0000036377false00000363772024-01-262024-01-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 26, 2024

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-14585

99-0156159

(Commission File Number)

(IRS Employer Identification No.)

999 Bishop St., 29th Floor

Honolulu, Hawaii

96813

(Address of Principal Executive Offices)

(Zip Code)

(808) 525-7000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol(s)

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

FHB

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On January 26, 2024, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended December 31, 2023. A copy of First Hawaiian’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

All information provided in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of First Hawaiian under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.

Description

99.1

Press release of First Hawaiian, Inc. dated January 26, 2024 containing financial information for its quarter ended December 31, 2023.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Pril

FIRST HAWAIIAN, INC.

Date: January 26, 2024

By:

/s/ Robert S. Harrison

Robert S. Harrison

Chairman of the Board, President and Chief Executive Officer

(Principal Executive Officer)

3

EXHIBIT 99.1

Graphic

For Immediate Release

First Hawaiian, Inc. Reports Fourth Quarter 2023 Financial Results and Declares Dividend

HONOLULU, Hawaii January 26, 2024--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2023.

“I’m happy to report that we finished 2023 with a strong fourth quarter. Our loan balances were stable, we grew consumer and commercial deposits, and credit quality remained excellent,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we also took action to strengthen our balance sheet and increase our future earnings power by selling low-yielding securities. We intend to use the proceeds to reduce high-cost deposits which will increase our net interest margin and net interest income in 2024.” 

On January 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 1, 2024, to stockholders of record at the close of business on February 16, 2024.

Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $40 million of its outstanding common stock during 2024.

Fourth Quarter 2023 Highlights:

Net income of $47.5 million, or $0.37 per diluted share
Total loans and leases increased $21.2 million versus prior quarter
Total deposits decreased $178.8 million versus prior quarter
Net interest margin decreased 5 basis points to 2.81%
Recorded a $5.3 million provision for credit losses
Sold $525.6 million of low-yielding investment securities and recognized a $40.0 million loss
Sold 120,104 shares of Visa Class B stock for a gain of $40.8 million
$16.3 million FDIC special assessment included in expenses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $24.9 billion at December 31, 2023 and September 30, 2023.

Gross loans and leases were $14.4 billion as of December 31, 2023, an increase of $21.2 million, or 0.1%, from $14.3 billion as of September 30, 2023.

Total deposits were $21.3 billion as of December 31, 2023, a decrease of $178.8 million, or 0.8%, from $21.5 billion as of September 30, 2023.

Net Interest Income

Net interest income for the fourth quarter of 2023 was $151.8 million, a decrease of $5.4 million, or 3.4%, compared to $157.1 million for the prior quarter.

The net interest margin was 2.81% in the fourth quarter of 2023, a decrease of 5 basis points compared to 2.86% in the prior quarter.

Provision Expense

During the quarter ended December 31, 2023, we recorded a $5.3 million provision for credit losses. In the quarter ended September 30, 2023, we recorded a $7.5 million provision for credit losses.

Noninterest Income

Noninterest income was $58.3 million in the fourth quarter of 2023, an increase of $12.3 million compared to noninterest income of $46.1 million in the prior quarter.


Noninterest Expense

Noninterest expense was $142.3 million in the fourth quarter of 2023, an increase of $22.9 million compared to noninterest expense of $119.4 million in the prior quarter.

The efficiency ratio was 67.3% and 58.3% for the quarters ended December 31, 2023 and September 30, 2023, respectively.

Taxes

The effective tax rate was 24.0% and 23.8% for the quarters ended December 31, 2023 and September 30, 2023, respectively.

Asset Quality

The allowance for credit losses was $156.5 million, or 1.09% of total loans and leases, as of December 31, 2023, compared to $154.8 million, or 1.08% of total loans and leases, as of September 30, 2023. The reserve for unfunded commitments was $35.6 million as of December 31, 2023 compared to $37.8 million as of September 30, 2023. Net charge-offs were $5.8 million, or 0.16% of average loans and leases on an annualized basis, for the quarter ended December 31, 2023, compared to net recoveries of $0.3 million, or 0.01% of average loans and leases on an annualized basis, for the quarter ended September 30, 2023. Total non-performing assets were $18.6 million, or 0.13% of total loans and leases and other real estate owned, on December 31, 2023, compared to total non-performing assets of $14.6 million, or 0.10% of total loans and leases and other real estate owned, on September 30, 2023.

Capital

Total stockholders' equity was $2.5 billion on December 31, 2023 an increase of $135.1 million from $2.4 billion as of September 30, 2023.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 8.64%, 12.39% and 13.57%, respectively, on December 31, 2023, compared with 8.45%, 12.21% and 13.38%, respectively, on September 30, 2023.

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

As to the stock repurchase program approved for 2024, repurchases of shares of the Company’s common stock may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of share repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The repurchase program may be suspended, terminated or modified at any time for any reason.

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, 8:00 a.m. Hawaii Time.  

To access the call by phone, please register via the following link:

https://register.vevent.com/register/BIb0fdeb3d43a84da4acc2b0efeb9ba356, and you will be provided with dial in details. 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, 2022 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023.

