STOCK TITAN

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

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Negative)
Tags
dividends earnings

First Hawaiian (NASDAQ:FHB) reported Q4 2024 financial results with net income of $52.5 million, or $0.41 per diluted share. The company restructured its investment portfolio, selling $290.4 million of low-yielding securities and reinvesting in $291.5 million of higher-yielding securities, resulting in a $26.2 million pre-tax loss.

Key highlights include: total loans and leases increased by $166.9 million to $14.4 billion, total deposits grew by $94.5 million to $20.3 billion, and net interest margin expanded 8 basis points to 3.03%. The company declared a quarterly dividend of $0.26 per share and approved a new $100 million stock repurchase program for 2025.

Asset quality remained strong with an allowance for credit losses at 1.11% of total loans. The company maintained solid capital ratios with tier 1 leverage at 9.14%, common equity tier 1 at 12.80%, and total capital ratio at 13.99%.

First Hawaiian (NASDAQ:FHB) ha riportato i risultati finanziari del quarto trimestre 2024 con un utile netto di 52,5 milioni di dollari, pari a 0,41 dollari per azione diluita. L'azienda ha ristrutturato il proprio portafoglio di investimenti, vendendo 290,4 milioni di dollari di titoli a basso rendimento e reinvestendo in 291,5 milioni di dollari di titoli a rendimento più elevato, il che ha comportato una perdita ante imposte di 26,2 milioni di dollari.

I punti salienti includono: i prestiti e i leasing totali sono aumentati di 166,9 milioni di dollari, raggiungendo 14,4 miliardi di dollari; i depositi totali sono cresciuti di 94,5 milioni di dollari, arrivando a 20,3 miliardi di dollari; e il margine d'interesse netto è aumentato di 8 punti base, raggiungendo il 3,03%. L'azienda ha dichiarato un dividendo trimestrale di 0,26 dollari per azione e ha approvato un nuovo programma di riacquisto di azioni da 100 milioni di dollari per il 2025.

La qualità degli attivi è rimasta solida, con un accantonamento per perdite su crediti pari all'1,11% dei prestiti totali. L'azienda ha mantenuto solidi rapporti patrimoniali con un leverage di primo livello al 9,14%, un patrimonio netto di base comune al 12,80% e un rapporto di capitale totale al 13,99%.

First Hawaiian (NASDAQ:FHB) informó los resultados financieros del cuarto trimestre de 2024 con una ganancia neta de 52,5 millones de dólares, o 0,41 dólares por acción diluida. La compañía reestructuró su cartera de inversiones, vendiendo 290,4 millones de dólares en valores de bajo rendimiento y reinvirtiendo en 291,5 millones de dólares en valores de mayor rendimiento, lo que resultó en una pérdida antes de impuestos de 26,2 millones de dólares.

Los aspectos destacados incluyen: los préstamos y arrendamientos totales aumentaron en 166,9 millones de dólares, alcanzando 14,4 mil millones de dólares; los depósitos totales crecieron en 94,5 millones de dólares, llegando a 20,3 mil millones de dólares; y el margen de interés neto se amplió en 8 puntos básicos, alcanzando el 3,03%. La compañía declaró un dividendo trimestral de 0,26 dólares por acción y aprobó un nuevo programa de recompra de acciones por 100 millones de dólares para 2025.

La calidad de los activos se mantuvo sólida con una provisión para pérdidas crediticias del 1,11% de los préstamos totales. La compañía mantuvo sólidos ratios de capital con un apalancamiento de nivel 1 del 9,14%, un patrimonio neto de nivel 1 común del 12,80% y un ratio de capital total del 13,99%.

퍼스트 하와이안 (NASDAQ:FHB)은 2024년 4분기 재무 결과를 보고하며, 순이익이 5,250만 달러, 혹은 희석 주당 0.41달러로 나타났습니다. 회사는 투자 포트폴리오를 재구성하고, 저수익증권 2억 9,040만 달러를 판매한 후, 고수익증권에 2억 9,150만 달러를 재투자하여 세전 손실 2,620만 달러를 초래했습니다.

