First Hawaiian, Inc. Reports Third Quarter 2024 Financial

First Hawaiian, Inc. Reports Third Quarter 2024 Financial

HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2024.

“I’m happy to report that we had a very good third quarter,” said Bob Harrison, Chairman, President, and CEO. “Net interest income and noninterest income increased over the prior quarter, expenses were well controlled and credit quality remained excellent. I’m also pleased to report that during the third quarter, Moody’s reviewed and reaffirmed all of First Hawaiian Bank’s long-term credit and deposit ratings.”

On October 23, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on November 29, 2024, to stockholders of record at the close of business on November 18, 2024.

Third Quarter 2024 Highlights:

  • Net income of $61.5 million, or $0.48 per diluted share
  • Total loans and leases decreased $118.5 million versus the prior quarter
  • Total deposits decreased $91.1 million versus the prior quarter
  • Net interest margin increased 3 basis points to 2.95%
  • Recorded a $7.4 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $23.8 billion as of September 30, 2024, a decrease of $211.5 million, or 0.9%, from $24.0 billion as of June 30, 2024.

Gross loans and leases were $14.2 billion as of September 30, 2024, a decrease of $118.5 million, or 0.8%, from $14.4 billion as of June 30, 2024.

Total deposits were $20.2 billion as of September 30, 2024, a decrease of $91.1 million, or 0.4%, from $20.3 billion as of June 30, 2024.

Net Interest Income

Net interest income for the third quarter of 2024 was $156.7 million, an increase of $3.9 million, or 2.5%, compared to $152.9 million for the prior quarter.

The net interest margin was 2.95% in the third quarter of 2024, an increase of 3 basis points compared to 2.92% in the prior quarter.

Provision Expense

During the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses. In the quarter ended June 30, 2024, we recorded a $1.8 million provision for credit losses.

Noninterest Income

Noninterest income was $53.3 million in the third quarter of 2024, an increase of $1.5 million compared to noninterest income of $51.8 million in the prior quarter.

Noninterest Expense

Noninterest expense was $126.1 million in the third quarter of 2024, an increase of $4.1 million compared to noninterest expense of $122.1 million in the prior quarter.

The efficiency ratio was 59.8% and 59.2% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

Taxes

The effective tax rate was 19.6% and 23.3% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

Asset Quality

The allowance for credit losses was $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024, compared to $160.5 million, or 1.12% of total loans and leases, as of June 30, 2024. The reserve for unfunded commitments was $33.7 million as of September 30, 2024 compared to $33.4 million as of June 30, 2024. Net charge-offs were $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024, compared to net charge-offs of $2.5 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2024. Total non-performing assets were $17.8 million, or 0.13% of total loans and leases and other real estate owned, as of September 30, 2024, compared to $18.0 million, or 0.13% of total loans and leases and other real estate owned, as of June 30, 2024.

Capital

Total stockholders’ equity increased $97.7 million in the third quarter, and stood at $2.6 billion on September 30, 2024 and June 30, 2024.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024, compared with 9.03%, 12.73% and 13.92%, respectively, on June 30, 2024.

The Company did not repurchase any shares in the third quarter.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

To access the call by phone, participants will need to click on the following registration link: https://register.vevent.com/register/BIec8273f35cc340bcb13d27eae17d127b, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024.

Use of Non-GAAP Financial Measures
Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                                 
Financial Highlights   Table 1
    For the Three Months Ended   For the Nine Months Ended  
    September 30,    June 30,    September 30,    September 30,   
(dollars in thousands, except per share data)   2024   2024   2023   2024   2023  
Operating Results:                                
Net interest income   $ 156,707   $ 152,851   $ 157,148   $ 463,985   $ 484,334  
Provision for credit losses     7,400     1,800     7,500     15,500     21,300  
Noninterest income     53,288     51,768     46,097     156,427     142,468  
Noninterest expense     126,147     122,086     119,383     377,046     358,831  
Net income     61,492     61,921     58,221     177,633     187,481  
Basic earnings per share     0.48     0.48     0.46     1.39     1.47  
Diluted earnings per share     0.48     0.48     0.46     1.38     1.47  
Dividends declared per share     0.26     0.26     0.26     0.78     0.78  
Dividend payout ratio     54.17 %   54.17 %   56.52 %   56.52 %   53.06 %
Performance Ratios(1):                                
Net interest margin     2.95 %   2.92 %   2.86 %   2.93 %   2.96 %
Efficiency ratio     59.77 %   59.22 %   58.31 %   60.38 %   56.86 %
Return on average total assets     1.02 %   1.04 %   0.93 %   0.99 %   1.01 %
Return on average tangible assets (non-GAAP)(2)     1.06 %   1.08 %   0.97 %   1.03 %   1.06 %
Return on average total stockholders’ equity     9.45 %   9.91 %   9.76 %   9.37 %   10.72 %
Return on average tangible stockholders’ equity (non-GAAP)(2)     15.35 %   16.42 %   16.84 %   15.43 %   18.68 %
Average Balances:                                
Average loans and leases   $ 14,304,806   $ 14,358,049   $ 14,349,402   $ 14,325,065   $ 14,238,309  
Average earning assets     21,328,882     21,247,707     22,060,480     21,352,739     22,040,704  
Average assets     24,046,696     23,958,913     24,727,893     24,064,208     24,699,826  
Average deposits     20,367,805     20,308,028     21,212,102     20,415,746     21,245,055  
Average stockholders’ equity     2,588,806     2,512,471     2,367,422     2,532,911     2,337,292  
Market Value Per Share:                                
Closing     23.15     20.76     18.05     23.15     18.05  
High     26.18     22.68     22.59     26.18     28.28  
Low     20.28     19.48     17.41     19.48     15.08  
                           
