FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2026 EARNINGS

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Jul 16, 2026, 16:05 ET

ABILENE, Texas, July 16, 2026 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $71.89 million for the second quarter of 2026 compared to earnings of $66.66 million for the same quarter a year ago and $71.54 million for the quarter ended March 31, 2026. Basic and diluted earnings per share were $0.50 for the second quarter of 2026 compared with $0.47 for the second quarter of 2025 and $0.50 for the linked quarter.

"Our second quarter results reflect solid year-over-year earnings growth, highlighted by expansion in our net interest margin and continued increases in fee income generated by wealth management and mortgage banking," said David Bailey, President and CEO. "As we look ahead, we remain focused on disciplined growth, prudent risk management and creating long term value for shareholders. We appreciate the dedication of our associates across Texas and their commitment to serving our customers and communities with excellence."

Net interest income for the second quarter of 2026 was $136.91 million compared to $123.73 million for the second quarter of 2025 and $134.79 million for the first quarter of 2026. The net interest margin, on a tax-equivalent basis, was 3.90 percent for the second quarter of 2026 compared to 3.81 percent for the second quarter of 2025 and 3.86 percent for the first quarter of 2026. Net interest income and margin benefited from a decrease in deposit costs as well as improved securities yields over the past year. Average interest-earning assets were $14.46 billion for the second quarter of 2026 compared to $13.34 billion for the same quarter a year ago and $14.54 billion for the first quarter of 2026.

The Company recorded a provision for credit losses of $4.18 million for the second quarter of 2026 compared to a provision for credit losses of $3.13 million for the second quarter of 2025 and $2.29 million for the first quarter of 2026. At June 30, 2026, the allowance for credit losses totaled $112.43 million, or 1.35 percent of loans held-for-investment ("loans" hereafter), compared to $102.79 million, or 1.27 percent of loans, at June 30, 2025, and $107.92 million, or 1.30 percent of loans, at March 31, 2026. Additionally, the reserve for unfunded commitments totaled $6.21 million at June 30, 2026 compared to $9.91 million at June 30, 2025, and $5.94 million at March 31, 2026.

For the second quarter of 2026, the Company recorded net recoveries of $600 thousand compared to net charge-offs of $720 thousand for the second quarter of 2025 and net charge-offs of $356 thousand for the first quarter of 2026. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.80 percent at June 30, 2026, compared to 0.79 percent at June 30, 2025 and 0.66 percent at March 31, 2026. Classified loans totaled $283.10 million at June 30, 2026, compared to $257.07 million at June 30, 2025 and $289.76 million at March 31, 2026.

Noninterest income for the second quarter of 2026 was $35.84 million compared to $32.87 million for the second quarter of 2025 and $32.10 million for the linked quarter.

Wealth Management fee income increased to $13.96 million for the second quarter of 2026 compared to $12.75 million for the second quarter of 2025 and $13.36 million for the linked quarter. The increase from prior year is driven by growth in assets under management with the increase over linked quarter related to improved mineral fee revenue due to recent higher oil prices. The market value of assets under management totaled $12.23 billion at June 30, 2026, compared to $11.46 billion at June 30, 2025 and $11.91 billion at March 31, 2026.
Service charges on deposits increased to $6.26 million for the second quarter of 2026 compared with $6.13 million for the second quarter of 2025 and $6.08 million for the first quarter 2026, driven by increases in fees on deposit accounts for both periods and offset by a decrease in overdraft fees year over year.
Mortgage income increased to $4.68 million for the second quarter of 2026 compared to $4.13 million for the second quarter of 2025 and $4.28 million for first quarter of 2026. Mortgage income continues to benefit from the restructuring of the secondary mortgage department, new mortgage lenders and centralization of mortgage operations this past year and an increase in the volume of mortgage loans originated.
Other noninterest income increased to $5.02 million for the second quarter of 2026 compared to $3.74 million for the second quarter of 2025 and $2.54 million in the linked quarter. In the second quarter of 2026, non-interest income increased $1.17 million over the second quarter of 2025 and $1.68 million from the linked quarter reflecting the increase in the fair market value of the assets held in Company's supplemental executive retirement plan. The plan holds marketable securities, including shares of Company stock. Deferred compensation related to these changes in value is included in salaries and employee benefits expense. Also, during the second quarter of 2026, the Company received life insurance proceeds of approximately $200 thousand for the death of a former employee.

