Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) adverse economic effects from international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, or similar events impacting economic activity; (viii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (ix) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (x) changes in the quality or composition of our loan and investment portfolios; (xi) adequacy of loan loss reserves; (xii) increased competition; (xiii) loss of certain key officers; (xiv) deposit attrition; (xv) rapidly changing technology; (xvi) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvii) changes in the cost of funds, demand for loan products or demand for financial services; and (xviii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation's financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.
The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Income Statement |
|---|
| Interest and fees on loans | $101,327 | $105,064 | $72,379 |
|---|
| Interest and dividends on securities and cash and cash equivalents | 10,711 | 10,486 | 10,000 |
|---|
| Interest expense | (38,715) | (41,271) | (33,948) |
|---|
| Net interest income | 73,323 | 74,279 | 48,431 |
|---|
| Provision for (reversal of) credit losses | 998 | (15,495) | 1,556 |
|---|
| Net interest income after provision for credit losses | 72,325 | 89,774 | 46,875 |
|---|
| Non-interest income |
|---|
| Wealth and asset management fees | 2,357 | 3,925 | 1,796 |
|---|
| Service charges on deposit accounts | 2,034 | 2,209 | 1,714 |
|---|
| Other service charges and fees | 422 | 445 | 510 |
|---|
| Net realized gains on available-for-sale securities | 331 | 771 | — |
|---|
| Net realized and unrealized gains (losses) on equity securities | (89) | 280 | (249) |
|---|
| Mortgage banking | 341 | 292 | 96 |
|---|
| Bank owned life insurance | 986 | 2,059 | 760 |
|---|
| Card processing and interchange income | 2,586 | 2,504 | 2,107 |
|---|
| Other non-interest income (expense) | 1,030 | (401) | 1,773 |
|---|
| Total non-interest income | 9,998 | 12,084 | 8,507 |
|---|
| Non-interest expenses |
|---|
| Salaries and benefits | 24,983 | 26,472 | 20,564 |
|---|
| Net occupancy expense of premises | 5,449 | 5,329 | 4,038 |
|---|
| Technology expense | 7,181 | 7,419 | 5,378 |
|---|
| Amortization of core deposit intangible | 1,005 | 1,035 | 17 |
|---|
| Advertising expense | 788 | 996 | 514 |
|---|
| State and local taxes | 821 | 1,408 | 1,292 |
|---|
| Legal, professional, and examination fees | 772 | 1,004 | 849 |
|---|
| FDIC insurance premiums | 807 | 1,201 | 985 |
|---|
| Card processing and interchange expenses | 1,507 | 1,470 | 1,160 |
|---|
| Merger and integration costs | — | 7,783 | 1,529 |
|---|
| Other non-interest expense | 5,874 | 5,952 | 4,712 |
|---|
| Total non-interest expenses | 49,187 | 60,069 | 41,038 |
|---|
| Income before income taxes | 33,136 | 41,789 | 14,344 |
|---|
| Income tax expense | 6,100 | 8,140 | 2,863 |
|---|
| Net income | 27,036 | 33,649 | 11,481 |
|---|
| Preferred stock dividends | 1,075 | 1,076 | 1,075 |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Ending shares outstanding | 29,631,056 | 29,473,352 | 20,980,245 |
|---|
| Average diluted common shares outstanding | 29,439,453 | 29,400,418 | 20,925,388 |
|---|
| Diluted earnings per common share | $0.88 | $1.10 | $0.50 |
|---|
| Adjusted diluted earnings per common share (non-GAAP) (1) | $0.88 | $0.87 | $0.57 |
|---|
| Cash dividends per common share | $0.19 | $0.18 | $0.18 |
|---|
| Dividend payout ratio | 22% | 16% | 36% |
|---|