    As of   As of   As of   As of  
    September 30,    June 30,    December 31,    September 30,   
(dollars in thousands, except per share data)   2024   2024   2023   2023  
Balance Sheet Data:                          
Loans and leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335  
Total assets     23,780,285     23,991,791     24,926,474     24,912,524  
Total deposits     20,227,702     20,318,832     21,332,657     21,511,489  
Short-term borrowings     250,000     500,000     500,000     500,000  
Total stockholders’ equity     2,648,034     2,550,312     2,486,066     2,351,009  
                           
Per Share of Common Stock:                          
Book value   $ 20.71   $ 19.94   $ 19.48   $ 18.42  
Tangible book value (non-GAAP)(2)     12.92     12.16     11.68     10.62  
                           
Asset Quality Ratios:                          
Non-accrual loans and leases / total loans and leases     0.13 %   0.13 %   0.13 %   0.10 %
Allowance for credit losses for loans and leases / total loans and leases     1.15 %   1.12 %   1.09 %   1.08 %
                           
Capital Ratios:                          
Common Equity Tier 1 Capital Ratio     13.03 %   12.73 %   12.39 %   12.21 %
Tier 1 Capital Ratio     13.03 %   12.73 %   12.39 %   12.21 %
Total Capital Ratio     14.25 %   13.92 %   13.57 %   13.38 %
Tier 1 Leverage Ratio     9.14 %   9.03 %   8.64 %   8.45 %
Total stockholders’ equity to total assets     11.14 %   10.63 %   9.97 %   9.44 %
Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.25 %   6.76 %   6.23 %   5.67 %
                           
Non-Financial Data:                          
Number of branches     48     48     50     50  
Number of ATMs     273     272     275     294  
Number of Full-Time Equivalent Employees     2,022     2,032     2,089     2,087  

(1)   Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

(2)   Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

                               
Consolidated Statements of Income   Table 2
    For the Three Months Ended   For the Nine Months Ended
    September 30,    June 30,    September 30,    September 30, 
(dollars in thousands, except per share amounts)   2024   2024   2023   2024   2023
Interest income                              
Loans and lease financing   $ 205,682   $ 202,068   $ 194,098   $ 607,594   $ 551,777
Available-for-sale investment securities     12,850     14,143     18,426     41,539     55,208
Held-to-maturity investment securities     16,937     17,575     18,271     52,305     55,510
Other     14,527     11,148     9,004     38,444     20,054
Total interest income     249,996     244,934     239,799     739,882     682,549
Interest expense                              
Deposits     87,500     85,609     74,651     257,252     176,006
Short-term and long-term borrowings     5,397     5,953     6,838     17,303     20,057
Other     392     521     1,162     1,342     2,152
Total interest expense     93,289     92,083     82,651     275,897     198,215
Net interest income     156,707     152,851     157,148     463,985     484,334
Provision for credit losses     7,400     1,800     7,500     15,500     21,300
Net interest income after provision for credit losses     149,307     151,051     149,648     448,485     463,034
Noninterest income                              
Service charges on deposit accounts     7,783     7,793     7,524     23,122     22,001
Credit and debit card fees     17,533     15,861     15,748     49,567     47,507
Other service charges and fees     11,790     11,036     9,546     32,730     27,764
Trust and investment services income     9,077     9,426     9,742     28,857     28,804
Bank-owned life insurance     4,502     3,360     1,872     12,148     10,263
Other     2,603     4,292     1,665     10,003     6,129
Total noninterest income     53,288     51,768     46,097     156,427     142,468
Noninterest expense                              
Salaries and employee benefits     59,563     57,737     55,937     176,562     169,873
Contracted services and professional fees     14,634     16,067     16,393     46,440     50,204
Occupancy     6,945     7,377     6,711     21,263     22,047
Equipment     13,078     13,196     11,826     39,687     32,562
Regulatory assessment and fees     3,412     3,814     4,149     15,346     11,661
Advertising and marketing     1,813     1,765     2,289     6,190     6,174
Card rewards program     8,678     8,719     8,358     25,905     24,124
Other     18,024     13,411     13,720     45,653     42,186
Total noninterest expense     126,147     122,086     119,383     377,046     358,831
Income before provision for income taxes     76,448     80,733     76,362     227,866     246,671
Provision for income taxes     14,956     18,812     18,141     50,233     59,190
Net income   $ 61,492   $ 61,921   $ 58,221   $ 177,633   $ 187,481
Basic earnings per share   $ 0.48   $ 0.48   $ 0.46   $ 1.39   $ 1.47
Diluted earnings per share   $ 0.48   $ 0.48   $ 0.46   $ 1.38   $ 1.47
Basic weighted-average outstanding shares     127,886,167     127,867,853     127,609,860     127,820,737     127,552,255
Diluted weighted-average outstanding shares     128,504,035     128,262,594     127,936,440     128,362,433     127,897,829
                         