주요 내용으로는: 총 대출 및 리스가 1억 6,690만 달러 증가해 1,440억 달러에 도달했으며, 총 예금이 9,450만 달러 증가해 2,030억 달러가 되었고, 순이자마진은 8bp 증가하여 3.03%가 되었습니다. 회사는 주당 0.26달러의 분기 배당금을 선언하고, 2025년을 위한 1억 달러 규모의 새로운 자사주 매입 프로그램을 승인했습니다.

자산 품질은 여전히 ​​강력하며, 총 대출의 1.11%에 해당하는 신용 손실 준비금이 유지되고 있습니다. 회사는 1단계 레버리지 비율이 9.14%, 일반 자본 1단계 비율이 12.80%, 그리고 총 자본 비율이 13.99%인 견고한 자본 비율을 유지했습니다.

First Hawaiian (NASDAQ:FHB) a annoncé les résultats financiers du quatrième trimestre 2024 avec un revenu net de 52,5 millions de dollars, soit 0,41 dollar par action diluée. L'entreprise a restructuré son portefeuille d'investissement en vendant des titres à faible rendement pour un montant de 290,4 millions de dollars et en réinvestissant 291,5 millions de dollars dans des titres à rendement plus élevé, ce qui a entraîné une perte avant impôts de 26,2 millions de dollars.

Les faits marquants incluent : le montant total des prêts et des baux a augmenté de 166,9 millions de dollars pour atteindre 14,4 milliards de dollars ; les dépôts totaux ont augmenté de 94,5 millions de dollars pour atteindre 20,3 milliards de dollars ; et la marge d'intérêt nette s'est élargie de 8 points de base pour s'établir à 3,03 %. L'entreprise a déclaré un dividende trimestriel de 0,26 dollar par action et a approuvé un nouveau programme de rachat d'actions de 100 millions de dollars pour 2025.

La qualité des actifs est restée solide avec une provision pour pertes sur créances de 1,11 % des prêts totaux. L'entreprise a maintenu des ratios de capital solides, avec un levier de premier niveau à 9,14 %, un ratio de fonds propres de premier niveau commun à 12,80 %, et un ratio de capital total à 13,99 %.

First Hawaiian (NASDAQ:FHB) meldete die Finanzzahlen für das vierte Quartal 2024 mit einem Nettogewinn von 52,5 Millionen US-Dollar oder 0,41 US-Dollar pro verwässerter Aktie. Das Unternehmen hat sein Investmentportfolio umstrukturiert, indem es Wertpapiere mit niedrigem Ertrag im Wert von 290,4 Millionen US-Dollar verkauft und 291,5 Millionen US-Dollar in höherverzinsliche Wertpapiere reinvestiert hat, was zu einem Vorsteuerverlust von 26,2 Millionen US-Dollar führte.

Die wichtigsten Highlights sind: die gesamten Kredite und Leasingverträge erhöhten sich um 166,9 Millionen US-Dollar auf 14,4 Milliarden US-Dollar; die gesamten Einlagen wuchsen um 94,5 Millionen US-Dollar auf 20,3 Milliarden US-Dollar; und die Nettozinsspanne erweiterte sich um 8 Basispunkte auf 3,03%. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,26 US-Dollar pro Aktie und genehmigte ein neues Aktienrückkaufprogramm über 100 Millionen US-Dollar für 2025.

Die Asset-Qualität blieb stark, mit einer Rückstellung für Kreditverluste von 1,11% der Gesamtkredite. Das Unternehmen hielt solide Kapitalquoten mit einer Tier-1-Leverage von 9,14%, einem Kernkapital von 12,80% und einer Gesamtkapitalquote von 13,99%.

