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 and unadjusted pre-tax pre-provision earnings, 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
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Selected Statement of Income Data
Total interest income	$	174,835		$	173,912		$	170,183		$	159,480		$	147,598
Total interest expense	73,747			72,986			68,640			55,820			37,100
Net interest income	101,088			100,926			101,543			103,660			110,498
Total noninterest income	15,339			8,042			23,813			23,349			17,469
Total noninterest expense	80,200			82,997			81,292			80,440			80,230
Earnings before income taxes and provisions for credit losses	36,227			25,971			44,064			46,569			47,737
Provisions for (reversals of) credit losses	305			2,821			(1,078)			491			(456)
Income tax expense	6,545			3,975			9,835			9,697			10,042
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143
Net interest income (tax-equivalent basis)	$	101,924		$	101,762		$	102,383		$	104,493		$	111,279
Adjusted net income*	$	36,152		$	33,148		$	35,993		$	35,739		$	40,213
Adjusted pre-tax, pre-provision earnings*	$	45,390		$	44,869		$	44,992		$	45,701		$	50,526
Per Common Share
Diluted net income	$	0.63		$	0.41		$	0.75		$	0.78		$	0.81
Adjusted diluted net income*	0.77			0.71			0.77			0.76			0.85

Book value	31.05			29.31			29.64			29.29			28.36
Tangible book value*	25.69			23.93			24.23			23.86			22.90

Weighted average number of shares outstanding - fully diluted	46,916,939			46,856,422			46,814,854			46,765,154			47,036,742
Period-end number of shares	46,848,934			46,839,159			46,798,751			46,762,626			46,737,912
Selected Balance Sheet Data
Cash and cash equivalents	$	810,932		$	848,318		$	1,160,354		$	1,319,951		$	1,027,052
Loans HFI	9,408,783			9,287,225			9,326,024			9,365,996			9,298,212
Allowance for credit losses on loans HFI	(150,326)			(146,134)			(140,664)			(138,809)			(134,192)
Allowance for credit losses on unfunded commitments	(8,770)			(11,600)			(14,810)			(18,463)			(22,969)
Mortgage loans held for sale	67,847			94,598			89,864			73,005			108,961
Commercial loans held for sale, at fair value	—			9,260			9,267			9,510			30,490
Investment securities, at fair value	1,471,973			1,351,153			1,422,391			1,474,064			1,474,176

Total assets	12,604,403			12,489,631			12,887,395			13,101,147			12,847,756

Interest-bearing deposits (non-brokered)	8,179,430			8,105,713			8,233,082			8,693,515			8,178,453
Brokered deposits	150,475			174,920			238,885			251			750
Noninterest-bearing deposits	2,218,382			2,358,435			2,400,288			2,489,149			2,676,631



Total deposits	10,548,287			10,639,068			10,872,255			11,182,915			10,855,834

Borrowings	390,964			226,689			390,354			312,131			415,677
Total common shareholders' equity	1,454,794			1,372,901			1,386,951			1,369,696			1,325,425
Selected Ratios
Return on average:
Assets	0.94		%	0.61		%	1.10		%	1.15		%	1.22		%
Shareholders' equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%
Tangible common equity*	10.3		%	6.67		%	12.6		%	13.6		%	14.6		%

Net interest margin (NIM) (tax-equivalent basis)	3.46		%	3.42		%	3.40		%	3.51		%	3.78		%
Efficiency ratio	68.9		%	76.2		%	64.8		%	63.3		%	62.7		%
Core efficiency ratio (tax-equivalent basis)*	61.7		%	63.1		%	63.5		%	63.3		%	61.0		%
Loans HFI to deposit ratio	89.2		%	87.3		%	85.8		%	83.8		%	85.7		%

Noninterest-bearing deposits to total deposits	21.0		%	22.2		%	22.1		%	22.3		%	24.7		%
Yield on interest-earning assets	5.96		%	5.87		%	5.67		%	5.38		%	5.04		%
Cost of interest-bearing liabilities	3.47		%	3.41		%	3.14		%	2.61		%	1.84		%
Cost of total deposits	2.65		%	2.58		%	2.38		%	1.94		%	1.20		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.60		%	1.57		%	1.51		%	1.48		%	1.44		%

Net (recoveries) charge-offs as a percentage of average loans HFI	(0.04)		%	0.02		%	0.03		%	0.02		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.65		%	0.59		%	0.47		%	0.49		%	0.49		%
Nonperforming assets as a percentage of total assets	0.69		%	0.71		%	0.59		%	0.61		%	0.68		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.5		%	11.0		%	10.8		%	10.5		%	10.3		%
Tangible common equity to tangible assets*	9.74		%	9.16		%	8.98		%	8.68		%	8.50		%

Tier 1 risk-based capital	12.5		%	12.1		%	11.9		%	11.6		%	11.3		%


Common equity Tier 1	12.2		%	11.8		%	11.7		%	11.3		%	11.0		%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Dec 2023		Dec 2023
													vs.		vs.
	Three Months Ended										Sep 2023	Dec 2022
	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	155,737	$	153,882	$	149,220	$	140,356	$	133,180			1.21	%	16.9	%
Interest on securities
Taxable	7,808		6,399		6,480		6,570		6,707				22.0	%	16.4	%
Tax-exempt	1,746		1,795		1,808		1,804		1,806				(2.73)	%	(3.32)	%
Other	9,544		11,836		12,675		10,750		5,905				(19.4)	%	61.6	%
Total interest income	174,835		173,912		170,183		159,480		147,598				0.53	%	18.5	%
Interest expense:
Deposits	70,873		69,826		65,257		52,863		31,456				1.50	%	125.3	%
Borrowings	2,874		3,160		3,383		2,957		5,644				(9.05)	%	(49.1)	%
Total interest expense	73,747		72,986		68,640		55,820		37,100				1.04	%	98.8	%
Net interest income	101,088		100,926		101,543		103,660		110,498				0.16	%	(8.52)	%
Provision for credit losses on loans HFI	3,135		6,031		2,575		4,997		152				(48.0)	%	NM
Reversal of credit losses on unfunded commitments	(2,830)		(3,210)		(3,653)		(4,506)		(608)				(11.8)	%	365.5	%
Net interest income after provisions for credit losses	100,783		98,105		102,621		103,169		110,954				2.73	%	(9.17)	%
Noninterest income:
Mortgage banking income	8,376		11,998		12,232		12,086		9,106				(30.2)	%	(8.02)	%
Service charges on deposit accounts	2,957		2,959		3,185		3,053		3,019				(0.07)	%	(2.05)	%
Investment services and trust income	3,093		3,072		2,777		2,378		2,232				0.68	%	38.6	%
ATM and interchange fees	2,618		2,639		2,629		2,396		2,546				(0.80)	%	2.83	%
Gain (loss) from securities, net	183		(14,197)		(28)		69		25				(101.3)	%	632.0	%
(Loss) gain on sales or write-downs of other real estate owned and other assets	(492)		115		533		(183)		(252)				(527.8)	%	95.2	%

