EVANSVILLE, Ind., July 23, 2024 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ:ONB) reports 2Q24 net income applicable to common shares of $117.2 million, diluted EPS of $0.37; $144.1 million and $0.46 on an adjusted1 basis, respectively. CEO COMMENTARY: "Old National's second quarter results exceeded expectations due to better than expected revenue growth and lower expenses," said Chairman and CEO Jim Ryan. "We achieved these outstanding results while also successfully closing on our CapStar Bank partnership and working to complete the associated systems integration. As a result, Old National has meaningfully increased our presence in Nashville, Tenn., while expanding our operations into several other vibrant Southeastern markets."       SECOND QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $117.2 million; adjusted net income applicable to common shares1 of $144.1 million Earnings per diluted common share ("EPS") of $0.37; adjusted EPS1 of $0.46     Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1 of $394.8 million Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.33%, up 5 basis points ("bps")     Operating Performance Pre-provision net revenue1 ("PPNR") of $199.0 million; adjusted PPNR1 of $218.5 million Noninterest expense of $283.0 million; adjusted noninterest expense1 of $263.6 million Efficiency ratio1 of 57.2%; adjusted efficiency ratio1 of 52.6%     Deposits and Funding Period-end total deposits of $40.0 billion, up $2.3 billion; core deposits up $1.7 billion Period-end total deposits up 2.4% annualized excluding CapStar Financial Holdings, Inc. ("CapStar") Granular low-cost deposit franchise; total deposit costs of 216 bps and a cycle to date (2Q22-2Q24) total deposit beta of 41% (interest-bearing deposit beta of 53%)     Loans and Credit Quality End-of-period total loans3 of $36.2 billion, up $2.6 billion End-of-period total loans3 up 5.9% annualized excluding CapStar Provision for credit losses4 ("provision") of $36.2 million; $20.9 million excluding $15.3 million of current expected credit loss ("CECL") Day 1 non-purchased credit deteriorated ("non-PCD") provision expense5 Net charge-offs of $14.0 million, or 16 bps of average loans; 11 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition Return Profile & Capital 30+ day delinquencies of 0.16% and non-performing loans of 0.94% of total loans   Return on average tangible common equity1 of 14.1%; adjusted return on average tangible common equity1 of 17.2%     Notable Items Closing of CapStar partnership on April 1, 2024 $19.4 million of pre-tax merger-related charges $15.3 million of pre-tax CECL Day 1 non-PCD provision expense5 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans through the provision for credit losses     RESULTS OF OPERATIONS2Old National Bancorp ("Old National") reported second quarter 2024 net income applicable to common shares of $117.2 million, or $0.37 per diluted common share. Included in second quarter results were pre-tax charges of $19.4 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. ("CapStar") and $15.3 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $144.1 million, or $0.46 per diluted common share. DEPOSITS AND FUNDINGGrowth in deposits driven by CapStar including seasonal outflows of commercial and retail deposits offset by public fund and brokered deposits increases. Period-end total deposits were $40.0 billion, up $2.3 billion; core deposits up $1.7 billion; includes $2.1 billion of end of period deposits assumed in the CapStar transaction. Excluding deposits assumed in the CapStar transaction, period-end total deposits were up 2.4% annualized. On average, total deposits for the second quarter were $40.1 billion, up $3.0 billion. Granular low-cost deposit franchise; total deposit costs of 216 bps and a cycle to date total deposit beta of 41% (interest-bearing deposit beta of 53%). A loan to deposit ratio of 91%, combined with existing funding sources, provides strong liquidity. LOANSBroad-based disciplined commercial loan growth. Period-end total loans3 were $36.2 billion, up $2.6 billion; includes $2.1 billion of period end loans acquired in the CapStar transaction. Excluding loans acquired in the CapStar transaction, period-end total loans3 were up 5.9% annualized. Total commercial loan production in the second quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion. Average total loans in the second quarter were $36.1 billion, an increase of $2.8 billion. CREDIT QUALITY Strong credit quality continues to be a hallmark of Old National. Provision4 expense was $36.2 million, $20.9 million excluding $15.3 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction, compared to $18.9 million, reflecting net charge-offs and loan growth, as well as economic factors. Net charge-offs were $14.0 million, or 16 bps of average loans compared to net charge-offs of 14 bps of average loans. Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 11 bps. 30+ day delinquencies as a percentage of loans were consistent at 0.16%. Nonaccrual loans as a percentage of total loans were 0.94% compared to 0.98%. Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $190.0 million, of which $119.0 million related to CapStar. The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $392.1 million, or 1.08% of total loans, compared to $346.0 million, or 1.03% of total loans, reflecting $15.3 million of CECL Day 1 non-PCD provision expense related to acquired non-PCD loans and $23.9 million of allowance related to acquired PCD loans. NET INTEREST INCOME AND MARGINHigher net interest income and margin expansion reflective of CapStar. Net interest income on a fully taxable equivalent basis1 increased to $394.8 million compared to $362.7 million, driven by CapStar, loan growth and higher asset yields, partly offset by higher funding costs. Net interest margin on a fully taxable equivalent basis1 increased 5 bps to 3.33%. Accretion income on loans and borrowings was $11.6 million, or 10 bps of net interest margin1, compared to $5.1 million, or 5 bps of net interest margin1. Cost of total deposits was 2.16%, increasing 15 bps and the cost of total interest-bearing deposits increased 16 bps to 2.84%. NONINTEREST INCOMEIncrease driven by CapStar, wealth fees, mortgage fees and capital markets income. Total noninterest income was $87.3 million compared to $77.5 million. CapStar contributed $6.5 million to noninterest income during the quarter. Noninterest income was up 12.6% driven by CapStar revenue as well as higher wealth fees, mortgage fees and capital markets income. NONINTEREST EXPENSEHigher due to CapStar; disciplined expense management. Noninterest expense was $283.0 million and included $19.4 million of merger-related charges. CapStar contributed $17.7 million to noninterest expense during the quarter. Excluding merger-related charges, adjusted noninterest expense was $263.6 million, compared to $243.1 million; higher due primarily to operating costs associated with CapStar as well as technology and professional fees. The efficiency ratio1 was 57.2%, while the adjusted efficiency ratio1 was 52.6% compared to 58.3% and 53.4%, respectively. INCOME TAXES Income tax expense was $35.3 million, resulting in an effective tax rate of 22.5% compared to 21.3%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 25.5% compared to 24.4%. Income tax expense included $3.5 million of tax credit benefit. CAPITALCapital ratios remain strong. Preliminary total risk-based capital down 3 bps to 12.71% and preliminary regulatory Tier 1 capital down 7 bps to 11.33%, as strong retained earnings were more than offset by the CapStar transaction and loan growth. Tangible common equity to tangible assets was 6.94% compared to 6.86%. CAPSTAR TRANSACTIONOn April 1, 2024, Old National completed its acquisition of CapStar, and its wholly-owned subsidiary, CapStar Bank. This partnership strengthens Old National's Nashville, Tennessee presence and adds several new high-growth markets. At closing, CapStar had approximately $3.1 billion of total assets, $2.1 billion of total loans, and $2.6 billion of deposits. The consideration paid totaled $417.6 million and consisted of 24.0 million shares of Old National common stock. All system conversions related to the transaction were completed in early July of 2024. CONFERENCE CALL AND WEBCASTOld National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 23, 2024, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 2973663. A replay of the call will also be available from approximately noon Central Time on July 23, 2024 through August 6, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 2973663. ABOUT OLD NATIONALOld National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States. USE OF NON-GAAP FINANCIAL MEASURESThe Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release. The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD provision expense, debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location ("Louisville expenses"), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes. Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes pre-provision net revenues, adjusted may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes. The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company's underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes. The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity. Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein. FORWARD-LOOKING STATEMENTS This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National's financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the "Merger") between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication. CONTACTS:   Media: Kathy Schoettlin Investors: Lynell Durchholz (812) 465-7269 (812) 464-1366                     Financial Highlights (unaudited) ($ and shares in thousands, except per share data)                     Three Months Ended   Six Months Ended   June 30, March 31, December 31, September 30, June 30,   June 30, June 30,     2024     2024     2023     2023     2023       2024     2023   Income Statement                 Net interest income $ 388,421   $ 356,458   $ 