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

Friday, 22. October 2021 14:00

HONOLULU, Oct. 22, 2021 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2021.

“We are pleased with the bank’s solid performance in the third quarter. It was also a milestone quarter, as total assets exceeded $25 billion at quarter-end for the first time in our history,” said Bob Harrison, Chairman, President and CEO. “We had good growth in deposit balances, credit quality remained excellent, and we are seeing an increase in loan activity.”

On October 20, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on December 3, 2021 to stockholders of record at the close of business on November 22, 2021.

Third Quarter 2021 Highlights:

  • Net income of $64.3 million, or $0.50 per diluted share
  • Total loans and leases decreased $269.4 million versus prior quarter, reflecting a $308.0 million decline in PPP loans
  • Total deposits increased $1.3 billion versus prior quarter
  • Recorded a $4.0 million negative provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share
  • Repurchased $21.6 million of stock under share repurchase program

Balance Sheet
Total assets were $25.5 billion as of September 30, 2021, compared to $24.2 billion as of June 30, 2021.

Gross loans and leases were $12.8 billion as of September 30, 2021, a decrease of $269.4 million, or 2.1%, from $13.1 billion as of June 30, 2021.

Total deposits were $22.1 billion as of September 30, 2021, an increase of $1.3 billion, or 6.2%, from $20.8 billion as of June 30, 2021.

Net Interest Income
Net interest income for the third quarter of 2021 was $132.6 million, an increase of $1.1 million, or 0.8%, compared to $131.5 million for the prior quarter.

The net interest margin (NIM) was 2.36% in the third quarter of 2021, a decrease of 10 basis points compared to 2.46% in the second quarter of 2021.

Provision Expense
During the quarter ended September 30, 2021, we recorded a $4.0 million negative provision for credit losses. In the quarter ended June 30, 2021 we recorded a $35.0 million negative provision for credit losses.

Noninterest Income
Noninterest income was $50.1 million in the third quarter of 2021, an increase of $0.7 million compared to noninterest income of $49.4 million in the second quarter of 2021.

Noninterest Expense
Noninterest expense was $101.0 million in the third quarter of 2021, an increase of $1.6 million compared to noninterest expense of $99.4 million in the second quarter of 2021.

The efficiency ratio was 55.1% and 54.7% for the quarters ended September 30, 2021 and June 30, 2021, respectively.

Taxes
The effective tax rate was 25.0% for the quarter ended September 30, 2021 and 25.5% for the quarter ended June 30, 2021.

Asset Quality
The allowance for credit losses was $161.2 million, or 1.26% of total loans and leases, as of September 30, 2021, compared to $169.1 million, or 1.29% of total loans and leases, as of June 30, 2021. The reserve for unfunded commitments was $32.5 million as of September 30, 2021 compared to $29.2 million as of June 30, 2021. Net charge-offs were $0.6 million, or 0.02% of average loans and leases on an annualized basis, for the quarter ended September 30, 2021, compared to net charge-offs of $1.1 million, or 0.03% of average loans and leases on an annualized basis, for the quarter ended June 30, 2021. Total non-performing assets were $8.6 million, or 0.07% of total loans and leases and other real estate owned, at September 30, 2021, compared to total non-performing assets of $8.9 million, or 0.07% of total loans and leases and other real estate owned at June 30, 2021.

Capital
Total stockholders' equity was $2.7 billion at both September 30, 2021 and June 30, 2021.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.39%, 12.63% and 13.88%, respectively, at September 30, 2021, compared with 7.68%, 12.76% and 14.01%, respectively, at June 30, 2021.

The Company repurchased 0.8 million shares of common stock at a total cost of $21.6 million under the stock repurchase program in the third quarter. The average cost was $27.76 per share repurchased. Remaining buyback authority under the stock repurchase program was $21.5 million at September 30, 2021.

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, 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: 2438538. 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 October 29, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 2438538.