Other income	(1,396)		1,456		2,485		3,550		793				(195.9)	%	(276.0)	%
Total noninterest income	15,339		8,042		23,813		23,349		17,469				90.7	%	(12.2)	%
Total revenue	116,427		108,968		125,356		127,009		127,967				6.85	%	(9.02)	%
Noninterest expenses:
Salaries, commissions and employee benefits	48,142		54,491		52,020		48,788		45,839				(11.7)	%	5.02	%
Occupancy and equipment expense	9,530		6,428		6,281		5,909		6,295				48.3	%	51.4	%
Legal and professional fees	1,823		1,760		2,199		3,108		4,857				3.58	%	(62.5)	%
Data processing	2,434		2,338		2,345		2,113		2,096				4.11	%	16.1	%

Advertising	2,009		2,124		2,001		2,133		3,094				(5.41)	%	(35.1)	%
Amortization of core deposits and other intangibles	840		889		940		990		1,039				(5.51)	%	(19.2)	%



Other expense	15,422		14,967		15,506		17,399		17,010				3.04	%	(9.34)	%
Total noninterest expense	80,200		82,997		81,292		80,440		80,230				(3.37)	%	(0.04)	%
Income before income taxes	35,922		23,150		45,142		46,078		48,193				55.2	%	(25.5)	%
Income tax expense	6,545		3,975		9,835		9,697		10,042				64.7	%	(34.8)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	29,377		19,175		35,307		36,381		38,151				53.2	%	(23.0)	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	29,369	$	19,175	$	35,299	$	36,381	$	38,143			53.2	%	(23.0)	%
Weighted average common shares outstanding:
Basic	46,845,055		46,818,612		46,779,388		46,679,618		46,909,389				0.06	%	(0.14)	%
Fully diluted	46,916,939		46,856,422		46,814,854		46,765,154		47,036,742				0.13	%	(0.25)	%
Earnings per common share:
Basic	$	0.63	$	0.41	$	0.75	$	0.78	$	0.81			53.7	%	(22.2)	%
Fully diluted	0.63		0.41		0.75		0.78		0.81				53.7	%	(22.2)	%
Fully diluted - adjusted*	0.77		0.71		0.77		0.76		0.85				8.45	%	(9.41)	%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)

					Dec 2023
					vs.
	For the Year Ended				Dec 2022
	Dec 2023		Dec 2022		Percent variance
Interest income:
Interest and fees on loans	$	599,195	$	436,363	37.3	%
Interest on securities
Taxable	27,257		25,469		7.02	%
Tax-exempt	7,153		7,332		(2.44)	%
Other	44,805		12,258		265.5	%
Total interest income	678,410		481,422		40.9	%
Interest expense:
Deposits	258,819		56,642		356.9	%
Borrowings	12,374		12,545		(1.36)	%
Total interest expense	271,193		69,187		292.0	%
Net interest income	407,217		412,235		(1.22)	%
Provision for credit losses on loans HFI	16,738		10,393		61.1	%
(Reversal of) provision for credit losses on unfunded commitments	(14,199)		8,589		(265.3)	%
Net interest income after provisions for credit losses	404,678		393,253		2.91	%
Noninterest income:
Mortgage banking income	44,692		73,580		(39.3)	%
Service charges on deposit accounts	12,154		12,049		0.87	%
Investment services and trust income	11,320		8,866		27.7	%
ATM and interchange fees	10,282		15,600		(34.1)	%

Loss from securities, net	(13,973)		(376)		NM
Loss on sales or write-downs of other real estate owned and other assets	(27)		(265)		(89.8)	%

Other income	6,095		5,213		16.9	%
Total noninterest income	70,543		114,667		(38.5)	%
Total revenue	477,760		526,902		(9.33)	%
Noninterest expenses:
Salaries, commissions and employee benefits	203,441		211,491		(3.81)	%
Occupancy and equipment expense	28,148		23,562		19.5	%
Legal and professional fees	8,890		15,028		(40.8)	%
Data processing	9,230		9,315		(0.91)	%

Advertising	8,267		11,208		(26.2)	%
Amortization of core deposit and other intangibles	3,659		4,585		(20.2)	%
Mortgage restructuring expense	—		12,458		(100.0)	%
Other expense	63,294		60,699		4.28	%
Total noninterest expense	324,929		348,346		(6.72)	%
Income before income taxes	150,292		159,574		(5.82)	%
Income tax expense	30,052		35,003		(14.1)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	120,240		124,571		(3.48)	%
Net income applicable to noncontrolling interests	16		16		—	%

Net income applicable to FB Financial Corporation	$	120,224	$	124,555	(3.48)	%
Weighted average common shares outstanding:
Basic	46,781,214		47,113,470		(0.71)	%
Fully diluted	46,822,792		47,239,791		(0.88)	%
Earnings per common share:
Basic	$	2.57	$	2.64	(2.65)	%
Fully diluted	2.57		2.64		(2.65)	%
Fully diluted - adjusted*	3.01		2.92		3.08	%