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.

Investor Relations Contact:

Media Contact:

Kevin Haseyama, CFA

Lindsay Chambers

(808) 525-6268

(808) 525-6254

khaseyama@fhb.com

lchambers@fhb.com


Financial Highlights

Table 1

For the Three Months Ended

For the Year Ended

December 31, 

September 30, 

December 31, 

December 31, 

(dollars in thousands, except per share data)

    

2023

    

2023

    

2022

    

2023

    

2022

 

Operating Results:

Net interest income

$

151,793

$

157,148

$

171,794

$

636,127

$

613,549

Provision for credit losses

5,330

7,500

2,956

26,630

1,392

Noninterest income

58,347

46,097

48,151

200,815

179,525

Noninterest expense

142,307

119,383

113,922

501,138

440,471

Net income

47,502

58,221

79,588

234,983

265,685

Basic earnings per share

0.37

0.46

0.62

1.84

2.08

Diluted earnings per share

0.37

0.46

0.62

1.84

2.08

Dividends declared per share

0.26

0.26

0.26

1.04

1.04

Dividend payout ratio

70.27

%

56.52

%

41.94

%

56.52

%

50.00

%

Performance Ratios(1):

Net interest margin

2.81

%  

2.86

%  

3.15

%  

2.92

%  

2.78

%

Efficiency ratio

67.28

%  

58.31

%  

51.47

%  

59.48

%  

55.20

%

Return on average total assets

0.77

%  

0.93

%  

1.28

%  

0.95

%  

1.06

%

Return on average tangible assets (non-GAAP)(2)

0.81

%  

0.97

%  

1.34

%  

0.99

%  

1.11

%

Return on average total stockholders' equity

7.94

%  

9.76

%  

14.27

%  

10.01

%  

11.44

%

Return on average tangible stockholders' equity (non-GAAP)(2)

13.66

%  

16.84

%  

25.93

%  

17.39

%  

20.03

%

Average Balances:

Average loans and leases

$

14,349,322

$

14,349,402

$

13,876,136

$

14,266,291

$

13,314,821

Average earning assets

21,688,816

22,060,480

21,856,135

21,952,009

22,272,795

Average assets

24,404,727

24,727,893

24,575,648

24,625,445

24,964,422

Average deposits

20,908,221

21,212,102

21,725,177

21,160,155

22,058,497

Average stockholders' equity

2,374,669

2,367,422

2,213,030

2,346,713

2,321,606

Market Value Per Share:

Closing

22.86

18.05

26.04

22.86

26.04

High

23.22

22.59

27.16

28.28

31.16

Low

17.18

17.41

24.06

15.08

21.21


As of

As of

As of

December 31, 

September 30, 

December 31, 

(dollars in thousands, except per share data)

2023

2023

 

2022

Balance Sheet Data:

Loans and leases

$

14,353,497

$

14,332,335

$

14,092,012

Total assets

24,926,474

24,912,524

24,577,223

Total deposits

21,332,657

21,511,489

21,689,029

Short-term borrowings

500,000

500,000

75,000

Total stockholders' equity

2,486,066

2,351,009

2,269,005

Per Share of Common Stock:

Book value

$

19.48

$

18.42

$

17.82

Tangible book value (non-GAAP)(2)

11.68

10.62

10.00

Asset Quality Ratios:

Non-accrual loans and leases / total loans and leases

0.13

%  

0.10

%

0.08

%  

Allowance for credit losses for loans and leases / total loans and leases

1.09

%  

1.08

%

1.02

%  

Capital Ratios:

Common Equity Tier 1 Capital Ratio

  

12.39

%  

  

12.21

%

11.82

%  

Tier 1 Capital Ratio

12.39

%  

12.21

%

11.82

%  

Total Capital Ratio

13.57

%  

13.38

%

12.92

%  

Tier 1 Leverage Ratio

8.64

%  

8.45

%

8.11

%  

Total stockholders' equity to total assets

9.97

%  

9.44

%

9.23

%  

Tangible stockholders' equity to tangible assets (non-GAAP)(2)

6.23

%  

5.67

%

5.40

%  

Non-Financial Data:

Number of branches

50

50

51

Number of ATMs

275

294

294

Number of Full-Time Equivalent Employees

2,089

2,087

2,063


(1)Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022.
(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 Year Ended

December 31, 

September 30, 

December 31, 

December 31, 

(dollars in thousands, except per share amounts)

    

2023

    

2023

    

2022

    

2023

    

