GLACIER BANCORP, INC. ANNOUNCES RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2025 (Form 8-K)

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2025

4th Quarter 2025 Highlights:

•On October 1, 2025 the Company completed the acquisition of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, "Guaranty"). The acquisition expanded the Company's southwest presence and is its first entrance into the state of Texas. Guaranty had total assets of $3.357 billion as of the acquisition date.

•Including the $36.0 million of expenses related to the current year acquisitions, net income was $63.8 million for the current quarter, a decrease of $4.1 million, or 6 percent, from the prior quarter net income of $67.9 million and an increase of $2.0 million, or 3 percent, from the prior year fourth quarter net income of $61.8 million.

•Diluted earnings per share for the current quarter was $0.49 per share, a decrease of $0.08 per share, or 14 percent, from the prior quarter diluted earnings per share of $0.57 and a decrease of $0.05 per share, or 9 percent, from the prior year fourth quarter diluted earnings per share of $0.54.

•Net interest income of $266 million for the current quarter increased $40.7 million, or 18 percent, from the prior quarter net interest income of $225 million and increased $74.6 million, or 39 percent, from the prior year fourth quarter net interest income of $191 million.

•The Company's total assets exceeded $30 billion during the current quarter, ending the year at $31.978 billion.

•The loan portfolio of $20.928 billion at December 31, 2025 increased $2.137 billion, or 11 percent, from the prior quarter.

•Total deposits of $24.591 billion at December 31, 2025 increased $2.720 billion, or 12 percent, from the prior quarter.

•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.58 percent, an increase of 19 basis points from the prior quarter net interest margin of 3.39 percent and an increase of 61 basis points from the prior year fourth quarter net interest margin of 2.97 percent.

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•The loan yield of 6.09 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.97 percent and increased 37 basis points from the prior year fourth quarter loan yield of 5.72 percent.

•The total earning asset yield of 5.00 percent in the current quarter increased 14 basis points from the prior quarter earning asset yield of 4.86 percent and increased 43 basis points from the prior year fourth quarter earning asset yield of 4.57 percent.

•The total cost of funding (including non-interest bearing deposits) of 1.52 percent in the current quarter decreased 6 basis points from the prior quarter total cost of funding of 1.58 percent and decreased 19 basis points form the prior year fourth quarter total cost of funding of 1.71 percent.

•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 163 consecutive quarterly dividends and has increased the dividend 49 times.

Year 2025 Highlights

•Net income for 2025 was $239 million, an increase of $48.9 million, or 26 percent, from the prior year net income of $190 million.

•Diluted earnings per share for 2025 was $1.99 per share, an increase of $0.31 per share, or 18 percent, from the prior year diluted earnings per share of $1.68 per share.

•Net interest income of $889 million for 2025 increased $184 million, or 26 percent, from the prior year net interest income of $705 million.

•The loan portfolio increased $3.666 billion, or 21 percent, during 2025.

•Total deposits increased $4.044 billion, or 20 percent, during 2025.

•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2025 was 3.32 percent, an increase of 55 basis points from the prior year net interest margin of 2.77 percent.

•Dividends declared in 2025 were $1.32 per share.

•The Company completed the acquisition and core system conversion of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, "BOID"), which had total assets of $1.364 billion as of the acquisition date of April 30, 2025.

•The Company completed the acquisition of Guaranty, which had total assets of $3.357 billion as of the acquisition date of October 1, 2025.