Positive
  • Net interest margin increased 8 basis points to 3.03%
  • Loan portfolio grew by $166.9 million (1.2% increase)
  • Deposits increased by $94.5 million (0.5% increase)
  • Strong asset quality with low non-performing assets ratio of 0.14%
  • New $100 million stock repurchase program approved for 2025
Negative
  • Net income impacted by $26.2 million pre-tax loss from securities sale
  • Efficiency ratio increased to 65.5% from 59.8% in previous quarter
  • Non-performing assets increased to $20.7 million from $17.8 million quarter-over-quarter

Insights

First Hawaiian's Q4 2024 results demonstrate strategic balance sheet management amid evolving market conditions. The bank executed a noteworthy investment portfolio restructuring, selling $290.4M of low-yielding securities and reinvesting $291.5M into higher-yielding assets. While this resulted in a $26.2M pre-tax loss, it positions the bank for improved earnings power in 2025.

The bank's fundamentals show resilience with key performance metrics:

  • Net interest margin expanded by 8% to 3.03%, reflecting improved earning asset yields
  • Loan growth of 1.2% quarter-over-quarter indicates steady demand
  • Deposit growth of $94.5M demonstrates stable funding base
  • Asset quality remains excellent with NPAs at just 0.14%

The efficiency ratio increased to 65.5% from 59.8%, primarily due to the securities sale loss. However, core expense control remains solid with noninterest expense decreasing by $2.0M. Capital management remains shareholder-friendly through a consistent $0.26 quarterly dividend and a new $100M stock repurchase authorization for 2025.

The $1M contribution to First Hawaiian Foundation underscores the bank's commitment to community investment while maintaining profitability. With strong capital ratios (CET1 at 12.80%) and excellent credit quality metrics, the bank appears well-positioned for 2025, particularly as the benefits of the portfolio restructuring materialize in coming quarters.

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

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

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

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

Fourth Quarter 2024 Highlights:

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

Balance Sheet

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

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

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

Net Interest Income

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

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

Provision Expense

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

Noninterest Income

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

Noninterest Expense

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

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

Taxes

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

Asset Quality

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

Capital

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

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

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

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

First Hawaiian, Inc.

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

Conference Call Information

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

To access the call by phone, please register via the following link: https://register.vevent.com/register/BI80003c73e95b445aa5fe62db794097bb, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.

Use of Non-GAAP Financial Measures

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

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

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


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


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



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

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

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


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


                          
Average Balances and Interest Rates                       Table 4
  Three Months Ended  Three Months Ended  Three Months Ended  
  December 31, 2024 September 30, 2024 December 31, 2023 
  Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense Rate 
Earning Assets                         
Interest-Bearing Deposits in Other Banks $ 948.9 $ 11.3  4.75%$1,020.4 $13.9 5.40%$568.0 $7.8 5.39%
Available-for-Sale Investment Securities                         
Taxable   1,987.7   12.7  2.56  2,062.6  12.8 2.48  2,598.4  19.0 2.92 
Non-Taxable   1.4    5.30  1.5   5.06  1.9   5.12 
Held-to-Maturity Investment Securities                         
Taxable   3,224.8   13.9  1.72  3,288.2  13.8 1.67  3,472.1  14.8 1.70 
Non-Taxable   601.7   3.9  2.56  602.3  3.7 2.46  603.9  3.9 2.58 
Total Investment Securities   5,815.6   30.5  2.10  5,954.6  30.3 2.03  6,676.3  37.7 2.25 
Loans Held for Sale   1.3    5.75  2.2   5.64  0.7   7.41 
Loans and Leases(1)                         
Commercial and industrial   2,157.8   35.2  6.50  2,165.3  38.0 6.98  2,148.1  36.7 6.78 
Commercial real estate   4,333.1   68.9  6.33  4,278.3  71.6 6.67  4,356.3  71.4 6.51 
Construction   990.7   17.4  6.99  1,040.7  20.3 7.74  888.7  16.7 7.45 
Residential:                         
Residential mortgage   4,183.5   40.8  3.90  4,204.5  40.4 3.84  4,294.8  38.8 3.61 
Home equity line   1,157.1   13.3  4.55  1,158.5  13.2 4.52  1,174.8  11.3 3.83 
Consumer   1,033.2   19.0  7.29  1,035.3  18.7 7.19  1,132.4  18.4 6.43 
Lease financing   420.7   4.4  4.18  422.2  4.0 3.72  354.2  3.6 4.03 
Total Loans and Leases   14,276.1   199.0  5.55  14,304.8  206.2 5.74  14,349.3  196.9 5.45 
Other Earning Assets   38.1   0.7  6.73  46.9  0.7 5.83  94.5   0.06 
Total Earning Assets(2)   21,080.0   241.5  4.56  21,328.9  251.1 4.69  21,688.8  242.4 4.44 
Cash and Due from Banks   226.2       242.3       240.8      
Other Assets   2,489.5       2,475.5       2,475.1      
Total Assets $ 23,795.7      $24,046.7      $24,404.7      
                          
