First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the
“Company”) today reported financial results for its first quarter
ended March 31, 2019.
“The first quarter of 2019 was a solid quarter for First
Hawaiian, as we started the year with a strong financial
performance and BNP Paribas fully exited its remaining position in
First Hawaiian,” said Bob Harrison, Chairman and Chief Executive
Officer. “We had strong core earnings, driven by good loan
growth and continued expense control, while our asset quality and
profitability measures remained excellent.”
On April 24, 2019, the Company’s Board of Directors declared a
quarterly cash dividend of $0.26 per share. The dividend will
be payable on June 7, 2019 to stockholders of record at the close
of business on May 28, 2019.
First Quarter 2019 Highlights (Comparisons To Fourth
Quarter 2018):
- Profitability measures were excellent with ROA of 1.38%, core
ROATA1,2 of 1.50%, ROE of 11.16%, and core ROATCE1,2 of
18.91%;
- Loans grew $121.3 million, or 1%, primarily in commercial and
residential real estate;
- Reported net interest margin (“NIM”) was 3.23%. After
removing the impact of premium adjustments NIM was up 7 basis
points;
- Reported efficiency ratio was 48.2% and core efficiency ratio1
was 47.4%;
- Continued excellent credit quality. The ratio of
non-performing assets to total loans and leases and other real
estate owned was 0.03% at the end of the first quarter;
- On February 1, BNPP sold their remaining 18.4% interest in
First Hawaiian, and we are once again a fully independent, local
bank;
- On March 1, we announced a stock repurchase program for up to
$100 million of First Hawaiian’s common stock in 2019;
- On April 24, the Company’s Board of Directors declared a
quarterly cash dividend of $0.26 per share, equal to an annual
dividend yield of 3.85% based on the share price as of the close of
business on that date.
Balance Sheet
Total assets were $20.4 billion as of March 31, 2019, compared
to $20.7 billion as of December 31, 2018.
Gross loans and leases were $13.2 billion as of March 31, 2019,
an increase of $121.3 million, or 1%, from $13.1 billion as of
December 31, 2018. The increase was due to growth in
commercial real estate and residential mortgage loans, partially
offset by declines in construction, consumer, commercial and
industrial (“C&I”) and home equity lines.
Total deposits were $16.8 billion as of March 31, 2019, a
decrease of $354.8 million, or 2% from $17.2 billion as of December
31, 2018. The decrease was primarily due to the outflow of
approximately $305 million of temporary deposits from the prior
quarter and an additional reduction of $174.7 million of public
time deposits.
Net Interest Income
Net interest income for the first quarter of 2019 was $145.1
million, an increase of $1.1 million, or 0.8%, compared to $144.0
million for the prior quarter. Net interest income in the
first quarter included a negative $1.8 million premium adjustment,
while net interest income in the prior quarter benefited from a
positive $1.1 million premium adjustment. The increase in net
interest income compared to the fourth quarter of 2018 was
primarily due to higher balances and rates on loans and leases,
partially offset by higher rates on deposit accounts and higher
average balances of long-term borrowings.
NIM was 3.23% in the first quarter of 2019, unchanged compared
to 3.23% in the fourth quarter of 2018. The negative $1.8
million premium adjustment had a negative four basis point impact
on the first quarter NIM, while the positive $1.1 million premium
adjustment in the prior quarter increased the fourth quarter NIM by
three basis points.
Provision Expense
Results for the quarter ended March 31, 2019 included a
provision for credit losses of $5.7 million compared to $5.8
million in the quarter ended December 31, 2018.
Noninterest Income
Noninterest income was $47.1 million in the first quarter of
2019, an increase of $14.0 million compared to noninterest income
of $33.1 million in the fourth quarter of 2018. The increase
compared to the fourth quarter was primarily due to $21.5 million
lower other-than-temporary impairment (“OTTI”) and investment
losses associated with the investment portfolio restructuring,
partially offset by $9.8 million lower other income. Other
income in the fourth quarter of 2018 included a positive $7.6
million mark-to-market adjustment associated with maturing cash
flow hedges and a positive $1.5 million intercompany tax
adjustment.
