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First Hawaiian, Inc. Reports Third Quarter 2020 Financial Results and Declares Dividend

HONOLULU, Oct. 23, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2020.

“In spite of the current economic environment, we reported solid financial results for the third quarter,” said Bob Harrison, Chairman, President and CEO. “These are still challenging times, but the re-opening of the local economy, and more recently, the pre-testing program for trans-Pacific travel, are important steps toward the state’s economic recovery.”

On October 21, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on December 4, 2020 to stockholders of record at the close of business on November 23, 2020.

Third Quarter 2020 Highlights:

  • Net income of $65.1 million, or $0.50 per diluted share
  • Net interest income increased $6.2 million, or 4.8% versus prior quarter
  • Noninterest income increased $3.2 million, or 7.1% versus prior quarter
  • Consumer and commercial deposits increased $166.0 million and public deposits decreased $629.9 million versus the prior quarter
  • Net interest margin (“NIM”) was 2.70%, a 12 basis point increase versus the prior quarter
  • Recorded a $5.1 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $22.3 billion as of September 30, 2020, compared to $23.0 billion as of June 30, 2020.

Gross loans and leases were $13.5 billion as of September 30, 2020, a decrease of $264.1 million, or 1.9%, from $13.8 billion as of June 30, 2020.

Total deposits were $18.9 billion as of September 30, 2020, a decrease of $463.9 million, or 2.4%, from $19.4 billion as of June 30, 2020.

Net Interest Income

Net interest income for the third quarter of 2020 was $134.0 million, an increase of $6.2 million, or 4.8%, compared to $127.8 million for the prior quarter.

The NIM was 2.70% in the third quarter of 2020, an increase of 12 basis points compared to 2.58% in the second quarter of 2020.

Provision Expense

During the quarter ended September 30, 2020, the Bank recorded a total provision for credit losses of $5.1 million. In the quarter ended June 30, 2020, the total provision for credit losses was $55.4 million.

Noninterest Income

Noninterest income was $48.9 million in the third quarter of 2020, an increase of $3.2 million compared to noninterest income of $45.7 million in the second quarter of 2020.

Noninterest Expense

Noninterest expense was $91.6 million in the third quarter of 2020, essentially unchanged from $91.5 million in the second quarter of 2020.

The efficiency ratio was 50.0% and 52.7% for the quarters ended September 30, 2020 and June 30, 2020, respectively.

Taxes

The effective tax rate was 24.5% for the quarter ended September 30, 2020 and 24.6% for the quarter ended June 30, 2020.

Asset Quality

The allowance for credit losses was $195.9 million, or 1.45% of total loans and leases, as of September 30, 2020, compared to $192.1 million, or 1.40% of total loans and leases, as of June 30, 2020. The reserve for unfunded commitments was $24.6 million as of September 30, 2020 compared to $23.2 million as of June 30, 2020. Net recoveries were $0.1 million, or 0.0% of average loans and leases on an annualized basis for the quarter ended September 30, 2020, compared to $23.4 million, or 0.67% of average loans and leases on an annualized basis for the quarter ended June 30, 2020. Total non-performing assets were $17.6 million, or 0.13% of total loans and leases and other real estate owned, at September 30, 2020, compared to non-performing assets of $33.3 million, or 0.24% of total loans and leases and other real estate owned, at June 30, 2020.

Capital

Total stockholders' equity was $2.7 billion at both September 30 and June 30, 2020.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.91%, 12.22% and 13.47%, respectively, at September 30, 2020, compared with 7.75%, 11.86% and 13.11%, respectively, at June 30, 2020.

The Company suspended its stock repurchase program during the first quarter and did not repurchase any shares of common stock 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, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 5358159. 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. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on October 30, 2020. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 5358159.

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. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. 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 ongoing impacts of COVID-19, 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, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020.

Use of Non-GAAP Financial Measures

We present net interest income, noninterest income, noninterest expense, net income, earnings per share (basic and diluted) and the related ratios described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core efficiency ratio, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. We compute our core return on average total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders’ equity as the ratio of core net income to average total stockholders’ equity.

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. 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 core return on average tangible stockholders’ equity as the ratio of core 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 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 core return on average tangible assets as the ratio of core net income to average tangible assets. 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. 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.

Tables 14 and 15 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

  Investor Relations Contact:
Kevin Haseyama, CFA
(808) 525-6268
khaseyama@fhb.com
Media Contact:
Susan Kam
(808) 525-6254
skam@fhb.com


 