| Adjusted dividend payout ratio (non-GAAP) (1) | 22% | 21% | 32% |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Average Balances |
|---|
| Total loans and loans held for sale | $6,477,926 | $6,489,706 | $4,591,395 |
|---|
| Investment securities | 922,644 | 826,176 | 798,427 |
|---|
| Total earning assets | 7,761,592 | 7,666,369 | 5,803,526 |
|---|
| Total assets | 8,365,126 | 8,285,289 | 6,220,575 |
|---|
| Noninterest-bearing deposits | 1,124,770 | 1,138,484 | 814,441 |
|---|
| Interest-bearing deposits | 5,945,430 | 5,863,225 | 4,574,700 |
|---|
| Shareholders' equity | 886,825 | 856,930 | 619,409 |
|---|
| Tangible common shareholders' equity (non-GAAP) (1) | 707,181 | 670,094 | 517,550 |
|---|
| Average Yields (annualized) |
|---|
| Total loans and loans held for sale | 6.36% | 6.44% | 6.41% |
|---|
| Investment securities | 3.22% | 3.12% | 2.75% |
|---|
| Total earning assets | 5.85% | 5.97% | 5.73% |
|---|
| Interest-bearing deposits | 2.45% | 2.55% | 2.89% |
|---|
| Interest-bearing liabilities | 2.52% | 2.65% | 2.93% |
|---|
| Performance Ratios (annualized) |
|---|
| Return on average assets | 1.31% | 1.61% | 0.75% |
|---|
| Adjusted return on average assets (non-GAAP) (1) | 1.31% | 1.29% | 0.85% |
|---|
| Return on average equity | 12.36% | 15.58% | 7.52% |
|---|
| Adjusted return on average equity (non-GAAP) (1) | 12.36% | 12.46% | 8.49% |
|---|
| Return on average tangible common equity (non-GAAP) (1) | 14.89% | 19.29% | 8.15% |
|---|
| Adjusted return on average tangible common equity (non-GAAP) (1) | 14.89% | 15.30% | 9.32% |
|---|
| Net interest margin, fully tax equivalent basis (non-GAAP) (1) | 3.84% | 3.84% | 3.37% |
|---|
| Efficiency ratio, fully tax equivalent basis (non-GAAP) (1) | 57.32% | 67.73% | 71.28% |
|---|
| Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) (1) | 57.32% | 58.80% | 68.62% |
|---|
| Net Loan Charge-Offs |
|---|
| CNB Bank net loan charge-offs | $520 | $1,115 | $926 |
|---|
| Holiday Financial net loan charge-offs | 364 | 379 | 513 |
|---|
| Total Corporation net loan charge-offs | $884 | $1,494 | $1,439 |
|---|
| Annualized net loan charge-offs / average total loans and loans held for sale | 0.06% | 0.09% | 0.13% |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Ending Balance Sheet |
|---|
| Cash and due from banks | $78,740 | $78,197 | $68,745 |
|---|
| Interest-bearing deposits with Federal Reserve | 517,652 | 441,501 | 447,053 |
|---|
| Interest-bearing deposits with other financial institutions | 6,068 | 8,198 | 4,359 |
|---|
| Total cash and cash equivalents | 602,460 | 527,896 | 520,157 |
|---|
| Debt securities available-for-sale, at fair value | 695,532 | 584,330 | 516,412 |
|---|
| Debt securities held-to-maturity, at amortized cost | 225,193 | 242,138 | 282,159 |
|---|
| Equity securities | 10,904 | 10,865 | 10,293 |
|---|
| Loans held for sale | 280 | 2,517 | 860 |
|---|
| Loans receivable |
|---|
| Syndicated loans | 78,341 | 70,798 | 69,189 |
|---|
| Loans | 6,355,679 | 6,422,942 | 4,540,820 |
|---|
| Total loans receivable | 6,434,020 | 6,493,740 | 4,610,009 |
|---|
| Less: allowance for credit losses | (67,055) | (67,055) | (47,357) |
|---|
| Net loans receivable | 6,366,965 | 6,426,685 | 4,562,652 |
|---|
| Goodwill and other intangibles | 88,512 | 88,512 | 43,874 |
|---|
| Core deposit intangible | 32,688 | 33,693 | 190 |
|---|
| Other assets | 492,362 | 479,799 | 358,911 |
|---|
| Total Assets | $8,514,896 | $8,396,435 | $6,295,508 |
|---|
| Noninterest-bearing demand deposits | $1,125,257 | $1,092,076 | $842,398 |
|---|