Noninterest expense for the second quarter of 2026 totaled $81.11 million compared to $71.74 million for the second quarter of 2025 and $76.77 million in the linked quarter.

Salary, commissions, and employee benefit costs increased to $49.66 million for the second quarter of 2026, compared to $42.58 million in the second quarter of 2025 and $45.98 million for the linked quarter. The increase for both periods is primarily resulting from annual merit-based and market-driven pay increases that were effective March 1^st and profit sharing and incentive accruals, which are up due to year-over-year earnings growth. Mortgage incentives are also up for both periods due to higher loan volumes. Also, there was a change in deferred compensation expense of $1.17 million from the second quarter of the prior year and $1.68 million from the first quarter of 2026 due to the increase in the supplemental executive retirement plan deferred compensation liability as discussed above.
Noninterest expenses, excluding salary related costs, increased $2.29 million for the second quarter of 2026 compared to the same period in 2025 and $660 thousand compared to the linked quarter, largely due to increases in software amortization and professional fees in both periods and offset by debit card expenses as compared to prior year.

The Company's efficiency ratio was 45.94 percent for the second quarter of 2026 compared to 44.97 percent for the second quarter of 2025 and 44.98 percent for the first quarter of 2026.

As of June 30, 2026, consolidated total assets were $15.31 billion compared to $14.38 billion at June 30, 2025 and $15.39 billion at March 31, 2026. Loans totaled $8.35 billion at June 30, 2026, compared with loans of $8.07 billion at June 30, 2025 and $8.29 billion at March 31, 2026. During the second quarter of 2026, loans grew $61.81 million, or 2.99 percent annualized, when compared to March 31, 2026 balances. Loans have grown $188.66 million, or 4.66 percent annualized, year-to-date. Deposits and Repurchase Agreements totaled $13.17 billion at June 30, 2026, compared to $12.50 billion at June 30, 2025 and $13.31 billion at March 31, 2026. Deposits and Repurchase Agreement balances are down $234.85 million year-to-date primarily due to reduced balances of municipal deposits from year end. Deposits, excluding public funds, increased $149.57 million year-to-date.

Shareholders' equity was $2.00 billion as of June 30, 2026, compared to $1.74 billion and $1.94 billion at June 30, 2025 and March 31, 2026, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $279.67 million at June 30, 2026, compared to unrealized losses of $373.46 million at June 30, 2025 and $290.06 million at March 31, 2026, due to changes in market interest rates during the respective periods.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Wealth Management, with nine locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The Nasdaq Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com.

Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," "project," and "goal." Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

FIRST FINANCIAL BANKSHARES, INC. CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) (In thousands, except share and per share data)

	As of
		2026						2025
ASSETS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Cash and due from banks	$	284,759		$	264,850		$	249,466		$	237,466		$	264,000
Interest-bearing demand deposits in banks		286,973			458,203			826,947			401,580			435,612
Federal funds sold		8,650			14,075			1,575			11,750			8,750
Investment securities		5,675,957			5,668,792			5,514,113			5,260,813			4,886,548
Loans, held-for-investment		8,346,931			8,285,120			8,158,276			8,243,625			8,074,944
Allowance for credit losses		(112,433)			(107,918)			(105,536)			(105,958)			(102,792)
Net loans, held-for-investment		8,234,498			8,177,202			8,052,740			8,137,667			7,972,152
Loans, held-for-sale		23,616			22,984			29,992			26,015			33,233
Premises and equipment, net		155,560			150,989			149,985			149,651			148,999
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		86			128			171			257			343
Other assets		322,857			316,941			308,006			302,848			313,723
Total assets	$	15,306,437		$	15,387,645		$	15,446,476		$	14,841,528		$	14,376,841

