HUNTINGTON BANCSHARES INC /MD/
For the period ended Jun 30, 2026. Filed Jul 28, 2026.
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.
Jun 30, 2026 · Filed Jul 28, 2026
HBANL$24.77+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0000049196-26-000043
IntroductionExecutive OverviewDiscussion of Results of OperationsRisk Management:Credit RiskMarket RiskLiquidity RiskOperational RiskCompliance RiskCapitalBusiness Segment DiscussionAdditional DisclosuresNon-GAAP Financial MeasuresCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0000049196-26-000066
IntroductionExecutive OverviewDiscussion of Results of OperationsRisk Management:Credit RiskMarket RiskLiquidity RiskOperational RiskCompliance RiskCapitalBusiness Segment DiscussionAdditional DisclosuresNon-GAAP Financial MeasuresThe 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 988 previous paragraphs and 1064 current paragraphs.
655 unchanged; 204 reworded; 183 added; 122 removed; 7 previous and 22 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (183)
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reconciliations to the most directly comparable GAAP measure, see the "Non-GAAP Financial Measures" within the
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of 2025 was impacted by $6 million of staffing efficiencies expense, partially offset by $3 million of favorable FDIC
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Deposit Insurance Fund special assessment adjustments, which combined reduced diluted earnings on an after tax
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Net interest income was$2.1 billion for thesecond quarter of 2026, anincrease of$585 million, or 40%, from
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the year-agoquarter. FTE net interest income, a non-GAAP financial measure, increased $589 million, or 40%, from
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average earning assets and a 10 basis point increase in the FTE NIM to 3.21%, partially offset by a$53.0 billion, or
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35%, increase in average interest-bearing liabilities. The increases in average earning assets and average interest-
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The provision for credit losses was$132 million in thesecond quarter of 2026, anincrease of$29 million, or
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28%, from the year-ago quarter, with the increase driven by loan growth and higher NCOs in the current year
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quarter, partially offset by a lower overall reserve coverage, and fluctuations in the provision for unfunded
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commitments. NCOs were$119 million and represented 0.25% of average loans and leasesin thesecond quarter of
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2026, compared to$66 million, or 0.20% of average loans and leases, in the year-ago quarter.
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Noninterest income was$785 million in thesecond quarter of 2026, anincrease of$314 million, or 67%, from
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income categories, in part due to the impact from the Cadence and Veritex acquisitions. Noninterest expense,
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driven by$152 million of acquisition-related expenses and other impacts from the Cadence and Veritex acquisitions.
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the completion of the Cadence acquisition, goodwill resulting from the Cadence acquisition, and organic loan
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growth. Total liabilities at June 30, 2026 were$251.3 billion, anincrease of$50.6 billion, or 25%, compared to
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NPAs totaled$1.6 billion at June 30, 2026, an increase of$667 million, or 71%, from December 31, 2025, with
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loans and leases, at June 30, 2026, an increase of$638 million compared to$2.7 billion, or 1.83% of total loans and
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Our shareholders’ equity to total assets ratio was 11.5% at June 30, 2026, compared to 10.8% at December 31,
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successful integrations of Cadence and Veritex. Our robust liquidity, capital, and credit profiles allowed us to
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Our balance sheet remains a source of strength, as demonstrated by the results of the recent CCAR stress test. With
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Economic conditions during the second quarter proved resilient despite continued uncertainty tied to the U.S.-
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Iran conflict. Consumer spending, business investment, and continued investment in artificial intelligence and
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infrastructure supported economic activity, while geopolitical developments in the Middle East, elevated energy
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prices, and increasing inflation expectations impacted business and consumer confidence. Labor market conditions
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remained relatively stable, with continued payroll growth and unemployment remaining near historically low levels.
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The Federal Reserve maintained its current monetary stance during the quarter, resulting in interest rates
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remaining elevated relative tohistorical levels. Persistent inflation alongside a solid labor market shifted market
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expectations away from rate cuts and toward a potential rate increase in thesecond half of the year.
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Economic growth expectations remain positive, although risks persist related to inflation, monetary policy,
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geopolitical developments, and broader economic conditions.
