First Hawaiian, Inc. Reports Third Quarter 2024 Financial Results and Declares Dividend
First Hawaiian (NASDAQ:FHB) reported Q3 2024 financial results with net income of $61.5 million, or $0.48 per diluted share. Net interest income increased to $156.7 million, with net interest margin rising 3 basis points to 2.95%. The company recorded a $7.4 million provision for credit losses. Total assets decreased 0.9% to $23.8 billion, while loans decreased 0.8% to $14.2 billion and deposits fell 0.4% to $20.2 billion. The Board declared a quarterly dividend of $0.26 per share, payable on November 29, 2024. Credit quality remained strong with non-performing assets at 0.13% of total loans.
First Hawaiian (NASDAQ:FHB) ha riportato i risultati finanziari del terzo trimestre 2024 con un utile netto di 61,5 milioni di dollari, ovvero $0,48 per azione diluita. Il reddito netto da interessi è aumentato a 156,7 milioni di dollari, con un margine di interesse netto che è salito di 3 punti base al 2,95%. L'azienda ha registrato una provvista per perdite su crediti di 7,4 milioni di dollari. Gli attivi totali sono diminuiti dello 0,9% a 23,8 miliardi di dollari, mentre i prestiti sono scesi dello 0,8% a 14,2 miliardi di dollari e i depositi sono calati dello 0,4% a 20,2 miliardi di dollari. Il Consiglio ha dichiarato un dividendo trimestrale di $0,26 per azione, pagabile il 29 novembre 2024. La qualità del credito è rimasta solida, con attivi non performanti allo 0,13% dei prestiti totali.
First Hawaiian (NASDAQ:FHB) reportó los resultados financieros del tercer trimestre de 2024 con un ingreso neto de 61.5 millones de dólares, o $0.48 por acción diluida. Los ingresos netos por intereses aumentaron a 156.7 millones de dólares, con un margen de interés neto que subió 3 puntos base al 2.95%. La compañía registró una provisión para pérdidas crediticias de 7.4 millones de dólares. Los activos totales disminuyeron un 0.9% a 23.8 mil millones de dólares, mientras que los préstamos disminuyeron un 0.8% a 14.2 mil millones de dólares y los depósitos cayeron un 0.4% a 20.2 mil millones de dólares. La Junta declaró un dividendo trimestral de $0.26 por acción, pagadero el 29 de noviembre de 2024. La calidad del crédito se mantuvo sólida con activos no productivos al 0.13% de los préstamos totales.
퍼스트 하와이안 (NASDAQ:FHB)이 2024년 3분기 재무 결과를 발표했습니다. 순이익이 6,150만 달러로, 희석주당 0.48달러입니다. 순이자 수익은 1억 5,670만 달러로 증가했으며, 순이자 마진은 3bp 상승하여 2.95%에 도달했습니다. 회사는 740만 달러의 대출 손실 충당금을 기록했습니다. 총 자산은 0.9% 감소하여 238억 달러에, 대출은 0.8% 감소한 142억 달러, 예금은 0.4% 감소하여 202억 달러에 이르렀습니다. 이사회는 주당 0.26달러의 분기 배당금을 선언했으며, 2024년 11월 29일에 지급됩니다. 신용 품질은 여전히 강력하며, 부실 자산은 총 대출의 0.13%입니다.
First Hawaiian (NASDAQ:FHB) a publié ses résultats financiers pour le troisième trimestre 2024, avec un revenu net de 61,5 millions de dollars, soit 0,48 dollar par action diluée. Les revenus nets d'intérêts ont augmenté à 156,7 millions de dollars, avec une marge d'intérêt nette en hausse de 3 points de base à 2,95%. L'entreprise a enregistré une provision pour pertes sur créances de 7,4 millions de dollars. Les actifs totaux ont diminué de 0,9% pour atteindre 23,8 milliards de dollars, tandis que les prêts ont baissé de 0,8% à 14,2 milliards de dollars et les dépôts ont chuté de 0,4% à 20,2 milliards de dollars. Le Conseil a déclaré un dividende trimestriel de 0,26 dollar par action, payable le 29 novembre 2024. La qualité du crédit est restée solide, avec des actifs non performants représentant 0,13% du total des prêts.
First Hawaiian (NASDAQ:FHB) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Nettoergebnis von 61,5 Millionen Dollar, oder 0,48 Dollar pro verwässerter Aktie. Das Nettoeinkommen aus Zinsen stieg auf 156,7 Millionen Dollar mit einer Erhöhung der Nettomarge um 3 Basispunkte auf 2,95%. Das Unternehmen verzeichnete eine Rückstellung für Kreditausfälle in Höhe von 7,4 Millionen Dollar. Die Gesamtsumme der Aktiva ging um 0,9% auf 23,8 Milliarden Dollar zurück, während die Kredite um 0,8% auf 14,2 Milliarden Dollar sanken und die Einlagen um 0,4% auf 20,2 Milliarden Dollar fielen. Der Vorstand erklärte eine vierteljährliche Dividende von 0,26 Dollar pro Aktie, zahlbar am 29. November 2024. Die Kreditqualität blieb stark, die notleidenden Vermögenswerte machen 0,13% der Gesamtkredite aus.
- Net interest income increased 2.5% to $156.7 million
- Net interest margin improved by 3 basis points to 2.95%
- Noninterest income increased by $1.5 million to $53.3 million
- Capital ratios improved across all metrics
- Credit quality remained strong with low non-performing assets ratio of 0.13%
- Moody's reaffirmed all long-term credit and deposit ratings
- Total assets decreased by $211.5 million (0.9%)
- Loans and leases declined by $118.5 million (0.8%)
- Total deposits decreased by $91.1 million (0.4%)
- Higher provision for credit losses at $7.4 million vs $1.8 million in Q2
- Net charge-offs increased to 0.11% from 0.07% quarter-over-quarter
- Efficiency ratio worsened to 59.8% from 59.2%
Insights
The Q3 2024 results show mixed performance with some concerning trends. Net income of
The efficiency ratio deteriorated slightly to
HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2024.
“I’m happy to report that we had a very good third quarter,” said Bob Harrison, Chairman, President, and CEO. “Net interest income and noninterest income increased over the prior quarter, expenses were well controlled and credit quality remained excellent. I’m also pleased to report that during the third quarter, Moody’s reviewed and reaffirmed all of First Hawaiian Bank’s long-term credit and deposit ratings.”
