Press Release

First Hawaiian, Inc. Reports Third Quarter 2022 Financial Results and Declares Dividend

First Hawaiian, Inc. Reports Third Quarter 2022 Financial Results and Declares Dividend

October 28, 2022 at 8:00 AM EDT

HONOLULU, Oct. 28, 2022 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2022.

“I’m pleased to report that we had a very strong third quarter, as net income increased by over 16% from the prior quarter,” said Bob Harrison, Chairman, President and CEO. “We had robust loan growth and credit quality remained excellent.”

On October 26, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on December 2, 2022, to stockholders of record at the close of business on November 21, 2022.

Third Quarter 2022 Highlights:

  • Net income of $69.0 million, or $0.54 per diluted share
  • Total loans and leases increased $437.6 million versus prior quarter
  • Total deposits decreased $509.7 million versus prior quarter
  • Net interest margin increased 33 basis points to 2.93%
  • Recorded a $3.2 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet
Total assets were $24.9 billion as of September 30, 2022, compared to $25.4 billion as of June 30, 2022.

Gross loans and leases were $13.7 billion as of September 30, 2022, an increase of $437.6 million, or 3.3%, from $13.3 billion as of June 30, 2022.

Total deposits were $22.1 billion as of September 30, 2022, a decrease of $509.7 million, or 2.3%, from $22.6 billion as of June 30, 2022.

Net Interest Income
Net interest income for the third quarter of 2022 was $162.7 million, an increase of $17.6 million, or 12.1%, compared to $145.1 million for the prior quarter.

The net interest margin was 2.93% in the third quarter of 2022, an increase of 33 basis points compared to 2.60% in the prior quarter.

Provision Expense
During the quarter ended September 30, 2022, we recorded a $3.2 million provision for credit losses. In the quarter ended June 30, 2022, we recorded a $1.0 million provision for credit losses.

Noninterest Income
Noninterest income was $45.9 million in the third quarter of 2022, an increase of $1.7 million compared to noninterest income of $44.1 million in the prior quarter.

Noninterest Expense
Noninterest expense was $113.3 million in the third quarter of 2022, an increase of $4.2 million compared to noninterest expense of $109.2 million in the prior quarter.

The efficiency ratio was 54.0% and 57.3% for the quarters ended September 30, 2022 and June 30, 2022, respectively.

Taxes
The effective tax rate was 25.0% for the quarters ended September 30, 2022 and June 30, 2022.

Asset Quality
The allowance for credit losses was $148.2 million, or 1.08% of total loans and leases, as of September 30, 2022, compared to $148.9 million, or 1.12% of total loans and leases, as of June 30, 2022. The reserve for unfunded commitments was $30.1 million as of September 30, 2022, compared to $29.0 million as of June 30, 2022. Net charge-offs were $2.8 million, or 0.08% of average loans and leases on an annualized basis, for the quarter ended September 30, 2022, compared to net charge-offs of $2.3 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2022. Total non-performing assets were $8.4 million, or 0.06% of total loans and leases and other real estate owned, on September 30, 2022, compared to total non-performing assets of $7.9 million, or 0.06% of total loans and leases and other real estate owned, on June 30, 2022.

Capital
Total stockholders’ equity was $2.2 billion on September 30, 2022 compared to $2.3 billion on June 30, 2022.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.78%, 11.79%, and 12.92%, respectively, on September 30, 2022, compared with 7.54%, 11.98%, and 13.14%, respectively, on June 30, 2022.

The Company repurchased 0.1 million shares of common stock at a total cost of $2.5 million under the stock repurchase program in the third quarter. The average cost was $23.24 per share repurchased. Remaining buyback authority under the stock repurchase program was $65.5 million on September 30, 2022.

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.

Please note that the process for accessing the conference call has changed. Participants will need to click on the registration link provided below, register for the conference call, and then you will receive the dial-in number and a personalized PIN code.

To access the call by phone, please register via the following link: https://register.vevent.com/register/BIefa7fae07c09405291195a9acfdb68b6, 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. 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, 2021 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022.