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Net interest income for thesecond quarter of 2026 increased $585 million, or 40%, from thesecond quarter of
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related expenses and$8 million, or$6 million after tax, of CECL initial provision expense related to the Cadence
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Net interest income was$1.9 billion for thefirst quarter of 2026, anincrease of$465 million, or 33%, from the
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year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $469 million, or 33%, from the
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average earning assets and a 14 basis point increase in the FTE NIM to 3.24%, partially offset by a$40.1 billion, or
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27%, increase in average interest-bearing liabilities. The increases in average earning assets and interest-bearing
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The provision for credit losses increased $43 million, or 37%, from the year-ago quarter to$158 million in the
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first quarter of 2026. The ACLincreased $890 million from the year-ago quarter to$3.4 billion, or 1.78% of total
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loans and leases, in thefirst quarter of 2026, compared to$2.5 billion, or 1.87% of total loans and leases, for the
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Noninterest income, inclusive of the impact from the Cadence and Veritex acquisitions, was$682 million, an
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increases across all major noninterest income categories. Noninterest expense, inclusive of the impact from the
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The increase in noninterest expense was primarily due to$263 million of acquisition-related expenses, in addition to
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the completion of the Cadence acquisition, an increase in interest-earning deposits with banks, goodwill resulting
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from the Cadence acquisition, and organic loan growth. Total liabilities at March 31, 2026 were$252.8 billion, an
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combination of existing and new business, and our partnerships with Cadence and Veritex. Driven by our robust
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relationships, and expanding capabilities and expertise through both geographic expansion and the addition of new
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Economic conditions in the first quarter brought uncertainty, including global energy constraints related to U.S.
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military action in the Middle East contributing to increased market volatility. Labor market conditions softened
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further but did not sharply deteriorate. Payroll growth has been volatile month‑to‑month, reflecting strikes, weather
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effects, and revisions, but underlying trends point to a low‑hire, low‑fire environment. Nonfarm payrolls declined in
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February before rebounding in March, while the unemployment rate remained in the 4.3%–4.4% range. U.S.
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economic activity in the first quarter remained resilient but uneven, supported by consumer spending and continued
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investment tied to artificial intelligence and infrastructure, even as policy uncertainty and elevated energy prices
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The FOMC maintained the federal funds rate at 3.50%–3.75% in both of its first‑quarter meetings, noting
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uncertainty regarding the economic effects of geopolitical events. At its March meeting, FOMC participants
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projected one rate cut in 2026, while market consensus currently has none projected for the remainder of this year.
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The Federal Reserve has indicated that the current federal funds rate is nearing a neutral level.
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Recession risk indicators remain elevated, amid persistent energy-driven inflation pressures, softened job
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On March 19, 2026, the federal banking agencies issued a series of proposed rulemakings intended to modernize
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the U.S. regulatory capital framework applicable to banking organizations of all sizes. The proposals are intended to
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streamline regulatory capital requirements, enhance risk sensitivity, and better align capital levels with institutions’
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underlying business models, while maintaining overall safety and soundness. For Category III and Category IV
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banking organizations, such as Huntington and the Bank, the proposals focus primarily on (i) revisions to the
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standardized approach for calculating risk‑based capital ratios, including a new loan‑to‑value-based framework for
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In this MD&A we refer to FTE net interest income and FTE total revenue. These financial measures are not
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In this MD&A werefer to FTE net interest income and FTE total revenue and the efficiency and tangible common
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required by, or calculated in accordance with GAAP, and may not be calculated the same as similarly titled measures
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equity ratios. These financial measures are not required by or calculated in accordance with GAAP, and may not be
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used by other companies. These financial measures should thus be considered as supplemental in nature and not
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calculated the same as similarly titled measures used by other companies. These financial measures should thus be
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considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For
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considered as supplemental in nature and not considered in isolation or as a substitute for the related financial
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a further description of these non-GAAP financial measures, see the "Non-GAAP Financial Measures" within the
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information prepared in accordance with GAAP. For a further description of these non-GAAP financial measures and
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Summary of 2026 First Quarter Results Compared to 2025 First Quarter
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Summary of 2026 Second Quarter Results Compared to 2025 Second Quarter
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For thefirst quarter of 2026, we reported net income attributable to Huntington of$523 million, or$0.25 per
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For thesecond quarter of 2026, we reported net income attributable to Huntington of$727 million, or$0.33 per
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diluted common share, compared with$527 million, or$0.34 per diluted common share, in the year-ago quarter.