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 and June 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 Nine Months Ended 
  September 30, June 30, September 30, September 30, 
(dollars in thousands, except per share data) 2021 2021 2020 2021 2020 
Operating Results:                  
Net interest income $132,593  $131,481  $134,002  $393,232  $400,507  
Provision for credit losses  (4,000)  (35,000)  5,072   (39,000)  101,718  
Noninterest income  50,104   49,371   48,898   143,343   143,782  
Noninterest expense  101,036   99,388   91,629   296,730   279,545  
Net income  64,279   86,741   65,101   208,713   124,015  
Basic earnings per share  0.50   0.67   0.50   1.61   0.95  
Diluted earnings per share  0.50   0.67   0.50   1.61   0.95  
Dividends declared per share  0.26   0.26   0.26   0.78   0.78  
Dividend payout ratio  52.00 % 38.81 % 52.00 % 48.45 % 82.11 %
Supplemental Income Statement Data (non-GAAP):                  
Core net interest income $132,593  $131,481  $134,002  $393,232  $400,507  
Core noninterest income  50,104   49,269   48,874   143,241   143,884  
Core noninterest expense  98,936   98,228   91,629   293,470   279,545  
Core net income  65,819   87,704   65,083   211,216   124,090  
Core basic earnings per share  0.51   0.68   0.50   1.63   0.96  
Core diluted earnings per share  0.51   0.68   0.50   1.63   0.95  
Performance Ratios(1):                  
Net interest margin  2.36 % 2.46 % 2.70 % 2.45 % 2.79 %
Core net interest margin (non-GAAP)  2.36 % 2.46 % 2.70 % 2.45 % 2.79 %
Efficiency ratio  55.07 % 54.74 % 50.01 % 55.10 % 51.32 %
Core efficiency ratio (non-GAAP)  53.92 % 54.13 % 50.02 % 54.51 % 51.31 %
Return on average total assets  1.02 % 1.45 % 1.16 % 1.16 % 0.76 %
Core return on average total assets (non-GAAP)  1.04 % 1.46 % 1.16 % 1.18 % 0.76 %
Return on average tangible assets (non-GAAP)  1.06 % 1.51 % 1.21 % 1.21 % 0.80 %
Core return on average tangible assets (non-GAAP)(2)  1.09 % 1.53 % 1.21 % 1.23 % 0.80 %
Return on average total stockholders' equity  9.31 % 12.92 % 9.58 % 10.26 % 6.16 %
Core return on average total stockholders' equity (non-GAAP)  9.54 % 13.07 % 9.57 % 10.38 % 6.17 %
Return on average tangible stockholders' equity (non-GAAP)  14.63 % 20.51 % 15.16 % 16.19 % 9.79 %
Core return on average tangible stockholders’ equity (non-GAAP)(3)  14.98 % 20.74 % 15.15 % 16.38 % 9.80 %
Average Balances:                  
Average loans and leases $12,881,885  $13,205,086  $13,559,367  $13,108,427  $13,569,119  
Average earning assets  22,533,174   21,539,264   19,846,674   21,523,731   19,174,349  
Average assets  25,058,085   24,015,065   22,341,485   24,013,691   21,667,948  
Average deposits  21,621,836   20,638,015   18,892,033   20,595,400   17,995,196  
Average stockholders' equity  2,738,540   2,691,966   2,704,129   2,719,442   2,687,632  
Market Value Per Share:                  
Closing  29.35   28.34   14.47   29.35   14.47  
High  30.06   29.85   18.96   30.80   31.25  
Low  25.75   24.75   14.32   23.14   13.56  
                      


  As of As of As of As of 
  September 30, June 30, December 31, September 30, 
(dollars in thousands, except per share data) 2021 2021 2020 2020 
Balance Sheet Data:             
Loans and leases $12,834,339 $13,103,785 $13,279,097 $13,499,969 
Total assets  25,548,322  24,246,328  22,662,831  22,310,701 
Total deposits  22,120,003  20,835,115  19,227,723  18,897,762 
Long-term borrowings  200,000  200,000  200,010  200,010 
Total stockholders' equity  2,711,734  2,731,341  2,744,104  2,733,934 
              
Per Share of Common Stock:             
Book value $21.14 $21.17 $21.12 $21.04 
Tangible book value (non-GAAP)(4)  13.38  13.45  13.46  13.38 
              
Asset Quality Ratios:             
Non-accrual loans and leases / total loans and leases  0.07% 0.07% 0.07% 0.13%
Allowance for credit losses for loans and leases / total loans and leases  1.26% 1.29% 1.57% 1.45%
              
Capital Ratios:             
Common Equity Tier 1 Capital Ratio  12.63% 12.76% 12.47% 12.22%
Tier 1 Capital Ratio  12.63% 12.76% 12.47% 12.22%
Total Capital Ratio  13.88% 14.01% 13.73% 13.47%
Tier 1 Leverage Ratio  7.39% 7.68% 8.00% 7.91%
Total stockholders' equity to total assets  10.61% 11.26% 12.11% 12.25%
Tangible stockholders' equity to tangible assets (non-GAAP)  6.99% 7.47% 8.07% 8.16%
              
Non-Financial Data:             
Number of branches  54  54  54  58 
Number of ATMs  298  294  297  302 
Number of Full-Time Equivalent Employees  2,025  2,087  2,103  2,099 

