First Hawaiian, Inc. Reports Second Quarter 2021 Financial Results and Declares Dividend

HONOLULU, July 23, 2021 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2021.

“We are pleased with our financial performance during the second quarter, which was driven by the strong return of tourism and pickup in the local economy,” said Bob Harrison, Chairman, President and CEO.  “We had good activity in the loan portfolio, solid growth in fee income and credit quality remained excellent. In addition, we benefitted from the improved outlook for the local economy with the release of $35 million from our reserves for credit losses.”

On July 21, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 3, 2021 to stockholders of record at the close of business on August 23, 2021.  

Second Quarter 2021 Highlights:

• Net income of $86.7 million, or $0.67 per diluted share
• Total loans and leases decreased $196.5 million, or 1.5%, versus prior quarter
• Total deposits increased $701.4 million, or 3.5%, versus prior quarter
• Recorded a $35.0 million negative provision for credit losses
• Board of Directors declared a quarterly dividend of $0.26 per share
• Repurchased $22.4 million of stock under share repurchase program

Balance Sheet

Total assets were $24.2 billion as of June 30, 2021, compared to $23.5 billion as of March 31, 2021.

Gross loans and leases were $13.1 billion as of June 30, 2021, a decrease of $196.5 million, or 1.5%, from $13.3 billion as of March 31, 2021.

Total deposits were $20.8 billion as of June 30, 2021, an increase of $701.4 million, or 3.5%, from $20.1 billion as of March 31, 2021.

Net Interest Income

Net interest income for the second quarter of 2021 was $131.5 million, an increase of $2.3 million, or 1.8%, compared to $129.2 million for the prior quarter.  

The net interest margin (NIM) was 2.46% in the second quarter of 2021, a decrease of 9 basis points compared to 2.55% in the first quarter of 2021.

Provision Expense

During the quarter ended June 30, 2021, we recorded a $35.0 million negative provision for credit losses. We did not record a provision for credit losses in the quarter ended March 31, 2021.

Noninterest Income

Noninterest income was $49.4 million in the second quarter of 2021, an increase of $5.5 million compared to noninterest income of $43.9 million in the first quarter of 2021.     

Noninterest Expense

Noninterest expense was $99.4 million in the second quarter of 2021, an increase of $3.1 million compared to noninterest expense of $96.3 million in the first quarter of 2021.

The efficiency ratio was 54.7% and 55.5% for the quarters ended June 30, 2021 and March 31, 2021, respectively.

Taxes

The effective tax rate was 25.5% for the quarter ended June 30, 2021 and 24.8% for the quarter ended March 31, 2021.

Asset Quality

The allowance for credit losses was $169.1 million, or 1.29% of total loans and leases, as of June 30, 2021, compared to $200.4 million, or 1.51% of total loans and leases, as of March 31, 2021. The reserve for unfunded commitments was $29.2 million as of June 30, 2021 compared to $34.1 million as of March 31, 2021. Net charge-offs were $1.1 million, or 0.03% of average loans and leases on an annualized basis, for the quarter ended June 30, 2021, compared to net charge-offs of $4.6 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended March 31, 2021. Total non-performing assets were $8.9 million, or 0.07% of total loans and leases and other real estate owned, at June 30, 2021, compared to total non-performing assets of $9.1 million, or 0.07% of total loans and leases and other real estate owned at March 31, 2021.  

Capital

Total stockholders' equity was $2.7 billion at both June 30, 2021 and March 31, 2021.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.68%, 12.76% and 14.01%, respectively, at June 30, 2021, compared with 7.90%, 12.82% and 14.07%, respectively, at March 31, 2021.

The Company repurchased 0.8 million shares of common stock at a total cost of $22.4 million under the stock repurchase program in the second quarter. The average cost was $27.99 per share repurchased. Remaining buyback authority under the stock repurchase program was $43.1 million at June 30, 2021.

First Hawaiian, Inc.

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

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 3681457.   A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on July 30, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 3681457.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Use of Non-GAAP Financial Measures

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

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

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP.