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)   2020   2020   2019   2020   2019  
Operating Results:                                
Net interest income   $ 134,002   $ 127,822   $ 143,081   $ 400,507   $ 433,783  
Provision for credit losses     5,072     55,446         101,718     9,550  
Noninterest income     48,898     45,656     49,980     143,782     145,825  
Noninterest expense     91,629     91,450     93,466     279,545     279,379  
Net income     65,101     20,049     74,199     124,015     216,556  
Basic earnings per share     0.50     0.15     0.56     0.95     1.62  
Diluted earnings per share     0.50     0.15     0.56     0.95     1.61  
Dividends declared per share     0.26     0.26     0.26     0.78     0.78  
Dividend payout ratio     52.00 %   173.33 %   46.43 %   82.11 %   48.45 %
Supplemental Income Statement Data (non-GAAP):                                
Core net interest income   $ 134,002   $ 127,822   $ 143,081   $ 400,507   $ 433,783  
Core noninterest income     48,874     45,867     49,980     143,884     148,417  
Core noninterest expense     91,629     91,450     91,222     279,545     276,613  
Core net income     65,083     20,204     75,871     124,090     220,535  
Core basic earnings per share     0.50     0.16     0.57     0.96     1.65  
Core diluted earnings per share     0.50     0.16     0.57     0.95     1.64  
Performance Ratio(1):                                
Net interest margin     2.70 %   2.58 %   3.19 %   2.79 %   3.22 %
Core net interest margin (non-GAAP)     2.70 %   2.58 %   3.19 %   2.79 %   3.22 %
Efficiency ratio     50.01 %   52.70 %   48.41 %   51.32 %   48.20 %
Core efficiency ratio (non-GAAP)     50.02 %   52.64 %   47.25 %   51.31 %   47.51 %
Return on average total assets     1.16 %   0.36 %   1.45 %   0.76 %   1.42 %
Core return on average total assets (non-GAAP)     1.16 %   0.36 %   1.48 %   0.76 %   1.44 %
Return on average tangible assets (non-GAAP)     1.21 %   0.38 %   1.52 %   0.80 %   1.49 %
Core return on average tangible assets (non-GAAP)(2)     1.21 %   0.38 %   1.56 %   0.80 %   1.52 %
Return on average total stockholders' equity     9.58 %   2.99 %   11.12 %   6.16 %   11.13 %
Core return on average total stockholders' equity (non-GAAP)     9.57 %   3.01 %   11.37 %   6.17 %   11.34 %
Return on average tangible stockholders' equity (non-GAAP)     15.16 %   4.74 %   17.81 %   9.79 %   18.04 %
Core return on average tangible stockholders’ equity (non-GAAP)(3)     15.15 %   4.77 %   18.21 %   9.80 %   18.37 %
Average Balances:                                
Average loans and leases   $ 13,559,367   $ 13,956,669   $ 13,032,349   $ 13,569,119   $ 13,105,086  
Average earning assets     19,846,674     19,854,795     17,862,564     19,174,349     17,974,363  
Average assets     22,341,485     22,341,654     20,332,457     21,667,948     20,405,261  
Average deposits     18,892,033     18,540,394     16,573,796     17,995,196     16,700,366  
Average stockholders' equity     2,704,129     2,697,775     2,648,428     2,687,632     2,600,259  
Market Value Per Share:                                
Closing     14.47     17.24     26.70     14.47     26.70  
High     18.96     21.50     27.84     31.25     28.20  
Low     14.32     13.56     24.25     13.56     22.13  


 

    As of   As of   As of   As of  
    September 30,   June 30,   December 31,   September 30,  
    2020   2020   2019   2019  
Balance Sheet Data:                          
Loans and leases   $ 13,499,969   $ 13,764,030   $ 13,211,650   $ 12,843,396  
Total assets     22,310,701     22,993,715     20,166,734     20,598,220  
Total deposits     18,897,762     19,361,634     16,444,994     16,857,246  
Short-term borrowings         200,000     400,000     400,000  
Long-term borrowings     200,010     200,019     200,019     200,018  
Total stockholders' equity     2,733,934     2,701,897     2,640,258     2,654,558  
                           
Per Share of Common Stock:                          
Book value   $ 21.04   $ 20.81   $ 20.32   $ 20.22  
Tangible book value (non-GAAP)(4)     13.38     13.14     12.66     12.64  
                           
Asset Quality Ratios:                          
Non-accrual loans and leases / total loans and leases     0.13 %   0.24 %   0.04 %   0.03 %
Allowance for credit losses for loans and leases / total loans and leases     1.45 %   1.40 %   0.99 %   1.04 %
                           
Capital Ratios:                          
Common Equity Tier 1 Capital Ratio     12.22 %   11.86 %   11.88 %   12.15 %
Tier 1 Capital Ratio     12.22 %   11.86 %   11.88 %   12.15 %
Total Capital Ratio     13.47 %   13.11 %   12.81 %   13.11 %
Tier 1 Leverage Ratio     7.91 %   7.75 %   8.79 %   8.68 %
Total stockholders' equity to total assets     12.25 %   11.75 %   13.09 %   12.89 %
Tangible stockholders' equity to tangible assets (non-GAAP)     8.16 %   7.76 %   8.58 %   8.46 %
                           
Non-Financial Data:                          
Number of branches     58     58     58     58  
Number of ATMs     302     295     301     293  
Number of Full-Time Equivalent Employees     2,099     2,100     2,092     2,099  
(1) Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2020 and 2019 and the three months ended June 30, 2020.
 
(2) Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core 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. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.
 
(3) Core return on average tangible stockholders’ equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders’ equity as the ratio of core 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. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.
 