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:
Kevin Haseyama, CFA
(808) 525-6268
khaseyama@fhb.com

Media Contact:
Lindsay Chambers
(808) 525-6254
lchambers@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)   2022   2022   2021
  2022
  2021
Operating Results:                              
Net interest income   $ 162,736   $ 145,147   $ 132,593     $ 441,755     $ 393,232  
Provision for credit losses     3,183     1,000     (4,000 )     (1,564 )     (39,000 )
Noninterest income     45,857     44,137     50,104       131,374       143,343  
Noninterest expense     113,332     109,175     101,036       326,549       296,730  
Net income     69,018     59,360     64,279       186,097       208,713  
Basic earnings per share     0.54     0.46     0.50       1.46       1.61  
Diluted earnings per share     0.54     0.46     0.50       1.45       1.61  
Dividends declared per share     0.26     0.26     0.26       0.78       0.78  
Dividend payout ratio     48.15 %   56.52 %   52.00 %     53.79 %     48.45 %
Performance Ratios(1):                              
Net interest margin     2.93 %   2.60 %   2.36 %     2.65 %     2.45 %
Efficiency ratio     53.98 %   57.33 %   55.07 %     56.63 %     55.10 %
Return on average total assets     1.10 %   0.94 %   1.02 %     0.99 %     1.16 %
Return on average tangible assets (non-GAAP)(2)     1.14 %   0.98 %   1.06 %     1.03 %     1.21 %
Return on average total stockholders’ equity     12.08 %   10.52 %   9.31 %     10.55 %     10.26 %
Return on average tangible stockholders’ equity (non-GAAP)(2)     21.53 %   18.79 %   14.63 %     18.26 %     16.19 %
Average Balances:                              
Average loans and leases   $ 13,491,428   $ 13,058,558   $ 12,881,885     $ 13,125,660     $ 13,108,427  
Average earning assets     22,258,066     22,520,605     22,533,174       22,413,209       21,523,731  
Average assets     24,957,042     25,250,176     25,058,085       25,095,438       24,013,691  
Average deposits     22,148,039     22,401,558     21,621,836       22,170,824       20,595,400  
Average stockholders’ equity     2,267,152     2,262,654     2,738,540       2,358,195       2,719,442  
Market Value Per Share:                              
Closing     24.63     22.71     29.35       24.63       29.35  
High     28.14     28.44     30.06       31.16       30.80  
Low     21.21     21.49     25.75       21.21       23.14  


                           
    As of   As of   As of   As of  
    September 30   June 30   December 31   September 30  
(dollars in thousands, except per share data)   2022   2022   2021   2021  
Balance Sheet Data:                          
Loans and leases   $ 13,700,374   $ 13,262,781   $ 12,961,999   $ 12,834,339  
Total assets     24,870,272     25,377,533     24,992,410     25,548,322  
Total deposits     22,091,738     22,601,454     21,816,146     22,120,003  
Long-term borrowings                 200,000  
Total stockholders’ equity     2,200,651     2,252,611     2,656,912     2,711,734  
                           
Per Share of Common Stock:                          
Book value   $ 17.28   $ 17.67   $ 20.84   $ 21.14  
Tangible book value (non-GAAP)(2)     9.46     9.86     13.03     13.38  
                           
Asset Quality Ratios:                          
Non-accrual loans and leases / total loans and leases     0.06 %   0.06 %   0.05 %   0.07 %
Allowance for credit losses for loans and leases / total loans and leases     1.08 %   1.12 %   1.21 %   1.26 %
                           
Capital Ratios:                          
Common Equity Tier 1 Capital Ratio     11.79 %   11.98 %   12.24 %   12.63 %
Tier 1 Capital Ratio     11.79 %   11.98 %   12.24 %   12.63 %
Total Capital Ratio     12.92 %   13.14 %   13.49 %   13.88 %
Tier 1 Leverage Ratio     7.78 %   7.54 %   7.24 %   7.39 %
Total stockholders’ equity to total assets     8.85 %   8.88 %   10.63 %   10.61 %
Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     5.05 %   5.16 %   6.92 %   6.99 %
                           