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Dec 2023		Dec 2023
													vs.		vs.
	As of										Sep 2023	Dec 2022
	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	146,542	$	188,317	$	147,646	$	133,874	$	259,872			(88.0)	%	(43.6)	%
Federal funds sold and reverse repurchase agreements	83,324		129,885		48,346		63,994		210,536				(142.2)	%	(60.4)	%
Interest-bearing deposits in financial institutions	581,066		530,116		964,362		1,122,083		556,644				38.1	%	4.39	%
Cash and cash equivalents	810,932		848,318		1,160,354		1,319,951		1,027,052				(17.5)	%	(21.0)	%
Investments:
Available-for-sale debt securities, at fair value	1,471,973		1,348,219		1,419,360		1,471,005		1,471,186				36.4	%	0.05	%
Equity securities, at fair value	—		2,934		3,031		3,059		2,990				(100.0)	%	(100.00)	%
Federal Home Loan Bank stock, at cost	34,190		34,809		40,266		43,369		58,641				(7.06)	%	(41.7)	%
Mortgage loans held for sale	67,847		94,598		89,864		73,005		108,961				(112.2)	%	(37.7)	%
Commercial loans held for sale, at fair value	—		9,260		9,267		9,510		30,490				(100.0)	%	(100.0)	%
Loans held for investment	9,408,783		9,287,225		9,326,024		9,365,996		9,298,212				5.19	%	1.19	%
Less: allowance for credit losses on loans HFI	150,326		146,134		140,664		138,809		134,192				11.4	%	12.0	%
Net loans held for investment	9,258,457		9,141,091		9,185,360		9,227,187		9,164,020				5.09	%	1.03	%
Premises and equipment, net	155,731		156,081		154,526		153,397		146,316				(0.89)	%	6.43	%
Other real estate owned, net	3,192		1,504		1,974		4,085		5,794				445.3	%	(44.9)	%
Operating lease right-of-use assets	54,295		56,240		56,560		57,054		60,043				(13.7)	%	(9.57)	%
Interest receivable	52,715		49,205		44,973		44,737		45,684				28.3	%	15.4	%
Mortgage servicing rights, at fair value	164,249		172,710		166,433		164,879		168,365				(19.4)	%	(2.44)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	8,709		9,549		10,438		11,378		12,368				(34.9)	%	(29.6)	%
Bank-owned life insurance	76,143		75,739		75,341		74,963		75,329				2.12	%	1.08	%
Other assets	203,409		246,813		227,087		201,007		227,956				(69.8)	%	(10.8)	%
Total assets	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756			3.65	%	(1.89)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,218,382	$	2,358,435	$	2,400,288	$	2,489,149	$	2,676,631			(23.6)	%	(17.1)	%
Interest-bearing checking	2,504,421		2,554,641		2,879,336		3,292,883		3,059,984				(7.80)	%	(18.2)	%
Money market and savings	4,204,851		4,119,357		3,971,975		3,904,013		3,697,245				8.23	%	13.7	%
Customer time deposits	1,469,811		1,431,119		1,381,176		1,496,024		1,420,131				10.7	%	3.50	%
Brokered and internet time deposits	150,822		175,516		239,480		846		1,843				(55.8)	%	NM
Total deposits	10,548,287		10,639,068		10,872,255		11,182,915		10,855,834				(3.39)	%	(2.83)	%
Borrowings	390,964		226,689		390,354		312,131		415,677				287.5	%	(5.95)	%
Operating lease liabilities	67,643		67,542		67,304		67,345		69,754				0.59	%	(3.03)	%
Accrued expenses and other liabilities	142,622		183,338		170,438		168,967		180,973				(88.1)	%	(21.2)	%
Total liabilities	11,149,516		11,116,637		11,500,351		11,731,358		11,522,238				1.17	%	(3.23)	%
Shareholders' equity:
Common stock, $1 par value	46,849		46,839		46,799		46,763		46,738				0.08	%	0.24	%
Additional paid-in capital	864,258		862,340		859,516		856,628		861,588				0.88	%	0.31	%
Retained earnings	678,412		656,120		644,043		615,871		586,532				13.5	%	15.7	%
Accumulated other comprehensive loss, net	(134,725)		(192,398)		(163,407)		(149,566)		(169,433)				(118.9)	%	(20.5)	%
Total common shareholders' equity	1,454,794		1,372,901		1,386,951		1,369,696		1,325,425				23.7	%	9.76	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,454,887		1,372,994		1,387,044		1,369,789		1,325,518				23.7	%	9.76	%
Total liabilities and shareholders' equity	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756			3.65	%	(1.89)	%

NM- Not meaningful


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2023						September 30, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,330,176	$	155,081	6.59	%	$	9,280,530	$	153,038	6.54	%
Mortgage loans held for sale	47,293		877		7.36	%	60,291		1,047		6.89	%
Commercial loans held for sale	7,281		—		—	%	9,259		—		—	%
Securities:
Taxable	1,361,987		7,808		2.27	%	1,344,052		6,399		1.89	%
Tax-exempt(b)	283,395		2,361		3.31	%	291,863		2,428		3.30	%
Total securities(b)	1,645,382		10,169		2.45	%	1,635,915		8,827		2.14	%
Federal funds sold and reverse repurchase agreements	107,276		1,518		5.61	%	95,326		1,375		5.72	%
Interest-bearing deposits with other financial institutions	525,763		7,195		5.43	%	696,600		9,620		5.48	%
FHLB stock	34,556		831		9.54	%	36,624		841		9.11	%
Total interest-earning assets(b)	11,697,727		175,671		5.96	%	11,814,545		174,748		5.87	%
Noninterest-earning assets:
Cash and due from banks	127,715						128,780
Allowance for credit losses on loans HFI	(147,035)						(140,033)
Other assets(c)(d)	756,168						753,866
Total noninterest-earning assets	736,848						742,613
Total assets	$	12,434,575					$	12,557,158
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,139	$	18,444	2.93	%	$	2,668,970	$	20,506	3.05	%
Money market	3,761,500		36,740		3.88	%	3,661,262		34,902		3.78	%
Savings deposits	388,296		67		0.07	%	410,403		65		0.06	%
Customer time deposits	1,447,094		13,463		3.69	%	1,400,290		11,909		3.37	%
Brokered and internet time deposits	162,317		2,159		5.28	%	182,652		2,444		5.31	%
Time deposits	1,609,411		15,622		3.85	%	1,582,942		14,353		3.60	%
Total interest-bearing deposits	8,259,346		70,873		3.40	%	8,323,577		69,826		3.33	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	31,673		177		2.22	%	30,520		349		4.54	%
Federal Home Loan Bank advances	—		—		—	%	13,859		204		5.84	%
Subordinated debt	128,621		2,604		8.03	%	127,605		2,600		8.08	%
Other borrowings	8,407		93		4.39	%	1,365		7		2.03	%
Total other interest-bearing liabilities	168,701		2,874		6.76	%	173,349		3,160		7.23	%
Total interest-bearing liabilities	8,428,047		73,747		3.47	%	8,496,926		72,986		3.41	%
Noninterest-bearing liabilities:
Demand deposits	2,341,627						2,410,280
Other liabilities(d)	279,435						256,606
Total noninterest-bearing liabilities	2,621,062						2,666,886
Total liabilities	11,049,109						11,163,812
Total common shareholders' equity	1,385,373						1,393,253
Noncontrolling interest	93						93
Total equity	1,385,466						1,393,346
Total liabilities and shareholders' equity	$	12,434,575					$	12,557,158
Net interest income(b)			$	101,924					$	101,762
Interest rate spread(b)					2.49	%					2.46	%
Net interest margin(b)(e)					3.46	%					3.42	%
Cost of total deposits					2.65	%					2.58	%
Average interest-earning assets to average interest-bearing liabilities					138.8	%					139.0	%
Tax-equivalent adjustment			$	836					$	836
Loans HFI yield components:
Contractual interest rate(b)			$	151,193	6.43	%			$	147,806	6.32	%
Origination and other loan fee income			3,322		0.14	%			4,345		0.19	%
Accretion on purchased loans			77		—	%			312		0.01	%
Nonaccrual interest			489		0.02	%			575		0.02	%

