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First Hawaiian, Inc. Reports Second Quarter 2024 Financial Results and Declares Dividend
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First Hawaiian, Inc. Reports Second Quarter 2024 Financial Results and Declares Dividend

July 26, 2024 at 8:00 AM EDT

HONOLULU, July 26, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2024.

“I’m pleased to report our strong financial results for the second quarter,” said Bob Harrison, Chairman, President, and CEO.  “Our performance was driven by solid revenues, disciplined expense control and continued excellent credit quality. Additionally, we continued our support of the Maui community by partnering with the Federal Home Loan Bank of Des Moines to contribute a total of $1 million in relief funding for homeowners impacted by the Maui Wildfires.”

On July 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on August 30, 2024, to stockholders of record at the close of business on August 19, 2024.  

Second Quarter 2024 Highlights:

  • Net income of $61.9 million, or $0.48 per diluted share
  • Total loans and leases increased $39.7 million versus prior quarter
  • Total deposits decreased $350.6 million versus prior quarter
  • Net interest margin increased 1 basis point to 2.92%
  • Recorded a $1.8 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $24.0 billion as of June 30, 2024, a decrease of $287.4 million, or 1.2%, from $24.3 billion as of March 31, 2024.

Gross loans and leases were $14.4 billion as of June 30, 2024, an increase of $39.7 million, or 0.3%, from $14.3 billion as of March 31, 2024.

Total deposits were $20.3 billion as of June 30, 2024, a decrease of $350.6 million, or 1.7%, from $20.7 billion as of March 31, 2024.

Net Interest Income

Net interest income for the second quarter of 2024 was $152.9 million, a decrease of $1.6 million, or 1.0%, compared to $154.4 million for the prior quarter.  

The net interest margin was 2.92% in the second quarter of 2024, an increase of 1 basis point compared to 2.91% in the prior quarter.

Provision Expense

During the quarter ended June 30, 2024, we recorded a $1.8 million provision for credit losses. In the quarter ended March 31, 2024, we recorded a $6.3 million provision for credit losses.

Noninterest Income

Noninterest income was $51.8 million in the second quarter of 2024, an increase of $0.4 million compared to noninterest income of $51.4 million in the prior quarter.     

Noninterest Expense

Noninterest expense was $122.1 million in the second quarter of 2024, a decrease of $6.7 million compared to noninterest expense of $128.8 million in the prior quarter.  

The efficiency ratio was 59.2% and 62.2% for the quarters ended June 30, 2024 and March 31, 2024, respectively.

Taxes

The effective tax rate was 23.3% for the quarters ended June 30, 2024 and March 31, 2024.

Asset Quality

The allowance for credit losses was $160.5 million, or 1.12% of total loans and leases, as of June 30, 2024, compared to $159.8 million, or 1.12% of total loans and leases, as of March 31, 2024. The reserve for unfunded commitments was $33.4 million as of June 30, 2024 compared to $34.8 million as of March 31, 2024. Net charge-offs were $2.5 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2024, compared to net charge-offs of $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2024. Total non-performing assets were $18.0 million, or 0.13% of total loans and leases and other real estate owned, as of both June 30, 2024 and March 31, 2024.  

Capital

Total stockholders' equity increased $36.6 million in the second quarter, and stood at $2.6 billion on June 30, 2024 compared to $2.5 billion on March 31, 2024.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.03%, 12.73% and 13.92%, respectively, on June 30, 2024, compared with 8.80%, 12.55% and 13.75%, respectively, on March 31, 2024.

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

First Hawaiian, Inc. 

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

Conference Call Information

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

To access the call by phone, please register via the following link:  
https://register.vevent.com/register/BIa54af76e9f084d46ad036d683c1f6cd6, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

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

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

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

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

Investor Relations Contact:
Kevin Haseyama, CFA
(808) 525-6268
khaseyama@fhb.com
 Media Contact:
Lindsay Chambers
(808) 525-6254
lchambers@fhb.com
   


                                 
Financial Highlights   Table 1
    For the Three Months Ended
   For the Six Months Ended
  
    June 30, 
   March 31, 
   June 30, 
   June 30, 
        
(dollars in thousands, except per share data)   2024
   2024
   2023
   2024
   2023
  
Operating Results:                                
Net interest income   $ 152,851   $ 154,427   $ 159,939   $ 307,278   $ 327,186  
Provision for credit losses     1,800     6,300     5,000     8,100     13,800  
Noninterest income     51,768     51,371     47,348     103,139     96,371  
Noninterest expense     122,086     128,813     120,881     250,899     239,448  
Net income     61,921     54,220     62,442     116,141     129,260  
Basic earnings per share     0.48     0.42     0.49     0.91     1.01  
Diluted earnings per share     0.48     0.42     0.49     0.91     1.01  
Dividends declared per share     0.26     0.26     0.26     0.52     0.52  
Dividend payout ratio     54.17 %   61.90 %   53.06 %   57.14 %   51.49 %
Performance Ratios(1):                                
Net interest margin     2.92 %   2.91 %   2.91 %   2.91 %   3.01 %
Efficiency ratio     59.22 %   62.15 %   57.96 %   60.69 %   56.17 %
Return on average total assets     1.04 %   0.90 %   1.01 %   0.97 %   1.06 %
Return on average tangible assets (non-GAAP)(2)     1.08 %   0.94 %   1.05 %   1.01 %   1.10 %
Return on average total stockholders' equity     9.91 %   8.73 %   10.68 %   9.32 %   11.23 %
Return on average tangible stockholders' equity (non-GAAP)(2)     16.42 %   14.53 %   18.57 %   15.48 %   19.65 %
Average Balances:                                
Average loans and leases   $ 14,358,049   $ 14,312,563   $ 14,283,222   $ 14,335,306   $ 14,181,842  
Average earning assets     21,247,707     21,481,890     22,186,316     21,364,799     22,030,652  
Average assets     23,958,913     24,187,207     24,821,486     24,073,060     24,685,560  
Average deposits     20,308,028     20,571,930     21,057,259     20,439,979     21,261,805  
Average stockholders' equity     2,512,471     2,496,840     2,344,285     2,504,656     2,321,977  
Market Value Per Share:                                
Closing     20.76     21.96     18.01     20.76     18.01  
High     22.68     23.12     21.00     23.12     28.28  
Low     19.48     20.37     15.08     19.48     15.08  
                                 


