130 added · 106 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Other non-interest income increased $8.2 million, or 52.8%, primarily due to a $5.4 million recovery on an other asset previously written off as part of the 2017 Yadkin Financial Corporation acquisition as well as gains on the disposition of leased equipment. 48 Table of Contents The following table presents non-interest income excluding significant items impacting earnings: TABLE 8 $ % (dollars in thousands) 2025 2024 Change Change Total non-interest income, as reported $ 369,292 $ 316,395 $ 52,897 16.7 % Significant items: Realized loss on investment securities restructuring — 33,980 (33,980) Total non-interest income, excluding significant items (1) $ 369,292 $ 350,375 $ 18,917 5.4 % (1) Non-GAAP Non-Interest Expense The breakdown of non-interest expense for the years 2023 through 2025 is presented in the following table: TABLE 9 2025 vs 2024 2024 vs 2023 (dollars in thousands) 2025 2024 $ Change % Change 2023 $ Change % Change Salaries and employee benefits $ 530,326 $ 504,101 $ 26,225 5.2 % $ 461,677 $ 42,424 9.2 % Net occupancy 78,047 79,057 (1,010) (1.3) 70,802 8,255 11.7 Equipment 107,410 97,607 9,803 10.0 90,818 6,789 7.5 Outside services 107,276 96,173 11,103 11.5 83,885 12,288 14.6 Marketing 20,404 20,884 (480) (2.3) 17,316 3,568 20.6 FDIC insurance 28,341 41,460 (13,119) (31.6) 60,815 (19,355) (31.8) Bank shares tax 13,292 13,596 (304) (2.2) 13,609 (13) (0.1) Other 124,644 108,461 16,183 14.9 116,514 (8,053) (6.9) Total non-interest expense $ 1,009,740 $ 961,339 $ 48,401 5.0 % $ 915,436 $ 45,903 5.0 % Total non-interest expense increased $48.4 million, or 5.0%.
During the second quarter of 2025, we redeemed $25.0 million in other subordinated debt assumed from our previous acquisition of UB Bancorp that was set to reprice at a higher interest rate.
Our investments in technology, AI and data analytics are driving automation, efficiency, and the flexibility to continue reinvesting in revenue‑generating businesses and an enhanced omnichannel customer experience, all while delivering positive operating leverage.
We achieved multiple records for the full year of 2025, including total revenue of $1.8 billion, operating net income available to common shareholders (non-GAAP) of $577 million and operating earnings per diluted common share (non-GAAP) of $1.59 and all-time revenue highs for seven of our fee-based businesses.
Income Statement Highlights (2025 compared to 2024) • Total revenue of $1.8 billion, an increase of $168.2 million, or 10.5%, and a new record level. • Net interest income was $1.4 billion, up $115.3 million, or 9.0%, reflecting growth in average earning assets and lower interest-bearing deposit and borrowing costs, partially offset by lower yields on earning assets. • Net interest margin (FTE) (non-GAAP) increased 10 basis points to 3.19% from 3.09%.
The FOMC lowered the target federal funds rate by 75 basis points during 2025. • The provision for credit losses totaled $86.0 million, compared to $79.8 million, with the increase primarily due to loan growth and net charge-off activity. • Non-interest income totaled a record $369.3 million, increasing $52.9 million, or 16.7%, compared to $316.4 million.
The strong performance in 2025 was due to the continued successful execution of our diversified fee-based business initiatives with the largest increases in wealth management, capital markets income and other non-interest income. • Non-interest expense was $1.0 billion, compared to $961.3 million.
Operating earnings per diluted common share (non-GAAP) was $1.59, compared to $1.39, an increase of 14.4%. 41 Table of Contents • The efficiency ratio (non-GAAP) remained at a favorable level of 54.8%, compared to 55.6%. • We recognized investment tax credits of $37.2 million as a benefit to income taxes in the fourth quarter of 2025 from a renewable energy project financing transaction which is a core element of our Equipment Finance business strategy.
Balance Sheet Highlights (2025 compared to 2024, unless otherwise indicated) • Total assets were $50.2 billion, compared to $48.6 billion, an increase of $1.6 billion, or 3.3%, primarily from organic growth in loans of $838.3 million and increased investment securities of $398.3 million. • Period-end total loans and leases increased $838.3 million, or 2.5%.
The mix of non-interest-bearing demand deposits to total deposits equaled 26% at December 31, 2025 and December 31, 2024. • The ratio of loans to deposits improved to 89.7%, compared to 91.5% at December 31, 2024. • Total borrowings decreased $350.1 million due to various long-term debt maturities and redemptions in addition to deposit growth to cover our funding needs.
During 2025, $350.0 million in senior debt issued in August 2022 matured, $25.0 million in other subordinated debt was redeemed and $100.0 million in other subordinated debt issued in October 2015 matured. • The ratio of non-performing loans plus OREO to total loans and leases plus OREO decreased 17 basis points to 0.31% and total delinquency decreased 12 basis points to 0.71%.