________________________

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

(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 Nine Months Ended
  September 30, June 30, September 30, September 30,
(dollars in thousands, except per share amounts) 2021 2021 2020 2021 2020
Interest income                
Loans and lease financing $110,765  $110,919  $120,940  $332,623  $378,209 
Available-for-sale securities  25,234   24,637   20,317   73,017   59,056 
Other  1,205   666   670   2,362   3,813 
Total interest income  137,204   136,222   141,927   408,002   441,078 
Interest expense                
Deposits  3,218   3,363   6,227   10,637   30,410 
Short-term and long-term borrowings  1,393   1,378   1,698   4,133   10,161 
Total interest expense  4,611   4,741   7,925   14,770   40,571 
Net interest income  132,593   131,481   134,002   393,232   400,507 
Provision for credit losses  (4,000)  (35,000)  5,072   (39,000)  101,718 
Net interest income after provision for credit losses  136,593   166,481   128,930   432,232   298,789 
Noninterest income                
Service charges on deposit accounts  6,989   6,632   6,523   20,339   21,400 
Credit and debit card fees  16,017   16,746   14,049   47,314   39,868 
Other service charges and fees  10,233   10,303   9,021   29,382   25,472 
Trust and investment services income  8,625   8,707   8,664   25,824   26,919 
Bank-owned life insurance  4,841   3,104   4,903   10,334   11,595 
Investment securities gains (losses), net     102   24   102   (102)
Other  3,399   3,777   5,714   10,048   18,630 
Total noninterest income  50,104   49,371   48,898   143,343   143,782 
Noninterest expense                
Salaries and employee benefits  46,484   45,982   44,291   136,402   131,534 
Contracted services and professional fees  15,042   16,516   15,073   48,746   46,606 
Occupancy  6,790   7,314   6,921   21,274   21,466 
Equipment  6,549   6,362   5,137   18,402   15,052 
Regulatory assessment and fees  1,828   1,826   2,445   5,688   6,491 
Advertising and marketing  1,469   1,469   1,374   4,529   4,599 
Card rewards program  6,676   6,262   5,046   17,773   17,224 
Other  16,198   13,657   11,342   43,916   36,573 
Total noninterest expense  101,036   99,388   91,629   296,730   279,545 
Income before provision for income taxes  85,661   116,464   86,199   278,845   163,026 
Provision for income taxes  21,382   29,723   21,098   70,132   39,011 
Net income $64,279  $86,741  $65,101  $208,713  $124,015 
Basic earnings per share $0.50  $0.67  $0.50  $1.61  $0.95 
Diluted earnings per share $0.50  $0.67  $0.50  $1.61  $0.95 
Basic weighted-average outstanding shares  128,660,038   129,392,339   129,896,054   129,323,973   129,882,878 
Diluted weighted-average outstanding shares  129,210,448   129,828,847   130,085,534   129,895,311   130,129,690 
                     


Consolidated Balance Sheets Table 3
  September 30, June 30, December 31, September 30,
(dollars in thousands) 2021 2021 2020 2020
Assets            
Cash and due from banks $268,467  $347,861  $303,373  $333,744 
Interest-bearing deposits in other banks  2,130,615   1,558,437   737,571   482,585 
Investment securities, at fair value (amortized cost: $7,994,266 as of September 30, 2021, $6,951,153 as of June 30, 2021, $5,985,031 as of December 31, 2020 and $5,584,556 as of September 30, 2020)  7,953,727   6,953,930   6,071,415   5,692,883 
Loans held for sale  2,052   1,241   11,579   34,669 
Loans and leases  12,834,339   13,103,785   13,279,097   13,499,969 
Less: allowance for credit losses  161,246   169,148   208,454   195,876 
Net loans and leases  12,673,093   12,934,637   13,070,643   13,304,093 
             
Premises and equipment, net  317,272   319,452   322,401   321,229 
Accrued interest receivable  64,855   66,734   69,626   66,005 
Bank-owned life insurance  468,968   466,402   466,537   462,422 
Goodwill  995,492   995,492   995,492   995,492 
Mortgage servicing rights  9,107   10,007   10,731   10,922 
Other assets  664,674   592,135   603,463   606,657 
Total assets $25,548,322  $24,246,328  $22,662,831  $22,310,701 
Liabilities and Stockholders' Equity            
Deposits:            
Interest-bearing $13,246,579  $12,245,193  $11,705,609  $11,989,492 
Noninterest-bearing  8,873,424   8,589,922   7,522,114   6,908,270 
Total deposits  22,120,003   20,835,115   19,227,723   18,897,762 
Long-term borrowings  200,000   200,000   200,010   200,010 
Retirement benefits payable  144,400   144,101   143,373   138,806 
Other liabilities  372,185   335,771   347,621   340,189 
Total liabilities  22,836,588   21,514,987   19,918,727   19,576,767 
             
Stockholders' equity            
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,563,799 / 128,255,570 shares as of September 30, 2021, issued/outstanding: 140,542,398 / 129,019,871 shares as of June 30, 2021, issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020 and issued/outstanding: 140,190,428 / 129,911,789 shares as of September 30, 2020)  1,406   1,405   1,402   1,402 
Additional paid-in capital  2,524,168   2,520,790   2,514,014   2,511,849 
Retained earnings  581,094   550,511   473,974   446,315 
Accumulated other comprehensive (loss) income, net  (61,463)  (29,702)  31,604   51,254 
Treasury stock (12,308,229 shares as of September 30, 2021, 11,522,527 shares as of June 30, 2021, 10,278,861 shares as of December 31, 2020 and 10,278,639 shares as of September 30, 2020)  (333,471)  (311,663)  (276,890)  (276,886)
Total stockholders' equity  2,711,734   2,731,341   2,744,104   2,733,934 
Total liabilities and stockholders' equity $25,548,322  $24,246,328  $22,662,831  $22,310,701 
                 