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Financial Summary

			At or for the Three Months ended																														At or for the Year ended
(Dollars in thousands, except per share and market data)			Dec 31, 2025						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Dec 31, 2025						Dec 31, 2024
Operating results
Net income			$	63,779					67,900						52,781						54,568						61,754						239,028						190,144
Basic earnings per share			$	0.49					0.57						0.45						0.48						0.54						2.00						1.68
Diluted earnings per share			$	0.49					0.57						0.45						0.48						0.54						1.99						1.68
Dividends declared per share			$	0.33					0.33						0.33						0.33						0.33						1.32						1.32
Market value per share
Closing			$	44.05					48.67						43.08						44.22						50.22						44.05						50.22
High			$	49.56					50.54						44.70						52.81						60.67						52.81						60.67
Low			$	39.90					42.08						36.76						43.18						43.70						36.76						34.35
Selected ratios and other data
Number of common stock shares outstanding			129,971,712						118,552,847						118,550,475						113,517,944						113,401,955						129,971,712						113,401,955
Average outstanding shares - basic			129,950,587						118,552,231						116,890,776						113,451,199						113,398,213						119,753,227						113,170,157
Average outstanding shares - diluted			130,145,104						118,628,434						116,918,290						113,546,365						113,541,026						119,935,056						113,243,427
Return on average assets (annualized)			0.78		%				0.93		%				0.74		%				0.80		%				0.87		%				0.81		%				0.68		%
Return on average equity (annualized)			6.05		%				7.52		%				6.13		%				6.77		%				7.62		%				6.59		%				6.02		%
Efficiency ratio			61.04		%				62.05		%				62.08		%				65.49		%				60.50		%				62.50		%				66.71		%
Loan to deposit ratio			85.26		%				86.11		%				85.91		%				83.64		%				84.17		%				85.26		%				84.17		%
Number of full time equivalent employees			4,087						3,649						3,665						3,457						3,441						4,087						3,441
Number of locations			281						248						247						227						227						281						227
Number of ATMs			337						298						300						286						284						337						284

KALISPELL, Mont., Jan 22, 2026 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $63.8 million for the current quarter, a decrease of $4.1 million, or 6 percent from the prior quarter net income of $67.9 million and an increase of $2.0 million, or 3 percent, from the $61.8 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.49 per share, a decrease of $0.08 per share, or 14 percent, from the prior quarter diluted earnings per share of $0.57 and a decrease of $0.05 per share, or 9 percent, from the prior year fourth quarter diluted earnings per share of $0.54. The current quarter included $27.2 million of credit loss expense from the acquisition of Guaranty, $5.8 million in acquisition-related expenses, $3.0 million of expenses related to vacating branch locations, $1.4 million of income related to bank owned life insurance proceeds and $827 thousand of reduction of expense related to a prior year FDIC special assessment. "Glacier Bancorp delivered another year of strong performance, marked by a 26 percent increase in earnings and significant strategic progress. In 2025, we expanded our footprint with the acquisitions of Bank of Idaho and Guaranty Bank & Trust, strengthening our presence in high-growth markets and positioning us for continued success," said Randy Chesler, President and Chief Executive Officer. "We achieved robust margin expansion, double-digit loan and deposit growth, and maintained excellent credit quality. These results reflect the strength of our community banking model and the quality of our team. As we enter 2026, we remain focused on disciplined growth, service excellence, and creating long-term value for our shareholders."

Net income for the current year was $239 million, an increase of $48.9 million, or 26 percent, from the prior year net income of $190 million. Diluted earnings per share for 2025 was $1.99 per share, an increase of 18 percent from the prior year diluted earnings per share of $1.68 per share.

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On October 1, 2025, the Company completed the acquisition of Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. Guaranty had 33 bank locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston, Bryan/College Station and Austin markets. Upon closing of the transaction, Guaranty operates as the Company's 18th separate bank division. The Company's results of operations and financial condition include the Guaranty acquisition beginning on the acquisition date.

On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across Eastern Idaho, Boise and Eastern Washington. Upon the core system conversion in the third quarter of 2025, the BOID operations joined three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho joined Citizens Community Bank, the Boise operations joined Mountain West Bank and the Eastern Washington operations joined Wheatland Bank. The Company's results of operations and financial condition include the BOID acquisition beginning on the acquisition date.