Noninterest Expense
Noninterest expense was $92.6 million in the first quarter of
2019, an increase of $3.3 million from $89.4 million in the fourth
quarter of 2018. The increase in noninterest expense was
primarily driven by higher salaries and benefits due to lower
deferred loan costs, reflecting lower levels of loan production,
and higher annual incentive compensation payments, including
payroll taxes.
The efficiency ratio was 48.2% and 50.5% for the quarters ended
March 31, 2019 and December 31, 2018, respectively. Core
efficiency ratio1 was 47.4% and 44.2% for the quarters ended March
31, 2019 and December 31, 2018, respectively.
Taxes
The effective tax rate for the first quarter of 2019 was 25.5%
compared with 26.8% in the previous quarter. The provision
for taxes in the fourth quarter of 2018 included a $1.5 million
expense for intercompany taxes.
Asset Quality
The allowance for loan and lease losses was $141.5 million, or
1.07% of total loans and leases, as of March 31, 2019, compared to
$141.7 million, or 1.08% of total loans and leases, as of December
31, 2018. Net charge-offs were $5.9 million, or 0.18% of
average loans and leases on an annualized basis, compared to $5.3
million, or 0.16% of average loans and leases on an annualized
basis for the quarter ended December 31, 2018. Total
non-performing assets were $4.4 million, or 0.03% of total loans
and leases and other real estate owned, at March 31, 2019, compared
to non-performing assets of $7.3 million, or 0.06% of total loans
and leases and other real estate owned, at December 31,
2018.
Capital
Total stockholders' equity was $2.6 billion at March 31, 2019,
compared to $2.5 billion at December 31,
2018.
The tier 1 leverage, common equity tier 1 and total capital
ratios were 8.71%, 12.05% and 13.06%, respectively, at March 31,
2019, compared with 8.72%, 11.97% and 12.99% at December 31,
2018.
During the first quarter, the company’s Board of Directors
adopted a stock repurchase program for up to $100 million of its
outstanding common stock during 2019. Remaining buyback
authority under the stock repurchase program was $100 million at
April 24, 2019.
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 5:00 p.m. Eastern Time, 11:00 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: 2444505. 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 8:30 p.m. (Eastern Time) on May 5,
2019. Access the replay by dialing (855) 859-2056 or (404)
537-3406 and entering the conference ID: 2444505.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect our current
views with respect to, among other things, future events and our
financial performance. These statements are often, but not
always, made through the use of words or phrases such as “may”,
“might”, “should”, “could”, “predict”, “potential”, “believe”,
“expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”,
“intend”, “plan”, “projection”, “would”, “annualized” and
“outlook”, or the negative version of those words or other
comparable words or phrases of a future or forward-looking nature.
These forward-looking statements are not historical facts,
and are based on current expectations, estimates and projections
about our industry, management's beliefs and certain assumptions
made by management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, we caution you
that any such forward-looking statements are not guarantees of
future performance and are subject to risks, assumptions, estimates
and uncertainties that are difficult to predict. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable as of the date made, actual results may
prove to be materially different from the results expressed or
implied by the forward-looking statements. For a discussion
of some of the 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,
2018.
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 11 and 12 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)
525-6268khaseyama@fhb.com |
Media
Contact:Susan Kam(808) 525-6254skam@fhb.com |
1 Core measurements are non-GAAP financial measures. Core
excludes certain gains, expenses and one-time items. See
Tables 11 and 12 at the end of this document for reconciliations of
core measurements, including core net income, core noninterest
income, core efficiency ratio and core earnings per diluted share
to the comparable GAAP measurements.
2 Return on Average Tangible Assets (“ROATA”) and Return on
Average Tangible Common Equity (“ROATCE”) are non-GAAP financial
measures. A reconciliation of average tangible assets and
average tangible stockholders’ equity to the comparable GAAP
measurements is provided in Tables 11 and 12 at the end of this
document.
