0001558370-24-001995 | 10-K | XBRL Viewer

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Allowance for Credit Losses - Activity in ACL by Class of Loans and Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	$ 143,900	$ 157,262	$ 208,454
Charge-offs	(23,506)	(20,888)	(23,623)
Recoveries	11,279	9,647	11,150
Provision	24,860	(2,121)	(38,719)
Balance at end of year	156,533	143,900	157,262
Commercial Lending
Rollforward of the Allowance for Credit Losses
Charge-offs	(5,982)
Commercial and Industrial
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	14,564	20,080	24,711
Charge-offs	(3,482)	(2,012)	(5,949)
Recoveries	3,346	897	867
Provision	528	(4,401)	451
Balance at end of year	14,956	14,564	20,080
Commercial Real Estate
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	43,810	42,951	58,123
Charge-offs	(2,500)	(750)	(66)
Recoveries		14	39
Provision	2,634	1,595	(15,145)
Balance at end of year	43,944	43,810	42,951
Construction
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	5,843	9,773	10,039
Charge-offs	0
Recoveries			266
Provision	4,549	(3,930)	(532)
Balance at end of year	10,392	5,843	9,773
Lease financing
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	1,551	1,659	3,298
Charge-offs	0
Recoveries		60
Provision	203	(168)	(1,639)
Balance at end of year	1,754	1,551	1,659
Residential mortgage
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	35,175	34,364	40,461
Charge-offs	(414)	(103)	(632)
Recoveries	141	418	261
Provision	1,686	496	(5,726)
Balance at end of year	36,880	35,175	34,364
Residential mortgage \| Residential Lending: Residential Mortgage
Rollforward of the Allowance for Credit Losses
Charge-offs	(122)
Residential mortgage \| Residential Lending: Home Equity Line
Rollforward of the Allowance for Credit Losses
Charge-offs	(292)
Residential Lending: Home Equity Line
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	8,296	5,642	7,163
Charge-offs	(292)	(1,175)	(342)
Recoveries	702	713	117
Provision	3,022	3,116	(1,296)
Balance at end of year	11,728	8,296	5,642
Consumer
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	34,661	42,793	64,659
Charge-offs	(17,110)	(16,848)	(16,634)
Recoveries	7,090	7,545	9,600
Provision	12,238	1,171	(14,832)
Balance at end of year	$ 36,879	$ 34,661	$ 42,793

Derivative Financial Instruments - Visa Class B Restricted Shares (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Class B restricted shares
Visa Class B Restricted Shares
Number of shares sold \| shares	120,000
Conversion rate	1.5875			1.6483
Visa \| Class B restricted shares
Visa Class B Restricted Shares
Net realized gain related to the sale of stock \| $		$ 22.7
Number of shares sold \| shares		274,000
Visa Derivative
Visa Class B Restricted Shares
Derivative liability value \| $	$ 2.3		$ 0.9
Visa Derivative \| Class B restricted shares
Visa Class B Restricted Shares
Conversion rate	1.5875				1.6483

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value

Schedule of assets and liabilities measured at fair value on a recurring basis

Fair Value Measurements as of December 31, 2023

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

32,503

—

32,503

Government-sponsored enterprises debt securities

—

19,592

—

19,592

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

10,182

—

10,182

Residential - Government-sponsored enterprises⁽¹⁾

—

783,297

—

783,297

Commercial - Government agency

—

218,674

—

218,674

Commercial - Government-sponsored enterprises

—

86,431

—

86,431

Commercial - Non-agency

—

21,683

—

21,683

Collateralized mortgage obligations:

Government agency

—

471,150

—

471,150

Government-sponsored enterprises

—

363,970

—

363,970

Collateralized loan obligations

—

247,854

—

247,854

Total available-for-sale securities

—

2,255,336

—

2,255,336

Other assets⁽²⁾

517

12,768

—

13,285

Liabilities

Other liabilities⁽³⁾

—

(2,320)

(2,300)

(4,620)

Total

517

2,265,784

(2,300)

2,264,001


	Fair Value Measurements as of December 31, 2022
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	150,982	$	—	$	150,982
Government-sponsored enterprises debt securities		—		44,301		—		44,301
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		59,723		—		59,723
Residential - Government-sponsored enterprises⁽¹⁾		—		1,160,455		—		1,160,455
Commercial - Government agency		—		237,853		—		237,853
Commercial - Government-sponsored enterprises		—		119,573		—		119,573
Commercial - Non-agency		—		21,471		—		21,471
Collateralized mortgage obligations:
Government agency		—		653,322		—		653,322
Government-sponsored enterprises		—		462,132		—		462,132
Collateralized loan obligations		—		241,321		—		241,321
Total available-for-sale securities		—		3,151,133		—		3,151,133
Other assets⁽⁴⁾		5,376		10,945		—		16,321
Liabilities
Other liabilities⁽³⁾		—		(49,268)		(851)		(50,119)
Total	$	5,376	$	3,112,810	$	(851)	$	3,117,335

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

(4)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(2,300)	Discounted Cash Flow	Expected Conversion Rate - 1.5875⁽¹⁾	1.5289-1.5875
				Expected Term - 5 months⁽²⁾	n/m⁽²⁾
				Growth Rate - 10%⁽³⁾	-6% - 25%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(851)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽⁴⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%

(1)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation.

(2)	The expected term of 5 months was based on the May 2024 claim filing deadline. As such, a range is not meaningful to disclose.

(3)	The growth rate was based on the arithmetic average of analyst price targets.

(4)	The expected term of 3 months was based on the median of 0 to 6 months.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis


	Visa Derivative
(dollars in thousands)	2023		2022
Year Ended December 31,
Balance as of January 1,	$	(851)	$	(5,530)
Total net losses included in other noninterest income		(7,738)		(707)
Settlements		6,289		5,386
Balance as of December 31,	$	(2,300)	$	(851)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31,	$	(7,738)	$	(707)

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

December 31, 2023

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

1,739,897

185,015

1,554,882

—

1,739,897

Investment securities held-to-maturity

4,041,449

—

3,574,856

—

3,574,856

Loans held for sale

190

—

192

—

192

Loans⁽¹⁾

13,973,688

—

13,385,683

Financial liabilities:

Time deposits⁽²⁾

3,456,158

—

3,432,330

—

3,432,330

Short-term borrowings

500,000

—

495,306

—

495,306


	December 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	526,624	$	297,502	$	229,122	$	—	$	526,624
Investment securities held-to-maturity		4,320,639		—		3,814,822		—		3,814,822
Loans⁽¹⁾		13,793,922		—		—		13,138,787		13,138,787

Financial liabilities:
Time deposits⁽²⁾	$	2,476,050	$	—	$	2,423,231	$	—	$	2,423,231
Short-term borrowings		75,000		—		74,991		—		74,991

(1)	Excludes financing leases of $379.8 million at December 31, 2023 and $298.1 million at December 31, 2022.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $17.9 billion at December 31, 2023 and $19.2 billion at December 31, 2022.

Investment Securities

12 Months Ended

Dec. 31, 2023

Investment Securities

Investment Securities

3. Investment Securities

As of December 31, 2023 and 2022, investment securities consisted predominantly of the following investment categories:

U.S. Treasury and debt securities – includes U.S. Treasury notes and debt securities issued by government-sponsored enterprises.

Mortgage-backed securities – includes securities backed by notes or receivables secured by mortgage assets with cash flows based on actual or scheduled payments.

Collateralized mortgage obligations – includes securities backed by a pool of mortgages with cash flows distributed based on certain rules rather than pass through payments.

Collateralized loan obligations – includes structured debt securities backed by a pool of loans, consisting of primarily non-investment grade broadly syndicated corporate loans with additional credit enhancement. These are floating rate securities that have an investment grade rating of AA or better.

Debt securities issued by states and political subdivisions – includes general obligation bonds issued by state and local governments.

As of December 31, 2023 and 2022, the Company’s investment securities were classified as either available-for-sale or held-to-maturity. Amortized cost, gross unrealized holding gains and losses and fair value of available-for-sale and held-to-maturity investment securities as of December 31, 2023 and 2022 were as follows:


	2023								2022
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	33,169	$	—	$	(666)	$	32,503	$	163,309	$	—	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		20,000		—		(408)		19,592		45,000		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		11,303		—		(1,121)		10,182		66,792		—		(7,069)		59,723
Residential - Government-sponsored enterprises		895,421		—		(112,124)		783,297		1,317,718		—		(157,263)		1,160,455
Commercial - Government agency		268,944		—		(50,270)		218,674		282,700		—		(44,847)		237,853
Commercial - Government-sponsored enterprises		93,459		—		(7,028)		86,431		130,612		—		(11,039)		119,573
Commercial - Non-agency		21,964		—		(281)		21,683		21,964		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		538,718		—		(67,568)		471,150		738,524		—		(85,202)		653,322
Government-sponsored enterprises		425,826		—		(61,856)		363,970		533,103		—		(70,971)		462,132
Collateralized loan obligations		249,871		43		(2,060)		247,854		249,877		50		(8,606)		241,321
Total available-for-sale securities	$	2,558,675	$	43	$	(303,382)	$	2,255,336	$	3,549,599	$	50	$	(398,516)	$	3,151,133

Government agency debt securities	$	52,051	$	—	$	(4,497)	$	47,554	$	54,318	$	—	$	(5,674)	$	48,644
Mortgage-backed securities:
Residential - Government agency		43,885		—		(5,189)		38,696		46,302		—		(6,294)		40,008
Residential - Government-sponsored enterprises		99,379		—		(11,013)		88,366		106,534		—		(12,978)		93,556
Commercial - Government agency		30,795		—		(7,017)		23,778		30,544		—		(5,229)		25,315
Commercial - Government-sponsored enterprises		1,129,738		195		(130,757)		999,176		1,150,449		—		(138,451)		1,011,998
Collateralized mortgage obligations:
Government agency		989,130		—		(109,471)		879,659		1,080,492		—		(122,378)		958,114
Government-sponsored enterprises		1,642,274		—		(193,897)		1,448,377		1,798,178		—		(207,045)		1,591,133
Debt securities issued by states and political subdivisions		54,197		—		(4,947)		49,250		53,822		—		(7,768)		46,054
Total held-to-maturity securities	$	4,041,449	$	195	$	(466,788)	$	3,574,856	$	4,320,639	$	—	$	(505,817)	$	3,814,822

During the year ended December 31, 2022, the Company reclassified at fair value approximately $4.6 billion in available-for-sale investment securities to the held-to-maturity category. The related total unrealized after-tax losses of approximately $372.4 million remained in accumulated other comprehensive loss to be amortized over the estimated remaining life of the securities as an adjustment of yield, offsetting the related accretion of the discount on the transferred securities. No gains or losses were recognized at the time of reclassification. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Company has the positive intent and ability to hold these securities to maturity. There were no securities transferred from available-for-sale investment securities to the held-to-maturity category during the year ended December 31, 2023.

Accrued interest receivable related to available-for-sale investment securities was $7.2 million and $8.9 million as of December 31, 2023 and 2022, respectively. Accrued interest receivable related to held-to-maturity investment securities was $7.0 million and $7.5 million as of December 31, 2023 and 2022, respectively. Accrued interest receivable is recorded separately from the amortized cost basis of investment securities on the Company’s consolidated balance sheets.

Including the 2023 sale of Visa Class B restricted shares described below, proceeds from calls and sales of investment securities were $8.3 million and $551.6 million, respectively, for the year ended December 31, 2023. Proceeds from calls and sales of investment securities were $1.7 million and nil, respectively, for the year ended December 31, 2022. Proceeds from calls and sales of investment securities were $8.6 million and $2.5 million, respectively, for the year ended December 31, 2021. The Company recorded gross realized gains of $40.8 million, nil and $0.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recorded gross realized losses of $40.0 million for the year ended December 31, 2023, and nil for both the years ended December 31, 2022 and 2021. The income tax expense related to the Company’s net realized gains on the sale of investment securities was $0.2 million for the year ended December 31, 2023, and was nil for both the years ended December 31, 2022 and 2021. Gains and losses realized on sales of securities are determined using the specific identification method.

Interest income from taxable investment securities was $134.5 million, $128.7 million and $93.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Interest income from non-taxable investment securities was $13.2 million, $13.8 million and $8.1 million for the years ended December 31, 2023, 2022 and 2021.

The amortized cost and fair value of debt securities issued by the U.S. Treasury, government agencies, government-sponsored enterprises and states and political subdivisions, non-agency mortgage-backed securities and collateralized loan obligations as of December 31, 2023, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations.


	December 31, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	25,071	$	24,742
Due after one year through five years		37,373		36,527
Due after five years through ten years		97,695		96,879
Due after ten years		164,865		163,484
		325,004		321,632

Mortgage-backed securities:
Residential - Government agency		11,303		10,182
Residential - Government-sponsored enterprises		895,421		783,297
Commercial - Government agency		268,944		218,674
Commercial - Government-sponsored enterprises		93,459		86,431
Total mortgage-backed securities		1,269,127		1,098,584
Collateralized mortgage obligations:
Government agency		538,718		471,150
Government-sponsored enterprises		425,826		363,970
Total collateralized mortgage obligations		964,544		835,120
Total available-for-sale securities	$	2,558,675	$	2,255,336

Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		22,082		20,318
Due after ten years		84,166		76,486
		106,248		96,804

Mortgage-backed securities:
Residential - Government agency		43,885		38,696
Residential - Government-sponsored enterprises		99,379		88,366
Commercial - Government agency		30,795		23,778
Commercial - Government-sponsored enterprises		1,129,738		999,176
Total mortgage-backed securities		1,303,797		1,150,016
Collateralized mortgage obligations:
Government agency		989,130		879,659
Government-sponsored enterprises		1,642,274		1,448,377
Total collateralized mortgage obligations		2,631,404		2,328,036
Total held-to-maturity securities	$	4,041,449	$	3,574,856

At December 31, 2023, pledged securities totaled $5.0 billion, of which $2.6 billion was pledged to secure public deposits, $2.3 billion was pledged to secure borrowing capacity and $183.0 million was pledged to secure other financial transactions. At December 31, 2022, pledged securities totaled $3.2 billion, of which $3.0 billion was pledged to secure public deposits and $207.8 million was pledged to secure other financial transactions.

The Company held no securities of any single issuer, other than debt securities issued by the U.S. government, government agencies and government-sponsored enterprises, which were in excess of 10% of stockholders’ equity as of December 31, 2023 and 2022.

The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 222 and 275 individual securities in each category have been in a continuous loss position as of December 31, 2023 and 2022, respectively. The unrealized losses on available-for-sale investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities.

Time in Continuous Loss as of December 31, 2023

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

—

(666)

32,503

(666)

32,503

Government-sponsored enterprises debt securities

—

(408)

19,592

(408)

19,592

Mortgage-backed securities:

Residential - Government agency

—

(1,121)

10,182

(1,121)

10,182

Residential - Government-sponsored enterprises

—

(112,124)

783,297

(112,124)

783,297

Commercial - Government agency

—

(50,270)

218,674

(50,270)

218,674

Commercial - Government-sponsored enterprises

—

(7,028)

86,431

(7,028)

86,431

Commercial - Non-agency

—

(281)

21,683

(281)

21,683

Collateralized mortgage obligations:

Government agency

—

(67,568)

471,150

(67,568)

471,150

Government-sponsored enterprises

—

(61,856)

363,970

(61,856)

363,970

Collateralized loan obligations

(564)

63,667

(1,496)

163,126

(2,060)

226,793

Total available-for-sale securities with unrealized losses

(564)

63,667

(302,818)

2,170,608

(303,382)

2,234,275


	Time in Continuous Loss as of December 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(2,962)	$	83,870	$	(9,365)	$	67,112	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		(699)		44,301		—		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		(7,069)		59,723		—		—		(7,069)		59,723
Residential - Government-sponsored enterprises		(73,954)		645,338		(83,309)		515,117		(157,263)		1,160,455
Commercial - Government agency		(15,852)		108,842		(28,995)		129,011		(44,847)		237,853
Commercial - Government-sponsored enterprises		(7,348)		94,657		(3,691)		24,916		(11,039)		119,573
Commercial - Non-agency		(493)		21,471		—		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		(74,797)		596,907		(10,405)		56,415		(85,202)		653,322
Government-sponsored enterprises		(21,916)		198,108		(49,055)		264,024		(70,971)		462,132
Collateralized loan obligations		(8,606)		170,042		—		—		(8,606)		170,042
Total available-for-sale securities with unrealized losses	$	(213,696)	$	2,023,259	$	(184,820)	$	1,056,595	$	(398,516)	$	3,079,854

At December 31, 2023 and 2022, the Company did not have any available-for-sale securities with the intent to sell and determined it was more likely than not that the Company would not be required to sell the securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining available-for-sale securities in an unrealized loss position as of December 31, 2023 and 2022, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of December 31, 2023 and 2022, the Company did not expect any credit losses in its available-for-sale debt securities and no credit losses were recognized on available-for-sale securities during the years ended December 31, 2023 and 2022.

As of December 31, 2023 and 2022, the Company’s investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 5% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. For investment securities issued by the U.S. Government, its agencies and government-sponsored enterprises, management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. For collateralized loan obligations and debt securities issued by local state and political subdivisions, these securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of December 31, 2023 and 2022.

During the year ended December 31, 2023, the Company recorded a $40.8 million net realized gain related to the sale of approximately 120,000 Visa Class B restricted shares. The Company did not hold any Visa Class B restricted shares as of December 31, 2023. As of December 31, 2022, the Company held approximately 120,000 Visa Class B restricted shares which were carried at $0 cost basis.

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingent Liabilities

Schedule of financial instruments with off-balance sheet risk


	December 31,
(dollars in thousands)	2023		2022
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,308,343	$	6,760,395
Standby letters of credit		234,102		244,275
Commercial letters of credit		3,629		7,299

Regulatory Capital Requirements - Capital Conservation Buffer (Details)	Dec. 31, 2023	Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	0.1239	0.1182
Effective Tier 1 capital to risk-weighted assets (as a percent)	0.1239	0.1182
Effective total capital to risk-weighted assets (as a percent)	0.1357	0.1292
Capital conservation buffer
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	0.07
Effective Tier 1 capital to risk-weighted assets (as a percent)	0.085
Effective total capital to risk-weighted assets (as a percent)	0.105
Capital requirements above regulatory rate (as a percent)	0.025

Transfers of Financial Assets - Carrying Amounts of Assets Pledged as Collateral, Borrowings and Other Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
In-substance debt defeasance	$ 0	$ 0
Carrying amounts of the assets pledged as collateral
Securities for reverse repurchase agreements	0	0
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	5,000,000	3,200,000
Assets pledged as collateral	11,278,394	8,297,830
Public deposits \| Asset Pledged as Collateral with Right
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	2,571,359	2,977,693
Federal Home Loan Bank Advances \| Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	4,495,266	3,451,070
Federal Reserve Bank Advances \| Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	4,074,093	1,704,803
ACH transactions \| Asset Pledged as Collateral without Right
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	137,101	133,173
Interest rate swaps \| Asset Pledged as Collateral without Right
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	$ 575	$ 31,091

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per Share

Schedule of computations of basic and diluted earnings per share


	Year Ended December 31,
(dollars in thousands, except shares and per share amounts)	2023		2022		2021
Numerator:
Net income	$	234,983	$	265,685	$	265,735

Denominator:
Basic: weighted-average shares outstanding		127,567,547		127,489,889		128,963,131
Add: weighted-average equity-based awards		348,326		491,810		574,791
Diluted: weighted-average shares outstanding		127,915,873		127,981,699		129,537,922

Basic earnings per share	$	1.84	$	2.08	$	2.06
Diluted earnings per share	$	1.84	$	2.08	$	2.05

Derivative Financial Instruments - Clearinghouse Margin and Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative contracts
Initial margin cash collateral posted	$ 0.6	$ 1.2
Interest rate swaps
Derivative contracts
Financial instruments pledged as collateral		29.9
Cash pledged as collateral	0.6	1.2
Received cash as collateral	27.1	48.1
Securities received as collateral	40.9	0.0
Chicago Mercantile Exchange (CME) and London Clearing House (LCH)
Derivative contracts
Variation margin	$ 0.7	$ 39.2

Other Assets - Mortgage Servicing Rights - Changes in Amortized MSRs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in amortized mortgage servicing rights
Balance at beginning of year	$ 6,562	$ 8,302
Originations	242	170
Amortization	(1,105)	(1,910)	$ (3,700)
Balance at end of year	5,699	6,562	8,302
Fair value of amortized MSRs at beginning of period	15,193	12,243
Fair value of amortized MSRs at end of period	14,308	15,193	12,243
Balance of loans serviced for others	1,325,171	1,441,202
Impairment of MSRs recorded	$ 0	$ 0	$ 0

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per Share
Adjustments to net income (in dollars)	$ 0	$ 0	$ 0
Antidilutive securities (in shares)	574,000	0	1,000
Numerator:
Net income	$ 234,983	$ 265,685	$ 265,735
Denominator:
Basic: weighted-average shares outstanding (in shares)	127,567,547	127,489,889	128,963,131
Add: weighted-average equity-based awards (in shares)	348,326	491,810	574,791
Diluted: weighted-average shares outstanding (in shares)	127,915,873	127,981,699	129,537,922
Basic earnings per share (in dollars per share)	$ 1.84	$ 2.08	$ 2.06
Diluted earnings per share (in dollars per share)	$ 1.84	$ 2.08	$ 2.05

Short-Term Borrowings - Components and Selected Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-term borrowings
Short-term borrowings	$ 500,000	$ 75,000
FHLB
Short-term borrowings
Borrowing capacity	2,500,000	2,500,000
Federal Reserve Bank Advances [Member]
Short-term borrowings
Borrowing capacity	3,300,000	1,200,000
Federal funds purchased:
Short-term borrowings
Short-term borrowings		$ 75,000
Annual interest rate		4.35%
Weighted-average interest rate (as a percent)		4.35%
Highest month-end balance	150,000	$ 75,000
Average outstanding balance	$ 17,247	$ 11,521
Weighted-average interest rate paid (as a percent)	4.45%	4.08%
Short-term FHLB repo advance:
Short-term borrowings
Highest month-end balance	$ 400,000
Average outstanding balance	$ 116,918
Weighted-average interest rate paid (as a percent)	5.25%
FHLB
Short-term borrowings
Short-term borrowings	$ 500,000
Incurred fees related to early termination			$ 9,000
Weighted-average interest rate (as a percent)	4.71%
Highest month-end balance	$ 500,000
Average outstanding balance	$ 144,932
Weighted-average interest rate paid (as a percent)	4.75%

Investment Securities - Pledged Securities and Concentration Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration of risk
Credit losses recognized on securities	$ 0	$ 0
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	5,000,000	3,200,000
Asset Pledged as Collateral \| Public deposits
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	2,600,000	3,000,000
Asset Pledged as Collateral \| Other financial transactions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	183,000	207,800
Borrowing Capacity
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	2,300,000
Non-government issuer
Concentration of risk
Securities of issuers in excess of 10% of stockholders' equity	$ 0	$ 0

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contracts with Customers
Net interest income (expense)	$ 636,127	$ 613,549	$ 530,559
Not in scope of Topic 606	30,059	11,693	25,149
Total noninterest income	200,815	179,525	184,916
Total revenue	836,942	793,074	715,475
Retail Banking
Revenue from Contracts with Customers
Net interest income (expense)	458,125	436,228	385,656
Not in scope of Topic 606	7,069	6,199	8,270
Total noninterest income	97,651	94,085	91,672
Total revenue	555,776	530,313	477,328
Commercial Banking
Revenue from Contracts with Customers
Net interest income (expense)	175,569	157,128	162,997
Not in scope of Topic 606	5,480	6,709	6,491
Total noninterest income	75,358	77,539	72,781
Total revenue	250,927	234,667	235,778
Treasury and Other
Revenue from Contracts with Customers
Net interest income (expense)	2,433	20,193	(18,094)
Not in scope of Topic 606	17,510	(1,215)	10,388
Total noninterest income	27,806	7,901	20,463
Total revenue	30,239	28,094	2,369
Service charges on deposit accounts.
Revenue from Contracts with Customers
Revenue by type of service	29,647	28,809	27,510
Service charges on deposit accounts. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	26,432	25,871	24,413
Service charges on deposit accounts. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	2,786	1,972	1,225
Service charges on deposit accounts. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	429	966	1,872
Credit and debit card fees
Revenue from Contracts with Customers
Revenue by type of service	61,504	63,633	61,143
Credit and debit card fees \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	56,651	58,659	55,728
Credit and debit card fees \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	4,853	4,974	5,415
Other service charges and fees.
Revenue from Contracts with Customers
Revenue by type of service	29,125	29,193	29,058
Other service charges and fees. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	25,162	25,062	23,917
Other service charges and fees. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	1,819	2,243	3,547
Other service charges and fees. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	2,144	1,888	1,594
Trust and investment services income
Revenue from Contracts with Customers
Revenue by type of service	38,449	36,465	34,719
Trust and investment services income \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	38,449	36,465	34,719
Other.
Revenue from Contracts with Customers
Revenue by type of service	12,031	9,732	7,337
Other. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	539	488	353
Other. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	8,622	7,956	5,790
Other. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	$ 2,870	$ 1,288	$ 1,194

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Financial Instruments

Derivative Financial Instruments

16. Derivative Financial Instruments

The Company enters into derivative contracts primarily to manage its interest rate risk, as well as for customer accommodation purposes. Derivatives used for risk management purposes consist of interest rate swaps and collars that are designated as either a fair value hedge or a cash flow hedge. The derivatives are recognized on the consolidated balance sheets as either assets or liabilities at fair value. Derivatives entered into for customer accommodation purposes consist of various free-standing interest rate derivative products and foreign exchange contracts. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes.

The following table summarizes notional amounts and fair values of derivatives held by the Company as of December 31, 2023 and 2022:


	December 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	267,500	$	10,861	$	(1,799)	$	267,500	$	7,276	$	(6,840)
Interest rate collars		200,000		703		—		200,000		491		(63)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,753,801		1,204		(521)		2,849,776		3,178		(42,365)
Visa derivative		107,548		—		(2,300)		121,013		—		(851)
Foreign exchange contracts		66		—		—		210		—		—

(1)	The positive fair values of derivative assets are included in other assets.

(2)	The negative fair values of derivative liabilities are included in other liabilities.

Certain interest rate swaps noted above, are cleared through clearinghouses, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. As of December 31, 2023 and 2022, the amount of initial margin cash collateral posted by the Company was $0.6 million and $1.2 million, respectively. As of December 31, 2023 and 2022, the variation margin was $0.7 million and $39.2 million, respectively.

As of December 31, 2023, the Company pledged $0.6 million in cash and received $27.1 million in cash as collateral for interest rate swaps. As of December 31, 2022, the Company pledged $29.9 million in financial instruments and $1.2 million in cash and received $48.1 million in cash as collateral for interest rate swaps. As of December 31, 2023 and 2022, the cash collateral includes the excess initial margin for interest rate swaps cleared through clearinghouses and cash collateral for interest rate swaps with financial institution counterparties.

As of December 31, 2023 and 2022, the Company received $40.9 million and nil, respectively, in securities collateral for interest rate swaps, which is held in a custodial account and is not recorded on the Company’s consolidated balance sheets.

Fair Value Hedges

To manage the risk related to the Company’s net interest margin, interest rate swaps are utilized to hedge certain fixed-rate loans. These swaps have maturity, amortization and prepayment features that correspond to the loans hedged and are designated and qualify as fair value hedges. Any gain or loss on the swaps, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current period earnings.

At December 31, 2023 and 2022, the Company carried one interest rate swap with a notional amount of $67.5 million, which was designated and qualified as a fair value hedge for a commercial and industrial loan. As of December 31, 2023 and 2022, the interest rate swap had a positive fair value of $10.9 million and $7.3 million, respectively. The swap matures in 2041. The Company received a USD Federal Funds floating rate and paid a fixed rate of 2.07%.

The following table shows the net gains and losses recognized in income related to derivatives in fair value hedging relationships for the years ended December 31, 2023, 2022 and 2021:

Gains (losses) recognized in

Year Ended

the consolidated statements

December 31,

(dollars in thousands)

of income line item

2023

2022

2021

Gains (losses) on fair value hedging relationships recognized in interest income:

Recognized on interest rate swap

Loans and lease financing

3,586

8,487

(605)

Recognized on hedged item

Loans and lease financing

(3,898)

(8,880)

383

As of December 31, 2023 and 2022, the following amounts were recorded in the consolidated balance sheets related to the cumulative basis adjustments for fair value hedges:

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

56,592

60,189

(10,908)

(7,311)

Cash Flow Hedges

The Company utilized interest rate swaps to reduce asset sensitivity and enhance current yields associated with interest payments received on a pool of floating-rate loans. The Company entered into interest rate swaps paying floating rates and receiving fixed rates. The floating-rate index (Bloomberg Short-Term Bank Yield Index, or “BSBY”) corresponds to the floating-rate nature of the interest receipts being hedged (based on USD Prime). The swaps provided an initial benefit to interest income as the Company received the higher fixed rate, which persisted while the floating rate remained below the swap’s fixed rate. By hedging with interest rate swaps, the Company minimized the adverse impact on interest income previously associated with a low interest rate environment on floating-rate loans.

As of December 31, 2023 and 2022, the Company carried two interest rate swaps with notional amounts totaling $200.0 million, with a negative fair value totaling $1.8 million and $6.8 million, respectively. The swaps mature in 2024. The Company received fixed rates ranging from 1.70% to 2.08% and paid 1-month BSBY.

The Company also utilized interest rate collars to manage interest rate risk and protect against downside risk in yields associated with interest payments received on a pool of floating-rate assets. The floating-rate index of the collars (Secured Overnight Financing Rate, or “SOFR”) corresponds to the floating-rate nature of the interest receipts being hedged (based on SOFR). Interest rate collars involve the payments of variable-rate amounts if the collar index exceeds the cap strike rate on the contract and receipts of variable-rate amounts if the collar index falls below the floor strike rate on the contract. No payments are required if the collar index falls between the cap and floor rates. By hedging with interest rate collars, the Company mitigates the adverse impact on interest income associated with possible future decreases in interest rates.

As of December 31, 2023 and 2022, the Company carried two interest rate collars with notional amounts totaling $200.0 million. As of December 31, 2023, these interest rate collars had a positive fair value of $0.7 million. As of December 31, 2022, these interest rate collars had a positive fair value of $0.5 million and a negative fair value of $0.1 million. The collars mature in 2025 and 2027. The interest rate collars had a floor strike rate of 2.00% and cap strike rates ranging from 5.31% to 5.64%.

The interest rate swaps and collars are designated and qualify as cash flow hedges. To the extent that the hedge is considered highly effective, the gain or loss on the interest rate swaps and collars is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period that the hedged transaction affects earnings.

The following table summarizes the effect of cash flow hedging relationships for the years ended December 31, 2023 and 2022:


	Year Ended
	December 31,
(dollars in thousands)	2023		2022
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$	(940)	$	(6,710)
Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing		6,257		297

The estimated net amount to be reclassified within the next 12 months out of accumulated other comprehensive income (loss) into earnings is $1.7 million as a decrease to interest income from loans and lease financing. As of December 31, 2023, the maximum length of time over which forecasted transactions are hedged is approximately four years.

Free-Standing Derivative Instruments

For the derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021:


	Net losses recognized	Year Ended
	in the consolidated statements	December 31,
(dollars in thousands)	of income line item	2023		2022		2021
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	(518)	$	—	$	—
Visa derivative	Other noninterest income		(7,738)		(707)		(5,909)

As of December 31, 2023, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $1.2 million and a negative fair value of $0.5 million. The Company received floating rates ranging from 5.84% to 8.34% and paid fixed rates ranging from 2.39% to 5.98%. The swaps mature between 2024 and 2043. As of December 31, 2022, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $3.2 million and a negative fair value of $42.4 million. The Company received floating rates ranging from 4.62% to 7.12% and paid fixed rates ranging from 2.39% to 6.13%. These swaps resulted in net interest expense of nil during each of the years ended December 31, 2023, 2022 and 2021.

The Company’s customer swap program is designed by offering customers a variable-rate loan that is swapped to fixed-rate through an interest-rate swap. The Company simultaneously executes an offsetting interest-rate swap with a swap dealer. Upfront fees on the dealer swap are recorded in other noninterest income and totaled $1.8 million, $2.5 million and $2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Visa Class B Restricted Shares

In 2016, the Company recorded a $22.7 million net realized gain related to the sale of 274,000 Visa Class B restricted shares. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into a funding swap agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5875. Under the terms of the funding swap agreement, the Company will make monthly payments to the buyer based on Visa’s Class A stock price and the number of Visa Class B restricted shares that were sold until the date on which the covered litigation is settled. A derivative liability (“Visa derivative”) of $2.3 million and $0.9 million was included in the consolidated balance sheets at December 31, 2023 and 2022, respectively, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 21. Fair Value” in the notes to the consolidated financial statements for more information.

Counterparty Credit Risk

By using derivatives, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset, net of cash or other collateral received, and net of derivatives in a loss position with the same counterparty to the extent master netting arrangements exist. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to derivatives is considered in determining fair value.

The Company’s interest rate swap agreements include bilateral collateral agreements with collateral requirements which begin with exposures in excess of $0.3 million. For each counterparty, the Company reviews the interest rate swap collateral daily. Collateral for customer interest rate swap agreements, calculated as the pledged asset less loan balance, requires valuation of the pledged asset. Counterparty credit risk adjustments of nil, $0.1 million and $0.2 million were recognized during each of the years ended December 31, 2023, 2022 and 2021.

Credit-Risk Related Contingent Features

Certain of the Company’s derivative contracts contain provisions whereby if its credit rating were to be downgraded by certain major credit rating agencies as a result of a merger or material adverse change in the Company’s financial condition, the counterparty could require an early termination of derivative instruments. The aggregate fair value of all derivative instruments with such credit-risk related contingent features that are in a net liability position was nil at both December 31, 2023 and 2022, for which the Company posted nil in collateral in the normal course of business. If the Company’s credit rating had been downgraded on December 31, 2023 and 2022, the Company may have been required to settle the contract in an amount equal to its fair value.

Derivative Financial Instruments - Derivatives Not Designated as Hedges (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Interest rate swaps
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments	$ (518)
Visa Derivative
Impact on pretax earnings of derivatives not designated as hedges
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Noninterest Income, Other Operating Income
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments	$ (7,738)	$ (707)	$ (5,909)

Organization and Summary of Significant Accounting Policies - Premises and Equipment (Details)	Dec. 31, 2023
Buildings \| Minimum
Premises and Equipment
Useful lives	7 years
Buildings \| Maximum
Premises and Equipment
Useful lives	39 years
Furniture and equipment \| Minimum
Premises and Equipment
Useful lives	3 years
Furniture and equipment \| Maximum
Premises and Equipment
Useful lives	20 years

Investment Securities - Amortized Cost and Fair Value, by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 25,071
Due after one year through five years	37,373
Due after five years through ten years	97,695
Due after ten years	164,865
Total contractual maturities	325,004
Available-for-sale investment securities, amortized cost	2,558,675	$ 3,549,599
Fair Value
Due in one year or less	24,742
Due after one year through five years	36,527
Due after five years through ten years	96,879
Due after ten years	163,484
Total contractual maturities	321,632
Total available-for-sale securities, Fair value,	2,255,336	3,151,133
Amortized Cost
Due after five years through ten years	22,082
Due after ten years	84,166
Total contractual maturities	106,248
Amortized cost	4,041,449	4,320,639
Fair Value
Due after five years through ten years	20,318
Due after ten years	76,486
Total contractual maturities	96,804
Total held to maturity, Fair value,	3,574,856	3,814,822
Mortgage-backed securities:
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,269,127
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,098,584
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,303,797
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,150,016
Residential - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	11,303
Available-for-sale investment securities, amortized cost	11,303	66,792
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	10,182
Total available-for-sale securities, Fair value,	10,182	59,723
Amortized Cost
Amortized cost	43,885	46,302
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	43,885
Total held to maturity, Fair value,	38,696	40,008
Residential - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	895,421
Available-for-sale investment securities, amortized cost	895,421	1,317,718
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	783,297
Total available-for-sale securities, Fair value,	783,297	1,160,455
Amortized Cost
Amortized cost	99,379	106,534
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	99,379
Total held to maturity, Fair value,	88,366	93,556
Commercial - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	268,944
Available-for-sale investment securities, amortized cost	268,944	282,700
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	218,674
Total available-for-sale securities, Fair value,	218,674	237,853
Amortized Cost
Amortized cost	30,795	30,544
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	30,795
Total held to maturity, Fair value,	23,778	25,315
Commercial - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	93,459
Available-for-sale investment securities, amortized cost	93,459	130,612
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	86,431
Total available-for-sale securities, Fair value,	86,431	119,573
Amortized Cost
Amortized cost	1,129,738	1,150,449
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,129,738
Total held to maturity, Fair value,	999,176	1,011,998
Collateralized mortgage obligations
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	964,544
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	835,120
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,631,404
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,328,036
Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	538,718
Available-for-sale investment securities, amortized cost	538,718	738,524
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	471,150
Total available-for-sale securities, Fair value,	471,150	653,322
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	989,130
Amortized cost	989,130	1,080,492
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	879,659
Total held to maturity, Fair value,	879,659	958,114
Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	425,826
Available-for-sale investment securities, amortized cost	425,826	533,103
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	363,970
Total available-for-sale securities, Fair value,	363,970	462,132
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,642,274
Amortized cost	1,642,274	1,798,178
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,448,377
Total held to maturity, Fair value,	$ 1,448,377	$ 1,591,133

Deposits - Time Certificate Denominations and Overdrawn Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deposits
Time certificates of deposit in denominations of $250,000 or more, in the aggregate	$ 1,800.0	$ 1,500.0
Overdrawn deposit accounts classified as loans	$ 2.5	$ 2.5

Parent Company (Tables) - First Hawaiian, Inc.

