FNB CORP/PA/
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
FNB$17.90+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000037808-25-000129
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000037808-25-000135
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 236 previous paragraphs and 239 current paragraphs.
148 unchanged; 71 reworded; 17 added; 15 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 39 previous and 40 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
We reported record earnings per diluted common share of $0.41, an increase of 14% from the prior quarter, with record total revenue of $457 million principally driven by growth in net interest income, margin expansion and record non-interest income. Pre-provision net revenue (non-GAAP) grew 11% linked-quarter contributing to positive operating leverage and an efficiency ratio (non-GAAP) of 52% in the top-quartile on a peer relative basis. Our growing profitability further strengthened capital levels to all-time highs with a CET1 regulatory capital ratio of 11.1%, tangible book value per common share (non-GAAP) growth of 11% year-over-year and a return on tangible common equity ratio (non-GAAP) of 15%. Our performance is supported by our consistent underwriting standards and proactive credit risk management actions, which led to continued solid credit results for the quarter including a 7.3% decline in criticized loans from the prior quarter.
Current report
•Pre-provision net revenue (non-GAAP) totaled $213.9 million, an 11.4% increase from the prior quarter, driven by continued strong non-interest income generation, growth in net interest income and well-managed non-interest expense.
Current report
•For the quarter ending September 30, 2025 average loans and leases totaled $34.8 billion, an increase of $1.0 billion, or 3.0%, over the quarter ending September 30, 2024, primarily driven by consumer loan growth of $994.7 million.
Current report
•Average deposits totaled $37.9 billion, an increase of $2.3 billion, or 6.4%, as the growth in average interest-bearing demand deposits of $2.1 billion, average time deposits of $261.3 million and average non-interest-bearing demand deposits of $38.2 million more than offset the decline in average savings deposits of $155.9 million.
Current report
•On a linked-quarter basis, average loans and leases increased 3.6% annualized, and average deposits increased 8.2% annualized.
Current report
•The loan-to-deposit ratio was 91% at September 30, 2025, a slight improvement compared to 92% for both June 30, 2025 and September 30, 2024.
Current report
Net interest income totaled $359.3 million, an increase of $35.9 million, or 11.1%, reflecting growth in earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 17 basis points to 3.25%. The provision for credit losses was $24.0 million, compared to $23.4 million. Non-interest income increased $8.5 million, or 9.5%, primarily due to increases in mortgage banking operations income, capital markets income, wealth management revenue and other non-interest income. Non-interest expense for the third quarter of 2025 decreased $5.9 million, or 2.4%. On an operating basis, non-interest expense (non-GAAP) increased $11.6 million, or 5.0%, when excluding significant items of $(2.3) million in the third quarter of 2025 and $15.3 million in the same quarter of 2024.
Current report
Mortgage banking operations income increased $3.6 million, or 65.8%, due to strong sold loan volumes, net positive fair value adjustments from pipeline hedging activity and an MSR impairment of $2.8 million in the third quarter of 2024. Mortgage sold production increased 21% from the year-ago quarter.
Current report
BOLI income decreased $2.3 million, or 35.0%, reflecting lower life insurance claims.
Current report
Other non-interest income increased $5.3 million, or 135.6%, primarily due to a $5.4 million recovery on an other asset previously written off as part of the 2017 Yadkin Financial Corporation acquisition.
Current report
Net occupancy and equipment of $44.8 million decreased $1.0 million, or 2.2%, as the costs associated with technology-related investments and de novo branch expansion were more than offset by the software impairment charge of $3.7 million incurred during the third quarter of 2024.
Current report
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Current report
Net income available to common shareholders for the first nine months of 2025 was $396.7 million, or $1.09 per diluted common share, compared to $349.5 million, or $0.96 per diluted common share for the first nine months of 2024. On an operating basis (non-GAAP), net income available to common shareholders for the first nine months of 2025 was $394.9 million, or $1.09 per diluted common share, compared to $368.5 million or $1.02 per diluted common share for the first nine months of 2024.
Current report
Capital markets income increased $2.4 million, or 13.7%, driven by debt capital markets and international banking income, as well as contributions from customer swap activity, syndications, public finance and advisory services.
Current report
Other non-interest income increased $5.8 million, or 48.1%, primarily due to a $5.4 million recovery on an other asset previously written off as part of the 2017 Yadkin Financial Corporation acquisition.
Current report
The breakdown of non-interest expense for the nine months ended September 30, 2025 and 2024 is presented in the following table:
Current report
Pre-provision net revenue
Removed paragraphs (15)
Previous report
We reported strong second quarter results, generating earnings per diluted common share of $0.36 with record revenue of $438.2 million, a 6.5% linked-quarter increase, principally driven by growth in net interest income and non-interest income. Our CET1 ratio of 10.8% and tangible common equity to tangible assets ratio (non-GAAP) of 8.5% were both at record levels, tangible book value per common share (non-GAAP) increased 13% year-over-year, while we still produced a solid return on tangible common equity ratio (non-GAAP) of 13.6%. Balance sheet growth was solid with linked-quarter annualized average loan and deposit growth of 5.3% and 1.7%, respectively, benefiting from our diverse geographic footprint. Our consistent underwriting standards and proactive credit risk management actions led to continued strong credit results for the quarter with non-performing loans declining $44 million, or 27.5%, from the prior quarter.
Previous report
•The efficiency ratio (non-GAAP) remained at a solid level of 54.8%, compared to 54.4% for the year-ago quarter and down from the seasonally higher 58.5% in the prior quarter.