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
|
|
|
|
Table 1 |
|
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(dollars in thousands, except per share data) |
|
2019 |
|
2018 |
|
2018 |
|
Operating
Results: |
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
145,089 |
|
$ |
143,985 |
|
$ |
139,672 |
|
Provision
for loan and lease losses |
|
|
5,680 |
|
|
5,750 |
|
|
5,950 |
|
Noninterest income |
|
|
47,072 |
|
|
33,091 |
|
|
48,700 |
|
Noninterest expense |
|
|
92,623 |
|
|
89,354 |
|
|
90,587 |
|
Net
income |
|
|
69,924 |
|
|
59,995 |
|
|
67,958 |
|
Basic
earnings per share |
|
|
0.52 |
|
|
0.44 |
|
|
0.49 |
|
Diluted
earnings per share |
|
|
0.52 |
|
|
0.44 |
|
|
0.49 |
|
Dividends
declared per share |
|
|
0.26 |
|
|
0.24 |
|
|
0.24 |
|
Dividend
payout ratio |
|
|
50.00 |
% |
|
54.55 |
% |
|
48.98 |
% |
Supplemental
Income Statement Data (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
Core net
interest income |
|
$ |
145,089 |
|
$ |
143,985 |
|
$ |
139,672 |
|
Core
noninterest income |
|
|
49,685 |
|
|
57,176 |
|
|
48,700 |
|
Core
noninterest expense |
|
|
92,362 |
|
|
88,919 |
|
|
90,180 |
|
Core net
income |
|
|
72,052 |
|
|
77,914 |
|
|
68,259 |
|
Core
basic earnings per share |
|
|
0.53 |
|
|
0.58 |
|
|
0.49 |
|
Core
diluted earnings per share |
|
|
0.53 |
|
|
0.58 |
|
|
0.49 |
|
Performance Ratio: |
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.23 |
% |
|
3.23 |
% |
|
3.13 |
% |
Core net
interest margin (non-GAAP) |
|
|
3.23 |
% |
|
3.23 |
% |
|
3.13 |
% |
Efficiency ratio |
|
|
48.20 |
% |
|
50.45 |
% |
|
48.08 |
% |
Core
efficiency ratio (non-GAAP) |
|
|
47.42 |
% |
|
44.19 |
% |
|
47.86 |
% |
Return on
average total assets |
|
|
1.38 |
% |
|
1.19 |
% |
|
1.35 |
% |
Core
return on average total assets (non-GAAP) |
|
|
1.43 |
% |
|
1.54 |
% |
|
1.36 |
% |
Return on
average tangible assets (non-GAAP) |
|
|
1.45 |
% |
|
1.25 |
% |
|
1.42 |
% |
Core
return on average tangible assets (non-GAAP)(1) |
|
|
1.50 |
% |
|
1.62 |
% |
|
1.43 |
% |
Return on
average total stockholders' equity |
|
|
11.16 |
% |
|
9.77 |
% |
|
11.02 |
% |
Core
return on average total stockholders' equity (non-GAAP) |
|
|
11.50 |
% |
|
12.68 |
% |
|
11.07 |
% |
Return on
average tangible stockholders' equity (non-GAAP) |
|
|
18.35 |
% |
|
16.51 |
% |
|
18.32 |
% |
Core
return on average tangible stockholders’ equity (non-GAAP)(2) |
|
|
18.91 |
% |
|
21.44 |
% |
|
18.40 |
% |
Average
Balances: |
|
|
|
|
|
|
|
|
|
|
Average
loans and leases |
|
$ |
13,073,708 |
|
$ |
12,829,635 |
|
$ |
12,296,678 |
|
Average
earning assets |
|
|
18,091,424 |
|
|
17,701,301 |
|
|
18,088,280 |
|
Average
assets |
|
|
20,494,837 |
|
|
20,069,988 |
|
|
20,407,718 |
|
Average
deposits |
|
|