(4) Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders’ equity to shares outstanding. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, 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)   2020   2020     2019   2020     2019  
Interest income                              
Loans and lease financing   $ 120,940   $ 122,298     $ 144,691   $ 378,209     $ 435,980  
Available-for-sale securities     20,317     17,529       22,256     59,056       71,526  
Other     670     792       3,234     3,813       9,054  
Total interest income     141,927     140,619       170,181     441,078       516,560  
Interest expense                              
Deposits     6,227     8,583       22,753     30,410       69,643  
Short-term and long-term borrowings     1,698     4,214       4,347     10,161       13,134  
Total interest expense     7,925     12,797       27,100     40,571       82,777  
Net interest income     134,002     127,822       143,081     400,507       433,783  
Provision for credit losses     5,072     55,446           101,718       9,550  
Net interest income after provision for credit losses     128,930     72,376       143,081     298,789       424,233  
Noninterest income                              
Service charges on deposit accounts     6,523     5,927       8,554     21,400       24,737  
Credit and debit card fees     14,049     10,870       16,839     39,868       50,123  
Other service charges and fees     9,021     7,912       8,903     25,472       27,435  
Trust and investment services income     8,664     8,664       8,698     26,919       26,247  
Bank-owned life insurance     4,903     4,432       5,743     11,595       12,946  
Investment securities gains (losses), net     24     (211 )         (102 )     (2,592 )
Other     5,714     8,062       1,243     18,630       6,929  
Total noninterest income     48,898     45,656       49,980     143,782       145,825  
Noninterest expense                              
Salaries and employee benefits     44,291     42,414       44,955     131,534       132,000  
Contracted services and professional fees     15,073     15,478       14,649     46,606       42,597  
Occupancy     6,921     7,302       7,250     21,466       21,522  
Equipment     5,137     5,207       4,024     15,052       12,852  
Regulatory assessment and fees     2,445     2,100       1,992     6,491       5,588  
Advertising and marketing     1,374     1,402       1,647     4,599       5,593  
Card rewards program     5,046     5,163       6,930     17,224       21,326  
Other     11,342     12,384       12,019     36,573       37,901  
Total noninterest expense     91,629     91,450       93,466     279,545       279,379  
Income before provision for income taxes     86,199     26,582       99,595     163,026       290,679  
Provision for income taxes     21,098     6,533       25,396     39,011       74,123  
Net income   $ 65,101   $ 20,049     $ 74,199   $ 124,015     $ 216,556  
Basic earnings per share   $ 0.50   $ 0.15     $ 0.56   $ 0.95     $ 1.62  
Diluted earnings per share   $ 0.50   $ 0.15     $ 0.56   $ 0.95     $ 1.61  
Basic weighted-average outstanding shares     129,896,054     129,856,730       132,583,902     129,882,878       133,957,192  
Diluted weighted-average outstanding shares     130,085,534     130,005,195       132,877,769     130,129,690       134,231,762  


 

Consolidated Balance Sheets   Table 3
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2020     2020     2019     2019  
Assets                        
Cash and due from banks   $ 333,744     $ 347,592     $ 360,375     $ 358,863  
Interest-bearing deposits in other banks     482,585       1,507,630       333,642       985,154  
Investment securities, at fair value (amortized cost: $5,584,556 as of September 30, 2020, $5,025,433 as of June 30, 2020, $4,080,663 as of December 31, 2019 and $4,143,124 as of September 30, 2019)     5,692,883       5,135,775       4,075,644       4,157,082  
Loans held for sale     34,669       6,698       904       1,594  
Loans and leases     13,499,969       13,764,030       13,211,650       12,843,396  
Less: allowance for credit losses     195,876       192,120       130,530       132,964  
Net loans and leases     13,304,093       13,571,910       13,081,120       12,710,432  
                         
Premises and equipment, net     321,229       322,919       316,885       315,309  
Other real estate owned and repossessed personal property           446       319       82  
Accrued interest receivable     66,005       58,420       45,239       44,671  
Bank-owned life insurance     462,422       458,720       453,873       453,410  
Goodwill     995,492       995,492       995,492       995,492  
Mortgage servicing rights     10,922       11,595       12,668       13,630  
Other assets     606,657       576,518       490,573       562,501  
Total assets   $ 22,310,701     $ 22,993,715     $ 20,166,734     $ 20,598,220  
Liabilities and Stockholders' Equity                        
Deposits:                        
Interest-bearing   $ 11,989,492     $ 12,481,543     $ 10,564,922     $ 11,136,424  
Noninterest-bearing     6,908,270       6,880,091       5,880,072       5,720,822  
Total deposits     18,897,762       19,361,634       16,444,994       16,857,246  
Short-term borrowings           200,000       400,000       400,000  
Long-term borrowings     200,010       200,019       200,019       200,018  
Retirement benefits payable     138,806       138,624       138,222       128,442  
Other liabilities     340,189       391,541       343,241       357,956  
Total liabilities     19,576,767       20,291,818       17,526,476       17,943,662  
                         