Previous report
•Period-end total loans and leases increased $922.3 million, or 2.7%, compared to June 30, 2024. Consumer loans increased $812.9 million, or 6.4%, net of a $431 million indirect auto loan sale that closed in the third quarter of 2024, and commercial loans and leases increased $109.4 million, or 0.5%. Our loan growth was driven by the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint.
Previous report
•On a linked-quarter basis, average loans and leases increased $451.7 million, or 5.3% annualized, as average consumer loans increased $365.4 million, or 11.4% annualized, and average commercial loans and leases increased $86.3 million, or 1.6% annualized.
Previous report
•Period-end total deposits increased $2.8 billion, or 7.9%, compared to June 30, 2024, driven by an increase of $2.6 billion in interest-bearing demand deposits and $625.5 million in shorter-term time deposits, offsetting the decline of $276.9 million in savings deposits and $189.5 million in non-interest-bearing demand deposits, as customers migrated into higher-yielding deposit products.
Previous report
•On a linked-quarter basis, average deposits increased $155.6 million, or 1.7% annualized, due to organic growth in new and existing customer relationships. The ratio of non-interest-bearing demand deposits to total deposits was stable at 26% at June 30, 2025, compared to the prior quarter-end.
Previous report
•The loan-to-deposit ratio was 92% at June 30, 2025, stable compared to the prior quarter at 92%, and meaningfully lower compared to 96% at June 30, 2024.
Previous report
Net interest income totaled $347.2 million, an increase of $31.3 million, or 9.9%, reflecting growth in earning assets and lower interest-bearing deposit costs. The net interest margin (FTE) (non-GAAP) increased 10 basis points to 3.19%. The provision for credit losses was $25.6 million, compared to $20.2 million. Non-interest income increased $3.1 million, or 3.5%, reflecting increases in wealth management revenue, capital markets income and other non-interest income. Non-interest expense for the second quarter of 2025 increased $19.6 million, or 8.7%. The biggest drivers of the non-interest expense increase were salaries and benefits expense increasing $8.9 million, or 7.4%, primarily reflecting strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure, as well as higher production-related compensation and normal annual merit increases. Net occupancy and equipment expense increased $4.3 million, or 10.1%, largely from technology-related investments and de novo branch expansions, and other non-interest expense increased $4.3 million, or 19.9%, reflecting the impact of Community Uplift, a mortgage down payment assistance program that was enhanced and expanded in conjunction with our previously announced DOJ settlement agreement. Income taxes of $35.7 million increased $1.7 million, or 5.1%.
Previous report
Other non-interest income increased $2.2 million, or 59.7%, primarily due to gains on the disposition of leased equipment.
Previous report
Net occupancy and equipment of $47.3 million increased $4.3 million, or 10.1%, largely from technology-related investments and de novo branch expansion.
Previous report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Previous report
Service charges increased $1.4 million, or 3.2%, primarily due to strong treasury management activity and higher consumer transaction volumes.
Previous report
BOLI increased $2.4 million due to elevated life insurance claims.
Previous report
The breakdown of non-interest expense for the six months ended June 30, 2025 and 2024 is presented in the following table:
Previous report
Income tax expense was slightly lower for the six months ended June 30, 2025. Although pretax income increased slightly, the impact on income tax expense was partially offset by the recognition of tax-exempt benefits associated with BOLI and increased net LIHTC.
Reworded paragraphs (71)
Previous wording
This MD&A represents an overview of and highlights material changes to our financial condition and consolidated results of operations at and for the six-month periods ended June 30, 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained herein and our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025. Our results of operations for the six months ended June 30, 2025 are not necessarily indicative of results expected for the full year.
Current wording
This MD&A represents an overview of and highlights material changes to our financial condition and consolidated results of operations at and for the nine-month periods ended September 30, 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained herein and our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025. Our results of operations for the nine months ended September 30, 2025 are not necessarily indicative of results expected for the full year.
Previous wording
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “positioned,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
Current wording
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “enable,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “positioned,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
Previous wording
•changes in market interest rates and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions;
Current wording
•changes in market interest rates, the U.S. federal government shutdown and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions;
Previous wording
•risks associated with reliance on third-party vendors;
Current wording
•risks associated with reliance on third-party vendors and artificial intelligence;
Previous wording
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to us. We do not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Current wording
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to us. We do not undertake, and specifically disclaim any obligation, to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Previous wording
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, operating non-interest expense, efficiency ratio and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
Current wording
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, operating non-interest expense, pre-provision net revenue (reported), operating pre-provision net revenue, efficiency ratio and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
Previous wording
Net income available to common shareholders for the second quarter of 2025 was $130.7 million, or $0.36 per diluted common share. Comparatively, second quarter of 2024 net income available to common shareholders totaled $123.0 million ($123.7 million on an operating basis (non-GAAP)), or $0.34 per diluted common share.
Current wording
Net income available to common shareholders for the third quarter of 2025 was $149.5 million, or $0.41 per diluted common share. Comparatively, third quarter of 2024 net income available to common shareholders totaled $110.1 million, or $0.30 per diluted common share. On an operating basis, earnings per diluted common share (non-GAAP) was $0.41 for the third quarter of 2025, excluding $(2.3) million (pre-tax) of significant items impacting earnings per diluted common share, while the third quarter of 2024 was $0.34, excluding $15.3 million (pre-tax) of significant items impacting earnings.
Previous wording
•Net interest income totaled a record $347.2 million, an increase of $23.4 million, or 7.2%, from the prior quarter, primarily due to higher yields on earning assets, lower cost of funds and one more day in the current quarter.
Current wording
•Net interest income totaled a record $359.3 million, an increase of $12.1 million, or 3.5%, from the prior quarter, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter.