| Interest-bearing demand deposits | 1,015,327 | 1,014,606 | 719,460 |
|---|
| Savings | 3,846,595 | 3,822,639 | 3,160,618 |
|---|
| Certificates of deposit | 1,153,097 | 1,097,788 | 737,602 |
|---|
| Total deposits | 7,140,276 | 7,027,109 | 5,460,078 |
|---|
| Short-term borrowings | 164,000 | 164,000 | — |
|---|
| Subordinated debentures | 20,620 | 20,620 | 20,620 |
|---|
| Subordinated notes, net of issuance costs | 84,950 | 84,874 | 84,646 |
|---|
| Deposits held for sale | 89,923 | 88,119 | — |
|---|
| Other liabilities | 126,026 | 139,586 | 105,656 |
|---|
| Total liabilities | 7,625,795 | 7,524,308 | 5,671,000 |
|---|
| Common stock | — | — | — |
|---|
| Preferred stock | 57,785 | 57,785 | 57,785 |
|---|
| Additional paid in capital | 423,292 | 422,653 | 220,254 |
|---|
| Retained earnings | 445,265 | 424,935 | 387,925 |
|---|
| Treasury stock | (2,971) | (2,581) | (4,944) |
|---|
| Accumulated other comprehensive loss | (34,270) | (30,665) | (36,512) |
|---|
| Total shareholders' equity | 889,101 | 872,127 | 624,508 |
|---|
| Total liabilities and shareholders' equity | $8,514,896 | $8,396,435 | $6,295,508 |
|---|
| Book value per common share | $28.06 | $27.63 | $27.01 |
|---|
| Adjusted book value per common share (non-GAAP) (1) | $28.06 | $28.02 | $27.08 |
|---|
| Tangible book value per common share (non-GAAP) (1) | $23.97 | $23.48 | $24.91 |
|---|
| Adjusted tangible book value per common share (non-GAAP) (1) | $23.97 | $23.88 | $24.98 |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Capital Ratios |
|---|
| Tangible common equity / tangible assets (non-GAAP) (1) | 8.46% | 8.36% | 8.36% |
|---|
| Adjusted tangible common equity / tangible assets (non-GAAP) (1) | 8.46% | 8.49% | 8.38% |
|---|
| Tier 1 leverage ratio (2) | 10.03% | 9.87% | 10.27% |
|---|
| Common equity tier 1 ratio (2) | 11.81% | 11.44% | 11.85% |
|---|
| Tier 1 risk-based ratio (2) | 13.03% | 12.65% | 13.50% |
|---|
| Total risk-based ratio (2) | 15.23% | 14.78% | 16.30% |
|---|
| Asset Quality Detail |
|---|
| Nonaccrual loans | $46,139 | $39,845 | $54,079 |
|---|
| Loans 90+ days past due and accruing | 106 | 42 | 308 |
|---|
| Total nonperforming loans | 46,245 | 39,887 | 54,387 |
|---|
| Other real estate owned | 2,930 | 2,280 | 1,664 |
|---|
| Total nonperforming assets | $49,175 | $42,167 | $56,051 |
|---|
| Asset Quality Ratios |
|---|
| Nonperforming assets / Total loans + OREO | 0.76% | 0.65% | 1.22% |
|---|
| Nonperforming assets / Total assets | 0.58% | 0.50% | 0.89% |
|---|
| Ratio of allowance for credit losses on loans to nonaccrual loans | 145.33% | 168.29% | 87.57% |
|---|
| Allowance for credit losses / Total loans | 1.04% | 1.03% | 1.03% |
|---|
| Consolidated Financial Data Notes: |
|---|
| (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data). |
|---|
| (2) Capital ratios as of March 31, 2026 are estimated pending final regulatory filings. |
|---|
| Average Balances, Income and Interest Rates on a Taxable Equivalent Basis |
|---|
| Three Months Ended, |
|---|
| March 31, 2026 · December 31, 2025 · March 31, 2025 |
|---|
| AverageBalance · AnnualRate · InterestInc./Exp. · AverageBalance · AnnualRate · InterestInc./Exp. · AverageBalance · AnnualRate · InterestInc./Exp. |
|---|
| ASSETS: |
|---|
| Securities: |
|---|
| Taxable (1) (4) | $869,333 | | 3.13% | | $6,940 | | $780,374 | | 2.93% | | $6,023 | $765,654 | 2.73% | $5,461 |
|---|
| Tax-exempt (1) (2) (4) | 24,006 | | 2.82 | | 175 | | 24,460 | | 2.62 | | 171 | 25,345 | 2.69 | 181 |
|---|
| Equity securities (1) (2) | 29,305 | | 6.32 | | 457 | | 21,342 | | 10.80 | | 581 | 7,428 | 5.84 | 107 |