Stockholders' equity                        
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,190,428 / 129,911,789 shares as of September 30, 2020, issued/outstanding: 140,140,542 / 129,866,898 shares as of June 30, 2020, issued/outstanding: 139,917,150 / 129,928,479 shares as of December 31, 2019 and issued/outstanding: 139,908,699 / 131,260,900 shares as of September 30, 2019)     1,402       1,401       1,399       1,399  
Additional paid-in capital     2,511,849       2,509,271       2,503,677       2,501,324  
Retained earnings     446,315       415,296       437,072       403,317  
Accumulated other comprehensive income (loss), net     51,254       52,731       (31,749 )     (18,774 )
Treasury stock (10,278,639 shares as of September 30, 2020, 10,273,644 shares as of June 30, 2020, 9,988,671 shares as of December 31, 2019 and 8,647,799 shares as of September 30, 2019)     (276,886 )     (276,802 )     (270,141 )     (232,708 )
Total stockholders' equity     2,733,934       2,701,897       2,640,258       2,654,558  
Total liabilities and stockholders' equity   $ 22,310,701     $ 22,993,715     $ 20,166,734     $ 20,598,220  


 

Average Balances and Interest Rates                                             Table 4  
    Three Months Ended   Three Months Ended   Three Months Ended  
    September 30, 2020   June 30, 2020   September 30, 2019  
    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   $ 889.6   $ 0.2   0.10 % $ 1,436.2   $ 0.4   0.10 % $ 447.8   $ 2.3   2.02 %
Available-for-Sale Investment Securities     5,334.2     20.3   1.53     4,390.4     17.5   1.60     4,296.3     22.3   2.07  
Loans Held for Sale     10.2     0.1   2.67     9.8     0.1   2.93     1.4       2.36  
Loans and Leases(1)                                                  
Commercial and industrial     3,230.4     21.6   2.67     3,601.0     24.3   2.71     2,885.9     30.0   4.12  
Commercial real estate     3,418.0     27.8   3.23     3,438.8     28.3   3.31     3,294.7     37.3   4.49  
Construction     637.6     5.2   3.22     584.1     4.9   3.35     477.2     5.6   4.67  
Residential:                                                  
Residential mortgage     3,680.5     37.9   4.12     3,682.7     35.7   3.88     3,644.9     38.6   4.23  
Home equity line     871.1     6.6   3.02     885.2     6.8   3.07     912.8     8.6   3.74  
Consumer     1,474.4     20.2   5.46     1,526.5     20.6   5.42     1,651.4     23.3   5.61  
Lease financing     247.4     1.8   2.90     238.4     1.7   2.88     165.4     1.3   3.14  
Total Loans and Leases     13,559.4     121.1   3.56     13,956.7     122.3   3.52     13,032.3     144.7   4.41  
Other Earning Assets     53.3     0.5   3.32     61.7     0.4   2.79     84.8     0.9   4.47  
Total Earning Assets(2)     19,846.7     142.2   2.86     19,854.8     140.7   2.84     17,862.6     170.2   3.79  
Cash and Due from Banks     307.9               295.1               341.7            
Other Assets     2,186.9               2,191.8               2,128.2            
Total Assets   $ 22,341.5             $ 22,341.7             $ 20,332.5            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 5,768.3   $ 0.6   0.04 % $ 5,501.9   $ 0.9   0.07 %   4,891.5   $ 4.6   0.37 %
Money Market     3,288.2     0.4   0.05     3,270.3     1.1   0.13     3,067.4     7.1   0.92  
Time     3,029.8     5.2   0.69     3,335.6     6.6   0.79     2,872.6     11.1   1.54  
Total Interest-Bearing Deposits     12,086.3     6.2   0.20     12,107.8     8.6   0.29     10,831.5     22.8   0.83  
Short-Term Borrowings     45.1     0.3   2.69     395.6     2.8   2.88     370.0     2.6   2.84  
Long-Term Borrowings     200.0     1.4   2.77     200.0     1.4   2.77     239.1     1.7   2.82  
Total Interest-Bearing Liabilities     12,331.4     7.9   0.26     12,703.4     12.8   0.41     11,440.6     27.1   0.94  
Net Interest Income         $ 134.3             $ 127.9             $ 143.1      
Interest Rate Spread               2.60 %             2.43 %             2.85 %
Net Interest Margin               2.70 %             2.58 %             3.19 %
Noninterest-Bearing Demand Deposits     6,805.7               6,432.6               5,742.3            
Other Liabilities     500.3               507.9               501.2            
Stockholders' Equity     2,704.1               2,697.8               2,648.4            
Total Liabilities and Stockholders' Equity   $ 22,341.5             $ 22,341.7             $ 20,332.5            

 

 

(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 $0.3 million, $0.1 million and nil for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively.