Previous wording
•On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) increased 16 basis points to 3.19%, reflecting a 10 basis point improvement in the total yield on earning assets (non-GAAP) and a 6 basis point improvement in the total cost of funds.
Current wording
•On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.25%, reflecting a 3 basis point improvement in the total yield on earning assets (non-GAAP) and a 3 basis point decline in the total cost of funds.
Previous wording
•The provision for credit losses was $25.6 million, an increase of $8.1 million from the prior quarter, with net charge-offs of $21.8 million, or 0.25% annualized of total average loans, compared to $12.5 million, or 0.15% annualized, in the prior quarter, reflecting continued proactive management of the loan portfolio.
Current wording
•The provision for credit losses was $24.0 million, a decrease of $1.6 million from the prior quarter, with net charge-offs of $19.7 million, or 0.22% annualized of total average loans, compared to $21.8 million, or 0.25% annualized, in the prior quarter, reflecting continued proactive management of the loan portfolio.
Previous wording
•Non-interest income totaled a record $91.0 million, an increase of 3.5% from the year-ago quarter, benefiting from our diversified business model and related revenue generation, including a 34.1% and 5.2% increase in capital markets and wealth management revenue, respectively.
Current wording
•Non-interest income totaled a record $98.2 million, an increase of $7.2 million, or 7.9%, from the prior quarter, benefiting from our diversified business model and related revenue generation.
Previous wording
•The ratio of non-performing loans plus OREO to total loans and leases plus OREO decreased 14 basis points from the prior quarter at 0.34%. Total delinquency decreased 1 basis point to 0.62%, compared to 0.63% at June 30, 2024, and declined 13 basis points from the prior quarter. The overall asset quality metrics continue to remain at solid levels, reflecting continued proactive management of the loan portfolio.
Current wording
•The ratio of non-performing loans plus OREO to total loans and leases plus OREO increased 3 basis points from the prior quarter to 0.37%. The ratio was 0.39%, or a decrease of 2 basis points compared to September 30, 2024. Total delinquency decreased 14 basis points to 0.65%, compared to 0.79% at September 30, 2024, and increased 3 basis points from the prior quarter. The overall asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio.
Previous wording
•The ACL on loans and leases was $432.1 million, an increase of $13.3 million compared to June 30, 2024, with the ratio of the ACL to total loans and leases remaining relatively stable at 1.25%.
Current wording
•The ACL on loans and leases was $437.3 million, an increase of $17.1 million compared to September 30, 2024, driven primarily by loan growth, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
Previous wording
•Tangible book value per common share (non-GAAP) of $11.14, increased $1.26, or 12.8%, compared to June 30, 2024. AOCI reduced the tangible book value per common share (non-GAAP) by $0.26 as of June 30, 2025, primarily due to the impact of unrealized losses on AFS securities, compared to a reduction of $0.67 as of June 30, 2024, and $0.34 as of March 31, 2025.
Current wording
•Tangible book value per common share (non-GAAP) of $11.48 increased 11.1% compared to September 30, 2024, and 3.1% compared to June 30, 2025. AOCI reduced the tangible book value per common share (non-GAAP) by $0.22 as of September 30, 2025, primarily due to the impact of unrealized losses on AFS securities, compared to a reduction of $0.43 as of September 30, 2024, and $0.26 as of June 30, 2025.
Previous wording
•Record capital levels with the CET1 capital ratio at 10.8% and the tangible common equity to tangible assets ratio (non-GAAP) at 8.47%.
Current wording
•Record capital levels with the CET1 capital ratio at 11.1% compared to 10.4% at September 30, 2024, and 10.8% at June 30, 2025. The tangible common equity to tangible assets ratio (non-GAAP) was also a record at 8.7%, compared to 8.2% at September 30, 2024, and 8.5% at June 30, 2025.
Previous wording
•During the second quarter of 2025, we repurchased 0.7 million shares of common stock at a weighted average share price of $13.85 for $10.0 million while maintaining strong capital and supporting loan growth in the quarter.
Current wording
•During the third quarter of 2025, we repurchased $12 million, or 0.8 million shares, of our common stock at a weighted average share price of $15.50 while maintaining capital above stated operating levels and supporting loan growth in the quarter.
Previous wording
Net income available to common shareholders for the three months ended June 30, 2025 was $130.7 million or $0.36 per diluted common share, compared to $123.0 million, or $0.34 per diluted common share, for the three months ended June 30, 2024. On an operating basis, second quarter of 2025 earnings per diluted common share (non-GAAP) was $0.36, with no significant items impacting earnings. By comparison, second quarter of 2024 earnings per diluted common share (non-GAAP) was $0.34 on an operating basis, excluding $0.8 million (pre-tax) of FDIC insurance special assessment expense.
Current wording
Net income available to common shareholders for the three months ended September 30, 2025 was $149.5 million, or $0.41 per diluted common share, compared to $110.1 million, or $0.30 per diluted common share, for the three months ended September 30, 2024. On an operating basis, third quarter of 2025 earnings per diluted common share (non-GAAP) was $0.41, excluding $(2.3) million (pre-tax) of significant items impacting earnings. By comparison, third quarter of 2024 earnings per diluted common share (non-GAAP) was $0.34 on an operating basis, excluding the $11.6 million (pre-tax) loss on indirect auto loan sale and $3.7 million (pre-tax) software impairment.