Average Balances and Interest Rates                       Table 4
  Three Months Ended Three Months Ended Three Months Ended 
  September 30, 2021 June 30, 2021 September 30, 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 $2,356.4 $0.9 0.16%$1,503.0 $0.4 0.10%$889.6 $0.2 0.10%
Available-for-Sale Investment Securities                         
Taxable  6,654.6  22.9 1.37  6,298.3  22.5 1.43  5,308.5  20.2 1.52 
Non-Taxable  561.1  2.9 2.11  468.4  2.7 2.30  25.7  0.1 2.11 
Total Available-for-Sale Investment Securities  7,215.7  25.8 1.43  6,766.7  25.2 1.49  5,334.2  20.3 1.53 
Loans Held for Sale  2.2   2.39  2.0   1.44  10.2  0.1 2.67 
Loans and Leases(1)                         
Commercial and industrial  2,367.2  19.7 3.29  2,882.1  21.1 2.94  3,230.4  21.6 2.67 
Commercial real estate  3,447.0  25.4 2.92  3,419.7  25.3 2.97  3,418.0  27.8 3.23 
Construction  862.4  7.0 3.24  800.9  6.3 3.15  637.6  5.2 3.22 
Residential:                         
Residential mortgage  3,866.1  34.6 3.58  3,765.4  34.0 3.62  3,680.5  37.9 4.12 
Home equity line  837.7  5.5 2.62  812.6  5.5 2.72  871.1  6.6 3.02 
Consumer  1,260.2  16.8 5.28  1,277.9  16.9 5.32  1,474.4  20.2 5.46 
Lease financing  241.3  2.0 3.23  246.5  1.9 3.06  247.4  1.8 2.90 
Total Loans and Leases  12,881.9  111.0 3.43  13,205.1  111.0 3.37  13,559.4  121.1 3.56 
Other Earning Assets  77.0  0.3 1.34  62.5  0.3 1.91  53.3  0.5 3.32 
Total Earning Assets(2)  22,533.2  138.0 2.44  21,539.3  136.9 2.55  19,846.7  142.2 2.86 
Cash and Due from Banks  290.5       290.7       307.9      
Other Assets  2,234.4       2,185.1       2,186.9      
Total Assets $25,058.1      $24,015.1      $22,341.5      
                          
Interest-Bearing Liabilities                         
Interest-Bearing Deposits                         
Savings $6,886.0 $0.6 0.03%$6,361.8 $0.5 0.03% 5,768.3 $0.6 0.04%
Money Market  3,957.1  0.5 0.05  3,783.1  0.5 0.06  3,288.2  0.4 0.05 
Time  1,884.4  2.1 0.45  2,034.5  2.3 0.45  3,029.8  5.2 0.69 
Total Interest-Bearing Deposits  12,727.5  3.2 0.10  12,179.4  3.3 0.11  12,086.3  6.2 0.20 
Short-Term Borrowings            45.1  0.3 2.69 
Long-Term Borrowings  200.0  1.4 2.76  200.0  1.4 2.76  200.0  1.4 2.77 
Total Interest-Bearing Liabilities  12,927.5  4.6 0.14  12,379.4  4.7 0.15  12,331.4  7.9 0.26 
Net Interest Income    $133.4      $132.2      $134.3   
Interest Rate Spread       2.30%      2.40%      2.60%
Net Interest Margin       2.36%      2.46%      2.70%
Noninterest-Bearing Demand Deposits  8,894.3       8,458.6       6,805.7      
Other Liabilities  497.7       485.1       500.3      
Stockholders' Equity  2,738.6       2,692.0       2,704.1      
Total Liabilities and Stockholders' Equity $25,058.1      $24,015.1      $22,341.5      

________________________

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

(2)Interest income includes taxable-equivalent basis adjustments of $0.8 million, $0.7 million and $0.3 million for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020, respectively.


Average Balances and Interest Rates               Table 5
  Nine Months Ended Nine Months Ended 
  September 30, 2021 September 30, 2020 
  Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions) Balance Expense Rate Balance Expense Rate 
Earning Assets                 
Interest-Bearing Deposits in Other Banks $1,604.6 $1.5 0.13%$947.3 $2.2 0.31%
Available-for-Sale Investment Securities                 
Taxable  6,303.5  67.5 1.43  4,579.8  59.0 1.72 
Non-Taxable  436.9  6.9 2.11  8.9  0.1 2.11 
Total Available-for-Sale Investment Securities  6,740.4  74.4 1.47  4,588.7  59.1 1.72 
Loans Held for Sale  4.4  0.1 2.31  11.9  0.2 2.31 
Loans and Leases(1)                 
Commercial and industrial  2,756.2  61.2 2.97  3,202.4  70.5 2.94 
Commercial real estate  3,417.5  75.6 2.96  3,423.9  90.7 3.54 
Construction  803.8  19.2 3.19  586.9  15.8 3.59 
Residential:                 
Residential mortgage  3,776.5  103.3 3.65  3,700.8  111.3 4.01 
Home equity line  824.1  16.7 2.71  881.2  21.1 3.20 
Consumer  1,287.1  51.4 5.34  1,537.5  63.9 5.55 
Lease financing  243.2  5.7 3.10  236.4  5.1 2.90 
Total Loans and Leases  13,108.4  333.1 3.39  13,569.1  378.4 3.72 
Other Earning Assets  65.9  0.8 1.65  57.3  1.6 3.78 
Total Earning Assets(2)  21,523.7  409.9 2.54  19,174.3  441.5 3.07 
Cash and Due from Banks  291.7       310.1      
Other Assets  2,198.3       2,183.5      
Total Assets $24,013.7      $21,667.9      
                  