Total loans HFI yield			$	155,081	6.59	%			$	153,038	6.54	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2023						March 31, 2023						December 31, 2022
	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)	$	9,387,284	$	148,415	6.34	%	$	9,346,708	$	139,467	6.05	%	$	9,250,859	$	132,171	5.67	%
Mortgage loans held for sale	63,407		1,005		6.36	%	56,204		927		6.69	%	56,180		843		5.95	%
Commercial loans held for sale	9,377		3		0.13	%	16,608		159		3.88	%	33,640		311		3.67	%
Securities:
Taxable	1,374,308		6,480		1.89	%	1,402,535		6,570		1.90	%	1,431,776		6,707		1.86	%
Tax-exempt(b)	293,739		2,445		3.34	%	294,652		2,440		3.36	%	295,698		2,442		3.28	%
Total securities(b)	1,668,047		8,925		2.15	%	1,697,187		9,010		2.15	%	1,727,474		9,149		2.10	%
Federal funds sold and reverse repurchase agreements	61,799		1,050		6.81	%	188,013		1,855		4.00	%	200,062		1,924		3.82	%
Interest-bearing deposits with other financial institutions	857,862		10,829		5.06	%	728,576		8,008		4.46	%	364,543		3,236		3.52	%
FHLB stock	42,133		796		7.58	%	47,094		887		7.64	%	58,623		745		5.04	%
Total interest-earning assets(b)	12,089,909		171,023		5.67	%	12,080,390		160,313		5.38	%	11,691,381		148,379		5.04	%
Noninterest-earning assets:
Cash and due from banks	118,872						154,270						136,334
Allowance for credit losses on loans HFI	(138,983)						(134,803)						(135,998)
Other assets(c)(d)	756,651						761,757						754,310
Total noninterest-earning assets	736,540						781,224						754,646
Total assets	$	12,826,449					$	12,861,614					$	12,446,027
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,127,219	$	23,751	3.05	%	$	3,165,058	$	19,060	2.44	%	$	2,702,960	$	10,284	1.51	%
Money market	3,516,901		30,053		3.43	%	3,369,953		24,510		2.95	%	2,976,759		15,196		2.03	%
Savings deposits	433,530		63		0.06	%	458,023		64		0.06	%	488,243		66		0.05	%
Customer time deposits	1,426,320		10,658		3.00	%	1,472,221		9,221		2.54	%	1,310,505		5,902		1.79	%
Brokered and internet time deposits	56,455		732		5.20	%	1,607		8		2.02	%	1,980		8		1.60	%
Time deposits	1,482,775		11,390		3.08	%	1,473,828		9,229		2.54	%	1,312,485		5,910		1.79	%
Total interest-bearing deposits	8,560,425		65,257		3.06	%	8,466,862		52,863		2.53	%	7,480,447		31,456		1.67	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,050		97		1.29	%	27,139		46		0.69	%	27,140		28		0.41	%
Federal Home Loan Bank advances	61,264		784		5.13	%	41,389		499		4.89	%	349,859		3,428		3.89	%
Subordinated debt	127,129		2,496		7.88	%	126,161		2,402		7.72	%	126,054		2,182		6.87	%
Other borrowings	1,385		6		1.74	%	1,688		10		2.40	%	1,434		6		1.66	%
Total other interest-bearing liabilities	219,828		3,383		6.17	%	196,377		2,957		6.11	%	504,487		5,644		4.44	%
Total interest-bearing liabilities	8,780,253		68,640		3.14	%	8,663,239		55,820		2.61	%	7,984,934		37,100		1.84	%
Noninterest-bearing liabilities:
Demand deposits	2,430,476						2,588,756						2,886,297
Other liabilities(d)	238,809						266,299						279,945
Total noninterest-bearing liabilities	2,669,285						2,855,055						3,166,242
Total liabilities	11,449,538						11,518,294						11,151,176
Total common shareholders' equity	1,376,818						1,343,227						1,294,758
Noncontrolling interest	93						93						93
Total equity	1,376,911						1,343,320						1,294,851
Total liabilities and shareholders' equity	$	12,826,449					$	12,861,614					$	12,446,027
Net interest income(b)			$	102,383					$	104,493					$	111,279
Interest rate spread(b)					2.53	%					2.77	%					3.20	%
Net interest margin(b)(e)					3.40	%					3.51	%					3.78	%
Cost of total deposits					2.38	%					1.94	%					1.20	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					139.4	%					146.4	%
Tax-equivalent adjustment			$	840					$	833					$	781
Loans HFI yield components:
Contractual interest rate(b)			$	144,322	6.16	%			$	135,872	5.90	%			$	126,955	5.45	%
Origination and other loan fee income			3,907		0.17	%			3,101		0.13	%			4,244		0.18	%
(Amortization) accretion on purchased loans			(14)		—	%			319		0.01	%			319		0.01	%
Nonaccrual interest			200		0.01	%			175		0.01	%			653		0.03	%

