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

Freitag, 21. Januar 2022 14:00

HONOLULU, Jan. 21, 2022 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2021.

“We are pleased to report that we closed 2021 with a solid fourth quarter,” said Bob Harrison, Chairman, President and CEO. “We saw strong loan growth, continued to grow consumer and commercial deposits while reducing excess liquidity, and credit quality remained excellent.”

On January 19, 2022 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 4, 2022 to stockholders of record at the close of business on February 18, 2022.

Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $75 million of its outstanding common stock during 2022.

Fourth Quarter 2021 Highlights:

  • Net income of $57.0 million, or $0.44 per diluted share
  • Total loans and leases increased $127.7 million versus prior quarter
  • Total deposits decreased $303.9 million versus prior quarter, reduced public deposits by $978.4 million
  • Incurred a $9.0 million charge in connection with the prepayment of $200.0 million of Federal Home Loan Bank advances at a weighted average rate of 2.73%
  • No provision for credit losses was taken in the quarter
  • Board of Directors declared a quarterly dividend of $0.26 per share
  • Repurchased $21.5 million of stock under share repurchase program

Balance Sheet

Total assets were $25.0 billion as of December 31, 2021, compared to $25.5 billion as of September 30, 2021.

Gross loans and leases were $13.0 billion as of December 31, 2021, an increase of $127.7 million, or 1.0%, from $12.8 billion as of September 30, 2021.

Total deposits were $21.8 billion as of December 31, 2021, a decrease of $303.9 million, or 1.4%, from $22.1 billion as of September 30, 2021.

Net Interest Income

Net interest income for the fourth quarter of 2021 was $137.3 million, an increase of $4.7 million, or 3.6%, compared to $132.6 million for the prior quarter.

The net interest margin (NIM) was 2.38% in the fourth quarter of 2021, an increase of 2 basis points compared to 2.36% in the third quarter of 2021.

Provision Expense

During the quarter ended December 31, 2021, we did not record a provision for credit losses. In the quarter ended September 30, 2021 we recorded a $4.0 million negative provision for credit losses.

Noninterest Income

Noninterest income was $41.6 million in the fourth quarter of 2021, a decrease of $8.5 million compared to noninterest income of $50.1 million in the third quarter of 2021.

Noninterest Expense

Noninterest expense was $108.7 million in the fourth quarter of 2021, an increase of $7.7 million compared to noninterest expense of $101.0 million in the third quarter of 2021.

The efficiency ratio was 60.5% and 55.1% for the quarters ended December 31, 2021 and September 30, 2021, respectively.

Taxes

The effective tax rate was 18.7% for the quarter ended December 31, 2021 and 25.0% for the quarter ended September 30, 2021.

Asset Quality

The allowance for credit losses was $157.3 million, or 1.21% of total loans and leases, as of December 31, 2021, compared to $161.2 million, or 1.26% of total loans and leases, as of September 30, 2021. The reserve for unfunded commitments was $30.3 million as of December 31, 2021 compared to $32.5 million as of September 30, 2021. Net charge-offs were $6.2 million, or 0.19% of average loans and leases on an annualized basis, for the quarter ended December 31, 2021, compared to net charge-offs of $0.6 million, or 0.02% of average loans and leases on an annualized basis, for the quarter ended September 30, 2021. Total non-performing assets were $7.3 million, or 0.06% of total loans and leases and other real estate owned, at December 31, 2021, compared to total non-performing assets of $8.6 million, or 0.07% of total loans and leases and other real estate owned at September 30, 2021.

Capital

Total stockholders’ equity was $2.7 billion at both December 31, 2021 and September 30, 2021.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.24%, 12.24% and 13.49%, respectively, at December 31, 2021, compared with 7.39%, 12.63% and 13.88%, respectively, at September 30, 2021.

The Company repurchased 0.77 million shares of common stock at a total cost of $21.5 million under the stock repurchase program in the fourth quarter. The average cost was $27.92 per share repurchased. Total repurchases in 2021 were $75.0 million.

As to the stock repurchase program approved for 2022, 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, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 8790379. A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on January 28, 2022. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 8790379.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021.

Use of Non-GAAP Financial Measures

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

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

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

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

Investor Relations Contact:
Kevin Haseyama, CFA
(808) 525-6268
khaseyama@fhb.com
Media Contact:
Susan Kam
(808) 525-6254
skam@fhb.com


