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.
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Financial Highlights |
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Table 1 |
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
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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 |
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|
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 |
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|
Dividends declared per share |
|
|
0.26 |
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|
0.26 |
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|
0.26 |
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|
0.52 |
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|
0.52 |
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|
Dividend payout ratio |
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54.17 |
% |
|
61.90 |
% |
|
53.06 |
% |
|
57.14 |
% |
|
51.49 |
% |
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Performance
Ratios(1): |
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Net interest margin |
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2.92 |
% |
|
2.91 |
% |
|
2.91 |
% |
|
2.91 |
% |
|
3.01 |
% |
|
Efficiency ratio |
|
|
59.22 |
% |
|
62.15 |
% |
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57.96 |
% |
|
60.69 |
% |
|
56.17 |
% |
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Return on average total assets |
|
|
1.04 |
% |
|
0.90 |
% |
|
1.01 |
% |
|
0.97 |
% |
|
1.06 |
% |
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Return on average tangible assets (non-GAAP)(2) |
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|
1.08 |
% |
|
0.94 |
% |
|
1.05 |
% |
|
1.01 |
% |
|
1.10 |
% |
|
Return on average total stockholders' equity |
|
|
9.91 |
% |
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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 |
% |
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Average Balances: |
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Average loans and leases |
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$ |
14,358,049 |
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$ |
14,312,563 |
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$ |
14,283,222 |
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$ |
14,335,306 |
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$ |
14,181,842 |
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Average earning assets |
|
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21,247,707 |
|
|
21,481,890 |
|
|
22,186,316 |
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21,364,799 |
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22,030,652 |
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Average assets |
|
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23,958,913 |
|
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24,187,207 |
|
|
24,821,486 |
|
|
24,073,060 |
|
|
24,685,560 |
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Average deposits |
|
|
20,308,028 |
|
|
20,571,930 |
|
|
21,057,259 |
|
|
20,439,979 |
|
|
21,261,805 |
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Average stockholders' equity |
|
|
2,512,471 |
|
|
2,496,840 |
|
|
2,344,285 |
|
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2,504,656 |
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|
2,321,977 |
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Market Value Per Share: |
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Closing |
|
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20.76 |
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|
21.96 |
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|
18.01 |
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|
20.76 |
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|
18.01 |
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High |
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22.68 |
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23.12 |
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21.00 |
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|
23.12 |
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|
28.28 |
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Low |
|
|
19.48 |
|
|
20.37 |
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|
15.08 |
|
|
19.48 |
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|
15.08 |
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As of
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As of
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As of
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As of
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June 30,
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March 31,
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December 31,
|
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June 30,
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(dollars in thousands, except per share data) |
|
2024
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2024
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2023
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2023
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Balance Sheet Data: |
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Loans and leases |
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$ |
14,359,899 |
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$ |
14,320,208 |
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$ |
14,353,497 |
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$ |
14,362,832 |
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Total assets |
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23,991,791 |
|
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24,279,186 |
|
|
24,926,474 |
|
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24,511,566 |
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Total deposits |
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20,318,832 |
|
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20,669,481 |
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21,332,657 |
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|
21,078,166 |
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Short-term borrowings |
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500,000 |
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500,000 |
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500,000 |
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— |
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Long-term borrowings |
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— |
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— |
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— |
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500,000 |
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Total stockholders' equity |
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2,550,312 |
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2,513,761 |
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2,486,066 |
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2,359,738 |
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Per Share of Common Stock: |
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Book value |
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$ |
19.94 |
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$ |
19.66 |
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$ |
19.48 |
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$ |
18.49 |
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Tangible book value (non-GAAP)(2) |
|
|
12.16 |
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|
11.88 |
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|
11.68 |
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|
10.69 |
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Asset Quality Ratios: |
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Non-accrual loans and leases / total loans and leases |
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|
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 |
% |
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Capital Ratios: |
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Common Equity Tier 1 Capital Ratio |
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12.73 |
% |
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12.55 |
% |
|
12.39 |
% |
|
12.05 |
% |
|
Tier 1 Capital Ratio |
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|
12.73 |
% |
|
12.55 |
% |
|
12.39 |
% |
|
12.05 |
% |
|
Total Capital Ratio |
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13.92 |
% |
|
13.75 |
% |
|
13.57 |
% |
|
13.17 |
% |
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Tier 1 Leverage Ratio |
|
|
9.03 |
% |
|
8.80 |
% |
|
8.64 |
% |
|
8.30 |
% |
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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 |
% |
|
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Non-Financial Data: |
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Number of branches |
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|
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 |
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______________________
|
(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. |
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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 |
|
|
|
|
|
|
|
|
|
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FICO: |
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740 and greater |
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