Non-Financial Data:                          
Number of branches     51     51     54     54  
Number of ATMs     303     297     299     298  
Number of Full-Time Equivalent Employees     2,042     2,021     2,036     2,025  

(1)  Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2022 and 2021 and the three months ended June 30, 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 Nine Months Ended
    September 30   June 30   September 30   September 30
(dollars in thousands, except per share amounts)   2022
  2022
  2021
  2022
  2021
Interest income                              
Loans and lease financing   $ 134,646     $ 111,916     $ 110,765     $ 350,294     $ 332,623  
Available-for-sale investment securities     19,644       16,643       25,234       68,394       73,017  
Held-to-maturity investment securities     17,950       18,289             36,239        
Other     4,150       2,896       1,205       7,828       2,362  
Total interest income     176,390       149,744       137,204       462,755       408,002  
Interest expense                              
Deposits     13,653       4,597       3,218       20,999       10,637  
Short-term and long-term borrowings     1             1,393       1       4,133  
Total interest expense     13,654       4,597       4,611       21,000       14,770  
Net interest income     162,736       145,147       132,593       441,755       393,232  
Provision for credit losses     3,183       1,000       (4,000 )     (1,564 )     (39,000 )
Net interest income after provision for credit losses     159,553       144,147       136,593       443,319       432,232  
Noninterest income                              
Service charges on deposit accounts     7,089       6,843       6,989       21,433       20,339  
Credit and debit card fees     17,746       17,056       16,017       49,652       47,314  
Other service charges and fees     9,179       9,018       10,233       27,851       29,382  
Trust and investment services income     9,800       8,759       8,625       27,442       25,824  
Bank-owned life insurance     (341 )     (859 )     4,841       (1,617 )     10,334  
Investment securities gains, net                             102  
Other     2,384       3,320       3,399       6,613       10,048  
Total noninterest income     45,857       44,137       50,104       131,374       143,343  
Noninterest expense                              
Salaries and employee benefits     51,372       49,902       46,484       149,500       136,402  
Contracted services and professional fees     16,625       18,617       15,042       52,389       48,746  
Occupancy     8,115       7,334       6,790       22,859       21,274  
Equipment     10,791       7,754       6,549       24,522       18,402  
Regulatory assessment and fees     2,487       2,301       1,828       7,012       5,688  
Advertising and marketing     1,902       1,994       1,469       5,924       4,529  
Card rewards program     8,141       7,285       6,676       22,309       17,773  
Other     13,899       13,988       16,198       42,034       43,916  
Total noninterest expense     113,332       109,175       101,036       326,549       296,730  
Income before provision for income taxes     92,078       79,109       85,661       248,144       278,845  
Provision for income taxes     23,060       19,749       21,382       62,047       70,132  
Net income   $ 69,018     $ 59,360     $ 64,279     $ 186,097     $ 208,713  
Basic earnings per share   $ 0.54     $ 0.46     $ 0.50     $ 1.46     $ 1.61  
Diluted earnings per share   $ 0.54     $ 0.46     $ 0.50     $ 1.45     $ 1.61  
Basic weighted-average outstanding shares     127,377,713       127,672,244       128,660,038       127,534,746       129,323,973  
Diluted weighted-average outstanding shares     127,796,617       128,014,777       129,210,448       127,996,672       129,895,311  


                         
Consolidated Balance Sheets   Table 3
 
    September 30   June 30   December 31   September 30
(dollars in thousands)   2022
  2022
  2021
  2021
Assets                        
Cash and due from banks   $ 291,360     $ 279,629     $ 246,716     $ 268,467  
Interest-bearing deposits in other banks     657,574       1,254,047       1,011,753       2,130,615  
Investment securities:                        
Available-for-sale, at fair value (amortized cost: $3,673,396 as of September 30, 2022, $4,267,809 as of June 30, 2022, $8,560,733 as of December 31, 2021 and $7,994,266 as of September 30, 2021)     3,289,160       3,967,746       8,428,032       7,953,727  
Held-to-maturity, at amortized cost (fair value: $3,960,713 as of September 30, 2022, $3,910,780 as of June 30, 2022 and nil as of December 31, 2021 and September 30, 2021)     4,406,143       4,093,215              
Loans held for sale     361       180       538       2,052  
Loans and leases     13,700,374       13,262,781       12,961,999       12,834,339  
Less: allowance for credit losses     148,163       148,942       157,262       161,246  
Net loans and leases     13,552,211       13,113,839       12,804,737       12,673,093  
                         
