COMMUNITY FINANCIAL SYSTEM, INC.

For the period ended Oct 21, 2025. Filed Oct 21, 2025.

About this filing

A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Oct 21, 2025 · Filed Oct 21, 2025

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CBU$64.74+0.2%Stored close · as of Nov 6, 2026

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Contents

EX-99.1 · Forward-Looking Statements

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of CBU’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from its expectations: the macroeconomic and other challenges and uncertainties related to or resulting from current and future economic and market conditions, including the effects on CRE and housing or vehicle prices, unemployment rates, high inflation, U.S. fiscal debt, budget and tax matters, geopolitical matters, tariffs and global economic growth; fiscal and monetary policies of the Federal Reserve Board; the potential adverse effects of unusual and infrequently occurring events; litigation and actions of regulatory authorities; management’s estimates and projections of interest rates and interest rate policies; the effect of changes in the level of checking, savings, or money market account deposit balances and other factors that affect net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; ability to contain costs in inflationary conditions; the effect on financial market valuations on CBU’s fee income businesses, including its employee benefit services, wealth management services, and insurance services businesses; the successful integration of operations of its acquisitions and performance of new branches; competition; changes in legislation or regulatory requirements, including capital requirements; and the timing for receiving regulatory approvals and completing merger and acquisition transactions. For more information about factors that could cause actual results to differ materially from CBU’s expectations, refer to its annual, periodic and other reports filed with the Securities and Exchange Commission (“SEC”), including the discussion under the “Risk Factors” section of such reports filed with the SEC and available on CBU’s website athttps://communityfinancialsystem.com and on the SEC’s website athttps://sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and CBU undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
	Quarter Ended		Year-to-Date
	September 30,	September 30,	September 30,	September 30,
	2025	2024	2025	2024
Earnings
Loan income	$152,509	$140,472	$441,947	$401,129
Investment income	24,774	23,428	75,861	72,468
Total interest income	177,283	163,900	517,808	473,597
Interest expense	49,118	51,155	144,683	144,453
Net interest income	128,165	112,745	373,125	329,144
Provision for credit losses	5,564	7,709	16,371	16,565
Net interest income after provision for credit losses	122,601	105,036	356,754	312,579
Deposit service and other banking fees	19,980	19,537	57,174	54,808
Mortgage banking	1,180	1,055	3,150	3,675
Employee benefit services	34,408	33,215	99,410	97,031
Insurance services	14,137	13,652	41,726	38,068
Wealth management services	8,946	8,892	27,491	26,793
Loss on sales of investment securities	0	(255)	0	(487)
Unrealized gain on equity securities	236	101	480	984
Total noninterest revenues	78,887	76,197	229,431	220,872
Salaries and employee benefits	76,532	78,022	231,995	224,532
Data processing and communications	19,119	15,894	51,940	45,516
Occupancy and equipment	11,419	10,586	35,603	32,663
Business development and marketing	4,585	4,365	11,716	11,549
Legal and professional fees	4,469	3,723	13,686	11,523
Amortization of intangible assets	3,258	3,369	10,109	10,822
Other	8,937	8,244	27,662	24,681
Total noninterest expenses	128,319	124,203	382,711	361,286
Income before income taxes	73,169	57,030	203,474	172,165
Income taxes	18,081	13,129	47,441	39,477
Net income	$55,088	$43,901	$156,033	$132,688
Basic earnings per share	$1.04	$0.83	$2.95	$2.50
Diluted earnings per share	$1.04	$0.83	$2.94	$2.50