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

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

Media Contact: Susan Kam (808) 525-6254 skam@fhb.com

Financial Highlights																			Table 1
		For the Three Months Ended												For the Six Months Ended
		June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share data)		2021				2021				2020				2021				2020
Operating Results:
Net interest income		$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Provision for credit losses			(35,000	)			—				55,446				(35,000	)			96,646
Noninterest income			49,371				43,868				45,656				93,239				94,884
Noninterest expense			99,388				96,306				91,450				195,694				187,916
Net income			86,741				57,693				20,049				144,434				58,914
Basic earnings per share			0.67				0.44				0.15				1.11				0.45
Diluted earnings per share			0.67				0.44				0.15				1.11				0.45
Dividends declared per share			0.26				0.26				0.26				0.52				0.52
Dividend payout ratio			38.81		%		59.09		%		173.33		%		46.85		%		115.56		%
Supplemental Income Statement Data (non-GAAP):
Core net interest income		$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Core noninterest income			49,269				43,868				45,867				93,137				95,010
Core noninterest expense			98,228				96,306				91,450				194,534				187,916
Core net income			87,704				57,693				20,204				145,397				59,007
Core basic earnings per share			0.68				0.44				0.16				1.12				0.45
Core diluted earnings per share			0.68				0.44				0.16				1.12				0.45
Performance Ratios(1):
Net interest margin			2.46		%		2.55		%		2.58		%		2.50		%		2.84		%
Core net interest margin (non-GAAP)			2.46		%		2.55		%		2.58		%		2.50		%		2.84		%
Efficiency ratio			54.74		%		55.53		%		52.70		%		55.12		%		51.99		%
Core efficiency ratio (non-GAAP)			54.13		%		55.53		%		52.64		%		54.81		%		51.97		%
Return on average total assets			1.45		%		1.02		%		0.36		%		1.24		%		0.56		%
Core return on average total assets (non-GAAP)			1.46		%		1.02		%		0.36		%		1.25		%		0.56		%
Return on average tangible assets (non-GAAP)			1.51		%		1.07		%		0.38		%		1.30		%		0.58		%
Core return on average tangible assets (non-GAAP)(2)			1.53		%		1.07		%		0.38		%		1.30		%		0.58		%
Return on average total stockholders' equity			12.92		%		8.58		%		2.99		%		10.75		%		4.42		%
Core return on average total stockholders' equity (non-GAAP)			13.07		%		8.58		%		3.01		%		10.82		%		4.43		%
Return on average tangible stockholders' equity (non-GAAP)			20.51		%		13.51		%		4.74		%		16.99		%		7.04		%
Core return on average tangible stockholders’ equity (non-GAAP)(3)			20.74		%		13.51		%		4.77		%		17.10		%		7.05		%
Average Balances:
Average loans and leases		$	13,205,086			$	13,242,270			$	13,956,669			$	13,223,575			$	13,574,048
Average earning assets			21,539,264				20,476,149				19,854,795				21,010,643				18,834,492
Average assets			24,015,065				22,944,699				22,341,654				23,482,839				21,327,479
Average deposits			20,638,015				19,503,067				18,540,394				20,073,676				17,541,849
Average stockholders' equity			2,691,966				2,727,701				2,697,775				2,709,735				2,679,293
Market Value Per Share:
Closing			28.34				27.37				17.24				28.34				17.24
High			29.85				30.80				21.50				30.80				31.25
Low			24.75				23.14				13.56				23.14				13.56

		As of				As of				As of				As of
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands, except per share data)		2021				2021				2020				2020
Balance Sheet Data:
Loans and leases		$	13,103,785			$	13,300,289			$	13,279,097			$	13,764,030
Total assets			24,246,328				23,497,596				22,662,831				22,993,715
Total deposits			20,835,115				20,133,681				19,227,723				19,361,634
Short-term borrowings			—				—				—				200,000
Long-term borrowings			200,000				200,010				200,010				200,019
Total stockholders' equity			2,731,341				2,683,630				2,744,104				2,701,897
Per Share of Common Stock:
Book value		$	21.17			$	20.68			$	21.12			$	20.81
Tangible book value (non-GAAP)(4)			13.45				13.01				13.46				13.14
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.07		%		0.07		%		0.07		%		0.24		%
Allowance for credit losses for loans and leases / total loans and leases			1.29		%		1.51		%		1.57		%		1.40		%
Capital Ratios:
Common Equity Tier 1 Capital Ratio			12.76		%		12.82		%		12.47		%		11.86		%
Tier 1 Capital Ratio			12.76		%		12.82		%		12.47		%		11.86		%
Total Capital Ratio			14.01		%		14.07		%		13.73		%		13.11		%
Tier 1 Leverage Ratio			7.68		%		7.90		%		8.00		%		7.75		%
Total stockholders' equity to total assets			11.26		%		11.42		%		12.11		%		11.75		%
Tangible stockholders' equity to tangible assets (non-GAAP)			7.47		%		7.50		%		8.07		%		7.76		%
Non-Financial Data:
Number of branches			54				54				54				58
Number of ATMs			294				297				297				295
Number of Full-Time Equivalent Employees			2,087				2,090				2,103				2,100

________________________
⁽¹⁾   Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three and six months ended June 30, 2021 and 2020 and the three months ended March 31, 2021.

⁽²⁾   Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

⁽³⁾   Core return on average tangible stockholders’ equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

