TUPELO, Miss., July 28, 2026 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the "Company") today announced earnings results for the second quarter of 2026.
(Dollars in thousands, except earnings per share) | Three Months Ended | Six Months Ended | |||||||||||
Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||
Net income and Earnings per share: | |||||||||||||
Net income | $ | 87,091 | $ | 88,228 | $ | 1,018 | $ | 175,319 | $ | 42,536 | |||
Merger and conversion related expenses (net of tax) | — | — | (15,935 | ) | — | (16,527 | ) | ||||||
Day 1 acquisition provision (net of tax) | — | — | (50,026 | ) | — | (50,026 | ) | ||||||
Basic EPS | 0.95 | 0.94 | 0.01 | 1.89 | 0.54 | ||||||||
Diluted EPS | 0.94 | 0.94 | 0.01 | 1.88 | 0.53 | ||||||||
Adjusted diluted EPS (non-GAAP)(1) | 0.94 | 0.93 | 0.69 | 1.88 | 1.36 | ||||||||
Impact to diluted EPS from merger and conversion related expenses (net of tax) | — | — | (0.17 | ) | — | (0.21 | ) | ||||||
Impact to diluted EPS from Day 1 acquisition provision (net of tax) | — | — | (0.53 | ) | — | (0.63 | ) | ||||||
"Second quarter results were strong, and together with the first quarter, we have six months of financial performance that is well ahead of last year's levels. We believe our team is operating at a high level and has positioned us to continue producing strong profitability as we pursue opportunities for added growth throughout our footprint," remarked Kevin D. Chapman, President and Chief Executive Officer of the Company.
Quarterly Highlights
Earnings
Net income for the second quarter of 2026 was $87.1 million; both diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $0.94
Net interest income, on a fully tax equivalent basis, for the second quarter of 2026 was $227.7 million, down $0.8 million linked quarter
Net interest margin, on fully tax equivalent basis, for the second quarter of 2026 was 3.83%, down 4 basis points linked quarter. Adjusted net interest margin (non-GAAP)(1) was flat at 3.61%
Cost of total deposits was 1.96% for the second quarter of 2026, up 2 basis points linked quarter
Noninterest income increased $0.9 million linked quarter
Mortgage banking income decreased $0.3 million linked quarter. The mortgage division generated $611.6 million in interest rate lock volume in the second quarter of 2026, up $69.3 million linked quarter. Gain on sale margin was 1.57% for the second quarter of 2026, down 28 basis points linked quarter
Noninterest expense increased $6.2 million linked quarter, driven primarily by deferred compensation accruals tied to market valuations, higher health insurance claims and annual merit increases
Balance Sheet
Loans increased $220.9 million linked quarter, representing a 4.7% annualized net loan increase. Included in this increase is a $58.3 million loan portfolio that Renasant Bank's subsidiary, Republic Business Credit, acquired during the quarter
Securities increased $9.3 million linked quarter. The Company purchased $162.4 million in securities during the second quarter, which was offset by a negative fair market value adjustment in the Company's available-for-sale portfolio of $9.2 million and cash flows related to principal payments, calls and maturities of $146.5 million
Deposits at June 30, 2026 decreased $398.4 million linked quarter. Seasonal outflows in public fund deposits accounted for $367.7 million of the decrease. Noninterest bearing deposits decreased $145.4 million linked quarter and represented 23.2% of total deposits at June 30, 2026 as compared to 23.5% at March 31, 2026