12 Months Ended

Dec. 31, 2023

Condensed Statements of Comprehensive Income


Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Income
Dividends from FHB	$	139,500	$	157,000	$	213,500
Other income		2,492		—		—
Total income		141,992		157,000		213,500
Noninterest expense
Salaries and employee benefits		4,404		4,098		3,732
Contracted services and professional fees		3,554		6,200		2,731
Equipment		102		78		—
Other		1,474		1,447		1,314
Total noninterest expense		9,534		11,823		7,777
Income before benefit for income taxes and equity in undistributed income of FHB		132,458		145,177		205,723
Provision (Benefit) for income taxes		145		(2,707)		(1,877)
Equity in undistributed income of FHB		102,670		117,801		58,135
Net income	$	234,983	$	265,685	$	265,735
Comprehensive income (loss)	$	344,027	$	(251,876)	$	112,438

Condensed Statements of Condition


Condensed Statements of Condition
	December 31,
(dollars in thousands)	2023		2022
Assets
Cash and cash equivalents	$	15,475	$	18,024
Investment in FHB		2,471,679		2,251,841
Other assets		30,131		27,638
Total assets	$	2,517,285	$	2,297,503
Liabilities and Stockholders' Equity
Retirement benefits payable	$	688	$	560
Other liabilities		30,531		27,938
Total liabilities		31,219		28,498

Total stockholders' equity		2,486,066		2,269,005
Total liabilities and stockholders' equity	$	2,517,285	$	2,297,503

Condensed Statement of Cash Flows


Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Cash flows from operating activities
Net income	$	234,983	$	265,685	$	265,735
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of FHB		(102,670)		(117,801)		(58,135)
Deferred income taxes		(96)		22		36
Stock-based compensation		584		554		492
Change in assets and liabilities:
Net decrease (increase) in other assets		164		(4)		242
Net increase in other liabilities		39		18		50
Net cash provided by operating activities		133,004		148,474		208,420

Cash flows from financing activities
Dividends paid		(132,646)		(132,588)		(134,133)
Stock tendered for payment of withholding taxes		(3,215)		(3,555)		(3,108)
Proceeds from employee stock purchase plan		308		379		547
Common stock repurchased		—		(9,478)		(75,000)
Net cash used in financing activities		(135,553)		(145,242)		(211,694)
Net (decrease) increase in cash and cash equivalents		(2,549)		3,232		(3,274)
Cash and cash equivalents at beginning of year		18,024		14,792		18,066
Cash and cash equivalents at end of year	$	15,475	$	18,024	$	14,792

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income
Loans and lease financing	$ 748,053	$ 509,820	$ 444,488
Available-for-sale investment securities	74,241	87,108	101,410
Held-to-maturity investment securities	73,497	55,376
Other	27,788	10,916	3,413
Total interest income	923,579	663,220	549,311
Interest expense
Deposits	258,221	49,201	13,853
Short-term and long-term borrowings	26,289	470	4,899
Other	2,942
Total interest expense	287,452	49,671	18,752
Net interest income	636,127	613,549	530,559
Provision for credit losses	26,630	1,392	(39,000)
Net interest income after provision for credit losses	609,497	612,157	569,559
Noninterest income
Service charges on deposit accounts	29,647	28,809	27,510
Credit and debit card fees	63,888	66,028	63,580
Other service charges and fees	37,299	37,036	38,578
Trust and investment services income	38,449	36,465	34,719
Bank-owned life insurance	15,326	1,248	13,185
Investment securities gains, net	792		102
Other	15,414	9,939	7,242
Total noninterest income	200,815	179,525	184,916
Noninterest expense
Salaries and employee benefits	225,755	199,129	182,384
Contracted services and professional fees	66,423	70,027	63,349
Occupancy	29,608	31,034	29,348
Equipment	45,109	34,506	24,719
Regulatory assessment and fees	32,073	9,603	8,245
Advertising and marketing	7,615	7,996	6,108
Card rewards program	31,627	30,990	25,244
Other	62,928	57,186	66,082
Total noninterest expense	501,138	440,471	405,479
Income before provision for income taxes	309,174	351,211	348,996
Provision for income taxes	74,191	85,526	83,261
Net income	$ 234,983	$ 265,685	$ 265,735
Basic earnings per share (in dollars per share)	$ 1.84	$ 2.08	$ 2.06
Diluted earnings per share (in dollars per share)	$ 1.84	$ 2.08	$ 2.05
Basic weighted-average outstanding shares (in shares)	127,567,547	127,489,889	128,963,131
Diluted weighted-average outstanding shares (in shares)	127,915,873	127,981,699	129,537,922

Benefit Plans - Assumptions (Details)	12 Months Ended			36 Months Ended
Benefit Plans - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Weighted average assumptions used to determine net periodic benefit cost
Defined Benefit Plan, Tax Status [Extensible Enumeration]				Qualified Plan (ERP)
Pension Plan
Weighted average assumptions used to determine net periodic benefit cost
Expected long term return on plan assets (as a percent)	4.75%	3.05%	2.75%
Postretirement healthcare benefits
Assumed healthcare cost trend rates (reaches ultimate trend rate in 2026)
Healthcare cost trend rate assumed for next year (as a percent)	6.00%	6.00%	6.00%	6.00%
Rate to which the cost trend is assumed to decline (the ultimate trend rate) (as a percent)	5.00%	5.00%	5.00%	5.00%
Qualified Plan (ERP) \| Pension Plan
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	5.22%	5.57%		5.22%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.57%	2.77%	2.37%
Nonqualified Plan \| Pension Plan
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	5.22%	5.57%		5.22%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.57%	2.77%	2.37%
Nonqualified Plan \| Other Benefits
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	5.22%	5.57%		5.22%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.57%	2.77%	2.37%

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
First Hawaiian Incorporated
Stock-based compensation
Total shares authorized			600,000
Shares available for future purchases			498,653
Employee Stock Purchase Plan
Stock-based compensation
Discount from the closing price on the exercise date (as a percent)	5.00%	5.00%
Holding period for common stock purchased by plan participants			2 years
Shares issued to employee participants			16,226	16,680	21,070

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Summary of Significant Accounting Policies - Internal-Use Software (Details)	Dec. 31, 2023
Maximum
Estimated useful life	5 years

Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Deposits

Schedule of deposits by category


	December 31,
(dollars in thousands)	2023		2022
U.S.:
Interest-bearing	$	12,731,915	$	11,936,775
Noninterest-bearing		6,609,483		7,978,046
Foreign:
Interest-bearing		1,017,180		887,608
Noninterest-bearing		974,079		886,600
Total deposits	$	21,332,657	$	21,689,029

Schedule of maturity distribution of time certificates of deposit


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	284,476		938,494	$	1,222,970
Over three through six months		367,919		344,211		712,130
Over six through twelve months		828,587		498,361		1,326,948
2025		79,652		27,206		106,858
2026		34,176		2,500		36,676
2027		24,965		5,910		30,875
2028		16,612		2,679		19,291
Thereafter		410		—		410
Total	$	1,636,797	$	1,819,361	$	3,456,158

Other Assets - Goodwill (Details) $ in Thousands	12 Months Ended
Other Assets - Goodwill (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Goodwill
Number of reporting segments with goodwill \| segment	2	2
Goodwill	$ 995,492	$ 995,492
Impairment of goodwill	0	0	$ 0
Retail Banking
Goodwill
Goodwill	687,492	687,492
Commercial Banking
Goodwill
Goodwill	$ 308,000	$ 308,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Organization and Summary of Significant Accounting Policies - Transition to an Independent Public Company (Details) - First Hawaiian, Inc. (FHI) - USD ($)		12 Months Ended
	Feb. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
BNP Paribas (BNPP)
Reorganization Transactions
Outstanding common stock owned after sales of shares (as a percent)	0.00%
Completion of public offering
Reorganization Transactions
Proceeds from the sales of shares		$ 0	$ 0	$ 0

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Allowance for Credit Losses

Schedule of activity in the allowance by class of loans and lease

Year Ended December 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of year

14,564

43,810

5,843

1,551

35,175

8,296

34,661

143,900

Charge-offs

(3,482)

(2,500)

—

(122)

(292)

(17,110)

(23,506)

Recoveries

3,346

—

141

702

7,090

11,279

Provision

528

2,634

4,549

203

1,686

3,022

12,238

24,860

Balance at end of year

14,956

43,944

10,392

1,754

36,880

11,728

36,879

156,533


	Year Ended December 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of year	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262
Charge-offs		(2,012)		(750)		—		—		(103)		(1,175)		(16,848)		(20,888)
Recoveries		897		14		—		60		418		713		7,545		9,647
Provision		(4,401)		1,595		(3,930)		(168)		496		3,116		1,171		(2,121)
Balance at end of year	$	14,564	$	43,810	$	5,843	$	1,551	$	35,175	$	8,296	$	34,661	$	143,900


	Year Ended December 31, 2021
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of year	$	24,711	$	58,123	$	10,039	$	3,298	$	40,461	$	7,163	$	64,659	$	208,454
Charge-offs		(5,949)		(66)		—		—		(632)		(342)		(16,634)		(23,623)
Recoveries		867		39		266		—		261		117		9,600		11,150
Provision		451		(15,145)		(532)		(1,639)		(5,726)		(1,296)		(14,832)		(38,719)
Balance at end of year	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262

Schedule of activity in the Liability for Credit Losses for Off-Balance-Sheet Financial Instruments

Year Ended December 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of year

7,811

2,004

7,470

—

16,483

33,835

Provision

1,305

(217)

578

—

(6)

106

1,770

Balance at end of year

9,116

1,787

8,048

—

16,589

35,605


	Year Ended December 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of year	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322
Provision		(804)		(110)		(1,493)		—		15		5,937		(32)		3,513
Balance at end of year	$	7,811	$	2,004	$	7,470	$	—	$	30	$	16,483	$	37	$	33,835


	Year Ended December 31, 2021
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of year	$	11,719	$	1,328	$	9,037	$	—	$	2	$	8,452	$	65	$	30,603
Provision		(3,104)		786		(74)		—		13		2,094		4		(281)
Balance at end of year	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322

Schedule of amortized cost basis by year of origination and credit quality indicator

The amortized cost basis by year of origination and credit quality indicator of the Company's loans and leases as of December 31, 2023 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2023

2022

2021

2020

2019

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

85,839

273,663

346,024

32,753

146,893

141,681

971,065

1,823

1,999,741

Special Mention

44,069

653

1,032

1,290

22,807

69,946

Substandard

—

342

230

677

1,686

829

8,330

—

12,094

Other ⁽¹⁾

15,978

11,598

4,814

2,370

1,702

1,125

45,981

—

83,568

Total Commercial and Industrial

101,818

329,672

351,148

36,453

151,313

144,925

1,048,183

1,837

2,165,349

Current period gross charge-offs

130

168

2,952

—

3,482

Commercial Real Estate

Risk rating:

Pass

346,369

872,783

676,362

337,529

523,446

1,414,613

74,238

1,350

4,246,690

Special Mention

2,307

7,618

41,320

1,359

13,550

11,998

819

—

78,971

Substandard

205

5,079

2,003

—

2,953

2,545

1,655

—

14,440

Other ⁽¹⁾

—

142

—

142

Total Commercial Real Estate

348,881

885,480

719,685

338,888

539,949

1,429,298

76,712

1,350

4,340,243

Current period gross charge-offs

—

2,500

—

2,500

Construction

Risk rating:

Pass

156,432

269,623

265,674

60,057

63,018

27,847

6,070

—

848,721

Special Mention

—

189

665

—

854

Other ⁽¹⁾

12,728

21,036

8,250

2,143

2,031

3,820

709

—

50,717

Total Construction

169,160

290,659

273,924

62,200

65,238

32,332

6,779

—

900,292

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

145,914

82,833

18,680

31,791

30,299

68,520

—

378,037

Special Mention

137

414

—

642

Substandard

712

416

—

1,130

Total Lease Financing

146,682

83,386

19,094

31,826

30,301

68,520

—

379,809

Current period gross charge-offs

—

Total Commercial Lending

766,541

1,589,197

1,363,851

469,367

786,801

1,675,075

1,131,674

3,187

7,785,693

Current period gross charge-offs

130

2,668

2,952

—

5,982

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	211,598	$	529,296	$	999,522	$	529,881	$	227,058	$	987,251	$	—	$	—	$	3,484,606
680 - 739		36,975		67,205		117,337		68,122		33,148		130,387		—		—		453,174
620 - 679		3,544		16,395		19,184		12,811		4,096		38,987		—		—		95,017
550 - 619		1,305		6,521		1,917		2,492		398		11,679		—		—		24,312
Less than 550		—		—		2,909		2,017		582		6,439		—		—		11,947
No Score ⁽³⁾		9,137		19,311		11,492		6,043		9,679		51,109		—		—		106,771
Other ⁽²⁾		15,802		17,528		17,432		12,534		8,599		25,513		10,080		—		107,488
Total Residential Mortgage		278,361		656,256		1,169,793		633,900		283,560		1,251,365		10,080		—		4,283,315
Current period gross charge-offs		—		—		—		—		—		122		—		—		122

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		964,932		1,511		966,443
680 - 739		—		—		—		—		—		—		151,716		1,920		153,636
620 - 679		—		—		—		—		—		—		36,541		1,189		37,730
550 - 619		—		—		—		—		—		—		9,896		1,012		10,908
Less than 550		—		—		—		—		—		—		4,488		100		4,588
No Score ⁽³⁾		—		—		—		—		—		—		1,283		—		1,283
Total Home Equity Line		—		—		—		—		—		—		1,168,856		5,732		1,174,588
Current period gross charge-offs		—		—		—		—		—		—		273		19		292

Total Residential Lending	$	278,361	$	656,256	$	1,169,793	$	633,900	$	283,560	$	1,251,365	$	1,178,936	$	5,732	$	5,457,903
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	122	$	273	$	19	$	414

Consumer Lending
FICO:
740 and greater		92,117		128,358		76,148		33,507		21,819		8,970		123,592		155		484,666
680 - 739		68,865		71,031		37,925		17,116		13,270		5,690		76,645		401		290,943
620 - 679		28,533		29,229		16,919		7,843		7,972		4,624		35,210		781		131,111
550 - 619		4,996		10,859		7,760		4,917		4,651		2,986		13,223		925		50,317
Less than 550		1,790		6,370		4,842		2,796		2,905		2,040		5,222		455		26,420
No Score ⁽³⁾		1,545		229		—		—		1		10		42,933		136		44,854
Other ⁽²⁾		361		368		982		335		1,059		1		78,484		—		81,590
Total Consumer Lending	$	198,207	$	246,444	$	144,576	$	66,514	$	51,677	$	24,321	$	375,309	$	2,853	$	1,109,901
Current period gross charge-offs	$	639	$	2,400	$	2,135	$	1,142	$	1,816	$	2,622	$	5,790	$	566	$	17,110

Total Loans and Leases	$	1,243,109	$	2,491,897	$	2,678,220	$	1,169,781	$	1,122,038	$	2,950,761	$	2,685,919	$	11,772	$	14,353,497
Current period gross charge-offs	$	769	$	2,470	$	2,210	$	1,229	$	4,484	$	5,696	$	6,063	$	585	$	23,506

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

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

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

The amortized cost basis by year of origination and credit quality indicator of the Company's loans and leases as of December 31, 2022 was as follows:


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	359,881	$	422,567	$	54,656	$	170,222	$	51,476	$	137,257	$	894,384	$	15,715	$	2,106,158
Special Mention		2,059		240		1,371		2,643		184		1,431		22,897		378		31,203
Substandard		625		289		1,117		1,092		668		885		14,733		65		19,474
Other ⁽¹⁾		17,679		7,721		4,329		3,965		1,881		1,167		42,320		—		79,062
Total Commercial and Industrial		380,244		430,817		61,473		177,922		54,209		140,740		974,334		16,158		2,235,897

Commercial Real Estate
Risk rating:
Pass		889,583		695,882		319,838		565,587		395,474		1,173,163		48,081		—		4,087,608
Special Mention		170		—		555		14,878		512		11,398		675		—		28,188
Substandard		—		—		173		—		1,704		14,485		—		—		16,362
Other ⁽¹⁾		—		—		—		—		—		151		—		—		151
Total Commercial Real Estate		889,753		695,882		320,566		580,465		397,690		1,199,197		48,756		—		4,132,309

Construction
Risk rating:
Pass		124,464		261,536		96,423		97,000		88,973		84,704		25,957		—		779,057
Special Mention		—		—		—		221		—		—		—		—		221
Substandard		—		—		—		—		21		490		—		—		511
Other ⁽¹⁾		29,694		21,339		4,686		2,201		3,784		2,196		954		—		64,854
Total Construction		154,158		282,875		101,109		99,422		92,778		87,390		26,911		—		844,643

Lease Financing
Risk rating:
Pass		113,563		24,052		43,497		37,502		6,004		67,687		—		—		292,305
Special Mention		—		411		2,498		1,299		—		—		—		—		4,208
Substandard		—		—		197		12		11		1,357		—		—		1,577
Total Lease Financing		113,563		24,463		46,192		38,813		6,015		69,044		—		—		298,090

Total Commercial Lending	$	1,537,718	$	1,434,037	$	529,340	$	896,622	$	550,692	$	1,496,371	$	1,050,001	$	16,158	$	7,510,939

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	557,636	$	1,064,444	$	560,463	$	245,241	$	165,258	$	920,100	$	—	$	—	$	3,513,142
680 - 739		73,929		112,672		82,416		40,355		22,126		130,508		—		—		462,006
620 - 679		12,320		13,804		9,881		3,649		3,054		35,441		—		—		78,149
550 - 619		2,455		2,246		1,791		263		601		6,955		—		—		14,311
Less than 550		—		1,321		367		—		966		5,304		—		—		7,958
No Score ⁽³⁾		22,289		14,671		6,820		10,599		15,921		47,245		—		—		117,545
Other ⁽²⁾		18,970		18,211		15,287		9,201		9,124		29,128		9,202		554		109,677
Total Residential Mortgage		687,599		1,227,369		677,025		309,308		217,050		1,174,681		9,202		554		4,302,788

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		817,123		2,059		819,182
680 - 739		—		—		—		—		—		—		171,117		2,714		173,831
620 - 679		—		—		—		—		—		—		45,368		2,100		47,468
550 - 619		—		—		—		—		—		—		7,485		1,029		8,514
Less than 550		—		—		—		—		—		—		1,151		481		1,632
No Score ⁽³⁾		—		—		—		—		—		—		4,724		—		4,724
Total Home Equity Line		—		—		—		—		—		—		1,046,968		8,383		1,055,351
Total Residential Lending	$	687,599	$	1,227,369	$	677,025	$	309,308	$	217,050	$	1,174,681	$	1,056,170	$	8,937	$	5,358,139

Consumer Lending
FICO:
740 and greater		200,887		111,047		53,534		43,912		24,951		8,432		125,126		185		568,074
680 - 739		99,787		67,140		37,260		31,751		15,874		7,665		72,101		514		332,092
620 - 679		25,949		29,587		14,226		16,872		9,672		6,488		31,854		937		135,585
550 - 619		3,017		5,475		5,226		8,056		5,396		3,924		11,269		854		43,217
Less than 550		656		1,351		2,286		3,779		1,869		1,593		3,541		443		15,518
No Score ⁽³⁾		3,205		258		—		51		24		29		38,805		227		42,599
Other ⁽²⁾		1,615		4,082		353		1,368		—		—		78,430		1		85,849
Total Consumer Lending	$	335,116	$	218,940	$	112,885	$	105,789	$	57,786	$	28,131	$	361,126	$	3,161	$	1,222,934

Total Loans and Leases	$	2,560,433	$	2,880,346	$	1,319,250	$	1,311,719	$	825,528	$	2,699,183	$	2,467,297	$	28,256	$	14,092,012

(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.

Schedule of aging analyses of past due loans and leases

December 31, 2023

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

2,611

349

1,464

4,424

2,160,925

2,165,349

494

Commercial real estate

—

196

300

496

4,339,747

4,340,243

300

Construction

25,191

—

25,191

875,101

900,292

—

Lease financing

—

379,809

—

Residential mortgage

5,244

1,475

4,720

11,439

4,271,876

4,283,315

—

Home equity line

5,940

624

3,550

10,114

1,164,474

1,174,588

—

Consumer

23,259

3,897

2,702

29,858

1,080,043

1,109,901

2,702

Total

62,245

6,541

12,736

81,522

14,271,975

14,353,497

3,496


	December 31, 2022
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,682	$	769	$	1,441	$	4,892	$	2,231,005	$	2,235,897	$	291
Commercial real estate		4,505		—		727		5,232		4,127,077		4,132,309		—
Construction		109		—		—		109		844,534		844,643		—
Lease financing		—		—		—		—		298,090		298,090		—
Residential mortgage		3,681		1,983		2,572		8,236		4,294,552		4,302,788		58
Home equity line		5,161		1,381		2,072		8,614		1,046,737		1,055,351		—
Consumer		29,927		6,801		2,886		39,614		1,183,320		1,222,934		2,885
Total	$	46,065	$	10,934	$	9,698	$	66,697	$	14,025,315	$	14,092,012	$	3,234

Schedule of amortized cost basis of loans and leases on nonaccrual status


	December 31, 2023
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	970
Commercial real estate		2,685		2,953
Residential mortgage		2,667		7,620
Home equity line		1,163		7,052
Total Nonaccrual Loans and Leases	$	6,515	$	18,595


	December 31, 2022
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	665	$	1,215
Commercial real estate		727		727
Residential mortgage		1,560		6,166
Home equity line		596		3,797
Total Nonaccrual Loans and Leases	$	3,548	$	11,905

Schedule of loans modified to borrowers experiencing financial difficulty



	Interest Rate Reduction
		Year Ended
		December 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis⁽¹⁾	of Financing Receivable
Commercial real estate	$	5	n/m	%
Consumer		1,161	0.10
Total	$	1,166	0.01	%

n/m – Represents less than 0.01% of total class of financing receivable.

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.



	Term Extension
		Year Ended
		December 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis⁽¹⁾	of Financing Receivable
Commercial and industrial	$	524	0.02	%
Commercial real estate		3,114	0.07
Construction		665	0.07
Residential mortgage		1,410	0.03
Consumer		135	0.01
Total	$	5,848	0.04	%

n/m – Represents less than 0.01% of total class of financing receivable.

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.

Schedule of financial effect of the modifications made to borrowers experiencing financial difficulty


		Interest Rate Reduction
		Financial Effect
		Year Ended December 31, 2023
Commercial real estate		Reduced weighted-average contractual interest rate by 0.75%.
Consumer		Reduced weighted-average contractual interest rate by 13.01%.


		Term Extension
		Financial Effect
		Year Ended December 31, 2023
Commercial and industrial		Added a weighted-average 2.1 years to the life of loans.
Commercial real estate		Added a weighted-average 2.1 years to the life of loans.
Construction		Added a weighted-average 1.0 years to the life of loans.
Residential mortgage		Added a weighted-average 2.1 years to the life of loans.
Consumer		Added a weighted-average 3.8 years to the life of loans.

Tabular disclosure of financing receivables to borrowers experiencing financial difficulty modified within the previous 12 months and for which there was a payment default


	Amortized Cost Basis of Modified Loans That Subsequently Defaulted⁽¹⁾
	Year Ended December 31, 2023
(dollars in thousands)	Interest Rate Reduction		Term Extension
Consumer	$	318	$	6
Total	$	318	$	6

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.

Schedule of aging analyses of loans modified with a borrower experiencing financial difficulty


		December 31, 2023
		Past Due
						Greater Than
						or Equal to
		30-59 Days		60-89 Days		90 Days		Total
(dollars in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial and industrial	$	—	$	—	$	—	$	—	$	524	$	524
Commercial real estate		—		—		—		—		3,119		3,119
Construction		—		—		—		—		665		665
Residential mortgage		—		—		—		—		1,410		1,410
Consumer		107		70		15		192		1,104		1,296
Total	$	107	$	70	$	15	$	192	$	6,822	$	7,014

Schedule of Receivables, Troubled Debt Restructurings by Creditors


	Year Ended December 31, 2022
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	5	$	205	$	17
Residential mortgage	1		247		31
Consumer	258		2,173		443
Total	264	$	2,625	$	491


	Year Ended December 31, 2021
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	11	$	1,481	$	124
Commercial real estate	1		346		78
Construction	12		689		69
Residential mortgage	13		5,539		207
Consumer	1,652		15,710		2,127
Total	1,689	$	23,765	$	2,605

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

Schedule of TDRs that defaulted in period within 12 months of their permanent modification date



	Year Ended December 31,
	2022			2021
	Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	2	$	541	3	$	569
Construction	—		—	1		450
Commercial real estate	—		—	1		356
Residential mortgage	—		—	4		1,012
Consumer	213		2,623	405		5,272
Total	215	$	3,164	414	$	7,659

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contracts with Customers

Summary of revenues disaggregated by type of service and business segments

Year Ended December 31, 2023

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

458,125

175,569

2,433

636,127

Service charges on deposit accounts

26,432

2,786

429

29,647

Credit and debit card fees

—

56,651

4,853

61,504

Other service charges and fees

25,162

1,819

2,144

29,125

Trust and investment services income

38,449

—

38,449

Other

539

8,622

2,870

12,031

Not in scope of Topic 606⁽¹⁾

7,069

5,480

17,510

30,059

Total noninterest income

97,651

75,358

27,806

200,815

Total revenue

555,776

250,927

30,239

836,942


		Year Ended December 31, 2022
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	436,228	$	157,128	$	20,193	$	613,549

Service charges on deposit accounts		25,871		1,972		966		28,809
Credit and debit card fees		—		58,659		4,974		63,633
Other service charges and fees		25,062		2,243		1,888		29,193
Trust and investment services income		36,465		—		—		36,465
Other		488		7,956		1,288		9,732
Not in scope of Topic 606⁽¹⁾		6,199		6,709		(1,215)		11,693
Total noninterest income		94,085		77,539		7,901		179,525
Total revenue	$	530,313	$	234,667	$	28,094	$	793,074


		Year Ended December 31, 2021
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	385,656	$	162,997	$	(18,094)	$	530,559

Service charges on deposit accounts		24,413		1,225		1,872		27,510
Credit and debit card fees		—		55,728		5,415		61,143
Other service charges and fees		23,917		3,547		1,594		29,058
Trust and investment services income		34,719		—		—		34,719
Other		353		5,790		1,194		7,337
Not in scope of Topic 606⁽¹⁾		8,270		6,491		10,388		25,149
Total noninterest income		91,672		72,781		20,463		184,916
Total revenue	$	477,328	$	235,778	$	2,369	$	715,475

(1)	Most of the Company’s revenue is not within the scope of Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities and derivative financial instruments.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends declared (in dollars per share)	$ 1.04	$ 1.04	$ 1.04

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of provision for income taxes


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current:
Federal	$	66,123	$	50,895	$	53,534
State and local		21,724		12,493		15,607
Total current		87,847		63,388		69,141
Deferred:
Federal		(8,387)		13,639		8,837
State and local		(5,269)		8,499		5,283
Total deferred		(13,656)		22,138		14,120
Total provision for income taxes	$	74,191	$	85,526	$	83,261

Schedule of components of net deferred income tax assets and liabilities


	December 31,
(dollars in thousands)	2023		2022
Assets:
Deferred compensation expense	$	50,945	$	51,064
Allowance for credit losses and nonperforming assets		51,492		47,517
Lease liabilities		17,027		17,284
Investment securities		194,213		233,859
State income taxes		2,514		2,619
Total deferred income tax assets before valuation allowance		316,191		352,343
Valuation allowance		—		(983)
Total deferred income tax assets after valuation allowance		316,191		351,360
Liabilities:
Leases		(13,283)		(15,739)
Deferred income		(12,751)		(20,893)
Lease right-of-use assets		(16,364)		(16,763)
Intangible assets		(948)		(736)
Other		(33,320)		(34,910)
Total deferred income tax liabilities		(76,666)		(89,041)
Net deferred income tax assets	$	239,525	$	262,319

Schedule of reconciliation of Federal statutory to effective income tax rate


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	64,927	21.00	%	$	73,754	21.00	%	$	73,289	21.00	%
State and local taxes, net of federal income tax benefit		13,000	4.20			16,584	4.72			16,503	4.73
Tax credits		(4,506)	(1.46)			(3,963)	(1.13)			(2,745)	(0.79)
Nontaxable income		(6,691)	(2.16)			(1,133)	(0.32)			(3,274)	(0.94)
Other		7,461	2.42			284	0.08			(512)	(0.14)
Income tax expense and effective income tax rate	$	74,191	24.00	%	$	85,526	24.35	%	$	83,261	23.86	%

Schedule of reconciliation of unrecognized tax benefits


	Year Ended December 31,
	2023						2022						2021
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521
Additions for current year tax positions		629		—		629		1,289		—		1,289		1,366		—		1,366
Additions for Reorganization Transactions		—		3,155		3,155		—		974		974		47,282		941		48,223
Additions for prior years' tax positions:
New uncertain tax positions identified		2,220		—		2,220		—		—		—		—		—		—
Accrual of interest and penalties		—		1,221		1,221		—		860		860		—		1,264		1,264
Reductions for prior years' tax positions:
Expiration of statute of limitations		(1,139)		(266)		(1,405)		(849)		(103)		(952)		(932)		(388)		(1,320)
Balance at December 31,	$	185,461	$	26,584	$	212,045	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contracts with Customers

Revenue from Contracts with Customers

18. Revenue from Contracts with Customers

In accordance with Topic 606, Revenue from Contracts with Customers, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Disaggregation of Revenue

The following table summarizes the Company’s revenues, which includes net interest income on financial instruments and noninterest income, disaggregated by type of service and business segments for the years ended December 31, 2023, 2022 and 2021:

Year Ended December 31, 2023

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

458,125

175,569

2,433

636,127

Service charges on deposit accounts

26,432

2,786

429

29,647

Credit and debit card fees

—

56,651

4,853

61,504

Other service charges and fees

25,162

1,819

2,144

29,125

Trust and investment services income

38,449

—

38,449

Other

539

8,622

2,870

12,031

Not in scope of Topic 606⁽¹⁾

7,069

5,480

17,510

30,059

Total noninterest income

97,651

75,358

27,806

200,815

Total revenue

555,776

250,927

30,239

836,942


		Year Ended December 31, 2022
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	436,228	$	157,128	$	20,193	$	613,549

Service charges on deposit accounts		25,871		1,972		966		28,809
Credit and debit card fees		—		58,659		4,974		63,633
Other service charges and fees		25,062		2,243		1,888		29,193
Trust and investment services income		36,465		—		—		36,465
Other		488		7,956		1,288		9,732
Not in scope of Topic 606⁽¹⁾		6,199		6,709		(1,215)		11,693
Total noninterest income		94,085		77,539		7,901		179,525
Total revenue	$	530,313	$	234,667	$	28,094	$	793,074


		Year Ended December 31, 2021
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	385,656	$	162,997	$	(18,094)	$	530,559

Service charges on deposit accounts		24,413		1,225		1,872		27,510
Credit and debit card fees		—		55,728		5,415		61,143
Other service charges and fees		23,917		3,547		1,594		29,058
Trust and investment services income		34,719		—		—		34,719
Other		353		5,790		1,194		7,337
Not in scope of Topic 606⁽¹⁾		8,270		6,491		10,388		25,149
Total noninterest income		91,672		72,781		20,463		184,916
Total revenue	$	477,328	$	235,778	$	2,369	$	715,475

(1)	Most of the Company’s revenue is not within the scope of Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities and derivative financial instruments.

For the years ended December 31, 2023, 2022 and 2021, substantially all of the Company’s revenues under the scope of Topic 606 were related to performance obligations satisfied at a point in time.

The following is a discussion of revenues within the scope of Topic 606.

Service Charges on Deposit Accounts

Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date.

Credit and Debit Card Fees

Credit and debit card fees primarily represent revenues earned from interchange fees, ATM fees and merchant processing fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FHB customers who use an FHB ATM. Merchant processing fees are primarily earned on transactions in which FHB is the acquiring bank. Such fees are generally recognized concurrently with the delivery of services on a daily basis.

Trust and Investment Services Fees

Trust and investment services fees represent revenue earned by directing, holding and managing customers’ assets. Fees are generally computed based on a percentage of the previous period’s value of assets under management. The transaction price (i.e., percentage of assets under management) is established at the inception of each contract. Trust and investment services fees also include broker dealer fees which represent revenue earned from buying and selling securities on behalf of customers. Such fees are recognized at the end of a valuation period or concurrently with the execution of a buy or sell transaction.

Other Fees

Other fees primarily include revenues generated from wire transfers, lockboxes, bank issuance of checks and insurance commissions. Such fees are recognized concurrent with the event or on a monthly basis.

Contract Balances

A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. The Company received signing bonuses from two vendors in prior years, which are being amortized over the term of the respective contracts. As of December 31, 2023 and 2022, the Company had contract liabilities of $1.9 million and $2.7 million, respectively, which will be recognized over the remaining term of the respective contracts with the vendors. For the years ended December 31, 2023, 2022 and 2021, the Company recognized revenues, thereby decreasing contract liabilities by approximately $0.8 million, $0.9 million and $0.9 million, respectively, due to the passage of time. There were no changes in contract liabilities due to changes in transaction price estimates.

A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of December 31, 2023 and 2022, there were no material receivables from contracts with customers or contract assets recorded on the Company’s consolidated balance sheets.

Other

Except for the contract liabilities noted above, the Company did not have any significant performance obligations as of December 31, 2023 and 2022. The Company also did not have any material contract acquisition costs or use any significant judgments or estimates in recognizing revenue for financial reporting purposes.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments with off-balance sheet risk
Contract amount	$ 6,500,000	$ 7,000,000	$ 6,700,000
Commitments to extend credit
Financial instruments with off-balance sheet risk
Contract amount	6,308,343	6,760,395
Standby letters of credit
Financial instruments with off-balance sheet risk
Contract amount	234,102	244,275
Commercial letters of credit
Financial instruments with off-balance sheet risk
Contract amount	$ 3,629	$ 7,299

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 234,983	$ 265,685	$ 265,735
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for credit losses	26,630	1,392	(39,000)
Depreciation, amortization and accretion, net	42,767	56,747	51,844
Deferred income tax (benefit) provision	(13,656)	22,138	14,120
Stock-based compensation	9,609	10,298	13,106
Other (gains) losses	(5,834)	2,822	(4,143)
Originations of loans held for sale	(21,324)	(15,694)	(87,336)
Proceeds from sales of loans held for sale	22,240	15,234	100,499
Net gains on investment securities	(792)		(102)
Change in assets and liabilities:
Net (increase) decrease in other assets	(40,156)	18,469	(8,211)
Net increase in other liabilities	559	53,523	110,613
Net cash provided by operating activities	255,026	430,614	417,125
Available-for-sale securities:
Proceeds from maturities and principal repayments	431,535	873,747	1,814,514
Proceeds from calls and sales	510,837	1,080	11,115
Purchases		(938,268)	(4,428,656)
Held-to-maturity securities:
Proceeds from maturities and principal repayments	311,195	350,593
Proceeds from calls	8,290	585
Purchases		(79,470)
Other investments:
Proceeds from sales	131,288	7,967	28,483
Purchases	(133,212)	(31,087)	(80,464)
Loans:
Net increase in loans and leases resulting from originations and principal repayments	(177,923)	(914,318)	594,642
Proceeds from sales of loans originated for investment		288	2,200
Purchases of loans	(57,879)	(235,884)	(309,760)
Proceeds from bank-owned life insurance	8,486		7,903
Purchases of premises, equipment and software	(15,988)	(13,295)	(20,458)
Proceeds from sales of premises and equipment	8,509	17,304	4,021
Other	34	(4,342)	141
Net cash provided by (used in) investing activities	1,025,172	(965,100)	(2,376,319)
Cash flows from financing activities
Net (decrease) increase in deposits	(356,372)	(127,117)	2,588,423
Net (decrease) increase in short-term borrowings	(75,000)	75,000
Proceeds from long-term borrowings	500,000
Repayment of long-term borrowings			(200,010)
Dividends paid	(132,646)	(132,588)	(134,133)
Stock tendered for payment of withholding taxes	(3,215)	(3,555)	(3,108)
Proceeds from employee stock purchase plan	308	379	547
Common stock repurchased		(9,478)	(75,000)
Net cash provided by financing activities	(66,925)	(197,359)	2,176,719
Net increase (decrease) in cash and cash equivalents	1,213,273	(731,845)	217,525
Cash and cash equivalents at beginning of year	526,624	1,258,469	1,040,944
Cash and cash equivalents at end of year	1,739,897	526,624	1,258,469
Supplemental disclosures
Interest paid	262,186	44,325	23,001
Income taxes paid, net of income tax refunds	54,021	24,692	55,354
Noncash investing and financing activities:
Transfers from loans and leases and other assets to other real estate owned		226	316
Operating lease right-of-use assets obtained in exchange for new lease obligations	4,775	4,676	31,792
Transfers to loans and leases from loans held for sale		546
Transfers to loans held for sale from loans and leases	1,133		1,616
Obligation to fund low-income housing partnerships	$ 63,086	7,569	$ 35,721
Transfers of securities from available-for-sale to held-to-maturity		$ 4,550,748

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 185,015	$ 297,502
Interest-bearing deposits in other banks	1,554,882	229,122
Available-for-sale, at fair value (amortized cost: $2,558,675 as of December 31, 2023 and $3,549,599 as of December 31, 2022)	2,255,336	3,151,133
Held-to-maturity, at amortized cost (fair value: $3,574,856 as of December 31, 2023 and $3,814,822 as of December 31, 2022)	4,041,449	4,320,639
Loans held for sale	190
Loans and leases	14,353,497	14,092,012
Less: allowance for credit losses	156,533	143,900
Net loans and leases	14,196,964	13,948,112
Premises and equipment, net	281,461	280,355
Other real estate owned and repossessed personal property		91
Accrued interest receivable	84,417	78,194
Bank-owned life insurance	479,907	473,067
Goodwill	995,492	995,492
Mortgage servicing rights	5,699	6,562
Other assets	845,662	796,954
Total assets	24,926,474	24,577,223
Deposits:
Interest-bearing	13,749,095	12,824,383
Noninterest-bearing	7,583,562	8,864,646
Total deposits	21,332,657	21,689,029
Short-term borrowings	500,000	75,000
Retirement benefits payable	103,285	102,577
Other liabilities	504,466	441,612
Total liabilities	22,440,408	22,308,218
Commitments and contingent liabilities (Note 17)
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,340,539 / 127,618,761 as of December 31, 2023; issued/outstanding: 140,963,918 / 127,363,327 as of December 31, 2022)	1,413	1,410
Additional paid-in capital	2,548,250	2,538,336
Retained earnings	837,859	736,544
Accumulated other comprehensive loss, net	(530,210)	(639,254)
Treasury stock (13,721,778 shares as of December 31, 2023 and 13,600,591 shares as of December 31, 2022)	(371,246)	(368,031)
Total stockholders' equity	2,486,066	2,269,005
Total liabilities and stockholders' equity	$ 24,926,474	$ 24,577,223

Premises and Equipment - Components and Depreciation and Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of premises and equipment
Premises and equipment	$ 533,477	$ 537,498
Less: Accumulated depreciation and amortization	252,016	257,143
Net book value	281,461	280,355
Depreciation and amortization expenses	13,585	15,318	$ 15,831
Occupancy
Components of premises and equipment
Depreciation and amortization expenses	8,336	9,192	9,149
Equipment expense
Components of premises and equipment
Depreciation and amortization expenses	5,249	6,126	$ 6,682
Buildings
Components of premises and equipment
Premises and equipment	294,401	294,051
Furniture and equipment
Components of premises and equipment
Premises and equipment	82,807	92,276
Land
Components of premises and equipment
Premises and equipment	97,306	97,955
Leasehold improvements
Components of premises and equipment
Premises and equipment	$ 58,963	$ 53,216

Stock-Based Compensation - Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Stock-based compensation expense	$ 9.6	$ 10.3	$ 13.1
Related income tax benefit of stock-based compensation	$ 2.3	$ 2.5	$ 3.1
Employee stock-based compensation plan
Stock-based compensation
Total shares authorized	5,600,000
Shares available for future grants	2,500,000
Non-employee director plan
Stock-based compensation
Total shares authorized	268,941
Shares available for future grants	128,434

Benefit Plans - Accumulated Other Comprehensive loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost
Net actuarial loss (gain)	$ 14,599	$ 15,812
Total, pretax effect	14,599	15,812
Tax impact	(3,894)	(4,218)
Ending balance in accumulated other comprehensive loss	10,705	11,594
Other Benefits
Amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost
Net actuarial loss (gain)	(7,271)	(8,405)	$ (3,094)
Total, pretax effect	(7,271)	(8,405)
Tax impact	1,939	2,242
Ending balance in accumulated other comprehensive loss	$ (5,332)	$ (6,163)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Stock-Based Compensation

20. Stock-Based Compensation

The Company has several stock-based compensation plans that allow for grants of restricted stock, restricted shares, performance share units, performance shares and restricted stock units to its employees and non-employee directors. The Company’s stock-based compensation plans are administered by the Compensation Committee of the Board of Directors. For the years ended December 31, 2023, 2022 and 2021, stock-based compensation expense was $9.6 million, $10.3 million and $13.1 million, respectively, and the related income tax benefit was $2.3 million, $2.5 million and $3.1 million, respectively. For the years ended December 31, 2023, 2022 and 2021, all common stock issuances in connection with stock-based compensation arrangements were issued from unissued shares.

As of December 31, 2023, total shares authorized under the Company’s stock-based compensation plan for employees were 5.6 million shares, of which 2.5 million shares were available for future grants. As of December 31, 2023, total shares authorized under the 2016 Non-Employee Director Plan were 268,941 shares, of which 128,434 shares were available for future grants.

Restricted Share Awards

Restricted share awards (“Restricted Stock”) provide grantees with rights to shares of common stock contingent upon completion of a service period. Restricted Stock generally vests and any restrictions will lapse over a period of three years in equal annual installments on each of the first, second and third anniversaries of the grant date, provided that the grantee remain continuously employed through the applicable vesting date, subject to certain exceptions. Grantees have the right to receive all dividends without restrictions at the times and in the manner paid to shareholders generally. The fair value of Restricted Stock is determined based on the closing price of FHI’s common stock on the date of grant. The Company recognizes compensation expense related to Restricted Stock on a straight-line basis over the vesting period for service-based awards.

The following presents the Company’s Restricted Stock activity for the years ended December 31, 2023, 2022 and 2021:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	262,377	$	26.35
Granted	—		—
Vested	(105,330)		26.46
Forfeited	(7,172)		26.15
Unvested as of December 31, 2021	149,875	$	26.28
Granted	—		—
Vested	(87,490)		26.44
Forfeited	(15,528)		26.28
Unvested as of December 31, 2022	46,857	$	25.96
Granted	—		—
Vested	(45,756)		25.96
Forfeited	(1,101)		26.14
Unvested as of December 31, 2023	—	$	—

For the years ended December 31, 2023, 2022 and 2021, the Company granted no shares of Restricted Stock to key employees.

The total grant date fair value of Restricted Stock that vested for the years ended December 31, 2023, 2022, and 2021 was $1.2 million, $2.3 million and $2.8 million, respectively. Unrecognized compensation expense related to unvested Restricted Stock was nil, nil and $1.1 million as of December 31, 2023, 2022 and 2021, respectively.

Performance Share Units and Performance Share Awards

Performance share units (“PSUs”) and performance share awards (“PSAs”) (collectively, “Performance Awards”) are an award of units or shares in which the recipient’s rights in the units or shares are contingent on the achievement of pre-established performance goals. At the end of the performance period, the Compensation Committee will determine to what extent the performance goals originally outlined when the Performance Awards were granted have been achieved. Depending on the level of performance achieved, 0-200% of the original grant (target number) of PSUs will be earned and will vest and 0-200% of the original grant (target number) of PSAs will be earned and will vest. All remaining unvested PSUs or PSAs will be immediately forfeited. Employees must be continuously employed by the Company from the grant date through the applicable vesting date, with any unvested Performance Awards being forfeited upon termination of employment, subject to certain exceptions. Following vesting, the Company will issue one share of FHI common stock for each vested PSU and evidence of ownership of one share of FHI common stock for each vested PSA. The fair value of Performance Awards is estimated based on the use of a Monte Carlo simulation or based on the closing price of FHI’s common stock on the date of grant and is amortized on a straight-line basis over the vesting period. For PSUs, grantees have no voting rights until the shares of common stock underlying vested PSUs are delivered to the grantee. Conversely, for PSAs, grantees have full voting rights as of the grant date.

The Performance Awards are governed by the Company’s Long-Term Incentive Plan (the “LTIP”), which is designed to reward selected key employees for their individual performance and the Company’s performance measured over multi-year performance cycles. Awards related to the LTIP provide for equity-based awards based on the Company’s profitability and market conditions that are based on the Company’s performance relative to peer groups over a three-year performance period.

The following presents the Company’s Performance Award activity for the years ended December 31, 2023, 2022 and 2021:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	857,282	$	25.43
Granted	376,810		27.07
Vested	(214,163)		22.57
Forfeited	(77,423)		24.62
Unvested as of December 31, 2021	942,506	$	26.70
Granted	350,922		28.57
Vested	(203,855)		27.02
Forfeited	(135,439)		26.63
Unvested as of December 31, 2022	954,134	$	27.36
Granted	447,130		26.72
Vested	(193,065)		25.96
Forfeited	(98,731)		26.21
Unvested as of December 31, 2023	1,109,468	$	27.44

For the years ended December 31, 2023, 2022 and 2021, the Company granted 447,130, 350,922 and 376,810 Performance Awards, respectively, to key employees. The Company granted these Performance Awards in connection with its LTIP for the three-year performance periods which began on January 1, 2023, 2022 and 2021. These awards have performance conditions that are based on the Company’s profitability and market conditions that are based on the Company’s performance relative to peer groups.

The total grant date fair value of Performance Awards that vested for the years ended December 31, 2023, 2022 and 2021, was $5.0 million, $5.5 million and $4.8 million, respectively. Unrecognized compensation expense related to unvested Performance Awards was $8.2 million, $7.3 million and $6.1 million as of December 31, 2023, 2022 and 2021, respectively. The unrecognized compensation expense as of December 31, 2023 is expected to be recognized over a weighted average vesting period of 1.3 years.

Restricted Stock Units

Restricted stock units (“RSUs”) are an award of units that correspond in number and value to a specified number of shares of FHI’s common stock that are subject to vesting requirements, including certain service conditions, and transferability restrictions. RSUs do not represent actual ownership of common stock and grantees have no voting rights until the shares of common stock underlying the RSUs are delivered. Following vesting, the Company will issue one share of FHI common stock for each vested RSU. The fair value of RSUs is valued based on the closing price of FHI’s common stock on the date of grant and is amortized on a straight-line basis over the vesting period.

The following presents the Company’s RSU activity for the years ended December 31, 2023, 2022 and 2021:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	43,550	$	21.93
Granted	198,771		27.13
Vested	(49,519)		23.08
Forfeited	(7,473)		26.37
Unvested as of December 31, 2021	185,329	$	27.09
Granted	169,497		28.35
Vested	(74,178)		27.18
Forfeited	(17,488)		26.80
Unvested as of December 31, 2022	263,160	$	27.91
Granted	232,280		25.57
Vested	(122,036)		27.75
Forfeited	(27,843)		27.38
Unvested as of December 31, 2023	345,561	$	26.50

For the year ended December 31, 2023, the Company granted 29,704 RSUs to non-employee directors with a weighted-average grant date fair value of $18.85 and 202,576 RSUs were granted to employees with a weighted-average grant date fair value of $26.28. For the year ended December 31, 2022, the Company granted 20,023 RSUs to non-employee directors with a weighted-average grant date fair value of $27.66 and 149,474 RSUs were granted to employees with a weighted-average grant date fair value of $28.44. For the year ended December 31, 2021, the Company granted 21,839 RSUs to non-employee directors with a weighted-average grant date fair value of $27.36 and 176,932 RSUs were granted to employees with a weighted-average grant date fair value of $27.10. The awards will vest on various dates.

