ASSOCIATED BANC-CORP

Previous wording

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

Current wording

•Net interest income of $677.2 million increased $91.3 million, or 16%, from the first six months of 2025, and net interest margin was 3.10%, compared to 3.01% for the first six months of 2025. The increases in net interest income and net interest margin were driven by the acquisition of American National in the second quarter of 2026 as well as organic growth in commercial and business lending alongside a mix shift in deposits to lower cost products.

Previous wording

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

Current wording

•Provision for credit losses was $30.4 million compared to $31.0 million for the first six months of 2025, driven by nominal credit movement coupled with general macroeconomic trends. Provision for credit losses was relatively unchanged from the first six months of 2025, as credit losses associated with acquired seasoned loans were largely reflected through purchase accounting following the adoption of ASU 2025-08.

Previous wording

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

Current wording

•Noninterest income of $156.3 million increased $30.5 million, or 24%, from the first six months of 2025, primarily due to higher wealth management fees and capital markets revenue in addition to the absence of a nonrecurring loss on mortgage portfolio sale recognized in the first quarter of 2025 in connection with the completion of balance sheet repositioning announced in the fourth quarter of 2024.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

•Fully tax-equivalent net interest income and net interest income increased $91.1 million and $91.3 million, or 15% and 16%, as compared to the first six months of 2025, respectively. The average yield on earning assets decreased 22 bp and the cost of interest-bearing liabilities decreased 37 bp from the first six months of 2025. The increase in net interest income was primarily driven by growth in average earning assets resulting from the American National acquisition in the second quarter of 2026. In addition, asset yields benefited from a continued focus to shift the asset mix away from lower-yielding residential mortgages toward higher-yielding commercial loans, while rates paid on interest-bearing liabilities decreased alongside a mix shift in deposits to lower cost products. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

Previous wording

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

Current wording

•Average earning assets increased $4.7 billion, or 12%, from the first six months of 2025. Average loans increased $3.3 billion, or 11%, from the first six months of 2025, driven by loans acquired from American National as well as increases in commercial and industrial, auto finance, and real estate construction loans, partially offset by a decrease in residential mortgage loans as a result of the completion of the Corporation's mortgage portfolio sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024. Average investments increased $1.4 billion, or 15%, from the first six months of 2025 due to the American National acquisition.

Previous wording

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

Current wording

• Average interest-bearing liabilities increased $3.6 billion, or 11%, compared to the first six months of 2025. Average interest-bearing deposits increased $2.4 billion, or 8% from the first six months of 2025. This was primarily driven by the acquisition of American National along with increases in other time deposits and savings, partially offset by a decrease in brokered CDs. Average total funding increased $1.3 billion, or 38%, from the first six months of 2025, primarily driven by an increase in FHLB advances to prepare for and execute the acquisition of American National and fund continued loan growth. Average noninterest-bearing demand deposits increased $889.1 million, or 16%, driven by deposits acquired from the American National acquisition and organic growth from the first six months of 2025.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

•Personnel expense increased $45.5 million from the first six months of 2025, driven by nonrecurring increases in severance and retention bonuses paired with ongoing increased salaries and annual incentive accruals primarily from the American National acquisition, and elevated health care benefit costs.

Previous wording

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $33.2 million for the three months ended March 31, 2026, compared to income tax expense of $19.4 million for the three months ended March 31, 2025. The Corporation's effective tax rate from continuing operations was 21.75% and 16.03% for the three months ended March 31, 2026, and 2025, respectively. The increase in income tax expense of $13.8 million and higher effective tax rate during the first three months of 2026 as compared to the same period of 2025 was primarily due to a reduction in the valuation allowance that occurred in the first three months of 2025, making that quarter’s tax expense lower than it otherwise would have been.