                 
Financial Highlights             Table 1
  For the Three Months Ended For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  
(dollars in thousands, except per share data) 2021 2021  2020 2021
 2020 
Operating Results:                
Net interest income $ 137,327 $132,593  $135,227 $ 530,559  $535,734 
Provision for credit losses    (4,000)  20,000   (39,000)  121,718 
Noninterest income   41,573  50,104   53,598   184,916   197,380 
Noninterest expense   108,749  101,036   88,127   405,479   367,672 
Net income   57,022  64,279   61,739   265,735   185,754 
Basic earnings per share   0.45  0.50   0.48   2.06   1.43 
Diluted earnings per share   0.44  0.50   0.47   2.05   1.43 
Dividends declared per share   0.26  0.26   0.26   1.04   1.04 
Dividend payout ratio   59.09% 52.00%  55.32%  50.73%  72.73%
Supplemental Income Statement Data (non-GAAP):                
Core net interest income $ 137,327 $132,593  $135,227 $ 530,559  $535,734 
Core noninterest income   47,587  50,104   58,438   190,828   202,322 
Core noninterest expense   99,775  98,936   88,127   393,245   367,672 
Core net income   68,013  65,819   65,288   279,229   189,378 
Core basic earnings per share   0.53  0.51   0.50   2.17   1.46 
Core diluted earnings per share   0.53  0.51   0.50   2.16   1.45 
Performance Ratios(1):                
Net interest margin   2.38%   2.36%  2.71%  2.43%   2.77%
Core net interest margin (non-GAAP)   2.38%   2.36%  2.71%  2.43%   2.77%
Efficiency ratio   60.50%   55.07%  46.59%  56.45%   50.10%
Core efficiency ratio (non-GAAP)   53.71%   53.92%  45.43%  54.30%   49.77%
Return on average total assets   0.88%   1.02%  1.09%  1.09%   0.85%
Core return on average total assets (non-GAAP)   1.05%   1.04%  1.16%  1.14%   0.87%
Return on average tangible assets (non-GAAP)   0.92%   1.06%  1.14%  1.13%   0.89%
Core return on average tangible assets (non-GAAP)(2)   1.09%   1.09%  1.21%  1.19%   0.91%
Return on average total stockholders’ equity   8.46%   9.31%  8.99%  9.81%   6.88%
Core return on average total stockholders’ equity (non-GAAP)   10.09%   9.54%  9.51%  10.31%   7.02%
Return on average tangible stockholders’ equity (non-GAAP)   13.47%   14.63%  14.14%  15.51%   10.91%
Core return on average tangible stockholders’ equity (non-GAAP)(3)   16.06 14.98%  14.95%  16.30%   11.12%
Average Balances:                
Average loans and leases $ 12,814,316 $12,881,885  $13,366,980 $ 13,034,295  $13,518,308 
Average earning assets   23,100,445  22,533,174   19,977,933   21,921,149   19,376,343 
Average assets   25,650,505  25,058,085   22,468,040   24,426,258   21,869,064 
Average deposits   22,246,577  21,621,836   19,020,800   21,011,587   18,252,998 
Average stockholders’ equity   2,675,513  2,738,540   2,732,271   2,708,370   2,698,853 
Market Value Per Share:                
Closing   27.33  29.35   23.58   27.33   23.58 
High   30.14  30.06   23.90   30.80   31.25 
Low   25.17  25.75   14.16   23.14   13.56 


            
   As of As of As of 
   December 31,  September 30,  December 31,  
(dollars in thousands, except per share data)  2021 2021 2020 
Balance Sheet Data:           
Loans and leases  $ 12,961,999 $12,834,339 $13,279,097 
Total assets    24,992,410  25,548,322  22,662,831 
Total deposits    21,816,146  22,120,003  19,227,723 
Long-term borrowings     200,000  200,010 
Total stockholders’ equity    2,656,912  2,711,734  2,744,104 
            
Per Share of Common Stock:           
Book value  $ 20.84 $21.14 $21.12 
Tangible book value (non-GAAP)(4)    13.03  13.38  13.46 
            
Asset Quality Ratios:           
Non-accrual loans and leases / total loans and leases    0.05%   0.07% 0.07%
Allowance for credit losses for loans and leases / total loans and leases    1.21%   1.26% 1.57%
            
Capital Ratios:           
Common Equity Tier 1 Capital Ratio     12.24%   12.63% 12.47%
Tier 1 Capital Ratio    12.24%   12.63% 12.47%
Total Capital Ratio    13.49%   13.88% 13.73%
Tier 1 Leverage Ratio    7.24%   7.39% 8.00%
Total stockholders’ equity to total assets    10.63%   10.61% 12.11%
Tangible stockholders’ equity to tangible assets (non-GAAP)    6.92%   6.99% 8.07%
            
Non-Financial Data:           
Number of branches    54  54  54 
Number of ATMs    299  298  297 
Number of Full-Time Equivalent Employees    2,036  2,025  2,103 



(1)   Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020.