The total grant date fair value of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $3.4 million, $2.0 million and $1.0 million, respectively. Unrecognized compensation expense related to unvested RSUs was $5.2 million, $4.1 million and $3.3 million as of December 31, 2023, 2022 and 2021, respectively. The unrecognized compensation expense as of December 31, 2023 is expected to be recognized over a weighted average vesting period of 0.9 years.

For all awards of PSUs, PSAs, and RSUs, dividend equivalents will accrue from the date of grant and the Company, upon delivery of the common stock, with respect to the vested PSUs and RSUs, and evidence of ownership of the shares, with respect to the vested PSAs, will pay to each grantee a cash amount equal to the product of all cash dividends paid on a share of common stock from the grant date to such delivery date and the number of shares of common stock underlying such vested PSUs, PSAs, and RSUs, as applicable, on such delivery date.

Employee Stock Purchase Plan

The Company also has an employee stock purchase plan (“ESPP”) which permits employees to periodically purchase Company stock on a payroll deduction basis. Participant purchases through the ESPP receive a discount of 5% from the closing price of FHI’s common stock on the exercise date. Participants are required to adhere to a two-year holding period with regards to shares purchased through the ESPP. The ESPP has been determined to be non-compensatory in nature. As a result, the Company expects that expenses related to the ESPP will not be material. As of December 31, 2023, total shares authorized under the Company’s ESPP were 600,000 shares, of which 498,653 shares of common stock were available for future purchases. The Company issued 16,226 shares, 16,680 shares and 21,070 shares of common stock to employee participants in 2023, 2022 and 2021, respectively.

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization and Summary of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Basis of Presentation

First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”). FHB is a state-chartered bank that is not a member of the Federal Reserve System. FHB, the oldest financial institution in Hawaii, was established as Bishop & Company in 1858. As of December 31, 2023, FHB was the largest bank in Hawaii in terms of total assets, loans and leases, deposits, and net income. FHB has 50 branches located throughout the State of Hawaii, Guam and Saipan, and offers a comprehensive suite of banking services to consumer and commercial customers including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services.

The accounting and reporting principles of First Hawaiian, Inc. and Subsidiary (the “Company”) conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. Intercompany accounts and transactions have been eliminated in consolidation.

Transition to an Independent Public Company

Prior to FHI’s initial public offering in August 2016 (“IPO”), the Company was an indirect wholly owned subsidiary of BNP Paribas (“BNPP”), a global financial institution based in France.

On April 1, 2016, BNPP effected a series of transactions (“Reorganization Transactions”) pursuant to which FHI, which was then known as BancWest Corporation (“BancWest”), contributed Bank of the West (“BOW”), its subsidiary at the time, to BancWest Holding Inc. (“BWHI”), a newly formed bank holding company and a wholly owned subsidiary of BancWest. Following the contribution of BOW to BWHI, BancWest distributed its interest in BWHI to BNPP, and BWHI became a wholly owned subsidiary of BNPP. As part of these transactions, the Company amended its certificate of incorporation to change its name to First Hawaiian, Inc., with First Hawaiian Bank remaining its only direct wholly owned subsidiary.

On July 1, 2016, we became an indirect wholly owned subsidiary of BNP Paribas USA, Inc. (“BNP Paribas USA”), BNPP’s U.S. intermediate holding company. As part of that reorganization, the Company became a direct wholly owned subsidiary of BancWest Corporation (“BWC”), a direct wholly owned subsidiary of BNP Paribas USA.

In August 2016, FHI completed its IPO and shares of FHI’s common stock began trading on the NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “FHB” on August 4, 2016.

In 2017, 2018 and 2019, BNPP, acting through BWC, sold all of the shares of FHI common stock that it beneficially owned in underwritten public offerings and share repurchases by the Company. FHI did not receive any of the proceeds from the sales of shares of FHI common stock in any such offering or the IPO. As a result of the completion of the February 1, 2019 public offering, BNPP (through BWC, the selling stockholder) fully exited its ownership interest in FHI common stock.

Use of Estimates in the Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.

Variable Interest Entities

A variable interest entity (“VIE”) is a legal entity that lacks the ability to financially support its activities or whose equity investors lack the ability to control its activities or absorb profits and losses proportionately with their investment in the entity. The primary beneficiary consolidates the VIE. The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE.

The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained.

The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company’s investments in these partnership interests are included in other assets in the consolidated balance sheets. Unfunded commitments to fund these investments were $80.7 million and $47.2 million as of December 31, 2023 and 2022, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated balance sheets.

These low-income housing partnership and LLC entities meet the definition of a VIE; however, the Company is not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership or LLC agreements allow the limited partners and members, through a majority vote, to remove the general partner or managing member, this right is not deemed to be substantive as the general partner or managing member can only be removed for cause.

Cash and Due from Banks

Cash and due from banks include amounts due from other financial institutions as well as in-transit clearings. Because amounts due from other financial institutions often exceed the Federal Deposit Insurance Corporation (“FDIC”) deposit insurance limit, the Company evaluates the credit risk of these institutions through periodic review of their financial condition and regulatory capital position. Under the terms of the Depository Institutions Deregulation and Monetary Control Act, the Company is required to maintain reserves with the Federal Reserve Bank of San Francisco (“FRB”) based on the amount of deposits held. Reserve requirements for all depository institutions were eliminated in March 2020. Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. All amounts are readily convertible to cash and have original maturities of less than 90 days.

Interest-bearing Deposits in Other Banks

Interest-bearing deposits in other banks include funds held in other financial institutions that are either fixed or variable rate instruments, including certificates of deposits. Interest income is recorded when earned and presented within other interest income in the Company’s consolidated statements of income.

Investment Securities

As of December 31, 2023 and December 31, 2022, investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 5% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. The Company amortizes premiums and accretes discounts using the interest method over the expected lives of the individual securities. Premiums on callable debt securities are amortized to their next call date. All investment securities transactions are recorded on a trade-date basis.

As of December 31, 2023 and 2022, the Company’s investment securities were categorized as either available-for-sale (investment securities that may be sold before maturity at the discretion of management) or held-to-maturity (investment securities that management has the positive intent and ability to hold to maturity). Available-for-sale investment securities are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income. Gains and losses realized on sales of available-for-sale investment securities are determined using the specific identification method. Held-to-maturity investment securities are reported at amortized cost and may have a realized gain or loss if the investment security is retired or redeemed before the original maturity date.

Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield using the interest method over the expected life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the expected life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

For held-to-maturity debt securities, the Company utilizes the Current Expected Credit Loss (“CECL”) approach to estimate lifetime expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of held-to-maturity debt securities to present the net amount expected to be collected from held-to-maturity debt securities.

Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the available-for-sale or held-to-maturity investment security is deemed uncollectible or when either of the criteria regarding intent or requirement to sell an available-for-sale investment security is met. Recoveries do not exceed the aggregate of amounts previously charged-off. As of December 31, 2023 and 2022, the Company’s available-for-sale and held-to-maturity investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises. Management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Under 5% of the investment securities were comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. These securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of December 31, 2023 and 2022.

Accrued interest receivable related to available-for-sale and held-to-maturity investment securities are recorded separately from the amortized cost basis of investment securities on the Company’s consolidated balance sheet.

Loans Held for Sale

The Company originates certain loans for individual sale or for sale as a pool of loans to government-sponsored enterprises. Loans held for sale are carried, on an aggregate basis, at the lower of cost or fair value. The fair value of loans held for sale is primarily determined based on quoted prices for similar loans in active markets. Net gains and losses on loan sales are recorded as a component of other noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in other noninterest income upon sale of the loan.

Loans and Leases

Loans are reported at amortized cost, which includes the principal amount outstanding net of unamortized and unaccreted deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs and unearned discounts and premiums, if any, are deferred and are generally accreted or amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned.

Direct financing leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Unearned income on direct financing leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment.

Accrued interest receivable related to loans and leases is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheet.

Nonaccrual Loans and Leases

The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. A full or partial charge-off is recorded in the period in which the loan or lease is deemed uncollectible. When the Company places a loan or lease on nonaccrual status, previously accrued and uncollected interest is concurrently reversed against interest income. When the Company receives an interest payment on a nonaccrual loan or lease, the payment is applied as a reduction of the principal balance. Nonaccrual loans and leases are generally returned to accrual status when they become current as to principal and interest and future payments are reasonably assured.

Loan Modifications to Borrowers Experiencing Financial Difficulty

Loan modifications are assessed by the Company to determine: (1) whether the borrower is experiencing financial difficulty and (2) whether the Company granted the borrower a modification or combination of modifications in the form of one or more of the following modification types: principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay and/or a term extension. If both criteria are met, then the loan modification is subject to additional evaluation for credit losses and enhanced disclosure requirements.

Generally, a non-accrual loan that has been modified with a borrower experiencing financial difficulty remains on nonaccrual status for at least six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment terms is uncertain, the loan remains on non-accrual status.

Allowance for Credit Losses

The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the loan or lease balance is deemed uncollectible. Recoveries do not exceed the aggregate of amounts previously charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach consist of quantitative and qualitative estimates. The Company’s methodology leverages two quantitative models: a one variable forward-looking macroeconomic model that estimates the impact of management’s economic outlook and a transition probability matrix that estimates expected losses over the long run. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking factors not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, and other current or anticipated events that are not captured in the Company’s historical loss experience.

The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent.

Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors.

The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD.

The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively.

On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for reviewing the economic forecast model inputs and outputs and approving the resulting economic adjustment. The model uses a one-variable econometric model to produce factors that modify the long-run default rate assumptions used in the CECL model. These factors are applied to calculate the economic adjustment over the Reasonable and Supportable Forecast Period. At the meeting, management is presented with the economic forecast model input and output as well as the resulting economic adjustment.

The economic forecast framework allows management to use judgment in selecting the economic model input in cases where management’s outlook diverges from the official forecasts, and to apply qualitative dollar overlays to account for other economic related conditions not captured in the economic forecast model but are expected to potentially impact losses.

To inform the qualitative overlay, the team reviews other relevant economic variables and economic factors at the time of the meeting that could potentially impact future losses. These materials are presented to the economic forecasting team as they are economic in nature. If determined to be relevant and needing to be considered in the ACL estimate, these risks will be accounted for in the ACL estimate through a qualitative dollar overlay that is determined using either quantitative analysis or qualitative judgment, or a mix of both. These other factors could include inflation indicators, personal income, or visitor arrivals, for example.

The Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured.

Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.

Reserve for Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments, which is a component of other liabilities in the consolidated balance sheets, is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Provision for Credit Losses

The provision for credit losses (the “Provision”) represents the amount charged against current period earnings to achieve an ACL and reserve for unfunded commitments that in management’s judgment is adequate to absorb expected credit losses related to the Company’s loan and lease portfolio and off-balance sheet credit exposures. Accordingly, the Provision will vary from period to period based on management’s ongoing assessment of the overall adequacy of the ACL and reserve for unfunded commitments.

Premises and Equipment

Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of 7 to 39 years for premises, 3 to 20 years for equipment and the shorter of the lease term or remaining useful life for leasehold improvements.

On a periodic basis, long-lived assets are reviewed for impairment. An impairment loss is recognized if the carrying amount of a long-lived asset exceeds its fair value and is not recoverable. An impairment analysis is performed whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable.

Operating lease rental income for leased assets, primarily premises, is recognized on a straight-line basis as an offset to rental expense.

Other Real Estate Owned and Repossessed Personal Property

Other real estate owned (“OREO”) and repossessed personal property are comprised primarily of properties that the Company acquires through foreclosure proceedings. The Company values these properties at fair value less estimated costs to sell the property upon acquisition, which establishes the new carrying value. The Company charges losses arising upon the acquisition of the property against the ACL. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the ACL if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Any write-downs or losses from the subsequent disposition of such properties are included in other noninterest income. Gains recognized on the sale of such properties are included in other noninterest income.

Bank-Owned Life Insurance

The Company purchases life insurance policies on the lives of certain officers and employees and is the owner and beneficiary of these policies. Bank-owned life insurance is recorded on the Company’s consolidated balance sheets at its cash surrender value (“CSV”). Changes in the CSV and any death benefits received in excess of the CSV are recognized as noninterest income in the consolidated statements of income.

Goodwill

Goodwill represents the cost of acquired businesses in excess of the fair value of the net assets acquired. The Company performs impairment testing of goodwill, an indefinite-lived intangible asset, as required under GAAP on an annual basis or when circumstances change that indicate that a potential impairment may have occurred. The Company has assigned goodwill to its operating segments for impairment testing purposes. The goodwill impairment guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing further impairment tests is unnecessary. However, if an entity concludes otherwise, or does not elect this option, it is required to perform impairment testing. The quantitative impairment test identifies potential impairments at the reporting unit level by comparing the estimated fair value of each identified reporting unit to its carrying amount. If the estimated fair value of a reporting unit exceeds its carrying amount, there is no impairment of goodwill. However, if the carrying amount exceeds the estimated fair value, an impairment exists, and an impairment loss is recognized in an amount equal to that excess. Subsequent reversals of goodwill impairment are prohibited.

Mortgage Servicing Rights

Mortgage servicing rights are recognized as assets when residential mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income, incorporating assumptions that market participants would use in their estimates of fair value.

The Company’s mortgage servicing rights are accounted for under the amortization method and periodically assessed for impairment. The Company amortizes the mortgage servicing rights over the period of estimated net servicing income, taking into account prepayment assumptions. Any such indicated impairment is recognized in earnings during the period in which the impairment occurs. Mortgage servicing income, net of the amortization of mortgage servicing rights, is recorded as a component of other noninterest income in the consolidated statements of income.

Non-Marketable Equity Securities

The Company is required to own Federal Home Loan Bank (“FHLB”) of Des Moines stock as a condition of membership. These securities are accounted for under the cost method, which equals par value, and are included in other assets in the consolidated balance sheets. These securities do not have a readily determinable fair value as ownership is restricted and there is no market for these securities. The Company reviews these securities periodically for impairment. Management considers these securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. No impairment was recognized on non-marketable equity securities for the years ended December 31, 2023, 2022 and 2021.

Internal-Use Software

Capitalized internal-use software, stated at cost less accumulated amortization, includes purchased software and capitalizable application development costs associated with internally developed software. Capitalized internal-use software is included as a component of other assets, net of accumulated amortization, on the consolidated balance sheets. Amortization expense is computed on a straight-line method over the estimated useful life of the software, generally up to five years.

The Company also enters in the ordinary course of business into technology-related hosting arrangements that are service contracts. These arrangements can include capitalizable implementation costs that are amortized on a straight-line basis over the term of the hosting arrangement. Capitalized implementation costs associated with hosting arrangements that are service contracts are included as a component of other assets, net of accumulated amortization, on the consolidated balance sheets.

Pension and Other Postretirement Benefit Plans

The Company has a qualified noncontributory defined benefit pension plan, an unfunded supplemental executive retirement plan, a directors’ retirement plan, a non-qualified pension plan for eligible directors and a postretirement benefit plan providing life insurance and healthcare benefits that is offered to directors and employees, as applicable. The qualified noncontributory defined benefit pension plan, the unfunded supplemental executive retirement plan and the directors’ retirement plan are all frozen plans to new participants. To calculate annual pension costs, management uses the following key variables: (1) size of the employee population, length of service and estimated compensation increases; (2) actuarial assumptions and estimates; (3) expected long-term rate of return on plan assets; and (4) discount rate. For all pension and postretirement benefit plan calculations, the Company uses a December 31^st measurement date.

The expected long-term rate of return was based on a calculated rate of return from average rates of return on various asset classes over a 20-year historical time horizon. Using long-term historical data allows the Company to capture multiple economic environments, which management believes is relevant when using historical returns. Net actuarial gains or losses that exceed a 5% corridor of the greater of the projected benefit obligation or the fair value of plan assets as of the beginning of the year are amortized from accumulated other comprehensive income into net periodic pension cost on a straight-line basis over five years.

In estimating the projected benefit obligation, an independent actuary bases assumptions on factors such as mortality rate, turnover rate, retirement rate, disability rate and other assumptions related to the population of individuals in the pension plan. If significant actuarial gains or losses occur, the actuary reviews the demographic and economic assumptions with management, at which time the Company considers revising these assumptions based on actual results.

The Company recognizes an asset on its consolidated balance sheets for a plan’s overfunded status or a liability for a plan’s underfunded status. The Company also measures the plans’ assets and obligations that determine its funded status as of the end of the year and recognizes those changes in other comprehensive income, net of tax. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in salaries and employee benefits expense, while all other components of net periodic pension cost are included in other noninterest expense in the consolidated statements of income.

Income Taxes

Current income tax expense is recognized for the amount of income taxes expected to be payable or refundable for the current period, and deferred income taxes are provided to reflect the tax effect of temporary differences between financial statement carrying amounts and the corresponding tax basis of assets and liabilities. Deferred income taxes are calculated by applying enacted statutory tax rates and tax laws to future years in which temporary differences are expected to reverse. The impact on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that the tax rate change is enacted. A deferred tax valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Interest and penalties, if any, expected to be assessed or refunded by taxing authorities relating to an underpayment or overpayment of income taxes are accrued and recorded as part of income tax expense.

Excise tax credits relating to premises and equipment are accounted for using the flow-through method, and the benefit is recognized in the year the asset is placed in service. General business and excise tax credits generated from the leasing portfolio, except for credits that are passed on to lessees, are recognized over the term of the lease for book purposes, but in the year placed in service for tax purposes.

The Company maintains reserves for unrecognized tax benefits that arise in the normal course of business. As of December 31, 2023, these positions were evaluated based on an assessment of probabilities as to the likelihood of whether a liability had been incurred. Such assessments are reviewed as events occur and adjustments to the reserves are made as appropriate. In evaluating a tax position for recognition, the Company evaluates whether it is more likely than not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more likely than not recognition threshold, the tax position is measured and recognized in the Company’s consolidated financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon ultimate settlement.

Derivative Instruments and Hedging Activities

Derivatives are recognized on the consolidated balance sheets at fair value. On the date the Company enters into a derivative contract, the Company designates the derivative instrument as: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) held for trading, customer accommodation or not qualifying for hedge accounting (“free-standing derivative instrument”).

For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability or of an unrecognized firm commitment attributable to interest rate risk are recorded in current period earnings. For a cash flow hedge, to the extent that the hedge is considered highly effective, changes in the fair value of the derivative instrument are recorded in other comprehensive income and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period earnings.

The Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as hedges to specific assets or liabilities, unrecognized firm commitments or forecasted transactions. The Company also formally assesses, both at the inception of a hedge and on a quarterly basis, whether the derivative instruments used are highly effective in offsetting changes in fair values of, or cash flows related to, hedged items.

Fair Value Measurements

Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that management believes market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance established a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements.

Stock-Based Compensation

The Company grants stock-based awards, including restricted stock, restricted shares, performance share units, performance shares and restricted stock units. These awards are issued at no cost to the recipient. The fair value of restricted stock, restricted shares and restricted stock unit awards was based on the closing price of FHI’s common stock on the date of grant. Such awards were recognized in the Company’s consolidated statements of income on a straight-line basis over the vesting period. Recipients of performance shares and performance share units are entitled to receive shares of FHI common stock at no cost, subject to the Company’s achievement of specified market or performance conditions. The grant date fair value of the performance share units subject to the Company’s achievement of specified market conditions was estimated using a Monte Carlo simulation model. For purposes of this modeling exercise, historical volatilities of FHI common stock and members of the peer group were used. The risk-free interest rate that was used in the valuation was that of a zero-coupon U.S. Treasury note that was commensurate with the performance period. The grant date fair value of the performance share units and performance shares subject to the Company’s achievement of performance conditions was based on the closing price of FHI’s common stock on the date of grant. Forfeitures of stock-based awards are recognized as they occur.

As compensation cost is recognized, a deferred tax asset is established which represents an estimate of the future tax deduction from the release of restrictions or the achievement of performance targets. At the time that restrictions on the stock-based awards are released, the Company may be required to recognize an adjustment to income tax expense, depending on the market price of the Company’s common stock at that time.

Treasury Stock

Shares of the Parent’s common stock that were repurchased or that are used to satisfy payroll tax withholdings related to stock-based compensation are recorded in treasury stock at cost. On the date of subsequent reissuance, the treasury stock account will be reduced by the cost of such stock on a first-in, first-out basis.

Earnings per Share

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period, assuming conversion of potentially dilutive common stock equivalents.

Advertising and Marketing Costs

Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $7.6 million, $8.0 million, and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Accounting Standards Adopted in 2023

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging – Portfolio Layer Method. This update clarifies the guidance in Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. Under current hedge accounting guidance, the “last-of-layer” method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. The hedged item represents a single layer within that closed portfolio. This update expands the scope of this guidance to allow entities to apply the “portfolio layer” method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The current model is expanded to (1) explicitly allow entities to designate multiple layers in a single portfolio as individual hedged items and (2) also allow entities the flexibility to use any type of derivative (or combination of derivatives) by applying the multiple-layer model that aligns with its risk management strategy. Although no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge, at any time after the initial hedge designation, new hedging relationships associated with the portfolio may be designated and existing hedging relationships associated with the portfolio may be dedesignated to align with an entity’s evolving strategy for managing interest rate risk on a timely basis. Under the portfolio layer method, the basis of the portfolio assets is generally adjusted at the portfolio level rather than being allocated to individual assets within the portfolio, except when the allocation of basis adjustments is required by other areas of GAAP. The intent of this update is consistent with the FASB’s efforts to better align an entity’s financial reporting with the results of its risk management strategy and to further simplify the hedge accounting model. The Company adopted the provisions of ASU No. 2022-01 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40 and amends the guidance on vintage disclosures to require disclosure of current period gross charge-offs by year of origination. This ASU also updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the provisions of ASU No. 2022-02 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. See “Note 5. Allowance for Credit Losses” for required disclosures related to this new guidance.

Enactment of the Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. These provisions became effective January 1, 2023. The enactment of the IRA did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842), Common Control Arrangements. This update clarifies the accounting for leasehold improvements associated with common control leases. Prior to this update, Topic 842 generally required leasehold improvements to have an amortization period consistent with the shorter of the useful life of those improvements or the remaining lease term. This update will require leasehold improvements associated with common control leases to be (1) amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease, and (2) accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. In addition, this update also subjects leasehold improvements to the impairment guidance in Topic 360, Property, Plant, and Equipment. The Company adopted the provisions of ASU No. 2023-01 on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements.

In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This update expands the population of tax equity investments for which a reporting entity may elect to apply the proportional amortization method (“PAM”). Under current guidance, an entity can only elect to apply the PAM to investments in low-income housing tax credit (“LIHTC”) structures. This update permits an entity to make an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the PAM if certain conditions are met. An accounting policy election is made to apply the PAM on a tax credit program-by-program basis rather than electing to apply the PAM at the reporting entity level or to individual investments. By applying the PAM, a reporting entity must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credits received. For all tax equity investments accounted for using the PAM, this update also requires the use of the delayed equity contribution guidance. LIHTC investments not accounted for using the PAM will no longer be permitted to use the delayed equity contribution guidance. In addition, LIHTC investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10, Investments—Equity Method and Joint Ventures—Overall. Further, LIHTC investments that are not accounted for using the PAM or the equity method must use the guidance in Topic 321, Investments—Equity Securities, when accounting for equity investments. In addition, the amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the PAM, including investments within that elected program that do not meet the conditions to apply the PAM. Such disclosures include the nature of its tax equity investments and the effect of such investments and related income tax credits and other income tax benefits on its financial position and results of operations. The Company adopted the provisions of ASU No. 2023-02 on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. In addition, the amendments clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and expand interim disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The amendments are effective for the Company’s annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This update includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardizing and disaggregating rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for the Company’s annual periods beginning January 1, 2025. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

Reportable Operating Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selected business segment financial information
Net interest income (expense)	$ 636,127	$ 613,549	$ 530,559
Benefit (provision) for credit losses	(26,630)	(1,392)	39,000
Net interest income after provision for credit losses	609,497	612,157	569,559
Noninterest income	200,815	179,525	184,916
Noninterest expense	(501,138)	(440,471)	(405,479)
Income before provision for income taxes	309,174	351,211	348,996
(Provision) benefit for income taxes	(74,191)	(85,526)	(83,261)
Net income	234,983	265,685	265,735
Total assets	24,926,474	24,577,223	24,992,410
Retail Banking
Selected business segment financial information
Net interest income (expense)	458,125	436,228	385,656
Benefit (provision) for credit losses	(9,899)	967	16,267
Net interest income after provision for credit losses	448,226	437,195	401,923
Noninterest income	97,651	94,085	91,672
Noninterest expense	(304,731)	(293,563)	(247,949)
Income before provision for income taxes	241,146	237,717	245,646
(Provision) benefit for income taxes	(58,091)	(58,077)	(58,710)
Net income	183,055	179,640	186,936
Total assets	7,589,607	7,463,002	7,148,376
Commercial Banking
Selected business segment financial information
Net interest income (expense)	175,569	157,128	162,997
Benefit (provision) for credit losses	(14,961)	1,154	22,452
Net interest income after provision for credit losses	160,608	158,282	185,449
Noninterest income	75,358	77,539	72,781
Noninterest expense	(112,839)	(109,906)	(100,932)
Income before provision for income taxes	123,127	125,915	157,298
(Provision) benefit for income taxes	(27,927)	(30,158)	(37,525)
Net income	95,200	95,757	119,773
Total assets	6,966,731	6,850,638	5,972,567
Treasury and Other
Selected business segment financial information
Net interest income (expense)	2,433	20,193	(18,094)
Benefit (provision) for credit losses	(1,770)	(3,513)	281
Net interest income after provision for credit losses	663	16,680	(17,813)
Noninterest income	27,806	7,901	20,463
Noninterest expense	(83,568)	(37,002)	(56,598)
Income before provision for income taxes	(55,099)	(12,421)	(53,948)
(Provision) benefit for income taxes	11,827	2,709	12,974
Net income	(43,272)	(9,712)	(40,974)
Total assets	$ 10,370,136	$ 10,263,583	$ 11,871,467

Organization and Summary of Significant Accounting Policies - Pension and Other Postretirement Benefit Plans and Advertising and Marketing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expected long term rate of return for defined benefit plans
Time period for average rate of return	20 years
Percentage of greater of projected benefit obligation or fair value of plan assets for amortization of actuarial gains or losses	5.00%
Amortization period for actuarial gains and losses that exceed threshold	5 years
Advertising and marketing costs
Advertising and marketing	$ 7,615	$ 7,996	$ 6,108

Fair Value - Financial Instruments not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Investment securities held-to-maturity	$ 3,574,856	$ 3,814,822
Lease and lease commitments excluded
Financing leases	379,800	298,100
Deposit liabilities with no defined or contractual maturity	17,900,000	19,200,000
Book Value
Financial assets:
Cash and cash equivalents	1,739,897	526,624
Investment securities held-to-maturity	4,041,449	4,320,639
Loans held for sale	190
Loans	13,973,688	13,793,922
Financial liabilities:
Time deposits	3,456,158	2,476,050
Short-term borrowings	500,000	75,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	1,739,897	526,624
Investment securities held-to-maturity	3,574,856	3,814,822
Loans held for sale	192
Loans	13,385,683	13,138,787
Financial liabilities:
Time deposits	3,432,330	2,423,231
Short-term borrowings	495,306	74,991
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	185,015	297,502
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Financial assets:
Cash and cash equivalents	1,554,882	229,122
Investment securities held-to-maturity	3,574,856	3,814,822
Loans held for sale	192
Financial liabilities:
Time deposits	3,432,330	2,423,231
Short-term borrowings	495,306	74,991
Estimated Fair Value \| Significant Unobservable Inputs (Level 3)
Financial assets:
Loans	$ 13,385,683	$ 13,138,787

Revenue from Contracts with Customers - Contract Balances (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue from Contracts with Customers
Number of vendors the company received signing bonuses from in prior years \| item	2
Contract liabilities	$ 1,900,000	$ 2,700,000
Increase in recognized revenues and contract liabilities	800,000	900,000	$ 900,000
Change in contract liabilities due to changes in transaction price estimates	0	0	$ 0
Receivables from contracts with customers or contract assets	$ 0	$ 0

Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets.

Other Assets

7. Other Assets

Goodwill

Goodwill originated from the acquisition of BancWest by BNPP in December 2001. Goodwill generated in that acquisition was recorded on the Company’s consolidated balance sheets as a result of push-down accounting treatment.

The carrying amount of goodwill reported in two of the Company’s reporting segments as of December 31, 2023 and 2022 were as shown below. The Treasury and Other segment is not assigned goodwill.


	Retail		Commercial
(in thousands)	Banking		Banking		Total
December 31, 2023	$	687,492	$	308,000	$	995,492
December 31, 2022		687,492		308,000		995,492

There was no impairment of the Company’s goodwill for the years ended December 31, 2023, 2022 and 2021.

Mortgage Servicing Rights (“MSRs”)

Mortgage servicing activities include collecting principal, interest, tax and insurance payments from borrowers while accounting for and remitting payments to investors, taxing authorities and insurance companies. The Company also monitors delinquencies and administers foreclosure proceedings.

Mortgage loan servicing income is recorded in noninterest income as a part of other service charges and fees and amortization of the servicing assets is recorded in noninterest income as part of other income. The unpaid principal amount of residential real estate loans serviced for others was $1.3 billion and $1.4 billion as of December 31, 2023 and 2022, respectively. Servicing fees include contractually specified fees, late charges and ancillary fees and were $3.4 million, $3.8 million and $4.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Amortization of MSRs was $1.1 million, $1.9 million and $3.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated future amortization expenses for MSRs over the next five years are as follows:


	Estimated
(dollars in thousands)	Amortization
Year ending December 31:
2024	$	832
2025		739
2026		654
2027		577
2028		510

The details of the Company’s MSRs are presented below:


	December 31,		December 31,
(dollars in thousands)	2023		2022
Gross carrying amount	$	69,515	$	69,273
Less: accumulated amortization		63,816		62,711
Net carrying value	$	5,699	$	6,562

The following table presents changes in amortized MSRs for the years indicated:


	Year Ended December 31,
(dollars in thousands)	2023		2022
Balance at beginning of year	$	6,562	$	8,302
Originations		242		170
Amortization		(1,105)		(1,910)
Balance at end of year	$	5,699	$	6,562
Fair value of amortized MSRs at beginning of year	$	15,193	$	12,243
Fair value of amortized MSRs at end of year	$	14,308	$	15,193
Balance of loans serviced for others	$	1,325,171	$	1,441,202

MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the years ended December 31, 2023, 2022 and 2021.

The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs were as follows:


	December 31, 2023							December 31, 2022
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	6.87	%	-	11.53	%	7.04	%	7.02	%	-	13.58	%	7.11	%
Life in years (of the MSR)	4.30		-	7.22		7.09		3.35		-	7.37		7.20
Weighted-average coupon rate	3.57	%	-	5.81	%	3.73	%	3.55	%	-	6.24	%	3.68	%
Discount rate	10.40	%	-	10.60	%	10.52	%	10.41	%	-	10.54	%	10.51	%

The sensitivities surrounding MSRs are expected to have an immaterial impact on fair value.

Other

The Company had $206.9 million and $167.4 million in affordable housing and other tax credit investment partnership interest as of December 31, 2023 and 2022, respectively, included in other assets on the consolidated balance sheets. The amount of amortization of such investments reported in the provision for income taxes was $23.5 million, $24.4 million and $21.7 million during the years ended December 31, 2023, 2022 and 2021, respectively. The affordable housing tax credits and other benefits recognized during the years ended December 31, 2023, 2022 and 2021 were $31.1 million, $26.9 million and $22.7 million, respectively.

Nonmarketable equity securities include FHLB stock, which the Company holds to meet regulatory requirements. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB non-publicly traded stock based on specific percentages of the Company’s total assets and outstanding advances in accordance with the FHLB’s capital plan which may be amended or revised periodically. Amounts in excess of the required minimum may be transferred at par to another member institution subject to prior approval of the FHLB. Excess stock may also be sold to the FHLB subject to a five-year redemption notice period and at the sole discretion of the FHLB. These securities are accounted for under the cost method. These investments are considered long-term investments by management and accordingly, the ultimate recoverability of its par value is considered rather than considering temporary declines in value. The investment in FHLB stock was included in other assets on the consolidated balance sheets and was $32.6 million and $10.1 million as of December 31, 2023 and 2022, respectively.

Capitalized internal-use software was included as a component of other assets on the consolidated balance sheets. As of December 31, 2023, total capitalized internal-use software was $39.5 million with an accumulated amortization of $28.7 million for a net book value of $10.8 million. As of December 31, 2022, total capitalized internal-use software was $54.9 million with an accumulated amortization of $39.8 million for a net book value of $15.1 million. Total amortization expense for all capitalized internal-use software was recorded in other noninterest expense on the consolidated statements of income and was $5.0 million, $5.4 million and $8.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Capitalized implementation costs associated with hosting arrangements that are service contracts were included as a component of other assets on the consolidated balance sheets. As of December 31, 2023, total capitalized implementation costs amounted to $132.6 million with an accumulated amortization of $21.2 million for a net book value of $111.4 million. As of December 31, 2022, total capitalized implementation costs amounted to $118.2 million with an accumulated amortization of $7.7 million for a net book value of $110.5 million. Total amortization expense for all capitalized implementation costs of hosting arrangements that are service contracts was recorded in equipment expense on the consolidated statements of income and was $13.5 million, $7.2 million and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net of tax
Balance	$ 2,269,005	$ 2,656,912	$ 2,744,104
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		(372,400)
Other comprehensive income (loss)	109,044	(517,561)	(153,297)
Balance	2,486,066	2,269,005	2,656,912
Incremental non-credit-related impairment loss recognized in earnings on securities	0	0	0
Accumulated other comprehensive loss
Net of tax
Balance	(639,254)	(121,693)	31,604
Other comprehensive income (loss)	109,044	(517,561)	(153,297)
Balance	(530,210)	(639,254)	(121,693)
Pensions and Other Benefits
Net of tax
Balance	(5,431)	(24,390)	(31,737)
Other comprehensive income (loss)	58	18,959	7,347
Balance	(5,373)	(5,431)	(24,390)
Investment securities
Net of tax
Other comprehensive income (loss)	105,087	(531,818)
Available-for-sale Investment securities
Net of tax
Balance	(292,175)	(97,303)	63,341
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		372,419
Other comprehensive income (loss)	69,752	(567,291)	(160,644)
Balance	(222,423)	(292,175)	$ (97,303)
Held-to-Maturity Investment Securities
Net of tax
Balance	(336,946)
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		(372,419)
Other comprehensive income (loss)	35,335	35,473
Balance	(301,611)	(336,946)
Cash Flow Derivative Hedges.
Net of tax
Balance	(4,702)
Other comprehensive income (loss)	3,899	(4,702)
Balance	$ (803)	$ (4,702)

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value

Fair Value

21. Fair Value

The Company determines the fair values of its financial instruments based on the requirements established in ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 defines fair value as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions.

Fair Value Hierarchy

ASC 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are:

●

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

●

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

ASC 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes.

Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets.

Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities.

Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value

For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques:

Available-for-sale securities

Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2.

Derivatives

Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2.

Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5875. The Visa derivative of $2.3 million and $0.9 million was included in the consolidated balance sheets at December 31, 2023 and 2022, respectively, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the conversion rate, expected term and growth rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are summarized below:

Fair Value Measurements as of December 31, 2023

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

32,503

—

32,503

Government-sponsored enterprises debt securities

—

19,592

—

19,592

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

10,182

—

10,182

Residential - Government-sponsored enterprises⁽¹⁾

—

783,297

—

783,297

Commercial - Government agency

—

218,674

—

218,674

Commercial - Government-sponsored enterprises

—

86,431

—

86,431

Commercial - Non-agency

—

21,683

—

21,683

Collateralized mortgage obligations:

Government agency

—

471,150

—

471,150

Government-sponsored enterprises

—

363,970

—

363,970

Collateralized loan obligations

—

247,854

—

247,854

Total available-for-sale securities

—

2,255,336

—

2,255,336

Other assets⁽²⁾

517

12,768

—

13,285

Liabilities

Other liabilities⁽³⁾

—

(2,320)

(2,300)

(4,620)

Total

517

2,265,784

(2,300)

2,264,001


	Fair Value Measurements as of December 31, 2022
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	150,982	$	—	$	150,982
Government-sponsored enterprises debt securities		—		44,301		—		44,301
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		59,723		—		59,723
Residential - Government-sponsored enterprises⁽¹⁾		—		1,160,455		—		1,160,455
Commercial - Government agency		—		237,853		—		237,853
Commercial - Government-sponsored enterprises		—		119,573		—		119,573
Commercial - Non-agency		—		21,471		—		21,471
Collateralized mortgage obligations:
Government agency		—		653,322		—		653,322
Government-sponsored enterprises		—		462,132		—		462,132
Collateralized loan obligations		—		241,321		—		241,321
Total available-for-sale securities		—		3,151,133		—		3,151,133
Other assets⁽⁴⁾		5,376		10,945		—		16,321
Liabilities
Other liabilities⁽³⁾		—		(49,268)		(851)		(50,119)
Total	$	5,376	$	3,112,810	$	(851)	$	3,117,335

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

(4)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, the significant unobservable inputs used in the fair value measurements were as follows:


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(2,300)	Discounted Cash Flow	Expected Conversion Rate - 1.5875⁽¹⁾	1.5289-1.5875
				Expected Term - 5 months⁽²⁾	n/m⁽²⁾
				Growth Rate - 10%⁽³⁾	-6% - 25%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(851)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽⁴⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%

(1)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation.

(2)	The expected term of 5 months was based on the May 2024 claim filing deadline. As such, a range is not meaningful to disclose.

(3)	The growth rate was based on the arithmetic average of analyst price targets.

(4)	The expected term of 3 months was based on the median of 0 to 6 months.

Changes in Fair Value Levels

During the years ended December 31, 2023 and 2022, there were no transfers between fair value hierarchy levels.

The changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2023 and 2022 are summarized below:


	Visa Derivative
(dollars in thousands)	2023		2022
Year Ended December 31,
Balance as of January 1,	$	(851)	$	(5,530)
Total net losses included in other noninterest income		(7,738)		(707)
Settlements		6,289		5,386
Balance as of December 31,	$	(2,300)	$	(851)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31,	$	(7,738)	$	(707)

Assets and Liabilities Carried at Other Than Fair Value

The following tables summarize for the years indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity:

December 31, 2023

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

1,739,897

185,015

1,554,882

—

1,739,897

Investment securities held-to-maturity

4,041,449

—

3,574,856

—

3,574,856

Loans held for sale

190

—

192

—

192

Loans⁽¹⁾

13,973,688

—

13,385,683

Financial liabilities:

Time deposits⁽²⁾

3,456,158

—

3,432,330

—

3,432,330

Short-term borrowings

500,000

—

495,306

—

495,306


	December 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	526,624	$	297,502	$	229,122	$	—	$	526,624
Investment securities held-to-maturity		4,320,639		—		3,814,822		—		3,814,822
Loans⁽¹⁾		13,793,922		—		—		13,138,787		13,138,787

Financial liabilities:
Time deposits⁽²⁾	$	2,476,050	$	—	$	2,423,231	$	—	$	2,423,231
Short-term borrowings		75,000		—		74,991		—		74,991

(1)	Excludes financing leases of $379.8 million at December 31, 2023 and $298.1 million at December 31, 2022.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $17.9 billion at December 31, 2023 and $19.2 billion at December 31, 2022.

Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of December 31, 2023 and 2022, the Company had $6.5 billion and $7.0 billion, respectively, of unfunded loan and lease commitments and letters of credit. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $49.8 million and $48.5 million at December 31, 2023 and 2022, respectively. No active trading market exists for these instruments and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value

The Company applies the following valuation techniques to assets measured at the lower of cost or fair value:

Mortgage servicing rights

MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3.

Collateral-dependent loans

Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. These loans are measured at fair value on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral are primarily based on real estate appraisal reports prepared by third-party appraisers less estimated selling costs. The Company measures the estimated credit losses on collateral-dependent loans by performing a lower-of-cost-or-fair-value analysis. If the estimated credit losses are determined by the value of the collateral, the net carrying amount is adjusted to fair value on a nonrecurring basis as Level 3 by recognizing an allowance for credit losses.

Other real estate owned

The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs and are classified as Level 3.

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value.