    As of
   As of
   As of
   As of
  
    June 30,
   March 31,
   December 31,
   June 30,
  
(dollars in thousands, except per share data)   2024
   2024
   2023
   2023
  
Balance Sheet Data:                          
Loans and leases   $ 14,359,899   $ 14,320,208   $ 14,353,497   $ 14,362,832  
Total assets     23,991,791     24,279,186     24,926,474     24,511,566  
Total deposits     20,318,832     20,669,481     21,332,657     21,078,166  
Short-term borrowings     500,000     500,000     500,000     —  
Long-term borrowings     —     —     —     500,000  
Total stockholders' equity     2,550,312     2,513,761     2,486,066     2,359,738  
                           
Per Share of Common Stock:                          
Book value   $ 19.94   $ 19.66   $ 19.48   $ 18.49  
Tangible book value (non-GAAP)(2)     12.16     11.88     11.68     10.69  
                           
Asset Quality Ratios:                          
Non-accrual loans and leases / total loans and leases     0.13 %   0.13 %   0.13 %   0.09 %
Allowance for credit losses for loans and leases / total loans and leases     1.12 %   1.12 %   1.09 %   1.03 %
                           
Capital Ratios:                          
Common Equity Tier 1 Capital Ratio     12.73 %   12.55 %   12.39 %   12.05 %
Tier 1 Capital Ratio     12.73 %   12.55 %   12.39 %   12.05 %
Total Capital Ratio     13.92 %   13.75 %   13.57 %   13.17 %
Tier 1 Leverage Ratio     9.03 %   8.80 %   8.64 %   8.30 %
Total stockholders' equity to total assets     10.63 %   10.35 %   9.97 %   9.63 %
Tangible stockholders' equity to tangible assets (non-GAAP)(2)     6.76 %   6.52 %   6.23 %   5.80 %
                           
Non-Financial Data:                          
Number of branches     48     50     50     51  
Number of ATMs     272     275     275     296  
Number of Full-Time Equivalent Employees     2,032     2,065     2,089     2,126  
                           

______________________

(1) Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2024 and 2023 and three months ended March 31, 2024.
(2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.
   


Consolidated Statements of Income   Table 2
    For the Three Months Ended   For the Six Months Ended
    June 30,    March 31,    June 30,    June 30, 
(dollars in thousands, except per share amounts)   2024   2024   2023   2024   2023
Interest income                              
Loans and lease financing   $ 202,068   $ 199,844   $ 185,340   $ 401,912   $ 357,679
Available-for-sale investment securities     14,143     14,546     18,094     28,689     36,782
Held-to-maturity investment securities     17,575     17,793     18,282     35,368     37,239
Other     11,148     12,769     7,489     23,917     11,050
Total interest income     244,934     244,952     229,205     489,886     442,750
Interest expense                              
Deposits     85,609     84,143     58,071     169,752     101,355
Short-term and long-term borrowings     5,953     5,953     10,656     11,906     13,219
Other     521     429     539     950     990
Total interest expense     92,083     90,525     69,266     182,608     115,564
Net interest income     152,851     154,427     159,939     307,278     327,186
Provision for credit losses     1,800     6,300     5,000     8,100     13,800
Net interest income after provision for credit losses     151,051     148,127     154,939     299,178     313,386
Noninterest income                              
Service charges on deposit accounts     7,793     7,546     7,246     15,339     14,477
Credit and debit card fees     15,861     16,173     15,461     32,034     31,759
Other service charges and fees     11,036     9,904     9,056     20,940     18,218
Trust and investment services income     9,426     10,354     9,448     19,780     19,062
Bank-owned life insurance     3,360     4,286     3,271     7,646     8,391
Other     4,292     3,108     2,866     7,400     4,464
Total noninterest income     51,768     51,371     47,348     103,139     96,371
Noninterest expense                              
Salaries and employee benefits     57,737     59,262     57,904     116,999     113,936
Contracted services and professional fees     16,067     15,739     17,498     31,806     33,811
Occupancy     7,377     6,941     7,554     14,318     15,336
Equipment     13,196     13,413     11,000     26,609     20,736
Regulatory assessment and fees     3,814     8,120     3,676     11,934     7,512
Advertising and marketing     1,765     2,612     1,891     4,377     3,885
Card rewards program     8,719     8,508     7,681     17,227     15,766
Other     13,411     14,218     13,677     27,629     28,466
Total noninterest expense     122,086     128,813     120,881     250,899     239,448
Income before provision for income taxes     80,733     70,685     81,406     151,418     170,309
Provision for income taxes     18,812     16,465     18,964     35,277     41,049
Net income   $ 61,921   $ 54,220   $ 62,442   $ 116,141   $ 129,260
Basic earnings per share   $ 0.48   $ 0.42   $ 0.49   $ 0.91   $ 1.01
Diluted earnings per share   $ 0.48   $ 0.42   $ 0.49   $ 0.91   $ 1.01
Basic weighted-average outstanding shares     127,867,853     127,707,354     127,591,371     127,787,663     127,522,975
Diluted weighted-average outstanding shares     128,262,594     128,217,689     127,832,351     128,279,917     127,901,225
                               