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Earnings
Loan income	$152,509	$146,534	$142,904	$144,638	$140,472
Investment income	24,774	26,344	24,743	25,293	23,428
Total interest income	177,283	172,878	167,647	169,931	163,900
Interest expense	49,118	48,130	47,435	49,958	51,155
Net interest income	128,165	124,748	120,212	119,973	112,745
Provision for credit losses	5,564	4,117	6,690	6,208	7,709
Net interest income after provision for credit losses	122,601	120,631	113,522	113,765	105,036
Deposit service and other banking fees	19,980	19,086	18,108	19,315	19,537
Mortgage banking	1,180	972	998	746	1,055
Employee benefit services	34,408	32,380	32,622	33,950	33,215
Insurance services	14,137	13,388	14,201	12,181	13,652
Wealth management services	8,946	8,683	9,862	9,875	8,892
Loss on sales of investment securities	0	0	0	0	(255)
Unrealized gain (loss) on equity securities	236	(1)	245	247	101
Total noninterest revenues	78,887	74,508	76,036	76,314	76,197
Salaries and employee benefits	76,532	79,021	76,442	76,247	78,022
Data processing and communications	19,119	16,699	16,122	16,327	15,894
Occupancy and equipment	11,419	11,486	12,698	10,995	10,586
Business development and marketing	4,585	4,001	3,130	4,510	4,365
Legal and professional fees	4,469	4,368	4,849	3,800	3,723
Amortization of intangible assets	3,258	3,369	3,482	3,437	3,369
Other	8,937	10,158	8,567	10,223	8,244
Total noninterest expenses	128,319	129,102	125,290	125,539	124,203
Income before income taxes	73,169	66,037	64,268	64,540	57,030
Income taxes	18,081	14,706	14,654	14,747	13,129
Net income	$55,088	$51,331	$49,614	$49,793	$43,901
Basic earnings per share	$1.04	$0.97	$0.94	$0.94	$0.83
Diluted earnings per share	$1.04	$0.97	$0.93	$0.94	$0.83
Profitability (GAAP)
Return on assets (GAAP)	1.30%	1.24%	1.22%	1.21%	1.09%
Return on equity (GAAP)	11.62%	11.21%	11.28%	11.27%	10.21%
Noninterest revenues/total revenues (GAAP)	38.1%	37.4%	38.7%	38.9%	40.3%
Efficiency ratio (GAAP)	62.0%	64.8%	63.8%	64.0%	65.7%
Profitability (non-GAAP)
Operating return on assets (non-GAAP)	1.38%	1.34%	1.28%	1.29%	1.16%
Operating return on equity (non-GAAP)	12.25%	12.10%	11.84%	11.99%	10.85%
Return on tangible equity (non-GAAP)	21.27%	20.97%	21.69%	21.97%	20.53%
Operating return on tangible equity (non-GAAP)	22.43%	22.63%	22.76%	23.36%	21.80%
Operating noninterest revenues/operating revenues (FTE) (non-GAAP)	37.9%	37.2%	38.5%	38.6%	40.2%
Operating efficiency ratio (non-GAAP)	59.9%	62.0%	61.9%	61.8%	63.6%

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Components of Net Interest Margin (FTE)
Loan yield	5.68%	5.63%	5.58%	5.58%	5.51%
Cash equivalents yield	3.92%	4.33%	4.30%	4.71%	4.90%
Investment yield	2.12%	2.17%	2.11%	2.15%	2.05%
Earning asset yield	4.59%	4.56%	4.51%	4.52%	4.43%
Interest-bearing deposit rate	1.59%	1.59%	1.59%	1.68%	1.69%
Borrowing rate	3.82%	3.56%	3.63%	3.57%	4.08%
Cost of all interest-bearing funds	1.76%	1.74%	1.75%	1.84%	1.93%
Cost of total deposits	1.17%	1.19%	1.17%	1.23%	1.23%
Cost of funds (includes noninterest-bearing deposits)	1.33%	1.32%	1.33%	1.38%	1.44%
Net interest margin	3.30%	3.27%	3.21%	3.17%	3.03%
Net interest margin (FTE) (non-GAAP)	3.33%	3.30%	3.24%	3.20%	3.05%
Fully tax-equivalent adjustment (non-GAAP)	$880	$884	$894	$882	$872
Average Balances
Loans	$10,664,241	$10,455,637	$10,402,985	$10,331,217	$10,155,343
Cash equivalents	46,550	159,688	130,649	93,910	38,481
Taxable investment securities	4,268,660	4,256,943	4,211,921	4,187,538	4,165,783
Nontaxable investment securities	413,663	417,323	419,746	423,323	436,762
Total interest-earning assets	15,393,114	15,289,591	15,165,301	15,035,988	14,796,369
Total assets	16,755,095	16,590,741	16,439,357	16,324,320	16,058,219
Interest checking, savings and money market deposits	8,086,979	8,094,208	7,899,568	7,689,659	7,462,225
Time deposits	2,088,861	2,125,683	2,152,113	2,182,140	2,074,978
Customer repurchase agreements	187,845	240,817	250,142	278,275	241,454
Overnight borrowings	151,495	16,408	57,192	13,935	212,520
FHLB and other borrowings	531,979	587,523	602,838	623,265	576,225
Total interest-bearing liabilities	11,047,159	11,064,639	10,961,853	10,787,274	10,567,402
Noninterest-bearing deposits	3,640,964	3,522,734	3,519,962	3,603,416	3,611,755
Shareholders' equity	1,881,116	1,836,965	1,783,646	1,757,467	1,709,791