2022

Interest income

Loans and lease financing

$

196,276

$

194,098

$

159,526

$

748,053

$

509,820

Available-for-sale investment securities

19,033

18,426

18,714

74,241

87,108

Held-to-maturity investment securities

17,987

18,271

19,137

73,497

55,376

Other

7,734

9,004

3,088

27,788

10,916

Total interest income

241,030

239,799

200,465

923,579

663,220

Interest expense

Deposits

82,215

74,651

28,202

258,221

49,201

Short-term and long-term borrowings

6,232

6,838

469

26,289

470

Other

790

1,162

2,942

Total interest expense

89,237

82,651

28,671

287,452

49,671

Net interest income

151,793

157,148

171,794

636,127

613,549

Provision for credit losses

5,330

7,500

2,956

26,630

1,392

Net interest income after provision for credit losses

146,463

149,648

168,838

609,497

612,157

Noninterest income

Service charges on deposit accounts

7,646

7,524

7,376

29,647

28,809

Credit and debit card fees

16,381

15,748

16,376

63,888

66,028

Other service charges and fees

9,535

9,546

9,185

37,299

37,036

Trust and investment services income

9,645

9,742

9,023

38,449

36,465

Bank-owned life insurance

5,063

1,872

2,865

15,326

1,248

Investment securities gains, net

792

792

Other

9,285

1,665

3,326

15,414

9,939

Total noninterest income

58,347

46,097

48,151

200,815

179,525

Noninterest expense

Salaries and employee benefits

55,882

55,937

49,629

225,755

199,129

Contracted services and professional fees

16,219

16,393

17,638

66,423

70,027

Occupancy

7,561

6,711

8,175

29,608

31,034

Equipment

12,547

11,826

9,984

45,109

34,506

Regulatory assessment and fees

20,412

4,149

2,591

32,073

9,603

Advertising and marketing

1,441

2,289

2,072

7,615

7,996

Card rewards program

7,503

8,358

8,681

31,627

30,990

Other

20,742

13,720

15,152

62,928

57,186

Total noninterest expense

142,307

119,383

113,922

501,138

440,471

Income before provision for income taxes

62,503

76,362

103,067

309,174

351,211

Provision for income taxes

15,001

18,141

23,479

74,191

85,526

Net income

$

47,502

$

58,221

$

79,588

$

234,983

$

265,685

Basic earnings per share

$

0.37

$

0.46

$

0.62

$

1.84

$

2.08

Diluted earnings per share

$

0.37

$

0.46

$

0.62

$

1.84

$

2.08

Basic weighted-average outstanding shares

127,612,734

127,609,860

127,356,795

127,567,547

127,489,889

Diluted weighted-average outstanding shares

128,028,964

127,936,440

127,894,773

127,915,873

127,981,699


Consolidated Balance Sheets

Table 3

December 31, 

September 30, 

December 31, 

(dollars in thousands, except share amount)

    

2023

    

2023

    

2022

Assets

Cash and due from banks

$

185,015

$

246,028

$

297,502

Interest-bearing deposits in other banks

1,554,882

967,400

229,122

Investment securities:

Available-for-sale, at fair value (amortized cost: $2,558,675 as of December 31, 2023, $3,172,031 as of September 30, 2023 and $3,549,599 as of December 31, 2022)

2,255,336

2,722,704

3,151,133

Held-to-maturity, at amortized cost (fair value: $3,574,856 as of December 31, 2023, $3,433,029 as of September 30, 2023 and $3,814,822 as of December 31, 2022)

4,041,449

4,104,114

4,320,639

Loans held for sale

190

Loans and leases

14,353,497

14,332,335

14,092,012

Less: allowance for credit losses

156,533

154,795

143,900

Net loans and leases

14,196,964

14,177,540

13,948,112

Premises and equipment, net

281,461

277,805

280,355

Other real estate owned and repossessed personal property

91

Accrued interest receivable

84,417

84,327

78,194

Bank-owned life insurance

479,907

477,698

473,067

Goodwill

995,492

995,492

995,492

Mortgage servicing rights

5,699

5,855

6,562

Other assets

845,662

853,561

796,954

Total assets

$

24,926,474

$

24,912,524

$

24,577,223

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

13,749,095

$

13,612,493

$

12,824,383

Noninterest-bearing

7,583,562

7,898,996

8,864,646

Total deposits

21,332,657

21,511,489

21,689,029

Short-term borrowings

500,000

500,000

75,000

Retirement benefits payable

103,285

99,685

102,577

Other liabilities

504,466

450,341

441,612

Total liabilities

22,440,408

22,561,515

22,308,218

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023, issued/outstanding: 141,330,663 / 127,609,934 shares as of September 30, 2023 and issued/outstanding: 140,963,918 / 127,363,327 shares as of December 31, 2022)

1,413

1,413

1,410

Additional paid-in capital

2,548,250

2,545,659

2,538,336

Retained earnings

837,859

823,895

736,544

Accumulated other comprehensive loss, net

(530,210)

(648,731)

(639,254)

Treasury stock (13,721,778 shares as of December 31, 2023, 13,720,729 shares as of September 30, 2023 and 13,600,591 shares as of December 31, 2022)

(371,246)

(371,227)

(368,031)