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	3,478,755		$	3,385,878		$	3,401,057		$	3,446,262		$	3,439,059
Interest-bearing deposits		9,641,228			9,859,359			9,944,472			9,399,986			9,009,357
Total deposits		13,119,983			13,245,237			13,345,529			12,846,248			12,448,416
Repurchase agreements		53,656			67,946			62,956			50,646			48,026
Borrowings		21,829			22,306			21,680			21,956			22,153
Trade date payable		-			-			-			-			24,965
Other liabilities		114,082			108,305			98,994			92,410			95,929
Shareholders' equity		1,996,887			1,943,851			1,917,317			1,830,268			1,737,352
Total liabilities and shareholders' equity	$	15,306,437		$	15,387,645		$	15,446,476		$	14,841,528		$	14,376,841

	Quarter Ended
		2026						2025
INCOME STATEMENTS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Interest income	$	185,960		$	182,945		$	182,869		$	179,692		$	172,810
Interest expense		49,046			48,154			51,501			52,691			49,080
Net interest income		136,914			134,791			131,368			127,001			123,730
Provision for credit losses		4,183			2,291			(2,486)			24,435			3,132
Net interest income after provision for credit losses		132,731			132,500			133,854			102,566			120,598
Noninterest income		35,844			32,096			33,349			34,264			32,873
Noninterest expense		81,106			76,768			77,650			73,666			71,735
Net income before income taxes		87,469			87,828			89,553			63,164			81,736
Income tax expense		15,575			16,285			16,239			10,897			15,078
Net income	$	71,894		$	71,543		$	73,314		$	52,267		$	66,658

PER COMMON SHARE DATA
Net income - basic	$	0.50		$	0.50		$	0.51		$	0.37		$	0.47
Net income - diluted		0.50			0.50			0.51			0.36			0.47
Cash dividends declared		0.22			0.19			0.19			0.19			0.19
Book value		13.93			13.57			13.39			12.78			12.14
Tangible book value		11.75			11.38			11.20			10.59			9.95
Market value		34.60			29.45			29.87			33.65			35.98
Shares outstanding - end of period		143,319,824			143,279,030			143,213,102			143,188,051			143,077,619
Average outstanding shares - basic		143,280,452			143,210,755			143,180,215			143,105,224			143,023,544
Average outstanding shares - diluted		143,698,421			143,608,079			143,542,801			143,474,169			143,378,505

PERFORMANCE RATIOS
Return on average assets		1.89	%		1.89	%		1.94	%		1.44	%		1.89
Return on average equity		14.70			14.83			15.62			11.85			15.82
Return on average tangible equity		17.49			17.66			18.78			14.44			19.43
Net interest margin (tax equivalent)		3.90			3.86			3.81			3.80			3.81
Efficiency ratio		45.94			44.98			46.10			44.74			44.97

	Six Months Ended
	June 30,
INCOME STATEMENTS		2026			2025
Interest income	$	368,905		$	339,920
Interest expense		97,200			97,401
Net interest income		271,705			242,519
Provision for credit losses		6,474			6,660
Net interest income after provisions for credit losses		265,231			235,859
Noninterest income		67,940			63,103
Noninterest expense		157,874			142,070
Net income before income taxes		175,297			156,892
Income tax expense		31,860			28,888
Net income	$	143,437		$	128,004

PER COMMON SHARE DATA
Net income - basic	$	1.00		$	0.90
Net income - diluted		1.00			0.89
Cash dividends declared		0.41			0.37
Book value		13.93			12.14
Tangible book value		11.75			9.95
Market value	$	34.60		$	35.98
Shares outstanding - end of period		143,319,824			143,077,619
Average outstanding shares - basic		143,245,796			142,986,734
Average outstanding shares - diluted		143,662,250			143,378,720

PERFORMANCE RATIOS
Return on average assets		1.89	%		1.83	%
Return on average equity		14.76			15.48
Return on average tangible equity		17.57			19.07
Net interest margin (tax equivalent)		3.88			3.78
Efficiency ratio		45.47			45.65

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	Quarter Ended
		2026						2025
ALLOWANCE FOR LOAN LOSSES		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Balance at beginning of period	$	107,918		$	105,536		$	105,958		$	102,792		$	101,080
Loans charged-off		(961)			(1,174)			(3,387)			(22,612)			(1,189)
Loan recoveries		1,561			818			2,996			272			469
Net recoveries (charge-offs)		600			(356)			(391)			(22,340)			(720)
Provision for loan losses		3,915			2,738			(31)			25,506			2,432
Balance at end of period	$	112,433		$	107,918		$	105,536		$	105,958		$	102,792

ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	5,940		$	6,387		$	8,842		$	9,914		$	9,214
Provision for unfunded commitments		268			(447)			(2,455)			(1,072)			700
Balance at end of period	$	6,208		$	5,940		$	6,387		$	8,842		$	9,914

Allowance for loan losses /
period-end loans held-for-investment		1.35	%		1.30	%		1.29	%		1.29	%		1.27	%
Allowance for loan losses /
nonperforming loans		174.94			206.16			188.41			187.39			162.60
Net charge-offs (recoveries) / average total loans
(annualized)		(0.03)			0.02			0.02			1.07			0.04

	As of
		2026						2025
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Commercial:
C&I	$	1,087,656		$	1,149,931		$	1,116,461		$	1,174,770		$	1,202,151
Municipal		419,070			384,473			342,501			347,559			306,140
Total Commercial		1,506,726			1,534,404			1,458,962			1,522,329			1,508,291
Agricultural		81,786			77,583			95,776			88,820			86,133
Real Estate:
Construction & Development		1,191,082			1,169,037			1,157,865			1,214,649			1,172,834
Farm		344,483			329,151			327,625			322,710			302,969
Non-Owner Occupied CRE		831,929			825,771			832,816			802,675			746,341
Owner Occupied CRE		1,144,093			1,132,114			1,120,608			1,119,425			1,124,610
Residential		2,322,000			2,322,097			2,285,830			2,308,708			2,286,220
Total Real Estate		5,833,587			5,778,170			5,724,744			5,768,167			5,632,974
Consumer:
Auto		776,433			751,283			732,351			718,501			698,897
Non-Auto		148,399			143,680			146,443			145,808			148,649
Total Consumer		924,832			894,963			878,794			864,309			847,546

Total loans held-for-investment	$	8,346,931		$	8,285,120		$	8,158,276		$	8,243,625		$	8,074,944

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	48,486		$	66,864		$	66,058		$	76,647		$	62,774
Substandard		234,618			222,895			189,548			176,311			194,291
Total classified loans	$	283,104		$	289,759		$	255,606		$	252,958		$	257,065

NONPERFORMING ASSETS
Nonaccrual loans	$	63,310		$	52,129		$	55,121		$	56,394		$	63,142
Accruing loans 90 days past due		958			218			892			151			77
Total nonperforming loans		64,268			52,347			56,013			56,545			63,219
Foreclosed assets		2,770			1,962			479			1,997			489
Total nonperforming assets	$	67,038		$	54,309		$	56,492		$	58,542		$	63,708

As a % of loans held-for-investment and foreclosed assets		0.80	%		0.66	%		0.69	%		0.71	%		0.79	%
As a % of end of period total assets		0.44			0.35			0.37			0.39			0.44

	Quarter Ended
		2026						2025
CAPITAL RATIOS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Common equity Tier 1 capital ratio		20.40	%		20.23	%		19.99	%		19.10	%		19.16	%
Tier 1 capital ratio		20.40			20.23			19.99			19.10			19.16
Total capital ratio		21.62			21.42			21.17			20.29			20.35
Tier 1 leverage ratio		12.88			12.58			12.55			12.34			12.61
Tangible common equity ratio		11.23			10.81			10.60			10.44			10.12
Equity/Assets ratio		13.05			12.63			12.41			12.33			12.08

	Quarter Ended
		2026						2025
NONINTEREST INCOME		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Wealth Management fees	$	13,960		$	13,363		$	13,512		$	12,950		$	12,746
Service charges on deposits		6,263			6,077			6,140			6,447			6,126
Debit card fees		5,584			5,245			5,791			5,333			5,218
Credit card fees		734			651			678			699			707
Gain on sale and fees on mortgage loans		4,679			4,277			4,216			4,375			4,126
Net gain (loss) on sale of foreclosed assets		(19)			(56)			(12)			(122)			200
Net gain (loss) on sale of assets		(374)			-			-			-			6
Other noninterest income		5,017			2,539			3,024			4,582			3,744
Total noninterest income	$	35,844		$	32,096		$	33,349		$	34,264		$	32,873