On October 23, 2024, the Company’s Board of Directors declared a quarterly cash dividend of
Third Quarter 2024 Highlights:
- Net income of
$61.5 million , or$0.48 per diluted share - Total loans and leases decreased
$118.5 million versus the prior quarter - Total deposits decreased
$91.1 million versus the prior quarter - Net interest margin increased 3 basis points to
2.95% - Recorded a
$7.4 million provision for credit losses - Board of Directors declared a quarterly dividend of
$0.26 per share
Balance Sheet
Total assets were
Gross loans and leases were
Total deposits were
Net Interest Income
Net interest income for the third quarter of 2024 was
The net interest margin was
Provision Expense
During the quarter ended September 30, 2024, we recorded a
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
The efficiency ratio was
Taxes
The effective tax rate was
Asset Quality
The allowance for credit losses was
Capital
Total stockholders' equity increased
The tier 1 leverage, common equity tier 1 and total capital ratios were
The Company did not repurchase any shares in the third 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, participants will need to click on the following registration link: https://register.vevent.com/register/BIec8273f35cc340bcb13d27eae17d127b, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. 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 and June 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 Nine Months Ended | |||||||||||||||
| September 30, | June 30, | September 30, | September 30, | |||||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating Results: | ||||||||||||||||
| Net interest income | $ | 156,707 | $ | 152,851 | $ | 157,148 | $ | 463,985 | $ | 484,334 | ||||||
| Provision for credit losses | 7,400 | 1,800 | 7,500 | 15,500 | 21,300 | |||||||||||
| Noninterest income | 53,288 | 51,768 | 46,097 | 156,427 | 142,468 | |||||||||||
| Noninterest expense | 126,147 | 122,086 | 119,383 | 377,046 | 358,831 | |||||||||||
| Net income | 61,492 | 61,921 | 58,221 | 177,633 | 187,481 | |||||||||||
| Basic earnings per share | 0.48 | 0.48 | 0.46 | 1.39 | 1.47 | |||||||||||
| Diluted earnings per share | 0.48 | 0.48 | 0.46 | 1.38 | 1.47 | |||||||||||
| Dividends declared per share | 0.26 | 0.26 | 0.26 | 0.78 | 0.78 | |||||||||||
| Dividend payout ratio | 54.17 | % | 54.17 | % | 56.52 | % | 56.52 | % | 53.06 | % | ||||||
| Performance Ratios(1): | ||||||||||||||||
| Net interest margin | 2.95 | % | 2.92 | % | 2.86 | % | 2.93 | % | 2.96 | % | ||||||
| Efficiency ratio | 59.77 | % | 59.22 | % | 58.31 | % | 60.38 | % | 56.86 | % | ||||||
| Return on average total assets | 1.02 | % | 1.04 | % | 0.93 | % | 0.99 | % | 1.01 | % | ||||||
| Return on average tangible assets (non-GAAP)(2) | 1.06 | % | 1.08 | % | 0.97 | % | 1.03 | % | 1.06 | % | ||||||
| Return on average total stockholders' equity | 9.45 | % | 9.91 | % | 9.76 | % | 9.37 | % | 10.72 | % | ||||||
| Return on average tangible stockholders' equity (non-GAAP)(2) | 15.35 | % | 16.42 | % | 16.84 | % | 15.43 | % | 18.68 | % | ||||||
| Average Balances: | ||||||||||||||||
| Average loans and leases | $ | 14,304,806 | $ | 14,358,049 | $ | 14,349,402 | $ | 14,325,065 | $ | 14,238,309 | ||||||
| Average earning assets | 21,328,882 | 21,247,707 | 22,060,480 | 21,352,739 | 22,040,704 | |||||||||||
| Average assets | 24,046,696 | 23,958,913 | 24,727,893 | 24,064,208 | 24,699,826 | |||||||||||
| Average deposits | 20,367,805 | 20,308,028 | 21,212,102 | 20,415,746 | 21,245,055 | |||||||||||
| Average stockholders' equity | 2,588,806 | 2,512,471 | 2,367,422 | 2,532,911 | 2,337,292 | |||||||||||
| Market Value Per Share: | ||||||||||||||||
| Closing | 23.15 | 20.76 | 18.05 | 23.15 | 18.05 | |||||||||||
| High | 26.18 | 22.68 | 22.59 | 26.18 | 28.28 | |||||||||||
| Low | 20.28 | 19.48 | 17.41 | 19.48 | 15.08 | |||||||||||
| As of | As of | As of | As of | ||||||||||
| September 30, | June 30, | December 31, | September 30, | ||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2023 | |||||||||
| Balance Sheet Data: | |||||||||||||
| Loans and leases | $ | 14,241,370 | $ | 14,359,899 | $ | 14,353,497 | $ | 14,332,335 | |||||
| Total assets | 23,780,285 | 23,991,791 | 24,926,474 | 24,912,524 | |||||||||
| Total deposits | 20,227,702 | 20,318,832 | 21,332,657 | 21,511,489 | |||||||||
| Short-term borrowings | 250,000 | 500,000 | 500,000 | 500,000 | |||||||||
| Total stockholders' equity | 2,648,034 | 2,550,312 | 2,486,066 | 2,351,009 | |||||||||
| Per Share of Common Stock: | |||||||||||||
| Book value | $ | 20.71 | $ | 19.94 | $ | 19.48 | $ | 18.42 | |||||
| Tangible book value (non-GAAP)(2) | 12.92 | 12.16 | 11.68 | 10.62 | |||||||||
| Asset Quality Ratios: | |||||||||||||
| Non-accrual loans and leases / total loans and leases | 0.13 | % | 0.13 | % | 0.13 | % | 0.10 | % | |||||
| Allowance for credit losses for loans and leases / total loans and leases | 1.15 | % | 1.12 | % | 1.09 | % | 1.08 | % | |||||
| Capital Ratios: | |||||||||||||
| Common Equity Tier 1 Capital Ratio | 13.03 | % | 12.73 | % | 12.39 | % | 12.21 | % | |||||
| Tier 1 Capital Ratio | 13.03 | % | 12.73 | % | 12.39 | % | 12.21 | % | |||||
| Total Capital Ratio | 14.25 | % | 13.92 | % | 13.57 | % | 13.38 | % | |||||
| Tier 1 Leverage Ratio | 9.14 | % | 9.03 | % | 8.64 | % | 8.45 | % | |||||
| Total stockholders' equity to total assets | 11.14 | % | 10.63 | % | 9.97 | % | 9.44 | % | |||||
| Tangible stockholders' equity to tangible assets (non-GAAP)(2) | 7.25 | % | 6.76 | % | 6.23 | % | 5.67 | % | |||||
| Non-Financial Data: | |||||||||||||
| Number of branches | 48 | 48 | 50 | 50 | |||||||||
| Number of ATMs | 273 | 272 | 275 | 294 | |||||||||
| Number of Full-Time Equivalent Employees | 2,022 | 2,032 | 2,089 | 2,087 | |||||||||
(1) Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.
(2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.