Interest-Bearing Liabilities                         
Interest-Bearing Deposits                         
Savings $ 5,940.3 $ 21.1  1.42%$5,963.1 $23.6 1.57%$6,067.2 $22.4 1.46%
Money Market   4,053.6   26.6  2.61  4,179.5  31.9 3.04  3,905.0  27.5 2.79 
Time   3,362.0   30.8  3.64  3,327.3  32.0 3.83  3,390.7  32.3 3.78 
Total Interest-Bearing Deposits   13,355.9   78.5  2.34  13,469.9  87.5 2.58  13,362.9  82.2 2.44 
Other Short-Term Borrowings   250.0   2.7  4.27  451.1  5.4 4.76  515.2  6.2 4.80 
Other Interest-Bearing Liabilities   25.3   0.2  4.07  22.4  0.4 6.97  42.1  0.8 7.44 
Total Interest-Bearing Liabilities   13,631.2   81.4  2.38  13,943.4  93.3 2.66  13,920.2  89.2 2.54 
Net Interest Income    $ 160.1      $157.8      $153.2   
Interest Rate Spread(3)        2.18%      2.03%      1.90%
Net Interest Margin(4)        3.03%      2.95%      2.81%
Noninterest-Bearing Demand Deposits   6,893.7       6,897.9       7,545.3      
Other Liabilities   641.2       616.6       564.5      
Stockholders' Equity   2,629.6       2,588.8       2,374.7      
Total Liabilities and Stockholders' Equity $ 23,795.7      $24,046.7      $24,404.7      



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

(2) Interest income includes taxable-equivalent basis adjustments of $1.4 million, $1.1 million and $1.4 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4) Net interest margin is net interest income annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

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



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

(2) Interest income includes taxable-equivalent basis adjustments of $5.4 million and $5.6 million for the years ended December 31, 2024 and 2023, respectively.

(3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4) Net interest margin is net interest income annualized for the years ended December 31, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

          
Analysis of Change in Net Interest Income        Table 6
  Three Months Ended December 31, 2024
  Compared to September 30, 2024
(dollars in millions) Volume Rate Total (1)
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ (1.0) $ (1.6) $ (2.6)
Available-for-Sale Investment Securities         
Taxable   (0.5)   0.4    (0.1)
Held-to-Maturity Investment Securities         
Taxable   (0.3)   0.4    0.1 
Non-Taxable      0.2    0.2 
Total Investment Securities   (0.8)   1.0    0.2 
Loans and Leases         
Commercial and industrial   (0.1)   (2.7)   (2.8)
Commercial real estate   0.9    (3.6)   (2.7)
Construction   (1.0)   (1.9)   (2.9)
Residential:         
Residential mortgage   (0.2)   0.6    0.4 
Home equity line      0.1    0.1 
Consumer      0.3    0.3 
Lease financing      0.4    0.4 
Total Loans and Leases   (0.4)   (6.8)   (7.2)
Other Earning Assets   (0.1)   0.1    
Total Change in Interest Income   (2.3)   (7.3)   (9.6)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   (0.1)   (2.4)   (2.5)
Money Market   (0.9)   (4.4)   (5.3)
Time   0.3    (1.5)   (1.2)
Total Interest-Bearing Deposits   (0.7)   (8.3)   (9.0)
Other Short-Term Borrowings   (2.2)   (0.5)   (2.7)
Other Interest-Bearing Liabilities      (0.2)   (0.2)
Total Change in Interest Expense   (2.9)   (9.0)   (11.9)
Change in Net Interest Income $ 0.6  $ 1.7  $ 2.3 



