHLMC	17,864		16,936			761,410		649,810
GNMA	112,710		108,131			42,309		37,956
Asset backed securities:
FFELP	92,852		91,828			—		—
SBA	63,257		63,301			—		—

Total investment securities	$	5,521,236	$	5,514,456		$	3,570,901	$	3,122,449
Ratio of fair value to amortized cost			99.9		%			87.4		%

Table of Contents

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 Mar 31,
(in thousands)		2026		2025




Gross losses on HTM securities		(4)		—

Fair value adjustment of equity securities		(24)		4
Investment securities (losses) gains, net		$	(28)	$	4

Investment securities with a carrying value of $1.2 billion at both March 31, 2026 and December 31, 2025 were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $15.3 million and $17.7 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable on AFS securities totaled $22.8 million and $23.0 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

The Corporation 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 16% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

The allowance for credit losses on HTM securities was $0.1 million at both March 31, 2026 and December 31, 2025, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets.

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 March 31, 2026:


	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	$	(36)	$	597	1	$	(8)	$	242	$	(44)	$	839
Residential mortgage-related securities:
FNMA/FHLMC	28	(505)		36,416		5	(5,376)		45,914		(5,881)		82,330
GNMA	91	(8,157)		1,256,165		2	(32)		1,915		(8,189)		1,258,080

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	(928)		16,937		(928)		16,937
GNMA	—	—		—		15	(4,579)		108,132		(4,579)		108,132
Asset backed securities:
FFELP	2	(92)		28,630		12	(944)		53,560		(1,036)		82,190
SBA	1	(183)		26,816		1	(4)		73		(187)		26,889
Other debt securities	2	(2)		1,998		—	—		—		(2)		1,998

Total	125	$	(8,975)	$	1,350,622	37	$	(11,871)	$	226,773	$	(20,846)	$	1,577,395
HTM investment securities

Obligations of state and political subdivisions (municipal securities)	455	$	(17,977)	$	636,009	407	$	(139,250)	$	594,738	$	(157,227)	$	1,230,747
Residential mortgage-related securities:
FNMA/FHLMC	17	(125)		14,542		96	(129,114)		655,718		(129,239)		670,260
GNMA	2	(39)		3,980		79	(2,326)		27,441		(2,365)		31,421
Private-label	—	—		—		18	(44,962)		253,234		(44,962)		253,234
Commercial mortgage-related securities:
FNMA/FHLMC	2	(321)		26,403		43	(111,279)		623,406		(111,600)		649,809
GNMA	—	—		—		13	(4,353)		37,956		(4,353)		37,956
Total	476	$	(18,462)	$	680,934	656	$	(431,284)	$	2,192,493	$	(449,746)	$	2,873,427

Table of Contents

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, 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)	—	$	—	$	—	2	$	(20)	$	863	$	(20)	$	863
Residential mortgage-related securities:
FNMA/FHLMC	12	(95)		14,155		12	(5,398)		56,215		(5,493)		70,370
GNMA	16	(232)		143,734		3	(21)		2,674		(253)		146,408

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	(1,001)		16,958		(1,001)		16,958
GNMA	—	—		—		15	(3,818)		109,556		(3,818)		109,556
Asset backed securities:
FFELP	2	(152)		33,239		12	(798)		55,565		(950)		88,804
SBA	—	—		—		2	(14)		231		(14)		231
Other debt securities	2	(2)		1,998		—	—		—		(2)		1,998

Total	32	$	(481)	$	193,126	47	$	(11,070)	$	242,062	$	(11,551)	$	435,188
HTM investment securities

Obligations of state and political subdivisions (municipal securities)	81	$	(2,978)	$	89,826	543	$	(120,878)	$	842,485	$	(123,856)	$	932,311
Residential mortgage-related securities:
FNMA/FHLMC	1	—		30		102	(127,333)		676,915		(127,333)		676,945
GNMA	—	—		—		80	(2,321)		30,237		(2,321)		30,237
Private-label	—	—		—		18	(43,990)		258,827		(43,990)		258,827
Commercial mortgage-related securities:
FNMA/FHLMC	2	(470)		26,287		43	(112,534)		624,079		(113,004)		650,366
GNMA	—	—		—		13	(4,566)		40,138		(4,566)		40,138
Total	84	$	(3,448)	$	116,143	799	$	(411,622)	$	2,472,681	$	(415,070)	$	2,588,824

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of March 31, 2026 and December 31, 2025, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2026 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of March 31, 2026, 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.

Regulatory stocks: The Corporation had FHLB stock of $192.1 million and $154.4 million at March 31, 2026 and December 31, 2025, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million at both March 31, 2026 and December 31, 2025.

Accrued interest receivable on FHLB stock totaled $3.6 million at March 31, 2026 and $2.8 million at December 31, 2025. There was $1.0 million accrued interest receivable on Federal Reserve Bank Stock at March 31, 2026 and none at December 31, 2025. 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 $11.1 million at March 31, 2026 and December 31, 2025.

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 $15.0 million at March 31, 2026 and December 31, 2025.

Note 6 Loans

The period end loan composition was as follows:


(in thousands)	Mar 31, 2026		Dec 31, 2025


Commercial and industrial	$	12,339,597	$	11,799,757
Commercial real estate — owner occupied	1,193,778		1,186,324
Commercial and business lending	13,533,375		12,986,081
Commercial real estate — investor	5,266,584		5,246,030
Real estate construction	2,117,479		1,994,642
Commercial real estate lending	7,384,063		7,240,672
Total commercial	20,917,438		20,226,753
Residential mortgage	6,727,734		6,793,957
Auto finance	3,136,334		3,106,498
Home equity	706,075		713,271
Other consumer	310,583		323,135
Total consumer	10,880,726		10,936,861
Total loans	$	31,798,164	$	31,163,614

Accrued interest receivable on loans totaled $118.3 million at March 31, 2026 and $117.6 million at December 31, 2025, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $0.3 million for the three months ended March 31, 2026, compared to $0.7 million for the three months ended March 31, 2025.

Table of Contents

The following table presents loans by credit quality indicator by origination year at March 31, 2026:


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2026		2025		2024		2023		2022		Prior		Total














Commercial and industrial:
Risk rating:
Pass	$	15	$	2,136,241	$	907,033	$	3,857,825	$	1,968,939	$	1,064,273	$	1,056,185	$	845,774	$	11,836,270
Special mention	—		3,485		48		2,965		13,876		6,244		4,133		34,931		65,682
Substandard	470		46,270		3,622		58,367		74,361		13,745		145,901		75,773		418,039
Nonaccrual	4,412		—		193		—		5,304		4,468		—		9,641		19,606
Commercial and industrial	$	4,897	$	2,185,996	$	910,896	$	3,919,157	$	2,062,480	$	1,088,730	$	1,206,219	$	966,119	$	12,339,597
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	3,075	$	34,703	$	239,903	$	182,647	$	145,269	$	164,509	$	344,437	$	1,114,543
Special mention	—		94		—		—		9,142		—		—		—		9,236
Substandard	—		7,280		44		7,090		14,156		15,470		1,682		24,243		69,965
Nonaccrual	—		—		—		—		—		—		—		34		34
Commercial real estate - owner occupied	$	—	$	10,449	$	34,747	$	246,993	$	205,945	$	160,739	$	166,191	$	368,714	$	1,193,778
Commercial and business lending:
Risk rating:
Pass	$	15	$	2,139,316	$	941,736	$	4,097,728	$	2,151,586	$	1,209,542	$	1,220,694	$	1,190,211	$	12,950,813
Special mention	—		3,579		48		2,965		23,018		6,244		4,133		34,931		74,918
Substandard	470		53,550		3,666		65,457		88,517		29,215		147,583		100,016		488,004
Nonaccrual	4,412		—		193		—		5,304		4,468		—		9,675		19,640
Commercial and business lending	$	4,897	$	2,196,445	$	945,643	$	4,166,150	$	2,268,425	$	1,249,469	$	1,372,410	$	1,334,833	$	13,533,375
Commercial real estate - investor:
Risk rating:
Pass	$	—	$	186,359	$	330,533	$	1,773,563	$	727,844	$	483,401	$	666,331	$	835,849	$	5,003,880
Special mention	—		—		—		39,938		—		14,730		81,330		32,454		168,452
Substandard	—		—		—		17,571		10,953		5,129		41,183		11,338		86,174
Nonaccrual	—		—		—		—		—		—		8,078		—		8,078
Commercial real estate - investor	$	—	$	186,359	$	330,533	$	1,831,072	$	738,797	$	503,260	$	796,922	$	879,641	$	5,266,584
Real estate construction:
Risk rating:
Pass	$	—	$	25,335	$	26,855	$	470,524	$	803,327	$	153,221	$	122,501	$	7,313	$	1,609,076
Special mention	—		—		—		—		—		1,773		23,650		—		25,423
Substandard	—		—		49,624		143,464		17,702		79,101		193,064		—		482,955
Nonaccrual	—		—		—		—		—		—		—		25		25
Real estate construction	$	—	$	25,335	$	76,479	$	613,988	$	821,029	$	234,095	$	339,215	$	7,338	$	2,117,479
Commercial real estate lending:
Risk rating:
Pass	$	—	$	211,694	$	357,388	$	2,244,087	$	1,531,171	$	636,622	$	788,832	$	843,162	$	6,612,956
Special mention	—		—		—		39,938		—		16,503		104,980		32,454		193,875
Substandard	—		—		49,624		161,035		28,655		84,230		234,247		11,338		569,129
Nonaccrual	—		—		—		—		—		—		8,078		25		8,103
Commercial real estate lending	$	—	$	211,694	$	407,012	$	2,445,060	$	1,559,826	$	737,355	$	1,136,137	$	886,979	$	7,384,063
Total commercial:
Risk rating:
Pass	$	15	$	2,351,010	$	1,299,124	$	6,341,815	$	3,682,757	$	1,846,164	$	2,009,526	$	2,033,373	$	19,563,769
Special mention	—		3,579		48		42,903		23,018		22,747		109,113		67,385		268,793
Substandard	470		53,550		53,290		226,492		117,172		113,445		381,830		111,354		1,057,133
Nonaccrual	4,412		—		193		—		5,304		4,468		8,078		9,700		27,743
Total commercial	$	4,897	$	2,408,139	$	1,352,655	$	6,611,210	$	3,828,251	$	1,986,824	$	2,508,547	$	2,221,812	$	20,917,438

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 2026		2025		2024		2023		2022		Prior		Total
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	64,436	$	259,990	$	249,460	$	450,109	$	1,465,780	$	4,164,383	$	6,654,158
Special mention	—		—		—		—		—		—		—		32		32
Substandard	—		—		—		—		576		5,655		127		296		6,654
Nonaccrual	—		—		—		2,056		3,591		5,136		11,344		44,763		66,890
Residential mortgage	$	—	$	—	$	64,436	$	262,046	$	253,627	$	460,900	$	1,477,251	$	4,209,474	$	6,727,734
Auto finance:
Risk rating:
Pass	$	—	$	—	$	339,662	$	1,186,673	$	757,889	$	486,428	$	332,417	$	22,052	$	3,125,121
Special mention	—		—		—		496		511		697		553		57		2,314
Substandard	—		—		—		—		—		11		—		—		11
Nonaccrual	—		—		—		1,055		1,671		3,015		2,839		308		8,888
Auto finance	$	—	$	—	$	339,662	$	1,188,224	$	760,071	$	490,151	$	335,809	$	22,417	$	3,136,334
Home equity:
Risk rating:
Pass	$	5,547	$	618,030	$	60	$	1,149	$	1,989	$	3,489	$	20,088	$	53,737	$	698,542
Special mention	205		43		—		—		216		40		—		284		583

Nonaccrual	238		269		—		160		245		281		1,049		4,946		6,950
Home equity	$	5,990	$	618,342	$	60	$	1,309	$	2,450	$	3,810	$	21,137	$	58,967	$	706,075
Other consumer:
Risk rating:
Pass	$	215	$	244,002	$	2,959	$	11,753	$	3,442	$	1,856	$	675	$	42,941	$	307,628
Special mention	—		801		—		33		—		2		4		—		840
Substandard	—		2,005		—		—		—		—		—		—		2,005
Nonaccrual(b)	—		60		—		10		2		7		31		—		110
Other consumer	$	215	$	246,868	$	2,959	$	11,796	$	3,444	$	1,865	$	710	$	42,941	$	310,583
Total consumer:
Risk rating:
Pass	$	5,762	$	862,032	$	407,117	$	1,459,565	$	1,012,780	$	941,882	$	1,818,960	$	4,283,113	$	10,785,449
Special mention	205		844		—		529		727		739		557		373		3,769
Substandard	—		2,005		—		—		576		5,666		127		296		8,670
Nonaccrual(b)	238		329		—		3,281		5,509		8,439		15,263		50,017		82,838
Total consumer	$	6,205	$	865,210	$	407,117	$	1,463,375	$	1,019,592	$	956,726	$	1,834,907	$	4,333,799	$	10,880,726
Total loans:
Risk rating:
Pass	$	5,777	$	3,213,042	$	1,706,241	$	7,801,380	$	4,695,537	$	2,788,046	$	3,828,486	$	6,316,486	$	30,349,218
Special mention	205		4,423		48		43,432		23,745		23,486		109,670		67,758		272,562
Substandard	470		55,555		53,290		226,492		117,748		119,111		381,957		111,650		1,065,803
Nonaccrual	4,650		329		193		3,281		10,813		12,907		23,341		59,717		110,581
Total loans	$	11,102	$	3,273,349	$	1,759,772	$	8,074,585	$	4,847,843	$	2,943,550	$	4,343,454	$	6,555,611	$	31,798,164

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

(b) Excluding guaranteed portion of student loans

Table of Contents

The following table presents loans by credit quality indicator by origination year at December 31, 2025:


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







Commercial and industrial:
Risk rating:
Pass	$	503	$	1,920,351	$	3,886,880	$	2,097,760	$	1,133,873	$	1,238,941	$	521,793	$	471,834	$	11,271,432
Special mention	—		11,139		3,024		311		13,774		5,849		24,971		293		59,361
Substandard	7,290		65,451		60,593		78,773		22,126		162,841		70,231		1,771		461,786
Nonaccrual	1,473		—		25		7,153		—		—		—		—		7,178
Commercial and industrial	$	9,266	$	1,996,941	$	3,950,522	$	2,183,997	$	1,169,773	$	1,407,631	$	616,995	$	473,898	$	11,799,757
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	2,957	$	241,141	$	180,867	$	141,254	$	167,496	$	157,837	$	201,588	$	1,093,140
Special mention	—		—		—		11,620		5,432		—		—		1,242		18,294
Substandard	—		13,445		7,478		14,001		15,635		1,691		11,929		10,508		74,687
Nonaccrual	—		—		203		—		—		—		—		—		203
Commercial real estate - owner occupied	$	—	$	16,402	$	248,822	$	206,488	$	162,321	$	169,187	$	169,766	$	213,338	$	1,186,324
Commercial and business lending:
Risk rating:
Pass	$	503	$	1,923,308	$	4,128,021	$	2,278,627	$	1,275,127	$	1,406,437	$	679,630	$	673,422	$	12,364,572
Special mention	—		11,139		3,024		11,931		19,206		5,849		24,971		1,535		77,655
Substandard	7,290		78,896		68,071		92,774		37,761		164,532		82,160		12,279		536,473
Nonaccrual	1,473		—		228		7,153		—		—		—		—		7,381
Commercial and business lending	$	9,266	$	2,013,343	$	4,199,344	$	2,390,485	$	1,332,094	$	1,576,818	$	786,761	$	687,236	$	12,986,081
Commercial real estate - investor:
Risk rating:
Pass	$	3,195	$	185,825	$	1,842,395	$	776,187	$	503,511	$	711,947	$	432,442	$	503,468	$	4,955,775
Special mention	—		—		40,067		11,135		14,809		58,523		26,964		5,007		156,505
Substandard	—		—		24,090		1,446		7,741		70,608		17,633		3,921		125,439
Nonaccrual	—		—		—		546		—		7,765		—		—		8,311
Commercial real estate - investor	$	3,195	$	185,825	$	1,906,552	$	789,314	$	526,061	$	848,843	$	477,039	$	512,396	$	5,246,030
Real estate construction:
Risk rating:
Pass	$	—	$	33,847	$	359,610	$	720,429	$	223,239	$	175,056	$	2,991	$	5,768	$	1,520,940
Special mention	—		—		20,611		—		—		51,262		—		—		71,873
Substandard	—		—		122,320		42,511		48,980		187,874		—		—		401,685
Nonaccrual	—		—		—		—		—		—		—		144		144
Real estate construction	$	—	$	33,847	$	502,541	$	762,940	$	272,219	$	414,192	$	2,991	$	5,912	$	1,994,642
Commercial real estate lending:
Risk rating:
Pass	$	3,195	$	219,672	$	2,202,005	$	1,496,616	$	726,750	$	887,003	$	435,433	$	509,236	$	6,476,715
Special mention	—		—		60,678		11,135		14,809		109,785		26,964		5,007		228,378
Substandard	—		—		146,410		43,957		56,721		258,482		17,633		3,921		527,124
Nonaccrual	—		—		—		546		—		7,765		—		144		8,455
Commercial real estate lending	$	3,195	$	219,672	$	2,409,093	$	1,552,254	$	798,280	$	1,263,035	$	480,030	$	518,308	$	7,240,672

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					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total
Total commercial:
Risk rating:
Pass	$	3,698	$	2,142,980	$	6,330,026	$	3,775,243	$	2,001,877	$	2,293,440	$	1,115,063	$	1,182,658	$	18,841,287
Special mention	—		11,139		63,702		23,066		34,015		115,634		51,935		6,542		306,033
Substandard	7,290		78,896		214,481		136,731		94,482		423,014		99,793		16,200		1,063,597
Nonaccrual	1,473		—		228		7,699		—		7,765		—		144		15,836
Total commercial	$	12,461	$	2,233,015	$	6,608,437	$	3,942,739	$	2,130,374	$	2,839,853	$	1,266,791	$	1,205,544	$	20,226,753
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	253,364	$	238,787	$	480,076	$	1,488,335	$	1,499,223	$	2,764,379	$	6,724,164

Substandard	—		—		—		580		292		129		300		—		1,301
Nonaccrual	—		—		2,425		3,102		5,101		13,141		8,985		35,738		68,492
Residential mortgage	$	—	$	—	$	255,789	$	242,469	$	485,469	$	1,501,605	$	1,508,508	$	2,800,117	$	6,793,957
Auto finance:
Risk rating:
Pass	$	—	$	—	$	1,287,267	$	842,838	$	551,549	$	388,064	$	26,402	$	2	$	3,096,122
Special mention	—		—		295		325		814		621		50		—		2,105

Nonaccrual	—		—		559		1,356		2,811		3,255		290		—		8,271
Auto finance	$	—	$	—	$	1,288,121	$	844,519	$	555,174	$	391,940	$	26,742	$	2	$	3,106,498
Home equity:
Risk rating:
Pass	$	15,259	$	623,853	$	855	$	2,188	$	2,728	$	20,514	$	4,733	$	49,793	$	704,664
Special mention	315		52		—		119		190		104		—		368		833

Nonaccrual	1,038		173		2		221		333		1,016		414		5,615		7,774
Home equity	$	16,612	$	624,078	$	857	$	2,528	$	3,251	$	21,634	$	5,147	$	55,776	$	713,271
Other consumer:
Risk rating:
Pass	$	529	$	255,490	$	13,159	$	4,070	$	1,990	$	958	$	264	$	43,575	$	319,506
Special mention	12		1,139		27		—		5		9		—		20		1,200
Substandard	—		2,374		—		—		—		—		—		—		2,374
Nonaccrual(b)	2		35		—		3		12		—		2		3		55
Other consumer	$	543	$	259,038	$	13,186	$	4,073	$	2,007	$	967	$	266	$	43,598	$	323,135
Total consumer:
Risk rating:
Pass	$	15,788	$	879,343	$	1,554,645	$	1,087,883	$	1,036,343	$	1,897,871	$	1,530,622	$	2,857,749	$	10,844,456
Special mention	327		1,191		322		444		1,009		734		50		388		4,138
Substandard	—		2,374		—		580		292		129		300		—		3,675
Nonaccrual(b)	1,040		208		2,986		4,682		8,257		17,412		9,691		41,356		84,592
Total consumer	$	17,155	$	883,116	$	1,557,953	$	1,093,589	$	1,045,901	$	1,916,146	$	1,540,663	$	2,899,493	$	10,936,861
Total loans:
Risk rating:
Pass	$	19,486	$	3,022,323	$	7,884,671	$	4,863,126	$	3,038,220	$	4,191,311	$	2,645,685	$	4,040,407	$	29,685,743
Special mention	327		12,330		64,024		23,510		35,024		116,368		51,985		6,930		310,171
Substandard	7,290		81,270		214,481		137,311		94,774		423,143		100,093		16,200		1,067,272
Nonaccrual	2,513		208		3,214		12,381		8,257		25,177		9,691		41,500		100,428
Total loans	$	29,616	$	3,116,131	$	8,166,390	$	5,036,328	$	3,176,275	$	4,755,999	$	2,807,454	$	4,105,037	$	31,163,614

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

(b) Excluding guaranteed portion of student loans

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The following table presents gross charge offs by origination year for the three months ended March 31, 2026:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2026		2025		2024		2023		2022		Prior		Total
Commercial and industrial	$	1,730	$	—	$	61	$	135	$	690	$	390	$	—	$	3,006
Commercial real estate-owner occupied	—		—		—		—		—		—		—		—
Commercial and business lending	1,730		—		61		135		690		390		—		3,006
Commercial real estate-investor	—		—		—		—		—		—		—		—
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		—		—		—		—		—		—		—
Total commercial	1,730		—		61		135		690		390		—		3,006
Residential mortgage	—		—		6		27		21		24		60		138
Auto finance	—		—		493		536		759		972		10		2,770
Home equity	1		—		2		—		—		—		—		3
Other consumer	2,170		—		5		8		5		5		100		2,293
Total consumer	2,171		—		506		571		785		1,001		170		5,204
Total gross charge offs	$	3,901	$	—	$	567	$	706	$	1,475	$	1,391	$	170	$	8,210

The following table presents gross charge offs by origination year for the year ended December 31, 2025:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total
Commercial and industrial	$	5,424	$	831	$	627	$	3,555	$	3,799	$	379	$	—	$	14,615
Commercial real estate-owner occupied	—		—		—		113		—		—		—		113
Commercial and business lending	5,424		831		627		3,668		3,799		379		—		14,728
Commercial real estate-investor	—		—		8,356		184		12,666		—		—		21,206
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		—		8,356		184		12,666		—		—		21,206
Total commercial	5,424		831		8,983		3,852		16,465		379		—		35,934
Residential mortgage	—		—		115		209		320		74		430		1,148
Auto finance	—		432		1,699		2,804		3,384		433		—		8,752
Home equity	—		—		—		26		5		5		380		416
Other consumer	8,194		18		85		63		63		224		56		8,703
Total consumer	8,194		450		1,899		3,102		3,772		736		866		19,019
Total gross charge offs	$	13,618	$	1,281	$	10,882	$	6,954	$	20,237	$	1,115	$	866	$	54,953

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, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Commercial loan relationships over $0.5 million in nonaccrual status, or that otherwise do not share similar risk characteristics with other loans, including those for which a debt restructuring is probable, are evaluated individually for expected credit losses. 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 $17.8 million and $20.1 million at March 31, 2026 and December 31, 2025, respectively.

The following table presents loans by past due status at March 31, 2026:


	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	$	12,295,353	$	24,050	$	203	$	385	$	19,606	$	12,339,597
Commercial real estate - owner occupied	1,193,399		345		—		—		34		1,193,778
Commercial and business lending	13,488,752		24,395		203		385		19,640		13,533,375
Commercial real estate - investor	5,225,019		33,012		475		—		8,078		5,266,584
Real estate construction	2,117,454		—		—		—		25		2,117,479
Commercial real estate lending	7,342,473		33,012		475		—		8,103		7,384,063
Total commercial	20,831,225		57,407		678		385		27,743		20,917,438
Residential mortgage	6,653,089		7,723		32		—		66,890		6,727,734
Auto finance	3,112,886		12,235		2,314		11		8,888		3,136,334
Home equity	696,383		2,159		583		—		6,950		706,075
Other consumer(c)	306,206		1,297		876		2,094		110		310,583
Total consumer	10,768,564		23,414		3,805		2,105		82,838		10,880,726
Total loans	$	31,599,789	$	80,821	$	4,483	$	2,490	$	110,581	$	31,798,164

(a) Of the total nonaccrual loans, $45.6 million, or 41%, were current with respect to payment at March 31, 2026.

(b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2026. In addition, there were $13.2 million of nonaccrual loans for which there was no related ACLL at March 31, 2026.

The following table presents loans by past due status at December 31, 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	$	11,789,526	$	2,153	$	530	$	370	$	7,178	$	11,799,757
Commercial real estate - owner occupied	1,186,087		—		34		—		203		1,186,324
Commercial and business lending	12,975,613		2,153		564		370		7,381		12,986,081
Commercial real estate - investor	5,218,314		14,148		5,257		—		8,311		5,246,030
Real estate construction	1,994,381		117		—		—		144		1,994,642
Commercial real estate lending	7,212,695		14,265		5,257		—		8,455		7,240,672
Total commercial	20,188,308		16,418		5,821		370		15,836		20,226,753
Residential mortgage	6,712,330		13,135		—		—		68,492		6,793,957
Auto finance	3,081,782		14,340		2,105		—		8,271		3,106,498
Home equity	701,719		2,945		833		—		7,774		713,271
Other consumer(c)	317,932		1,473		1,231		2,444		55		323,135
Total consumer	10,813,763		31,893		4,169		2,444		84,592		10,936,861
Total loans	$	31,002,071	$	48,311	$	9,990	$	2,814	$	100,428	$	31,163,614

(a) Of the total nonaccrual loans, $31.2 million, or 31%, were current with respect to payment at December 31, 2025.

(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2025. In addition, there were $14.6 million of nonaccrual loans for which there was no related ACLL at December 31, 2025

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 March 31, 2026 and March 31, 2025.


	Interest Rate Concession
	Amortized Cost
	Three Months Ended Mar 31,
(in thousands)	2026		2025
Commercial and industrial	$	153	$	176



Other consumer	704		887
Total loans modified	$	857	$	1,063

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	Term Extension
	Amortized Cost
	Three Months Ended Mar 31,
(in thousands)	2026		2025

Residential mortgage	$	510	$	—


		Combination - Interest Rate Concession and Term Extension
		Amortized Cost
	Three Months Ended Mar 31,
(in thousands)		2026		2025

Residential mortgage		$	2,330	$	1,644
Home equity		54		61

Total loans modified		$	2,384	$	1,704

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 Mar 31,
Loan Type	2026		2025
Commercial and industrial	(22)	%	(25)	%
Residential mortgage	1	%	1	%

Home equity	(3)	%	(4)	%
Other consumer	(21)	%	(21)	%
Weighted average of total loans modified	(5)	%	(8)	%

(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 Mar 31,

Loan Type

2026

2025

Residential mortgage

102 months

145 months

Home equity

60 months

Weighted average of total loans modified

101 months

141 months

(a) During the three months ended March 31, 2026 and March 31, 2025, term extensions changed the weighted average term on modified loans from 308 to 409 months and 258 to 399 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 March 31, 2026:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	461	$	—	$	—
Residential mortgage	5,759		1,365		716

Home equity	267		—		27
Other consumer	2,139		—		—
Total loans modified	$	8,626	$	1,365	$	743

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The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2025:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	459	$	—	$	—
Residential mortgage	3,037		346		572
Auto finance	1		—		—
Home equity	267		—		—
Other consumer	2,421		—		—
Total loans modified	$	6,184	$	346	$	572

The following table provides the amortized cost of loan modifications by loan portfolio and type of concession for loans that were modified in the previous twelve months and subsequently had a payment default during the three months ended March 31, 2026:


	Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)	Interest Rate Concession		Term Extension		Combination Interest Rate Reduction and Term Extension
Residential mortgage	$	—	$	—	$	304


Total loans modified	$	—	$	—	$	304

None of the loans modified in the previous twelve months subsequently had a payment default during the three months ended March 31, 2025.

