Document

This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of or for the Three Months Ended
	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Selected Statement of Income Data
Total interest income	$	176,128		$	174,835		$	173,912		$	170,183		$	159,480
Total interest expense	76,638			73,747			72,986			68,640			55,820
Net interest income	99,490			101,088			100,926			101,543			103,660
Total noninterest income	7,962			15,339			8,042			23,813			23,349
Total noninterest expense	72,420			80,200			82,997			81,292			80,440
Earnings before income taxes and provisions for credit losses	35,032			36,227			25,971			44,064			46,569
Provisions for (reversals of) credit losses	782			305			2,821			(1,078)			491
Income tax expense	6,300			6,545			3,975			9,835			9,697
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation	$	27,950		$	29,369		$	19,175		$	35,299		$	36,381
Net interest income (tax-equivalent basis)	$	100,199		$	101,924		$	101,762		$	102,383		$	104,493
Adjusted net income*	$	39,890		$	36,152		$	33,148		$	35,993		$	35,739
Adjusted pre-tax, pre-provision net revenue*	$	51,180		$	45,390		$	44,869		$	44,992		$	45,701
Per Common Share
Diluted net income	$	0.59		$	0.63		$	0.41		$	0.75		$	0.78
Adjusted diluted net income*	0.85			0.77			0.71			0.77			0.76

Book value	31.55			31.05			29.31			29.64			29.29
Tangible book value*	26.21			25.69			23.93			24.23			23.86

Weighted average number of shares outstanding - fully diluted	46,998,873			46,916,939			46,856,422			46,814,854			46,765,154
Period-end number of shares	46,897,378			46,848,934			46,839,159			46,798,751			46,762,626
Selected Balance Sheet Data
Cash and cash equivalents	$	870,730		$	810,932		$	848,318		$	1,160,354		$	1,319,951
Loans HFI	9,288,909			9,408,783			9,287,225			9,326,024			9,365,996
Allowance for credit losses on loans HFI	(151,667)			(150,326)			(146,134)			(140,664)			(138,809)
Mortgage loans held for sale	82,704			67,847			94,598			89,864			73,005
Commercial loans held for sale, at fair value	—			—			9,260			9,267			9,510
Investment securities, at fair value	1,464,682			1,471,973			1,351,153			1,422,391			1,474,064

Total assets	12,548,320			12,604,403			12,489,631			12,887,395			13,101,147

Interest-bearing deposits (non-brokered)	8,191,962			8,179,430			8,105,713			8,233,082			8,693,515
Brokered deposits	130,845			150,475			174,920			238,885			251
Noninterest-bearing deposits	2,182,121			2,218,382			2,358,435			2,400,288			2,489,149



Total deposits	10,504,928			10,548,287			10,639,068			10,872,255			11,182,915

Borrowings	360,821			390,964			226,689			390,354			312,131
Allowance for credit losses on unfunded commitments	(7,700)			(8,770)			(11,600)			(14,810)			(18,463)
Total common shareholders' equity	1,479,526			1,454,794			1,372,901			1,386,951			1,369,696
Selected Ratios
Return on average:
Assets	0.89		%	0.94		%	0.61		%	1.10		%	1.15		%
Shareholders' equity	7.70		%	8.41		%	5.46		%	10.3		%	11.0		%
Tangible common equity*	9.29		%	10.3		%	6.67		%	12.6		%	13.6		%

Net interest margin (NIM) (tax-equivalent basis)	3.42		%	3.46		%	3.42		%	3.40		%	3.51		%
Efficiency ratio	67.4		%	68.9		%	76.2		%	64.8		%	63.3		%
Core efficiency ratio (tax-equivalent basis)*	58.1		%	61.7		%	63.1		%	63.5		%	63.4		%
Loans HFI to deposit ratio	88.4		%	89.2		%	87.3		%	85.8		%	83.8		%

Noninterest-bearing deposits to total deposits	20.8		%	21.0		%	22.2		%	22.1		%	22.3		%
Yield on interest-earning assets	6.03		%	5.96		%	5.87		%	5.67		%	5.38		%
Cost of interest-bearing liabilities	3.56		%	3.47		%	3.41		%	3.14		%	2.61		%
Cost of total deposits	2.76		%	2.65		%	2.58		%	2.38		%	1.94		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.63		%	1.60		%	1.57		%	1.51		%	1.48		%

Net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	(0.04)		%	0.02		%	0.03		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.73		%	0.65		%	0.59		%	0.47		%	0.49		%
Nonperforming assets as a percentage of total assets	0.75		%	0.69		%	0.71		%	0.59		%	0.61		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.8		%	11.5		%	11.0		%	10.8		%	10.5		%
Tangible common equity to tangible assets*	9.99		%	9.74		%	9.16		%	8.98		%	8.68		%