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

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



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

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



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

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


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


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


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



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

                            
Loans and Leases by Year of Origination and Credit Quality Indicator  Table 13
                       Revolving   
                       Loans   
                       Converted   
  Term Loans Revolving to Term   
  Amortized Cost Basis by Origination Year Loans Loans   
                    Amortized Amortized   
(dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total
Commercial Lending                           
Commercial and Industrial                           
Risk rating:                           
Pass $ 163,980 $ 73,554 $ 185,433 $ 249,532 $ 17,775 $ 256,119 $ 1,118,075 $ 14,336 $ 2,078,804
Special Mention   808   2,385   1,209   68   300   1,322   41,520     47,612
Substandard       8,096   196   309   1,114   26,089     35,804
Other (1)   17,132   8,928   6,937   2,797   765   1,279   47,370     85,208
Total Commercial and Industrial   181,920   84,867   201,675   252,593   19,149   259,834   1,233,054   14,336   2,247,428
Current period gross charge-offs     578   335   105   221   2,376       3,615
                            
Commercial Real Estate                           
Risk rating:                           
Pass   322,405   369,948   832,005   634,722   308,156   1,720,243   116,682   7,703   4,311,864
Special Mention   9,014   2,252   7,510   41,399   3,265   10,860   11,861     86,161
Substandard       54,952   1,002     9,732   148     65,834
Other (1)             133       133
Total Commercial Real Estate   331,419   372,200   894,467   677,123   311,421   1,740,968   128,691   7,703   4,463,992
Current period gross charge-offs             400       400
                            
Construction                           
Risk rating:                           
Pass   91,583   198,382   332,000   186,682   41,596   13,824   14,972     879,039
Special Mention             155       155
Other (1)   12,482   9,688   10,861   1,561   1,199   2,644   697     39,132
Total Construction   104,065   208,070   342,861   188,243   42,795   16,623   15,669     918,326
Current period gross charge-offs                  
                            
Lease Financing                           
Risk rating:                           
Pass   149,615   101,684   60,898   14,328   17,703   84,663       428,891
Special Mention         220           220
Substandard   4,657   565   317             5,539
Total Lease Financing   154,272   102,249   61,215   14,548   17,703   84,663       434,650
Current period gross charge-offs                  
                            
Total Commercial Lending $ 771,676 $ 767,386 $ 1,500,218 $ 1,132,507 $ 391,068 $ 2,102,088 $ 1,377,414 $ 22,039 $ 8,064,396
Current period gross charge-offs $ $ 578 $ 335 $ 105 $ 221 $ 2,776 $ $ $ 4,015


                            
                       Revolving   
                       Loans   
                       Converted   
  Term Loans Revolving to Term   
  Amortized Cost Basis by Origination Year Loans Loans   
(continued)                   Amortized Amortized   
(dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total
Residential Lending                           
Residential Mortgage                           
FICO:                           
740 and greater $ 168,067 $ 187,710 $ 492,845 $ 946,390 $ 498,443 $ 1,115,557 $ $ $ 3,409,012
680 - 739   18,368   34,901   65,735   103,622   57,369   138,469       418,464
620 - 679   1,726   4,380   23,556   19,355   14,058   40,471       103,546
550 - 619     820   6,526   7,745   4,042   13,783       32,916
Less than 550     734   775   2,264   1,559   6,342       11,674
No Score (3)   13,211   6,719   16,839   9,916   5,518   45,604       97,807
Other (2)   9,456   12,404   16,564   14,311   10,769   28,812   2,419     94,735
Total Residential Mortgage   210,828   247,668   622,840   1,103,603   591,758   1,389,038   2,419     4,168,154
Current period gross charge-offs                  
                            