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	46,216		$	42,959		$	42,409		$	40,681		$	39,834
Profit sharing expense		3,444			3,023			4,819			1,924			2,741
Net occupancy expense		3,728			3,630			3,458			3,545			3,600
Equipment expense		2,169			2,158			2,128			2,395			2,478
FDIC insurance premiums		1,767			1,560			1,695			1,635			1,585
Debit card expense		3,043			3,108			3,265			3,512			3,308
Legal, tax and professional fees		4,159			3,834			3,079			3,332			3,143
Audit fees		441			455			531			536			463
Printing, stationery and supplies		292			623			528			456			473
Amortization of intangible assets		43			43			86			86			86
Advertising, meals and public relations		1,849			1,701			1,923			1,714			1,653
Operational and other losses		801			1,000			1,583			1,957			720
Software amortization and expense		5,053			4,594			4,456			4,280			4,020
Other noninterest expense		8,101			8,080			7,690			7,613			7,631
Total noninterest expense	$	81,106		$	76,768		$	77,650		$	73,666		$	71,735

TAX EQUIVALENT YIELD ADJUSTMENT	$	3,799		$	3,791		$	3,709		$	3,406		$	2,926

	Six Months Ended
	June 30,
NONINTEREST INCOME		2026		2025
Wealth Management fees	$	27,323	$	25,399
Service charges on deposits		12,340		12,302
Debit card fees		10,829		10,185
Credit card fees		1,385		1,284
Gain on sale and fees on mortgage loans		8,955		6,958
Net gain (loss) on sale of foreclosed assets		(75)		165
Net gain (loss) on sale of assets		(374)		6
Other noninterest income		7,557		6,804
Total noninterest income	$	67,940	$	63,103

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	89,175	$	78,991
Profit sharing expense		6,467		5,726
Net occupancy expense		7,359		7,320
Equipment expense		4,328		4,799
FDIC insurance premiums		3,326		3,160
Debit card expense		6,151		6,680
Legal, tax and professional fees		7,993		6,209
Audit fees		896		914
Printing, stationery and supplies		915		955
Amortization of intangible assets		86		181
Advertising, meals and public relations		3,550		3,332
Operational and other losses		1,801		1,260
Software amortization and expense		9,646		7,753
Other noninterest expense		16,181		14,790
Total noninterest expense	$	157,874	$	142,070

TAX EQUIVALENT YIELD ADJUSTMENT	$	7,590	$	5,626

FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands)

	Three Months Ended						Three Months Ended
	June 30, 2026						Mar. 31, 2026
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	4,642	$	43	3.72	%	$	4,565	$	40	3.55	%
Interest-bearing demand deposits in nonaffiliated banks		333,359		3,074	3.70			461,579		4,209	3.70
Taxable securities		4,091,117		33,666	3.29			4,076,690		32,283	3.17
Tax-exempt securities		1,709,709		14,134	3.31			1,726,765		14,184	3.29
Loans		8,317,815		138,841	6.70			8,273,995		136,020	6.67
Total interest-earning assets		14,456,642	$	189,758	5.26	%		14,543,594	$	186,736	5.21	%
Noninterest-earning assets		833,268						821,635
Total assets	$	15,289,910					$	15,365,229
Interest-bearing liabilities:
Deposits	$	9,676,860	$	48,697	2.02	%	$	9,824,362	$	47,851	1.98	%
Repurchase Agreements		60,403		223	1.48			62,849		229	1.48
Borrowings		28,459		125	1.76			22,155		74	1.35
Total interest-bearing liabilities		9,765,722	$	49,045	2.01	%		9,909,366	$	48,154	1.97	%
Noninterest-bearing deposits		3,445,033						3,401,092
Other noninterest-bearing liabilities		116,944						97,986
Shareholders' equity		1,962,211						1,956,785
Total liabilities and shareholders' equity	$	15,289,910					$	15,365,229

Net interest income and margin (tax equivalent)			$	140,713	3.90	%			$	138,582	3.86	%