⁽⁴⁾   Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders’ equity to shares outstanding. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income			Table 2
			For the Three Months Ended												For the Six Months Ended
			June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)			2021				2021				2020				2021				2020
Interest income
Loans and lease financing			$	110,919			$	110,939			$	122,298			$	221,858			$	257,269
Available-for-sale securities				24,637				23,146				17,529				47,783				38,739
Other				666				491				792				1,157				3,143
Total interest income				136,222				134,576				140,619				270,798				299,151
Interest expense
Deposits				3,363				4,056				8,583				7,419				24,183
Short-term and long-term borrowings				1,378				1,362				4,214				2,740				8,463
Total interest expense				4,741				5,418				12,797				10,159				32,646
Net interest income				131,481				129,158				127,822				260,639				266,505
Provision for credit losses				(35,000	)			—				55,446				(35,000	)			96,646
Net interest income after provision for credit losses				166,481				129,158				72,376				295,639				169,859
Noninterest income
Service charges on deposit accounts				6,632				6,718				5,927				13,350				14,877
Credit and debit card fees				16,746				14,551				10,870				31,297				25,819
Other service charges and fees				10,303				8,846				7,912				19,149				16,451
Trust and investment services income				8,707				8,492				8,664				17,199				18,255
Bank-owned life insurance				3,104				2,389				4,432				5,493				6,692
Investment securities gains (losses), net				102				—				(211	)			102				(126	)
Other				3,777				2,872				8,062				6,649				12,916
Total noninterest income				49,371				43,868				45,656				93,239				94,884
Noninterest expense
Salaries and employee benefits				45,982				43,936				42,414				89,918				87,243
Contracted services and professional fees				16,516				17,188				15,478				33,704				31,533
Occupancy				7,314				7,170				7,302				14,484				14,545
Equipment				6,362				5,491				5,207				11,853				9,915
Regulatory assessment and fees				1,826				2,034				2,100				3,860				4,046
Advertising and marketing				1,469				1,591				1,402				3,060				3,225
Card rewards program				6,262				4,835				5,163				11,097				12,178
Other				13,657				14,061				12,384				27,718				25,231
Total noninterest expense				99,388				96,306				91,450				195,694				187,916
Income before provision for income taxes				116,464				76,720				26,582				193,184				76,827
Provision for income taxes				29,723				19,027				6,533				48,750				17,913
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
Basic earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Diluted earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Basic weighted-average outstanding shares				129,392,339				129,933,104				129,856,730				129,661,228				129,876,218
Diluted weighted-average outstanding shares				129,828,847				130,589,878				130,005,195				130,164,762				130,163,722

Consolidated Balance Sheets		Table 3
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands)		2021				2021				2020				2020
Assets
Cash and due from banks		$	347,861			$	278,994			$	303,373			$	347,592
Interest-bearing deposits in other banks			1,558,437				983,816				737,571				1,507,630
Investment securities, at fair value (amortized cost: $6,951,153 as of June 30, 2021, $6,708,431 as of March 31, 2021, $5,985,031 as of December 31, 2020 and $5,025,433 as of June 30, 2020)			6,953,930				6,692,479				6,071,415				5,135,775
Loans held for sale			1,241				9,390				11,579				6,698
Loans and leases			13,103,785				13,300,289				13,279,097				13,764,030
Less: allowance for credit losses			169,148				200,366				208,454				192,120
Net loans and leases			12,934,637				13,099,923				13,070,643				13,571,910
Premises and equipment, net			319,452				319,949				322,401				322,919
Other real estate owned and repossessed personal property			—				—				—				446
Accrued interest receivable			66,734				69,879				69,626				58,420
Bank-owned life insurance			466,402				468,927				466,537				458,720
Goodwill			995,492				995,492				995,492				995,492
Mortgage servicing rights			10,007				10,869				10,731				11,595
Other assets			592,135				567,878				603,463				576,518
Total assets		$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing		$	12,245,193			$	11,958,606			$	11,705,609			$	12,481,543
Noninterest-bearing			8,589,922				8,175,075				7,522,114				6,880,091
Total deposits			20,835,115				20,133,681				19,227,723				19,361,634
Short-term borrowings			—				—				—				200,000
Long-term borrowings			200,000				200,010				200,010				200,019
Retirement benefits payable			144,101				143,736				143,373				138,624
Other liabilities			335,771				336,539				347,621				391,541
Total liabilities			21,514,987				20,813,966				19,918,727				20,291,818
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,542,398 / 129,019,871 shares as of June 30, 2021, issued/outstanding: 140,455,180 / 129,749,890 shares as of March 31, 2021, issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020 and issued/outstanding: 140,140,542 / 129,866,898 shares as of June 30, 2020)			1,405				1,405				1,402				1,401
Additional paid-in capital			2,520,790				2,517,048				2,514,014				2,509,271
Retained earnings			550,511				497,418				473,974				415,296
Accumulated other comprehensive (loss) income, net			(29,702	)			(43,435	)			31,604				52,731
Treasury stock (11,522,527 shares as of June 30, 2021, 10,705,290 shares as of March 31, 2021, 10,278,861 shares as of December 31, 2020 and 10,273,644 shares as of June 30, 2020)			(311,663	)			(288,806	)			(276,890	)			(276,802	)
Total stockholders' equity			2,731,341				2,683,630				2,744,104				2,701,897
Total liabilities and stockholders' equity		$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715