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diluted common share, compared with$536 million, or$0.34 per diluted common share, in the year-ago quarter.
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Thefirst quarter of 2026 reported net income was impacted by$263 million, or$210 million after tax, of acquisition-
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Thesecond quarter of 2026 reported net income was impacted by$152 million, or$116 million after tax, of
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acquisition, which reduced diluted earnings by$0.12 per common share.
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acquisition-related expenses, which reduced diluted earnings by$0.06 per common share, while thesecond quarter
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year-ago quarter. Theincrease in FTE net interest income primarily reflected a$50.7 billion, or 27%, increase in
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the year-ago quarter. Theincrease in FTE net interest income primarily reflected a$67.5 billion, or 35%, increase in
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liabilities were attributable to a combination of the Cadence and Veritex acquisitions, as well as organic growth. The
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bearing liabilities were attributable to a combination of the Cadence and Veritex acquisitions, as well as organic
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NIM increase was primarily due to a decrease in funding costs, partially offset by a decrease in yields on earning
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growth. The NIM increase was primarily due to a decrease in funding costs, partially offset by a decrease in yields on
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Cadence and Veritex acquisitions, was$1.8 billion, anincrease of$622 million, or 54%, from the year-ago quarter.
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inclusive of the impact from the Cadence and Veritex acquisitions, was$1.8 billion in thesecond quarter of 2026, an
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increase of$188 million, or 38%, from the year-ago quarter. The increase in noninterest income was driven by
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increase of$612 million, or 51%, from the year-ago quarter. The increase in noninterest expense was primarily
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Consolidated Balance Sheet and Capital Ratios as of March 31, 2026 Compared to Prior Year End
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Consolidated Balance Sheet, Credit Quality, and Capital Ratios as of June 30, 2026 Compared to Prior Year End
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Total assets at March 31, 2026 were$285.4 billion, anincrease of$60.3 billion, or 27%, compared to
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Total assets at June 30, 2026 were$284.0 billion, anincrease of$58.9 billion, or 26%, compared to
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driven by$46.5 billion of liabilities assumed as a result of the completion of the Cadence acquisition, additional
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December 31, 2025. Theincrease in total liabilities was primarily driven by$46.5 billion of liabilities assumed as a
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short- and long-term borrowings, and organic deposit growth.
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result of the completion of the Cadence acquisition, additional short- and long-term borrowings, and organic deposit
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due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in commercial and
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the increase due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in commercial
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year-ago quarter. Theincrease in the ACL was driven by the ACL recorded for loans acquired in the Cadence and
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leases, at December 31, 2025. Theincrease in the ACL was driven by the ACL recorded for loans acquired in the
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Veritex transactions, in addition to loan and lease growth, partially offset by a decrease in the overall ACL coverage
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Cadence transaction, in addition to loan and lease growth, partially offset by a decrease in the overall ACL coverage
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The tangible common equity to tangible assets ratio, a non-GAAP measure, was 7.0% at March 31, 2026, down
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Thetangible common equity to tangible assets ratio, a non-GAAP measure, was 7.1% at both June 30, 2026
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slightly compared to 7.1% at December 31, 2025, as an increase in tangible common equity from current period
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and December 31, 2025, as an increase in tangible common equity from current period earnings, net of dividends,
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earnings, net of dividends, and the impact of the Cadence acquisition, were offset by a decline in AOCI, common
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and the impact of the Cadence acquisition, were offset by common share repurchases, a decline in AOCI, and an
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share repurchases, and an increase in tangible assets. The CET1 risk-based capital ratiowas 10.2% at March 31,
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increase in tangible assets. The CET1 risk-based capital ratio was 10.0% at June 30, 2026, compared to 10.4% at
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2026, compared to 10.4% at December 31, 2025, with the decrease driven by the impact of the Cadence acquisition
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December 31, 2025, with the decrease driven by higher risk-weighted assets, the impact of the Cadence acquisition,
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Our quarterly results reflect continued progress across our organic growth initiatives, supported by the
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Our quarterly results reflect continued strong execution, supported by growth in our legacy organization and the
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liquidity, capital, and credit, we continued to invest in building existing business relationships, adding new
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continue to invest in deepening existing customer relationships, adding new business, and expanding our capabilities
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commercial verticals. Credit continues to perform well, consistent with our aggregate moderate-to-low risk appetite.