|---|
| Total securities (4) | 922,644 | | 3.22 | | 7,572 | | 826,176 | | 3.12 | | 6,775 | 798,427 | 2.75 | 5,749 |
|---|
| Loans receivable: |
|---|
| Commercial (2) (3) | 1,758,527 | | 6.76 | | 29,300 | | 1,739,733 | | 6.70 | | 29,395 | 1,466,323 | 6.74 | 24,369 |
|---|
| Commercial & residential mortgages and loans held for sale (2) (3) | 4,586,641 | | 6.09 | | 68,907 | | 4,617,232 | | 6.22 | | 72,414 | 3,001,317 | 6.02 | 44,572 |
|---|
| Consumer (3) | 132,758 | | 10.54 | | 3,451 | | 132,741 | | 10.54 | | 3,527 | 123,755 | 12.01 | 3,665 |
|---|
| Total loans receivable (3) | 6,477,926 | | 6.36 | | 101,658 | | 6,489,706 | | 6.44 | | 105,336 | 4,591,395 | 6.41 | 72,606 |
|---|
| Interest-bearing deposits with the Federal Reserve and other financial institutions | 361,022 | | 3.60 | | 3,206 | | 350,487 | | 4.28 | | 3,777 | 413,704 | 4.20 | 4,284 |
|---|
| Total earning assets | 7,761,592 | | 5.85 | | $112,436 | | 7,666,369 | | 5.97 | | $115,888 | 5,803,526 | 5.73 | $82,639 |
|---|
| Noninterest-bearing assets: |
|---|
| Cash and due from banks | 78,471 | | 77,224 | | 58,152 | |
|---|
| Premises and equipment | 147,949 | | 150,220 | | 129,188 | |
|---|
| Other assets | 444,142 | | 459,511 | | 277,051 | |
|---|
| Allowance for credit losses | (67,028) | | (68,035) | | (47,342) | |
|---|
| Total non interest-bearing assets | 603,534 | | 618,920 | | 417,049 | |
|---|
| TOTAL ASSETS | $8,365,126 | | $8,285,289 | | $6,220,575 | |
|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|---|
| Demand—interest-bearing | $1,015,629 | | 0.93% | | $2,331 | | $998,897 | | 0.94% | | $2,357 | $704,874 | 0.88% | $1,527 |
|---|
| Savings | 3,819,819 | | 2.52 | | 23,763 | | 3,728,182 | | 2.63 | | 24,707 | 3,131,697 | 3.09 | 23,840 |
|---|
| Time | 1,109,982 | | 3.61 | | 9,873 | | 1,136,146 | | 3.72 | | 10,650 | 738,129 | 3.99 | 7,267 |
|---|
| Total interest-bearing deposits | 5,945,430 | | 2.45 | | 35,967 | | 5,863,225 | | 2.55 | | 37,714 | 4,574,700 | 2.89 | 32,634 |
|---|
| Short-term borrowings | 164,000 | | 3.63 | | 1,466 | | 187,781 | | 4.41 | | 2,085 | — | 0.00 | — |
|---|
| Finance lease liabilities | 18,038 | | 5.31 | | 236 | | 18,059 | | 9.10 | | 414 | 15,143 | 6.32 | 236 |
|---|
| Subordinated notes and debentures | 105,532 | | 4.02 | | 1,046 | | 105,456 | | 3.98 | | 1,058 | 105,228 | 4.15 | 1,078 |
|---|
| Total interest-bearing liabilities | 6,233,000 | | 2.52 | | $38,715 | | 6,174,521 | | 2.65 | | $41,271 | 4,695,071 | 2.93 | $33,948 |
|---|
| Demand—noninterest-bearing | 1,124,770 | | 1,138,484 | | 814,441 | |
|---|
| Other liabilities | 120,531 | | 115,354 | | 91,654 | |
|---|
| Total Liabilities | 7,478,301 | | 7,428,359 | | 5,601,166 | |
|---|
| Shareholders’ equity | 886,825 | | 856,930 | | 619,409 | |
|---|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $8,365,126 | | $8,285,289 | | $6,220,575 | |
|---|
| Interest income/Earning assets | | 5.85% | | $112,436 | | 5.97% | | $115,888 | | 5.73% | $82,639 | |
|---|
| Interest expense/Interest-bearing liabilities | | 2.52 | | 38,715 | | 2.65 | | 41,271 | | 2.93 | 33,948 | |
|---|
| Net interest spread | | 3.33% | | $73,721 | | 3.32% | | $74,617 | | 2.80% | $48,691 | |
|---|
| Interest income/Earning assets | | 5.85% | | 112,436 | | 5.97% | | 115,888 | | 5.73% | 82,639 | |
|---|
| Interest expense/Earning assets | | 2.01 | | 38,715 | | 2.13 | | 41,271 | | 2.36 | 33,948 | |
|---|
| Net interest margin (fully tax-equivalent) | | 3.84% | | $73,721 | | 3.84% | | $74,617 | | 3.37% | $48,691 | |
|---|
(1)Includes unamortized discounts and premiums.
