What changed
Adjusted EPS of $0.39 beat consensus of $0.37, a $0.02 or 5.4% beat. GAAP EPS of $0.33 included $152M pre-tax acquisition costs. Revenue quality is strong: NII jumped 9% QoQ and fee income rose 15%, driven by the Cadence conversion. The key nuance: the 13bp QoQ rise in the NPA ratio to 0.85% warrants monitoring, but net charge-offs actually improved 1bp to 0.25%, suggesting credit remains manageable despite acquisition integration.
Why it matters
Adjusted EPS of $0.39 beat consensus of $0.37, a $0.02 or 5.4% beat. GAAP EPS of $0.33 included $152M pre-tax acquisition costs. Revenue quality is strong: NII jumped 9% QoQ and fee income rose 15%, driven by the Cadence conversion. The key nuance: the 13bp QoQ rise in the NPA ratio to 0.85% warrants monitoring, but net charge-offs actually improved 1bp to 0.25%, suggesting credit remains manageable despite acquisition integration.
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Jul 23, 2026 12:18 PM ET