Consolidated Balance Sheets   Table 3
    June 30,    March 31,    December 31,    June 30, 
(dollars in thousands, except share amount)   2024   2024   2023   2023
Assets                        
Cash and due from banks   $ 290,501     $ 202,121     $ 185,015     $ 318,333  
Interest-bearing deposits in other banks     824,258       1,072,145       1,554,882       239,798  
Investment securities:                        
Available-for-sale, at fair value (amortized cost: $2,379,004 as of June 30, 2024, $2,466,109 as of March 31, 2024, $2,558,675 as of December 31, 2023 and $3,296,825 as of June 30, 2023)     2,067,956       2,159,338       2,255,336       2,909,372  
Held-to-maturity, at amortized cost (fair value: $3,401,006 as of June 30, 2024, $3,470,710 as of March 31, 2024, $3,574,856 as of December 31, 2023 and $3,697,261 as of June 30, 2023)     3,917,175       3,988,011       4,041,449       4,180,408  
Loans held for sale     2,820       —       190       —  
Loans and leases     14,359,899       14,320,208       14,353,497       14,362,832  
Less: allowance for credit losses     160,517       159,836       156,533       148,581  
Net loans and leases     14,199,382       14,160,372       14,196,964       14,214,251  
                         
Premises and equipment, net     283,762       281,181       281,461       277,817  
Accrued interest receivable     82,512       85,715       84,417       80,710  
Bank-owned life insurance     486,261       484,193       479,907       476,177  
Goodwill     995,492       995,492       995,492       995,492  
Mortgage servicing rights     5,395       5,533       5,699       6,072  
Other assets     836,277       845,085       845,662       813,136  
Total assets   $ 23,991,791     $ 24,279,186     $ 24,926,474     $ 24,511,566  
Liabilities and Stockholders' Equity                        
Deposits:                        
Interest-bearing   $ 13,461,365     $ 13,620,928     $ 13,749,095     $ 12,911,539  
Noninterest-bearing     6,857,467       7,048,553       7,583,562       8,166,627  
Total deposits     20,318,832       20,669,481       21,332,657       21,078,166  
Short-term borrowings     500,000       500,000       500,000       —  
Long-term borrowings     —       —       —       500,000  
Retirement benefits payable     101,304       102,242       103,285       100,671  
Other liabilities     521,343       493,702       504,466       472,991  
Total liabilities     21,441,479       21,765,425       22,440,408       22,151,828  
                         
Stockholders' equity                        
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024, issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024, issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023 and issued/outstanding: 141,327,860 / 127,608,037 shares as of June 30, 2023)     1,417       1,417       1,413       1,413  
Additional paid-in capital     2,554,795       2,551,488       2,548,250       2,543,226  
Retained earnings     887,176       858,494       837,859       799,045  
Accumulated other comprehensive loss, net     (519,132 )     (523,780 )     (530,210 )     (612,736 )
Treasury stock (13,849,434 shares as of June 30, 2024, 13,845,704 shares as of March 31, 2024, 13,721,778 shares as of December 31, 2023 and 13,719,823 shares as of June 30, 2023)     (373,944 )     (373,858 )     (371,246 )     (371,210 )
Total stockholders' equity     2,550,312       2,513,761       2,486,066       2,359,738  
Total liabilities and stockholders' equity   $ 23,991,791     $ 24,279,186     $ 24,926,474     $ 24,511,566  
                                 