(2)Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 was $398 thousand, $338 thousand and $260 thousand, respectively.
(3)Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consists of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees.
(4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 was $(32.2) million, $(35.2) million and $(48.1) million, respectively.
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) (1): |
|---|
| Merger transaction related expenses - non deductible | $— | $337 | $1,327 |
|---|
| Merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08 - deductible | — | (8,941) | 202 |
|---|
| Statutory federal tax rate | 21% | 21% | 21% |
|---|
| Tax benefit (expense) of merger and integration costs and day 1 non-PCD provision expense (non-GAAP) | — | (1,878) | 42 |
|---|
| Merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08 - deductible, net of tax | — | (7,063) | 160 |
|---|
| Merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | $— | $(6,726) | $1,487 |
|---|
| (1) Merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08 represent legal, advisory, severance, technology conversion, day one non-PCD provision expense (benefit), and other expenses directly related to the ESSA acquisition. Management believes exclusion of these non-recurring charges provides more meaningful period-over-period comparisons of operating performance. |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of net income available to common (GAAP): |
|---|
| Net income | $27,036 | $33,649 | $11,481 |
|---|
| Less: preferred stock dividends | 1,075 | 1,076 | 1,075 |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Adjusted calculation of net income available to common (non-GAAP): |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (6,726) | 1,487 |
|---|
| Adjusted net income available to common shareholders (non-GAAP) | $25,961 | $25,847 | $11,893 |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of dividend payout ratio: |
|---|
| Cash dividends per common share | $0.19 | $0.18 | $0.18 |
|---|
| Diluted earnings per common share | 0.88 | 1.10 | 0.50 |
|---|
| Dividend payout ratio | 22% | 16% | 36% |
|---|
| Adjusted calculation of dividend payout ratio (non-GAAP): |
|---|
| Cash dividends per common share | $0.19 | $0.18 | $0.18 |
|---|
| Adjusted diluted earnings per common share (non-GAAP) | 0.88 | 0.87 | 0.57 |
|---|
| Adjusted dividend payout ratio (non-GAAP) | 22% | 21% | 32% |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of PPNR (non-GAAP): (1) |
|---|
| Net interest income | $73,323 | $74,279 | $48,431 |
|---|
| Add: Non-interest income | 9,998 | 12,084 | 8,507 |
|---|
| Less: Non-interest expense | 49,187 | 60,069 | 41,038 |
|---|
| PPNR (non-GAAP) | $34,134 | $26,294 | $15,900 |
|---|
| Adjusted calculation of PPNR (non-GAAP): (1) |
|---|
| Net interest income | $73,323 | $74,279 | $48,431 |
|---|
| Add: Non-interest income | 9,998 | 12,084 | 8,507 |
|---|
| Less: Non-interest expense | 49,187 | 60,069 | 41,038 |
|---|
| Add: Merger and integration costs (non-GAAP) | — | 7,783 | 1,529 |
|---|
| Adjusted PPNR (non-GAAP) | $34,134 | $34,077 | $17,429 |
|---|
| (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation's ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies. |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Adjusted calculation of loans (non-GAAP): |
|---|
| Loans | $6,355,679 | $6,422,942 | $4,540,820 |
|---|
| Less: ESSA acquired loans, net of estimated purchase accounting fair value adjustments (non-GAAP) | (1,658,693) | (1,658,693) | — |
|---|
| Adjusted loans (non-GAAP) | $4,696,986 | $4,764,249 | $4,540,820 |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Adjusted calculation of total deposits (non-GAAP): |
|---|
| Total deposits | $7,140,276 | $7,027,109 | $5,460,078 |
|---|
| Add: deposits held for sale (non-GAAP) | 89,923 | 88,119 | — |
|---|
| Less: ESSA acquired deposits, net of estimated purchase accounting fair value adjustments (non-GAAP) | (1,455,805) | (1,455,805) | — |
