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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2025

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from             to

Commission file number: 001-31343

Associated Banc-Corp

(Exact name of registrant as specified in its charter)

Wisconsin									39-1098068
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

433 Main Street
Green Bay,			Wisconsin						54301
(Address of principal executive offices)									(Zip Code)

(920) 491-7500

(Registrant’s telephone number, including area code)

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common stock, par value $0.01 per share			ASB			New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E			ASB PrE			New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F			ASB PrF			New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033			ASBA			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☑        No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☑        No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐        No  ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at April 25, 2025 was 165,809,595.

1

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ASSOCIATED BANC-CORP
Table of Contents

						Page
PART I. Financial Information
			Item 1. Financial Statements (Unaudited):			5
			Consolidated Balance Sheets			5
			Consolidated Statements of Income			6
			Consolidated Statements of Comprehensive Income			7
			Consolidated Statements of Changes in Stockholders’ Equity			8
			Consolidated Statements of Cash Flows			9
			Notes to Consolidated Financial Statements			11
			Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			49
			Item 3. Quantitative and Qualitative Disclosures About Market Risk			70
			Item 4. Controls and Procedures			71
PART II. Other Information
			Item 1. Legal Proceedings			72
			Item 1A. Risk Factors			72
			Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			72
			Item 5. Other Information			72
			Item 6. Exhibits			73
			Signatures			74

2

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ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:

ABL			Asset-Based Lending
ACLL			Allowance for Credit Losses on Loans
AFS			Available for Sale
ALCO			Asset / Liability Committee
ASU			Accounting Standards Update
the Bank			Associated Bank, National Association
Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)
BTFP			Bank Term Funding Program
CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1
Corporation / our			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
CRA			Community Reinvestment Act
CRE			Commercial Real Estate
EAR			Earnings at Risk
Exchange Act			Securities Exchange Act of 1934, as amended
FDIC			Federal Deposit Insurance Corporation
Federal Reserve			Board of Governors of the Federal Reserve System
FFELP			Federal Family Education Loan Program
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FICO			Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMA			Federal National Mortgage Association
FTEs			Full-time equivalent employees
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSE			Government-Sponsored Enterprise
HTM			Held to Maturity
LTV			Loan-to-Value
Moody's			Moody’s Investors Service
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
NAV			Net Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free Funds			Noninterest-bearing sources of funds
NPAs			Nonperforming Assets
OCI			Other Comprehensive Income
OREO			Other Real Estate Owned
Parent Company			Associated Banc-Corp individually
RAP			Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements			Securities sold under agreements to repurchase
Restricted Stock Awards			Restricted common stock and restricted common stock units to certain key employees

3

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Retirement Eligible Colleagues			Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock			The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR			Secured Overnight Finance Rate
YTD			Year-to-Date

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Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1.			Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets

			Mar 31, 2025			Dec 31, 2024
(In thousands, except share and per share data)			(Unaudited)			(Audited)
Assets
Cash and due from banks			$	521,323		$	544,059
Interest-bearing deposits in other financial institutions			711,033			453,590
Federal funds sold and securities purchased under agreements to resell			105			21,955
AFS investment securities, at fair value			4,796,570			4,581,434
HTM investment securities, net, at amortized cost			3,705,793			3,738,687
Equity securities			23,331			23,242
FHLB and Federal Reserve Bank stocks, at cost			194,244			179,665
Residential loans held for sale			47,611			646,687
Commercial loans held for sale			7,910			32,634
Loans			30,294,127			29,768,586
Allowance for loan losses			(371,348)			(363,545)
Loans, net			29,922,780			29,405,041
Tax credit and other investments			254,187			258,886
Premises and equipment, net			377,521			379,093
Bank and corporate owned life insurance			690,551			689,000
Goodwill			1,104,992			1,104,992
Other intangible assets, net			29,457			31,660
Mortgage servicing rights, net			86,251			87,683
Interest receivable			159,729			167,772
Other assets			675,748			676,987
Total assets			$	43,309,136		$	43,023,068
Liabilities and stockholders' equity
Noninterest-bearing demand deposits			$	6,135,946		$	5,775,657
Interest-bearing deposits			29,060,767			28,872,777
Total deposits			35,196,713			34,648,434
Short-term funding			311,335			470,369
FHLB advances			2,027,297			1,853,807
Other long-term funding			591,382			837,635
Allowance for unfunded commitments			35,276			38,776
Accrued expenses and other liabilities			460,574			568,485
Total liabilities			$	38,622,578		$	38,417,506
Stockholders’ equity
Preferred equity			$	194,112		$	194,112
Common equity
Common stock			$	1,890		$	1,890
Surplus			2,040,419			2,047,349
Retained earnings			2,979,526			2,919,252
Accumulated other comprehensive (loss)			(35,144)			(74,416)
Treasury stock, at cost			(494,246)			(482,626)
Total common equity			4,492,446			4,411,450
Total stockholders’ equity			4,686,558			4,605,562
Total liabilities and stockholders’ equity			$	43,309,136		$	43,023,068
Preferred shares authorized (par value $1.00 per share)			750,000			750,000
Preferred shares issued and outstanding			200,000			200,000
Common shares authorized (par value $0.01 per share)			250,000,000			250,000,000
Common shares issued			189,016,409			189,016,409
Common shares outstanding			165,806,623			166,177,658

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)

			Three Months Ended Mar 31,
(In thousands, except per share data)			2025			2024
Interest income
Interest and fees on loans			$	433,299		$	454,472
Interest and dividends on investment securities
Taxable			69,702			46,548
Tax-exempt			13,956			14,774
Other interest			8,920			7,595
Total interest income			525,877			523,388
Interest expense
Interest on deposits			209,140			226,231
Interest on federal funds purchased and securities sold under agreements to repurchase			3,622			2,863
Interest on other short-term funding			—			4,708
Interest on FHLB advances			16,090			21,671
Interest on other long-term funding			11,085			10,058
Total interest expense			239,937			265,530
Net interest income			285,941			257,858
Provision for credit losses			13,003			24,001
Net interest income after provision for credit losses			272,938			233,857
Noninterest income
Wealth management fees			22,498			21,694
Service charges and deposit account fees			12,814			12,439
Card-based fees			10,442			11,267
Other fee-based revenue			5,251			4,402
Capital markets, net			4,345			4,050
Mortgage banking, net			3,822			2,662
Loss on mortgage portfolio sale			(6,976)			—
Bank and corporate owned life insurance			5,204			2,570
Asset losses, net			(878)			(306)
Investment securities gains, net			4			3,879
Other			2,251			2,327
Total noninterest income			58,776			64,985
Noninterest expense
Personnel			123,897			119,395
Technology			27,139			26,200
Occupancy			15,381			13,633
Business development and advertising			6,386			6,517
Equipment			4,527			4,599
Legal and professional			6,083			4,672
Loan and foreclosure costs			2,594			1,979
FDIC assessment			10,436			13,946
Other intangible amortization			2,203			2,203
Other			11,974			4,513
Total noninterest expense			210,619			197,657
Income before income taxes			121,095			101,185
Income tax expense			19,409			20,016
Net income			101,687			81,169
Preferred stock dividends			2,875			2,875
Net income available to common equity			$	98,812		$	78,294
Earnings per common share
Basic			$	0.60		$	0.52
Diluted			$	0.59		$	0.52
Average common shares outstanding
Basic			165,228			149,855
Diluted			166,604			151,292

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Net income			$	101,687		$	81,169
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized gains (losses)			31,832			(29,889)
Amortization of net unrealized losses on AFS securities transferred to HTM securities			1,927			2,060
Reclassification adjustment for net losses realized in net income			—			197
Income tax (expense) benefit			(8,420)			6,885
Other comprehensive income (loss) on AFS securities			25,339			(20,746)
Cash flow hedge derivatives
Net unrealized gains (losses)			7,268			(19,461)
Reclassification adjustment for net losses realized in net income			1,118			4,823
Income tax benefit (expense)			2,018			(1,688)
Other comprehensive income (loss) on cash flow hedge derivatives			10,403			(16,326)
Defined benefit pension and postretirement obligations
Amortization of prior service cost			(63)			(72)
Net actuarial gain			4,770			—
Amortization of actuarial gain			(4)			(7)
Income tax expense			(1,173)			(1,633)
Other comprehensive income (loss) on pension and postretirement obligations			3,530			(1,712)
Total other comprehensive income (loss)			39,272			(38,785)
Comprehensive income			$	140,959		$	42,384

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In thousands, except per share data)			Preferred Equity			Common Stock			Surplus			Retained Earnings			Accumulated Other Comprehensive  (Loss)			Treasury Stock			Total
Balance, December 31, 2024			$	194,112		$	1,890		$	2,047,349		$	2,919,252		$	(74,416)		$	(482,626)		$	4,605,562
Comprehensive income:
Net income			—			—			—			101,687			—			—			101,687
Other comprehensive (loss)			—			—			—			—			39,272			—			39,272
Comprehensive income																					140,959
Common stock issued:
Public common stock offering			—			—			(52)			—			—			—			(52)
Stock-based compensation plans, net			—			—			(14,297)			—			—			16,489			2,192
Purchase of treasury stock, open market purchases			—			—			—			—			—			(22,292)			(22,292)
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(5,816)			(5,816)
Cash dividends:
Common stock(a)			—			—			—			(38,538)			—			—			(38,538)
Preferred stock(b)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			7,419			—			—			—			7,419
Balance, March 31, 2025			$	194,112		$	1,890		$	2,040,419		$	2,979,526		$	(35,144)		$	(494,246)		$	4,686,558

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.23 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

(In thousands, except per share data)			Preferred Equity			Common Stock			Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance, December 31, 2023			$	194,112		$	1,752		$	1,714,822		$	2,946,805		$	(171,096)		$	(512,421)		$	4,173,973
Comprehensive income:
Net income			—			—			—			81,169			—			—			81,169
Other comprehensive income			—			—			—			—			(38,785)			—			(38,785)
Comprehensive income																					42,384
Common stock issued:
Stock-based compensation plans, net			—			—			(13,839)			—			—			17,749			3,910
Purchase of treasury stock, open market purchases			—			—			—			—			—			(18,289)			(18,289)
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(4,572)			(4,572)
Cash dividends:
Common stock(a)			—			—			—			(33,527)			—			—			(33,527)
Preferred stock(b)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			7,669			—			—			—			7,669
Balance, March 31, 2024			$	194,112		$	1,752		$	1,708,652		$	2,991,571		$	(209,881)		$	(517,533)		$	4,168,673

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.22 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

See accompanying notes to consolidated financial statements.

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Cash flows from operating activities
Net income			$	101,687		$	81,169
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			13,003			24,001
Depreciation and amortization			13,981			12,352
Change in MSRs valuation			1,047			(1,646)
Amortization of other intangible assets			2,203			2,203
Amortization and accretion on earning assets, funding, and other, net			6,336			10,673
Net amortization of tax credit investments			8,689			8,990
Gains on sales of investment securities, net			—			(3,857)
Asset losses, net			878			306
Loss (gain) on mortgage banking activities, net			329			(22)
Loss on mortgage portfolio sale			6,976			—
Mortgage loans originated and acquired for sale			(92,584)			(105,394)
Proceeds from sales of mortgage loans held for sale			105,642			91,026
Changes in certain assets and liabilities:
Decrease in interest receivable			8,044			2,477
(Decrease) increase in interest payable			(2,025)			15,590
Decrease in expense payable			(53,261)			(30,827)
(Decrease) increase in net derivative position			(36,128)			35,008
Net change in other assets and other liabilities			13,349			12,453
Net cash provided by operating activities			98,166			154,500
Cash flows from investing activities
Net increase in loans			(513,237)			(222,656)
Purchases of:
AFS securities			(391,952)			(341,275)
HTM securities			(994)			—
FHLB and Federal Reserve Bank stocks and equity securities			(71,364)			(16,585)
Proceeds from:
Sales of AFS securities			—			9,472
Sales of FHLB and Federal Reserve Bank stocks and equity securities			56,786			98,005
Prepayments, calls, and maturities of AFS securities			206,882			176,266
Prepayments, calls, and maturities of HTM securities			34,673			28,026
Sales, prepayments, calls, and maturities of other assets			2,631			4,337
Sale of mortgage portfolio			564,375			—
Premises, equipment, and software			(7,472)			(8,500)
Net change in tax credit and alternative investments			(7,448)			(2,409)
Net cash used in investing activities			(127,119)			(275,320)
Cash flows from financing activities
Net increase in deposits			548,279			267,109
Net (decrease) increase in short-term funding			(159,033)			438,891
Net increase (decrease) in short-term FHLB advances			170,000			(602,000)
Repayment of long-term FHLB advances			(32)			(664)
Proceeds from long-term FHLB advances			—			619
Repayment of finance lease principal			(22)			(22)
Repayment of long-term funding			(250,000)			—
Proceeds from issuance of common stock for stock-based compensation plans			2,192			3,910
Purchase of treasury stock, open market purchases			(22,292)			(18,289)
Purchase of treasury stock, stock-based compensation plans			(5,816)			(4,572)
Cash dividends on common stock			(38,538)			(33,527)
Cash dividends on preferred stock			(2,875)			(2,875)
Payments for other financing activities			(52)			—
Net cash provided by financing activities			241,810			48,580
Net increase (decrease) in cash and cash equivalents			212,856			(72,239)
Cash and cash equivalents at beginning of period			1,019,604			923,823
Cash and cash equivalents at end of period(a)			$	1,232,460		$	851,583

Numbers may not recalculate due to rounding conventions.

(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.

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ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Supplemental disclosures of cash flow information
Cash paid for interest			$	241,667		$	249,660
Cash (received) paid for income and franchise taxes			(16,183)			1,995
Loans and bank premises transferred to OREO			8,328			577
Capitalized mortgage servicing rights			1,346			877
Loans transferred from held for sale into portfolio, net			(45,077)			(86,096)
Fair value adjustments on hedged long-term FHLB advances and subordinated debt			(6,997)			10,210
Fair value adjustments on foreign currency exchange forwards			(550)			2,708
Fair value adjustments on cash flow hedges			10,403			(16,326)

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2024 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.

Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Note 2 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2024 Annual Report on Form 10-K.

Future Accounting Pronouncements

The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.

Standard			Description			Date of Anticipated Adoption			Effect on Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures			The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.			Annual period ending December 31, 2025			The Corporation will adopt the enhanced income tax related disclosures within the consolidated financial statements for the year ended December 31, 2025.
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)			The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.			Annual period ending December 31, 2027 and subsequent interim periods			The Corporation is currently evaluating the impact on its disclosures.

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Note 3 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:

			Three Months Ended Mar 31,
($ in thousands, except per share data)			2025			2024
Net income			$	101,687		$	81,169
Preferred stock dividends			(2,875)			(2,875)
Net income available to common equity			98,812			78,294
Common shareholder dividends			(38,333)			(33,407)
Unvested share-based payment awards			(206)			(120)
Undistributed earnings			$	60,274		$	44,767
Undistributed earnings allocated to common shareholders			$	59,997		$	44,524
Undistributed earnings allocated to unvested share-based payment awards			277			242
Undistributed earnings			$	60,274		$	44,767
Basic
Distributed earnings to common shareholders			$	38,333		$	33,407
Undistributed earnings allocated to common shareholders			59,997			44,524
Total common shareholders earnings, basic			$	98,329		$	77,932
Diluted
Distributed earnings to common shareholders			$	38,333		$	33,407
Undistributed earnings allocated to common shareholders			59,997			44,524
Total common shareholders earnings, diluted			$	98,329		$	77,932
Weighted average common shares outstanding			165,228			149,855
Effect of dilutive common stock awards			1,377			1,436
Diluted weighted average common shares outstanding			166,604			151,292
Basic earnings per common share			$	0.60		$	0.52
Diluted earnings per common share			$	0.59		$	0.52

Excluded from the earnings per common share calculations were 1 million and 2 million anti-dilutive common stock options for the three months ended March 31, 2025 and 2024, respectively.

Note 4 Stock-Based Compensation

The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

A summary of the Corporation’s stock option activity for the three months ended March 31, 2025 is presented below:

Stock Options			Shares(a)			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term			Aggregate Intrinsic Value(a)
Outstanding at December 31, 2024			1,778			$	22.36		3.41 years			$	3,693
Exercised			50			17.93
Forfeited or expired			—			—
Outstanding at March 31, 2025			1,728			$	22.49		3.17 years			$	2,359
Options Exercisable at March 31, 2025			1,728			$	22.49		3.17 years			$	2,359

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2025, the intrinsic value of stock options exercised was $346,000, compared to approximately $722,000 for the three months ended March 31, 2024. All stock options were vested as of

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December 31, 2024. The total fair value of stock options vested was approximately $489,000 for the three months ended March 31, 2024.

The Corporation has issued time-based and performance-based restricted stock awards under the 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2025:

Restricted Stock			Shares(a)			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024			2,310			$	21.25
Granted			838			24.59
Vested			674			22.36
Forfeited			2			21.12
Outstanding at March 31, 2025			2,471			$	22.08

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years. Expense for restricted stock awards of $8 million was recorded for both the three months ended March 31, 2025 and the three months ended March 31, 2024. Included in compensation expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues was $4 million and $3 million of expense the first three months of 2025 and 2024, respectively. The Corporation had $29 million of unrecognized compensation costs related to restricted stock awards at March 31, 2025 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2029.