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

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

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


                
Consolidated Statements of Income Table 2
  For the Three Months Ended For the Year Ended
  December 31,  September 30,  December 31,  December 31, 
(dollars in thousands, except per share amounts) 2021
 2021
 2020
 2021 2020
Interest income               
Loans and lease financing $ 111,865  $110,765  $118,314  $ 444,488  $496,523 
Available-for-sale securities   28,393   25,234   22,752    101,410   81,808 
Other   1,051   1,205   615    3,413   4,428 
Total interest income   141,309   137,204   141,681    549,311   582,759 
Interest expense               
Deposits   3,216   3,218   5,061    13,853   35,471 
Short-term and long-term borrowings   766   1,393   1,393    4,899   11,554 
Total interest expense   3,982   4,611   6,454    18,752   47,025 
Net interest income   137,327   132,593   135,227    530,559   535,734 
Provision for credit losses     (4,000)  20,000    (39,000)  121,718 
Net interest income after provision for credit losses   137,327   136,593   115,227    569,559   414,016 
Noninterest income               
Service charges on deposit accounts   7,171   6,989   6,769    27,510   28,169 
Credit and debit card fees   16,266   16,017   15,583    63,580   55,451 
Other service charges and fees   9,196   10,233   8,404    38,578   33,876 
Trust and investment services income   8,895   8,625   8,733    34,719   35,652 
Bank-owned life insurance   2,851   4,841   4,159    13,185   15,754 
Investment securities (losses) gains, net        (12)   102   (114)
Other   (2,806)  3,399   9,962    7,242   28,592 
Total noninterest income   41,573   50,104   53,598    184,916   197,380 
Noninterest expense               
Salaries and employee benefits   45,982   46,484   42,687    182,384   174,221 
Contracted services and professional fees   14,603   15,042   13,940    63,349   60,546 
Occupancy   8,074   6,790   7,355    29,348   28,821 
Equipment   6,317   6,549   5,225    24,719   20,277 
Regulatory assessment and fees   2,557   1,828   2,168    8,245   8,659 
Advertising and marketing   1,579   1,469   1,096    6,108   5,695 
Card rewards program   7,471   6,676   4,890    25,244   22,114 
Other   22,166   16,198   10,766    66,082   47,339 
Total noninterest expense   108,749   101,036   88,127    405,479   367,672 
Income before provision for income taxes   70,151   85,661   80,698    348,996   243,724 
Provision for income taxes   13,129   21,382   18,959    83,261   57,970 
Net income $ 57,022  $64,279  $61,739  $ 265,735  $185,754 
Basic earnings per share $ 0.45  $0.50  $0.48  $ 2.06  $1.43 
Diluted earnings per share $ 0.44  $0.50  $0.47  $ 2.05  $1.43 
Basic weighted-average outstanding shares   127,893,011   128,660,038   129,912,104    128,963,131   129,890,225 
Diluted weighted-average outstanding shares   128,512,257   129,210,448   130,314,381    129,537,922   130,220,077 


           
Consolidated Balance Sheets  Table 3
   December 31,  September 30,  December 31, 
(dollars in thousands)  2021
 2021
 2020
Assets          
Cash and due from banks  $ 246,716  $268,467  $303,373 
Interest-bearing deposits in other banks    1,011,753   2,130,615   737,571 
Investment securities, at fair value (amortized cost: $8,560,733 as of
December 31, 2021, $7,994,266 as of September 30, 2021 and
$5,985,031 as of December 31, 2020)
    8,428,032   7,953,727   6,071,415 
Loans held for sale    538   2,052   11,579 
Loans and leases    12,961,999   12,834,339   13,279,097 
Less: allowance for credit losses    157,262   161,246   208,454 
Net loans and leases    12,804,737   12,673,093   13,070,643 
           
Premises and equipment, net    318,448   317,272   322,401 
Other real estate owned and repossessed personal property    175       
Accrued interest receivable    63,158   64,855   69,626 
Bank-owned life insurance    471,819   468,968   466,537 
Goodwill    995,492   995,492   995,492 
Mortgage servicing rights    8,302   9,107   10,731 
Other assets    643,240   664,674   603,463 
Total assets  $ 24,992,410  $25,548,322  $22,662,831 
Liabilities and Stockholders’ Equity          
Deposits:          
Interest-bearing  $ 12,422,283  $13,246,579  $11,705,609 
Noninterest-bearing    9,393,863   8,873,424   7,522,114 
Total deposits    21,816,146   22,120,003   19,227,723 
Long-term borrowings      200,000   200,010 
Retirement benefits payable    134,491   144,400   143,373 
Other liabilities    384,861   372,185   347,621 
Total liabilities    22,335,498   22,836,588   19,918,727 
           
Stockholders’ equity          
Common stock ($0.01 par value; authorized 300,000,000 shares;
issued/outstanding: 140,581,715 / 127,502,472 shares as of
December 31, 2021, issued/outstanding: 140,563,799 / 128,255,570
shares as of September 30, 2021 and issued/outstanding:
140,191,133 / 129,912,272 shares as of December 31, 2020)
    1,406   1,406   1,402 
Additional paid-in capital    2,527,663   2,524,168   2,514,014 
Retained earnings    604,534   581,094   473,974 
Accumulated other comprehensive (loss) income, net    (121,693)  (61,463)  31,604 
Treasury stock (13,079,243 shares as of December 31, 2021,
12,308,229 shares as of September 30, 2021 and 10,278,861 shares
as of December 31, 2020)
    (354,998)  (333,471)  (276,890)
Total stockholders’ equity    2,656,912   2,711,734   2,744,104 
Total liabilities and stockholders’ equity  $ 24,992,410  $25,548,322  $22,662,831 