Interest-Bearing Liabilities                 
Interest-Bearing Deposits                 
Savings $6,410.9 $1.7 0.04%$5,454.7 $4.7 0.12%
Money Market  3,758.3  1.5 0.05  3,208.1  6.1 0.25 
Time  2,067.7  7.4 0.48  2,966.9  19.6 0.88 
Total Interest-Bearing Deposits  12,236.9  10.6 0.12  11,629.7  30.4 0.35 
Short-Term Borrowings       279.9  6.0 2.87 
Long-Term Borrowings  200.0  4.2 2.76  200.0  4.2 2.77 
Total Interest-Bearing Liabilities  12,436.9  14.8 0.16  12,109.6  40.6 0.45 
Net Interest Income    $395.1      $400.9   
Interest Rate Spread       2.38%      2.62%
Net Interest Margin       2.45%      2.79%
Noninterest-Bearing Demand Deposits  8,358.5       6,365.5      
Other Liabilities  498.9       505.2      
Stockholders' Equity  2,719.4       2,687.6      
Total Liabilities and Stockholders' Equity $24,013.7      $21,667.9      

________________________

(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 $1.9 million and $0.4 million for the nine months ended September 30, 2021 and 2020, respectively.


Analysis of Change in Net Interest Income        Table 6
  Three Months Ended September 30, 2021
  Compared to June 30, 2021
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $0.2  $0.3  $0.5 
Available-for-Sale Investment Securities         
Taxable  1.3   (0.9)  0.4 
Non-Taxable  0.5   (0.3)  0.2 
Total Available-for-Sale Investment Securities  1.8   (1.2)  0.6 
Loans and Leases         
Commercial and industrial  (3.9)  2.5   (1.4)
Commercial real estate  0.3   (0.2)  0.1 
Construction  0.5   0.2   0.7 
Residential:         
Residential mortgage  1.0   (0.4)  0.6 
Home equity line  0.2   (0.2)   
Consumer  (0.1)     (0.1)
Lease financing     0.1   0.1 
Total Loans and Leases  (2.0)  2.0    
Other Earning Assets  0.1   (0.1)   
Total Change in Interest Income  0.1   1.0   1.1 
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings  0.1      0.1 
Time  (0.2)     (0.2)
Total Interest-Bearing Deposits  (0.1)     (0.1)
Total Change in Interest Expense  (0.1)     (0.1)
Change in Net Interest Income $0.2  $1.0  $1.2 
             


Analysis of Change in Net Interest Income        Table 7
  Three Months Ended September 30, 2021
  Compared to September 30, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $0.5  $0.2  $0.7 
Available-for-Sale Investment Securities         
Taxable  4.8   (2.1)  2.7 
Non-Taxable  2.8      2.8 
Total Available-for-Sale Investment Securities  7.6   (2.1)  5.5 
Loans Held for Sale  (0.1)     (0.1)
Loans and Leases         
Commercial and industrial  (6.3)  4.4   (1.9)
Commercial real estate  0.2   (2.6)  (2.4)
Construction  1.8      1.8 
Residential:         
Residential mortgage  1.8   (5.1)  (3.3)
Home equity line  (0.2)  (0.9)  (1.1)
Consumer  (2.8)  (0.6)  (3.4)
Lease financing     0.2   0.2 
Total Loans and Leases  (5.5)  (4.6)  (10.1)
Other Earning Assets  0.1   (0.3)  (0.2)
Total Change in Interest Income  2.6   (6.8)  (4.2)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings  0.1   (0.1)   
Money Market  0.1      0.1 
Time  (1.6)  (1.5)  (3.1)
Total Interest-Bearing Deposits  (1.4)  (1.6)  (3.0)
Short-Term Borrowings  (0.2)  (0.1)  (0.3)
Total Change in Interest Expense  (1.6)  (1.7)  (3.3)
Change in Net Interest Income $4.2  $(5.1) $(0.9)
             