Average Balances and Interest Rates																										Table 4
		Three Months Ended									Three Months Ended									Three Months Ended
		June 30, 2021									March 31, 2021									June 30, 2020
		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		$	1,503.0		$	0.4		0.10		%	$	938.7		$	0.2		0.10		%	$	1,436.2		$	0.4		0.10		%
Available-for-Sale Investment Securities
Taxable			6,298.3			22.5		1.43				5,949.9			22.1		1.49				4,389.7			17.5		1.60
Non-Taxable			468.4			2.7		2.30				278.0			1.3		1.80				0.7			—		2.58
Total Available-for-Sale Investment Securities			6,766.7			25.2		1.49				6,227.9			23.4		1.50				4,390.4			17.5		1.60
Loans Held for Sale			2.0			—		1.44				9.2			0.1		2.46				9.8			0.1		2.93
Loans and Leases(1)
Commercial and industrial			2,882.1			21.1		2.94				3,026.7			20.4		2.74				3,601.0			24.3		2.71
Commercial real estate			3,419.7			25.3		2.97				3,385.2			24.9		2.98				3,438.8			28.3		3.31
Construction			800.9			6.3		3.15				746.8			5.8		3.16				584.1			4.9		3.35
Residential:
Residential mortgage			3,765.4			34.0		3.62				3,696.1			34.7		3.76				3,682.7			35.7		3.88
Home equity line			812.6			5.5		2.72				822.0			5.7		2.80				885.2			6.8		3.07
Consumer			1,277.9			16.9		5.32				1,323.7			17.7		5.43				1,526.5			20.6		5.42
Lease financing			246.5			1.9		3.06				241.8			1.8		3.02				238.4			1.7		2.88
Total Loans and Leases			13,205.1			111.0		3.37				13,242.3			111.0		3.39				13,956.7			122.3		3.52
Other Earning Assets			62.5			0.3		1.91				58.0			0.3		1.79				61.7			0.4		2.79
Total Earning Assets(2)			21,539.3			136.9		2.55				20,476.1			135.0		2.66				19,854.8			140.7		2.84
Cash and Due from Banks			290.7									294.0									295.1
Other Assets			2,185.1									2,174.6									2,191.8
Total Assets		$	24,015.1								$	22,944.7								$	22,341.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,361.8		$	0.5		0.03		%	$	5,975.1		$	0.6		0.04		%		5,501.9		$	0.9		0.07		%
Money Market			3,783.1			0.5		0.06				3,530.0			0.4		0.05				3,270.3			1.1		0.13
Time			2,034.5			2.3		0.45				2,288.5			3.0		0.53				3,335.6			6.6		0.79
Total Interest-Bearing Deposits			12,179.4			3.3		0.11				11,793.6			4.0		0.14				12,107.8			8.6		0.29
Short-Term Borrowings			—			—		—				—			—		—				395.6			2.8		2.88
Long-Term Borrowings			200.0			1.4		2.76				200.0			1.4		2.76				200.0			1.4		2.77
Total Interest-Bearing Liabilities			12,379.4			4.7		0.15				11,993.6			5.4		0.18				12,703.4			12.8		0.41
Net Interest Income					$	132.2								$	129.6								$	127.9
Interest Rate Spread								2.40		%							2.48		%							2.43		%
Net Interest Margin								2.46		%							2.55		%							2.58		%
Noninterest-Bearing Demand Deposits			8,458.6									7,709.5									6,432.6
Other Liabilities			485.1									513.9									507.9
Stockholders' Equity			2,692.0									2,727.7									2,697.8
Total Liabilities and Stockholders' Equity		$	24,015.1								$	22,944.7								$	22,341.7

________________________
⁽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 $0.7 million, $0.4 million and $0.1 million for the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

Average Balances and Interest Rates																	Table 5
		Six Months Ended									Six Months Ended
		June 30, 2021									June 30, 2020
		Average			Income/			Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate			Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	1,222.4		$	0.6		0.10		%	$	976.5		$	2.0		0.40		%
Available-for-Sale Investment Securities
Taxable			6,125.1			44.6		1.46				4,211.4			38.7		1.84
Non-Taxable			373.7			4.0		2.11				0.4			—		2.58
Total Available-for-Sale Investment Securities			6,498.8			48.6		1.49				4,211.8			38.7		1.84
Loans Held for Sale			5.6			0.1		2.28				12.8			0.1		2.17
Loans and Leases(1)
Commercial and industrial			2,954.0			41.5		2.84				3,188.4			48.9		3.08
Commercial real estate			3,402.6			50.2		2.98				3,426.3			62.9		3.69
Construction			774.0			12.1		3.16				561.5			10.6		3.79
Residential:
Residential mortgage			3,730.9			68.7		3.68				3,711.5			73.4		3.95
Home equity line			817.3			11.2		2.76				886.3			14.5		3.28
Consumer			1,300.7			34.7		5.37				1,569.2			43.6		5.59
Lease financing			244.1			3.7		3.04				230.8			3.3		2.90
Total Loans and Leases			13,223.6			222.1		3.38				13,574.0			257.2		3.80
Other Earning Assets			60.2			0.5		1.85				59.4			1.2		3.99
Total Earning Assets(2)			21,010.6			271.9		2.60				18,834.5			299.2		3.19
Cash and Due from Banks			292.3									311.2
Other Assets			2,179.9									2,181.8
Total Assets		$	23,482.8								$	21,327.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,169.5		$	1.1		0.04		%	$	5,296.1		$	4.2		0.16		%
Money Market			3,657.3			1.0		0.05				3,167.6			5.7		0.36
Time			2,160.8			5.3		0.49				2,935.1			14.3		0.98
Total Interest-Bearing Deposits			11,987.6			7.4		0.12				11,398.8			24.2		0.43
Short-Term Borrowings			—			—		—				398.6			5.7		2.88
Long-Term Borrowings			200.0			2.7		2.76				200.0			2.7		2.77
Total Interest-Bearing Liabilities			12,187.6			10.1		0.17				11,997.4			32.6		0.55
Net Interest Income					$	261.8								$	266.6
Interest Rate Spread								2.43		%							2.64		%
Net Interest Margin								2.50		%							2.84		%
Noninterest-Bearing Demand Deposits			8,086.1									6,143.0
Other Liabilities			499.4									507.8
Stockholders' Equity			2,709.7									2,679.3
Total Liabilities and Stockholders' Equity		$	23,482.8								$	21,327.5