Total stockholders' equity

2,486,066

2,351,009

2,269,005

Total liabilities and stockholders' equity

$

24,926,474

$

24,912,524

$

24,577,223


Average Balances and Interest Rates

Table 4

Three Months Ended

Three Months Ended

Three Months Ended

December 31, 2023

September 30, 2023

December 31, 2022

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

$

568.0

$

7.8

5.39

%  

$

608.6

$

8.2

5.36

%  

$

321.3

$

2.9

3.64

%

Available-for-Sale Investment Securities

Taxable

2,598.4

19.0

2.92

2,834.6

18.4

2.59

3,180.8

18.3

2.30

Non-Taxable

1.9

5.12

2.3

5.48

37.9

0.5

5.42

Held-to-Maturity Investment Securities

Taxable

3,472.1

14.8

1.70

3,544.1

15.0

1.70

3,754.9

15.8

1.69

Non-Taxable

603.9

3.9

2.58

604.3

4.1

2.66

613.4

4.2

2.69

Total Investment Securities

6,676.3

37.7

2.25

6,985.3

37.5

2.14

7,587.0

38.8

2.04

Loans Held for Sale

0.7

7.41

0.4

6.63

0.1

6.50

Loans and Leases(1)

Commercial and industrial

2,148.1

36.7

6.78

2,123.5

35.7

6.66

2,126.3

28.1

5.24

Commercial real estate

4,356.3

71.4

6.51

4,381.8

71.4

6.47

4,116.8

53.9

5.19

Construction

888.7

16.7

7.45

873.7

15.5

7.05

804.4

11.8

5.83

Residential:

Residential mortgage

4,294.8

38.8

3.61

4,316.3

40.1

3.72

4,280.6

38.1

3.56

Home equity line

1,174.8

11.3

3.83

1,154.0

10.1

3.45

1,029.7

8.1

3.10

Consumer

1,132.4

18.4

6.43

1,172.8

18.3

6.19

1,220.9

17.1

5.55

Lease financing

354.2

3.6

4.03

327.3

3.7

4.48

297.4

2.9

3.92

Total Loans and Leases

14,349.3

196.9

5.45

14,349.4

194.8

5.39

13,876.1

160.0

4.58

Other Earning Assets

94.5

0.06

116.8

0.8

2.64

71.6

0.2

0.80

Total Earning Assets(2)

21,688.8

242.4

4.44

22,060.5

241.3

4.35

21,856.1

201.9

3.67

Cash and Due from Banks

240.8

276.0

286.4

Other Assets

2,475.1

2,391.4

2,433.1

Total Assets

$

24,404.7

$

24,727.9

$

24,575.6

Interest-Bearing Liabilities

Interest-Bearing Deposits

Savings

$

6,067.2

$

22.4

1.46

%  

$

5,982.5

$

19.2

1.27

%  

6,455.5

$

10.3

0.63

%

Money Market

3,905.0

27.5

2.79

3,907.2

24.7

2.51

4,012.9

9.8

0.97

Time

3,390.7

32.3

3.78

3,362.7

30.8

3.63

2,163.2

8.1

1.48

Total Interest-Bearing Deposits

13,362.9

82.2

2.44

13,252.4

74.7

2.23

12,631.6

28.2

0.89

Federal Funds Purchased

45.5

0.5

4.09

Other Short-Term Borrowings

515.2

6.2

4.80

113.1

1.5

5.17

Long-Term Borrowings

440.2

5.3

4.83

Other Interest-Bearing Liabilities

42.1

0.8

7.44

89.1

1.2

5.17

Total Interest-Bearing Liabilities

13,920.2

89.2

2.54

13,894.8

82.7

2.36

12,677.1

28.7

0.90

Net Interest Income

$

153.2

$

158.6

$

173.2

Interest Rate Spread

1.90

%  

1.99

%  

2.77

%

Net Interest Margin

2.81

%  

2.86

%  

3.15

%

Noninterest-Bearing Demand Deposits

7,545.3

7,959.7

9,093.6

Other Liabilities

564.5

506.0

591.9

Stockholders' Equity

2,374.7

2,367.4

2,213.0

Total Liabilities and Stockholders' Equity

$

24,404.7

$

24,727.9

$

24,575.6


(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 $1.4 million, $1.5 million and $1.4 million for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.


Average Balances and Interest Rates

Table 5

Year Ended

Year Ended

December 31, 2023

December 31, 2022

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)

    

Balance

Expense

Rate

Balance

Expense

Rate

Earning Assets

    

    

    

    

    

    

  

Interest-Bearing Deposits in Other Banks

$

512.3

$

26.5

5.18

%  

$

867.6

$

10.3

1.19

%

Available-for-Sale Investment Securities

Taxable

2,871.8

73.8

2.57

4,650.1

83.2

1.79

Non-Taxable

10.2

0.6

5.55

180.0

4.9

2.74

Held-to-Maturity Investment Securities

Taxable

3,579.0

60.7

1.70

2,728.2

45.5

1.67

Non-Taxable

607.7

15.9

2.61

460.6

12.5

2.71

Total Investment Securities

7,068.7

151.0

2.14

8,018.9

146.1

1.82

Loans Held for Sale

0.4

6.63

0.6

3.14

Loans and Leases(1)

Commercial and industrial

2,182.3

141.0

6.46

2,019.5

78.4

3.88

Commercial real estate

4,257.9

266.0

6.25

3,895.3

153.2

3.93

Construction

877.7

62.1

7.08

755.0

32.5

4.30

Residential:

Residential mortgage

4,308.0

156.4

3.63

4,200.2

145.5

3.46

Home equity line

1,131.1

39.3

3.47

965.0

26.5

2.75

Consumer

1,178.6

71.5

6.07

1,218.9

65.3

5.35

Lease financing

330.7

14.1

4.26

260.9

9.7

3.69

Total Loans and Leases

14,266.3

750.4

5.26

13,314.8

511.1

3.84

Other Earning Assets

104.3

1.3

1.20

70.9

0.6

0.89

Total Earning Assets(2)

21,952.0

929.2

4.23

22,272.8

668.1

3.00

Cash and Due from Banks

265.1

289.0

Other Assets

2,408.3

2,402.6

Total Assets

$

24,625.4

$

24,964.4

Interest-Bearing Liabilities

Interest-Bearing Deposits

Savings

$

6,124.7

$

71.5

1.17

%  

$

6,741.5

$

19.2

0.29

%

Money Market

3,869.1

86.1

2.22

4,068.8

16.6

0.41

Time

3,040.0

100.6

3.31

1,826.7

13.4

0.73

Total Interest-Bearing Deposits

13,033.8

258.2

1.98

12,637.0

49.2

0.39

Federal Funds Purchased

17.2

0.8

4.45

11.5

0.5

4.08

Other Short-Term Borrowings

261.9

13.0

4.98

Long-Term Borrowings

261.6

12.5

4.78

Other Interest-Bearing Liabilities

57.1

3.0

5.15

Total Interest-Bearing Liabilities

13,631.6

287.5

2.11

12,648.5

49.7

0.39

Net Interest Income

$

641.7

$

618.4

Interest Rate Spread

2.12

%  

2.61

%

Net Interest Margin

2.92

%  

2.78

%

Noninterest-Bearing Demand Deposits

8,126.4

9,421.5

Other Liabilities

520.7

572.8

Stockholders' Equity

2,346.7

2,321.6

Total Liabilities and Stockholders' Equity

$

24,625.4

$

24,964.4


(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 $5.6 million and $4.9 million for the years ended December 31, 2023 and 2022, respectively.


Analysis of Change in Net Interest Income

Table 6

Three Months Ended December 31, 2023

Compared to September 30, 2023

(dollars in millions)

Volume

Rate

Total

Change in Interest Income:

    

    

    

Interest-Bearing Deposits in Other Banks

$

(0.5)

$

0.1

$

(0.4)

Available-for-Sale Investment Securities

Taxable

(1.6)

2.2

0.6

Held-to-Maturity Investment Securities

Taxable

(0.2)

(0.2)

Non-Taxable

(0.2)

(0.2)

Total Investment Securities

(1.8)

2.0

0.2

Loans and Leases

Commercial and industrial

0.4

0.6

1.0

Commercial real estate

(0.4)

0.4

Construction

0.3

0.9

1.2

Residential:

Residential mortgage

(0.2)

(1.1)

(1.3)

Home equity line

0.1

1.1

1.2

Consumer

(0.6)

0.7

0.1

Lease financing

0.3

(0.4)

(0.1)

Total Loans and Leases

(0.1)

2.2

2.1

Other Earning Assets

(0.2)

(0.6)

(0.8)

Total Change in Interest Income

(2.6)

3.7

1.1

Change in Interest Expense:

Interest-Bearing Deposits

Savings

0.3

2.9

3.2

Money Market

2.8

2.8

Time

0.2

1.3

1.5

Total Interest-Bearing Deposits

0.5

7.0

7.5

Other Short-Term Borrowings

4.9

(0.2)

4.7

Long-Term Borrowings

(2.6)

(2.7)

(5.3)

Other Interest-Bearing Liabilities

(0.8)

0.4

(0.4)

Total Change in Interest Expense

2.0

4.5

6.5

Change in Net Interest Income

$

(4.6)

$

(0.8)

$

(5.4)


Analysis of Change in Net Interest Income

Table 7

Three Months Ended December 31, 2023

Compared to December 31, 2022

(dollars in millions)

Volume

Rate

Total

Change in Interest Income:

    

    

    

Interest-Bearing Deposits in Other Banks

$

3.0

$

1.9

$

4.9

Available-for-Sale Investment Securities

Taxable

(3.7)

4.4

0.7

Non-Taxable

(0.5)

(0.5)

Held-to-Maturity Investment Securities

Taxable

(1.1)

0.1

(1.0)

Non-Taxable

(0.1)

(0.2)

(0.3)

Total Investment Securities

(5.4)

4.3

(1.1)

Loans and Leases

Commercial and industrial

0.3

8.3

8.6

Commercial real estate

3.3

14.2

17.5

Construction

1.3

3.6

4.9

Residential:

Residential mortgage

0.1

0.6

0.7

Home equity line

1.2

2.0

3.2

Consumer

(1.3)

2.6

1.3

Lease financing

0.6

0.1

0.7

Total Loans and Leases

5.5

31.4

36.9

Other Earning Assets

(0.2)

(0.2)

Total Change in Interest Income

3.1

37.4

40.5

Change in Interest Expense:

Interest-Bearing Deposits

Savings

(0.6)

12.7

12.1

Money Market

(0.2)

17.9

17.7

Time

6.4

17.8

24.2

Total Interest-Bearing Deposits

5.6

48.4

54.0

Federal Funds Purchased

(0.3)

(0.2)

(0.5)

Other Short-Term Borrowings

6.2

6.2

Other Interest-Bearing Liabilities

0.8

0.8

Total Change in Interest Expense

12.3

48.2

60.5

Change in Net Interest Income

$

(9.2)

$

(10.8)

$

(20.0)


Analysis of Change in Net Interest Income

Table 8

Year Ended December 31, 2023

Compared to December 31, 2022

(dollars in millions)

    

Volume

    

Rate

    

Total

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

(5.8)

$

22.0

$

16.2

Available-for-Sale Investment Securities

Taxable

(38.3)

28.9

(9.4)

Non-Taxable

(6.9)

2.6

(4.3)

Held-to-Maturity Investment Securities

Taxable

14.4

0.8

15.2

Non-Taxable

3.9

(0.5)

3.4

Total Investment Securities

(26.9)

31.8

4.9

Loans and Leases

Commercial and industrial

6.8

55.8

62.6

Commercial real estate

15.4

97.4

112.8

Construction

5.9

23.7

29.6

Residential:

Residential mortgage

3.7

7.2

10.9

Home equity line

5.1

7.7

12.8

Consumer

(2.3)

8.5

6.2

Lease financing

2.8

1.6

4.4

Total Loans and Leases

37.4

201.9

239.3

Other Earning Assets

0.4

0.3

0.7

Total Change in Interest Income

5.1

256.0

261.1

Change in Interest Expense:

Interest-Bearing Deposits

Savings

(1.9)

54.2

52.3

Money Market

(0.9)

70.4

69.5

Time

13.8

73.4

87.2

Total Interest-Bearing Deposits

11.0

198.0

209.0

Federal Funds Purchased

0.2

0.1

0.3

Other Short-Term Borrowings

13.0

13.0

Long-Term Borrowings

12.5

12.5

Other Interest-Bearing Liabilities

3.0

3.0

Total Change in Interest Expense

39.7

198.1

237.8

Change in Net Interest Income

$

(34.6)

$

57.9

$

23.3


Loans and Leases

Table 9

December 31, 

September 30, 

December 31, 

(dollars in thousands)

    

2023

    

2023

    

2022

Commercial and industrial:

Commercial and industrial excluding Paycheck Protection Program loans

$

2,156,872

$

2,091,379

$

2,217,604

Paycheck Protection Program loans

8,477

10,063

18,293

Total commercial and industrial

2,165,349

2,101,442

2,235,897

Commercial real estate

4,340,243

4,387,751

4,132,309

Construction

900,292

885,112

844,643

Residential:

Residential mortgage

4,283,315

4,303,924

4,302,788

Home equity line

1,174,588

1,167,388

1,055,351

Total residential

5,457,903

5,471,312

5,358,139

Consumer

1,109,901

1,154,203

1,222,934

Lease financing

379,809

332,515

298,090

Total loans and leases

$

14,353,497

$

14,332,335

$

14,092,012


Deposits

Table 10

December 31, 

September 30, 

December 31, 

(dollars in thousands)

    

2023

    

2023

    

2022

Demand

$

7,583,562

$

7,898,996

$

8,864,646

Savings

6,445,084

6,028,308

6,382,910

Money Market

3,847,853

3,923,054

3,965,423

Time

3,456,158

3,661,131

2,476,050

Total Deposits

$

21,332,657

$

21,511,489

$

21,689,029


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More

Table 11

December 31, 

September 30, 

December 31, 

(dollars in thousands)

    

2023

    

2023

    

2022

Non-Performing Assets

Non-Accrual Loans and Leases

Commercial Loans:

Commercial and industrial

$

970

$

988

$

1,215

Commercial real estate

2,953

727

Total Commercial Loans

3,923

988

1,942

Residential Loans:

Residential mortgage

7,620

7,435

6,166

Home equity line

7,052

6,200

3,797

Total Residential Loans

14,672

13,635

9,963

Total Non-Accrual Loans and Leases

18,595

14,623

11,905

Other Real Estate Owned

91

Total Non-Performing Assets

$

18,595

$

14,623

$

11,996

Accruing Loans and Leases Past Due 90 Days or More

Commercial Loans:

Commercial and industrial

$

494

$

289

$

291

Commercial real estate

300

170

Total Commercial Loans

794

459

291

Residential mortgage

1,430

58

Consumer

2,702

1,681

2,885

Total Accruing Loans and Leases Past Due 90 Days or More

$

3,496

$

3,570

$

3,234

Total Loans and Leases

$

14,353,497

$

14,332,335

$

14,092,012


Allowance for Credit Losses and Reserve for Unfunded Commitments

Table 12

For the Three Months Ended

For the Year Ended

December 31, 

September 30, 

December 31, 

December 31, 

December 31, 

(dollars in thousands)

    

2023

    