Consolidated Balance Sheets   Table 3
    September 30,    June 30,    December 31,    September 30, 
(dollars in thousands, except share amount)   2024   2024   2023   2023
Assets                        
Cash and due from banks   $ 252,209     $ 290,501     $ 185,015     $ 246,028  
Interest-bearing deposits in other banks     820,603       824,258       1,554,882       967,400  
Investment securities:                        
Available-for-sale, at fair value (amortized cost: $2,290,781 as of September 30, 2024, $2,379,004 as of June 30, 2024, $2,558,675 as of December 31, 2023 and $3,172,031 as of September 30, 2023)     2,055,959       2,067,956       2,255,336       2,722,704  
Held-to-maturity, at amortized cost (fair value: $3,475,143 as of September 30, 2024, $3,401,006 as of June 30, 2024, $3,574,856 as of December 31, 2023 and $3,433,029 as of September 30, 2023)     3,853,697       3,917,175       4,041,449       4,104,114  
Loans held for sale           2,820       190        
Loans and leases     14,241,370       14,359,899       14,353,497       14,332,335  
Less: allowance for credit losses     163,700       160,517       156,533       154,795  
Net loans and leases     14,077,670       14,199,382       14,196,964       14,177,540  
                         
Premises and equipment, net     287,036       283,762       281,461       277,805  
Accrued interest receivable     81,875       82,512       84,417       84,327  
Bank-owned life insurance     490,135       486,261       479,907       477,698  
Goodwill     995,492       995,492       995,492       995,492  
Mortgage servicing rights     5,236       5,395       5,699       5,855  
Other assets     860,373       836,277       845,662       853,561  
Total assets   $ 23,780,285     $ 23,991,791     $ 24,926,474     $ 24,912,524  
Liabilities and Stockholders’ Equity                        
Deposits:                        
Interest-bearing   $ 13,427,674     $ 13,461,365     $ 13,749,095     $ 13,612,493  
Noninterest-bearing     6,800,028       6,857,467       7,583,562       7,898,996  
Total deposits     20,227,702       20,318,832       21,332,657       21,511,489  
Short-term borrowings     250,000       500,000       500,000       500,000  
Retirement benefits payable     100,448       101,304       103,285       99,685  
Other liabilities     554,101       521,343       504,466       450,341  
Total liabilities     21,132,251       21,441,479       22,440,408       22,561,515  
                         
Stockholders’ equity                        
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024, issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024, issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023 and issued/outstanding: 141,330,663 / 127,609,934 shares as of September 30, 2023)     1,417       1,417       1,413       1,413  
Additional paid-in capital     2,558,158       2,554,795       2,548,250       2,545,659  
Retained earnings     915,062       887,176       837,859       823,895  
Accumulated other comprehensive loss, net     (452,658 )     (519,132 )     (530,210 )     (648,731 )
Treasury stock (13,849,434 shares as of September 30, 2024, 13,849,434 shares as of June 30, 2024, 13,721,778 shares as of December 31, 2023 and 13,720,729 shares as of September 30, 2023)     (373,945 )     (373,944 )     (371,246 )     (371,227 )
Total stockholders’ equity     2,648,034       2,550,312       2,486,066       2,351,009  
Total liabilities and stockholders’ equity   $ 23,780,285     $ 23,991,791     $ 24,926,474     $ 24,912,524  
                                                   
