Market Signal Briefing

The new engineering hires will expand Ethena Labs' exiting team, consisting of 10-15 employees, by 40%-50%.

SharpLink strengthens leadership with top crypto and institutional finance hires

Evernorth is set to list publicly on the Nasdaq through a merger with Armada Acquisition Corp II. The merger follows the current trend of crypto ventures using special-purpose acquisition companies (SPACs) to go public, rather than the more complex and time-consuming traditional IPO route.

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TLDRSolana Rewards Now Integrated With Gemini Credit CardAuto-Staking Converts Passive Earnings Into GrowthGemini Expands Utility With Lifestyle and Crypto PerksGet 3 Free Stock Ebooks

Gemini has launched a new Solana Edition of its credit card, offering rewards in SOL.
Cardholders can earn up to 4% back on select purchases, including gas and public transport.
Users have the option to automatically stake their SOL rewards through the Gemini platform.
Staked rewards contribute to the Solana network and can earn up to 6.77% annual returns.
Gemini supports over 50 cryptocurrencies and allows users to switch reward tokens anytime.

Gemini has released a new Solana Edition of its Gemini Credit Card, offering rewards in SOL tokens with auto-staking. Cardholders can now earn up to 4% back in Solana and stake it directly through Gemini’s platform. The feature targets crypto users seeking automated rewards growth, broader utility, and lifestyle perks in one product.

Solana Rewards Now Integrated With Gemini Credit Card
Gemini launched the Solana Edition to expand its crypto rewards offerings and promote Solana’s growing blockchain ecosystem. This version allows cardholders to earn daily rewards in Solana (SOL) and automatically stake them. Gemini said users can get up to 4% back on select purchases.

The card gives 4% back on gas, transit, rideshares, and EV charging, while food earns 3%, and groceries 2%. Other transactions return 1% in SOL, while special deals in the Gemini app can raise that to 10%. Gemini confirmed that users can swap their earned tokens for any of over 50 supported cryptocurrencies.

Gemini added, “Cardholders now have full flexibility to manage rewards based on their personal crypto strategies.” The new auto-staking feature locks rewards into Solana’s blockchain, offering staking returns. Gemini reports staking yields up to 6.77% APR, depending on market performance.

Auto-Staking Converts Passive Earnings Into Growth
Gemini has introduced auto-staking for the first time through this credit card update. New users can opt in during signup, while existing users may enable it through settings. Once activated, SOL rewards are staked immediately on the Solana network.

These staked tokens help validate transactions and secure the network, earning incentives in return. Gemini emphasized that this offers an efficient way to grow holdings without active management. The program fits users interested in automated crypto accumulation and network participation.

Staking has emerged as a powerful tool for long-term holders, especially during high-yield market periods. Gemini’s integration provides direct access without external wallets or manual steps. As a result, this simplifies the staking process and encourages broader crypto adoption.

Gemini Expands Utility With Lifestyle and Crypto Perks
Gemini also included several lifestyle benefits with the Solana Edition of its credit card. There are no annual fees, no foreign transaction charges, and no costs for crypto rewards. The Mastercard World Elite program adds merchant offers from brands like Lyft, Booking.com, and Instacart.

Cardholders receive 4% back on up to $300 in purchases each month, then 1% thereafter. Gemini designed the system to encourage frequent usage and maximize value for active spenders. According to the company, rewards can be claimed in real time, not monthly.

Between 2021 and 2025, Gemini said Solana rewards grew 299.1% for users who held their SOL in-platform. Solana’s value has also risen over 16% in the past year, adding confidence to the offering. This positions the Gemini Credit Card as both a spending and investment tool.

In brief
House of Doge, the Dogecoin Foundation's commercial arm, acquired a controlling stake in U.S. Triestina Calcio 1918.
The soccer club plays in Serie C, the third-highest league of Italian professional soccer.
As part of the announcement, it added Toronto Blue Jays Vice Chairman Roger Rai to its advisory board to help with sports operations.
House of Doge, the commercial arm of the Dogecoin Foundation (DOGE), announced Monday that it has acquired a majority equity stake in European soccer club U.S. Triestina Calcio 1918.

The acquisition is made in partnership with Brag House Holdings, House of Doge’s publicly traded merger partner that will help the firm soon go public via a reverse merger. 

“Our investment in U.S. Triestina 1918 is about much more than football. It’s about connecting Dogecoin’s global community with one of Europe’s most storied clubs and proving that digital assets can drive real-world value, culture, and passion,” said House of Doge CEO Marco Margiotta in a statement.

“This is a first step in bringing the spirit of Dogecoin directly into the fabric of the world’s game,” he added.

U.S. Triestina 1918 plays in Serie C, Italy’s third-highest division of professional soccer. The club is currently in last place, and was recently assessed an administrative penalty that deducted 13 points from its standings. 

House of Doge telegraphed its deeper move into sports, telling Decrypt last week that it intends to tokenize multiple elements of mainstream culture, starting with sports. 

It currently maintains multiple connections to the sporting world, highlighted by backers like the New York Yankees-owning Steinbrenner family and current and former NHL players including Tyler Seguin, Jason Arnott, and Ales Hemsky.

Earlier this year, House of Doge worked with IndyCar driver Devlin DeFrancesco to put the DOGE meme coin logo on his car for the famed Indianapolis 500. 

As part of its equity stake announcement, the firm also shared that it is adding Toronto Blue Jays Vice Chairman Roger Rai to its advisory board to advise its sports operations on best practices and commercial partnerships. 

House of Doge was founded earlier this year to help grow mainstream awareness and adoption of the world’s biggest meme coin. Since that time, the firm has collaborated with publicly traded CleanCore on a DOGE treasury chaired by Alex Spiro, the personal lawyer of DOGE-friendly billionaire entrepreneur, Elon Musk. 

House of Doge said it is also working with Robinhood and 21Shares to develop Dogecoin yield products and alternative investment vehicles. 

DOGE is up around 1.6% today and changing hands just shy of $0.20. The meme coin has dropped by 25% in the last month and is now more than 72% off its 2021 all-time high of $0.73.

Brag House (TBH) stock popped by nearly 10% today to $1.13, but is down nearly 31% over the last month.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended September 30, 2025 (“3Q2025”). Oil and Gas Production and Operations January-September consolidated average oil and gas production of 28,194 boepd 3Q2025 consolidated average oil and gas production of 28,136 boepd, reflecting solid deli.

Banc of California takes signage on top of landmark downtown Los Angeles building

, /PRNewswire/ -- Banc of California, a wholly owned subsidiary of Banc of California Inc. (NYSE: BANC) and one of the nation's leading relationship-based business banks, has inked an 11-year office lease in downtown Los Angeles for 40,000 square feet and will see its name and logo emblazoned on the city's skyline early next year. The new office is located at 865 S. Figueroa St.

"We moved our headquarters to Los Angeles two years ago because we believe in this city and in the power of the entrepreneurs and businesses that call it home," said Jared Wolff, Chairman and CEO of Banc of California. "California is the fourth largest economy in the world, and the Los Angeles area is one of its largest drivers. Expanding our presence in downtown demonstrates how committed we are to serving the greater LA market and how proud we are to be part of this community."

The building at 865 S. Figueroa St. is a fixture of the downtown Los Angeles skyline. The move from the current downtown location on Figueroa Street to this iconic building, along with signage on the north and south sides of the building, comes at an important time for Los Angeles as the city prepares to host the World Cup in 2026 and the 2028 Olympics. Banc of California's downtown branch at 900 Wilshire Blvd., Suite 100, will remain in that location.

Banc of California's growth in downtown Los Angeles follows recent expansions in Beverly Hills and New York City. In June, the bank moved its corporate office in New York to a prominent location on Park Avenue. In March, it expanded its corporate office in Beverly Hills, California, with signage atop a landmark building at 9701 Wilshire Blvd. on the corner of Roxbury Drive.

Banc of California is now the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California. It has full-service branches throughout California, and in Denver, Colorado, and Durham, North Carolina, as well as regional offices nationwide.

Jonathan Dezzutti, Jacob Bobek, and Blake Mirkin of CBRE represented Banc of California in the transaction.

View a rendering.

About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC), is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

MEDIA INQUIRIES

Deb Vrana, Chief Communications Officer
[email protected]
213-999-4141

SOURCE Banc of California

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, /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended September 30, 2025.

Highlights for the third quarter of 2025 included:

Reported quarterly net income available to common shareholders of $127.5 million, or $0.67 per diluted common share, and adjusted net income available to common shareholders(1) of $152.8 million, or $0.81 per diluted common share.
Achieved quarterly adjusted pre-tax pre-provision net revenue (PPNR)(1) of $224.1 million, an increase of $34.1 million, or 18.0% compared to the third quarter of 2024 and an increase of $18.1 million, or 8.8%, from the second quarter of 2025.
Effective July 1, 2025, completed the acquisition of Industry Bancshares, Inc., the parent company of Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, which added approximately $4.1 billion in assets.
Converted First Chatham Bank, acquired on May 1, 2025, to Cadence systems and branding in August 2025, and in October 2025, converted the Industry Bancshares banks to Cadence systems and branding.
Total loans grew $1.3 billion in the third quarter of 2025, including approximately $1.0 billion through acquisition and $0.3 billion in net organic growth.
Total deposits grew $3.4 billion in the third quarter of 2025, with core customer deposits up $3.1 billion reflecting growth from the Company's recent acquisitions.
Net interest margin improved to 3.46% for the third quarter of 2025, which represents an increase of 6 basis points compared to the second quarter of 2025, driven by improved securities yields and a decline in overall funding costs.
Tangible book value per common share(1) of $22.82 at September 30, 2025 declined $0.12 linked quarter, with the decline due to the initial impact of the Industry acquisition, partially offset by strong operating earnings and improved AOCI in the quarter.
Maintained strong regulatory capital with Common Equity Tier 1 Capital of 11.5% and Total Capital of 13.1%.

"Our third quarter results reflect strong earnings, including PPNR and adjusted earnings per share, as we continue to fire on all cylinders across our Company," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "These results were achieved through steady loan growth, improvement in our net interest margin, continued operating efficiency, and stable credit quality.  We are also very pleased to have completed the acquisition of Industry Bancshares, Inc. effective July 1, 2025 as well as the operational integrations of both Industry and First Chatham Bank, and now operate as one bank.  These newly merged banks have done an outstanding job retaining and building on customer relationships through the integration process, and we look forward to continuing to grow in these important markets."