Total loans HFI yield			$	148,415	6.34	%			$	139,467	6.05	%			$	132,171	5.67	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	For the Year Ended
	December 31, 2023						December 31, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,335,977	$	596,001	6.38	%	$	8,541,650	$	425,814	4.99	%
Mortgage loans held for sale	56,815		3,856		6.79	%	215,952		8,385		3.88	%
Commercial loans held for sale	10,602		162		1.53	%	51,075		2,627		5.14	%
Securities:
Taxable	1,370,514		27,257		1.99	%	1,439,745		25,469		1.77	%
Tax-exempt(b)	290,884		9,674		3.33	%	305,212		9,916		3.25	%
Total securities(b)	1,661,398		36,931		2.22	%	1,744,957		35,385		2.03	%
Federal funds sold and reverse repurchase agreements	112,833		5,798		5.14	%	197,235		3,414		1.73	%
Interest-bearing deposits with other financial institutions	701,629		35,652		5.08	%	843,779		7,275		0.86	%
FHLB stock	40,058		3,355		8.38	%	43,969		1,569		3.57	%
Total interest-earning assets(b)	11,919,312		681,755		5.72	%	11,638,617		484,469		4.16	%
Noninterest-earning assets:
Cash and due from banks	132,327						107,814
Allowance for credit losses on loans HFI	(140,246)						(127,499)
Other assets(c)(d)	757,441						758,918
Total noninterest-earning assets	749,522						739,233
Total assets	$	12,668,834					$	12,377,850
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,863,053	$	81,761	2.86	%	$	3,121,638	$	21,857	0.70	%
Money market	3,578,707		126,205		3.53	%	2,846,101		22,868		0.80	%
Savings deposits	422,339		259		0.06	%	500,189		268		0.05	%
Customer time deposits	1,436,313		45,251		3.15	%	1,167,947		11,555		0.99	%
Brokered and internet time deposits	101,423		5,343		5.27	%	6,935		94		1.36	%
Time deposits	1,537,736		50,594		3.29	%	1,174,882		11,649		0.99	%
Total interest-bearing deposits	8,401,835		258,819		3.08	%	7,642,810		56,642		0.74	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,860		669		2.24	%	28,497		66		0.23	%
Federal Home Loan Bank advances	28,973		1,487		5.13	%	171,142		5,583		3.26	%
Subordinated debt	127,386		10,102		7.93	%	127,799		6,868		5.37	%
Other borrowings	3,225		116		3.60	%	1,468		28		1.91	%
Total other interest-bearing liabilities	189,444		12,374		6.53	%	328,906		12,545		3.81	%
Total interest-bearing liabilities	8,591,279		271,193		3.16	%	7,971,716		69,187		0.87	%
Noninterest-bearing liabilities:
Demand deposits	2,442,019						2,877,266
Other liabilities(d)	260,612						179,192
Total noninterest-bearing liabilities	2,702,631						3,056,458
Total liabilities	11,293,910						11,028,174
Total common shareholders' equity	1,374,831						1,349,583
Noncontrolling interest	93						93
Total equity	1,374,924						1,349,676
Total liabilities and shareholders' equity	$	12,668,834					$	12,377,850
Net interest income(b)			$	410,562					$	415,282
Interest rate spread(b)					2.56	%					3.29	%
Net interest margin(b)(e)					3.44	%					3.57	%
Cost of total deposits					2.39	%					0.54	%
Average interest-earning assets to average interest-bearing liabilities					138.7	%					146.0	%
Tax equivalent adjustment			$	3,345					$	3,047
Loans HFI yield components:
Contractual interest rate(b)			$	579,193	6.20	%			$	400,154	4.69	%
Origination and other loan fee income			14,675		0.15	%			22,818		0.27	%
Accretion (amortization) on purchased loans			694		0.01	%			(1,020)		(0.01)	%
Nonaccrual interest			1,439		0.02	%			2,712		0.03	%
Syndication fee income			—		—	%			1,150		0.01	%
Total loans HFI yield			$	596,001	6.38	%			$	425,814	4.99	%


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

	As of
	Dec 2023					Sep 2023					Jun 2023					Mar 2023					Dec 2022
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	203,956		14	%	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%	$	40,062		3	%
Mortgage-backed securities - residential	896,971			62	%	871,074			65	%	979,400			69	%	1,025,388			71	%	1,034,193			71	%
Mortgage-backed securities - commercial	16,961			1	%	16,677			1	%	17,254			1	%	17,723			1	%	17,644			1	%
Municipal securities	242,263			16	%	244,611			18	%	267,097			19	%	270,994			18	%	264,420			18	%
Treasury securities	108,496			7	%	106,798			8	%	108,221			8	%	108,823			7	%	107,680			7	%
Corporate securities	3,326			—	%	3,258			—	%	6,859			—	%	7,149			—	%	7,187			—	%
Total available-for-sale debt securities	1,471,973			100	%	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%	1,471,186			100	%
Equity securities, at fair value	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%	2,990			—	%
Total investment securities, at fair value	$	1,471,973		100	%	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%	$	1,474,176		100	%
Investment securities to total assets	11.7		%			10.8		%			11.0		%			11.3		%			11.5		%
Unrealized loss on available-for-sale debt securities	$(186,806)					$(265,048)					$(226,013)					$(207,265)					$(234,388)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	810,932		60	%	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%	$	1,027,052		78	%
Unpledged available-for-sale debt securities	542,427			40	%	494,582			37	%	281,098			20	%	286,169			18	%	280,165			21	%
Equity securities, at fair value	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%	2,990			1	%
Total on-balance sheet liquidity	$	1,353,359		100	%	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%	$	1,310,207		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,350,026		48	%	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%	$	3,595,812		52	%
FHLB remaining borrowing capacity	1,297,702			18	%	1,005,295			15	%	548,052			9	%	473,160			7	%	829,959			12	%
Federal Reserve discount window	2,431,084			34	%	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%	2,470,000			36	%
Total available sources of liquidity	$	7,078,812		100	%	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%	$	6,895,771		100	%

On-balance sheet liquidity as a percentage of total assets	10.7		%			10.8		%			11.2		%			12.3		%			10.2		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.0		%			11.0		%			11.4		%			12.5		%			10.4		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	269.0		%			264.7		%			258.9		%			257.5		%			230.0		%


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2023		% of Total		Sep 2023		% of Total		Jun 2023		% of Total		Mar 2023		% of Total		Dec 2022		% of Total
Loan portfolio
Commercial and industrial	$	1,720,733	18	%	$	1,667,857	18	%	$	1,693,572	18	%	$	1,671,398	18	%	$	1,645,783	18	%
Construction	1,397,313		15	%	1,532,306		16	%	1,636,970		18	%	1,697,513		18	%	1,657,488		18	%
Residential real estate:
1-to-4 family mortgage	1,568,552		17	%	1,553,096		17	%	1,548,614		17	%	1,562,503		17	%	1,573,121		17	%
Residential line of credit	530,912		6	%	517,082		6	%	507,652		5	%	497,391		5	%	496,660		5	%
Multi-family mortgage	603,804		6	%	501,323		5	%	518,025		6	%	489,379		5	%	479,572		5	%
Commercial real estate:
Owner-occupied	1,232,071		13	%	1,206,351		13	%	1,158,782		12	%	1,136,978		12	%	1,114,580		12	%
Non-owner occupied	1,943,525		21	%	1,911,913		21	%	1,881,978		20	%	1,939,517		21	%	1,964,010		21	%
Consumer and other	411,873		4	%	397,297		4	%	380,431		4	%	371,317		4	%	366,998		4	%
Total loans HFI	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%
Percentage of loans HFI portfolio with variable interest rates			48.5	%			47.6	%			47.0	%			46.5	%			46.7	%
Percentage of loans HFI portfolio with variable interest rates that mature after one year			41.3	%			40.6	%			40.6	%			40.1	%			40.5	%

Loans by market
Metropolitan	$	7,830,739	83	%	$	7,691,944	83	%	$	7,718,424	83	%	$	7,777,346	83	%	$	7,710,999	83	%
Community	629,152		7	%	649,269		7	%	653,335		7	%	668,192		7	%	670,043		7	%
Specialty lending and other	948,892		10	%	946,012		10	%	954,265		10	%	920,458		10	%	917,170		10	%
Total	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%