| Consolidated Statements of Income | Table 2 | ||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||
| (dollars in thousands, except per share amounts) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Interest income | |||||||||||||||
| Loans and lease financing | $ | 205,682 | $ | 202,068 | $ | 194,098 | $ | 607,594 | $ | 551,777 | |||||
| Available-for-sale investment securities | 12,850 | 14,143 | 18,426 | 41,539 | 55,208 | ||||||||||
| Held-to-maturity investment securities | 16,937 | 17,575 | 18,271 | 52,305 | 55,510 | ||||||||||
| Other | 14,527 | 11,148 | 9,004 | 38,444 | 20,054 | ||||||||||
| Total interest income | 249,996 | 244,934 | 239,799 | 739,882 | 682,549 | ||||||||||
| Interest expense | |||||||||||||||
| Deposits | 87,500 | 85,609 | 74,651 | 257,252 | 176,006 | ||||||||||
| Short-term and long-term borrowings | 5,397 | 5,953 | 6,838 | 17,303 | 20,057 | ||||||||||
| Other | 392 | 521 | 1,162 | 1,342 | 2,152 | ||||||||||
| Total interest expense | 93,289 | 92,083 | 82,651 | 275,897 | 198,215 | ||||||||||
| Net interest income | 156,707 | 152,851 | 157,148 | 463,985 | 484,334 | ||||||||||
| Provision for credit losses | 7,400 | 1,800 | 7,500 | 15,500 | 21,300 | ||||||||||
| Net interest income after provision for credit losses | 149,307 | 151,051 | 149,648 | 448,485 | 463,034 | ||||||||||
| Noninterest income | |||||||||||||||
| Service charges on deposit accounts | 7,783 | 7,793 | 7,524 | 23,122 | 22,001 | ||||||||||
| Credit and debit card fees | 17,533 | 15,861 | 15,748 | 49,567 | 47,507 | ||||||||||
| Other service charges and fees | 11,790 | 11,036 | 9,546 | 32,730 | 27,764 | ||||||||||
| Trust and investment services income | 9,077 | 9,426 | 9,742 | 28,857 | 28,804 | ||||||||||
| Bank-owned life insurance | 4,502 | 3,360 | 1,872 | 12,148 | 10,263 | ||||||||||
| Other | 2,603 | 4,292 | 1,665 | 10,003 | 6,129 | ||||||||||
| Total noninterest income | 53,288 | 51,768 | 46,097 | 156,427 | 142,468 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 59,563 | 57,737 | 55,937 | 176,562 | 169,873 | ||||||||||
| Contracted services and professional fees | 14,634 | 16,067 | 16,393 | 46,440 | 50,204 | ||||||||||
| Occupancy | 6,945 | 7,377 | 6,711 | 21,263 | 22,047 | ||||||||||
| Equipment | 13,078 | 13,196 | 11,826 | 39,687 | 32,562 | ||||||||||
| Regulatory assessment and fees | 3,412 | 3,814 | 4,149 | 15,346 | 11,661 | ||||||||||
| Advertising and marketing | 1,813 | 1,765 | 2,289 | 6,190 | 6,174 | ||||||||||
| Card rewards program | 8,678 | 8,719 | 8,358 | 25,905 | 24,124 | ||||||||||
| Other | 18,024 | 13,411 | 13,720 | 45,653 | 42,186 | ||||||||||
| Total noninterest expense | 126,147 | 122,086 | 119,383 | 377,046 | 358,831 | ||||||||||
| Income before provision for income taxes | 76,448 | 80,733 | 76,362 | 227,866 | 246,671 | ||||||||||
| Provision for income taxes | 14,956 | 18,812 | 18,141 | 50,233 | 59,190 | ||||||||||
| Net income | $ | 61,492 | $ | 61,921 | $ | 58,221 | $ | 177,633 | $ | 187,481 | |||||
| Basic earnings per share | $ | 0.48 | $ | 0.48 | $ | 0.46 | $ | 1.39 | $ | 1.47 | |||||
| Diluted earnings per share | $ | 0.48 | $ | 0.48 | $ | 0.46 | $ | 1.38 | $ | 1.47 | |||||
| Basic weighted-average outstanding shares | 127,886,167 | 127,867,853 | 127,609,860 | 127,820,737 | 127,552,255 | ||||||||||
| Diluted weighted-average outstanding shares | 128,504,035 | 128,262,594 | 127,936,440 | 128,362,433 | 127,897,829 | ||||||||||
| Consolidated Balance Sheets | Table 3 | |||||||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||||||
| (dollars in thousands, except share amount) | 2024 | 2024 | 2023 | 2023 | ||||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | $ | 252,209 | $ | 290,501 | $ | 185,015 | $ | 246,028 | ||||||||
| Interest-bearing deposits in other banks | 820,603 | 824,258 | 1,554,882 | 967,400 | ||||||||||||
| Investment securities: | ||||||||||||||||
| Available-for-sale, at fair value (amortized cost: | 2,055,959 | 2,067,956 | 2,255,336 | 2,722,704 | ||||||||||||
| Held-to-maturity, at amortized cost (fair value: | 3,853,697 | 3,917,175 | 4,041,449 | 4,104,114 | ||||||||||||
| Loans held for sale | — | 2,820 | 190 | — | ||||||||||||
| Loans and leases | 14,241,370 | 14,359,899 | 14,353,497 | 14,332,335 | ||||||||||||
| Less: allowance for credit losses | 163,700 | 160,517 | 156,533 | 154,795 | ||||||||||||
| Net loans and leases | 14,077,670 | 14,199,382 | 14,196,964 | 14,177,540 | ||||||||||||
| Premises and equipment, net | 287,036 | 283,762 | 281,461 | 277,805 | ||||||||||||
| Accrued interest receivable | 81,875 | 82,512 | 84,417 | 84,327 | ||||||||||||
| Bank-owned life insurance | 490,135 | 486,261 | 479,907 | 477,698 | ||||||||||||
| Goodwill | 995,492 | 995,492 | 995,492 | 995,492 | ||||||||||||
| Mortgage servicing rights | 5,236 | 5,395 | 5,699 | 5,855 | ||||||||||||
| Other assets | 860,373 | 836,277 | 845,662 | 853,561 | ||||||||||||
| Total assets | $ | 23,780,285 | $ | 23,991,791 | $ | 24,926,474 | $ | 24,912,524 | ||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||
| Deposits: | ||||||||||||||||
| Interest-bearing | $ | 13,427,674 | $ | 13,461,365 | $ | 13,749,095 | $ | 13,612,493 | ||||||||
| Noninterest-bearing | 6,800,028 | 6,857,467 | 7,583,562 | 7,898,996 | ||||||||||||
| Total deposits | 20,227,702 | 20,318,832 | 21,332,657 | 21,511,489 | ||||||||||||
| Short-term borrowings | 250,000 | 500,000 | 500,000 | 500,000 | ||||||||||||
| Retirement benefits payable | 100,448 | 101,304 | 103,285 | 99,685 | ||||||||||||
| Other liabilities | 554,101 | 521,343 | 504,466 | 450,341 | ||||||||||||
| Total liabilities | 21,132,251 | 21,441,479 | 22,440,408 | 22,561,515 | ||||||||||||
| Stockholders' equity | ||||||||||||||||
| Common stock ( | 1,417 | 1,417 | 1,413 | 1,413 | ||||||||||||
| Additional paid-in capital | 2,558,158 | 2,554,795 | 2,548,250 | 2,545,659 | ||||||||||||
| Retained earnings | 915,062 | 887,176 | 837,859 | 823,895 | ||||||||||||