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

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Note 5 Investment Securities

Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at March 31, 2025 were as follows:

($ in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized (Losses)			Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)			$	3,063		$	—		$	(68)		$	2,995
Residential mortgage-related securities:
FNMA/FHLMC			125,024			486			(7,474)			118,036
GNMA			4,418,218			22,659			(1,913)			4,438,964
Commercial mortgage-related securities:
FNMA/FHLMC			18,240			—			(1,281)			16,959
GNMA			115,654			—			(4,221)			111,433
Asset backed securities:
FFELP			105,633			52			(911)			104,774
SBA			427			—			(17)			410
Other debt securities			3,000			—			(1)			2,999
Total AFS investment securities			$	4,789,259		$	23,197		$	(15,885)		$	4,796,570
HTM investment securities
U.S. Treasury securities			$	994		$	15		$	—		$	1,009
Obligations of state and political subdivisions (municipal securities)			1,649,045			662			(194,901)			1,454,805
Residential mortgage-related securities:
FNMA/FHLMC			871,331			21,973			(169,482)			723,822
GNMA			42,972			14			(3,009)			39,977
Private-label			320,057			7,786			(59,642)			268,201
Commercial mortgage-related securities:
FNMA/FHLMC			770,177			9,765			(139,208)			640,734
GNMA			51,281			218			(5,877)			45,621
Total HTM investment securities			$	3,705,857		$	40,432		$	(572,119)		$	3,174,170

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The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:

($ in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized (Losses)			Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)			$	3,063		$	—		$	(58)		$	3,005
Residential mortgage-related securities:
FNMA/FHLMC			120,272			190			(9,534)			110,928
GNMA			4,236,199			5,379			(13,851)			4,227,727
Commercial mortgage-related securities:
FNMA/FHLMC			18,332			—			(1,332)			17,000
GNMA			116,275			—			(4,800)			111,475
Asset backed securities:
FFELP			108,319			123			(604)			107,839
SBA			495			—			(24)			471
Other debt securities			3,000			—			(11)			2,989
Total AFS investment securities			$	4,605,954		$	5,693		$	(30,213)		$	4,581,434
HTM investment securities
U.S. Treasury securities			$	1,000		$	—		$	(1)		$	999
Obligations of state and political subdivisions (municipal securities)			1,659,722			1,122			(174,202)			1,486,642
Residential mortgage-related securities:
FNMA/FHLMC			885,476			22,934			(186,464)			721,946
GNMA			43,693			9			(3,774)			39,927
Private-label			324,182			8,135			(65,963)			266,353
Commercial mortgage-related securities:
FNMA/FHLMC			772,456			10,217			(159,078)			623,595
GNMA			52,219			236			(6,424)			46,032
Total HTM investment securities			$	3,738,747		$	42,653		$	(595,906)		$	3,185,494

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at March 31, 2025, are shown below:

			AFS						HTM
($ in thousands)			Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due in one year or less			$	1,000		$	999		$	11,023		$	10,999
Due after one year through five years			3,040			3,034			74,907			74,159
Due after five years through ten years			1,390			1,385			216,847			207,000
Due after ten years			633			576			1,347,262			1,163,656
Total debt securities			6,063			5,995			1,650,039			1,455,814
Residential mortgage-related securities:
FNMA/FHLMC			125,024			118,036			871,331			723,822
GNMA			4,418,218			4,438,964			42,972			39,977
Private-label			—			—			320,057			268,201
Commercial mortgage-related securities:
FNMA/FHLMC			18,240			16,959			770,177			640,734
GNMA			115,654			111,433			51,281			45,621
Asset backed securities:
FFELP			105,633			104,774			—			—
SBA			427			410			—			—
Total investment securities			$	4,789,259		$	4,796,570		$	3,705,857		$	3,174,170
Ratio of fair value to amortized cost						100.2		%				85.7		%

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On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2025:

($ in thousands)			AAA			AA			A												Not Rated			Total
U.S. Treasury securities			$	994		$	—		$	—											$	—		$	994
Obligations of state and political subdivisions (municipal securities)			761,576			876,276			3,920												7,273			1,649,045
Residential mortgage-related securities:
FNMA/FHLMC			871,331			—			—												—			871,331
GNMA			42,972			—			—												—			42,972
Private-label			320,057			—			—												—			320,057
Commercial mortgage-related securities:
FNMA/FHLMC			770,177			—			—												—			770,177
GNMA			51,281			—			—												—			51,281
Total HTM securities			$	2,818,388		$	876,276		$	3,920											$	7,273		$	3,705,857

The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2024:

($ in thousands)			AAA			AA			A												Not Rated			Total
U.S. Treasury securities			$	1,000		$	—		$	—											$	—		$	1,000
Obligations of state and political subdivisions (municipal securities)			767,151			883,438			4,911												4,221			1,659,722
Residential mortgage-related securities:
FNMA/FHLMC			885,476			—			—												—			885,476
GNMA			43,693			—			—												—			43,693
Private-label			324,182			—			—												—			324,182
Commercial mortgage-related securities:
FNMA/FHLMC			772,456			—			—												—			772,456
GNMA			52,219			—			—												—			52,219
Total HTM securities			$	2,846,177		$	883,438		$	4,911											$	4,221		$	3,738,747

The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Gross realized (losses) on AFS securities			$	—		$	(197)
Gain on sale and fair value adjustment of equity securities			4			4,076
Investment securities gains, net			$	4		$	3,879
Proceeds from sales of AFS investment securities			$	—		$	9,472

During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million.

Investment securities with a carrying value of $1.4 billion and $1.5 billion at March 31, 2025 and December 31, 2024, respectively, were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $16 million and $18 million at March 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $22 million and $21 million at March 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

The allowance for credit losses on HTM securities was approximately $64,000 and $60,000 at March 31, 2025 and December 31, 2024, respectively, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

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The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2025:

			Less than 12 months									12 months or more									Total
($ in thousands)			Number of Securities			Unrealized (Losses)			Fair Value			Number of Securities			Unrealized (Losses)			Fair Value			Unrealized (Losses)			Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)			1			$	(5)		$	540		2			$	(63)		$	820		$	(68)		1,360
Residential mortgage-related securities:
FNMA/FHLMC			17			(243)			23,292			14			(7,231)			61,639			(7,474)			84,931
GNMA			32			(1,822)			623,422			5			(91)			4,967			(1,913)			628,389
Commercial mortgage-related securities:
FNMA/FHLMC			—			—			—			1			(1,281)			16,959			(1,281)			16,959
GNMA			—			—			—			16			(4,221)			111,433			(4,221)			111,433
Asset backed securities:
FFELP			—			—			—			12			(911)			60,939			(911)			60,939
SBA			—			—			—			4			(17)			399			(17)			399
Other debt securities			1			—			1,000			1			(1)			999			(1)			1,999
Total			51			$	(2,070)		$	648,254		55			$	(13,815)		$	258,155		$	(15,885)		$	906,409
HTM investment securities
Obligations of state and political subdivisions (municipal securities)			369			$	(15,784)		$	497,155		665			$	(179,117)		$	876,233		$	(194,901)		$	1,373,388
Residential mortgage-related securities:
FNMA/FHLMC			9			(122)			9,717			106			(169,359)			712,109			(169,482)			721,825
GNMA			6			(77)			7,474			79			(2,932)			31,198			(3,009)			38,671
Private-label			—			—			—			18			(59,642)			268,201			(59,642)			268,201
Commercial mortgage-related securities:
FNMA/FHLMC			1			(178)			8,091			43			(139,030)			613,936			(139,208)			622,027
GNMA			—			—			—			13			(5,877)			45,621			(5,877)			45,621
Total			385			$	(16,161)		$	522,436		924			$	(555,958)		$	2,547,298		$	(572,119)		$	3,069,734

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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024:

			Less than 12 months									12 months or more									Total
($ in thousands)			Number of Securities			Unrealized (Losses)			Fair Value			Number of Securities			Unrealized (Losses)			Fair Value			Unrealized (Losses)			Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)			1			$	(3)		$	542		2			$	(55)		$	828		$	(58)		$	1,370
Residential mortgage-related securities:
FNMA/FHLMC			23			(607)			31,983			14			(8,927)			61,596			(9,534)			93,579
GNMA			116			(13,706)			1,660,642			4			(145)			3,945			(13,851)			1,664,587
Commercial mortgage-related securities:
FNMA/FHLMC			—			—			—			1			(1,332)			17,000			(1,332)			17,000
GNMA			—			—			—			16			(4,800)			111,475			(4,800)			111,475
Asset backed securities:
FFELP			—			—			—			12			(604)			62,830			(604)			62,830
SBA			—			—			—			4			(24)			464			(24)			464
Other debt securities			1			(7)			993			1			(3)			997			(11)			1,989
Total			141			$	(14,323)		$	1,694,159		54			$	(15,890)		$	259,134		$	(30,213)		$	1,953,294
HTM investment securities
U.S. Treasury securities			—			$	—		$	—		1			$	(1)		$	999		$	(1)		$	999
Obligations of state and political subdivisions (municipal securities)			370			(11,860)			483,073			641			(162,343)			866,949			(174,202)			1,350,022
Residential mortgage-related securities:
FNMA/FHLMC			12			(280)			11,617			106			(186,184)			710,114			(186,464)			721,732
GNMA			7			(183)			8,856			79			(3,591)			31,071			(3,774)			39,927
Private-label			—			—			—			18			(65,963)			266,353			(65,963)			266,353
Commercial mortgage-related securities:
FNMA/FHLMC			2			(1,343)			25,518			43			(157,735)			598,077			(159,078)			623,595
GNMA			—			—			—			13			(6,424)			46,032			(6,424)			46,032
Total			391			$	(13,665)		$	529,064		901			$	(582,241)		$	2,519,595		$	(595,906)		$	3,048,660

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of March 31, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $96 million and $92 million at March 31, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $98 million and $88 million at March 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on FHLB stock totaled $2 million at both March 31, 2025 and December 31, 2024. Accrued interest receivable on Federal Reserve Bank Stock totaled $1 million at March 31, 2025 and there was none at December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

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Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $11 million at both March 31, 2025 and December 31, 2024.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $13 million at both March 31, 2025 and December 31, 2024.

Note 6 Loans

The period end loan composition was as follows:

($ in thousands)			Mar 31, 2025			Dec 31, 2024
Commercial and industrial			$	10,925,769		$	10,573,741
Commercial real estate — owner occupied			1,118,363			1,143,741
Commercial and business lending			12,044,132			11,717,483
Commercial real estate — investor			5,597,442			5,227,975
Real estate construction			1,809,054			1,982,632
Commercial real estate lending			7,406,496			7,210,607
Total commercial			19,450,628			18,928,090
Residential mortgage			6,999,654			7,047,541
Auto finance			2,878,765			2,810,220
Home equity			654,140			664,252
Other consumer			310,940			318,483
Total consumer			10,843,499			10,840,496
Total loans			$	30,294,127		$	29,768,586

Accrued interest receivable on loans totaled $119 million at March 31, 2025 and $126 million at December 31, 2024, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was approximately $658,000 for the three months ended March 31, 2025, compared to approximately $471,000 for the three months ended March 31, 2024.

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The following table presents loans by credit quality indicator by origination year at March 31, 2025:

									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			YTD 2025			2024			2023			2022			2021			Prior			Total
Commercial and industrial:
Risk rating:
Pass			$	13		$	1,810,270		$	741,400		$	2,661,841		$	1,404,585		$	2,154,397		$	972,686		$	691,512		$	10,436,691
Special mention			—			46,602			258			1,926			17,018			10,387			6,166			648			83,005
Substandard			244			47,259			1,960			92,529			12,749			109,187			125,745			3,747			393,175
Nonaccrual			—			2,421			2,687			513			2,758			4,518			—			—			12,898
Commercial and industrial			$	257		$	1,906,552		$	746,305		$	2,756,810		$	1,437,110		$	2,278,488		$	1,104,596		$	695,906		$	10,925,769
Commercial real estate - owner occupied:
Risk rating:
Pass			$	—		$	8,905		$	19,558		$	233,212		$	166,985		$	174,165		$	186,337		$	269,638		$	1,058,800
Special mention			—			—			—			7,418			5,572			—			3,173			10,241			26,403
Substandard			—			584			548			2,678			8,713			1,724			8,078			9,334			31,658
Nonaccrual			—			—			—			—			1,501			—			—			—			1,501
Commercial real estate - owner occupied			$	—		$	9,489		$	20,106		$	243,308		$	182,772		$	175,889		$	197,588		$	289,213		$	1,118,363
Commercial and business lending:
Risk rating:
Pass			$	13		$	1,819,174		$	760,958		$	2,895,053		$	1,571,570		$	2,328,562		$	1,159,023		$	961,150		$	11,495,492
Special mention			—			46,602			258			9,344			22,590			10,387			9,339			10,889			109,408
Substandard			244			47,843			2,507			95,207			21,462			110,911			133,822			13,080			424,833
Nonaccrual			—			2,421			2,687			513			4,260			4,518			—			—			14,399
Commercial and business lending			$	257		$	1,916,041		$	766,411		$	3,000,118		$	1,619,882		$	2,454,377		$	1,302,184		$	985,119		$	12,044,132
Commercial real estate - investor:
Risk rating:
Pass			$	7,272		$	174,673		$	502,372		$	1,302,707		$	681,873		$	1,155,646		$	773,972		$	660,761		$	5,252,003
Special mention			—			—			—			66,586			13,597			53,058			10,818			4,445			148,504
Substandard			—			—			38,980			10,102			38,273			63,367			2,448			12,075			165,246
Nonaccrual			—			—			632			31,057			—			—			—			—			31,689
Commercial real estate - investor			$	7,272		$	174,673		$	541,984		$	1,410,452		$	733,743		$	1,272,071		$	787,238		$	677,281		$	5,597,442
Real estate construction:
Risk rating:
Pass			$	—		$	32,516		$	30,028		$	337,291		$	347,839		$	683,699		$	32,876		$	8,597		$	1,472,845
Special mention			—			—			—			—			38,773			150,418			—			—			189,190
Substandard			—			—			26,742			34,746			6,000			79,406			—			—			146,894
Nonaccrual			—			—			—			—			—			—			—			125			125
Real estate construction			$	—		$	32,516		$	56,770		$	372,037		$	392,611		$	913,523		$	32,876		$	8,722		$	1,809,054
Commercial real estate lending:
Risk rating:
Pass			$	7,272		$	207,188		$	532,401		$	1,639,997		$	1,029,712		$	1,839,345		$	806,848		$	669,357		$	6,724,849
Special mention			—			—			—			66,586			52,370			203,476			10,818			4,445			337,694
Substandard			—			—			65,722			44,849			44,273			142,773			2,448			12,075			312,139
Nonaccrual			—			—			632			31,057			—			—			—			125			31,814
Commercial real estate lending			$	7,272		$	207,188		$	598,754		$	1,782,489		$	1,126,354		$	2,185,594		$	820,114		$	686,003		$	7,406,496
Total commercial:
Risk rating:
Pass			$	7,284		$	2,026,363		$	1,293,359		$	4,535,051		$	2,601,282		$	4,167,907		$	1,965,871		$	1,630,508		$	18,220,340
Special mention			—			46,602			258			75,930			74,960			213,863			20,156			15,334			447,102
Substandard			244			47,843			68,229			140,056			65,735			253,684			136,271			25,155			736,973
Nonaccrual			—			2,421			3,319			31,570			4,260			4,518			—			125			46,213
Total commercial			$	7,529		$	2,123,229		$	1,365,165		$	4,782,607		$	2,746,237		$	4,639,971		$	2,122,298		$	1,671,122		$	19,450,628

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									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			YTD 2025			2024			2023			2022			2021			Prior			Total
Residential mortgage:
Risk rating:
Pass			$	—		$	—		$	29,142		$	193,701		$	521,630		$	1,580,850		$	1,599,160		$	3,002,070		$	6,926,554
Special mention			—			—			—			—			—			—			—			311			311
Substandard			—			—			—			—			—			—			311			23			334
Nonaccrual			—			—			1,218			2,265			2,884			13,458			8,968			43,663			72,455
Residential mortgage			$	—		$	—		$	30,360		$	195,966		$	524,514		$	1,594,308		$	1,608,438		$	3,046,067		$	6,999,654
Auto finance:
Risk rating:
Pass			$	—		$	—		$	338,542		$	1,134,816		$	774,547		$	578,739		$	42,699		$	67		$	2,869,409
Special mention			—			—			—			303			563			723			45			29			1,664
Nonaccrual			—			—			—			971			2,493			3,668			559			—			7,692
Auto finance			$	—		$	—		$	338,542		$	1,136,091		$	777,604		$	583,129		$	43,303		$	96		$	2,878,765
Home equity:
Risk rating:
Pass			$	3,703		$	560,336		$	62		$	966		$	2,299		$	24,329		$	5,245		$	51,853		$	645,089
Special mention			91			—			—			—			100			147			100			430			777
Nonaccrual			64			223			—			56			176			949			224			6,647			8,275
Home equity			$	3,858		$	560,559		$	62		$	1,022		$	2,576		$	25,425		$	5,568		$	58,929		$	654,140
Other consumer:
Risk rating:
Pass			$	593		$	237,926		$	3,288		$	11,337		$	3,654		$	1,927		$	721		$	48,528		$	307,380
Special mention			1			974			—			19			—			5			4			3			1,004
Substandard			—			2,383			—			—			—			—			—			—			2,383
Nonaccrual			—			122			—			7			20			—			22			2			173
Other consumer			$	594		$	241,405		$	3,288		$	11,362		$	3,673		$	1,932		$	746		$	48,533		$	310,940
Total consumer:
Risk rating:
Pass			$	4,296		$	798,261		$	371,034		$	1,340,820		$	1,302,130		$	2,185,845		$	1,647,824		$	3,102,517		$	10,748,431
Special mention			91			974			—			322			664			875			148			773			3,755
Substandard			—			2,383			—			—			—			—			311			23			2,718
Nonaccrual			64			345			1,218			3,299			5,573			18,075			9,773			50,312			88,595
Total consumer			$	4,452		$	801,963		$	372,253		$	1,344,440		$	1,308,367		$	2,204,794		$	1,658,056		$	3,153,626		$	10,843,499
Total loans:
Risk rating:
Pass			$	11,580		$	2,824,624		$	1,664,393		$	5,875,870		$	3,903,412		$	6,353,752		$	3,613,695		$	4,733,025		$	28,968,772
Special mention			91			47,576			258			76,252			75,624			214,738			20,304			16,107			450,858
Substandard			244			50,227			68,229			140,056			65,735			253,684			136,581			25,179			739,690
Nonaccrual			64			2,766			4,537			34,869			9,833			22,592			9,773			50,437			134,808
Total loans			$	11,981		$	2,925,192		$	1,737,417		$	6,127,047		$	4,054,604		$	6,844,765		$	3,780,353		$	4,824,748		$	30,294,127