Average Balances and Interest Rates                   Table 4
    Three Months Ended   Three Months Ended   Three Months Ended  
    June 30, 2024   March 31, 2024   June 30, 2023  
    Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                                  
Interest-Bearing Deposits in Other Banks   $ 773.4   $ 10.5   5.45 % $ 858.6   $ 11.6   5.45 % $ 569.3   $ 7.2   5.07 %
Available-for-Sale Investment Securities                                                  
Taxable     2,100.7     14.1   2.69     2,210.6     14.5   2.63     2,978.6     18.0   2.42  
Non-Taxable     1.5     —   5.76     1.8     —   5.61     5.8     0.1   5.74  
Held-to-Maturity Investment Securities                                                  
Taxable     3,358.2     14.4   1.71     3,416.4     14.6   1.71     3,618.7     15.3   1.69  
Non-Taxable     602.9     4.0   2.64     603.4     4.0   2.65     610.4     3.7   2.46  
Total Investment Securities     6,063.3     32.5   2.15     6,232.2     33.1   2.13     7,213.5     37.1   2.06  
Loans Held for Sale     1.0     —   6.58     0.7     —   6.92     0.5     —   5.87  
Loans and Leases(1)                                                  
Commercial and industrial     2,201.6     38.1   6.96     2,164.9     37.2   6.92     2,265.7     36.2   6.41  
Commercial real estate     4,305.6     71.5   6.68     4,323.5     70.1   6.53     4,183.6     64.9   6.22  
Construction     984.8     18.5   7.57     924.7     17.4   7.55     874.3     15.2   6.96  
Residential:                                                  
Residential mortgage     4,229.4     40.1   3.80     4,264.1     42.0   3.94     4,314.0     39.1   3.62  
Home equity line     1,164.2     12.6   4.35     1,172.1     12.0   4.13     1,119.3     9.2   3.31  
Consumer     1,054.1     17.7   6.74     1,083.5     18.1   6.71     1,196.6     17.7   5.92  
Lease financing     418.3     4.3   4.09     379.8     3.7   3.91     329.7     3.6   4.43  
Total Loans and Leases     14,358.0     202.8   5.67     14,312.6     200.5   5.63     14,283.2     185.9   5.22  
Other Earning Assets     52.0     0.7   5.25     77.8     1.2   5.90     119.8     0.3   0.99  
Total Earning Assets(2)     21,247.7     246.5   4.66     21,481.9     246.4   4.61     22,186.3     230.5   4.16  
Cash and Due from Banks     240.4               244.3               257.9            
Other Assets     2,470.8               2,461.0               2,377.3            
Total Assets   $ 23,958.9             $ 24,187.2             $ 24,821.5            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 6,000.4   $ 23.4   1.57 % $ 6,059.7   $ 23.4   1.56 %   6,099.4   $ 16.1   1.05 %
Money Market     4,076.7     30.6   3.02     3,944.9     28.8   2.94     3,809.8     19.6   2.07  
Time     3,284.3     31.6   3.87     3,325.3     31.9   3.86     2,877.8     22.4   3.12  
Total Interest-Bearing Deposits     13,361.4     85.6   2.58     13,329.9     84.1   2.54     12,787.0     58.1   1.82  
Federal Funds Purchased     —     —   —     —     —   —     2.9     —   5.00  
Other Short-Term Borrowings     500.0     6.0   4.79     500.0     6.0   4.79     362.9     4.7   5.16  
Long-Term Borrowings     —     —   —     —     —   —     500.0     6.0   4.78  
Other Interest-Bearing Liabilities     38.2     0.5   5.48     33.0     0.4   5.22     54.0     0.5   4.00  
Total Interest-Bearing Liabilities     13,899.6     92.1   2.66     13,862.9     90.5   2.63     13,706.8     69.3   2.03  
Net Interest Income         $ 154.4             $ 155.9             $ 161.2      
Interest Rate Spread(3)               2.00 %             1.98 %             2.13 %
Net Interest Margin(4)               2.92 %             2.91 %             2.91 %
Noninterest-Bearing Demand Deposits     6,946.6               7,242.0               8,270.3            
Other Liabilities     600.2               585.5               500.1            
Stockholders' Equity     2,512.5               2,496.8               2,344.3            
Total Liabilities and Stockholders' Equity   $ 23,958.9             $ 24,187.2             $ 24,821.5            
                                                   

______________________

(1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
(2) Interest income includes taxable-equivalent basis adjustments of $1.5 million, $1.5 million and $1.3 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
(3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.
(4) Net interest margin is net interest income annualized for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.
   


Average Balances and Interest Rates                   Table 5
    Six Months Ended   Six Months Ended  
    June 30, 2024   June 30, 2023  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                  
Interest-Bearing Deposits in Other Banks   $ 815.9   $ 22.1   5.45 % $ 435.2   $ 10.6   4.91 %
Available-for-Sale Investment Securities                                  
Taxable     2,155.7     28.7   2.66     3,029.7     36.4   2.41  
Non-Taxable     1.6     —   5.68     18.4     0.5   5.58  
Held-to-Maturity Investment Securities                                  
Taxable     3,387.3     29.0   1.71     3,651.1     30.9   1.70  
Non-Taxable     603.2     7.9   2.65     611.3     7.9   2.60  
Total Investment Securities     6,147.8     65.6   2.14     7,310.5     75.7   2.08  
Loans Held for Sale     0.9     —   6.72     0.3     —   5.79  
Loans and Leases(1)                                  
Commercial and industrial     2,183.3     75.3   6.94     2,229.5     68.6   6.20  
Commercial real estate     4,314.6     141.7   6.60     4,144.9     123.2   5.99  
Construction     954.8     35.9   7.56     874.1     29.9   6.89  
Residential:                                  
Residential mortgage     4,246.7     82.1   3.87     4,310.5     77.5   3.59  
Home equity line     1,168.1     24.7   4.24     1,097.2     17.9   3.29  
Consumer     1,068.8     35.7   6.72     1,205.0     34.8   5.84  
Lease financing     399.0     8.0   4.00     320.6     6.8   4.27  
Total Loans and Leases     14,335.3     403.4   5.65     14,181.8     358.7   5.09  
Other Earning Assets     64.9     1.8   5.64     102.9     0.5   0.90  
Total Earning Assets(2)     21,364.8     492.9   4.63     22,030.7     445.5   4.07  
Cash and Due from Banks     242.4               271.9            
Other Assets     2,465.9               2,383.0            
Total Assets   $ 24,073.1             $ 24,685.6            
                                   