Capital and Stock Repurchase Program
Book value per share and tangible book value per share (non-GAAP)(1) increased 1.7% and 1.4%, respectively, linked quarter
Effective April 28, 2026, the Company's quarterly cash dividend was increased to $0.24 per share
The Company has a $250.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately negotiated transactions. The program will remain in effect until the earlier of October 2026 or the repurchase of the entire amount authorized under the plan. During the second quarter of 2026, the Company repurchased $60.0 million of common stock at a weighted average price of $39.54. As of June 30, 2026, $101.8 million in repurchase authorization remained available under the program
On May 7, 2026, the Company completed a subordinated debt offering, issuing $300.0 million aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036
Credit Quality
The Company recorded a provision for credit losses on loans and unfunded commitments of $1.2 million and $2.6 million, respectively, for the second quarter of 2026, representing a decrease of $3.1 million and $1.2 million, respectively, linked quarter
The ratio of the allowance for credit losses on loans to total loans was 1.54% at June 30, 2026, down 2 basis points linked quarter
The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 158.73% at June 30, 2026, compared to 147.71% at March 31, 2026
Net loan charge-offs for the second quarter of 2026 were $2.8 million, or 0.06% annualized
Nonperforming loans to total loans decreased to 0.97% at June 30, 2026 compared to 1.06% at March 31, 2026 , and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.66% at June 30, 2026, compared to 2.77% at March 31, 2026
(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
Income Statement
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | |||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||
Interest income | |||||||||||||||
Loans held for investment | $ | 296,346 | $ | 295,397 | $ | 305,604 | $ | 308,110 | $ | 301,794 | $ | 591,743 | $ | 498,360 | |
Loans held for sale | 3,329 | 2,876 | 3,617 | 4,675 | 4,639 | 6,205 | 7,647 | ||||||||
Securities | 35,660 | 32,266 | 30,232 | 30,217 | 28,408 | 67,926 | 40,525 | ||||||||
Other | 5,105 | 7,581 | 7,480 | 8,096 | 9,057 | 12,686 | 17,696 | ||||||||
Total interest income | 340,440 | 338,120 | 346,933 | 351,098 | 343,898 | 678,560 | 564,228 | ||||||||
Interest expense | |||||||||||||||
Deposits | 106,398 | 103,860 | 105,673 | 115,573 | 111,921 | 210,258 | 191,307 | ||||||||
Borrowings | 11,288 | 10,701 | 13,867 | 12,005 | 13,118 | 21,989 | 19,865 | ||||||||
Total interest expense | 117,686 | 114,561 | 119,540 | 127,578 | 125,039 | 232,247 | 211,172 | ||||||||
Net interest income | 222,754 | 223,559 | 227,393 | 223,520 | 218,859 | 446,313 | 353,056 | ||||||||
Provision for credit losses | |||||||||||||||
Provision for loan losses | 1,166 | 4,224 | 5,473 | 9,650 | 75,400 | 5,390 | 77,450 | ||||||||
Provision for unfunded commitments | 2,633 | 3,856 | 5,462 | 800 | 5,922 | 6,489 | 8,622 | ||||||||
Total provision for credit losses | 3,799 | 8,080 | 10,935 | 10,450 | 81,322 | 11,879 | 86,072 | ||||||||
Net interest income after provision for credit losses | 218,955 | 215,479 | 216,458 | 213,070 | 137,537 | 434,434 | 266,984 | ||||||||
Noninterest income | 51,190 | 50,272 | 51,125 | 46,026 | 48,334 | 101,462 | 84,729 | ||||||||