16,865,673 |
|
|
16,608,611 |
|
|
17,504,054 |
|
Average
stockholders' equity |
|
|
2,540,600 |
|
|
2,437,504 |
|
|
2,500,299 |
|
Market Value Per Share: |
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
26.05 |
|
|
22.51 |
|
|
27.83 |
|
High |
|
|
27.67 |
|
|
27.49 |
|
|
32.36 |
|
Low |
|
|
22.13 |
|
|
21.19 |
|
|
26.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2018 |
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
Loans and
leases |
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,464,165 |
|
Total
assets |
|
20,441,136 |
|
|
20,695,678 |
|
|
20,242,942 |
|
Total
deposits |
|
16,795,244 |
|
|
17,150,068 |
|
|
17,362,422 |
|
Long-term
borrowings |
|
600,028 |
|
|
600,026 |
|
|
34 |
|
Total
stockholders' equity |
|
2,613,202 |
|
|
2,524,839 |
|
|
2,520,862 |
|
|
|
|
|
|
|
|
|
|
|
Per Share of
Common Stock: |
|
|
|
|
|
|
|
|
|
Book
value |
$ |
19.36 |
|
$ |
18.72 |
|
$ |
18.06 |
|
Tangible
book value (non-GAAP)(3) |
|
11.98 |
|
|
11.34 |
|
|
10.93 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases / total loans and leases |
|
0.03 |
% |
|
0.05 |
% |
|
0.10 |
% |
Allowance
for loan and lease losses / total loans and leases |
|
1.07 |
% |
|
1.08 |
% |
|
1.11 |
% |
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
Common
Equity Tier 1 Capital Ratio |
|
12.05 |
% |
|
11.97 |
% |
|
12.73 |
% |
Tier 1
Capital Ratio |
|
12.05 |
% |
|
11.97 |
% |
|
12.73 |
% |
Total
Capital Ratio |
|
13.06 |
% |
|
12.99 |
% |
|
13.77 |
% |
Tier 1
Leverage Ratio |
|
8.71 |
% |
|
8.72 |
% |
|
8.71 |
% |
Total
stockholders' equity to total assets |
|
12.78 |
% |
|
12.20 |
% |
|
12.45 |
% |
Tangible
stockholders' equity to tangible assets (non-GAAP) |
|
8.32 |
% |
|
7.76 |
% |
|
7.93 |
% |
|
|
|
|
|
|
|
|
|
|
Non-Financial
Data: |
|
|
|
|
|
|
|
|
|
Number of
branches |
|
60 |
|
|
60 |
|
|
61 |
|
Number of
ATMs |
|
296 |
|
|
295 |
|
|
310 |
|
Number of
Full-Time Equivalent Employees |
|
2,130 |
|
|
2,155 |
|
|
2,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
Table 2 |
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands, except per share amounts) |
|
2019 |
|
2018 |
|
2018 |
Interest
income |
|
|
|
|
|
|
|
|
|
Loans and lease
financing |
|
$ |
144,406 |
|
|
$ |
140,649 |
|
|
$ |
123,551 |
Available-for-sale
securities |
|
|
24,486 |
|
|
|
25,537 |
|
|
|
28,993 |
Other |
|
|
3,669 |
|
|
|
1,858 |
|
|
|
2,392 |
Total
interest income |
|
|
172,561 |
|
|
|
168,044 |
|
|
|
154,936 |
Interest
expense |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
23,197 |
|
|
|
20,152 |
|
|
|
15,264 |
Short-term and
long-term borrowings |
|
|
4,275 |
|
|
|
3,907 |
|
|
|
— |
Total
interest expense |
|
|
27,472 |
|
|
|
24,059 |
|
|
|
15,264 |
Net
interest income |
|
|
145,089 |
|
|
|