2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Balance Sheet Data
Cash and cash equivalents	$245,247	$237,248	$518,021	$197,004	$346,110
Investment securities:
Available-for-sale	2,859,312	2,832,370	2,826,915	2,785,714	2,885,943
Held-to-maturity	1,442,308	1,430,991	1,393,837	1,345,155	1,319,050
Equity and other	78,944	86,709	80,591	87,517	82,558
Total investment securities	4,380,564	4,350,070	4,301,343	4,218,386	4,287,551
Loans:
Business lending	4,663,878	4,541,192	4,540,002	4,505,178	4,391,629
Consumer mortgage	3,544,277	3,523,025	3,504,151	3,489,780	3,427,317
Consumer indirect	1,834,766	1,767,213	1,707,938	1,767,655	1,780,586
Home equity	510,933	494,183	481,248	477,425	460,964
Consumer direct	196,408	193,504	187,802	192,327	191,178
Total loans	10,750,262	10,519,117	10,421,141	10,432,365	10,251,674
Allowance for credit losses	84,944	81,851	82,840	79,114	76,167
Goodwill and intangible assets, net	899,967	898,381	900,332	901,471	900,623
Other assets	766,708	742,053	706,299	715,932	694,909
Total assets	16,957,804	16,665,018	16,764,296	16,386,044	16,404,700
Deposits:
Noninterest-bearing	3,686,772	3,588,602	3,526,485	3,557,219	3,586,845
Non-maturity interest-bearing	8,337,797	8,010,808	8,215,773	7,707,037	7,704,925
Time	2,032,281	2,102,358	2,149,789	2,177,451	2,184,401
Total deposits	14,056,850	13,701,768	13,892,047	13,441,707	13,476,171
Customer repurchase agreements	224,169	180,621	266,581	261,553	317,448
Other borrowings	539,180	713,839	595,455	737,312	630,970
Accrued interest and other liabilities	198,655	185,699	176,138	182,637	195,164
Total liabilities	15,018,854	14,781,927	14,930,221	14,623,209	14,619,753
Shareholders' equity	1,938,950	1,883,091	1,834,075	1,762,835	1,784,947
Total liabilities and shareholders' equity	16,957,804	16,665,018	16,764,296	16,386,044	16,404,700
Capital and Other
Shareholders’ equity/total assets (GAAP)	11.43%	11.30%	10.94%	10.76%	10.88%
Tangible equity/tangible assets (non-GAAP)	6.73%	6.51%	6.15%	5.83%	5.97%
Tier 1 leverage ratio	9.46%	9.42%	9.29%	9.19%	9.12%
Loan-to-deposit ratio	76.5%	76.8%	75.0%	77.6%	76.1%
Diluted weighted average common shares outstanding	53,036	53,117	53,130	53,078	52,911
Period end common shares outstanding	52,662	52,869	52,836	52,668	52,546
Cash dividends declared per common share	$0.47	$0.46	$0.46	$0.46	$0.46
Book value (GAAP)	$36.82	$35.62	$34.71	$33.47	$33.97
Tangible book value (non-GAAP)	$20.57	$19.46	$18.52	$17.20	$17.66
Common stock price at quarter-end	$58.64	$56.87	$56.86	$61.68	$58.07