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 March 31, 2026 was the Moody's baseline scenario from February 2026, which was reviewed against the March 2026 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 three months ended March 31, 2026:


(in thousands)	Dec 31, 2025		Charge offs		Recoveries		Net (Charge offs) Recoveries		Provision for Credit Losses		Mar 31, 2026		ACLL / Loans
Allowance for loan losses


Commercial and industrial	$	168,636	$	(3,006)	$	270	$	(2,736)	$	15,231	$	181,131
Commercial real estate — owner occupied	11,327		—		—		—		(635)		10,692
Commercial and business lending	179,963		(3,006)		270		(2,736)		14,596		191,823
Commercial real estate — investor	58,243		—		500		500		(5,110)		53,633
Real estate construction	46,595		—		2		2		4,493		51,090
Commercial real estate lending	104,838		—		502		502		(617)		104,723
Total commercial	284,801		(3,006)		772		(2,234)		13,979		296,546
Residential mortgage	33,644		(138)		286		148		(1,053)		32,739
Auto finance	27,470		(2,770)		927		(1,843)		1,169		26,796
Home equity	16,343		(3)		442		439		(1,504)		15,278
Other consumer	15,810		(2,293)		471		(1,822)		409		14,397
Total consumer	93,267		(5,204)		2,126		(3,078)		(979)		89,210
Total loans	$	378,068	$	(8,210)	$	2,898	$	(5,312)	$	13,000	$	385,756
Allowance for unfunded commitments


Commercial and industrial	$	18,698	$	—	$	—	$	—	$	(2,512)	$	16,186
Commercial real estate — owner occupied	132		—		—		—		67		199
Commercial and business lending	18,830		—		—		—		(2,445)		16,385
Commercial real estate — investor	499		—		—		—		(233)		266
Real estate construction	17,947		—		—		—		773		18,720
Commercial real estate lending	18,446		—		—		—		540		18,986
Total commercial	37,276		—		—		—		(1,905)		35,371


Home equity	2,406		—		—		—		(130)		2,276
Other consumer	1,594		—		—		—		35		1,629
Total consumer	4,000		—		—		—		(95)		3,905
Total loans	$	41,276	$	—	$	—	$	—	$	(2,000)	$	39,276
Allowance for credit losses on loans


Commercial and industrial	$	187,334	$	(3,006)	$	270	$	(2,736)	$	12,719	$	197,317	1.60	%
Commercial real estate — owner occupied	11,459		—		—		—		(568)		10,891		0.91	%
Commercial and business lending	198,793		(3,006)		270		(2,736)		12,151		208,208		1.54	%
Commercial real estate — investor	58,742		—		500		500		(5,343)		53,899		1.02	%
Real estate construction	64,542		—		2		2		5,266		69,810		3.30	%
Commercial real estate lending	123,284		—		502		502		(77)		123,709		1.68	%
Total commercial	322,077		(3,006)		772		(2,234)		12,074		331,917		1.59	%
Residential mortgage	33,644		(138)		286		148		(1,053)		32,739		0.49	%
Auto finance	27,470		(2,770)		927		(1,843)		1,169		26,796		0.85	%
Home equity	18,749		(3)		442		439		(1,634)		17,554		2.49	%
Other consumer	17,404		(2,293)		471		(1,822)		444		16,026		5.16	%
Total consumer	97,267		(5,204)		2,126		(3,078)		(1,074)		93,115		0.86	%
Total loans	$	419,344	$	(8,210)	$	2,898	$	(5,312)	$	11,000	$	425,032	1.34	%

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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2025:


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


Commercial and industrial	$	136,596	$	(14,615)	$	8,357	$	(6,258)	$	38,298	$	168,636
Commercial real estate — owner occupied	9,417		(113)		—		(113)		2,023		11,327
Commercial and business lending	146,013		(14,728)		8,357		(6,371)		40,321		179,963
Commercial real estate — investor	71,547		(21,206)		2,985		(18,221)		4,917		58,243
Real estate construction	51,499		—		154		154		(5,058)		46,595
Commercial real estate lending	123,046		(21,206)		3,139		(18,067)		(141)		104,838
Total commercial	269,060		(35,934)		11,496		(24,438)		40,180		284,801
Residential mortgage	32,576		(1,148)		615		(533)		1,601		33,644
Auto finance	28,467		(8,752)		3,029		(5,723)		4,726		27,470
Home equity	16,620		(416)		999		583		(860)		16,343
Other consumer	16,823		(8,703)		1,837		(6,866)		5,853		15,810
Total consumer	94,486		(19,019)		6,480		(12,539)		11,320		93,267
Total loans	$	363,545	$	(54,953)	$	17,976	$	(36,977)	$	51,500	$	378,068
Allowance for unfunded commitments


Commercial and industrial	$	14,456	$	—	$	—	$	—	$	4,242	$	18,698
Commercial real estate — owner occupied	151		—		—		—		(19)		132
Commercial and business lending	14,607		—		—		—		4,223		18,830
Commercial real estate — investor	578		—		—		—		(79)		499
Real estate construction	19,591		—		—		—		(1,644)		17,947
Commercial real estate lending	20,169		—		—		—		(1,723)		18,446
Total commercial	34,776		—		—		—		2,500		37,276


Home equity	2,465		—		—		—		(59)		2,406
Other consumer	1,535		—		—		—		59		1,594
Total consumer	4,000		—		—		—		—		4,000
Total loans	$	38,776	$	—	$	—	$	—	$	2,500	$	41,276
Allowance for credit losses on loans

Commercial and industrial	$	151,052	$	(14,615)	$	8,357	$	(6,258)	$	42,540	$	187,334	1.59	%
Commercial real estate — owner occupied	9,568		(113)		—		(113)		2,004		11,459		0.97	%
Commercial and business lending	160,620		(14,728)		8,357		(6,371)		44,544		198,793		1.53	%
Commercial real estate — investor	72,125		(21,206)		2,985		(18,221)		4,838		58,742		1.12	%
Real estate construction	71,090		—		154		154		(6,702)		64,542		3.24	%
Commercial real estate lending	143,215		(21,206)		3,139		(18,067)		(1,864)		123,284		1.70	%
Total commercial	303,835		(35,934)		11,496		(24,438)		42,680		322,077		1.59	%
Residential mortgage	32,576		(1,148)		615		(533)		1,601		33,644		0.50	%
Auto finance	28,467		(8,752)		3,029		(5,723)		4,726		27,470		0.88	%
Home equity	19,085		(416)		999		583		(919)		18,749		2.63	%
Other consumer	18,358		(8,703)		1,837		(6,866)		5,912		17,404		5.39	%
Total consumer	98,486		(19,019)		6,480		(12,539)		11,320		97,267		0.89	%
Total loans	$	402,322	$	(54,953)	$	17,976	$	(36,977)	$	54,000	$	419,344	1.35	%

Note 7 Goodwill and Other Intangible Assets

Goodwill

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 the first three months of 2025 or the first three months of 2026.

The Corporation had goodwill of $1.1 billion at both March 31, 2026 and December 31, 2025.

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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)	Three Months Ended Mar 31, 2026		Year Ended Dec 31, 2025
Core deposit intangibles
Gross carrying amount at the beginning of period	$	88,109	$	88,109

Accumulated amortization	(67,462)		(65,260)
Net book value	$	20,647	$	22,849
Amortization during the period	$	2,203	$	8,811

Mortgage Servicing Rights

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


(in thousands)	Three Months Ended Mar 31, 2026			Year Ended Dec 31, 2025
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	86,337		$	87,683


Additions	2,246			8,716
Decay	(2,245)			(8,621)
Valuation:

Changes in fair value of asset	1,261			(1,441)


Mortgage servicing rights at end of period	$	87,599		$	86,337





Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	6,144,785		$	6,191,012
Mortgage servicing rights to servicing portfolio	1.43		%	1.39		%

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 March 31, 2026. 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
Nine Months Ended December 31, 2026	$	6,608	$	6,785
2027	8,811		11,573
2028	3,485		11,793
2029	1,681		11,060
2030	62		10,080
2031	—		8,988
Beyond 2031	—		27,320
Total estimated amortization expense and MSRs decay(a)	$	20,647	$	87,599

(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):


(in thousands)	March 31, 2026		December 31, 2025
Short-term funding
Federal funds purchased	$	353,280	$	260,070
Securities sold under agreements to repurchase	42,372		47,794
Federal funds purchased and securities sold under agreements to repurchase	$	395,652	$	307,864



Long-term funding
Corporation senior notes, at par	$	300,000	$	300,000
Corporation subordinated notes, at par	300,000		300,000
Discount and capitalized costs	(7,190)		(7,484)
Subordinated debt fair value hedge(a)	(181)		1,760

Total long-term funding	$	592,629	$	594,276
Total short and long-term funding, excluding FHLB advances	$	988,281	$	902,140
FHLB advances
Short-term FHLB advances	$	3,010,000	$	2,855,250
Long-term FHLB advances	414,089		414,122
FHLB advances fair value hedge(a)	(2,327)		(1,278)
Total FHLB advances	$	3,421,762	$	3,268,094
Total short and long-term funding	$	4,410,043	$	4,170,234

(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 March 31, 2026, the Corporation had pledged securities valued at 275% 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)	March 31, 2026		December 31, 2025
Repurchase agreements
Agency mortgage-related securities	$	42,372	$	47,794

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.

FHLB Advances

Under agreements with the FHLB of Chicago, FHLB advances are secured by pledging qualifying collateral of the subsidiary bank (such as residential mortgage loans, residential mortgage loans held for sale, home equity loans, CRE loans, and investment securities). The FHLB advances had maturity or call dates ranging from 2026 through 2031 at March 31, 2026.

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 2025 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 $76.9 million and $79.4 million of investment securities as collateral at March 31, 2026, and December 31, 2025, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $6.0 million at March 31, 2026 and $11.8 million at December 31, 2025. 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 2025 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:


	Mar 31, 2026								Dec 31, 2025
	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)	$	1,650,000	$	4,253	$	850,000	$	2,326	$	2,425,000	$	10,517	$	25,000	$	1
Foreign currency exchange forwards	43,857		827		260,905		402		280,159		757		38,384		194
Total designated as hedging instruments	5,080				2,728				11,274				195
Not designated as hedging instruments:
Interest rate-related and other instruments	5,970,070		58,177		6,022,235		101,284		4,775,818		66,787		7,072,274		108,631
Foreign currency exchange forwards	60,812		334		12,197		121		48,904		1,731		43,787		1,517

Mortgage banking(b)	73,415		1,777		146,000		—		39,998		814		107,000		444
Total not designated as hedging instruments	60,288				101,405				69,332				110,592
Gross derivatives before netting			65,368				104,133				80,606				110,787
Less: Legally enforceable master netting agreements	11,708				11,708				12,839				12,839
Less: Cash collateral pledged/received	10,170				3,197				10,343				8,334
Total derivative instruments, after netting	$	43,490			$	89,228			$	57,424			$	89,614

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of March 31, 2026, this includes a swap with an effective date of November 1, 2026 that had a liability notional amount and fair value of $50.0 million and $0.1 million, respectively. As of December 31, 2025, the Corporation did not have any forward starting interest rate-swaps.
(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 March 31, 2026 the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and $0.9 million of forward commitments. Given the fair value position as of December 31, 2025, the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and the derivative liability included $0.4 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)	Mar 31, 2026				Dec 31, 2025
Other long-term funding	$	(299,819)	$	181	$	(301,760)	$	(1,760)
FHLB Advances	(197,673)		2,327		(198,722)		1,278
Total	$	(497,492)	$	2,508	$	(500,482)	$	(482)

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2026 and December 31, 2025, the carrying amount excluded for foreign currency denominated loans was $304.8 million and $318.5 million, respectively.

The Corporation terminated its $500.0 million fair value hedge during the fourth quarter of 2019. At March 31, 2026, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $184.8 million and is included in loans on the consolidated balance sheets. This amount includes $0.7 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.

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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 Mar 31,
		2026	2025
(in thousands)			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)			$	604	$	(397)	$	(1,149)	$	(2,219)
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items			(143)		2,990		(32)		(6,997)
Derivatives designated as hedging instruments(a)			746		(3,387)		(1,118)		4,778

(a) Includes net settlements on the derivatives.


		Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
	Three Months Ended Mar 31,
		2026		2025
(in thousands)		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		$	2	$	1
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items		(4,923)		553
Derivatives designated as hedging instruments		4,925		(551)

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


	Three Months Ended Mar 31,
(in thousands)		2026		2025
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a)		$	(7,912)	$	7,268


Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)		(746)		1,118

(a) The entirety of gains (losses) recognized in OCI as well as those 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 $1.6 million will be reclassified as a decrease 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 March 31, 2026. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 35 months as of March 31, 2026.