There were no assets with nonrecurring fair value adjustments held as of December 31, 2023 and 2022. Additionally, there were no nonrecurring fair value adjustments during the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Allowance for Credit Losses - Past-Due Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 14,353,497	$ 14,092,012
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	3,496	3,234
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	62,245	46,065
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	6,541	10,934
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	12,736	9,698
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	81,522	66,697
Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	14,271,975	14,025,315
Commercial and Industrial
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,165,349	2,235,897
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	494	291
Commercial and Industrial \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,611	2,682
Commercial and Industrial \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	349	769
Commercial and Industrial \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,464	1,441
Commercial and Industrial \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,424	4,892
Commercial and Industrial \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,160,925	2,231,005
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,340,243	4,132,309
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	300
Commercial Real Estate \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases		4,505
Commercial Real Estate \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	196
Commercial Real Estate \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	300	727
Commercial Real Estate \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	496	5,232
Commercial Real Estate \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,339,747	4,127,077
Construction
Financing Receivable, Recorded Investment, Past Due
Loans and leases	900,292	844,643
Construction \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	25,191	109
Construction \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	25,191	109
Construction \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	875,101	844,534
Lease financing
Financing Receivable, Recorded Investment, Past Due
Loans and leases	379,809	298,090
Lease financing \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	379,809	298,090
Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,283,315	4,302,788
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		58
Residential mortgage \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5,244	3,681
Residential mortgage \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,475	1,983
Residential mortgage \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,720	2,572
Residential mortgage \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	11,439	8,236
Residential mortgage \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,271,876	4,294,552
Home equity Line
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,174,588	1,055,351
Home equity Line \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5,940	5,161
Home equity Line \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	624	1,381
Home equity Line \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,550	2,072
Home equity Line \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	10,114	8,614
Home equity Line \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,164,474	1,046,737
Consumer
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,109,901	1,222,934
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	2,702	2,885
Consumer \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	23,259	29,927
Consumer \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,897	6,801
Consumer \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,702	2,886
Consumer \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	29,858	39,614
Consumer \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,080,043	1,183,320
Residential Lending: Residential Mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 4,283,315	4,302,788
Residential Lending: Home Equity Line
Financing Receivable, Recorded Investment, Past Due
Loans and leases		1,055,351
Residential Lending: Home Equity Line \| Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases		$ 5,358,139

Loans and Leases (Tables)

12 Months Ended

Dec. 31, 2023

Loans and Leases

Schedule of components of loans and leases


	December 31,		December 31,
(dollars in thousands)	2023		2022
Commercial and industrial	$	2,165,349	$	2,235,897
Commercial real estate		4,340,243		4,132,309
Construction		900,292		844,643
Residential:
Residential mortgage		4,283,315		4,302,788
Home equity line		1,174,588		1,055,351
Total residential		5,457,903		5,358,139
Consumer		1,109,901		1,222,934
Lease financing		379,809		298,090
Total loans and leases	$	14,353,497	$	14,092,012

Allowance for Credit Losses - Loan Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 7,014
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	6,500,000	$ 7,000,000	$ 6,700,000
Commitments related to borrowers experiencing financial difficulty		$ 100	$ 200
30 - 59 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	107
60 - 89 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	70
90 Days or Greater Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	15
Total Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	192
Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	6,822
Commercial and Industrial
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	524
Commercial and Industrial \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	524
Construction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	665
Construction \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	665
Commercial Real Estate
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	3,119
Commercial Real Estate \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	3,119
Residential mortgage
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	1,410
Residential mortgage \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	1,410
Consumer
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	1,296
Consumer \| 30 - 59 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	107
Consumer \| 60 - 89 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	70
Consumer \| 90 Days or Greater Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	15
Consumer \| Total Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	192
Consumer \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	1,104
Interest Rate Reduction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 1,166
% of Total Class of Financing Receivable	0.01%
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 318
Interest Rate Reduction \| Commercial Real Estate
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 5
Reduced weighted-average contractual interest rate	0.75%
Interest Rate Reduction \| Consumer
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 1,161
% of Total Class of Financing Receivable	0.10%
Reduced weighted-average contractual interest rate	13.01%
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 318
Term Extension
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 5,848
% of Total Class of Financing Receivable	0.04%
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 6
Term Extension \| Commercial and Industrial
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 524
% of Total Class of Financing Receivable	0.02%
Added weighted-average years to the life of loans	2 years 1 month 6 days
Term Extension \| Construction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 665
% of Total Class of Financing Receivable	0.07%
Added weighted-average years to the life of loans	1 year
Term Extension \| Commercial Real Estate
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 3,114
% of Total Class of Financing Receivable	0.07%
Added weighted-average years to the life of loans	2 years 1 month 6 days
Term Extension \| Residential mortgage
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 1,410
% of Total Class of Financing Receivable	0.03%
Added weighted-average years to the life of loans	2 years 1 month 6 days
Term Extension \| Consumer
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 135
% of Total Class of Financing Receivable	0.01%
Added weighted-average years to the life of loans	3 years 9 months 18 days
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 6
Combination - Interest Rate Reduction and Term Extension
Financing Receivable, Modifications [Line Items]
Commitments related to borrowers experiencing financial difficulty	$ 5,000,000

Derivative Financial Instruments - Fair Value Hedges and Cash Flow Hedges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Other comprehensive income (loss)
Fair hedges carried
Accumulated other comprehensive income (loss) into earnings	$ 1,700
Hedge term	4 years
Fair value hedges
Fair hedges carried
Fixed interest rate (as a percent)	2.07%
Interest rate swaps \| Fair value hedges
Fair hedges carried
Number of interest rate swaps \| derivative	1	1
Derivatives designated as hedging instruments \| Interest rate swaps
Fair hedges carried
Notional amounts	$ 267,500	$ 267,500
Derivatives designated as hedging instruments \| Interest rate swaps \| Fair value hedges
Fair hedges carried
Notional amounts	67,500	67,500
Positive fair value	$ 10,900	7,300
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges
Fair hedges carried
Number of derivatives carried	2
Notional amounts	$ 200,000
Negative fair value	$ 1,800	6,800
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges \| Minimum
Fair hedges carried
Fixed interest rate (as a percent)	1.70%
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges \| Maximum
Fair hedges carried
Fixed interest rate (as a percent)	2.08%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member]
Fair hedges carried
Notional amounts	$ 200,000	$ 200,000
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges
Fair hedges carried
Number of derivatives carried	2	2
Notional amounts	$ 200,000	$ 200,000
Positive fair value	$ 700	500
Negative fair value		$ 100
Floor strike rates	2.00%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges \| Minimum
Fair hedges carried
Cap strike rates	5.31%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges \| Maximum
Fair hedges carried
Cap strike rates	5.64%

Leases - Third Party Leases, Cost and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Lease payments to related parties	$ 0	$ 0	$ 0
Terms of such leases
Lessor, Operating Lease, Option to Extend	Terms of such leases, including renewal options, may be extended for up to ten years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices.
Lessor, Operating Lease, Renewal Term	10 years
Operating lease income related to lease payments
Operating lease income related to lease payments	$ 6,200,000	6,100,000	6,400,000
Rental income paid by the related parties	0	0	0
Lease income related to variable lease payments	6,300,000	6,500,000	6,100,000
Future minimum rental income from related parties, amount	$ 0	$ 0	$ 0

Fair Value - Unfunded Loan and Lease Commitments and Letters of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unfunded loan and lease commitments and letters of credit
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 6,500.0	$ 7,000.0	$ 6,700.0
Fair Value, Inputs, Level 3 [Member]
Unfunded loan and lease commitments and letters of credit
Estimated fair value of unfunded loan and lease commitments and letters of credit	$ 49.8	$ 48.5

Benefit Plans - 401(k) Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Salaries and employee benefits
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 9.3	$ 9.2	$ 9.1
First Hawaiian, Inc. 401(k) Savings Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, as percentage of employee's pay	5.00%	5.00%	5.00%
First Hawaiian, Inc. Future Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, as percentage of employee's pay	2.50%	2.50%	2.50%

Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

10. Short-Term Borrowings

As of December 31, 2023 and 2022, short-term borrowings were comprised of the following:


	December 31,
(dollars in thousands)	2023		2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB fixed-rate advances⁽¹⁾		500,000		—
Total short-term borrowings	$	500,000	$	75,000

(1)	Interest is payable monthly.

As of December 31, 2023, the Company’s short-term borrowings consisted of $500.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 4.71% and maturity dates in September 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date.

As of December 31, 2022, the Company’s short-term borrowings consisted of $75.0 million in federal funds purchased with a 4.35% annual interest rate that matured in January 2023. During 2021, the Company incurred fees of $9.0 million related to the early termination of FHLB fixed-rate advances.

As of both December 31, 2023 and 2022, the Company had a remaining line of credit of $2.5 billion available from the FHLB. The FHLB borrowing capacity was secured by residential real estate loan and commercial real estate loan collateral as of December 31, 2023 and residential real estate loan collateral as of December 31, 2022. As of December 31, 2023 and 2022, the Company had an undrawn line of credit of $3.3 billion and $1.2 billion available from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities as of December 31, 2023 and consumer, commercial and industrial, commercial real estate and residential real estate loans as of December 31, 2022. See “Note 8. Transfers of Financial Assets” for more information.

The table below provides selected information for short-term borrowings during the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		4.35	%		—	%
Highest month-end balance	$	150,000		$	75,000		$	—
Average outstanding balance	$	17,247		$	11,521		$	—
Weighted-average interest rate paid		4.45	%		4.08	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	400,000		$	—		$	—
Average outstanding balance	$	116,918		$	—		$	—
Weighted-average interest rate paid		5.25	%		—	%		—	%
Short-term FHLB fixed-rate advances:
Weighted-average interest rate at December 31,		4.71	%		—	%		—	%
Highest month-end balance	$	500,000		$	—		$	—
Average outstanding balance	$	144,932		$	—		$	—
Weighted-average interest rate paid		4.75	%		—	%		—	%

The Company treats securities sold under agreements to repurchase as collateralized financings. The Company reflects the obligations to repurchase the same or similar securities sold as liabilities, with the dollar amount of securities underlying the agreements remaining in the asset accounts. Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount borrowed. As such, the collateral pledged may be increased or decreased over time to meet contractual obligations. The securities underlying the agreements to repurchase are held in collateral accounts with a third-party custodian. The Company did not enter into any repurchase agreements in 2023 and 2022.

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings per Share

Earnings per Share

19. Earnings per Share

For the years ended 2023, 2022 and 2021, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 574,000, nil and 1,000 antidilutive securities, respectively.

The computations of basic and diluted earnings per share were as follows for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(dollars in thousands, except shares and per share amounts)	2023		2022		2021
Numerator:
Net income	$	234,983	$	265,685	$	265,735

Denominator:
Basic: weighted-average shares outstanding		127,567,547		127,489,889		128,963,131
Add: weighted-average equity-based awards		348,326		491,810		574,791
Diluted: weighted-average shares outstanding		127,915,873		127,981,699		129,537,922

Basic earnings per share	$	1.84	$	2.08	$	2.06
Diluted earnings per share	$	1.84	$	2.08	$	2.05

Benefit Plans - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Amounts arising during the year:
Net (gain) loss on pension assets	$ (3,246)	$ 24,047	$ 3,581
Net loss (gain) on pension obligations	4,851	(38,949)	(4,614)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss	(2,818)	(5,643)	(6,961)
Amount recognized in other comprehensive (loss) income	(1,213)	(20,545)	(7,994)
Other Benefits
Amounts arising during the year:
Net loss (gain) on pension obligations	(542)	(5,808)	(2,074)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss	1,676	497	48
Amount recognized in other comprehensive (loss) income	$ 1,134	$ (5,311)	$ (2,026)

Other Assets - Mortgage Servicing Rights - Quantitative Assumptions Used for MSRs (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	6.87%	7.02%
Life in years (of the MSR)	4 years 3 months 18 days	3 years 4 months 6 days
Weighted-average coupon rate (as a percent)	3.57%	3.55%
Discount rate (as a percent)	10.40%	10.41%
Maximum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	11.53%	13.58%
Life in years (of the MSR)	7 years 2 months 19 days	7 years 4 months 13 days
Weighted-average coupon rate (as a percent)	5.81%	6.24%
Discount rate (as a percent)	10.60%	10.54%
Weighted Average
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	7.04%	7.11%
Life in years (of the MSR)	7 years 1 month 2 days	7 years 2 months 12 days
Weighted-average coupon rate (as a percent)	3.73%	3.68%
Discount rate (as a percent)	10.52%	10.51%

Benefit Plans - Fair Value Measurement of Plan Assets (Details) - Pension Plan - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit Plans
Fair value of plan assets	$ 77,603,000	$ 78,149,000	$ 106,648,000
Percentage of total	100.00%	100.00%
Cash and cash equivalents
Benefit Plans
Fair value of plan assets	$ 2,353,000	$ 1,712,000
Fixed income securities
Benefit Plans
Percentage of total	86.40%	86.90%
U.S. Treasury securities
Benefit Plans
Fair value of plan assets	$ 11,354,000	$ 6,593,000
US Government Agencies Debt Securities [Member]
Benefit Plans
Fair value of plan assets	5,899,000	6,656,000
Fixed income - U.S. corporate securities
Benefit Plans
Fair value of plan assets	47,546,000	53,051,000
Fixed income - municipal securities
Benefit Plans
Fair value of plan assets	379,000	382,000
Fixed income - international securities
Benefit Plans
Fair value of plan assets	1,901,000	1,199,000
Equity - large-cap exchange-traded fund
Benefit Plans
Fair value of plan assets	5,311,000	5,544,000
Equity - mid-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	844,000	1,001,000
Equity - small-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	394,000	461,000
Equity - international funds
Benefit Plans
Fair value of plan assets	1,622,000	1,550,000
Fair Value, Inputs, Level 1 [Member]
Benefit Plans
Fair value of plan assets	12,425,000	11,467,000
Fair Value, Inputs, Level 1 [Member] \| Cash and cash equivalents
Benefit Plans
Fair value of plan assets	2,353,000	1,712,000
Fair Value, Inputs, Level 1 [Member] \| Fixed income - international securities
Benefit Plans
Fair value of plan assets	1,901,000	1,199,000
Fair Value, Inputs, Level 1 [Member] \| Equity - large-cap exchange-traded fund
Benefit Plans
Fair value of plan assets	5,311,000	5,544,000
Fair Value, Inputs, Level 1 [Member] \| Equity - mid-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	844,000	1,001,000
Fair Value, Inputs, Level 1 [Member] \| Equity - small-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	394,000	461,000
Fair Value, Inputs, Level 1 [Member] \| Equity - international funds
Benefit Plans
Fair value of plan assets	1,622,000	1,550,000
Fair Value, Inputs, Level 2 [Member]
Benefit Plans
Fair value of plan assets	65,178,000	66,682,000
Fair Value, Inputs, Level 2 [Member] \| U.S. Treasury securities
Benefit Plans
Fair value of plan assets	11,354,000	6,593,000
Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Benefit Plans
Fair value of plan assets	5,899,000	6,656,000
Fair Value, Inputs, Level 2 [Member] \| Fixed income - U.S. corporate securities
Benefit Plans
Fair value of plan assets	47,546,000	53,051,000
Fair Value, Inputs, Level 2 [Member] \| Fixed income - municipal securities
Benefit Plans
Fair value of plan assets	379,000	382,000
Fair Value, Inputs, Level 3 [Member]
Benefit Plans
Fair value of plan assets	$ 0	$ 0

Investment Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Available for sale debt securities
Amortized Cost	$ 2,558,675,000	$ 3,549,599,000
Unrealized Gains	43,000	50,000
Unrealized Losses	(303,382,000)	(398,516,000)
Total available-for-sale securities, Fair value,	2,255,336,000	3,151,133,000
Held to maturity securities
Amortized Cost	4,041,449,000	4,320,639,000
Unrealized Gains	195,000
Unrealized Losses	(466,788,000)	(505,817,000)
Total held to maturity, Fair value,	3,574,856,000	3,814,822,000
Available-for-sale investment securities
Accrued interest receivable related to available-for-sale investment securities	$ 7,200,000	$ 8,900,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable	Interest Receivable
Accrued interest receivable related to held to maturity investment securities	$ 7,000,000.0	$ 7,500,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable	Interest Receivable
Reclassification of available for sale securities to held to maturity	$ 0	$ 4,600,000,000
Other comprehensive income (loss), transfer of securities from available for sale to held to maturity		(372,400,000)
Gains (losses) recognized on reclassification, transfer of securities from available for sale to held to maturity		0
Collateralized Loan Obligations
Available for sale debt securities
Amortized Cost	249,871,000	249,877,000
Unrealized Gains	43,000	50,000
Unrealized Losses	(2,060,000)	(8,606,000)
Total available-for-sale securities, Fair value,	247,854,000	241,321,000
U.S. Treasury and government agency debt securities
Available for sale debt securities
Amortized Cost	33,169,000	163,309,000
Unrealized Losses	(666,000)	(12,327,000)
Total available-for-sale securities, Fair value,	32,503,000	150,982,000
Government-sponsored enterprises debt securities
Available for sale debt securities
Amortized Cost	20,000,000	45,000,000
Unrealized Losses	(408,000)	(699,000)
Total available-for-sale securities, Fair value,	19,592,000	44,301,000
Government agency debt securities
Held to maturity securities
Amortized Cost	52,051,000	54,318,000
Unrealized Losses	(4,497,000)	(5,674,000)
Total held to maturity, Fair value,	47,554,000	48,644,000
Residential - Government agency
Available for sale debt securities
Amortized Cost	11,303,000	66,792,000
Unrealized Losses	(1,121,000)	(7,069,000)
Total available-for-sale securities, Fair value,	10,182,000	59,723,000
Held to maturity securities
Amortized Cost	43,885,000	46,302,000
Unrealized Losses	(5,189,000)	(6,294,000)
Total held to maturity, Fair value,	38,696,000	40,008,000
Residential - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	895,421,000	1,317,718,000
Unrealized Losses	(112,124,000)	(157,263,000)
Total available-for-sale securities, Fair value,	783,297,000	1,160,455,000
Held to maturity securities
Amortized Cost	99,379,000	106,534,000
Unrealized Losses	(11,013,000)	(12,978,000)
Total held to maturity, Fair value,	88,366,000	93,556,000
Commercial - Government agency
Available for sale debt securities
Amortized Cost	268,944,000	282,700,000
Unrealized Losses	(50,270,000)	(44,847,000)
Total available-for-sale securities, Fair value,	218,674,000	237,853,000
Held to maturity securities
Amortized Cost	30,795,000	30,544,000
Unrealized Losses	(7,017,000)	(5,229,000)
Total held to maturity, Fair value,	23,778,000	25,315,000
Commercial - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	93,459,000	130,612,000
Unrealized Losses	(7,028,000)	(11,039,000)
Total available-for-sale securities, Fair value,	86,431,000	119,573,000
Held to maturity securities
Amortized Cost	1,129,738,000	1,150,449,000
Unrealized Gains	195,000
Unrealized Losses	(130,757,000)	(138,451,000)
Total held to maturity, Fair value,	999,176,000	1,011,998,000
Commercial - Non -agency
Available for sale debt securities
Amortized Cost	21,964,000	21,964,000
Unrealized Losses	(281,000)	(493,000)
Total available-for-sale securities, Fair value,	21,683,000	21,471,000
Government agency
Available for sale debt securities
Amortized Cost	538,718,000	738,524,000
Unrealized Losses	(67,568,000)	(85,202,000)
Total available-for-sale securities, Fair value,	471,150,000	653,322,000
Held to maturity securities
Amortized Cost	989,130,000	1,080,492,000
Unrealized Losses	(109,471,000)	(122,378,000)
Total held to maturity, Fair value,	879,659,000	958,114,000
Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	425,826,000	533,103,000
Unrealized Losses	(61,856,000)	(70,971,000)
Total available-for-sale securities, Fair value,	363,970,000	462,132,000
Held to maturity securities
Amortized Cost	1,642,274,000	1,798,178,000
Unrealized Losses	(193,897,000)	(207,045,000)
Total held to maturity, Fair value,	1,448,377,000	1,591,133,000
Debt securities issued by states and political subdivisions
Held to maturity securities
Amortized Cost	54,197,000	53,822,000
Unrealized Losses	(4,947,000)	(7,768,000)
Total held to maturity, Fair value,	$ 49,250,000	$ 46,054,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

15. Income Taxes

For the years ended December 31, 2023, 2022 and 2021, the provision (benefit) for income taxes was comprised of the following:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current:
Federal	$	66,123	$	50,895	$	53,534
State and local		21,724		12,493		15,607
Total current		87,847		63,388		69,141
Deferred:
Federal		(8,387)		13,639		8,837
State and local		(5,269)		8,499		5,283
Total deferred		(13,656)		22,138		14,120
Total provision for income taxes	$	74,191	$	85,526	$	83,261

The Company files Federal and state income tax returns for its subsidiaries. The Company’s subsidiary also files income tax returns in Guam, Saipan and certain other state jurisdictions. The Company had a current income tax receivable due from various jurisdictions of $30.9 million and $14.2 million as of December 31, 2023 and 2022, respectively, for its share of consolidated and combined tax overpayments that had not yet been received.

The components of net deferred income tax assets and liabilities at December 31, 2023 and 2022, were as follows:


	December 31,
(dollars in thousands)	2023		2022
Assets:
Deferred compensation expense	$	50,945	$	51,064
Allowance for credit losses and nonperforming assets		51,492		47,517
Lease liabilities		17,027		17,284
Investment securities		194,213		233,859
State income taxes		2,514		2,619
Total deferred income tax assets before valuation allowance		316,191		352,343
Valuation allowance		—		(983)
Total deferred income tax assets after valuation allowance		316,191		351,360
Liabilities:
Leases		(13,283)		(15,739)
Deferred income		(12,751)		(20,893)
Lease right-of-use assets		(16,364)		(16,763)
Intangible assets		(948)		(736)
Other		(33,320)		(34,910)
Total deferred income tax liabilities		(76,666)		(89,041)
Net deferred income tax assets	$	239,525	$	262,319

Net deferred income tax assets were included in other assets in the consolidated balance sheets as of December 31, 2023 and 2022.

Management evaluated the deferred income tax assets for recoverability by considering negative and positive evidence. Negative evidence included the uncertainty of generating future capital gains and restrictions on the ability to sell low-income housing investments during periods when carrybacks of capital losses are allowed. Positive evidence included the generation of capital gains in the current year and carryback years. Based on the weight of all available evidence, management determined a valuation allowance to offset deferred tax assets related to investments in low-income housing projects that can only be utilized to offset capital gains was required for the year ended December 31, 2022. Management further concluded it is more likely than not that the remaining deferred tax assets will be realized through carryback to taxable income in prior years, future reversals of existing taxable temporary differences, and projected future taxable income. Consequently, the remaining deferred income tax assets are not subject to a valuation allowance.

The following analysis reconciles the Federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	64,927	21.00	%	$	73,754	21.00	%	$	73,289	21.00	%
State and local taxes, net of federal income tax benefit		13,000	4.20			16,584	4.72			16,503	4.73
Tax credits		(4,506)	(1.46)			(3,963)	(1.13)			(2,745)	(0.79)
Nontaxable income		(6,691)	(2.16)			(1,133)	(0.32)			(3,274)	(0.94)
Other		7,461	2.42			284	0.08			(512)	(0.14)
Income tax expense and effective income tax rate	$	74,191	24.00	%	$	85,526	24.35	%	$	83,261	23.86	%

The Company is subject to examination by the Internal Revenue Service (“IRS”) and tax authorities in states in which the Company has significant business operations. The tax years under examination and open for examination vary by jurisdiction. The Company’s 2016 and 2017 tax returns are currently under IRS examination. In addition, refund claims and tax returns for certain years are being reviewed by state jurisdictions. No material adjustments are anticipated as a result of these examinations and reviews. The Company’s income tax returns for 2020 and subsequent tax years generally remain subject to examination by U.S. federal and foreign jurisdictions, and 2019 and subsequent years are subject to examination by state taxing authorities.

A reconciliation of the amount of unrecognized tax benefits is as follows for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023						2022						2021
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521
Additions for current year tax positions		629		—		629		1,289		—		1,289		1,366		—		1,366
Additions for Reorganization Transactions		—		3,155		3,155		—		974		974		47,282		941		48,223
Additions for prior years' tax positions:
New uncertain tax positions identified		2,220		—		2,220		—		—		—		—		—		—
Accrual of interest and penalties		—		1,221		1,221		—		860		860		—		1,264		1,264
Reductions for prior years' tax positions:
Expiration of statute of limitations		(1,139)		(266)		(1,405)		(849)		(103)		(952)		(932)		(388)		(1,320)
Balance at December 31,	$	185,461	$	26,584	$	212,045	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054

Included in the balance of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, was $56.4 million, $24.2 million and $23.1 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate.

In connection with the Reorganization Transactions discussed below, the Company recorded unrecognized tax benefits and interest and penalties of $121.4 million and $7.0 million, respectively. Included in the balance of the unrecognized tax benefits as of December 31, 2023, was $141.2 million attributable to tax refund claims with respect to tax years 2005 through 2013 and 2015 in the State of California. Such refund claims were filed by the Company in 2015, 2019 and 2021, on behalf of the Company and its affiliates, including BOW, concerning the determination of taxes for which no benefit is currently recognized. It is reasonably possible that the amount of unrecognized tax benefits could decrease within the next 12 months by as much as $2.2 million of taxes and $0.8 million of accrued interest and penalties as a result of settlements and the expiration of the statute of limitations in various states. On February 1, 2023, Bank of Montreal acquired Bank of the West from BNP Paribas SA. This transaction, and the resulting change in ownership, could affect the unrecognized tax benefits related to the years when the Company was included in consolidated and combined returns with Bank of the West.

The Company recognizes interest and penalties attributable to both unrecognized tax benefits and undisputed tax adjustments in the provision for income taxes. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $4.2 million, $0.8 million and $0.8 million, respectively, of net expense attributable to interest and penalties. The Company had a liability of $28.5 million and $24.1 million as of December 31, 2023 and 2022, respectively, accrued for interest and penalties, of which $26.6 million and $22.5 million as of December 31, 2023 and 2022, respectively, were attributable to unrecognized tax benefits and the remainder was attributable to tax adjustments which are not expected to be in dispute.

Prior to the Reorganization Transactions, the Company filed consolidated U.S. Federal and combined state tax returns that incorporated the tax receivables and unrecognized tax benefits of FHB and BOW. The consummation of the Reorganization Transactions did not relieve the Company of the pre-Reorganization Transactions tax receivables and unrecognized tax benefits recognized by BOW that were included in the Company's consolidated and combined tax returns. As a result, on April 1, 2016, the Company recorded $72.8 million related to current tax receivables, $116.6 million related to unrecognized tax benefits, and an indemnification payable of $28.6 million. As of December 31, 2023 and 2022, the Company maintained balances of $130.5 million related to current tax receivables. As of December 31, 2023 and 2022, the Company maintained balances of $160.6 million and $158.1 million, respectively, related to unrecognized tax benefits, and an indemnification receivable of $30.1 million and $27.6 million, respectively. Additionally, in connection with the Reorganization Transactions, the Company has incurred certain tax-related liabilities related to the distribution of its interest in BWHI amounting to $95.4 million. The amount necessary to pay the distribution taxes (net of the expected federal tax benefit of $33.4 million) was paid by BNPP to the Company on April 1, 2016. The Company reported total distribution taxes of $92.1 million in the 2016 tax returns of various state and local jurisdictions, and reimbursed BWHI approximately $2.1 million pursuant to a tax sharing agreement entered into on April 1, 2016 and pursuant to certain tax allocation agreements entered into among the parties. The Company expects that any future adjustment to such taxes will be similarly reimbursed to, or funded by, BWHI, BNPP or their affiliates. Accordingly, the assumption of the pre-Reorganization Transactions tax receivables, unrecognized tax benefits and distribution tax liabilities and the offsetting indemnification receivables or payables were reflected as equity contributions and distributions on April 1, 2016. The reimbursement of distribution taxes to BWHI was also reflected as an adjustment to equity. If there are any future adjustments to the indemnified tax receivables or unrecognized tax benefits, including as a result of the IRS audit of the Company’s income tax returns, an offsetting adjustment to the indemnification receivables or payables will be recorded to the provision for income taxes and other noninterest income or expense. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $2.5 million, nil and nil, respectively, of such adjustments through the provision for income taxes and noninterest income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Performance Share Units and Performance Share Awards (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 01, 2023 $ / shares shares	Jan. 01, 2022 $ / shares shares	Jan. 01, 2021 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Stock-based compensation
Stock-based compensation expense \| $				$ 9,600	$ 10,300	$ 13,100
Performance Awards
Stock-based compensation
Ratio of common stock for each vested award				1
Number of Shares
Unvested as of beginning of period (in shares)	954,134	942,506	857,282	954,134	942,506	857,282
Granted (in shares)				447,130	350,922	376,810
Vested (in shares)				(193,065)	(203,855)	(214,163)
Forfeited (in shares)				(98,731)	(135,439)	(77,423)
Unvested as of end of period (in shares)				1,109,468	954,134	942,506
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 27.36	$ 26.70	$ 25.43	$ 27.36	$ 26.70	$ 25.43
Granted (in dollars per share) \| $ / shares				26.72	28.57	27.07
Vested (in dollars per share) \| $ / shares				25.96	27.02	22.57
Forfeited (in dollars per share) \| $ / shares				26.21	26.63	24.62
Unvested as of end of period (in dollars per share) \| $ / shares				$ 27.44	$ 27.36	$ 26.70
Stock-based compensation
Unrecognized compensation expense \| $				$ 8,200	$ 7,300	$ 6,100
Period for recognition of unrecognized compensation expense				1 year 3 months 18 days
Total fair value of vested shares (in dollars) \| $				$ 5,000	$ 5,500	$ 4,800
Performance Awards \| Key employees
Number of Shares
Granted (in shares)				447,130	350,922	376,810
Minimum
Stock-based compensation
Performance achieved, percentage of PSUs earned and vested				0
Performance achieved, percentage of PSAs earned and vested				0
Maximum
Stock-based compensation
Performance achieved, percentage of PSUs earned and vested				200
Performance achieved, percentage of PSAs earned and vested				200
LongTerm Incentive Plan
Stock-based compensation
Performance period	3 years	3 years	3 years	3 years

Allowance for Credit Losses - Credit Quality Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	$ 14,353,497	$ 14,092,012
Current period gross charge-offs:
Total, Current period gross charge-offs	23,506	20,888	$ 23,623
Loss
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	0	0
Residential Lending: Residential Mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	278,361	687,599
2022/2021	656,256	1,227,369
2021/2020	1,169,793	677,025
2020/2019	633,900	309,308
2019/2018	283,560	217,050
Prior	1,251,365	1,174,681
Revolving Loans Amortized Cost Basis	10,080	9,202
Revolving Loans Converted to Term Loans Amortized Cost Basis		554
Financing Receivable, before Allowance for Credit Loss, Total	4,283,315	4,302,788
Residential Lending: Residential Mortgage \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	211,598	557,636
2022/2021	529,296	1,064,444
2021/2020	999,522	560,463
2020/2019	529,881	245,241
2019/2018	227,058	165,258
Prior	987,251	920,100
Financing Receivable, before Allowance for Credit Loss, Total	3,484,606	3,513,142
Residential Lending: Residential Mortgage \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	36,975	73,929
2022/2021	67,205	112,672
2021/2020	117,337	82,416
2020/2019	68,122	40,355
2019/2018	33,148	22,126
Prior	130,387	130,508
Financing Receivable, before Allowance for Credit Loss, Total	453,174	462,006
Residential Lending: Residential Mortgage \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	3,544	12,320
2022/2021	16,395	13,804
2021/2020	19,184	9,881
2020/2019	12,811	3,649
2019/2018	4,096	3,054
Prior	38,987	35,441
Financing Receivable, before Allowance for Credit Loss, Total	95,017	78,149
Residential Lending: Residential Mortgage \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,305	2,455
2022/2021	6,521	2,246
2021/2020	1,917	1,791
2020/2019	2,492	263
2019/2018	398	601
Prior	11,679	6,955
Financing Receivable, before Allowance for Credit Loss, Total	24,312	14,311
Residential Lending: Residential Mortgage \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2022/2021		1,321
2021/2020	2,909	367
2020/2019	2,017
2019/2018	582	966
Prior	6,439	5,304
Financing Receivable, before Allowance for Credit Loss, Total	11,947	7,958
Residential Lending: Residential Mortgage \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	9,137	22,289
2022/2021	19,311	14,671
2021/2020	11,492	6,820
2020/2019	6,043	10,599
2019/2018	9,679	15,921
Prior	51,109	47,245
Financing Receivable, before Allowance for Credit Loss, Total	106,771	117,545
Residential Lending: Residential Mortgage \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	15,802	18,970
2022/2021	17,528	18,211
2021/2020	17,432	15,287
2020/2019	12,534	9,201
2019/2018	8,599	9,124
Prior	25,513	29,128
Revolving Loans Amortized Cost Basis	10,080	9,202
Revolving Loans Converted to Term Loans Amortized Cost Basis		554
Financing Receivable, before Allowance for Credit Loss, Total	107,488	109,677
Residential Lending: Home Equity Line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis		1,046,968
Revolving Loans Converted to Term Loans Amortized Cost Basis		8,383
Financing Receivable, before Allowance for Credit Loss, Total		1,055,351
Residential Lending: Home Equity Line \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	964,932	817,123
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,511	2,059
Financing Receivable, before Allowance for Credit Loss, Total	966,443	819,182
Residential Lending: Home Equity Line \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	151,716	171,117
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,920	2,714
Financing Receivable, before Allowance for Credit Loss, Total	153,636	173,831
Residential Lending: Home Equity Line \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	36,541	45,368
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,189	2,100
Financing Receivable, before Allowance for Credit Loss, Total	37,730	47,468
Residential Lending: Home Equity Line \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	9,896	7,485
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,012	1,029
Financing Receivable, before Allowance for Credit Loss, Total	10,908	8,514
Residential Lending: Home Equity Line \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	4,488	1,151
Revolving Loans Converted to Term Loans Amortized Cost Basis	100	481
Financing Receivable, before Allowance for Credit Loss, Total	4,588	1,632
Residential Lending: Home Equity Line \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	1,283	4,724
Financing Receivable, before Allowance for Credit Loss, Total	1,283	4,724
Total loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,243,109	2,560,433
2022/2021	2,491,897	2,880,346
2021/2020	2,678,220	1,319,250
2020/2019	1,169,781	1,311,719
2019/2018	1,122,038	825,528
Prior	2,950,761	2,699,183
Revolving Loans Amortized Cost Basis	2,685,919	2,467,297
Revolving Loans Converted to Term Loans Amortized Cost Basis	11,772	28,256
Financing Receivable, before Allowance for Credit Loss, Total	14,353,497	14,092,012
Current period gross charge-offs:
2023, Current period gross charge-offs	769
2022, Current period gross charge-offs	2,470
2021, Current period gross charge-offs	2,210
2020, Current period gross charge-offs	1,229
2019, Current period gross charge-offs	4,484
Prior, Current period gross charge-offs	5,696
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	6,063
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	585
Total, Current period gross charge-offs	23,506
Residential mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	4,283,315	4,302,788
Current period gross charge-offs:
Prior, Current period gross charge-offs	122
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	273
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	19
Total, Current period gross charge-offs	414	103	632
Residential mortgage \| Residential Lending: Residential Mortgage
Current period gross charge-offs:
Total, Current period gross charge-offs	122
Residential mortgage \| Residential Lending: Home Equity Line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	687,599
2022/2021	0	1,227,369
2021/2020	0	677,025
2020/2019	0	309,308
2019/2018	0	217,050
Prior	0	1,174,681
Revolving Loans Amortized Cost Basis		1,056,170
Revolving Loans Converted to Term Loans Amortized Cost Basis		8,937
Financing Receivable, before Allowance for Credit Loss, Total		5,358,139
Current period gross charge-offs:
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	273
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	19
Total, Current period gross charge-offs	292
Home equity Line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	1,174,588	1,055,351
Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	198,207	335,116
2022/2021	246,444	218,940
2021/2020	144,576	112,885
2020/2019	66,514	105,789
2019/2018	51,677	57,786
Prior	24,321	28,131
Revolving Loans Amortized Cost Basis	375,309	361,126
Revolving Loans Converted to Term Loans Amortized Cost Basis	2,853	3,161
Financing Receivable, before Allowance for Credit Loss, Total	1,109,901	1,222,934
Current period gross charge-offs:
2023, Current period gross charge-offs	639
2022, Current period gross charge-offs	2,400
2021, Current period gross charge-offs	2,135
2020, Current period gross charge-offs	1,142
2019, Current period gross charge-offs	1,816
Prior, Current period gross charge-offs	2,622
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	5,790
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	566
Total, Current period gross charge-offs	17,110	16,848	16,634
Consumer \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	92,117	200,887
2022/2021	128,358	111,047
2021/2020	76,148	53,534
2020/2019	33,507	43,912
2019/2018	21,819	24,951
Prior	8,970	8,432
Revolving Loans Amortized Cost Basis	123,592	125,126
Revolving Loans Converted to Term Loans Amortized Cost Basis	155	185
Financing Receivable, before Allowance for Credit Loss, Total	484,666	568,074
Consumer \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	68,865	99,787
2022/2021	71,031	67,140
2021/2020	37,925	37,260
2020/2019	17,116	31,751
2019/2018	13,270	15,874
Prior	5,690	7,665
Revolving Loans Amortized Cost Basis	76,645	72,101
Revolving Loans Converted to Term Loans Amortized Cost Basis	401	514
Financing Receivable, before Allowance for Credit Loss, Total	290,943	332,092
Consumer \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	28,533	25,949
2022/2021	29,229	29,587
2021/2020	16,919	14,226
2020/2019	7,843	16,872
2019/2018	7,972	9,672
Prior	4,624	6,488
Revolving Loans Amortized Cost Basis	35,210	31,854
Revolving Loans Converted to Term Loans Amortized Cost Basis	781	937
Financing Receivable, before Allowance for Credit Loss, Total	131,111	135,585
Consumer \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	4,996	3,017
2022/2021	10,859	5,475
2021/2020	7,760	5,226
2020/2019	4,917	8,056
2019/2018	4,651	5,396
Prior	2,986	3,924
Revolving Loans Amortized Cost Basis	13,223	11,269
Revolving Loans Converted to Term Loans Amortized Cost Basis	925	854
Financing Receivable, before Allowance for Credit Loss, Total	50,317	43,217
Consumer \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,790	656
2022/2021	6,370	1,351
2021/2020	4,842	2,286
2020/2019	2,796	3,779
2019/2018	2,905	1,869
Prior	2,040	1,593
Revolving Loans Amortized Cost Basis	5,222	3,541
Revolving Loans Converted to Term Loans Amortized Cost Basis	455	443
Financing Receivable, before Allowance for Credit Loss, Total	26,420	15,518
Consumer \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,545	3,205
2022/2021	229	258
2020/2019		51
2019/2018	1	24
Prior	10	29
Revolving Loans Amortized Cost Basis	42,933	38,805
Revolving Loans Converted to Term Loans Amortized Cost Basis	136	227
Financing Receivable, before Allowance for Credit Loss, Total	44,854	42,599
Consumer \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	361	1,615
2022/2021	368	4,082
2021/2020	982	353
2020/2019	335	1,368
2019/2018	1,059
Prior	1
Revolving Loans Amortized Cost Basis	78,484	78,430
Revolving Loans Converted to Term Loans Amortized Cost Basis		1
Financing Receivable, before Allowance for Credit Loss, Total	81,590	85,849
Residential Mortgage loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	278,361
2022/2021	656,256
2021/2020	1,169,793
2020/2019	633,900
2019/2018	283,560
Prior	1,251,365
Revolving Loans Amortized Cost Basis	1,178,936
Revolving Loans Converted to Term Loans Amortized Cost Basis	5,732
Financing Receivable, before Allowance for Credit Loss, Total	5,457,903
Residential Mortgage loans \| Residential Lending: Residential Mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0
2022/2021	0
2021/2020	0
2020/2019	0
2019/2018	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Current period gross charge-offs:
Prior, Current period gross charge-offs	122
Total, Current period gross charge-offs	122
Home Equity Loans and Lines of Credit
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	1,168,856
Revolving Loans Converted to Term Loans Amortized Cost Basis	5,732
Financing Receivable, before Allowance for Credit Loss, Total	1,174,588
Commercial and Industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	101,818	380,244
2022/2021	329,672	430,817
2021/2020	351,148	61,473
2020/2019	36,453	177,922
2019/2018	151,313	54,209
Prior	144,925	140,740
Revolving Loans Amortized Cost Basis	1,048,183	974,334
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,837	16,158
Financing Receivable, before Allowance for Credit Loss, Total	2,165,349	2,235,897
Current period gross charge-offs:
2023, Current period gross charge-offs	130
2022, Current period gross charge-offs	70
2021, Current period gross charge-offs	75
2020, Current period gross charge-offs	87
2019, Current period gross charge-offs	168
Prior, Current period gross charge-offs	2,952
Total, Current period gross charge-offs	3,482	2,012	5,949
Commercial and Industrial \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	85,839	359,881
2022/2021	273,663	422,567
2021/2020	346,024	54,656
2020/2019	32,753	170,222
2019/2018	146,893	51,476
Prior	141,681	137,257
Revolving Loans Amortized Cost Basis	971,065	894,384
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,823	15,715
Financing Receivable, before Allowance for Credit Loss, Total	1,999,741	2,106,158
Commercial and Industrial \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1	2,059
2022/2021	44,069	240
2021/2020	80	1,371
2020/2019	653	2,643
2019/2018	1,032	184
Prior	1,290	1,431
Revolving Loans Amortized Cost Basis	22,807	22,897
Revolving Loans Converted to Term Loans Amortized Cost Basis	14	378
Financing Receivable, before Allowance for Credit Loss, Total	69,946	31,203
Commercial and Industrial \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022		625
2022/2021	342	289
2021/2020	230	1,117
2020/2019	677	1,092
2019/2018	1,686	668
Prior	829	885
Revolving Loans Amortized Cost Basis	8,330	14,733
Revolving Loans Converted to Term Loans Amortized Cost Basis		65
Financing Receivable, before Allowance for Credit Loss, Total	12,094	19,474
Commercial and Industrial \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	15,978	17,679
2022/2021	11,598	7,721
2021/2020	4,814	4,329
2020/2019	2,370	3,965
2019/2018	1,702	1,881
Prior	1,125	1,167
Revolving Loans Amortized Cost Basis	45,981	42,320
Financing Receivable, before Allowance for Credit Loss, Total	83,568	79,062
Commercial Real Estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	348,881	889,753
2022/2021	885,480	695,882
2021/2020	719,685	320,566
2020/2019	338,888	580,465
2019/2018	539,949	397,690
Prior	1,429,298	1,199,197
Revolving Loans Amortized Cost Basis	76,712	48,756
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,350
Financing Receivable, before Allowance for Credit Loss, Total	4,340,243	4,132,309
Current period gross charge-offs:
2023, Current period gross charge-offs	0
2022, Current period gross charge-offs	0
2021, Current period gross charge-offs	0
2020, Current period gross charge-offs	0
2019, Current period gross charge-offs	2,500
Prior, Current period gross charge-offs	0
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	0
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	0
Total, Current period gross charge-offs	2,500	750	$ 66
Commercial Real Estate \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	346,369	889,583
2022/2021	872,783	695,882
2021/2020	676,362	319,838
2020/2019	337,529	565,587
2019/2018	523,446	395,474
Prior	1,414,613	1,173,163
Revolving Loans Amortized Cost Basis	74,238	48,081
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,350
Financing Receivable, before Allowance for Credit Loss, Total	4,246,690	4,087,608
Commercial Real Estate \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	2,307	170
2022/2021	7,618
2021/2020	41,320	555
2020/2019	1,359	14,878
2019/2018	13,550	512
Prior	11,998	11,398
Revolving Loans Amortized Cost Basis	819	675
Financing Receivable, before Allowance for Credit Loss, Total	78,971	28,188
Commercial Real Estate \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	205
2022/2021	5,079
2021/2020	2,003	173
2019/2018	2,953	1,704
Prior	2,545	14,485
Revolving Loans Amortized Cost Basis	1,655
Financing Receivable, before Allowance for Credit Loss, Total	14,440	16,362
Commercial Real Estate \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Prior	142	151
Financing Receivable, before Allowance for Credit Loss, Total	142	151
Construction
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	169,160	154,158
2022/2021	290,659	282,875
2021/2020	273,924	101,109
2020/2019	62,200	99,422
2019/2018	65,238	92,778
Prior	32,332	87,390
Revolving Loans Amortized Cost Basis	6,779	26,911
Financing Receivable, before Allowance for Credit Loss, Total	900,292	844,643
Current period gross charge-offs:
2023, Current period gross charge-offs	0
2022, Current period gross charge-offs	0
2021, Current period gross charge-offs	0
2020, Current period gross charge-offs	0
2019, Current period gross charge-offs	0
Prior, Current period gross charge-offs	0
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	0
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	0
Total, Current period gross charge-offs	0
Construction \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	156,432	124,464
2022/2021	269,623	261,536
2021/2020	265,674	96,423
2020/2019	60,057	97,000
2019/2018	63,018	88,973
Prior	27,847	84,704
Revolving Loans Amortized Cost Basis	6,070	25,957
Financing Receivable, before Allowance for Credit Loss, Total	848,721	779,057
Construction \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2020/2019		221
2019/2018	189
Prior	665
Financing Receivable, before Allowance for Credit Loss, Total	854	221
Construction \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2019/2018		21
Prior		490
Financing Receivable, before Allowance for Credit Loss, Total		511
Construction \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	12,728	29,694
2022/2021	21,036	21,339
2021/2020	8,250	4,686
2020/2019	2,143	2,201
2019/2018	2,031	3,784
Prior	3,820	2,196
Revolving Loans Amortized Cost Basis	709	954
Financing Receivable, before Allowance for Credit Loss, Total	50,717	64,854
Lease financing
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	146,682	113,563
2022/2021	83,386	24,463
2021/2020	19,094	46,192
2020/2019	31,826	38,813
2019/2018	30,301	6,015
Prior	68,520	69,044
Financing Receivable, before Allowance for Credit Loss, Total	379,809	298,090
Current period gross charge-offs:
2023, Current period gross charge-offs	0
2022, Current period gross charge-offs	0
2021, Current period gross charge-offs	0
2020, Current period gross charge-offs	0
2019, Current period gross charge-offs	0
Prior, Current period gross charge-offs	0
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	0
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	0
Total, Current period gross charge-offs	0
Lease financing \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	145,914	113,563
2022/2021	82,833	24,052
2021/2020	18,680	43,497
2020/2019	31,791	37,502
2019/2018	30,299	6,004
Prior	68,520	67,687
Financing Receivable, before Allowance for Credit Loss, Total	378,037	292,305
Lease financing \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	56
2022/2021	137	411
2021/2020	414	2,498
2020/2019	35	1,299
Financing Receivable, before Allowance for Credit Loss, Total	642	4,208
Lease financing \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	712
2022/2021	416
2021/2020		197
2020/2019		12
2019/2018	2	11
Prior		1,357
Financing Receivable, before Allowance for Credit Loss, Total	1,130	1,577
Commercial Lending
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	766,541	1,537,718
2022/2021	1,589,197	1,434,037
2021/2020	1,363,851	529,340
2020/2019	469,367	896,622
2019/2018	786,801	550,692
Prior	1,675,075	1,496,371
Revolving Loans Amortized Cost Basis	1,131,674	1,050,001
Revolving Loans Converted to Term Loans Amortized Cost Basis	3,187	16,158
Financing Receivable, before Allowance for Credit Loss, Total	7,785,693	$ 7,510,939
Current period gross charge-offs:
2023, Current period gross charge-offs	130
2022, Current period gross charge-offs	70
2021, Current period gross charge-offs	75
2020, Current period gross charge-offs	87
2019, Current period gross charge-offs	2,668
Prior, Current period gross charge-offs	2,952
Total, Current period gross charge-offs	$ 5,982

Income Taxes - Reconciliation of Unrecognized Tax Benefits - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Tax
Balance	$ 183,751	$ 183,311	$ 135,595
Additions for current year tax positions	629	1,289	1,366
Additions for Reorganization Transactions			47,282	$ 121,400
Additions for prior years' tax positions: New uncertain tax positions identified	2,220
Reductions for prior years' tax positions: Expiration of statute of limitations	(1,139)	(849)	(932)
Balance	185,461	183,751	183,311
Interest and Penalties
Balance	22,474	20,743	18,926
Additions for Reorganization Transactions	3,155	974	941	$ 7,000
Additions for prior years' tax positions: Accrual of interest and penalties	1,221	860	1,264
Reductions for prior years' tax positions: Expiration of statute of limitations	(266)	(103)	(388)
Balance	26,584	22,474	20,743
Total
Balance	206,225	204,054	154,521
Additions for current year tax positions	629	1,289	1,366
Additions for Reorganization Transactions	3,155	974	48,223
Additions for prior years' tax positions: New uncertain tax positions identified	2,220
Additions for prior years' tax positions: Accrual of interest and penalties	1,221	860	1,264
Reductions for prior years' tax positions: Expiration of statute of limitations	(1,405)	(952)	(1,320)
Balance	212,045	206,225	204,054
Unrecognized tax benefits
Amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	56,400	24,200	23,100
Unrecognized tax benefits attributable to tax refund claims in State of California	141,200
Unrecognized tax benefits, reasonably possible to decrease within the next 12 months	2,200
Unrecognized interest and penalties, reasonably possible to decrease within the next 12 months	800
Net expense attributable to interest and penalties recorded	4,200	800	$ 800
Accrued interest and penalties attributable to uncertain tax positions and undisputed tax adjustments	28,500	24,100
Accrued interest and penalties attributable to unrecognized tax benefits	26,600	$ 22,500
Determination of taxes benefit is currently recognized	$ 0

Transfers of Financial Assets

12 Months Ended

Dec. 31, 2023

Transfers of Financial Assets

Transfers of Financial Assets

8. Transfers of Financial Assets

The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity, automated clearing house (“ACH”) transactions and interest rate swaps.