________________________
⁽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 $1.1 million and $0.1 million for the six months ended June 30, 2021 and 2020, respectively.

Analysis of Change in Net Interest Income											Table 6
		Three Months Ended June 30, 2021
		Compared to March 31, 2021
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	0.2			$	—			$	0.2
Available-for-Sale Investment Securities
Taxable			1.3				(0.9	)			0.4
Non-Taxable			1.0				0.4				1.4
Total Available-for-Sale Investment Securities			2.3				(0.5	)			1.8
Loans Held for Sale			(0.1	)			—				(0.1	)
Loans and Leases
Commercial and industrial			(0.9	)			1.6				0.7
Commercial real estate			0.4				—				0.4
Construction			0.5				—				0.5
Residential:
Residential mortgage			0.6				(1.3	)			(0.7	)
Home equity line			(0.1	)			(0.1	)			(0.2	)
Consumer			(0.5	)			(0.3	)			(0.8	)
Lease financing			0.1				—				0.1
Total Loans and Leases			0.1				(0.1	)			—
Total Change in Interest Income			2.5				(0.6	)			1.9
Change in Interest Expense:
Interest-Bearing Deposits
Savings			—				(0.1	)			(0.1	)
Money Market			—				0.1				0.1
Time			(0.3	)			(0.4	)			(0.7	)
Total Interest-Bearing Deposits			(0.3	)			(0.4	)			(0.7	)
Total Change in Interest Expense			(0.3	)			(0.4	)			(0.7	)
Change in Net Interest Income		$	2.8			$	(0.2	)		$	2.6

Analysis of Change in Net Interest Income											Table 7
		Three Months Ended June 30, 2021
		Compared to June 30, 2020
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Available-for-Sale Investment Securities
Taxable		$	7.0			$	(2.0	)		$	5.0
Non-Taxable			2.7				—				2.7
Total Available-for-Sale Investment Securities			9.7				(2.0	)			7.7
Loans Held for Sale			(0.1	)			—				(0.1	)
Loans and Leases
Commercial and industrial			(5.2	)			2.0				(3.2	)
Commercial real estate			(0.1	)			(2.9	)			(3.0	)
Construction			1.7				(0.3	)			1.4
Residential:
Residential mortgage			0.8				(2.5	)			(1.7	)
Home equity line			(0.5	)			(0.8	)			(1.3	)
Consumer			(3.3	)			(0.4	)			(3.7	)
Lease financing			0.1				0.1				0.2
Total Loans and Leases			(6.5	)			(4.8	)			(11.3	)
Other Earning Assets			—				(0.1	)			(0.1	)
Total Change in Interest Income			3.1				(6.9	)			(3.8	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.1				(0.5	)			(0.4	)
Money Market			0.1				(0.7	)			(0.6	)
Time			(2.0	)			(2.3	)			(4.3	)
Total Interest-Bearing Deposits			(1.8	)			(3.5	)			(5.3	)
Short-Term Borrowings			(1.4	)			(1.4	)			(2.8	)
Total Change in Interest Expense			(3.2	)			(4.9	)			(8.1	)
Change in Net Interest Income		$	6.3			$	(2.0	)		$	4.3

Analysis of Change in Net Interest Income											Table 8
		Six Months Ended June 30, 2021
		Compared to June 30, 2020
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	0.3			$	(1.7	)		$	(1.4	)
Available-for-Sale Investment Securities
Taxable			15.0				(9.1	)			5.9
Non-Taxable			4.0				—				4.0
Total Available-for-Sale Investment Securities			19.0				(9.1	)			9.9
Loans and Leases
Commercial and industrial			(3.6	)			(3.8	)			(7.4	)
Commercial real estate			(0.4	)			(12.3	)			(12.7	)
Construction			3.5				(2.0	)			1.5
Residential:
Residential mortgage			0.4				(5.1	)			(4.7	)
Home equity line			(1.1	)			(2.2	)			(3.3	)
Consumer			(7.3	)			(1.6	)			(8.9	)
Lease financing			0.2				0.2				0.4
Total Loans and Leases			(8.3	)			(26.8	)			(35.1	)
Other Earning Assets			—				(0.7	)			(0.7	)
Total Change in Interest Income			11.0				(38.3	)			(27.3	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.5				(3.6	)			(3.1	)
Money Market			0.8				(5.5	)			(4.7	)
Time			(3.1	)			(5.9	)			(9.0	)
Total Interest-Bearing Deposits			(1.8	)			(15.0	)			(16.8	)
Short-Term Borrowings			(2.8	)			(2.9	)			(5.7	)
Total Change in Interest Expense			(4.6	)			(17.9	)			(22.5	)
Change in Net Interest Income		$	15.6			$	(20.4	)		$	(4.8	)