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents loans by credit quality indicator by origination year at December 31, 2024:

									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			2024			2023			2022			2021			2020			Prior			Total
Commercial and industrial:
Risk rating:
Pass			$	248		$	1,841,790		$	2,656,953		$	1,514,277		$	2,254,758		$	1,080,180		$	263,286		$	510,301		$	10,121,545
Special mention			—			48,829			4,037			4,810			63,390			6,984			515			48			128,613
Substandard			2,015			40,240			90,240			9,677			34,730			126,134			3,347			131			304,500
Nonaccrual			42			—			772			4,468			12,988			855			—			—			19,084
Commercial and industrial			$	2,306		$	1,930,860		$	2,752,002		$	1,533,233		$	2,365,866		$	1,214,154		$	267,148		$	510,480		$	10,573,741
Commercial real estate - owner occupied:
Risk rating:
Pass			$	—		$	13,760		$	228,913		$	175,059		$	180,132		$	214,237		$	114,064		$	181,982		$	1,108,147
Special mention			—			—			—			497			—			8,619			—			2,803			11,920
Substandard			—			943			2,532			10,009			1,492			701			3,371			3,125			22,173
Nonaccrual			—			—			—			1,501			—			—			—			—			1,501
Commercial real estate - owner occupied			$	—		$	14,703		$	231,446		$	187,066		$	181,625		$	223,557		$	117,435		$	187,911		$	1,143,741
Commercial and business lending:
Risk rating:
Pass			$	248		$	1,855,550		$	2,885,866		$	1,689,336		$	2,434,891		$	1,294,416		$	377,350		$	692,283		$	11,229,693
Special mention			—			48,829			4,037			5,307			63,390			15,604			515			2,852			140,532
Substandard			2,015			41,183			92,772			19,686			36,222			126,835			6,719			3,255			326,673
Nonaccrual			42			—			772			5,969			12,988			855			—			—			20,585
Commercial and business lending			$	2,306		$	1,945,563		$	2,983,447		$	1,720,298		$	2,547,491		$	1,437,710		$	384,583		$	698,390		$	11,717,483
Commercial real estate - investor:
Risk rating:
Pass			$	—		$	190,451		$	1,334,740		$	725,652		$	1,179,867		$	723,994		$	321,084		$	363,288		$	4,839,076
Special mention			—			—			69,014			6,385			30,672			12,312			6,870			10,366			135,618
Substandard			—			—			69,385			53,022			93,151			10,724			384			9,910			236,576
Nonaccrual			—			—			11,949			—			—			4,757			—			—			16,705
Commercial real estate - investor			$	—		$	190,451		$	1,485,088		$	785,058		$	1,303,690		$	751,786		$	328,338		$	383,563		$	5,227,975
Real estate construction:
Risk rating:
Pass			$	—		$	30,090		$	278,754		$	390,845		$	807,347		$	142,137		$	25,654		$	7,260		$	1,682,086
Special mention			—			—			19,419			—			96,442			—			—			—			115,862
Substandard			—			—			28,241			6,000			105,660			44,754			—			—			184,654
Nonaccrual			—			—			—			—			—			—			—			30			30
Real estate construction			$	—		$	30,090		$	326,414		$	396,845		$	1,009,450		$	186,890		$	25,654		$	7,289		$	1,982,632
Commercial real estate lending:
Risk rating:
Pass			$	—		$	220,541		$	1,613,494		$	1,116,496		$	1,987,215		$	866,130		$	346,738		$	370,548		$	6,521,163
Special mention			—			—			88,433			6,385			127,114			12,312			6,870			10,366			251,480
Substandard			—			—			97,626			59,022			198,811			55,477			384			9,910			421,230
Nonaccrual			—			—			11,949			—			—			4,757			—			30			16,735
Commercial real estate lending			$	—		$	220,541		$	1,811,502		$	1,181,903		$	2,313,140		$	938,677		$	353,992		$	390,853		$	7,210,607

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									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			2024			2023			2022			2021			2020			Prior			Total
Total commercial:
Risk rating:
Pass			$	248		$	2,076,092		$	4,499,360		$	2,805,832		$	4,422,105		$	2,160,547		$	724,088		$	1,062,831		$	17,750,855
Special mention			—			48,829			92,469			11,692			190,504			27,916			7,385			13,217			392,012
Substandard			2,015			41,183			190,399			78,708			235,033			182,313			7,103			13,165			747,903
Nonaccrual			42			—			12,721			5,969			12,988			5,612			—			30			37,320
Total commercial			$	2,306		$	2,166,104		$	4,794,949		$	2,902,201		$	4,860,631		$	2,376,387		$	738,576		$	1,089,243		$	18,928,090
Residential mortgage:
Risk rating:
Pass			$	—		$	—		$	172,607		$	507,186		$	1,579,182		$	1,643,341		$	1,195,752		$	1,878,251		$	6,976,319
Special mention			—			—			—			—			—			—			—			162			162
Substandard			—			—			594			327			77			—			—			24			1,022
Nonaccrual			—			—			2,338			2,134			11,420			10,141			8,297			35,708			70,038
Residential mortgage			$	—		$	—		$	175,539		$	509,647		$	1,590,679		$	1,653,482		$	1,204,049		$	1,914,144		$	7,047,541
Auto finance:
Risk rating:
Pass			$	—		$	—		$	1,241,609		$	858,924		$	650,880		$	48,999		$	67		$	77		$	2,800,555
Special mention			—			—			332			704			1,048			178			—			—			2,262
Nonaccrual			—			—			491			2,162			4,284			466			—			—			7,402
Auto finance			$	—		$	—		$	1,242,431		$	861,790		$	656,212		$	49,643		$	67		$	77		$	2,810,220
Home equity:
Risk rating:
Pass			$	8,764		$	569,866		$	411		$	1,684		$	25,372		$	5,289		$	1,965		$	50,841		$	655,429
Special mention			127			81			41			—			—			—			—			323			445
Nonaccrual			1,677			104			15			103			933			231			215			6,778			8,378
Home equity			$	10,568		$	570,051		$	467		$	1,788		$	26,305		$	5,520		$	2,180		$	57,941		$	664,252
Other consumer:
Risk rating:
Pass			$	308		$	241,230		$	14,343		$	4,808		$	2,475		$	1,440		$	584		$	49,886		$	314,767
Special mention			—			1,125			8			—			36			7			—			—			1,176
Substandard			—			2,418			—			—			—			—			—			—			2,418
Nonaccrual			2			81			5			21			7			4			—			4			122
Other consumer			$	310		$	244,855		$	14,356		$	4,829		$	2,518		$	1,451		$	584		$	49,891		$	318,483
Total consumer:
Risk rating:
Pass			$	9,071		$	811,096		$	1,428,969		$	1,372,603		$	2,257,910		$	1,699,069		$	1,198,368		$	1,979,055		$	10,747,070
Special mention			127			1,207			381			704			1,083			185			—			484			4,045
Substandard			—			2,418			594			327			77			—			—			24			3,440
Nonaccrual			1,679			185			2,849			4,420			16,644			10,842			8,512			42,490			85,941
Total consumer			$	10,878		$	814,906		$	1,432,794		$	1,378,053		$	2,275,714		$	1,710,096		$	1,206,880		$	2,022,053		$	10,840,496
Total loans:
Risk rating:
Pass			$	9,320		$	2,887,188		$	5,928,329		$	4,178,435		$	6,680,015		$	3,859,616		$	1,922,456		$	3,041,886		$	28,497,925
Special mention			127			50,036			92,851			12,396			191,587			28,101			7,385			13,701			396,057
Substandard			2,015			43,602			190,993			79,035			235,110			182,313			7,103			13,189			751,344
Nonaccrual			1,721			185			15,570			10,389			29,632			16,453			8,512			42,519			123,260
Total loans			$	13,183		$	2,981,010		$	6,227,743		$	4,280,254		$	7,136,344		$	4,086,483		$	1,945,455		$	3,111,296		$	29,768,586

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents gross charge offs by origination year for the three months ended March 31, 2025:

									Gross Charge Offs by Origination Year
($ in thousands)						Rev Loans Amortized Cost Basis			2025			2024			2023			2022			2021			Prior			Total
Commercial and industrial						$	1,183		$	—		$	471		$	1,963		$	3,696		$	379		$	—		$	7,692
Commercial real estate-owner occupied						—			—			—			—			—			—			—			—
Commercial and business lending						1,183			—			471			1,963			3,696			379			—			7,692
Commercial real estate-investor						—			—			892			—			—			—			—			892
Real estate construction						—			—			—			—			—			—			—			—
Commercial real estate lending						—			—			892			—			—			—			—			892
Total commercial						1,183			—			1,364			1,963			3,696			379			—			8,585
Residential mortgage						—			—			—			26			190			—			24			239
Auto finance						—			—			383			910			941			95			—			2,330
Home equity						—			—			—			26			—			5			29			61
Other consumer						2,256			—			—			13			7			213			12			2,500
Total consumer						2,256			—			383			975			1,138			313			65			5,130
Total gross charge offs						$	3,439		$	—		$	1,747		$	2,938		$	4,834		$	692		$	65		$	13,714

The following table presents gross charge offs by origination year for the year ended December 31, 2024:

									Gross Charge Offs by Origination Year
($ in thousands)						Rev Loans Amortized Cost Basis			2024			2023			2022			2021			2020			Prior			Total
Commercial and industrial						$	4,433		$	128		$	11,484		$	8,510		$	22,959		$	3		$	—		$	47,517
Commercial real estate-owner occupied						—			—			—			—			—			—			3			3
Commercial and business lending						4,433			128			11,484			8,510			22,959			3			3			47,520
Commercial real estate-investor						—			6,617			1			—			4,569			—			—			11,187
Real estate construction						—			—			—			—			—			—			—			—
Commercial real estate lending						—			6,617			1			—			4,569			—			—			11,187
Total commercial						4,433			6,745			11,485			8,510			27,528			3			3			58,707
Residential mortgage						—			—			134			125			101			153			515			1,029
Auto finance						—			418			2,982			5,582			560			—			—			9,541
Home equity						93			—			—			9			19			10			85			216
Other consumer						6,555			20			96			75			75			42			59			6,922
Total consumer						6,649			438			3,212			5,790			755			205			659			17,709
Total gross charge offs						$	11,082		$	7,183		$	14,697		$	14,300		$	28,283		$	209		$	662		$	76,415

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit or in the credit position at some future date. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a loan modification, meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $23 million at March 31, 2025 and December 31, 2024, respectively.

The following table presents loans by past due status at March 31, 2025:

			Accruing
($ in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90+ Days Past Due			Nonaccrual(a)(b)			Total
Commercial and industrial			$	10,904,616		$	6,934		$	806		$	515		$	12,898		$	10,925,769
Commercial real estate - owner occupied			1,115,706			1,156			—			—			1,501			1,118,363
Commercial and business lending			12,020,322			8,090			806			515			14,399			12,044,132
Commercial real estate - investor			5,563,289			2,463			—			—			31,689			5,597,442
Real estate construction			1,808,929			—			—			—			125			1,809,054
Commercial real estate lending			7,372,218			2,463			—			—			31,814			7,406,496
Total commercial			19,392,540			10,553			806			515			46,213			19,450,628
Residential mortgage			6,913,632			13,257			311			—			72,455			6,999,654
Auto finance			2,858,551			10,858			1,664			—			7,692			2,878,765
Home equity			642,260			2,829			777			—			8,275			654,140
Other consumer			305,865			1,330			1,050			2,521			173			310,940
Total consumer			10,720,308			28,274			3,802			2,521			88,595			10,843,499
Total loans			$	30,112,848		$	38,827		$	4,608		$	3,036		$	134,808		$	30,294,127

(a) Of the total nonaccrual loans, $44 million, or 32%, were current with respect to payment at March 31, 2025.

(b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2025. In addition, there were $23 million of nonaccrual loans for which there was no related ACLL at March 31, 2025.

The following table presents loans by past due status at December 31, 2024:

			Accruing
($ in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90+ Days  Past Due			Nonaccrual(a)(b)			Total
Commercial and industrial			$	10,552,756		$	899		$	361		$	642		$	19,084		$	10,573,741
Commercial real estate - owner occupied			1,140,607			1,533			101			—			1,501			1,143,741
Commercial and business lending			11,693,363			2,432			462			642			20,585			11,717,483
Commercial real estate - investor			5,174,879			5,117			31,274			—			16,705			5,227,975
Real estate construction			1,982,581			21			—			—			30			1,982,632
Commercial real estate lending			7,157,460			5,138			31,274			—			16,735			7,210,607
Total commercial			18,850,823			7,570			31,736			642			37,320			18,928,090
Residential mortgage			6,962,610			14,731			162			—			70,038			7,047,541
Auto finance			2,787,967			12,588			2,262			—			7,402			2,810,220
Home equity			651,248			4,181			445			—			8,378			664,252
Other consumer			312,687			1,892			1,236			2,547			122			318,483
Total consumer			10,714,512			33,391			4,105			2,547			85,941			10,840,496
Total loans			$	29,565,335		$	40,961		$	35,841		$	3,189		$	123,260		$	29,768,586

(a) Of the total nonaccrual loans, $52 million, or 42%, were current with respect to payment at December 31, 2024.

(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2024. In addition, there were $24 million of nonaccrual loans for which there was no related ACLL at December 31, 2024.

Loan Modifications

The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at March 31, 2025.

			Interest Rate Concession
			Amortized Cost
			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Commercial and industrial			$	176		$	159
Auto finance			—			46
Other consumer			887			534
Total loans modified			$	1,063		$	739

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			Combination - Interest Rate Concession and Term Extension
			Amortized Cost
			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Residential mortgage			$	1,644		$	643
Home equity			61			31
Total loans modified			$	1,704		$	674

The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans.

			Interest Rate Concession
			Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
			Three Months Ended Mar 31,
Loan Type			2025			2024
Commercial and industrial			(25)		%	(16)		%
Residential mortgage			1		%	3		%
Auto finance			—		%	(9)		%
Home equity			(4)		%	(3)		%
Other consumer			(21)		%	(21)		%
Weighted average of total loans modified			(8)		%	(9)		%

(a) Some interest rate concessions may involve an increase in rate that was lower in comparison to prevailing market rates.