2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Asset Quality
Nonaccrual loans	$49,327	$45,808	$69,051	$66,387	$59,013
Accruing loans 90+ days delinquent	6,730	7,519	5,928	7,000	3,833
Total nonperforming loans	56,057	53,327	74,979	73,387	62,846
Other real estate owned	7,851	7,954	2,746	2,781	2,279
Total nonperforming assets	63,908	61,281	77,725	76,168	65,125
Net charge-offs	2,471	5,114	3,229	3,211	2,772
Allowance for credit losses/loans outstanding	0.79%	0.78%	0.79%	0.76%	0.74%
Nonperforming loans/loans outstanding	0.52%	0.51%	0.72%	0.70%	0.61%
Allowance for credit losses/nonperforming loans	152%	153%	110%	108%	121%
Net charge-offs/average loans	0.09%	0.20%	0.13%	0.12%	0.11%
Delinquent loans/ending loans	1.00%	1.01%	1.29%	1.24%	1.07%
Provision for credit losses/net charge-offs	225%	80%	207%	193%	278%
Nonperforming assets/total assets	0.38%	0.37%	0.46%	0.46%	0.40%
Quarterly GAAP to Non-GAAP Reconciliations
Operating pre-tax, pre-provision net revenue (non-GAAP)
Net income (GAAP)	$55,088	$51,331	$49,614	$49,793	$43,901
Income taxes	18,081	14,706	14,654	14,747	13,129
Income before income taxes	73,169	66,037	64,268	64,540	57,030
Provision for credit losses	5,564	4,117	6,690	6,208	7,709
Pre-tax, pre-provision net revenue (non-GAAP)	78,733	70,154	70,958	70,748	64,739
Acquisition expenses	747	67	1	8	66
Acquisition-related contingent consideration adjustments	0	0	0	400	(156)
Restructuring expenses	0	1,525	0	0	0
Litigation accrual	0	0	(50)	(83)	102
Loss on sales of investment securities	0	0	0	0	255
Unrealized (gain) loss on equity securities	(236)	1	(245)	(247)	(101)
Amortization of intangible assets	3,258	3,369	3,482	3,437	3,369
Operating pre-tax, pre-provision net revenue (non-GAAP)	$82,502	$75,116	$74,146	$74,263	$68,274

2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Quarterly GAAP to Non-GAAP Reconciliations
Operating pre-tax, pre-provision net revenue per share (non-GAAP)
Diluted earnings per share (GAAP)	$1.04	$0.97	$0.93	$0.94	$0.83
Income taxes	0.34	0.27	0.28	0.28	0.25
Income before income taxes	1.38	1.24	1.21	1.22	1.08
Provision for credit losses	0.11	0.08	0.12	0.11	0.15
Pre-tax, pre-provision net revenue per share (non-GAAP)	1.49	1.32	1.33	1.33	1.23
Acquisition expenses	0.01	0.00	0.00	0.00	0.00
Acquisition-related contingent consideration adjustments	0.00	0.00	0.00	0.00	0.00
Restructuring expenses	0.00	0.03	0.00	0.00	0.00
Litigation accrual	0.00	0.00	0.00	0.00	0.00
Loss on sales of investment securities	0.00	0.00	0.00	0.00	0.00
Unrealized (gain) loss on equity securities	0.00	0.00	0.00	0.00	0.00
Amortization of intangible assets	0.06	0.06	0.07	0.07	0.06
Operating pre-tax, pre-provision net revenue per share (non-GAAP)	$1.56	$1.41	$1.40	$1.40	$1.29
Operating net income (non-GAAP)
Net income (GAAP)	$55,088	$51,331	$49,614	$49,793	$43,901
Acquisition expenses	747	67	1	8	66
Tax effect of acquisition expenses	(155)	(12)	0	(1)	(15)
Subtotal (non-GAAP)	55,680	51,386	49,615	49,800	43,952
Acquisition-related contingent consideration adjustments	0	0	0	400	(156)
Tax effect of acquisition-related contingent consideration adjustments	0	0	0	(41)	35
Subtotal (non-GAAP)	55,680	51,386	49,615	50,159	43,831
Restructuring expenses	0	1,525	0	0	0
Tax effect of restructuring expenses	0	(274)	0	0	0
Subtotal (non-GAAP)	55,680	52,637	49,615	50,159	43,831
Litigation accrual	0	0	(50)	(83)	102
Tax effect of litigation accrual	0	0	12	8	(23)
Subtotal (non-GAAP)	55,680	52,637	49,577	50,084	43,910
Loss on sales of investment securities	0	0	0	0	255
Tax effect of loss on sales of investment securities	0	0	0	0	(58)
Subtotal (non-GAAP)	55,680	52,637	49,577	50,084	44,107
Unrealized (gain) loss on equity securities	(236)	1	(245)	(247)	(101)
Tax effect of unrealized (gain) loss on equity securities	49	0	57	25	23
Subtotal (non-GAAP)	55,493	52,638	49,389	49,862	44,029
Amortization of intangible assets	3,258	3,369	3,482	3,437	3,369
Tax effect of amortization of intangible assets	(677)	(605)	(804)	(350)	(762)
Operating net income (non-GAAP)	$58,074	$55,402	$52,067	$52,949	$46,636