The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

			BOID						GNTY
(Dollars in thousands)			April 30, 2025						October 1, 2025						Total
Total assets			$	1,364,085					$	3,356,636					$	4,720,721
Cash and cash equivalents			26,127						178,885						205,012
Debt securities			139,974						607,276						747,250
Loans receivable			1,075,232						2,102,378						3,177,610
Non-interest bearing deposits			271,385						831,857						1,103,242
Interest bearing deposits			806,992						1,874,883						2,681,875
Borrowings and subordinated debt			71,932						60,466						132,398
Core deposit intangible			19,758						47,813						67,571
Goodwill			68,745						258,220						326,965

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Asset Summary

																					$ Change from
(Dollars in thousands)			Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Cash and cash equivalents			$	1,235,261					854,244						848,408						381,017						386,853
Debt securities, available-for-sale			4,007,512						3,916,189						4,245,205						91,323						(237,693)
Debt securities, held-to-maturity			3,110,216						3,155,901						3,294,847						(45,685)						(184,631)
Total debt securities			7,117,728						7,072,090						7,540,052						45,638						(422,324)
Loans receivable
Residential real estate			2,457,907						1,926,448						1,858,929						531,459						598,978
Commercial real estate			13,565,512						12,045,446						10,963,713						1,520,066						2,601,799
Other commercial			3,497,829						3,451,177						3,119,535						46,652						378,294
Home equity			977,206						980,472						930,994						(3,266)						46,212
Other consumer			429,342						387,443						388,678						41,899						40,664
Loans receivable			20,927,796						18,790,986						17,261,849						2,136,810						3,665,947
Allowance for credit losses			(255,319)						(229,077)						(206,041)						(26,242)						(49,278)
Loans receivable, net			20,672,477						18,561,909						17,055,808						2,110,568						3,616,669
Other assets			2,952,597						2,527,384						2,458,719						425,213						493,878
Total assets			$	31,978,063					29,015,627						27,902,987						2,962,436						4,075,076

The Company continues to maintain a strong cash position of $1.235 billion at December 31, 2025, which was an increase of $381 million, or 45 percent, over the prior quarter and an increase of $387 million, or 46 percent, over the prior year fourth quarter. Total debt securities of $7.118 billion at December 31, 2025 increased $45.6 million, or 1 percent, during the current quarter and decreased $422 million, or 6 percent, from the prior year end. Debt securities represented 22 percent of total assets at December 31, 2025 compared to 24 percent at September 30, 2025 and 27 percent at December 31, 2024.

The loan portfolio of $20.928 billion at December 31, 2025 increased $2.137 billion, or 11 percent, during the current quarter. Excluding the Guaranty acquisition, the loan portfolio organically increased $34.4 million, or 1 percent annualized, in the current quarter and the loan category with the largest dollar increase was commercial real estate loans which increased $124 million, or 4 percent annualized. The loan portfolio increased $3.666 billion, or 21 percent, during 2025. Excluding the Guaranty and BOID acquisitions, the loan portfolio increased $488 million, or 3 percent, during 2025 and the loan category with the largest dollar increase was commercial real estate which increased $474 million, or 4 percent.

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Credit Quality Summary

			At or for the Year ended						At or for the Nine Months ended						At or for the Year ended
(Dollars in thousands)			Dec 31, 2025						Sep 30, 2025						Dec 31, 2024
Allowance for credit losses
Balance at beginning of period			$	206,041					206,041						192,757
Acquisitions			154						35						3
Provision for credit losses			61,846						29,355						27,179
Charge-offs			(18,682)						(11,276)						(18,626)
Recoveries			5,960						4,922						4,728
Balance at end of period			$	255,319					229,077						206,041
Provision for credit losses
Loan portfolio			$	61,846					29,355						27,179
Unfunded loan commitments			9,554						6,382						1,127
Total provision for credit losses			$	71,400					35,737						28,306
Other real estate owned			$	284					1,376						1,085
Other foreclosed assets			127						37						79
Accruing loans 90 days or more past due			5,997						7,449						6,177
Non-accrual loans			62,487						45,450						20,445
Total non-performing assets			$	68,895					54,312						27,786
Non-performing assets as a percentage of subsidiary assets			0.22		%				0.19		%				0.10		%
Allowance for credit losses as a percentage of non-performing loans			373		%				433		%				774		%
Allowance for credit losses as a percentage of total loans			1.22		%				1.22		%				1.19		%
Net charge-offs as a percentage of total loans			0.06		%				0.03		%				0.08		%
Accruing loans 30-89 days past due			$	78,826					39,524						32,228
U.S. government guarantees included in non-performing assets			$	8,733					10,358						748