| Accumulated other comprehensive loss, net | (452,658 | ) | (519,132 | ) | (530,210 | ) | (648,731 | ) | ||||||||
| Treasury stock (13,849,434 shares as of September 30, 2024, 13,849,434 shares as of June 30, 2024, 13,721,778 shares as of December 31, 2023 and 13,720,729 shares as of September 30, 2023) | (373,945 | ) | (373,944 | ) | (371,246 | ) | (371,227 | ) | ||||||||
| Total stockholders' equity | 2,648,034 | 2,550,312 | 2,486,066 | 2,351,009 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 23,780,285 | $ | 23,991,791 | $ | 24,926,474 | $ | 24,912,524 | ||||||||
| Average Balances and Interest Rates | Table 4 | ||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 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 | $ | 1,020.4 | $ | 13.9 | 5.40 | % | $ | 773.4 | $ | 10.5 | 5.45 | % | $ | 608.6 | $ | 8.2 | 5.36 | % | |||||||
| Available-for-Sale Investment Securities | |||||||||||||||||||||||||
| Taxable | 2,062.6 | 12.8 | 2.48 | 2,100.7 | 14.1 | 2.69 | 2,834.6 | 18.4 | 2.59 | ||||||||||||||||
| Non-Taxable | 1.5 | — | 5.06 | 1.5 | — | 5.76 | 2.3 | — | 5.48 | ||||||||||||||||
| Held-to-Maturity Investment Securities | |||||||||||||||||||||||||
| Taxable | 3,288.2 | 13.8 | 1.67 | 3,358.2 | 14.4 | 1.71 | 3,544.1 | 15.0 | 1.70 | ||||||||||||||||
| Non-Taxable | 602.3 | 3.7 | 2.46 | 602.9 | 4.0 | 2.64 | 604.3 | 4.1 | 2.66 | ||||||||||||||||
| Total Investment Securities | 5,954.6 | 30.3 | 2.03 | 6,063.3 | 32.5 | 2.15 | 6,985.3 | 37.5 | 2.14 | ||||||||||||||||
| Loans Held for Sale | 2.2 | — | 5.64 | 1.0 | — | 6.58 | 0.4 | — | 6.63 | ||||||||||||||||
| Loans and Leases(1) | |||||||||||||||||||||||||
| Commercial and industrial | 2,165.3 | 38.0 | 6.98 | 2,201.6 | 38.1 | 6.96 | 2,123.5 | 35.7 | 6.66 | ||||||||||||||||
| Commercial real estate | 4,278.3 | 71.6 | 6.67 | 4,305.6 | 71.5 | 6.68 | 4,381.8 | 71.4 | 6.47 | ||||||||||||||||
| Construction | 1,040.7 | 20.3 | 7.74 | 984.8 | 18.5 | 7.57 | 873.7 | 15.5 | 7.05 | ||||||||||||||||
| Residential: | |||||||||||||||||||||||||
| Residential mortgage | 4,204.5 | 40.4 | 3.84 | 4,229.4 | 40.1 | 3.80 | 4,316.3 | 40.1 | 3.72 | ||||||||||||||||
| Home equity line | 1,158.5 | 13.2 | 4.52 | 1,164.2 | 12.6 | 4.35 | 1,154.0 | 10.1 | 3.45 | ||||||||||||||||
| Consumer | 1,035.3 | 18.7 | 7.19 | 1,054.1 | 17.7 | 6.74 | 1,172.8 | 18.3 | 6.19 | ||||||||||||||||
| Lease financing | 422.2 | 4.0 | 3.72 | 418.3 | 4.3 | 4.09 | 327.3 | 3.7 | 4.48 | ||||||||||||||||
| Total Loans and Leases | 14,304.8 | 206.2 | 5.74 | 14,358.0 | 202.8 | 5.67 | 14,349.4 | 194.8 | 5.39 | ||||||||||||||||
| Other Earning Assets | 46.9 | 0.7 | 5.83 | 52.0 | 0.7 | 5.25 | 116.8 | 0.8 | 2.64 | ||||||||||||||||
| Total Earning Assets(2) | 21,328.9 | 251.1 | 4.69 | 21,247.7 | 246.5 | 4.66 | 22,060.5 | 241.3 | 4.35 | ||||||||||||||||
| Cash and Due from Banks | 242.3 | 240.4 | 276.0 | ||||||||||||||||||||||
| Other Assets | 2,475.5 | 2,470.8 | 2,391.4 | ||||||||||||||||||||||
| Total Assets | $ | 24,046.7 | $ | 23,958.9 | $ | 24,727.9 | |||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||
| Interest-Bearing Deposits | |||||||||||||||||||||||||
| Savings | $ | 5,963.1 | $ | 23.6 | 1.57 | % | $ | 6,000.4 | $ | 23.4 | 1.57 | % | $ | 5,982.5 | $ | 19.2 | 1.27 | % | |||||||
| Money Market | 4,179.5 | 31.9 | 3.04 | 4,076.7 | 30.6 | 3.02 | 3,907.2 | 24.7 | 2.51 | ||||||||||||||||
| Time | 3,327.3 | 32.0 | 3.83 | 3,284.3 | 31.6 | 3.87 | 3,362.7 | 30.8 | 3.63 | ||||||||||||||||
| Total Interest-Bearing Deposits | 13,469.9 | 87.5 | 2.58 | 13,361.4 | 85.6 | 2.58 | 13,252.4 | 74.7 | 2.23 | ||||||||||||||||
| Other Short-Term Borrowings | 451.1 | 5.4 | 4.76 | 500.0 | 6.0 | 4.79 | 113.1 | 1.5 | 5.17 | ||||||||||||||||
| Long-Term Borrowings | — | — | — | — | — | — | 440.2 | 5.3 | 4.83 | ||||||||||||||||
| Other Interest-Bearing Liabilities | 22.4 | 0.4 | 6.97 | 38.2 | 0.5 | 5.48 | 89.1 | 1.2 | 5.17 | ||||||||||||||||
| Total Interest-Bearing Liabilities | 13,943.4 | 93.3 | 2.66 | 13,899.6 | 92.1 | 2.66 | 13,894.8 | 82.7 | 2.36 | ||||||||||||||||
| Net Interest Income | $ | 157.8 | $ | 154.4 | $ | 158.6 | |||||||||||||||||||
| Interest Rate Spread(3) | 2.03 | % | 2.00 | % | 1.99 | % | |||||||||||||||||||
| Net Interest Margin(4) | 2.95 | % | 2.92 | % | 2.86 | % | |||||||||||||||||||
| Noninterest-Bearing Demand Deposits | 6,897.9 | 6,946.6 | 7,959.7 | ||||||||||||||||||||||
| Other Liabilities | 616.6 | 600.2 | 506.0 | ||||||||||||||||||||||
| Stockholders' Equity | 2,588.8 | 2,512.5 | 2,367.4 | ||||||||||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 24,046.7 | $ | 23,958.9 | $ | 24,727.9 | |||||||||||||||||||
(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) 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 September 30, 2024, June 30, 2024 and September 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.
| Average Balances and Interest Rates | Table 5 | ||||||||||||||||
| Nine Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, 2024 | September 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 | $ | 884.6 | $ | 35.9 | 5.43 | % | $ | 493.6 | $ | 18.8 | 5.10 | % | |||||
| Available-for-Sale Investment Securities | |||||||||||||||||
| Taxable | 2,124.4 | 41.5 | 2.61 | 2,964.0 | 54.8 | 2.47 | |||||||||||
| Non-Taxable | 1.6 | 0.1 | 5.49 | 13.0 | 0.5 | 5.57 | |||||||||||
| Held-to-Maturity Investment Securities | |||||||||||||||||
| Taxable | 3,354.0 | 42.7 | 1.70 | 3,615.0 | 46.0 | 1.70 | |||||||||||
| Non-Taxable | 602.9 | 11.7 | 2.58 | 608.9 | 11.9 | 2.62 | |||||||||||
| Total Investment Securities | 6,082.9 | 96.0 | 2.10 | 7,200.9 | 113.2 | 2.10 | |||||||||||
| Loans Held for Sale | 1.3 | 0.1 | 6.11 | 0.3 | — | 6.11 | |||||||||||
| Loans and Leases(1) | |||||||||||||||||
| Commercial and industrial | 2,177.2 | 113.3 | 6.95 | 2,193.8 | 104.3 | 6.35 | |||||||||||
| Commercial real estate | 4,302.4 | 213.4 | 6.62 | 4,224.7 | 194.6 | 6.16 | |||||||||||