Interest-Bearing Liabilities                                  
Interest-Bearing Deposits                                  
Savings   $ 6,030.1   $ 46.9   1.56 % $ 6,226.2   $ 30.0   0.97 %
Money Market     4,010.8     59.4   2.98     3,831.5     33.9   1.78  
Time     3,304.8     63.5   3.86     2,697.7     37.5   2.80  
Total Interest-Bearing Deposits     13,345.7     169.8   2.56     12,755.4     101.4   1.60  
Federal Funds Purchased     —     —   —     34.8     0.8   4.45  
Other Short-Term Borrowings     500.0     11.9   4.79     208.7     5.3   5.14  
Long-Term Borrowings     —     —   —     303.8     7.1   4.73  
Other Interest-Bearing Liabilities     35.6     0.9   5.36     48.5     1.0   4.12  
Total Interest-Bearing Liabilities     13,881.3     182.6   2.65     13,351.2     115.6   1.75  
Net Interest Income         $ 310.3             $ 329.9      
Interest Rate Spread(3)               1.98 %             2.32 %
Net Interest Margin(4)               2.91 %             3.01 %
Noninterest-Bearing Demand Deposits     7,094.3               8,506.4            
Other Liabilities     592.8               506.0            
Stockholders' Equity     2,504.7               2,322.0            
Total Liabilities and Stockholders' Equity   $ 24,073.1             $ 24,685.6            
                                   

______________________

(1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
(2) Interest income includes taxable-equivalent basis adjustments of $3.0 million and $2.7 million for the six months ended June 30, 2024 and 2023, respectively.
(3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.
(4) Net interest margin is net interest income annualized for the six months ended June 30, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.
   


Analysis of Change in Net Interest Income   Table 6
    Three Months Ended June 30, 2024
    Compared to March 31, 2024
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ (1.1 )   $ —     $ (1.1 )
Available-for-Sale Investment Securities                  
Taxable     (0.7 )     0.3       (0.4 )
Held-to-Maturity Investment Securities                  
Taxable     (0.2 )     —       (0.2 )
Total Investment Securities     (0.9 )     0.3       (0.6 )
Loans and Leases                  
Commercial and industrial     0.7       0.2       0.9  
Commercial real estate     (0.3 )     1.7       1.4  
Construction     1.1       —       1.1  
Residential:                  
Residential mortgage     (0.4 )     (1.5 )     (1.9 )
Home equity line     (0.1 )     0.7       0.6  
Consumer     (0.5 )     0.1       (0.4 )
Lease financing     0.4       0.2       0.6  
Total Loans and Leases     0.9       1.4       2.3  
Other Earning Assets     (0.4 )     (0.1 )     (0.5 )
Total Change in Interest Income     (1.5 )     1.6       0.1  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     (0.2 )     0.2       —  
Money Market     1.0       0.8       1.8  
Time     (0.4 )     0.1       (0.3 )
Total Interest-Bearing Deposits     0.4       1.1       1.5  
Other Interest-Bearing Liabilities     0.1       —       0.1  
Total Change in Interest Expense     0.5       1.1       1.6  
Change in Net Interest Income   $ (2.0 )   $ 0.5     $ (1.5 )
                         


Analysis of Change in Net Interest Income   Table 7
    Three Months Ended June 30, 2024
    Compared to June 30, 2023
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 2.7     $ 0.6     $ 3.3  
Available-for-Sale Investment Securities                  
Taxable     (5.7 )     1.8       (3.9 )
Non-Taxable     (0.1 )     —       (0.1 )
Held-to-Maturity Investment Securities                  
Taxable     (1.1 )     0.2       (0.9 )
Non-Taxable     —       0.3       0.3  
Total Investment Securities     (6.9 )     2.3       (4.6 )
Loans and Leases                  
Commercial and industrial     (1.1 )     3.0       1.9  
Commercial real estate     1.9       4.7       6.6  
Construction     2.0       1.3       3.3  
Residential:                  
Residential mortgage     (0.8 )     1.8       1.0  
Home equity line     0.4       3.0       3.4  
Consumer     (2.3 )     2.3       —  
Lease financing     0.9       (0.2 )     0.7  
Total Loans and Leases     1.0       15.9       16.9  
Other Earning Assets     (0.2 )     0.6       0.4  
Total Change in Interest Income     (3.4 )     19.4       16.0  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     (0.3 )     7.6       7.3  
Money Market     1.5       9.5       11.0  
Time     3.4       5.8       9.2  
Total Interest-Bearing Deposits     4.6       22.9       27.5  
Other Short-Term Borrowings     1.7       (0.4 )     1.3  
Long-Term Borrowings     (3.0 )     (3.0 )     (6.0 )
Other Interest-Bearing Liabilities     (0.2 )     0.2       —  
Total Change in Interest Expense     3.1       19.7       22.8  
Change in Net Interest Income   $ (6.5 )   $ (0.3 )   $ (6.8 )
                         