Premises and equipment, net     299,179       310,047       318,448       317,272  
Other real estate owned and repossessed personal property     139             175        
Accrued interest receivable     68,545       63,240       63,158       64,855  
Bank-owned life insurance     470,202       470,542       471,819       468,968  
Goodwill     995,492       995,492       995,492       995,492  
Mortgage servicing rights     6,866       7,152       8,302       9,107  
Other assets     833,040       822,404       643,240       664,674  
Total assets   $ 24,870,272     $ 25,377,533     $ 24,992,410     $ 25,548,322  
Liabilities and Stockholders’ Equity                        
Deposits:                        
Interest-bearing   $ 12,774,645     $ 12,990,571     $ 12,422,283     $ 13,246,579  
Noninterest-bearing     9,317,093       9,610,883       9,393,863       8,873,424  
Total deposits     22,091,738       22,601,454       21,816,146       22,120,003  
Long-term borrowings                       200,000  
Retirement benefits payable     133,981       134,151       134,491       144,400  
Other liabilities     443,902       389,317       384,861       372,185  
Total liabilities     22,669,621       23,124,922       22,335,498       22,836,588  
                         
Stockholders’ equity                        
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,958,520 / 127,357,680 shares as of September 30, 2022, issued/outstanding: 140,943,908 / 127,451,087 shares as of June 30, 2022, issued/outstanding: 140,581,715 / 127,502,472 shares as of December 31, 2021 and issued/outstanding: 140,563,799 / 128,255,570 shares as of September 30, 2021)     1,410       1,409       1,406       1,406  
Additional paid-in capital     2,535,601       2,533,407       2,527,663       2,524,168  
Retained earnings     690,433       654,777       604,534       581,094  
Accumulated other comprehensive loss, net     (658,756 )     (571,457 )     (121,693 )     (61,463 )
Treasury stock (13,600,840 shares as of September 30, 2022, 13,492,821 shares as of June 30, 2022, 13,079,243 shares as of December 31, 2021 and 12,308,229 shares as of September 30, 2021)     (368,037 )     (365,525 )     (354,998 )     (333,471 )
Total stockholders’ equity     2,200,651       2,252,611       2,656,912       2,711,734  
Total liabilities and stockholders’ equity   $ 24,870,272     $ 25,377,533     $ 24,992,410     $ 25,548,322  


