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

    المصدر: Nasdaq GlobeNewswire / 31 يناير 2025 07:00:01   America/Chicago

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2024.

    “I’m pleased to report that we finished 2024 with a very strong quarter that was highlighted by good performance across our key earnings drivers. Our loan and deposit balances grew, net interest margin expanded, expenses were well controlled and credit quality remained excellent. We also maintained our commitment to supporting our communities with a $1 million contribution to the First Hawaiian Foundation,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we took action to strengthen our balance sheet and increase our future earnings power by restructuring a portion of our investment portfolio. This action, along with the positive trends we saw in the fourth quarter, positions us very well entering 2025.” 

    On January 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on February 28, 2025, to stockholders of record at the close of business on February 14, 2025.

    Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $100.0 million of its outstanding common stock during 2025.

    Fourth Quarter 2024 Highlights:

    • Restructured a portion of the investment portfolio by selling $290.4 million of low-yielding investment securities and reinvested the sale proceeds into $291.5 million of higher-yielding securities. Recognized a $26.2 million pre-tax ($19.2 million after-tax) loss on the sale of securities.
    • Net income of $52.5 million, or $0.41 per diluted share
    • Total loans and leases increased $166.9 million versus prior quarter
    • Total deposits increased $94.5 million versus prior quarter
    • Net interest margin increased 8 basis points to 3.03%
    • Recorded a $0.8 million negative provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.8 billion at December 31, 2024 and September 30, 2024.

    Gross loans and leases were $14.4 billion as of December 31, 2024, an increase of $166.9 million, or 1.2%, from $14.2 billion as of September 30, 2024.

    Total deposits were $20.3 billion as of December 31, 2024, an increase of $94.5 million, or 0.5%, from $20.2 billion as of September 30, 2024.

    Net Interest Income

    Net interest income for the fourth quarter of 2024 was $158.8 million, an increase of $2.0 million, or 1.3%, compared to $156.7 million for the prior quarter.

    The net interest margin was 3.03% in the fourth quarter of 2024, an increase of 8 basis points compared to 2.95% in the prior quarter.

    Provision Expense

    During the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses. In the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses.

    Noninterest Income

    Noninterest income was $29.4 million in the fourth quarter of 2024, a decrease of $23.9 million compared to noninterest income of $53.3 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $124.1 million in the fourth quarter of 2024, a decrease of $2.0 million compared to noninterest expense of $126.1 million in the prior quarter.

    The efficiency ratio was 65.5% and 59.8% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Taxes

    The effective tax rate was 18.9% and 19.6% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024, compared to $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024. The reserve for unfunded commitments was $32.8 million as of December 31, 2024, compared to $33.7 million as of September 30, 2024. Net charge-offs were $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024, compared to net charge-offs of $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024. Total non-performing assets were $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024, compared to total non-performing assets of $17.8 million, or 0.13% of total loans and leases and other real estate owned, on September 30, 2024.

    Capital

    Total stockholders' equity was $2.6 billion on December 31, 2024 and September 30, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024, compared with 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024.

    The Company repurchased 1.5 million shares of common stock at a total cost of $40.0 million under the stock repurchase program in the fourth quarter. The average cost was $27.14 per share repurchased. Total repurchases in 2024 were $40.0 million.

    As to the stock repurchase program approved for 2025, repurchases of shares of the Company’s common stock may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of share repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The repurchase program may be suspended, terminated or modified at any time for any reason.

    First Hawaiian, Inc.

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

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link: https://register.vevent.com/register/BI80003c73e95b445aa5fe62db794097bb, 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 quarters ended March 31, 2024, June 30, 2024 and September 30, 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 Year Ended  
      December 31, 
    		  September 30,   December 31,   December 31,  
    (dollars in thousands, except per share data) 2024  2024  2023  2024  2023 
    Operating Results:                    
    Net interest income $ 158,753  $156,707  $151,793  $ 622,738  $636,127 
    (Benefit) provision for credit losses   (750)  7,400   5,330    14,750   26,630 
    Noninterest income   29,376   53,288   58,347    185,803   200,815 
    Noninterest expense   124,143   126,147   142,307    501,189   501,138 
    Net income   52,496   61,492   47,502    230,129   234,983 
    Basic earnings per share   0.41   0.48   0.37    1.80   1.84 
    Diluted earnings per share   0.41   0.48   0.37    1.79   1.84 
    Dividends declared per share   0.26   0.26   0.26    1.04   1.04 
    Dividend payout ratio   63.41%  54.17%  70.27%   58.10%  56.52%
    Performance Ratios(1):                   
    Net interest margin   3.03%  2.95%  2.81%   2.95%  2.92%
    Efficiency ratio   65.51%  59.77%  67.28%   61.57%  59.48%
    Return on average total assets   0.88%  1.02%  0.77%   0.96%  0.95%
    Return on average tangible assets (non-GAAP)(2)   0.92%  1.06%  0.81%   1.00%  0.99%
    Return on average total stockholders' equity   7.94%  9.45%  7.94%   9.00%   10.01%
    Return on average tangible stockholders' equity (non-GAAP)(2)   12.78%  15.35%  13.66%   14.74%  17.39%
    Average Balances:                   
    Average loans and leases $ 14,276,107  $14,304,806  $14,349,322  $ 14,312,759  $14,266,291 
    Average earning assets   21,079,951   21,328,882   21,688,816    21,284,169   21,952,009 
    Average assets   23,795,735   24,046,696   24,404,727    23,996,723   24,625,445 
    Average deposits   20,249,573   20,367,805   20,908,221    20,373,975   21,160,155 
    Average stockholders' equity   2,629,600   2,588,806   2,374,669    2,557,215   2,346,713 
    Market Value Per Share:                   
    Closing   25.95   23.15   22.86    25.95   22.86 
    High   28.80   26.18   23.22    28.80   28.28 
    Low   22.08   20.28   17.18    19.48   15.08 