Non-performing assets of $68.9 million at December 31, 2025 increased $14.6 million, or 27 percent, over the prior quarter and increased $41.1 million, or 148 percent, over the prior year end. Excluding $18.8 million from the acquisition of Guaranty, non-performing assets were $50.1 million or 17 basis points as a percentage of subsidiary assets at December 31, 2025, and decreased $4.3 million, or 8 percent, from the prior quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $78.8 million at December 31, 2025 increased $39.3 million from the prior quarter and increased $46.6 million from the prior year fourth quarter. Excluding $10.0 million from the acquisition of Guaranty, early stage delinquencies were $68.8 million or 0.37 percent of loans at December 31, 2025, and increased $29.2 million from the prior quarter. Early stage delinquencies as a percentage of loans at December 31, 2025 were 0.38 percent compared to 0.21 percent for the prior quarter end and 0.19 percent for the prior year fourth quarter and remain at historically low levels for the Company.

The current quarter provision for credit loss expense of $35.7 million included $25.6 million of credit loss expense on loans and $1.6 million of credit loss expense on unfunded loan commitments from the acquisition. The allowance for credit losses ("ACL") on loans as a percentage of total loans outstanding was 1.22 percent at December 31, 2025 and September 30, 2025 compared to 1.19 percent at December 31, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans.

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Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)			Provision for Credit Losses Loans						Net Charge-Offs						ACL as a Percent of Loans						Accruing Loans 30-89 Days Past Due as a Percent of Loans						Non-Performing Assets to Total Subsidiary Assets
Fourth quarter 2025			$	32,491					$	6,368					1.22		%				0.38		%				0.22		%
Third quarter 2025			5,192						2,914						1.22		%				0.21		%				0.19		%
Second quarter 2025			18,009						1,645						1.22		%				0.29		%				0.17		%
First quarter 2025			6,154						1,795						1.22		%				0.27		%				0.14		%
Fourth quarter 2024			6,041						5,170						1.19		%				0.19		%				0.10		%
Third quarter 2024			6,981						2,766						1.19		%				0.33		%				0.10		%
Second quarter 2024			5,066						2,890						1.19		%				0.29		%				0.06		%
First quarter 2024			9,091						3,072						1.19		%				0.37		%				0.09		%

Net charge-offs for the current quarter were $6.4 million compared to $2.9 million in the prior quarter and $5.2 million for the prior year fourth quarter. The current quarter net charge-offs included $2.2 million in deposit overdraft net charge-offs and $4.2 million of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company's loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan.

Liability Summary

																					$ Change from
(Dollars in thousands)			Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Deposits
Non-interest bearing deposits			$	7,314,779					6,674,441						6,136,709						640,338						1,178,070
NOW and DDA accounts			6,236,551						5,805,816						5,543,512						430,735						693,039
Savings accounts			3,158,939						3,049,753						2,845,124						109,186						313,815
Money market deposit accounts			3,948,201						3,137,810						2,878,213						810,391						1,069,988
Certificate accounts			3,928,550						3,199,825						3,139,821						728,725						788,729
Core deposits, total			24,587,020						21,867,645						20,543,379						2,719,375						4,043,641
Wholesale deposits			4,076						3,304						3,615						772						461
Deposits, total			24,591,096						21,870,949						20,546,994						2,720,147						4,044,102
Repurchase agreements			2,084,113						2,004,286						1,777,475						79,827						306,638
Deposits and repurchase agreements, total			26,675,209						23,875,235						22,324,469						2,799,974						4,350,740
Federal Home Loan Bank advances			440,000						895,022						1,800,000						(455,022)						(1,360,000)
Other borrowed funds			51,473						59,779						62,062						(8,306)						(10,589)
Finance lease liabilities			28,808						18,401						21,279						10,407						7,529
Subordinated debentures			187,492						157,379						133,105						30,113						54,387
Other liabilities			381,260						401,523						338,218						(20,263)						43,042
Total liabilities			$	27,764,242					25,407,339						24,679,133						2,356,903						3,085,109