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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 Mar 31,
(in thousands)			2026		2025
Derivative instruments
Interest rate-related and other instruments — customer and mirror, net	Capital markets, net		$	(30)	$	(48)
Interest rate-related instruments — MSRs hedge	Mortgage banking, net		202		1,466
Foreign currency exchange forwards	Capital markets, net		440		500

Interest rate lock commitments (mortgage)	Mortgage banking, net		962		661
Forward commitments (mortgage)	Mortgage banking, net		444		(837)

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 failure to deliver collateral or margin when due).

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 2025 Annual Report on Form 10-K.

The following tables present 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
March 31, 2026	$	37,112	$	(11,708)	$	(10,170)	$	15,234	$	(15,234)	$	—
December 31, 2025	42,468		(12,839)		(10,343)		19,286		(18,131)		1,155


	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
March 31, 2026	$	(16,831)	$	11,708	$	3,197	$	(1,926)	$	—	$	(1,926)
December 31, 2025	23,006		(12,839)		(8,334)		1,833		—		1,833

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

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)	Mar 31, 2026		Dec 31, 2025
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)	$	11,847,950	$	11,872,816
Commercial letters of credit(a)	2,047		425
Standby letters of credit(c)	241,240		222,047

(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 March 31, 2026 or December 31, 2025.

(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 March 31, 2026 and $2.2 million at December 31, 2025, 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 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)	Three Months Ended Mar 31, 2026		Year Ended Dec 31, 2025
Allowance for unfunded commitments
Balance at beginning of period	$	41,276	$	38,776


Provision for unfunded commitments	(2,000)		2,500

Balance at end of period	$	39,276	$	41,276

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 March 31, 2026 was $165.9 million, compared to $174.3 million at December 31, 2025, 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 $8.5 million and $8.7 million for the three months ended March 31, 2026 and ended March 31, 2025, respectively. The Corporation's remaining investment in qualified affordable housing projects

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accounted for under the proportional amortization method totaled $166.6 million at March 31, 2026 and $172.2 million at December 31, 2025.

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 $22.0 million at March 31, 2026 and $22.8 million at December 31, 2025.

For the three months ended March 31, 2026 and the year ended December 31, 2025, 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 public 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 $65.1 million at March 31, 2026 and $62.3 million at December 31, 2025, 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.

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.

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 $2.2 million and $3.5 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. There were no loss reimbursement and settlement claims paid in the three months ended March 31, 2026 or for the year ended December 31, 2025. Make whole requests since January 1, 2025 generally arose from loans originated since January 1, 2022 with such balances totaling $4.1 billion at the time of sale, consisting primarily of loans sold to GSEs. As of March 31, 2026, $1.8 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 $0.2 million at March 31, 2026 and $0.3 million at December 31, 2025.

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 March 31, 2026 and December 31, 2025, there were $13.9 million and $11.4 million, respectively, of residential mortgage loans sold with such recourse risk.

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There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

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 March 31, 2026 and December 31, 2025, there were $290.7 million and $273.4 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 2025 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:


	Mar 31, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	465,318	$	465,318	$	465,318	$	—	$	—
Interest-bearing deposits in other financial institutions	920,684		920,684		920,684		—		—
Federal funds sold and securities purchased under agreements to resell	175		175		175		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,020		3,020		—		3,020		—
Residential mortgage-related securities:
FNMA / FHLMC	131,583		131,583		—		131,583		—
GNMA	5,096,659		5,096,659		—		5,096,659		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,936		16,936		—		16,936		—
GNMA	108,131		108,131		—		108,131		—
Asset backed securities:
FFELP	91,828		91,828		—		91,828		—
SBA	63,301		63,301		—		63,301		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,514,456		5,514,456		—		5,514,456		—

HTM investment securities:
U.S. Treasury securities	996		1,007		1,007		—		—
Obligations of state and political subdivisions (municipal securities)	1,618,922		1,462,907		—		1,462,907		—
Residential mortgage-related securities:
FNMA / FHLMC	811,047		681,846		—		681,846		—
GNMA	38,021		35,689		—		35,689		—
Private-label	298,196		253,234		—		253,234		—
Commercial mortgage-related securities:
FNMA / FHLMC	761,410		649,810		—		649,810		—
GNMA	42,309		37,956		—		37,956		—
Total HTM investment securities	3,570,901		3,122,449		1,007		3,121,442		—

Equity securities:
Equity securities	11,109		11,109		11,109		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	26,109		26,109

Regulatory stocks	290,189		290,189		—		290,189		—
Residential loans held for sale	87,461		87,461		—		87,461		—

Loans, net	31,373,006		30,475,513		—		—		30,475,513
Bank and corporate owned life insurance	694,765		694,765		—		694,765		—
Mortgage servicing rights, net	87,599		87,599		—		—		87,599
Interest rate-related instruments designated as hedging instruments(a)	4,253		4,253		—		4,253		—
Foreign currency exchange forwards designated as hedging instruments(a)	827		827		—		827		—
Interest rate-related and other instruments not designated as hedging instruments(a)	58,177		58,177		—		58,177		—
Foreign currency exchange forwards not designated as hedging instruments(a)	334		334		—		334		—
Interest rate lock commitments to originate residential mortgage loans held for sale	1,777		1,777		—		—		1,777

Total selected assets at fair value	$	43,096,031	$	41,750,086	$	1,398,293	$	9,771,904	$	30,564,889

(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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	Mar 31, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,562,752	$	3,556,597	$	—	$	3,556,597	$	—
Other time deposits	4,484,077		4,478,871		—		4,478,871		—


Federal funds purchased and securities sold under agreements to repurchase	395,652		395,652		395,652		—		—



FHLB advances	3,421,762		3,414,381		—		3,414,381		—
Senior and subordinated debt	592,629		593,506		—		593,506		—
Standby letters of credit(a)	2,433		2,433		—		2,433		—
Interest rate-related instruments designated as hedging instruments(b)	2,326		2,326		—		2,326		—
Foreign currency exchange forwards designated as hedging instruments(b)	402		402		—		402		—
Interest rate-related and other instruments not designated as hedging instruments(b)	101,284		101,284		—		101,284		—
Foreign currency exchange forwards not designated as hedging instruments(b)	121		121		—		121		—


Total selected liabilities at fair value	$	12,563,438	$	12,545,573	$	395,652	$	12,149,921	$	—

(a) The commitment on standby letters of credit was $241.2 million at March 31, 2026. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(b) 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, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	574,698	$	574,698	$	574,698	$	—	$	—
Interest-bearing deposits in other financial institutions	1,144,123		1,144,123		1,144,123		—		—
Federal funds sold and securities purchased under agreements to resell	1,400		1,400		1,400		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,044		3,044		—		3,044		—
Residential mortgage-related securities:
FNMA / FHLMC	129,863		129,863		—		129,863		—
GNMA	5,039,829		5,039,829		—		5,039,829		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,958		16,958		—		16,958		—
GNMA	109,556		109,556		—		109,556		—
Asset backed securities:
FFELP	95,046		95,046		—		95,046		—
SBA	269		269		—		269		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,397,563		5,397,563		—		5,397,563		—

HTM investment securities:
U.S. Treasury securities	996		1,015		1,015		—		—
Obligations of state and political subdivisions (municipal securities)	1,628,088		1,507,302		—		1,507,302		—
Residential mortgage-related securities:
FNMA / FHLMC	823,630		696,462		—		696,462		—
GNMA	39,123		36,884		—		36,884		—
Private-label	302,817		258,827		—		258,827		—
Commercial mortgage-related securities:
FNMA / FHLMC	763,370		650,366		—		650,366		—
GNMA	44,552		40,138		—		40,138		—
Total HTM investment securities	3,602,576		3,190,994		1,015		3,189,979		—

Equity securities:
Equity securities	11,060		11,060		11,060		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	26,060		26,060

Regulatory stocks	252,514		252,514		—		252,514		—
Residential loans held for sale	72,499		72,499		—		72,499		—

Loans, net	30,766,886		29,970,788		—		—		29,970,788
Bank and corporate owned life insurance	694,452		694,452		—		694,452		—
Mortgage servicing rights, net	86,337		86,337		—		—		86,337
Interest rate-related instruments designated as hedging instruments(a)	10,517		10,517		—		10,517		—
Foreign currency exchange forwards designated as hedging instruments(a)	757		757		—		757		—
Interest rate-related and other instruments not designated as hedging instruments(a)	66,787		66,787		—		66,787		—
Foreign currency exchange forwards not designated as hedging instruments(a)	1,731		1,731		—		1,731		—
Interest rate lock commitments to originate residential mortgage loans held for sale	814		814		—		—		814

Total selected assets at fair value	$	42,699,714	$	41,492,034	$	1,732,296	$	9,686,799	$	30,057,939

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	Dec 31, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,795,133	$	3,791,245	$	—	$	3,791,245	$	—
Other time deposits	4,041,178		4,035,549		—		4,035,549		—
Federal funds purchased and securities sold under agreements to repurchase	307,864		307,864		307,864		—		—


FHLB advances	3,268,094		3,267,836		—		3,267,836		—
Senior and subordinated debt	594,276		598,141		—		598,141		—
Standby letters of credit(a)	2,225		2,225		—		2,225		—
Interest rate-related instruments designated as hedging instruments(b)	1		1		—		1		—
Foreign currency exchange forwards designated as hedging instruments(b)	194		194		—		194		—
Interest rate-related and other instruments not designated as hedging instruments(b)	108,631		108,631		—		108,631		—
Foreign currency exchange forwards not designated as hedging instruments(b)	1,517		1,517		—		1,517		—

Forward commitments to sell residential mortgage loans	444		444		—		—		444
Total selected liabilities at fair value	$	12,119,557	$	12,113,647	$	307,864	$	11,805,339	$	444

(a) The commitment on standby letters of credit was $222.0 million at December 31, 2025. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(b) 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 at fair value 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
Balance December 31, 2024	$	327	$	(254)
New production	13,435		(3,998)
Closed loans / settlements	(13,690)		2,738
Other	742		1,958
Change in mortgage derivative	487		698

Balance December 31, 2025	814		444
New production	3,573		(884)
Closed loans / settlements	(2,756)		721
Other	146		(281)
Change in mortgage derivative	963		(444)

Balance March 31, 2026	$	1,777	$	—

Refer to Note 7 for a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage servicing rights measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy.

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, 2024	$	72
Gains recognized in investment securities gains, net	—

Purchases	14
Sales	(23)
Transfers out of level 3	(63)

Fair value as of December 31, 2025	$	—

The Corporation did not have any activity for Level 3 equity securities for the three months ended March 31, 2026.

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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:

Fair Value

(in thousands)

Fair Value Hierarchy

March 31, 2026

December 31, 2025

Assets

Individually evaluated loans

Level 3

40,602

18,659

OREO(a)

Level 2

722

770

(a) These assets are held at lower of its carrying amount or fair value less cost to sell. Assets included here are those that were adjusted to fair value less cost to sell during the period.

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


March 31, 2026	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	—%	-	100%	8%

Individually evaluated loans	Discounted cash flow	Discount factor	45%		45%	45%
Individually evaluated loans	Market approach	Appraisal / Cost to sell	59%	-	90%	74%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	72%	-	100%	92%

Note 13 Retirement Plans

The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefit allocations 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 Mar 31,
(in thousands)		2026		2025
RAP
Service cost		$	869	$	810
Interest cost		2,749		2,814
Expected return on plan assets		(9,772)		(9,809)
Amortization of prior service cost		(44)		(44)

Total net periodic pension benefit		$	(6,198)	$	(6,230)







Postretirement Plan
Interest cost		$	22	$	26
Amortization of prior service cost		(19)		(19)
Amortization of actuarial loss (gain)		—		4
Total net periodic cost		$	3	$	12

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 the personnel noninterest expense caption of the consolidated statements of income.

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 the three months ended 2025 or the three months ended March 31, 2026.

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

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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 2025 Annual Report on Form 10-K.

Effective beginning the first quarter of 2026, the Corporation made adjustments to both its FTP and expense allocation of shared services to its reportable segments to better align with how management assesses performance and allocates resources. These changes consisted of updates to the FTP methodology, including revisions to the funding curve and deposit assumptions; reassignment of certain branch locations based on the primary business activities supported by those branches; and revisions to the allocation of shared service expenses. The Corporation has recast prior period segment information to conform to the current period presentation.

The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2025 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.