|---|
| Adjusted total deposits (non-GAAP) | $5,774,394 | $5,659,423 | $5,460,078 |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Basic earnings per common share computation: |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Less: net income available to common shareholders allocated to participating securities | 237 | 210 | 57 |
|---|
| Net income available to common shareholders allocated to common stock | $25,724 | $32,363 | $10,349 |
|---|
| Weighted average common shares outstanding, including shares considered participating securities | 29,576 | 29,476 | 20,981 |
|---|
| Less: average participating securities | 259 | 179 | 114 |
|---|
| Weighted average shares | 29,317 | 29,297 | 20,867 |
|---|
| Basic earnings per common share | $0.88 | $1.10 | $0.50 |
|---|
| Diluted earnings per common share computation: |
|---|
| Net income available to common shareholders allocated to common stock | $25,724 | $32,363 | $10,349 |
|---|
| Weighted average common shares outstanding for basic earnings per common share | 29,317 | 29,297 | 20,867 |
|---|
| Add: dilutive effect of stock compensation | 122 | 103 | 58 |
|---|
| Weighted average shares and dilutive potential common shares | 29,439 | 29,400 | 20,925 |
|---|
| Diluted earnings per common share | $0.88 | $1.10 | $0.50 |
|---|
| Adjusted basic earnings per common share computation (non-GAAP): |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (6,726) | 1,487 |
|---|
| Less: net income available to common shareholders allocated to participating securities | 237 | 210 | 57 |
|---|
| Adjustment to net income available to common shareholders allocated to participating securities for merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (41) | 8 |
|---|
| Adjusted net income available to common shareholders allocated to common stock (non-GAAP) | $25,724 | $25,678 | $11,828 |
|---|
| Weighted average common shares outstanding, including shares considered participating securities | 29,576 | 29,476 | 20,981 |
|---|
| Less: average participating securities | 259 | 179 | 114 |
|---|
| Weighted average shares | 29,317 | 29,297 | 20,867 |
|---|
| Adjusted basic earnings per common share (non-GAAP) | $0.88 | $0.88 | $0.57 |
|---|
| Adjusted diluted earnings per common share computation (non-GAAP): |
|---|
| Adjusted net income available to common shareholders allocated to common stock (non-GAAP) | $25,724 | $25,678 | $11,828 |
|---|
| Weighted average common shares outstanding for basic earnings per common share | 29,317 | 29,297 | 20,867 |
|---|
| Add: dilutive effect of stock compensation | 122 | 103 | 58 |
|---|
| Weighted average shares and dilutive potential common shares | 29,439 | 29,400 | 20,925 |
|---|
| Adjusted diluted earnings per common share (non-GAAP) | $0.88 | $0.87 | $0.57 |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of net interest margin: |
|---|
| Interest income | $112,038 | $115,550 | $82,379 |
|---|
| Interest expense | 38,715 | 41,271 | 33,948 |
|---|
| Net interest income | $73,323 | $74,279 | $48,431 |
|---|
| Average total earning assets | $7,761,592 | $7,666,369 | $5,803,526 |
|---|
| Net interest margin (GAAP) (annualized) | 3.83% | 3.84% | 3.38% |
|---|
| Calculation of net interest margin (fully tax equivalent basis) (non-GAAP): |
|---|
| Interest income | $112,038 | $115,550 | $82,379 |
|---|
| Tax equivalent adjustment (non-GAAP) | 398 | 338 | 260 |
|---|
| Adjusted interest income (fully tax equivalent basis) (non-GAAP) | 112,436 | 115,888 | 82,639 |
|---|
| Interest expense | 38,715 | 41,271 | 33,948 |
|---|
| Net interest income (fully tax equivalent basis) (non-GAAP) | $73,721 | $74,617 | $48,691 |
|---|
| Average total earning assets | $7,761,592 | $7,666,369 | $5,803,526 |
|---|
| Less: average mark to market adjustment on investments (non-GAAP) | (32,170) | (35,243) | (48,070) |
|---|