364,408   $ 375,086   $ 382,171     $ 744,879   $ 763,659   FTE adjustment1,3   6,340     6,253     6,100     5,837     5,825       12,593     11,491   Net interest income - tax equivalent basis3   394,761     362,711     370,508     380,923     387,996       757,472     775,150   Provision for credit losses   36,214     18,891     11,595     19,068     14,787       55,105     28,224   Noninterest income   87,271     77,522     100,094     80,938     81,629       164,793     152,310   Noninterest expense   282,999     262,317     284,235     244,776     246,584       545,316     497,295   Net income available to common shareholders $ 117,196   $ 116,250   $ 128,446   $ 143,842   $ 151,003     $ 233,446   $ 293,569   Per Common Share Data                 Weighted average diluted shares   316,461     292,207     292,029     291,717     291,266       304,207     291,870   EPS, diluted $ 0.37   $ 0.40   $ 0.44   $ 0.49   $ 0.52     $ 0.77   $ 1.01   Cash dividends   0.14     0.14     0.14     0.14     0.14       0.28     0.28   Dividend payout ratio2   38 %   35 %   32 %   29 %   27 %     36 %   28 % Book value $ 18.28   $ 18.24   $ 18.18   $ 17.07   $ 17.25     $ 18.28   $ 17.25   Stock price   17.19     17.41     16.89     14.54     13.94       17.19     13.94   Tangible book value3   11.05     11.10     11.00     9.87     10.03       11.05     10.03   Performance Ratios                 ROAA   0.92 %   0.98 %   1.09 %   1.22 %   1.29 %     0.95 %   1.27 % ROAE   8.2 %   8.7 %   10.2 %   11.4 %   12.0 %     8.4 %   11.8 % ROATCE3   14.1 %   14.9 %   18.1 %   20.2 %   21.4 %     14.5 %   21.2 % NIM (FTE)   3.33 %   3.28 %   3.39 %   3.49 %   3.60 %     3.31 %   3.65 % Efficiency ratio3   57.2 %   58.3 %   59.0 %   51.7 %   51.2 %     57.7 %   52.0 % NCOs to average loans   0.16 %   0.14 %   0.12 %   0.24 %   0.13 %     0.15 %   0.17 % ACL on loans to EOP loans   1.01 %   0.95 %   0.93 %   0.93 %   0.93 %     1.01 %   0.93 % ACL4 to EOP loans   1.08 %   1.03 %   1.03 %   1.03 %   1.04 %     1.08 %   1.04 % NPLs to EOP loans   0.94 %   0.98 %   0.83 %   0.80 %   0.91 %     0.94 %   0.91 % Balance Sheet (EOP)                 Total loans $ 36,150,513   $ 33,623,319   $ 32,991,927   $ 32,577,834   $ 32,432,473     $ 36,150,513   $ 32,432,473   Total assets   53,119,645     49,534,918     49,089,836     49,059,448     48,496,755       53,119,645     48,496,755   Total deposits   39,999,228     37,699,418     37,235,180     37,252,676     36,231,315       39,999,228     36,231,315   Total borrowed funds   6,085,204     5,331,161     5,331,147     5,556,010     6,034,008       6,085,204     6,034,008   Total shareholders' equity   6,075,072     5,595,408     5,562,900     5,239,537     5,292,095       6,075,072     5,292,095   Capital Ratios                 Risk-based capital ratios (EOP):                 Tier 1 common equity   10.73 %   10.76 %   10.70 %   10.41 %   10.14 %     10.73 %   10.14 % Tier 1 capital   11.33 %   11.40 %   11.35 %   11.06 %   10.79 %     11.33 %   10.79 % Total capital   12.71 %   12.74 %   12.64 %   12.32 %   12.14 %     12.71 %   12.14 % Leverage ratio (average assets)   8.90 %   8.96 %   8.83 %   8.70 %   8.59 %     8.90 %   8.59 % Equity to assets (averages)3   11.31 %   11.32 %   10.81 %   10.88 %   10.96 %     11.31 %   10.98 % TCE to TA3   6.94 %   6.86 %   6.85 %   6.15 %   6.33 %     6.94 %   6.33 % Nonfinancial Data                 Full-time equivalent employees   4,267     3,955     3,940     3,981     4,021       4,267     4,021   Banking centers   280     258     258     257     256       280     256   1 Calculated using the federal statutory tax rate in effect of 21% for all periods.      2 Cash dividends per common share divided by net income per common share (basic).      3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.  June 30, 2024 capital ratios are preliminary. 4 Includes the allowance for credit losses on loans and unfunded loan commitments.                        FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets                   Income Statement (unaudited) ($ and shares in thousands, except per share data)   Three Months Ended   Six Months Ended   June 30, March 31, December 31, September 30, June 30,   June 30, June 30,     2024     2024     2023     2023     2023       2024     2023   Interest income $ 663,663   $ 595,981   $ 589,751   $ 576,519   $ 544,902     $ 1,259,644   $ 1,040,551   Less: interest expense   275,242     239,523     225,343     201,433     162,731       514,765     276,892   Net interest income   388,421     356,458     364,408     375,086     382,171       744,879     763,659   Provision for credit losses   36,214     18,891     11,595     19,068     14,787       55,105     28,224   Net interest income after provision for credit losses   352,207     337,567     352,813     356,018     367,384       689,774     735,435   Wealth and investment services fees   29,358     28,304     27,656     26,687     26,521       57,662     53,441   Service charges on deposit accounts   19,350     17,898     18,667     18,524     17,751       37,248     