Noninterest expense | 161,501 | 155,328 | 170,750 | 183,830 | 183,204 | 316,829 | 297,080 | ||||||||
Income before income taxes | 108,644 | 110,423 | 96,833 | 75,266 | 2,667 | 219,067 | 54,633 | ||||||||
Income taxes | 21,553 | 22,195 | 17,885 | 15,478 | 1,649 | 43,748 | 12,097 | ||||||||
Net income | $ | 87,091 | $ | 88,228 | $ | 78,948 | $ | 59,788 | $ | 1,018 | $ | 175,319 | $ | 42,536 | |
Adjusted net income (non-GAAP)(1) | $ | 87,091 | $ | 88,071 | $ | 86,879 | $ | 72,917 | $ | 65,877 | $ | 175,162 | $ | 107,987 | |
Adjusted pre-provision net revenue ("PPNR") (non-GAAP)(1) | $ | 112,443 | $ | 118,294 | $ | 118,335 | $ | 103,210 | $ | 103,001 | $ | 230,737 | $ | 160,508 | |
Basic earnings per share | $ | 0.95 | $ | 0.94 | $ | 0.84 | $ | 0.63 | $ | 0.01 | $ | 1.89 | $ | 0.54 | |
Diluted earnings per share | 0.94 | 0.94 | 0.83 | 0.63 | 0.01 | 1.88 | 0.53 | ||||||||
Adjusted diluted earnings per share (non-GAAP)(1) | 0.94 | 0.93 | 0.91 | 0.77 | 0.69 | 1.88 | 1.36 | ||||||||
Average basic shares outstanding | 91,650,415 | 93,693,615 | 94,469,544 | 94,623,551 | 94,580,927 | 92,666,370 | 79,209,073 | ||||||||
Average diluted shares outstanding | 92,220,282 | 94,228,343 | 95,172,380 | 95,284,603 | 95,136,160 | 93,219,350 | 79,671,775 | ||||||||
Cash dividends per common share | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.22 | $ | 0.22 | $ | 0.47 | $ | 0.44 | |
(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
Performance Ratios
Three Months Ended | Six Months Ended | ||||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||
Return on average assets | 1.30 | % | 1.33 | % | 1.17 | % | 0.90 | % | 0.02 | % | 1.32 | % | 0.39 | % | |
Adjusted return on average assets (non-GAAP)(1) | 1.30 | 1.33 | 1.29 | 1.09 | 1.01 | 1.32 | 0.98 | ||||||||
Return on average tangible assets (non-GAAP)(1) | 1.48 | 1.51 | 1.35 | 1.06 | 0.13 | 1.50 | 0.48 | ||||||||
Adjusted return on average tangible assets (non-GAAP)(1) | 1.48 | 1.51 | 1.47 | 1.27 | 1.18 | 1.50 | 1.12 | ||||||||
Return on average equity | 9.07 | 9.20 | 8.14 | 6.25 | 0.11 | 9.14 | 2.66 | ||||||||
Adjusted return on average equity (non-GAAP)(1) | 9.07 | 9.19 | 8.95 | 7.62 | 7.06 | 9.13 | 6.76 | ||||||||
Return on average tangible equity (non-GAAP)(1) | 16.25 | 16.36 | 14.80 | 11.87 | 1.43 | 16.30 | 5.24 | ||||||||
Adjusted return on average tangible equity (non-GAAP)(1) | 16.25 | 16.33 | 16.18 | 14.22 | 13.50 | 16.29 | 12.10 | ||||||||
Efficiency ratio (fully taxable equivalent) | 57.92 | 55.73 | 60.23 | 67.05 | 67.59 | 56.83 | 66.78 | ||||||||
Adjusted efficiency ratio (non-GAAP)(1) | 54.92 | 52.82 | 53.52 | 57.51 | 57.07 | 53.87 | 59.95 | ||||||||
Dividend payout ratio | 25.26 | 24.47 | 27.38 | 34.92 | 2200.00 | 24.87 | 81.48 | ||||||||
Capital and Balance Sheet Ratios
As of | |||||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||
Shares outstanding | 91,403,230 | 92,881,329 | 94,636,207 | 95,020,881 | 95,019,311 | ||||||||||
Market value per share | $ | 42.54 | $ | 36.13 | $ | 35.22 | $ | 36.89 | $ | 35.93 | |||||
Book value per share | 42.35 | 41.63 | 41.05 | 40.26 | 39.77 | ||||||||||
Tangible book value per share (non-GAAP)(1) | 25.34 | 25.00 | 24.65 | 23.77 | 23.10 | ||||||||||
Shareholders' equity to assets | 14.34 | % | 14.27 | % | 14.52 | % | 14.31 | % | 14.19 | % | |||||
Tangible common equity ratio (non-GAAP)(1) | 9.10 | 9.08 | 9.26 | 8.98 | 8.77 | ||||||||||