 

 

Average Balances and Interest Rates                               Table 5  
    Nine Months Ended   Nine Months Ended  
    September 30, 2020   September 30, 2019  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                  
Interest-Bearing Deposits in Other Banks   $ 947.3   $ 2.2   0.31 % $ 400.6   $ 6.9   2.31 %
Available-for-Sale Investment Securities     4,588.7     59.1   1.72     4,383.6     71.5   2.18  
Loans Held for Sale     11.9     0.2   2.31     0.8       2.52  
Loans and Leases(1)                                  
Commercial and industrial     3,202.4     70.5   2.94     3,094.8     97.5   4.21  
Commercial real estate     3,423.9     90.7   3.54     3,129.8     108.1   4.62  
Construction     586.9     15.8   3.59     565.2     20.0   4.73  
Residential:                                  
Residential mortgage     3,700.8     111.3   4.01     3,590.2     112.4   4.17  
Home equity line     881.2     21.1   3.20     912.4     25.9   3.79  
Consumer     1,537.5     63.9   5.55     1,658.7     68.5   5.52  
Lease financing     236.4     5.1   2.90     154.0     3.6   3.15  
Total Loans and Leases     13,569.1     378.4   3.72     13,105.1     436.0   4.44  
Other Earning Assets     57.3     1.6   3.78     84.3     2.2   3.37  
Total Earning Assets(2)     19,174.3     441.5   3.07     17,974.4     516.6   3.84  
Cash and Due from Banks     310.1               348.1            
Other Assets     2,183.5               2,082.8            
Total Assets   $ 21,667.9             $ 20,405.3            
                                   
Interest-Bearing Liabilities                                  
Interest-Bearing Deposits                                  
Savings   $ 5,454.7   $ 4.7   0.12 % $ 4,806.0   $ 12.8   0.35 %
Money Market     3,208.1     6.1   0.25     3,125.5     22.1   0.95  
Time     2,966.9     19.6   0.88     2,999.0     34.8   1.55  
Total Interest-Bearing Deposits     11,629.7     30.4   0.35     10,930.5     69.7   0.85  
Short-Term Borrowings     279.9     6.0   2.87     145.7     3.0   2.76  
Long-Term Borrowings     200.0     4.2   2.77     476.2     10.1   2.84  
Total Interest-Bearing Liabilities     12,109.6     40.6   0.45     11,552.4     82.8   0.96  
Net Interest Income         $ 400.9             $ 433.8      
Interest Rate Spread               2.62 %             2.88 %
Net Interest Margin               2.79 %             3.22 %
Noninterest-Bearing Demand Deposits     6,365.5               5,769.9            
Other Liabilities     505.2               482.7            
Stockholders' Equity     2,687.6               2,600.3            
Total Liabilities and Stockholders' Equity   $ 21,667.9             $ 20,405.3            

 

(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 $0.4 million and nil for the nine months ended September 30, 2020 and 2019, respectively.

 

 

Analysis of Change in Net Interest Income                 Table 6
    Three Months Ended September 30, 2020
    Compared to June 30, 2020
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ (0.2 )   $     $ (0.2 )
Available-for-Sale Investment Securities     3.6       (0.8 )     2.8  
Loans and Leases                  
Commercial and industrial     (2.3 )     (0.4 )     (2.7 )
Commercial real estate     (0.1 )     (0.4 )     (0.5 )
Construction     0.5       (0.2 )     0.3  
Residential:                  
Residential mortgage           2.2       2.2  
Home equity line     (0.1 )     (0.1 )     (0.2 )
Consumer     (0.6 )     0.2       (0.4 )
Lease financing     0.1             0.1  
Total Loans and Leases     (2.5 )     1.3       (1.2 )
Other Earning Assets           0.1       0.1  
Total Change in Interest Income     0.9       0.6       1.5  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     0.1       (0.4 )     (0.3 )
Money Market           (0.7 )     (0.7 )
Time     (0.6 )     (0.8 )     (1.4 )
Total Interest-Bearing Deposits     (0.5 )     (1.9 )     (2.4 )
Short-Term Borrowings     (2.3 )     (0.2 )     (2.5 )
Total Change in Interest Expense     (2.8 )     (2.1 )     (4.9 )
Change in Net Interest Income   $ 3.7     $ 2.7     $ 6.4  


 

Analysis of Change in Net Interest Income                 Table 7
    Three Months Ended September 30, 2020
    Compared to September 30, 2019
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 1.1     $ (3.2 )   $ (2.1 )
Available-for-Sale Investment Securities     4.6       (6.6 )     (2.0 )
Loans Held for Sale     0.1             0.1  
Loans and Leases                  
Commercial and industrial     3.2       (11.6 )     (8.4 )
Commercial real estate     1.3       (10.8 )     (9.5 )
Construction     1.6       (2.0 )     (0.4 )
Residential:                  
Residential mortgage     0.4       (1.1 )     (0.7 )
Home equity line     (0.4 )     (1.6 )     (2.0 )
Consumer     (2.5 )     (0.6 )     (3.1 )
Lease financing     0.6       (0.1 )     0.5  
Total Loans and Leases     4.2       (27.8 )     (23.6 )
Other Earning Assets     (0.3 )     (0.1 )     (0.4 )
Total Change in Interest Income     9.7       (37.7 )     (28.0 )
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     0.7       (4.7 )     (4.0 )
Money Market     0.4       (7.1 )     (6.7 )
Time     0.6       (6.5 )     (5.9 )
Total Interest-Bearing Deposits     1.7       (18.3 )     (16.6 )
Short-Term Borrowings     (2.2 )     (0.1 )     (2.3 )
Long-Term Borrowings     (0.3 )           (0.3 )
Total Change in Interest Expense     (0.8 )     (18.4 )     (19.2 )
Change in Net Interest Income   $ 10.5     $ (19.3 )   $ (8.8 )