34,754   Debit card and ATM fees   10,993     10,054     10,700     10,818     10,653       21,047     20,635   Mortgage banking revenue   7,064     4,478     3,691     5,063     4,165       11,542     7,565   Capital markets income   4,729     2,900     5,416     5,891     6,173       7,629     13,112   Company-owned life insurance   5,739     3,434     3,773     3,740     4,698       9,173     7,884   Gain on sale of Visa Class B restricted shares   —     —     21,635     —     —       —     —   Other income   10,036     10,470     9,381     10,456     11,651       20,506     20,118   Debt securities gains (losses), net   2     (16 )   (825 )   (241 )   17       (14 )   (5,199 ) Total noninterest income   87,271     77,522     100,094     80,938     81,629       164,793     152,310   Salaries and employee benefits   159,193     149,803     141,649     131,541     135,810       308,996     273,174   Occupancy   26,547     27,019     26,514     25,795     26,085       53,566     54,367   Equipment   8,704     8,671     8,769     8,284     7,721       17,375     15,110   Marketing   11,284     10,634     10,813     9,448     9,833       21,918     19,250   Technology   24,002     20,023     20,493     20,592     20,056       44,025     39,258   Communication   4,480     4,000     4,212     4,075     4,232       8,480     8,693   Professional fees   10,552     6,406     8,250     5,956     6,397       16,958     13,129   FDIC assessment   9,676     11,313     27,702     9,000     9,624       20,989     20,028   Amortization of intangibles   7,425     5,455     5,869     6,040     6,060       12,880     12,246   Amortization of tax credit investments   2,747     2,749     7,200     2,644     2,762       5,496     5,523   Other expense   18,389     16,244     22,764     21,401     18,004       34,633     36,517   Total noninterest expense   282,999     262,317     284,235     244,776     246,584       545,316     497,295   Income before income taxes   156,479     152,772     168,672     192,180     202,429       309,251     390,450   Income tax expense   35,250     32,488     36,192     44,304     47,393       67,738     88,814   Net income $ 121,229   $ 120,284   $ 132,480   $ 147,876   $ 155,036     $ 241,513   $ 301,636   Preferred dividends   (4,033 )   (4,034 )   (4,034 )   (4,034 )   (4,033 )     (8,067 )   (8,067 ) Net income applicable to common shares $ 117,196   $ 116,250   $ 128,446   $ 143,842   $ 151,003     $ 233,446   $ 293,569                     EPS, diluted $ 0.37   $ 0.40   $ 0.44   $ 0.49   $ 0.52     $ 0.77   $ 1.01   Weighted Average Common Shares Outstanding                 Basic   315,585     290,980     290,701     290,648     290,559       303,283     290,822   Diluted   316,461     292,207     292,029     291,717     291,266       304,207     291,870   Common shares outstanding (EOP)   318,969     293,330     292,655     292,586     292,597       318,969     292,597                       End of Period Balance Sheet (unaudited) ($ in thousands)   June 30, March 31, December 31, September 30, June 30,     2024     2024     2023     2023     2023   Assets           Cash and due from banks $ 428,665   $ 350,990   $ 430,866   $ 381,343   $ 473,023   Money market and other interest-earning investments   804,381     588,509     744,192     1,282,087     724,863   Investments:           Treasury and government-sponsored agencies   2,207,004     2,243,754     2,453,950     2,515,249     2,309,285   Mortgage-backed securities   5,890,371     5,566,881     5,245,691     4,906,290     5,168,458   States and political subdivisions   1,678,597     1,672,061     1,693,819     1,705,200     1,760,725   Other securities   775,623     760,847     779,048     751,404     802,323   Total investments   10,551,595     10,243,543     10,172,508     9,878,143     10,040,791   Loans held-for-sale, at fair value   66,126     19,418     32,006     122,033     114,369   Loans:           Commercial   10,332,631     9,648,269     9,512,230     9,333,448     9,698,241   Commercial and agriculture real estate   16,016,958     14,653,958     14,140,629     13,916,221     13,450,209   Residential real estate   6,894,957     6,661,379     6,699,443     6,696,288     6,684,480   Consumer   2,905,967     2,659,713     2,639,625     2,631,877     2,599,543   Total loans   36,150,513     33,623,319     32,991,927     32,577,834     32,432,473   Allowance for credit losses on loans   (366,335 )   (319,713 )   (307,610 )   (303,982 )   (300,555 ) Premises and equipment, net   601,945     564,007     565,396     565,607     564,299   Goodwill and other intangible assets   2,306,204     2,095,511     2,100,966     2,106,835     2,112,875   Company-owned life insurance   862,032     767,423     767,902     774,517     771,753   Accrued interest receivable and other assets   1,714,519     1,601,911     1,591,683     1,675,031     1,562,864   Total assets $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448   $ 48,496,755               Liabilities and Equity           Noninterest-bearing demand deposits $ 9,336,042   $ 9,257,709   $