Analysis of Change in Net Interest Income        Table 8
  Nine Months Ended September 30, 2021
  Compared to September 30, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $1.0  $(1.7) $(0.7)
Available-for-Sale Investment Securities         
Taxable  19.6   (11.1)  8.5 
Non-Taxable  6.8      6.8 
Total Available-for-Sale Investment Securities  26.4   (11.1)  15.3 
Loans Held for Sale  (0.1)     (0.1)
Loans and Leases         
Commercial and industrial  (10.0)  0.7   (9.3)
Commercial real estate  (0.2)  (14.9)  (15.1)
Construction  5.3   (1.9)  3.4 
Residential:         
Residential mortgage  2.2   (10.2)  (8.0)
Home equity line  (1.3)  (3.1)  (4.4)
Consumer  (10.1)  (2.4)  (12.5)
Lease financing  0.2   0.4   0.6 
Total Loans and Leases  (13.9)  (31.4)  (45.3)
Other Earning Assets  0.2   (1.0)  (0.8)
Total Change in Interest Income  13.6   (45.2)  (31.6)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings  0.7   (3.7)  (3.0)
Money Market  0.9   (5.5)  (4.6)
Time  (4.9)  (7.3)  (12.2)
Total Interest-Bearing Deposits  (3.3)  (16.5)  (19.8)
Short-Term Borrowings  (3.0)  (3.0)  (6.0)
Total Change in Interest Expense  (6.3)  (19.5)  (25.8)
Change in Net Interest Income $19.9  $(25.7) $(5.8)
             


Loans and Leases           Table 9
  September 30, June 30, December 31, September 30,
(dollars in thousands) 2021 2021 2020 2020
Commercial and industrial:            
Commercial and industrial excluding Paycheck Protection Program loans $1,692,315 $1,753,444 $2,218,266 $2,250,094
Paycheck Protection Program loans  503,069  811,103  801,241  920,168
Total commercial and industrial  2,195,384  2,564,547  3,019,507  3,170,262
Commercial real estate  3,569,768  3,528,068  3,392,676  3,461,085
Construction  826,078  853,865  735,819  662,871
Residential:            
Residential mortgage  3,914,632  3,821,407  3,690,218  3,669,051
Home equity line  852,074  825,368  841,624  864,789
Total residential  4,766,706  4,646,775  4,531,842  4,533,840
Consumer  1,238,714  1,267,559  1,353,842  1,425,934
Lease financing  237,689  242,971  245,411  245,977
Total loans and leases $12,834,339 $13,103,785 $13,279,097 $13,499,969
             


Deposits           Table 10
  September 30, June 30, December 31, September 30,
(dollars in thousands) 2021 2021 2020 2020
Demand $8,873,424 $8,589,922 $7,522,114 $6,908,270
Savings  7,347,079  6,421,053  6,020,075  5,994,687
Money Market  4,019,250  3,920,477  3,337,236  3,379,985
Time  1,880,250  1,903,663  2,348,298  2,614,820
Total Deposits $22,120,003 $20,835,115 $19,227,723 $18,897,762
             


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) 2021 2021 2020 2020
Non-Performing Assets            
Non-Accrual Loans and Leases            
Commercial Loans:            
Commercial and industrial $746 $828 $518 $725
Commercial real estate  745  937  80  7,067
Construction      2,043  2,043
Total Commercial Loans  1,491  1,765  2,641  9,835
Residential Loans:            
Residential mortgage  7,137  7,140  6,441  7,798
Total Residential Loans  7,137  7,140  6,441  7,798
Total Non-Accrual Loans and Leases  8,628  8,905  9,082  17,633
Total Non-Performing Assets $8,628 $8,905 $9,082 $17,633
             
Accruing Loans and Leases Past Due 90 Days or More            
Commercial Loans:            
Commercial and industrial $439 $494 $2,108 $1,938
Commercial real estate      882  1,307
Construction    60  93  100
Total Commercial Loans  439  554  3,083  3,345
Residential Loans:            
Residential mortgage  100      
Home equity line  3,871  4,680  4,818  4,503
Total Residential Loans  3,971  4,680  4,818  4,503
Consumer  1,376  1,134  3,266  2,897
Total Accruing Loans and Leases Past Due 90 Days or More $5,786 $6,368 $11,167 $10,745
             
Restructured Loans on Accrual Status and Not Past Due 90 Days or More $36,234 $36,668 $16,684 $9,726
Total Loans and Leases $12,834,339 $13,103,785 $13,279,097 $13,499,969
             


Allowance for Credit Losses             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) 2021 2021 2020 2021 2020 
Balance at Beginning of Period $169,148  $200,366  $192,120  $208,454  $130,530  
Adjustment to Adopt ASC Topic 326              770  
After Adoption of ASC Topic 326  169,148   200,366   192,120   208,454   131,300  
Loans and Leases Charged-Off                
Commercial Loans:                
Commercial and industrial  (224)  (330)  (598)  (1,517)  (14,773) 
Commercial real estate           (66)  (2,723) 
Construction              (379) 
Total Commercial Loans  (224)  (330)  (598)  (1,583)  (17,875) 
Residential Loans:                
Residential mortgage           (98)  (14) 
Home equity line  (235)        (235)  (8) 
Total Residential Loans  (235)        (333)  (22) 
Consumer  (2,926)  (3,917)  (4,238)  (13,384)  (21,742) 
Total Loans and Leases Charged-Off  (3,385)  (4,247)  (4,836)  (15,300)  (39,639) 
Recoveries on Loans and Leases Previously Charged-Off                
Commercial Loans:                
Commercial and industrial  121   287   1,699   623   2,019  
Commercial real estate  15   12      30     
Construction        30   166   170  
Total Commercial Loans  136   299   1,729   819   2,189  
Residential Loans:                
Residential mortgage  215   14   27   246   179  
Home equity line  27   38   16   89   146  
Total Residential Loans  242   52   43   335   325  
Consumer  2,405   2,797   3,148   7,857   7,687  
Total Recoveries on Loans and Leases Previously Charged-Off  2,783   3,148   4,920   9,011   10,201  
Net Loans and Leases (Charged-Off) Recovered  (602)  (1,099)  84   (6,289)  (29,438) 
Provision for Credit Losses - Loans and Leases  (7,300)  (30,119)  3,672   (40,919)  94,014  
Balance at End of Period $161,246  $169,148  $195,876  $161,246  $195,876  
Average Loans and Leases Outstanding $12,881,885  $13,205,086  $13,559,367  $13,108,427  $13,569,119  
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)  0.02 % 0.03 %  % 0.06 % 0.29 %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding  1.26 % 1.29 % 1.45 % 1.26 % 1.45 %