Average Balances and Interest Rates                                            Table 4
    Three Months Ended   Three Months Ended   Three Months Ended  
    September 30, 2024   June 30, 2024   September 30, 2023  
    Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                                  
Interest-Bearing Deposits in Other Banks   $ 1,020.4   $ 13.9   5.40 % $ 773.4   $ 10.5   5.45 % $ 608.6   $ 8.2   5.36 %
Available-for-Sale Investment Securities                                                  
Taxable     2,062.6     12.8   2.48     2,100.7     14.1   2.69     2,834.6     18.4   2.59  
Non-Taxable     1.5       5.06     1.5       5.76     2.3       5.48  
Held-to-Maturity Investment Securities                                                  
Taxable     3,288.2     13.8   1.67     3,358.2     14.4   1.71     3,544.1     15.0   1.70  
Non-Taxable     602.3     3.7   2.46     602.9     4.0   2.64     604.3     4.1   2.66  
Total Investment Securities     5,954.6     30.3   2.03     6,063.3     32.5   2.15     6,985.3     37.5   2.14  
Loans Held for Sale     2.2       5.64     1.0       6.58     0.4       6.63  
Loans and Leases(1)                                                  
Commercial and industrial     2,165.3     38.0   6.98     2,201.6     38.1   6.96     2,123.5     35.7   6.66  
Commercial real estate     4,278.3     71.6   6.67     4,305.6     71.5   6.68     4,381.8     71.4   6.47  
Construction     1,040.7     20.3   7.74     984.8     18.5   7.57     873.7     15.5   7.05  
Residential:                                                  
Residential mortgage     4,204.5     40.4   3.84     4,229.4     40.1   3.80     4,316.3     40.1   3.72  
Home equity line     1,158.5     13.2   4.52     1,164.2     12.6   4.35     1,154.0     10.1   3.45  
Consumer     1,035.3     18.7   7.19     1,054.1     17.7   6.74     1,172.8     18.3   6.19  
Lease financing     422.2     4.0   3.72     418.3     4.3   4.09     327.3     3.7   4.48  
Total Loans and Leases     14,304.8     206.2   5.74     14,358.0     202.8   5.67     14,349.4     194.8   5.39  
Other Earning Assets     46.9     0.7   5.83     52.0     0.7   5.25     116.8     0.8   2.64  
Total Earning Assets(2)     21,328.9     251.1   4.69     21,247.7     246.5   4.66     22,060.5     241.3   4.35  
Cash and Due from Banks     242.3               240.4               276.0            
Other Assets     2,475.5               2,470.8               2,391.4            
Total Assets   $ 24,046.7             $ 23,958.9             $ 24,727.9            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 5,963.1   $ 23.6   1.57 % $ 6,000.4   $ 23.4   1.57 % $ 5,982.5   $ 19.2   1.27 %
Money Market     4,179.5     31.9   3.04     4,076.7     30.6   3.02     3,907.2     24.7   2.51  
Time     3,327.3     32.0   3.83     3,284.3     31.6   3.87     3,362.7     30.8   3.63  
Total Interest-Bearing Deposits     13,469.9     87.5   2.58     13,361.4     85.6   2.58     13,252.4     74.7   2.23  
Other Short-Term Borrowings     451.1     5.4   4.76     500.0     6.0   4.79     113.1     1.5   5.17  
Long-Term Borrowings                         440.2     5.3   4.83  
Other Interest-Bearing Liabilities     22.4     0.4   6.97     38.2     0.5   5.48     89.1     1.2   5.17  
Total Interest-Bearing Liabilities     13,943.4     93.3   2.66     13,899.6     92.1   2.66     13,894.8     82.7   2.36  
Net Interest Income         $ 157.8             $ 154.4             $ 158.6      
Interest Rate Spread(3)               2.03 %             2.00 %             1.99 %
Net Interest Margin(4)               2.95 %             2.92 %             2.86 %
Noninterest-Bearing Demand Deposits     6,897.9               6,946.6               7,959.7            
Other Liabilities     616.6               600.2               506.0            
Stockholders’ Equity     2,588.8               2,512.5               2,367.4            
Total Liabilities and Stockholders’ Equity   $ 24,046.7             $ 23,958.9             $ 24,727.9            

(1)   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(2)   Interest income includes taxable-equivalent basis adjustments of $1.1 million, $1.5 million and $1.5 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

(3)   Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4)   Net interest margin is net interest income annualized for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                                   
Average Balances and Interest Rates                          Table 5
    Nine Months Ended   Nine Months Ended  
    September 30, 2024   September 30, 2023  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                  
Interest-Bearing Deposits in Other Banks   $ 884.6   $ 35.9   5.43 %   $ 493.6   $ 18.8   5.10 %
Available-for-Sale Investment Securities                                  
Taxable     2,124.4     41.5   2.61     2,964.0     54.8   2.47  
Non-Taxable     1.6     0.1   5.49     13.0     0.5   5.57  
Held-to-Maturity Investment Securities                                  
Taxable     3,354.0     42.7   1.70     3,615.0     46.0   1.70  
Non-Taxable     602.9     11.7   2.58     608.9     11.9   2.62  
Total Investment Securities     6,082.9     96.0   2.10     7,200.9     113.2   2.10  
Loans Held for Sale     1.3     0.1   6.11     0.3       6.11  
Loans and Leases(1)                                  
Commercial and industrial     2,177.2     113.3   6.95     2,193.8     104.3   6.35  
Commercial real estate     4,302.4     213.4   6.62     4,224.7     194.6   6.16  
Construction     983.6     56.2   7.63     874.0     45.4   6.95  
Residential:                                  
Residential mortgage     4,232.6     122.5   3.86     4,312.4     117.6   3.64  
Home equity line     1,164.9     37.8   4.34     1,116.4     27.9   3.35  
Consumer     1,057.6     54.4   6.87     1,194.1     53.2   5.95  
Lease financing     406.8     11.9   3.90     322.9     10.5   4.34  
Total Loans and Leases     14,325.1     609.5   5.68     14,238.3     553.5   5.19  
Other Earning Assets     58.8     2.5   5.69     107.6     1.3   1.53  
Total Earning Assets(2)     21,352.7     744.0   4.65     22,040.7     686.8   4.16  
Cash and Due from Banks     242.4               273.3            
Other Assets     2,469.1               2,385.8            
Total Assets   $ 24,064.2             $ 24,699.8            
                                   