                 
      As of  As of  As of 
      December 31,   September 30,   December 31,  
    (dollars in thousands, except per share data) 2024  2024  2023 
    Balance Sheet Data:            
    Loans and leases $ 14,408,258  $14,241,370  $14,353,497 
    Total assets   23,828,186   23,780,285   24,926,474 
    Total deposits   20,322,216   20,227,702   21,332,657 
    Short-term borrowings   250,000   250,000   500,000 
    Total stockholders' equity   2,617,486   2,648,034   2,486,066 
                 
    Per Share of Common Stock:            
    Book value $ 20.70  $20.71  $19.48 
    Tangible book value (non-GAAP)(2)   12.83   12.92   11.68 
                 
    Asset Quality Ratios:            
    Non-accrual loans and leases / total loans and leases   0.14%  0.13%  0.13%
    Allowance for credit losses for loans and leases / total loans and leases   1.11%  1.15%  1.09%
                 
    Capital Ratios:            
    Common Equity Tier 1 Capital Ratio   12.80%  13.03%  12.39%
    Tier 1 Capital Ratio   12.80%  13.03%  12.39%
    Total Capital Ratio   13.99%  14.25%  13.57%
    Tier 1 Leverage Ratio   9.14%  9.14%  8.64%
    Total stockholders' equity to total assets   10.98%  11.14%  9.97%
    Tangible stockholders' equity to tangible assets (non-GAAP)(2)   7.10%  7.25%  6.23%
                 
    Non-Financial Data:            
    Number of branches   48   48   50 
    Number of ATMs   273   273   275 
    Number of Full-Time Equivalent Employees   1,997   2,022   2,089 


    (1) Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

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

                       
    Consolidated Statements of Income Table 2
      For the Three Months Ended For the Year Ended
      December 31,  September 30,  December 31,  December 31, 
    (dollars in thousands, except per share amounts) 2024  2024 2023 2024  2023
    Interest income                  
    Loans and lease financing $ 198,347  $205,682  $196,276  $ 805,941  $748,053 
    Available-for-sale investment securities   12,767   12,850   19,033    54,306   74,241 
    Held-to-maturity investment securities   17,071   16,937   17,987    69,376   73,497 
    Other   11,977   14,527   7,734    50,421   27,788 
    Total interest income   240,162   249,996   241,030    980,044   923,579 
    Interest expense                  
    Deposits   78,465   87,500   82,215    335,717   258,221 
    Short-term and long-term borrowings   2,685   5,397   6,232    19,988   26,289 
    Other   259   392   790    1,601   2,942 
    Total interest expense   81,409   93,289   89,237    357,306   287,452 
    Net interest income   158,753   156,707   151,793    622,738   636,127 
    (Benefit) provision for credit losses   (750)  7,400   5,330    14,750   26,630 
    Net interest income after (benefit) provision for credit losses   159,503   149,307   146,463    607,988   609,497 
    Noninterest income                  
    Service charges on deposit accounts   7,968   7,783   7,646    31,090   29,647 
    Credit and debit card fees   14,834   17,533   16,381    64,401   63,888 
    Other service charges and fees   13,132   11,790   9,535    45,862   37,299 
    Trust and investment services income   9,449   9,077   9,645    38,306   38,449 
    Bank-owned life insurance   5,713   4,502   5,063    17,861   15,326 
    Investment securities (losses) gains, net   (26,171)  —   792    (26,171)  792 
    Other   4,451   2,603   9,285    14,454   15,414 
    Total noninterest income   29,376   53,288   58,347    185,803   200,815 
    Noninterest expense                  
    Salaries and employee benefits   59,003   59,563   55,882    235,565   225,755 
    Contracted services and professional fees   14,472   14,634   16,219    60,912   66,423 
    Occupancy   7,708   6,945   7,561    28,971   29,608 
    Equipment   14,215   13,078   12,547    53,902   45,109 
    Regulatory assessment and fees   3,745   3,412   20,412    19,091   32,073 
    Advertising and marketing   1,529   1,813   1,441    7,719   7,615 
    Card rewards program   7,926   8,678   7,503    33,831   31,627 
    Other   15,545   18,024   20,742    61,198   62,928 
    Total noninterest expense   124,143   126,147   142,307    501,189   501,138 
    Income before provision for income taxes   64,736   76,448   62,503    292,602   309,174 
    Provision for income taxes   12,240   14,956   15,001    62,473   74,191 
    Net income $ 52,496  $61,492  $47,502  $ 230,129  $234,983 
    Basic earnings per share $ 0.41  $0.48  $0.37  $ 1.80  $1.84 
    Diluted earnings per share $ 0.41  $0.48  $0.37  $ 1.79  $1.84 
    Basic weighted-average outstanding shares   127,350,626   127,886,167   127,612,734    127,702,573   127,567,547 
    Diluted weighted-average outstanding shares   128,167,502   128,504,035   128,028,964    128,325,865   127,915,873 