 

Analysis of Change in Net Interest Income                 Table 8
    Nine Months Ended September 30, 2020
    Compared to September 30, 2019
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 4.5     $ (9.2 )   $ (4.7 )
Available-for-Sale Investment Securities     3.2       (15.6 )     (12.4 )
Loans Held for Sale     0.2             0.2  
Loans and Leases                  
Commercial and industrial     3.3       (30.3 )     (27.0 )
Commercial real estate     9.5       (26.9 )     (17.4 )
Construction     0.8       (5.0 )     (4.2 )
Residential:                  
Residential mortgage     3.3       (4.4 )     (1.1 )
Home equity line     (0.9 )     (3.9 )     (4.8 )
Consumer     (5.0 )     0.4       (4.6 )
Lease financing     1.8       (0.3 )     1.5  
Total Loans and Leases     12.8       (70.4 )     (57.6 )
Other Earning Assets     (0.8 )     0.2       (0.6 )
Total Change in Interest Income     19.9       (95.0 )     (75.1 )
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     1.4       (9.5 )     (8.1 )
Money Market     0.6       (16.6 )     (16.0 )
Time     (0.4 )     (14.8 )     (15.2 )
Total Interest-Bearing Deposits     1.6       (40.9 )     (39.3 )
Short-Term Borrowings     2.9       0.1       3.0  
Long-Term Borrowings     (5.7 )     (0.2 )     (5.9 )
Total Change in Interest Expense     (1.2 )     (41.0 )     (42.2 )
Change in Net Interest Income   $ 21.1     $ (54.0 )   $ (32.9 )


 

Loans and Leases                       Table 9
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2020   2020   2019   2019
Commercial and industrial   $ 3,170,262   $ 3,423,708   $ 2,743,242   $ 2,654,077
Commercial real estate     3,461,085     3,423,499     3,463,953     3,309,389
Construction     662,871     617,935     519,241     486,977
Residential:                        
Residential mortgage     3,669,051     3,691,950     3,768,936     3,671,424
Home equity line     864,789     876,491     893,239     916,106
Total residential     4,533,840     4,568,441     4,662,175     4,587,530
Consumer     1,425,934     1,492,160     1,620,556     1,637,549
Lease financing     245,977     238,287     202,483     167,874
Total loans and leases   $ 13,499,969   $ 13,764,030   $ 13,211,650   $ 12,843,396


 

Deposits                       Table 10
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2020   2020   2019   2019
Demand   $ 6,908,270   $ 6,880,091   $ 5,880,072   $ 5,720,822
Savings     5,994,687     5,727,367     4,998,933     4,899,468
Money Market     3,379,985     3,247,511     3,055,832     3,529,363
Time     2,614,820     3,506,665     2,510,157     2,707,593
Total Deposits   $ 18,897,762   $ 19,361,634   $ 16,444,994   $ 16,857,246


 

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)   2020   2020   2019   2019
Non-Performing Assets                        
Non-Accrual Loans and Leases                        
Commercial Loans:                        
Commercial and industrial   $ 725   $ 11,559   $ 32   $ 12
Commercial real estate     7,067     13,168     30     33
Construction     2,043     2,043        
Total Commercial Loans     9,835     26,770     62     45
Residential Loans:                        
Residential mortgage     7,798     6,059     5,406     3,959
Total Residential Loans     7,798     6,059     5,406     3,959
Consumer                 200
Total Non-Accrual Loans and Leases     17,633     32,829     5,468     4,204
Other Real Estate Owned         446     319     82
Total Non-Performing Assets   $ 17,633   $ 33,275   $ 5,787   $ 4,286
                         
Accruing Loans and Leases Past Due 90 Days or More                        
Commercial Loans:                        
Commercial and industrial   $ 1,938   $ 2,309   $ 1,429   $ 750
Commercial real estate     1,307     900     1,013    
Construction     100     248     2,367    
Total Commercial Loans     3,345     3,457     4,809     750
Residential Loans:                        
Residential mortgage             74     139
Home equity line     4,503     4,496     2,995     3,192
Total Residential Loans     4,503     4,496     3,069     3,331
Consumer     2,897     2,167     4,272     3,076
Total Accruing Loans and Leases Past Due 90 Days or More   $ 10,745   $ 10,120   $ 12,150   $ 7,157
                         
Restructured Loans on Accrual Status and Not Past Due 90 Days or More   $ 9,726   $ 11,182   $ 14,493   $ 22,350
Total Loans and Leases   $ 13,499,969   $ 13,764,030   $ 13,211,650   $ 12,843,396