Unfunded loan commitments
Commercial and industrial	$	1,262,234	44	%	$	1,309,390	41	%	$	1,168,506	37	%	$	1,125,810	34	%	$	1,026,078	29	%
Construction	725,864		25	%	922,219		30	%	1,142,982		36	%	1,340,193		40	%	1,639,015		46	%
Residential real estate:
1-to-4 family mortgage	973		—	%	946		—	%	794		—	%	670		—	%	829		—	%
Residential line of credit	700,126		24	%	685,597		22	%	675,647		21	%	663,291		20	%	655,090		18	%
Multi-family mortgage	23,583		1	%	21,951		1	%	4,972		—	%	6,310		—	%	17,092		1	%
Commercial real estate:
Owner-occupied	73,432		2	%	52,975		2	%	50,927		2	%	48,063		1	%	41,954		1	%
Non-owner occupied	82,966		3	%	93,910		3	%	104,201		3	%	119,239		4	%	145,208		4	%
Consumer and other	25,509		1	%	24,886		1	%	23,306		1	%	25,787		1	%	26,634		1	%
Total unfunded loans HFI	$	2,894,687	100	%	$	3,111,874	100	%	$	3,171,335	100	%	$	3,329,363	100	%	$	3,551,900	100	%


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	146,134		$	140,664		$	138,809		$	134,192		$	134,476


Charge-offs	(1,048)			(796)			(892)			(767)			(1,273)
Recoveries	2,105			235			172			387			837
Provision for credit losses on loans HFI	3,135			6,031			2,575			4,997			152


Allowance for credit losses on loans HFI at the end of the period	$	150,326		$	146,134		$	140,664		$	138,809		$	134,192
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.60		%	1.57		%	1.51		%	1.48		%	1.44		%

Allowance for credit losses on unfunded commitments	$	8,770		$	11,600		$	14,810		$	18,463		$	22,969
Charge-offs
Commercial and industrial	$	(251)		$	(154)		$	(11)		$	(46)		$	(332)

Residential real estate:
1-to-4 family mortgage	(10)			(4)			(16)			(16)			(34)


Commercial real estate:
Owner occupied	—			—			(144)			—			(15)
Non-owner occupied	—			—			—			—			(268)
Consumer and other	(787)			(638)			(721)			(705)			(624)
Total charge-offs	(1,048)			(796)			(892)			(767)			(1,273)
Recoveries
Commercial and industrial	81			112			13			67			679
Construction	—			—			10			—			—
Residential real estate:
1-to-4 family mortgage	44			16			25			15			15
Residential line of credit	—			1			—			—			—

Commercial real estate:
Owner occupied	14			13			16			66			12
Non-owner occupied	1,833			—			—			—			—
Consumer and other	133			93			108			239			131
Total recoveries	2,105			235			172			387			837
Net recoveries (charge-offs)	$	1,057		$	(561)		$	(720)		$	(380)		$	(436)
Net (recoveries) charge-offs as a percentage of average loans HFI	(0.04)		%	0.02		%	0.03		%	0.02		%	0.02		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	12,693		$	11,649		$	12,247		$	12,580		$	18,415
Nonaccrual loans	48,230			42,878			31,885			32,900			27,431
Total nonperforming loans HFI	60,923			54,527			44,132			45,480			45,846
Commercial loans held for sale	—			9,260			9,267			9,278			9,289
Mortgage loans held for sale(a)	21,229			22,074			20,225			20,528			26,211

Other real estate owned	3,192			1,504			1,974			4,085			5,794

Other repossessed assets	1,139			1,300			883			498			351
Total nonperforming assets	$	86,483		$	88,665		$	76,481		$	79,869		$	87,491
Total nonperforming loans HFI as a percentage of loans HFI	0.65		%	0.59		%	0.47		%	0.49		%	0.49		%
Total nonperforming assets as a percentage of total assets	0.69		%	0.71		%	0.59		%	0.61		%	0.68		%
Total nonaccrual loans as a percentage of loans HFI	0.51		%	0.46		%	0.34		%	0.35		%	0.30		%


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2023					Sep 2023					Jun 2023					Mar 2023					Dec 2022





Deposits by market
Metropolitan	$	7,536,301		72	%	$	7,481,006		70	%	$	7,753,724		71	%	$	8,075,721		72	%	$	7,813,089		72	%
Community	2,522,536			24	%	2,571,667			24	%	2,499,013			23	%	2,756,700			25	%	2,671,326			25	%
Brokered/wholesale	150,475			1	%	174,920			2	%	238,885			2	%	251			—	%	750			—	%
Escrow and other(a)	338,975			3	%	411,475			4	%	380,633			4	%	350,243			3	%	370,669			3	%
Total	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%

Deposits by customer segment
Consumer	$	4,880,890		46	%	$	4,893,792		46	%	$	4,918,641		45	%	$	5,028,364		45	%	$	4,985,544		46	%
Commercial	4,069,724			39	%	4,126,424			39	%	4,029,376			37	%	3,767,743			34	%	3,796,698			35	%
Public	1,597,673			15	%	1,618,852			15	%	1,924,238			18	%	2,386,808			21	%	2,073,592			19	%
Total	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%

Estimated insured or collateralized deposits	$	7,414,224				$	7,570,639				$	7,858,761				$	7,926,537				$	7,288,641





Estimated uninsured and uncollateralized deposits(b)	$	3,134,063				$	3,068,429				$	3,013,494				$	3,256,378				$	3,567,193

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	29.7		%			28.8		%			27.7		%			29.1		%			32.9		%


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	December 31, 2023			December 31, 2022

Total Common Shareholders' Equity	$	1,454,794		$	1,325,425
Less:
Goodwill	242,561			242,561
Other intangibles	8,709			12,368
Tangible Common Equity	$	1,203,524		$	1,070,496

Total Assets	$	12,604,403		$	12,847,756
Less:
Goodwill	242,561			242,561
Other intangibles	8,709			12,368
Tangible Assets	$	12,353,133		$	12,592,827

Preliminary Total Risk-Weighted Assets	$	11,257,346		$	11,668,205

Total Common Equity to Total Assets	11.5		%	10.3		%
Tangible Common Equity to Tangible Assets*	9.74		%	8.50		%


	December 31, 2023			December 31, 2022
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,375,890		$	1,285,386
Tier 1 Capital	1,405,890			1,315,386
Total Capital	1,635,848			1,528,344

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.2		%	11.0		%
Tier 1 Risk-Based	12.5		%	11.3		%
Total Risk-Based	14.5		%	13.1		%
Tier 1 Leverage	11.3		%	10.5		%

*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
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Banking segment
Net interest income	$	101,088		$	100,926		$	101,543		$	103,660		$	110,498
Provisions for credit losses	305			2,821			(1,078)			491			(456)