Tier 1 risk-based capital	12.8		%	12.5		%	12.1		%	11.9		%	11.6		%


Common equity Tier 1	12.6		%	12.2		%	11.8		%	11.7		%	11.3		%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Mar 2024		Mar 2024
													vs.		vs.
	Three Months Ended										Dec 2023	Mar 2023
	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	155,606	$	155,737	$	153,882	$	149,220	$	140,356			(0.08)	%	10.9	%
Interest on securities
Taxable	9,105		7,808		6,399		6,480		6,570				16.6	%	38.6	%
Tax-exempt	1,442		1,746		1,795		1,808		1,804				(17.4)	%	(20.1)	%
Other	9,975		9,544		11,836		12,675		10,750				4.52	%	(7.21)	%
Total interest income	176,128		174,835		173,912		170,183		159,480				0.74	%	10.4	%
Interest expense:
Deposits	72,625		70,873		69,826		65,257		52,863				2.47	%	37.4	%
Borrowings	4,013		2,874		3,160		3,383		2,957				39.6	%	35.7	%
Total interest expense	76,638		73,747		72,986		68,640		55,820				3.92	%	37.3	%
Net interest income	99,490		101,088		100,926		101,543		103,660				(1.58)	%	(4.02)	%
Provision for credit losses on loans HFI	1,852		3,135		6,031		2,575		4,997				(40.9)	%	(62.9)	%
Reversal of credit losses on unfunded commitments	(1,070)		(2,830)		(3,210)		(3,653)		(4,506)				(62.2)	%	(76.3)	%
Net interest income after provisions for credit losses	98,708		100,783		98,105		102,621		103,169				(2.06)	%	(4.32)	%
Noninterest income:
Mortgage banking income	12,585		8,376		11,998		12,232		12,086				50.3	%	4.13	%
Service charges on deposit accounts	3,141		2,957		2,959		3,185		3,053				6.22	%	2.88	%
Investment services and trust income	3,230		3,093		3,072		2,777		2,378				4.43	%	35.8	%
ATM and interchange fees	2,944		2,618		2,639		2,629		2,396				12.5	%	22.9	%
(Loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69				NM		NM
Gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)				(214.8)	%	(408.7)	%

Other income	1,710		(1,396)		1,456		2,485		3,550				(222.5)	%	(51.8)	%
Total noninterest income	7,962		15,339		8,042		23,813		23,349				(48.1)	%	(65.9)	%
Total revenue	107,452		116,427		108,968		125,356		127,009				(7.71)	%	(15.4)	%
Noninterest expenses:
Salaries, commissions and employee benefits	44,618		48,142		54,491		52,020		48,788				(7.32)	%	(8.55)	%
Occupancy and equipment expense	6,614		9,530		6,428		6,281		5,909				(30.6)	%	11.9	%
Data processing	2,408		2,434		2,338		2,345		2,113				(1.07)	%	14.0	%
Legal and professional fees	1,919		1,823		1,760		2,199		3,108				5.27	%	(38.3)	%

Advertising	1,171		2,009		2,124		2,001		2,133				(41.7)	%	(45.1)	%
Amortization of core deposits and other intangibles	789		840		889		940		990				(6.07)	%	(20.3)	%



Other expense	14,901		15,422		14,967		15,506		17,399				(3.38)	%	(14.4)	%
Total noninterest expense	72,420		80,200		82,997		81,292		80,440				(9.70)	%	(9.97)	%
Income before income taxes	34,250		35,922		23,150		45,142		46,078				(4.65)	%	(25.7)	%
Income tax expense	6,300		6,545		3,975		9,835		9,697				(3.74)	%	(35.0)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	27,950		29,377		19,175		35,307		36,381				(4.86)	%	(23.2)	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%

Net income applicable to FB Financial Corporation	$	27,950	$	29,369	$	19,175	$	35,299	$	36,381			(4.83)	%	(23.2)	%
Weighted average common shares outstanding:
Basic	46,874,882		46,845,055		46,818,612		46,779,388		46,679,618				0.06	%	0.42	%
Fully diluted	46,998,873		46,916,939		46,856,422		46,814,854		46,765,154				0.17	%	0.50	%
Earnings per common share:
Basic	$	0.60	$	0.63	$	0.41	$	0.75	$	0.78			(4.76)	%	(23.1)	%
Fully diluted	0.59		0.63		0.41		0.75		0.78				(6.35)	%	(24.4)	%
Fully diluted - adjusted*	0.85		0.77		0.71		0.77		0.76				10.4	%	11.8	%


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Mar 2024		Mar 2024
													vs.		vs.
	As of										Dec 2023	Mar 2023
	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	124,772	$	146,542	$	188,317	$	147,646	$	133,874			(59.7)	%	(6.80)	%
Federal funds sold and reverse repurchase agreements	100,785		83,324		129,885		48,346		63,994				84.3	%	57.5	%
Interest-bearing deposits in financial institutions	645,173		581,066		530,116		964,362		1,122,083				44.4	%	(42.5)	%
Cash and cash equivalents	870,730		810,932		848,318		1,160,354		1,319,951				29.7	%	(34.0)	%
Investments:
Available-for-sale debt securities, at fair value	1,464,682		1,471,973		1,348,219		1,419,360		1,471,005				(1.99)	%	(0.43)	%
Equity securities, at fair value	—		—		2,934		3,031		3,059				(100.0)	%	(100.0)	%
Federal Home Loan Bank stock, at cost	33,948		34,190		34,809		40,266		43,369				(2.85)	%	(21.7)	%
Mortgage loans held for sale	82,704		67,847		94,598		89,864		73,005				88.1	%	13.29	%
Commercial loans held for sale, at fair value	—		—		9,260		9,267		9,510				(100.0)	%	(100.0)	%
Loans held for investment	9,288,909		9,408,783		9,287,225		9,326,024		9,365,996				(5.12)	%	(0.82)	%
Less: allowance for credit losses on loans HFI	151,667		150,326		146,134		140,664		138,809				3.59	%	9.26	%
Net loans held for investment	9,137,242		9,258,457		9,141,091		9,185,360		9,227,187				(5.27)	%	(0.97)	%
Premises and equipment, net	155,271		155,731		156,081		154,526		153,397				(1.19)	%	1.22	%
Other real estate owned, net	3,613		3,192		1,504		1,974		4,085				53.0	%	(11.6)	%
Operating lease right-of-use assets	51,421		54,295		56,240		56,560		57,054				(21.3)	%	(9.87)	%
Interest receivable	53,506		52,715		49,205		44,973		44,737				6.04	%	19.6	%
Mortgage servicing rights, at fair value	165,674		164,249		172,710		166,433		164,879				3.49	%	0.48	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	7,920		8,709		9,549		10,438		11,378				(36.4)	%	(30.4)	%
Bank-owned life insurance	76,574		76,143		75,739		75,341		74,963				2.28	%	2.15	%
Other assets	202,474		203,409		246,813		227,087		201,007				(1.85)	%	0.73	%
Total assets	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147			(1.79)	%	(4.22)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,182,121	$	2,218,382	$	2,358,435	$	2,400,288	$	2,489,149			(6.57)	%	(12.3)	%
Interest-bearing checking	2,421,487		2,504,421		2,554,641		2,879,336		3,292,883				(13.3)	%	(26.5)	%
Money market and savings	4,298,938		4,204,851		4,119,357		3,971,975		3,904,013				9.00	%	10.1	%
Customer time deposits	1,471,190		1,469,811		1,431,119		1,381,176		1,496,024				0.38	%	(1.66)	%
Brokered and internet time deposits	131,192		150,822		175,516		239,480		846				(52.3)	%	NM
Total deposits	10,504,928		10,548,287		10,639,068		10,872,255		11,182,915				(1.65)	%	(6.06)	%
Borrowings	360,821		390,964		226,689		390,354		312,131				(31.0)	%	15.6	%
Operating lease liabilities	64,562		67,643		67,542		67,304		67,345				(18.3)	%	(4.13)	%
Accrued expenses and other liabilities	138,390		142,622		183,338		170,438		168,967				(11.93)	%	(18.1)	%
Total liabilities	11,068,701		11,149,516		11,116,637		11,500,351		11,731,358				(2.92)	%	(5.65)	%
Shareholders' equity:
Common stock, $1 par value	46,897		46,849		46,839		46,799		46,763				0.41	%	0.29	%
Additional paid-in capital	866,803		864,258		862,340		859,516		856,628				1.18	%	1.19	%
Retained earnings	698,310		678,412		656,120		644,043		615,871				11.8	%	13.4	%
Accumulated other comprehensive loss, net	(132,484)		(134,725)		(192,398)		(163,407)		(149,566)				(6.69)	%	(11.4)	%
Total common shareholders' equity	1,479,526		1,454,794		1,372,901		1,386,951		1,369,696				6.84	%	8.02	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,479,619		1,454,887		1,372,994		1,387,044		1,369,789				6.84	%	8.02	%
Total liabilities and shareholders' equity	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147			(1.79)	%	(4.22)	%