2023

    

2022

    

2023

 

2022

Balance at Beginning of Period

$

192,570

$

184,780

$

178,304

177,735

187,584

Loans and Leases Charged-Off

Commercial Loans:

Commercial and industrial

(910)

(784)

(735)

(3,482)

(2,012)

Commercial real estate

(2,500)

(2,500)

(750)

Total Commercial Loans

(3,410)

(784)

(735)

(5,982)

(2,762)

Residential Loans:

Residential mortgage

(102)

(122)

(103)

Home equity line

(20)

(12)

(292)

(1,175)

Total Residential Loans

(20)

(114)

(414)

(1,278)

Consumer

(4,147)

(3,665)

(5,094)

(17,110)

(16,848)

Total Loans and Leases Charged-Off

(7,577)

(4,449)

(5,943)

(23,506)

(20,888)

Recoveries on Loans and Leases Previously Charged-Off

Commercial Loans:

Commercial and industrial

171

2,637

303

3,346

897

Commercial real estate

14

Lease financing

60

Total Commercial Loans

171

2,637

303

3,346

971

Residential Loans:

Residential mortgage

31

53

173

141

418

Home equity line

163

303

138

702

713

Total Residential Loans

194

356

311

843

1,131

Consumer

1,450

1,746

1,804

7,090

7,545

Total Recoveries on Loans and Leases Previously Charged-Off

1,815

4,739

2,418

11,279

9,647

Net Loans and Leases (Charged-Off) Recovered

(5,762)

290

(3,525)

(12,227)

(11,241)

Provision for Credit Losses

5,330

7,500

2,956

26,630

1,392

Balance at End of Period

$

192,138

$

192,570

$

177,735

$

192,138

$

177,735

Components:

Allowance for Credit Losses

$

156,533

$

154,795

$

143,900

$

156,533

$

143,900

Reserve for Unfunded Commitments

35,605

37,775

33,835

35,605

33,835

Total Allowance for Credit Losses and Reserve for Unfunded Commitments

$

192,138

$

192,570

$

177,735

$

192,138

$

177,735

Average Loans and Leases Outstanding

$

14,349,322

$

14,349,402

$

13,876,136

$

14,266,291

$

13,314,821

Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases Outstanding(1)

0.16

%  

(0.01)

%  

0.10

%  

0.09

%  

0.08

%

Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding

1.09

%  

1.08

%  

1.02

%  

1.09

%  

1.02

%

Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases

8.42x

10.59x

12.09x

8.42x

12.09x


(1)Annualized for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022.


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)

2023

2022

2021

2020

2019

Prior

Cost Basis

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

$

85,839

$

273,663

$

346,024

$

32,753

$

146,893

$

141,681

$

971,065

$

1,823

$

1,999,741

Special Mention

1

44,069

80

653

1,032

1,290

22,807

14

69,946

Substandard

342

230

677

1,686

829

8,330

12,094

Other (1)

15,978

11,598

4,814

2,370

1,702

1,125

45,981

83,568

Total Commercial and Industrial

101,818

329,672

351,148

36,453

151,313

144,925

1,048,183

1,837

2,165,349

Current period gross charge-offs

130

70

75

87

168

2,952

3,482

Commercial Real Estate

Risk rating:

Pass

346,369

872,783

676,362

337,529

523,446

1,414,613

74,238

1,350

4,246,690

Special Mention

2,307

7,618

41,320

1,359

13,550

11,998

819

78,971

Substandard

205

5,079

2,003

2,953

2,545

1,655

14,440

Other (1)

142

142

Total Commercial Real Estate

348,881

885,480

719,685

338,888

539,949

1,429,298

76,712

1,350

4,340,243

Current period gross charge-offs

2,500

2,500

Construction

Risk rating:

Pass

156,432

269,623

265,674

60,057

63,018

27,847

6,070

848,721

Special Mention

189

665

854

Other (1)

12,728

21,036

8,250

2,143

2,031

3,820

709

50,717

Total Construction

169,160

290,659

273,924

62,200

65,238

32,332

6,779

900,292

Current period gross charge-offs

Lease Financing

Risk rating:

Pass

145,914

82,833

18,680

31,791

30,299

68,520

378,037

Special Mention

56

137

414

35

642

Substandard

712

416

2

1,130

Total Lease Financing

146,682

83,386

19,094

31,826

30,301

68,520

379,809

Current period gross charge-offs

Total Commercial Lending

$

766,541

$

1,589,197

$

1,363,851

$

469,367

$

786,801

$

1,675,075

$

1,131,674

$

3,187

$

7,785,693

Current period gross charge-offs

$

130

$

70

$

75

$

87

$

2,668

$

2,952

$

$

$

5,982


Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Loans

(continued)

Amortized

Amortized

(dollars in thousands)

2023

2022

2021

2020

2019

Prior

Cost Basis

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

$

211,598

$

529,296

$

999,522

$

529,881

$

227,058

$

987,251

$

$

$

3,484,606

680 - 739

36,975

67,205

117,337

68,122

33,148

130,387

453,174

620 - 679

3,544

16,395

19,184

12,811

4,096

38,987

95,017

550 - 619

1,305

6,521

1,917

2,492

398

11,679

24,312

Less than 550

2,909

2,017

582

6,439

11,947

No Score (3)