143,985 |
|
|
|
139,672 |
Provision for loan and
lease losses |
|
|
5,680 |
|
|
|
5,750 |
|
|
|
5,950 |
Net
interest income after provision for loan and lease losses |
|
|
139,409 |
|
|
|
138,235 |
|
|
|
133,722 |
Noninterest
income |
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
8,060 |
|
|
|
8,427 |
|
|
|
7,955 |
Credit and debit card
fees |
|
|
16,655 |
|
|
|
16,755 |
|
|
|
15,497 |
Other service charges
and fees |
|
|
9,129 |
|
|
|
9,763 |
|
|
|
9,342 |
Trust and investment
services income |
|
|
8,618 |
|
|
|
7,895 |
|
|
|
8,231 |
Bank-owned life
insurance |
|
|
3,813 |
|
|
|
1,086 |
|
|
|
2,044 |
Investment securities
losses, net |
|
|
(2,613 |
) |
|
|
— |
|
|
|
— |
Other-than-temporary
impairment (OTTI) losses on available-for-sale debt securities |
|
|
— |
|
|
|
(24,085 |
) |
|
|
— |
Other |
|
|
3,410 |
|
|
|
13,250 |
|
|
|
5,631 |
Total
noninterest income |
|
|
47,072 |
|
|
|
33,091 |
|
|
|
48,700 |
Noninterest
expense |
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
44,860 |
|
|
|
41,407 |
|
|
|
42,160 |
Contracted services and
professional fees |
|
|
13,645 |
|
|
|
13,005 |
|
|
|
12,287 |
Occupancy |
|
|
6,986 |
|
|
|
7,181 |
|
|
|
6,484 |
Equipment |
|
|
4,284 |
|
|
|
4,610 |
|
|
|
4,588 |
Regulatory assessment and
fees |
|
|
1,447 |
|
|
|
2,053 |
|
|
|
3,973 |
Advertising and
marketing |
|
|
1,966 |
|
|
|
1,687 |
|
|
|
951 |
Card rewards program |
|
|
6,732 |
|
|
|
6,978 |
|
|
|
5,718 |
Other |
|
|
12,703 |
|
|
|
12,433 |
|
|
|
14,426 |
Total
noninterest expense |
|
|
92,623 |
|
|
|
89,354 |
|
|
|
90,587 |
Income
before provision for income taxes |
|
|
93,858 |
|
|
|
81,972 |
|
|
|
91,835 |
Provision for income
taxes |
|
|
23,934 |
|
|
|
21,977 |
|
|
|
23,877 |
Net income |
|
$ |
69,924 |
|
|
$ |
59,995 |
|
|
$ |
67,958 |
Basic earnings per
share |
|
$ |
0.52 |
|
|
$ |
0.44 |
|
|
$ |
0.49 |
Diluted earnings per
share |
|
$ |
0.52 |
|
|
$ |
0.44 |
|
|
$ |
0.49 |
Basic weighted-average
outstanding shares |
|
|
134,879,336 |
|
|
|
134,874,277 |
|
|
|
139,600,712 |
Diluted
weighted-average outstanding shares |
|
|
135,198,345 |
|
|
|
135,100,162 |
|
|
|
139,732,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets |
|
Table 3 |
|
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands) |
|
2019 |
|
2018 |
|
2018 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
336,555 |
|
|
$ |
396,836 |
|
|
$ |
283,135 |
|
Interest-bearing
deposits in other banks |
|
|
281,312 |
|
|
|
606,801 |
|
|
|
409,357 |
|
Investment
securities |
|
|
4,485,660 |
|
|
|
4,498,342 |
|
|
|
5,076,766 |
|
Loans held for
sale |
|
|
— |
|
|
|
432 |
|
|
|
397 |
|
Loans and leases |
|
|
13,197,454 |
|
|
|
13,076,191 |
|
|
|
12,464,165 |
|
Less: allowance for
loan and lease losses |
|
|