	Three Months Ended						Three Months Ended
	Dec. 31, 2025						Sept. 30, 2025
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	6,565	$	62	3.75	%	$	10,711	$	130	4.82	%
Interest-bearing demand deposits in nonaffiliated banks		434,445		4,284	3.91			216,739		2,387	4.37
Taxable securities		3,683,108		29,231	3.17			3,560,347		26,539	2.98
Tax-exempt securities		1,712,261		14,144	3.30			1,564,767		12,906	3.30
Loans		8,241,265		138,857	6.68			8,249,113		141,136	6.79
Total interest-earning assets		14,077,644	$	186,578	5.26	%		13,601,677	$	183,098	5.34	%
Noninterest-earning assets		893,739						826,660
Total assets	$	14,971,383					$	14,428,337
Interest-bearing liabilities:
Deposits	$	9,476,716	$	51,207	2.14	%	$	9,051,463	$	52,010	2.28	%
Repurchase Agreements		56,573		219	1.54			50,051		210	1.66
Borrowings		22,113		75	1.35			56,198		471	3.33
Total interest-bearing liabilities		9,555,402	$	51,501	2.14	%		9,157,712	$	52,691	2.28	%
Noninterest-bearing deposits		3,454,171						3,419,378
Other noninterest-bearing liabilities		99,623						101,268
Shareholders' equity		1,862,187						1,749,979
Total liabilities and shareholders' equity	$	14,971,383					$	14,428,337

Net interest income and margin (tax equivalent)			$	135,077	3.81	%			$	130,407	3.80	%

	Three Months Ended
	June 30, 2025
		Average		Tax Equivalent	Yield /
		Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	9,397	$	113	4.84	%
Interest-bearing demand deposits in nonaffiliated banks		379,364		4,191	4.43
Taxable securities		3,470,028		25,242	2.91
Tax-exempt securities		1,433,498		10,811	3.02
Loans		8,045,340		135,378	6.75
Total interest-earning assets		13,337,627	$	175,735	5.28	%
Noninterest-earning assets		826,635
Total assets	$	14,164,262
Interest-bearing liabilities:
Deposits	$	8,923,737	$	48,730	2.19	%
Repurchase Agreements		54,482		221	1.63
Borrowings		26,557		128	1.93
Total interest-bearing liabilities		9,004,776	$	49,079	2.19	%
Noninterest-bearing deposits		3,383,851
Other noninterest-bearing liabilities		85,745
Shareholders' equity		1,689,890
Total liabilities and shareholders' equity	$	14,164,262

Net interest income and margin (tax equivalent)			$	126,656	3.81	%

	Six Months Ended						Six Months Ended
	June 30, 2026						June 30, 2025
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	4,604	$	83	3.64	%	$	8,501	$	203	4.82	%
Interest-bearing deposits in nonaffiliated banks		397,115		7,283	3.70			332,960		7,365	4.46
Taxable securities		4,083,944		65,949	3.23			3,487,932		50,277	2.88
Tax exempt securities		1,718,190		28,319	3.30			1,420,541		20,723	2.92
Loans		8,296,026		274,861	6.68			7,999,398		266,977	6.73
Total interest-earning assets		14,499,879	$	376,495	5.24	%		13,249,332	$	345,545	5.26	%
Noninterest-earning assets		827,502						828,336
Total assets	$	15,327,381					$	14,077,668
Interest-bearing liabilities:
Deposits	$	9,750,203	$	96,548	2.00	%	$	8,903,004	$	96,280	2.18	%
Repurchase Agreements		61,619		452	1.48			54,203		430	1.60
Borrowings		25,324		200	1.59			50,426		690	2.76
Total interest-bearing liabilities		9,837,146	$	97,200	1.99	%		9,007,633	$	97,400	2.18	%
Noninterest-bearing deposits		3,423,184						3,325,170
Other noninterest-bearing liabilities		107,518						77,030
Shareholders' equity		1,959,533						1,667,835
Total liabilities and shareholders' equity	$	15,327,381					$	14,077,668

Net interest income and margin (tax equivalent)			$	279,295	3.88	%			$	248,145	3.78	%