________________________ 

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


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 $633,079 $172,147 $162,921 $128,968 $31,439 $194,494 $578,257 $21,767 $1,923,072
Special Mention  5,421  4,709  104,973  4,083  1,069  4,292  23,127  289  147,963
Substandard  371  1,663  2,102  13,874  97  8,285  19,162  1,307  46,861
Other (1)  10,257  7,897  8,955  5,364  2,740  573  41,702    77,488
Total Commercial and Industrial  649,128  186,416  278,951  152,289  35,345  207,644  662,248  23,363  2,195,384
                            
Commercial Real Estate                           
Risk rating:                           
Pass  493,286  342,433  578,079  522,123  429,840  967,286  59,685    3,392,732
Special Mention    1,472  48,916  16,054  28,264  56,319  7,604    158,629
Substandard        1,907  258  15,578  502    18,245
Other (1)            162      162
Total Commercial Real Estate  493,286  343,905  626,995  540,084  458,362  1,039,345  67,791    3,569,768
                            
Construction                           
Risk rating:                           
Pass  57,368  94,127  285,960  151,714  63,031  67,670  58,013    777,883
Special Mention      473  708    359      1,540
Substandard        369    850      1,219
Other (1)  19,268  10,753  4,367  4,955  2,710  2,581  802    45,436
Total Construction  76,636  104,880  290,800  157,746  65,741  71,460  58,815    826,078
                            
Lease Financing                           
Risk rating:                           
Pass  26,419  64,989  53,457  10,371  15,819  58,940      229,995
Special Mention  523  282  501  182  27  201      1,716
Substandard    2,720  1,506  225  1,037  490      5,978
Total Lease Financing  26,942  67,991  55,464  10,778  16,883  59,631      237,689
                            
Total Commercial Lending $1,245,992 $703,192 $1,252,210 $860,897 $576,331 $1,378,080 $788,854 $23,363 $6,828,919
                            


                       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 $804,889 $661,402 $306,706 $209,819 $270,664 $879,063 $ $ $3,132,543
680 - 739  104,415  79,553  52,470  36,440  40,109  141,178      454,165
620 - 679  14,479  11,825  6,941  5,683  10,341  41,481      90,750
550 - 619  231  818  193  2,059  1,428  7,378      12,107
Less than 550        490  2,533  3,127      6,150
No Score (3)  13,307  8,559  15,727  20,112  18,265  46,312      122,282
Other (2)  18,701  17,823  10,835  11,779  18,988  17,737  625  147  96,635
Total Residential Mortgage  956,022  779,980  392,872  286,382  362,328  1,136,276  625  147  3,914,632
                            
Home Equity Line                           
FICO:                           
740 and greater              637,131  2,220  639,351
680 - 739              150,452  3,485  153,937
620 - 679              38,987  1,709  40,696
550 - 619              10,433  1,473  11,906
Less than 550              2,260  70  2,330
No Score (3)              3,854    3,854
Total Home Equity Line              843,117  8,957  852,074
Total Residential Lending  956,022  779,980  392,872  286,382  362,328  1,136,276  843,742  9,104  4,766,706
                            
Consumer Lending                           
FICO:                           
740 and greater  130,773  88,770  88,797  65,818  30,908  11,516  107,938  245  524,765
680 - 739  72,447  63,996  65,105  41,209  21,461  8,912  68,887  717  342,734
620 - 679  27,131  28,491  33,219  22,225  15,042  6,825  30,956  1,398  165,287
550 - 619  3,181  8,735  15,408  12,262  9,546  4,829  10,150  1,177  65,288
Less than 550  341  3,200  6,116  4,665  3,196  1,757  2,983  578  22,836
No Score (3)  1,155  60  81  46  77  3  34,234  420  36,076
Other (2)  709  368  1,735  30  2,183  38  76,665    81,728
Total Consumer Lending  235,737  193,620  210,461  146,255  82,413  33,880  331,813  4,535  1,238,714
                            
Total Loans and Leases $2,437,751 $1,676,792 $1,855,543 $1,293,534 $1,021,072 $2,548,236 $1,964,409 $37,002 $12,834,339