              
    Consolidated Balance Sheets Table 3
      December 31,  September 30,  December 31, 
    (dollars in thousands, except share amount) 2024  2024  2023 
    Assets         
    Cash and due from banks $ 258,057  $252,209  $185,015 
    Interest-bearing deposits in other banks   912,133   820,603   1,554,882 
    Investment securities:         
    Available-for-sale, at fair value (amortized cost: $2,190,448 as of December 31, 2024, $2,290,781 as of September 30, 2024 and $2,558,675 as of December 31, 2023)   1,926,516   2,055,959   2,255,336 
    Held-to-maturity, at amortized cost (fair value: $3,262,509 as of December 31, 2024, $3,475,143 as of September 30, 2024 and $3,574,856 as of December 31, 2023)   3,790,650   3,853,697   4,041,449 
    Loans held for sale   —   —   190 
    Loans and leases   14,408,258   14,241,370   14,353,497 
    Less: allowance for credit losses   160,393   163,700   156,533 
    Net loans and leases   14,247,865   14,077,670   14,196,964 
              
    Premises and equipment, net   288,530   287,036   281,461 
    Accrued interest receivable   79,979   81,875   84,417 
    Bank-owned life insurance   491,890   490,135   479,907 
    Goodwill   995,492   995,492   995,492 
    Mortgage servicing rights   5,078   5,236   5,699 
    Other assets   831,996   860,373   845,662 
    Total assets $ 23,828,186  $23,780,285  $24,926,474 
    Liabilities and Stockholders' Equity         
    Deposits:         
    Interest-bearing $ 13,347,068  $13,427,674  $13,749,095 
    Noninterest-bearing   6,975,148   6,800,028   7,583,562 
    Total deposits   20,322,216   20,227,702   21,332,657 
    Short-term borrowings   250,000   250,000   500,000 
    Retirement benefits payable   97,135   100,448   103,285 
    Other liabilities   541,349   554,101   504,466 
    Total liabilities   21,210,700   21,132,251   22,440,408 
              
    Stockholders' equity         
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024, issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024 and issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023)   1,417   1,417   1,413 
    Additional paid-in capital   2,560,380   2,558,158   2,548,250 
    Retained earnings   934,048   915,062   837,859 
    Accumulated other comprehensive loss, net   (463,994)  (452,658)  (530,210)
    Treasury stock (15,325,949 shares as of December 31, 2024, 13,849,434 shares as of September 30, 2024 and 13,721,778 shares as of December 31, 2023)   (414,365)  (373,945)  (371,246)
    Total stockholders' equity   2,617,486   2,648,034   2,486,066 
    Total liabilities and stockholders' equity $ 23,828,186  $23,780,285  $24,926,474 


                              
    Average Balances and Interest Rates                       Table 4
      Three Months Ended  Three Months Ended  Three Months Ended  
      December 31, 2024 September 30, 2024 December 31, 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 $ 948.9 $ 11.3  4.75%$1,020.4 $13.9 5.40%$568.0 $7.8 5.39%
    Available-for-Sale Investment Securities                         
    Taxable   1,987.7   12.7  2.56  2,062.6  12.8 2.48  2,598.4  19.0 2.92 
    Non-Taxable   1.4   —  5.30  1.5  — 5.06  1.9  — 5.12 
    Held-to-Maturity Investment Securities                         
    Taxable   3,224.8   13.9  1.72  3,288.2  13.8 1.67  3,472.1  14.8 1.70 
    Non-Taxable   601.7   3.9  2.56  602.3  3.7 2.46  603.9  3.9 2.58 
    Total Investment Securities   5,815.6   30.5  2.10  5,954.6  30.3 2.03  6,676.3  37.7 2.25 
    Loans Held for Sale   1.3   —  5.75  2.2  — 5.64  0.7  — 7.41 
    Loans and Leases(1)                         
    Commercial and industrial   2,157.8   35.2  6.50  2,165.3  38.0 6.98  2,148.1  36.7 6.78 
    Commercial real estate   4,333.1   68.9  6.33  4,278.3  71.6 6.67  4,356.3  71.4 6.51 
    Construction   990.7   17.4  6.99  1,040.7  20.3 7.74  888.7  16.7 7.45 
    Residential:                         
    Residential mortgage   4,183.5   40.8  3.90  4,204.5  40.4 3.84  4,294.8  38.8 3.61 
    Home equity line   1,157.1   13.3  4.55  1,158.5  13.2 4.52  1,174.8  11.3 3.83 
    Consumer   1,033.2   19.0  7.29  1,035.3  18.7 7.19  1,132.4  18.4 6.43 
    Lease financing   420.7   4.4  4.18  422.2  4.0 3.72  354.2  3.6 4.03 
    Total Loans and Leases   14,276.1   199.0  5.55  14,304.8  206.2 5.74  14,349.3  196.9 5.45 
    Other Earning Assets   38.1   0.7  6.73  46.9  0.7 5.83  94.5  — 0.06 
    Total Earning Assets(2)   21,080.0   241.5  4.56  21,328.9  251.1 4.69  21,688.8  242.4 4.44 
    Cash and Due from Banks   226.2       242.3       240.8      
    Other Assets   2,489.5       2,475.5       2,475.1      
    Total Assets $ 23,795.7      $24,046.7      $24,404.7      
                              