2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Quarterly GAAP to Non-GAAP Reconciliations
Operating diluted earnings per share (non-GAAP)
Diluted earnings per share (GAAP)	$1.04	$0.97	$0.93	$0.94	$0.83
Acquisition expenses	0.01	0.00	0.00	0.00	0.00
Tax effect of acquisition expenses	0.00	0.00	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.97	0.93	0.94	0.83
Acquisition-related contingent consideration adjustments	0.00	0.00	0.00	0.00	0.00
Tax effect of acquisition-related contingent consideration adjustments	0.00	0.00	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.97	0.93	0.94	0.83
Restructuring expenses	0.00	0.03	0.00	0.00	0.00
Tax effect of restructuring expenses	0.00	(0.01)	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.99	0.93	0.94	0.83
Litigation accrual	0.00	0.00	0.00	0.00	0.00
Tax effect of litigation accrual	0.00	0.00	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.99	0.93	0.94	0.83
Loss on sales of investment securities	0.00	0.00	0.00	0.00	0.00
Tax effect of loss on sales of investment securities	0.00	0.00	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.99	0.93	0.94	0.83
Unrealized (gain) loss on equity securities	0.00	0.00	0.00	0.00	0.00
Tax effect of unrealized (gain) loss on equity securities	0.00	0.00	0.00	0.00	0.00
Subtotal (non-GAAP)	1.05	0.99	0.93	0.94	0.83
Amortization of intangible assets	0.06	0.06	0.07	0.07	0.06
Tax effect of amortization of intangible assets	(0.02)	(0.01)	(0.02)	(0.01)	(0.01)
Operating diluted earnings per share (non-GAAP)	$1.09	$1.04	$0.98	$1.00	$0.88
Return on assets
Net income (GAAP)	$55,088	$51,331	$49,614	$49,793	$43,901
Average total assets	16,755,095	16,590,741	16,439,357	16,324,320	16,058,219
Return on assets (GAAP)	1.30%	1.24%	1.22%	1.21%	1.09%
Operating return on assets (non-GAAP)
Operating net income (non-GAAP)	$58,074	$55,402	$52,067	$52,949	$46,636
Average total assets	16,755,095	16,590,741	16,439,357	16,324,320	16,058,219
Operating return on assets (non-GAAP)	1.38%	1.34%	1.28%	1.29%	1.16%
Return on equity
Net income (GAAP)	$55,088	$51,331	$49,614	$49,793	$43,901
Average total equity	1,881,116	1,836,965	1,783,646	1,757,467	1,709,791
Return on equity (GAAP)	11.62%	11.21%	11.28%	11.27%	10.21%
Operating return on equity (non-GAAP)
Operating net income (non-GAAP)	$58,074	$55,402	$52,067	$52,949	$46,636
Average total equity	1,881,116	1,836,965	1,783,646	1,757,467	1,709,791
Operating return on equity (non-GAAP)	12.25%	12.10%	11.84%	11.99%	10.85%