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 2025 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 the Corporation's centralized support functions - including facilities, information technology, finance, and corporate risk management - are allocated to reportable segments based on actual usage, such as transaction volumes or FTEs, as well as other relevant drivers that reflect consumption of those services. Because these allocations are based on estimated activity levels, individual period results may reflect variability in the distribution of indirect expenses among segments. Certain corporate-level expenses, including acquisition-related costs, integration expenses, and gains or losses on the disposition of branches or business units, are not allocated and remain in the Risk Management and Shared Services segment. These allocations are 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 information about the Corporation’s segments is presented below:


	As of and for the three months ended March 31, 2026
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income	$	231,105	$	68,436	$	7,649	$	307,190
Net intersegment interest (expense) income	(102,712)		130,030		(27,318)		—
Net interest income (expense)	128,393		198,466		(19,669)		307,190
Noninterest income	13,891		55,943		6,023		75,857
Total income (expense) before provision	142,284		254,409		(13,646)		383,047
Provision for credit losses	20,660		6,934		(16,593)		11,001
Total income after provision	121,624		247,475		2,947		372,046
Noninterest expense
Personnel	23,550		64,953		46,669		135,172
Technology(a)	823		14,124		14,789		29,736
Occupancy(a)	217		8,351		5,157		13,725
Business development and advertising	969		688		6,170		7,827
Equipment(a)	6		2,075		3,529		5,610
Legal and professional	256		682		5,783		6,721
Loan and foreclosure costs	488		940		279		1,707
FDIC assessment	—		—		8,837		8,837
Other intangible amortization	—		—		2,203		2,203

Other noninterest expense (income)	722		7,681		(778)		7,625
Allocated indirect expense (income)	22,699		56,588		(79,287)		—
Total noninterest expense	49,730		156,082		13,351		219,163
Net income (loss) before income taxes	71,894		91,393		(10,404)		152,883
Income tax expense	13,259		19,192		797		33,248
Net income (loss)	$	58,635	$	72,201	$	(11,201)	$	119,635

Loans	$	18,806,881	$	12,609,186	$	382,097	$	31,798,164
Allocated goodwill	525,836		579,156		—		1,104,992
Total assets	19,571,725		13,687,627		12,334,388		45,593,740

(a) A portion of total depreciation expense of $0.1 million, $6.2 million, and $5.9 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 three months ended March 31, 2025
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income (expense)	$	227,286	$	62,496	$	(3,841)	$	285,941
Net intersegment interest (expense) income	(96,221)		145,379		(49,158)		—
Net interest income (expense)	131,065		207,875		(52,999)		285,941
Noninterest income (expense)	12,903		49,078		(3,205)		58,776
Total income (expense) before provision	143,968		256,953		(56,204)		344,717
Provision for credit losses	19,014		6,072		(12,083)		13,003
Total income (expense) after provision	124,954		250,881		(44,121)		331,714
Noninterest expense
Personnel	21,327		59,872		42,698		123,897
Technology(a)	591		13,045		13,503		27,139
Occupancy(a)	146		8,434		6,801		15,381
Business development and advertising	934		837		4,615		6,386
Equipment(a)	6		2,030		2,491		4,527
Legal and professional	201		814		5,068		6,083
Loan and foreclosure costs	811		1,344		439		2,594
FDIC assessment	—		—		10,436		10,436
Other intangible amortization	—		—		2,203		2,203

Other noninterest expense	781		7,402		3,791		11,974
Allocated indirect expense (income)	31,339		60,706		(92,045)		—
Total noninterest expense	56,135		154,484		—		210,619
Net income (loss) before income taxes	68,819		96,397		(44,121)		121,095
Income tax expense (benefit)	12,786		20,244		(13,621)		19,409
Net income (loss)	$	56,033	$	76,153	$	(30,500)	$	101,687

Loans	$	17,400,092	$	12,417,213	$	476,822	$	30,294,127
Allocated goodwill	525,836		579,156		—		1,104,992
Total assets	17,678,473		12,886,713		12,743,950		43,309,136

(a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $7.9 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.

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 table summarizes the components of accumulated other comprehensive (loss) income at March 31, 2026 and 2025, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):


(in thousands)	Investment Securities		Cash Flow Hedge Derivatives		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2025	$	(2,456)	$	12,894	$	(18,003)	$	(7,566)
Other comprehensive loss before reclassifications	(36,531)		—		—		(36,531)

Amounts reclassified from accumulated other comprehensive (loss) income:

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,690		—		—		1,690
Other assets / accrued expenses and other liabilities	—		(7,912)		—		(7,912)
Interest expense	—		(746)		—		(746)
Personnel expense	—		—		(63)		(63)

Income tax benefit (expense)	8,689		(2,083)		16		6,623
Net other comprehensive loss during period	(26,152)		(10,741)		(47)		(36,939)
Balance March 31, 2026	$	(28,608)	$	2,153	$	(18,050)	$	(44,505)

Balance December 31, 2024	$	(48,993)	$	(1,268)	$	(24,154)	$	(74,416)
Other comprehensive income before reclassifications	31,832		—		4,770		36,602

Amounts reclassified from accumulated other comprehensive loss:

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,927		—		—		1,927
Other assets / accrued expenses and other liabilities	—		7,268		—		7,268
Interest income	—		1,118		—		1,118
Personnel expense	—		—		(63)		(63)
Other expense	—		—		(4)		(4)
Income tax (expense) benefit	(8,420)		2,018		(1,173)		(7,576)
Net other comprehensive income during period	25,339		10,403		3,530		39,272
Balance March 31, 2025	$	(23,655)	$	9,135	$	(20,624)	$	(35,144)

Note 16 Subsequent Events

On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National.

Pursuant to the Merger Agreement, (i) American National merged with and into Associated Banc-Corp, with Associated Banc-Corp continuing as the surviving corporation, and (ii) following such merger, American National Bank, a national banking association and wholly owned subsidiary of American National, merged with and into the Bank, with the Bank continuing as the surviving bank.

At the effective time of the merger, the outstanding shares of voting common stock and non-voting common stock of American National outstanding immediately prior to the effective time of the merger, other than certain shares held by the Corporation or American National, were converted into the right to receive an aggregate 22,975,382 shares of common stock of the Corporation. This represented 36.250 shares of the Corporation's common stock for each share of outstanding common stock of American National; with cash paid in lieu of fractional shares. Total consideration for the acquisition was $594.1 million valued at the acquisition date fair value of $25.86 per share.

American National operated 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As a result of the acquisition, the Corporation will increase its deposit market share and deliver its products and services to an expanded client base across attractive Midwest markets. As of March 31, 2026, American National had total assets of $5.2 billion, total loans of $3.8 billion and total deposits of $4.5 billion.

The acquisition of American National will be accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. Due to the timing of the acquisition, the initial accounting for the acquisition has not been completed. The Corporation expects to finalize the valuation and complete the purchase price allocation as soon as practicable.

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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, 2025, and as may be described from time to time in the Corporation’s subsequent SEC filings.

Overview

The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Performance Summary

•Average loans of $31.3 billion increased $1.2 billion, or 4%, from the first three months of 2025, driven primarily by an increase in commercial and business lending, auto finance, and real estate construction; partially offset by decreases in residential mortgage and other commercial real estate - investor.

•Average deposits of $35.2 billion increased $327.5 million, or 1%, from the first three months of 2025, driven by increases in all deposit types except brokered CDs, interest-bearing demand, and money market.

•Net interest income of $307.2 increased $21.2 million, or 7%, from the first three months of 2025, and net interest margin was 3.03%, compared to 2.97% for the first three months of 2025. The increases in net interest income and net interest margin were driven by increases average balances of interest earning assets alongside a decrease in rates for interest-bearing liabilities.

•Provision for credit losses was $11.0 million compared to $13.0 million for the first three months of 2025, driven by nominal credit movement coupled with general macroeconomic trends.

•Noninterest income of $75.9 million increased $17.1 million, or 29%, from the first three months of 2025, primarily due to higher wealth management fees and mortgage banking revenue as well as the absence of a loss on mortgage portfolio sale that was recognized in the first quarter of 2025 in connection with the completion of balance sheet repositioning announced in the fourth quarter of 2024.

•Noninterest expense of $219.2 million increased $8.5 million, or 4%, from the first three months of 2025, primarily due to an increase in personnel expense, primarily driven by increases in health care benefit costs and annual incentive accruals based on increased FTEs in incentive eligible roles; partially offset by a decrease in other noninterest expense, due to elevated OREO write downs in 2025 as compared to 2026.

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Table 1 Summary Results of Operations: Trends


	Quarter ended
(Dollars in thousands, except per share data)		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Net income		$	119,635		$	137,129		$	124,732		$	111,230		$	101,687
Net income available to common equity		116,760			134,254			121,857			108,355			98,812
Earnings per common share - basic		0.70			0.81			0.73			0.65			0.60
Earnings per common share - diluted		0.70			0.80			0.73			0.65			0.59
Dividend payout ratio(a)		34.29		%	29.63		%	31.51		%	35.38%			38.33		%

Book value / share(b)		29.04			28.81			28.17			27.67			27.09
Tangible book value (TBV) / share(b)(c)		22.23			22.01			21.36			20.84			20.25
Performance ratios
Return on average assets(d)		1.08		%	1.23		%	1.12		%	1.03		%	0.97		%
Return on average tangible assets(c)(d)		1.12		%	1.27		%	1.17		%	1.07		%	1.01		%
Return on average equity(d)		9.69		%	11.09		%	10.26		%	9.43		%	8.91		%
Return on average tangible common equity (ROATCE)(c)(d)		13.03		%	15.04		%	14.02		%	12.96		%	12.34		%

Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio		56.03		%	55.21		%	54.77		%	55.81		%	59.72		%
Adjusted efficiency ratio(c)		55.77		%	55.15		%	54.77		%	55.81		%	58.55		%

(a) Ratio is based upon basic earnings per common share.

(b) Based on period end common shares outstanding.

(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

(d) This ratio is annualized.

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Table 2 Net Interest Income Analysis


	Three Months Ended,
	Mar 31, 2026					December 31, 2025(a)					Mar 31, 2025(a)
(Dollars in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate	Average Balance		Interest Income / Expense		Average Yield / Rate	Average Balance		Interest Income / Expense		Average Yield / Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial	$	11,776,702	$	172,507	5.94%	$	11,588,059	$	182,101	6.24%	$	10,583,318	$	169,785	6.50%
Commercial real estate—owner occupied	1,190,708		15,968		5.44%	1,157,531		16,358		5.61%	1,141,167		16,200		5.76%
Commercial and business lending	12,967,410		188,475		5.89%	12,745,590		198,459		6.18%	11,724,484		185,985		6.43%
Commercial real estate—investor	5,277,283		78,154		6.01%	5,291,562		84,153		6.31%	5,415,412		87,089		6.52%
Real estate construction	2,055,338		34,043		6.72%	1,974,318		34,870		7.01%	1,898,582		33,945		7.25%
Commercial real estate lending	7,332,621		112,197		6.21%	7,265,880		119,023		6.50%	7,313,994		121,034		6.71%
Total commercial	20,300,031		300,672		6.01%	20,011,470		317,482		6.30%	19,038,479		307,020		6.54%
Residential mortgage	6,831,984		64,640		3.78%	6,899,778		64,779		3.76%	7,256,320		66,823		3.68%
Auto finance	3,125,504		41,969		5.45%	3,064,457		42,915		5.56%	2,844,730		39,176		5.59%
Home equity	709,865		11,692		6.60%	706,923		12,570		7.11%	657,625		12,052		7.34%
Other consumer	314,118		8,504		10.98%	312,730		8,454		10.72%	313,828		8,773		11.34%
Total consumer	10,981,471		126,805		4.65%	10,983,888		128,718		4.67%	11,072,503		126,824		4.61%
Total loans	31,281,502		427,477		5.53%	30,995,358		446,200		5.72%	30,110,982		433,844		5.83%
Investments
Taxable securities	7,071,751		75,676		4.28%	6,912,251		73,511		4.25%	6,398,584		69,788		4.36%
Tax-exempt securities(b)	1,978,501		17,389		3.52%	1,990,389		17,534		3.52%	2,016,144		17,666		3.50%
Other short-term investments	1,016,795		11,641		4.64%	972,884		11,294		4.61%	757,227		9,243		4.95%
Total investments	10,067,047		104,706		4.17%	9,875,524		102,339		4.14%	9,171,955		96,696		4.22%
Total earning assets and related interest income	41,348,549		$	532,183	5.20%	40,870,882		$	548,539	5.34%	39,282,937		$	530,540	5.45%
Other assets, net	3,670,399					3,531,889					3,347,690
Total assets	$	45,018,948				$	44,402,771				$	42,630,627
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,532,848	$	17,690	1.30%	$	5,436,968	$	18,823	1.37%	$	5,162,468	$	17,929	1.41%
Interest-bearing demand	7,886,442		34,236		1.76%	8,054,088		40,309		1.99%	8,031,707		45,430		2.29%
Money market	6,061,442		34,239		2.29%	5,890,836		35,353		2.38%	6,079,551		39,560		2.64%
Network transaction deposits	1,917,854		17,502		3.70%	2,090,587		20,882		3.96%	1,847,972		20,067		4.40%
Brokered CDs	3,528,294		34,811		4.00%	3,998,012		42,056		4.17%	4,315,311		49,292		4.63%
Other time deposits	4,234,785		36,795		3.52%	4,093,939		37,355		3.62%	3,756,332		36,862		3.98%
Total interest-bearing deposits	29,161,665		175,273		2.44%	29,564,430		194,778		2.61%	29,193,341		209,140		2.91%
Federal funds purchased and securities sold under agreements to repurchase	425,142		3,732		3.56%	289,679		2,682		3.67%	375,910		3,622		3.91%
FHLB advances	3,380,379		31,570		3.79%	2,504,464		26,309		4.17%	1,595,972		16,090		4.09%
Senior and subordinated debt	594,401		10,163		6.84%	594,104		10,483		7.06%	627,371		11,085		7.07%

Other interest-bearing liabilities	11,212		116		4.18%	13,212		110		3.29%	31,599		408		5.24%
Total funding	4,411,134		45,581		4.18%	3,401,459		39,584		4.63%	2,630,852		31,205		4.79%
Total interest-bearing liabilities and related interest expense	33,572,799		$	220,854	2.67%	32,965,889		$	234,362	2.82%	31,824,193		$	240,345	3.06%
Noninterest-bearing demand deposits	5,999,278					6,064,487					5,640,123
Other liabilities	440,344					464,838					535,732
Stockholders’ equity	5,006,527					4,907,557					4,630,578
Total liabilities and stockholders’ equity	$	45,018,948				$	44,402,771				$	42,630,627
Interest rate spread					2.53%					2.52%					2.39%
Net free funds					0.50%					0.55%					0.58%
Fully tax-equivalent net interest income and net interest margin			$	311,329	3.03%			$	314,177	3.06%			$	290,195	2.97%
Fully tax-equivalent adjustment			(4,139)					(4,196)					(4,254)
Net interest income			$	307,190				$	309,981				$	285,941

(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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Notable Contributions to the Change in Net Interest Income

•Fully tax-equivalent net interest income and net interest income increased $21.1 million and $21.2 million, or 7%, as compared to the first three months of 2025, respectively. The average yield on earning assets decreased 25 bp and the cost of interest-bearing liabilities decreased 39 bp from the first three months of 2025. The increase in net interest income was primarily driven by higher earning assets along with an improved interest rate spread. Asset yields benefitted from an asset mix shift away from lower yielding residential mortgages to higher yielding commercial and industrial loans, while interest bearing liability rates decreased as the interest rate environment declined. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

•Average earning assets increased $2.1 billion, or 5%, from the first three months of 2025. Average loans increased $1.2 billion, or 4%, from the first three months of 2025, driven by increases in commercial and industrial and auto loans, partially offset by decreases in residential mortgage loans as a result of the completion of the Corporation's mortgage portfolio sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024 and CRE - investor loans. Average investments increased $895.1 million, or 10%, from the first three months of 2025 due to continued investment in the Corporation's AFS portfolio and increased regulatory stock holdings.