| Adjusted average total earning assets, net of mark to market (non-GAAP) | $7,793,762 | $7,701,612 | $5,851,596 |
|---|
| Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.84% | 3.84% | 3.37% |
|---|
| Calculation of net interest margin, excluding purchase accounting loan accretion (fully tax equivalent basis) (non-GAAP) (1): |
|---|
| Net interest income (fully tax equivalent basis) (non-GAAP) | $73,721 | $74,617 | $48,691 |
|---|
| Less: purchase accounting loan accretion | (3,040) | (3,158) | — |
|---|
| Adjusted net interest income (fully tax equivalent basis) (non-GAAP) | $70,681 | $71,459 | $48,691 |
|---|
| Adjusted average total earning assets, net of mark to market (non-GAAP) | $7,793,762 | $7,701,612 | $5,851,596 |
|---|
| Adjusted net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.68% | 3.68% | 3.37% |
|---|
| (1) Purchase accounting loan accretion represents income recognized on estimated fair value adjustments to acquired loans. |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP): |
|---|
| Shareholders' equity | $889,101 | $872,127 | $624,508 |
|---|
| Less: preferred equity | 57,785 | 57,785 | 57,785 |
|---|
| Common shareholders' equity | 831,316 | 814,342 | 566,723 |
|---|
| Less: goodwill and other intangibles | 88,512 | 88,512 | 43,874 |
|---|
| Less: core deposit intangible | 32,688 | 33,693 | 190 |
|---|
| Tangible common equity (non-GAAP) | $710,116 | $692,137 | $522,659 |
|---|
| Total assets | $8,514,896 | $8,396,435 | $6,295,508 |
|---|
| Less: goodwill and other intangibles | 88,512 | 88,512 | 43,874 |
|---|
| Less: core deposit intangible | 32,688 | 33,693 | 190 |
|---|
| Tangible assets (non-GAAP) | $8,393,696 | $8,274,230 | $6,251,444 |
|---|
| Ending shares outstanding | 29,631,056 | 29,473,352 | 20,980,245 |
|---|
| Book value per common share (GAAP) | $28.06 | $27.63 | $27.01 |
|---|
| Tangible book value per common share (non-GAAP) | $23.97 | $23.48 | $24.91 |
|---|
| Common shareholders' equity / Total assets (GAAP) | 9.76% | 9.70% | 9.00% |
|---|
| Tangible common equity / Tangible assets (non-GAAP) | 8.46% | 8.36% | 8.36% |
|---|
| Adjusted calculation of book value per common share (non-GAAP): |
|---|
| Common shareholders' equity | $831,316 | $814,342 | $566,723 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | 11,600 | 1,487 |
|---|
| Adjusted common shareholders' equity (non-GAAP) | $831,316 | $825,942 | $568,210 |
|---|
| Ending shares outstanding | 29,631,056 | 29,473,352 | 20,980,245 |
|---|
| Adjusted book value per common share (non-GAAP) | $28.06 | $28.02 | $27.08 |
|---|
| Adjusted calculation of tangible book value per common share (non-GAAP): |
|---|
| Tangible common equity (non-GAAP) | $710,116 | $692,137 | $522,659 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | 11,600 | 1,487 |
|---|
| Adjusted tangible common equity (non-GAAP) | $710,116 | $703,737 | $524,146 |
|---|
| Ending shares outstanding | 29,631,056 | 29,473,352 | 20,980,245 |
|---|
| Adjusted tangible book value per common share (non-GAAP) | $23.97 | $23.88 | $24.98 |
|---|
| Adjusted calculation of tangible common equity / tangible assets (non-GAAP): |
|---|
| Adjusted tangible common shareholders' equity (non-GAAP) | $710,116 | $703,737 | $524,146 |
|---|
| Tangible assets (non-GAAP) | $8,393,696 | $8,274,230 | $6,251,444 |
|---|
| Add: merger and integration costs (non-GAAP) | — | 13,824 | 1,529 |
|---|
| Adjusted tangible assets (non-GAAP) | $8,393,696 | $8,288,054 | $6,252,973 |
|---|
| Adjusted tangible common equity / Adjusted tangible assets (non-GAAP) | 8.46% | 8.49% | 8.38% |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of efficiency ratio: |
|---|
| Non-interest expense | $49,187 | $60,069 | $41,038 |
|---|
| Non-interest income | $9,998 | $12,084 | $8,507 |
|---|
| Net interest income | 73,323 | 74,279 | 48,431 |
|---|
| Total revenue | $83,321 | $86,363 | $56,938 |
|---|
| Efficiency ratio | 59.03% | 69.55% | 72.07% |
|---|
| Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): |
|---|