                          
Average Balances and Interest Rates                       Table 4
  Three Months Ended  Three Months Ended  Three Months Ended  
  December 31, 2021 September 30, 2021 December 31, 2020 
  Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense Rate 
Earning Assets                         
Interest-Bearing Deposits in Other Banks $ 2,074.5 $ 0.8  0.15%  $2,356.4 $0.9 0.16%$688.1 $0.2 0.10%
Available-for-Sale Investment Securities                         
Taxable   7,515.2   25.8  1.37  6,654.6  22.9 1.37  5,632.9  22.0 1.56 
Non-Taxable   615.3   3.3  2.14  561.1  2.9 2.11  220.0  0.9 1.74 
Total Available-for-Sale Investment Securities   8,130.5   29.1  1.43  7,215.7  25.8 1.43  5,852.9  22.9 1.57 
Loans Held for Sale   1.0    1.35  2.2   2.39  16.2  0.1 2.00 
Loans and Leases(1)                         
Commercial and industrial   2,084.0   21.1  4.01  2,367.2  19.7 3.29  3,077.6  22.6 2.93 
Commercial real estate   3,572.9   26.0  2.89  3,447.0  25.4 2.92  3,407.2  26.2 3.06 
Construction   806.6   6.3  3.09  862.4  7.0 3.24  703.1  5.6 3.14 
Residential:                         
Residential mortgage   4,014.9   34.9  3.48  3,866.1  34.6 3.58  3,679.6  37.1 4.03 
Home equity line   864.4   5.5  2.52  837.7  5.5 2.62  856.8  6.1 2.81 
Consumer   1,241.3   16.3  5.22  1,260.2  16.8 5.28  1,394.5  19.0 5.43 
Lease financing   230.2   1.9  3.27  241.3  2.0 3.23  248.2  1.8 2.89 
Total Loans and Leases   12,814.3   112.0  3.48  12,881.9  111.0 3.43  13,367.0  118.4 3.53 
Other Earning Assets   80.1   0.3  1.27  77.0  0.3 1.34  53.7  0.4 3.26 
Total Earning Assets(2)   23,100.4   142.2  2.45  22,533.2  138.0 2.44  19,977.9  142.0 2.83 
Cash and Due from Banks   282.2       290.5       289.2      
Other Assets   2,267.9       2,234.4       2,200.9      
Total Assets $ 25,650.5      $25,058.1      $22,468.0      
                          
Interest-Bearing Liabilities                         
Interest-Bearing Deposits                         
Savings $ 7,086.0 $ 0.8  0.04%  $6,886.0 $0.6 0.03% 5,786.4 $0.5 0.03%
Money Market   4,048.3   0.5  0.05  3,957.1  0.5 0.05  3,440.9  0.4 0.05 
Time   1,819.0   1.9  0.42  1,884.4  2.1 0.45  2,461.3  4.2 0.67 
Total Interest-Bearing Deposits   12,953.3   3.2  0.10  12,727.5  3.2 0.10  11,688.6  5.1 0.17 
Long-Term Borrowings   110.9   0.8  2.74  200.0  1.4 2.76  200.0  1.4 2.77 
Total Interest-Bearing Liabilities   13,064.2   4.0  0.12  12,927.5  4.6 0.14  11,888.6  6.5 0.22 
Net Interest Income    $ 138.2      $133.4      $135.5   
Interest Rate Spread        2.33%        2.30%      2.61%
Net Interest Margin        2.38%        2.36%      2.71%
Noninterest-Bearing Demand Deposits   9,293.3       8,894.3       7,332.2      
Other Liabilities   617.5       497.7       514.9      
Stockholders’ Equity   2,675.5       2,738.6       2,732.3      
Total Liabilities and Stockholders’ Equity $ 25,650.5      $25,058.1      $22,468.0      



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

(2)   Interest income includes taxable-equivalent basis adjustments of $0.9 million, $0.8 million and $0.3 million for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively.


                  
Average Balances and Interest Rates               Table 5
  Year Ended  Year Ended  
  December 31, 2021 December 31, 2020 
  Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions) Balance Expense Rate Balance Expense Rate 
Earning Assets                 
Interest-Bearing Deposits in Other Banks $ 1,723.0 $ 2.3  0.14%  $882.1 $2.4 0.27%
Available-for-Sale Investment Securities                 
Taxable   6,608.9   93.3  1.41  4,844.5  80.9 1.67 
Non-Taxable   481.9   10.2  2.12  62.0  1.1 1.77 
Total Available-for-Sale Investment Securities   7,090.8   103.5  1.46  4,906.5  82.0 1.67 
Loans Held for Sale   3.6   0.1  2.24  13.0  0.3 2.21 
Loans and Leases(1)                 
Commercial and industrial   2,586.8   82.2  3.18  3,168.7  93.2 2.94 
Commercial real estate   3,456.7   101.6  2.94  3,419.1  116.9 3.42 
Construction   804.5   25.4  3.16  615.7  21.3 3.46 
Residential:                 
Residential mortgage   3,836.6   138.3  3.60  3,698.7  148.4 4.01 
Home equity line   834.3   22.2  2.66  875.1  27.1 3.10 
Consumer   1,275.5   67.8  5.31  1,501.6  82.9 5.52 
Lease financing   239.9   7.6  3.14  239.4  6.9 2.90 
Total Loans and Leases   13,034.3   445.1  3.42  13,518.3  496.7 3.67 
Other Earning Assets   69.4   1.1  1.54  56.4  2.0 3.66 
Total Earning Assets(2)   21,921.1   552.1  2.52  19,376.3  583.4 3.01 
Cash and Due from Banks   289.3       304.9      
Other Assets   2,215.9       2,187.9      
Total Assets $ 24,426.3      $21,869.1      
                  