2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Quarterly GAAP to Non-GAAP Reconciliations
Net interest margin
Net interest income	$128,165	$124,748	$120,212	$119,973	$112,745
Total average interest-earning assets	15,393,114	15,289,591	15,165,301	15,035,988	14,796,369
Net interest margin	3.30%	3.27%	3.21%	3.17%	3.03%
Net interest margin (FTE) (non-GAAP)
Net interest income	$128,165	$124,748	$120,212	$119,973	$112,745
Fully tax-equivalent adjustment (non-GAAP)	880	884	894	882	872
Fully tax-equivalent net interest income (non-GAAP)	129,045	125,632	121,106	120,855	113,617
Total average interest-earning assets	15,393,114	15,289,591	15,165,301	15,035,988	14,796,369
Net interest margin (FTE) (non-GAAP)	3.33%	3.30%	3.24%	3.20%	3.05%
Operating noninterest revenues (non-GAAP)
Noninterest revenues (GAAP)	$78,887	$74,508	$76,036	$76,314	$76,197
Loss on sales of investment securities	0	0	0	0	255
Unrealized (gain) loss on equity securities	(236)	1	(245)	(247)	(101)
Total operating noninterest revenues (non-GAAP)	$78,651	$74,509	$75,791	$76,067	$76,351
Operating noninterest expenses (non-GAAP)
Noninterest expenses (GAAP)	$128,319	$129,102	$125,290	$125,539	$124,203
Acquisition expenses	(747)	(67)	(1)	(8)	(66)
Acquisition-related contingent consideration adjustments	0	0	0	(400)	156
Restructuring expenses	0	(1,525)	0	0	0
Litigation accrual	0	0	50	83	(102)
Amortization of intangible assets	(3,258)	(3,369)	(3,482)	(3,437)	(3,369)
Total operating noninterest expenses (non-GAAP)	$124,314	$124,141	$121,857	$121,777	$120,822
Operating revenues (non-GAAP)
Net interest income (GAAP)	$128,165	$124,748	$120,212	$119,973	$112,745
Noninterest revenues (GAAP)	78,887	74,508	76,036	76,314	76,197
Total revenues (GAAP)	207,052	199,256	196,248	196,287	188,942
Loss on sales of investment securities	0	0	0	0	255
Unrealized (gain) loss on equity securities	(236)	1	(245)	(247)	(101)
Total operating revenues (non-GAAP)	$206,816	$199,257	$196,003	$196,040	$189,096
Noninterest revenues/total revenues
Total noninterest revenues (GAAP) – numerator	$78,887	$74,508	$76,036	$76,314	$76,197
Total revenues (GAAP) – denominator	207,052	199,256	196,248	196,287	188,942
Noninterest revenues/total revenues (GAAP)	38.1%	37.4%	38.7%	38.9%	40.3%
Operating noninterest revenues/operating revenues (FTE) (non-GAAP)
Total operating noninterest revenues (non-GAAP) – numerator	$78,651	$74,509	$75,791	$76,067	$76,351
Total operating revenues (non-GAAP)	206,816	199,257	196,003	196,040	189,096
Fully tax-equivalent adjustment (non-GAAP)	880	884	894	882	872
Total operating revenues (FTE) (non-GAAP) – denominator	207,696	200,141	196,897	196,922	189,968
Operating noninterest revenues/operating revenues (FTE) (non-GAAP)	37.9%	37.2%	38.5%	38.6%	40.2%