Term Extension

Financial Effect, Weighted Average Term Increase(a)

Three Months Ended Mar 31,

Loan Type

2025

2024

Residential mortgage

145 months

158 months

Home equity

60 months

64 months

Weighted average of total loans modified

141 months

153 months

(a) During the three months ended March 31, 2025 and March 31, 2024, term extensions changed the weighted average term on modified loans from 258 to 399 months and 254 to 407 months, respectively.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2025:

			Payment Status (Amortized Cost Basis)
($ in thousands)			Current			30-89 Days Past Due			90+ Days Past Due
Commercial and industrial			$	459		$	—		$	—
Residential mortgage			3,037			346			572
Auto finance			1			—			—
Home equity			267			—			—
Other consumer			2,421			—			—
Total loans modified			$	6,184		$	346		$	572

The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2024:

			Payment Status (Amortized Cost Basis)
($ in thousands)			Current			30-89 Days Past Due			90+ Days Past Due
Commercial and industrial			$	377		$	—		$	—
Residential mortgage			1,107			175			55
Auto finance			75			3			—
Home equity			199			47			75
Other consumer			1,487			—			—
Total loans modified			$	3,244		$	224		$	131

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None of the loans modified in the previous twelve months subsequently had a payment default during the three months ended March 31, 2025. The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months had a payment default during the three months ended March 31, 2024:

			Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)			Interest Rate Concession			Term Extension			Combination Interest Rate Concession and Term Extension
Auto finance			$	11		$	—		$	—
Total loans modified			$	11		$	—		$	—

The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for March 31, 2025 was the Moody's baseline scenario from February 2025, which was reviewed against the March 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2025:

($ in thousands)			Dec 31, 2024			Charge offs			Recoveries			Net Charge offs						Provision for Credit Losses			Mar 31, 2025			ACLL / Loans
Allowance for loan losses
Commercial and industrial			$	136,596		$	(7,692)		$	2,966		$	(4,726)					$	12,343		$	144,213
Commercial real estate — owner occupied			9,417			—			—			—						2,009			11,426
Commercial and business lending			146,013			(7,692)			2,966			(4,726)						14,352			155,639
Commercial real estate — investor			71,547			(892)			—			(892)						7,533			78,187
Real estate construction			51,499			—			30			30						(5,216)			46,313
Commercial real estate lending			123,046			(892)			30			(863)						2,317			124,500
Total commercial			269,060			(8,585)			2,996			(5,589)						16,669			280,139
Residential mortgage			32,576			(239)			436			197						1,388			34,160
Auto finance			28,467			(2,330)			811			(1,519)						(916)			26,032
Home equity			16,620			(61)			350			289						(1,193)			15,716
Other consumer			16,824			(2,500)			424			(2,076)						553			15,300
Total consumer			94,486			(5,130)			2,021			(3,109)						(169)			91,209
Total loans			$	363,545		$	(13,714)		$	5,017		$	(8,698)					$	16,500		$	371,348
Allowance for unfunded commitments
Commercial and industrial			$	14,456		$	—		$	—		$	—					$	2,048		$	16,504
Commercial real estate — owner occupied			151			—			—			—						(37)			114
Commercial and business lending			14,607			—			—			—						2,011			16,618
Commercial real estate — investor			578			—			—			—						384			962
Real estate construction			19,591			—			—			—						(6,031)			13,560
Commercial real estate lending			20,169			—			—			—						(5,647)			14,522
Total commercial			34,776			—			—			—						(3,636)			31,140
Home equity			2,465			—			—			—						(12)			2,453
Other consumer			1,535			—			—			—						148			1,683
Total consumer			4,000			—			—			—						136			4,136
Total loans			$	38,776		$	—		$	—		$	—					$	(3,500)		$	35,276
Allowance for credit losses on loans
Commercial and industrial			$	151,052		$	(7,692)		$	2,966		$	(4,726)					$	14,391		$	160,717		1.47		%
Commercial real estate — owner occupied			9,568			—			—			—						1,972			11,540			1.03		%
Commercial and business lending			160,620			(7,692)			2,966			(4,726)						16,363			172,257			1.43		%
Commercial real estate — investor			72,125			(892)			—			(892)						7,917			79,149			1.41		%
Real estate construction			71,090			—			30			30						(11,247)			59,873			3.31		%
Commercial real estate lending			143,215			(892)			30			(863)						(3,330)			139,022			1.88		%
Total commercial			303,835			(8,585)			2,996			(5,589)						13,033			311,279			1.60		%
Residential mortgage			32,576			(239)			436			197						1,388			34,160			0.49		%
Auto finance			28,467			(2,330)			811			(1,519)						(916)			26,032			0.90		%
Home equity			19,085			(61)			350			289						(1,205)			18,169			2.78		%
Other consumer			18,359			(2,500)			424			(2,076)						700			16,983			5.46		%
Total consumer			98,486			(5,130)			2,021			(3,109)						(33)			95,344			0.88		%
Total loans			$	402,322		$	(13,714)		$	5,017		$	(8,698)					$	13,000		$	406,624		1.34		%

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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2024:

($ in thousands)			Dec 31, 2023									Charge offs			Recoveries			Net Charge offs									Provision for Credit Losses			Dec 31, 2024			ACLL / Loans
Allowance for loan losses
Commercial and industrial			$	128,263								$	(47,517)		$	2,148		$	(45,369)								$	53,703		$	136,596
Commercial real estate — owner occupied			10,610									(3)			7			4									(1,198)			9,417
Commercial and business lending			138,873									(47,520)			2,155			(45,365)									52,505			146,013
Commercial real estate — investor			67,858									(11,187)			—			(11,187)									14,876			71,547
Real estate construction			53,554									—			65			65									(2,119)			51,499
Commercial real estate lending			121,412									(11,187)			65			(11,122)									12,756			123,046
Total commercial			260,285									(58,707)			2,220			(56,487)									65,262			269,060
Residential mortgage			37,808									(1,029)			280			(750)									(4,483)			32,576
Auto finance			24,961									(9,541)			2,905			(6,637)									10,142			28,467
Home equity			15,403									(216)			1,366			1,150									67			16,620
Other consumer			12,638									(6,922)			1,096			(5,826)									10,012			16,824
Total consumer			90,809									(17,709)			5,647			(12,062)									15,738			94,486
Total loans			$	351,094								$	(76,415)		$	7,867		$	(68,549)								$	81,000		$	363,545
Allowance for unfunded commitments
Commercial and industrial			$	13,319								$	—		$	—		$	—								$	1,137		$	14,456
Commercial real estate — owner occupied			149									—			—			—									2			151
Commercial and business lending			13,468									—			—			—									1,139			14,607
Commercial real estate — investor			480									—			—			—									98			578
Real estate construction			17,024									—			—			—									2,567			19,591
Commercial real estate lending			17,504									—			—			—									2,664			20,169
Total commercial			30,972									—			—			—									3,803			34,776
Home equity			2,629									—			—			—									(164)			2,465
Other consumer			1,174									—			—			—									361			1,535
Total consumer			3,803									—			—			—									197			4,000
Total loans			$	34,776								$	—		$	—		$	—								$	4,000		$	38,776
Allowance for credit losses on loans
Commercial and industrial			$	141,582								$	(47,517)		$	2,148		$	(45,369)								$	54,840		$	151,052		1.43		%
Commercial real estate — owner occupied			10,759									(3)			7			4									(1,196)			9,568			0.84		%
Commercial and business lending			152,341									(47,520)			2,155			(45,365)									53,644			160,620			1.37		%
Commercial real estate — investor			68,338									(11,187)			—			(11,187)									14,973			72,125			1.38		%
Real estate construction			70,578									—			65			65									447			71,090			3.59		%
Commercial real estate lending			138,916									(11,187)			65			(11,122)									15,421			143,215			1.99		%
Total commercial			291,257									(58,707)			2,220			(56,487)									69,065			303,835			1.61		%
Residential mortgage			37,808									(1,029)			280			(750)									(4,483)			32,576			0.46		%
Auto finance			24,961									(9,541)			2,905			(6,637)									10,142			28,467			1.01		%
Home equity			18,032									(216)			1,366			1,150									(97)			19,085			2.87		%
Other consumer			13,812									(6,922)			1,096			(5,826)									10,373			18,359			5.76		%
Total consumer			94,613									(17,709)			5,647			(12,062)									15,935			98,486			0.91		%
Total loans			$	385,870								$	(76,415)		$	7,867		$	(68,549)								$	85,000		$	402,322		1.35		%

Note 7 Goodwill and Other Intangible Assets

Goodwill

Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Corporation conducted its most recent annual impairment testing in May 2024, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2024 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2024 or the first three months of 2025.

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The Corporation had goodwill of $1.1 billion at both March 31, 2025 and December 31, 2024.

Core Deposit Intangibles

The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:

($ in thousands)			Three Months Ended Mar 31, 2025			Year Ended Dec 31, 2024
Core deposit intangibles
Gross carrying amount at the beginning of period			$	88,109		$	88,109
Accumulated amortization			(58,652)			(56,449)
Net book value			$	29,457		$	31,660
Amortization during the period			$	2,203		$	8,811

Mortgage Servicing Rights

The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.

A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:

($ in thousands)			Three Months Ended Mar 31, 2025			Year Ended Dec 31, 2024
Mortgage servicing rights
Mortgage servicing rights at beginning of period			$	87,683		$	84,390
Additions			1,346			6,707
Decay			(1,731)			(8,060)
Valuation:
Changes in fair value of asset			(1,047)			4,646
Mortgage servicing rights at end of period			$	86,251		$	87,683
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)			$	6,242,796		$	6,285,018
Mortgage servicing rights to servicing portfolio			1.38		%	1.40		%

The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2025. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:

($ in thousands)			Core Deposit Intangibles						Mortgage Servicing Rights
Nine months ended December 31, 2025			$	6,608					$	6,787
2026			8,811						11,469
2027			8,811						11,456
2028			3,485						10,799
2029			1,681						9,827
2030			61						8,782
Beyond 2030			—						27,131
Total estimated amortization expense and MSRs decay(a)			$	29,457					$	86,251

(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

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Note 8 Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):

($ in thousands)			Mar 31, 2025			Dec 31, 2024
Short-term funding
Federal funds purchased			$	225,385		$	370,325
Securities sold under agreements to repurchase			85,950			100,044
Federal funds purchased and securities sold under agreements to repurchase			311,335			470,369
Long-term funding
Corporation senior notes, at par			$	300,000		$	300,000
Corporation subordinated notes, at par			300,000			550,000
Discount and capitalized costs			(8,369)			(8,664)
Subordinated debt fair value hedge(a)			(521)			(3,996)
Finance leases			273			295
Total long-term funding			$	591,382		$	837,635
Total short and long-term funding, excluding FHLB advances			$	902,718		$	1,308,004
FHLB advances
Short-term FHLB advances			$	1,420,000		$	1,250,000
Long-term FHLB advances			611,519			611,551
FHLB advances fair value hedge(a)			(4,222)			(7,744)
Total FHLB advances			$	2,027,297		$	1,853,807
Total short and long-term funding			$	2,930,015		$	3,161,811

(a) For additional information on the fair value hedges, see Note 9.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).

The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At March 31, 2025, the Corporation had pledged securities valued at 201% of the gross outstanding balance of repurchase agreements to manage this risk.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:

			Overnight and Continuous
($ in thousands)			Mar 31, 2025			Dec 31, 2024
Repurchase agreements
Agency mortgage-related securities			$	85,950		$	100,044

Long-Term Funding

Senior Notes

In August 2024, the Corporation issued $300 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes Due August 29, 2030. Up to, but excluding, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR (as defined in the Global Note issued in connection with the senior notes) plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the aggregate principal amount of the notes to be redeemed plus a "make whole" premium plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029, the Corporation may redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or

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after July 30, 2030 (30 days prior to the maturity date), the Corporation may redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount.

Subordinated Notes 

In February 2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event (as defined in the Global Note). The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount.

In January 2025, $250 million of 10-year subordinated notes issued in November 2014 by the Corporation matured and were repaid.

Finance Leases

Finance leases are used in conjunction with branch operations. See Note 16 for additional disclosure regarding the Corporation’s leases.

Note 9 Derivative and Hedging Activities

The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.

At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $80 million and $81 million of investment securities as collateral at March 31, 2025, and December 31, 2024, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $9 million at March 31, 2025 and was approximately $250,000 at December 31, 2024. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2024 Annual Report on Form 10-K.

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The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments:

						Mar 31, 2025												Dec 31, 2024
						Asset						Liability						Asset						Liability
($ in thousands)						Notional Amount			Fair Value			Notional Amount			Fair Value			Notional Amount			Fair Value			Notional Amount			Fair Value
Designated as hedging instruments:
Interest rate-related instruments(a)						$	2,750,000		$	8,813		$	250,000		$	418		$	1,950,000		$	2,960		$	1,150,000		$	2,976
Foreign currency exchange forwards						302,233			1,460			41,696			115			127,518			2,457			216,665			563
Total designated as hedging instruments						10,273						533						5,418						3,539
Not designated as hedging instruments:
Interest rate-related and other instruments						4,040,636			81,446			6,835,672			136,453			3,858,867			88,541			6,992,894			170,928
Foreign currency exchange forwards						105,979			2,085			39,418			1,846			68,028			4,315			74,199			4,106
Mortgage banking(b)						55,617			988			100,500			583			28,580			580			85,000			—
Total not designated as hedging instruments						84,518						138,883						93,436						175,034
Gross derivatives before netting									94,791						139,416						98,854						178,573
Less: Legally enforceable master netting agreements						14,744						14,744						12,667						12,667
Less: Cash collateral pledged/received						19,389						140						35,190						250
Total derivative instruments, after netting						$	60,658					$	124,532					$	50,997					$	165,656

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of March 31, 2025 such swaps with effective dates of November 1, 2025 had an asset notional amount and fair value of $150 million and $2 million, respectively. As of December 31, 2024 such swaps with effective dates ranging from February 1, 2025 to March 1, 2025 had an asset notional amount and fair value of $100 million and approximately $333,000, respectively, and a liability notional amount and fair value of $300 million and $1 million, respectively.
(b) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments. As of March 31, 2025 the fair value amount of the mortgage derivative asset included interest rate lock commitments, while the fair value amount of the mortgage derivative liability included forward commitments. As of December 31, 2024 the fair value of the mortgage derivative asset included approximately $327,000 of interest rate lock commitments and approximately $254,000 of forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:

			Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
			Carrying Amount of the Hedged Assets/(Liabilities)(a)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)			Carrying Amount of the Hedged Assets/(Liabilities)(a)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
($ in thousands)			Mar 31, 2025						Dec 31, 2024
Other long-term funding			$	(299,479)		$	521		$	(296,004)		$	3,996
FHLB advances			(595,778)			4,222			(592,256)			7,744
Total			$	(895,257)		$	4,743		$	(888,260)		$	11,740

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2025 and December 31, 2024, the carrying amount excluded for foreign currency denominated loans was $344 million.

The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At March 31, 2025, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $212 million and is included in loans on the consolidated balance sheets. This amount includes approximately $807,000 of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.

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The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income:

			Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships
			Three Months Ended Mar 31,
			2025						2024
($ in thousands)			Interest Income			Interest Expense			Interest Income			Interest Expense
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)			$	(1,149)		$	2,219		$	(4,863)		$	5,322
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items			(32)			6,997			(40)			(10,210)
Derivatives designated as hedging instruments(a)			(1,118)			(4,778)			(4,823)			15,532

(a) Includes net settlements on the derivatives.

			Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
			Three Months Ended Mar 31,
			2025			2024
($ in thousands)			Capital Markets, Net			Capital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded			$	1		$	—
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items			553			(9,070)
Derivatives designated as hedging instruments			(551)			9,070

The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Interest rate-related instruments designated as cash flow hedging instruments
Amount of income (loss) recognized in OCI on cash flow hedge derivatives(a)			$	7,268		$	(19,461)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)			1,118			4,823

(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $1 million will be reclassified as an increase to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to March 31, 2025. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 33 months as of March 31, 2025.

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The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income:

			Consolidated Statements of Income Category of Gain / (Loss)  Recognized in Income			Three Months Ended Mar 31,
($ in thousands)						2025			2024
Derivative instruments
Interest rate-related and other instruments — customer and mirror, net			Capital markets, net			$	(48)		$	(71)
Interest rate-related instruments — MSRs hedge			Mortgage banking, net			1,466			(2,937)
Foreign currency exchange forwards			Capital markets, net			500			746
Interest rate lock commitments (mortgage)			Mortgage banking, net			661			227
Forward commitments (mortgage)			Mortgage banking, net			(837)			451

Note 10 Balance Sheet Offsetting

Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)

The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.

The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).

Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to offset any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.

For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2024 Annual Report on Form 10-K.

The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from these tables:

			Gross Amounts Recognized			Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets						Net Amounts Presented on the Consolidated Balance Sheets			Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in thousands)						Derivative Liabilities Offset			Cash Collateral Received						Security Collateral Received			Net  Amount
Derivative assets
March 31, 2025			$	62,246		$	(14,744)		$	(19,389)		$	28,112		$	(28,112)		$	—
December 31, 2024			79,807			(12,667)			(35,190)			31,950			(31,950)			—

			Gross Amounts Recognized			Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets						Net Amounts Presented on the Consolidated Balance Sheets			Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in thousands)						Derivative Assets Offset			Cash Collateral Pledged						Security Collateral Pledged			Net  Amount
Derivative liabilities
March 31, 2025			$	17,182		$	(14,744)		$	(140)		$	2,298		$	—		$	2,298
December 31, 2024			14,369			(12,667)			(250)			1,452			—			1,452

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Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:

($ in thousands)			Mar 31, 2025			Dec 31, 2024
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)			$	10,921,983		$	11,173,438
Commercial letters of credit(a)			2,869			875
Standby letters of credit(c)			259,893			253,709

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2025 or December 31, 2024.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.

(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $3 million at both March 31, 2025 and December 31, 2024, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).

The following table presents a summary of the changes in the allowance for unfunded commitments:

($ in thousands)			Three Months Ended Mar 31, 2025			Year Ended Dec 31, 2024
Allowance for unfunded commitments
Balance at beginning of period			$	38,776		$	34,776
Provision for unfunded commitments			(3,500)			4,000
Balance at end of period			$	35,276		$	38,776

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation. The aggregate carrying value of these investments at March 31, 2025 was $196 million, compared to $205 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $9 million for both the three months ended March 31, 2025 and March 31, 2024. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $194 million at March 31, 2025 and $203 million at December 31, 2024.

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The Corporation’s unfunded contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded contributions totaled $26 million at March 31, 2025 and $30 million at December 31, 2024. Additionally, at March 31, 2025, the Corporation also invests in a private SBA loan fund, recorded in equity securities on the consolidated balance sheets, which has a remaining unfunded contribution of $3 million.

For the three months ended March 31, 2025 and the year ended December 31, 2024, the Corporation did not record any impairment related to qualified affordable housing investments.

The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $58 million at March 31, 2025 and $54 million at December 31, 2024, included in tax credit and other investments on the consolidated balance sheets.

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.

Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products, fees and charges. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell

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residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of approximately $866,000 and $3 million for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively. There were no loss reimbursement and settlement claims paid in the three months ended March 31, 2025 or for the year ended December 31, 2024. Make whole requests since January 1, 2024 generally arose from loans originated since January 1, 2022 with such balances totaling $3.4 billion at the time of sale, consisting primarily of loans sold to GSEs. As of March 31, 2025, $1.4 billion of those loans originated since January 1, 2022 remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was approximately $584,000 at March 31, 2025 and approximately $553,000 at December 31, 2024.

The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At March 31, 2025 and December 31, 2024, there were $13 million and $14 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At March 31, 2025 and December 31, 2024, there were $159 million and $134 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.

Note 12 Fair Value Measurements

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2024 Annual Report on Form 10-K.