For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans and/or securities as collateral to secure borrowing capacity. For ACH transactions, the Company enters into bilateral agreements to collateralize possible daylight overdrafts. For interest rate swaps, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to ACH transactions, certain interest rate swaps, the FHLB and the FRB do not have the right to sell or repledge the collateral.

The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of December 31, 2023 and 2022 were as follows:


	December 31,
(dollars in thousands)	2023		2022
Public deposits	$	2,571,359	$	2,977,693
Federal Home Loan Bank		4,495,266		3,451,070
Federal Reserve Bank		4,074,093		1,704,803
ACH transactions		137,101		133,173
Interest rate swaps		575		31,091
Total	$	11,278,394	$	8,297,830

As the Company did not enter into reverse repurchase agreements or repurchase agreements, no collateral was accepted as of December 31, 2023 and 2022. In addition, no debt was extinguished by in-substance defeasance.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

+ Details

Deposits - Interest-bearing or Noninterest-bearing (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
U.S.:
Interest-bearing	$ 12,731,915	$ 11,936,775
Noninterest-bearing	6,609,483	7,978,046
Foreign:
Interest-bearing	1,017,180	887,608
Noninterest-bearing	974,079	886,600
Total deposits	$ 21,332,657	$ 21,689,029

Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Schedule of short-term borrowings


	December 31,
(dollars in thousands)	2023		2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB fixed-rate advances⁽¹⁾		500,000		—
Total short-term borrowings	$	500,000	$	75,000

Schedule of selected information for short-term borrowings


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		4.35	%		—	%
Highest month-end balance	$	150,000		$	75,000		$	—
Average outstanding balance	$	17,247		$	11,521		$	—
Weighted-average interest rate paid		4.45	%		4.08	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	400,000		$	—		$	—
Average outstanding balance	$	116,918		$	—		$	—
Weighted-average interest rate paid		5.25	%		—	%		—	%
Short-term FHLB fixed-rate advances:
Weighted-average interest rate at December 31,		4.71	%		—	%		—	%
Highest month-end balance	$	500,000		$	—		$	—
Average outstanding balance	$	144,932		$	—		$	—
Weighted-average interest rate paid		4.75	%		—	%		—	%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Treasury Stock	Total
Balance at Dec. 31, 2020	$ 1,402	$ 2,514,014	$ 473,974	$ 31,604		$ 2,744,104
Balance (in shares) at Dec. 31, 2020	129,912,272
Treasury Stock, Value, Beginning Balance at Dec. 31, 2020					$ (276,890)
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			265,735			265,735
Cash dividends declared			(134,133)			(134,133)
Common stock issued under Employee Stock Purchase Plan		547				547
Common stock issued under Employee Stock Purchase Plan (in shares)	21,070
Equity-based awards	$ 4	13,102	(1,042)		(3,108)	8,956
Equity-based awards (in shares)	248,662
Common stock repurchased					(75,000)	(75,000)
Common stock repurchased (in shares)	(2,679,532)
Other comprehensive loss, net of tax				(153,297)		(153,297)
Balance at Dec. 31, 2021	$ 1,406	2,527,663	604,534	(121,693)		2,656,912
Balance (in shares) at Dec. 31, 2021	127,502,472
Treasury Stock, Value, Ending Balance at Dec. 31, 2021					(354,998)
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			265,685			265,685
Cash dividends declared			(132,588)			(132,588)
Common stock issued under Employee Stock Purchase Plan		379				379
Common stock issued under Employee Stock Purchase Plan (in shares)	16,680
Equity-based awards	$ 4	10,294	(1,087)		(3,555)	5,656
Equity-based awards (in shares)	241,360
Common stock repurchased					(9,478)	(9,478)
Common stock repurchased (in shares)	(397,185)
Other comprehensive loss, net of tax				(517,561)		(517,561)
Balance at Dec. 31, 2022	$ 1,410	2,538,336	736,544	(639,254)		$ 2,269,005
Balance (in shares) at Dec. 31, 2022	127,363,327					127,363,327
Treasury Stock, Value, Ending Balance at Dec. 31, 2022					(368,031)	$ 368,031
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			234,983			234,983
Cash dividends declared			(132,646)			(132,646)
Common stock issued under Employee Stock Purchase Plan		308				308
Common stock issued under Employee Stock Purchase Plan (in shares)	16,226
Equity-based awards	$ 3	9,606	(1,022)		(3,215)	5,372
Equity-based awards (in shares)	239,208
Other comprehensive loss, net of tax				109,044		109,044
Balance at Dec. 31, 2023	$ 1,413	$ 2,548,250	$ 837,859	$ (530,210)		$ 2,486,066
Balance (in shares) at Dec. 31, 2023	127,618,761					127,618,761
Treasury Stock, Value, Ending Balance at Dec. 31, 2023					$ (371,246)	$ 371,246

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Available-for-sale investment securities, amortized cost	$ 2,558,675	$ 3,549,599
Investment securities held-to-maturity	$ 3,574,856	$ 3,814,822
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	141,340,539	140,963,918
Common stock outstanding (in shares)	127,618,761	127,363,327
Common stock repurchased (in shares)	13,721,778	13,600,591

Derivative Financial Instruments - Free-Standing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 28, 2018
Minimum
Derivative financial instruments
Derivative, Floating rate		4.62%
Maximum
Derivative financial instruments
Derivative, Floating rate		7.12%
Class B restricted shares
Derivative financial instruments
Conversion rate	1.5875			1.6483
Interest rate swaps \| Customer swap program
Derivative financial instruments
Notional Amount	$ 2,800,000
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Derivative financial instruments
Notional Amount	2,753,801	$ 2,849,776
Positive fair value, derivative asset	1,204	3,178
Negative fair value, derivative liability	521	42,365
Net interest expense	$ 0	$ 0	$ 0
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Minimum
Derivative financial instruments
Derivative, Floating rate	5.84%
Fixed interest rate (as a percent)	2.39%	2.39%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Maximum
Derivative financial instruments
Derivative, Floating rate	8.34%
Fixed interest rate (as a percent)	5.98%	6.13%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Customer swap program
Derivative financial instruments
Positive fair value, derivative asset	$ 1,200	$ 3,200
Negative fair value, derivative liability	500	42,400
Upfront fees on the dealer swap	$ 1,800	$ 2,500	$ 2,600

Reportable Operating Segments (Tables)

12 Months Ended

Dec. 31, 2023

Reportable Operating Segments

Schedule of selected business segment financial information

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Year Ended December 31, 2023

Net interest income

458,125

175,569

2,433

636,127

Provision for credit losses

(9,899)

(14,961)

(1,770)

(26,630)

Net interest income after provision for credit losses

448,226

160,608

663

609,497

Noninterest income

97,651

75,358

27,806

200,815

Noninterest expense

(304,731)

(112,839)

(83,568)

(501,138)

Income (loss) before (provision) benefit for income taxes

241,146

123,127

(55,099)

309,174

(Provision) benefit for income taxes

(58,091)

(27,927)

11,827

(74,191)

Net income (loss)

183,055

95,200

(43,272)

234,983

Total assets as of December 31, 2023

7,589,607

6,966,731

10,370,136

24,926,474


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2022
Net interest income	$	436,228	$	157,128	$	20,193	$	613,549
Benefit (provision) for credit losses		967		1,154		(3,513)		(1,392)
Net interest income after benefit (provision) for credit losses		437,195		158,282		16,680		612,157

Noninterest income		94,085		77,539		7,901		179,525
Noninterest expense		(293,563)		(109,906)		(37,002)		(440,471)
Income (loss) before (provision) benefit for income taxes		237,717		125,915		(12,421)		351,211

(Provision) benefit for income taxes		(58,077)		(30,158)		2,709		(85,526)
Net income (loss)	$	179,640	$	95,757	$	(9,712)	$	265,685
Total assets as of December 31, 2022	$	7,463,002	$	6,850,638	$	10,263,583	$	24,577,223


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2021
Net interest income (expense)	$	385,656	$	162,997	$	(18,094)	$	530,559
Benefit for credit losses		16,267		22,452		281		39,000
Net interest income (expense) after benefit for credit losses		401,923		185,449		(17,813)		569,559

Noninterest income		91,672		72,781		20,463		184,916
Noninterest expense		(247,949)		(100,932)		(56,598)		(405,479)
Income (loss) before (provision) benefit for income taxes		245,646		157,298		(53,948)		348,996

(Provision) benefit for income taxes		(58,710)		(37,525)		12,974		(83,261)
Net income (loss)	$	186,936	$	119,773	$	(40,974)	$	265,735
Total assets as of December 31, 2021	$	7,148,376	$	5,972,567	$	11,871,467	$	24,992,410

Revenue from Contracts with Customers - Other (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contracts with Customers
Significant performance obligations	$ 0	$ 0
Material contract acquisition costs	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income (Loss)	$ 234,983	$ 265,685	$ 265,735
Other comprehensive income (loss), net of tax:
Net change in pensions and other benefits	(58)	(18,959)	(7,347)
Net change in investment securities	105,087	(531,818)	(160,644)
Net change in cash flow derivative hedges	3,899	(4,702)
Other comprehensive income (loss)	109,044	(517,561)	(153,297)
Total comprehensive income (loss)	$ 344,027	$ (251,876)	$ 112,438

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Subparagraph (f)
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Allowance for Credit Losses

Allowance for Credit Losses

5. Allowance for Credit Losses

The Company maintains an ACL that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of loans and leases.

The Company also maintains an estimated reserve for unfunded commitments on the consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the off-balance sheet financial instruments expire, loan funding occurs, or is otherwise settled.

Rollforward of the Allowance for Credit Losses

The following presents the activity in the ACL by class of loans and leases for the years ended December 31, 2023, 2022 and 2021:

Year Ended December 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of year

14,564

43,810

5,843

1,551

35,175

8,296

34,661

143,900

Charge-offs

(3,482)

(2,500)

—

(122)

(292)

(17,110)

(23,506)

Recoveries

3,346

—

141

702

7,090

11,279

Provision

528

2,634

4,549

203

1,686

3,022

12,238

24,860

Balance at end of year

14,956

43,944

10,392

1,754

36,880

11,728

36,879

156,533


	Year Ended December 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of year	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262
Charge-offs		(2,012)		(750)		—		—		(103)		(1,175)		(16,848)		(20,888)
Recoveries		897		14		—		60		418		713		7,545		9,647
Provision		(4,401)		1,595		(3,930)		(168)		496		3,116		1,171		(2,121)
Balance at end of year	$	14,564	$	43,810	$	5,843	$	1,551	$	35,175	$	8,296	$	34,661	$	143,900


	Year Ended December 31, 2021
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of year	$	24,711	$	58,123	$	10,039	$	3,298	$	40,461	$	7,163	$	64,659	$	208,454
Charge-offs		(5,949)		(66)		—		—		(632)		(342)		(16,634)		(23,623)
Recoveries		867		39		266		—		261		117		9,600		11,150
Provision		451		(15,145)		(532)		(1,639)		(5,726)		(1,296)		(14,832)		(38,719)
Balance at end of year	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262

Rollforward of the Reserve for Unfunded Commitments

The following presents the activity in the Reserve for Unfunded Commitments for the years ended December 31, 2023, 2022 and 2021:

Year Ended December 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of year

7,811

2,004

7,470

—

16,483

33,835

Provision

1,305

(217)

578

—

(6)

106

1,770

Balance at end of year

9,116

1,787

8,048

—

16,589

35,605


	Year Ended December 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of year	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322
Provision		(804)		(110)		(1,493)		—		15		5,937		(32)		3,513
Balance at end of year	$	7,811	$	2,004	$	7,470	$	—	$	30	$	16,483	$	37	$	33,835


	Year Ended December 31, 2021
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of year	$	11,719	$	1,328	$	9,037	$	—	$	2	$	8,452	$	65	$	30,603
Provision		(3,104)		786		(74)		—		13		2,094		4		(281)
Balance at end of year	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322

Credit Quality Information

The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses.

Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans and leases deemed to be of potentially higher risk.

An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment.

Pass – “Pass” (uncriticized) loans and leases are not considered to carry greater than normal risk. The borrower has the apparent ability to satisfy obligations to the Company, and therefore no loss in ultimate collection is anticipated.

Special Mention – Loans and leases that have potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for assets or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard – Loans and leases that are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans and leases so classified must have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the distinct possibility that the bank may sustain some loss if the deficiencies are not corrected.

Doubtful – Loans and leases that have weaknesses found in substandard borrowers with the added provision that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases classified as loss are considered uncollectible and of such little value that their continuance as an asset is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

Loans that are primarily monitored for credit quality using FICO scores include: residential mortgage loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type.

The amortized cost basis by year of origination and credit quality indicator of the Company's loans and leases as of December 31, 2023 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2023

2022

2021

2020

2019

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

85,839

273,663

346,024

32,753

146,893

141,681

971,065

1,823

1,999,741

Special Mention

44,069

653

1,032

1,290

22,807

69,946

Substandard

—

342

230

677

1,686

829

8,330

—

12,094

Other ⁽¹⁾

15,978

11,598

4,814

2,370

1,702

1,125

45,981

—

83,568

Total Commercial and Industrial

101,818

329,672

351,148

36,453

151,313

144,925

1,048,183

1,837

2,165,349

Current period gross charge-offs

130

168

2,952

—

3,482

Commercial Real Estate

Risk rating:

Pass

346,369

872,783

676,362

337,529

523,446

1,414,613

74,238

1,350

4,246,690

Special Mention

2,307

7,618

41,320

1,359

13,550

11,998

819

—

78,971

Substandard

205

5,079

2,003

—

2,953

2,545

1,655

—

14,440

Other ⁽¹⁾

—

142

—

142

Total Commercial Real Estate

348,881

885,480

719,685

338,888

539,949

1,429,298

76,712

1,350

4,340,243

Current period gross charge-offs

—

2,500

—

2,500

Construction

Risk rating:

Pass

156,432

269,623

265,674

60,057

63,018

27,847

6,070

—

848,721

Special Mention

—

189

665

—

854

Other ⁽¹⁾

12,728

21,036

8,250

2,143

2,031

3,820

709

—

50,717

Total Construction

169,160

290,659

273,924

62,200

65,238

32,332

6,779

—

900,292

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

145,914

82,833

18,680

31,791

30,299

68,520

—

378,037

Special Mention

137

414

—

642

Substandard

712

416

—

1,130

Total Lease Financing

146,682

83,386

19,094

31,826

30,301

68,520

—

379,809

Current period gross charge-offs

—

Total Commercial Lending

766,541

1,589,197

1,363,851

469,367

786,801

1,675,075

1,131,674

3,187

7,785,693

Current period gross charge-offs

130

2,668

2,952

—

5,982

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	211,598	$	529,296	$	999,522	$	529,881	$	227,058	$	987,251	$	—	$	—	$	3,484,606
680 - 739		36,975		67,205		117,337		68,122		33,148		130,387		—		—		453,174
620 - 679		3,544		16,395		19,184		12,811		4,096		38,987		—		—		95,017
550 - 619		1,305		6,521		1,917		2,492		398		11,679		—		—		24,312
Less than 550		—		—		2,909		2,017		582		6,439		—		—		11,947
No Score ⁽³⁾		9,137		19,311		11,492		6,043		9,679		51,109		—		—		106,771
Other ⁽²⁾		15,802		17,528		17,432		12,534		8,599		25,513		10,080		—		107,488
Total Residential Mortgage		278,361		656,256		1,169,793		633,900		283,560		1,251,365		10,080		—		4,283,315
Current period gross charge-offs		—		—		—		—		—		122		—		—		122

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		964,932		1,511		966,443
680 - 739		—		—		—		—		—		—		151,716		1,920		153,636
620 - 679		—		—		—		—		—		—		36,541		1,189		37,730
550 - 619		—		—		—		—		—		—		9,896		1,012		10,908
Less than 550		—		—		—		—		—		—		4,488		100		4,588
No Score ⁽³⁾		—		—		—		—		—		—		1,283		—		1,283
Total Home Equity Line		—		—		—		—		—		—		1,168,856		5,732		1,174,588
Current period gross charge-offs		—		—		—		—		—		—		273		19		292

Total Residential Lending	$	278,361	$	656,256	$	1,169,793	$	633,900	$	283,560	$	1,251,365	$	1,178,936	$	5,732	$	5,457,903
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	122	$	273	$	19	$	414

Consumer Lending
FICO:
740 and greater		92,117		128,358		76,148		33,507		21,819		8,970		123,592		155		484,666
680 - 739		68,865		71,031		37,925		17,116		13,270		5,690		76,645		401		290,943
620 - 679		28,533		29,229		16,919		7,843		7,972		4,624		35,210		781		131,111
550 - 619		4,996		10,859		7,760		4,917		4,651		2,986		13,223		925		50,317
Less than 550		1,790		6,370		4,842		2,796		2,905		2,040		5,222		455		26,420
No Score ⁽³⁾		1,545		229		—		—		1		10		42,933		136		44,854
Other ⁽²⁾		361		368		982		335		1,059		1		78,484		—		81,590
Total Consumer Lending	$	198,207	$	246,444	$	144,576	$	66,514	$	51,677	$	24,321	$	375,309	$	2,853	$	1,109,901
Current period gross charge-offs	$	639	$	2,400	$	2,135	$	1,142	$	1,816	$	2,622	$	5,790	$	566	$	17,110

Total Loans and Leases	$	1,243,109	$	2,491,897	$	2,678,220	$	1,169,781	$	1,122,038	$	2,950,761	$	2,685,919	$	11,772	$	14,353,497
Current period gross charge-offs	$	769	$	2,470	$	2,210	$	1,229	$	4,484	$	5,696	$	6,063	$	585	$	23,506

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

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

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

The amortized cost basis by year of origination and credit quality indicator of the Company's loans and leases as of December 31, 2022 was as follows:


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	359,881	$	422,567	$	54,656	$	170,222	$	51,476	$	137,257	$	894,384	$	15,715	$	2,106,158
Special Mention		2,059		240		1,371		2,643		184		1,431		22,897		378		31,203
Substandard		625		289		1,117		1,092		668		885		14,733		65		19,474
Other ⁽¹⁾		17,679		7,721		4,329		3,965		1,881		1,167		42,320		—		79,062
Total Commercial and Industrial		380,244		430,817		61,473		177,922		54,209		140,740		974,334		16,158		2,235,897

Commercial Real Estate
Risk rating:
Pass		889,583		695,882		319,838		565,587		395,474		1,173,163		48,081		—		4,087,608
Special Mention		170		—		555		14,878		512		11,398		675		—		28,188
Substandard		—		—		173		—		1,704		14,485		—		—		16,362
Other ⁽¹⁾		—		—		—		—		—		151		—		—		151
Total Commercial Real Estate		889,753		695,882		320,566		580,465		397,690		1,199,197		48,756		—		4,132,309

Construction
Risk rating:
Pass		124,464		261,536		96,423		97,000		88,973		84,704		25,957		—		779,057
Special Mention		—		—		—		221		—		—		—		—		221
Substandard		—		—		—		—		21		490		—		—		511
Other ⁽¹⁾		29,694		21,339		4,686		2,201		3,784		2,196		954		—		64,854
Total Construction		154,158		282,875		101,109		99,422		92,778		87,390		26,911		—		844,643

Lease Financing
Risk rating:
Pass		113,563		24,052		43,497		37,502		6,004		67,687		—		—		292,305
Special Mention		—		411		2,498		1,299		—		—		—		—		4,208
Substandard		—		—		197		12		11		1,357		—		—		1,577
Total Lease Financing		113,563		24,463		46,192		38,813		6,015		69,044		—		—		298,090

Total Commercial Lending	$	1,537,718	$	1,434,037	$	529,340	$	896,622	$	550,692	$	1,496,371	$	1,050,001	$	16,158	$	7,510,939

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	557,636	$	1,064,444	$	560,463	$	245,241	$	165,258	$	920,100	$	—	$	—	$	3,513,142
680 - 739		73,929		112,672		82,416		40,355		22,126		130,508		—		—		462,006
620 - 679		12,320		13,804		9,881		3,649		3,054		35,441		—		—		78,149
550 - 619		2,455		2,246		1,791		263		601		6,955		—		—		14,311
Less than 550		—		1,321		367		—		966		5,304		—		—		7,958
No Score ⁽³⁾		22,289		14,671		6,820		10,599		15,921		47,245		—		—		117,545
Other ⁽²⁾		18,970		18,211		15,287		9,201		9,124		29,128		9,202		554		109,677
Total Residential Mortgage		687,599		1,227,369		677,025		309,308		217,050		1,174,681		9,202		554		4,302,788

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		817,123		2,059		819,182
680 - 739		—		—		—		—		—		—		171,117		2,714		173,831
620 - 679		—		—		—		—		—		—		45,368		2,100		47,468
550 - 619		—		—		—		—		—		—		7,485		1,029		8,514
Less than 550		—		—		—		—		—		—		1,151		481		1,632
No Score ⁽³⁾		—		—		—		—		—		—		4,724		—		4,724
Total Home Equity Line		—		—		—		—		—		—		1,046,968		8,383		1,055,351
Total Residential Lending	$	687,599	$	1,227,369	$	677,025	$	309,308	$	217,050	$	1,174,681	$	1,056,170	$	8,937	$	5,358,139

Consumer Lending
FICO:
740 and greater		200,887		111,047		53,534		43,912		24,951		8,432		125,126		185		568,074
680 - 739		99,787		67,140		37,260		31,751		15,874		7,665		72,101		514		332,092
620 - 679		25,949		29,587		14,226		16,872		9,672		6,488		31,854		937		135,585
550 - 619		3,017		5,475		5,226		8,056		5,396		3,924		11,269		854		43,217
Less than 550		656		1,351		2,286		3,779		1,869		1,593		3,541		443		15,518
No Score ⁽³⁾		3,205		258		—		51		24		29		38,805		227		42,599
Other ⁽²⁾		1,615		4,082		353		1,368		—		—		78,430		1		85,849
Total Consumer Lending	$	335,116	$	218,940	$	112,885	$	105,789	$	57,786	$	28,131	$	361,126	$	3,161	$	1,222,934

Total Loans and Leases	$	2,560,433	$	2,880,346	$	1,319,250	$	1,311,719	$	825,528	$	2,699,183	$	2,467,297	$	28,256	$	14,092,012

(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.

There were no loans and leases graded as Loss as of December 31, 2023 and 2022.

Past-Due Status

The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of December 31, 2023 and 2022, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows:

December 31, 2023

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

2,611

349

1,464

4,424

2,160,925

2,165,349

494

Commercial real estate

—

196

300

496

4,339,747

4,340,243

300

Construction

25,191

—

25,191

875,101

900,292

—

Lease financing

—

379,809

—

Residential mortgage

5,244

1,475

4,720

11,439

4,271,876

4,283,315

—

Home equity line

5,940

624

3,550

10,114

1,164,474

1,174,588

—

Consumer

23,259

3,897

2,702

29,858

1,080,043

1,109,901

2,702

Total

62,245

6,541

12,736

81,522

14,271,975

14,353,497

3,496


	December 31, 2022
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,682	$	769	$	1,441	$	4,892	$	2,231,005	$	2,235,897	$	291
Commercial real estate		4,505		—		727		5,232		4,127,077		4,132,309		—
Construction		109		—		—		109		844,534		844,643		—
Lease financing		—		—		—		—		298,090		298,090		—
Residential mortgage		3,681		1,983		2,572		8,236		4,294,552		4,302,788		58
Home equity line		5,161		1,381		2,072		8,614		1,046,737		1,055,351		—
Consumer		29,927		6,801		2,886		39,614		1,183,320		1,222,934		2,885
Total	$	46,065	$	10,934	$	9,698	$	66,697	$	14,025,315	$	14,092,012	$	3,234

Nonaccrual Loans and Leases

The amortized cost basis of loans and leases on nonaccrual status as of December 31, 2023 and 2022 and the amortized cost basis of loans and leases on nonaccrual status with no allowance for credit losses as of December 31, 2023 and 2022 were as follows:


	December 31, 2023
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	970
Commercial real estate		2,685		2,953
Residential mortgage		2,667		7,620
Home equity line		1,163		7,052
Total Nonaccrual Loans and Leases	$	6,515	$	18,595


	December 31, 2022
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	665	$	1,215
Commercial real estate		727		727
Residential mortgage		1,560		6,166
Home equity line		596		3,797
Total Nonaccrual Loans and Leases	$	3,548	$	11,905

During the years ended December 31, 2023, 2022 and 2021, the Company recognized interest income of $0.6 million, $0.4 million and $0.4 million, respectively, on nonaccrual loans and leases. Furthermore, for the years ended December 31, 2023, 2022 and 2021, the amount of accrued interest receivables written off by reversing interest income was $1.0 million, $0.9 million and $0.8 million, respectively.

Collateral-Dependent Loans and Leases

Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of December 31, 2023 and 2022, the amortized cost basis of collateral-dependent loans was $11.1 million and $8.2 million, respectively. As of December 31, 2023 and 2022, these loans were primarily collateralized by residential real estate property and the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company adopted the provisions of Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40, updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. For additional information, see “Note 1. Organization and Summary of Significant Accounting Policies.”

Commercial and industrial loans with a borrower experiencing financial difficulty may be modified through interest rate reductions, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans with a borrower experiencing financial difficulty may involve reducing the interest rate for the remaining term of the loan or extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk. Modifications of construction loans with a borrower experiencing financial difficulty may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. Modifications of residential real estate loans with a borrower experiencing financial difficulty may be comprised of loans where monthly payments are lowered to accommodate the borrowers’ financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans with a borrower experiencing financial difficulty may involve interest rate reductions and term extensions.

Loans modified with a borrower experiencing financial difficulty, whether in default or not, may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified with a borrower experiencing financial difficulty are evaluated for impairment. As a result, this may have a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates.

The following tables present, by class of financing receivable and type of modification granted, the amortized cost basis as of December 31, 2023, related to loans modified to borrowers experiencing financial difficulty during the year ended December 31, 2023:



	Interest Rate Reduction
		Year Ended
		December 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis⁽¹⁾	of Financing Receivable
Commercial real estate	$	5	n/m	%
Consumer		1,161	0.10
Total	$	1,166	0.01	%

n/m – Represents less than 0.01% of total class of financing receivable.

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.



	Term Extension
		Year Ended
		December 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis⁽¹⁾	of Financing Receivable
Commercial and industrial	$	524	0.02	%
Commercial real estate		3,114	0.07
Construction		665	0.07
Residential mortgage		1,410	0.03
Consumer		135	0.01
Total	$	5,848	0.04	%

n/m – Represents less than 0.01% of total class of financing receivable.

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.

The following tables describe, by class of financing receivable and type of modification granted, the financial effect of the modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023:


		Interest Rate Reduction
		Financial Effect
		Year Ended December 31, 2023
Commercial real estate		Reduced weighted-average contractual interest rate by 0.75%.
Consumer		Reduced weighted-average contractual interest rate by 13.01%.


		Term Extension
		Financial Effect
		Year Ended December 31, 2023
Commercial and industrial		Added a weighted-average 2.1 years to the life of loans.
Commercial real estate		Added a weighted-average 2.1 years to the life of loans.
Construction		Added a weighted-average 1.0 years to the life of loans.
Residential mortgage		Added a weighted-average 2.1 years to the life of loans.
Consumer		Added a weighted-average 3.8 years to the life of loans.

The following table presents, by class of financing receivable and type of modification granted, the amortized cost basis, as of December 31, 2023, of loans that had a payment default during the year ended December 31, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty. The Company is reporting these defaulted loans based on a payment default definition of 30 days past due:


	Amortized Cost Basis of Modified Loans That Subsequently Defaulted⁽¹⁾
	Year Ended December 31, 2023
(dollars in thousands)	Interest Rate Reduction		Term Extension
Consumer	$	318	$	6
Total	$	318	$	6

(1)	The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the year.

Performance of the loans that are modified to borrowers experiencing financial difficulty is monitored to understand the effectiveness of the Company’s modification efforts. As of December 31, 2023, the aging analysis of the amortized cost basis of the performance of loans that have been modified in the last 12 months related to borrowers experiencing financial difficulty was as follows:


		December 31, 2023
		Past Due
						Greater Than
						or Equal to
		30-59 Days		60-89 Days		90 Days		Total
(dollars in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial and industrial	$	—	$	—	$	—	$	—	$	524	$	524
Commercial real estate		—		—		—		—		3,119		3,119
Construction		—		—		—		—		665		665
Residential mortgage		—		—		—		—		1,410		1,410
Consumer		107		70		15		192		1,104		1,296
Total	$	107	$	70	$	15	$	192	$	6,822	$	7,014

The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $6.5 billion as of December 31, 2023. Of the $6.5 billion at December 31, 2023, there were commitments of $5.0 million to lend additional funds to borrowers experiencing financial difficulty for which the Company had modified the terms of the loans in the form of an interest rate reduction or a term extension during the year ended December 31, 2023.

Troubled Debt Restructuring Disclosures Prior to Adoption of ASU No. 2022-02

Prior to the adoption of ASU No. 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulty as a TDR. On January 1, 2023, the Company adopted ASU No. 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2023. Loans that were restructured in a TDR prior to the adoption of ASU No. 2022-02 will continue to be accounted for under the historical TDR accounting until the loan is paid off or subsequently modified. The disclosures below related to TDRs for prior periods are presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors.

Commercial and industrial loans modified in a TDR may have involved temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans in a TDR may have involved reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Modifications of construction loans in a TDR may have also involved extending the interest-only payment period. Interest continued to accrue on the missed payments and as a result, the effective yield on the loan remained unchanged. Residential real estate loans modified in a TDR may have been comprised of loans where monthly payments were lowered to accommodate the borrowers’ financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans in a TDR may have involved temporary or permanent reduced payments, temporary interest-only payments and below-market interest rates.

Loans modified in a TDR may have already been on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified in a TDR were evaluated for impairment. As a result, this may have had a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, that had been modified in a TDR was measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or if the loan was collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans that had been modified in a TDR was measured based on the estimated fair value of the collateral, less any selling costs. Management exercised significant judgment in developing these estimates.

The following presents, by class, information related to loans modified in a TDR during the years ended December 31, 2022 and 2021, presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors:


	Year Ended December 31, 2022
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	5	$	205	$	17
Residential mortgage	1		247		31
Consumer	258		2,173		443
Total	264	$	2,625	$	491


	Year Ended December 31, 2021
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	11	$	1,481	$	124
Commercial real estate	1		346		78
Construction	12		689		69
Residential mortgage	13		5,539		207
Consumer	1,652		15,710		2,127
Total	1,689	$	23,765	$	2,605

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

The above loans were modified in a TDR through an extension of maturity dates, reduced payments, or below-market interest rates.

The Company had commitments to extend credit, standby letters of credit and commercial letters of credit totaling $7.0 billion and $6.7 billion as of December 31, 2022 and 2021, respectively. Of the $7.0 billion at December 31, 2022, there were commitments of $0.1 million related to borrowers who had loan terms modified in a TDR. Of the $6.7 billion at December 31, 2021, there were commitments of $0.2 million related to borrowers who had loan terms modified in a TDR.

The following table presents, by class, loans modified in TDRs that have defaulted during the years ended December 31, 2022 and 2021 within 12 months of their permanent modification date for the years indicated, presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors. The Company was reporting these defaulted TDRs based on a payment default definition of 30 days past due:



	Year Ended December 31,
	2022			2021
	Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	2	$	541	3	$	569
Construction	—		—	1		450
Commercial real estate	—		—	1		356
Residential mortgage	—		—	4		1,012
Consumer	213		2,623	405		5,272
Total	215	$	3,164	414	$	7,659

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the year.

Foreclosed Property

There were no residential real estate properties held from foreclosed residential mortgage loans as of December 31, 2023. Residential real estate property held from one foreclosed residential mortgage loan included in other real estate owned and repossessed personal property shown in the consolidated balance sheets was $0.1 million as of December 31, 2022.

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

13. Leases

The Company, as lessee, is obligated under a number of noncancelable operating leases primarily for branch premises and related real estate. Terms of such leases extend for periods up to 40 years, many of which provide for periodic adjustment of rent payments based on changes in various economic indicators. Renewal options are included in the Company’s lease liabilities and related right-of-use assets to the extent that the Company is reasonably certain to exercise such options. For all of the Company’s short-term leases (i.e., leases with an initial term of 12 months or less), the Company recognizes lease expense on a straight-line basis over the lease term. Variable lease payments are recognized in the period in which the obligation for those payments is incurred.

The Company’s branch premises leases typically require that the Company is responsible to pay for variable lease expense, primarily maintenance expense, as well as real property taxes, property insurance and sales taxes. Maintenance expense is paid to maintain common areas and covers costs including landscaping, cleaning and general maintenance. Such variable costs are typically re-evaluated by the landlord on an annual basis and are charged to the Company based on the portion of the total building premises that is occupied by the Company.

The Company subleases certain premises and real estate to third parties. The sublease portfolio consists of operating leases for space connected with three of the Company’s branch properties.

The components of the Company’s net lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Operating lease expense	$	8,167	$	8,883	$	9,432
Short-term lease expense		26		26		246
Variable lease expense		2,112		2,135		2,204
Finance lease expense:
Amortization of right-of-use assets		—		1		3
Total finance lease expense		—		1		3
Less: Sublease income		(649)		(637)		(744)
Net lease expense	$	9,656	$	10,408	$	11,141

Other information related to the Company’s lease liabilities as of and for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	7,636		$	8,418		$	7,981
Financing cash flows paid for finance leases	$	—		$	—		$	10
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	4,775		$	4,676		$	31,792
Weighted Average Remaining Lease Term
Operating leases (years)		21.3			22.2			22.8
Finance leases (years)		—			—			0.5
Weighted Average Discount Rate
Operating leases		3.11	%		2.98	%		3.01	%
Finance leases		—	%		—	%		6.78	%

Operating lease right-of-use assets were $61.3 million and $62.8 million as of December 31, 2023 and 2022, respectively, and were recorded as a component of other assets. Operating lease liabilities were $63.8 million and $64.8 million as of December 31, 2023 and 2022, respectively, and were recorded as a component of other liabilities.

The most significant assumption related to the Company’s application of Topic 842 was the discount rate assumption. As most of the Company’s lease agreements do not provide for an implicit interest rate, the Company used the collateralized interest rate that the Company would have to pay to borrow over a similar term to estimate the Company’s lease liabilities.

The following table sets forth future minimum rental payments under noncancelable operating leases with terms in excess of one year as of December 31, 2023:


	Net Operating
	Lease
(dollars in thousands)	Payments
Year ending December 31:
2024	$	8,009
2025		5,636
2026		5,149
2027		4,520
2028		3,931
Thereafter		62,557
Total future minimum lease payments		89,802
Less: Imputed interest		(25,970)
Total	$	63,832

The Company did not have any operating leases with related parties. As such, there were no lease payments to related parties for each of the years ended December 31, 2023, 2022 and 2021.

The Company, as lessor, rents office space in its headquarters office building as well as office space located primarily in Hawaii to third party lessees. Terms of such leases, including renewal options, may be extended for up to ten years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Non-lease components, primarily consisting of costs incurred by the Company for maintenance and utilities, are recognized as income in the period in which the payments are due.

The Company recognized operating lease income related to lease payments of $6.2 million, $6.1 million and $6.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, the Company recognized $6.3 million, $6.5 million and $6.1 million of lease income related to variable lease payments for the years ended December 31, 2023, 2022 and 2021, respectively.

Certain of the Company’s leases were with related parties for the use of space at the Company’s headquarters office building. There was no rental income paid by the related parties for the years ended December 31, 2023 and 2022. Rental income paid by related parties was nil for the year ended December 31, 2021. There are no future minimum rental income from related parties.

The following table sets forth future minimum rental income under noncancelable operating leases with terms in excess of one year as of December 31, 2023:


	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2024	$	5,963
2025		5,267
2026		4,446
2027		2,882
2028		1,914
Thereafter		3,715
Total	$	24,187

Transactions with Affiliates and Related Parties - Summary of Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transactions with Affiliates and Related Parties
Noninterest income from affiliates	$ 0	$ 0	$ 0
Noninterest expense to affiliates	0	0	$ 0
Other liabilities	0	0
Off-balance sheet commitments with affiliates to purchase and sell foreign currencies	$ 0	$ 0

Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Plan
Benefit payments expected to be paid over the next ten years
2024	$ 15,095
2025	15,371
2026	15,495
2027	14,570
2028	13,986
2029 to 2033	61,456
Other Benefits
Benefit payments expected to be paid over the next ten years
2024	1,220
2025	1,326
2026	1,417
2027	1,507
2028	1,561
2029 to 2033	$ 7,863

Benefit Plans - Contributions to Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2019
Qualified Plan (ERP)
Benefit Plans
Benefit accruals for the company's employees	$ 0
Pension Plan
Benefit Plans
Benefit accruals for the company's employees	(75,968)	$ (77,439)
Pension Plan \| Qualified Plan (ERP)
Benefit Plans
Expected contributions in 2024	0
Pension Plan \| Nonqualified Plan
Benefit Plans
Expected contributions in 2024	300
SERP and Directors' Plan
Benefit Plans
Benefit accruals for the company's employees			$ 0
Other Benefits \| Nonqualified Plan
Benefit Plans
Expected contributions in 2024	$ 1,200

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover page
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-14585
Entity Registrant Name	FIRST HAWAIIAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0156159
Entity Address, Address Line One	999 Bishop Street, 29th Floor
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	525-7000
Title of 12(b) Security	Common Stock
Trading Symbol	FHB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,622,503
Entity Public Float			$ 2.3
Entity Central Index Key	0000036377
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	Honolulu, Hawaii

Parent Company - Condensed Statements of Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 185,015	$ 297,502
Other assets	845,662	796,954
Total assets	24,926,474	24,577,223	$ 24,992,410
Liabilities and Stockholders' Equity
Retirement benefits payable	103,285	102,577
Other liabilities	504,466	441,612
Total liabilities	22,440,408	22,308,218
Stockholders' equity
Total stockholders' equity	2,486,066	2,269,005	$ 2,656,912	$ 2,744,104
Total liabilities and stockholders' equity	24,926,474	24,577,223
First Hawaiian, Inc.
Assets
Cash and due from banks	15,475	18,024
Investment in FHB	2,471,679	2,251,841
Other assets	30,131	27,638
Total assets	2,517,285	2,297,503
Liabilities and Stockholders' Equity
Retirement benefits payable	688	560
Other liabilities	30,531	27,938
Total liabilities	31,219	28,498
Stockholders' equity
Total liabilities and stockholders' equity	$ 2,517,285	$ 2,297,503

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 234,983	$ 265,685	$ 265,735

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Terms of Leases (Details)	12 Months Ended
Leases - Terms of Leases (Details)	Dec. 31, 2023 location
Lessee, Lease, Description [Line Items]
Lessee, renewal options included	true
Number of branch properties where operating leases for space are connected	3
Maximum
Lessee, Lease, Description [Line Items]
Term of lease	40 years

Commitments and Contingent Liabilities - Commitments to Extend Credit, Participations Sold (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments to extend credit
Commitments
Participations sold to other institutions	$ 61.8	$ 90.5
Standby letters of credit
Commitments
Participations sold to other institutions	$ 6.8	$ 8.1

Organization and Summary of Significant Accounting Policies - Non Marketable Equity Securities Impairment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization and Summary of Significant Accounting Policies
Impairment recognized on non marketable equity securities	$ 0	$ 0	$ 0

Investment Securities - Proceeds from Calls and Sales, Realized Gains and Losses and Interest Income Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Proceeds from calls and sales of investment securities
Proceeds from calls of investment securities	$ 8.3	$ 1.7	$ 8.6
Proceeds from sales of investment securities	551.6
Proceeds from sales of investment securities		0.0	2.5
Gross realized gains and losses on investment securities
Gross realized gains on sales of investment securities	40.8
Gross realized gains on sales of investment securities		0.0	0.1
Gross realized losses on sales of investment securities	40.0
Gross realized losses on sales of investment securities		0.0	0.0
Income tax expense related to net realized gains on sale of investment securities	0.2	0.0	0.0
Interest income from taxable and nontaxable investment securities
Interest income from taxable investment securities	134.5	128.7	93.3
Interest income from non-taxable investment securities	$ 13.2	$ 13.8	$ 8.1

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2023

Regulatory Capital Requirements

Schedule of regulatory capital ratios


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
December 31, 2023:
Common equity tier 1 capital to risk-weighted assets	$	2,020,784	12.39	%	$	2,006,393	12.30	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		2,020,784	12.39	%		2,006,393	12.30	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,212,922	13.57	%		2,198,531	13.48	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		2,020,784	8.64	%		2,006,393	8.57	%	4.00	%	5.00	%

December 31, 2022:
Common equity tier 1 capital to risk-weighted assets	$	1,912,767	11.82	%	$	1,895,693	11.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,912,767	11.82	%		1,895,693	11.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,090,502	12.92	%		2,073,428	12.81	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,912,767	8.11	%		1,895,693	8.04	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the FDIC.