NM- Not meaningful


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	March 31, 2024						December 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,386,794	$	154,956	6.64	%	$	9,330,176	$	155,081	6.59	%
Mortgage loans held for sale	48,566		851		7.05	%	47,293		877		7.36	%
Commercial loans held for sale	—		—		—	%	7,281		—		—	%
Securities:
Taxable	1,399,237		9,105		2.62	%	1,361,987		7,808		2.27	%
Tax-exempt(b)	241,379		1,950		3.25	%	283,395		2,361		3.31	%
Total securities(b)	1,640,616		11,055		2.71	%	1,645,382		10,169		2.45	%
Federal funds sold and reverse repurchase agreements	155,380		2,126		5.50	%	107,276		1,518		5.61	%
Interest-bearing deposits with other financial institutions	530,390		7,066		5.36	%	525,763		7,195		5.43	%
FHLB stock	34,051		783		9.25	%	34,556		831		9.54	%
Total interest-earning assets(b)	11,795,797		176,837		6.03	%	11,697,727		175,671		5.96	%
Noninterest-earning assets:
Cash and due from banks	167,732						127,715
Allowance for credit losses on loans HFI	(150,605)						(147,035)
Other assets(c)(d)	777,155						756,168
Total noninterest-earning assets	794,282						736,848
Total assets	$	12,590,079					$	12,434,575
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,539,084	$	19,016	3.01	%	$	2,500,139	$	18,444	2.93	%
Money market	3,849,080		37,570		3.93	%	3,761,500		36,740		3.88	%
Savings deposits	377,963		62		0.07	%	388,296		67		0.07	%
Customer time deposits	1,457,377		14,124		3.90	%	1,447,094		13,463		3.69	%
Brokered and internet time deposits	140,292		1,853		5.31	%	162,317		2,159		5.28	%
Time deposits	1,597,669		15,977		4.02	%	1,609,411		15,622		3.85	%
Total interest-bearing deposits	8,363,796		72,625		3.49	%	8,259,346		70,873		3.40	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,219		149		2.47	%	31,673		177		2.22	%
Federal Home Loan Bank advances	—		—		—	%	—		—		—	%
Subordinated debt	129,718		2,286		7.09	%	128,621		2,604		8.03	%
Other borrowings	131,318		1,578		4.83	%	8,407		93		4.39	%
Total other interest-bearing liabilities	285,255		4,013		5.66	%	168,701		2,874		6.76	%
Total interest-bearing liabilities	8,649,051		76,638		3.56	%	8,428,047		73,747		3.47	%
Noninterest-bearing liabilities:
Demand deposits	2,227,175						2,341,627
Other liabilities(d)	253,024						279,435
Total noninterest-bearing liabilities	2,480,199						2,621,062
Total liabilities	11,129,250						11,049,109
Total common shareholders' equity	1,460,736						1,385,373
Noncontrolling interest	93						93
Total equity	1,460,829						1,385,466
Total liabilities and shareholders' equity	$	12,590,079					$	12,434,575
Net interest income(b)			$	100,199					$	101,924
Interest rate spread(b)					2.47	%					2.49	%
Net interest margin(b)(e)					3.42	%					3.46	%
Cost of total deposits					2.76	%					2.65	%
Average interest-earning assets to average interest-bearing liabilities					136.4	%					138.8	%
Tax-equivalent adjustment			$	709					$	836
Loans HFI yield components:
Contractual interest rate(b)			$	152,875	6.55	%			$	151,193	6.43	%
Origination and other loan fee income			1,436		0.06	%			3,322		0.14	%
Accretion on purchased loans			387		0.02	%			77		—	%
Nonaccrual interest			258		0.01	%			489		0.02	%