Earnings Summary

For the third quarter of 2025, the Company reported net income available to common shareholders of $127.5 million, or $0.67 per diluted common share, compared to $134.1 million, or $0.72 per diluted common share, for the third quarter of 2024 and $129.9 million, or $0.69 per diluted common share, for the second quarter of 2025. Adjusted net income available to common shareholders(1) was $152.8 million, or $0.81 per diluted common share, for the third quarter of 2025, compared with $135.6 million, or $0.73 per diluted common share, for the third quarter of 2024 and $137.5 million, or $0.73 per diluted common share, for the second quarter of 2025.

Return on average assets was 0.95% for the third quarter of 2025, compared to 1.14% for the third quarter of 2024 and 1.09% second quarter of 2025. Adjusted return on average assets(1) was 1.13% for the third quarter of 2025, compared to 1.15% in the third quarter of 2024 and 1.14% in the second quarter of 2025. Additionally, the Company reported adjusted PPNR(1) of $224.1 million, or 1.64% of average assets on an annualized basis, for the third quarter of 2025, which represents an increase of $34.1 million, or 18.0%, compared to the third quarter of 2024 and an increase of $18.1 million, or 8.8% compared to the second quarter of 2025.

Net Interest Revenue

Net interest revenue was $423.7 million for the third quarter of 2025, compared to $361.5 million for the third quarter of 2024 and $378.1 million for the second quarter of 2025. The net interest margin (fully taxable equivalent) was 3.46% for the third quarter of 2025, compared with 3.31% for the third quarter of 2024 and 3.40% for the second quarter of 2025. 

Net interest revenue increased $45.6 million, or 12.1%, compared to the second quarter of 2025 due to the Industry transaction, a full quarter's impact of the First Chatham acquisition, and continued improvement in our net interest margin. Purchase accounting loan accretion revenue was $5.5 million for the third quarter of 2025 compared to $2.6 million for the second quarter of 2025. Average earning assets increased to $48.8 billion compared to $44.7 billion for the second quarter of 2025.  The linked quarter net interest margin improved by 6 basis points due to improved securities yields, higher loan yields impacted by accretion, and lower funding costs. 

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.31% for the third quarter of 2025, which was consistent with the second quarter of 2025. Investment securities yielded 3.65% in the third quarter of 2025, improving from 3.33% for the second quarter of 2025 primarily as a result of the restructuring of the Industry securities portfolio.  The average cost of total deposits of 2.25% for the third quarter of 2025 declined by 5 basis points from 2.30% for the second quarter of 2025, driven by declines in the cost of time deposits, and total funding costs of 2.35% for the third quarter of 2025 declined by 7 basis points from 2.42% in the second quarter of 2025.

Balance Sheet Activity

Loans and leases, net of unearned income, increased to $36.8 billion at September 30, 2025 compared to $35.5 billion at June 30, 2025.  The increase includes $1.0 billion in loans acquired from Industry and net organic loan growth of $328.4 million, or 3.7% annualized, for the third quarter of 2025.  The organic growth was broad-based and included growth in C&I, energy, specialized industries and mortgage, partially offset by paydowns in commercial real estate and asset based lending.  Year-to-date, net organic loan growth totaled $1.7 billion, or 6.8% annualized, driven by expansion across our geographic footprint and lending verticals.

Total deposits were $43.9 billion as of September 30, 2025, increasing $3.4 billion from $40.5 billion at the end of the second quarter of 2025.  Core customer deposits grew $3.1 billion quarter-over-quarter reflecting the addition of Industry core deposits and stable organic core deposits. Public funds increased $603.0 million due to the addition of Industry deposits, and brokered deposits declined $239.0 million over the same time period. The loan to deposit ratio was 83.8% as of September 30, 2025. Noninterest bearing deposits represented 20.6% of total deposits at the end of the third quarter of 2025 compared to 22.6% at the end of the second quarter of 2025. Borrowed funds declined $750.0 million during the third quarter of 2025 compared to the second quarter of 2025 due primarily to the maturity of FHLB term borrowings utilized to fund the purchase of investment securities in advance of the Industry transaction closing.

Total investment securities increased $0.8 billion from June 30, 2025 to $9.6 billion at September 30, 2025, representing 18.0% of total assets.  During the third quarter, the $2.5 billion of securities acquired in the Industry transaction were sold, with the proceeds used for reinvestment back into our securities portfolio at improved yields and duration, and the paydown of brokered deposits and borrowings.  Additionally, gains achieved through the execution of these sales supported an additional restructure of approximately $550 million of the Company's existing securities portfolio at a yield improvement of approximately 2.0%. Cash, due from balances and deposits at the Federal Reserve of $1.9 billion at September 30, 2025 increased $0.4 billion compared to $1.5 billion at June 30, 2025.  

Goodwill of $1.5 billion increased during the third quarter of 2025 by $127.8 million due to the Industry acquisition.

Credit Results, Provision for Credit Losses and Allowance for Credit Losses

Credit metrics for the third quarter of 2025 reflected overall stability in credit quality. Net charge-offs for the third quarter of 2025 were $23.6 million, or 0.26% of average net loans and leases on an annualized basis, compared with net charge-offs of $22.2 million, or 0.26%, for the third quarter of 2024 and net charge-offs of $21.2 million, or 0.24%, for the second quarter of 2025. The provision for credit losses for the third quarter of 2025 was $32.0 million, compared with $12.0 million for the third quarter of 2024 and $31.0 million for the second quarter of 2025. The provision for credit losses for the third quarter of 2025 included $5.5 million in day-one provision associated with performing loans and leases acquired in the Industry transaction while the second quarter of 2025 included $4.2 million in day-one provision associated with performing loans and leases acquired in the First Chatham transaction. The allowance for credit losses of $496.2 million at September 30, 2025 was 1.35% of total loans and leases compared to 1.38% of total loans and leases at September 30, 2024 and 1.34% of total loans and leases at June 30, 2025.

Total nonperforming assets as a percent of total assets were 0.50% at September 30, 2025 compared to 0.57% at September 30, 2024 and 0.49% at June 30, 2025. Total nonperforming loans and leases as a percentage of loans and leases, net were 0.68% at September 30, 2025 compared to 0.82% at September 30, 2024 and 0.65% at June 30, 2025.  Other real estate owned and other repossessed assets was $16.3 million at September 30, 2025 compared to the September 30, 2024 balance of $5.4 million and the June 30, 2025 balance of $15.6 million. Criticized loans represented 2.71% of loans at September 30, 2025 compared to 2.64% at September 30, 2024 and 2.65% at June 30, 2025, while classified loans were 1.89% at September 30, 2025 compared to 2.09% at September 30, 2024 and 2.01% at June 30, 2025. 

Noninterest Revenue

Noninterest revenue was $93.5 million for the third quarter of 2025 compared with $85.9 million for the third quarter of 2024 and $98.2 million for the second quarter of 2025. Adjusted noninterest revenue(1) was $93.5 million for the third quarter of 2025 compared with $88.8 million for the third quarter of 2024 and $98.2 million for the second quarter of 2025.

Noninterest revenue declined $4.7 million, or 4.8%, compared to the second quarter of 2025 driven primarily by a decline mortgage banking revenue as well as a decline in other noninterest income. Wealth management revenue was $24.5 million for the third quarter of 2025 down from $25.3 million for the second quarter of 2025 due to approximately $1 million in second quarter seasonal trust tax revenues. Deposit service charge revenue was $19.0 million for the third quarter of 2025, up from $18.1 million for the second quarter of 2025, reflecting additional activity associated with acquired banks. Credit card, debit card and merchant fee revenue was $13.5 million for the third quarter of 2025, up from $13.0 million for the second quarter of 2025.

Mortgage banking revenue totaled $4.5 million for the third quarter of 2025, compared to $1.1 million for the third quarter of 2024 and $8.7 million for the second quarter of 2025. The $4.2 million decline compared to the second quarter of 2025 reflects seasonally lower mortgage production volume and pipeline activity as well as linked quarter reduction in the mortgage servicing rights valuation adjustment.

Other noninterest revenue was $27.7 million for the third quarter of 2025, representing a decline of $5.5 million from $33.1 million for the second quarter of 2025, driven by a $4.3 million loss on the termination of fair value hedges related to the Industry securities portfolio.  This loss was offset by the $4.3 million related gain on securities sales, which is shown separately in the income statement.  Both the hedging loss and the gain on sale are considered nonroutine in nature.  Additionally, other noninterest revenue declined approximately $1.2 million as declines in BOLI and SBA income were partially offset by increases in FHLB dividend income and earnings on limited partnerships.

Noninterest Expense

Noninterest expense for the third quarter of 2025 was $320.2 million, compared with $259.4 million for the third quarter of 2024 and $272.9 million for the second quarter of 2025. Adjusted noninterest expense(1) for the third quarter of 2025 was $293.2 million, compared with $260.4 million for the third quarter of 2024 and $270.4 million for the second quarter of 2025. Adjusted noninterest expense for the third quarter of 2025 excludes $19.8 million of merger expense and $8.2 million of incremental merger related expense while the second quarter of 2025 excludes $2.2 million of merger expense and $0.6 million of incremental merger related expense. The adjusted efficiency ratio(1) improved to 56.5% for the third quarter of 2025, compared to 57.7% for the third quarter of 2024 and 56.7% for the second quarter of 2025.

The $22.8 million, or 8.4%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by increased expenses related to the addition of Industry as well as a full quarter's impact of the First Chatham transaction.  Salaries and employee benefits increased $16.1 million compared to the second quarter of 2025, including approximately $1.2 million in incremental merger related expense, $8 million related to the addition of Industry, and an additional $1 million related to the full quarter impact of the First Chatham transaction.  Additionally, the Company's annual merit cycle adjustments were effective at the beginning of the third quarter of 2025 and incentive compensation accruals increased linked quarter driven by operating performance.  Data processing and software expense increased $5.4 million compared to the second quarter of 2025, $4.7 million of which is incremental merger related expense.  Deposit insurance assessments and amortization of intangibles increased $1.5 million and $3.5 million, respectively, linked quarter as a result of the Industry and First Chatham transactions.  Other noninterest expense increased $1.4 million compared to the second quarter of 2025 including $2.3 million of incremental merger related expense and a net reduction of $0.9 million in all other expenses. 