    Interest-Bearing Liabilities                         
    Interest-Bearing Deposits                         
    Savings $ 5,940.3 $ 21.1  1.42%$5,963.1 $23.6 1.57%$6,067.2 $22.4 1.46%
    Money Market   4,053.6   26.6  2.61  4,179.5  31.9 3.04  3,905.0  27.5 2.79 
    Time   3,362.0   30.8  3.64  3,327.3  32.0 3.83  3,390.7  32.3 3.78 
    Total Interest-Bearing Deposits   13,355.9   78.5  2.34  13,469.9  87.5 2.58  13,362.9  82.2 2.44 
    Other Short-Term Borrowings   250.0   2.7  4.27  451.1  5.4 4.76  515.2  6.2 4.80 
    Other Interest-Bearing Liabilities   25.3   0.2  4.07  22.4  0.4 6.97  42.1  0.8 7.44 
    Total Interest-Bearing Liabilities   13,631.2   81.4  2.38  13,943.4  93.3 2.66  13,920.2  89.2 2.54 
    Net Interest Income    $ 160.1      $157.8      $153.2   
    Interest Rate Spread(3)        2.18%      2.03%      1.90%
    Net Interest Margin(4)        3.03%      2.95%      2.81%
    Noninterest-Bearing Demand Deposits   6,893.7       6,897.9       7,545.3      
    Other Liabilities   641.2       616.6       564.5      
    Stockholders' Equity   2,629.6       2,588.8       2,374.7      
    Total Liabilities and Stockholders' Equity $ 23,795.7      $24,046.7      $24,404.7      


    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.4 million, $1.1 million and $1.4 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 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 December 31, 2024, September 30, 2024 and December 31, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                          
    Average Balances and Interest Rates                   Table 5
      Year Ended  Year Ended  
      December 31, 2024 December 31, 2023 
      Average Income/ Yield/ Average Income/ Yield/ 
    (dollars in millions) Balance Expense Rate Balance Expense Rate 
    Earning Assets                     
    Interest-Bearing Deposits in Other Banks $ 900.8  $ 47.3   5.25%$512.3  $26.5  5.18%
    Available-for-Sale Investment Securities                     
    Taxable   2,090.0    54.2   2.60  2,871.8   73.8  2.57 
    Non-Taxable   1.5    0.1   5.45  10.2   0.6  5.55 
    Held-to-Maturity Investment Securities                     
    Taxable   3,321.6    56.6   1.70  3,579.0   60.7  1.70 
    Non-Taxable   602.6    15.6   2.58  607.7   15.9  2.61 
    Total Investment Securities   6,015.7    126.5   2.10  7,068.7   151.0  2.14 
    Loans Held for Sale   1.3    0.1   6.02  0.4   —  6.63 
    Loans and Leases(1)                     
    Commercial and industrial   2,172.4    148.6   6.84  2,182.3   141.0  6.46 
    Commercial real estate   4,310.1    282.3   6.55  4,257.9   266.0  6.25 
    Construction   985.4    73.5   7.46  877.7   62.1  7.08 
    Residential:                     
    Residential mortgage   4,220.2    163.4   3.87  4,308.0   156.4  3.63 
    Home equity line   1,162.9    51.0   4.39  1,131.1   39.3  3.47 
    Consumer   1,051.5    73.4   6.98  1,178.6   71.5  6.07 
    Lease financing   410.3    16.3   3.98  330.7   14.1  4.26 
    Total Loans and Leases   14,312.8    808.5   5.65  14,266.3   750.4  5.26 
    Other Earning Assets   53.6    3.1   5.88  104.3   1.3  1.20 
    Total Earning Assets(2)   21,284.2    985.5   4.63  21,952.0   929.2  4.23 
    Cash and Due from Banks   238.3         265.1        
    Other Assets   2,474.2         2,408.3        
    Total Assets $ 23,996.7        $24,625.4        
                          