 

Allowance for Credit Losses                             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)   2020     2020     2019     2020     2019    
Balance at Beginning of Period   $ 192,120     $ 166,013     $ 138,535     $ 130,530     $ 141,718    
Adjustment to Adopt ASC Topic 326                       770          
After Adoption of ASC Topic 326     192,120       166,013       138,535       131,300       141,718    
Loans and Leases Charged-Off                                
Commercial Loans:                                
Commercial and industrial     (598 )     (13,974 )     (514 )     (14,773 )     (2,514 )  
Commercial real estate           (2,723 )           (2,723 )        
Construction           (379 )           (379 )        
Lease financing                             (24 )  
Total Commercial Loans     (598 )     (17,076 )     (514 )     (17,875 )     (2,538 )  
Residential Loans:                                
Residential mortgage           (14 )     (7 )     (14 )     (7 )  
Home equity line                       (8 )        
Total Residential Loans           (14 )     (7 )     (22 )     (7 )  
Consumer     (4,238 )     (8,907 )     (8,015 )     (21,742 )     (24,118 )  
Total Loans and Leases Charged-Off     (4,836 )     (25,997 )     (8,536 )     (39,639 )     (26,663 )  
Recoveries on Loans and Leases Previously Charged-Off                                
Commercial Loans:                                
Commercial and industrial     1,699       100       241       2,019       303    
Commercial real estate                 30             93    
Construction     30       30             170          
Total Commercial Loans     1,729       130       271       2,189       396    
Residential Loans:                                
Residential mortgage     27       17       368       179       704    
Home equity line     16       8       57       146       156    
Total Residential Loans     43       25       425       325       860    
Consumer     3,148       2,456       2,269       7,687       7,103    
Total Recoveries on Loans and Leases Previously Charged-Off     4,920       2,611       2,965       10,201       8,359    
Net Loans and Leases Recovered (Charged-Off)     84       (23,386 )     (5,571 )     (29,438 )     (18,304 )  
Provision for Credit Losses - Loans and Leases     3,672       49,493             94,014       9,550    
Balance at End of Period   $ 195,876     $ 192,120     $ 132,964     $ 195,876     $ 132,964    
Average Loans and Leases Outstanding   $ 13,559,367     $ 13,956,669     $ 13,032,349     $ 13,569,119     $ 13,105,086    
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     -   %   0.67   %   0.17   %   0.29   %   0.19   %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.45   %   1.40   %   1.04   %   1.45   %   1.04   %

 

 

(1) Annualized for the three and nine months ended September 30, 2020 and 2019 and three months ended June 30, 2020.


 

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)   2020   2019   2018   2017   2016   Prior   Cost Basis   Cost Basis   Total
Commercial Lending                                                      
Commercial and Industrial                                                      
Risk rating:                                                      
Pass   $ 999,763   $ 330,209   $ 202,595   $ 76,154   $ 52,391   $ 92,446   $ 1,033,278   $ 26,148   $ 2,812,984
Special Mention     25,677     7,786     33,794     2,354     306     791     105,339     452     176,499
Substandard     23,836     2,172     2,611     1,395     4,265     9,375     37,883     283     81,820
Doubtful                         195             195
Other (1)     12,084     15,053     10,998     6,439     2,454     492     51,244         98,764
Total Commercial and Industrial     1,061,360     355,220     249,998     86,342     59,416     103,299     1,227,744     26,883     3,170,262
                                                       
Commercial Real Estate                                                      
Risk rating:                                                      
Pass     289,941     625,894     544,367     447,473     305,557     880,689     36,258     2     3,130,181
Special Mention     1,487     94,217     30,760     39,438     31,211     58,911     2,999         259,023
Substandard         10,882     14,594     6,972     10,685     19,240     9,006         71,379
Other (1)                         502             502
Total Commercial Real Estate     291,428     730,993     589,721     493,883     347,453     959,342     48,263     2     3,461,085
                                                       
Construction                                                      
Risk rating:                                                      
Pass     32,810     182,503     187,257     91,415     24,053     42,269     26,133         586,440
Special Mention         515     1,647     4,749         9,172             16,083
Substandard             538     1,840     525     1,043             3,946
Other (1)     13,349     23,382     8,804     4,264     1,796     4,222     585         56,402
Total Construction     46,159     206,400     198,246     102,268     26,374     56,706     26,718         662,871
                                                       
Lease Financing                                                      
Risk rating:                                                      
Pass     68,770     66,472     15,044     18,063     4,110     63,537             235,996
Special Mention         940     158     1,376     424     643             3,541
Substandard     2,703     1,680     359     1,174         524             6,440
Total Lease Financing     71,473     69,092     15,561     20,613     4,534     64,704             245,977
                                                       
Total Commercial Lending   $ 1,470,420   $ 1,361,705   $ 1,053,526   $ 703,106   $ 437,777   $ 1,184,051   $ 1,302,725   $ 26,885   $ 7,540,195


 