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Total deposits of $24.591 billion at December 31, 2025 increased $2.720 billion, or 12 percent, during the current quarter and increased $4.044 billion, or 20 percent, from the prior year end. Excluding acquisitions, total deposits increased $13.4 million, or 6 basis points, during the current quarter and increased $259 million, or 1 percent, from the prior year end.

Non-interest bearing deposits of $7.315 billion at December 31, 2025 increased $640 million, or 10 percent, from the prior quarter and increased $1.178 billion, or 19 percent, from the prior year end. Excluding acquisitions, total non-interest bearing deposits increased $74.8 million or 1 percent, from the prior year end. Non-interest bearing deposits represented 30 percent of total deposits at December 31, 2025 compared to 31 percent at September 30, 2025 and 30 percent at December 31, 2024.

Federal Home Loan Bank ("FHLB") advances of $440 million decreased $455 million, or 51 percent, from the prior quarter and decreased $1.360 billion, or 76 percent, from the prior year end. Subordinated debentures of $187 million increased $30.1 million, or 19 percent, from the prior quarter and included an increase of $39.6 million from the acquisition of Guaranty.

Stockholders' Equity Summary

																					$ Change from
(Dollars in thousands, except per share data)			Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Common equity			$	4,380,931					3,801,178						3,533,150						579,753						847,781
Accumulated other comprehensive loss			(167,110)						(192,890)						(309,296)						25,780						142,186
Total stockholders' equity			4,213,821						3,608,288						3,223,854						605,533						989,967
Goodwill and intangibles, net			(1,483,552)						(1,182,536)						(1,102,500)						(301,016)						(381,052)
Tangible stockholders' equity			$	2,730,269					2,425,752						2,121,354						304,517						608,915

Stockholders' equity to total assets			13.18		%				12.44		%				11.55		%
Tangible stockholders' equity to total tangible assets			8.95		%				8.72		%				7.92		%
Book value per common share			$	32.42					30.44						28.43						1.98						3.99
Tangible book value per common share			$	21.01					20.46						18.71						0.55						2.30

Tangible stockholders' equity of $2.730 billion at December 31, 2025 increased $305 million, or 13 percent, compared to the prior quarter and was primarily due to $554 million of Company stock issued in connection with the acquisition of Guaranty. The increase was partially offset by $306 million of goodwill and core deposit intangible associated with the Guaranty acquisition.

Tangible stockholders' equity at December 31, 2025 increased $609 million, or 29 percent, compared to the prior year end and was primarily due to $759 million of Company stock issued in connection with the acquisitions of BOID and Guaranty and a $142 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the BOID and Guaranty acquisitions. Tangible book value per common share of $21.01 at the current quarter end increased $0.55 per share, or 3 percent, from the prior quarter and increased $2.30 per share, or 12 percent, from the prior year fourth quarter.

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Cash Dividends

On November 12, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable December 18, 2025 to shareholders of record on December 9, 2025. The dividend was the Company's 163rd consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended December 31, 2025