Allowance for Credit Losses - Collateral-Dependent Loans and Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Residential Real Estate [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis of collateral-dependent loans	$ 11.1	$ 8.2

Other Assets - Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank Stock redemption notice period	5 years
Included in other assets
Investment in Federal Home Loan Bank stock	$ 32.6	$ 10.1

Reportable Operating Segments

12 Months Ended

Dec. 31, 2023

Reportable Operating Segments

Reportable Operating Segments

22. Reportable Operating Segments

The Company’s operations are organized into three business segments – Retail Banking, Commercial Banking and Treasury and Other. These segments reflect how discrete financial information is currently evaluated by the chief operating decision maker and how performance is assessed and resources allocated. The Company’s internal management process measures the performance of these business segments. This process, which is not necessarily comparable with similar information for any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP.

The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury.

The Company allocates the provision for credit losses from the Treasury and Other business segment (which is comprised of many of the Company’s support units) to the Retail and Commercial business segments. These allocations are based on direct costs incurred by the Retail and Commercial business segments.

Noninterest income and expense includes allocations from support units to the business segments. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. Income tax expense is allocated to each business segment based on the consolidated effective income tax rate for the period shown.

Business Segments

Retail Banking

Retail Banking offers a broad range of financial products and services to consumers and small businesses. Loan and lease products offered include residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans and small business loans and leases. Deposit products offered include checking, savings and time deposit accounts. Retail Banking also offers wealth management services. Products and services from Retail Banking are delivered to customers through 50 banking locations throughout the State of Hawaii, Guam and Saipan.

Commercial Banking

Commercial Banking offers products that include corporate banking related products, residential and commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, automobile loans and auto dealer financing, business deposit products and credit cards. Commercial lending and deposit products are offered primarily to middle-market and large companies locally, nationally and internationally.

Treasury and Other

Treasury consists of corporate asset and liability management activities including interest rate risk management. The segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, government deposits, short- and long-term borrowings and bank-owned properties. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, foreign exchange income related to customer driven cross-border wires for business and personal reasons and management of bank-owned properties. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury, along with the elimination of intercompany transactions.

Other organizational units (Technology, Operations, Credit and Risk Management, Human Resources, Finance, Administration, Marketing and Corporate and Regulatory Administration) provide a wide-range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process.

The following tables present selected business segment financial information for the years indicated:

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Year Ended December 31, 2023

Net interest income

458,125

175,569

2,433

636,127

Provision for credit losses

(9,899)

(14,961)

(1,770)

(26,630)

Net interest income after provision for credit losses

448,226

160,608

663

609,497

Noninterest income

97,651

75,358

27,806

200,815

Noninterest expense

(304,731)

(112,839)

(83,568)

(501,138)

Income (loss) before (provision) benefit for income taxes

241,146

123,127

(55,099)

309,174

(Provision) benefit for income taxes

(58,091)

(27,927)

11,827

(74,191)

Net income (loss)

183,055

95,200

(43,272)

234,983

Total assets as of December 31, 2023

7,589,607

6,966,731

10,370,136

24,926,474


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2022
Net interest income	$	436,228	$	157,128	$	20,193	$	613,549
Benefit (provision) for credit losses		967		1,154		(3,513)		(1,392)
Net interest income after benefit (provision) for credit losses		437,195		158,282		16,680		612,157

Noninterest income		94,085		77,539		7,901		179,525
Noninterest expense		(293,563)		(109,906)		(37,002)		(440,471)
Income (loss) before (provision) benefit for income taxes		237,717		125,915		(12,421)		351,211

(Provision) benefit for income taxes		(58,077)		(30,158)		2,709		(85,526)
Net income (loss)	$	179,640	$	95,757	$	(9,712)	$	265,685
Total assets as of December 31, 2022	$	7,463,002	$	6,850,638	$	10,263,583	$	24,577,223


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2021
Net interest income (expense)	$	385,656	$	162,997	$	(18,094)	$	530,559
Benefit for credit losses		16,267		22,452		281		39,000
Net interest income (expense) after benefit for credit losses		401,923		185,449		(17,813)		569,559

Noninterest income		91,672		72,781		20,463		184,916
Noninterest expense		(247,949)		(100,932)		(56,598)		(405,479)
Income (loss) before (provision) benefit for income taxes		245,646		157,298		(53,948)		348,996

(Provision) benefit for income taxes		(58,710)		(37,525)		12,974		(83,261)
Net income (loss)	$	186,936	$	119,773	$	(40,974)	$	265,735
Total assets as of December 31, 2021	$	7,148,376	$	5,972,567	$	11,871,467	$	24,992,410

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

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-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Deferred compensation expense	$ 50,945	$ 51,064
Allowance for credit losses and nonperforming assets	51,492	47,517
Lease liabilities	17,027	17,284
Investment securities	194,213	233,859
State income taxes	2,514	2,619
Total deferred income tax assets before valuation allowance	316,191	352,343
Valuation allowance		(983)
Total deferred income tax assets after valuation allowance	316,191	351,360
Liabilities:
Leases	(13,283)	(15,739)
Deferred income	(12,751)	(20,893)
Lease right-of-use assets	(16,364)	(16,763)
Intangible assets	(948)	(736)
Other	(33,320)	(34,910)
Total deferred income tax liabilities	(76,666)	(89,041)
Net deferred income tax assets	$ 239,525	$ 262,319

Leases - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future minimum rental income under noncancellable operating leases
2024	$ 5,963
2025	5,267
2026	4,446
2027	2,882
2028	1,914
Thereafter	3,715
Total	$ 24,187

Transfers of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2023

Transfers of Financial Assets

Schedule of carrying amounts of assets pledged as collateral


	December 31,
(dollars in thousands)	2023		2022
Public deposits	$	2,571,359	$	2,977,693
Federal Home Loan Bank		4,495,266		3,451,070
Federal Reserve Bank		4,074,093		1,704,803
ACH transactions		137,101		133,173
Interest rate swaps		575		31,091
Total	$	11,278,394	$	8,297,830

Derivative Financial Instruments - Amounts Recorded in Balance Sheets Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments
Carrying Amount of the Hedged Asset	$ 56,592	$ 60,189
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ (10,908)	$ (7,311)

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Benefit Plans

Schedule of amounts recognized in other comprehensive income from benefit plans


	Pension Benefits						Other Benefits
(dollars in thousands)	2023		2022		2021		2023		2022		2021
Amounts arising during the year:
Net (gain) loss on pension assets	$	(3,246)	$	24,047	$	3,581	$	—	$	—	$	—
Net loss (gain) on pension obligations		4,851		(38,949)		(4,614)		(542)		(5,808)		(2,074)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(2,818)		(5,643)		(6,961)		1,676		497		48
Prior service credit		—		—		—		—		—		—
Amount recognized in other comprehensive (loss) income	$	(1,213)	$	(20,545)	$	(7,994)	$	1,134	$	(5,311)	$	(2,026)

Schedule of amounts within accumulated other comprehensive income not yet recognized in net periodic benefit cost


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain)	$	14,599	$	15,812	$	(7,271)	$	(8,405)
Prior service credit		—		—		—		—
Total, pretax effect		14,599		15,812		(7,271)		(8,405)
Tax impact		(3,894)		(4,218)		1,939		2,242
Ending balance in accumulated other comprehensive loss	$	10,705	$	11,594	$	(5,332)	$	(6,163)

Summary of changes to projected or accumulated benefit obligation


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Benefit obligation at beginning of year	$	155,588	$	204,432	$	16,425	$	21,362
Service cost		—		—		545		789
Interest cost		8,275		5,518		844		565
Actuarial gain		4,851		(38,949)		(542)		(5,808)
Benefit payments		(15,143)		(15,413)		(488)		(483)
Benefit obligation at end of year	$	153,571	$	155,588	$	16,784	$	16,425

Summary of changes to fair value of plan assets


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Fair value of plan assets at beginning of year	$	78,149	$	106,648	$	—	$	—
Actual return on plan assets		6,780		(20,924)		—		—
Benefit payments from trust		(7,326)		(7,575)		—		—
Fair value of plan assets at end of year	$	77,603	$	78,149	$	—	$	—

Summary of funded status of plans


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Pension assets for overfunded plans	$	10,533	$	8,713	$	—	$	—
Pension liabilities for underfunded plans		(86,501)		(86,152)		(16,784)		(16,425)
Funded status	$	(75,968)	$	(77,439)	$	(16,784)	$	(16,425)

Schedule of projected and accumulated benefit obligation and fair value of plan assets


	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2023		2022		2023		2022		2023		2022
Projected benefit obligation	$	67,070	$	69,436	$	86,501	$	86,152	$	153,571	$	155,588
Accumulated benefit obligation		67,070		69,436		86,501		86,152		153,571		155,588
Fair value of plan assets		77,603		78,149		—		—		77,603		78,149
Overfunded (underfunded) portion of PBO/ABO		10,533		8,713		(86,501)		(86,152)		(75,968)		(77,439)

Schedule of components of net periodic benefit cost


	Income line item where recognized in	Pension Benefits						Other Benefits
(dollars in thousands)	the consolidated statements of income	2023		2022		2021		2023		2022		2021
Service cost	Salaries and employee benefits	$	—	$	—	$	—	$	545	$	789	$	874
Interest cost	Other noninterest expense		8,275		5,518		5,065		844		565		515
Expected return on plan assets	Other noninterest expense		(3,534)		(3,124)		(3,044)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		2,818		5,643		6,961		(1,676)		(497)		(48)
Total net periodic benefit cost		$	7,559	$	8,037	$	8,982	$	(287)	$	857	$	1,341

Schedule of funded pension benefit amounts included in pension benefits


	Funded Pension Benefits
(dollars in thousands)	2023		2022		2021
Interest cost	$	3,643	$	2,466	$	2,261
Expected return on plan assets		(3,534)		(3,124)		(3,044)
Recognized net actuarial loss		2,818		1,906		1,609
Total net periodic benefit cost	$	2,927	$	1,248	$	826

Schedule of assumptions used to determine benefit obligations and net periodic benefit cost

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2023

2022

2023

2022

2023

2022

Discount rate

5.22

5.57

5.22

5.57

5.22

5.57

Rate of compensation increase

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2023

2022

2021

2023

2022

2021

2023

2022

2021

Discount rate

5.57

2.77

2.37

5.57

2.77

2.37

5.57

2.77

2.37

Expected long-term return on plan assets

4.75

3.05

2.75

Rate of compensation increase

Schedule of assumed healthcare cost trend rates


	2023		2022		2021
Healthcare cost trend rate assumed for next year	6.00	%	6.00	%	6.00	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2028		2028		2026

Schedule of allocation of employee retirement plan assets


	Asset Allocation
	2023		2022
Equity securities	11	%	11	%
Debt securities	86	%	87	%
Other securities	3	%	2	%
Total	100	%	100	%

Schedule of target allocation of employee retirement plan assets


	Target
	Allocation
Equity securities	10	%
Debt securities	88	%
Other securities	2	%

Schedule of expected future benefit payments


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2024	$	15,095	$	1,220
2025		15,371		1,326
2026		15,495		1,417
2027		14,570		1,507
2028		13,986		1,561
2029 to 2033		61,456		7,863

Schedule of fair value of employee retirement plan assets

December 31, 2023

Quoted Prices

Significant

In Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

(dollars in thousands)

(Level 1)

(Level 2)

(Level 3)

Total

Asset classes:

Cash and cash equivalents

2,353

—

2,353

Fixed income - U.S. Treasury securities

—

11,354

—

11,354

Fixed income - U.S. government agency securities

—

5,899

—

5,899

Fixed income - U.S. corporate securities

—

47,546

—

47,546

Fixed income - municipal securities

—

379

—

379

Fixed income - international securities

1,901

—

1,901

Equity - large-cap exchange-traded funds

5,311

—

5,311

Equity - mid-cap exchange-traded funds

844

—

844

Equity - small-cap exchange-traded funds

394

—

394

Equity - international funds

1,622

—

1,622

Total

12,425

65,178

—

77,603


	December 31, 2022
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	1,712	$	—	$	—	$	1,712
Fixed income - U.S. Treasury securities		—		6,593		—		6,593
Fixed income - U.S. government agency securities		—		6,656		—		6,656
Fixed income - U.S. corporate securities		—		53,051		—		53,051
Fixed income - municipal securities		—		382		—		382
Fixed income - international securities		1,199		—		—		1,199
Equity - large-cap exchange-traded funds		5,544		—		—		5,544
Equity - mid-cap exchange-traded funds		1,001		—		—		1,001
Equity - small-cap exchange-traded funds		461		—		—		461
Equity - international funds		1,550		—		—		1,550
Total	$	11,467	$	66,682	$	—	$	78,149

Summary of change in net actuarial loss and amortization


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Year ended December 31, 2023
Pension and other benefits:
Net actuarial losses arising during the year		(1,063)		284		(779)
Amortization of net loss included in net income		1,142		(305)		837
Net change in pension and other benefits		79		(21)		58
Investment securities:
Unrealized net gains arising during the year		55,141		(14,709)		40,432
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,190		(12,855)		35,335
Investment securities losses, net		39,986		(10,666)		29,320
Net change in investment securities		143,317		(38,230)		105,087
Cash flow derivative hedges:
Unrealized net losses arising during the year		(940)		251		(689)
Reclassification of net losses included in net income		6,257		(1,669)		4,588
Net change in cash flow derivative hedges		5,317		(1,418)		3,899
Other comprehensive income		148,713		(39,669)		109,044
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Year ended December 31, 2022
Pension and other benefits:
Net actuarial gains arising during the year		20,710		(5,524)		15,186
Amortization of net loss included in net income		5,146		(1,373)		3,773
Net change in pension and other benefits		25,856		(6,897)		18,959
Investment securities:
Unrealized net losses arising during the year		(773,667)		206,376		(567,291)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,378		(12,905)		35,473
Net change in investment securities		(725,289)		193,471		(531,818)
Cash flow derivative hedges:
Unrealized net losses arising during the year		(6,710)		1,790		(4,920)
Reclassification of net losses included in net income		297		(79)		218
Net change in cash flow derivative hedges		(6,413)		1,711		(4,702)
Other comprehensive loss		(705,846)		188,285		(517,561)
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)

Pension and other benefits, net actuarial losses arising during the year

Benefit Plans

Summary of change in net actuarial loss and amortization


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain) at beginning of year	$	15,812	$	36,357	$	(8,405)	$	(3,094)
Amortization cost		(2,818)		(5,643)		1,676		497
Liability loss (gain)		4,851		(38,949)		(542)		(5,808)
Asset (gain) loss		(3,246)		24,047		—		—
Net actuarial loss (gain) at end of year	$	14,599	$	15,812	$	(7,271)	$	(8,405)

Fair Value - Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets with fair value adjustments on a nonrecurring basis
Fair value	$ 0	$ 0
Assets, fair value adjustment	$ 0	$ 0	$ 0

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Stock-based compensation
Stock-based compensation expense \| $	$ 9.6	$ 10.3	$ 13.1
Restricted Stock Units
Stock-based compensation
Ratio of common stock for each vested award	1
Number of Shares
Unvested as of beginning of period (in shares) \| shares	263,160	185,329	43,550
Granted (in shares) \| shares	232,280	169,497	198,771
Vested (in shares) \| shares	(122,036)	(74,178)	(49,519)
Forfeited (in shares) \| shares	(27,843)	(17,488)	(7,473)
Unvested as of end of period (in shares) \| shares	345,561	263,160	185,329
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 27.91	$ 27.09	$ 21.93
Granted (in dollars per share) \| $ / shares	25.57	28.35	27.13
Vested (in dollars per share) \| $ / shares	27.75	27.18	23.08
Forfeited (in dollars per share) \| $ / shares	27.38	26.80	26.37
Unvested as of end of period (in dollars per share) \| $ / shares	$ 26.50	$ 27.91	$ 27.09
Stock-based compensation
Total fair value of vested shares (in dollars) \| $	$ 3.4	$ 2.0	$ 1.0
Unrecognized compensation expense \| $	$ 5.2	$ 4.1	$ 3.3
Period for recognition of unrecognized compensation expense	10 months 24 days
Restricted Stock Units \| Non-employee directors
Number of Shares
Granted (in shares) \| shares	29,704	20,023	21,839
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 18.85	$ 27.66	$ 27.36
Restricted Stock Units \| Employees
Number of Shares
Granted (in shares) \| shares	202,576	149,474	176,932
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 26.28	$ 28.44	$ 27.10

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$ 7,636	$ 8,418	$ 7,981
Financing cash flows paid for finance leases			10
Right-of-use assets obtained in exchange for new lease obligations, Operating leases	$ 4,775	$ 4,676	$ 31,792
Weighted Average Remaining Lease Term, Operating leases (years)	21 years 3 months 18 days	22 years 2 months 12 days	22 years 9 months 18 days
Weighted Average Remaining Lease Term, Finance leases (years)	0 years	0 years	6 months
Weighted Average Discount Rate, Operating leases	3.11%	2.98%	3.01%
Weighted Average Discount Rate, Finance leases			6.78%
Operating lease right-of-use assets	$ 61,300	$ 62,800
Other assets	Other assets	Other assets
Operating lease liabilities	$ 63,832	$ 64,800
Other liabilities	Other liabilities	Other liabilities

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investment Securities

Schedule of amortized cost and fair value of securities


	2023								2022
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	33,169	$	—	$	(666)	$	32,503	$	163,309	$	—	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		20,000		—		(408)		19,592		45,000		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		11,303		—		(1,121)		10,182		66,792		—		(7,069)		59,723
Residential - Government-sponsored enterprises		895,421		—		(112,124)		783,297		1,317,718		—		(157,263)		1,160,455
Commercial - Government agency		268,944		—		(50,270)		218,674		282,700		—		(44,847)		237,853
Commercial - Government-sponsored enterprises		93,459		—		(7,028)		86,431		130,612		—		(11,039)		119,573
Commercial - Non-agency		21,964		—		(281)		21,683		21,964		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		538,718		—		(67,568)		471,150		738,524		—		(85,202)		653,322
Government-sponsored enterprises		425,826		—		(61,856)		363,970		533,103		—		(70,971)		462,132
Collateralized loan obligations		249,871		43		(2,060)		247,854		249,877		50		(8,606)		241,321
Total available-for-sale securities	$	2,558,675	$	43	$	(303,382)	$	2,255,336	$	3,549,599	$	50	$	(398,516)	$	3,151,133

Government agency debt securities	$	52,051	$	—	$	(4,497)	$	47,554	$	54,318	$	—	$	(5,674)	$	48,644
Mortgage-backed securities:
Residential - Government agency		43,885		—		(5,189)		38,696		46,302		—		(6,294)		40,008
Residential - Government-sponsored enterprises		99,379		—		(11,013)		88,366		106,534		—		(12,978)		93,556
Commercial - Government agency		30,795		—		(7,017)		23,778		30,544		—		(5,229)		25,315
Commercial - Government-sponsored enterprises		1,129,738		195		(130,757)		999,176		1,150,449		—		(138,451)		1,011,998
Collateralized mortgage obligations:
Government agency		989,130		—		(109,471)		879,659		1,080,492		—		(122,378)		958,114
Government-sponsored enterprises		1,642,274		—		(193,897)		1,448,377		1,798,178		—		(207,045)		1,591,133
Debt securities issued by states and political subdivisions		54,197		—		(4,947)		49,250		53,822		—		(7,768)		46,054
Total held-to-maturity securities	$	4,041,449	$	195	$	(466,788)	$	3,574,856	$	4,320,639	$	—	$	(505,817)	$	3,814,822

Schedule of amortized cost and fair value of debt securities by contractual maturity


	December 31, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	25,071	$	24,742
Due after one year through five years		37,373		36,527
Due after five years through ten years		97,695		96,879
Due after ten years		164,865		163,484
		325,004		321,632

Mortgage-backed securities:
Residential - Government agency		11,303		10,182
Residential - Government-sponsored enterprises		895,421		783,297
Commercial - Government agency		268,944		218,674
Commercial - Government-sponsored enterprises		93,459		86,431
Total mortgage-backed securities		1,269,127		1,098,584
Collateralized mortgage obligations:
Government agency		538,718		471,150
Government-sponsored enterprises		425,826		363,970
Total collateralized mortgage obligations		964,544		835,120
Total available-for-sale securities	$	2,558,675	$	2,255,336

Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		22,082		20,318
Due after ten years		84,166		76,486
		106,248		96,804

Mortgage-backed securities:
Residential - Government agency		43,885		38,696
Residential - Government-sponsored enterprises		99,379		88,366
Commercial - Government agency		30,795		23,778
Commercial - Government-sponsored enterprises		1,129,738		999,176
Total mortgage-backed securities		1,303,797		1,150,016
Collateralized mortgage obligations:
Government agency		989,130		879,659
Government-sponsored enterprises		1,642,274		1,448,377
Total collateralized mortgage obligations		2,631,404		2,328,036
Total held-to-maturity securities	$	4,041,449	$	3,574,856

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

Time in Continuous Loss as of December 31, 2023

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

—

(666)

32,503

(666)

32,503

Government-sponsored enterprises debt securities

—

(408)

19,592

(408)

19,592

Mortgage-backed securities:

Residential - Government agency

—

(1,121)

10,182

(1,121)

10,182

Residential - Government-sponsored enterprises

—

(112,124)

783,297

(112,124)

783,297

Commercial - Government agency

—

(50,270)

218,674

(50,270)

218,674

Commercial - Government-sponsored enterprises

—

(7,028)

86,431

(7,028)

86,431

Commercial - Non-agency

—

(281)

21,683

(281)

21,683

Collateralized mortgage obligations:

Government agency

—

(67,568)

471,150

(67,568)

471,150

Government-sponsored enterprises

—

(61,856)

363,970

(61,856)

363,970

Collateralized loan obligations

(564)

63,667

(1,496)

163,126

(2,060)

226,793

Total available-for-sale securities with unrealized losses

(564)

63,667

(302,818)

2,170,608

(303,382)

2,234,275


	Time in Continuous Loss as of December 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(2,962)	$	83,870	$	(9,365)	$	67,112	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		(699)		44,301		—		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		(7,069)		59,723		—		—		(7,069)		59,723
Residential - Government-sponsored enterprises		(73,954)		645,338		(83,309)		515,117		(157,263)		1,160,455
Commercial - Government agency		(15,852)		108,842		(28,995)		129,011		(44,847)		237,853
Commercial - Government-sponsored enterprises		(7,348)		94,657		(3,691)		24,916		(11,039)		119,573
Commercial - Non-agency		(493)		21,471		—		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		(74,797)		596,907		(10,405)		56,415		(85,202)		653,322
Government-sponsored enterprises		(21,916)		198,108		(49,055)		264,024		(70,971)		462,132
Collateralized loan obligations		(8,606)		170,042		—		—		(8,606)		170,042
Total available-for-sale securities with unrealized losses	$	(213,696)	$	2,023,259	$	(184,820)	$	1,056,595	$	(398,516)	$	3,079,854

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Financial Instruments

Summary of notional amounts and fair values of derivatives held


	December 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	267,500	$	10,861	$	(1,799)	$	267,500	$	7,276	$	(6,840)
Interest rate collars		200,000		703		—		200,000		491		(63)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,753,801		1,204		(521)		2,849,776		3,178		(42,365)
Visa derivative		107,548		—		(2,300)		121,013		—		(851)
Foreign exchange contracts		66		—		—		210		—		—

Schedule of net gains and losses recognized in income related to derivatives in fair value hedging relationships

Gains (losses) recognized in

Year Ended

the consolidated statements

December 31,

(dollars in thousands)

of income line item

2023

2022

2021

Gains (losses) on fair value hedging relationships recognized in interest income:

Recognized on interest rate swap

Loans and lease financing

3,586

8,487

(605)

Recognized on hedged item

Loans and lease financing

(3,898)

(8,880)

383

Schedule of amounts related to cumulative basis adjustments for fair value hedges

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

56,592

60,189

(10,908)

(7,311)

Summary of effect of cash flow hedging relationships


	Year Ended
	December 31,
(dollars in thousands)	2023		2022
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$	(940)	$	(6,710)
Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing		6,257		297

Summary of impact on pretax earnings of derivatives not designated as hedges


	Net losses recognized	Year Ended
	in the consolidated statements	December 31,
(dollars in thousands)	of income line item	2023		2022		2021
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	(518)	$	—	$	—
Visa derivative	Other noninterest income		(7,738)		(707)		(5,909)

Organization and Summary of Significant Accounting Policies - Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization and Summary of Significant Accounting Policies
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better	5.00%	5.00%
Allowance for credit losses for its available-for-sale debt securities	$ 0	$ 0
Allowance for credit losses for its held-to-maturity debt securities	$ 0	$ 0

Deposits

12 Months Ended

Dec. 31, 2023

Deposits

Deposits

9. Deposits

As of December 31, 2023 and 2022, deposits were categorized as interest-bearing or noninterest-bearing as follows:


	December 31,
(dollars in thousands)	2023		2022
U.S.:
Interest-bearing	$	12,731,915	$	11,936,775
Noninterest-bearing		6,609,483		7,978,046
Foreign:
Interest-bearing		1,017,180		887,608
Noninterest-bearing		974,079		886,600
Total deposits	$	21,332,657	$	21,689,029

The following table presents the maturity distribution of time certificates of deposit as of December 31, 2023:


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	284,476		938,494	$	1,222,970
Over three through six months		367,919		344,211		712,130
Over six through twelve months		828,587		498,361		1,326,948
2025		79,652		27,206		106,858
2026		34,176		2,500		36,676
2027		24,965		5,910		30,875
2028		16,612		2,679		19,291
Thereafter		410		—		410
Total	$	1,636,797	$	1,819,361	$	3,456,158

Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $1.8 billion and $1.5 billion as of December 31, 2023 and 2022, respectively. Overdrawn deposit accounts are classified as loans and totaled $2.5 million as of both December 31, 2023 and 2022.

Parent Company

12 Months Ended

Dec. 31, 2023

Parent Company

Parent Company

23. Parent Company

The following tables present Parent Company-only condensed financial statements:


Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Income
Dividends from FHB	$	139,500	$	157,000	$	213,500
Other income		2,492		—		—
Total income		141,992		157,000		213,500
Noninterest expense
Salaries and employee benefits		4,404		4,098		3,732
Contracted services and professional fees		3,554		6,200		2,731
Equipment		102		78		—
Other		1,474		1,447		1,314
Total noninterest expense		9,534		11,823		7,777
Income before benefit for income taxes and equity in undistributed income of FHB		132,458		145,177		205,723
Provision (Benefit) for income taxes		145		(2,707)		(1,877)
Equity in undistributed income of FHB		102,670		117,801		58,135
Net income	$	234,983	$	265,685	$	265,735
Comprehensive income (loss)	$	344,027	$	(251,876)	$	112,438


Condensed Statements of Condition
	December 31,
(dollars in thousands)	2023		2022
Assets
Cash and cash equivalents	$	15,475	$	18,024
Investment in FHB		2,471,679		2,251,841
Other assets		30,131		27,638
Total assets	$	2,517,285	$	2,297,503
Liabilities and Stockholders' Equity
Retirement benefits payable	$	688	$	560
Other liabilities		30,531		27,938
Total liabilities		31,219		28,498

Total stockholders' equity		2,486,066		2,269,005
Total liabilities and stockholders' equity	$	2,517,285	$	2,297,503


Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Cash flows from operating activities
Net income	$	234,983	$	265,685	$	265,735
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of FHB		(102,670)		(117,801)		(58,135)
Deferred income taxes		(96)		22		36
Stock-based compensation		584		554		492
Change in assets and liabilities:
Net decrease (increase) in other assets		164		(4)		242
Net increase in other liabilities		39		18		50
Net cash provided by operating activities		133,004		148,474		208,420

Cash flows from financing activities
Dividends paid		(132,646)		(132,588)		(134,133)
Stock tendered for payment of withholding taxes		(3,215)		(3,555)		(3,108)
Proceeds from employee stock purchase plan		308		379		547
Common stock repurchased		—		(9,478)		(75,000)
Net cash used in financing activities		(135,553)		(145,242)		(211,694)
Net (decrease) increase in cash and cash equivalents		(2,549)		3,232		(3,274)
Cash and cash equivalents at beginning of year		18,024		14,792		18,066
Cash and cash equivalents at end of year	$	15,475	$	18,024	$	14,792

Organization and Basis of Presentation (Details)	12 Months Ended
Organization and Basis of Presentation (Details)	Dec. 31, 2023 location
Capitalization
Loan modification, period of nonaccrual status	6 months
First Hawaiian, Inc. (FHI)
Capitalization
Outstanding common stock owned (as a percent)	100.00%
First Hawaiian Bank (FHB)
Capitalization
Number of Branches	50

Allowance for Credit Losses - Troubled Debt Restructuring Disclosures Prior to Adoption of ASU 2022-02 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) contract loan	Dec. 31, 2021 USD ($) contract	Dec. 31, 2023 USD ($)
Troubled debt restructuring modifications
Number of Contracts \| contract	264	1,689
Recorded Investment	$ 2,625	$ 23,765
Related ACL	491	2,605
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	7,000,000	6,700,000	$ 6,500,000
Commitments related to borrowers experiencing financial difficulty	$ 100	$ 200
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs	215	414
Recorded Investment, Defaulted TDRs	$ 3,164	$ 7,659
Commercial and Industrial
Troubled debt restructuring modifications
Number of Contracts \| contract	5	11
Recorded Investment	$ 205	$ 1,481
Related ACL	$ 17	$ 124
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	2	3
Recorded Investment, Defaulted TDRs	$ 541	$ 569
Commercial Real Estate
Troubled debt restructuring modifications
Number of Contracts \| contract		1
Recorded Investment		$ 346
Related ACL		$ 78
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract		1
Recorded Investment, Defaulted TDRs		$ 356
Construction
Troubled debt restructuring modifications
Number of Contracts \| contract		12
Recorded Investment		$ 689
Related ACL		$ 69
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract		1
Recorded Investment, Defaulted TDRs		$ 450
Residential mortgage
Troubled debt restructuring modifications
Number of Contracts \| contract	1	13
Recorded Investment	$ 247	$ 5,539
Related ACL	$ 31	$ 207
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract		4
Recorded Investment, Defaulted TDRs		$ 1,012
Consumer
Troubled debt restructuring modifications
Number of Contracts \| contract	258	1,652
Recorded Investment	$ 2,173	$ 15,710
Related ACL	$ 443	$ 2,127
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	213	405
Recorded Investment, Defaulted TDRs	$ 2,623	$ 5,272
Other real estate owned and repossessed personal property
Loans modified in TDRs that experienced a payment default
Number of foreclosed properties \| loan	1
Real estate property held from a foreclosed TDR	$ 100		$ 0

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the Federal statutory income tax rate to the effective income tax rate, Amount
Federal statutory income tax expense	$ 64,927	$ 73,754	$ 73,289
State and local taxes, net of federal income tax benefit	13,000	16,584	16,503
Tax credits	(4,506)	(3,963)	(2,745)
Nontaxable income	(6,691)	(1,133)	(3,274)
Other	7,461	284	(512)
Total provision for income taxes	$ 74,191	$ 85,526	$ 83,261
Reconciliation of the Federal statutory income tax rate to the effective income tax rate, Percent
Federal statutory income tax rate, Percent	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit (as a percent)	4.20%	4.72%	4.73%
Tax credits (as a percent)	(1.46%)	(1.13%)	(0.79%)
Nontaxable income (as a percent)	(2.16%)	(0.32%)	(0.94%)
Other (as a percent)	2.42%	0.08%	(0.14%)
Effective Income Tax Rate Reconciliation, Percent, Total	24.00%	24.35%	23.86%

Derivative Financial Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notional amounts and fair values of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Derivatives designated as hedging instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	$ 267,500	$ 267,500
Asset Derivatives	10,861	7,276
Liability Derivatives	(1,799)	(6,840)
Derivatives designated as hedging instruments \| Interest rate collars
Notional amounts and fair values of derivatives
Notional Amount	200,000	200,000
Asset Derivatives	703	491
Liability Derivatives		(63)
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	2,753,801	2,849,776
Asset Derivatives	1,204	3,178
Liability Derivatives	(521)	(42,365)
Derivatives Not Designated as Hedging Instruments \| Visa Derivative
Notional amounts and fair values of derivatives
Notional Amount	107,548	121,013
Liability Derivatives	(2,300)	(851)
Derivatives Not Designated as Hedging Instruments \| Foreign exchange contracts
Notional amounts and fair values of derivatives
Notional Amount	$ 66	$ 210

Premises and Equipment

12 Months Ended

Dec. 31, 2023

Premises and Equipment

Premises and Equipment

6. Premises and Equipment

At December 31, 2023 and 2022, premises and equipment were comprised of the following:


	December 31,
(dollars in thousands)	2023		2022
Buildings	$	294,401	$	294,051
Furniture and equipment		82,807		92,276
Land		97,306		97,955
Leasehold improvements		58,963		53,216
Total premises and equipment		533,477		537,498
Less: Accumulated depreciation and amortization		252,016		257,143
Net book value	$	281,461	$	280,355

Depreciation and amortization expenses included in occupancy and equipment expenses for 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Occupancy	$	8,336	$	9,192	$	9,149
Equipment		5,249		6,126		6,682
Total	$	13,585	$	15,318	$	15,831

Loans and Leases - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans and leases
Loans and leases	$ 14,353,497	$ 14,092,012
Outstanding loan balances, deferred loan costs and fees	57,500	56,100
Accrued interest receivable related to loans and leases recorded separately	70,100	61,600
Net gain (loss) from sale of loans	200	0	$ 1,300
Residential Lending: Home Equity Line
Loans and leases
Loans and leases		1,055,351
Real estate
Loans and leases
Loans and leases	5,457,903	5,358,139
Commercial and Industrial
Loans and leases
Loans and leases	2,165,349	2,235,897
Commercial and Industrial \| Real estate
Loans and leases
Loans and leases	2,165,349	2,235,897
Commercial Real Estate
Loans and leases
Loans and leases	4,340,243	4,132,309
Commercial Real Estate \| Real estate
Loans and leases
Loans and leases	4,340,243	4,132,309
Construction
Loans and leases
Loans and leases	900,292	844,643
Construction \| Real estate
Loans and leases
Loans and leases	900,292	844,643
Residential mortgage
Loans and leases
Loans and leases	4,283,315	4,302,788
Residential mortgage \| Residential Lending: Home Equity Line
Loans and leases
Loans and leases		5,358,139
Home equity Line
Loans and leases
Loans and leases	1,174,588	1,055,351
Home equity Line \| Real estate
Loans and leases
Loans and leases	1,174,588	1,055,351
Consumer
Loans and leases
Loans and leases	1,109,901	1,222,934
Consumer \| Real estate
Loans and leases
Loans and leases	1,109,901	1,222,934
Lease financing
Loans and leases
Loans and leases	379,809	298,090
Home Equity Loans and Lines of Credit
Loans and leases
Loans and leases	1,174,588
FRB \| Consumer, commercial and industrial, commercial real estate and residential real estate loans
Loans and leases
Assets pledged as collateral	4,300,000
Asset Pledged as Collateral
Loans and leases
Assets pledged as collateral	11,278,394	8,297,830
Asset Pledged as Collateral \| Residential mortgage
Loans and leases
Properties in the process of foreclosure	6,900	2,800
Asset Pledged as Collateral \| FHLB \| Residential real estate loans and commercial real estate loans
Loans and leases
Assets pledged as collateral	$ 4,500,000
Asset Pledged as Collateral \| FHLB \| Residential mortgage \| Residential real estate
Loans and leases
Assets pledged as collateral		3,500,000
Asset Pledged as Collateral \| FRB \| Consumer, commercial and industrial, commercial real estate and residential real estate loans
Loans and leases
Assets pledged as collateral		$ 1,700,000

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

17. Commitments and Contingent Liabilities

Contingencies

On November 2, 2020, a lawsuit was filed in Hawaii Circuit Court by a Bank customer related to the sale of credit facilities that the Bank had previously extended to the customer. The customer asserts claims against the Bank for interference with the customer’s contract and business opportunity, unfair methods of competition and declaratory and injunctive relief. As of December 31, 2023, an agreement was reached and the confidential settlement agreement was executed by all parties in January 2024.

Various other legal proceedings are pending or threatened against the Company. After consultation with legal counsel, management does not expect that the aggregate liability, if any, resulting from these proceedings would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Financial Instruments with Off-Balance Sheet Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not reflected in the consolidated financial statements.

Unfunded Commitments to Extend Credit

A commitment to extend credit is a legally binding agreement to lend funds to a customer, usually at a stated interest rate and for a specified purpose. Commitments are reported net of participations sold to other institutions. Such commitments have fixed expiration dates and generally require a fee. The extension of a commitment gives rise to credit risk. The actual liquidity requirements or credit risk that the Company will experience is expected to be lower than the contractual amount of commitments to extend credit because a significant portion of those commitments are expected to expire without being drawn upon. Certain commitments are subject to loan agreements containing covenants regarding the financial performance of the customer that must be met before the Company is required to fund the commitment. The Company uses the same credit policies in making commitments to extend credit as it does in making loans. In addition, the Company manages the potential credit risk in commitments to extend credit by limiting the total amount of arrangements, both by individual customer and in the aggregate, by monitoring the size and expiration structure of these portfolios and by applying the same credit standards maintained for all of its related credit activities. Commitments to extend credit are reported net of participations sold to other institutions of $61.8 million and $90.5 million at December 31, 2023 and 2022, respectively.

Standby and Commercial Letters of Credit

Standby letters of credit are issued on behalf of customers in connection with contracts between the customers and third parties. Under standby letters of credit, the Company assures that the third parties will receive specified funds if customers fail to meet their contractual obligations. The credit risk to the Company arises from its obligation to make payment in the event of a customer’s contractual default. Standby letters of credit are reported net of participations sold to other institutions of $6.8 million and $8.1 million at December 31, 2023 and 2022, respectively. The Company also had commitments for commercial and similar letters of credit. Commercial letters of credit are issued specifically to facilitate commerce whereby the commitment is typically drawn upon when the underlying transaction between the customer and a third party is consummated. The maximum amount of potential future payments guaranteed by the Company is limited to the contractual amount of these letters. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held supports those commitments for which collateral is deemed necessary. The commitments outstanding as of December 31, 2023 have maturities ranging from January 2024 to May 2028. Substantially all fees received from the issuance of such commitments are deferred and amortized on a straight-line basis over the term of the commitment.

Financial instruments with off-balance sheet risk at December 31, 2023 and 2022 were as follows:


	December 31,
(dollars in thousands)	2023		2022
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,308,343	$	6,760,395
Standby letters of credit		234,102		244,275
Commercial letters of credit		3,629		7,299

Guarantees

The Company sells residential mortgage loans in the secondary market primarily to The Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) that may potentially require repurchase under certain conditions. This risk is managed through the Company’s underwriting practices. The Company services loans sold to investors and loans originated by other originators under agreements that may include repurchase remedies if certain servicing requirements are not met. This risk is managed through the Company’s quality assurance and monitoring procedures. Management does not anticipate any material losses as a result of these transactions.

Lease Commitments

The Company’s lease commitments are discussed in “Note 13. Leases” in the notes to the consolidated financial statements.

Foreign Exchange Contracts

The Company has forward foreign exchange contracts that represent commitments to purchase or sell foreign currencies at a future date at a specified price. The Company’s utilization of forward foreign exchange contracts is subject to the primary underlying risk of movements in foreign currency exchange rates and to additional counterparty risk should its counterparties fail to meet the terms of their contracts. Forward foreign exchange contracts are utilized to mitigate the Company’s risk to satisfy customer demand for foreign currencies and are not used for trading purposes. See “Note 16. Derivative Financial Instruments” in the notes to the consolidated financial statements for more information.

Reorganization Transactions

In connection with the Reorganization Transactions as discussed in “Note 1. Organization and Summary of Significant Accounting Policies” in the notes to the consolidated financial statements, FHI (formerly BancWest) distributed its interest in BWHI (including BOW) to BNPP so that BWHI was held directly by BNPP (BWHI is now held indirectly by BNPP through its intermediate holding company). As a result of the Reorganization Transactions that occurred on April 1, 2016, various tax or other contingent liabilities could arise related to the business of BOW, or related to the Company’s operations prior to the restructuring when it was known as BancWest, including its then wholly owned subsidiary, BOW. The Company is not able to determine the ultimate outcome or estimate the amounts of these contingent liabilities, if any, at this time.