Noninterest income (loss)	6,889			(4,031)			11,480			11,493			8,345


Other noninterest expense	69,559			70,974			67,653			68,350			66,926
Pre-tax net contribution after allocations	$	38,113		$	23,100		$	46,448		$	46,312		$	52,373
Total assets	$	12,046,190		$	11,900,598		$	12,302,812		$	12,530,039		$	12,228,451
Intracompany funding income included in net interest income	3,887			4,033			4,319			3,931			4,247
Core efficiency ratio*	56.8		%	59.2		%	58.8		%	59.6		%	54.7		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	—		$	—

Mortgage banking income	8,376			11,998			12,232			12,086			9,106
Other noninterest income	74			75			101			(230)			18


Other noninterest expense	10,641			12,023			13,639			12,090			13,304
Pre-tax net contribution (loss) after allocations	$	(2,191)		$	50		$	(1,306)		$	(234)		$	(4,180)
Total assets	$	558,213		$	589,033		$	584,583		$	571,108		$	619,305
Intracompany funding expense included in net interest income	3,887			4,033			4,319			3,931			4,247
Core efficiency ratio*	125.5		%	99.6		%	106.9		%	98.4		%	145.4		%










Interest rate lock commitments volume	$	245,776		$	373,068		$	402,951		$	375,042		$	281,650




Interest rate lock commitments pipeline (period end)	$	69,217		$	112,810		$	135,374		$	157,213		$	118,313




Mortgage loan sales	$	257,170		$	325,322		$	330,326		$	332,307		$	266,834
Gains and fees from origination and sale of mortgage loans held for sale	$	7,389		$	8,941		$	7,994		$	8,146		$	8,967
Net change in fair value of loans held for sale, derivatives, and other	(1,686)			(582)			874			(421)			(2,270)
Mortgage servicing income	7,546			7,363			7,586			7,768			7,264
Change in fair value of mortgage servicing rights, net of hedging	(4,873)			(3,724)			(4,222)			(3,407)			(4,855)
Total mortgage banking income	$	8,376		$	11,998		$	12,232		$	12,086		$	9,106
Mortgage sale margin(a)	2.87		%	2.75		%	2.42		%	2.45		%	3.36		%


Non-GAAP Reconciliations

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

	Three Months Ended										Year Ended
Adjusted net income	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458

Adjusted pre-tax net income	45,085		42,048		46,070		45,210		50,982		178,413		177,824
Income tax expense, adjusted for items above	8,933		8,900		10,077		9,471		10,769		37,380		39,759
Adjusted net income	$	36,152	$	33,148	$	35,993	$	35,739	$	40,213	$	141,033	$	138,065
Weighted average common shares outstanding - fully diluted	46,916,939		46,856,422		46,814,854		46,765,154		47,036,742		46,822,792		47,239,791
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.63	$	0.41	$	0.75	$	0.78	$	0.81	$	2.57	$	2.64








Adjusted diluted earnings per common share	$	0.77	$	0.71	$	0.77	$	0.76	$	0.85	$	3.01	$	2.92


Non-GAAP Reconciliations (continued)

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

	Three Months Ended										Year Ended
Adjusted pre-tax pre-provision earnings	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574
Plus provisions for credit losses	305		2,821		(1,078)		491		(456)		2,539		18,982
Pre-tax pre-provision earnings	36,227		25,971		44,064		46,569		47,737		152,831		178,556
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Adjusted pre-tax pre-provision earnings	$	45,390	$	44,869	$	44,992	$	45,701	$	50,526	$	180,952	$	196,806



	Three Months Ended										Year Ended
Adjusted tangible net income	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574

Plus amortization of core deposit and other intangibles	840		889		940		990		1,039		3,659		4,585
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Less income tax expense, adjusted for items above	9,152		9,131		10,322		9,729		11,040		38,334		40,954
Adjusted tangible net income	$	36,773	$	33,806	$	36,688	$	36,471	$	40,981	$	143,738	$	141,455


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Year Ended
Core efficiency ratio (tax-equivalent basis)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Total noninterest expense	$	80,200		$	82,997		$	81,292		$	80,440		$	80,230		$	324,929		$	348,346



Less early retirement, severance and other costs	2,214			4,809			1,426			—			—			8,449			—
Less loss (gain) on lease terminations	1,843			—			(1)			(72)			—			1,770			18
Less FDIC special assessment	1,788			—			—			—			—			1,788			—
Less mortgage restructuring expense	—			—			—			—			—			—			12,458
Core noninterest expense	$	74,355		$	78,188		$	79,867		$	80,512		$	80,230		$	312,922		$	335,870
Net interest income	$	101,088		$	100,926		$	101,543		$	103,660		$	110,498		$	407,217		$	412,235
Net interest income (tax-equivalent basis)	$	101,924		$	101,762		$	102,383		$	104,493		$	111,279		$	410,562		$	415,282
Total noninterest income	15,339			8,042			23,813			23,349			17,469			70,543			114,667
Less gain (loss) from securities, net	183			(14,197)			(28)			69			25			(13,973)			(376)
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(492)			115			533			(183)			(252)			(27)			(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)			(7)			(8)			910			(2,562)			(2,114)			(5,133)


Core noninterest income	18,657			22,131			23,316			22,553			20,258			86,657			120,441
Total revenue	$	116,427		$	108,968		$	125,356		$	127,009		$	127,967		$	477,760		$	526,902
Core revenue (tax-equivalent basis)	$	120,581		$	123,893		$	125,699		$	127,046		$	131,537		$	497,219		$	535,723
Efficiency ratio	68.9		%	76.2		%	64.8		%	63.3		%	62.7		%	68.0		%	66.1		%
Core efficiency ratio (tax-equivalent basis)	61.7		%	63.1		%	63.5		%	63.4		%	61.0		%	62.9		%	62.7		%


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

	Three Months Ended															Year Ended
Banking segment core efficiency ratio (tax equivalent)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Banking segment noninterest expense	$	69,559		$	70,974		$	67,653		$	68,350		$	66,926		$	276,536		$	251,716
Less early retirement, severance and other costs	2,214			4,809			1,001			—			—			8,024			—
Less loss (gain) on lease terminations	1,843			—			—			—			—			1,843			—
Less FDIC special assessment	$	1,788		$	—		$	—		$	—		$	—		$	1,788		$	—
Banking segment core noninterest expense	$	63,714		$	66,165		$	66,652		$	68,350		$	66,926		$	264,881		$	251,716
Banking segment net interest income	101,088			100,926			101,543			103,660			110,498			407,217			412,237
Banking segment net interest income (tax-equivalent basis)	101,924			101,762			102,383			104,493			111,279			410,562			415,284
Banking segment noninterest income (loss)	6,889			(4,031)			11,480			11,493			8,345			25,831			41,320
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)			(7)			(8)			910			(2,562)			(2,114)			(5,133)