Compared to September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024

Income Summary

			Three Months ended
(Dollars in thousands)			Dec 31, 2025						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024
Net interest income
Interest income			$	372,754					325,003						308,115						289,925						297,036
Interest expense			106,688						99,624						100,499						99,946						105,593
Total net interest income			266,066						225,379						207,616						189,979						191,443
Non-interest income
Service charges and other fees			24,387						21,460						20,405						18,818						20,322
Miscellaneous loan fees and charges			5,589						5,123						5,067						4,664						4,541
Gain on sale of loans			4,594						5,027						4,273						4,311						3,926
Other income			5,877						3,742						3,199						4,849						2,760
Total non-interest income			40,447						35,352						32,944						32,642						31,549
Total income			$	306,513					260,731						240,560						222,621						222,992
Net interest margin (tax-equivalent)			3.58		%				3.39		%				3.21		%				3.04		%				2.97		%
									$ Change from
(Dollars in thousands)									Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024
Net interest income
Interest income									$	47,751					64,639						82,829						75,718
Interest expense									7,064						6,189						6,742						1,095
Total net interest income									40,687						58,450						76,087						74,623
Non-interest income
Service charges and other fees									2,927						3,982						5,569						4,065
Miscellaneous loan fees and charges									466						522						925						1,048
Gain on sale of loans									(433)						321						283						668
Other income									2,135						2,678						1,028						3,117
Total non-interest income									5,095						7,503						7,805						8,898
Total income									$	45,782					65,953						83,892						83,521

Net Interest Income

Net interest income of $266 million for the current quarter increased $40.7 million, or 18 percent, from the prior quarter net interest income of $225 million and increased $74.6 million, or 39 percent, from the prior year

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fourth quarter net interest income of $191 million. The current quarter interest income of $373 million increased $47.8 million, or 15 percent, over the prior quarter and increased $75.8 million, or 26 percent, over the prior year fourth quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 6.09 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.97 percent and increased 37 basis points from the prior year fourth quarter loan yield of 5.72 percent.

The current quarter interest expense of $107 million increased $7.1 million, or 7 percent, from the prior quarter and increased $1.1 million, or 1 percent, from the prior year fourth quarter and was primarily attributable to an increase in average deposits which was partially offset by the decrease in higher cost borrowings. Deposit cost (including non-interest bearing deposits) increased to 1.26 percent in the current quarter compared to 1.23 percent in the prior quarter and was primarily driven by the acquisition of Guaranty which had higher cost of deposits. Deposit costs decreased 3 basis points from the prior year fourth quarter deposit cost of 1.29 percent. The total cost of funding (including non-interest bearing deposits) of 1.52 percent in the current quarter decreased 6 basis points from the prior quarter and decreased 19 basis points from the prior year fourth quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.58 percent, an increase of 19 basis points from the prior quarter net interest margin of 3.39 percent and was primarily driven by an increase in loan yields and a decrease in the total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 61 basis points from the prior year fourth quarter net interest margin of 2.97 percent and was also primarily driven by the increase in loan yields and the decrease in the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 6 basis points from discount accretion and the 1 basis point of non-accrual interest recovery, the core net interest margin was 3.51 percent in the current quarter compared to 3.35 percent in the prior quarter and 2.92 percent in the prior year fourth quarter. "The Company was pleased with the 19 basis points increase in the current quarter net interest margin," said Ron Copher, Chief Financial Officer. "Deploying lower yield cash flow from investment securities into higher yield earning assets in combination with continued reduction in the total cost of funding were primary drivers of the current quarter increase in the net interest margin."

Non-interest Income

Non-interest income for the current quarter totaled $40.4 million, which was an increase of $5.1 million, or 14 percent, over the prior quarter and an increase of $8.9 million, or 28 percent, over the prior year fourth quarter. Service charges and other fees of $24.4 million for the current quarter increased $2.9 million, or 14 percent, compared to the prior quarter and increased $4.1 million, or 20 percent, compared to the prior year fourth quarter. Gain on the sale of residential loans of $4.6 million for the current quarter decreased $433 thousand, or 9 percent, compared to the prior quarter and increased $668 thousand, or 17 percent, from the prior year fourth quarter. Other income of $5.9 million in the current quarter included $1.4 million of income related to bank owned life insurance proceeds.