Capital Management

Total shareholders' equity was $6.1 billion at September 30, 2025, up from $5.6 billion at September 30, 2024 and $5.9 billion at June 30, 2025.  Estimated regulatory capital ratios at September 30, 2025 included Common Equity Tier 1 capital of 11.5%, Tier 1 capital of 11.9%, Total risk-based capital of 13.1%, and Tier 1 leverage capital of 9.2%. During the third quarter of 2025, the Company did not repurchase any shares of Company common stock. The Company had 186.3 million outstanding shares of common stock as of September 30, 2025.

Summary

Rollins concluded, "We've achieved a number of key successes over the first three quarters of 2025. Our earnings and operating performance metrics have continued to improve, driven by continued organic balance sheet growth, improved net interest margin and operating efficiency, and stable credit quality. Additionally, the successful completion and operational integration of both the Industry and First Chatham transactions have further enhanced our core deposit base as well as our presence in great markets. As we look forward, we will continue the focus behind these results - taking care of the communities and customers we serve, as we seek to improve shareholder value." 

Key Transactions

On May 1, 2025, the Company completed the merger with FCB Financial Corp., the bank holding company for First Chatham Bank (collectively referred to as "First Chatham"), pursuant to which First Chatham was merged with and into the Company. First Chatham was a Savannah, Georgia-based community bank that operated eight branches across the Greater Savannah Area. As of April 30, 2025, First Chatham reported total assets of $604 million, total loans of $387 million, and total deposits of $525 million. Under the terms of the definitive merger agreement, the Company issued approximately 2.3 million shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies. 

On July 1, 2025, the Company completed the merger with Industry Bancshares, Inc., the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, (collectively referred to as "Industry"), pursuant to which Industry was merged with and into the Company. Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. As of June 30, 2025, Industry reported total assets of $4.1 billion, total loans of $1.0 billion, and total deposits of $4.3 billion. Under the terms of the definitive merger agreement, the Company paid $20.0 million in cash for all outstanding shares of Industry.  The purchase accounting for this transaction is considered provisional as management continues to identify and assess information regarding the nature of the acquired assets and liabilities and reviews the associated valuation assumptions and methodologies. 

Conference Call and Webcast

The Company will conduct a conference call to discuss its third quarter 2025 financial results on October 21, 2025, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a $53 billion regional bank committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 22 of this news release.

Forward-Looking Statements

Certain statements made in this news release constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the "bespeaks caution" doctrine. These statements are often, but not exclusively, made through the use of words or phrases like "assume," "believe," "budget," "contemplate," "continue," "could," "foresee," "indicate," "may," "might," "outlook," "prospect," "potential," "roadmap," "should," "target," "will," "would," the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, trade, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact on the Company's financial condition, future net income and earnings per share resulting from the integration of its recently completed acquisitions of First Chatham and Industry, and the Company's ability to deploy capital into strategic and growth initiatives. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.

Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, trade, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; reputational risks arising from media coverage of the banking industry and digital misinformation; the risks of changes and continued volatility in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; continued uncertainties surrounding the impact of the U.S.'s tariffs, including potential negative impact to our loan portfolio, our customers' businesses and overall profitability, potential for increases in problem loans, potential re-evaluation of credit marks and interest rates, and lower equity valuation and potential slowdown in capital markets; uncertain duration of trade conflicts; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company's growth, expansion, acquisition, or divestment strategies, including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements; the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from the U.S.'s tariffs and international trade conflicts, Russia's military action in Ukraine, the durability of efforts at peace in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.

The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters; the impairment of the Company's goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the Company's success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with its primary federal regulator, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, particularly those under the heading "Item 1A. Risk Factors," in the Company's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," and in the Company's Current Reports on Form 8-K.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.

Table 1

Selected Financial Data

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Earnings Summary:

Interest revenue

$    704,643

$     635,599

$    599,257

$    620,321

$    647,713

$  1,939,499

$  1,927,036

Interest expense

280,916

257,459

236,105

255,790

286,255

774,480

855,352

Net interest revenue

423,727

378,140

363,152

364,531

361,458

1,165,019

1,071,684

Provision for credit losses

32,000

31,000

20,000

15,000

12,000

83,000

56,000

Net interest revenue, after provision for credit losses

391,727

347,140

343,152

349,531

349,458

1,082,019

1,015,684

Noninterest revenue

93,478

98,181

85,387

86,165

85,901

277,046

270,345

Noninterest expense

320,246

272,863

259,349

266,186

259,438

852,458

779,343

Income before income taxes

164,959

172,458

169,190

169,510

175,921

506,607

506,686

Income tax expense

35,110

37,813

35,968

36,795

39,482

108,891

115,797

Net income

129,849

134,645

133,222

132,715

136,439

397,716

390,889

Less: Preferred dividends

2,372

4,744

2,372

2,372

2,372

9,488

7,116

Net income available to common shareholders

$    127,477

$     129,901

$    130,850

$    130,343

$    134,067

$    388,228

$     383,773

Balance Sheet - Period End Balances

Total assets

$  53,282,352

$ 50,378,840

$  47,743,294

$  47,019,190

$  49,204,933

$  53,282,352

$ 49,204,933

Total earning assets

47,729,237

45,400,518

43,172,997

42,386,627

44,834,897

47,729,237

44,834,897

Available for sale securities

9,616,389

8,837,400

7,912,159

7,293,988

7,841,685

9,616,389

7,841,685

Loans and leases, net of unearned income

36,801,836

35,465,181

34,051,610

33,741,755

33,303,972

36,801,836

33,303,972

Allowance for credit losses (ACL)

496,199

474,651

457,791

460,793

460,859

496,199

460,859

Net book value of acquired loans

5,512,749

4,594,171

4,365,789

4,783,206

5,521,000

5,512,749

5,521,000

Unamortized net discount on acquired loans

41,906

19,414

13,060

15,611

17,988

41,906

17,988

Total deposits

43,921,456

40,493,518

40,335,728

40,496,201

38,844,360

43,921,456

38,844,360

Total deposits and repurchase agreements

43,950,988

40,514,743

40,355,399

40,519,817

38,861,324

43,950,988

38,861,324

Other short-term borrowings

925,000

1,575,000

235,000

—

3,500,000

925,000

3,500,000

Subordinated and long-term borrowings

1,330,657

1,430,674

560,690

10,706

225,823

1,330,657

225,823

Total shareholders' equity

6,083,096

5,916,283

5,718,541

5,569,683

5,572,863

6,083,096

5,572,863

Total shareholders' equity, excluding AOCI (1)

6,576,878

6,492,440

6,339,744

6,264,178

6,163,205

6,576,878

6,163,205

Common shareholders' equity

5,916,103

5,749,290

5,551,548

5,402,690

5,405,870

5,916,103

5,405,870

Common shareholders' equity, excluding AOCI (1)

$  6,409,885

$  6,325,447

$  6,172,751

$  6,097,185

$  5,996,212

$  6,409,885

$  5,996,212

Balance Sheet - Average Balances

Total assets

$  54,352,974

$ 49,356,696

$  47,135,431

$  47,263,538

$  47,803,977

$  50,308,138

$ 48,211,586

Total earning assets

48,807,542

44,741,277

42,637,002

42,920,125

43,540,045

45,417,877

43,871,434

Available for sale securities

10,171,253

8,814,463

7,302,172

7,636,683

7,915,636

8,773,139

8,072,391

Loans and leases, net of unearned income

36,623,037

34,762,808

33,944,416

33,461,931

33,279,819

35,119,899

32,988,706

Total deposits

44,859,162

39,897,600

40,353,292

39,743,224

37,634,453

41,719,856

38,050,413

Total deposits and repurchase agreements

44,883,355

39,916,099

40,376,248

39,761,277

37,666,828

41,741,743

38,152,672

Other short-term borrowings

1,122,185

1,419,615

108,389

905,815

3,512,218

887,110

3,504,102

Subordinated and long-term borrowings

1,429,577

1,338,059

129,030

123,442

265,790

970,319

367,826

Total shareholders' equity

5,982,117

5,827,081

5,651,592

5,589,361

5,420,826

5,821,474

5,274,579

Common shareholders' equity

$  5,815,124

$  5,660,088

$  5,484,599

$  5,422,368

$  5,253,833

$  5,654,481

$  5,107,586

Nonperforming Assets:

Nonperforming loans and leases (NPL) (2) (3)

249,822

231,243

235,952

264,692

272,954

249,822

272,954

Other real estate owned and other assets

16,250

15,599

8,452

5,754

5,354

16,250

5,354

Nonperforming assets (NPA)

$    266,072

$     246,842

$    244,404

$    270,446

$    278,308

$    266,072

$     278,308

(1)

Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

(2)

At September 30, 2025, $45.4 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.

(3)

At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.