Previous wording
Net interest income on an FTE basis (non-GAAP) increased $31.5 million, or 9.9%, to $350.3 million for the second quarter of 2025, primarily due to growth in earning assets as well as decreased total average borrowings and lower deposit costs. Average earning assets of $44.0 billion increased $2.6 billion, or 6.3%, driven by an increase in average loans and leases from the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint. Average interest-bearing liabilities of $31.9 billion increased $2.5 billion, or 8.3%, driven by an increase of $2.6 billion in average interest-bearing deposits, which supported the growth in earning assets. Our net interest margin FTE (non-GAAP) increased 10 basis points on a year-over-year basis to 3.19%. The yield on earning assets (non-GAAP) decreased 10 basis points to 5.33%, driven by a 17 basis point decline in yields on loans to 5.79%, reflecting reduced interest rate levels as the FOMC lowered the target Federal Funds interest rate by 100 basis points in the latter half of 2024, offset by a 32-basis point increase in yields on investment securities to 3.46%. Second quarter net interest income included $2.2 million in purchase accounting accretion from the pay-off of a previously acquired loan adding 2 basis points to net interest margin. Total cost of funds decreased 20 basis points to 2.26% with a 27 basis point decrease in interest-bearing deposit costs to 2.66% and a 42 basis point decrease in total borrowing costs, inclusive of the December 2024 senior note offering of $500 million.
Current wording
Net interest income on an FTE basis (non-GAAP) increased $36.2 million, or 11.1%, primarily due to growth in earning assets, lower total average borrowings and lower deposit costs, partially offset by lower yields on earning assets. Average earning assets of $44.5 billion increased $2.2 billion, or 5.1%, primarily driven by an increase in average loans and leases. Average interest-bearing liabilities of $32.2 billion increased $1.8 billion, or 5.9%, driven by an increase of $2.3 billion in average interest-bearing deposits, which supported the growth in earning assets. Our net interest margin FTE (non-GAAP) increased 17 basis points on a year-over-year basis to 3.25%. The yield on earning assets (non-GAAP) decreased 15 basis points to 5.36%, driven by a 24 basis point decline in yields on loans to 5.79%, reflecting reduced interest rate levels as the FOMC lowered the target Federal Funds interest rate by 125 basis points between August 2024 and September 30, 2025, offset by a 41 basis point increase in yields on investment securities to 3.58% partially due to the AFS securities sold in November 2024 as part of our balance sheet repositioning. Total cost of funds decreased 33 basis points to 2.23% with a 42 basis point decrease in interest-bearing deposit costs to 2.66% and a 51 basis point decrease in total borrowing costs, inclusive of the December 2024 offering of $500 million of 5.722% fixed-rate/floating rate senior notes and the August 2025 maturity of $350 million of 5.150% senior notes.
Previous wording
Interest income on an FTE basis (non-GAAP) of $585.7 million for the second quarter of 2025, increased $25.6 million, or 4.6%, from the same quarter of 2024, resulting from an increase in average earning assets of $2.6 billion. The increase in earning assets was primarily driven by a $1.2 billion, or 3.7%, increase in average loans and leases and an increase of $855.0 million in average interest-bearing deposits with banks. Average commercial loan growth of $357.8 million, or 1.7%, was led by increases of $120.4 million in commercial and industrial loans, $117.2 million in commercial leases and $103.5 million in commercial real estate loans. The increase in average commercial loans and leases was driven by activity across the footprint, including the Charlotte and Cleveland markets. The increase in commercial real estate included fundings on previously originated construction projects. Average consumer loans increased $889.0 million, or 7.2%, with a $1.2 billion increase in residential mortgages largely due to the continued successful execution in key markets by our expanded mortgage banker team and long-standing strategy of serving the purchase market. This growth was partially offset by a decrease in average indirect auto loans of $388.1 million reflecting the sale of $431 million that closed in September of 2024, partially offset by new organic growth in the portfolio. The yield on average earning assets (non-GAAP) decreased 10 basis points to 5.33% for the second quarter of 2025, primarily due to a 17 basis point decrease in yields on loans to 5.79%, offset by a 32 basis point increase in yields on investment securities to 3.46%, benefiting from balance sheet restructuring activities in 2024.
Current wording
Interest income on an FTE basis (non-GAAP) of $599.1 million for the third quarter of 2025, increased $13.4 million, or 2.3%, from the same quarter of 2024, resulting from an increase in average earning assets of $2.2 billion. The increase in average earning assets was primarily driven by a $1.0 billion, or 3.0%, increase in average loans and leases and an increase of $735.1 million in average interest-bearing deposits with banks. Average consumer loans increased $994.7 million, or 7.9%, with a $1.1 billion increase in residential mortgage loans largely due to the continued successful execution in key markets by our mortgage banker team and our long-standing strategy of serving the purchase market. This growth was partially offset by a decrease in average indirect auto loans of $222.3 million reflecting the sale of $431 million that closed in September of 2024. Average commercial loan growth of $16.8 million, or 0.1%, reflected by increases of $4.5 million in commercial and industrial loans and $100.9 million in commercial leases, partially offset by a decrease of $100.9 million in commercial real estate loans. The increase in average commercial loans and leases was driven by growth in the North Carolina and Cleveland markets, offset by higher attrition levels driven by activity in the secondary market. The yield on average earning assets (non-GAAP) decreased 15 basis points to 5.36% for the third quarter of 2025, primarily due to a 24 basis point decrease in yields on loans to 5.79%, offset by a 41 basis point increase in yields on investment securities to 3.58%, benefiting from balance sheet restructuring activities in 2024.