9,137

19,311

11,492

6,043

9,679

51,109

106,771

Other (2)

15,802

17,528

17,432

12,534

8,599

25,513

10,080

107,488

Total Residential Mortgage

278,361

656,256

1,169,793

633,900

283,560

1,251,365

10,080

4,283,315

Current period gross charge-offs

122

122

Home Equity Line

FICO:

740 and greater

964,932

1,511

966,443

680 - 739

151,716

1,920

153,636

620 - 679

36,541

1,189

37,730

550 - 619

9,896

1,012

10,908

Less than 550

4,488

100

4,588

No Score (3)

1,283

1,283

Total Home Equity Line

1,168,856

5,732

1,174,588

Current period gross charge-offs

273

19

292

Total Residential Lending

$

278,361

$

656,256

$

1,169,793

$

633,900

$

283,560

$

1,251,365

$

1,178,936

$

5,732

$

5,457,903

Current period gross charge-offs

$

$

$

$

$

$

122

$

273

$

19

$

414

Consumer Lending

FICO:

740 and greater

92,117

128,358

76,148

33,507

21,819

8,970

123,592

155

484,666

680 - 739

68,865

71,031

37,925

17,116

13,270

5,690

76,645

401

290,943

620 - 679

28,533

29,229

16,919

7,843

7,972

4,624

35,210

781

131,111

550 - 619

4,996

10,859

7,760

4,917

4,651

2,986

13,223

925

50,317

Less than 550

1,790

6,370

4,842

2,796

2,905

2,040

5,222

455

26,420

No Score (3)

1,545

229

1

10

42,933

136

44,854

Other (2)

361

368

982

335

1,059

1

78,484

81,590

Total Consumer Lending

$

198,207

$

246,444

$

144,576

$

66,514

$

51,677

$

24,321

$

375,309

$

2,853

$

1,109,901

Current period gross charge-offs

$

639

$

2,400

$

2,135

$

1,142

$

1,816

$

2,622

$

5,790

$

566

$

17,110

Total Loans and Leases

$

1,243,109

$

2,491,897

$

2,678,220

$

1,169,781

$

1,122,038

$

2,950,761

$

2,685,919

$

11,772

$

14,353,497

Current period gross charge-offs

$

769

$

2,470

$

2,210

$

1,229

$

4,484

$

5,696

$

6,063

$

585

$

23,506


(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.
(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.
(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 Year Ended

December 31, 

September 30, 

December 31, 

December 31, 

(dollars in thousands)

    

2023

    

2023

    

2022

    

2023

    

2022

Income Statement Data:

Net income

$

47,502

$

58,221

$

79,588

$

234,983

$

265,685

Average total stockholders' equity

$

2,374,669

$

2,367,422

$

2,213,030

$

2,346,713

$

2,321,606

Less: average goodwill

995,492

995,492

995,492

995,492

995,492

Average tangible stockholders' equity

$

1,379,177

$

1,371,930

$

1,217,538

$

1,351,221

$

1,326,114

Average total assets

$

24,404,727

$

24,727,893

$

24,575,648

$

24,625,445

$

24,964,422

Less: average goodwill

995,492

995,492

995,492

995,492

995,492

Average tangible assets

$

23,409,235

$

23,732,401

$

23,580,156

$

23,629,953

$

23,968,930

Return on average total stockholders' equity(1)

7.94

%  

9.76

%  

14.27

%  

10.01

%  

11.44

%  

Return on average tangible stockholders' equity (non-GAAP)(1)

13.66

%  

16.84

%  

25.93

%  

17.39

%  

20.03

%  

Return on average total assets(1)

0.77

%  

0.93

%  

1.28

%  

0.95

%  

1.06

%  

Return on average tangible assets (non-GAAP)(1)

0.81

%  

0.97

%  

1.34

%  

0.99

%  

1.11

%  

As of

As of

As of

December 31, 

September 30, 

December 31, 

(dollars in thousands, except per share amounts)

    

2023

    

2023

    

2022

    

Balance Sheet Data:

Total stockholders' equity

$

2,486,066

$

2,351,009

$

2,269,005

Less: goodwill

995,492

995,492

995,492

Tangible stockholders' equity

$

1,490,574

$

1,355,517

$

1,273,513

Total assets

$

24,926,474

$

24,912,524

$

24,577,223

Less: goodwill

995,492

995,492

995,492

Tangible assets

$

23,930,982

$

23,917,032

$

23,581,731

Shares outstanding

127,618,761

127,609,934

127,363,327

Total stockholders' equity to total assets

9.97

%  

9.44

%  

9.23

%  

Tangible stockholders' equity to tangible assets (non-GAAP)

6.23

%  

5.67

%  

5.40

%  

Book value per share

$

19.48

$

18.42

$

17.82

Tangible book value per share (non-GAAP)

$

11.68

$

10.62

$

10.00


(1)Annualized for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022.