    Interest-Bearing Liabilities                     
    Interest-Bearing Deposits                     
    Savings $ 5,990.7  $ 91.6   1.53%$6,124.7  $71.5  1.17%
    Money Market   4,064.0    117.8   2.90  3,869.1   86.1  2.22 
    Time   3,324.8    126.3   3.80  3,040.0   100.6  3.31 
    Total Interest-Bearing Deposits   13,379.5    335.7   2.51  13,033.8   258.2  1.98 
    Federal Funds Purchased   —    —   —  17.2   0.8  4.45 
    Other Short-Term Borrowings   424.9    20.0   4.70  261.9   13.0  4.98 
    Long-Term Borrowings   —    —   —  261.6   12.5  4.78 
    Other Interest-Bearing Liabilities   29.6    1.6   5.39  57.1   3.0  5.15 
    Total Interest-Bearing Liabilities   13,834.0    357.3   2.58  13,631.6   287.5  2.11 
    Net Interest Income     $ 628.2        $641.7    
    Interest Rate Spread(3)          2.05%        2.12%
    Net Interest Margin(4)          2.95%        2.92%
    Noninterest-Bearing Demand Deposits   6,994.5         8,126.4        
    Other Liabilities   611.0         520.7        
    Stockholders' Equity   2,557.2         2,346.7        
    Total Liabilities and Stockholders' Equity $ 23,996.7        $24,625.4        


    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $5.4 million and $5.6 million for the years ended December 31, 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 years ended December 31, 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 December 31, 2024
      Compared to September 30, 2024
    (dollars in millions) Volume Rate Total (1)
    Change in Interest Income:         
    Interest-Bearing Deposits in Other Banks $ (1.0) $ (1.6) $ (2.6)
    Available-for-Sale Investment Securities         
    Taxable   (0.5)   0.4    (0.1)
    Held-to-Maturity Investment Securities         
    Taxable   (0.3)   0.4    0.1 
    Non-Taxable   —    0.2    0.2 
    Total Investment Securities   (0.8)   1.0    0.2 
    Loans and Leases         
    Commercial and industrial   (0.1)   (2.7)   (2.8)
    Commercial real estate   0.9    (3.6)   (2.7)
    Construction   (1.0)   (1.9)   (2.9)
    Residential:         
    Residential mortgage   (0.2)   0.6    0.4 
    Home equity line   —    0.1    0.1 
    Consumer   —    0.3    0.3 
    Lease financing   —    0.4    0.4 
    Total Loans and Leases   (0.4)   (6.8)   (7.2)
    Other Earning Assets   (0.1)   0.1    — 
    Total Change in Interest Income   (2.3)   (7.3)   (9.6)
              
    Change in Interest Expense:         
    Interest-Bearing Deposits         
    Savings   (0.1)   (2.4)   (2.5)
    Money Market   (0.9)   (4.4)   (5.3)
    Time   0.3    (1.5)   (1.2)
    Total Interest-Bearing Deposits   (0.7)   (8.3)   (9.0)
    Other Short-Term Borrowings   (2.2)   (0.5)   (2.7)
    Other Interest-Bearing Liabilities   —    (0.2)   (0.2)
    Total Change in Interest Expense   (2.9)   (9.0)   (11.9)
    Change in Net Interest Income $ 0.6  $ 1.7  $ 2.3 


    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

              
    Analysis of Change in Net Interest Income        Table 7
      Three Months Ended December 31, 2024
      Compared to December 31, 2023
    (dollars in millions) Volume Rate Total (1)
    Change in Interest Income:         
    Interest-Bearing Deposits in Other Banks $ 4.6  $ (1.1) $ 3.5 
    Available-for-Sale Investment Securities         
    Taxable   (4.1)   (2.2)   (6.3)
    Held-to-Maturity Investment Securities         
    Taxable   (1.1)   0.2    (0.9)
    Total Investment Securities   (5.2)   (2.0)   (7.2)
    Loans and Leases         
    Commercial and industrial   0.1    (1.6)   (1.5)
    Commercial real estate   (0.4)   (2.1)   (2.5)
    Construction   1.8    (1.1)   0.7 
    Residential:         
    Residential mortgage   (1.0)   3.0    2.0 
    Home equity line   (0.1)   2.1    2.0 
    Consumer   (1.7)   2.3    0.6 
    Lease financing   0.7    0.1    0.8 
    Total Loans and Leases   (0.6)   2.7    2.1 
    Other Earning Assets   —    0.7    0.7 
    Total Change in Interest Income   (1.2)   0.3    (0.9)
              
    Change in Interest Expense:         
    Interest-Bearing Deposits         
    Savings   (0.6)   (0.7)   (1.3)
    Money Market   1.0    (1.9)   (0.9)
    Time   (0.2)   (1.3)   (1.5)
    Total Interest-Bearing Deposits   0.2    (3.9)   (3.7)
    Other Short-Term Borrowings   (2.9)   (0.6)   (3.5)
    Other Interest-Bearing Liabilities   (0.3)   (0.3)   (0.6)
    Total Change in Interest Expense   (3.0)   (4.8)   (7.8)
    Change in Net Interest Income $ 1.8  $ 5.1  $ 6.9 