Organization and Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Included in other liabilities \| VIEs, not primary beneficiary
Variable Interest Entities
Unfunded commitments to fund low-income housing partnerships	$ 80.7	$ 47.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Future Minimum Rental Payments under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum rental payments under noncancelable operating leases
2024	$ 8,009
2025	5,636
2026	5,149
2027	4,520
2028	3,931
Thereafter	62,557
Total future minimum lease payments	89,802
Less: Imputed interest	(25,970)
Operating lease liabilities	$ 63,832	$ 64,800

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Premises and Equipment

Schedule of premises and equipment

At December 31, 2023 and 2022, premises and equipment were comprised of the following:


	December 31,
(dollars in thousands)	2023		2022
Buildings	$	294,401	$	294,051
Furniture and equipment		82,807		92,276
Land		97,306		97,955
Leasehold improvements		58,963		53,216
Total premises and equipment		533,477		537,498
Less: Accumulated depreciation and amortization		252,016		257,143
Net book value	$	281,461	$	280,355

Depreciation and amortization expenses included in occupancy and equipment expenses for 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Occupancy	$	8,336	$	9,192	$	9,149
Equipment		5,249		6,126		6,682
Total	$	13,585	$	15,318	$	15,831

Derivative Financial Instruments - Counterparty Credit Risk and Credit-Risk Related Contingent Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative contracts
Counterparty credit risk adjustments	$ 0.0	$ 0.1	$ 0.2
Credit-risk-related contingent features
Aggregate fair value of derivative instruments in a net liability position	0.0	$ 0.0
Collateral posted for derivatives in a net liability position	0.0
Interest rate swaps
Derivative contracts
Collateral thresholds for derivative agreements with credit risk related contingent features	$ 0.3

Accumulated Other Comprehensive Income (Loss) - Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pre-tax Amount
Other comprehensive loss, Pre-tax Amount	$ 148,713	$ (705,846)	$ (209,065)
Income Tax Benefit (Expense)
Other comprehensive loss, Income Tax Benefit (Expense)	(39,669)	188,285	55,768
Net of tax
Balance	2,269,005	2,656,912	2,744,104
Other comprehensive income (loss)	109,044	(517,561)	(153,297)
Balance	2,486,066	2,269,005	2,656,912
Accumulated other comprehensive loss
Pre-tax Amount
Accumulated other comprehensive loss, beginning balance, Pre-tax Amount	(871,813)	(165,967)	43,098
Accumulated other comprehensive loss, ending balance, Pre-tax Amount	(723,100)	(871,813)	(165,967)
Income Tax Benefit (Expense)
Accumulated other comprehensive loss, beginning balance, Income Tax Benefit (Expense)	232,559	44,274	(11,494)
Accumulated other comprehensive loss, ending balance, Income Tax Benefit (Expense)	192,890	232,559	44,274
Net of tax
Balance	(639,254)	(121,693)	31,604
Other comprehensive income (loss)	109,044	(517,561)	(153,297)
Balance	(530,210)	(639,254)	(121,693)
Pensions and Other Benefits
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount	79	25,856	10,020
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)	(21)	(6,897)	(2,673)
Net of tax
Balance	(5,431)	(24,390)	(31,737)
Unrealized net losses arising during the period, Net of tax	58	18,959	7,347
Other comprehensive income (loss)	58	18,959	7,347
Balance	(5,373)	(5,431)	(24,390)
Pension and other benefits, net actuarial losses arising during the year
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount	(1,063)	20,710	3,107
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)	284	(5,524)	(829)
Net of tax
Unrealized net losses arising during the period, Net of tax	(779)	15,186	2,278
Pension and other benefits: Amortization of net loss included in net income
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount	1,142	5,146	6,913
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)	(305)	(1,373)	(1,844)
Net of tax
Unrealized net losses arising during the period, Net of tax	837	3,773	5,069
Investment securities
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount	55,141	(773,667)	(218,983)
Reclassification of net losses (gains) to net income, Pre-tax Amount	39,986	48,378
Other comprehensive loss, Pre-tax Amount	143,317	(725,289)
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)	(14,709)	206,376	58,414
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense)	(10,666)	(12,905)
Other comprehensive loss, Income Tax Benefit (Expense)	(38,230)	193,471
Net of tax
Unrealized net losses arising during the period, Net of tax	40,432	(567,291)	(160,569)
Reclassification of net gains (losses) to net income, Net of tax	29,320	35,473
Other comprehensive income (loss)	105,087	(531,818)
Amortization of unrealized holding losses on held-to-maturity securities
Pre-tax Amount
Reclassification of net losses (gains) to net income, Pre-tax Amount	48,190
Income Tax Benefit (Expense)
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense)	12,855
Net of tax
Reclassification of net gains (losses) to net income, Net of tax	35,335
Cash Flow Derivative Hedges.
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount	(940)	(6,710)
Reclassification of net losses (gains) to net income, Pre-tax Amount	6,257	297
Other comprehensive loss, Pre-tax Amount	5,317	(6,413)
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)	251	1,790
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense)	1,669	(79)
Other comprehensive loss, Income Tax Benefit (Expense)	(1,418)	1,711
Net of tax
Balance	(4,702)
Unrealized net losses arising during the period, Net of tax	(689)	(4,920)
Reclassification of net gains (losses) to net income, Net of tax	4,588	218
Other comprehensive income (loss)	3,899	(4,702)
Balance	(803)	(4,702)
Available-for-sale Investment securities
Pre-tax Amount
Unrealized net losses arising during the period, Pre-tax Amount			(219,085)
Reclassification of net losses (gains) to net income, Pre-tax Amount			(102)
Income Tax Benefit (Expense)
Unrealized net losses arising during the period, Income Tax Benefit (Expense)			58,441
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense)			27
Net of tax
Balance	(292,175)	(97,303)	63,341
Unrealized net losses arising during the period, Net of tax			(160,644)
Reclassification of net gains (losses) to net income, Net of tax			(75)
Other comprehensive income (loss)	69,752	(567,291)	(160,644)
Balance	$ (222,423)	$ (292,175)	$ (97,303)

Benefit Plans - Change in Net Actuarial Loss (Gain) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit Plans
Percentage of greater of projected benefit obligation or fair value of plan assets for amortization of actuarial gains or losses	5.00%
Amortization period for actuarial gains and losses that exceed threshold	5 years
Pension Plan
Change in net actuarial loss (gain) and amortization
Net actuarial loss (gain) at beginning of year	$ 15,812
Amortization cost	(2,818)	$ (5,643)	$ (6,961)
Liability loss (gain)	4,851	(38,949)	(4,614)
Asset (gain) loss	(3,246)	24,047	3,581
Net actuarial loss (gain) at end of year	14,599	15,812
Pension Benefits
Change in net actuarial loss (gain) and amortization
Net actuarial loss (gain) at beginning of year	15,812	36,357
Amortization cost	(2,818)	(5,643)
Liability loss (gain)	4,851	(38,949)
Asset (gain) loss	(3,246)	24,047
Net actuarial loss (gain) at end of year	14,599	15,812	36,357
Other Benefits
Change in net actuarial loss (gain) and amortization
Net actuarial loss (gain) at beginning of year	(8,405)	(3,094)
Amortization cost	1,676	497	48
Liability loss (gain)	(542)	(5,808)	(2,074)
Net actuarial loss (gain) at end of year	$ (7,271)	$ (8,405)	$ (3,094)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Summary of net lease expense


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Operating lease expense	$	8,167	$	8,883	$	9,432
Short-term lease expense		26		26		246
Variable lease expense		2,112		2,135		2,204
Finance lease expense:
Amortization of right-of-use assets		—		1		3
Total finance lease expense		—		1		3
Less: Sublease income		(649)		(637)		(744)
Net lease expense	$	9,656	$	10,408	$	11,141

Summary of other information related to the Company's lease liabilities


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	7,636		$	8,418		$	7,981
Financing cash flows paid for finance leases	$	—		$	—		$	10
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	4,775		$	4,676		$	31,792
Weighted Average Remaining Lease Term
Operating leases (years)		21.3			22.2			22.8
Finance leases (years)		—			—			0.5
Weighted Average Discount Rate
Operating leases		3.11	%		2.98	%		3.01	%
Finance leases		—	%		—	%		6.78	%

Summary of future minimum rental payments under noncancellable leases


	Net Operating
	Lease
(dollars in thousands)	Payments
Year ending December 31:
2024	$	8,009
2025		5,636
2026		5,149
2027		4,520
2028		3,931
Thereafter		62,557
Total future minimum lease payments		89,802
Less: Imputed interest		(25,970)
Total	$	63,832

Summary of future minimum rental income under noncancellable operating leases

The following table sets forth future minimum rental income under noncancelable operating leases with terms in excess of one year as of December 31, 2023:


	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2024	$	5,963
2025		5,267
2026		4,446
2027		2,882
2028		1,914
Thereafter		3,715
Total	$	24,187

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets.

Schedule of carrying amount of goodwill reported in reporting units


	Retail		Commercial
(in thousands)	Banking		Banking		Total
December 31, 2023	$	687,492	$	308,000	$	995,492
December 31, 2022		687,492		308,000		995,492

Schedule of estimated future amortization expense for MSRs


	Estimated
(dollars in thousands)	Amortization
Year ending December 31:
2024	$	832
2025		739
2026		654
2027		577
2028		510

Schedule of details of the Company's MSRs


	December 31,		December 31,
(dollars in thousands)	2023		2022
Gross carrying amount	$	69,515	$	69,273
Less: accumulated amortization		63,816		62,711
Net carrying value	$	5,699	$	6,562

Schedule of changes in amortized MSRs


	Year Ended December 31,
(dollars in thousands)	2023		2022
Balance at beginning of year	$	6,562	$	8,302
Originations		242		170
Amortization		(1,105)		(1,910)
Balance at end of year	$	5,699	$	6,562
Fair value of amortized MSRs at beginning of year	$	15,193	$	12,243
Fair value of amortized MSRs at end of year	$	14,308	$	15,193
Balance of loans serviced for others	$	1,325,171	$	1,441,202

Schedule of quantitative assumptions used in determining lower of cost or fair value of MSRs


	December 31, 2023							December 31, 2022
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	6.87	%	-	11.53	%	7.04	%	7.02	%	-	13.58	%	7.11	%
Life in years (of the MSR)	4.30		-	7.22		7.09		3.35		-	7.37		7.20
Weighted-average coupon rate	3.57	%	-	5.81	%	3.73	%	3.55	%	-	6.24	%	3.68	%
Discount rate	10.40	%	-	10.60	%	10.52	%	10.41	%	-	10.54	%	10.51	%

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Benefit Plans - Incentive Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Incentive Plan for Key Executives \| Salaries and employee benefits
Incentive Plans
Incentive plan expense	$ 15.3	$ 15.5	$ 13.5

Stock-Based Compensation - Restricted Stock and Restricted Share Awards (Details) - Restricted Stock - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Unvested as of beginning of period (in shares)	46,857	149,875	262,377
Granted (in shares)	0	0	0
Vested (in shares)	(45,756)	(87,490)	(105,330)
Forfeited (in shares)	(1,101)	(15,528)	(7,172)
Unvested as of end of period (in shares)		46,857	149,875
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share)	$ 25.96	$ 26.28	$ 26.35
Vested (in dollars per share)	25.96	26.44	26.46
Forfeited (in dollars per share)	$ 26.14	26.28	26.15
Unvested as of end of period (in dollars per share)		$ 25.96	$ 26.28
Stock-based compensation
Total fair value of vested shares (in dollars)	$ 1,200,000	$ 2,300,000	$ 2,800,000
Period following vesting date for lapsing of transfer restrictions	3 years
Unrecognized compensation expense	$ 0	$ 0	$ 1,100,000

Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 234,983	$ 265,685	$ 265,735
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(13,656)	22,138	14,120
Stock-based compensation	9,609	10,298	13,106
Change in assets and liabilities:
Net decrease (increase) in other assets	(40,156)	18,469	(8,211)
Net increase in other liabilities	559	53,523	110,613
Net cash provided by operating activities	255,026	430,614	417,125
Cash flows from financing activities
Dividends paid	(132,646)	(132,588)	(134,133)
Stock tendered for payment of withholding taxes	(3,215)	(3,555)	(3,108)
Proceeds from employee stock purchase plan	308	379	547
Common stock repurchased		(9,478)	(75,000)
Net cash provided by financing activities	(66,925)	(197,359)	2,176,719
Net increase (decrease) in cash and cash equivalents	1,213,273	(731,845)	217,525
Cash and cash equivalents at beginning of year	526,624	1,258,469	1,040,944
Cash and cash equivalents at end of year	1,739,897	526,624	1,258,469
First Hawaiian, Inc.
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of FHB	(102,670)	(117,801)	(58,135)
Deferred income taxes	(96)	22	36
Stock-based compensation	584	554	492
Change in assets and liabilities:
Net decrease (increase) in other assets	164	(4)	242
Net increase in other liabilities	39	18	50
Net cash provided by operating activities	133,004	148,474	208,420
Cash flows from financing activities
Dividends paid	(132,646)	(132,588)	(134,133)
Stock tendered for payment of withholding taxes	(3,215)	(3,555)	(3,108)
Proceeds from employee stock purchase plan	308	379	547
Common stock repurchased		(9,478)	(75,000)
Net cash provided by financing activities	(135,553)	(145,242)	(211,694)
Net increase (decrease) in cash and cash equivalents	(2,549)	3,232	(3,274)
Cash and cash equivalents at beginning of year	18,024	14,792	18,066
Cash and cash equivalents at end of year	$ 15,475	$ 18,024	$ 14,792

Allowance for Credit Losses - Rollforward of the Reserve for Unfunded Commitments (Details) - Reserve for unfunded commitments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	$ 33,835	$ 30,322	$ 30,603
Provision	1,770	3,513	(281)
Reserve for unfunded commitments, ending balance	35,605	33,835	30,322
Commercial and Industrial
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	7,811	8,615	11,719
Provision	1,305	(804)	(3,104)
Reserve for unfunded commitments, ending balance	9,116	7,811	8,615
Commercial Real Estate
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	2,004	2,114	1,328
Provision	(217)	(110)	786
Reserve for unfunded commitments, ending balance	1,787	2,004	2,114
Construction
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	7,470	8,963	9,037
Provision	578	(1,493)	(74)
Reserve for unfunded commitments, ending balance	8,048	7,470	8,963
Residential Lending: Residential Mortgage
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	30	15	2
Provision	(6)	15	13
Reserve for unfunded commitments, ending balance	24	30	15
Residential Lending: Home Equity Line
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	16,483	10,546	8,452
Provision	106	5,937	2,094
Reserve for unfunded commitments, ending balance	16,589	16,483	10,546
Consumer
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	37	69	65
Provision	4	(32)	4
Reserve for unfunded commitments, ending balance	$ 41	$ 37	$ 69

Other Assets - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Intangible Assets
Unpaid principal amount of consumer loans serviced for others	$ 1,325,171	$ 1,441,202
Contractually specified fees, late charges, and ancillary fees	3,400	3,800	$ 4,800
Amortization of mortgage servicing rights	1,105	1,910	$ 3,700
Mortgage servicing assets
Estimated future amortization expenses for MSRs over the next five years
2024	832
2025	739
2026	654
2027	577
2028	510
Details of MSRs
Gross carrying amount	69,515	69,273
Less: accumulated amortization	63,816	62,711
Net carrying value	$ 5,699	$ 6,562

Derivative Financial Instruments - Gains and Losses Recognized in Income, Fair Value Hedges (Details) - Fair value hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate swaps
Gains and losses related to derivatives
Gain recognized	$ 3,586	$ 8,487
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases
Loss recognized			$ (605)
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases
Hedged item
Gains and losses related to derivatives
Gain recognized			$ 383
Loss recognized	$ (3,898)	$ (8,880)

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurements (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Measurements, Nonrecurring
Fair value
Fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative
Fair value
Liabilities	$ (2,300,000)	$ (851,000)
Derivative Liability, Valuation Technique [Extensible Enumeration]	Discounted cash flow	Discounted cash flow
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	1.5875	1.5991
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Minimum
Fair value
Measurement input	1.5289	1.5514
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Maximum
Fair value
Measurement input	1.5875	1.5991
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	5	3
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Minimum
Fair value
Measurement input		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Maximum
Fair value
Measurement input		6
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	0.10	0.26
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Minimum
Fair value
Growth Rate (as a percent)	(6.00%)	10.00%
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Maximum
Fair value
Growth Rate (as a percent)	25.00%	38.00%

Fair Value - Changes in Fair Value Levels and in Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value
Amount of transfers between hierarchy levels	$ 0	$ 0
Visa derivative \| Visa Derivative
Changes in Level 3 liabilities measured at fair value on a recurring basis
Balance as of January 1,	(851)	(5,530)
Total net losses included in other noninterest income	(7,738)	(707)
Settlements	6,289	5,386
Balance as of December 31,	(2,300)	(851)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31,	$ (7,738)	$ (707)

Benefit Plans - Changes to Benefit Obligations and Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes to PBO or APBO
Interest cost	$ 3,643	$ 2,466	$ 2,261
Funded status and amounts recognized in balance sheets
Pension liabilities for underfunded plans	(103,285)	(102,577)
Funded Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	69,436
Benefit obligation at end of year	67,070	69,436
Changes to fair value of plan assets
Fair value of plan assets at beginning of year	78,149
Fair value of plan assets at end of year	77,603	78,149
PBO, ABO and fair value of plan assets
Projected benefit obligation	67,070	69,436
Accumulated benefit obligation	67,070	69,436
Fair value of plan assets	77,603	78,149
Overfunded (underfunded) portion of PBO/ABO	10,533	8,713
Unfunded Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	86,152
Benefit obligation at end of year	86,501	86,152
PBO, ABO and fair value of plan assets
Projected benefit obligation	86,501	86,152
Accumulated benefit obligation	86,501	86,152
Overfunded (underfunded) portion of PBO/ABO	(86,501)	(86,152)
Pension Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	155,588	204,432
Interest cost	8,275	5,518	5,065
Actuarial loss (gain)	4,851	(38,949)
Benefit payments	(15,143)	(15,413)
Benefit obligation at end of year	153,571	155,588	204,432
Changes to fair value of plan assets
Fair value of plan assets at beginning of year	78,149	106,648
Actual return on plan assets	6,780	(20,924)
Benefit payments from trust	(7,326)	(7,575)
Fair value of plan assets at end of year	77,603	78,149	106,648
Funded status and amounts recognized in balance sheets
Pension assets for overfunded plans	10,533	8,713
Pension liabilities for underfunded plans	(86,501)	(86,152)
Funded status	(75,968)	(77,439)
PBO, ABO and fair value of plan assets
Projected benefit obligation	153,571	155,588	204,432
Accumulated benefit obligation	153,571	155,588
Fair value of plan assets	77,603	78,149	106,648
Overfunded (underfunded) portion of PBO/ABO	(75,968)	(77,439)
Other Benefits
Changes to PBO or APBO
Benefit obligation at beginning of year	16,425	21,362
Service cost	545	789
Interest cost	844	565	515
Actuarial loss (gain)	(542)	(5,808)
Benefit payments	(488)	(483)
Benefit obligation at end of year	16,784	16,425	21,362
Funded status and amounts recognized in balance sheets
Pension liabilities for underfunded plans	(16,784)	(16,425)
Funded status	(16,784)	(16,425)
PBO, ABO and fair value of plan assets
Projected benefit obligation	$ 16,784	$ 16,425	$ 21,362

Transactions with Affiliates and Related Parties - Loans to Executive Officers, Directors and Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in loans executive officers, directors and affiliates
Balance at beginning of year	$ 57,247	$ 86,035	$ 91,226
New loans made	5,884	10,776	2,659
Repayments	(10,099)	(39,564)	(7,850)
Balance at end of year	$ 53,032	$ 57,247	$ 86,035

Loans and Leases

12 Months Ended

Dec. 31, 2023

Loans and Leases

Loans and Leases

4. Loans and Leases

As of December 31, 2023 and 2022, loans and leases were comprised of the following:


	December 31,		December 31,
(dollars in thousands)	2023		2022
Commercial and industrial	$	2,165,349	$	2,235,897
Commercial real estate		4,340,243		4,132,309
Construction		900,292		844,643
Residential:
Residential mortgage		4,283,315		4,302,788
Home equity line		1,174,588		1,055,351
Total residential		5,457,903		5,358,139
Consumer		1,109,901		1,222,934
Lease financing		379,809		298,090
Total loans and leases	$	14,353,497	$	14,092,012

Outstanding loan balances are reported net of deferred loan costs and fees of $57.5 million and $56.1 million at December 31, 2023 and 2022, respectively.

Accrued interest receivable related to loans and leases was $70.1 million and $61.6 million as of December 31, 2023 and 2022, respectively, and is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheets.

As of December 31, 2023, residential real estate loans and commercial real estate loans totaling $4.5 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities totaling $4.3 billion were pledged to collateralize the borrowing capacity at the FRB. As of December 31, 2022, residential real estate loans totaling $3.5 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate and residential real estate loans totaling $1.7 billion were pledged to collateralize the borrowing capacity at the FRB. Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $6.9 million and $2.8 million at December 31, 2023 and 2022, respectively.

Net gains related to the sales of loans, recorded as a component of other noninterest income, were $0.2 million and $1.3 million for the years ended December 31, 2023 and 2021, respectively. Net losses related to the sales of loans, recorded as a component of other noninterest income, were nil for the year ended December 31, 2022.

In the course of evaluating the credit risk presented by a customer and the pricing that will adequately compensate the Company for assuming that risk, management may require a certain amount of collateral support. The type of collateral held varies, but may include accounts receivable, inventory, land, buildings, equipment, income-producing commercial properties and residential real estate. The Company applies the same collateral policy for loans whether they are funded immediately or on a delayed basis. The loan and lease portfolio is principally located in Hawaii and, to a lesser extent, on the U.S. Mainland, Guam and Saipan. The risk inherent in the portfolio depends upon both the economic stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers.

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulatory capital requirements
Limit on allowable reserve for credit losses for total risk-based capital ratio as a percentage of risk-weighted assets	1.25%	1.25%
Common equity tier 1 capital to risk-weighted assets
Amount	$ 2,020,784	$ 1,912,767
Ratio (as a percent)	0.1239	0.1182
Minimum Capital Ratio (as a percent)	0.0450	0.0450
Well-Capitalized Ratio (as a percent)	0.0650	0.0650
Tier 1 capital to risk-weighted assets
Amount	$ 2,020,784	$ 1,912,767
Ratio (as a percent)	0.1239	0.1182
Minimum Capital Ratio (as a percent)	0.0600	0.0600
Well-Capitalized Ratio (percent)	0.0800	0.0800
Total capital to risk-weighted assets
Amount	$ 2,212,922	$ 2,090,502
Ratio (as a percent)	0.1357	0.1292
Minimum Capital Ratio (as a percent)	0.0800	0.0800
Well-Capitalized Ratio (as a percent)	0.1000	0.1000
Tier 1 capital to average assets (leverage ratio)
Amount	$ 2,020,784	$ 1,912,767
Ratio	0.0864	0.0811
Minimum Capital Ratio (as a percent)	0.0400	0.0400
Well-Capitalized Ratio (percent)	0.0500	0.0500
First Hawaiian Bank (FHB)
Common equity tier 1 capital to risk-weighted assets
Amount	$ 2,006,393	$ 1,895,693
Ratio (as a percent)	0.1230	0.1171
Tier 1 capital to risk-weighted assets
Amount	$ 2,006,393	$ 1,895,693
Ratio (as a percent)	0.1230	0.1171
Total capital to risk-weighted assets
Amount	$ 2,198,531	$ 2,073,428
Ratio (as a percent)	0.1348	0.1281
Tier 1 capital to average assets (leverage ratio)
Amount	$ 2,006,393	$ 1,895,693
Ratio	0.0857	0.0804

Other Assets - Software, Net (Details) - USD ($)	12 Months Ended
Other Assets - Software, Net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total capitalized implementation costs	$ 0	$ 0
Capitalized internal-use software, accumulated amortization	28,700,000	39,800,000
Capitalized internal-use software, net book value	10,800,000	15,100,000
Hosting arrangements
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accumulated amortization	21,200,000	7,700,000
Net book value	111,400,000	110,500,000
Other noninterest expense
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amortization expense for all capitalized implementation costs	5,000,000.0	5,400,000	$ 8,600,000
Equipment expense \| Hosting arrangements
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total amortization expense for all capitalized implementation costs	13,500,000	7,200,000	$ 500,000
Included in other assets
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total capitalized internal-use software	39,500,000	54,900,000
Included in other assets \| Hosting arrangements
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total capitalized implementation costs	$ 132,600,000	$ 118,200,000

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2023

Regulatory Capital Requirements

Regulatory Capital Requirements

12. Regulatory Capital Requirements

Federal and state laws and regulations limit the amount of dividends the Company may declare or pay. The Company depends primarily on dividends from FHB as the source of funds for the Company’s payment of dividends.

The Company and the Bank are subject to various regulatory capital requirements imposed by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s operating activities and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of its assets and certain off-balance-sheet items. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and total capital to risk-weighted assets, as well as a minimum leverage ratio.

The following provides definitions for the regulatory risk-based capital ratios and leverage ratio, which are calculated as per standard regulatory guidance:

Risk-Weighted Assets — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are weighted for risk, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being allocated a risk-adjusted weight. The off-balance sheet items comprise a minimal part of the overall calculation.

Common Equity Tier 1 Risk-Based Capital Ratio — The CET1 risk-based capital ratio is calculated as CET1 capital, divided by risk-weighted assets. CET1 is the sum of equity, adjusted for ineligible goodwill as well as certain other comprehensive income items as follows: net unrealized gains/losses on securities and derivatives, and net unrealized pension and other benefit losses.

Tier 1 Risk-Based Capital Ratio — The Tier 1 capital ratio is calculated as Tier 1 capital divided by risk-weighted assets.

Total Risk-Based Capital Ratio — The total risk-based capital ratio is calculated as the sum of Tier 1 capital and an allowable amount of the allowance for credit losses (limited to 1.25 percent of risk-weighted assets), divided by risk-weighted assets.

Tier 1 Leverage Ratio — The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets.

The table below sets forth those ratios at December 31, 2023 and 2022:


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
December 31, 2023:
Common equity tier 1 capital to risk-weighted assets	$	2,020,784	12.39	%	$	2,006,393	12.30	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		2,020,784	12.39	%		2,006,393	12.30	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,212,922	13.57	%		2,198,531	13.48	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		2,020,784	8.64	%		2,006,393	8.57	%	4.00	%	5.00	%

December 31, 2022:
Common equity tier 1 capital to risk-weighted assets	$	1,912,767	11.82	%	$	1,895,693	11.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,912,767	11.82	%		1,895,693	11.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,090,502	12.92	%		2,073,428	12.81	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,912,767	8.11	%		1,895,693	8.04	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the FDIC.

A 2.5% capital conservation buffer, comprised of CET1 capital, was established above the regulatory minimum capital requirements, effectively resulting in minimum ratios of (i) 7% CET1 to risk-weighted assets, (ii) 8.5% Tier 1 capital to risk-weighted assets, and (iii) 10.5% total capital to risk-weighted assets.

The Federal Deposit Insurance Act of 1950’s prompt corrective action provisions apply only to depository institutions such as the Bank, and not to bank holding companies. Under the Federal Reserve’s regulations, a bank holding company, such as FHI, is considered “well-capitalized” if the bank holding company (i) has a total risk based capital ratio of at least 10%, (ii) has a Tier 1 risk-based capital ratio of at least 6%, and (iii) is not subject to any written agreement order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. The Company meets all capital ratio requirements to be well-capitalized under the Federal Reserve’s regulations, and, although the prompt corrective action provisions apply only to depository institutions and not to bank holding companies, if the provisions applied to bank holding companies, the Company would meet all capital ratio requirements to be well-capitalized.

As of December 31, 2023, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized and exceeded the aforementioned capital conservation buffer. Management is not aware of any conditions or events that have occurred since December 31, 2023, to change the capital adequacy category of the Company or the Bank.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Income Taxes - Components of Provision (Benefit) and Tax Returns in Other Jurisdictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 66,123	$ 50,895	$ 53,534
State and local	21,724	12,493	15,607
Total current	87,847	63,388	69,141
Deferred:
Federal	(8,387)	13,639	8,837
State and local	(5,269)	8,499	5,283
Total deferred	(13,656)	22,138	14,120
Total provision for income taxes	74,191	85,526	$ 83,261
Income tax returns in other state jurisdictions
Current income tax receivable due from various jurisdictions	$ 30,900	$ 14,200

Derivative Financial Instruments - Cash Flow Hedges (Details) - Derivatives designated as hedging instruments - Interest rate swaps and collars - Cash Flow Hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative financial instruments
Pretax net losses (gains) reclassified from accumulated other comprehensive income to interest income from loans and lease financing	$ 6,257	$ 297
Other comprehensive income (loss)
Derivative financial instruments
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$ (940)	$ (6,710)

Leases - Net Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net lease expense
Operating lease expense	$ 8,167	$ 8,883	$ 9,432
Short-term lease expense	26	26	246
Variable lease expense	2,112	2,135	2,204
Finance lease expense:
Amortization of right-of-use assets		1	3
Total finance lease expense		1	3
Less: Sublease income	(649)	(637)	(744)
Net lease expense	$ 9,656	$ 10,408	$ 11,141

Benefit Plans

12 Months Ended

Dec. 31, 2023

Benefit Plans

Benefit Plans

14. Benefit Plans

Qualified Pension Plan

The Company’s employees participate in the Employees’ Retirement Plan of First Hawaiian, Inc. (the “FHI ERP”). The FHI ERP is a frozen plan whereby there are no further benefit accruals for the Company’s employees. However, employees retain rights to participant benefits accrued as of the date of the plan freeze.

No contributions to the pension trust are expected to be made during 2024 for the Company’s participants in the FHI ERP. However, should contributions be required in accordance with the funding rules under the Employee Retirement Income Security Act of 1974 (“ERISA”), including the impact of the Pension Protection Act of 2006, the Company would make those required contributions.

Nonqualified Pension and Other Postretirement Benefit Plans

The Company also sponsors an unfunded supplemental executive retirement plan for certain key executives (“SERP”). In addition, the Company sponsors a directors’ retirement plan (“Directors’ Plan”), a non-qualified pension plan for eligible FHI and FHB directors that qualify for retirement benefits based on their years of service as a director. Both the SERP and the Directors’ Plan were frozen as of January 1, 2005 to new participants. In March 2019, the Company’s board of directors approved an amendment to the SERP to freeze the SERP, which became effective on July 1, 2019. As a result of the amendment, since the effective date, there have not been any, and there will be no, new accruals of benefits, including service accruals. Existing benefits under the SERP, as of the effective date of the amendment described above, will otherwise continue in accordance with the terms of the SERP.

A postretirement benefit plan is also offered to eligible employees that provides healthcare benefits upon retirement. The Company provides access to medical coverage for eligible retirees under age 65 at active employee premium rates and a monthly stipend to both retiree and retiree’s spouse after age 62.

The Company expects to contribute $0.3 million to its Directors’ Plan and $1.2 million to its postretirement medical and life insurance plans in 2024. These contributions reflect the estimated benefit payments for the unfunded plans and may vary depending on retirements during 2024.

Defined Contribution Plans

401(k) Savings Plan and Money Purchase Pension Plan

The Company matched employee contributions to the First Hawaiian, Inc. 401(k) Savings Plan, a qualified defined contribution plan, up to 5% of the employee’s pay in 2023, 2022 and 2021. The Company also contributed 2.5% of employee pay to the First Hawaiian, Inc. Future Plan, a money purchase pension plan. The plans cover all employees who satisfy eligibility requirements. A select group of key executives who participate in an unqualified grandfathered supplemental executive retirement plan may participate in the 401(k) plan but are not eligible to receive the matching contribution.

The employer contributions to the above-mentioned plans for the years ended December 31, 2023, 2022 and 2021 were $9.3 million, $9.2 million and $9.1 million, respectively, and are included in salaries and employee benefits within the consolidated statements of income.

Annual Incentive Awards for Key Executives

The Company makes cash-based annual incentive awards under the First Hawaiian, Inc. Bonus Plan (the “Bonus Plan”). The Bonus Plan limits the aggregate and individual value of the awards that could be issued in any one fiscal year. The Bonus Plan expenses totaled $15.3 million, $15.5 million and $13.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in salaries and employee benefits within the consolidated statements of income.

The following table details the amounts recognized in other comprehensive (loss) income during the years presented. Pension benefits include benefits from the qualified and non-qualified plans. Other benefits include life insurance and healthcare benefits from the postretirement benefit plan.


	Pension Benefits						Other Benefits
(dollars in thousands)	2023		2022		2021		2023		2022		2021
Amounts arising during the year:
Net (gain) loss on pension assets	$	(3,246)	$	24,047	$	3,581	$	—	$	—	$	—
Net loss (gain) on pension obligations		4,851		(38,949)		(4,614)		(542)		(5,808)		(2,074)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(2,818)		(5,643)		(6,961)		1,676		497		48
Prior service credit		—		—		—		—		—		—
Amount recognized in other comprehensive (loss) income	$	(1,213)	$	(20,545)	$	(7,994)	$	1,134	$	(5,311)	$	(2,026)

The following table shows the amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost as of December 31, 2023 and 2022:


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain)	$	14,599	$	15,812	$	(7,271)	$	(8,405)
Prior service credit		—		—		—		—
Total, pretax effect		14,599		15,812		(7,271)		(8,405)
Tax impact		(3,894)		(4,218)		1,939		2,242
Ending balance in accumulated other comprehensive loss	$	10,705	$	11,594	$	(5,332)	$	(6,163)

The following tables summarize the changes to the projected benefit obligation (“PBO”) and fair value of plan assets for pension benefits and the accumulated postretirement benefit obligation (“APBO”) and fair value of plan assets for other benefits:


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Benefit obligation at beginning of year	$	155,588	$	204,432	$	16,425	$	21,362
Service cost		—		—		545		789
Interest cost		8,275		5,518		844		565
Actuarial gain		4,851		(38,949)		(542)		(5,808)
Benefit payments		(15,143)		(15,413)		(488)		(483)
Benefit obligation at end of year	$	153,571	$	155,588	$	16,784	$	16,425

The actuarial gains related to changes in the Company’s PBO for pension benefits and APBO for other benefits are primarily due to changes in discount rates for both years ended December 31, 2023 and 2022.


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Fair value of plan assets at beginning of year	$	78,149	$	106,648	$	—	$	—
Actual return on plan assets		6,780		(20,924)		—		—
Benefit payments from trust		(7,326)		(7,575)		—		—
Fair value of plan assets at end of year	$	77,603	$	78,149	$	—	$	—

The following table summarizes the funded status of the Company’s plans and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2023 and 2022:


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Pension assets for overfunded plans	$	10,533	$	8,713	$	—	$	—
Pension liabilities for underfunded plans		(86,501)		(86,152)		(16,784)		(16,425)
Funded status	$	(75,968)	$	(77,439)	$	(16,784)	$	(16,425)

The following table provides information regarding the PBO, accumulated benefit obligation (“ABO”), and fair value of plan assets as of December 31, 2023 and 2022:


	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2023		2022		2023		2022		2023		2022
Projected benefit obligation	$	67,070	$	69,436	$	86,501	$	86,152	$	153,571	$	155,588
Accumulated benefit obligation		67,070		69,436		86,501		86,152		153,571		155,588
Fair value of plan assets		77,603		78,149		—		—		77,603		78,149
Overfunded (underfunded) portion of PBO/ABO		10,533		8,713		(86,501)		(86,152)		(75,968)		(77,439)

The Company recognizes the overfunded and underfunded status of its pension plans as an asset and liability in the consolidated balance sheets.

Unrecognized net gains or losses that exceed 5% of the greater of the PBO or the fair value of plan assets as of the beginning of the year are amortized on a straight-line basis over five years in accordance with ASC 715. Amortization of the unrecognized net gain or loss is included as a component of net periodic pension cost. If amortization results in an amount less than the minimum amortization required under GAAP, the minimum required amount is recorded.

The following table summarizes the change in net actuarial loss (gain) and amortization for the years ended December 31, 2023 and 2022:


	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain) at beginning of year	$	15,812	$	36,357	$	(8,405)	$	(3,094)
Amortization cost		(2,818)		(5,643)		1,676		497
Liability loss (gain)		4,851		(38,949)		(542)		(5,808)
Asset (gain) loss		(3,246)		24,047		—		—
Net actuarial loss (gain) at end of year	$	14,599	$	15,812	$	(7,271)	$	(8,405)

The following table sets forth the components of net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021:


	Income line item where recognized in	Pension Benefits						Other Benefits
(dollars in thousands)	the consolidated statements of income	2023		2022		2021		2023		2022		2021
Service cost	Salaries and employee benefits	$	—	$	—	$	—	$	545	$	789	$	874
Interest cost	Other noninterest expense		8,275		5,518		5,065		844		565		515
Expected return on plan assets	Other noninterest expense		(3,534)		(3,124)		(3,044)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		2,818		5,643		6,961		(1,676)		(497)		(48)
Total net periodic benefit cost		$	7,559	$	8,037	$	8,982	$	(287)	$	857	$	1,341

The funded pension benefit amounts included in pension benefits for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Funded Pension Benefits
(dollars in thousands)	2023		2022		2021
Interest cost	$	3,643	$	2,466	$	2,261
Expected return on plan assets		(3,534)		(3,124)		(3,044)
Recognized net actuarial loss		2,818		1,906		1,609
Total net periodic benefit cost	$	2,927	$	1,248	$	826

Assumptions

The following weighted-average assumptions were used to determine benefit obligations at December 31, 2023 and 2022:

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2023

2022

2023

2022

2023

2022

Discount rate

5.22

5.57

5.22

5.57

5.22

5.57

Rate of compensation increase

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows:

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2023

2022

2021

2023

2022

2021

2023

2022

2021

Discount rate

5.57

2.77

2.37

5.57

2.77

2.37

5.57

2.77

2.37

Expected long-term return on plan assets

4.75

3.05

2.75

Rate of compensation increase

To select the discount rate, the Company reviews the yield on high quality corporate bonds. This rate is adjusted to convert the yield to an annual discount rate basis and may be adjusted for the population of plan participants to reflect the expected duration of the benefit payments of the plan.

Assumed healthcare cost trend rates were as follows at December 31, 2023, 2022 and 2021:


	2023		2022		2021
Healthcare cost trend rate assumed for next year	6.00	%	6.00	%	6.00	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2028		2028		2026

Plan Assets

The Company’s pension plan assets were allocated as follows as of December 31, 2023 and 2022:


	Asset Allocation
	2023		2022
Equity securities	11	%	11	%
Debt securities	86	%	87	%
Other securities	3	%	2	%
Total	100	%	100	%

There were no holdings of FHI or BNPP stock included in equity securities at December 31, 2023 and 2022.

The assets within the pension plan are managed in accordance with ERISA. The objective of the plan is to achieve, over full market cycles, a compounded annual rate of return equal to or greater than the pension plan’s expected long-term rate of return. The pension plan’s participants recognize that capital markets can be unpredictable and that any investment could result in periods where the market value of the pension plan’s assets will decline in value. Asset allocation is likely to be the primary determinant of the pension plan’s return and the associated volatility of returns for the pension plan. The Company estimated the long-term rate of return for the 2023 net periodic pension cost to be 4.75%. The return was selected based on a model of U.S. capital market assumptions with expected returns reflecting the anticipated asset allocation of the pension plan.

The target asset allocation for the pension plan at December 31, 2023, was as follows:


	Target
	Allocation
Equity securities	10	%
Debt securities	88	%
Other securities	2	%

Estimated Future Benefit Payments

The following table presents benefit payments that are expected to be paid over the next ten years, giving consideration to expected future service as appropriate:


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2024	$	15,095	$	1,220
2025		15,371		1,326
2026		15,495		1,417
2027		14,570		1,507
2028		13,986		1,561
2029 to 2033		61,456		7,863

Fair Value Measurement of Plan Assets

The Company’s overall investment strategy includes a wide diversification of asset types, fund strategies and fund managers. Investments in exchange-traded funds consist primarily of investments in large-cap companies located in the United States. Fixed income securities include U.S. government agencies and corporate bonds of companies from diversified industries.

The fair values of the Company’s pension plan assets at December 31, 2023 and 2022, by asset class, were as follows:

December 31, 2023

Quoted Prices

Significant

In Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

(dollars in thousands)

(Level 1)

(Level 2)

(Level 3)

Total

Asset classes:

Cash and cash equivalents

2,353

—

2,353

Fixed income - U.S. Treasury securities

—

11,354

—

11,354

Fixed income - U.S. government agency securities

—

5,899

—

5,899

Fixed income - U.S. corporate securities

—

47,546

—

47,546

Fixed income - municipal securities

—

379

—

379

Fixed income - international securities

1,901

—

1,901

Equity - large-cap exchange-traded funds

5,311

—

5,311

Equity - mid-cap exchange-traded funds

844

—

844

Equity - small-cap exchange-traded funds

394

—

394

Equity - international funds

1,622

—

1,622

Total

12,425

65,178

—

77,603


	December 31, 2022
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	1,712	$	—	$	—	$	1,712
Fixed income - U.S. Treasury securities		—		6,593		—		6,593
Fixed income - U.S. government agency securities		—		6,656		—		6,656
Fixed income - U.S. corporate securities		—		53,051		—		53,051
Fixed income - municipal securities		—		382		—		382
Fixed income - international securities		1,199		—		—		1,199
Equity - large-cap exchange-traded funds		5,544		—		—		5,544
Equity - mid-cap exchange-traded funds		1,001		—		—		1,001
Equity - small-cap exchange-traded funds		461		—		—		461
Equity - international funds		1,550		—		—		1,550
Total	$	11,467	$	66,682	$	—	$	78,149

No fair value measurements used Level 3 inputs as of December 31, 2023 and 2022.

The plan’s investments in fixed income securities represent approximately 86.4% and 86.9% of total plan assets as of December 31, 2023 and 2022, respectively, which is the most significant concentration of risk in the plan.

Valuation Methodologies

Cash and cash equivalents — includes institutional money market funds, whose carrying value represents fair value because of their short-term maturities of the instruments held by these funds.

U.S. Treasury securities — includes securities issued by the U.S. government valued at fair value based on observable market prices for similar securities or other market observable inputs.

U.S. government agency securities — includes investment-grade debt securities issued by U.S. government agencies. These securities are valued at fair value based upon the quoted market values of the underlying net assets.

U.S. corporate securities — includes investment-grade debt securities issued by U.S. corporations. These securities are valued at fair value based on observable market prices for similar securities or other market observable inputs.

Municipal securities — includes bonds issued by a city or other local government, or their agencies. Potential issuers of municipal bonds include cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any other governmental entity (or group of governments) below the state level. Municipal bonds may be general obligations of the issuer or secured by specified revenues. These securities are valued at fair value based on observable market prices for similar securities or other market observable inputs.

International securities — includes investment-grade debt securities issued by international corporations. The fair value is based upon the quoted market values of the underlying net assets.

Large-cap exchange-traded fund — includes an exchange-traded fund which invests mainly in U.S. large-cap stocks such as those in the S&P 500 index. The fair value is based upon the quoted market values of the underlying net assets.

Mid-cap exchange-traded funds — includes broadly-diversified exchange-traded funds which invest in U.S. mid-cap stocks such as those in the S&P 400 Mid Cap index. The fair value is based upon the quoted market values of the underlying net assets.

Small-cap exchange-traded funds — includes broadly-diversified exchange-traded funds which invest in U.S. small-cap stocks such as those in the S&P 600 Small Cap index. The fair value is based upon the quoted market values of the underlying net assets.