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The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:

			Mar 31, 2025
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Assets
Cash and due from banks			$	521,323		$	521,323		$	521,323		$	—		$	—
Interest-bearing deposits in other financial institutions			711,033			711,033			711,033			—			—
Federal funds sold and securities purchased under agreements to resell			105			105			105			—			—
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)			2,995			2,995			—			2,995			—
Residential mortgage-related securities:
FNMA / FHLMC			118,036			118,036			—			118,036			—
GNMA			4,438,964			4,438,964			—			4,438,964			—
Commercial mortgage-related securities:
FNMA / FHLMC			16,959			16,959			—			16,959			—
GNMA			111,433			111,433			—			111,433			—
Asset backed securities:
FFELP			104,774			104,774			—			104,774			—
SBA			410			410			—			410			—
Other debt securities			2,999			2,999			—			2,999			—
Total AFS investment securities			4,796,570			4,796,570			—			4,796,570			—
HTM investment securities:
U.S. Treasury securities			994			1,009			1,009			—			—
Obligations of state and political subdivisions (municipal securities), net			1,648,981			1,454,742			—			1,454,742			—
Residential mortgage-related securities:
FNMA / FHLMC			871,331			723,822			—			723,822			—
GNMA			42,972			39,977			—			39,977			—
Private-label			320,057			268,201			—			268,201			—
Commercial mortgage-related securities:
FNMA / FHLMC			770,177			640,734			—			640,734			—
GNMA			51,281			45,621			—			45,621			—
Total HTM investment securities, net			3,705,793			3,174,106			1,009			3,173,098			—
Equity securities:
Equity securities			10,831			10,831			10,760			—			71
Equity securities at NAV			12,500			12,500
Total equity securities			23,331			23,331
FHLB and Federal Reserve Bank stocks			194,244			194,244			—			194,244			—
Residential loans held for sale			47,611			47,611			—			47,611			—
Commercial loans held for sale			7,910			7,910			—			7,910			—
Loans, net			29,895,996			29,057,135			—			—			29,057,135
Bank and corporate owned life insurance			690,551			690,551			—			690,551			—
Mortgage servicing rights, net			86,251			86,251			—			—			86,251
Interest rate-related instruments designated as hedging instruments(a)			8,813			8,813			—			8,813			—
Foreign currency exchange forwards designated as hedging instruments(a)			1,460			1,460			—			1,460			—
Interest rate-related and other instruments not designated as hedging instruments(a)			81,446			81,446			—			81,446			—
Foreign currency exchange forwards not designated as hedging instruments(a)			2,085			2,085			—			2,085			—
Interest rate lock commitments to originate residential mortgage loans held for sale			988			988			—			—			988
Total selected assets at fair value			$	40,775,509		$	39,404,961		$	1,244,229		$	9,003,788		$	29,144,444

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Mar 31, 2025
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Liabilities
Deposits:
Noninterest-bearing demand			$	6,135,946		$	6,135,946		$	—		$	—		$	6,135,946
Savings			5,247,291			5,247,291			—			—			5,247,291
Interest-bearing demand			9,075,133			9,075,133			—			—			9,075,133
Money market			6,820,038			6,820,038			—			—			6,820,038
Brokered CDs(a)			4,197,512			4,197,512			—			4,197,512			—
Other time deposits(a)			3,720,793			3,720,793			—			3,720,793			—
Total deposits			35,196,713			35,196,713			—			7,918,305			27,278,408
Federal funds purchased and securities sold under agreements to repurchase			311,335			311,336			—			311,336			—
FHLB advances			2,027,297			2,026,570			—			2,026,570			—
Other long-term funding			591,382			591,715			—			591,715			—
Standby letters of credit(b)			2,628			2,628			—			2,628			—
Interest rate-related instruments designated as hedging instruments(c)			418			418			—			418			—
Foreign currency exchange forwards designated as hedging instruments(c)			115			115			—			115			—
Interest rate-related and other instruments not designated as hedging instruments(c)			136,453			136,453			—			136,453			—
Foreign currency exchange forwards not designated as hedging instruments(c)			1,846			1,846			—			1,846			—
Forward commitments to sell residential mortgage loans			583			583			—			—			583
Total selected liabilities at fair value			$	38,268,772		$	38,268,377		$	—		$	10,989,386		$	27,278,991

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $260 million at March 31, 2025. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Dec 31, 2024
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Assets
Cash and due from banks			$	544,059		$	544,059		$	544,059		$	—		$	—
Interest-bearing deposits in other financial institutions			453,590			453,590			453,590			—			—
Federal funds sold and securities purchased under agreements to resell			21,955			21,955			21,955			—			—
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)			3,005			3,005			—			3,005			—
Residential mortgage-related securities:
FNMA / FHLMC			110,928			110,928			—			110,928			—
GNMA			4,227,727			4,227,727			—			4,227,727			—
Commercial mortgage-related securities:
FNMA / FHLMC			17,000			17,000			—			17,000			—
GNMA			111,475			111,475			—			111,475			—
Asset backed securities:
FFELP			107,839			107,839			—			107,839			—
SBA			471			471			—			471			—
Other debt securities			2,989			2,989			—			2,989			—
Total AFS investment securities			4,581,434			4,581,434			—			4,581,434			—
HTM investment securities:
U.S. Treasury securities			1,000			999			999			—			—
Obligations of state and political subdivisions (municipal securities), net			1,659,662			1,486,582			—			1,486,582			—
Residential mortgage-related securities:
FNMA / FHLMC			885,476			721,946			—			721,946			—
GNMA			43,693			39,927			—			39,927			—
Private-label			324,182			266,353			—			266,353			—
Commercial mortgage-related securities:
FNMA / FHLMC			772,456			623,595			—			623,595			—
GNMA			52,219			46,032			—			46,032			—
Total HTM investment securities, net			3,738,687			3,185,434			999			3,184,435			—
Equity securities:
Equity securities			10,742			10,742			10,670			—			72
Equity securities at NAV			12,500			12,500
Total equity securities			23,242			23,242
FHLB and Federal Reserve Bank stocks			179,665			179,665			—			179,665			—
Residential loans held for sale			646,687			646,687			—			646,687			—
Commercial loans held for sale			32,634			32,634			—			32,634			—
Loans, net			29,373,557			28,327,115			—			—			28,327,115
Bank and corporate owned life insurance			689,000			689,000			—			689,000			—
Mortgage servicing rights, net			87,683			87,683			—			—			87,683
Interest rate-related instruments designated as hedging instruments(a)			2,960			2,960			—			2,960			—
Foreign currency exchange forwards designated as hedging instruments(a)			2,457			2,457			—			2,457			—
Interest rate-related and other instruments not designated as hedging instruments(a)			88,541			88,541			—			88,541			—
Foreign currency exchange forwards not designated as hedging instruments(a)			4,315			4,315			—			4,315			—
Interest rate lock commitments to originate residential mortgage loans held for sale			327			327			—			—			327
Forward commitments to sell residential mortgage loans			254			254			—			—			254
Total selected assets at fair value			$	40,471,048		$	38,871,352		$	1,031,273		$	9,412,129		$	28,415,450

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Dec 31, 2024
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Liabilities
Deposits:
Noninterest-bearing demand			$	5,775,657		$	5,775,657		$	—		$	—		$	5,775,657
Savings			5,133,295			5,133,295			—			—			5,133,295
Interest-bearing demand			9,124,741			9,124,741			—			—			9,124,741
Money market			6,637,915			6,637,915			—			—			6,637,915
Brokered CDs(a)			4,276,309			4,276,309			—			4,276,309			—
Other time deposits(a)			3,700,518			3,700,518			—			3,700,518			—
Total deposits			34,648,434			34,648,434			—			7,976,827			26,671,607
Federal funds purchased and securities sold under agreements to repurchase			470,369			470,370			—			470,370			—
FHLB advances			1,853,807			1,852,685			—			1,852,685			—
Other long-term funding			837,635			823,991			—			823,991			—
Standby letters of credit(b)			2,546			2,546			—			2,546			—
Interest rate-related instruments designated as hedging instruments(c)			2,976			2,976			—			2,976			—
Foreign currency exchange forwards designated as hedging instruments(c)			563			563			—			563			—
Interest rate-related and other instruments not designated as hedging instruments(c)			170,928			170,928			—			170,928			—
Foreign currency exchange forwards not designated as hedging instruments(c)			4,106			4,106			—			4,106			—
Total selected liabilities at fair value			$	37,991,364		$	37,976,599		$	—		$	11,304,992		$	26,671,607

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(b) The commitment on standby letters of credit was $254 million at December 31, 2024. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

The table below presents a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in thousands)			Interest rate lock commitments to originate residential mortgage loans held for sale			Forward commitments to sell residential mortgage loans			Total
Balance December 31, 2023			$	439		$	673		$	(234)
New production			11,771			(4,000)			15,771
Closed loans / settlements			(8,816)			3,512			(12,328)
Other			(3,068)			(438)			(2,630)
Change in mortgage derivative			(113)			(927)			814
Balance December 31, 2024			$	327		$	(254)		$	580
New production			$	2,410		$	(812)		$	3,221
Closed loans / settlements			(1,989)			653			(2,642)
Other			240			995			(755)
Change in mortgage derivative			661			837			(176)
Balance March 31, 2025			$	988		$	583		$	404

The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:

($ in thousands)
Fair value as of December 31, 2023			$	24,769
Gains recognized in investment securities gains, net			4,054
Purchases			22
Sales			(28,772)
Fair value as of December 31, 2024			$	72
Purchases			10
Sales			(11)
Fair value as of March 31, 2025			$	71

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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in thousands)

Fair Value Hierarchy

Fair Value

Consolidated Statements of Income Category of Adjustment Recognized in Income

Adjustment Recognized on the Consolidated Statements of Income(a)

Mar 31, 2025

Assets

Individually evaluated loans

Level 3

$

20,151

Provision for credit losses

$

5,096

OREO(b)

Level 2

2,059

Other noninterest expense / provision for credit losses(c)

4,407

Dec 31, 2024

Assets

Individually evaluated loans

Level 3

$

31,483

Provision for credit losses

$

17,454

OREO(b)

Level 2

276

Other noninterest expense / provision for credit losses(c)

1,067

(a) Includes the YTD impact on the consolidated statements of income.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table.

(c) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.

The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:

Mar 31, 2025			Valuation Technique			Significant Unobservable Input			Range of Inputs									Weighted Average Input Applied
Mortgage servicing rights			Discounted cash flow			Option adjusted spread			5%			-			8%			5%
Mortgage servicing rights			Discounted cash flow			Constant prepayment rate			—%			-			100%			5%
Individually evaluated loans			Appraisals / discounted cash flow			Collateral / discount factor			—%			-			38%			32%
Interest rate lock commitments to originate residential mortgage loans held for sale			Discounted cash flow			Closing ratio			61%			-			100%			91%

Note 13 Retirement Plans

The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows:

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
RAP
Service cost			$	810		$	874
Interest cost			2,814			2,719
Expected return on plan assets			(9,809)			(8,650)
Amortization of prior service cost			(44)			(53)
Total net periodic pension cost			$	(6,230)		$	(5,111)
Postretirement Plan
Interest cost			$	26		$	18
Amortization of prior service cost			(19)			(19)
Amortization of actuarial loss (gain)			4			(7)
Total net periodic benefit cost			$	12		$	(8)

The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost components are included in personnel noninterest expense caption of the consolidated statements of income.

The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2024 or the three months ended March 31, 2025.

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Note 14 Segment Reporting

The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2024 Annual Report on Form 10-K.

Effective beginning the fourth quarter of 2024, the Corporation made the change to move the private wealth operating segment from the Corporate and Commercial Specialty segment to the Community, Consumer and Business segment given its continued alignment with the products, services, and customers of that segment. This impacted the composition of the reportable segments and the Corporation has recast the impacted items of reportable segment information for the earlier presented periods.

The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:

The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. There were no significant changes in the current year to the methods for allocations to the segments from the prior periods.

The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment, and/or re-pricing characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.

The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2024 Annual Report on Form 10-K.

The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.

Indirect expenses incurred by certain centralized support areas (including facilities, information technology services and applications, management expenses, and FDIC expense) are allocated to segments based on actual usage (for example, volume measurements or FTEs) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated and remain in the Risk Management and Shared Services segment. This allocation is reflected as allocated indirect expense in the accompanying tables.

Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.

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Financial information about the Corporation’s segments is presented below:

			As of and for the Quarter Ended March 31, 2025
($ in thousands)			Corporate and Commercial Specialty			Community, Consumer and Business			Risk Management and Shared Services(a)			Consolidated Corporation
Net segment interest income (expense)			$	227,286		$	62,496		$	(3,841)		$	285,941
Net intersegment interest (expense) income			(93,342)			135,656			(42,314)			—
Net interest income (expense)			133,944			198,152			(46,155)			285,941
Noninterest income (expense)			12,903			49,100			(3,227)			58,776
Total income (expense) before provision			146,847			247,252			(49,382)			344,717
Provision for credit losses			19,014			6,072			(12,083)			13,003
Total income (expense) after provision			127,833			241,180			(37,299)			331,714
Noninterest expense
Personnel			21,327			59,871			42,699			123,897
Technology(b)			591			13,045			13,503			27,139
Occupancy(b)			—			27			15,354			15,381
Business development and advertising			934			837			4,615			6,386
Equipment(b)			—			1,103			3,424			4,527
Legal and professional			201			809			5,073			6,083
Loan and foreclosure costs			810			1,344			440			2,594
FDIC assessment			—			—			10,436			10,436
Other intangible amortization			—			—			2,203			2,203
Other noninterest expense			781			7,490			3,703			11,974
Allocated indirect expense (income)			20,508			52,291			(72,799)			—
Total noninterest expense			45,152			136,817			28,651			210,619
Net income (loss) before income taxes			82,681			104,363			(65,950)			121,095
Income tax expense (benefit)			15,696			21,916			(18,203)			19,409
Net income (loss)			$	66,985		$	82,447		$	(47,747)		$	101,687
Loans			$	17,400,092		$	12,417,213		$	476,822		$	30,294,127
Allocated goodwill			525,836			579,156			—			1,104,992
Total assets			18,202,227			13,245,770			11,861,139			43,309,136

(a) An unusual item of a $7 million loss on mortgage portfolio sale as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024 is included within the noninterest income (expense) caption.

(b) A portion of total depreciation expense of approximately $61,000, $3 million, and $11 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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			As of and for the Quarter Ended March 31, 2024
($ in thousands)			Corporate and Commercial Specialty			Community, Consumer and Business			Risk Management and Shared Services			Consolidated Corporation
Net segment interest income (expense)			$	239,729		$	61,395		$	(43,266)		$	257,858
Net intersegment interest (expense) income			(107,565)			143,987			(36,422)			—
Net interest income (expense)			132,164			205,382			(79,688)			257,858
Noninterest income			11,869			47,048			6,068			64,985
Total income (expense) before provision			144,033			252,430			(73,620)			322,843
Provision for credit losses			14,998			7,256			1,747			24,001
Total income (expense) after provision			129,035			245,174			(75,367)			298,842
Noninterest expense
Personnel			20,430			60,569			38,396			119,395
Technology(a)			601			11,349			14,250			26,200
Occupancy(a)			—			22			13,611			13,633
Business development and advertising			937			859			4,721			6,517
Equipment(a)			1			1,398			3,200			4,599
Legal and professional			135			401			4,136			4,672
Loan and foreclosure costs			246			1,652			81			1,979
FDIC assessment			—			—			13,946			13,946
Other intangible amortization			—			—			2,203			2,203
Other noninterest expense			763			6,388			(2,638)			4,513
Allocated indirect expense (income)			19,665			51,424			(71,089)			—
Total noninterest expense			42,778			134,062			20,817			197,657
Net income (loss) before income taxes			86,257			111,112			(96,184)			101,185
Income tax expense (benefit)			17,808			23,335			(21,127)			20,016
Net income (loss)			$	68,449		$	87,777		$	(75,058)		$	81,169
Loans			$	16,171,212		$	12,770,285		$	552,766		29,494,263
Allocated goodwill			525,836			$	579,156		—			1,104,992
Total assets			16,973,027			13,600,201			10,563,856			41,137,084

(a) A portion of total depreciation expense of approximately $61,000, $2 million, and $10 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.

The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.

The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.

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Note 15 Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2025 and 2024, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):

($ in thousands)			AFS Investment Securities			Cash Flow Hedge Derivatives			Defined Benefit Pension and Postretirement Obligations			Accumulated Other Comprehensive (Loss) Income
Balance December 31, 2024			$	(48,993)		$	(1,268)		$	(24,154)		$	(74,416)
Other comprehensive income before reclassifications			31,832			—			4,770			36,602
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)			1,927			—			—			1,927
Other assets / accrued expenses and other liabilities			—			7,268			—			7,268
Interest income			—			1,118			—			1,118
Personnel expense			—			—			(63)			(63)
Other expense			—			—			(4)			(4)
Income tax (expense) benefit			(8,420)			2,018			(1,173)			(7,576)
Net other comprehensive income during period			25,339			10,403			3,530			39,272
Balance March 31, 2025			$	(23,655)		$	9,135		$	(20,624)		$	(35,144)
Balance December 31, 2023			$	(148,641)		$	3,080		$	(25,535)		$	(171,096)
Other comprehensive (loss) before reclassifications			(29,889)			—			—			(29,889)
Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net			197			—			—			197
HTM investment securities, net, at amortized cost(a)			2,060			—			—			2,060
Other assets / accrued expenses and other liabilities			—			(19,461)			—			(19,461)
Interest income			—			4,823			—			4,823
Personnel expense			—			—			(72)			(72)
Other expense			—			—			(7)			(7)
Income tax benefit (expense)			6,885			(1,688)			(1,633)			3,564
Net other comprehensive loss during period			(20,746)			(16,326)			(1,712)			(38,785)
Balance March 31, 2024			$	(169,388)		$	(13,246)		$	(27,247)		$	(209,881)

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.