Total loans HFI yield			$	154,956	6.64	%			$	155,081	6.59	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	September 30, 2023						June 30, 2023						March 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,280,530	$	153,038	6.54	%	$	9,387,284	$	148,415	6.34	%	$	9,346,708	$	139,467	6.05	%
Mortgage loans held for sale	60,291		1,047		6.89	%	63,407		1,005		6.36	%	56,204		927		6.69	%
Commercial loans held for sale	9,259		—		—	%	9,377		3		0.13	%	16,608		159		3.88	%
Securities:
Taxable	1,344,052		6,399		1.89	%	1,374,308		6,480		1.89	%	1,402,535		6,570		1.90	%
Tax-exempt(b)	291,863		2,428		3.30	%	293,739		2,445		3.34	%	294,652		2,440		3.36	%
Total securities(b)	1,635,915		8,827		2.14	%	1,668,047		8,925		2.15	%	1,697,187		9,010		2.15	%
Federal funds sold and reverse repurchase agreements	95,326		1,375		5.72	%	61,799		1,050		6.81	%	188,013		1,855		4.00	%
Interest-bearing deposits with other financial institutions	696,600		9,620		5.48	%	857,862		10,829		5.06	%	728,576		8,008		4.46	%
FHLB stock	36,624		841		9.11	%	42,133		796		7.58	%	47,094		887		7.64	%
Total interest-earning assets(b)	11,814,545		174,748		5.87	%	12,089,909		171,023		5.67	%	12,080,390		160,313		5.38	%
Noninterest-earning assets:
Cash and due from banks	128,780						118,872						154,270
Allowance for credit losses on loans HFI	(140,033)						(138,983)						(134,803)
Other assets(c)(d)	753,866						756,651						761,757
Total noninterest-earning assets	742,613						736,540						781,224
Total assets	$	12,557,158					$	12,826,449					$	12,861,614
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,668,970	$	20,506	3.05	%	$	3,127,219	$	23,751	3.05	%	$	3,165,058	$	19,060	2.44	%
Money market	3,661,262		34,902		3.78	%	3,516,901		30,053		3.43	%	3,369,953		24,510		2.95	%
Savings deposits	410,403		65		0.06	%	433,530		63		0.06	%	458,023		64		0.06	%
Customer time deposits	1,400,290		11,909		3.37	%	1,426,320		10,658		3.00	%	1,472,221		9,221		2.54	%
Brokered and internet time deposits	182,652		2,444		5.31	%	56,455		732		5.20	%	1,607		8		2.02	%
Time deposits	1,582,942		14,353		3.60	%	1,482,775		11,390		3.08	%	1,473,828		9,229		2.54	%
Total interest-bearing deposits	8,323,577		69,826		3.33	%	8,560,425		65,257		3.06	%	8,466,862		52,863		2.53	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,520		349		4.54	%	30,050		97		1.29	%	27,139		46		0.69	%
Federal Home Loan Bank advances	13,859		204		5.84	%	61,264		784		5.13	%	41,389		499		4.89	%
Subordinated debt	127,605		2,600		8.08	%	127,129		2,496		7.88	%	126,161		2,402		7.72	%
Other borrowings	1,365		7		2.03	%	1,385		6		1.74	%	1,688		10		2.40	%
Total other interest-bearing liabilities	173,349		3,160		7.23	%	219,828		3,383		6.17	%	196,377		2,957		6.11	%
Total interest-bearing liabilities	8,496,926		72,986		3.41	%	8,780,253		68,640		3.14	%	8,663,239		55,820		2.61	%
Noninterest-bearing liabilities:
Demand deposits	2,410,280						2,430,476						2,588,756
Other liabilities(d)	256,606						238,809						266,299
Total noninterest-bearing liabilities	2,666,886						2,669,285						2,855,055
Total liabilities	11,163,812						11,449,538						11,518,294
Total common shareholders' equity	1,393,253						1,376,818						1,343,227
Noncontrolling interest	93						93						93
Total equity	1,393,346						1,376,911						1,343,320
Total liabilities and shareholders' equity	$	12,557,158					$	12,826,449					$	12,861,614
Net interest income(b)			$	101,762					$	102,383					$	104,493
Interest rate spread(b)					2.46	%					2.53	%					2.77	%
Net interest margin(b)(e)					3.42	%					3.40	%					3.51	%
Cost of total deposits					2.58	%					2.38	%					1.94	%
Average interest-earning assets to average interest-bearing liabilities					139.0	%					137.7	%					139.4	%
Tax-equivalent adjustment			$	836					$	840					$	833
Loans HFI yield components:
Contractual interest rate(b)			$	147,806	6.32	%			$	144,322	6.16	%			$	135,872	5.90	%
Origination and other loan fee income			4,345		0.19	%			3,907		0.17	%			3,101		0.13	%
Accretion (amortization) on purchased loans			312		0.01	%			(14)		—	%			319		0.01	%
Nonaccrual interest			575		0.02	%			200		0.01	%			175		0.01	%