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Quarterly GAAP to Non-GAAP Reconciliations
Efficiency ratio (GAAP)
Total noninterest expenses (GAAP) – numerator	$128,319	$129,102	$125,290	$125,539	$124,203
Total revenues (GAAP) – denominator	207,052	199,256	196,248	196,287	188,942
Efficiency ratio (GAAP)	62.0%	64.8%	63.8%	64.0%	65.7%
Operating efficiency ratio (non-GAAP)
Total operating noninterest expenses (non-GAAP) - numerator	$124,314	$124,141	$121,857	$121,777	$120,822
Total operating revenues (FTE) (non-GAAP) - denominator	207,696	200,141	196,897	196,922	189,968
Operating efficiency ratio (non-GAAP)	59.9%	62.0%	61.9%	61.8%	63.6%
Total tangible assets (non-GAAP)
Total assets (GAAP)	$16,957,804	$16,665,018	$16,764,296	$16,386,044	$16,404,700
Goodwill and intangible assets, net	(899,967)	(898,381)	(900,332)	(901,471)	(900,623)
Deferred taxes on goodwill and intangible assets, net	44,130	44,336	44,644	44,618	43,832
Total tangible assets (non-GAAP)	$16,101,967	$15,810,973	$15,908,608	$15,529,191	$15,547,909
Total tangible common equity (non-GAAP)
Shareholders' equity (GAAP)	$1,938,950	$1,883,091	$1,834,075	$1,762,835	$1,784,947
Goodwill and intangible assets, net	(899,967)	(898,381)	(900,332)	(901,471)	(900,623)
Deferred taxes on goodwill and intangible assets, net	44,130	44,336	44,644	44,618	43,832
Total tangible common equity (non-GAAP)	$1,083,113	$1,029,046	$978,387	$905,982	$928,156
Shareholders’ equity-to-assets ratio at quarter end
Total shareholders’ equity (GAAP) – numerator	$1,938,950	$1,883,091	$1,834,075	$1,762,835	$1,784,947
Total assets (GAAP) – denominator	16,957,804	16,665,018	16,764,296	16,386,044	16,404,700
Shareholders’ equity-to-assets ratio at quarter end (GAAP)	11.43%	11.30%	10.94%	10.76%	10.88%
Tangible equity-to-tangible assets ratio at quarter end (non-GAAP)
Total tangible common equity (non-GAAP) - numerator	$1,083,113	$1,029,046	$978,387	$905,982	$928,156
Total tangible assets (non-GAAP) - denominator	16,101,967	15,810,973	15,908,608	15,529,191	15,547,909
Tangible equity-to-tangible assets ratio at quarter end (non-GAAP)	6.73%	6.51%	6.15%	5.83%	5.97%
Return on tangible equity (non-GAAP)
Net income (GAAP)	$55,088	$51,331	$49,614	$49,793	$43,901
Average shareholders’ equity	1,881,116	1,836,965	1,783,646	1,757,467	1,709,791
Average goodwill and intangible assets, net	(897,943)	(899,416)	(900,530)	(900,118)	(903,281)
Average deferred taxes on goodwill and intangible assets, net	44,233	44,490	44,631	44,225	44,376
Average tangible common equity (non-GAAP)	1,027,406	982,039	927,747	901,574	850,886
Return on tangible equity (non-GAAP)	21.27%	20.97%	21.69%	21.97%	20.53%
Operating return on tangible equity (non-GAAP)
Operating net income (non-GAAP)	$58,074	$55,402	$52,067	$52,949	$46,636
Average tangible common equity (non-GAAP)	1,027,406	982,039	927,747	901,574	850,886
Operating return on tangible equity (non-GAAP)	22.43%	22.63%	22.76%	23.36%	21.80%

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	3rd Qtr
Quarterly GAAP to Non-GAAP Reconciliations
Book value (GAAP)
Total shareholders’ equity (GAAP) – numerator	$1,938,950	$1,883,091	$1,834,075	$1,762,835	$1,784,947
Period end common shares outstanding – denominator	52,662	52,869	52,836	52,668	52,546
Book value (GAAP)	$36.82	$35.62	$34.71	$33.47	$33.97
Tangible book value (non-GAAP)
Total tangible common equity (non-GAAP) – numerator	$1,083,113	$1,029,046	$978,387	$905,982	$928,156
Period end common shares outstanding – denominator	52,662	52,869	52,836	52,668	52,546
Tangible book value (non-GAAP)	$20.57	$19.46	$18.52	$17.20	$17.66