• Average interest-bearing liabilities increased $1.7 billion, or 5%, compared to the first three months of 2025. Average interest-bearing deposits decreased $31.7 million, from the first three months of 2025. This was driven by a $787.0 million or 18% decrease in brokered CDs, offset by increases in savings, money market and other time deposits. Average total funding increased $1.8 billion, or 68%, from the first three months of 2025, primarily driven by an increase in FHLB advances. Average noninterest-bearing demand deposits increased $359.2 million, or 6%, from the first three months of 2025.

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


	Three months ended									Changes vs
(Dollars in thousands, except as noted)		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2025		Mar 31, 2025
Wealth management fees		$	25,219	$	25,742	$	25,315	$	23,025	$	22,498	(2)	%	12	%
Service charges and deposit account fees		14,054		13,827		13,861		13,147		12,814		2	%	10	%
Card-based fees		11,579		12,679		12,308		11,200		10,442		(9)	%	11	%
Other fee-based revenue		4,862		5,557		5,414		4,995		5,251		(13)	%	(7)	%
Capital markets, net		6,543		11,175		10,764		5,765		4,345		(41)	%	51	%
Mortgage banking, net		6,111		2,926		3,541		4,213		3,822		109	%	60	%
Loss on mortgage portfolio sale		—		—		—		—		(6,976)		—	%	(100)	%
Bank and corporate owned life insurance		3,816		3,804		4,051		4,135		5,204		—	%	(27)	%
Asset gains (losses), net		840		838		3,340		(1,735)		(878)		—	%	N/M
Investment securities (losses) gains, net		(28)		37		1		7		4		N/M		N/M

Other		2,861		2,799		2,670		2,226		2,251		2	%	27	%
Total noninterest income		$	75,857	$	79,384	$	81,265	$	66,977	$	58,776	(4)	%	29	%



Assets under management, at market value(a)		15,708		16,132		16,178		15,537		14,685		(3)	%	7	%

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

•Wealth management fees increased $2.7 million from the first three months of 2025, primarily due to an increase in revenues related to our trust services business.

•Mortgage banking income increased $2.3 million from the first three months of 2025, due to an increase in the valuation of our mortgage servicing rights assets compared to the related hedges.

•Loss on mortgage portfolio sale decreased $7.0 million from the first three months of 2025, due to the balance sheet repositioning completed during the first quarter of 2025.

Noninterest Expense

Table 4 Noninterest Expense


	Three months ended													Change vs
(Dollars in thousands)		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2025		Mar 31, 2025
Personnel		$	135,172		$	135,130		$	135,703		$	126,994		$	123,897		—	%	9	%
Technology		29,736			28,641			28,590			26,508			27,139			4	%	10	%
Occupancy		13,725			14,229			12,757			12,644			15,381			(4)	%	(11)	%
Business development and advertising		7,827			9,118			8,362			7,748			6,386			(14)	%	23	%
Equipment		5,610			6,888			4,368			4,494			4,527			(19)	%	24	%
Legal and professional		6,721			5,945			5,232			6,674			6,083			13	%	10	%
Loan and foreclosure costs		1,707			1,327			1,638			2,705			2,594			29	%	(34)	%
FDIC assessment		8,837			6,589			9,980			9,708			10,436			34	%	(15)	%
Other intangible amortization		2,203			2,203			2,203			2,203			2,203			—	%	—	%

Other		7,625			9,396			7,369			9,674			11,974			(19)	%	(36)	%
Total noninterest expense		$	219,163		$	219,466		$	216,202		$	209,352		$	210,619		—	%	4	%

Average FTEs excluding overtime		3,934			3,919			3,982			3,980			4,006			—	%	(2)	%
Annualized noninterest expense / average assets		1.97		%	1.96		%	1.95		%	1.93		%	2.00		%

Notable Contributions to the Change in Noninterest Expense

•Personnel expense increased $11.3 million from the first three months of 2025, primarily driven by increases in health care benefit costs and annual incentive accruals based on increased FTEs in incentive eligible roles.

•Other noninterest expense decreased $4.3 million from the first three months of 2025, due to OREO write downs in 2025 that did not recur in 2026.

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 $33.2 million for the three months ended March 31, 2026, compared to income tax expense of $19.4 million for the three months ended March 31, 2025. The Corporation's effective tax rate from continuing operations was 21.75% and 16.03% for the three months ended March 31, 2026, and 2025, respectively. The increase in income tax expense of $13.8 million and higher effective tax rate during the first three months of 2026 as compared to the same period of 2025 was primarily due to a reduction in the valuation allowance that occurred in the first three months of 2025, making that quarter’s tax expense lower than it otherwise would have been.

Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations.

The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

Balance Sheet Analysis

•At March 31, 2026, total assets were $45.6 billion, up $391.1 million, or 1%, from December 31, 2025.

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◦Cash and due from banks were $465.3 million at March 31, 2026, down 109.4 million, or 19%, from December 31, 2025. Interest bearing deposits in other financial institutions were $920.7 million at March 31, 2026, down $223.4 million, or 20%, from December 31, 2025. See the Consolidated Statements of Cash Flows for detailed information on those fluctuations.

◦Regulatory stocks of $290.2 million at March 31, 2026 were up $37.7 million, or 15%, from December 31, 2025 due to increases in FHLB advances requiring additional purchases of FHLB stock.

◦Residential loans held for sale were $87.5 million at March 31, 2026, up $15.0 million, or 21%, from December 31, 2025. The increase from December 31, 2025 was a result of increased secondary market production during the first quarter.

◦Loans of $31.8 billion at March 31, 2026 were up $634.6 million, or 2%, from December 31, 2025 primarily due to the realization of the Corporation's continued focus and investment in commercial and business lending. See Note 6 Loans of the notes to consolidated financial statements and Table 5 Period End Loan Composition below for additional detail.

•At March 31, 2026, total liabilities were $40.6 billion, up $368.6 million, or 1%, from December 31, 2025.

◦Federal funds purchased and securities sold under agreements to repurchase was $395.7 million at March 31, 2026, up $87.8 million, or 29%, from December 31, 2025. FHLB advances of $3.4 billion at March 31, 2026 were up $153.7 million, or 5%, from December 31, 2025. These increases were driven by the Corporation's need for additional funding to fund the loan growth in the first quarter of 2026 and to ensure adequate funding levels with the anticipated completion of the acquisition of American National. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

◦Accrued expenses and other liabilities were $414.8 million at March 31, 2026, down $48.3 million, or 10% from December 31, 2025. These changes were primary due to a decrease in payroll related accruals for annual incentive and employer 401(k) match payments made in the first quarter of 2026.

•At March 31, 2026, the loans to deposits ratio was 88.99%, up from 87.65% at December 31, 2025.

Loans

Table 5 Period End Loan Composition


	Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025				Mar 31, 2025
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total


Commercial and industrial	$	12,339,597	39	%	$	11,799,757	38	%	$	11,567,651	37	%	$	11,281,964	37	%	$	10,925,769	36	%
Commercial real estate — owner occupied	1,193,778		4	%	1,186,324		4	%	1,149,939		4	%	1,101,501		4	%	1,118,363		4	%
Commercial and business lending	13,533,375		43	%	12,986,081		42	%	12,717,590		41	%	12,383,465		40	%	12,044,132		40	%
Commercial real estate — investor	5,266,584		16	%	5,246,030		17	%	5,369,441		17	%	5,370,422		18	%	5,597,442		18	%
Real estate construction	2,117,479		7	%	1,994,642		6	%	1,958,766		6	%	1,950,267		6	%	1,809,054		6	%
Commercial real estate lending	7,384,063		23	%	7,240,672		23	%	7,328,207		24	%	7,320,689		24	%	7,406,496		24	%
Total commercial	20,917,438		66	%	20,226,753		65	%	20,045,797		65	%	19,704,154		64	%	19,450,628		64	%
Residential mortgage	6,727,734		21	%	6,793,957		22	%	6,858,285		22	%	6,949,387		23	%	6,999,654		23	%
Auto finance	3,136,334		10	%	3,106,498		10	%	3,041,644		10	%	2,969,495		10	%	2,878,765		10	%


Home equity	706,075		2	%	713,271		2	%	698,112		2	%	676,208		2	%	654,140		2	%
Other consumer	310,583		1	%	323,135		1	%	308,126		1	%	308,361		1	%	310,940		1	%
Total consumer	10,880,726		34	%	10,936,861		35	%	10,906,167		35	%	10,903,451		36	%	10,843,499		36	%
Total loans	$	31,798,164	100	%	$	31,163,614	100	%	$	30,951,964	100	%	$	30,607,605	100	%	$	30,294,127	100	%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loans within the overall loan portfolio. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the ERC. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

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The Corporation’s loan distribution and interest rate sensitivity as of March 31, 2026 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
Fixed rate
Commercial and industrial	$	4,804,628	$	1,075,073	$	322,923	$	464	$	6,203,088	20	%
Commercial real estate — owner occupied	140,035		250,326		89,993		—		480,354		2	%
Commercial and business lending	4,944,663		1,325,399		412,916		464		6,683,442		22	%
Commercial real estate — investor	470,824		252,606		5,032		—		728,462		2	%
Real estate construction	318,111		34,284		8,261		—		360,656		1	%
Commercial real estate lending	788,935		286,890		13,293		—		1,089,118		3	%
Total commercial	5,733,598		1,612,289		426,209		464		7,772,560		25	%
Residential mortgage	7,428		49,934		303,420		4,030,711		4,391,493		14	%
Auto finance	7,603		1,820,649		1,308,082		—		3,136,334		10	%
Home equity	526		4,641		20,242		7,072		32,481		—	%
Other consumer	6,994		27,024		16,562		5,192		55,772		—	%
Total consumer	22,551		1,902,248		1,648,306		4,042,975		7,616,080		24	%
Total fixed rate loans	$	5,756,149	$	3,514,537	$	2,074,515	$	4,043,439	$	15,388,640	49	%
Floating or adjustable rate
Commercial and industrial	$	6,083,713	$	52,252	$	544	$	—	$	6,136,509	19	%
Commercial real estate — owner occupied	712,737		687		—		—		713,424		2	%
Commercial and business lending	6,796,450		52,939		544		—		6,849,933		21	%
Commercial real estate — investor	4,537,044		1,078		—		—		4,538,122		14	%
Real estate construction	1,756,449		374		—		—		1,756,823		6	%
Commercial real estate lending	6,293,493		1,452		—		—		6,294,945		20	%
Total commercial	13,089,943		54,391		544		—		13,144,878		41	%
Residential mortgage	186,404		1,001,618		1,148,164		55		2,336,241		7	%

Home equity	672,530		1,064		—		—		673,594		2	%
Other consumer	254,811		—		—		—		254,811		1	%
Total consumer	1,113,745		1,002,682		1,148,164		55		3,264,646		10	%
Total floating or adjustable rate loans	$	14,203,688	$	1,057,073	$	1,148,708	$	55	$	16,409,524	51	%

Total loans	$	19,959,837	$	4,571,610	$	3,223,223	$	4,043,494	$	31,798,164	100	%

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

At March 31, 2026, $22.2 billion, or 70%, of the loans outstanding and $18.9 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Credit Risk

An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location is 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 March 31, 2026, 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 asset-based lending and equipment financing.

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


Mar 31, 2026	NAICS Subsector	Outstanding Balance		Total Exposure		% of Total Loan Exposure
(Dollars in thousands)
Utilities(a)	221	$	3,183,282	$	4,045,367	9	%
Real Estate(b)	531	2,186,469		3,755,254		9	%
Credit Intermediation and Related Activities(c)	522	834,624		1,429,814		3	%

Merchant Wholesalers, Durable Goods	423	741,500		1,182,026		3	%

(a) 70% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

(b) 68% of the total real estate exposure comes from REIT lines.

The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.

Commercial real estate - investor: 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


Mar 31, 2026	% of Total Loan Exposure		% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family	5	%	38	%
Industrial	3	%	27	%

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.

Table 9 Largest Real Estate Construction Property Type Exposures


Mar 31, 2026	% of Total Loan Exposure		% of Total Real Estate Construction Loan Exposure
Multi-Family	5	%	53	%

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

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primarily in the Corporation's four-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2026. 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.