| Construction | 983.6 | 56.2 | 7.63 | 874.0 | 45.4 | 6.95 | |||||||||||
| Residential: | |||||||||||||||||
| Residential mortgage | 4,232.6 | 122.5 | 3.86 | 4,312.4 | 117.6 | 3.64 | |||||||||||
| Home equity line | 1,164.9 | 37.8 | 4.34 | 1,116.4 | 27.9 | 3.35 | |||||||||||
| Consumer | 1,057.6 | 54.4 | 6.87 | 1,194.1 | 53.2 | 5.95 | |||||||||||
| Lease financing | 406.8 | 11.9 | 3.90 | 322.9 | 10.5 | 4.34 | |||||||||||
| Total Loans and Leases | 14,325.1 | 609.5 | 5.68 | 14,238.3 | 553.5 | 5.19 | |||||||||||
| Other Earning Assets | 58.8 | 2.5 | 5.69 | 107.6 | 1.3 | 1.53 | |||||||||||
| Total Earning Assets(2) | 21,352.7 | 744.0 | 4.65 | 22,040.7 | 686.8 | 4.16 | |||||||||||
| Cash and Due from Banks | 242.4 | 273.3 | |||||||||||||||
| Other Assets | 2,469.1 | 2,385.8 | |||||||||||||||
| Total Assets | $ | 24,064.2 | $ | 24,699.8 | |||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||
| Interest-Bearing Deposits | |||||||||||||||||
| Savings | $ | 6,007.6 | $ | 70.5 | 1.57 | % | $ | 6,144.1 | $ | 49.1 | 1.07 | % | |||||
| Money Market | 4,067.5 | 91.3 | 3.00 | 3,857.0 | 58.6 | 2.03 | |||||||||||
| Time | 3,312.3 | 95.5 | 3.85 | 2,921.8 | 68.3 | 3.12 | |||||||||||
| Total Interest-Bearing Deposits | 13,387.4 | 257.3 | 2.57 | 12,922.9 | 176.0 | 1.82 | |||||||||||
| Federal Funds Purchased | — | — | — | 23.0 | 0.8 | 4.45 | |||||||||||
| Other Short-Term Borrowings | 483.6 | 17.3 | 4.78 | 176.5 | 6.8 | 5.15 | |||||||||||
| Long-Term Borrowings | — | — | — | 349.8 | 12.5 | 4.78 | |||||||||||
| Other Interest-Bearing Liabilities | 31.1 | 1.3 | 5.75 | 62.1 | 2.1 | 4.63 | |||||||||||
| Total Interest-Bearing Liabilities | 13,902.1 | 275.9 | 2.65 | 13,534.3 | 198.2 | 1.96 | |||||||||||
| Net Interest Income | $ | 468.1 | $ | 488.6 | |||||||||||||
| Interest Rate Spread(3) | 2.00 | % | 2.20 | % | |||||||||||||
| Net Interest Margin(4) | 2.93 | % | 2.96 | % | |||||||||||||
| Noninterest-Bearing Demand Deposits | 7,028.4 | 8,322.2 | |||||||||||||||
| Other Liabilities | 600.8 | 506.0 | |||||||||||||||
| Stockholders' Equity | 2,532.9 | 2,337.3 | |||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 24,064.2 | $ | 24,699.8 | |||||||||||||
(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) 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 nine months ended September 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 September 30, 2024 | ||||||||||||
| Compared to June 30, 2024 | ||||||||||||
| (dollars in millions) | Volume | Rate | Total (1) | |||||||||
| Change in Interest Income: | ||||||||||||
| Interest-Bearing Deposits in Other Banks | $ | 3.5 | $ | (0.1 | ) | $ | 3.4 | |||||
| Available-for-Sale Investment Securities | ||||||||||||
| Taxable | (0.2 | ) | (1.1 | ) | (1.3 | ) | ||||||
| Held-to-Maturity Investment Securities | ||||||||||||
| Taxable | (0.3 | ) | (0.3 | ) | (0.6 | ) | ||||||
| Non-Taxable | — | (0.3 | ) | (0.3 | ) | |||||||
| Total Investment Securities | (0.5 | ) | (1.7 | ) | (2.2 | ) | ||||||
| Loans and Leases | ||||||||||||
| Commercial and industrial | (0.3 | ) | 0.2 | (0.1 | ) | |||||||
| Commercial real estate | — | 0.1 | 0.1 | |||||||||
| Construction | 1.3 | 0.5 | 1.8 | |||||||||
| Residential: | ||||||||||||
| Residential mortgage | (0.2 | ) | 0.5 | 0.3 | ||||||||
| Home equity line | — | 0.6 | 0.6 | |||||||||
| Consumer | (0.3 | ) | 1.3 | 1.0 | ||||||||
| Lease financing | — | (0.3 | ) | (0.3 | ) | |||||||
| Total Loans and Leases | 0.5 | 2.9 | 3.4 | |||||||||
| Other Earning Assets | (0.1 | ) | 0.1 | — | ||||||||
| Total Change in Interest Income | 3.4 | 1.2 | 4.6 | |||||||||
| Change in Interest Expense: | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Savings | — | 0.2 | 0.2 | |||||||||
| Money Market | 1.0 | 0.3 | 1.3 | |||||||||
| Time | 0.6 | (0.2 | ) | 0.4 | ||||||||
| Total Interest-Bearing Deposits | 1.6 | 0.3 | 1.9 | |||||||||
| Other Short-Term Borrowings | (0.5 | ) | (0.1 | ) | (0.6 | ) | ||||||
| Other Interest-Bearing Liabilities | (0.2 | ) | 0.1 | (0.1 | ) | |||||||
| Total Change in Interest Expense | 0.9 | 0.3 | 1.2 | |||||||||
| Change in Net Interest Income | $ | 2.5 | $ | 0.9 | $ | 3.4 | ||||||
(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 September 30, 2024 | ||||||||||||
| Compared to September 30, 2023 | ||||||||||||
| (dollars in millions) | Volume | Rate | Total (1) | |||||||||
| Change in Interest Income: | ||||||||||||
| Interest-Bearing Deposits in Other Banks | $ | 5.6 | $ | 0.1 | $ | 5.7 | ||||||
| Available-for-Sale Investment Securities | ||||||||||||
| Taxable | (4.8 | ) | (0.8 | ) | (5.6 | ) | ||||||
| Held-to-Maturity Investment Securities | ||||||||||||
| Taxable | (1.0 | ) | (0.2 | ) | (1.2 | ) | ||||||
| Non-Taxable | — | (0.4 | ) | (0.4 | ) | |||||||
| Total Investment Securities | (5.8 | ) | (1.4 | ) | (7.2 | ) | ||||||
| Loans and Leases | ||||||||||||
| Commercial and industrial | 0.7 | 1.6 | 2.3 | |||||||||
| Commercial real estate | (1.8 | ) | 2.0 | 0.2 | ||||||||
| Construction | 3.2 | 1.6 | 4.8 | |||||||||
| Residential: | ||||||||||||
| Residential mortgage | (1.0 | ) | 1.3 | 0.3 | ||||||||
| Home equity line | — | 3.1 | 3.1 | |||||||||
| Consumer | (2.3 | ) | 2.7 | 0.4 | ||||||||
| Lease financing | 0.9 | (0.6 | ) | 0.3 | ||||||||
| Total Loans and Leases | (0.3 | ) | 11.7 | 11.4 | ||||||||
| Other Earning Assets | (0.7 | ) | 0.6 | (0.1 | ) | |||||||
| Total Change in Interest Income | (1.2 | ) | 11.0 | 9.8 | ||||||||
| Change in Interest Expense: | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Savings | (0.1 | ) | 4.5 | 4.4 | ||||||||
| Money Market | 1.8 | 5.4 | 7.2 | |||||||||
| Time | (0.3 | ) | 1.5 | 1.2 | ||||||||
| Total Interest-Bearing Deposits | 1.4 | 11.4 | 12.8 | |||||||||
| Other Short-Term Borrowings | 4.0 | (0.1 | ) | 3.9 | ||||||||
| Long-Term Borrowings | (2.6 | ) | (2.7 | ) | (5.3 | ) | ||||||
| Other Interest-Bearing Liabilities | (1.1 | ) | 0.3 | (0.8 | ) | |||||||