________________________

(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 Nine Months Ended 
  September 30, June 30, September 30, September 30, 
(dollars in thousands, except per share amounts) 2021 2021 2020 2021 2020 
Income Statement Data:                
Net income $64,279 $86,741 $65,101 $208,713 $124,015 
Core net income $65,819 $87,704 $65,083 $211,216 $124,090 
                 
Average total stockholders' equity $2,738,540 $2,691,966 $2,704,129 $2,719,442 $2,687,632 
Less: average goodwill  995,492  995,492  995,492  995,492  995,492 
Average tangible stockholders' equity $1,743,048 $1,696,474 $1,708,637 $1,723,950 $1,692,140 
                 
Average total assets $25,058,085 $24,015,065 $22,341,485 $24,013,691 $21,667,948 
Less: average goodwill  995,492  995,492  995,492  995,492  995,492 
Average tangible assets $24,062,593 $23,019,573 $21,345,993 $23,018,199 $20,672,456 
                 
Return on average total stockholders' equity(1)  9.31% 12.92% 9.58% 10.26% 6.16%
Core return on average total stockholders' equity (non-GAAP)(1)  9.54% 13.07% 9.57% 10.38% 6.17%
Return on average tangible stockholders' equity (non-GAAP)(1)  14.63% 20.51% 15.16% 16.19% 9.79%
Core return on average tangible stockholders' equity (non-GAAP)(1)  14.98% 20.74% 15.15% 16.38% 9.80%
                 
Return on average total assets(1)  1.02% 1.45% 1.16% 1.16% 0.76%
Core return on average total assets (non-GAAP)(1)  1.04% 1.46% 1.16% 1.18% 0.76%
Return on average tangible assets (non-GAAP)(1)  1.06% 1.51% 1.21% 1.21% 0.80%
Core return on average tangible assets (non-GAAP)(1)  1.09% 1.53% 1.21% 1.23% 0.80%
                 


  As of As of As of As of 
  September 30, June 30, December 31, September 30, 
  2021 2021 2020 2020 
Balance Sheet Data:             
Total stockholders' equity $2,711,734 $2,731,341 $2,744,104 $2,733,934 
Less: goodwill  995,492  995,492  995,492  995,492 
Tangible stockholders' equity $1,716,242 $1,735,849 $1,748,612 $1,738,442 
              
Total assets $25,548,322 $24,246,328 $22,662,831 $22,310,701 
Less: goodwill  995,492  995,492  995,492  995,492 
Tangible assets $24,552,830 $23,250,836 $21,667,339 $21,315,209 
              
Shares outstanding  128,255,570  129,019,871  129,912,272  129,911,789 
              
Total stockholders' equity to total assets  10.61% 11.26% 12.11% 12.25%
Tangible stockholders' equity to tangible assets (non-GAAP)  6.99% 7.47% 8.07% 8.16%
              
Book value per share $21.14 $21.17 $21.12 $21.04 
Tangible book value per share (non-GAAP) $13.38 $13.45 $13.46 $13.38 

________________________

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


GAAP to Non-GAAP Reconciliation              Table 15
  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) 2021 2021 2020 2021 2020 
Net interest income $132,593  $131,481  $134,002  $393,232  $400,507  
Core net interest income (non-GAAP) $132,593  $131,481  $134,002  $393,232  $400,507  
                 
Noninterest income $50,104  $49,371  $48,898  $143,343  $143,782  
(Gains) losses on sale of securities     (102)  (24)  (102)  102  
Core noninterest income (non-GAAP) $50,104  $49,269  $48,874  $143,241  $143,884  
                 
Noninterest expense $101,036  $99,388  $91,629  $296,730  $279,545  
Loss on litigation  (2,100)        (2,100)    
One-time items(1)     (1,160)     (1,160)    
Core noninterest expense (non-GAAP) $98,936  $98,228  $91,629  $293,470  $279,545  
                 
Net income $64,279  $86,741  $65,101  $208,713  $124,015  
(Gains) losses on sale of securities     (102)  (24)  (102)  102  
Loss on litigation  2,100         2,100     
One-time noninterest expense items(1)     1,160      1,160     
Tax adjustments(2)  (560)  (95)  6   (655)  (27) 
Total core adjustments  1,540   963   (18)  2,503   75  
Core net income (non-GAAP) $65,819  $87,704  $65,083  $211,216  $124,090  
                 
Basic earnings per share $ 0.50  $0.67  $0.50  $ 1.61  $0.95  
Diluted earnings per share $ 0.50  $0.67  $0.50  $ 1.61  $0.95  
Efficiency ratio   55.07 % 54.74 % 50.01 %  55.10 % 51.32 %
                 
Core basic earnings per share (non-GAAP) $ 0.51  $0.68  $0.50  $ 1.63  $0.96  
Core diluted earnings per share (non-GAAP) $ 0.51  $0.68  $0.50  $ 1.63  $0.95  
Core efficiency ratio (non-GAAP)   53.92 % 54.13 % 50.02 %  54.51 % 51.31 %

________________________

(1)One-time items consisted of severance costs.

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



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