    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

              
    Analysis of Change in Net Interest Income        Table 8
      Year Ended December 31, 2024
      Compared to December 31, 2023
    (dollars in millions) Volume Rate Total (1)
    Change in Interest Income:         
    Interest-Bearing Deposits in Other Banks $ 20.4  $ 0.4  $ 20.8 
    Available-for-Sale Investment Securities         
    Taxable   (20.4)   0.8    (19.6)
    Non-Taxable   (0.5)   —    (0.5)
    Held-to-Maturity Investment Securities         
    Taxable   (4.1)   —    (4.1)
    Non-Taxable   (0.1)   (0.2)   (0.3)
    Total Investment Securities   (25.1)   0.6    (24.5)
    Loans Held for Sale   0.1    —    0.1 
    Loans and Leases         
    Commercial and industrial   (0.7)   8.3    7.6 
    Commercial real estate   3.3    13.0    16.3 
    Construction   7.9    3.5    11.4 
    Residential:         
    Residential mortgage   (3.2)   10.2    7.0 
    Home equity line   1.1    10.6    11.7 
    Consumer   (8.2)   10.1    1.9 
    Lease financing   3.2    (1.0)   2.2 
    Total Loans and Leases   3.4    54.7    58.1 
    Other Earning Assets   (0.9)   2.7    1.8 
    Total Change in Interest Income   (2.1)   58.4    56.3 
              
    Change in Interest Expense:         
    Interest-Bearing Deposits         
    Savings   (1.6)   21.7    20.1 
    Money Market   4.5    27.2    31.7 
    Time   10.0    15.7    25.7 
    Total Interest-Bearing Deposits   12.9    64.6    77.5 
    Federal Funds Purchased   (0.4)   (0.4)   (0.8)
    Other Short-Term Borrowings   7.7    (0.7)   7.0 
    Long-Term Borrowings   (6.3)   (6.2)   (12.5)
    Other Interest-Bearing Liabilities   (1.5)   0.1    (1.4)
    Total Change in Interest Expense   12.4    57.4    69.8 
    Change in Net Interest Income $ (14.5) $ 1.0  $ (13.5)


    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                 
    Loans and Leases          Table 9
      December 31,  September 30,  December 31, 
    (dollars in thousands) 2024 2024 2023
    Commercial and industrial $ 2,247,428  $2,110,077  $2,165,349 
    Commercial real estate   4,463,992   4,265,289   4,340,243 
    Construction   918,326   1,056,249   900,292 
    Residential:            
    Residential mortgage   4,168,154   4,187,060   4,283,315 
    Home equity line   1,151,739   1,159,823   1,174,588 
    Total residential   5,319,893   5,346,883   5,457,903 
    Consumer   1,023,969   1,030,044   1,109,901 
    Lease financing   434,650   432,828   379,809 
    Total loans and leases $ 14,408,258  $14,241,370  $14,353,497 


                 
    Deposits          Table 10
      December 31,  September 30,  December 31, 
    (dollars in thousands) 2024 2024 2023
    Demand $ 6,975,148  $6,800,028  $7,583,562 
    Savings   6,021,364   5,896,029   6,445,084 
    Money Market   4,027,334   4,129,381   3,847,853 
    Time   3,298,370   3,402,264   3,456,158 
    Total Deposits $ 20,322,216  $20,227,702  $21,332,657 


                 
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More          Table 11
      December 31,  September 30,  December 31, 
    (dollars in thousands) 2024 2024 2023
    Non-Performing Assets            
    Non-Accrual Loans and Leases            
    Commercial Loans:            
    Commercial and industrial $ 329  $934  $970 
    Commercial real estate   411   152   2,953 
    Total Commercial Loans   740   1,086   3,923 
    Residential Loans:            
    Residential mortgage   12,768   9,103   7,620 
    Home equity line   7,171   7,645   7,052 
    Total Residential Loans   19,939   16,748   14,672 
    Total Non-Accrual Loans and Leases   20,679   17,834   18,595 
    Total Non-Performing Assets $ 20,679  $17,834  $18,595 
                 
    Accruing Loans and Leases Past Due 90 Days or More            
    Commercial Loans:            
    Commercial and industrial $ 1,432  $529  $494 
    Commercial real estate   —   568   300 
    Construction   536   —   — 
    Total Commercial Loans   1,968   1,097   794 
    Residential mortgage   1,317   931   — 
    Consumer   2,734   2,515   2,702 
    Total Accruing Loans and Leases Past Due 90 Days or More $ 6,019  $4,543  $3,496 
                 