Table 2

Selected Financial Ratios

Quarter Ended

Year-to-date

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Financial Ratios and Other Data:

Return on average assets (2)

0.95 %

1.09 %

1.15 %

1.12 %

1.14 %

1.06

1.08

Adjusted return on average assets  (1)(2)

1.13

1.14

1.15

1.11

1.15

1.14

1.07

Return on average common shareholders' equity (2)

8.70

9.21

9.68

9.56

10.15

9.18

10.04

Adjusted return on average common shareholders' equity (1)(2)

10.43

9.74

9.72

9.53

10.27

9.97

9.88

Return on average tangible common equity (1)(2)

12.13

12.41

13.15

13.06

14.04

12.55

14.06

Adjusted return on average tangible common equity (1)(2)

14.54

13.13

13.20

13.02

14.21

13.63

13.84

Pre-tax pre-provision net revenue to total average assets (1)(2)

1.44

1.65

1.63

1.55

1.56

1.57

1.56

Adjusted pre-tax pre-provision net revenue to total average assets (1)(2)

1.64

1.67

1.63

1.55

1.58

1.65

1.54

Net interest margin-fully taxable equivalent

3.46

3.40

3.46

3.38

3.31

3.44

3.27

Net interest rate spread-fully taxable equivalent

2.76

2.68

2.74

2.59

2.45

2.73

2.43

Efficiency ratio fully tax equivalent (1)

61.67

57.21

57.74

58.98

57.90

58.98

57.99

Adjusted efficiency ratio fully tax equivalent (1)

56.46

56.69

57.58

59.09

57.73

56.88

58.18

Loan/deposit ratio

83.79 %

87.58 %

84.42 %

83.32 %

85.74 %

83.79 %

85.74 %

Full time equivalent employees

5,825

5,514

5,356

5,335

5,327

5,825

5,327

Credit Quality Ratios:

Net charge-offs to average loans and leases (2)

0.26 %

0.24 %

0.27 %

0.17 %

0.26 %

0.26 %

0.26 %

Provision for credit losses to average loans and leases (2)

0.35

0.36

0.24

0.18

0.14

0.32

0.23

ACL to loans and leases, net

1.35

1.34

1.34

1.37

1.38

1.35

1.38

ACL to NPL

198.62

205.26

194.02

174.09

168.84

198.62

168.84

NPL to loans and leases, net

0.68

0.65

0.69

0.78

0.82

0.68

0.82

NPA to total assets

0.50

0.49

0.51

0.58

0.57

0.50

0.57

Equity Ratios:

Total shareholders' equity to total assets

11.42 %

11.74 %

11.98 %

11.85 %

11.33 %

11.42 %

11.33 %

Total common shareholders' equity to total assets

11.10

11.41

11.63

11.49

10.99

11.10

10.99

Tangible common shareholders' equity to tangible assets (1)

8.24

8.74

8.87

8.67

8.28

8.24

8.28

Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (1)

9.11

9.80

10.07

10.04

9.40

9.11

9.40

Capital Adequacy (3):

Common Equity Tier 1 capital

11.5 %

12.2 %

12.4 %

12.4 %

12.3 %

11.5 %

12.3 %

Tier 1 capital

11.9

12.6

12.9

12.8

12.7

11.9

12.7

Total capital

13.1

13.8

14.1

14.0

14.5

13.1

14.5

Tier 1 leverage capital

9.2

10.3

10.6

10.4

10.1

9.2

10.1

(1)     Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

(2)     Annualized.

(3)     Current quarter regulatory capital ratios are estimated.

Table 3

Selected Financial Information

Quarter Ended

Year-to-date

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Common Share Data:

Diluted earnings per share

$             0.67

$           0.69

$           0.70

$           0.70

$           0.72

$             2.07

$             2.07

Adjusted earnings per share (1)

0.81

0.73

0.71

0.70

0.73

2.25

2.04

Cash dividends per share

0.275

0.275

0.275

0.250

0.250

0.825

0.75

Book value per share

31.75

30.86

30.16

29.44

29.65

31.75

29.65

Tangible book value per share (1)

22.82

22.94

22.30

21.54

21.68

22.82

21.68

Market value per share (last)

37.54

31.98

30.36

34.45

31.85

37.54

31.85

Market value per share (high)

38.47

32.68

36.53

40.20

34.13

38.47

34.13

Market value per share (low)

31.76

25.22

28.90

30.21

27.46

25.22

24.99

Market value per share (average)

36.04

29.97

33.13

35.17

30.96

33.08

28.98

Dividend payout ratio

41.04 %

39.86 %

39.29 %

35.71 %

34.72 %

39.86 %

36.23 %

Adjusted dividend payout ratio (1)

33.95 %

37.67 %

38.73 %

35.71 %

34.25 %

36.67 %

36.76 %

Total shares outstanding

186,307,016

186,307,016

184,046,420

183,527,575

182,315,142

186,307,016

182,315,142

Average shares outstanding - diluted

189,053,254

187,642,873

186,121,979

186,038,243

185,496,110

187,616,202

185,443,201

Yield/Rate:

(Taxable equivalent basis)

Loans, loans held for sale, and leases

6.37 %

6.34 %

6.33 %

6.42 %

6.64 %

6.35 %

6.58 %

Loans, loans held for sale, and leases excluding net accretion on acquired loans
and leases

6.31

6.31

6.30

6.40

6.61

6.31

6.54

Available for sale securities:

Taxable

3.54

3.32

2.99

3.03

3.03

3.31

3.11

Tax-exempt

5.68

4.14

4.04

3.93

3.97

5.32

4.11

Other investments

4.78

4.41

4.42

4.77

5.37

4.58

5.44

Total interest earning assets and revenue

5.74

5.70

5.71

5.76

5.92

5.72

5.87

Deposits

2.25

2.30

2.35

2.44

2.55

2.29

2.51

Interest bearing demand and money market

2.66

2.69

2.69

2.87

3.13

2.68

3.13

Savings

0.68

0.57

0.57

0.57

0.57

0.61

0.57

Time

3.92

3.98

4.10

4.28

4.50

3.99

4.48

Total interest bearing deposits

2.90

2.92

2.96

3.12

3.30

2.92

3.26

Fed funds purchased, securities sold under agreement to repurchase and other

4.48

4.45

4.45

4.58

5.10

4.45

4.81

Short-term FHLB borrowings

4.36

4.31

4.43

—

—

4.33

—

Short-term BTFP borrowings

—

—

—

4.77

4.77

—

4.79

Total interest bearing deposits and short-term borrowings

2.94

2.98

2.96

3.16

3.46

2.96

3.43

Subordinated and long-term borrowings

3.91

4.07

4.05

4.14

4.30

3.99

4.36

Total interest bearing liabilities

2.98

3.02

2.97

3.17

3.47

2.99

3.44

Interest bearing liabilities to interest earning assets

76.62 %

76.39 %

75.70 %

74.82 %

75.40 %

76.26 %

75.70 %

Net interest income tax equivalent adjustment (in thousands)

$           2,068

$            637

$            630

$            648

$            694

$           3,335

$           1,974

(1)     Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

Table 4

Consolidated Balance Sheets

(Unaudited)

As of

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

ASSETS

Cash and due from banks

$         839,841

$         710,679

$         578,513

$         624,884

$         504,827

Interest bearing deposits with other banks and Federal funds sold

1,049,332

825,878

988,787

1,106,692

3,483,299

Available for sale securities, at fair value

9,616,389

8,837,400

7,912,159

7,293,988

7,841,685

Loans and leases, net of unearned income

36,801,836

35,465,181

34,051,610

33,741,755

33,303,972

Allowance for credit losses

496,199

474,651

457,791

460,793

460,859

Net loans and leases

36,305,637

34,990,530

33,593,819

33,280,962

32,843,113

Loans held for sale, at fair value

261,680

272,059

220,441

244,192

205,941

Premises and equipment, net

855,275

806,879

780,963

783,456

797,556

Goodwill

1,515,771

1,387,990

1,366,923

1,366,923

1,366,923

Other intangible assets, net

149,039

87,814

79,522

83,190

87,094

Bank-owned life insurance

768,887

671,813

654,964

651,838

652,057

Other assets

1,920,501

1,787,798

1,567,203

1,583,065

1,422,438

Total Assets

$    53,282,352

$    50,378,840

$    47,743,294

$    47,019,190

$    49,204,933

LIABILITIES

Deposits:

Demand: Noninterest bearing

$      9,036,907

$      9,154,050

$      8,558,412

$      8,591,805

$      9,242,693

Interest bearing

20,518,436

18,936,579

19,221,356

19,345,114

18,125,553

 Savings

3,095,622

2,641,482

2,626,901

2,588,406

2,560,803

 Time deposits

11,270,491

9,761,407

9,929,059

9,970,876

8,915,311

Total deposits

43,921,456

40,493,518

40,335,728

40,496,201

38,844,360

Securities sold under agreement to repurchase

29,532

21,225

19,671

23,616

16,964

Other short-term borrowings

925,000

1,575,000

235,000

—

3,500,000

Subordinated and long-term borrowings

1,330,657

1,430,674

560,690

10,706

225,823

Other liabilities

992,611

942,140

873,664

918,984

1,044,923

Total Liabilities

47,199,256

44,462,557

42,024,753

41,449,507

43,632,070

SHAREHOLDERS' EQUITY

Preferred stock

166,993

166,993

166,993

166,993

166,993

Common stock

465,768

465,768

460,116

458,819

455,788

Capital surplus

2,813,356

2,805,171

2,736,799

2,742,913

2,729,440

Accumulated other comprehensive loss

(493,782)

(576,157)

(621,203)

(694,495)

(590,342)

Retained earnings

3,130,761

3,054,508

2,975,836

2,895,453

2,810,984

Total Shareholders' Equity

6,083,096

5,916,283

5,718,541

5,569,683

5,572,863

Total Liabilities & Shareholders' Equity

$    53,282,352

$    50,378,840

$    47,743,294

$    47,019,190

$    49,204,933

Table 5

Consolidated Quarterly Average Balance Sheets

(Unaudited)

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

ASSETS

Cash and due from banks

$         731,455

$         526,612

$         560,581

$         490,161

$         435,569

Interest bearing deposits with other banks and Federal funds sold

1,845,618

1,017,815

1,275,153

1,698,300

2,210,277

Available for sale securities, at fair value

10,171,253

8,814,463

7,302,172

7,636,683

7,915,636

Loans and leases, net of unearned income

36,623,037

34,762,808

33,944,416

33,461,931

33,279,819

Allowance for credit losses

481,059

467,521

465,332

465,971

469,919

Net loans and leases

36,141,978

34,295,287

33,479,084

32,995,960

32,809,900

Loans held for sale, at fair value

167,634

146,191

115,261

123,211

134,313

Premises and equipment, net

853,598

793,793

785,194

796,394

807,353

Goodwill

1,515,771

1,379,076

1,366,923

1,366,923

1,366,923

Other intangible assets, net

130,434

81,845

81,527

85,323

89,262

Bank-owned life insurance

767,234

662,909

652,689

651,166

650,307

Other assets

2,027,999

1,638,705

1,516,847

1,419,417

1,384,437

Total Assets

$    54,352,974

$    49,356,696

$    47,135,431

$    47,263,538

$    47,803,977

LIABILITIES

Deposits:

Demand: Noninterest bearing

$    10,040,670

$      8,494,542

$      8,339,414

$      8,676,765

$      8,616,534

Interest bearing

20,264,338

18,799,895

19,428,376

18,845,689

18,043,686

 Savings

3,143,880

2,646,190

2,607,366

2,573,961

2,584,761

 Time deposits

11,410,274

9,956,973

9,978,136

9,646,809

8,389,472

Total deposits

44,859,162

39,897,600

40,353,292

39,743,224

37,634,453

Securities sold under agreement to repurchase

24,193

18,499

22,956

18,053

32,375

Other short-term borrowings

1,122,185

1,419,615

108,389

905,815

3,512,218

Subordinated and long-term borrowings

1,429,577

1,338,059

129,030

123,442

265,790

Other liabilities

935,740

855,842

870,172

883,643

938,315

Total Liabilities

48,370,857

43,529,615

41,483,839

41,674,177

42,383,151

SHAREHOLDERS' EQUITY

Preferred stock

166,993

166,993

166,993

166,993

166,993

Common stock

465,768

463,937

458,830

457,798

455,954

Capital surplus

2,807,539

2,779,736

2,744,442

2,735,323

2,725,581

Accumulated other comprehensive loss

(565,609)

(616,527)

(663,883)

(634,307)

(703,619)

Retained earnings

3,107,426

3,032,942

2,945,210

2,863,554

2,775,917

Total Shareholders' Equity

5,982,117

5,827,081

5,651,592

5,589,361

5,420,826

Total Liabilities & Shareholders' Equity

$    54,352,974

$    49,356,696

$    47,135,431

$    47,263,538

$    47,803,977

Table 6

Consolidated Statements of Income

(Unaudited)

Quarter Ended

Year-to-date

(Dollars in thousands, except per share data)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

INTEREST REVENUE:

Loans and leases

$        588,570

$        549,691

$        530,050

$        540,147

$        555,862

$  1,668,311

$  1,624,487

Available for sale securities:

Taxable

86,144

72,355

53,232

57,476

59,732

211,731

185,989

Tax-exempt

5,952

634

629

635

638

7,215

1,963

Loans held for sale

1,758

1,736

1,449

1,694

1,630

4,943

4,467

Short-term investments

22,219

11,183

13,897

20,369

29,851

47,299

110,130

Total interest revenue

704,643

635,599

599,257

620,321

647,713

1,939,499

1,927,036

INTEREST EXPENSE:

Interest bearing demand deposits and money market accounts

136,105

125,874

128,831

135,965

142,179

390,810

437,861

Savings

5,378

3,747

3,644

3,684

3,695

12,769

11,238

Time deposits

112,720

98,721

100,900

103,785

94,944

312,341

264,786

Federal funds purchased and securities sold under agreement to repurchase

818

2,939

1,124

293

561

4,881

3,808

Short-term borrowings

11,807

12,594

317

10,779

42,003

24,718

125,656

Subordinated and long-term borrowings

14,088

13,584

1,289

1,284

2,873

28,961

12,003

Total interest expense

280,916

257,459

236,105

255,790

286,255

774,480

855,352

Net interest revenue

423,727

378,140

363,152

364,531

361,458

1,165,019

1,071,684

Provision for credit losses

32,000

31,000

20,000

15,000

12,000

83,000

56,000

Net interest revenue, after provision for credit losses

391,727

347,140

343,152

349,531

349,458

1,082,019

1,015,684

NONINTEREST REVENUE:

Wealth management

24,515

25,298

23,279

23,973

24,110

73,092

70,949

Deposit service charges

19,047

18,061

17,736

18,694

18,814

54,844

54,803

Credit card, debit card and merchant fees

13,484

12,972

11,989

12,664

12,649

38,445

37,581

Mortgage banking

4,469

8,711

6,638

3,554

1,133

19,818

13,749

Security gains (losses), net

4,311

—

(9)

(3)

(2,947)

4,302

(2,960)

Other noninterest income

27,652

33,139

25,754

27,283

32,142

86,545

96,223

Total noninterest revenue

93,478

98,181

85,387

86,165

85,901

277,046

270,345

NONINTEREST EXPENSE:

Salaries and employee benefits

173,485

157,340

152,972

152,381

152,237

483,797

456,926

Occupancy and equipment

31,892

30,039

28,477

27,275

28,894

90,408

86,901

Data processing and software

36,120

30,701

27,132

33,226

29,164

93,953

88,658

Deposit insurance assessments

10,037

8,571

8,643

8,284

7,481

27,251

31,637

Amortization of intangibles

7,539

4,046

3,668

3,904

3,933

15,253

11,998

Merger expense

19,789

2,179

315

—

—

22,283

—

Other noninterest expense

41,384

39,987

38,142

41,116

37,729

119,513

103,223

Total noninterest expense

320,246

272,863

259,349

266,186

259,438

852,458

779,343

Income before income taxes

164,959

172,458

169,190

169,510

175,921

506,607

506,686

Income tax expense

35,110

37,813

35,968

36,795

39,482

108,891

115,797

Net income

129,849

134,645

133,222

132,715

136,439

397,716

390,889

Less: Preferred dividends

2,372

4,744

2,372

2,372

2,372

9,488

7,116

Net income available to common shareholders

$       127,477

$       129,901

$       130,850

$       130,343

$       134,067

$    388,228

$    383,773

Diluted earnings per common share

$             0.67

$             0.69

$             0.70

$             0.70

$             0.72

$          2.07

$          2.07

Table 7

Selected Loan and Lease Portfolio Data

(Unaudited)

Quarter Ended

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

LOAN AND LEASE PORTFOLIO:

Commercial and industrial

Non-real estate

$     9,239,690

$     9,049,094

$     8,688,653

$     8,670,529

$     8,692,639

Owner occupied

5,291,566

4,762,408

4,667,477

4,665,015

4,557,723

Total commercial and industrial

14,531,256

13,811,502

13,356,130

13,335,544

13,250,362

Commercial real estate

Construction, acquisition and development

3,338,413

3,464,124

3,723,408

3,909,184

3,931,821

Income producing

7,071,911

7,025,539

6,268,456

6,015,773

5,978,695

Total commercial real estate

10,410,324

10,489,663

9,991,864

9,924,957

9,910,516

Consumer

Residential mortgages

11,604,742

10,951,618

10,498,320

10,267,883

9,933,222

Other consumer

255,514

212,398

205,296

213,371

209,872

Total consumer

11,860,256

11,164,016

10,703,616

10,481,254

10,143,094

Total loans and leases, net of unearned income

$   36,801,836

$   35,465,181

$   34,051,610

$   33,741,755

$   33,303,972

NONPERFORMING ASSETS

Nonperforming Loans and Leases

Commercial and industrial

Non-real estate

$          83,090

$        123,960

$        118,078

$        145,115

$        148,267

Owner occupied

20,067

18,158

18,988

16,904

15,127

Total commercial and industrial

103,157

142,118

137,066

162,019

163,394

Commercial real estate

Construction, acquisition and development

2,099

9,307

8,768

8,600

2,034

Income producing

50,595

4,379

8,021

18,542

25,112

Total commercial real estate

52,694

13,686

16,789

27,142

27,146

Consumer

Residential mortgages

93,608

75,076

81,803

75,287

82,191

Other consumer

363

363

294

244

223

Total consumer

93,971

75,439

82,097

75,531

82,414

Total nonperforming loans and leases (1)

$        249,822

$        231,243

$        235,952

$        264,692

$        272,954

Other real estate owned and repossessed assets

16,250

15,599

8,452

5,754

5,354

Total nonperforming assets

$        266,072

$        246,842

$        244,404

$        270,446

$        278,308

Government guaranteed portion of nonaccrual loans and
leases covered by the SBA, FHA, VA or USDA

$          45,401

$          94,046

$          84,339

$          89,906

$          81,632

Loans and leases 90+ days past due, still accruing

$          42,598

$            5,208

$            8,832

$          13,126

$          11,757

(1)     At September 30, 2025, NPL does not include nonperforming loans held for sale of $0.3 million.

Table 8

Allowance for Credit Losses

(Unaudited)

Quarter Ended

(Dollars in thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

ALLOWANCE FOR CREDIT LOSSES:

Balance, beginning of period

$      474,651

$      457,791

$      460,793

$      460,859

$      470,022

Charge-offs:

Commercial and industrial

(22,324)

(18,147)

(21,284)

(15,116)

(21,620)

Commercial real estate

(391)

(3,740)

(1,382)

(167)

(222)

Consumer

(3,653)

(3,438)

(3,062)

(2,679)

(2,681)

Total loans charged-off

(26,368)

(25,325)

(25,728)

(17,962)

(24,523)

Recoveries:

Commercial and industrial

1,812

3,191

1,822

2,613

1,647

Commercial real estate

129

110

83

549

65

Consumer

826

809

821

734

648

Total recoveries

2,767

4,110

2,726

3,896

2,360

Net charge-offs

(23,601)

(21,215)

(23,002)

(14,066)

(22,163)

Initial allowance on loans purchased with credit deterioration

15,149

8,075

—

—

—

Provision:

Loans and leases acquired during the quarter

5,519

4,152

—

—

—

     Provision for credit losses related to loans and leases

24,481

25,848

20,000

14,000

13,000

Total provision for loans and leases

30,000

30,000

20,000

14,000

13,000

Balance, end of period

$      496,199

$      474,651

$      457,791

$      460,793

$      460,859

Average loans and leases, net of unearned income, for period

$ 36,623,037

$ 34,762,808

$ 33,944,416

$ 33,461,931

$ 33,279,819

Ratio: Net charge-offs to average loans and leases (2)

0.26 %

0.24 %

0.27 %

0.17 %

0.26 %

RESERVE FOR UNFUNDED COMMITMENTS (1)

Balance, beginning of period

$          9,551

$          8,551

$          8,551

$          7,551

$          8,551

Provision (reversal) for credit losses for unfunded commitments

2,000

1,000

—

1,000

(1,000)

Balance, end of period

$        11,551

$          9,551

$          8,551

$          8,551

$          7,551

(1)     The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.

(2)     Annualized. 