| Total Change in Interest Expense | 1.7 | 8.9 | 10.6 | |||||||||
| Change in Net Interest Income | $ | (2.9 | ) | $ | 2.1 | $ | (0.8 | ) | ||||
(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 | |||||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||
| Compared to September 30, 2023 | ||||||||||||
| (dollars in millions) | Volume | Rate | Total (1) | |||||||||
| Change in Interest Income: | ||||||||||||
| Interest-Bearing Deposits in Other Banks | $ | 15.8 | $ | 1.3 | $ | 17.1 | ||||||
| Available-for-Sale Investment Securities | ||||||||||||
| Taxable | (16.3 | ) | 3.0 | (13.3 | ) | |||||||
| Non-Taxable | (0.4 | ) | — | (0.4 | ) | |||||||
| Held-to-Maturity Investment Securities | ||||||||||||
| Taxable | (3.3 | ) | — | (3.3 | ) | |||||||
| Non-Taxable | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||
| Total Investment Securities | (20.1 | ) | 2.9 | (17.2 | ) | |||||||
| Loans Held for Sale | 0.1 | — | 0.1 | |||||||||
| Loans and Leases | ||||||||||||
| Commercial and industrial | (0.8 | ) | 9.8 | 9.0 | ||||||||
| Commercial real estate | 3.7 | 15.1 | 18.8 | |||||||||
| Construction | 6.1 | 4.7 | 10.8 | |||||||||
| Residential: | ||||||||||||
| Residential mortgage | (2.2 | ) | 7.1 | 4.9 | ||||||||
| Home equity line | 1.3 | 8.6 | 9.9 | |||||||||
| Consumer | (6.5 | ) | 7.7 | 1.2 | ||||||||
| Lease financing | 2.5 | (1.1 | ) | 1.4 | ||||||||
| Total Loans and Leases | 4.1 | 51.9 | 56.0 | |||||||||
| Other Earning Assets | (0.8 | ) | 2.0 | 1.2 | ||||||||
| Total Change in Interest Income | (0.9 | ) | 58.1 | 57.2 | ||||||||
| Change in Interest Expense: | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Savings | (1.1 | ) | 22.5 | 21.4 | ||||||||
| Money Market | 3.4 | 29.3 | 32.7 | |||||||||
| Time | 9.9 | 17.3 | 27.2 | |||||||||
| Total Interest-Bearing Deposits | 12.2 | 69.1 | 81.3 | |||||||||
| Federal Funds Purchased | (0.4 | ) | (0.4 | ) | (0.8 | ) | ||||||
| Other Short-Term Borrowings | 11.0 | (0.5 | ) | 10.5 | ||||||||
| Long-Term Borrowings | (6.3 | ) | (6.2 | ) | (12.5 | ) | ||||||
| Other Interest-Bearing Liabilities | (1.2 | ) | 0.4 | (0.8 | ) | |||||||
| Total Change in Interest Expense | 15.3 | 62.4 | 77.7 | |||||||||
| Change in Net Interest Income | $ | (16.2 | ) | $ | (4.3 | ) | $ | (20.5 | ) | |||
(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 | |||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2023 | ||||||||
| Commercial and industrial | $ | 2,110,077 | $ | 2,208,690 | $ | 2,165,349 | $ | 2,101,442 | ||||
| Commercial real estate | 4,265,289 | 4,305,017 | 4,340,243 | 4,387,751 | ||||||||
| Construction | 1,056,249 | 1,017,649 | 900,292 | 885,112 | ||||||||
| Residential: | ||||||||||||
| Residential mortgage | 4,187,060 | 4,216,416 | 4,283,315 | 4,303,924 | ||||||||
| Home equity line | 1,159,823 | 1,159,833 | 1,174,588 | 1,167,388 | ||||||||
| Total residential | 5,346,883 | 5,376,249 | 5,457,903 | 5,471,312 | ||||||||
| Consumer | 1,030,044 | 1,027,104 | 1,109,901 | 1,154,203 | ||||||||
| Lease financing | 432,828 | 425,190 | 379,809 | 332,515 | ||||||||
| Total loans and leases | $ | 14,241,370 | $ | 14,359,899 | $ | 14,353,497 | $ | 14,332,335 | ||||
| Deposits | Table 10 | |||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2023 | ||||||||
| Demand | $ | 6,800,028 | $ | 6,857,467 | $ | 7,583,562 | $ | 7,898,996 | ||||
| Savings | 5,896,029 | 6,055,051 | 6,445,084 | 6,028,308 | ||||||||
| Money Market | 4,129,381 | 4,111,609 | 3,847,853 | 3,923,054 | ||||||||
| Time | 3,402,264 | 3,294,705 | 3,456,158 | 3,661,131 | ||||||||
| Total Deposits | $ | 20,227,702 | $ | 20,318,832 | $ | 21,332,657 | $ | 21,511,489 | ||||
| Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More | Table 11 | |||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2023 | ||||||||
| Non-Performing Assets | ||||||||||||
| Non-Accrual Loans and Leases | ||||||||||||
| Commercial Loans: | ||||||||||||
| Commercial and industrial | $ | 934 | $ | 1,084 | $ | 970 | $ | 988 | ||||
| Commercial real estate | 152 | 3,085 | 2,953 | — | ||||||||
| Construction | — | 447 | — | — | ||||||||
| Total Commercial Loans | 1,086 | 4,616 | 3,923 | 988 | ||||||||
| Residential Loans: | ||||||||||||
| Residential mortgage | 9,103 | 7,273 | 7,620 | 7,435 | ||||||||
| Home equity line | 7,645 | 6,124 | 7,052 | 6,200 | ||||||||
| Total Residential Loans | 16,748 | 13,397 | 14,672 | 13,635 | ||||||||
| Total Non-Accrual Loans and Leases | 17,834 | 18,013 | 18,595 | 14,623 | ||||||||
| Total Non-Performing Assets | $ | 17,834 | $ | 18,013 | $ | 18,595 | $ | 14,623 | ||||
| Accruing Loans and Leases Past Due 90 Days or More | ||||||||||||
| Commercial Loans: | ||||||||||||
| Commercial and industrial | $ | 529 | $ | 110 | $ | 494 | $ | 289 | ||||
| Commercial real estate | 568 | — | 300 | 170 | ||||||||
| Total Commercial Loans | 1,097 | 110 | 794 | 459 | ||||||||
| Residential mortgage | 931 | 1,820 | — | 1,430 | ||||||||
| Consumer | 2,515 | 1,835 | 2,702 | 1,681 | ||||||||
| Total Accruing Loans and Leases Past Due 90 Days or More | $ | 4,543 | $ | 3,765 | $ | 3,496 | $ | 3,570 | ||||
| Total Loans and Leases | $ | 14,241,370 | $ | 14,359,899 | $ | 14,353,497 | $ | 14,332,335 | ||||
| Allowance for Credit Losses and Reserve for Unfunded Commitments | Table 12 | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Balance at Beginning of Period | $ | 193,930 | $ | 194,649 | $ | 184,780 | $ | 192,138 | $ | 177,735 | |||||||||||
| Loans and Leases Charged-Off | |||||||||||||||||||||
| Commercial Loans: | |||||||||||||||||||||
| Commercial and industrial | (1,178 | ) | (677 | ) | (784 | ) | (2,764 | ) | (2,572 | ) | |||||||||||
| Commercial real estate | (400 | ) | — | — | (400 | ) | — | ||||||||||||||
| Total Commercial Loans | (1,578 | ) | (677 | ) | (784 | ) | (3,164 | ) | (2,572 | ) | |||||||||||
| Residential Loans: | |||||||||||||||||||||