Loans and Leases												Table 9
		June 30,			March 31,			December 31,			June 30,
(dollars in thousands)		2021			2021			2020			2020
Commercial and industrial:
Commercial and industrial excluding Paycheck Protection Program loans		$	1,753,444		$	1,962,672		$	2,218,266		$	2,507,312
Paycheck Protection Program loans			811,103			1,158,764			801,241			916,396
Total commercial and industrial			2,564,547			3,121,436			3,019,507			3,423,708
Commercial real estate			3,528,068			3,396,233			3,392,676			3,423,499
Construction			853,865			739,271			735,819			617,935
Residential:
Residential mortgage			3,821,407			3,715,676			3,690,218			3,691,950
Home equity line			825,368			805,746			841,624			876,491
Total residential			4,646,775			4,521,422			4,531,842			4,568,441
Consumer			1,267,559			1,283,779			1,353,842			1,492,160
Lease financing			242,971			238,148			245,411			238,287
Total loans and leases		$	13,103,785		$	13,300,289		$	13,279,097		$	13,764,030

Deposits													Table 10
			June 30,			March 31,			December 31,			June 30,
(dollars in thousands)			2021			2021			2020			2020
Demand			$	8,589,922		$	8,175,075		$	7,522,114		$	6,880,091
Savings				6,421,053			6,141,161			6,020,075			5,727,367
Money Market				3,920,477			3,642,604			3,337,236			3,247,511
Time				1,903,663			2,174,841			2,348,298			3,506,665
Total Deposits			$	20,835,115		$	20,133,681		$	19,227,723		$	19,361,634

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)			2021			2021			2020			2020
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial			$	828		$	593		$	518		$	11,559
Commercial real estate				937			937			80			13,168
Construction				—			579			2,043			2,043
Total Commercial Loans				1,765			2,109			2,641			26,770
Residential Loans:
Residential mortgage				7,140			6,999			6,441			6,059
Total Residential Loans				7,140			6,999			6,441			6,059
Total Non-Accrual Loans and Leases				8,905			9,108			9,082			32,829
Other Real Estate Owned				—			—			—			446
Total Non-Performing Assets			$	8,905		$	9,108		$	9,082		$	33,275
Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial			$	494		$	1,365		$	2,108		$	2,309
Commercial real estate				—			1,054			882			900
Construction				60			89			93			248
Total Commercial Loans				554			2,508			3,083			3,457
Residential Loans:
Home equity line				4,680			4,975			4,818			4,496
Total Residential Loans				4,680			4,975			4,818			4,496
Consumer				1,134			2,024			3,266			2,167
Total Accruing Loans and Leases Past Due 90 Days or More			$	6,368		$	9,507		$	11,167		$	10,120
Restructured Loans on Accrual Status and Not Past Due 90 Days or More			$	36,668		$	39,831		$	16,684		$	11,182
Total Loans and Leases			$	13,103,785		$	13,300,289		$	13,279,097		$	13,764,030

Allowance for Credit Losses																			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)		2021				2021				2020				2021				2020
Balance at Beginning of Period		$	200,366			$	208,454			$	166,013			$	208,454			$	130,530
Adjustment to Adopt ASC Topic 326			—				—				—				—				770
After Adoption of ASC Topic 326			200,366				208,454				166,013				208,454				131,300
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial			(330	)			(963	)			(13,974	)			(1,293	)			(14,175	)
Commercial real estate			—				(66	)			(2,723	)			(66	)			(2,723	)
Construction			—				—				(379	)			—				(379	)
Total Commercial Loans			(330	)			(1,029	)			(17,076	)			(1,359	)			(17,277	)
Residential Loans:
Residential mortgage			—				(98	)			(14	)			(98	)			(14	)
Home equity line			—				—				—				—				(8	)
Total Residential Loans			—				(98	)			(14	)			(98	)			(22	)
Consumer			(3,917	)			(6,541	)			(8,907	)			(10,458	)			(17,504	)
Total Loans and Leases Charged-Off			(4,247	)			(7,668	)			(25,997	)			(11,915	)			(34,803	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial			287				215				100				502				320
Commercial real estate			12				3				—				15				—
Construction			—				166				30				166				140
Total Commercial Loans			299				384				130				683				460
Residential Loans:
Residential mortgage			14				17				17				31				152
Home equity line			38				24				8				62				130
Total Residential Loans			52				41				25				93				282
Consumer			2,797				2,655				2,456				5,452				4,539
Total Recoveries on Loans and Leases Previously Charged-Off			3,148				3,080				2,611				6,228				5,281
Net Loans and Leases Charged-Off			(1,099	)			(4,588	)			(23,386	)			(5,687	)			(29,522	)
Provision for Credit Losses - Loans and Leases			(30,119	)			(3,500	)			49,493				(33,619	)			90,342
Balance at End of Period		$	169,148			$	200,366			$	192,120			$	169,148			$	192,120
Average Loans and Leases Outstanding		$	13,205,086			$	13,242,270			$	13,956,669			$	13,223,575			$	13,574,048
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)			0.03		%		0.14		%		0.67		%		0.09		%		0.44		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding			1.29		%		1.51		%		1.40		%		1.29		%		1.40		%

________________________
⁽¹⁾   Annualized for the three and six months ended June 30, 2021 and 2020 and three months ended March 31, 2021.