The ratio of the ACL to total loans and leases was stable at 1.26%, compared to 1.25% at December 31, 2024. • The dividend payout ratio for 2025 was 30.8%, compared to 38.0%. • Book value per common share of $18.92 increased 8.0%, and tangible book value per common share (non-GAAP) of $11.87 increased $1.38, or 13.2%.
No longer disclosed
Additionally, the market value of assets under management increased $0.9 billion, or 10.3%, to $9.5 billion at December 31, 2024 given overall market conditions and customer acquisition activity.
Net occupancy and equipment expense increased $15.0 million, or 9.3%, primarily from continued technology-related investments, the move to the new Pittsburgh headquarters and a $3.7 million software impairment.
We further strengthened our liquidity and capital position improving the loan-to-deposit ratio over 500 basis points from the peak in 2024 through strong deposit gathering initiatives and achieved higher capital ratios with a record CET1 ratio of 10.6%, and a tangible common equity to tangible assets (non-GAAP) ratio of 8.2%.
During the fourth quarter of 2024, the FOMC lowered the target federal funds rate by a total of 50 basis points, bringing the full-year decrease to 100 basis points. • Net interest income was $1.3 billion, down 2.7%, primarily due to higher interest-bearing deposit costs from continued balance growth in higher yielding deposit products and the impact of the FOMC's interest rate cuts in 2024. • Net interest margin (FTE) (non-GAAP) decreased 26 basis points to 3.09% from 3.35%.
The provision for credit losses increase for 2023 was primarily due to loan growth, the previously disclosed $31.9 million isolated commercial loan that was charged off in the third quarter of 2023 due to alleged fraud, and other charge-off activity. • Non-interest income was $316.4 million, increasing $62.1 million, or 24.4%, compared to $254.3 million, primarily due to increases in service charges, wealth management, mortgage banking operations, dividends on non-marketable equity securities and other non-interest income, partially offset by decreases in interchange and card transaction fees, insurance commissions and fees and capital markets income.
Occupancy and equipment increased $15.0 million, or 9.3%, primarily from technology-related investments and the move to the new Pittsburgh headquarters. • Earnings per diluted common share was $1.27, compared to $1.31, a decrease of 3.1%. • Operating earnings per diluted common share (non-GAAP) was $1.39, compared to $1.57, a decrease of 11.5%. • The efficiency ratio (non-GAAP) remained at a favorable level of 55.6%, compared to 51.2%. • In the fourth quarter of 2024, we recognized renewable energy investment tax credits of $28.4 million as a benefit to income taxes from a solar project financing transaction.
Balance Sheet Highlights (2024 compared to 2023, unless otherwise indicated) • Total assets were $48.6 billion, compared to $46.2 billion, an increase of $2.5 billion, or 5.3%, primarily from organic growth in loans of $1.6 billion and increased cash and cash equivalents of $0.8 billion. • During 2024, we sold $231.4 million of AFS securities as part of a proactive balance sheet management strategy.
Our loan growth was driven by the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint. • Period-end total deposits increased $2.4 billion, or 6.9%, driven by an increase of $1.9 billion in interest-bearing demand deposits and $1.3 billion in shorter-term time deposits more than offsetting the decline in non-interest-bearing demand deposits of $461.3 million and savings deposits of $286.7 million as customers continued to opt for higher-yielding deposit products given the interest rate environment. • The mix of non-interest-bearing demand deposits to total deposits equaled 26% at December 31, 2024, compared to 29% at the prior year end, reflecting the strong interest-bearing deposit growth and fairly stable non-interest-bearing demand deposit balances. • The ratio of loans to deposits was 91.5%, compared to 93.1%, as deposit growth outpaced loan growth on a year-over-year basis. 42 Table of Contents • In December 2024, we issued $500 million aggregate principal amount of fixed rate / floating rate senior notes maturing in December 2030.
The new debt will be used for general corporate purposes and serve as a replacement for $450 million of senior and subordinated note maturities occurring in 2025. • The ratio of non-performing loans plus OREO to total loans and leases plus OREO increased 14 basis points to 0.48%.
The excess of the redemption value over the carrying value on the Series E Perpetual Preferred Stock of $4.0 million was considered a significant item impacting earnings. • The dividend payout ratio for 2024 was 38.0%, compared to 36.5%. • Book value per common share of $17.52 increased 5.8%, and tangible book value per common share (non-GAAP) of $10.49 increased $1.02, or 10.8%.
The results for 2024 included net interest income of $1.3 billion, a 2.7% decrease, with the decline driven by the FOMC’s rate cuts, record non-interest income of $350.4 million on an operating basis (non-GAAP), provision for credit losses of $79.8 million with stable asset quality, and non-interest expenses of $942.3 million on an operating basis (non-GAAP), an increase of $75.7 million or 8.7%, driven primarily by higher salaries and employee benefits expense.
In comparison, the 2023 results included net interest income of $1.3 billion, provision for credit losses of $71.8 million, including $31.9 million in provision for the previously disclosed commercial loan fully charged-off during the third quarter of 2023 due to alleged fraud, non-interest income of $321.7 million on an operating basis benefiting from our diversified business model and related revenue generation, and operating non-interest expenses (non-GAAP) of $866.6 million.