Interest-Bearing Liabilities                 
Interest-Bearing Deposits                 
Savings $ 6,581.1 $ 2.5  0.04%  $5,538.1 $5.2 0.09%
Money Market   3,831.4   2.1  0.05  3,266.6  6.6 0.20 
Time   2,005.0   9.3  0.47  2,839.8  23.7 0.83 
Total Interest-Bearing Deposits   12,417.5   13.9  0.11  11,644.5  35.5 0.30 
Federal Funds Purchased       1.4   0.43 
Short-Term Borrowings       208.2  6.0 2.88 
Long-Term Borrowings   177.5   4.9  2.76  200.0  5.5 2.77 
Total Interest-Bearing Liabilities   12,595.0   18.8  0.15  12,054.1  47.0 0.39 
Net Interest Income    $ 533.3      $536.4   
Interest Rate Spread        2.37%        2.62%
Net Interest Margin        2.43%        2.77%
Noninterest-Bearing Demand Deposits   8,594.1       6,608.5      
Other Liabilities   528.8       507.6      
Stockholders’ Equity   2,708.4       2,698.9      
Total Liabilities and Stockholders’ Equity $ 24,426.3      $21,869.1      



(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 $2.8 million and $0.7 million for the years ended December 31, 2021 and 2020, respectively.


          
Analysis of Change in Net Interest Income        Table 6
  Three Months Ended December 31, 2021
  Compared to September 30, 2021
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ (0.1) $  $ (0.1)
Available-for-Sale Investment Securities         
Taxable   2.9       2.9 
Non-Taxable   0.3    0.1    0.4 
Total Available-for-Sale Investment Securities   3.2    0.1    3.3 
Loans and Leases         
Commercial and industrial   (2.5)   3.9    1.4 
Commercial real estate   0.9    (0.3)   0.6 
Construction   (0.4)   (0.3)   (0.7)
Residential:         
Residential mortgage   1.3    (1.0)   0.3 
Home equity line   0.2    (0.2)   
Consumer   (0.3)   (0.2)   (0.5)
Lease financing   (0.1)      (0.1)
Total Loans and Leases   (0.9)   1.9    1.0 
Total Change in Interest Income   2.2    2.0    4.2 
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings      0.2    0.2 
Time   (0.1)   (0.1)   (0.2)
Total Interest-Bearing Deposits   (0.1)   0.1    
Long-Term Borrowings   (0.6)      (0.6)
Total Change in Interest Expense   (0.7)   0.1    (0.6)
Change in Net Interest Income $ 2.9  $ 1.9  $ 4.8 


          
Analysis of Change in Net Interest Income        Table 7
  Three Months Ended December 31, 2021
  Compared to December 31, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 0.5  $ 0.1  $ 0.6 
Available-for-Sale Investment Securities         
Taxable   6.7    (2.9)   3.8 
Non-Taxable   2.1    0.3    2.4 
Total Available-for-Sale Investment Securities   8.8    (2.6)   6.2 
Loans Held for Sale   (0.1)      (0.1)
Loans and Leases         
Commercial and industrial   (8.5)   7.0    (1.5)
Commercial real estate   1.3    (1.5)   (0.2)
Construction   0.8    (0.1)   0.7 
Residential:         
Residential mortgage   3.2    (5.4)   (2.2)
Home equity line      (0.6)   (0.6)
Consumer   (2.0)   (0.7)   (2.7)
Lease financing   (0.1)   0.2    0.1 
Total Loans and Leases   (5.3)   (1.1)   (6.4)
Other Earning Assets   0.2    (0.3)   (0.1)
Total Change in Interest Income   4.1    (3.9)   0.2 
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.1    0.2    0.3 
Money Market   0.1       0.1 
Time   (0.9)   (1.4)   (2.3)
Total Interest-Bearing Deposits   (0.7)   (1.2)   (1.9)
Long-Term Borrowings   (0.6)      (0.6)
Total Change in Interest Expense   (1.3)   (1.2)   (2.5)
Change in Net Interest Income $ 5.4  $ (2.7) $ 2.7 


          
Analysis of Change in Net Interest Income        Table 8
  Year Ended December 31, 2021
  Compared to December 31, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 1.5  $ (1.6) $ (0.1)
Available-for-Sale Investment Securities         
Taxable   26.3    (13.9)   12.4 
Non-Taxable   8.8    0.3    9.1 
Total Available-for-Sale Investment Securities   35.1    (13.6)   21.5 
Loans Held for Sale   (0.2)      (0.2)
Loans and Leases         
Commercial and industrial   (18.1)   7.1    (11.0)
Commercial real estate   1.3    (16.6)   (15.3)
Construction   6.1    (2.0)   4.1 
Residential:         
Residential mortgage   5.4    (15.5)   (10.1)
Home equity line   (1.2)   (3.7)   (4.9)
Consumer   (12.1)   (3.0)   (15.1)
Lease financing   0.1    0.6    0.7 
Total Loans and Leases   (18.5)   (33.1)   (51.6)
Other Earning Assets   0.4    (1.3)   (0.9)
Total Change in Interest Income   18.3    (49.6)   (31.3)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.7    (3.4)   (2.7)
Money Market   1.0    (5.5)   (4.5)
Time   (5.8)   (8.6)   (14.4)
Total Interest-Bearing Deposits   (4.1)   (17.5)   (21.6)
Short-Term Borrowings   (3.0)   (3.0)   (6.0)
Long-Term Borrowings   (0.6)      (0.6)
Total Change in Interest Expense   (7.7)   (20.5)   (28.2)
Change in Net Interest Income $ 26.0  $ (29.1) $ (3.1)