Interest-Bearing Liabilities                                  
Interest-Bearing Deposits                                  
Savings   $ 6,007.6   $ 70.5   1.57 % $ 6,144.1   $ 49.1   1.07 %
Money Market     4,067.5     91.3   3.00     3,857.0     58.6   2.03  
Time     3,312.3     95.5   3.85     2,921.8     68.3   3.12  
Total Interest-Bearing Deposits     13,387.4     257.3   2.57     12,922.9     176.0   1.82  
Federal Funds Purchased               23.0     0.8   4.45  
Other Short-Term Borrowings     483.6     17.3   4.78     176.5     6.8   5.15  
Long-Term Borrowings               349.8     12.5   4.78  
Other Interest-Bearing Liabilities     31.1     1.3   5.75     62.1     2.1   4.63  
Total Interest-Bearing Liabilities     13,902.1     275.9   2.65     13,534.3     198.2   1.96  
Net Interest Income         $ 468.1             $ 488.6      
Interest Rate Spread(3)               2.00 %             2.20 %
Net Interest Margin(4)               2.93 %             2.96 %
Noninterest-Bearing Demand Deposits     7,028.4               8,322.2            
Other Liabilities     600.8               506.0            
Stockholders’ Equity     2,532.9               2,337.3            
Total Liabilities and Stockholders’ Equity   $ 24,064.2             $ 24,699.8            

(1)   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

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(2)   Interest income includes taxable-equivalent basis adjustments of $4.1 million and $4.2 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)   Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4)   Net interest margin is net interest income annualized for the nine months ended September 30, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                   
Analysis of Change in Net Interest Income                 Table 6
    Three Months Ended September 30, 2024
    Compared to June 30, 2024
(dollars in millions)   Volume   Rate   Total (1)
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 3.5     $ (0.1 )   $ 3.4  
Available-for-Sale Investment Securities                  
Taxable     (0.2 )     (1.1 )     (1.3 )
Held-to-Maturity Investment Securities                  
Taxable     (0.3 )     (0.3 )     (0.6 )
Non-Taxable           (0.3 )     (0.3 )
Total Investment Securities     (0.5 )     (1.7 )     (2.2 )
Loans and Leases                  
Commercial and industrial     (0.3 )     0.2       (0.1 )
Commercial real estate           0.1       0.1  
Construction     1.3       0.5       1.8  
Residential:                  
Residential mortgage     (0.2 )     0.5       0.3  
Home equity line           0.6       0.6  
Consumer     (0.3 )     1.3       1.0  
Lease financing           (0.3 )     (0.3 )
Total Loans and Leases     0.5       2.9       3.4  
Other Earning Assets     (0.1 )     0.1        
Total Change in Interest Income     3.4       1.2       4.6  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings           0.2       0.2  
Money Market     1.0       0.3       1.3  
Time     0.6       (0.2 )     0.4  
Total Interest-Bearing Deposits     1.6       0.3       1.9  
Other Short-Term Borrowings     (0.5 )     (0.1 )     (0.6 )
Other Interest-Bearing Liabilities     (0.2 )     0.1       (0.1 )
Total Change in Interest Expense     0.9       0.3       1.2  
Change in Net Interest Income   $ 2.5     $ 0.9     $ 3.4  

(1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                   
Analysis of Change in Net Interest Income                 Table 7
    Three Months Ended September 30, 2024
    Compared to September 30, 2023
(dollars in millions)   Volume   Rate   Total (1)
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 5.6     $ 0.1     $ 5.7  
Available-for-Sale Investment Securities                  
Taxable     (4.8 )     (0.8 )     (5.6 )
Held-to-Maturity Investment Securities                  
Taxable     (1.0 )     (0.2 )     (1.2 )
Non-Taxable           (0.4 )     (0.4 )
Total Investment Securities     (5.8 )     (1.4 )     (7.2 )
Loans and Leases                  
Commercial and industrial     0.7       1.6       2.3  
Commercial real estate     (1.8 )     2.0       0.2  
Construction     3.2       1.6       4.8  
Residential:                  
Residential mortgage     (1.0 )     1.3       0.3  
Home equity line           3.1       3.1  
Consumer     (2.3 )     2.7       0.4  
Lease financing     0.9       (0.6 )     0.3  
Total Loans and Leases     (0.3 )     11.7       11.4  
Other Earning Assets     (0.7 )     0.6       (0.1 )
Total Change in Interest Income     (1.2 )     11.0       9.8  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     (0.1 )     4.5       4.4  
Money Market     1.8       5.4       7.2  
Time     (0.3 )     1.5       1.2  
Total Interest-Bearing Deposits     1.4       11.4       12.8  
Other Short-Term Borrowings     4.0       (0.1 )     3.9  
Long-Term Borrowings     (2.6 )     (2.7 )     (5.3 )
Other Interest-Bearing Liabilities     (1.1 )     0.3       (0.8 )
Total Change in Interest Expense     1.7       8.9       10.6  
Change in Net Interest Income   $ (2.9 )   $ 2.1     $ (0.8 )