Previous wording
Interest expense of $235.4 million for the second quarter of 2025 decreased $5.9 million from the same quarter of 2024, primarily due to lower overall cost of funds and lower average borrowings. Average interest-bearing deposits increased $2.6 billion, or 10.7%, while average non-interest-bearing demand deposits decreased $108.6 million, or 1.1%, and average savings deposits decreased $279.1 million, or 8.3%, as customers migrated balances into higher-yielding products. The growth in average total deposits reflected organic growth in new and existing customer relationships. Average short-term borrowings decreased $764.5 million, or 28.9%, primarily reflecting a decrease of $885.9 million in short-term FHLB borrowings, partially offset by a $170.1 million increase in Federal Funds purchased. Average long-term borrowings increased $576.6 million, or 26.6%, primarily reflecting the December 2024 issuance of $500 million in senior notes due in 2030. The total cost of funds decreased 20 basis points to 2.26% with a 27 basis point decrease in interest-bearing deposit costs to 2.66%, and a decrease of 42 basis points in total borrowing costs.
Current wording
Interest expense of $236.7 million for the third quarter of 2025 decreased $22.7 million from the same quarter of 2024, primarily due to lower overall cost of funds and lower average borrowings. The growth in average interest-bearing demand deposits of $2.1 billion, average time deposits of $261.3 million and average non-interest-bearing demand deposits of $38.2 million more than offset the decline in average savings deposits of $155.9 million as customers continued to migrate balances into higher-yielding products. The growth in average total deposits reflected organic growth in new and existing customer relationships. Average short-term borrowings decreased $663.2 million, or 28.3%, primarily reflecting a decrease in FHLB borrowings as a result of our organic deposit growth. Average long-term borrowings increased $196.7 million, or 8.5%, primarily reflecting the December 2024 issuance of $500 million in senior notes due in 2030, partially offset by the maturity of $350 million in senior notes in August 2025. The total cost of funds decreased 33 basis points to 2.23% with a 42 basis point decrease in interest-bearing deposit costs to 2.66%, and a decrease of 51 basis points in total borrowing costs.
Previous wording
Provision for credit losses on loans and leases was $25.7 million during the second quarter of 2025, an increase of $5.5 million from the same period of 2024. The second quarter of 2025 is comprised of a $25.0 million provision for loans and leases outstanding and a $0.7 million provision for unfunded loan commitments. The second quarter of 2025 reflected net charge-offs of $21.8 million, or 0.25% annualized of total average loans, compared to $7.8 million, or 0.09% annualized, in the second quarter of 2024, reflecting continued proactive management of the loan portfolio and the utilization of previously established reserves. For additional information relating to the allowance and provision for credit losses, refer to the “Allowance for Credit Losses on Loans and Leases” section of this MD&A.
Current wording
Provision for credit losses for the third quarter of 2025 reflected net charge-offs of $19.7 million, or 0.22% annualized of total average loans, compared to $21.5 million, or 0.25% annualized, in the third quarter of 2024, reflecting continued proactive management of the loan portfolio and the utilization of previously established reserves. For additional information relating to the allowance and provision for credit losses, refer to the “Allowance for Credit Losses on Loans and Leases” section of this MD&A.
Previous wording
Total non-interest income increased by $3.1 million, or 3.5%, to a record of $91.0 million for the second quarter of 2025, compared to $87.9 million for the second quarter of 2024. The variances in the individual non-interest income items are explained in the following paragraphs.
Current wording
Total non-interest income increased by $8.5 million, or 9.5%, to a record of $98.2 million for the third quarter of 2025, compared to $89.7 million for the third quarter of 2024. The variances in the individual non-interest income items are explained in the following paragraphs.
Previous wording
Wealth management revenues increased $1.0 million, or 5.2%, as securities commissions and fees and trust services income increased 11.3% and 1.0%, respectively, through continued strong contributions across the geographic footprint and a $0.9 billion, or 6.7%, increase in the market value of assets under administration to $14.4 billion.
Current wording
Wealth management revenues increased $1.5 million, or 8.0%, as securities commissions and fees and trust services income increased 12.6% and 4.7%, respectively, through continued strong contributions across the geographic footprint and a $0.8 billion, or 5.5%, increase in the market value of assets under administration to $14.9 billion at September 30, 2025.
Previous wording
Capital markets income increased $1.8 million, or 34.1%, driven by record debt capital markets income and contributions from international banking, customer swap activity and syndications.
Current wording
Capital markets income increased $1.7 million, or 27.1%, driven by record debt capital markets and international banking income, as well as contributions from customer swap activity, syndications, public finance and advisory services.
Previous wording
Total non-interest expense of $246.2 million for the second quarter of 2025 increased $19.6 million, or 8.7%, from the same period of 2024. Non-interest expense increased $20.4 million, or 9.0%, when excluding significant items of $0.8 million of FDIC special assessment expense in the same quarter of 2024. The variances in the individual non-interest expense items are explained in the following paragraphs.
Current wording
Total non-interest expense of $243.5 million for the third quarter of 2025 decreased $5.9 million, or 2.4%, from the same period of 2024. Non-interest expense increased $11.6 million, or 5.0%, when excluding significant items of $(2.3) million in the third quarter of 2025 and $15.3 million in the same quarter of 2024. The variances in the individual non-interest expense items are explained in the following paragraphs.
Previous wording
Salaries and employee benefits of $129.8 million increased $8.9 million, or 7.4%, primarily reflecting strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure as well as higher production-related compensation and normal annual merit increases.
Current wording
Salaries and employee benefits of $131.6 million increased $5.5 million, or 4.4%, primarily reflecting strategic hiring, continued investments in our risk management infrastructure and higher production-related compensation.
Previous wording
Other non-interest expense of $25.9 million increased $4.3 million, or 19.9%, primarily due to the impact of Community Uplift, a mortgage down payment assistance program that was enhanced and expanded in conjunction with our previously announced settlement agreement with the DOJ.