Analysis of Change in Net Interest Income   Table 8
    Six Months Ended June 30, 2024
    Compared to June 30, 2023
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 10.2     $ 1.3     $ 11.5  
Available-for-Sale Investment Securities                  
Taxable     (11.2 )     3.5       (7.7 )
Non-Taxable     (0.5 )     —       (0.5 )
Held-to-Maturity Investment Securities                  
Taxable     (2.1 )     0.2       (1.9 )
Non-Taxable     (0.1 )     0.1       —  
Total Investment Securities     (13.9 )     3.8       (10.1 )
Loans and Leases                  
Commercial and industrial     (1.4 )     8.1       6.7  
Commercial real estate     5.3       13.2       18.5  
Construction     2.9       3.1       6.0  
Residential:                  
Residential mortgage     (1.2 )     5.8       4.6  
Home equity line     1.3       5.5       6.8  
Consumer     (4.1 )     5.0       0.9  
Lease financing     1.6       (0.4 )     1.2  
Total Loans and Leases     4.4       40.3       44.7  
Other Earning Assets     (0.3 )     1.6       1.3  
Total Change in Interest Income     0.4       47.0       47.4  
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     (1.0 )     17.9       16.9  
Money Market     1.7       23.8       25.5  
Time     9.7       16.3       26.0  
Total Interest-Bearing Deposits     10.4       58.0       68.4  
Federal Funds Purchased     (0.4 )     (0.4 )     (0.8 )
Other Short-Term Borrowings     7.0       (0.4 )     6.6  
Long-Term Borrowings     (3.6 )     (3.5 )     (7.1 )
Other Interest-Bearing Liabilities     (0.3 )     0.2       (0.1 )
Total Change in Interest Expense     13.1       53.9       67.0  
Change in Net Interest Income   $ (12.7 )   $ (6.9 )   $ (19.6 )
                         


Loans and Leases   Table 9
    June 30,    March 31,    December 31,    June 30, 
(dollars in thousands)   2024      2024      2023      2023
Commercial and industrial   $ 2,208,690   $ 2,189,875     2,165,349   $ 2,187,831
Commercial real estate     4,305,017     4,301,300     4,340,243     4,290,948
Construction     1,017,649     972,517     900,292     913,837
Residential:                        
Residential mortgage     4,216,416     4,242,502     4,283,315     4,317,537
Home equity line     1,159,833     1,165,778     1,174,588     1,138,163
Total residential     5,376,249     5,408,280     5,457,903     5,455,700
Consumer     1,027,104     1,054,227     1,109,901     1,182,116
Lease financing     425,190     394,009     379,809     332,400
Total loans and leases   $ 14,359,899   $ 14,320,208   $ 14,353,497   $ 14,362,832
                         


Deposits   Table 10
    June 30,    March 31,    December 31,    June 30, 
(dollars in thousands)   2024      2024      2023      2023
Demand   $ 6,857,467   $ 7,048,553   $ 7,583,562   $ 8,166,627
Savings     6,055,051     6,277,679     6,445,084     5,835,975
Money Market     4,111,609     4,059,204     3,847,853     3,767,792
Time     3,294,705     3,284,045     3,456,158     3,307,772
Total Deposits   $ 20,318,832   $ 20,669,481   $ 21,332,657   $ 21,078,166
                         


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More   Table 11
    June 30,    March 31,    December 31,    June 30, 
(dollars in thousands)   2024      2024      2023      2023
Non-Performing Assets                        
Non-Accrual Loans and Leases                        
Commercial Loans:                        
Commercial and industrial   $ 1,084   $ 942   $ 970   $ 1,024
Commercial real estate     3,085     2,953     2,953     —
Construction     447     —     —     —
Total Commercial Loans     4,616     3,895     3,923     1,024
Residential Loans:                        
Residential mortgage     7,273     7,777     7,620     6,097
Home equity line     6,124     6,345     7,052     6,107
Total Residential Loans     13,397     14,122     14,672     12,204
Total Non-Accrual Loans and Leases     18,013     18,017     18,595     13,228
Total Non-Performing Assets   $ 18,013   $ 18,017   $ 18,595   $ 13,228
                         
Accruing Loans and Leases Past Due 90 Days or More                        
Commercial Loans:                        
Commercial and industrial   $ 110   $ 529   $ 494   $ 599
Commercial real estate     —     —     300     619
Construction     —     606     —     —
Total Commercial Loans     110     1,135     794     1,218
Residential mortgage     1,820     359     —     58
Consumer     1,835     2,126     2,702     1,975
Total Accruing Loans and Leases Past Due 90 Days or More   $ 3,765   $ 3,620   $ 3,496   $ 3,251
                         
Total Loans and Leases   $ 14,359,899   $ 14,320,208   $ 14,353,497   $ 14,362,832
                         


Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 12
    For the Three Months Ended   For the Six Months Ended  
    June 30,    March 31,    June 30,    June 30,    June 30,   
(dollars in thousands)   2024   2024      2023      2024   2023  
Balance at Beginning of Period   $ 194,649     $ 192,138     $ 183,321     $ 192,138     $ 177,735    
Loans and Leases Charged-Off                                
Commercial and industrial     (677 )     (909 )     (997 )     (1,586 )     (1,788 )  
Residential Loans:                                
Residential mortgage     —       —       —       —       (122 )  
Home equity line     —       —       (137 )     —       (272 )  
Total Residential Loans     —       —       (137 )     —       (394 )  
Consumer     (4,182 )     (4,854 )     (4,516 )     (9,036 )     (9,298 )  
Total Loans and Leases Charged-Off     (4,859 )     (5,763 )     (5,650 )     (10,622 )     (11,480 )  
Recoveries on Loans and Leases Previously Charged-Off                                
Commercial and industrial     250       211       292       461       538    
Residential Loans:                                
Residential mortgage     28       30       30       58       57    
Home equity line     112       44       59       156       236    
Total Residential Loans     140       74       89       214       293    
Consumer     1,950       1,689       1,728       3,639       3,894    
Total Recoveries on Loans and Leases Previously Charged-Off     2,340       1,974       2,109       4,314       4,725    
Net Loans and Leases Charged-Off     (2,519 )     (3,789 )     (3,541 )     (6,308 )     (6,755 )  
Provision for Credit Losses     1,800       6,300       5,000       8,100       13,800    
Balance at End of Period   $ 193,930     $ 194,649     $ 184,780     $ 193,930     $ 184,780    
Components:                                
Allowance for Credit Losses   $ 160,517     $ 159,836     $ 148,581     $ 160,517     $ 148,581    
Reserve for Unfunded Commitments     33,413       34,813       36,199       33,413       36,199    
Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 193,930     $ 194,649     $ 184,780     $ 193,930     $ 184,780    
Average Loans and Leases Outstanding   $ 14,358,049     $ 14,312,563     $ 14,283,222     $ 14,335,306     $ 14,181,842    
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.07   %   0.11   %   0.10   %   0.09   %   0.10   %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.12   %   1.12   %   1.03   %   1.12   %   1.03   %
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     8.91x     8.87x     11.23x     8.91x     11.23x  

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(1) Annualized for the three and six months ended June 30, 2024 and 2023 and three months ended March 31, 2024.
   


Loans and Leases by Year of Origination and Credit Quality Indicator
   Table 13
                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
                                        Amortized   Amortized      
(dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
Commercial Lending                                                      
Commercial and Industrial                                                      
Risk rating:                                                      
Pass   $ 66,318   $ 88,879   $ 228,354   $ 276,824   $ 23,556   $ 274,582   $ 1,101,721   $ 3,199   $ 2,063,433
Special Mention     315     1     10,547     54     564     1,313     18,727     —     31,521
Substandard     —     —     6,230     242     417     2,038     23,145     —     32,072
Other (1)     9,351     11,580     8,737     3,632     1,696     1,792     44,876     —     81,664
Total Commercial and Industrial     75,984     100,460     253,868     280,752     26,233     279,725     1,188,469     3,199     2,208,690
Current period gross charge-offs     —     216     319     61     52     938     —     —     1,586
                                                       
Commercial Real Estate                                                      
Risk rating:                                                      
Pass     98,062     347,143     863,033     676,256     331,737     1,798,626     89,069     6,910     4,210,836
Special Mention     3,338     2,275     7,565     41,369     1,353     19,329     6,965     —     82,194
Substandard     —     —     5,016     1,003     —     5,331     499     —     11,849
Other (1)     —     —     —     —     —     138     —     —     138
Total Commercial Real Estate     101,400     349,418     875,614     718,628     333,090     1,823,424     96,533     6,910     4,305,017
Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                       
Construction                                                      
Risk rating:                                                      
Pass     35,785     206,622     348,241     256,821     59,453     61,308     10,800     —     979,030
Special Mention     —     —     —     —     —     825     —     —     825
Other (1)     2,177     9,963     13,622     4,951     1,199     5,176     706     —     37,794
Total Construction     37,962     216,585     361,863     261,772     60,652     67,309     11,506     —     1,017,649
Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                       
Lease Financing                                                      
Risk rating:                                                      
Pass     105,719     107,492     72,986     16,419     25,908     90,013     —     —     418,537
Special Mention     —     47     113     338     12     —     —     —     510
Substandard     5,136     639     368     —     —     —     —     —     6,143
Total Lease Financing     110,855     108,178     73,467     16,757     25,920     90,013     —     —     425,190
Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                       
Total Commercial Lending   $ 326,201   $ 774,641   $ 1,564,812   $ 1,277,909   $ 445,895   $ 2,260,471   $ 1,296,508   $ 10,109   $ 7,956,546
Current period gross charge-offs   $ —   $ 216   $ 319   $ 61   $ 52   $ 938   $ —   $ —   $ 1,586
                                                       



                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
(continued)                                       Amortized   Amortized      
(dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
Residential Lending                                                      
Residential Mortgage                                                      
FICO:                                                      
740 and greater   $ 70,514   $ 210,915   $ 514,686   $ 975,554   $ 505,850   $ 1,165,042   $ —   $ —   $ 3,442,561
680 - 739     9,653     27,661     64,910     109,306     68,491     150,793     —     —     430,814
620 - 679     813     1,619     18,125     20,117     16,097     35,943     —     —     92,714
550 - 619     —     2,045     6,336     3,822     2,853     12,349     —     —     27,405
Less than 550     —     —     2,689     3,939     2,833     8,662     —     —     18,123
No Score (3)     544     8,300     18,472     10,601     5,804     54,420     —     —     98,141
Other (2)     7,384     13,003     16,802     15,582     11,331     30,245     12,311     —     106,658
Total Residential Mortgage     88,908     263,543     642,020     1,138,921     613,259     1,457,454     12,311     —     4,216,416
Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                       
Home Equity Line                                                      
FICO:                                                      
740 and greater     —     —     —     —     —     —     937,349     1,244     938,593
680 - 739     —     —     —     —     —     —     158,877     1,713     160,590
620 - 679     —     —     —     —     —     —     38,362     1,362     39,724
550 - 619     —     —     —     —     —     —     13,065     457     13,522
Less than 550     —     —     —     —     —     —     5,455     620     6,075
No Score (3)     —     —     —     —     —     —     1,329     —     1,329
Total Home Equity Line     —     —     —     —     —     —     1,154,437     5,396     1,159,833
Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                       
Total Residential Lending   $ 88,908   $ 263,543   $ 642,020   $ 1,138,921   $ 613,259   $ 1,457,454   $ 1,166,748   $ 5,396   $ 5,376,249
Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —
                                                       