Total loans HFI yield			$	153,038	6.54	%			$	148,415	6.34	%			$	139,467	6.05	%


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Mar 2024					Dec 2023					Sep 2023					Jun 2023					Mar 2023
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	415,927		28	%	$	203,956		14	%	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%
Mortgage-backed securities - residential	826,214			57	%	896,971			62	%	871,074			65	%	979,400			69	%	1,025,388			71	%
Mortgage-backed securities - commercial	16,615			1	%	16,961			1	%	16,677			1	%	17,254			1	%	17,723			1	%
Municipal securities	171,672			12	%	242,263			16	%	244,611			18	%	267,097			19	%	270,994			18	%
Treasury securities	30,857			2	%	108,496			7	%	106,798			8	%	108,221			8	%	108,823			7	%
Corporate securities	3,397			—	%	3,326			—	%	3,258			—	%	6,859			—	%	7,149			—	%
Total available-for-sale debt securities	1,464,682			100	%	1,471,973			100	%	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%
Equity securities, at fair value	—			—	%	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%
Total investment securities, at fair value	$	1,464,682		100	%	$	1,471,973		100	%	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%
Investment securities to total assets	11.7		%			11.7		%			10.8		%			11.0		%			11.3		%
Unrealized loss on available-for-sale debt securities	$(183,598)					$(186,806)					$(265,048)					$(226,013)					$(207,265)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	870,730		63	%	$	810,932		60	%	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%
Unpledged available-for-sale debt securities	514,724			37	%	542,427			40	%	494,582			37	%	281,098			20	%	286,169			18	%
Equity securities, at fair value	—			—	%	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%
Total on-balance sheet liquidity	$	1,385,454		100	%	$	1,353,359		100	%	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,392,255		48	%	$	3,350,026		48	%	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%
FHLB remaining borrowing capacity	1,237,843			18	%	1,297,702			18	%	1,005,295			15	%	548,052			9	%	473,160			7	%
Federal Reserve discount window	2,382,574			34	%	2,431,084			34	%	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%
Total available sources of liquidity	$	7,012,672		100	%	$	7,078,812		100	%	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%

On-balance sheet liquidity as a percentage of total assets	11.0		%			10.7		%			10.8		%			11.2		%			12.3		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.3		%			11.0		%			11.0		%			11.4		%			12.5		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	268.1		%			269.0		%			264.7		%			258.9		%			257.5		%


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Mar 2024		% of Total		Dec 2023		% of Total		Sep 2023		% of Total		Jun 2023		% of Total		Mar 2023		% of Total
Loan portfolio
Commercial and industrial	$	1,621,611	17	%	$	1,720,733	18	%	$	1,667,857	18	%	$	1,693,572	18	%	$	1,671,398	18	%
Construction	1,268,883		14	%	1,397,313		15	%	1,532,306		16	%	1,636,970		18	%	1,697,513		18	%
Residential real estate:
1-to-4 family mortgage	1,577,824		17	%	1,568,552		17	%	1,553,096		17	%	1,548,614		17	%	1,562,503		17	%
Residential line of credit	549,306		6	%	530,912		6	%	517,082		6	%	507,652		5	%	497,391		5	%
Multi-family mortgage	615,081		7	%	603,804		6	%	501,323		5	%	518,025		6	%	489,379		5	%
Commercial real estate:
Owner-occupied	1,236,007		13	%	1,232,071		13	%	1,206,351		13	%	1,158,782		12	%	1,136,978		12	%
Non-owner occupied	1,991,526		21	%	1,943,525		21	%	1,911,913		21	%	1,881,978		20	%	1,939,517		21	%
Consumer and other	428,671		5	%	411,873		4	%	397,297		4	%	380,431		4	%	371,317		4	%
Total loans HFI	$	9,288,909	100	%	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%
Percentage of loans HFI portfolio with variable interest rates			49.0	%			48.5	%			47.6	%			47.0	%			46.5	%
Percentage of loans HFI portfolio with variable interest rates that mature after one year			42.5	%			41.3	%			40.6	%			40.6	%			40.1	%

Loans by market
Metropolitan	$	7,668,330	83	%	$	7,830,739	83	%	$	7,691,944	83	%	$	7,718,424	83	%	$	7,777,346	83	%
Community	599,557		6	%	629,152		7	%	649,269		7	%	653,335		7	%	668,192		7	%
Specialty lending and other	1,021,022		11	%	948,892		10	%	946,012		10	%	954,265		10	%	920,458		10	%
Total	$	9,288,909	100	%	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%

Unfunded loan commitments
Commercial and industrial	$	1,255,409	46	%	$	1,262,234	44	%	$	1,309,390	41	%	$	1,168,506	37	%	$	1,125,810	34	%
Construction	590,575		21	%	725,864		25	%	922,219		30	%	1,142,982		36	%	1,340,193		40	%
Residential real estate:
1-to-4 family mortgage	1,485		—	%	973		—	%	946		—	%	794		—	%	670		—	%
Residential line of credit	702,939		25	%	700,126		24	%	685,597		22	%	675,647		21	%	663,291		20	%
Multi-family mortgage	25,047		1	%	23,583		1	%	21,951		1	%	4,972		—	%	6,310		—	%
Commercial real estate:
Owner-occupied	77,400		3	%	73,432		2	%	52,975		2	%	50,927		2	%	48,063		1	%
Non-owner occupied	82,370		3	%	82,966		3	%	93,910		3	%	104,201		3	%	119,239		4	%
Consumer and other	25,058		1	%	25,509		1	%	24,886		1	%	23,306		1	%	25,787		1	%
Total unfunded loans HFI	$	2,760,283	100	%	$	2,894,687	100	%	$	3,111,874	100	%	$	3,171,335	100	%	$	3,329,363	100	%


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	150,326		$	146,134		$	140,664		$	138,809		$	134,192


Charge-offs	(927)			(1,048)			(796)			(892)			(767)
Recoveries	416			2,105			235			172			387
Provision for credit losses on loans HFI	1,852			3,135			6,031			2,575			4,997


Allowance for credit losses on loans HFI at the end of the period	$	151,667		$	150,326		$	146,134		$	140,664		$	138,809
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.63		%	1.60		%	1.57		%	1.51		%	1.48		%

Allowance for credit losses on unfunded commitments	$	7,700		$	8,770		$	11,600		$	14,810		$	18,463
Charge-offs
Commercial and industrial	$	(43)		$	(251)		$	(154)		$	(11)		$	(46)
Construction	(92)			—			—			—			—
Residential real estate:
1-to-4 family mortgage	—			(10)			(4)			(16)			(16)
Residential line of credit	(20)			—			—			—			—