| Non-interest expense | $49,187 | $60,069 | $41,038 |
|---|
| Less: core deposit intangible amortization | 1,005 | 1,035 | 17 |
|---|
| Adjusted non-interest expense (non-GAAP) | $48,182 | $59,034 | $41,021 |
|---|
| Non-interest income | $9,998 | $12,084 | $8,507 |
|---|
| Net interest income | $73,323 | $74,279 | $48,431 |
|---|
| Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) | 1,965 | 1,899 | 1,464 |
|---|
| Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP) | 2,704 | 2,691 | 2,076 |
|---|
| Adjusted net interest income (fully tax equivalent basis) (non-GAAP) | 74,062 | 75,071 | 49,043 |
|---|
| Adjusted net revenue (fully tax equivalent basis) (non-GAAP) | $84,060 | $87,155 | $57,550 |
|---|
| Efficiency ratio (fully tax equivalent basis) (non-GAAP) | 57.32% | 67.73% | 71.28% |
|---|
| Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): |
|---|
| Adjusted non-interest expense (non-GAAP) | $48,182 | $59,034 | $41,021 |
|---|
| Less: merger and integration costs (non-GAAP) | — | 7,783 | 1,529 |
|---|
| Adjusted non-interest expense (non-GAAP) | $48,182 | $51,251 | $39,492 |
|---|
| Adjusted net revenue (fully tax equivalent basis) (non-GAAP) | $84,060 | $87,155 | $57,550 |
|---|
| Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP) | 57.32% | 58.80% | 68.62% |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of return on average tangible common equity (non-GAAP): |
|---|
| Net income | $27,036 | $33,649 | $11,481 |
|---|
| Less: preferred stock dividends | 1,075 | 1,076 | 1,075 |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Average shareholders' equity | $886,825 | $856,930 | $619,409 |
|---|
| Less: average goodwill & intangibles | 121,859 | 129,051 | 44,074 |
|---|
| Less: average preferred equity | 57,785 | 57,785 | 57,785 |
|---|
| Average tangible common shareholders' equity (non-GAAP) | $707,181 | $670,094 | $517,550 |
|---|
| Return on average equity (GAAP) (annualized) | 12.36% | 15.58% | 7.52% |
|---|
| Return on average common equity (GAAP) (annualized) | 12.70% | 16.17% | 7.51% |
|---|
| Return on average tangible common equity (non-GAAP) (annualized) | 14.89% | 19.29% | 8.15% |
|---|
| Adjusted calculation of return on average equity (non-GAAP): |
|---|
| Net income | $27,036 | $33,649 | $11,481 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (6,726) | 1,487 |
|---|
| Adjusted net income (non-GAAP) | $27,036 | $26,923 | $12,968 |
|---|
| Average shareholders' equity | $886,825 | $856,930 | $619,409 |
|---|
| Adjusted return on average equity (non-GAAP) (annualized) | 12.36% | 12.46% | 8.49% |
|---|
| Adjusted calculation of return on average tangible common equity (non-GAAP): |
|---|
| Net income available to common shareholders | $25,961 | $32,573 | $10,406 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (6,726) | 1,487 |
|---|
| Adjusted net income available to common shareholders | $25,961 | $25,847 | $11,893 |
|---|
| Average tangible common shareholders' equity (non-GAAP) | $707,181 | $670,094 | $517,550 |
|---|
| Adjusted return on average tangible common equity (non-GAAP) (annualized) | 14.89% | 15.30% | 9.32% |
|---|
| Three Months Ended |
|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|
| Calculation of return on average assets: |
|---|
| Net income | $27,036 | $33,649 | $11,481 |
|---|
| Average total assets | $8,365,126 | $8,285,289 | $6,220,575 |
|---|
| Return on average assets (GAAP) (annualized) | 1.31% | 1.61% | 0.75% |
|---|
| Adjusted calculation of return on average assets (non-GAAP): |
|---|
| Net income | $27,036 | $33,649 | $11,481 |
|---|
| Add: merger transaction related expenses and the provision adjustment related to adoption of ASU 2025-08, net of tax (non-GAAP) | — | (6,726) | 1,487 |
|---|
| Adjusted net income | $27,036 | $26,923 | $12,968 |
|---|
| Average total assets | $8,365,126 | $8,285,289 | $6,220,575 |
|---|
| Adjusted return on average assets (non-GAAP) (annualized) | 1.31% | 1.29% | 0.85% |
|---|