Consumer Lending                                                      
FICO:                                                      
740 and greater     40,216     77,383     104,378     59,698     23,380     16,094     117,299     154     438,602
680 - 739     29,906     57,534     58,142     28,100     12,379     10,584     75,643     466     272,754
620 - 679     12,113     22,995     23,172     13,871     5,939     7,729     34,769     777     121,365
550 - 619     1,882     7,706     11,366     6,837     3,455     4,719     13,096     843     49,904
Less than 550     682     3,242     6,673     4,278     2,189     3,189     5,249     591     26,093
No Score (3)     1,730     457     135     —     9     22     40,193     216     42,762
Other (2)     —     —     330     936     324     1,008     73,026     —     75,624
Total Consumer Lending   $ 86,529   $ 169,317   $ 204,196   $ 113,720   $ 47,675   $ 43,345   $ 359,275   $ 3,047   $ 1,027,104
Current period gross charge-offs   $ —   $ 941   $ 1,437   $ 800   $ 345   $ 1,471   $ 3,652   $ 390   $ 9,036
                                                       
Total Loans and Leases   $ 501,638   $ 1,207,501   $ 2,411,028   $ 2,530,550   $ 1,106,829   $ 3,761,270   $ 2,822,531   $ 18,552   $ 14,359,899
Current period gross charge-offs   $ —   $ 1,157   $ 1,756   $ 861   $ 397   $ 2,409   $ 3,652   $ 390   $ 10,622
                                                       

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(1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.
(2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.
(3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.
   


GAAP to Non-GAAP Reconciliation   Table 14
    For the Three Months Ended   For the Six Months Ended  
    June 30,    March 31,    June 30,    June 30,   
(dollars in thousands)   2024   2024      2023      2024   2023  
Income Statement Data:                                
Net income   $ 61,921   $ 54,220   $ 62,442   $ 116,141   $ 129,260  
                                 
Average total stockholders' equity   $ 2,512,471   $ 2,496,840   $ 2,344,285   $ 2,504,656   $ 2,321,977  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible stockholders' equity   $ 1,516,979   $ 1,501,348   $ 1,348,793   $ 1,509,164   $ 1,326,485  
                                 
Average total assets   $ 23,958,913   $ 24,187,207   $ 24,821,486   $ 24,073,060   $ 24,685,560  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible assets   $ 22,963,421   $ 23,191,715   $ 23,825,994   $ 23,077,568   $ 23,690,068  
                                 
Return on average total stockholders' equity(1)     9.91 %   8.73 %   10.68 %   9.32 %   11.23 %
Return on average tangible stockholders' equity (non-GAAP)(1)     16.42 %   14.53 %   18.57 %   15.48 %   19.65 %
                                 
Return on average total assets(1)     1.04 %   0.90 %   1.01 %   0.97 %   1.06 %
Return on average tangible assets (non-GAAP)(1)     1.08 %   0.94 %   1.05 %   1.01 %   1.10 %
                                 


    As of   As of   As of   As of  
    June 30,    March 31,    December 31,    June 30,   
(dollars in thousands, except per share amounts)   2024   2024      2023      2023  
Balance Sheet Data:                          
Total stockholders' equity   $ 2,550,312   $ 2,513,761   $ 2,486,066   $ 2,359,738  
Less: goodwill     995,492     995,492     995,492     995,492  
Tangible stockholders' equity   $ 1,554,820   $ 1,518,269   $ 1,490,574   $ 1,364,246  
                           
Total assets   $ 23,991,791   $ 24,279,186   $ 24,926,474   $ 24,511,566  
Less: goodwill     995,492     995,492     995,492     995,492  
Tangible assets   $ 22,996,299   $ 23,283,694   $ 23,930,982   $ 23,516,074  
                           
Shares outstanding     127,879,012     127,841,908     127,618,761     127,608,037  
                           
Total stockholders' equity to total assets     10.63 %   10.35 %   9.97 %   9.63 %
Tangible stockholders' equity to tangible assets (non-GAAP)     6.76 %   6.52 %   6.23 %   5.80 %
                           
Book value per share   $ 19.94   $ 19.66   $ 19.48   $ 18.49  
Tangible book value per share (non-GAAP)   $ 12.16   $ 11.88   $ 11.68   $ 10.69  
                           

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(1) Annualized for the three and six months ended June 30, 2024 and 2023 and three months ended March 31, 2024.
   

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Source: First Hawaiian, Inc.