                                                   
Average Balances and Interest Rates                                               Table 4  
    Three Months Ended   Three Months Ended   Three Months Ended  
    September 30, 2022   June 30, 2022   September 30, 2021  
    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   $ 724.0   $ 4.0   2.20 % $ 1,297.3   $ 2.8   0.85 % $ 2,356.4   $ 0.9   0.16 %
Available-for-Sale Investment Securities                                                  
Taxable     3,733.8     19.2   2.05     3,946.4     16.6   1.68     6,654.6     22.9   1.37  
Non-Taxable     45.1     0.6   5.16     8.4     0.1   5.26     561.1     2.9   2.11  
Held-to-Maturity Investment Securities                                                  
Taxable     3,573.6     14.6   1.64     3,533.6     15.0   1.70            
Non-Taxable     613.6     4.2   2.72     607.0     4.1   2.71            
Total Investment Securities     7,966.1     38.6   1.93     8,095.4     35.8   1.77     7,215.7     25.8   1.43  
Loans Held for Sale     0.7       3.62     0.3       5.06     2.2       2.39  
Loans and Leases(1)                                                  
Commercial and industrial     2,025.5     20.7   4.05     1,951.3     15.0   3.09     2,367.2     19.7   3.29  
Commercial real estate     4,016.7     42.3   4.18     3,808.9     30.7   3.23     3,447.0     25.4   2.92  
Construction     737.4     8.6   4.63     711.3     6.3   3.57     862.4     7.0   3.24  
Residential:                                                  
Residential mortgage     4,224.0     36.4   3.45     4,183.0     36.7   3.51     3,866.1     34.6   3.58  
Home equity line     991.1     7.2   2.87     945.7     5.9   2.49     837.7     5.5   2.62  
Consumer     1,218.0     17.1   5.57     1,218.0     15.5   5.09     1,260.2     16.8   5.28  
Lease financing     278.7     2.7   3.81     240.4     2.1   3.53     241.3     2.0   3.23  
Total Loans and Leases     13,491.4     135.0   3.98     13,058.6     112.2   3.44     12,881.9     111.0   3.43  
Other Earning Assets     75.9     0.1   0.69     69.0     0.1   0.79     77.0     0.3   1.34  
Total Earning Assets(2)     22,258.1     177.7   3.18     22,520.6     150.9   2.68     22,533.2     138.0   2.44  
Cash and Due from Banks     277.0               300.8               290.5            
Other Assets     2,421.9               2,428.8               2,234.4            
Total Assets   $ 24,957.0             $ 25,250.2             $ 25,058.1            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 6,871.5   $ 6.7   0.39 % $ 6,971.3   $ 1.7   0.10 %   6,886.0   $ 0.6   0.03 %
Money Market     4,086.1     4.8   0.47     4,127.4     1.4   0.14     3,957.1     0.5   0.05  
Time     1,720.5     2.1   0.48     1,671.4     1.5   0.36     1,884.4     2.1   0.45  
Total Interest-Bearing Deposits     12,678.1     13.6   0.43     12,770.1     4.6   0.14     12,727.5     3.2   0.10  
Federal Funds Purchased     0.2       1.67                      
Long-Term Borrowings                         200.0     1.4   2.76  
Total Interest-Bearing Liabilities     12,678.3     13.6   0.43     12,770.1     4.6   0.14     12,927.5     4.6   0.14  
Net Interest Income         $ 164.1             $ 146.3             $ 133.4      
Interest Rate Spread               2.75 %             2.54 %             2.30 %
Net Interest Margin               2.93 %             2.60 %             2.36 %
Noninterest-Bearing Demand Deposits     9,469.9               9,631.4               8,894.3            
Other Liabilities     541.6               586.0               497.7            
Stockholders’ Equity     2,267.2               2,262.7               2,738.6            
Total Liabilities and Stockholders’ Equity   $ 24,957.0             $ 25,250.2             $ 25,058.1            

(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 $1.3 million, $1.2 million and $0.8 million for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively.


                                   
Average Balances and Interest Rates                               Table 5  
    Nine Months Ended   Nine Months Ended  
    September 30, 2022   September 30, 2021  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                  
Interest-Bearing Deposits in Other Banks   $ 1,051.7   $ 7.3   0.93 % $ 1,604.6   $ 1.5   0.13 %
Available-for-Sale Investment Securities                                  
Taxable     5,145.3     64.9   1.68     6,303.5     67.5   1.43  
Non-Taxable     227.9     4.4   2.59     436.9     6.9   2.11  
Held-to-Maturity Investment Securities                                  
Taxable     2,382.2     29.7   1.66            
Non-Taxable     409.1     8.3   2.71            
Total Investment Securities     8,164.5     107.3   1.75     6,740.4     74.4   1.47  
Loans Held for Sale     0.7       2.92     4.4     0.1   2.31  
Loans and Leases(1)                                  
Commercial and industrial     1,983.5     50.3   3.39     2,756.2     61.2   2.97  
Commercial real estate     3,820.6     98.8   3.46     3,417.5     75.6   2.96  
Construction     738.4     20.7   3.74     803.8     19.2   3.19  
Residential:                                  
Residential mortgage     4,173.1     108.0   3.45     3,776.5     103.3   3.65  
Home equity line     943.2     18.5   2.62     824.1     16.7   2.71  
Consumer     1,218.2     48.1   5.29     1,287.1     51.4   5.34  
Lease financing     248.7     6.7   3.60     243.2     5.7   3.10  
Total Loans and Leases     13,125.7     351.1   3.57     13,108.4     333.1   3.39  
Other Earning Assets     70.6     0.5   0.92     65.9     0.8   1.65  
Total Earning Assets(2)     22,413.2     466.2   2.78     21,523.7     409.9   2.54  
Cash and Due from Banks     289.9               291.7            
Other Assets     2,392.3               2,198.3            
Total Assets   $ 25,095.4             $ 24,013.7            
                                   