| Residential mortgage | — | — | — | — | (122 | ) | |||||||||||||||
| Home equity line | — | — | — | — | (272 | ) | |||||||||||||||
| Total Residential Loans | — | — | — | — | (394 | ) | |||||||||||||||
| Consumer | (4,192 | ) | (4,182 | ) | (3,665 | ) | (13,228 | ) | (12,963 | ) | |||||||||||
| Total Loans and Leases Charged-Off | (5,770 | ) | (4,859 | ) | (4,449 | ) | (16,392 | ) | (15,929 | ) | |||||||||||
| Recoveries on Loans and Leases Previously Charged-Off | |||||||||||||||||||||
| Commercial and industrial | 160 | 250 | 2,637 | 621 | 3,175 | ||||||||||||||||
| Residential Loans: | |||||||||||||||||||||
| Residential mortgage | 31 | 28 | 53 | 89 | 110 | ||||||||||||||||
| Home equity line | 86 | 112 | 303 | 242 | 539 | ||||||||||||||||
| Total Residential Loans | 117 | 140 | 356 | 331 | 649 | ||||||||||||||||
| Consumer | 1,560 | 1,950 | 1,746 | 5,199 | 5,640 | ||||||||||||||||
| Total Recoveries on Loans and Leases Previously Charged-Off | 1,837 | 2,340 | 4,739 | 6,151 | 9,464 | ||||||||||||||||
| Net Loans and Leases (Charged-Off) Recovered | (3,933 | ) | (2,519 | ) | 290 | (10,241 | ) | (6,465 | ) | ||||||||||||
| Provision for Credit Losses | 7,400 | 1,800 | 7,500 | 15,500 | 21,300 | ||||||||||||||||
| Balance at End of Period | $ | 197,397 | $ | 193,930 | $ | 192,570 | $ | 197,397 | $ | 192,570 | |||||||||||
| Components: | |||||||||||||||||||||
| Allowance for Credit Losses | $ | 163,700 | $ | 160,517 | $ | 154,795 | $ | 163,700 | $ | 154,795 | |||||||||||
| Reserve for Unfunded Commitments | 33,697 | 33,413 | 37,775 | 33,697 | 37,775 | ||||||||||||||||
| Total Allowance for Credit Losses and Reserve for Unfunded Commitments | $ | 197,397 | $ | 193,930 | $ | 192,570 | $ | 197,397 | $ | 192,570 | |||||||||||
| Average Loans and Leases Outstanding | $ | 14,304,806 | $ | 14,358,049 | $ | 14,349,402 | $ | 14,325,065 | $ | 14,238,309 | |||||||||||
| Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases Outstanding(1) | 0.11 | % | 0.07 | % | (0.01 | ) | % | 0.10 | % | 0.06 | % | ||||||||||
| Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding | 1.15 | % | 1.12 | % | 1.08 | % | 1.15 | % | 1.08 | % | |||||||||||
| Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases | 9.18x | 8.91x | 10.59x | 9.18x | 10.59x | ||||||||||||||||
(1) Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 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 | $ | 100,174 | $ | 82,175 | $ | 191,861 | $ | 256,997 | $ | 20,866 | $ | 266,720 | $ | 1,026,457 | $ | 13,396 | $ | 1,958,646 | |||||||||
| Special Mention | 303 | 1 | 7,327 | 48 | 398 | 1,371 | 18,239 | — | 27,687 | ||||||||||||||||||
| Substandard | — | — | 8,251 | 219 | 358 | 2,033 | 32,296 | — | 43,157 | ||||||||||||||||||
| Other (1) | 10,797 | 10,542 | 7,779 | 3,074 | 1,052 | 1,723 | 45,620 | — | 80,587 | ||||||||||||||||||
| Total Commercial and Industrial | 111,274 | 92,718 | 215,218 | 260,338 | 22,674 | 271,847 | 1,122,612 | 13,396 | 2,110,077 | ||||||||||||||||||
| Current period gross charge-offs | — | 578 | 333 | 89 | 221 | 1,543 | — | — | 2,764 | ||||||||||||||||||
| Commercial Real Estate | |||||||||||||||||||||||||||
| Risk rating: | |||||||||||||||||||||||||||
| Pass | 118,884 | 347,480 | 810,746 | 649,133 | 325,887 | 1,774,529 | 87,188 | 7,760 | 4,121,607 | ||||||||||||||||||
| Special Mention | 3,587 | 2,261 | 7,537 | 41,384 | 3,306 | 11,973 | 7,815 | — | 77,863 | ||||||||||||||||||
| Substandard | — | — | 54,984 | 1,003 | — | 9,548 | 149 | — | 65,684 | ||||||||||||||||||
| Other (1) | — | — | — | — | — | 135 | — | — | 135 | ||||||||||||||||||
| Total Commercial Real Estate | 122,471 | 349,741 | 873,267 | 691,520 | 329,193 | 1,796,185 | 95,152 | 7,760 | 4,265,289 | ||||||||||||||||||
| Current period gross charge-offs | — | — | — | — | — | 400 | — | — | 400 | ||||||||||||||||||
| Construction | |||||||||||||||||||||||||||
| Risk rating: | |||||||||||||||||||||||||||
| Pass | 61,677 | 246,176 | 361,974 | 241,212 | 58,820 | 46,344 | 4,484 | — | 1,020,687 | ||||||||||||||||||
| Special Mention | — | — | — | — | — | 164 | — | — | 164 | ||||||||||||||||||
| Other (1) | 4,970 | 9,468 | 12,022 | 3,575 | 1,199 | 3,463 | 701 | — | 35,398 | ||||||||||||||||||
| Total Construction | 66,647 | 255,644 | 373,996 | 244,787 | 60,019 | 49,971 | 5,185 | — | 1,056,249 | ||||||||||||||||||
| Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Lease Financing | |||||||||||||||||||||||||||
| Risk rating: | |||||||||||||||||||||||||||
| Pass | 126,380 | 105,523 | 66,764 | 15,483 | 23,133 | 89,254 | — | — | 426,537 | ||||||||||||||||||
| Special Mention | — | 42 | 100 | 300 | 5 | — | — | — | 447 | ||||||||||||||||||
| Substandard | 4,899 | 602 | 343 | — | — | — | — | — | 5,844 | ||||||||||||||||||
| Total Lease Financing | 131,279 | 106,167 | 67,207 | 15,783 | 23,138 | 89,254 | — | — | 432,828 | ||||||||||||||||||
| Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total Commercial Lending | $ | 431,671 | $ | 804,270 | $ | 1,529,688 | $ | 1,212,428 | $ | 435,024 | $ | 2,207,257 | $ | 1,222,949 | $ | 21,156 | $ | 7,864,443 | |||||||||
| Current period gross charge-offs | $ | — | $ | 578 | $ | 333 | $ | 89 | $ | 221 | $ | 1,943 | $ | — | $ | — | $ | 3,164 | |||||||||
| 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 | $ | 113,307 | $ | 206,224 | $ | 504,141 | $ | 956,983 | $ | 503,160 | $ | 1,129,857 | $ | — | $ | — | $ | 3,413,672 | |||||||||
| 680 - 739 | 11,614 | 28,638 | 65,128 | 109,018 | 66,719 | 157,263 | — | — | 438,380 | ||||||||||||||||||
| 620 - 679 | 1,519 | 1,792 | 22,921 | 19,854 | 11,651 | 37,979 | — | — | 95,716 | ||||||||||||||||||
| 550 - 619 | — | 896 | 3,703 | 6,707 | 2,269 | 15,751 | — | — | 29,326 | ||||||||||||||||||
| Less than 550 | — | 286 | 2,380 | 3,818 | 2,959 | 5,569 | — | — | 15,012 | ||||||||||||||||||
| No Score (3) | 543 | 7,117 | 16,923 | 10,512 | 5,553 | 52,526 | — | — | 93,174 | ||||||||||||||||||