Note 16 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices.

These leases have original terms of 1 year or longer with remaining maturities up to 38 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.

Operating and finance lease costs and cash flows resulting from these leases are presented below:

			Three Months Ended Mar 31,
($ in thousands)			2025			2024
Operating lease costs			$	1,702		$	1,545
Finance lease costs			1			23
Operating lease cash flows			1,675			1,844
Finance lease cash flows			23			23

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The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:

($ in thousands)			Consolidated Balance Sheets Category			Mar 31, 2025			Dec 31, 2024
Operating lease right-of-use asset			Premises and equipment			$	32,509		$	33,202
Operating lease liability			Accrued expenses and other liabilities			34,931			35,596
Finance lease liability			Other long-term funding			273			295

The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:

			Mar 31, 2025									Dec 31, 2024
($ in thousands)			Lease Payments			Weighted-average Lease Term (in years)			Weighted-average Discount Rate			Lease Payments			Weighted-average Lease Term (in years)			Weighted-average Discount Rate
Operating leases
Retail and corporate offices			$	37,595		8.15			4.27		%	$	39,072		8.30			4.26		%
Land			3,766			6.48			3.81		%	3,228			6.63			3.52		%
Equipment			204			1.25			4.62		%	204			1.50			4.62		%
Total operating leases			$	41,565		7.96			4.23		%	$	42,505		8.13			4.20		%
Finance leases
Retail and corporate offices			$	278		3.00			1.32		%	$	301		3.25			1.32		%
Total finance leases			$	278		3.00			1.32		%	$	301		3.25			1.32		%

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in thousands)			Operating Leases			Finance Leases			Total Leases
Nine months ended December 31, 2025			$	5,121		$	69		$	5,191
2026			6,397			93			6,490
2027			5,741			93			5,833
2028			4,998			23			5,021
2029			3,732			—			3,732
Beyond 2029			15,577			—			15,577
Total lease payments			$	41,565		$	278		$	41,843
Less: interest			6,635			5			6,640
Present value of lease payments			$	34,931		$	273		$	35,203

As of March 31, 2025 and December 31, 2024, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $1 million and $2 million of future lease obligations, respectively. The leases that had not yet commenced as of March 31, 2025 will commence in April 2025 with lease terms of 3 years to 7 years. Rental income generated by the Corporation's leases is included within occupancy expense on the consolidated statements of income.

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ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.

All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, and as may be described from time to time in the Corporation’s subsequent SEC filings.

Overview

The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Performance Summary

•Average loans of $30.1 billion increased $742 million, or 3%, from the first three months of 2024, driven primarily by increases in commercial and business lending and auto finance loans, partially offset by a decrease in residential mortgage lending resulting from the Corporation's balance sheet repositioning announced in the fourth quarter of 2024.

•Average deposits of $34.8 billion increased $1.6 billion, or 5%, from the first three months of 2024, driven by increases in all deposit types except noninterest-bearing demand and money market deposits.

•Net interest income of $286 million increased $28 million, or 11%, from the first three months of 2024, and net interest margin was 2.97%, compared to 2.79% for the first three months of 2024. The increases in net interest income and net interest margin were primarily driven by balance sheet repositioning announced in the fourth quarter of 2024.

•Provision for credit losses was $13 million compared to $24 million for the first three months of 2024, driven by nominal credit movement coupled with general macroeconomic trends.

•Noninterest income of $59 million decreased $6 million, or 10%, from the first three months of 2024, primarily driven by a $7 million loss recognized related to the settlement of the mortgage loan sale as part of the balance sheet repositioning announced in the fourth quarter of 2024.

•Noninterest expense of $211 million increased $13 million, or 7%, from the first three months of 2024, primarily driven by increases in personnel expense due to annual merit increases and other noninterest expense primarily due to a $4 million OREO write down, partially offset by a decrease in FDIC assessment expense given the recognition of the FDIC special assessment in the first quarter of 2024.

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Table 1 Summary Results of Operations: Trends

						Three months ended
($ in thousands, except per share data)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Net income (loss)									$	101,687		$	(161,615)		$	88,018		$	115,573		$	81,169
Net income (loss) available to common equity									98,812			(164,490)			85,143			112,698			78,294
Earnings (loss) per common share - basic									0.60			(1.04)			0.56			0.75			0.52
Earnings (loss) per common share - diluted									0.59			(1.03)			0.56			0.74			0.52
Effective tax rate									16.03		%	N/M			18.61		%	(12.33)		%	19.78		%

N/M = Not Meaningful

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Table 2 Net Interest Income Analysis

			Three Months Ended,
			Mar 31, 2025									Dec 31, 2024									Mar 31, 2024
($ in thousands)			Average Balance			Interest Income / Expense			Average Yield / Rate			Average Balance			Interest Income / Expense			Average Yield / Rate			Average Balance			Interest Income / Expense			Average Yield / Rate
Assets
Earning assets
Loans(a)(b)
Commercial and business lending			$	11,724,484		$	185,985		6.43%			$	11,474,489		$	194,355		6.74%			$	10,816,255		$	194,090		7.22%
Commercial real estate lending			7,313,994			121,034			6.71%			7,206,796			128,476			7.09%			7,389,962			138,850			7.56%
Total commercial			19,038,479			307,020			6.54%			18,681,285			322,831			6.88%			18,206,217			332,940			7.35%
Residential mortgage			7,256,320			66,823			3.68%			7,814,056			70,513			3.61%			7,896,956			68,787			3.48%
Auto finance			2,844,730			39,176			5.59%			2,771,414			39,365			5.65%			2,373,720			32,603			5.52%
Other retail			971,453			20,826			8.63%			935,162			21,041			8.98%			892,128			20,661			9.28%
Total loans			30,110,982			433,844			5.83%			30,201,918			453,750			5.98%			29,369,022			454,991			6.22%
Investment securities
Taxable			6,398,584			69,919			4.37%			5,745,085			50,752			3.53%			5,517,023			46,727			3.39%
Tax-exempt(a)			2,016,144			17,666			3.50%			2,085,957			17,653			3.39%			2,133,352			18,024			3.38%
Other short-term investments			757,227			9,111			4.88%			846,195			10,717			5.04%			576,782			8,311			5.80%
Total investment securities			9,171,955			96,696			4.22%			8,677,238			79,122			3.64%			8,227,158			73,062			3.55%
Total earning assets			39,282,937			$	530,540		5.45%			38,879,155			$	532,871		5.46%			37,596,179			$	528,053		5.64%
Other assets, net			3,347,690									3,192,406									3,173,027
Total assets			$	42,630,627								$	42,071,562								$	40,769,206
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,162,468		$	17,929		1.41%			$	5,132,247		$	20,120		1.56%			$	4,928,031		$	21,747		1.77%
Interest-bearing demand			8,031,707			45,430			2.29%			7,623,230			46,061			2.40%			7,490,119			49,990			2.68%
Money market			6,079,551			39,560			2.64%			5,924,269			41,457			2.78%			6,116,604			47,306			3.11%
Network transaction deposits			1,847,972			20,067			4.40%			1,690,745			20,091			4.73%			1,651,937			22,205			5.41%
Time deposits			8,071,642			86,154			4.33%			8,228,420			95,158			4.60%			7,198,315			84,983			4.75%
Total interest-bearing deposits			29,193,341			209,140			2.91%			28,598,911			222,888			3.10%			27,385,005			226,231			3.32%
Federal funds purchased and securities sold under agreements to repurchase			375,910			3,622			3.91%			310,370			3,203			4.11%			263,979			2,863			4.36%
Other short-term funding			31,312			408			5.28%			88,415			1,135			5.11%			449,999			5,603			5.01%
FHLB advances			1,595,972			16,090			4.09%			1,456,087			17,908			4.89%			1,540,247			21,671			5.66%
Other long-term funding			627,658			11,085			7.06%			840,880			13,769			6.55%			539,106			10,058			7.46%
Total short and long-term funding			2,630,852			31,205			4.79%			2,695,752			36,015			5.33%			2,793,331			40,194			5.78%
Total interest-bearing liabilities			31,824,193			$	240,345		3.06%			31,294,664			$	258,903		3.29%			30,178,337			$	266,425		3.55%
Noninterest-bearing demand deposits			5,640,123									5,738,557									5,882,052
Other liabilities			535,732									510,000									527,437
Stockholders’ equity			4,630,578									4,528,342									4,181,381
Total liabilities and stockholders’ equity			$	42,630,627								$	42,071,562								$	40,769,206
Interest rate spread									2.39%									2.17%									2.09%
Net free funds									0.58%									0.64%									0.70%
Fully tax-equivalent net interest income and net interest margin						$	290,195		2.97%						$	273,968		2.81%						$	261,628		2.79%
Fully tax-equivalent adjustment						4,254									3,680									3,770
Net interest income						$	285,941								$	270,289								$	257,858

(a) The average yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

(b) Loans held for sale have been included in the average balances.

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Notable Contributions to the Change in Net Interest Income

•Fully tax-equivalent net interest income and net interest income were $29 million and $28 million, or 11%, higher than the first three months of 2024, respectively. The Federal Reserve decreased the federal funds target interest rate by 100 bp in the second half of 2024 causing a decrease in the rate environment and resulted in the average yield on earning assets to decrease 19 bp and the cost of interest-bearing liabilities to decrease 49 bp from the first three months of 2024 given our ability to reprice deposits downwards. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

•Average loans increased $742 million, or 3%, from the first three months of 2024, and average investment securities increased $945 million, or 11%, from the first three months of 2024.

•    Average interest-bearing liabilities increased $1.6 billion, or 5%, compared to the first three months of 2024. Average interest-bearing deposits increased $1.8 billion, or 7%, from the first three months of 2024, driven by increases in all deposit types except money market. Average total short and long-term funding decreased $162 million, or 6%, from the first three months of 2024, primarily driven by a decrease in other short-term funding related to the payoff of BTFP advances, partially offset by increases in all other funding categories. Average noninterest-bearing demand deposits decreased $242 million, or 4%, from the first three months of 2024.

Provision for Credit Losses

The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest Income

Table 3 Noninterest Income

									Three months ended															Changes vs
($ in thousands, except as noted)												Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024			Mar 31, 2024
Wealth management fees												$	22,498		$	24,103		$	24,144		$	22,628		$	21,694		(7)		%	4		%
Service charges and deposit account fees												12,814			13,232			13,708			12,263			12,439			(3)		%	3		%
Card-based fees												10,442			11,948			11,731			11,975			11,267			(13)		%	(7)		%
Other fee-based revenue												5,251			5,182			5,057			4,857			4,402			1		%	19		%
Total fee-based revenue												51,004			54,465			54,640			51,723			49,802			(6)		%	2		%
Capital markets, net												4,345			9,032			4,317			4,685			4,050			(52)		%	7		%
Mortgage banking, net												3,822			3,387			2,132			2,505			2,662			13		%	44		%
Loss on mortgage portfolio sale												(6,976)			(130,406)			—			—			—			(95)		%	N/M
Bank and corporate owned life insurance												5,204			2,322			4,001			4,584			2,570			124		%	102		%
Other												2,251			2,257			2,504			2,222			2,327			—		%	(3)		%
Subtotal												59,650			(58,943)			67,595			65,719			61,411			N/M			(3)		%
Asset (losses) gains, net												(878)			364			(474)			(627)			(306)			N/M			187		%
Investment securities gains (losses), net												4			(148,194)			100			67			3,879			N/M			(100)		%
Total noninterest income (loss)												$	58,776		$	(206,772)		$	67,221		$	65,159		$	64,985		N/M			(10)		%
Assets under management, at market value(a)												14,685			14,773			15,033			14,304			14,171			(1)		%	4		%

N/M = Not Meaningful
(a) $ in millions. Excludes assets held in brokerage accounts.

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Notable Contributions to the Change in Noninterest Income

•Loss on mortgage portfolio sale increased $7 million from the first three months of 2024, due to the recognition of a loss in the first quarter of 2025 related to the settlement of the mortgage sale announced in the fourth quarter of 2024.

•Bank and corporate owned life insurance increased $3 million from the first three months of 2024, driven by an increased number of claims.

•Investment securities gains (losses), net, decreased $4 million from the first three months of 2024, as a result of the sale of the Corporation's remaining Visa B shares in the first quarter of 2024.

Noninterest Expense

Table 4 Noninterest Expense

									Three months ended															Change vs
($ in thousands)												Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024			Mar 31, 2024
Personnel												$	123,897		$	125,944		$	121,036		$	121,581		$	119,395		(2)		%	4		%
Technology												27,139			26,984			27,217			27,161			26,200			1		%	4		%
Occupancy												15,381			14,325			13,536			13,128			13,633			7		%	13		%
Business development and advertising												6,386			7,408			6,683			7,535			6,517			(14)		%	(2)		%
Equipment												4,527			4,729			4,653			4,450			4,599			(4)		%	(2)		%
Legal and professional												6,083			6,861			5,639			4,429			4,672			(11)		%	30		%
Loan and foreclosure costs												2,594			1,951			2,748			1,793			1,979			33		%	31		%
FDIC assessment												10,436			9,139			8,223			7,131			13,946			14		%	(25)		%
Other intangible amortization												2,203			2,203			2,203			2,203			2,203			—		%	—		%
Loss on prepayments of FHLB advances												—			14,243			—			—			—			(100)		%	N/M
Other												11,974			10,496			8,659			6,450			4,513			14		%	165		%
Total noninterest expense												$	210,619		$	224,282		$	200,597		$	195,861		$	197,657		(6)		%	7		%
Average FTEs(a)												4,006			3,982			4,041			4,025			4,070			1		%	(2)		%

(a) Average FTEs without overtime.

Notable Contributions to the Change in Noninterest Expense

•Personnel expense increased $5 million from the first three months of 2024, primarily driven by annual merit increases.

•FDIC expense decreased $4 million from the first three months of 2024 as the first three months of 2024 included an $8 million nonrecurring expense related to the FDIC special assessment.

Income Taxes

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $19 million for the three months ended March 31, 2025, compared to income tax expense of $20 million for the three months ended March 31, 2024. The Corporation's effective tax rate from continuing operations was 16.03% and 19.78% for the three months ended March 31, 2025, and 2024, respectively. The decrease in income tax expense of $1 million and lower effective tax rate during the first three months of 2025 as compared to the same period of 2024 were primarily due to a partial release of a valuation allowance on deferred taxes offset by higher net income in the current period.

Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

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Balance Sheet Analysis

•At March 31, 2025, total assets were $43.3 billion, up $286 million, or 1%, from December 31, 2024, and up $2.2 billion, or 5%, from March 31, 2024.

•Interest bearing deposits in other financial institutions were $711 million at March 31, 2025, up $257 million, or 57%, from December 31, 2024, and up $291 million, or 69%, from March 31, 2024.

•AFS investment securities, at fair value were $4.8 billion at March 31, 2025, up $215 million, or 5%, from December 31, 2024, and up $1.1 billion, or 29%, from March 31, 2024. HTM investment securities, net, at amortized cost were $3.7 billion at March 31, 2025, down $33 million, or 1%, from December 31, 2024, and down $127 million, or 3%, from March 31, 2024. See Note 5 Investment Securities of the notes to consolidated financial statements for additional details.

•Loans of $30.3 billion at March 31, 2025 were up $526 million, or 2%, from December 31, 2024, and up $800 million, or 3%, from March 31, 2024. These increases were primarily driven by increases in the commercial loan portfolio. The increase from the first quarter of 2024 was partially offset by reductions in the residential mortgage portfolio as a result of the mortgage portfolio sale announced in the fourth quarter of 2024 and the sale closed in January 2025. The closure of this sale was the driver of the $599 million decrease in residential loans held for sale from December 31, 2024 to March 31, 2025. See Note 6 Loans of the notes to consolidated financial statements for additional details.

•At March 31, 2025, total deposits of $35.2 billion were up $548 million from December 31, 2024, or 2%, and were up $1.5 billion, or 4%, from March 31, 2024. See section Deposits and Customer Funding for additional information on deposits.