Current wording
Other non-interest expense decreased $7.8 million, or 23.7%, primarily due to the $11.6 million loss on indirect auto loan sale in the third quarter of 2024, partially offset in the third quarter of 2025 by the impact of Community Uplift, a mortgage down payment assistance program that also includes commitments from our previously announced settlement agreement with the DOJ.
Previous wording
Net income available to common shareholders for the first six months of 2025 was $247.2 million, or $0.68 per diluted common share, compared to $239.4 million, or $0.66 per diluted common share for the first six months of 2024. On an operating basis (non-GAAP), net income available to common shareholders for the first six months of 2025 was $247.2 million, or $0.68 per diluted common share, compared to $246.4 million or $0.68 per diluted common share for the first six months of 2024. Net interest income totaled $671.0 million, an increase of $36.1 million, or 5.7%, compared to $634.9 million, reflecting growth in earning assets partially offset by balance growth in higher yielding deposit products. The net interest margin (FTE) (non-GAAP) decreased 2 basis points to 3.11%, as the yield on earning assets (non-GAAP) declined 13 basis points to 5.28%, driven by a 21 basis point decline in yields on loans to 5.73%, offset by a 33 basis point increase in yields on investment securities to 3.43%, benefiting from balance sheet restructuring activities in 2024. Total cost of funds decreased 11 basis points to 2.29% with a 17 basis point decrease in interest-bearing deposit costs to 2.71% and a decrease of 26 basis points in total borrowing costs. The provision for credit losses for the first six months of 2025 totaled $43.1 million, compared to $34.1 million. Net charge-offs for the first six months of 2025 totaled $34.3 million, or 0.20% annualized of total average loans, compared to $20.6 million, or 0.13% annualized. Non-interest income totaled $178.8 million, compared to $175.8 million, reflecting increased service charges, wealth management revenues and elevated life insurance claims on bank owned life insurance. Non-interest expense totaled $493.0 million, increasing $29.3 million, or 6.3%. On an operating basis (non-GAAP), non-interest expense increased $33.1 million, or 7.2%, compared to the first six months of 2024 as the year-ago quarter included significant items impacting earnings of $3.8 million. Salaries and benefits increased $14.9 million, or 6.0%, primarily reflecting strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure as well as higher production-related compensation. Additionally, net occupancy and equipment expense increased $6.6 million, or 7.6%, and outside services increased $5.5 million, or 12.0%, offset by an FDIC insurance expense decline of $5.2 million.
Current wording
Net interest income totaled $1.0 billion, an increase of $72.1 million, or 7.5%, compared to $958.2 million, reflecting growth in earning assets, partially offset by balance growth in higher yielding deposit products. The net interest margin (FTE) (non-GAAP) increased 5 basis points to 3.16%. Total cost of funds decreased 19 basis points to 2.27% with a 26 basis point decrease in interest-bearing deposit costs to 2.69% and a 34 basis point decrease in total borrowing costs. The yield on earning assets (non-GAAP) declined 14 basis points to 5.31%, driven by a 22 basis point decline in yields on loans to 5.75%, offset by a 35 basis point increase in yields on investment securities to 3.48%, benefiting from balance sheet restructuring activities in 2024. The provision for credit losses for the first nine months of 2025 totaled $67.1 million, compared to $57.5 million. Net charge-offs for the first nine months of 2025 totaled $54.0 million, or 0.21% annualized of total average loans, compared to $42.1 million, or 0.17% annualized. Non-interest income totaled $277.0 million, compared to $265.5 million, reflecting increased mortgage banking operations income, capital markets income, wealth management revenue and other non-interest income. Non-interest expense totaled $736.6 million, increasing $23.4 million, or 3.3%. On an operating basis (non-GAAP), non-interest expense increased $44.8 million, or 6.5%, compared to the first nine months of 2024 as the year-ago period included significant items impacting earnings of $19.1 million. Salaries and benefits increased $20.4 million, or 5.4%, primarily reflecting strategic hiring, continued investments in our risk management infrastructure and higher production-related compensation. Additionally, net occupancy and equipment expense increased $5.6 million, or 4.2%, and outside services increased $7.2 million, or 10.2%, offset by an FDIC insurance expense decline of $8.9 million due to the special assessment expense of $5.2 million in 2024, combined with the $2.3 million reduction to the special assessment in the third quarter of 2025.
Previous wording
Net interest income on an FTE basis (non-GAAP) totaled $677.1 million, increasing $36.4 million, or 5.7%, reflecting growth in earning assets partially offset by balance growth in higher yielding deposit products. Average earning assets grew $2.7 billion, or 6.6%, primarily driven by loan growth. Additionally, we reinvested the proceeds of the AFS securities sold in November 2024 as part of our balance sheet repositioning with an average yield of 1.41% into securities yielding 4.78% with a similar duration and convexity profile. Average interest-bearing demand deposits increased $2.3 billion, or 16.0%, with customers migrating into higher-yielding deposit products. Total average borrowings decreased $220.6 million primarily due to a decrease in FHLB borrowings, partially offset by an increase in senior debt. The net interest margin (FTE) (non-GAAP) decreased 2 basis points to 3.11%.