Leverage ratio(2) | 9.55 | 9.54 | 9.61 | 9.46 | 9.36 | ||||||||||
Common equity tier 1 capital ratio(2) | 11.06 | 11.22 | 11.24 | 11.04 | 11.08 | ||||||||||
Tier 1 risk-based capital ratio(2) | 11.06 | 11.22 | 11.24 | 11.04 | 11.08 | ||||||||||
Total risk-based capital ratio(2) | 15.94 | 14.77 | 14.78 | 14.88 | 14.97 | ||||||||||
(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
(2) Preliminary
Noninterest Income and Noninterest Expense
(Dollars in thousands) | Three Months Ended | Six Months Ended | |||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | $ | 14,516 | $ | 14,740 | $ | 14,535 | $ | 13,416 | $ | 13,618 | $ | 29,256 | $ | 23,982 | |
Fees and commissions | 5,471 | 4,654 | 5,192 | 4,167 | 6,650 | 10,125 | 10,437 | ||||||||
Wealth management revenue | 9,073 | 8,678 | 8,572 | 8,217 | 7,345 | 17,751 | 14,412 | ||||||||
Mortgage banking income | 9,178 | 9,435 | 8,924 | 9,017 | 11,263 | 18,613 | 19,410 | ||||||||
BOLI income | 4,608 | 3,689 | 3,697 | 4,235 | 3,383 | 8,297 | 6,312 | ||||||||
Other | 8,344 | 9,076 | 10,205 | 6,974 | 6,075 | 17,420 | 10,176 | ||||||||
Total noninterest income | $ | 51,190 | $ | 50,272 | $ | 51,125 | $ | 46,026 | $ | 48,334 | $ | 101,462 | $ | 84,729 | |
Noninterest expense | |||||||||||||||
Salaries and employee benefits | $ | 96,228 | $ | 91,749 | $ | 98,082 | $ | 98,982 | $ | 99,542 | $ | 187,977 | $ | 171,499 | |
Data processing | 5,037 | 5,221 | 5,636 | 5,541 | 5,438 | 10,258 | 9,527 | ||||||||
Net occupancy and equipment | 18,018 | 18,031 | 16,123 | 18,415 | 17,359 | 36,049 | 29,113 | ||||||||
Other real estate owned | 453 | 1,399 | 481 | 328 | 157 | 1,852 | 842 | ||||||||
Professional fees | 4,518 | 4,402 | 4,327 | 3,435 | 4,223 | 8,920 | 7,107 | ||||||||
Advertising and public relations | 4,677 | 4,599 | 4,314 | 5,254 | 4,490 | 9,276 | 8,787 | ||||||||
Intangible amortization | 8,370 | 8,220 | 8,465 | 8,674 | 8,884 | 16,590 | 9,964 | ||||||||
Communications | 3,566 | 4,009 | 4,493 | 3,955 | 3,184 | 7,575 | 5,217 | ||||||||
Merger and conversion related expenses | — | — | 10,567 | 17,494 | 20,479 | — | 21,270 | ||||||||
Other | 20,634 | 17,698 | 18,262 | 21,752 | 19,448 | 38,332 | 33,754 | ||||||||
Total noninterest expense | $ | 161,501 | $ | 155,328 | $ | 170,750 | $ | 183,830 | $ | 183,204 | $ | 316,829 | $ | 297,080 | |
Mortgage Banking Income
(Dollars in thousands) | Three Months Ended | Six Months Ended | |||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||
Gain on sales of loans, net(1) | $ | 4,760 | $ | 5,305 | $ | 5,243 | $ | 5,270 | $ | 5,316 | $ | 10,065 | $ | 9,816 | |
Fees, net | 3,470 | 2,842 | 2,970 | 3,050 | 3,740 | 6,312 | 6,057 | ||||||||
Mortgage servicing income, net | 948 | 1,288 | 711 | 697 | 2,207 | 2,236 | 3,537 | ||||||||
Total mortgage banking income | $ | 9,178 | $ | 9,435 | $ | 8,924 | $ | 9,017 | $ | 11,263 | $ | 18,613 | $ | 19,410 | |
(1) Gain on sales of loans, net includes pipeline fair value adjustments
Balance Sheet
(Dollars in thousands) | As of | ||||||||||||||
Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 881,203 | $ | 1,216,980 | $ | 1,070,718 | $ | 1,083,785 | $ | 1,378,612 | |||||
Securities held to maturity, at amortized cost | 983,032 | 1,006,511 | 1,030,073 | 1,051,884 | 1,076,817 | ||||||||||
Securities available for sale, at fair value | 2,842,424 | 2,809,647 | 2,560,818 | 2,512,650 | 2,471,487 | ||||||||||
Loans held for sale, at fair value | 241,588 | 230,980 | 265,959 | 286,779 | 356,791 | ||||||||||