2025 · 2024
	3rd Qtr	2nd Qtr	3rd Qtr
Quarterly Segment Information Reconciliations
Reconciliation of total segment adjusted income before income taxes to total consolidated income before income taxes
Total segment adjusted income before income taxes	$76,938	$70,999	$60,565
Loss on sales of investment securities	0	0	(255)
Unrealized gain (loss) on equity securities	236	(1)	101
Amortization of intangible assets	(3,258)	(3,369)	(3,369)
Restructuring expenses	0	(1,525)	0
Litigation accrual	0	0	(102)
Acquisition-related contingent consideration adjustments	0	0	156
Acquisition expenses	(747)	(67)	(66)
Total consolidated income before income taxes	$73,169	$66,037	$57,030
Reconciliation of average total segment assets to average total consolidated assets
Average total segment assets	$16,865,710	$16,706,797	$16,180,396
Elimination of intersegment cash and deposits	(110,615)	(116,056)	(122,177)
Average total consolidated assets	$16,755,095	$16,590,741	$16,058,219
Banking and Corporate
Adjusted return on assets
Adjusted income before income taxes	$56,303	$54,492	$40,445
Average segment assets	16,516,913	16,367,823	15,831,451
Adjusted return on assets	1.35%	1.34%	1.02%
Adjusted return on equity
Adjusted income before income taxes	$56,303	$54,492	$40,445
Average shareholders’ equity	1,586,794	1,543,438	1,416,350
Adjusted return on equity	14.08%	14.16%	11.36%
Adjusted return on tangible equity (non-GAAP)
Adjusted income before income taxes	$56,303	$54,492	$40,445
Average shareholders’ equity	1,586,794	1,543,438	1,416,350
Average goodwill and intangible assets, net	(736,894)	(737,360)	(739,427)
Average deferred taxes on goodwill and intangible assets, net	40,433	40,282	39,329
Average tangible common equity (non-GAAP)	890,333	846,360	716,252
Adjusted return on tangible equity (non-GAAP)	25.09%	25.82%	22.46%

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	3rd Qtr
Quarterly Segment Information Reconciliations
Employee Benefit Services
Adjusted return on assets
Adjusted income before income taxes	$14,501	$11,911	$15,237
Average segment assets	225,717	233,553	243,651
Adjusted return on assets	25.49%	20.46%	24.88%
Adjusted return on equity
Adjusted income before income taxes	$14,501	$11,911	$15,237
Average shareholders’ equity	200,739	209,573	217,109
Adjusted return on equity	28.66%	22.80%	27.92%
Adjusted return on tangible equity (non-GAAP)
Adjusted income before income taxes	$14,501	$11,911	$15,237
Average shareholders’ equity	200,739	209,573	217,109
Average goodwill and intangible assets, net	(111,860)	(113,475)	(116,724)
Average deferred taxes on goodwill and intangible assets, net	3,912	4,200	5,116
Average tangible common equity (non-GAAP)	92,791	100,298	105,501
Adjusted return on tangible equity (non-GAAP)	62.00%	47.63%	57.46%
Insurance Services
Adjusted return on assets
Adjusted income before income taxes	$3,242	$2,247	$2,879
Average segment assets	83,819	67,236	69,467
Adjusted return on assets	15.35%	13.40%	16.49%
Adjusted return on equity
Adjusted income before income taxes	$3,242	$2,247	$2,879
Average shareholders’ equity	65,615	53,762	50,252
Adjusted return on equity	19.60%	16.76%	22.79%
Adjusted return on tangible equity (non-GAAP)
Adjusted income before income taxes	$3,242	$2,247	$2,879
Average shareholders’ equity	65,615	53,762	50,252
Average goodwill and intangible assets, net	(44,916)	(44,197)	(42,134)
Average deferred taxes on goodwill and intangible assets, net	(311)	(272)	(357)
Average tangible common equity (non-GAAP)	20,388	9,293	7,761
Adjusted return on tangible equity (non-GAAP)	63.09%	96.98%	147.58%

Summary of Financial Data (unaudited)
(Dollars in thousands, except per share data)
2025 · 2024
	3rd Qtr	2nd Qtr	3rd Qtr
Quarterly Segment Information Reconciliations
Wealth Management Services
Adjusted return on assets
Adjusted income before income taxes	$2,892	$2,349	$2,004
Average segment assets	39,261	38,185	35,827
Adjusted return on assets	29.22%	24.67%	22.25%
Adjusted return on equity
Adjusted income before income taxes	$2,892	$2,349	$2,004
Average shareholders’ equity	27,968	30,192	26,080
Adjusted return on equity	41.02%	31.21%	30.57%
Adjusted return on tangible equity (non-GAAP)
Adjusted income before income taxes	$2,892	$2,349	$2,004
Average shareholders’ equity	27,968	30,192	26,080
Average goodwill and intangible assets, net	(4,273)	(4,384)	(4,996)
Average deferred taxes on goodwill and intangible assets, net	199	280	288
Average tangible common equity (non-GAAP)	23,894	26,088	21,372
Adjusted return on tangible equity (non-GAAP)	48.02%	36.12%	37.30%

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