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

    Source: Nasdaq GlobeNewswire / 26 Jul 2024 08:00:02   America/New_York

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

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

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

    Second Quarter 2024 Highlights:

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

    Balance Sheet

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

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

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

    Net Interest Income

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

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

    Provision Expense

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

    Noninterest Income

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

    Noninterest Expense

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

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

    Taxes

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

    Asset Quality

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

    Capital

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

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

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

    First Hawaiian, Inc.

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

    Conference Call Information

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

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

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

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

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

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

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


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


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

    ______________________

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


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


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


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

    ______________________

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


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

    ______________________

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


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


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


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


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


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


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


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

    ______________________

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


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



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

    ______________________

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


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


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

    ______________________

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

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