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:

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Table 10 Nonperforming Assets


(Dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Nonperforming assets
Commercial and industrial	$	19,606		$	7,178		$	12,802		$	6,945		$	12,898
Commercial real estate — owner occupied	34			203			203			—			1,501
Commercial and business lending	19,640			7,381			13,006			6,945			14,399
Commercial real estate — investor	8,078			8,311			7,333			15,805			31,689
Real estate construction	25			144			145			146			125
Commercial real estate lending	8,103			8,455			7,478			15,950			31,814
Total commercial	27,743			15,836			20,484			22,895			46,213
Residential mortgage	66,890			68,492			69,093			73,817			72,455
Auto finance	8,888			8,271			8,218			8,004			7,692
Home equity	6,950			7,774			8,299			8,201			8,275
Other consumer	110			55			85			82			173
Total consumer	82,838			84,592			85,696			90,104			88,595
Total nonaccrual loans	110,581			100,428			106,179			112,999			134,808
Commercial real estate owned	25,530			25,530			27,203			31,629			19,114
Residential real estate owned	3,692			2,414			1,816			1,687			3,119
Bank properties real estate owned(a)	3,312			72			249			972			1,242
OREO	32,534			28,016			29,268			34,287			23,475

Repossessed assets	806			757			789			882			688
Total nonperforming assets	$	143,921		$	129,201		$	136,236		$	148,169		$	158,971
Accruing loans past due 90 days or more
Commercial	$	385		$	370		$	395		$	12,123		$	515
Consumer(b)	2,105			2,444			2,297			2,038			2,521
Total accruing loans past due 90 days or more	$	2,490		$	2,814		$	2,692		$	14,160		$	3,036
Restructured loans (accruing)
Commercial	$	461		$	458		$	458		$	431		$	459
Consumer	5,849			5,584			4,280			3,630			3,192
Total restructured loans (accruing)	$	6,310		$	6,042		$	4,738		$	4,061		$	3,651
Nonaccrual restructured loans (included in nonaccrual loans)	$	4,424		$	3,472		$	3,899		$	3,704		$	3,451
Ratios
Nonaccrual loans to total loans	0.35		%	0.32		%	0.34		%	0.37		%	0.44		%
NPAs to total loans plus OREO and repossessed assets	0.45		%	0.41		%	0.44		%	0.48		%	0.52		%
NPAs to total assets	0.32		%	0.29		%	0.31		%	0.34		%	0.37		%

Allowance for credit losses on loans to nonaccrual loans	384.36		%	417.56		%	390.49		%	364.42		%	301.63		%
Accruing loans 30-89 days past due
Commercial and industrial	$	24,253		$	2,683		$	1,071		$	2,593		$	7,740
Commercial real estate — owner occupied	345			34			—			5,628			1,156
Commercial and business lending	24,598			2,717			1,071			8,221			8,896
Commercial real estate — investor	33,487			19,405			14,190			1,042			2,463
Real estate construction	—			117			21			90			—
Commercial real estate lending	33,487			19,522			14,211			1,132			2,463
Total commercial	58,085			22,239			15,282			9,353			11,360
Residential mortgage	7,755			13,135			12,684			8,744			13,568
Auto finance	14,549			16,445			14,013			13,149			12,522
Home equity	2,742			3,779			4,265			4,338			3,606
Other consumer(b)	2,173			2,704			2,728			2,578			2,381
Total consumer	27,219			36,063			33,689			28,810			32,076
Total accruing loans 30-89 days past due	$	85,304		$	58,302		$	48,971		$	38,163		$	43,435

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

(b) Excluding guaranteed student loans.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See 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.

OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.

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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.

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 March 31, 2026 was the Moody's baseline scenario from February 2026, which was reviewed against the March 2026 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 2025 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 March 31, 2026 and December 31, 2025 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.

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Table 11 Allowance for Credit Losses on Loans


	Quarter Ended
(Dollars in thousands)		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Allowance for loan losses
Balance at beginning of period		$	378,068		$	378,341		$	376,515		$	371,348		$	363,545
Provision for loan losses		13,000			2,000			15,000			18,000			16,500
Charge offs		(8,210)			(7,636)			(15,254)			(18,348)			(13,714)
Recoveries		2,898			5,363			2,081			5,515			5,017
Net charge offs		(5,312)			(2,273)			(13,173)			(12,833)			(8,698)
Balance at end of period		$	385,756		$	378,068		$	378,341		$	376,515		$	371,348
Allowance for unfunded commitments
Balance at beginning of period		$	41,276		$	36,276		$	35,276		$	35,276		$	38,776
Provision for unfunded commitments		(2,000)			5,000			1,000			—			(3,500)
Balance at end of period		$	39,276		$	41,276		$	36,276		$	35,276		$	35,276
Allowance for credit losses on loans		$	425,032		$	419,344		$	414,618		$	411,791		$	406,624
Provision for credit losses on loans		11,000			7,000			16,000			18,000			13,000
Net (charge offs) recoveries
Commercial and industrial		$	(2,736)		$	1,524		$	(1,230)		$	(1,826)		$	(4,726)
Commercial real estate — owner occupied		—			(113)			—			—			—
Commercial and business lending		(2,736)			1,411			(1,230)			(1,826)			(4,726)
Commercial real estate — investor		500			94			(8,930)			(8,493)			(892)
Real estate construction		2			2			2			121			30
Commercial real estate lending		502			96			(8,928)			(8,372)			(863)
Total commercial		(2,234)			1,507			(10,158)			(10,198)			(5,589)
Residential mortgage		148			(197)			(231)			(302)			197
Auto finance		(1,843)			(2,010)			(1,505)			(689)			(1,519)
Home equity		439			2			56			237			289
Other consumer		(1,822)			(1,575)			(1,336)			(1,881)			(2,076)
Total consumer		(3,078)			(3,780)			(3,015)			(2,636)			(3,109)
Total net charge offs		$	(5,312)		$	(2,273)		$	(13,173)		$	(12,833)		$	(8,698)
Ratios

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

Allowance for credit losses on loans to net charge offs (annualized)		19.7x			46.5x			7.9x			8.0x			11.5x
Loan evaluation method for ACLL
Individually evaluated for impairment		$	19,919		$	2,992		$	4,518		$	—		$	6,092
Collectively evaluated for impairment		405,113			416,352			410,100			411,791			400,532
Total ACLL		$	425,032		$	419,344		$	414,618		$	411,791		$	406,624
Loan balance
Individually evaluated for impairment		$	59,321		$	21,651		$	19,282		$	21,431		$	46,065
Collectively evaluated for impairment		31,738,843			31,141,963			30,932,683			30,586,174			30,248,062
Total loan balance		$	31,798,164		$	31,163,614		$	30,951,964		$	30,607,605		$	30,294,127

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Table 12 Annualized Net (Charge Offs) Recoveries to Average Loans


	Quarter Ended
(In basis points)		Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
Net (charge offs) recoveries


Commercial and industrial		(9)	5	(4)	(7)	(18)
Commercial real estate — owner occupied		—	(4)	—	—	—
Commercial and business lending		(9)	4	(4)	(6)	(16)
Commercial real estate — investor		4	1	(67)	(61)	(7)
Real estate construction		—	—	—	3	1
Commercial real estate lending		3	1	(49)	(45)	(5)
Total commercial		(4)	3	(20)	(21)	(12)
Residential mortgage		1	(1)	(1)	(2)	1
Auto finance		(24)	(26)	(20)	(9)	(22)
Home equity		25	—	3	14	18
Other consumer		(235)	(200)	(173)	(244)	(268)
Total consumer		(11)	(14)	(11)	(10)	(11)
Total net charge offs		(7)	(3)	(17)	(17)	(12)

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

•Total nonaccrual loans increased $10.2 million, or 10%, from December 31, 2025, and decreased $24.2 million, or 18%, from March 31, 2025. The increase from December 31, 2025 was primarily driven by increases in commercial and industrial and auto finance lending, partially offset by decreases in residential mortgage and home equity lending. The decrease from March 31, 2025 was primarily driven by decreases in CRE - investor and residential mortgage lending, partially offset by increases in commercial and industrial and auto finance 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 $3.4 million from March 31, 2025, primarily driven by decreases within commercial and industrial and CRE - investor, partially offset by an increase in auto finance 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 March 31, 2026.

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


	Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025				Mar 31, 2025(a)
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Noninterest-bearing demand	$	6,125,067	17	%	$	6,126,632	17	%	$	5,906,251	17	%	$	5,782,487	17	%	$	6,135,946	17	%
Savings	5,660,641		16	%	5,471,870		15	%	5,380,574		15	%	5,291,674		15	%	5,247,291		15	%
Interest-bearing demand	7,964,665		22	%	7,823,362		22	%	7,791,861		22	%	7,490,772		22	%	7,870,965		22	%
Money market	6,188,045		17	%	6,139,438		17	%	5,785,871		17	%	5,915,867		17	%	6,141,275		17	%
Network transaction deposits	1,746,518		5	%	2,154,995		6	%	2,013,964		6	%	1,792,362		5	%	1,882,930		5	%
Brokered CDs	3,562,752		10	%	3,795,133		11	%	3,956,517		11	%	4,072,048		12	%	4,197,512		12	%
Other time deposits	4,484,077		13	%	4,041,178		11	%	4,046,815		12	%	3,802,356		11	%	3,720,793		11	%
Total deposits	$	35,731,765	100	%	$	35,552,608	100	%	$	34,881,853	100	%	$	34,147,565	100	%	$	35,196,713	100	%
Other customer funding(b)	42,372				47,794				64,570				75,440				85,950
Total deposits and other customer funding	$	35,774,137			$	35,600,402			$	34,946,423			$	34,223,005			$	35,282,663

Less: Total network transaction deposits and brokered CDs	5,309,270				5,950,128				5,970,481				5,864,410				6,080,442
Core customer deposits(c) and other customer funding	$	30,464,867			$	29,650,274			$	28,975,941			$	28,358,595			$	29,202,221
Time deposits of more than $250,000	956,299				834,309				832,718				775,107				767,974

(a) Period has been adjusted to conform with current period presentation.

(b) Includes repurchase agreements.

(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

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•Total deposits, which are the Corporation's largest source of funds, increased $179.2 million, or 1% from December 31, 2025, and increased $535.1 million, or 2%, from March 31, 2025. The increase from December 31, 2025, was driven by increases in other time deposits, savings, and interest bearing demand deposits, offset by decreases in network transaction deposits and brokered CDs, while the increase from March 31, 2025 was driven by increases in all deposit categories except brokered CD's, network transaction deposits, and noninterest-bearing demand deposits.

•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 25.7% of total deposits at March 31, 2026, compared to 26.5% at December 31, 2025 and 26.1% at March 31, 2025.

Liquidity

The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost-effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.

The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percent of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At March 31, 2026, 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 March 31, 2026, the Bank had $5.6 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 March 31, 2026, the Bank had $6.5 billion available for discount window borrowings.

•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.

•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.

•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.

•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.

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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)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Federal Reserve Bank balance	$	915,691		$	1,139,401		$	799,991		$	735,876		$	705,696
Available FHLB Chicago capacity	5,574,246			6,221,495			5,943,747			5,026,154			6,362,599
Available Federal Reserve Bank discount window capacity	6,506,759			6,443,766			5,725,892			5,441,186			3,308,303

Funding available within one business day(a)	12,996,696			13,804,662			12,469,630			11,203,216			10,376,598
Available federal funds lines	1,981,000			1,846,000			1,419,000			1,729,000			1,284,000
Available brokered deposits capacity(b)	1,529,791			823,055			697,898			734,649			414,199
Unsecured debt capacity(c)	1,000,000			1,000,000			1,000,000			1,000,000			1,000,000
Total available liquidity	$	17,507,487		$	17,473,717		$	15,586,528		$	14,666,865		$	13,074,797
Uninsured and uncollateralized deposits	$	9,178,436		$	9,432,066		$	8,697,563		$	8,469,167		$	9,170,483
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day	142		%	146		%	143		%	132		%	113		%
Coverage ratio of uninsured and uncollateralized deposits with total funding	191		%	185		%	179		%	173		%	143		%

(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 I, Item 1A, Risk Factors in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended March 31, 2026, net cash provided by operating and financing activities was $135.9 million and $354.3 million, respectively, while investing activities used net cash of $824.2 million, for a net decrease in cash and cash equivalents of $334.0 million since year-end 2025. At March 31, 2026, assets of $45.6 billion increased $391.1 million, or 1%, from year-end 2025. On the funding side, deposits of $35.7 billion increased $179.2 million, or 1% from year-end 2025, short-term funding increased $87.8 million, or 29%, and FHLB advances increased $153.7 million or 5%.

For the three months ended March 31, 2025, net cash provided by operating and financing activities was $98.2 million and $241.8 million, respectively, while investing activities used net cash of $127.1 million, for a net increase in cash and cash equivalents of $212.9 million since year-end 2024. At March 31, 2025, assets of $43.3 billion increased $286.1 million, or 1%, from year-end 2024. On the funding side, deposits of $35.2 billion increased $548.3 million, or 2%, from year-end 2024, short-term funding decreased $159.0 million, or 34%, and FHLB advances increased $173.5 million, or 9%.

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.

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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 March 31, 2026.

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 2025 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 three months of 2026.

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


	Mar 31, 2026				Dec 31, 2025
	Dynamic Forecast		Static Forecast		Dynamic Forecast		Static Forecast
Gradual Rate Change
100 bp increase in interest rates	2.0	%	1.8	%	1.5	%	2.0	%
200 bp increase in interest rates	3.8	%	3.5	%	2.8	%	3.9	%
100 bp decrease in interest rates	(1.4)	%	(1.3)	%	(0.8)	%	(1.4)	%
200 bp decrease in interest rates	(3.1)	%	(2.8)	%	(2.2)	%	(3.4)	%

At March 31, 2026, 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


	Mar 31, 2026		Dec 31, 2025
Instantaneous Rate Change
100 bp increase in interest rates	(5.2)	%	(5.2)	%
200 bp increase in interest rates	(11.6)	%	(11.8)	%
100 bp decrease in interest rates	2.7	%	2.3	%
200 bp decrease in interest rates	2.0	%	1.4	%

Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates.

The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

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Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities

The following table summarizes significant contractual obligations and other commitments at March 31, 2026, 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)	One Year or Less		One to Three Years		Three to Five Years		Over Five Years		Total
Time deposits	$	7,996,634	$	40,807	$	9,386	$	2	$	8,046,829
Federal funds purchased and securities sold under agreements to repurchase	395,652		—		—		—		395,652
FHLB advances	3,214,249		203,844		3,144		525		3,421,762

Senior and subordinated debt	—		—		298,457		294,172		592,629

Operating leases	5,257		9,476		6,698		16,334		37,765

Total	$	11,611,792	$	254,127	$	317,685	$	311,033	$	12,494,637

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, and Legal Proceedings, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of federal funds purchased and securities sold under agreements to repurchase, FHLB advances, and senior and subordinated debt is included in Note 8 Short and Long-Term Funding of the notes to 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 March 31, 2026, 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, 2025.