International funds — includes well-diversified exchange-traded funds tracking broad-based international equity indexes. The fair value is based upon the quoted market values of the underlying net assets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Deposits - Maturity Distribution of Time Certificates of Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturity distribution of time certificates of deposit
Three months or less	$ 1,222,970
Over three through six months	712,130
Over six through twelve months	1,326,948
2025	106,858
2026	36,676
2027	30,875
2028	19,291
Thereafter	410
Total	3,456,158
Under $250,000
Maturity distribution of time certificates of deposit
Three months or less	284,476
Over three through six months	367,919
Over six through twelve months	828,587
2025	79,652
2026	34,176
2027	24,965
2028	16,612
Thereafter	410
Total	1,636,797
$250,000 or More
Maturity distribution of time certificates of deposit
Three months or less	938,494
Over three through six months	344,211
Over six through twelve months	498,361
2025	27,206
2026	2,500
2027	5,910
2028	2,679
Total	$ 1,819,361

Investment Securities - Unrealized Gross Losses and Fair Values of Securities in a Continuous Loss Position (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) security shares	Dec. 31, 2022 USD ($) security shares	Dec. 31, 2016 shares
Securities in the available-for-sale portfolio in a continuous loss position
Number of individual securities in a continuous loss position \| security	222	275
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	$ (564,000)	$ (213,696,000)
12 Months or More Unrealized Losses	(302,818,000)	(184,820,000)
Total Unrealized Losses	(303,382,000)	(398,516,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	63,667,000	2,023,259,000
12 Months or More Fair Value	2,170,608,000	1,056,595,000
Total Fair Value	$ 2,234,275,000	$ 3,079,854,000
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better	5.00%	5.00%
Allowance for credit losses for its available-for-sale debt securities	$ 0	$ 0
Allowance for credit losses for its held-to-maturity debt securities	0	$ 0
Class B restricted shares
Time in Continuous Loss, Fair Value
Net realized gain	$ 40,800,000
Shares held \| shares	0	120,000
Cost basis		$ 0
Number of shares sold \| shares	120,000
Class B restricted shares \| Visa
Time in Continuous Loss, Fair Value
Number of shares sold \| shares			274,000
U.S. Treasury and government agency debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(2,962,000)
12 Months or More Unrealized Losses	$ (666,000)	(9,365,000)
Total Unrealized Losses	(666,000)	(12,327,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		83,870,000
12 Months or More Fair Value	32,503,000	67,112,000
Total Fair Value	32,503,000	150,982,000
Government-sponsored enterprises debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(699,000)
12 Months or More Unrealized Losses	(408,000)
Total Unrealized Losses	(408,000)	(699,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		44,301,000
12 Months or More Fair Value	19,592,000
Total Fair Value	19,592,000	44,301,000
Residential - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(73,954,000)
12 Months or More Unrealized Losses	(112,124,000)	(83,309,000)
Total Unrealized Losses	(112,124,000)	(157,263,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		645,338,000
12 Months or More Fair Value	783,297,000	515,117,000
Total Fair Value	783,297,000	1,160,455,000
Residential - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(7,069,000)
12 Months or More Unrealized Losses	(1,121,000)
Total Unrealized Losses	(1,121,000)	(7,069,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		59,723,000
12 Months or More Fair Value	10,182,000
Total Fair Value	10,182,000	59,723,000
Commercial - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(15,852,000)
12 Months or More Unrealized Losses	(50,270,000)	(28,995,000)
Total Unrealized Losses	(50,270,000)	(44,847,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		108,842,000
12 Months or More Fair Value	218,674,000	129,011,000
Total Fair Value	218,674,000	237,853,000
Commercial - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(7,348,000)
12 Months or More Unrealized Losses	(7,028,000)	(3,691,000)
Total Unrealized Losses	(7,028,000)	(11,039,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		94,657,000
12 Months or More Fair Value	86,431,000	24,916,000
Total Fair Value	86,431,000	119,573,000
Commercial - Non -agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(493,000)
12 Months or More Unrealized Losses	(281,000)
Total Unrealized Losses	(281,000)	(493,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		21,471,000
12 Months or More Fair Value	21,683,000
Total Fair Value	21,683,000	21,471,000
Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(74,797,000)
12 Months or More Unrealized Losses	(67,568,000)	(10,405,000)
Total Unrealized Losses	(67,568,000)	(85,202,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		596,907,000
12 Months or More Fair Value	471,150,000	56,415,000
Total Fair Value	471,150,000	653,322,000
Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(21,916,000)
12 Months or More Unrealized Losses	(61,856,000)	(49,055,000)
Total Unrealized Losses	(61,856,000)	(70,971,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		198,108,000
12 Months or More Fair Value	363,970,000	264,024,000
Total Fair Value	363,970,000	462,132,000
Collateralized Loan Obligations
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(564,000)	(8,606,000)
12 Months or More Unrealized Losses	(1,496,000)
Total Unrealized Losses	(2,060,000)	(8,606,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	63,667,000	170,042,000
12 Months or More Fair Value	163,126,000
Total Fair Value	$ 226,793,000	$ 170,042,000

Allowance for Credit Losses - Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	$ 6,515	$ 3,548
Nonaccrual Loans and Leases	18,595	11,905
Interest income recognized on nonaccrual loans and leases	600	400	$ 400
Accrued interest receivables written off, Interest income reversed	1,000	900	$ 800
Commercial and Industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses		665
Nonaccrual Loans and Leases	970	1,215
Commercial Real Estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	2,685	727
Nonaccrual Loans and Leases	2,953	727
Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	2,667	1,560
Nonaccrual Loans and Leases	7,620	6,166
Home equity Line
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	1,163	596
Nonaccrual Loans and Leases	$ 7,052	$ 3,797

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Schedule of changes in accumulated other comprehensive income (loss)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Year ended December 31, 2023
Pension and other benefits:
Net actuarial losses arising during the year		(1,063)		284		(779)
Amortization of net loss included in net income		1,142		(305)		837
Net change in pension and other benefits		79		(21)		58
Investment securities:
Unrealized net gains arising during the year		55,141		(14,709)		40,432
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,190		(12,855)		35,335
Investment securities losses, net		39,986		(10,666)		29,320
Net change in investment securities		143,317		(38,230)		105,087
Cash flow derivative hedges:
Unrealized net losses arising during the year		(940)		251		(689)
Reclassification of net losses included in net income		6,257		(1,669)		4,588
Net change in cash flow derivative hedges		5,317		(1,418)		3,899
Other comprehensive income		148,713		(39,669)		109,044
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Year ended December 31, 2022
Pension and other benefits:
Net actuarial gains arising during the year		20,710		(5,524)		15,186
Amortization of net loss included in net income		5,146		(1,373)		3,773
Net change in pension and other benefits		25,856		(6,897)		18,959
Investment securities:
Unrealized net losses arising during the year		(773,667)		206,376		(567,291)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,378		(12,905)		35,473
Net change in investment securities		(725,289)		193,471		(531,818)
Cash flow derivative hedges:
Unrealized net losses arising during the year		(6,710)		1,790		(4,920)
Reclassification of net losses included in net income		297		(79)		218
Net change in cash flow derivative hedges		(6,413)		1,711		(4,702)
Other comprehensive loss		(705,846)		188,285		(517,561)
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)

Summary of changes in accumulated other comprehensive loss, net of tax


	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Income (Loss)
Year Ended December 31, 2023
Balance at beginning of year	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)
Other comprehensive income		58		69,752		35,335		3,899		109,044
Balance at end of year	$	(5,373)	$	(222,423)	$	(301,611)	$	(803)	$	(530,210)

Year Ended December 31, 2022
Balance at beginning of year	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		—		372,419		(372,419)		—		—
Other comprehensive income (loss)		18,959		(567,291)		35,473		(4,702)		(517,561)
Balance at end of year	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)

Year Ended December 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	—	$	—	$	31,604
Other comprehensive income (loss)		7,347		(160,644)		—		—		(153,297)
Balance at end of year	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)

Transactions with Affiliates and Related Parties

12 Months Ended

Dec. 31, 2023

Transactions with Affiliates and Related Parties

Transactions with Affiliates and Related Parties

2. Transactions with Affiliates and Related Parties

In the normal course of business, the Company makes loans to executive officers and directors of the Company and its subsidiary and to entities and individuals affiliated with those executive officers and directors. These loans are made on terms no less favorable to the Company than those prevailing at the time for comparable transactions with unrelated persons or, in the case of certain residential real estate loans, on terms that are widely available to employees of the Company who are not directors or executive officers.

Changes in the loans to such executive officers, directors and affiliates during 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	57,247	$	86,035	$	91,226
New loans made		5,884		10,776		2,659
Repayments		(10,099)		(39,564)		(7,850)
Balance at end of year	$	53,032	$	57,247	$	86,035

There were no noninterest expense and noninterest income to and from affiliates during the years ended December 31, 2023, 2022 and 2021. Additionally, the Company had no other liabilities with affiliates and no off-balance sheet commitments with affiliates to purchase and sell foreign currencies as of December 31, 2023 and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value - Visa Derivative (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Class B restricted shares
Fair value
Conversion rate	1.5875		1.6483
Class B restricted shares \| Visa Derivative
Fair value
Conversion rate	1.5875			1.6483
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa Derivative
Fair value
Derivative liability	$ 2.3	$ 0.9

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Schedule of restricted stock activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	262,377	$	26.35
Granted	—		—
Vested	(105,330)		26.46
Forfeited	(7,172)		26.15
Unvested as of December 31, 2021	149,875	$	26.28
Granted	—		—
Vested	(87,490)		26.44
Forfeited	(15,528)		26.28
Unvested as of December 31, 2022	46,857	$	25.96
Granted	—		—
Vested	(45,756)		25.96
Forfeited	(1,101)		26.14
Unvested as of December 31, 2023	—	$	—

Schedule of PSU activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	857,282	$	25.43
Granted	376,810		27.07
Vested	(214,163)		22.57
Forfeited	(77,423)		24.62
Unvested as of December 31, 2021	942,506	$	26.70
Granted	350,922		28.57
Vested	(203,855)		27.02
Forfeited	(135,439)		26.63
Unvested as of December 31, 2022	954,134	$	27.36
Granted	447,130		26.72
Vested	(193,065)		25.96
Forfeited	(98,731)		26.21
Unvested as of December 31, 2023	1,109,468	$	27.44

Schedule of RSU activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2020	43,550	$	21.93
Granted	198,771		27.13
Vested	(49,519)		23.08
Forfeited	(7,473)		26.37
Unvested as of December 31, 2021	185,329	$	27.09
Granted	169,497		28.35
Vested	(74,178)		27.18
Forfeited	(17,488)		26.80
Unvested as of December 31, 2022	263,160	$	27.91
Granted	232,280		25.57
Vested	(122,036)		27.75
Forfeited	(27,843)		27.38
Unvested as of December 31, 2023	345,561	$	26.50

Transactions with Affiliates and Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Transactions with Affiliates and Related Parties

Schedule of changes in loans to executive officers, directors and affiliates


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	57,247	$	86,035	$	91,226
New loans made		5,884		10,776		2,659
Repayments		(10,099)		(39,564)		(7,850)
Balance at end of year	$	53,032	$	57,247	$	86,035

Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Total available-for-sale securities, Fair value,	$ 2,255,336	$ 3,151,133
Collateralized Loan Obligations
Assets
Total available-for-sale securities, Fair value,	247,854	241,321
Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	2,255,336	3,151,133
Other assets	13,285	16,321
Liabilities
Other liabilities	(4,620)	(50,119)
Total
Net Assets (Liabilities)	2,264,001	3,117,335
Fair Value, Measurements, Recurring \| Collateralized Loan Obligations
Assets
Total available-for-sale securities, Fair value,	247,854
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other assets	517	5,376
Total
Net Assets (Liabilities)	517	5,376
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	2,255,336	3,151,133
Other assets	12,768	10,945
Liabilities
Other liabilities	(2,320)	(49,268)
Total
Net Assets (Liabilities)	2,265,784	3,112,810
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Collateralized Loan Obligations
Assets
Total available-for-sale securities, Fair value,	247,854
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Liabilities
Other liabilities	(2,300)	(851)
Total
Net Assets (Liabilities)	(2,300)	(851)
U.S. Treasury and government agency debt securities
Assets
Total available-for-sale securities, Fair value,	32,503	150,982
U.S. Treasury and government agency debt securities \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	32,503	150,982
U.S. Treasury and government agency debt securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	32,503	150,982
Government-sponsored enterprises debt securities
Assets
Total available-for-sale securities, Fair value,	19,592	44,301
Government-sponsored enterprises debt securities \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	19,592	44,301
Government-sponsored enterprises debt securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	19,592	44,301
Residential - Government agency
Assets
Total available-for-sale securities, Fair value,	10,182	59,723
Residential - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	10,182	59,723
Residential - Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	10,182	59,723
Residential - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	783,297	1,160,455
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	783,297	1,160,455
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	783,297	1,160,455
Commercial - Government agency
Assets
Total available-for-sale securities, Fair value,	218,674	237,853
Commercial - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	218,674	237,853
Commercial - Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	218,674	237,853
Commercial - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	86,431	119,573
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	86,431	119,573
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	86,431	119,573
Commercial - Non-government mortgage \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	21,683	21,471
Commercial - Non-government mortgage \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	21,683	21,471
Government agency
Assets
Total available-for-sale securities, Fair value,	471,150	653,322
Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	471,150	653,322
Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	471,150	653,322
Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	363,970	462,132
Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	363,970	462,132
Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	$ 363,970	462,132
Collateralized Loan Obligations \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,		241,321
Collateralized Loan Obligations \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,		$ 241,321

Organization and Summary of Significant Accounting Policies - Allowance for Credit Losses (Details)	12 Months Ended
	Dec. 31, 2023 item segment
Allowance for loan and lease losses
Estimated credit loss model, forecast horizon	1 year
Number of portfolio segments \| segment	3
Residential mortgage
Allowance for loan and lease losses
Number of distinct classes within portfolio segment	2
Commercial Lending
Allowance for loan and lease losses
Number of distinct classes within portfolio segment	4

Benefit Plans - Plan Assets Allocation (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit Plans
Asset Allocation (as a percent)	100.00%	100.00%
Expected long term return on plan assets (as a percent)	4.75%	3.05%	2.75%
Equity securities
Benefit Plans
Asset Allocation (as a percent)	11.00%	11.00%
Target Allocation (as a percent)	10.00%
FHI stock
Benefit Plans
Asset Allocation (as a percent)	0.00%	0.00%
BNP Paribas stock
Benefit Plans
Asset Allocation (as a percent)	0.00%	0.00%
Debt securities
Benefit Plans
Asset Allocation (as a percent)	86.00%	87.00%
Target Allocation (as a percent)	88.00%
Other securities
Benefit Plans
Asset Allocation (as a percent)	3.00%	2.00%
Target Allocation (as a percent)	2.00%

Other Assets - Affordable Housing and Other Tax Credit Investment Partnerships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affordable housing and other tax credit investment partnership interests
Affordable housing tax credits and other benefits recognized	$ 31.1	$ 26.9	$ 22.7
Provision for income taxes
Affordable housing and other tax credit investment partnership interests
Amortization	23.5	24.4	$ 21.7
Included in other assets
Affordable housing and other tax credit investment partnership interests
Investment partnership interest	$ 206.9	$ 167.4

Reportable Operating Segments - Business Segments (Details)	12 Months Ended
	Dec. 31, 2023 location segment
Reportable operating segments
Number of business segments \| segment	3
Retail Banking
Reportable operating segments
Number of banking locations \| location	50

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income. The Company’s significant items of accumulated other comprehensive income (loss) are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 are presented below:


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Year ended December 31, 2023
Pension and other benefits:
Net actuarial losses arising during the year		(1,063)		284		(779)
Amortization of net loss included in net income		1,142		(305)		837
Net change in pension and other benefits		79		(21)		58
Investment securities:
Unrealized net gains arising during the year		55,141		(14,709)		40,432
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,190		(12,855)		35,335
Investment securities losses, net		39,986		(10,666)		29,320
Net change in investment securities		143,317		(38,230)		105,087
Cash flow derivative hedges:
Unrealized net losses arising during the year		(940)		251		(689)
Reclassification of net losses included in net income		6,257		(1,669)		4,588
Net change in cash flow derivative hedges		5,317		(1,418)		3,899
Other comprehensive income		148,713		(39,669)		109,044
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Year ended December 31, 2022
Pension and other benefits:
Net actuarial gains arising during the year		20,710		(5,524)		15,186
Amortization of net loss included in net income		5,146		(1,373)		3,773
Net change in pension and other benefits		25,856		(6,897)		18,959
Investment securities:
Unrealized net losses arising during the year		(773,667)		206,376		(567,291)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,378		(12,905)		35,473
Net change in investment securities		(725,289)		193,471		(531,818)
Cash flow derivative hedges:
Unrealized net losses arising during the year		(6,710)		1,790		(4,920)
Reclassification of net losses included in net income		297		(79)		218
Net change in cash flow derivative hedges		(6,413)		1,711		(4,702)
Other comprehensive loss		(705,846)		188,285		(517,561)
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the years indicated:


	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Income (Loss)
Year Ended December 31, 2023
Balance at beginning of year	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)
Other comprehensive income		58		69,752		35,335		3,899		109,044
Balance at end of year	$	(5,373)	$	(222,423)	$	(301,611)	$	(803)	$	(530,210)

Year Ended December 31, 2022
Balance at beginning of year	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		—		372,419		(372,419)		—		—
Other comprehensive income (loss)		18,959		(567,291)		35,473		(4,702)		(517,561)
Balance at end of year	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)

Year Ended December 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	—	$	—	$	31,604
Other comprehensive income (loss)		7,347		(160,644)		—		—		(153,297)
Balance at end of year	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)

As of December 31, 2023, 2022 and 2021, the Company did not have any available-for-sale debt securities in an unrealized loss position with the intent to sell and determined it was not more likely than not that the Company would be required to sell the securities prior to recovery of the amortized cost basis. Thus, for the years ended December 31, 2023, 2022 and 2021, there was no incremental non-credit-related impairment loss recognized in earnings on these securities.

Income Taxes - Reorganization Transactions - (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Current tax receivables related to transactions prior to Reorganization Transactions		$ 130.5
Unrecognized tax positions		160.6	$ 158.1
Indemnification receivable		30.1	27.6
Total state and local distribution taxes reported		92.1
Net adjustments to pre-reorganization indemnification receivables or payables and unrecognized tax benefits		2.5	$ 0.0	$ 0.0
Reorganization Transactions on April 1, 2016
Income taxes
Current tax receivables recorded	$ 72.8
Unrecognized tax positions	116.6
Indemnification payable	28.6
Certain tax related liabilities incurred	95.4
Expected federal tax benefit on distribution taxes	$ 33.4
Capital Distributions		$ 2.1

Parent Company - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income
Total revenue	$ 836,942	$ 793,074	$ 715,475
Noninterest expense
Salaries and employee benefits	225,755	199,129	182,384
Contracted services and professional fees	66,423	70,027	63,349
Equipment	45,109	34,506	24,719
Other	62,928	57,186	66,082
Total noninterest expense	501,138	440,471	405,479
Provision (Benefit) for income taxes	(74,191)	(85,526)	(83,261)
Net income	234,983	265,685	265,735
Comprehensive income (loss)	344,027	(251,876)	112,438
First Hawaiian, Inc.
Income
Dividends from FHB	139,500	157,000	213,500
Other income	2,492
Total revenue	141,992	157,000	213,500
Noninterest expense
Salaries and employee benefits	4,404	4,098	3,732
Contracted services and professional fees	3,554	6,200	2,731
Equipment	102	78
Other	1,474	1,447	1,314
Total noninterest expense	9,534	11,823	7,777
Income before benefit for income taxes and equity in undistributed income of FHB	132,458	145,177	205,723
Provision (Benefit) for income taxes	145	(2,707)	(1,877)
Equity in undistributed income of FHB	$ 102,670	$ 117,801	$ 58,135

Benefit Plans - Net periodic benefit cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of net periodic benefit cost
Interest cost	$ 3,643	$ 2,466	$ 2,261
Expected return on plan assets	(3,534)	(3,124)	(3,044)
Recognized net actuarial loss (gain)	2,818	1,906	1,609
Total net periodic benefit cost	$ 2,927	$ 1,248	$ 826
Defined Benefit Plan, Funding Status [Extensible Enumeration]	Funded Plan	Funded Plan	Funded Plan
Pension Plan
Components of net periodic benefit cost
Interest cost	$ 8,275	$ 5,518	$ 5,065
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Expected return on plan assets	$ (3,534)	$ (3,124)	$ (3,044)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Recognized net actuarial loss (gain)	$ 2,818	$ 5,643	$ 6,961
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Total net periodic benefit cost	$ 7,559	$ 8,037	$ 8,982
Other Benefits
Components of net periodic benefit cost
Service cost	545	789
Interest cost	$ 844	$ 565	$ 515
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Recognized net actuarial loss (gain)	$ (1,676)	$ (497)	$ (48)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense	Other Noninterest Expense
Total net periodic benefit cost	$ (287)	$ 857	$ 1,341
Other Benefits \| Salaries and employee benefits
Components of net periodic benefit cost
Service cost	$ 545	$ 789	$ 874

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”). FHB is a state-chartered bank that is not a member of the Federal Reserve System. FHB, the oldest financial institution in Hawaii, was established as Bishop & Company in 1858. As of December 31, 2023, FHB was the largest bank in Hawaii in terms of total assets, loans and leases, deposits, and net income. FHB has 50 branches located throughout the State of Hawaii, Guam and Saipan, and offers a comprehensive suite of banking services to consumer and commercial customers including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. The accounting and reporting principles of First Hawaiian, Inc. and Subsidiary (the “Company”) conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. Intercompany accounts and transactions have been eliminated in consolidation.
Transition to an Independent Public Company	Transition to an Independent Public Company Prior to FHI’s initial public offering in August 2016 (“IPO”), the Company was an indirect wholly owned subsidiary of BNP Paribas (“BNPP”), a global financial institution based in France. On April 1, 2016, BNPP effected a series of transactions (“Reorganization Transactions”) pursuant to which FHI, which was then known as BancWest Corporation (“BancWest”), contributed Bank of the West (“BOW”), its subsidiary at the time, to BancWest Holding Inc. (“BWHI”), a newly formed bank holding company and a wholly owned subsidiary of BancWest. Following the contribution of BOW to BWHI, BancWest distributed its interest in BWHI to BNPP, and BWHI became a wholly owned subsidiary of BNPP. As part of these transactions, the Company amended its certificate of incorporation to change its name to First Hawaiian, Inc., with First Hawaiian Bank remaining its only direct wholly owned subsidiary. On July 1, 2016, we became an indirect wholly owned subsidiary of BNP Paribas USA, Inc. (“BNP Paribas USA”), BNPP’s U.S. intermediate holding company. As part of that reorganization, the Company became a direct wholly owned subsidiary of BancWest Corporation (“BWC”), a direct wholly owned subsidiary of BNP Paribas USA. In August 2016, FHI completed its IPO and shares of FHI’s common stock began trading on the NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “FHB” on August 4, 2016. In 2017, 2018 and 2019, BNPP, acting through BWC, sold all of the shares of FHI common stock that it beneficially owned in underwritten public offerings and share repurchases by the Company. FHI did not receive any of the proceeds from the sales of shares of FHI common stock in any such offering or the IPO. As a result of the completion of the February 1, 2019 public offering, BNPP (through BWC, the selling stockholder) fully exited its ownership interest in FHI common stock.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is a legal entity that lacks the ability to financially support its activities or whose equity investors lack the ability to control its activities or absorb profits and losses proportionately with their investment in the entity. The primary beneficiary consolidates the VIE. The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained. The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company’s investments in these partnership interests are included in other assets in the consolidated balance sheets. Unfunded commitments to fund these investments were $80.7 million and $47.2 million as of December 31, 2023 and 2022, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated balance sheets. These low-income housing partnership and LLC entities meet the definition of a VIE; however, the Company is not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership or LLC agreements allow the limited partners and members, through a majority vote, to remove the general partner or managing member, this right is not deemed to be substantive as the general partner or managing member can only be removed for cause.
Cash and Due from Banks	Cash and Due from Banks Cash and due from banks include amounts due from other financial institutions as well as in-transit clearings. Because amounts due from other financial institutions often exceed the Federal Deposit Insurance Corporation (“FDIC”) deposit insurance limit, the Company evaluates the credit risk of these institutions through periodic review of their financial condition and regulatory capital position. Under the terms of the Depository Institutions Deregulation and Monetary Control Act, the Company is required to maintain reserves with the Federal Reserve Bank of San Francisco (“FRB”) based on the amount of deposits held. Reserve requirements for all depository institutions were eliminated in March 2020. Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. All amounts are readily convertible to cash and have original maturities of less than 90 days.
Interest-bearing Deposits in Other Banks	Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks include funds held in other financial institutions that are either fixed or variable rate instruments, including certificates of deposits. Interest income is recorded when earned and presented within other interest income in the Company’s consolidated statements of income.
Investment Securities	Investment Securities As of December 31, 2023 and December 31, 2022, investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 5% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. The Company amortizes premiums and accretes discounts using the interest method over the expected lives of the individual securities. Premiums on callable debt securities are amortized to their next call date. All investment securities transactions are recorded on a trade-date basis. As of December 31, 2023 and 2022, the Company’s investment securities were categorized as either available-for-sale (investment securities that may be sold before maturity at the discretion of management) or held-to-maturity (investment securities that management has the positive intent and ability to hold to maturity). Available-for-sale investment securities are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income. Gains and losses realized on sales of available-for-sale investment securities are determined using the specific identification method. Held-to-maturity investment securities are reported at amortized cost and may have a realized gain or loss if the investment security is retired or redeemed before the original maturity date. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield using the interest method over the expected life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the expected life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. For held-to-maturity debt securities, the Company utilizes the Current Expected Credit Loss (“CECL”) approach to estimate lifetime expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of held-to-maturity debt securities to present the net amount expected to be collected from held-to-maturity debt securities. Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the available-for-sale or held-to-maturity investment security is deemed uncollectible or when either of the criteria regarding intent or requirement to sell an available-for-sale investment security is met. Recoveries do not exceed the aggregate of amounts previously charged-off. As of December 31, 2023 and 2022, the Company’s available-for-sale and held-to-maturity investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises. Management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Under 5% of the investment securities were comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. These securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of December 31, 2023 and 2022. Accrued interest receivable related to available-for-sale and held-to-maturity investment securities are recorded separately from the amortized cost basis of investment securities on the Company’s consolidated balance sheet.
Loans Held for Sale	Loans Held for Sale The Company originates certain loans for individual sale or for sale as a pool of loans to government-sponsored enterprises. Loans held for sale are carried, on an aggregate basis, at the lower of cost or fair value. The fair value of loans held for sale is primarily determined based on quoted prices for similar loans in active markets. Net gains and losses on loan sales are recorded as a component of other noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in other noninterest income upon sale of the loan.
Loans and Leases	Loans and Leases Loans are reported at amortized cost, which includes the principal amount outstanding net of unamortized and unaccreted deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs and unearned discounts and premiums, if any, are deferred and are generally accreted or amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned. Direct financing leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Unearned income on direct financing leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment. Accrued interest receivable related to loans and leases is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheet.
Nonaccrual Loans and Leases	Nonaccrual Loans and Leases The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. A full or partial charge-off is recorded in the period in which the loan or lease is deemed uncollectible. When the Company places a loan or lease on nonaccrual status, previously accrued and uncollected interest is concurrently reversed against interest income. When the Company receives an interest payment on a nonaccrual loan or lease, the payment is applied as a reduction of the principal balance. Nonaccrual loans and leases are generally returned to accrual status when they become current as to principal and interest and future payments are reasonably assured.
Loan Modifications to Borrowers Experiencing Financial Difficulty	Loan Modifications to Borrowers Experiencing Financial Difficulty Loans modified with a borrower experiencing financial difficulty, whether in default or not, may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified with a borrower experiencing financial difficulty are evaluated for impairment. As a result, this may have a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the loan or lease balance is deemed uncollectible. Recoveries do not exceed the aggregate of amounts previously charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach consist of quantitative and qualitative estimates. The Company’s methodology leverages two quantitative models: a one variable forward-looking macroeconomic model that estimates the impact of management’s economic outlook and a transition probability matrix that estimates expected losses over the long run. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking factors not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, and other current or anticipated events that are not captured in the Company’s historical loss experience. The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent. Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD. The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively. On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for reviewing the economic forecast model inputs and outputs and approving the resulting economic adjustment. The model uses a one-variable econometric model to produce factors that modify the long-run default rate assumptions used in the CECL model. These factors are applied to calculate the economic adjustment over the Reasonable and Supportable Forecast Period. At the meeting, management is presented with the economic forecast model input and output as well as the resulting economic adjustment. The economic forecast framework allows management to use judgment in selecting the economic model input in cases where management’s outlook diverges from the official forecasts, and to apply qualitative dollar overlays to account for other economic related conditions not captured in the economic forecast model but are expected to potentially impact losses. To inform the qualitative overlay, the team reviews other relevant economic variables and economic factors at the time of the meeting that could potentially impact future losses. These materials are presented to the economic forecasting team as they are economic in nature. If determined to be relevant and needing to be considered in the ACL estimate, these risks will be accounted for in the ACL estimate through a qualitative dollar overlay that is determined using either quantitative analysis or qualitative judgment, or a mix of both. These other factors could include inflation indicators, personal income, or visitor arrivals, for example. The Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured. Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.
Reserve for Unfunded Commitments	Reserve for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments, which is a component of other liabilities in the consolidated balance sheets, is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Provision for Credit Losses	Provision for Credit Losses The provision for credit losses (the “Provision”) represents the amount charged against current period earnings to achieve an ACL and reserve for unfunded commitments that in management’s judgment is adequate to absorb expected credit losses related to the Company’s loan and lease portfolio and off-balance sheet credit exposures. Accordingly, the Provision will vary from period to period based on management’s ongoing assessment of the overall adequacy of the ACL and reserve for unfunded commitments.
Premises and Equipment	Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of 7 to 39 years for premises, 3 to 20 years for equipment and the shorter of the lease term or remaining useful life for leasehold improvements. On a periodic basis, long-lived assets are reviewed for impairment. An impairment loss is recognized if the carrying amount of a long-lived asset exceeds its fair value and is not recoverable. An impairment analysis is performed whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. Operating lease rental income for leased assets, primarily premises, is recognized on a straight-line basis as an offset to rental expense.
Other Real Estate Owned and Repossessed Personal Property	Other Real Estate Owned and Repossessed Personal Property Other real estate owned (“OREO”) and repossessed personal property are comprised primarily of properties that the Company acquires through foreclosure proceedings. The Company values these properties at fair value less estimated costs to sell the property upon acquisition, which establishes the new carrying value. The Company charges losses arising upon the acquisition of the property against the ACL. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the ACL if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Any write-downs or losses from the subsequent disposition of such properties are included in other noninterest income. Gains recognized on the sale of such properties are included in other noninterest income.
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Company purchases life insurance policies on the lives of certain officers and employees and is the owner and beneficiary of these policies. Bank-owned life insurance is recorded on the Company’s consolidated balance sheets at its cash surrender value (“CSV”). Changes in the CSV and any death benefits received in excess of the CSV are recognized as noninterest income in the consolidated statements of income.
Goodwill	Goodwill Goodwill represents the cost of acquired businesses in excess of the fair value of the net assets acquired. The Company performs impairment testing of goodwill, an indefinite-lived intangible asset, as required under GAAP on an annual basis or when circumstances change that indicate that a potential impairment may have occurred. The Company has assigned goodwill to its operating segments for impairment testing purposes. The goodwill impairment guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing further impairment tests is unnecessary. However, if an entity concludes otherwise, or does not elect this option, it is required to perform impairment testing. The quantitative impairment test identifies potential impairments at the reporting unit level by comparing the estimated fair value of each identified reporting unit to its carrying amount. If the estimated fair value of a reporting unit exceeds its carrying amount, there is no impairment of goodwill. However, if the carrying amount exceeds the estimated fair value, an impairment exists, and an impairment loss is recognized in an amount equal to that excess. Subsequent reversals of goodwill impairment are prohibited.
Mortgage Servicing Rights	Mortgage Servicing Rights Mortgage servicing rights are recognized as assets when residential mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income, incorporating assumptions that market participants would use in their estimates of fair value. The Company’s mortgage servicing rights are accounted for under the amortization method and periodically assessed for impairment. The Company amortizes the mortgage servicing rights over the period of estimated net servicing income, taking into account prepayment assumptions. Any such indicated impairment is recognized in earnings during the period in which the impairment occurs. Mortgage servicing income, net of the amortization of mortgage servicing rights, is recorded as a component of other noninterest income in the consolidated statements of income.
Non Marketable Equity Securities	Non-Marketable Equity Securities The Company is required to own Federal Home Loan Bank (“FHLB”) of Des Moines stock as a condition of membership. These securities are accounted for under the cost method, which equals par value, and are included in other assets in the consolidated balance sheets. These securities do not have a readily determinable fair value as ownership is restricted and there is no market for these securities. The Company reviews these securities periodically for impairment. Management considers these securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. No impairment was recognized on non-marketable equity securities for the years ended December 31, 2023, 2022 and 2021.
Internal-Use Software	Internal-Use Software Capitalized internal-use software, stated at cost less accumulated amortization, includes purchased software and capitalizable application development costs associated with internally developed software. Capitalized internal-use software is included as a component of other assets, net of accumulated amortization, on the consolidated balance sheets. Amortization expense is computed on a straight-line method over the estimated useful life of the software, generally up to five years. The Company also enters in the ordinary course of business into technology-related hosting arrangements that are service contracts. These arrangements can include capitalizable implementation costs that are amortized on a straight-line basis over the term of the hosting arrangement. Capitalized implementation costs associated with hosting arrangements that are service contracts are included as a component of other assets, net of accumulated amortization, on the consolidated balance sheets.
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans The Company has a qualified noncontributory defined benefit pension plan, an unfunded supplemental executive retirement plan, a directors’ retirement plan, a non-qualified pension plan for eligible directors and a postretirement benefit plan providing life insurance and healthcare benefits that is offered to directors and employees, as applicable. The qualified noncontributory defined benefit pension plan, the unfunded supplemental executive retirement plan and the directors’ retirement plan are all frozen plans to new participants. To calculate annual pension costs, management uses the following key variables: (1) size of the employee population, length of service and estimated compensation increases; (2) actuarial assumptions and estimates; (3) expected long-term rate of return on plan assets; and (4) discount rate. For all pension and postretirement benefit plan calculations, the Company uses a December 31^st measurement date. The expected long-term rate of return was based on a calculated rate of return from average rates of return on various asset classes over a 20-year historical time horizon. Using long-term historical data allows the Company to capture multiple economic environments, which management believes is relevant when using historical returns. Net actuarial gains or losses that exceed a 5% corridor of the greater of the projected benefit obligation or the fair value of plan assets as of the beginning of the year are amortized from accumulated other comprehensive income into net periodic pension cost on a straight-line basis over five years. In estimating the projected benefit obligation, an independent actuary bases assumptions on factors such as mortality rate, turnover rate, retirement rate, disability rate and other assumptions related to the population of individuals in the pension plan. If significant actuarial gains or losses occur, the actuary reviews the demographic and economic assumptions with management, at which time the Company considers revising these assumptions based on actual results. The Company recognizes an asset on its consolidated balance sheets for a plan’s overfunded status or a liability for a plan’s underfunded status. The Company also measures the plans’ assets and obligations that determine its funded status as of the end of the year and recognizes those changes in other comprehensive income, net of tax. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in salaries and employee benefits expense, while all other components of net periodic pension cost are included in other noninterest expense in the consolidated statements of income.
Income Taxes	Income Taxes Current income tax expense is recognized for the amount of income taxes expected to be payable or refundable for the current period, and deferred income taxes are provided to reflect the tax effect of temporary differences between financial statement carrying amounts and the corresponding tax basis of assets and liabilities. Deferred income taxes are calculated by applying enacted statutory tax rates and tax laws to future years in which temporary differences are expected to reverse. The impact on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that the tax rate change is enacted. A deferred tax valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Interest and penalties, if any, expected to be assessed or refunded by taxing authorities relating to an underpayment or overpayment of income taxes are accrued and recorded as part of income tax expense. Excise tax credits relating to premises and equipment are accounted for using the flow-through method, and the benefit is recognized in the year the asset is placed in service. General business and excise tax credits generated from the leasing portfolio, except for credits that are passed on to lessees, are recognized over the term of the lease for book purposes, but in the year placed in service for tax purposes. The Company maintains reserves for unrecognized tax benefits that arise in the normal course of business. As of December 31, 2023, these positions were evaluated based on an assessment of probabilities as to the likelihood of whether a liability had been incurred. Such assessments are reviewed as events occur and adjustments to the reserves are made as appropriate. In evaluating a tax position for recognition, the Company evaluates whether it is more likely than not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more likely than not recognition threshold, the tax position is measured and recognized in the Company’s consolidated financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon ultimate settlement.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivatives are recognized on the consolidated balance sheets at fair value. On the date the Company enters into a derivative contract, the Company designates the derivative instrument as: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) held for trading, customer accommodation or not qualifying for hedge accounting (“free-standing derivative instrument”). For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability or of an unrecognized firm commitment attributable to interest rate risk are recorded in current period earnings. For a cash flow hedge, to the extent that the hedge is considered highly effective, changes in the fair value of the derivative instrument are recorded in other comprehensive income and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period earnings. The Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as hedges to specific assets or liabilities, unrecognized firm commitments or forecasted transactions. The Company also formally assesses, both at the inception of a hedge and on a quarterly basis, whether the derivative instruments used are highly effective in offsetting changes in fair values of, or cash flows related to, hedged items.
Fair Value Measurements	Fair Value Measurements Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that management believes market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance established a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements.
Stock-Based Compensation	Stock-Based Compensation The Company grants stock-based awards, including restricted stock, restricted shares, performance share units, performance shares and restricted stock units. These awards are issued at no cost to the recipient. The fair value of restricted stock, restricted shares and restricted stock unit awards was based on the closing price of FHI’s common stock on the date of grant. Such awards were recognized in the Company’s consolidated statements of income on a straight-line basis over the vesting period. Recipients of performance shares and performance share units are entitled to receive shares of FHI common stock at no cost, subject to the Company’s achievement of specified market or performance conditions. The grant date fair value of the performance share units subject to the Company’s achievement of specified market conditions was estimated using a Monte Carlo simulation model. For purposes of this modeling exercise, historical volatilities of FHI common stock and members of the peer group were used. The risk-free interest rate that was used in the valuation was that of a zero-coupon U.S. Treasury note that was commensurate with the performance period. The grant date fair value of the performance share units and performance shares subject to the Company’s achievement of performance conditions was based on the closing price of FHI’s common stock on the date of grant. Forfeitures of stock-based awards are recognized as they occur. As compensation cost is recognized, a deferred tax asset is established which represents an estimate of the future tax deduction from the release of restrictions or the achievement of performance targets. At the time that restrictions on the stock-based awards are released, the Company may be required to recognize an adjustment to income tax expense, depending on the market price of the Company’s common stock at that time.
Treasury Stock	Treasury Stock Shares of the Parent’s common stock that were repurchased or that are used to satisfy payroll tax withholdings related to stock-based compensation are recorded in treasury stock at cost. On the date of subsequent reissuance, the treasury stock account will be reduced by the cost of such stock on a first-in, first-out basis.
Earnings per Share	Earnings per Share Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period, assuming conversion of potentially dilutive common stock equivalents.
Advertising and Marketing Costs	Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $7.6 million, $8.0 million, and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Accounting Standards Adopted in 2023	Accounting Standards Adopted in 2023 In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging – Portfolio Layer Method. This update clarifies the guidance in Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. Under current hedge accounting guidance, the “last-of-layer” method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. The hedged item represents a single layer within that closed portfolio. This update expands the scope of this guidance to allow entities to apply the “portfolio layer” method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The current model is expanded to (1) explicitly allow entities to designate multiple layers in a single portfolio as individual hedged items and (2) also allow entities the flexibility to use any type of derivative (or combination of derivatives) by applying the multiple-layer model that aligns with its risk management strategy. Although no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge, at any time after the initial hedge designation, new hedging relationships associated with the portfolio may be designated and existing hedging relationships associated with the portfolio may be dedesignated to align with an entity’s evolving strategy for managing interest rate risk on a timely basis. Under the portfolio layer method, the basis of the portfolio assets is generally adjusted at the portfolio level rather than being allocated to individual assets within the portfolio, except when the allocation of basis adjustments is required by other areas of GAAP. The intent of this update is consistent with the FASB’s efforts to better align an entity’s financial reporting with the results of its risk management strategy and to further simplify the hedge accounting model. The Company adopted the provisions of ASU No. 2022-01 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40 and amends the guidance on vintage disclosures to require disclosure of current period gross charge-offs by year of origination. This ASU also updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the provisions of ASU No. 2022-02 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. See “Note 5. Allowance for Credit Losses” for required disclosures related to this new guidance. Enactment of the Inflation Reduction Act of 2022 On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. These provisions became effective January 1, 2023. The enactment of the IRA did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods. In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842), Common Control Arrangements. This update clarifies the accounting for leasehold improvements associated with common control leases. Prior to this update, Topic 842 generally required leasehold improvements to have an amortization period consistent with the shorter of the useful life of those improvements or the remaining lease term. This update will require leasehold improvements associated with common control leases to be (1) amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease, and (2) accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. In addition, this update also subjects leasehold improvements to the impairment guidance in Topic 360, Property, Plant, and Equipment. The Company adopted the provisions of ASU No. 2023-01 on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This update expands the population of tax equity investments for which a reporting entity may elect to apply the proportional amortization method (“PAM”). Under current guidance, an entity can only elect to apply the PAM to investments in low-income housing tax credit (“LIHTC”) structures. This update permits an entity to make an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the PAM if certain conditions are met. An accounting policy election is made to apply the PAM on a tax credit program-by-program basis rather than electing to apply the PAM at the reporting entity level or to individual investments. By applying the PAM, a reporting entity must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credits received. For all tax equity investments accounted for using the PAM, this update also requires the use of the delayed equity contribution guidance. LIHTC investments not accounted for using the PAM will no longer be permitted to use the delayed equity contribution guidance. In addition, LIHTC investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10, Investments—Equity Method and Joint Ventures—Overall. Further, LIHTC investments that are not accounted for using the PAM or the equity method must use the guidance in Topic 321, Investments—Equity Securities, when accounting for equity investments. In addition, the amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the PAM, including investments within that elected program that do not meet the conditions to apply the PAM. Such disclosures include the nature of its tax equity investments and the effect of such investments and related income tax credits and other income tax benefits on its financial position and results of operations. The Company adopted the provisions of ASU No. 2023-02 on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. In addition, the amendments clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and expand interim disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The amendments are effective for the Company’s annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This update includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardizing and disaggregating rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for the Company’s annual periods beginning January 1, 2025. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.