(1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                   
Analysis of Change in Net Interest Income                 Table 8
    Nine Months Ended September 30, 2024
    Compared to September 30, 2023
(dollars in millions)   Volume   Rate   Total (1)
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 15.8     $ 1.3     $ 17.1  
Available-for-Sale Investment Securities                  
Taxable     (16.3 )     3.0       (13.3 )
Non-Taxable     (0.4 )           (0.4 )
Held-to-Maturity Investment Securities                  
Taxable     (3.3 )           (3.3 )
Non-Taxable     (0.1 )     (0.1 )     (0.2 )
Total Investment Securities     (20.1 )     2.9       (17.2 )
Loans Held for Sale     0.1             0.1  
Loans and Leases                  
Commercial and industrial     (0.8 )     9.8       9.0  
Commercial real estate     3.7       15.1       18.8  
Construction     6.1       4.7       10.8  
Residential:                  
Residential mortgage     (2.2 )     7.1       4.9  
Home equity line     1.3       8.6       9.9  
Consumer     (6.5 )     7.7       1.2  
Lease financing     2.5       (1.1 )     1.4  
Total Loans and Leases     4.1       51.9       56.0  
Other Earning Assets     (0.8 )     2.0       1.2  
Total Change in Interest Income     (0.9 )     58.1       57.2  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     (1.1 )     22.5       21.4  
Money Market     3.4       29.3       32.7  
Time     9.9       17.3       27.2  
Total Interest-Bearing Deposits     12.2       69.1       81.3  
Federal Funds Purchased     (0.4 )     (0.4 )     (0.8 )
Other Short-Term Borrowings     11.0       (0.5 )     10.5  
Long-Term Borrowings     (6.3 )     (6.2 )     (12.5 )
Other Interest-Bearing Liabilities     (1.2 )     0.4       (0.8 )
Total Change in Interest Expense     15.3       62.4       77.7  
Change in Net Interest Income   $ (16.2 )   $ (4.3 )   $ (20.5 )

(1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                         
Loans and Leases                       Table 9
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2024   2024   2023   2023
Commercial and industrial   $ 2,110,077   $ 2,208,690   $ 2,165,349   $ 2,101,442
Commercial real estate     4,265,289     4,305,017     4,340,243     4,387,751
Construction     1,056,249     1,017,649     900,292     885,112
Residential:                        
Residential mortgage     4,187,060     4,216,416     4,283,315     4,303,924
Home equity line     1,159,823     1,159,833     1,174,588     1,167,388
Total residential     5,346,883     5,376,249     5,457,903     5,471,312
Consumer     1,030,044     1,027,104     1,109,901     1,154,203
Lease financing     432,828     425,190     379,809     332,515
Total loans and leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335
                         
Deposits                       Table 10
    September 30,    June 30,    December 31,    September 30, 
(dollars in thousands)   2024   2024   2023   2023
Demand   $ 6,800,028   $ 6,857,467   $ 7,583,562   $ 7,898,996
Savings     5,896,029     6,055,051     6,445,084     6,028,308
Money Market     4,129,381     4,111,609     3,847,853     3,923,054
Time     3,402,264     3,294,705     3,456,158     3,661,131
Total Deposits   $ 20,227,702   $ 20,318,832   $ 21,332,657   $ 21,511,489
                         
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More              Table 11
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2024   2024   2023   2023
Non-Performing Assets                        
Non-Accrual Loans and Leases                        
Commercial Loans:                        
Commercial and industrial   $ 934   $ 1,084   $ 970   $ 988
Commercial real estate     152     3,085     2,953    
Construction         447        
Total Commercial Loans     1,086     4,616     3,923     988
Residential Loans:                        
Residential mortgage     9,103     7,273     7,620     7,435
Home equity line     7,645     6,124     7,052     6,200
Total Residential Loans     16,748     13,397     14,672     13,635
Total Non-Accrual Loans and Leases     17,834     18,013     18,595     14,623
Total Non-Performing Assets   $ 17,834   $ 18,013   $ 18,595   $ 14,623
                         
Accruing Loans and Leases Past Due 90 Days or More                        
Commercial Loans:                        
Commercial and industrial   $ 529   $ 110   $ 494   $ 289
Commercial real estate     568         300     170
Total Commercial Loans     1,097     110     794     459
Residential mortgage     931     1,820         1,430
Consumer     2,515     1,835     2,702     1,681
Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,543   $ 3,765   $ 3,496   $ 3,570
                         