Current wording
Net interest income on an FTE basis (non-GAAP) totaled $1.0 billion, increasing $72.5 million, or 7.5%, reflecting growth in earning assets, partially offset by balance growth in higher yielding deposit products. Average earning assets grew $2.5 billion, or 6.1%, primarily driven by loan growth. Additionally, we reinvested the proceeds of the AFS securities sold in November 2024 as part of our balance sheet repositioning with an average yield of 1.41% into securities yielding 4.78% with a similar duration and convexity profile. Average interest-bearing demand deposits increased $2.3 billion, or 15.4%, with customers migrating into higher-yielding deposit products. Total average borrowings decreased $303.4 million primarily due to a decrease in FHLB borrowings, partially offset by an increase in senior debt. The net interest margin (FTE) (non-GAAP) increased 5 basis points to 3.16%.
Previous wording
The following table provides certain information regarding changes in net interest income on an FTE basis (non-GAAP) attributable to changes in the average volumes and yields earned on interest-earning assets and the average volume and rates paid for interest-bearing liabilities for the six months ended June 30, 2025, compared to the six months ended June 30, 2024:
Current wording
The following table provides certain information regarding changes in net interest income on an FTE basis (non-GAAP) attributable to changes in the average volumes and yields earned on interest-earning assets and the average volume and rates paid for interest-bearing liabilities for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024:
Previous wording
Interest income on an FTE basis (non-GAAP) of $1.1 billion, increased $41.6 million, or 3.8%, resulting from growth in average earning assets of $2.7 billion. The increase in earning assets was primarily driven by a $1.5 billion, or 4.4%, increase in average loans and leases and an increase of $861.8 million in average interest-bearing deposits with banks. Average commercial loan growth of $542.1 million, or 2.6%, included increases of $311.8 million in commercial real estate, $103.0 million in commercial and industrial loans and $112.4 million in commercial leases. The increase in average commercial loans and leases was driven by activity across the footprint, including the South Carolina and eastern North Carolina markets with strong contributions from our commercial leasing team. The increase in commercial real estate included fundings on previously originated construction projects. Average consumer loans increased $917.5 million, or 7.6%, with a $1.3 billion increase in residential mortgages largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market. Average indirect installment loans decreased $383.3 million, or 33.2%, reflecting the $431 million sale that closed in the third quarter of 2024, partially offset by new organic growth in the portfolio. The yield on average earning assets (non-GAAP) decreased 13 basis points to 5.28%, driven by a 21 basis point decline in yields on loans to 5.73%, partially offset by a 33 basis point increase in yields on investment securities to 3.43%.
Current wording
Interest income on an FTE basis (non-GAAP) of $1.7 billion, increased $55.0 million, or 3.3%, resulting from growth in average earning assets of $2.5 billion. The increase in earning assets was primarily driven by a $1.3 billion, or 4.0%, increase in average loans and leases and an increase of $819.2 million in average interest-bearing deposits with banks. Average consumer loans increased $944.2 million, or 7.7%, with a $1.2 billion increase in residential mortgages largely due to the continued successful execution in key markets and our long-standing strategy of serving the purchase market. Average indirect installment loans decreased $329.2 million, or 29.9%, reflecting the $431 million sale that closed in the third quarter of 2024, partially offset by new organic growth in the portfolio. Average commercial loan growth of $365.6 million, or 1.8%, included increases of $153.5 million in commercial real estate, $108.5 million in commercial leases and $89.5 million in commercial and industrial loans. The increase in average commercial loans and leases was driven by activity across the footprint, including the Charlotte and eastern North Carolina markets with strong contributions from our commercial leasing team. The increase in commercial real estate included fundings on previously originated construction projects. The yield on average earning assets (non-GAAP) decreased 14 basis points to 5.31%, driven by a 22 basis point decline in yields on loans to 5.75%, partially offset by a 35 basis point increase in yields on investment securities to 3.48%.
Previous wording
Interest expense of $471.0 million increased $5.3 million primarily due to an increase in average interest-bearing deposits. Average total deposits increased $2.6 billion, or 7.7%, reflecting robust organic growth in new and existing customer relationships. The growth in average interest-bearing demand deposits of $2.3 billion and average time deposits of $760.2 million more than offset the decline in average savings deposits of $247.6 million and average non-interest-bearing demand deposits of $199.5 million as customers migrated balances into higher-yielding products. The funding mix has slightly shifted with non-interest-bearing demand deposits comprising 26% of total deposits at June 30, 2025, compared to 29% at June 30, 2024. Average short-term borrowings decreased $893.8 million, or 35.5%, primarily reflecting a decrease in FHLB borrowings. Average long-term borrowings increased $673.1 million, or 31.9%, primarily reflecting the December 2024 issuance of $500 million aggregate principal amount of senior notes. The total cost of funds decreased 11 basis points to 2.29%, with a decrease of 26 basis points in total borrowing costs and a 17 basis point decrease in interest-bearing deposit costs to 2.71%.
Current wording
Interest expense of $707.7 million decreased $17.5 million primarily due to a 19 basis point reduction in the cost of funds, partially offset by the growth in average interest-bearing deposits. Average total deposits increased $2.5 billion, or 7.3%, reflecting robust organic growth in new and existing customer relationships. The growth in average interest-bearing demand deposits of $2.3 billion and average time deposits of $593.0 million more than offset the decline in average savings deposits of $216.8 million and average non-interest-bearing demand deposits of $119.5 million as customers migrated balances into higher-yielding products. The funding mix has slightly shifted with non-interest-bearing demand deposits comprising 26% of total deposits at September 30, 2025, compared to 27% at September 30, 2024. Average short-term borrowings decreased $816.3 million, or 33.2%, primarily reflecting a decrease in FHLB borrowings as a result of our organic deposit growth. Average long-term borrowings increased $512.8 million, or 23.5%, primarily reflecting the December 2024 issuance of $500 million in senior notes, partially offset by the maturity of $350 million in senior notes in August 2025. The decrease in total cost of funds is comprised of a 34 basis point decrease in total borrowing costs and a 26 basis point decrease in interest-bearing deposit costs to 2.69%.