Interest-Bearing Liabilities                                  
Interest-Bearing Deposits                                  
Savings   $ 6,837.8   $ 8.9   0.17 % $ 6,410.9   $ 1.7   0.04 %
Money Market     4,087.6     6.8   0.22     3,758.3     1.5   0.05  
Time     1,713.4     5.3   0.41     2,067.7     7.4   0.48  
Total Interest-Bearing Deposits     12,638.8     21.0   0.22     12,236.9     10.6   0.12  
Federal Funds Purchased     0.1       1.67            
Long-Term Borrowings               200.0     4.2   2.76  
Total Interest-Bearing Liabilities     12,638.9     21.0   0.22     12,436.9     14.8   0.16  
Net Interest Income         $ 445.2             $ 395.1      
Interest Rate Spread               2.56 %             2.38 %
Net Interest Margin               2.65 %             2.45 %
Noninterest-Bearing Demand Deposits     9,532.0               8,358.5            
Other Liabilities     566.3               498.9            
Stockholders’ Equity     2,358.2               2,719.4            
Total Liabilities and Stockholders’ Equity   $ 25,095.4             $ 24,013.7            

(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 $3.5 million and $1.9 million for the nine months ended September 30, 2022 and 2021, respectively.


                   
Analysis of Change in Net Interest Income                 Table 6  
    Three Months Ended September 30, 2022
    Compared to June 30, 2022
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ (1.7 )   $ 2.9     $ 1.2  
Available-for-Sale Investment Securities                  
Taxable     (0.9 )     3.5       2.6  
Non-Taxable     0.5             0.5  
Held-to-Maturity Investment Securities                  
Taxable     0.2       (0.6 )     (0.4 )
Non-Taxable     0.1             0.1  
Total Investment Securities     (0.1 )     2.9       2.8  
Loans and Leases                  
Commercial and industrial     0.6       5.1       5.7  
Commercial real estate     1.8       9.8       11.6  
Construction     0.3       2.0       2.3  
Residential:                  
Residential mortgage     0.3       (0.6 )     (0.3 )
Home equity line     0.3       1.0       1.3  
Consumer           1.6       1.6  
Lease financing     0.4       0.2       0.6  
Total Loans and Leases     3.7       19.1       22.8  
Total Change in Interest Income     1.9       24.9       26.8  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings           5.0       5.0  
Money Market           3.4       3.4  
Time           0.6       0.6  
Total Interest-Bearing Deposits           9.0       9.0  
Total Change in Interest Expense           9.0       9.0  
Change in Net Interest Income   $ 1.9     $ 15.9     $ 17.8  


                   
Analysis of Change in Net Interest Income                 Table 7  
    Three Months Ended September 30, 2022
    Compared to September 30, 2021
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ (1.1 )   $ 4.2     $ 3.1  
Available-for-Sale Investment Securities                  
Taxable     (12.4 )     8.7       (3.7 )
Non-Taxable     (4.2 )     1.9       (2.3 )
Held-to-Maturity Investment Securities                  
Taxable     14.6             14.6  
Non-Taxable     4.2             4.2  
Total Investment Securities     2.2       10.6       12.8  
Loans and Leases                  
Commercial and industrial     (3.0 )     4.1       1.1  
Commercial real estate     4.7       12.2       16.9  
Construction     (1.1 )     2.6       1.5  
Residential:                  
Residential mortgage     3.1       (1.3 )     1.8  
Home equity line     1.1       0.6       1.7  
Consumer     (0.6 )     0.9       0.3  
Lease financing     0.3       0.4       0.7  
Total Loans and Leases     4.5       19.5       24.0  
Other Earning Assets           (0.2 )     (0.2 )
Total Change in Interest Income     5.6       34.1       39.7  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings           6.1       6.1  
Money Market           4.3       4.3  
Time     (0.2 )     0.2        
Total Interest-Bearing Deposits     (0.2 )     10.6       10.4  
Long-Term Borrowings     (0.7 )     (0.7 )     (1.4 )
Total Change in Interest Expense     (0.9 )     9.9       9.0  
Change in Net Interest Income   $ 6.5     $ 24.2     $ 30.7  