Total Loans and Leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335
                                 
Allowance for Credit Losses and Reserve for Unfunded Commitments
      Table 12
    For the Three Months Ended   For the Nine Months Ended  
    September 30,    June 30,   September 30,   September 30,   September 30,   
(dollars in thousands)   2024   2024   2023   2024   2023  
Balance at Beginning of Period   $ 193,930     $ 194,649     $ 184,780     $ 192,138     $ 177,735    
Loans and Leases Charged-Off                                
Commercial Loans:                                
Commercial and industrial     (1,178 )     (677 )     (784 )     (2,764 )     (2,572 )  
Commercial real estate     (400 )                 (400 )        
Total Commercial Loans     (1,578 )     (677 )     (784 )     (3,164 )     (2,572 )  
Residential Loans:                                
Residential mortgage                             (122 )  
Home equity line                             (272 )  
Total Residential Loans                             (394 )  
Consumer     (4,192 )     (4,182 )     (3,665 )     (13,228 )     (12,963 )  
Total Loans and Leases Charged-Off     (5,770 )     (4,859 )     (4,449 )     (16,392 )     (15,929 )  
Recoveries on Loans and Leases Previously Charged-Off                                
Commercial and industrial     160       250       2,637       621       3,175    
Residential Loans:                                
Residential mortgage     31       28       53       89       110    
Home equity line     86       112       303       242       539    
Total Residential Loans     117       140       356       331       649    
Consumer     1,560       1,950       1,746       5,199       5,640    
Total Recoveries on Loans and Leases Previously Charged-Off     1,837       2,340       4,739       6,151       9,464    
Net Loans and Leases (Charged-Off) Recovered     (3,933 )     (2,519 )     290       (10,241 )     (6,465 )  
Provision for Credit Losses     7,400       1,800       7,500       15,500       21,300    
Balance at End of Period   $ 197,397     $ 193,930     $ 192,570     $ 197,397     $ 192,570    
Components:                                
Allowance for Credit Losses   $ 163,700     $ 160,517     $ 154,795     $ 163,700     $ 154,795    
Reserve for Unfunded Commitments     33,697       33,413       37,775       33,697       37,775    
Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 197,397     $ 193,930     $ 192,570     $ 197,397     $ 192,570    
Average Loans and Leases Outstanding   $ 14,304,806     $ 14,358,049     $ 14,349,402     $ 14,325,065     $ 14,238,309    
Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases Outstanding(1)     0.11   %   0.07   %   (0.01 ) %   0.10   %   0.06   %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.15   %   1.12   %   1.08   %   1.15   %   1.08   %
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     9.18x     8.91x     10.59x     9.18x     10.59x  

(1)   Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

                                                       
Loans and Leases by Year of Origination and Credit Quality Indicator     Table 13
                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
                                        Amortized   Amortized      
(dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
Commercial Lending                                                      
Commercial and Industrial                                                      
Risk rating:                                                      
Pass   $ 100,174   $ 82,175   $ 191,861   $ 256,997   $ 20,866   $ 266,720   $ 1,026,457   $ 13,396   $ 1,958,646
Special Mention     303     1     7,327     48     398     1,371     18,239         27,687
Substandard             8,251     219     358     2,033     32,296         43,157
Other (1)     10,797     10,542     7,779     3,074     1,052     1,723     45,620         80,587
Total Commercial and Industrial     111,274     92,718     215,218     260,338     22,674     271,847     1,122,612     13,396     2,110,077
Current period gross charge-offs         578     333     89     221     1,543             2,764
                                                       
Commercial Real Estate                                                      
Risk rating:                                                      
Pass     118,884     347,480     810,746     649,133     325,887     1,774,529     87,188     7,760     4,121,607
Special Mention     3,587     2,261     7,537     41,384     3,306     11,973     7,815         77,863
Substandard             54,984     1,003         9,548     149         65,684
Other (1)                         135             135
Total Commercial Real Estate     122,471     349,741     873,267     691,520     329,193     1,796,185     95,152     7,760     4,265,289
Current period gross charge-offs                         400             400
                                                       
Construction                                                      
Risk rating:                                                      
Pass     61,677     246,176     361,974     241,212     58,820     46,344     4,484         1,020,687
Special Mention                         164             164
Other (1)     4,970     9,468     12,022     3,575     1,199     3,463     701         35,398
Total Construction     66,647     255,644     373,996     244,787     60,019     49,971     5,185         1,056,249
Current period gross charge-offs                                    
                                                       
Lease Financing                                                      
Risk rating:                                                      
Pass     126,380     105,523     66,764     15,483     23,133     89,254             426,537
Special Mention         42     100     300     5                 447
Substandard     4,899     602     343                         5,844
Total Lease Financing     131,279     106,167     67,207     15,783     23,138     89,254             432,828
Current period gross charge-offs                                    
                                                       
Total Commercial Lending   $ 431,671   $ 804,270   $ 1,529,688   $ 1,212,428   $ 435,024   $ 2,207,257   $ 1,222,949   $ 21,156   $ 7,864,443
Current period gross charge-offs   $   $ 578   $ 333   $ 89   $ 221   $ 1,943   $   $   $ 3,164
                                                       
                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
(continued)                                       Amortized   Amortized      
(dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
Residential Lending                                                      
Residential Mortgage                                                      
FICO:                                                      
740 and greater   $ 113,307   $ 206,224   $ 504,141   $ 956,983   $ 503,160   $ 1,129,857   $   $   $ 3,413,672
680 – 739     11,614     28,638     65,128     109,018     66,719     157,263             438,380
620 – 679     1,519     1,792     22,921     19,854     11,651     37,979             95,716
550 – 619         896     3,703     6,707     2,269     15,751             29,326
Less than 550         286     2,380     3,818     2,959     5,569             15,012
No Score (3)     543     7,117     16,923     10,512     5,553     52,526             93,174
Other (2)     8,148     12,786     16,721     14,776     11,222     30,022     8,105         101,780
Total Residential Mortgage     135,131     257,739     631,917     1,121,668     603,533     1,428,967     8,105         4,187,060
Current period gross charge-offs                                    
                                                       