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Non-interest Expense Summary

			Three Months ended
(Dollars in thousands)			Dec 31, 2025						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024
Compensation and employee benefits			$	110,999					96,498						94,355						91,443						81,600
Occupancy and equipment			17,529						13,236						12,558						12,294						11,589
Advertising and promotions			4,609						4,620						4,394						4,144						3,725
Data processing			13,089						10,634						9,883						9,138						9,145
Other real estate owned and foreclosed assets			140						63						26						63						30
Regulatory assessments and insurance			5,495						5,799						5,847						5,534						5,890
Intangibles amortization			5,180						3,813						3,624						3,270						3,613
Other expenses			37,516						33,120						24,432						25,432						25,373
Total non-interest expense			$	194,557					167,783						155,119						151,318						140,965
									$ Change from
(Dollars in thousands)									Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024
Compensation and employee benefits									$	14,501					16,644						19,556						29,399
Occupancy and equipment									4,293						4,971						5,235						5,940
Advertising and promotions									(11)						215						465						884
Data processing									2,455						3,206						3,951						3,944
Other real estate owned and foreclosed assets									77						114						77						110
Regulatory assessments and insurance									(304)						(352)						(39)						(395)
Core deposit intangibles amortization									1,367						1,556						1,910						1,567
Other expenses									4,396						13,084						12,084						12,143
Total non-interest expense									$	26,774					39,438						43,239						53,592

Total non-interest expense of $195 million for the current quarter increased $26.8 million, or 16 percent, over the prior quarter and increased $53.6 million, or 38 percent, over the prior year fourth quarter and was primarily driven by increased costs from the acquisitions. Included in the current quarter non-interest expense was $24.1 million from the Guaranty acquisition and $3.0 million of expenses related to vacating branch locations.

Compensation and employee benefits of $111 million for the current quarter increased by $14.5 million, or 15 percent, over the prior quarter which was primarily driven by $14.6 million compensation from Guaranty. Compensation and employee benefits increased $29.4 million, or 36 percent, from the prior year fourth quarter and was primarily driven by annual salary increases and increases in staffing levels from the current year acquisitions. Occupancy and equipment expense of $17.5 million increased $4.3 million, or 32 percent, from the prior quarter and was primarily due to increased costs from current year acquisitions, including $1.1 million of expenses related to vacating branch locations. Regulatory assessment and insurance expense of $5.5 million decreased $304 thousand, or 5 percent, from the prior quarter and decreased $395 thousand, or 7 percent, from the prior year fourth quarter, primarily as a result of a $827 thousand expense related to a prior year FDIC special assessment.

Other expenses of $37.5 million increased $4.4 million, or 13 percent, from the prior quarter and was primarily driven by increased costs from acquisitions, including $1.9 million of write-off of fixed asset expenses related to vacating branch locations and $1.4 million increased expenses associated with investments in tax equity credits. Acquisition-related expense was $5.8 million in the current quarter compared to $7.0 million in the

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prior quarter and $491 thousand in the prior year fourth quarter. The other expenses included $2.1 million of gain from the sale of a former branch facility in the prior year fourth quarter.

Federal and State Income Tax Expense

Tax expense during the fourth quarter of 2025 was $12.5 million, a decrease of $4.9 million, or 28 percent, compared to the prior quarter and an increase of $775 thousand, or 7 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 16.4 percent compared to 20.4 percent in the prior quarter and 16.0 percent in the prior year fourth quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was primarily the result of a decrease in pre-tax income and a decrease in federal income tax credits.

Efficiency Ratio

The efficiency ratio was 61.04 percent in the current quarter compared to 62.05 percent in the prior quarter and 60.50 in the prior year fourth quarter. The decrease from the prior quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense. The increase from the prior year fourth quarter was primarily due to increases in acquisition-related expenses and the current quarter expense related to vacating branch locations.

Operating Results for Ended December 31, 2025

Compared to December 31, 2024

Income Summary

			Year ended
(Dollars in thousands)			Dec 31, 2025						Dec 31, 2024						$ Change						% Change
Net interest income
Interest income			$	1,295,797					$	1,139,850					$	155,947					14		%
Interest expense			406,757						435,218						(28,461)						(7)		%
Total net interest income			889,040						704,632						184,408						26		%
Non-interest income
Service charges and other fees			85,070						78,894						6,176						8		%
Miscellaneous loan fees and charges			20,443						18,694						1,749						9		%
Gain on sale of loans			18,205						16,855						1,350						8		%
Gain on sale of securities			-						30						(30)						(100)		%
Other income			17,667						13,973						3,694						26		%
Total non-interest income			141,385						128,446						12,939						10		%
Total Income			$	1,030,425					$	833,078					$	197,347					24		%
Net interest margin (tax-equivalent)			3.32		%				2.77		%

Net Interest Income

Net interest income of $889 million for 2025 increased $184 million, or 26 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $1.296 billion for 2025 increased $156 million, or 14 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.93 percent during 2025, an increase of 32 basis points from the prior year loan yield of 5.61 percent.