•Short-term funding was $311 million at March 31, 2025, decreasing $159 million, or 34%, from December 31, 2024 mainly due to lower federal funds purchased and down $454 million, or 59%, from March 31, 2024 primarily due to the payoff of BTFP advances. FHLB advances were $2.0 billion at March 31, 2025, up $173 million, or 9%, from December 31, 2024, and up $694 million, or 52%, from March 31, 2024. Other long-term funding was $591 million at March 31, 2025, down $246 million, or 29%, from December 31, 2024, due to subordinated notes maturing and up $55 million, or 10%, from March 31, 2024 due to the issuance of senior notes in 2024 that exceeded the subordinated notes that matured in the first quarter of 2025. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

Loans

Table 5 Period End Loan Composition

			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
($ in thousands)			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total
Commercial and industrial			$	10,925,769		36		%	$	10,573,741		36		%	$	10,258,899		34		%	$	9,970,412		34		%	$	9,858,329		33		%
Commercial real estate — owner occupied			1,118,363			4		%	1,143,741			4		%	1,120,849			4		%	1,102,146			4		%	1,095,894			4		%
Commercial and business lending			12,044,132			40		%	11,717,483			39		%	11,379,748			38		%	11,072,558			37		%	10,954,223			37		%
Commercial real estate — investor			5,597,442			18		%	5,227,975			18		%	5,070,635			17		%	5,001,392			17		%	5,035,195			17		%
Real estate construction			1,809,054			6		%	1,982,632			7		%	2,114,300			7		%	2,255,637			8		%	2,287,041			8		%
Commercial real estate lending			7,406,496			24		%	7,210,607			24		%	7,184,934			24		%	7,257,029			25		%	7,322,237			25		%
Total commercial			19,450,628			64		%	18,928,090			64		%	18,564,683			62		%	18,329,587			62		%	18,276,460			62		%
Residential mortgage			6,999,654			23		%	7,047,541			24		%	7,803,083			26		%	7,840,073			26		%	7,868,180			27		%
Auto finance			2,878,765			10		%	2,810,220			9		%	2,708,946			9		%	2,556,009			9		%	2,471,257			8		%
Home equity			654,140			2		%	664,252			2		%	651,379			2		%	634,142			2		%	619,764			2		%
Other consumer			310,940			1		%	318,483			1		%	262,806			1		%	258,460			1		%	258,603			1		%
Total consumer			10,843,499			36		%	10,840,496			36		%	11,426,214			38		%	11,288,684			38		%	11,217,802			38		%
Total loans			$	30,294,127		100		%	$	29,768,586		100		%	$	29,990,897		100		%	$	29,618,271		100		%	$	29,494,263		100		%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30% to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2024 and the first three months of 2025. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

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The Corporation’s loan distribution and interest rate sensitivity as of March 31, 2025 are summarized in the following table:

Table 6 Loan Distribution and Interest Rate Sensitivity

($ in thousands)			Within 1 Year(a)			1-5 Years			5-15 Years			Over 15 Years			Total			% of Total
Commercial and industrial			$	9,642,063		$	918,992		$	364,224		$	490		$	10,925,769		36		%
Commercial real estate — owner occupied			719,495			297,522			101,347			—			1,118,363			4		%
Commercial real estate — investor			5,276,919			285,208			35,314			—			5,597,442			18		%
Real estate construction			1,770,267			35,278			2,825			684			1,809,054			6		%
Commercial - adjustable			12,140,446			45,953			3,415			—			12,189,814			40		%
Commercial - fixed			5,268,299			1,491,047			500,295			1,174			7,260,814			24		%
Residential mortgage - adjustable			185,686			820,163			1,255,229			285			2,261,363			7		%
Residential mortgage - fixed			6,061			54,445			355,310			4,322,475			4,738,291			16		%
Auto finance			2,458			1,591,365			1,284,942			—			2,878,765			10		%
Home equity			610,898			8,071			26,761			8,410			654,140			2		%
Other consumer			256,290			29,257			17,466			7,927			310,940			1		%
Total loans			$	18,470,136		$	4,040,301		$	3,443,418		$	4,340,272		$	30,294,127		100		%
Fixed-rate			$	5,283,380		$	3,172,954		$	2,184,774		$	4,339,987		$	14,981,094		49		%
Floating or adjustable rate			13,186,757			867,347			1,258,644			285			15,313,033			51		%
Total			$	18,470,136		$	4,040,301		$	3,443,418		$	4,340,272		$	30,294,127		100		%

(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.

At March 31, 2025, $20.6 billion, or 68%, of the loans outstanding and $17.5 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Credit Risk

An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.

The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2025, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.

Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and ABL and equipment financing.

Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector

Mar 31, 2025			NAICS Subsector			Outstanding Balance			Total Exposure			% of Total Loan Exposure
($ in thousands)
Real Estate(a)			531			$	2,077,026		$	3,491,487		8		%
Utilities(b)			221			2,725,966			3,446,062			8		%
Credit Intermediation and Related Activities(c)			522			816,938			1,475,696			4		%
Merchant Wholesalers, Durable Goods			423			608,898			1,058,158			3		%

(a) Includes REIT lines.

(b) 62% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

(c) Includes mortgage warehouse lines.

The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.

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Commercial real estate - investor: CRE-investor is comprised of loans secured by various non-owner occupied or investor income producing property types.

Table 8 Largest Commercial Real Estate - Investor Property Type Exposures

Mar 31, 2025			% of Total Loan Exposure			% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family			5		%	38		%
Industrial			4		%	25		%
Office			2		%	17		%

The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.

Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.

Table 9 Largest Real Estate Construction Property Type Exposures

Mar 31, 2025			% of Total Loan Exposure			% of Total Real Estate Construction Loan Exposure
Multi-Family			5		%	56		%

The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.

Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 89% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2025. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.

The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30-year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.

The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.

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Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.

Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts.

Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

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Nonperforming Assets

Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:

Table 10 Nonperforming Assets

($ in thousands)			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Nonperforming assets
Commercial and industrial			$	12,898		$	19,084		$	14,369		$	21,190		$	72,243
Commercial real estate — owner occupied			1,501			1,501			9,285			1,851			2,090
Commercial and business lending			14,399			20,585			23,654			23,041			74,333
Commercial real estate — investor			31,689			16,705			18,913			48,249			18,697
Real estate construction			125			30			15			16			18
Commercial real estate lending			31,814			16,735			18,928			48,265			18,715
Total commercial			46,213			37,320			42,582			71,306			93,047
Residential mortgage			72,455			70,038			70,138			68,058			69,954
Auto finance			7,692			7,402			7,456			6,986			7,158
Home equity			8,275			8,378			8,231			7,996			8,100
Other consumer			173			122			70			77			87
Total consumer			88,595			85,941			85,894			83,117			85,299
Total nonaccrual loans			134,808			123,260			128,476			154,423			178,346
Commercial real estate owned			19,114			11,914			11,914			914			914
Residential real estate owned			3,119			2,068			1,012			1,467			920
Bank properties real estate owned(a)			1,242			6,235			5,903			5,944			6,603
OREO			23,475			20,217			18,830			8,325			8,437
Repossessed assets			688			687			793			671			1,241
Total nonperforming assets			$	158,971		$	144,164		$	148,098		$	163,418		$	188,025
Accruing loans past due 90 days or more
Commercial			$	515		$	642		$	5,359		$	384		$	426
Consumer			2,521			2,547			1,748			1,970			1,992
Total accruing loans past due 90 days or more			$	3,036		$	3,189		$	7,107		$	2,354		$	2,417
Restructured loans (accruing)
Commercial			$	459		$	475		$	424		$	410		$	377
Consumer			3,192			3,057			2,141			2,166			2,080
Total restructured loans (accruing)			$	3,651		$	3,531		$	2,565		$	2,576		$	2,457
Nonaccrual restructured loans (included in nonaccrual loans)			$	3,451		$	2,581		$	1,840		$	717		$	1,141
Ratios
Nonaccrual loans to total loans			0.44		%	0.41		%	0.43		%	0.52		%	0.60		%
NPAs to total loans plus OREO and repossessed assets			0.52		%	0.48		%	0.49		%	0.55		%	0.64		%
NPAs to total assets			0.37		%	0.34		%	0.35		%	0.39		%	0.46		%
Allowance for credit losses on loans to nonaccrual loans			301.63		%	326.40		%	309.43		%	252.31		%	217.43		%

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Table 10 Nonperforming Assets (continued)

($ in thousands)			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Accruing loans 30-89 days past due
Commercial and industrial			$	7,740		$	1,260		$	1,212		$	2,052		$	521
Commercial real estate — owner occupied			1,156			1,634			2,209			—			—
Commercial and business lending			8,896			2,893			3,421			2,052			521
Commercial real estate — investor			2,463			36,391			10,746			1,023			19,164
Real estate construction			—			21			88			—			1,260
Commercial real estate lending			2,463			36,412			10,834			1,023			20,424
Total commercial			11,360			39,305			14,255			3,075			20,945
Residential mortgage			13,568			14,892			13,630			10,374			9,903
Auto finance			12,522			14,850			15,458			15,814			12,521
Home equity			3,606			4,625			3,146			3,694			2,819
Other consumer			2,381			3,128			2,163			1,995			2,260
Total consumer			32,076			37,496			34,397			31,877			27,503
Total accruing loans 30-89 days past due			$	43,435		$	76,801		$	48,651		$	34,952		$	48,448

(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.

Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.

Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 6 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.

OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.

Allowance for Credit Losses on Loans

Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 6 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.

To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for March 31, 2025 was the Moody's baseline scenario from February 2025, which was reviewed against the March 2025 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates in the Corporation's 2024 Annual Report on Form 10-K for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.

The loan segmentation used in calculating the ACLL at March 31, 2025 and December 31, 2024 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for

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commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.

Table 11 Allowance for Credit Losses on Loans

						Quarter Ended
($ in thousands)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Allowance for loan losses
Balance at beginning of period									$	363,545		$	361,765		$	355,844		$	356,006		$	351,094
Provision for loan losses									16,500			14,000			19,000			21,000			27,000
Charge offs									(13,714)			(13,770)			(15,337)			(23,290)			(24,018)
Recoveries									5,017			1,551			2,258			2,127			1,930
Net charge offs									(8,698)			(12,220)			(13,078)			(21,163)			(22,088)
Balance at end of period									$	371,348		$	363,545		$	361,765		$	355,844		$	356,006
Allowance for unfunded commitments
Balance at beginning of period									$	38,776		$	35,776		$	33,776		$	31,776		$	34,776
Provision for unfunded commitments									(3,500)			3,000			2,000			2,000			(3,000)
Balance at end of period									$	35,276		$	38,776		$	35,776		$	33,776		$	31,776
Allowance for credit losses on loans									$	406,624		$	402,322		$	397,541		$	389,620		$	387,782
Provision for credit losses on loans									13,000			17,000			21,000			23,000			24,000
Net loan (charge offs) recoveries
Commercial and industrial									$	(4,726)		$	(2,406)		$	(10,649)		$	(13,676)		$	(18,638)
Commercial real estate — owner occupied									—			—			—			1			2
Commercial and business lending									(4,726)			(2,406)			(10,649)			(13,674)			(18,636)
Commercial real estate — investor									(892)			(6,617)			(1)			(4,569)			—
Real estate construction									30			4			2			28			30
Commercial real estate lending									(863)			(6,612)			2			(4,541)			30
Total commercial									(5,589)			(9,018)			(10,647)			(18,216)			(18,606)
Residential mortgage									197			(239)			(160)			(289)			(62)
Auto finance									(1,519)			(1,782)			(1,281)			(1,480)			(2,094)
Home equity									289			277			424			238			211
Other consumer									(2,076)			(1,457)			(1,414)			(1,417)			(1,537)
Total consumer									(3,109)			(3,202)			(2,431)			(2,947)			(3,482)
Total net charge offs									$	(8,698)		$	(12,220)		$	(13,078)		$	(21,163)		$	(22,088)
Ratios
Allowance for credit losses on loans to total loans									1.34		%	1.35		%	1.33		%	1.32		%	1.31		%
Allowance for credit losses on loans to net charge offs (annualized)									11.5x			8.3x			7.6x			4.6x			4.4x
Loan evaluation method for ACLL
Individually evaluated for impairment									$	6,092		$	5,689		$	7,498		$	16,882		$	25,335
Collectively evaluated for impairment									400,532			396,632			390,043			372,738			362,447
Total ACLL									$	406,624		$	402,322		$	397,541		$	389,620		$	387,782
Loan balance
Individually evaluated for impairment									$	46,065		$	37,172		$	41,938		$	70,763		$	92,960
Collectively evaluated for impairment									30,248,062			29,731,414			29,948,958			29,547,508			29,401,303
Total loan balance									$	30,294,127		$	29,768,586		$	29,990,897		$	29,618,271		$	29,494,263

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Table 12 Annualized Net (Charge Offs) Recoveries(a)

						Quarter Ended
(In basis points)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Net loan (charge offs) recoveries
Commercial and industrial									(18)			(9)			(43)			(55)			(77)
Commercial real estate — owner occupied									—			—			—			—			—
Commercial and business lending									(16)			(8)			(39)			(50)			(69)
Commercial real estate — investor									(7)			(51)			—			(37)			—
Real estate construction									1			—			—			—			1
Commercial real estate lending									(5)			(37)			—			(25)			—
Total commercial									(12)			(19)			(23)			(40)			(41)
Residential mortgage									1			(1)			(1)			(1)			—
Auto finance									(22)			(26)			(19)			(24)			(35)
Home equity									18			17			26			15			14
Other consumer									(268)			(208)			(216)			(221)			(232)
Total consumer									(11)			(11)			(8)			(10)			(13)
Total net charge offs									(12)			(16)			(18)			(29)			(30)

(a) Annualized ratio of net charge offs to average loans by loan type.

Notable Contributions to the Change in the Allowance for Credit Losses on Loans

•Total nonaccrual loans increased $12 million, or 9%, from December 31, 2024, and decreased $44 million, or 24%, from March 31, 2024. The increase from December 31, 2024 was driven by increases in CRE - investor lending and residential mortgage lending, partially offset by a decrease in commercial and industrial lending. The decrease from March 31, 2024 was driven by a decrease in commercial and industrial lending, partially offset by increases in CRE - investor lending and residential mortgage lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

•YTD net charge offs decreased $13 million from March 31, 2024, primarily driven by a decrease within commercial and industrial lending, partially offset by an increase in CRE - investor lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Management believes the level of ACLL to be appropriate at March 31, 2025.

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Deposits and Customer Funding

The following table summarizes the composition of our deposits and customer funding:

Table 13 Period End Deposit and Customer Funding Composition

			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
($ in thousands)			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total
Noninterest-bearing demand			$	6,135,946		17		%	$	5,775,657		17		%	$	5,857,421		17		%	$	5,815,045		18		%	$	6,254,135		19		%
Savings			5,247,291			15		%	5,133,295			15		%	5,072,508			15		%	5,157,103			16		%	5,124,639			15		%
Interest-bearing demand			9,075,133			26		%	9,124,741			26		%	8,605,578			26		%	8,284,017			25		%	8,747,127			26		%
Money market			6,820,038			19		%	6,637,915			19		%	6,095,206			18		%	6,294,895			19		%	6,721,674			20		%
Brokered CDs			4,197,512			12		%	4,276,309			12		%	4,242,670			13		%	4,061,578			12		%	3,931,230			12		%
Other time deposits			3,720,793			11		%	3,700,518			11		%	3,680,914			11		%	3,078,401			9		%	2,934,352			9		%
Total deposits			$	35,196,713		100		%	$	34,648,434		100		%	$	33,554,298		100		%	$	32,691,039		100		%	$	33,713,158		100		%
Other customer funding(a)			85,950						100,044						110,988						89,524						90,536
Total deposits and other customer funding			$	35,282,663					$	34,748,478					$	33,665,286					$	32,780,564					$	33,803,694
Network transaction deposits(b)			$	1,882,930					$	1,758,388					$	1,566,908					$	1,502,919					$	1,792,820
Net deposits and other customer funding(c)			29,202,221						28,713,780						27,855,707						27,216,066						28,079,644
Time deposits of more than $250,000			767,974						757,675						742,734						546,586						543,469

(a) Includes repurchase agreements.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.

•Total deposits, which are the Corporation's largest source of funds, increased $548 million, or 2% from December 31, 2024, and increased $1.5 billion, or 4%, from March 31, 2024. The increase from December 31, 2024, was driven by increases in all deposit categories besides brokered CDs and interest-bearing demand deposits which partially offset the overall increase, while the increase from March 31, 2024 was driven by increases in all deposit categories except non-interest bearing demand deposits.

•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 26.1% of total deposits at March 31, 2025, compared to 23.0% at December 31, 2024 and 22.9% at March 31, 2024. The increase was primarily driven by increases in uninsured balances in business deposit accounts.

Liquidity

The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.

The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percentage of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At March 31, 2025, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.

The Corporation maintains diverse and readily available liquidity sources, including:

•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of March 31, 2025, the Bank had $6.4 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of March 31, 2025, the Bank had $3.3 billion available for discount window borrowings.

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•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.

•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.

•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.

•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.

•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.

The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits:

Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio

($ in thousands)			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Federal Reserve Bank balance			$	705,696		$	451,298		$	405,776		$	482,362		$	419,554
Available FHLB Chicago capacity			6,362,599			7,097,420			6,164,539			5,184,341			7,035,768
Available Federal Reserve Bank discount window capacity			3,308,303			2,778,294			2,981,211			2,336,073			1,438,992
Funding available within one business day(a)			10,376,598			10,327,012			9,551,527			8,002,776			8,894,314
Available federal funds lines			1,284,000			1,164,000			1,401,000			1,406,000			1,495,000
Available brokered deposits capacity(b)			414,199			418,198			520,809			679,089			446,513
Unsecured debt capacity(c)			1,000,000			1,000,000			1,000,000			1,000,000			1,000,000
Total available liquidity			$	13,074,797		$	12,909,210		$	12,473,336		$	11,087,865		$	11,835,827
Uninsured and uncollateralized deposits			$	9,170,483		$	7,954,259		$	7,492,684		$	7,174,369		$	7,710,911
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day			113		%	130		%	127		%	112		%	115		%
Coverage ratio of uninsured and uncollateralized deposits with total funding			143		%	162		%	166		%	155		%	153		%

(a) Estimated based on normal course of operations with indicated institution.

(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.

(c) Estimated availability based on the Corporation's current internal funding considerations.

Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.

Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part II, Item 1A, Risk Factors.

For the three months ended March 31, 2025, net cash provided by operating and financing activities was $98 million and $242 million, respectively, while net cash used in investing activities was $127 million, for a net increase in cash and cash equivalents of $213 million since year-end 2024. At March 31, 2025, assets of $43.3 billion increased $286 million, or 1%, from year-end 2024. On the funding side, deposits of $35.2 billion increased $548 million, or 2% from year-end 2024, short-term funding decreased $159 million, or 34%, and other long-term funding decreased $246 million, or 29%.