Loans held for investment | 19,196,172 | 18,975,248 | 19,047,039 | 19,025,521 | 18,563,447 | ||||||||||
Allowance for credit losses on loans | (296,008 | ) | (295,862 | ) | (293,955 | ) | (297,591 | ) | (290,770 | ) | |||||
Loans, net | 18,900,164 | 18,679,386 | 18,753,084 | 18,727,930 | 18,272,677 | ||||||||||
Premises and equipment, net | 464,020 | 463,723 | 465,141 | 471,213 | 465,100 | ||||||||||
Other real estate owned | 15,571 | 12,954 | 15,191 | 10,578 | 11,750 | ||||||||||
Goodwill | 1,417,538 | 1,406,667 | 1,405,840 | 1,411,711 | 1,419,782 | ||||||||||
Other intangibles | 138,022 | 138,392 | 146,612 | 155,077 | 163,751 | ||||||||||
Bank-owned life insurance | 495,235 | 494,874 | 492,541 | 488,920 | 486,613 | ||||||||||
Mortgage servicing rights | 65,816 | 64,850 | 65,271 | 65,466 | 64,539 | ||||||||||
Other assets | 560,386 | 582,310 | 480,178 | 460,172 | 457,056 | ||||||||||
Total assets | $ | 27,004,999 | $ | 27,107,274 | $ | 26,751,426 | $ | 26,726,165 | $ | 26,624,975 | |||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing | $ | 5,038,070 | $ | 5,183,426 | $ | 5,043,960 | $ | 5,238,431 | $ | 5,356,153 | |||||
Interest-bearing | 16,662,982 | 16,916,058 | 16,429,110 | 16,186,124 | 16,226,484 | ||||||||||
Total deposits | 21,701,052 | 22,099,484 | 21,473,070 | 21,424,555 | 21,582,637 | ||||||||||
Short-term borrowings | 315,225 | 305,863 | 555,774 | 606,063 | 405,349 | ||||||||||
Long-term debt | 796,469 | 500,342 | 499,756 | 558,878 | 556,976 | ||||||||||
Other liabilities | 320,875 | 334,667 | 337,921 | 310,891 | 301,159 | ||||||||||
Total liabilities | $ | 23,133,621 | $ | 23,240,356 | $ | 22,866,521 | $ | 22,900,387 | $ | 22,846,121 | |||||
Shareholders' equity: | |||||||||||||||
Common stock | 488,612 | 488,612 | 488,612 | 488,612 | 488,612 | ||||||||||
Treasury stock | (232,402 | ) | (173,835 | ) | (103,494 | ) | (90,297 | ) | (90,248 | ) | |||||
Additional paid-in capital | 2,390,839 | 2,388,649 | 2,392,997 | 2,389,033 | 2,393,566 | ||||||||||
Retained earnings | 1,327,997 | 1,263,116 | 1,196,522 | 1,139,600 | 1,100,965 | ||||||||||
Accumulated other comprehensive loss | (103,668 | ) | (99,624 | ) | (89,732 | ) | (101,170 | ) | (114,041 | ) | |||||
Total shareholders' equity | 3,871,378 | 3,866,918 | 3,884,905 | 3,825,778 | 3,778,854 | ||||||||||
Total liabilities and shareholders' equity | $ | 27,004,999 | $ | 27,107,274 | $ | 26,751,426 | $ | 26,726,165 | $ | 26,624,975 | |||||
Net Interest Income and Net Interest Margin
(Dollars in thousands) | Three Months Ended | |||||||||||||||||
June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||||||||||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | Average | Interest | Yield/ | ||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans held for investment | $ | 19,060,083 | $ | 300,112 | 6.31 | % | $ | 19,035,115 | $ | 299,125 | 6.37 | % | $ | 18,448,000 | $ | 304,834 | 6.63 | % |
Loans held for sale | 223,489 | 3,329 | 5.96 | % | 211,507 | 2,876 | 5.44 | % | 287,855 | 4,639 | 6.45 | % | ||||||
Taxable securities | 3,472,422 | 29,691 | 3.42 | % | 3,380,880 | 28,861 | 3.41 | % | 3,106,565 | 24,917 | 3.21 | % | ||||||
Tax-exempt securities | 445,249 | 7,106 | 6.38 | % | 432,789 | 4,542 | 4.20 | % | 462,732 | 4,309 | 3.72 | % | ||||||
Total securities | 3,917,671 | 36,797 | 3.76 | % | 3,813,669 | 33,403 | 3.50 | % | 3,569,297 | 29,226 | 3.28 | % | ||||||
Interest-bearing balances with banks | 600,075 | 5,105 | 3.41 | % | 823,706 | 7,581 | 3.73 | % | 901,803 | 9,057 | 4.03 | % | ||||||