Previous wording
The provision for credit losses on loans and leases was $43.1 million, compared to $34.1 million for the first six months of 2024. The provision for credit losses for the first six months of 2025 was primarily due to loan growth and net charge-off activity. The first six months of 2025 included net charge-offs of $34.3 million, or 0.20% annualized of total average loans, compared to $20.6 million, or 0.13% annualized, in the first six months of 2024, reflecting continued proactive management of the loan portfolio. The ACL on loans and leases was $432.1 million, an increase of $13.3 million, with the ratio of the ACL to total loans and leases remaining relatively stable at 1.25%.
Current wording
The provision for credit losses on loans and leases was $67.2 million, compared to $57.5 million for the first nine months of 2024. The provision for credit losses for the first nine months of 2025 was primarily due to loan growth and net charge-off activity. The first nine months of 2025 included net charge-offs of $54.0 million, or 0.21% annualized of total average loans, compared to $42.1 million, or 0.17% annualized, in the first nine months of 2024, reflecting continued proactive management of the loan portfolio. The ACL on loans and leases was $437.3 million, an increase of $17.1 million, reflecting overall loan growth and a stable ratio of the ACL to total loans and leases at 1.25%.
Previous wording
The breakdown of non-interest income for the six months ended June 30, 2025 and 2024 is presented in the following table:
Current wording
The breakdown of non-interest income for the nine months ended September 30, 2025 and 2024 is presented in the following table:
Previous wording
Total non-interest income increased $3.0 million, or 1.7%. The variances in significant individual non-interest income items are explained in the following paragraphs.
Current wording
Total non-interest income increased $11.5 million, or 4.3%. The variances in significant individual non-interest income items are explained in the following paragraphs.
Previous wording
Wealth management revenues increased $2.7 million, or 6.8%, to a record $20.5 million as securities commissions and fees and trust services income increased 9.7% and 4.8%, respectively, through continued strong contributions across the geographic footprint. Additionally, the market value of assets under administration increased $0.9 billion, or 6.7%, to $14.4 billion.
Current wording
Wealth management revenues increased $4.2 million, or 7.2%, to a record $62.2 million as securities commissions and fees and trust services income increased 10.7% and 4.8%, respectively, through continued strong contributions across the geographic footprint. Additionally, the market value of assets under administration increased $0.8 billion, or 5.5%, to $14.9 billion at September 30, 2025.
Previous wording
Insurance commissions and fees decreased $1.8 million, or 14.3%, primarily due to lower contingent fees during the first six months of 2025.
Current wording
Insurance commissions and fees decreased $2.4 million, or 13.7%, primarily due to lower contingent fees during the first nine months of 2025.
Previous wording
Mortgage banking operations income decreased $1.6 million, or 10.6%, from net hedging impacts. During the first six months of 2025, we sold $690.0 million of residential mortgage loans, a 5.5% increase compared to $654.1 million for the same period of 2024.
Current wording
Mortgage banking operations income increased $2.1 million, or 10.2%, from higher sold loan volumes, net hedging impacts and an MSR impairment of $2.6 million in the first nine months of 2024. During the first nine months of 2025, we sold $1.1 billion of residential mortgage loans, a 14.6% increase compared to $1.0 billion for the same period of 2024.
Previous wording
Dividends on non-marketable equity securities decreased $1.4 million, or 10.4%, reflecting lower FHLB dividends resulting from a lower average balance of FHLB stock.
Current wording
Dividends on non-marketable equity securities decreased $1.8 million, or 9.2%, reflecting lower FHLB dividends resulting from a lower average balance of FHLB stock, related to decreased FHLB borrowings.
Previous wording
Total non-interest expense of $493.0 million for the first six months of 2025 increased $29.3 million, a 6.3% increase from the same period of 2024. On an operating basis, non-interest expense (non-GAAP) increased $33.1 million, or 7.2%, when adjusting for significant items of $3.8 million in the first six months of 2024. See Table 18 in this section for a list of the significant items impacting earnings. The variances in the individual non-interest expense items are further explained in the following paragraphs.
Current wording
Total non-interest expense of $736.6 million for the first nine months of 2025 increased $23.4 million, a 3.3% increase from the same period of 2024. On an operating basis, non-interest expense (non-GAAP) increased $44.8 million, or 6.5%, when adjusting for significant items of $(2.3) million and $19.1 million in the first nine months of 2025 and 2024, respectively. See Table 18 in this section for a list of the significant items impacting earnings. The variances in the individual non-interest expense items are further explained in the following paragraphs.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
FDIC insurance decreased $3.7 million, or 36.9%, largely due to the $2.3 million reduction in the FDIC special assessment related to the replenishment of the FDIC's Deposit Insurance Fund associated with protecting uninsured depositors following the failed banks in early 2023 based on loss information at that time provided by the FDIC.
Current report — wording carried from elsewhere
Income tax expense was higher for the third quarter of 2025 primarily due to higher pre-tax income.
Current report — wording carried from elsewhere
September 30, 2025, the commercial customer-related interest rate swaps totaled $6.0 billion (notional), up from $5.9 billion (notional) at December 31, 2024. For additional information regarding interest rate swaps, see Note 10, "Derivative Instruments and Hedging Activities" in the Notes to Consolidated Financial Statements in this Report.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through-the-cycle period.
Previous report — wording carried elsewhere
Management believes we have sufficient liquidity available to meet our normal operating and contingency funding cash needs for the next twelve months and thereafter for the foreseeable future.