Current wording

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $68.9 million for the six months ended June 30, 2026, compared to income tax expense of $47.8 million for the six months ended June 30, 2025. The Corporation's effective tax rate from continuing operations was 22.06% and 18.34% for the six months ended June 30, 2026, and 2025, respectively. The increase in income tax expense of $21.0 million and higher effective tax rate during the first six months of 2026 as compared to the same period of 2025 were primarily due to the net impact of several discrete items from 2025 that resulted in the release of a portion of the valuation allowance, which did not reoccur in 2026. Additionally, the Corporation recognized higher net income before tax for the six months ended June 30, 2026, which reduced the relative impact of any recurring favorable rate drivers.

Previous wording

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

Current wording

•At June 30, 2026, total assets were $51.8 billion, up $6.6 billion, or 15%, from December 31, 2025.

Previous wording

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

Current wording

◦Cash and due from banks were $548.1 million at June 30, 2026, down $26.6 million, or 5%, from December 31, 2025. Interest bearing deposits in other financial institutions were $1.3 billion at June 30, 2026, up $124.3 million, or 11%, from December 31, 2025. See the Consolidated Statements of Cash Flows for detailed information on those fluctuations.

Previous wording

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

Current wording

◦Regulatory stocks of $329.4 million at June 30, 2026 were up $76.9 million, or 30%, from December 31, 2025 due to increases in FHLB advances in preparation for and execution of the the American National acquisition requiring additional purchases of FHLB stock.

Previous wording

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

Current wording

◦Loans of $36.5 billion at June 30, 2026 were up $5.3 billion, or 17%, from December 31, 2025 primarily due to the American National acquisition and continued organic growth in the commercial and industrial loan portfolio. See Note 3 Business Combinations and Note 7 Loans of the notes to consolidated financial statements and Table 5 Period End Loan Composition below for additional detail.

Previous wording

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

Current wording

•At June 30, 2026, total liabilities were $46.2 billion, up $5.9 billion, or 15%, from December 31, 2025.

Previous wording

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

Current wording

◦Federal funds purchased and securities sold under agreements to repurchase was $529.3 million at June 30, 2026, up $221.4 million, or 72%, from December 31, 2025. FHLB advances of $4.6 billion at June 30, 2026 were up $1.3 billion, or 40%, from December 31, 2025. These increases were driven by the Corporation's need for additional funding to fund the loan growth in the first half of 2026 as well as execution of the American National acquisition. See Note 9 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

Previous wording

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

Current wording

•At June 30, 2026, the loans to deposits ratio was 91.32%, up from 87.65% at December 31, 2025.

Previous wording

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

Current wording

At June 30, 2026, $24.8 billion, or 68%, of the loans outstanding and $21.2 billion, or 87%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Previous wording

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

Current wording

(a) 72% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

Previous wording

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

Current wording

(b) 63% of the total real estate exposure comes from REIT lines.

Previous wording

(c) 73% of credit intermediation and related activities exposure comes from mortgage warehouse lines.

Current wording

(c) 71% of credit intermediation and related activities exposure comes from mortgage warehouse lines.

Previous wording

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.

Current wording

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. Certain loans acquired through business combinations may not adhere to these underwriting standards. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.

Previous wording

Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's four-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2026. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.

Current wording

Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's six-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at June 30, 2026. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.

Previous wording

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.

Current wording

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. Certain loans acquired through business combinations may not adhere to these underwriting standards. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.

Previous wording

Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts.

Current wording

Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 22 states throughout the Northeast, Mid-Atlantic, Midwest, and Great Plains regions of the United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts.

Previous wording

Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

Current wording

Other consumer: Other consumer consists of credit cards, recreational vehicles, revolving credit plans, and student loans. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

Previous wording

•Total nonaccrual loans increased $10.2 million, or 10%, from December 31, 2025, and decreased $24.2 million, or 18%, from March 31, 2025. The increase from December 31, 2025 was primarily driven by increases in commercial and industrial and auto finance lending, partially offset by decreases in residential mortgage and home equity lending. The decrease from March 31, 2025 was primarily driven by decreases in CRE - investor and residential mortgage lending, partially offset by increases in commercial and industrial and auto finance lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