                   
Analysis of Change in Net Interest Income                 Table 8  
    Nine Months Ended September 30, 2022
    Compared to September 30, 2021
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ (0.7 )   $ 6.5     $ 5.8  
Available-for-Sale Investment Securities                  
Taxable     (13.4 )     10.8       (2.6 )
Non-Taxable     (3.8 )     1.3       (2.5 )
Held-to-Maturity Investment Securities                  
Taxable     29.7             29.7  
Non-Taxable     8.3             8.3  
Total Investment Securities     20.8       12.1       32.9  
Loans Held for Sale     (0.1 )           (0.1 )
Loans and Leases                  
Commercial and industrial     (18.8 )     7.9       (10.9 )
Commercial real estate     9.5       13.7       23.2  
Construction     (1.6 )     3.1       1.5  
Residential:                  
Residential mortgage     10.5       (5.8 )     4.7  
Home equity line     2.3       (0.5 )     1.8  
Consumer     (2.8 )     (0.5 )     (3.3 )
Lease financing     0.1       0.9       1.0  
Total Loans and Leases     (0.8 )     18.8       18.0  
Other Earning Assets     0.1       (0.4 )     (0.3 )
Total Change in Interest Income     19.3       37.0       56.3  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     0.1       7.1       7.2  
Money Market     0.1       5.2       5.3  
Time     (1.1 )     (1.0 )     (2.1 )
Total Interest-Bearing Deposits     (0.9 )     11.3       10.4  
Long-Term Borrowings     (2.1 )     (2.1 )     (4.2 )
Total Change in Interest Expense     (3.0 )     9.2       6.2  
Change in Net Interest Income   $ 22.3     $ 27.8     $ 50.1  


                         
Loans and Leases                       Table 9
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2022   2022   2021   2021
Commercial and industrial:                        
Commercial and industrial excluding Paycheck Protection Program loans   $ 2,017,095   $ 1,898,899   $ 1,870,657   $ 1,692,315
Paycheck Protection Program loans     26,712     43,233     216,442     503,069
Total commercial and industrial     2,043,807     1,942,132     2,087,099     2,195,384
Commercial real estate     4,103,310     3,956,828     3,639,623     3,569,768
Construction     765,862     727,771     813,969     826,078
Residential:                        
Residential mortgage     4,252,041     4,212,768     4,083,367     3,914,632
Home equity line     1,010,631     971,569     876,608     852,074
Total residential     5,262,672     5,184,337     4,959,975     4,766,706
Consumer     1,218,885     1,207,051     1,229,939     1,238,714
Lease financing     305,838     244,662     231,394     237,689
Total loans and leases   $ 13,700,374   $ 13,262,781   $ 12,961,999   $ 12,834,339


                         
Deposits                       Table 10
    September 30,   June 30,   December 31,   September 30,
(dollars in thousands)   2022   2022   2021   2021
Demand   $ 9,317,093   $ 9,610,883   $ 9,393,863   $ 8,873,424
Savings     6,724,783     7,243,185     6,612,775     7,347,079
Money Market     4,150,940     4,079,706     4,033,070     4,019,250
Time     1,898,922     1,667,680     1,776,438     1,880,250
Total Deposits   $ 22,091,738   $ 22,601,454   $ 21,816,146   $ 22,120,003