Commercial real estate:
Owner occupied	—			—			—			(144)			—

Consumer and other	(772)			(787)			(638)			(721)			(705)
Total charge-offs	(927)			(1,048)			(796)			(892)			(767)
Recoveries
Commercial and industrial	14			81			112			13			67
Construction	—			—			—			10			—
Residential real estate:
1-to-4 family mortgage	56			44			16			25			15
Residential line of credit	—			—			1			—			—

Commercial real estate:
Owner occupied	40			14			13			16			66
Non-owner occupied	—			1,833			—			—			—
Consumer and other	306			133			93			108			239
Total recoveries	416			2,105			235			172			387
Net (charge-offs) recoveries	$	(511)		$	1,057		$	(561)		$	(720)		$	(380)
Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	(0.04)		%	0.02		%	0.03		%	0.02		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	12,858		$	12,693		$	11,649		$	12,247		$	12,580
Nonaccrual loans	54,892			48,230			42,878			31,885			32,900
Total nonperforming loans HFI	67,750			60,923			54,527			44,132			45,480
Commercial loans held for sale	—			—			9,260			9,267			9,278
Mortgage loans held for sale(a)	20,876			21,229			22,074			20,225			20,528

Other real estate owned	3,613			3,192			1,504			1,974			4,085

Other repossessed assets	1,834			1,139			1,300			883			498
Total nonperforming assets	$	94,073		$	86,483		$	88,665		$	76,481		$	79,869
Total nonperforming loans HFI as a percentage of loans HFI	0.73		%	0.65		%	0.59		%	0.47		%	0.49		%
Total nonperforming assets as a percentage of total assets	0.75		%	0.69		%	0.71		%	0.59		%	0.61		%
Total nonaccrual loans as a percentage of loans HFI	0.59		%	0.51		%	0.46		%	0.34		%	0.35		%


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Mar 2024					Dec 2023					Sep 2023					Jun 2023					Mar 2023





Deposits by market
Metropolitan	$	7,506,630		72	%	$	7,536,301		72	%	$	7,481,006		70	%	$	7,753,724		71	%	$	8,075,721		72	%
Community	2,500,182			24	%	2,522,536			24	%	2,571,667			24	%	2,499,013			23	%	2,756,700			25	%
Brokered/wholesale	130,845			1	%	150,475			1	%	174,920			2	%	238,885			2	%	251			—	%
Escrow and other(a)	367,271			3	%	338,975			3	%	411,475			4	%	380,633			4	%	350,243			3	%
Total	$	10,504,928		100	%	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%

Deposits by customer segment
Consumer	$	4,866,099		46	%	$	4,880,890		46	%	$	4,893,792		46	%	$	4,918,641		45	%	$	5,028,364		45	%
Commercial	4,085,282			39	%	4,069,724			39	%	4,126,424			39	%	4,029,376			37	%	3,767,743			34	%
Public	1,553,547			15	%	1,597,673			15	%	1,618,852			15	%	1,924,238			18	%	2,386,808			21	%
Total	$	10,504,928		100	%	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%

Estimated insured or collateralized deposits	$	7,372,728				$	7,414,224				$	7,570,639				$	7,858,761				$	7,926,537





Estimated uninsured and uncollateralized deposits(b)	$	3,132,200				$	3,134,063				$	3,068,429				$	3,013,494				$	3,256,378

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	29.8		%			29.7		%			28.8		%			27.7		%			29.1		%


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	March 31, 2024			December 31, 2023

Total Common Shareholders' Equity	$	1,479,526		$	1,454,794
Less:
Goodwill	242,561			242,561
Other intangibles	7,920			8,709
Tangible Common Equity	$	1,229,045		$	1,203,524

Total Assets	$	12,548,320		$	12,604,403
Less:
Goodwill	242,561			242,561
Other intangibles	7,920			8,709
Tangible Assets	$	12,297,839		$	12,353,133

Preliminary Total Risk-Weighted Assets	$	11,065,289		$	11,257,406

Total Common Equity to Total Assets	11.8		%	11.5		%
Tangible Common Equity to Tangible Assets*	9.99		%	9.74		%


	March 31, 2024			December 31, 2023
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,389,546		$	1,375,890
Tier 1 Capital	1,419,546			1,405,890
Total Capital	1,657,513			1,635,848

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.6		%	12.2		%
Tier 1 Risk-Based	12.8		%	12.5		%
Total Risk-Based	15.0		%	14.5		%
Tier 1 Leverage	11.3		%	11.3		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Banking segment
Net interest income	$	97,094		$	98,426		$	98,194		$	98,634		$	101,287
Provisions for credit losses	838			283			3,253			(1,149)			212

Noninterest (loss) income	(4,794)			6,889			(4,031)			11,480			11,493


Other noninterest expense	60,344			68,463			68,712			66,208			66,752
Pre-tax net contribution after allocations	$	31,118		$	36,569		$	22,198		$	45,055		$	45,816
Total assets	$	11,979,904		$	12,050,245		$	11,904,608		$	12,307,231		$	12,534,348

Efficiency ratio	65.4		%	65.0		%	73.0		%	60.1		%	59.2		%
Core efficiency ratio*	55.0		%	57.2		%	58.6		%	59.0		%	59.4		%
Mortgage segment
Net interest income	$	2,396		$	2,662		$	2,732		$	2,909		$	2,373
Provision for loan losses	(56)			22			(432)			71			279
Mortgage banking income	12,585			8,376			11,998			12,232			12,086
Other noninterest income	171			74			75			101			(230)


Other noninterest expense	12,076			11,737			14,285			15,084			13,688
Pre-tax net contribution (loss) after allocations	$	3,132		$	(647)		$	952		$	87		$	262
Total assets	$	568,416		$	554,158		$	585,023		$	580,164		$	566,799

Efficiency ratio	79.7		%	105.6		%	96.5		%	99.0		%	96.2		%
Core efficiency ratio*	80.0		%	105.3		%	96.5		%	96.0		%	93.9		%