           
Loans and Leases         Table 9
   December 31,  September 30,  December 31, 
(dollars in thousands)  2021 2021 2020
Commercial and industrial:          
Commercial and industrial excluding Paycheck Protection
Program loans
  $ 1,870,657 $1,692,315 $2,218,266
Paycheck Protection Program loans    216,442  503,069  801,241
Total commercial and industrial    2,087,099  2,195,384  3,019,507
Commercial real estate    3,639,623  3,569,768  3,392,676
Construction    813,969  826,078  735,819
Residential:          
Residential mortgage    4,083,367  3,914,632  3,690,218
Home equity line    876,608  852,074  841,624
Total residential    4,959,975  4,766,706  4,531,842
Consumer    1,229,939  1,238,714  1,353,842
Lease financing    231,394  237,689  245,411
Total loans and leases  $ 12,961,999 $12,834,339 $13,279,097


           
Deposits         Table 10
   December 31,  September 30,  December 31, 
(dollars in thousands)  2021 2021 2020
Demand  $ 9,393,863 $8,873,424 $7,522,114
Savings    6,612,775  7,347,079  6,020,075
Money Market    4,033,070  4,019,250  3,337,236
Time    1,776,438  1,880,250  2,348,298
Total Deposits  $ 21,816,146 $22,120,003 $19,227,723


           
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)  2021  2021 2020
Non-Performing Assets          
Non-Accrual Loans and Leases          
Commercial Loans:          
Commercial and industrial  $ 718 $746 $518
Commercial real estate    727  745  80
Construction       2,043
Total Commercial Loans    1,445  1,491  2,641
Residential Loans:          
Residential mortgage    5,637  7,137  6,441
Total Residential Loans    5,637  7,137  6,441
Total Non-Accrual Loans and Leases    7,082  8,628  9,082
Other Real Estate Owned    175    
Total Non-Performing Assets  $ 7,257 $8,628 $9,082
           
Accruing Loans and Leases Past Due 90 Days or More          
Commercial Loans:          
Commercial and industrial  $ 740 $439 $2,108
Commercial real estate       882
Construction       93
Total Commercial Loans    740  439  3,083
Residential Loans:          
Residential mortgage    987  100  
Home equity line    3,681  3,871  4,818
Total Residential Loans    4,668  3,971  4,818
Consumer    1,800  1,376  3,266
Total Accruing Loans and Leases Past Due 90 Days or More  $ 7,208 $5,786 $11,167
           
Restructured Loans on Accrual Status and Not Past Due 90 Days or More  $ 34,893 $36,234 $16,684
Total Loans and Leases  $ 12,961,999 $12,834,339 $13,279,097


                 
Allowance for Credit Losses             Table 12
  For the Three Months Ended  For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  December 31,  
(dollars in thousands) 2021
 2021
 2020
  2021
 2020
 
Balance at Beginning of Period $ 161,246  $169,148  $195,876  $ 208,454  $130,530  
Adjustment to Adopt ASC Topic 326              770  
After Adoption of ASC Topic 326   161,246   169,148   195,876    208,454   131,300  
Loans and Leases Charged-Off                
Commercial Loans:                
Commercial and industrial   (4,432)  (224)  (799)   (5,949)  (15,572) 
Commercial real estate        (30)   (66)  (2,753) 
Construction              (379) 
Total Commercial Loans   (4,432)  (224)  (829)   (6,015)  (18,704) 
Residential Loans:                
Residential mortgage   (534)         (632)  (14) 
Home equity line   (107)  (235)  (46)   (342)  (54) 
Total Residential Loans   (641)  (235)  (46)   (974)  (68) 
Consumer   (3,250)  (2,926)  (7,049)   (16,634)  (28,791) 
Total Loans and Leases Charged-Off   (8,323)  (3,385)  (7,924)   (23,623)  (47,563) 
Recoveries on Loans and Leases Previously Charged-Off                
Commercial Loans:                
Commercial and industrial   244   121   2,986    867   5,005  
Commercial real estate   9   15   615    39   615  
Construction   100      30    266   200  
Total Commercial Loans   353   136   3,631    1,172   5,820  
Residential Loans:                
Residential mortgage   15   215   37    261   216  
Home equity line   28   27   21    117   167  
Total Residential Loans   43   242   58    378   383  
Consumer   1,743   2,405   2,812    9,600   10,499  
Total Recoveries on Loans and Leases Previously Charged-Off   2,139   2,783   6,501    11,150   16,702  
Net Loans and Leases Charged-Off   (6,184)  (602)  (1,423)   (12,473)  (30,861) 
Provision for Credit Losses - Loans and Leases   2,200   (7,300)  14,001    (38,719)  108,015  
Balance at End of Period $ 157,262  $161,246  $208,454  $ 157,262  $208,454  
Average Loans and Leases Outstanding $ 12,814,316  $12,881,885  $13,366,980  $ 13,034,295  $13,518,308  
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)   0.19%  0.02%  0.04%   0.10  0.23% 
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding   1.21  1.26%  1.57%   1.21%   1.57% 
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases  22.21x  18.69x  22.95x  22.21x  22.95x 



(1)   Annualized for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020.