    Total Loans and Leases $ 14,408,258  $14,241,370  $14,353,497 


                    
    Allowance for Credit Losses and Reserve for Unfunded Commitments Table 12
      For the Three Months Ended  For the Year Ended
      December 31,  September 30,  December 31,  December 31,  December 31, 
    (dollars in thousands) 2024 2024
    		 2023 2024
    		 2023
    Balance at Beginning of Period $ 197,397  $193,930  $192,570  $ 192,138  $177,735 
    Loans and Leases Charged-Off               
    Commercial Loans:               
    Commercial and industrial   (851)  (1,178)  (910)   (3,615)  (3,482)
    Commercial real estate   —   (400)  (2,500)   (400)  (2,500)
    Total Commercial Loans   (851)  (1,578)  (3,410)   (4,015)  (5,982)
    Residential Loans:               
    Residential mortgage   —   —   —    —   (122)
    Home equity line   —   —   (20)   —   (292)
    Total Residential Loans   —   —   (20)   —   (414)
    Consumer   (4,774)  (4,192)  (4,147)   (18,002)  (17,110)
    Total Loans and Leases Charged-Off   (5,625)  (5,770)  (7,577)   (22,017)  (23,506)
    Recoveries on Loans and Leases Previously Charged-Off               
    Commercial and industrial   298   160   171    919   3,346 
    Residential Loans:               
    Residential mortgage   30   31   31    119   141 
    Home equity line   32   86   163    274   702 
    Total Residential Loans   62   117   194    393   843 
    Consumer   1,858   1,560   1,450    7,057   7,090 
    Total Recoveries on Loans and Leases Previously Charged-Off   2,218   1,837   1,815    8,369   11,279 
    Net Loans and Leases Charged-Off   (3,407)  (3,933)  (5,762)   (13,648)  (12,227)
    (Benefit) Provision for Credit Losses   (750)  7,400   5,330    14,750   26,630 
    Balance at End of Period $ 193,240  $197,397  $192,138  $ 193,240  $192,138 
    Components:               
    Allowance for Credit Losses $ 160,393  $163,700  $156,533  $ 160,393  $156,533 
    Reserve for Unfunded Commitments   32,847   33,697   35,605    32,847   35,605 
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments $ 193,240  $197,397  $192,138  $ 193,240  $192,138 
    Average Loans and Leases Outstanding $ 14,276,107  $14,304,806  $14,349,322  $ 14,312,759  $14,266,291 
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)   0.09%  0.11%  0.16%   0.10%  0.09%
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding   1.11%  1.15%  1.09%   1.11%   1.09%
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases  7.76x  9.18x  8.42x  7.76x  8.42x


    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

                                
    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 $ 163,980 $ 73,554 $ 185,433 $ 249,532 $ 17,775 $ 256,119 $ 1,118,075 $ 14,336 $ 2,078,804
    Special Mention   808   2,385   1,209   68   300   1,322   41,520   —   47,612
    Substandard   —   —   8,096   196   309   1,114   26,089   —   35,804
    Other (1)   17,132   8,928   6,937   2,797   765   1,279   47,370   —   85,208
    Total Commercial and Industrial   181,920   84,867   201,675   252,593   19,149   259,834   1,233,054   14,336   2,247,428
    Current period gross charge-offs   —   578   335   105   221   2,376   —   —   3,615
                                
    Commercial Real Estate                           
    Risk rating:                           
    Pass   322,405   369,948   832,005   634,722   308,156   1,720,243   116,682   7,703   4,311,864
    Special Mention   9,014   2,252   7,510   41,399   3,265   10,860   11,861   —   86,161
    Substandard   —   —   54,952   1,002   —   9,732   148   —   65,834
    Other (1)   —   —   —   —   —   133   —   —   133
    Total Commercial Real Estate   331,419   372,200   894,467   677,123   311,421   1,740,968   128,691   7,703   4,463,992
    Current period gross charge-offs   —   —   —   —   —   400   —   —   400
                                
    Construction                           
    Risk rating:                           
    Pass   91,583   198,382   332,000   186,682   41,596   13,824   14,972   —   879,039
    Special Mention   —   —   —   —   —   155   —   —   155
    Other (1)   12,482   9,688   10,861   1,561   1,199   2,644   697   —   39,132
    Total Construction   104,065   208,070   342,861   188,243   42,795   16,623   15,669   —   918,326
    Current period gross charge-offs   —   —   —   —   —   —   —   —   —
                                
    Lease Financing                           
    Risk rating:                           
    Pass   149,615   101,684   60,898   14,328   17,703   84,663   —   —   428,891
    Special Mention   —   —   —   220   —   —   —   —   220
    Substandard   4,657   565   317   —   —   —   —   —   5,539
    Total Lease Financing   154,272   102,249   61,215   14,548   17,703   84,663   —   —   434,650
    Current period gross charge-offs   —   —   —   —   —   —   —   —   —
                                
    Total Commercial Lending $ 771,676 $ 767,386 $ 1,500,218 $ 1,132,507 $ 391,068 $ 2,102,088 $ 1,377,414 $ 22,039 $ 8,064,396
    Current period gross charge-offs $ — $ 578 $ 335 $ 105 $ 221 $ 2,776 $ — $ — $ 4,015


                                
                           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 $ 168,067 $ 187,710 $ 492,845 $ 946,390 $ 498,443 $ 1,115,557 $ — $ — $ 3,409,012
    680 - 739   18,368   34,901   65,735   103,622   57,369   138,469   —   —   418,464
    620 - 679   1,726   4,380   23,556   19,355   14,058   40,471   —   —   103,546
    550 - 619   —   820   6,526   7,745   4,042   13,783   —   —   32,916
    Less than 550   —   734   775   2,264   1,559   6,342   —   —   11,674
    No Score (3)   13,211   6,719   16,839   9,916   5,518   45,604   —   —   97,807
    Other (2)   9,456   12,404   16,564   14,311   10,769   28,812   2,419   —   94,735
    Total Residential Mortgage   210,828   247,668   622,840   1,103,603   591,758   1,389,038   2,419   —   4,168,154
    Current period gross charge-offs   —   —   —   —   —   —   —   —   —
                                