Interest rate lock commitments volume	$	377,166		$	245,776		$	373,068		$	402,951		$	375,042




Interest rate lock commitments pipeline (period end)	$	130,315		$	69,217		$	112,810		$	135,374		$	157,213




Mortgage loan sales	$	243,461		$	257,170		$	325,322		$	330,326		$	332,307
Gains and fees from origination and sale of mortgage loans held for sale	$	6,458		$	7,389		$	8,941		$	7,994		$	8,146
Net change in fair value of loans held for sale, derivatives, and other	1,821			(1,686)			(582)			874			(421)
Mortgage servicing income	7,347			7,546			7,363			7,586			7,768
Change in fair value of mortgage servicing rights, net of hedging	(3,041)			(4,873)			(3,724)			(4,222)			(3,407)
Total mortgage banking income	$	12,585		$	8,376		$	11,998		$	12,232		$	12,086
Mortgage sale margin(a)	2.65		%	2.87		%	2.75		%	2.42		%	2.45		%


Non-GAAP Reconciliations

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended
Adjusted net income	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023
Income before income taxes	$	34,250	$	35,922	$	23,150	$	45,142	$	46,078
Less (loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—		(3,009)		(7)		(8)		910
Plus early retirement, severance and other costs	—		2,214		4,809		1,426		—
Plus loss (gain) on lease terminations	—		1,843		—		(1)		(72)
Plus FDIC special assessment	500		1,788		—		—		—


Adjusted pre-tax net income	50,398		45,085		42,048		46,070		45,210
Income tax expense, adjusted for items above	10,508		8,933		8,900		10,077		9,471
Adjusted net income	$	39,890	$	36,152	$	33,148	$	35,993	$	35,739
Weighted average common share outstanding - fully diluted	46,998,873		46,916,939		46,856,422		46,814,854		46,765,154
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.59	$	0.63	$	0.41	$	0.75	$	0.78








Adjusted diluted earnings per common share	$	0.85	$	0.77	$	0.71	$	0.77	$	0.76


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended
Adjusted pre-tax pre-provision net revenue	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023
Income before income taxes	$	34,250	$	35,922	$	23,150	$	45,142	$	46,078
Plus provisions for credit losses	782		305		2,821		(1,078)		491
Pre-tax pre-provision net revenue	35,032		36,227		25,971		44,064		46,569
Less (loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—		(3,009)		(7)		(8)		910
Plus early retirement, severance and other costs	—		2,214		4,809		1,426		—
Plus loss (gain) on lease terminations	—		1,843		—		(1)		(72)
Plus FDIC special assessment	500		1,788		—		—		—

Adjusted pre-tax pre-provision net revenue	$	51,180	$	45,390	$	44,869	$	44,992	$	45,701



	Three Months Ended
Adjusted tangible net income	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023
Income before income taxes	$	34,250	$	35,922	$	23,150	$	45,142	$	46,078

Plus amortization of core deposit and other intangibles	789		840		889		940		990
Less (loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—		(3,009)		(7)		(8)		910
Plus early retirement, severance and other costs	—		2,214		4,809		1,426		—
Plus loss (gain) on lease terminations	—		1,843		—		(1)		(72)
Plus FDIC special assessment	500		1,788		—		—		—

Less income tax expense, adjusted for items above	10,714		9,152		9,131		10,322		9,729
Adjusted tangible net income	$	40,473	$	36,773	$	33,806	$	36,688	$	36,471


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended
Core efficiency ratio (tax-equivalent basis)	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Total noninterest expense	$	72,420		$	80,200		$	82,997		$	81,292		$	80,440



Less early retirement, severance and other costs	—			2,214			4,809			1,426			—
Less loss (gain) on lease terminations	—			1,843			—			(1)			(72)
Less FDIC special assessment	500			1,788			—			—			—

Core noninterest expense	$	71,920		$	74,355		$	78,188		$	79,867		$	80,512
Net interest income	$	99,490		$	101,088		$	100,926		$	101,543		$	103,660
Net interest income (tax-equivalent basis)	$	100,199		$	101,924		$	101,762		$	102,383		$	104,493
Total noninterest income	7,962			15,339			8,042			23,813			23,349
Less (loss) gain from securities, net	(16,213)			183			(14,197)			(28)			69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565			(492)			115			533			(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—			(3,009)			(7)			(8)			910


Core noninterest income	23,610			18,657			22,131			23,316			22,553
Total revenue	$	107,452		$	116,427		$	108,968		$	125,356		$	127,009
Core revenue (tax-equivalent basis)	$	123,809		$	120,581		$	123,893		$	125,699		$	127,046
Efficiency ratio	67.4		%	68.9		%	76.2		%	64.8		%	63.3		%
Core efficiency ratio (tax-equivalent basis)	58.1		%	61.7		%	63.1		%	63.5		%	63.4		%


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	Three Months Ended
Banking segment core efficiency ratio (tax- equivalent)	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Banking segment noninterest expense	$	60,344		$	68,463		$	68,712		$	66,208		$	66,752
Less early retirement, severance and other costs	—			2,214			4,809			1,001			—
Less loss on lease terminations	—			1,843			—			—			—
Less FDIC special assessment	$	500		$	1,788		$	—		$	—		$	—
Banking segment core noninterest expense	$	59,844		$	62,618		$	63,903		$	65,207		$	66,752
Banking segment net interest income	97,094			98,426			98,194			98,634			101,287
Banking segment net interest income (tax-equivalent basis)	97,803			99,262			99,030			99,474			102,120
Banking segment noninterest (loss) income	(4,794)			6,889			(4,031)			11,480			11,493
Less (loss) gain from changes in fair value of commercial loans held for sale	—			(3,009)			(7)			(8)			910