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)		2021			2020			2019			2018			2017			Prior			Cost Basis			Cost Basis			Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass		$	606,765		$	422,457		$	242,554		$	136,069		$	48,828		$	207,502		$	674,340		$	23,935		$	2,362,450
Special Mention			122			8,994			33,617			12,735			1,425			4,647			14,338			376			76,254
Substandard			—			7,149			2,400			16,246			137			8,731			6,397			1,344			42,404
Other (1)			9,812			8,774			10,337			6,632			3,531			965			43,388			—			83,439
Total Commercial and Industrial			616,699			447,374			288,908			171,682			53,921			221,845			738,463			25,655			2,564,547
Commercial Real Estate
Risk rating:
Pass			288,366			342,013			571,608			557,533			449,551			1,055,803			63,775			2			3,328,651
Special Mention			—			1,482			52,852			16,081			33,022			55,933			7,604			—			166,974
Substandard			—			411			—			7,016			2,069			21,962			502			—			31,960
Other (1)			—			—			—			—			—			483			—			—			483
Total Commercial Real Estate			288,366			343,906			624,460			580,630			484,642			1,134,181			71,881			2			3,528,068
Construction
Risk rating:
Pass			49,592			97,149			296,405			173,352			62,983			70,998			55,892			—			806,371
Special Mention			—			—			494			705			—			361			—			—			1,560
Substandard			—			—			—			373			—			1,378			—			—			1,751
Other (1)			11,829			15,036			5,247			5,381			2,953			2,930			807			—			44,183
Total Construction			61,421			112,185			302,146			179,811			65,936			75,667			56,699			—			853,865
Lease Financing
Risk rating:
Pass			21,690			69,598			55,494			11,376			16,623			60,091			—			—			234,872
Special Mention			545			308			465			246			81			232			—			—			1,877
Substandard			—			2,720			1,668			260			1,072			502			—			—			6,222
Total Lease Financing			22,235			72,626			57,627			11,882			17,776			60,825			—			—			242,971
Total Commercial Lending		$	988,721		$	976,091		$	1,273,141		$	944,005		$	622,275		$	1,492,518		$	867,043		$	25,657		$	7,189,451

																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
(continued)																				Amortized			Amortized
(dollars in thousands)		2021			2020			2019			2018			2017			Prior			Cost Basis			Cost Basis			Total
Residential Lending
Residential Mortgage
FICO:
740 and greater		$	570,542		$	675,163		$	329,047		$	224,827		$	293,853		$	958,515		$	—		$	—		$	3,051,947
680 - 739			68,225			86,857			50,699			43,075			42,753			144,223			—			—			435,832
620 - 679			11,867			12,564			9,988			6,352			9,310			41,478			—			—			91,559
550 - 619			—			1,018			171			1,322			1,752			11,788			—			—			16,051
Less than 550			—			1,274			—			346			2,545			2,807			—			—			6,972
No Score (3)			10,207			8,602			15,988			21,087			18,814			51,217			—			—			125,915
Other (2)			10,440			17,605			12,917			11,910			19,349			20,130			625			155			93,131
Total Residential Mortgage			671,281			803,083			418,810			308,919			388,376			1,230,158			625			155			3,821,407
Home Equity Line
FICO:
740 and greater			—			—			—			—			—			—			610,924			1,757			612,681
680 - 739			—			—			—			—			—			—			147,286			3,619			150,905
620 - 679			—			—			—			—			—			—			39,660			2,036			41,696
550 - 619			—			—			—			—			—			—			12,966			1,256			14,222
Less than 550			—			—			—			—			—			—			2,025			47			2,072
No Score (3)			—			—			—			—			—			—			3,792			—			3,792
Total Home Equity Line			—			—			—			—			—			—			816,653			8,715			825,368
Total Residential Lending			671,281			803,083			418,810			308,919			388,376			1,230,158			817,278			8,870			4,646,775
Consumer Lending
FICO:
740 and greater			82,086			97,867			100,874			77,671			38,340			16,537			112,925			284			526,584
680 - 739			50,771			70,303			73,024			48,071			26,097			12,183			70,627			747			351,823
620 - 679			21,372			31,170			37,145			25,852			17,799			9,120			31,515			1,258			175,231
550 - 619			2,887			9,729			17,206			14,016			11,217			6,263			10,652			1,234			73,204
Less than 550			322			3,826			6,934			5,439			3,757			2,295			3,184			748			26,505
No Score (3)			834			63			85			51			87			4			33,144			420			34,688
Other (2)			394			370			1,759			52			2,183			49			74,717			—			79,524
Total Consumer Lending			158,666			213,328			237,027			171,152			99,480			46,451			336,764			4,691			1,267,559
Total Loans and Leases		$	1,818,668		$	1,992,502		$	1,928,978		$	1,424,076		$	1,110,131		$	2,769,127		$	2,021,085		$	39,218		$	13,103,785