                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
(continued)                                       Amortized   Amortized      
(dollars in thousands)   2020   2019   2018   2017   2016   Prior   Cost Basis   Cost Basis   Total
Residential Lending                                                      
Residential Mortgage                                                      
FICO:                                                      
740 and greater   $ 457,209   $ 410,369   $ 319,988   $ 390,552   $ 341,709   $ 919,509   $   $   $ 2,839,336
680 - 739     71,240     54,497     55,179     59,237     44,911     162,726             447,790
620 - 679     12,653     11,595     9,753     8,559     8,942     48,554             100,056
550 - 619     1,946     2,316     3,923     5,423     4,506     13,256             31,370
Less than 550             534     2,153     953     3,480             7,120
No Score (3)     14,827     19,364     22,222     22,616     14,954     49,251             143,234
Other (2)     16,598     17,402     17,874     22,807     11,060     13,653     579     172     100,145
Total Residential Mortgage     574,473     515,543     429,473     511,347     427,035     1,210,429     579     172     3,669,051
                                                       
Home Equity Line                                                      
FICO:                                                      
740 and greater                             617,973     5,600     623,573
680 - 739                             163,305     3,799     167,104
620 - 679                             47,448     1,295     48,743
550 - 619                             13,210     1,464     14,674
Less than 550                             4,750     613     5,363
No Score (3)                             5,332         5,332
Total Home Equity Line                             852,018     12,771     864,789
Total Residential Lending     574,473     515,543     429,473     511,347     427,035     1,210,429     852,597     12,943     4,533,840
                                                       
Consumer Lending                                                      
FICO:                                                      
740 and greater     102,091     127,590     106,359     61,204     28,613     8,443     105,905         540,205
680 - 739     67,228     100,723     77,874     42,470     20,280     7,302     77,445         393,322
620 - 679     29,733     60,484     39,213     27,825     13,701     5,148     39,748         215,852
550 - 619     5,927     24,376     21,050     18,784     9,388     4,134     16,484         100,143
Less than 550     1,558     11,200     11,967     9,579     4,671     1,969     6,590         47,534
No Score (3)     3,998     120     105     115     23         33,654         38,015
Other (2)     886     9,144     89     2,219     47     6,787     71,691         90,863
Total Consumer Lending     211,421     333,637     256,657     162,196     76,723     33,783     351,517         1,425,934
                                                       
Total Loans and Leases   $ 2,256,314   $ 2,210,885   $ 1,739,656   $ 1,376,649   $ 941,535   $ 2,428,263   $ 2,506,839   $ 39,828   $ 13,499,969

 

 

(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 Nine Months Ended  
    September 30,   June 30,   September 30,   September 30,  
(dollars in thousands, except per share amounts)   2020   2020   2019   2020   2019  
Income Statement Data:                                
Net income   $ 65,101   $ 20,049   $ 74,199   $ 124,015   $ 216,556  
Core net income   $ 65,083   $ 20,204   $ 75,871   $ 124,090   $ 220,535  
                                 
Average total stockholders' equity   $ 2,704,129   $ 2,697,775   $ 2,648,428   $ 2,687,632   $ 2,600,259  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible stockholders' equity   $ 1,708,637   $ 1,702,283   $ 1,652,936   $ 1,692,140   $ 1,604,767  
                                 
Average total assets   $ 22,341,485   $ 22,341,654   $ 20,332,457   $ 21,667,948   $ 20,405,261  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible assets   $ 21,345,993   $ 21,346,162   $ 19,336,965   $ 20,672,456   $ 19,409,769  
                                 
Return on average total stockholders' equity(1)     9.58 %   2.99 %   11.12 %   6.16 %   11.13 %
Core return on average total stockholders' equity (non-GAAP)(1)     9.57 %   3.01 %   11.37 %   6.17 %   11.34 %
Return on average tangible stockholders' equity (non-GAAP)(1)     15.16 %   4.74 %   17.81 %   9.79 %   18.04 %
Core return on average tangible stockholders' equity (non-GAAP)(1)     15.15 %   4.77 %   18.21 %   9.80 %   18.37 %
                                 
Return on average total assets(1)     1.16 %   0.36 %   1.45 %   0.76 %   1.42 %
Core return on average total assets (non-GAAP)(1)     1.16 %   0.36 %   1.48 %   0.76 %   1.44 %
Return on average tangible assets (non-GAAP)(1)     1.21 %   0.38 %   1.52 %   0.80 %   1.49 %
Core return on average tangible assets (non-GAAP)(1)     1.21 %   0.38 %   1.56 %   0.80 %   1.52 %
                                 

 

 

    As of   As of   As of   As of  
    September 30,   June 30,   December 31,   September 30,  
    2020   2020   2019   2019  
Balance Sheet Data:                          
Total stockholders' equity   $ 2,733,934   $ 2,701,897   $ 2,640,258   $ 2,654,558  
Less: goodwill     995,492     995,492     995,492     995,492  
Tangible stockholders' equity   $ 1,738,442   $ 1,706,405   $ 1,644,766   $ 1,659,066  
                           
Total assets