Home Equity Line                                                      
FICO:                                                      
740 and greater                             930,909     1,730     932,639
680 – 739                             167,097     1,137     168,234
620 – 679                             36,540     985     37,525
550 – 619                             14,514     581     15,095
Less than 550                             4,477     571     5,048
No Score (3)                             1,282         1,282
Total Home Equity Line                             1,154,819     5,004     1,159,823
Current period gross charge-offs                                    
                                                       
Total Residential Lending   $ 135,131   $ 257,739   $ 631,917   $ 1,121,668   $ 603,533   $ 1,428,967   $ 1,162,924   $ 5,004   $ 5,346,883
Current period gross charge-offs   $   $   $   $   $   $   $   $   $
                                                       
Consumer Lending                                                      
FICO:                                                      
740 and greater     71,777     71,423     94,710     51,952     18,512     10,435     121,278     128     440,215
680 – 739     51,651     51,667     49,864     23,959     9,995     7,497     77,278     525     272,436
620 – 679     21,223     20,604     21,700     12,515     5,155     5,577     35,665     851     123,290
550 – 619     4,116     7,348     9,802     5,983     2,862     3,862     12,674     825     47,472
Less than 550     1,071     3,266     6,247     3,999     1,783     2,492     4,836     525     24,219
No Score (3)     2,291     117     47         7     8     42,658     205     45,333
Other (2)             296     911     101     981     74,790         77,079
Total Consumer Lending   $ 152,129   $ 154,425   $ 182,666   $ 99,319   $ 38,415   $ 30,852   $ 369,179   $ 3,059   $ 1,030,044
Current period gross charge-offs   $ 385   $ 1,403   $ 2,107   $ 1,085   $ 518   $ 2,234   $ 4,952   $ 544   $ 13,228
                                                       
Total Loans and Leases   $ 718,931   $ 1,216,434   $ 2,344,271   $ 2,433,415   $ 1,076,972   $ 3,667,076   $ 2,755,052   $ 29,219   $ 14,241,370
Current period gross charge-offs   $ 385   $ 1,981   $ 2,440   $ 1,174   $ 739   $ 4,177   $ 4,952   $ 544   $ 16,392

(1)   Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. As of September 30, 2024, the majority of the loans in this population were current.

(2)   Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of September 30, 2024, the majority of the loans in this population were current.

(3)   No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                                 
GAAP to Non-GAAP Reconciliation   Table 14
    For the Three Months Ended   For the Nine Months Ended  
    September 30,   June 30,   September 30,   September 30,  
(dollars in thousands)   2024   2024   2023   2024   2023  
Income Statement Data:                                
Net income   $ 61,492   $ 61,921   $ 58,221   $ 177,633   $ 187,481  
                                 
Average total stockholders’ equity   $ 2,588,806   $ 2,512,471   $ 2,367,422   $ 2,532,911   $ 2,337,292  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible stockholders’ equity   $ 1,593,314   $ 1,516,979   $ 1,371,930   $ 1,537,419   $ 1,341,800  
                                 
Average total assets   $ 24,046,696   $ 23,958,913   $ 24,727,893   $ 24,064,208   $ 24,699,826  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible assets   $ 23,051,204   $ 22,963,421   $ 23,732,401   $ 23,068,716   $ 23,704,334  
                                 
Return on average total stockholders’ equity(1)     9.45 %   9.91 %   9.76 %   9.37 %   10.72 %
Return on average tangible stockholders’ equity (non-GAAP)(1)     15.35 %   16.42 %   16.84 %   15.43 %   18.68 %
                                 
Return on average total assets(1)     1.02 %   1.04 %   0.93 %   0.99 %   1.01 %
Return on average tangible assets (non-GAAP)(1)     1.06 %   1.08 %   0.97 %   1.03 %   1.06 %
                           
                     
    As of   As of   As of   As of  
    September 30,   June 30,   December 31,   September 30,  
(dollars in thousands, except per share amounts)   2024   2024   2023   2023  
Balance Sheet Data:                          
Total stockholders’ equity   $ 2,648,034   $ 2,550,312   $ 2,486,066   $ 2,351,009  
Less: goodwill     995,492     995,492     995,492     995,492  
Tangible stockholders’ equity   $ 1,652,542   $ 1,554,820   $ 1,490,574   $ 1,355,517  
                           
Total assets   $ 23,780,285   $ 23,991,791   $ 24,926,474   $ 24,912,524  
Less: goodwill     995,492     995,492     995,492     995,492  
Tangible assets   $ 22,784,793   $ 22,996,299   $ 23,930,982   $ 23,917,032  
                           
Shares outstanding     127,886,167     127,879,012     127,618,761     127,609,934  
                           
Total stockholders’ equity to total assets     11.14 %   10.63 %   9.97 %   9.44 %
Tangible stockholders’ equity to tangible assets (non-GAAP)     7.25 %   6.76 %   6.23 %   5.67 %
                           
Book value per share   $ 20.71   $ 19.94   $ 19.48   $ 18.42  
Tangible book value per share (non-GAAP)   $ 12.92   $ 12.16   $ 11.68   $ 10.62  

(1)   Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

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