Home Equity Line                           
FICO:                           
740 and greater               925,749   1,652   927,401
680 - 739               161,523   1,030   162,553
620 - 679               39,235   1,220   40,455
550 - 619               13,006   416   13,422
Less than 550               5,993   563   6,556
No Score (3)               1,352     1,352
Total Home Equity Line               1,146,858   4,881   1,151,739
Current period gross charge-offs                  
                            
Total Residential Lending $ 210,828 $ 247,668 $ 622,840 $ 1,103,603 $ 591,758 $ 1,389,038 $ 1,149,277 $ 4,881 $ 5,319,893
Current period gross charge-offs $ $ $ $ $ $ $ $ $
                            
Consumer Lending                           
FICO:                           
740 and greater   92,329   65,738   84,007   44,192   14,607   6,897   101,938   106   409,814
680 - 739   68,371   46,533   44,504   21,829   7,652   5,278   86,935   509   281,611
620 - 679   30,618   17,728   19,942   10,252   4,195   4,152   50,544   775   138,206
550 - 619   6,108   6,768   9,312   5,702   2,574   3,106   15,641   778   49,989
Less than 550   2,012   3,950   5,572   3,594   1,591   1,830   5,311   593   24,453
No Score (3)   1,881   106   38     7   9   38,932   176   41,149
Other (2)       277   887   99   956   76,528     78,747
Total Consumer Lending $ 201,319 $ 140,823 $ 163,652 $ 86,456 $ 30,725 $ 22,228 $ 375,829 $ 2,937 $ 1,023,969
Current period gross charge-offs $ 732 $ 2,055 $ 2,606 $ 1,388 $ 676 $ 2,685 $ 7,168 $ 692 $ 18,002
                            
Total Loans and Leases $ 1,183,823 $ 1,155,877 $ 2,286,710 $ 2,322,566 $ 1,013,551 $ 3,513,354 $ 2,902,520 $ 29,857 $ 14,408,258
Current period gross charge-offs $ 732 $ 2,633 $ 2,941 $ 1,493 $ 897 $ 5,461 $ 7,168 $ 692 $ 22,017



(1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of December 31, 2024, the majority of the loans in this population were current.

(2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of December 31, 2024, the majority of the loans in this population were current.

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

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


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



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


FAQ

What was First Hawaiian's (FHB) net income for Q4 2024?

First Hawaiian reported net income of $52.5 million, or $0.41 per diluted share, for Q4 2024.

How much is First Hawaiian's (FHB) quarterly dividend for Q4 2024?

First Hawaiian declared a quarterly cash dividend of $0.26 per share, payable on February 28, 2025.

What is the size of FHB's new stock repurchase program for 2025?

First Hawaiian approved a stock repurchase program for up to $100.0 million of its outstanding common stock during 2025.

What was First Hawaiian's (FHB) net interest margin in Q4 2024?

First Hawaiian's net interest margin was 3.03% in Q4 2024, an increase of 8 basis points from the previous quarter.

How much did FHB's loan portfolio grow in Q4 2024?

First Hawaiian's gross loans and leases increased by $166.9 million, or 1.2%, to $14.4 billion in Q4 2024.

First Hawaiian, Inc.

NASDAQ:FHB

FHB Rankings

FHB Latest News

FHB Stock Data

3.48B
127.15M
0.57%
100.9%
3.67%
Banks - Regional
State Commercial Banks
Link
United States of America
HONOLULU