    Home Equity Line                           
    FICO:                           
    740 and greater   —   —   —   —   —   —   925,749   1,652   927,401
    680 - 739   —   —   —   —   —   —   161,523   1,030   162,553
    620 - 679   —   —   —   —   —   —   39,235   1,220   40,455
    550 - 619   —   —   —   —   —   —   13,006   416   13,422
    Less than 550   —   —   —   —   —   —   5,993   563   6,556
    No Score (3)   —   —   —   —   —   —   1,352   —   1,352
    Total Home Equity Line   —   —   —   —   —   —   1,146,858   4,881   1,151,739
    Current period gross charge-offs   —   —   —   —   —   —   —   —   —
                                
    Total Residential Lending $ 210,828 $ 247,668 $ 622,840 $ 1,103,603 $ 591,758 $ 1,389,038 $ 1,149,277 $ 4,881 $ 5,319,893
    Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ —
                                
    Consumer Lending                           
    FICO:                           
    740 and greater   92,329   65,738   84,007   44,192   14,607   6,897   101,938   106   409,814
    680 - 739   68,371   46,533   44,504   21,829   7,652   5,278   86,935   509   281,611
    620 - 679   30,618   17,728   19,942   10,252   4,195   4,152   50,544   775   138,206
    550 - 619   6,108   6,768   9,312   5,702   2,574   3,106   15,641   778   49,989
    Less than 550   2,012   3,950   5,572   3,594   1,591   1,830   5,311   593   24,453
    No Score (3)   1,881   106   38   —   7   9   38,932   176   41,149
    Other (2)   —   —   277   887   99   956   76,528   —   78,747
    Total Consumer Lending $ 201,319 $ 140,823 $ 163,652 $ 86,456 $ 30,725 $ 22,228 $ 375,829 $ 2,937 $ 1,023,969
    Current period gross charge-offs $ 732 $ 2,055 $ 2,606 $ 1,388 $ 676 $ 2,685 $ 7,168 $ 692 $ 18,002
                                
    Total Loans and Leases $ 1,183,823 $ 1,155,877 $ 2,286,710 $ 2,322,566 $ 1,013,551 $ 3,513,354 $ 2,902,520 $ 29,857 $ 14,408,258
    Current period gross charge-offs $ 732 $ 2,633 $ 2,941 $ 1,493 $ 897 $ 5,461 $ 7,168 $ 692 $ 22,017


    (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 (680 and above). As of December 31, 2024, the majority of the loans in this population were current.

    (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. As of December 31, 2024, the majority of the loans in this population were current.

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

                         
    GAAP to Non-GAAP Reconciliation Table 14
      For the Three Months Ended   For the Year Ended  
      December 31,   September 30,   December 31,   December 31,  
    (dollars in thousands) 2024  2024  2023  2024  2023 
    Income Statement Data:                    
    Net income $ 52,496  $61,492  $47,502  $ 230,129  $234,983 
                         
    Average total stockholders' equity $ 2,629,600  $2,588,806  $2,374,669  $ 2,557,215  $2,346,713 
    Less: average goodwill   995,492   995,492   995,492    995,492   995,492 
    Average tangible stockholders' equity $ 1,634,108  $1,593,314  $1,379,177  $ 1,561,723  $1,351,221 
                         
    Average total assets $ 23,795,735  $24,046,696  $24,404,727  $ 23,996,723  $24,625,445 
    Less: average goodwill   995,492   995,492   995,492    995,492   995,492 
    Average tangible assets $ 22,800,243  $23,051,204  $23,409,235  $ 23,001,231  $23,629,953 
                         
    Return on average total stockholders' equity(1)   7.94%  9.45%  7.94%   9.00%  10.01%
    Return on average tangible stockholders' equity (non-GAAP)(1)   12.78%  15.35%  13.66%   14.74%  17.39%
                         
    Return on average total assets(1)   0.88%  1.02%  0.77%   0.96%  0.95%
    Return on average tangible assets (non-GAAP)(1)   0.92%  1.06%  0.81%   1.00%  0.99%


                 
              
      As of  As of  As of 
      December 31,   September 30,   December 31,  
    (dollars in thousands, except per share amounts) 2024  2024  2023 
    Balance Sheet Data:            
    Total stockholders' equity $ 2,617,486  $2,648,034  $2,486,066 
    Less: goodwill   995,492   995,492   995,492 
    Tangible stockholders' equity $ 1,621,994  $1,652,542  $1,490,574 
                 
    Total assets $ 23,828,186  $23,780,285  $24,926,474 
    Less: goodwill   995,492   995,492   995,492 
    Tangible assets $ 22,832,694  $22,784,793  $23,930,982 
                 
    Shares outstanding   126,422,898   127,886,167   127,618,761 
                 
    Total stockholders' equity to total assets   10.98%  11.14%  9.97%
    Tangible stockholders' equity to tangible assets (non-GAAP)   7.10%  7.25%  6.23%
                 
    Book value per share $ 20.70  $20.71  $19.48 
    Tangible book value per share (non-GAAP) $ 12.83  $12.92  $11.68 


    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.


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