Current wording

•Total nonaccrual loans increased $49.5 million, or 49%, from December 31, 2025, and increased $37.0 million, or 33%, from June 30, 2025. The increase from December 31, 2025 was primarily driven by an organic increase in commercial and industrial and auto finance lending, partially offset by decreases in home equity and residential mortgage lending. Additionally, nonaccrual loans acquired from American National contributed to the increase. The increase from June 30, 2025 was primarily driven by nonaccrual loans acquired from American National. There were also organic increases in commercial and industrial and auto finance lending, partially offset by decreases in CRE - investor, residential mortgage, and home equity lending. See Note 7 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

Previous wording

•YTD net charge offs decreased $3.4 million from March 31, 2025, primarily driven by decreases within commercial and industrial and CRE - investor, partially offset by an increase in auto finance lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Current wording

•YTD net charge offs increased $7.0 million from June 30, 2025, primarily driven by net charge offs of loans acquired from American National. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Previous wording

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

Current wording

•Total deposits, which are the Corporation's largest source of funds, increased $4.4 billion, or 12% from December 31, 2025, and increased $5.8 billion, or 17%, from June 30, 2025. The increases from December 31, 2025 and June 30, 2025, were driven by the American National acquisition causing increases in all deposit categories, except network transaction deposits and brokered CD's, respectively.

Previous wording

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

Current wording

•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 26.5% of total deposits at both June 30, 2026 and December 31, 2025, while it was 24.8% at June 30, 2025.

Previous wording

•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of March 31, 2026, the Bank had $5.6 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of March 31, 2026, the Bank had $6.5 billion available for discount window borrowings.

Current wording

•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of June 30, 2026, the Bank had $5.3 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of June 30, 2026, the Bank had $6.4 billion available for discount window borrowings.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

For the six months ended June 30, 2026, net cash provided by operating and financing activities was $343.0 million and $1.2 billion, respectively, while investing activities used net cash of $1.4 billion, for a net increase in cash and cash equivalents of $110.6 million since year-end 2025. At June 30, 2026, assets of $51.8 billion increased $6.6 billion, or 15%, from year-end 2025. On the funding side, deposits of $39.9 billion increased $4.4 billion, or 12% from year-end 2025, short-term funding increased $221.4 million, or 72%, and FHLB advances increased $1.3 billion or 40%.

Previous wording

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

Current wording

For the six months ended June 30, 2025, net cash provided by operating and financing activities was $239.6 million and $765.5 million, respectively, while investing activities used net cash of $764.6 million, for a net increase in cash and cash equivalents of $240.5 million since year-end 2024. At June 30, 2025, assets of $44.0 billion increased $970.7 million, or 2%, from year-end 2024. On the funding side, deposits of $34.1 billion decreased $500.9 million, or 1%, from year-end 2024, short-term funding decreased $394.8 million, or 84%, and FHLB advances increased $2.0 billion, or 109%.

Previous wording

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first three months of 2026.

Current wording

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first six months of 2026.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

The Corporation reported net income of $123.6 million for the second quarter of 2026, compared to a net income of $119.6 million for the first quarter of 2026. Net income available to common equity was $120.7 million for the second quarter of 2026, or $0.64 and $0.63 for basic and diluted earnings per common share, respectively. Comparatively, the net income available to common equity for the first quarter of 2026 was $116.8 million, or $0.70 for both basic and diluted earnings per common share.

Previous wording

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

Current wording

The provision for credit losses was $19.4 million for the second quarter of 2026 and $11.0 million for the first quarter of 2026. This was due to an increase in our allowance for unfunded commitments; and general macroeconomic trends. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Previous wording

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

Current wording

For the second quarter of 2026, the Corporation recognized income tax expense of $35.6 million, compared to an income tax expense of $33.2 million for the first quarter of 2026. The increase in expense from the first quarter of 2026 was primarily attributable to an increase in net income from the American National acquisition.

Previous wording

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

Current wording

•Average earning assets and average loans increased $2.4 billion and compared to the six months ended June 30, 2025, primarily driven by the acquisition of American National and continued organic growth in commercial and industrial lending.