                         
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)   2022   2022   2021   2021
Non-Performing Assets                        
Non-Accrual Loans and Leases                        
Commercial Loans:                        
Commercial and industrial   $ 1,528   $ 682   $ 718   $ 746
Commercial real estate     727     727     727     745
Total Commercial Loans     2,255     1,409     1,445     1,491
Residential Loans:                        
Residential mortgage     6,028     6,450     5,637     7,137
Total Residential Loans     6,028     6,450     5,637     7,137
Total Non-Accrual Loans and Leases     8,283     7,859     7,082     8,628
Other Real Estate Owned     139         175    
Total Non-Performing Assets   $ 8,422   $ 7,859   $ 7,257   $ 8,628
                         
Accruing Loans and Leases Past Due 90 Days or More                        
Commercial Loans:                        
Commercial and industrial   $ 1,445   $ 2,230   $ 740   $ 439
Commercial real estate         176        
Construction     390     352        
Total Commercial Loans     1,835     2,758     740     439
Residential Loans:                        
Residential mortgage         750     987     100
Home equity line     1,832     1,039     3,681     3,871
Total Residential Loans     1,832     1,789     4,668     3,971
Consumer     1,976     1,218     1,800     1,376
Total Accruing Loans and Leases Past Due 90 Days or More   $ 5,643   $ 5,765   $ 7,208   $ 5,786
                         
Restructured Loans on Accrual Status and Not Past Due 90 Days or More   $ 27,342   $ 29,440   $ 34,893   $ 36,234
Total Loans and Leases   $ 13,700,374   $ 13,262,781   $ 12,961,999   $ 12,834,339


                               
Allowance for Credit Losses and Reserve for Unfunded Commitments
                            Table 12  
    For the Three Months Ended   For the Nine Months Ended
    September 30,   June 30,   September 30,   September 30,   September 30,
(dollars in thousands)   2022
  2022
  2021
  2022
  2021
Balance at Beginning of Period   $ 177,900     $ 179,238     $ 198,370       187,584       239,057  
Loans and Leases Charged-Off                              
Commercial Loans:                              
Commercial and industrial     (328 )     (243 )     (224 )     (1,277 )     (1,517 )
Commercial real estate     (750 )                 (750 )     (66 )
Total Commercial Loans     (1,078 )     (243 )     (224 )     (2,027 )     (1,583 )
Residential Loans:                              
Residential mortgage     (1 )                 (1 )     (98 )
Home equity line           (1,120 )     (235 )     (1,163 )     (235 )
Total Residential Loans     (1 )     (1,120 )     (235 )     (1,164 )     (333 )
Consumer     (3,986 )     (3,659 )     (2,926 )     (11,754 )     (13,384 )
Total Loans and Leases Charged-Off     (5,065 )     (5,022 )     (3,385 )     (14,945 )     (15,300 )
Recoveries on Loans and Leases Previously Charged-Off                              
Commercial Loans:                              
Commercial and industrial     240       301       121       594       623  
Commercial real estate                 15       14       30  
Construction                             166  
Lease financing           60             60        
Total Commercial Loans     240       361       136       668       819  
Residential Loans:                              
Residential mortgage     37       192       215       245       246  
Home equity line     356       191       27       575       89  
Total Residential Loans     393       383       242       820       335  
Consumer     1,653       1,940       2,405       5,741       7,857  
Total Recoveries on Loans and Leases Previously Charged-Off     2,286       2,684       2,783       7,229       9,011  
Net Loans and Leases Charged-Off     (2,779 )     (2,338 )     (602 )     (7,716 )     (6,289 )
Provision for Credit Losses     3,183       1,000       (4,000 )     (1,564 )     (39,000 )
Balance at End of Period   $ 178,304     $ 177,900     $ 193,768     $ 178,304     $ 193,768  
Components:                              
Allowance for Credit Losses   $ 148,163     $ 148,942     $ 161,246     $ 148,163     $ 161,246  
Reserve for Unfunded Commitments     30,141       28,958       32,522       30,141       32,522  
Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 178,304     $ 177,900     $ 193,768     $ 178,304     $ 193,768  
Average Loans and Leases Outstanding   $ 13,491,428     $ 13,058,558     $ 12,881,885     $ 13,125,660     $ 13,108,427  
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.08 %     0.07 %     0.02 %     0.08 %     0.06 %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding    </