Less (loss) gain on sales or write-downs of other real estate owned and other assets	509			(460)			119			558			249
Less gain (loss) from securities, net	(16,213)			183			(14,197)			(28)			69
Banking segment core noninterest income	10,910			10,175			10,054			10,958			10,265
Banking segment total revenue	$	92,300		$	105,315		$	94,163		$	110,114		$	112,780
Banking segment total core revenue (tax-equivalent basis)	$	108,713		$	109,437		$	109,084		$	110,432		$	112,385
Banking segment efficiency ratio	65.4		%	65.0		%	73.0		%	60.1		%	59.2		%
Banking segment core efficiency ratio (tax-equivalent basis)	55.0		%	57.2		%	58.6		%	59.0		%	59.4		%





	Three Months Ended
Mortgage segment core efficiency ratio (tax- equivalent)	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Mortgage segment noninterest expense	$	12,076		$	11,737		$	14,285		$	15,084		$	13,688
Less severance costs	—			—			—			425			—
Less gain on lease terminations	—			—			—			(1)			(72)



Mortgage segment core noninterest expense	$	12,076		$	11,737		$	14,285		$	14,660		$	13,760
Mortgage segment net interest income	2,396			2,662			2,732			2,909			2,373
Mortgage segment noninterest income	12,756			8,450			12,073			12,333			11,856
Less gain (loss) on sales or write-downs of other real estate owned	56			(32)			(4)			(25)			(432)
Mortgage segment core noninterest income	12,700			8,482			12,077			12,358			12,288
Mortgage segment total revenue	$	15,152		$	11,112		$	14,805		$	15,242		$	14,229
Mortgage segment core total revenue	$	15,096		$	11,144		$	14,809		$	15,267		$	14,661
Mortgage segment efficiency ratio	79.7		%	105.6		%	96.5		%	99.0		%	96.2		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	80.0		%	105.3		%	96.5		%	96.0		%	93.9		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of
Tangible assets, common equity and related measures	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Tangible assets
Total assets	$	12,548,320		$	12,604,403		$	12,489,631		$	12,887,395		$	13,101,147
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	7,920			8,709			9,549			10,438			11,378
Tangible assets	$	12,297,839		$	12,353,133		$	12,237,521		$	12,634,396		$	12,847,208
Tangible common equity
Total common shareholders' equity	$	1,479,526		$	1,454,794		$	1,372,901		$	1,386,951		$	1,369,696
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	7,920			8,709			9,549			10,438			11,378
Tangible common equity	$	1,229,045		$	1,203,524		$	1,120,791		$	1,133,952		$	1,115,757


Common shares outstanding	46,897,378			46,848,934			46,839,159			46,798,751			46,762,626
Book value per common share	$	31.55		$	31.05		$	29.31		$	29.64		$	29.29
Tangible book value per common share	$	26.21		$	25.69		$	23.93		$	24.23		$	23.86

Total common shareholders' equity to total assets	11.8		%	11.5		%	11.0		%	10.8		%	10.5		%
Tangible common equity to tangible assets	9.99		%	9.74		%	9.16		%	8.98		%	8.68		%
On-balance sheet liquidity:
Cash and cash equivalents	$	870,730		$	810,932		$	848,318		$	1,160,354		$	1,319,951
Unpledged securities	514,724			542,427			494,582			281,098			286,169
Equity securities, at fair value	—			—			2,934			3,031			3,059
Total on-balance sheet liquidity	$	1,385,454		$	1,353,359		$	1,345,834		$	1,444,483		$	1,609,179
On-balance sheet liquidity as a percentage of total assets	11.0		%	10.7		%	10.8		%	11.2		%	12.3		%
On-balance sheet liquidity as a percentage of total tangible assets	11.3		%	11.0		%	11.0		%	11.4		%	12.5		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended
Adjusted return on average tangible common equity and related measures	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Average common shareholders' equity	$	1,460,736		$	1,385,373		$	1,393,253		$	1,376,818		$	1,343,227
Less average goodwill	242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	8,299			9,138			10,011			10,913			11,862
Average tangible common equity	$	1,209,876		$	1,133,674		$	1,140,681		$	1,123,344		$	1,088,804
Net income	$	27,950		$	29,369		$	19,175		$	35,299		$	36,381
Return on average common equity	7.70		%	8.41		%	5.46		%	10.3		%	11.0		%
Return on average tangible common equity	9.29		%	10.3		%	6.67		%	12.6		%	13.6		%
Adjusted tangible net income	$	40,473		$	36,773		$	33,806		$	36,688		$	36,471
Adjusted return on average tangible common equity	13.5		%	12.9		%	11.8		%	13.1		%	13.6		%












	Three Months Ended
Adjusted return on average assets, common equity and related measures	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Net income	$	27,950		$	29,369		$	19,175		$	35,299		$	36,381
Average assets	12,590,079			12,434,575			12,557,158			12,826,449			12,861,614
Average common equity	1,460,736			1,385,373			1,393,253			1,376,818			1,343,227
Return on average assets	0.89		%	0.94		%	0.61		%	1.10		%	1.15		%
Return on average common equity	7.70		%	8.41		%	5.46		%	10.3		%	11.0		%
Adjusted net income	$	39,890		$	36,152		$	33,148		$	35,993		$	35,739
Adjusted return on average assets	1.27		%	1.15		%	1.05		%	1.13		%	1.13		%
Adjusted return on average common equity	11.0		%	10.4		%	9.44		%	10.5		%	10.8		%













Adjusted pre-tax pre-provision net income	$	51,180		$	45,390		$	44,869		$	44,992		$	45,701
Adjusted pre-tax pre-provision return on average assets	1.63		%	1.45		%	1.42		%	1.41		%	1.44		%


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			6

Average Balance and Interest Yield/Rate Analysis			7



Investments and Other Sources of Liquidity			9

Loan Portfolio			10

Asset Quality			11

Selected Deposit Data			12

Preliminary Capital Ratios			13

Segment Data			14

Non-GAAP Reconciliations			15