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Table 18 Capital Ratios


	Quarter Ended
(Dollars in thousands)		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Risk-based capital(a)
CET1(b)		$	3,744,610		$	3,683,711		$	3,584,712		$	3,493,316		$	3,417,432
Tier 1 capital		3,938,722			3,877,823			3,778,824			3,687,428			3,611,544
Total capital		4,657,925			4,593,079			4,488,957			4,394,367			4,311,239
Total risk-weighted assets		35,773,810			35,125,680			34,688,358			34,241,408			33,800,823
CET1 capital ratio(b)		10.47		%	10.49		%	10.33		%	10.20		%	10.11		%
Tier 1 capital ratio		11.01		%	11.04		%	10.89		%	10.77		%	10.68		%
Total capital ratio		13.02		%	13.08		%	12.94		%	12.83		%	12.75		%
Tier 1 leverage ratio		8.98		%	8.96		%	8.81		%	8.72		%	8.69		%
Selected equity and performance ratios
Total stockholders’ equity / total assets		10.96		%	11.01		%	10.95		%	10.87		%	10.82		%
Average stockholders' equity / average assets		11.12		%	11.05		%	10.95		%	10.90		%	10.86		%
Tangible common equity / tangible assets (TCE Ratio)(c)		8.27		%	8.29		%	8.18		%	8.06		%	7.96		%

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards, for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(b) 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 CET1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in CET1 capital.

(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the first quarter of 2026.

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Non-GAAP Measures

Table 19 Non-GAAP Measures


	Quarter Ended
(Dollars in thousands)		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025








Tangible common equity reconciliation
Common equity		$	4,803,760	$	4,781,235	$	4,674,186	$	4,586,669	$	4,492,446
Less: Goodwill and other intangible assets, net		1,125,639		1,127,842		1,130,044		1,132,247		1,134,450
Tangible common equity for TBV / share and TCE Ratio		$	3,678,121	$	3,653,393	$	3,544,142	$	3,454,422	$	3,357,996
Tangible assets reconciliation
Total assets		$	45,593,740	$	45,202,596	$	44,455,863	$	43,993,729	$	43,309,136
Less: Goodwill and other intangible assets, net		1,125,639		1,127,842		1,130,044		1,132,247		1,134,450
Tangible assets for TCE Ratio		$	44,468,101	$	44,074,754	$	43,325,819	$	42,861,482	$	42,174,686
Average tangible common equity reconciliation
Average common equity		$	4,812,415	$	4,713,445	$	4,627,038	$	4,538,549	$	4,436,467
Less: Average goodwill and other intangible assets, net		1,126,748		1,129,055		1,131,385		1,133,627		1,135,584
Average tangible common equity for ROATCE		$	3,685,667	$	3,584,390	$	3,495,653	$	3,404,922	$	3,300,883




Average tangible assets reconciliation
Average total assets		$	45,018,948	$	44,402,771	$	44,015,203	$	43,420,063	$	42,630,627
Less: Average goodwill and other intangible assets, net		1,126,748		1,129,055		1,131,385		1,133,627		1,135,584
Average tangible assets for return on average tangible assets		$	43,892,200	$	43,273,716	$	42,883,818	$	42,286,436	$	41,495,043




Adjusted net income reconciliation
Net income		$	119,635	$	137,129	$	124,732	$	111,230	$	101,687
Other intangible amortization, net of tax		1,652		1,652		1,652		1,652		1,652
Adjusted net income for return on average tangible assets		$	121,287	$	138,781	$	126,384	$	112,882	$	103,339
Adjusted net income available to common equity reconciliation
Net income available to common equity		$	116,760	$	134,254	$	121,857	$	108,355	$	98,812
Other intangible amortization, net of tax		1,652		1,652		1,652		1,652		1,652
Adjusted net income available to common equity for ROATCE		$	118,412	$	135,906	$	123,509	$	110,007	$	100,464




Period end core customer deposits reconciliation
Total deposits		$	35,731,765	$	35,552,608	$	34,881,853	$	34,147,565	$	35,196,713
Less: Network transaction deposits		1,746,518		2,154,995		2,013,964		1,792,362		1,882,930
Less: Brokered CDs		3,562,752		3,795,133		3,956,517		4,072,048		4,197,512
Core customer deposits		$	30,422,495	$	29,602,480	$	28,911,371	$	28,283,155	$	29,116,271
Average core customer deposits reconciliation
Average total deposits		$	35,160,943	$	35,628,917	$	34,705,887	$	34,203,201	$	34,833,464
Less: Average network transaction deposits		1,917,854		2,090,587		1,933,659		1,843,998		1,847,972
Less: Average brokered CDs		3,528,294		3,998,012		3,916,329		4,089,844		4,315,311
Average core customer deposits		$	29,714,795	$	29,540,318	$	28,855,899	$	28,269,359	$	28,670,181
Total expense for efficiency ratios reconciliation
Noninterest expense		$	219,163	$	219,466	$	216,202	$	209,352	$	210,619
Less: Other intangible amortization		2,203		2,203		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio		216,960		217,263		213,999		207,149		208,416


Less: Acquisition costs(a)		1,007		252		—		—		—
Total expense for adjusted efficiency ratio		$	215,953	$	217,011	$	213,999	$	207,149	$	208,416
Total revenue for efficiency ratios reconciliation
Net interest income		$	307,190	$	309,981	$	305,222	$	300,000	$	285,941
Noninterest income		75,857		79,384		81,265		66,977		58,776
Less: Investment securities (losses) gains, net		(28)		37		1		7		4
Fully tax-equivalent adjustment		4,139		4,196		4,222		4,228		4,254
Total revenue for fully tax-equivalent efficiency ratio		387,214		393,524		390,708		371,198		348,968
Less: Announced initiatives(b)		—		—		—		—		(6,976)
Total revenue for adjusted efficiency ratio		$	387,214	$	393,524	$	390,708	$	371,198	$	355,943

(a) During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(b) Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.

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Sequential Quarter Results

The Corporation reported net income of $119.6 million for the first quarter of 2026, compared to a net income of $137.1 million for the fourth quarter of 2025. Net income available to common equity was $116.8 million for the first quarter of 2026, or $0.70 for both basic and diluted earnings per common share. Comparatively, the net income available to common equity for the fourth quarter of 2025 was $134.3 million, or $0.81 and $0.80 for basic and diluted earnings per common share, respectively.

Fully tax-equivalent net interest income for the first quarter of 2026 was $311.3 million, $2.8 million, or 1%, lower than the fourth quarter of 2025. The decrease in net interest income is due to two less days in the first quarter of 2026 as compared to the fourth quarter of 2025; partially offset by an increase in average earning assets between periods. The net interest margin in the first quarter of 2026 and fourth quarter of 2025 were 3.03% and 3.06%, respectively.

Average earning assets increased $477.7 million, or 1%, to $41.3 billion in the first quarter of 2026, primarily due to an increase in commercial lending given our strategic focus in that segment and taxable securities and other short-term investments from continued investment for liquidity needs as the balance sheet continues to grow. Average loans increased $286.1 million, or 1%, due to an increase in commercial lending and auto finance loans, partially offset by a decrease in residential mortgage lending. On the funding side, average total interest-bearing deposits decreased $402.8 million, or 1%, primarily driven by an decrease in non-core customer deposits including brokered CDs and network transaction deposits; partially offset by growth in money market and other time deposits.

The provision for credit losses was $11.0 million for the first quarter of 2026 and $7.0 million for the fourth quarter of 2025. This was due to nominal credit movement and general macroeconomic trends. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the first quarter of 2026 was $75.9 million, down $3.5 million, or 4% from the fourth quarter of 2025. The decrease was due to decreases in net capital market income and card-based fees, and is partially offset by increases in net mortgage banking activity.

For the first quarter of 2026, the Corporation recognized income tax expense of $33.2 million, compared to an income tax expense of $25.8 million for the fourth quarter of 2025. The lower expense in the fourth quarter of 2025 was primarily attributable to the Corporation's reduction of its valuation allowance.

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 2025 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.

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Table 20 Selected Segment Financial Data


	Three Months Ended Mar 31,
(Dollars in thousands)		2026		2025		% Change
Corporate and Commercial Specialty
Total revenue		$	142,284	$	143,968	(1)%
Provision for credit losses		20,660		19,014		9%
Noninterest expense		49,730		56,135		(11)%
Income tax expense		13,259		12,786		4%
Net income		58,635		56,033		5%
Average earning assets		18,194,646		17,002,754		7%
Average loans		18,182,296		16,997,009		7%
Average deposits		6,939,723		7,244,897		(4)%
Community, Consumer, and Business
Total revenue		$	254,409	$	256,953	(1)%
Provision for credit losses		6,934		6,072		14%
Noninterest expense		156,082		154,484		1%
Income tax expense		19,192		20,244		(5)%
Net income		72,201		76,153		(5)%
Average earning assets		12,686,295		12,650,533		—%
Average loans		12,682,885		12,647,122		—%
Average deposits		22,183,274		21,294,167		4%
Risk Management and Shared Services
Total net revenue		$	(13,646)	$	(56,204)	(76)%
Provision for credit losses		(16,593)		(12,083)		37%
Noninterest expense		13,351		—		N/M
Income tax benefit		797		(13,621)		N/M
Net loss		(11,201)		(30,500)		(63)%
Average earning assets		10,467,608		9,629,650		9%
Average loans		416,321		466,851		(11)%
Average deposits		6,037,946		6,294,400		(4)%

N/M = Not meaningful

Notable Changes in Segment Financial Data

Corporate and Commercial Specialty

•Average earning assets and average loans both increased $1.2 billion from the three months ended March 31, 2025, primarily driven by growth in commercial and business lending.

•Noninterest expense decreased $6.4 million from three months ended March 31, 2025, due to a decrease in allocated indirect expense offset by an increase in personnel expense.

Community, Consumer, and Business

•Average earning assets and average loans both increased by $35.8 million from the three months ended March 31, 2025, primarily driven by growth in home equity and other consumer loans as well as commercial and business lending, offset by decreases in residential mortgage, residential loans held for sale, and commercial real estate lending loans.

•Average deposits increased $889.1 million from the three months ended March 31, 2025, mainly driven by increases in all deposit types except for noninterest-bearing demand and money market deposits.

Risk Management and Shared Services

•Total net revenue increased $42.6 million from the three months ended March 31, 2025, due to an increase in interest income and a decrease in intersegment interest expense. In addition, during the first three months of 2025, the Corporation incurred a loss on the mortgage portfolio sale upon completion of the sale as part of the balance sheet repositioning announced in the fourth quarter of 2024.

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•Provision for credit losses decreased $4.5 million from the three months ended March 31, 2025, due to a decrease in average loans.

•Average loans decreased $50.5 million from the three months ended March 31, 2025, attributable to lower balances in all loan categories except for residential loans held for sale.

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 2025 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2025.

Recent Developments

On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National. See Note 16 Subsequent Events of the notes to the consolidated financial statements for additional information regarding this transaction.

On April 28, 2026, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.24 per common share, payable on June 15, 2026, to shareholders of record at the close of business on June 1, 2026.

The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Perpetual Preferred Stock, Series E, payable on June 15, 2026 to the shareholders of record at the close of business on June 1, 2026.

The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Perpetual Preferred Stock, Series F, payable on June 15, 2026 to the shareholders of record at the close of business on June 1, 2026.

Finally, the Board of Directors also authorized the repurchase of up to $100 million of the Corporation's common stock. This repurchase authorization is in addition to the authority remaining under the previous program.


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 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 March 31, 2026, 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 March 31, 2026.

No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) 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, and Legal Proceedings 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 2025 Annual Report on Form 10-K.


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

During the first quarter of 2026, the Corporation repurchased $31.6 million of common stock, of which $25.2 million were open market repurchases while $6.4 million were repurchases 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

January 1, 2026 - January 31, 2026	4,798	$	26.48	—
February 1, 2026 - February 28, 2026	1,020,734	28.34		893,840
March 1, 2026 - March 31, 2026	99,055	25.48		—
Total	1,124,587	$	28.08	893,840	4,403,045

(a) During the first quarter of 2026, the Corporation repurchased 230,747 shares 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 and 2026 authorization.

(b) On January 27, 2026, the Board of Directors authorized the repurchase of up to $100 million of the Corporation's common stock. This repurchase authorization was in addition to the authority remaining under the previous program. At March 31, 2026, there remained $113.9 million authorized to be repurchased in the aggregate. Approximately 4.4 million shares of common stock remained available to be repurchased under this Board authorization given the closing share price on March 31, 2026.

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 March 31, 2026, 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 (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 March 31, 2026 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: April 28, 2026						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer



Date: April 28, 2026						/s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer



Date: April 28, 2026						/s/ Ryan J. Beld
						Ryan J. Beld
						Chief Accounting Officer

Exhibit 31.1

CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS

I, Andrew J. Harmening, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Associated Banc-Corp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: April 28, 2026						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS

I, Derek S. Meyer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Associated Banc-Corp;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: April 28, 2026						/s/ Derek S. Meyer
						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 the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Associated Banc-Corp, a Wisconsin corporation (the “Company”), does hereby certify that:

1. The accompanying Quarterly Report of the Company on Form 10-Q for the quarter ended March 31, 2026 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



			/s/ Andrew J. Harmening
			Andrew J. Harmening
			Chief Executive Officer
			April 28, 2026





			/s/ Derek S. Meyer
			Derek S. Meyer
			Chief Financial Officer
			April 28, 2026