Interest expense of $407 million for 2025 decreased $28 million, or 7 percent, from the prior year and was primarily the result of lower interest rates on deposits and a decreases in higher cost borrowings. Deposit cost

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(including non-interest bearing deposits) was 1.25 percent for 2025, which was a decrease of 9 basis points from the prior year deposit costs of 1.34 percent. The total funding cost (including non-interest bearing deposits) for 2025 was 1.60 percent, which was a decrease of 19 basis points over the prior year funding cost of 1.79 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2025 was 3.32 percent, a 55 basis points increase from the net interest margin of 2.77 percent for the prior year. Excluding the 5 basis points from discount accretion, the core net interest margin was 3.27 percent in the current year compared to 2.72 percent in the prior year. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

Non-interest Income

Non-interest income of $141 million for 2025 increased $12.9 million, or 10 percent, over last year. Service charges and other fees of $85.1 million for 2025 increased $6.2 million, or 8 percent, over the prior year. Gain on sale of residential loans of $18.2 million for 2025 increased by $1.4 million, or 8 percent, over the prior year. Other income of $17.7 million for 2025 increased $3.7 million over the prior year. Included in the current year other income was $2.8 million of income related to bank owned life insurance proceeds.

Non-interest Expense Summary

			Year ended
(Dollars in thousands)			Dec 31, 2025						Dec 31, 2024						$ Change						% Change
Compensation and employee benefits			$	393,295					$	336,906					$	56,389					17		%
Occupancy and equipment			55,617						47,055						8,562						18		%
Advertising and promotions			17,767						16,132						1,635						10		%
Data processing			42,744						36,887						5,857						16		%
Other real estate owned and foreclosed assets			292						217						75						35		%
Regulatory assessments and insurance			22,675						24,194						(1,519)						(6)		%
Core deposit intangibles amortization			15,887						12,757						3,130						25		%
Other expenses			120,500						104,320						16,180						16		%
Total non-interest expense			$	668,777					$	578,468					$	90,309					16		%

Total non-interest expense of $669 million for 2025 increased $90.3 million, or 16 percent, over the same period in the prior year and was primarily driven by increased costs from recent acquisitions. Compensation and employee benefits expense of $393 million in 2025 increased $56.4 million, or 17 percent, over the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $22.7 million for 2025 decreased $1.5 million, or 6 percent, from the prior year primarily as a result of adjustments to the FDIC special assessment. Other expenses of $121 million for 2025 increased $16.2 million, or 16 percent, from the prior year. Included in other expenses was $16.6 million of acquisition-related expenses in the the current year compared to $9.9 million in the prior year. Other expenses also included $2.8 million of gain from the sale of former branch facilities in the current year and $5.6 million in the prior year.

Provision for Credit Losses

The provision for credit loss expense was $71.4 million for 2025, an increase of $43.1 million, or 152 percent, over the same period in the prior year. Included in the current year provision for credit losses was $43.9 million from current year acquisitions and included in the prior year was $9.7 million from acquisitions in the prior year. Net charge-offs for 2025 were $12.7 million compared to $13.9 million in 2024.

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Federal and State Income Tax Expense

Tax expense of $51.2 million for 2025 increased $15.1 million, or 42 percent, over the same period in the prior year. The effective tax rate for 2025 was 17.6 percent compared to 16.0 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of the increase in pre-tax income.

Efficiency Ratio

The efficiency ratio was 62.50 percent for 2025 compared to 66.71 percent for 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.