Table 9

Loan and Lease Portfolio by Grades

(Unaudited)

September 30, 2025

(In thousands)

Pass

Special
Mention

Substandard

Doubtful

Impaired

Purchased
Credit
Deteriorated
(Loss)

Total

LOAN AND LEASE PORTFOLIO:

Commercial and industrial

Non-real estate

$   8,733,898

$   154,131

$     296,848

$      8,183

$      31,373

$       15,257

$  9,239,690

Owner occupied

5,217,614

15,251

53,587

—

4,641

473

5,291,566

Total commercial and industrial

13,951,512

169,382

350,435

8,183

36,014

15,730

14,531,256

Commercial real estate

Construction, acquisition and development

3,307,750

27,265

3,332

—

66

—

3,338,413

Income producing

6,802,210

98,974

169,090

—

862

775

7,071,911

Total commercial real estate

10,109,960

126,239

172,422

—

928

775

10,410,324

Consumer

Residential mortgages

11,486,319

9,167

105,076

—

2,836

1,344

11,604,742

Other consumer

254,917

—

597

—

—

—

255,514

Total consumer

11,741,236

9,167

105,673

—

2,836

1,344

11,860,256

Total loans and leases, net of unearned income

$ 35,802,708

$   304,788

$     628,530

$      8,183

$      39,778

$       17,849

$  36,801,836

June 30, 2025

(In thousands)

Pass

Special
Mention

Substandard

Doubtful

Impaired

Purchased
Credit
Deteriorated
(Loss)

Total

LOAN AND LEASE PORTFOLIO:

Commercial and industrial

Non-real estate

$ 8,516,718

$   157,279

$     344,254

$      8,369

$      19,112

$         3,362

$  9,049,094

Owner occupied

4,719,527

7,886

28,021

—

6,974

—

4,762,408

Total commercial and industrial

13,236,245

165,165

372,275

8,369

26,086

3,362

13,811,502

Commercial real estate

Construction, acquisition and development

3,452,247

1,634

4,400

—

5,843

—

3,464,124

Income producing

6,776,961

53,088

188,979

—

2,218

4,293

7,025,539

Total commercial real estate

10,229,208

54,722

193,379

—

8,061

4,293

10,489,663

Consumer

Residential mortgages

10,847,867

9,008

89,257

—

4,075

1,411

10,951,618

Other consumer

211,722

—

676

—

—

—

212,398

Total consumer

11,059,589

9,008

89,933

—

4,075

1,411

11,164,016

Total loans and leases, net of unearned income

$  34,525,042

$   228,895

$     655,587

$      8,369

$      38,222

$         9,066

$  35,465,181

Table 10

Geographical Loan and Lease Information

(Unaudited)

September 30, 2025

(Dollars in thousands)

Alabama

Arkansas

Florida

Georgia

Louisiana

Mississippi

Missouri

Tennessee

Texas

Other

Total

LOAN AND LEASE PORTFOLIO:

Commercial and industrial

Non-real estate

$  462,300

$  175,539

$  550,774

$  478,906

$  371,130

$  582,184

$    73,942

$  311,110

$   3,815,423

$  2,418,382

$   9,239,690

Owner occupied

321,662

257,437

332,609

456,553

296,228

589,168

99,740

161,689

2,229,387

547,093

5,291,566

Total commercial and industrial

783,962

432,976

883,383

935,459

667,358

1,171,352

173,682

472,799

6,044,810

2,965,475

14,531,256

Commercial real estate

Construction, acquisition and development

212,199

74,828

161,397

343,712

63,750

173,564

40,826

145,668

1,689,811

432,658

3,338,413

Income producing

450,073

266,511

678,157

992,713

231,125

406,276

222,229

341,344

2,566,690

916,793

7,071,911

Total commercial real estate

662,272

341,339

839,554

1,336,425

294,875

579,840

263,055

487,012

4,256,501

1,349,451

10,410,324

Consumer

Residential mortgages

1,357,455

457,332

733,156

535,352

504,138

1,270,904

230,107

906,977

5,345,855

263,466

11,604,742

Other consumer

28,584

18,555

5,723

8,981

10,225

82,164

1,400

16,397

77,447

6,038

255,514

Total consumer

1,386,039

475,887

738,879

544,333

514,363

1,353,068

231,507

923,374

5,423,302

269,504

11,860,256

Total loans and leases, net of unearned income

$2,832,273

$  1,250,202

$  2,461,816

$  2,816,217

$  1,476,596

$  3,104,260

$  668,244

$  1,883,185

$  15,724,613

$  4,584,430

$36,801,836

Loan (decline) growth, excluding loans acquired during the quarter ($)

$    (8,230)

$    36,115

$  (56,732)

$    23,615

$    11,494

$    24,542

$      2,636

$      2,111

$  336,407

$  (43,521)

$  328,437

Loan (decline) growth, excluding loans acquired during the quarter (%) (annualized)

(1.15) %

11.80 %

(8.94) %

3.35 %

3.11 %

3.16 %

1.57 %

0.45 %

9.27 %

(3.75) %

3.67 %

June 30, 2025

(Dollars in thousands)

Alabama

Arkansas

Florida

Georgia

Louisiana

Mississippi

Missouri

Tennessee

Texas

Other

Total

LOAN AND LEASE PORTFOLIO:

Commercial and industrial

Non-real estate

$      461,841

$      150,416

$      578,930

$      463,910

$      380,995

$      566,433

$        73,659

$      335,082

$   3,560,172

$   2,477,656

$   9,049,094

Owner occupied

327,424

247,534

306,486

412,620

288,772

591,957

99,690

157,107

1,861,471

469,347

4,762,408

Total commercial and industrial

789,265

397,950

885,416

876,530

669,767

1,158,390

173,349

492,189

5,421,643

2,947,003

13,811,502

Commercial real estate

Construction, acquisition and development

223,889

67,466

234,381

359,066

60,759

167,989

39,054

179,527

1,671,287

460,706

3,464,124

Income producing

475,388

278,193

673,011

1,021,286

229,432

415,358

220,172

327,886

2,459,308

925,505

7,025,539

Total commercial real estate

699,277

345,659

907,392

1,380,352

290,191

583,347

259,226

507,413

4,130,595

1,386,211

10,489,663

Consumer

Residential mortgages

1,324,421

451,893

720,256

526,537

494,173

1,253,916

231,680

864,729

4,816,298

267,715

10,951,618

Other consumer

27,540

18,585

5,066

9,182

10,739

84,064

1,353

16,712

33,853

5,304

212,398

Total consumer

1,351,961

470,478

725,322

535,719

504,912

1,337,980

233,033

881,441

4,850,151

273,019

11,164,016

Total loans and leases, net of unearned income

$   2,840,503

$   1,214,087

$   2,518,130

$   2,792,601

$   1,464,870

$   3,079,717

$      665,608

$   1,881,043

$ 14,402,389

$   4,606,233

$ 35,465,181

Table 11

Noninterest Revenue and Expense

(Unaudited)

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

NONINTEREST REVENUE:

Trust and asset management income

$       11,948

$       13,227

$       11,823

$       12,485

$       12,055

$       36,998

$       36,023

Investment advisory fees

9,314

8,970

8,454

8,502

8,641

26,738

25,157

Brokerage and annuity fees

3,253

3,101

3,002

2,986

3,414

9,356

9,769

Deposit service charges

19,047

18,061

17,736

18,694

18,814

54,844

54,803

Credit card, debit card and merchant fees

13,484

12,972

11,989

12,664

12,649

38,445

37,581

Mortgage banking excl. MSR and MSR hedge market value adjustment

9,208

10,734

9,743

6,293

8,171

29,685

27,162

MSR and MSR hedge market value adjustment

(4,739)

(2,023)

(3,105)

(2,739)

(7,038)

(9,867)

(13,413)

Security gains (losses), net

4,311

—

(9)

(3)

(2,947)

4,302

(2,960)

Bank-owned life insurance

5,093

6,812

5,202

5,046

4,353

17,107

12,670

Other miscellaneous income

22,559

26,327

20,552

22,237

27,789

69,438

83,553

Total noninterest revenue

$       93,478

$       98,181

$       85,387

$       86,165

$       85,901

$     277,046

$     270,345

NONINTEREST EXPENSE:

Salaries and employee benefits

$     173,485

$     157,340

$     152,972

$     152,381

$     152,237

$     483,797

$     456,926

Occupancy and equipment

31,892

30,039

28,477

27,275

28,894

90,408

86,901

Data processing and software

36,120

30,701

27,132

33,226

29,164

93,953

88,658

Deposit insurance assessments

10,037

8,571

8,643

8,284

7,481

27,251

31,637

Amortization of intangibles

7,539

4,046

3,668

3,904

3,933

15,253

11,998

Merger expense

19,789

2,179

315

—

—

22,283

—

Advertising and public relations

6,939

7,304

4,157

5,870

5,481

18,400

16,241

Foreclosed property expense

1,294

757

864

621

486

2,915

1,269

Telecommunications

1,520

1,330

1,512

1,359

1,513

4,362

4,498

Travel and entertainment

3,004

2,829

2,436

2,618

2,612

8,271

7,397

Professional, consulting and outsourcing

3,025

4,043

4,733

4,540

4,115

11,801

11,584

Legal

4,463

8,111

3,559

4,176

3,664

16,133

8,104

Postage and shipping

2,026

1,797

1,773

1,624

1,677

5,597

5,504

Other miscellaneous expense

19,113

13,816

19,108

20,308

18,181

52,034

48,626

Total noninterest expense

$     320,246

$     272,863

$     259,349

$     266,186

$     259,438

$     852,458

$     779,343

Table 12

Average Balance and Yields

(Unaudited)

Quarter Ended

September 30, 2025

June 30, 2025

September 30, 2024

(Dollars in thousands)

Average

Balance

Income/
Expense

Yield/

Rate

Average

Balance

Income/
Expense

Yield/

Rate

Average

Balance

Income/
Expense

Yield/

Rate

ASSETS

Interest-earning assets:

Loans and leases, excluding accretion

$ 36,623,037

$   583,537

6.32 %

$  34,762,808

$   547,514

6.32 %

$ 33,279,819

$   553,394

6.62 %

Accretion income on acquired loans

5,519

0.06

2,645

0.03

2,992

0.04

Loans held for sale

167,634

1,758

4.16

146,191

1,736

4.76

134,313

1,630

4.83

Investment securities

Taxable

9,644,752

86,144

3.54

8,736,627

72,355

3.32

7,834,596

59,732

3.03

Tax-exempt

526,501

7,534

5.68

77,836

803

4.14

81,040

808

3.97

Total investment securities

10,171,253

93,678

3.65

8,814,463

73,158

3.33

7,915,636

60,540

3.04

Other investments

1,845,618

22,219

4.78

1,017,815

11,183

4.41

2,210,277

29,851

5.37

Total interest-earning assets

48,807,542

706,711

5.74 %

44,741,277

636,236

5.70 %

43,540,045

648,407

5.92 %

Other assets

6,026,491

5,082,940

4,733,851

Allowance for credit losses

481,059

467,521

469,919

Total assets

$ 54,352,974

$  49,356,696

$ 47,803,977

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest bearing demand and money market

$ 20,264,338

$   136,105

2.66 %

$  18,799,895

$   125,874

2.69 %

$ 18,043,686

$   142,179

3.13 %

Savings deposits

3,143,880

5,378

0.68

2,646,190

3,747

0.57

2,584,761

3,695

0.57

Time deposits

11,410,274

112,720

3.92

9,956,973

98,721

3.98

8,389,472

94,944

4.50

Total interest-bearing deposits

34,818,492

254,203

2.90

31,403,058

228,342

2.92

29,017,919

240,818

3.30

Fed funds purchased, securities sold under
agreement to repurchase and other

72,454

818

4.48

265,092

2,939

4.45

44,582

572

5.10

  Short-term FHLB borrowings

1,073,924

11,807

4.36

1,173,022

12,594

4.31

11

—

—

  Short-term BTFP borrowings

—

—

—

—

—

—

3,500,000

41,992

4.77

Subordinated and long-term borrowings

1,429,577

14,088

3.91

1,338,059

13,584

4.07

265,790

2,873

4.30

Total interest-bearing liabilities

37,394,447

280,916

2.98 %

34,179,231

257,459

3.02 %

32,828,302

286,255

3.47 %

Noninterest-bearing liabilities:

Demand deposits

10,040,670

8,494,542

8,616,534

Other liabilities

935,740

855,842

938,315

Total liabilities

48,370,857

43,529,615

42,383,151

Shareholders' equity

5,982,117

5,827,081

5,420,826

Total liabilities and shareholders' equity

$ 54,352,974

$  49,356,696

$ 47,803,977

Net interest income/net interest spread

425,795

2.76 %

378,777

2.68 %

362,152

2.45 %

Net yield on earning assets/net interest margin

3.46 %

3.40 %

3.31 %

Taxable equivalent adjustment:

Loans and investment securities

(2,068)

(637)

(694)

Net interest revenue

$   423,727

$   378,140

$   361,458

Table 12

Average Balance and Yields Continued

Year-To-Date

September 30, 2025

September 30, 2024

(Dollars in thousands)

Average

Balance

Income/
Expense

Yield/

Rate

Average

Balance

Income/
Expense

Yield/

Rate

ASSETS

Interest-earning assets:

Loans and leases, excluding accretion

$   35,119,899

$   1,659,002

6.32 %

$   32,988,706

$   1,616,450

6.54 %

Accretion income on acquired loans

10,726

0.04

9,489

0.04

Loans held for sale

143,221

4,943

4.61

107,109

4,467

5.57

Investment securities

Taxable

8,543,442

211,731

3.31

7,991,692

185,989

3.11

Tax-exempt

229,697

9,133

5.32

80,699

2,485

4.11

Total investment securities

8,773,139

220,864

3.37

8,072,391

188,474

3.12

Other investments

1,381,618

47,299

4.58

2,703,228

110,130

5.44

Total interest-earning assets

45,417,877

1,942,834

5.72 %

43,871,434

1,929,010

5.87 %

Other assets

5,361,623

4,813,124

Allowance for credit losses

471,362

472,972

Total assets

$   50,308,138

$   48,211,586

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest bearing demand and money market

$   19,500,598

390,810

2.68 %

$   18,703,458

$      437,861

3.13 %

Savings deposits

2,801,111

12,769

0.61

2,644,193

11,238

0.57

Time deposits

10,453,707

312,341

3.99

7,888,094

264,786

4.48

Total interest-bearing deposits

32,755,416

715,920

2.92

29,235,745

713,885

3.26

Fed funds purchased, securities sold under
agreement to repurchase and other

146,759

4,889

4.45

106,357

3,832

4.81

   Short-term FHLB borrowings

762,238

24,710

4.33

4

—

—

 Short-term BTFP borrowings

—

—

—

3,500,000

125,632

4.79

Subordinated and long-term borrowings

970,319

28,961

3.99

367,826

12,003

4.36

Total interest-bearing liabilities

34,634,732

774,480

2.99 %

33,209,932

855,352

3.44 %

Noninterest-bearing liabilities:

Demand deposits

8,964,440

8,814,668

Other liabilities

887,492

912,407

Total liabilities

44,486,664

42,937,007

Shareholders' equity

5,821,474

5,274,579

Total liabilities and shareholders' equity

$   50,308,138

$   48,211,586

Net interest income/net interest spread

1,168,354

2.73 %

1,073,658

2.43 %

Net yield on earning assets/net interest margin

3.44 %

3.27 %

Taxable equivalent adjustment:

Loans and investment securities

(3,335)

(1,974)

Net interest revenue

$   1,165,019

$   1,071,684

Table 13

Selected Additional Data

(Unaudited)

Quarter Ended

(Dollars in thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

MORTGAGE SERVICING RIGHTS ("MSR"):

Fair value, beginning of period

$      111,624

$    110,969

$     114,594

$     104,891

$    113,595

Originations of servicing assets

3,844

3,732

2,796

4,227

3,361

Changes in fair value:

Due to changes in valuation inputs or assumptions(1)

(1,254)

(2,468)

(4,447)

9,193

(8,232)

Other changes in fair value(2)

(3,719)

(609)

(1,974)

(3,717)

(3,833)

Fair value, end of period

$      110,495

$    111,624

$     110,969

$     114,594

$    104,891

MORTGAGE BANKING REVENUE:

Origination

$          2,753

$        4,362

$         3,402

$            332

$        2,145

Servicing

6,455

6,372

6,341

5,961

6,026

Total mortgage banking revenue excluding MSR

9,208

10,734

9,743

6,293

8,171

Due to changes in valuation inputs or assumptions(1)

(1,254)

(2,468)

(4,447)

9,193

(8,232)

Other changes in fair value(2)

(3,719)

(609)

(1,974)

(3,717)

(3,833)

Market value adjustment on MSR Hedge

234

1,054

3,316

(8,215)

5,027

Total mortgage banking revenue

$          4,469

$        8,711

$         6,638

$         3,554

$        1,133

Mortgage loans serviced

$   8,346,802

$ 8,216,970

$  8,111,379

$  8,043,306

$ 7,927,028

MSR/mortgage loans serviced

1.32 %

1.36 %

1.37 %

1.42 %

1.32 %

(1)     Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates.

(2)     Primarily reflects changes due to realized cash flows.

Quarter Ended

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

AVAILABLE FOR SALE SECURITIES, at fair value

Obligations of U.S. government agencies

$         254,678

$         266,905

$         274,285

$         281,231

$         300,730

Mortgage-backed securities issued or guaranteed by U.S. agencies ("MBS"):

Residential pass-through:

Guaranteed by GNMA

63,756

64,464

66,149

66,581

71,001

Issued by FNMA and FHLMC

4,863,136

4,166,316

4,024,678

3,965,556

4,163,760

Other residential mortgage-back securities

2,742,699

2,389,062

1,564,928

934,721

1,135,004

Commercial mortgage-backed securities

1,466,878

1,455,638

1,486,525

1,549,641

1,664,288

Total MBS

9,136,469

8,075,480

7,142,280

6,516,499

7,034,053

Obligations of states and political subdivisions

125,478

131,335

129,822

132,069

137,996

Other domestic debt securities

29,703

45,999

48,422

47,402

51,599

Foreign debt securities

70,061

317,681

317,350

316,787

317,307

Total available for sale securities

$      9,616,389

$      8,837,400

$      7,912,159

$      7,293,988

$      7,841,685

Table 14
Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions
(Unaudited)

Management evaluates the Company's capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted net income, adjusted net income available to common shareholders, pre-tax pre-provision net revenue, adjusted pre-tax pre-provision net revenue, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders' equity to tangible assets, total shareholders' equity (excluding AOCI), common shareholders' equity (excluding AOCI), tangible common shareholders' equity to tangible assets (excluding AOCI), return on average tangible common equity, adjusted return on average tangible common equity, adjusted return on average assets, adjusted return on average common shareholders' equity, adjusted return on average common shareholders' equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio, and adjusted dividend payout ratio. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company's capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company's business and (iii) allows investors to evaluate the Company's performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies' non-GAAP financial measures having the same or similar names.