                            
Loans and Leases by Year of Origination and Credit Quality Indicator  Table 13
                       Revolving   
                       Loans   
                       Converted   
  Term Loans Revolving to Term   
  Amortized Cost Basis by Origination Year Loans Loans   
                    Amortized Amortized   
(dollars in thousands) 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total
Commercial Lending                           
Commercial and Industrial                           
Risk rating:                           
Pass $ 623,098 $ 129,665 $ 223,388 $ 88,409 $ 29,380 $ 168,591 $ 644,947 $ 40,193 $ 1,947,671
Special Mention   397   4,382   4,213   12,552   974   5,313   4,804   986   33,621
Substandard   354   1,380   1,951   1,285   60   3,551   17,893   1,043   27,517
Other (1)   13,277   7,070   7,741   4,453   1,995   370   43,384     78,290
Total Commercial and Industrial   637,126   142,497   237,293   106,699   32,409   177,825   711,028   42,222   2,087,099
                            
Commercial Real Estate                           
Risk rating:                           
Pass   693,370   338,140   533,887   487,739   415,186   940,732   78,479   14,891   3,502,424
Special Mention       48,499   7,470   25,513   30,255   7,600     119,337
Substandard         1,776   164   15,303   459     17,702
Other (1)             160       160
Total Commercial
Real Estate
   693,370   338,140   582,386   496,985   440,863   986,450   86,538   14,891   3,639,623
                            
Construction                           
Risk rating:                           
Pass   154,558   107,767   210,314   155,311   62,770   48,021   22,859     761,600
Special Mention       244   707     356       1,307
Substandard         363     839       1,202
Other (1)   26,835   8,875   4,317   4,308   2,684   2,048   793     49,860
Total Construction   181,393   116,642   214,875   160,689   65,454   51,264   23,652     813,969
                            
Lease Financing                           
Risk rating:                           
Pass   33,980   60,650   48,236   9,449   15,009   57,130       224,454
Special Mention   501   2,702   1,506   311   153         5,173
Substandard     270   140   16   871   470       1,767
Total Lease Financing   34,481   63,622   49,882   9,776   16,033   57,600       231,394
                            
Total Commercial
Lending
 $ 1,546,370 $ 660,901 $ 1,084,436 $ 774,149 $ 554,759 $ 1,273,139 $ 821,218 $ 57,113 $ 6,772,085


                            
                       Revolving   
                       Loans   
                       Converted   
  Term Loans Revolving to Term   
  Amortized Cost Basis by Origination Year Loans Loans   
(continued)                   Amortized Amortized   
(dollars in thousands) 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total
Residential Lending                           
Residential Mortgage                           
FICO:                           
740 and greater $ 1,101,958 $ 635,061 $ 286,993 $ 198,622 $ 251,906 $ 829,175 $ $ $ 3,303,715
680 - 739   140,997   81,590   45,163   27,315   32,855   125,906       453,826
620 - 679   15,781   11,943   5,268   10,149   9,069   37,404       89,614
550 - 619   1,735   873   698   533   2,033   7,475       13,347
Less than 550         345   2,603   2,838       5,786
No Score (3)   18,882   7,938   15,051   18,107   17,333   42,185       119,496
Other (2)   25,625   16,263   10,242   11,297   16,242   17,152   44   718   97,583
Total Residential Mortgage   1,304,978   753,668   363,415   266,368   332,041   1,062,135   44   718   4,083,367
                            
Home Equity Line                           
FICO:                           
740 and greater               671,566   1,873   673,439
680 - 739               141,889   3,968   145,857
620 - 679               37,815   2,500   40,315
550 - 619               9,090   948   10,038
Less than 550               2,574   68   2,642
No Score (3)               4,317     4,317
Total Home Equity Line               867,251   9,357   876,608
Total Residential Lending   1,304,978   753,668   363,415   266,368   332,041   1,062,135   867,295   10,075   4,959,975
                            
Consumer Lending                           
FICO:                           
740 and greater   155,929   83,337   79,617   56,707   24,525   8,067   117,843   209   526,234
680 - 739   93,214   56,327   55,126   34,049   17,527   6,315   69,366   707   332,631
620 - 679   41,671   21,986   28,491   19,403   12,952   5,324   31,165   1,175   162,167
550 - 619   7,836   8,265   13,265   10,497   7,469   3,244   10,359   1,089   62,024
Less than 550   2,272   3,867   6,646   3,484   2,739   1,175   3,195   536   23,914
No Score (3)   481   19   56   40   65   2   35,414   320   36,397
Other (2)   4,737   365   1,712   17   2,182   31   77,528     86,572
Total Consumer Lending   306,140   174,166   184,913   124,197   67,459   24,158   344,870   4,036   1,229,939
                            
Total Loans and Leases $ 3,157,488 $ 1,588,735 $ 1,632,764 $ 1,164,714 $ 954,259 $ 2,359,432 $ 2,033,383 $ 71,224 $ 12,961,999



(1)   Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

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

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


                 
GAAP to Non-GAAP Reconciliation              Table 14
  For the Three Months Ended  For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  
(dollars in thousands, except per share amounts) 2021 2021  2020 2021 2020 
Income Statement Data:                
Net income $ 57,022 $64,279 $61,739 $ 265,735 $185,754 
Core net income $ 68,013 $65,819 $65,288 $ 279,229 $189,378 
                 