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and expertise. Credit performance remained strong, consistent with our aggregate moderate-to-low risk appetite.
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Our differentiated super regional bank model, which combines national expertise with local delivery, has enabled us
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our differentiated super regional bank model, which combines national expertise with local delivery, we continue to
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to accelerate organic growth across our core footprint and expand new markets and verticals, while we remain
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accelerate organic growth across our core footprint and expansion markets, while remaining focused on driving our
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focused on driving our proven flywheel of value creation to deliver profitable growth and long-term value for our
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proven flywheel of value creation to deliver sustained growth and long-term value for our customers, colleagues,
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from thefirst quarter of 2025. Theincrease in FTE net interest income primarily reflected a$50.7 billion, or 27%,
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million, or 40%, from thesecond quarter of 2025. Theincrease in FTE net interest income primarily reflected a$67.5
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Average assets for thefirst quarter of 2026 were$262.2 billion, anincrease of$57.1 billion, or 28%, from the
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Average assets for thesecond quarter of 2026 were$284.5 billion, anincrease of$76.6 billion, or 37%, from the
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first quarter of 2025. Average assets were impacted by$51.3 billion of total assets acquired in connection with the
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second quarter of 2025. Average assets were impacted by$51.3 billion of total assets acquired in connection with
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Cadence transaction which was effective February 1, 2026, and$12.0 billion of total assets acquired in connection
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the Cadence transaction which was effective February 1, 2026, and$12.0 billion of total assets acquired in
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with the Veritex transaction which was effective October 20, 2025. The increase in average assets was primarily due
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connection with the Veritex transaction which was effective October 20, 2025. The increase in average assets was
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$4.0 billion, or 34%, and average goodwill and other intangible assets of$3.5 billion, or 62%. The increase in average
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securities of $6.6 billion, or 15%, average goodwill and other intangible assets of$4.8 billion, or 86%, and average
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to an increases in average loans and leases of$43.4 billion, or 33%, average interest-earning deposits with banks of
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interest-earning deposits with banks of$4.7 billion, or 38%. The increase in average loans and leases, inclusive of
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the year-ago quarter. The increase in noninterest income was driven byincreases across all major noninterest
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and industrial, commercial real estate, and residential mortgage NALs. The ACL was$3.4 billion, or 1.78% of total
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assets and average interest-bearing liabilities were attributable to a combination of the Cadence and Veritex
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deposits and $8.1 billion of interest-bearing deposits. Following completion of the acquisitions, certain higher-cost
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Year-to-Date Average Balance Sheet / Net Interest Income
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The following table details the change in our year-to-date average balance sheet and the net interest margin.
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(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include the impact of applicable non-
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(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
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average loans and leases included growth in average commercial loans and leases of$39.4 billion, or 53%, and
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year-ago period primarily due to the impact of common stock issued in connection with the Cadence and Veritex
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management revenue increased $39 million, or 24%, driven by higher cash management and interchange revenue.
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the volume of personal service charges. Wealth and asset management revenue increased $32 million, or 31%,
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period, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory fees increased
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the impact from the addition of core deposit intangibles from the acquisitions. Net occupancy increased$34 million,
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or 63%, largely due to increases in lease and depreciation expense. Other noninterest expense increased$32 million,
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or 36%, primarily due to an increased volume of expense activity driven by the impact of the acquisitions.
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the increase primarily due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in
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relating to the current interest rate environment and macroeconomic environment.
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Cadence systems and branch conversions, as well as higher interest-earning deposits held at the FRB as part of
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recovery. We actively monitor our environment for malicious content and implement specific cybersecurity and
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cybersecurity and fraud monitoring of remote connections by geography and volume of connections to detect
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(2)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding gains (losses) on
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higher personnel costs, outside data processing and other services, and amortization of intangibles.
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increase of$52.1 billion, or 26%, compared to December 31, 2025. Theincrease in total liabilities was primarily
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(1)Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% tax rate.
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interest-bearing deposits. The Veritex acquisition added$10.5 billion of deposits as of the acquisition date, including
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established liquidity risk metric limits at March 31, 2026.
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partially offset by maturities and repayments.
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content and implement specific cybersecurity and fraud capabilities, including the monitoring of phishing email