________________________
⁽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, except per share amounts)			2021				2021				2020				2021				2020
Income Statement Data:
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
Core net income			$	87,704			$	57,693			$	20,204			$	145,397			$	59,007
Average total stockholders' equity			$	2,691,966			$	2,727,701			$	2,697,775			$	2,709,735			$	2,679,293
Less: average goodwill				995,492				995,492				995,492				995,492				995,492
Average tangible stockholders' equity			$	1,696,474			$	1,732,209			$	1,702,283			$	1,714,243			$	1,683,801
Average total assets			$	24,015,065			$	22,944,699			$	22,341,654			$	23,482,839			$	21,327,479
Less: average goodwill				995,492				995,492				995,492				995,492				995,492
Average tangible assets			$	23,019,573			$	21,949,207			$	21,346,162			$	22,487,347			$	20,331,987
Return on average total stockholders' equity(1)				12.92		%		8.58		%		2.99		%		10.75		%		4.42		%
Core return on average total stockholders' equity (non-GAAP)(1)				13.07		%		8.58		%		3.01		%		10.82		%		4.43		%
Return on average tangible stockholders' equity (non-GAAP)(1)				20.51		%		13.51		%		4.74		%		16.99		%		7.04		%
Core return on average tangible stockholders' equity (non-GAAP)(1)				20.74		%		13.51		%		4.77		%		17.10		%		7.05		%
Return on average total assets(1)				1.45		%		1.02		%		0.36		%		1.24		%		0.56		%
Core return on average total assets (non-GAAP)(1)				1.46		%		1.02		%		0.36		%		1.25		%		0.56		%
Return on average tangible assets (non-GAAP)(1)				1.51		%		1.07		%		0.38		%		1.30		%		0.58		%
Core return on average tangible assets (non-GAAP)(1)				1.53		%		1.07		%		0.38		%		1.30		%		0.58		%

			As of				As of				As of				As of
			June 30,				March 31,				December 31,				June 30,
			2021				2021				2020				2020
Balance Sheet Data:
Total stockholders' equity			$	2,731,341			$	2,683,630			$	2,744,104			$	2,701,897
Less: goodwill				995,492				995,492				995,492				995,492
Tangible stockholders' equity			$	1,735,849			$	1,688,138			$	1,748,612			$	1,706,405
Total assets			$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715
Less: goodwill				995,492				995,492				995,492				995,492
Tangible assets			$	23,250,836			$	22,502,104			$	21,667,339			$	21,998,223
Shares outstanding				129,019,871				129,749,890				129,912,272				129,866,898
Total stockholders' equity to total assets				11.26		%		11.42		%		12.11		%		11.75		%
Tangible stockholders' equity to tangible assets (non-GAAP)				7.47		%		7.50		%		8.07		%		7.76		%
Book value per share			$	21.17			$	20.68			$	21.12			$	20.81
Tangible book value per share (non-GAAP)			$	13.45			$	13.01			$	13.46			$	13.14

________________________
⁽¹⁾   Annualized for the three and six months ended June 30, 2021 and 2020 and three months ended March 31, 2021.

GAAP to Non-GAAP Reconciliation																				Table 15
			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)			2021				2021				2020				2021				2020
Net interest income			$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Core net interest income (non-GAAP)			$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Noninterest income			$	49,371			$	43,868			$	45,656			$	93,239			$	94,884
(Gains) losses on sale of securities				(102	)			—				211				(102	)			126
Core noninterest income (non-GAAP)			$	49,269			$	43,868			$	45,867			$	93,137			$	95,010
Noninterest expense			$	99,388			$	96,306			$	91,450			$	195,694			$	187,916
One-time items(1)				(1,160	)			—				—				(1,160	)			—
Core noninterest expense (non-GAAP)			$	98,228			$	96,306			$	91,450			$	194,534			$	187,916
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
(Gains) losses on sale of securities				(102	)			—				211				(102	)			126
One-time noninterest expense items(1)				1,160				—				—				1,160				—
Tax adjustments(2)				(95	)			—				(56	)			(95	)			(33	)
Total core adjustments				963				—				155				963				93
Core net income (non-GAAP)			$	87,704			$	57,693			$	20,204			$	145,397			$	59,007
Basic earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Diluted earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Efficiency ratio				54.74		%		55.53		%		52.70		%		55.12		%		51.99		%
Core basic earnings per share (non-GAAP)			$	0.68			$	0.44			$	0.16			$	1.12			$	0.45
Core diluted earnings per share (non-GAAP)			$	0.68			$	0.44			$	0.16			$	1.12			$	0.45
Core efficiency ratio (non-GAAP)				54.13		%		55.53		%		52.64		%		54.81		%		51.97		%

________________________
⁽¹⁾   One-time items consisted of severance costs.

⁽²⁾   Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period.