Total interest-earning assets | 23,801,318 | 345,343 | 5.82 | % | 23,883,997 | 342,985 | 5.81 | % | 23,206,955 | 347,756 | 6.01 | % | ||||||
Cash and due from banks | 264,246 | 290,611 | 357,338 | |||||||||||||||
Intangible assets | 1,546,924 | 1,548,244 | 1,589,490 | |||||||||||||||
Other assets | 1,187,805 | 1,132,508 | 1,029,082 | |||||||||||||||
Total assets | $ | 26,800,293 | $ | 26,855,360 | $ | 26,182,865 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing demand(2) | $ | 11,647,640 | $ | 72,261 | 2.49 | % | $ | 11,741,333 | $ | 72,025 | 2.49 | % | $ | 11,191,443 | $ | 76,542 | 2.74 | % |
Savings deposits | 1,307,314 | 944 | 0.29 | % | 1,289,327 | 876 | 0.28 | % | 1,322,007 | 1,032 | 0.31 | % | ||||||
Time deposits | 3,760,192 | 33,193 | 3.54 | % | 3,583,946 | 30,959 | 3.50 | % | 3,404,482 | 34,347 | 4.05 | % | ||||||
Total interest-bearing deposits | 16,715,146 | 106,398 | 2.55 | % | 16,614,606 | 103,860 | 2.54 | % | 15,917,932 | 111,921 | 2.82 | % | ||||||
Borrowed funds | 891,081 | 11,288 | 5.07 | % | 973,114 | 10,701 | 4.44 | % | 1,036,045 | 13,118 | 5.07 | % | ||||||
Total interest-bearing liabilities | 17,606,227 | 117,686 | 2.68 | % | 17,587,720 | 114,561 | 2.64 | % | 16,953,977 | 125,039 | 2.96 | % | ||||||
Noninterest-bearing deposits | 5,038,879 | 5,088,817 | 5,233,976 | |||||||||||||||
Other liabilities | 303,586 | 290,242 | 249,861 | |||||||||||||||
Shareholders' equity | 3,851,601 | 3,888,581 | 3,745,051 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 26,800,293 | $ | 26,855,360 | $ | 26,182,865 | ||||||||||||
Net interest income/ net interest margin (FTE) | $ | 227,657 | 3.83 | % | $ | 228,424 | 3.87 | % | $ | 222,717 | 3.85 | % | ||||||
Cost of funding | 2.08 | % | 2.05 | % | 2.26 | % | ||||||||||||
Cost of total deposits | 1.96 | % | 1.94 | % | 2.12 | % | ||||||||||||
(1) Interest income and weighted average yields on tax-exempt loans and securities have been computed on a fully tax equivalent basis assuming a federal tax rate of 21%.
(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
Net Interest Income and Net Interest Margin, continued
(Dollars in thousands) | Six Months Ended | |||||||||||
June 30, 2026 | June 30, 2025 | |||||||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||||||
Interest-earning assets: | ||||||||||||
Loans held for investment | $ | 19,047,668 | $ | 599,237 | 6.34 | % | $ | 15,722,576 | $ | 504,338 | 6.47 | % |
Loans held for sale | 217,531 | 6,205 | 5.71 | % | 244,626 | 7,647 | 6.25 | % | ||||
Taxable securities | 3,426,904 | 58,552 | 3.42 | % | 2,498,428 | 35,888 | 2.87 | % | ||||
Tax-exempt securities | 439,053 | 11,648 | 5.31 | % | 361,827 | 5,752 | 3.18 | % | ||||
Total securities | 3,865,957 | 70,200 | 3.63 | % | 2,860,255 | 41,640 | 2.91 | % | ||||
Interest-bearing balances with banks | 711,273 | 12,686 | 3.60 | % | 863,486 | 17,696 | 4.13 | % | ||||
Total interest-earning assets | 23,842,429 | 688,328 | 5.81 | % | 19,690,943 | 571,321 | 5.84 | % | ||||
Cash and due from banks | 277,356 | 270,088 | ||||||||||
Intangible assets | 1,547,581 | 1,297,622 | ||||||||||
Other assets | 1,160,309 | 850,231 | ||||||||||
Total assets | $ | 26,827,675 | $ | 22,108,884 | ||||||||
Interest-bearing liabilities: | ||||||||||||
Interest-bearing demand(2) | $ | 11,694,228 | $ | 144,286 | 2.49 | % | $ | 9,522,800 | $ | 131,252 | 2.78 | % |
Savings deposits | 1,298,370 | ... |