For the three months ended March 31, 2024, net cash provided by operating and financing activities was $155 million and $49 million, respectively, while net cash used in investing activities was $275 million, for a net decrease in cash and cash equivalents of $72 million since year-end 2023. At March 31, 2024, assets of $41.1 billion increased $121 million, from year-end 2023. On the funding side, deposits of $33.7 billion increased $267 million, or 1%, from year-end 2023, short-term funding increased $439 million, or 134%, and FHLB advances decreased $607 million, or 31%.

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Quantitative and Qualitative Disclosures about Market Risk

Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.

Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.

Interest Rate Risk

The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.

The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at March 31, 2025.

For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K.

The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first three months of 2025.

Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months

			Mar 31, 2025						Dec 31, 2024
			Dynamic Forecast			Static Forecast			Dynamic Forecast			Static Forecast
Gradual Rate Change
100 bp increase in interest rates			1.4		%	1.4		%	1.0		%	0.7		%
200 bp increase in interest rates			2.6		%	2.6		%	2.0		%	1.3		%
100 bp decrease in interest rates			(0.6)		%	(0.7)		%	(0.5)		%	(0.2)		%
200 bp decrease in interest rates			(1.5)		%	(1.6)		%	(1.3)		%	(0.8)		%

At March 31, 2025, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.

Table 16 Market Value of Equity Sensitivity

			Mar 31, 2025			Dec 31, 2024
Instantaneous Rate Change
100 bp increase in interest rates			(8.5)		%	(9.1)		%
200 bp increase in interest rates			(17.6)		%	(18.5)		%
100 bp decrease in interest rates			7.0		%	7.1		%
200 bp decrease in interest rates			12.5		%	12.6		%

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Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates. The MVE measure in the 200 bp increase in interest rates scenario is outside of the policy limit, which has been reported to the Corporation's Board.

The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities

The following table summarizes significant contractual obligations and other commitments at March 31, 2025, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.

Table 17 Contractual Obligations and Other Commitments

($ in thousands)			Note Reference			One Year or Less			One to Three Years			Three to Five Years			Over Five Years			Total
Time deposits						$	7,835,352		$	70,546		$	12,401		$	5		$	7,918,305
Short-term funding			8			311,335			—			—			—			311,335
FHLB advances			8			1,819,573			4,915			202,284			525			2,027,297
Other long-term funding			8			90			183			—			591,110			591,382
Operating leases			16			5,433			9,754			6,948			12,795			34,931
Total						$	9,971,784		$	85,398		$	221,633		$	604,435		$	10,883,250

The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of each obligation is included in the referenced note to the consolidated financial statements.

Capital

Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At March 31, 2025, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.

Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.

For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.

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Table 18 Capital Ratios

						Quarter Ended
($ in thousands)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Risk-based capital(a)
CET1									$	3,417,432		$	3,396,836		$	3,238,155		$	3,172,298		$	3,088,613
Tier 1 capital									3,611,544			3,590,948			3,432,267			3,366,410			3,282,725
Total capital									4,311,239			4,282,597			4,117,632			4,042,812			3,957,879
Total risk-weighted assets									33,800,823			33,950,173			33,326,479			32,767,830			32,753,344
Modified CECL transitional amount									—			22,425			22,425			22,425			22,425
CET1 capital ratio									10.11		%	10.01		%	9.72		%	9.68		%	9.43		%
Tier 1 capital ratio									10.68		%	10.58		%	10.30		%	10.27		%	10.02		%
Total capital ratio									12.75		%	12.61		%	12.36		%	12.34		%	12.08		%
Tier 1 leverage ratio									8.69		%	8.73		%	8.49		%	8.37		%	8.24		%
Selected equity and performance ratios
Total stockholders’ equity / total assets									10.82		%	10.70		%	10.46		%	10.19		%	10.13		%
Dividend payout ratio(b)									38.33		%	N/M			39.29		%	29.33		%	42.31		%
Return on average assets									0.97		%	(1.53)		%	0.85		%	1.13		%	0.80		%
Annualized noninterest expense / average assets									2.00		%	2.12		%	1.93		%	1.92		%	1.95		%

N/M = Not Meaningful

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of the Corporation's capital with the capital of other financial services companies.

(b) Ratio is based upon basic earnings per common share.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the first quarter of 2025.

Non-GAAP Measures

Table 19 Non-GAAP Measures

						Quarter Ended
($ in thousands)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected equity and performance ratios(a)
Tangible common equity / tangible assets(b)									7.96		%	7.82		%	7.50		%	7.18		%	7.08		%
Return on average equity									8.91		%	(14.20)		%	8.09		%	11.16		%	7.81		%
Return on average tangible common equity(c)									12.34		%	(20.27)		%	11.52		%	16.25		%	11.31		%
Return on average CET1(c)									11.82		%	(19.28)		%	10.53		%	14.54		%	10.27		%
Return on average tangible assets(c)									1.01		%	(1.55)		%	0.89		%	1.18		%	0.84		%
Average stockholders' equity / average assets									10.86		%	10.76		%	10.46		%	10.14		%	10.26		%
Tangible common equity reconciliation(b)
Common equity									$	4,492,446		$	4,411,450		$	4,219,125		$	4,048,225		$	3,974,561
Goodwill and other intangible assets, net									(1,134,450)			(1,136,653)			(1,138,855)			(1,141,058)			(1,143,261)
Tangible common equity									$	3,357,996		$	3,274,797		$	3,080,269		$	2,907,167		$	2,831,300
Tangible assets reconciliation(b)
Total assets									$	43,309,136		$	43,023,068		$	42,210,815		$	41,623,908		$	41,137,084
Goodwill and other intangible assets, net									(1,134,450)			(1,136,653)			(1,138,855)			(1,141,058)			(1,143,261)
Tangible assets									$	42,174,686		$	41,886,415		$	41,071,960		$	40,482,850		$	39,993,824
Average tangible common equity and average CET1 reconciliation(b)
Average common equity									$	4,436,467		$	4,334,230		$	4,136,615		$	3,972,092		$	3,987,269
Average goodwill and other intangible assets, net									(1,135,584)			(1,137,826)			(1,140,060)			(1,142,368)			(1,144,588)
Average tangible common equity									3,300,883			3,196,404			2,996,555			2,829,725			2,842,681
Modified CECL transitional amount									—			22,425			22,425			22,425			22,425
Average accumulated other comprehensive loss(d)									64,680			151,862			172,711			241,634			188,067
Average deferred tax assets, net									24,886			23,462			23,564			24,506			12,303
Average CET1									$	3,390,449		$	3,394,154		$	3,215,255		$	3,118,290		$	3,065,475
Average tangible assets reconciliation(b)
Average total assets									$	42,630,627		$	42,071,562		$	41,389,711		$	41,100,606		$	40,769,206
Average goodwill and other intangible assets, net									(1,135,584)			(1,137,826)			(1,140,060)			(1,142,368)			(1,144,588)
Average tangible assets									$	41,495,043		$	40,933,736		$	40,249,651		$	39,958,238		$	39,624,617

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						Quarter Ended
($ in thousands)									Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Adjusted net income (loss) reconciliation(c)
Net income (loss)									$	101,687		$	(161,615)		$	88,018		$	115,573		$	81,169
Other intangible amortization, net of tax									1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss)									$	103,339		$	(159,963)		$	89,670		$	117,225		$	82,821
Adjusted net income (loss) available to common equity reconciliation(c)
Net income (loss) available to common equity									$	98,812		$	(164,490)		$	85,143		$	112,698		$	78,294
Other intangible amortization, net of tax									1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss) available to common equity									$	100,464		$	(162,838)		$	86,795		$	114,350		$	79,946
Pre-tax pre-provision income (loss)(e)
Income (loss) before income taxes									$	121,095		$	(177,752)		$	108,142		$	102,884		$	101,185
Provision for credit losses									13,003			16,986			20,991			23,008			24,001
Pre-tax pre-provision income (loss)									$	134,098		$	(160,766)		$	129,133		$	125,892		$	125,186
Period end core customer deposits reconciliation
Total deposits									$	35,196,713		$	34,648,434		$	33,554,298		$	32,691,039		$	33,713,158
Network transaction deposits									(1,882,930)			(1,758,388)			(1,566,908)			(1,502,919)			(1,792,820)
Brokered CDs									(4,197,512)			(4,276,309)			(4,242,670)			(4,061,578)			(3,931,230)
Core customer deposits									$	29,116,271		$	28,613,737		$	27,744,719		$	27,126,542		$	27,989,108
Average core customer deposits reconciliation
Average total deposits									$	34,833,464		$	34,337,468		$	33,320,825		$	32,629,404		$	33,267,057
Average network transaction deposits									(1,847,972)			(1,690,745)			(1,644,305)			(1,595,312)			(1,651,937)
Average brokered CDs									(4,315,311)			(4,514,841)			(4,247,941)			(3,927,727)			(4,268,881)
Average core customer deposits									$	28,670,181		$	28,131,882		$	27,428,578		$	27,106,365		$	27,346,239
Total expense for efficiency ratios reconciliation
Noninterest expense									$	210,619		$	224,282		$	200,597		$	195,861		$	197,657
Less: Other intangible amortization									2,203			2,203			2,203			2,203			2,203
Total expense for fully tax-equivalent efficiency ratio									208,416			222,080			198,394			193,658			195,454
Less: FDIC special assessment									—			—			—			—			7,696
Less: Announced initiatives(b)									—			14,243			—			—			—
Total expense for adjusted efficiency ratio									$	208,416		$	207,836		$	198,394		$	193,658		$	187,758
Total revenue for efficiency ratios reconciliation
Net interest income									$	285,941		$	270,289		$	262,509		$	256,593		$	257,858
Noninterest income									58,776			(206,772)			67,221			65,159			64,985
Less: Investment securities gains (losses), net									4			(148,194)			100			67			3,879
Fully tax-equivalent adjustment									4,254			3,680			3,723			3,747			3,770
Total revenue for fully tax-equivalent efficiency ratio									348,968			215,390			333,353			325,432			322,733
Less: Announced initiatives(b)									(6,976)			(130,406)			—			—			—
Total revenue for adjusted efficiency ratio									$	355,943		$	345,795		$	333,353		$	325,432		$	322,733
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio									59.72		%	103.11		%	59.51		%	59.51		%	60.56		%
Adjusted efficiency ratio									58.55		%	60.10		%	59.51		%	59.51		%	58.18		%

(a) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(b) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.

(c) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(d) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.

(e) Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.

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Sequential Quarter Results

The Corporation reported net income of $102 million for the first quarter of 2025, compared to a net loss of $162 million for the fourth quarter of 2024, with the net loss attributable to impacts of balance sheet restructuring announced in the fourth quarter of 2024. Net income available to common equity was $99 million for the first quarter of 2025, or $0.60 for basic earnings per common share and $0.59 for diluted earnings per common share. Comparatively, the net loss available to common equity for the fourth quarter of 2024 was $164 million, or $1.04 for basic loss per common share and $1.03 for diluted loss per common share (see Table 1).

Fully tax-equivalent net interest income for the first quarter of 2025 was $290 million, $16 million, or 6%, higher than the fourth quarter of 2024. The net interest margin in the first quarter of 2025 was up 16 bp to 2.97%. Average earning assets increased $404 million, or 1%, to $39.3 billion in the first quarter of 2025. Average loans decreased $91 million, primarily driven by a decrease in residential mortgage lending as a result of the completion of the Corporation's mortgage loan sale as part of the balance sheet repositioning announced in the fourth quarter of 2024. On the funding side, average total interest-bearing deposits increased $594 million, or 2%, driven primarily by and increase in interest-bearing demand deposits. In the first quarter of 2025, average FHLB advances increased $140 million, or 10%, given funding needs and average other long-term funding decreased $213 million, or 25%, due to subordinated notes maturing in the first quarter of 2025 (see Table 2).

The provision for credit losses was $13 million for the first quarter of 2025 and $17 million for the fourth quarter of 2024 (see Table 11). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the first quarter of 2025 was $59 million, compared to a loss of $207 million in the fourth quarter of 2024, as a result of the impacts of the balance sheet restructuring announced in the fourth quarter of 2024 (see Table 3).

Noninterest expense for the first quarter of 2025 was $211 million, down $14 million, or 6%, from the fourth quarter of 2024, driven primarily by the recognition of a loss on prepayment of FHLB advances as part of the balance sheet restructuring announced in the fourth quarter of 2024 (see Table 4).

For the first quarter of 2025, the Corporation recognized income tax expense of $19 million, compared to an income tax benefit of $16 million for the fourth quarter of 2024 given the net income recognized in the first quarter as compared to the net loss recognized in the fourth quarter. See section Income Taxes for a more detailed discussion.

Segment Review

The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.

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Table 20 Selected Segment Financial Data

			Three Months Ended Mar 31,
($ in thousands)			2025			2024			% Change
Corporate and Commercial Specialty
Total revenue			$	146,847		$	144,033		2%
Provision for credit losses			19,014			14,998			27%
Noninterest expense			45,152			42,778			6%
Income tax expense			15,696			17,808			(12)%
Net income			66,985			68,449			(2)%
Average earning assets			17,002,754			16,025,524			6%
Average loans			16,997,009			16,020,376			6%
Average deposits			7,244,897			7,277,094			—%
Community, Consumer, and Business
Total revenue			$	247,252		$	252,430		(2)%
Provision for credit losses			6,072			7,256			(16)%
Noninterest expense			136,817			134,062			2%
Income tax expense			21,916			23,335			(6)%
Net income			82,447			87,777			(6)%
Average earning assets			12,650,533			12,787,358			(1)%
Average loans			12,647,122			12,787,358			(1)%
Average deposits			21,294,167			20,128,601			6%
Risk Management and Shared Services
Total revenue			$	(49,382)		$	(73,620)		(33)%
Provision for credit losses			(12,083)			1,747			N/M
Noninterest expense			28,651			20,817			38%
Income tax benefit			(18,203)			(21,127)			(14)%
Net loss			(47,747)			(75,058)			(36)%
Average earning assets			9,629,650			8,783,297			10%
Average loans			466,851			561,288			(17)%
Average deposits			6,294,400			5,861,362			7%

N//M = Not meaningful

Notable Changes in Segment Financial Data

Corporate and Commercial Specialty

•Average earning assets and average loans both increased $977 million from the three months ended March 31, 2024, primarily driven by growth in commercial and business lending.

Community, Consumer, and Business

•Net income decreased $5 million from the three months ended March 31, 2024, driven by a $7 million decrease in net interest income due to lower FTP allocations and a $2 million increase in noninterest expense primarily due to increased technology expenses. These were offset by a $2 million increase in noninterest income primarily due to increased mortgage banking revenues and a $1 million reduction in income tax expense due to lower pre-tax income.

•Average deposits increased $1.2 billion from the three months ended March 31, 2024, driven by increases in all interest-bearing deposit categories, partially offset by decreases in noninterest bearing demand deposits.

Risk Management and Shared Services

•Total revenue increased $24 million from the three months ended March 31, 2024, primarily driven by more favorable FTP allocations.

•Noninterest expense increased $8 million from the three months ended March 31, 2024, primarily due to a $4 million increase in personnel expense, a $2 million increase in occupancy expense, and a $6 million increase in other noninterest expense primarily due to a $4 million OREO write down. These increases were offset by a $4 million decrease in FDIC expense due to a nonrecurring FDIC special assessment expense incurred in the first quarter of 2024 and lower allocated expenses.

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•Net loss decreased $27 million from the three months ended March 31, 2024, primarily due to the changes noted above and a $3 million income tax benefit primarily due to the release of a valuation reserve on deferred taxes.

•Average earning assets increased $846 million from the three months ended March 31, 2024, driven by higher balances of AFS investment securities in the portfolio and higher deposits in other financial institutions offset by a decrease in average loans.

•Average loans decreased $94 million from the three months ended March 31, 2024, driven by lower balances in all loan categories.

•Average deposits increased $433 million from the three months ended March 31, 2024, primarily driven by increases in all deposit types except for time deposits.

Critical Accounting Estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2024 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2024.

Recent Developments

On April 29, 2025, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.23 per common share, payable on June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk

Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.

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ITEM 4.			Controls and Procedures

The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2025, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of March 31, 2025.

No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act of 1934) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.			Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters of the notes to consolidated financial statements.

ITEM 1A.			Risk Factors

There have been no material changes in the Risk Factors described in the Corporation’s 2024 Annual Report on Form 10-K.

ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds

During the first quarter of 2025, the Corporation repurchased $28 million of common stock, including $22 million of open market repurchases and $6 million of repurchases related to tax withholding on equity compensation. The repurchase details are presented in the table below:

Common Stock Purchases

			Total Number  of Shares Purchased(a)			Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b)
Period
January 1, 2025 - January 31, 2025			—			$	—		—
February 1, 2025 - February 28, 2025			1,042,756			24.83			900,000
March 1, 2025 - March 31, 2025			100,121			22.19			—
Total			1,142,877			$	24.59		900,000			1,733,889

(a) During the first quarter of 2025, the Corporation repurchased 242,877 shares for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2021 authorization.

(b) At March 31, 2025, there remained $39 million authorized to be repurchased under the Board of Directors' 2021 $100 million authorization. The maximum number of shares that may yet be purchased under this authorization is based on the closing share price on March 31, 2025.

Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.

ITEM 5.			Other Information

During the three months ended March 31, 2025, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.			Exhibits

(a)    Exhibits:

Exhibit (10), Employment Transition - Letter Agreement between Associated Banc-Corp and Paul Schmidt, effective January 20, 2025.
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ASSOCIATED BANC-CORP
						(Registrant)
Date: April 29, 2025						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer
Date: April 29, 2025						/s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer
Date: April 29, 2025						/s/ Ryan J. Beld
						Ryan J. Beld
						Chief Accounting Officer

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