Less (loss) gain on sales or write-downs of other real estate owned and other assets	(460)			119			558			249			(228)			466			10
Less gain (loss) from securities, net	183			(14,197)			(28)			69			25			(13,973)			(376)
Banking segment core noninterest income	10,175			10,054			10,958			10,265			11,110			41,452			46,819
Banking segment total revenue	$	107,977		$	96,895		$	113,023		$	115,153		$	118,843		$	433,048		$	453,557
Banking segment total core revenue (tax-equivalent basis)	$	112,099		$	111,816		$	113,341		$	114,758		$	122,389		$	452,014		$	462,103
Banking segment efficiency ratio	64.4		%	73.2		%	59.9		%	59.4		%	56.3		%	63.9		%	55.5		%
Banking segment core efficiency ratio (tax-equivalent basis)	56.8		%	59.2		%	58.8		%	59.6		%	54.7		%	58.6		%	54.5		%





	Three Months Ended															Year Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Mortgage segment noninterest expense	$	10,641		$	12,023		$	13,639		$	12,090		$	13,304		$	48,393		$	96,630
Less severance costs	—			—			425			—			—			425			—
Less loss (gain) on lease terminations	—			—			(1)			(72)			—			(73)			18
Less mortgage restructuring expense	—			—			—			—			—			—			12,458


Mortgage segment core noninterest expense	$	10,641		$	12,023		$	13,215		$	12,162		$	13,304		$	48,041		$	84,154
Mortgage segment net interest income	—			—			—			—			—			—			(2)
Mortgage segment noninterest income	8,450			12,073			12,333			11,856			9,124			44,712			73,347
Less loss on sales or write- downs of other real estate owned	(32)			(4)			(25)			(432)			(24)			(493)			(275)
Mortgage segment core noninterest income	8,482			12,077			12,358			12,288			9,148			45,205			73,622
Mortgage segment total revenue	$	8,450		$	12,073		$	12,333		$	11,856		$	9,124		$	44,712		$	73,345
Mortgage segment core total revenue	$	8,482		$	12,077		$	12,358		$	12,288		$	9,148		$	45,205		$	73,620
Mortgage segment efficiency ratio	125.9		%	99.6		%	110.6		%	102.0		%	145.8		%	108.2		%	131.7		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	125.5		%	99.6		%	106.9		%	98.4		%	145.4		%	106.3		%	114.3		%


Non-GAAP Reconciliations (continued)

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

	As of
Tangible assets, common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Tangible assets
Total assets	$	12,604,403		$	12,489,631		$	12,887,395		$	13,101,147		$	12,847,756
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	8,709			9,549			10,438			11,378			12,368
Tangible assets	$	12,353,133		$	12,237,521		$	12,634,396		$	12,847,208		$	12,592,827
Tangible common equity
Total common shareholders' equity	$	1,454,794		$	1,372,901		$	1,386,951		$	1,369,696		$	1,325,425
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	8,709			9,549			10,438			11,378			12,368
Tangible common equity	$	1,203,524		$	1,120,791		$	1,133,952		$	1,115,757		$	1,070,496


Common shares outstanding	46,848,934			46,839,159			46,798,751			46,762,626			46,737,912
Book value per common share	$	31.05		$	29.31		$	29.64		$	29.29		$	28.36
Tangible book value per common share	$	25.69		$	23.93		$	24.23		$	23.86		$	22.90

Total common shareholders' equity to total assets	11.5		%	11.0		%	10.8		%	10.5		%	10.3		%
Tangible common equity to tangible assets	9.74		%	9.16		%	8.98		%	8.68		%	8.50		%
On-balance sheet liquidity:
Cash and cash equivalents	$	810,932		$	848,318		$	1,160,354		$	1,319,951		$	1,027,052
Unpledged securities	542,427			494,582			281,098			286,169			280,165
Equity securities, at fair value	—			2,934			3,031			3,059			2,990
Total on-balance sheet liquidity	$	1,353,359		$	1,345,834		$	1,444,483		$	1,609,179		$	1,310,207
On-balance sheet liquidity as a percentage of total assets	10.7		%	10.8		%	11.2		%	12.3		%	10.2		%
On-balance sheet liquidity as a percentage of total tangible assets	11.0		%	11.0		%	11.4		%	12.5		%	10.4		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Year Ended
Adjusted return on average tangible common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Average common shareholders' equity	$	1,385,373		$	1,393,253		$	1,376,818		$	1,343,227		$	1,294,758		$	1,374,831		$	1,349,583
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	9,138			10,011			10,913			11,862			12,865			10,472			14,573
Average tangible common equity	$	1,133,674		$	1,140,681		$	1,123,344		$	1,088,804		$	1,039,332		$	1,121,798		$	1,092,449
Net income	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143		$	120,224		$	124,555
Return on average common equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%	8.74		%	9.23		%
Return on average tangible common equity	10.3		%	6.67		%	12.6		%	13.6		%	14.6		%	10.7		%	11.4		%
Adjusted tangible net income	$	36,773		$	33,806		$	36,688		$	36,471		$	40,981		$	143,738		$	141,455
Adjusted return on average tangible common equity	12.9		%	11.8		%	13.1		%	13.6		%	15.6		%	12.8		%	12.9		%












	Three Months Ended															Year Ended
Adjusted return on average assets, common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Net income	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143		$	120,224		$	124,555
Average assets	12,434,575			12,557,158			12,826,449			12,861,614			12,446,027			12,668,834			12,377,850
Average common equity	1,385,373			1,393,253			1,376,818			1,343,227			1,294,758			1,374,831			1,349,583
Return on average assets	0.94		%	0.61		%	1.10		%	1.15		%	1.22		%	0.95		%	1.01		%
Return on average common equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%	8.74		%	9.23		%
Adjusted net income	$	36,152		$	33,148		$	35,993		$	35,739		$	40,213		$	141,033		$	138,065
Adjusted return on average assets	1.15		%	1.05		%	1.13		%	1.13		%	1.28		%	1.11		%	1.12		%
Adjusted return on average common equity	10.4		%	9.44		%	10.5		%	10.8		%	12.3		%	10.3		%	10.2		%













Adjusted pre-tax pre-provision earnings	$	45,390		$	44,869		$	44,992		$	45,701		$	50,526		$	180,952		$	196,806
Adjusted pre-tax pre-provision return on average assets	1.45		%	1.42		%	1.41		%	1.44		%	1.61		%	1.43		%	1.59		%


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17