| Other (2) | 8,148 | 12,786 | 16,721 | 14,776 | 11,222 | 30,022 | 8,105 | — | 101,780 | ||||||||||||||||||
| Total Residential Mortgage | 135,131 | 257,739 | 631,917 | 1,121,668 | 603,533 | 1,428,967 | 8,105 | — | 4,187,060 | ||||||||||||||||||
| Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Home Equity Line | |||||||||||||||||||||||||||
| FICO: | |||||||||||||||||||||||||||
| 740 and greater | — | — | — | — | — | — | 930,909 | 1,730 | 932,639 | ||||||||||||||||||
| 680 - 739 | — | — | — | — | — | — | 167,097 | 1,137 | 168,234 | ||||||||||||||||||
| 620 - 679 | — | — | — | — | — | — | 36,540 | 985 | 37,525 | ||||||||||||||||||
| 550 - 619 | — | — | — | — | — | — | 14,514 | 581 | 15,095 | ||||||||||||||||||
| Less than 550 | — | — | — | — | — | — | 4,477 | 571 | 5,048 | ||||||||||||||||||
| No Score (3) | — | — | — | — | — | — | 1,282 | — | 1,282 | ||||||||||||||||||
| Total Home Equity Line | — | — | — | — | — | — | 1,154,819 | 5,004 | 1,159,823 | ||||||||||||||||||
| Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total Residential Lending | $ | 135,131 | $ | 257,739 | $ | 631,917 | $ | 1,121,668 | $ | 603,533 | $ | 1,428,967 | $ | 1,162,924 | $ | 5,004 | $ | 5,346,883 | |||||||||
| Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Consumer Lending | |||||||||||||||||||||||||||
| FICO: | |||||||||||||||||||||||||||
| 740 and greater | 71,777 | 71,423 | 94,710 | 51,952 | 18,512 | 10,435 | 121,278 | 128 | 440,215 | ||||||||||||||||||
| 680 - 739 | 51,651 | 51,667 | 49,864 | 23,959 | 9,995 | 7,497 | 77,278 | 525 | 272,436 | ||||||||||||||||||
| 620 - 679 | 21,223 | 20,604 | 21,700 | 12,515 | 5,155 | 5,577 | 35,665 | 851 | 123,290 | ||||||||||||||||||
| 550 - 619 | 4,116 | 7,348 | 9,802 | 5,983 | 2,862 | 3,862 | 12,674 | 825 | 47,472 | ||||||||||||||||||
| Less than 550 | 1,071 | 3,266 | 6,247 | 3,999 | 1,783 | 2,492 | 4,836 | 525 | 24,219 | ||||||||||||||||||
| No Score (3) | 2,291 | 117 | 47 | — | 7 | 8 | 42,658 | 205 | 45,333 | ||||||||||||||||||
| Other (2) | — | — | 296 | 911 | 101 | 981 | 74,790 | — | 77,079 | ||||||||||||||||||
| Total Consumer Lending | $ | 152,129 | $ | 154,425 | $ | 182,666 | $ | 99,319 | $ | 38,415 | $ | 30,852 | $ | 369,179 | $ | 3,059 | $ | 1,030,044 | |||||||||
| Current period gross charge-offs | $ | 385 | $ | 1,403 | $ | 2,107 | $ | 1,085 | $ | 518 | $ | 2,234 | $ | 4,952 | $ | 544 | $ | 13,228 | |||||||||
| Total Loans and Leases | $ | 718,931 | $ | 1,216,434 | $ | 2,344,271 | $ | 2,433,415 | $ | 1,076,972 | $ | 3,667,076 | $ | 2,755,052 | $ | 29,219 | $ | 14,241,370 | |||||||||
| Current period gross charge-offs | $ | 385 | $ | 1,981 | $ | 2,440 | $ | 1,174 | $ | 739 | $ | 4,177 | $ | 4,952 | $ | 544 | $ | 16,392 | |||||||||
(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. As of September 30, 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 September 30, 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 Nine Months Ended | |||||||||||||||
| September 30, | June 30, | September 30, | September 30, | |||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income Statement Data: | ||||||||||||||||
| Net income | $ | 61,492 | $ | 61,921 | $ | 58,221 | $ | 177,633 | $ | 187,481 | ||||||
| Average total stockholders' equity | $ | 2,588,806 | $ | 2,512,471 | $ | 2,367,422 | $ | 2,532,911 | $ | 2,337,292 | ||||||
| Less: average goodwill | 995,492 | 995,492 | 995,492 | 995,492 | 995,492 | |||||||||||
| Average tangible stockholders' equity | $ | 1,593,314 | $ | 1,516,979 | $ | 1,371,930 | $ | 1,537,419 | $ | 1,341,800 | ||||||
| Average total assets | $ | 24,046,696 | $ | 23,958,913 | $ | 24,727,893 | $ | 24,064,208 | $ | 24,699,826 | ||||||
| Less: average goodwill | 995,492 | 995,492 | 995,492 | 995,492 | 995,492 | |||||||||||
| Average tangible assets | $ | 23,051,204 | $ | 22,963,421 | $ | 23,732,401 | $ | 23,068,716 | $ | 23,704,334 | ||||||
| Return on average total stockholders' equity(1) | 9.45 | % | 9.91 | % | 9.76 | % | 9.37 | % | 10.72 | % | ||||||
| Return on average tangible stockholders' equity (non-GAAP)(1) | 15.35 | % | 16.42 | % | 16.84 | % | 15.43 | % | 18.68 | % | ||||||
| Return on average total assets(1) | 1.02 | % | 1.04 | % | 0.93 | % | 0.99 | % | 1.01 | % | ||||||
| Return on average tangible assets (non-GAAP)(1) | 1.06 | % | 1.08 | % | 0.97 | % | 1.03 | % | 1.06 | % | ||||||
| As of | As of | As of | As of | ||||||||||
| September 30, | June 30, | December 31, | September 30, | ||||||||||
| (dollars in thousands, except per share amounts) | 2024 | 2024 | 2023 | 2023 | |||||||||
| Balance Sheet Data: | |||||||||||||
| Total stockholders' equity | $ | 2,648,034 | $ | 2,550,312 | $ | 2,486,066 | $ | 2,351,009 | |||||
| Less: goodwill | 995,492 | 995,492 | 995,492 | 995,492 | |||||||||
| Tangible stockholders' equity | $ | 1,652,542 | $ | 1,554,820 | $ | 1,490,574 | $ | 1,355,517 | |||||
| Total assets | $ | 23,780,285 | $ | 23,991,791 | $ | 24,926,474 | $ | 24,912,524 | |||||
| Less: goodwill | 995,492 | 995,492 | 995,492 | 995,492 | |||||||||
| Tangible assets | $ | 22,784,793 | $ | 22,996,299 | $ | 23,930,982 | $ | 23,917,032 | |||||
| Shares outstanding | 127,886,167 | 127,879,012 | 127,618,761 | 127,609,934 | |||||||||
| Total stockholders' equity to total assets | 11.14 | % | 10.63 | % | 9.97 | % | 9.44 | % | |||||
| Tangible stockholders' equity to tangible assets (non-GAAP) | 7.25 | % | 6.76 | % | 6.23 | % | 5.67 | % | |||||
| Book value per share | $ | 20.71 | $ | 19.94 | $ | 19.48 | $ | 18.42 | |||||
| Tangible book value per share (non-GAAP) | $ | 12.92 | $ | 12.16 | $ | 11.68 | $ | 10.62 | |||||
(1) Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.
FAQ
What was First Hawaiian's (FHB) earnings per share in Q3 2024?
What dividend did First Hawaiian (FHB) declare for Q3 2024?
What was First Hawaiian's (FHB) net interest margin in Q3 2024?
How much was First Hawaiian's (FHB) provision for credit losses in Q3 2024?