Average total stockholders’ equity $ 2,675,513 $2,738,540 $2,732,271 $ 2,708,370 $2,698,853 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible stockholders’ equity $ 1,680,021 $1,743,048 $1,736,779 $ 1,712,878 $1,703,361 
                 
Average total assets $ 25,650,505 $25,058,085 $22,468,040 $ 24,426,258 $21,869,064 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible assets $ 24,655,013 $24,062,593 $21,472,548 $ 23,430,766 $20,873,572 
                 
Return on average total stockholders’ equity(1)   8.46%   9.31% 8.99%  9.81%   6.88%
Core return on average total stockholders’ equity (non-GAAP)(1)   10.09%   9.54% 9.51%  10.31%   7.02%
Return on average tangible stockholders’ equity (non-GAAP)(1)   13.47%   14.63% 14.14%  15.51%   10.91%
Core return on average tangible stockholders’ equity (non-GAAP)(1)   16.06%   14.98% 14.95%  16.30%   11.12%
                 
Return on average total assets(1)   0.88%   1.02% 1.09%  1.09%   0.85%
Core return on average total assets (non-GAAP)(1)   1.05%   1.04% 1.16%  1.14%   0.87%
Return on average tangible assets (non-GAAP)(1)   0.92%   1.06% 1.14%  1.13%   0.89%
Core return on average tangible assets (non-GAAP)(1)   1.09%   1.09% 1.21%  1.19%   0.91%
                 


   As of As of As of 
   December 31,  September 30,  December 31,  
   2021 2021 2020    
Balance Sheet Data:           
Total stockholders’ equity  $ 2,656,912 $2,711,734 $2,744,104 
Less: goodwill    995,492  995,492  995,492 
Tangible stockholders’ equity  $ 1,661,420 $1,716,242 $1,748,612 
            
Total assets  $ 24,992,410 $25,548,322 $22,662,831 
Less: goodwill    995,492  995,492  995,492 
Tangible assets  $ 23,996,918 $24,552,830 $21,667,339 
            
Shares outstanding    127,502,472  128,255,570  129,912,272 
            
Total stockholders’ equity to total assets    10.63%   10.61% 12.11%
Tangible stockholders' equity to tangible assets (non-GAAP)   6.92%   6.99% 8.07%
            
Book value per share  $ 20.84 $21.14 $21.12 
Tangible book value per share (non-GAAP)  $ 13.03 $13.38 $13.46 



(1)   Annualized for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020.

                 
GAAP to Non-GAAP Reconciliation              Table 15
  For the Three Months Ended For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  
(dollars in thousands, except per share amounts) 2021
 2021
 2020
 2021
 2020
 
Net interest income $ 137,327  $132,593  $135,227  $ 530,559  $535,734  
Core net interest income (non-GAAP) $ 137,327  $132,593  $135,227  $ 530,559  $535,734  
                 
Noninterest income $ 41,573  $50,104  $53,598  $ 184,916  $197,380  
Losses (gains) on sale of securities        12    (102)  114  
Costs associated with the sale of stock(1)   6,014      4,828    6,014   4,828  
Core noninterest income (non-GAAP) $ 47,587  $50,104  $58,438  $ 190,828  $202,322  
                 
Noninterest expense $ 108,749  $101,036  $88,127  $ 405,479  $367,672  
Loss on litigation     (2,100)      (2,100)    
One-time items(2)   (8,974)         (10,134)    
Core noninterest expense (non-GAAP) $ 99,775  $98,936  $88,127  $ 393,245  $367,672  
                 
Net income $ 57,022  $64,279  $61,739  $ 265,735  $185,754  
Losses (gains) on sale of securities        12    (102)  114  
Costs associated with the sale of stock(1)   6,014      4,828    6,014   4,828  
Loss on litigation     2,100       2,100     
One-time noninterest expense items(2)   8,974          10,134     
Tax adjustments(3)   (3,997)  (560)  (1,291)   (4,652)  (1,318) 
Total core adjustments   10,991   1,540   3,549    13,494   3,624  
Core net income (non-GAAP) $ 68,013  $65,819  $65,288  $ 279,229  $189,378  
                 
Basic earnings per share $ 0.45  $0.50  $0.48  $ 2.06  $1.43  
Diluted earnings per share $ 0.44  $0.50  $0.47  $ 2.05  $1.43  
Efficiency ratio   60.50%  55.07%  46.59%   56.45%  50.10% 
                 
Core basic earnings per share (non-GAAP) $ 0.53  $0.51  $0.50  $ 2.17  $1.46  
Core diluted earnings per share (non-GAAP) $ 0.53  $0.51  $0.50  $ 2.16  $1.45  
Core efficiency ratio (non-GAAP)   53.71%  53.92%  45.43%   54.30%  49.77% 



(1)   Costs associated with the sale of stock for both the three and twelve months ended December 31, 2021 and 2020 related to changes in the valuation of the funding swap entered into with the buyer of our Visa Class B restricted sales in 2016.

(2)   One-time items for the three and twelve months ended December 31, 2021 consisted of fees related to the prepayment of $200.0 million of Federal Home Loan Bank advances. Additionally, one-time items for the twelve months ended December 31, 2021 consisted of severance costs.

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

 


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