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Adjusted Net Income Available to Common Shareholders

Net income

$      129,849

$      134,645

$      133,222

$      132,715

$      136,439

$      397,716

$      390,889

Plus: Merger expense

19,789

2,179

315

—

—

22,283

—

Incremental merger related expense

8,226

616

55

—

—

8,897

—

Initial provision for acquired loans

5,519

4,182

—

—

—

9,701

—

Gain on extinguishment of debt

—

—

—

—

—

—

(1,674)

Restructuring and other nonroutine expenses

(950)

(300)

351

(505)

(920)

(899)

6,006

Less: Security gains (losses), net

4,311

—

(9)

(3)

(2,947)

4,302

(2,960)

Loss on fair value hedge termination

(4,290)

—

—

—

—

(4,290)

—

Gain on sale of businesses

—

—

—

—

—

—

14,980

Nonroutine losses, net

(51)

—

—

—

—

(51)

—

Tax effect of the adjustments

7,286

1,483

172

(118)

476

8,940

(1,807)

Adjusted net income

155,177

139,839

133,780

132,331

137,990

428,797

385,008

Less: Preferred dividends

2,372

4,744

2,372

2,372

2,372

9,488

7,116

Plus: Special preferred dividends

—

2,372

—

—

—

2,372

—

Adjusted net income available to common shareholders

$      152,805

$      137,467

$      131,408

$      129,959

$      135,618

$      421,681

$      377,892

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Pre-Tax Pre-Provision Net Revenue

Net income

$      129,849

$      134,645

$      133,222

$      132,715

$      136,439

$      397,716

$      390,889

Plus:   Provision for credit losses

32,000

31,000

20,000

15,000

12,000

83,000

56,000

Income tax expense

35,110

37,813

35,968

36,795

39,482

108,891

115,797

Pre-tax pre-provision net revenue

$      196,959

$      203,458

$      189,190

$      184,510

$      187,921

$      589,607

$      562,686

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Adjusted Pre-Tax Pre-Provision Net Revenue

Net income

$      129,849

$      134,645

$      133,222

$      132,715

$      136,439

$      397,716

$      390,889

Plus:   Provision for credit losses

32,000

31,000

20,000

15,000

12,000

83,000

56,000

Merger expense

19,789

2,179

315

—

—

22,283

—

Incremental merger related expense

8,226

616

55

—

—

8,897

—

Gain on extinguishment of debt

—

—

—

—

—

—

(1,674)

Restructuring and other nonroutine expenses

(950)

(300)

351

(505)

(920)

(899)

6,006

Income tax expense

35,110

37,813

35,968

36,795

39,482

108,891

115,797

Less:   Security gains (losses), net

4,311

—

(9)

(3)

(2,947)

4,302

(2,960)

Loss on fair value hedge termination

(4,290)

—

—

—

—

(4,290)

—

Gain on sale of businesses

—

—

—

—

—

—

14,980

Nonroutine losses, net

(51)

—

—

—

—

(51)

—

Adjusted pre-tax pre-provision net revenue

$      224,054

$      205,953

$      189,920

$      184,008

$      189,948

$      619,927

$      554,998

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Total Adjusted Revenue

Net interest revenue

$      423,727

$      378,140

$      363,152

$      364,531

$      361,458

$   1,165,019

$   1,071,684

Total Adjusted Noninterest Revenue

Total noninterest revenue

$        93,478

$        98,181

$        85,387

$        86,165

$        85,901

$      277,046

$      270,345

Less:   Security gains (losses), net

4,311

—

(9)

(3)

(2,947)

4,302

(2,960)

Loss on fair value hedge termination

(4,290)

—

—

—

—

(4,290)

—

Gain on sale of businesses

—

—

—

—

—

—

14,980

Nonroutine losses, net

(51)

—

—

—

—

(51)

—

Total adjusted noninterest revenue

$        93,508

$        98,181

$        85,396

$        86,168

$        88,848

$      277,085

$      258,325

Total adjusted revenue

$      517,235

$      476,321

$      448,548

$      450,699

$      450,306

$   1,442,104

$   1,330,009

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Total Adjusted Noninterest Expense

Total noninterest expense

$      320,246

$      272,863

$      259,349

$      266,186

$      259,438

$      852,458

$      779,343

Less:   Merger expense

19,789

2,179

315

—

—

22,283

—

Incremental merger related expense

8,226

616

55

—

—

8,897

—

Gain on extinguishment of debt

—

—

—

—

—

—

(1,674)

Restructuring and other nonroutine expenses

(950)

(300)

351

(505)

(920)

(899)

6,006

Total adjusted noninterest expense

$      293,181

$      270,368

$      258,628

$      266,691

$      260,358

$      822,177

$      775,011

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

Total Tangible Assets, Excluding AOCI

Total assets

$  53,282,352

$  50,378,840

$  47,743,294

$  47,019,190

$  49,204,933

$  53,282,352

$  49,204,933

Less:  Goodwill

1,515,771

1,387,990

1,366,923

1,366,923

1,366,923

1,515,771

1,366,923

Other intangible assets, net

149,039

87,814

79,522

83,190

87,094

149,039

87,094

Total tangible assets

51,617,542

48,903,036

46,296,849

45,569,077

47,750,916

51,617,542

47,750,916

Less: AOCI

(493,782)

(576,157)

(621,203)

(694,495)

(590,342)

(493,782)

(590,342)

Total tangible assets, excluding AOCI

$  52,111,324

$  49,479,193

$  46,918,052

$  46,263,572

$  48,341,258

$  52,111,324

$  48,341,258

Quarter Ended

Year-to-date

(In thousands)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

PERIOD END BALANCES:

Total Shareholders' Equity, Excluding AOCI

Total shareholders' equity

$6,083,096

$5,916,283

$5,718,541

$5,569,683

$5,572,863

$6,083,096

$5,572,863

Less: AOCI

(493,782)

(576,157)

(621,203)

(694,495)

(590,342)

(493,782)

(590,342)

Total shareholders' equity, excluding AOCI

$6,576,878

$6,492,440

$6,339,744

$6,264,178

$6,163,205

$6,576,878

$6,163,205

Common Shareholders' Equity, Excluding AOCI

Total shareholders' equity

$6,083,096

$5,916,283

$5,718,541

$5,569,683

$5,572,863

$6,083,096

$5,572,863

Less: preferred stock

166,993

166,993

166,993

166,993

166,993

166,993

166,993

Common shareholders' equity

5,916,103

5,749,290

5,551,548

5,402,690

5,405,870

5,916,103

5,405,870

Less: AOCI

(493,782)

(576,157)

(621,203)

(694,495)

(590,342)

(493,782)

(590,342)

Common shareholders' equity, excluding AOCI

$6,409,885

$6,325,447

$6,172,751

$6,097,185

$5,996,212

$6,409,885

$5,996,212

Total Tangible Common Shareholders' Equity, Excluding AOCI

Total shareholders' equity

$6,083,096

$5,916,283

$5,718,541

$5,569,683

$5,572,863

$6,083,096

$5,572,863

Less:  Goodwill

1,515,771

1,387,990

1,366,923

1,366,923

1,366,923

1,515,771

1,366,923

Other intangible assets, net

149,039

87,814

79,522

83,190

87,094

149,039

87,094

Preferred stock

166,993

166,993

166,993

166,993

166,993

166,993

166,993

Total tangible common shareholders' equity

4,251,293

4,273,486

4,105,103

3,952,577

3,951,853

4,251,293

3,951,853

Less: AOCI

(493,782)

(576,157)

(621,203)

(694,495)

(590,342)

(493,782)

(590,342)

Total tangible common shareholders' equity, excluding AOCI

$4,745,075

$4,849,643

$4,726,306

$4,647,072

$4,542,195

$4,745,075

$4,542,195

Quarter Ended

Year-to-date

(Dollars in thousands, except per share data)

Sep 2025

Jun 2025

Mar 2025

Dec 2024

Sep 2024

Sep 2025

Sep 2024

AVERAGE BALANCES:

Total Tangible Common Shareholders' Equity

Total shareholders' equity

$5,982,117

$5,827,081

$5,651,592

$5,589,361

$5,420,826

$5,821,474

$5,274,579

Less:   Goodwill

1,515,771

1,379,076

1,366,923

1,366,923

1,366,923

1,421,135

1,367,354

Other intangible assets, net

130,434

81,845

81,527

85,323

89,262

98,114

93,769

Preferred stock

166,993

166,993

166,993

166,993

166,993

166,993

166,993

Total tangible common shareholders' equity

$4,168,919

$4,199,167

$4,036,149

$3,970,122

$3,797,648

$4,135,232

$3,646,463

Total average assets

$54,352,974

$49,356,696

$47,135,431

$47,263,538

$47,803,977

$50,308,138

$48,211,586

Total shares of common stock outstanding

186,307,016

186,307,016

184,046,420

183,527,575

182,315,142

186,307,016

182,315,142

Average shares outstanding-diluted

189,053,254

187,642,873

186,121,979

186,038,243

185,496,110

187,616,202

185,443,201

Tangible common shareholders' equity to tangible assets (1)

8.24 %

8.74 %

8.87 %

8.67 %

8.28 %

8.24 %

8.28 %

Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (2)

9.11

9.80

10.07

10.04

9.40

9.11

9.40

Return on average tangible common equity (3)

12.13

12.41

13.15

13.06

14.04

12.55

14.06

Adjusted return on average tangible common equity (4)

14.54

13.13

13.20

13.02

14.21

13.63

13.84

Adjusted return on average assets (5)

1.13

1.14

1.15

1.11

1.15

1.14

1.07

Adjusted return on average common shareholders' equity (6)

10.43

9.74

9.72

9.53

10.27

9.97

9.88

Pre-tax pre-provision net revenue to total average assets (7)

1.44

1.65

1.63

1.55

1.56

1.57

1.56

Adjusted pre-tax pre-provision net revenue to total average assets (8)

1.64

1.67

1.63

1.55

1.58

1.65

1.54

Tangible book value per common share (9)

$      22.82

$      22.94

$      22.30

$      21.54

$      21.68

$      22.82

$      21.68

Tangible book value per common share, excluding AOCI (10)

25.47

26.03

25.68

25.32

24.91

25.47

24.91

Adjusted earnings per common share (11)

$       0.81

$       0.73

$       0.71

$       0.70

$       0.73

$       2.25

$       2.04

Adjusted dividend payout ratio (12)

33.95 %

37.67 %

38.73 %

35.71 %

34.25 %

36.67 %

36.76 %

Definitions of Non-GAAP Measures:

(1)

Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net.

(2)

Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.

(3)

Return on average tangible common equity is defined by the Company as annualized net income available to common shareholders divided by average tangible common shareholders equity.

(4)

Adjusted return on average tangible common equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity.

(5)

Adjusted return on average assets is defined by the Company as annualized net adjusted income divided by total average assets.

(6)

Adjusted return on average common shareholders' equity is defined by the Company as annualized net adjusted income available to common shareholders divided by average common shareholders' equity.

(7)

Pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue divided by total average assets.

(8)

Adjusted pre-tax pre-provision net revenue to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for items included in the definition and calculation of adjusted income.

(9)

Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding.

(10)

Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding.

(11)

Adjusted earnings per common share is defined by the Company as net adjusted income available to common shareholders divided by average common shares outstanding-diluted.

(12)

Adjusted dividend payout ratio is defined by the Company as common share dividends divided by net adjusted income available to common shareholders.

Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions

The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management's internal evaluation of the Company's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense.

SOURCE Cadence Bank

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