141,546 |
|
|
|
141,718 |
|
|
|
138,574 |
|
Net loans
and leases |
|
|
13,055,908 |
|
|
|
12,934,473 |
|
|
|
12,325,591 |
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
310,902 |
|
|
|
304,996 |
|
|
|
288,565 |
|
Other real estate owned
and repossessed personal property |
|
|
124 |
|
|
|
751 |
|
|
|
— |
|
Accrued interest
receivable |
|
|
49,489 |
|
|
|
48,920 |
|
|
|
47,499 |
|
Bank-owned life
insurance |
|
|
447,936 |
|
|
|
446,076 |
|
|
|
440,054 |
|
Goodwill |
|
|
995,492 |
|
|
|
995,492 |
|
|
|
995,492 |
|
Mortgage servicing
rights |
|
|
15,399 |
|
|
|
16,155 |
|
|
|
18,659 |
|
Other assets |
|
|
462,359 |
|
|
|
446,404 |
|
|
|
357,427 |
|
Total assets |
|
$ |
20,441,136 |
|
|
$ |
20,695,678 |
|
|
$ |
20,242,942 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing |
|
$ |
10,951,764 |
|
|
$ |
11,142,127 |
|
|
$ |
11,312,288 |
|
Noninterest-bearing |
|
|
5,843,480 |
|
|
|
6,007,941 |
|
|
|
6,050,134 |
|
Total
deposits |
|
|
16,795,244 |
|
|
|
17,150,068 |
|
|
|
17,362,422 |
|
Long-term
borrowings |
|
|
600,028 |
|
|
|
600,026 |
|
|
|
34 |
|
Retirement benefits
payable |
|
|
127,845 |
|
|
|
127,909 |
|
|
|
134,684 |
|
Other liabilities |
|
|
304,817 |
|
|
|
292,836 |
|
|
|
224,940 |
|
Total
liabilities |
|
|
17,827,934 |
|
|
|
18,170,839 |
|
|
|
17,722,080 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
Common
stock ($0.01 par value; authorized 300,000,000 shares;
issued/outstanding: 139,851,508 / 135,012,015 shares as of
March 31, 2019, issued/outstanding: 139,656,674 /
134,874,302 shares as of December 31, 2018 and
issued/outstanding: 139,611,795 / 139,601,123 shares as of
March 31, 2018) |
|
|
1,399 |
|
|
|
1,397 |
|
|
|
1,396 |
|
Additional paid-in capital |
|
|
2,497,770 |
|
|
|
2,495,853 |
|
|
|
2,490,910 |
|
Retained
earnings |
|
|
326,451 |
|
|
|
291,919 |
|
|
|
193,522 |
|
Accumulated other comprehensive loss, net |
|
|
(78,754 |
) |
|
|
(132,195 |
) |
|
|
(164,684 |
) |
Treasury
stock (4,839,493 shares as of March 31, 2019, 4,782,372
as of December 31, 2018 and 10,672 as of
March 31, 2018) |
|
|
(133,664 |
) |
|
|
(132,135 |
) |
|
|
(282 |
) |
Total
stockholders' equity |
|
|
2,613,202 |
|
|
|
2,524,839 |
|
|
|
2,520,862 |
|
Total liabilities and stockholders' equity |
|
$ |
20,441,136 |
|
|
$ |
20,695,678 |
|
|
$ |
20,242,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
|
|
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 |
|
$ |
507.3 |
|
$ |
3.2 |
|
2.56 |
% |
$ |
290.0 |
|
$ |
1.5 |
|
2.04 |
% |
$ |
616.8 |
|
$ |
2.3 |
|
1.53 |
% |
Available-for-Sale Investment Securities |
|
|
4,417.8 |
|
|
24.5 |
|
2.22 |
|
|
4,521.3 |
|
|
25.5 |
|
2.24 |
|
|
5,160.3 |
|
|
29.0 |
|
2.28 |
|
Loans
Held for Sale |
|
|
0.3 |
|
|
— |
|
2.79 |
|
|
0.3 |
|
|
— |
|
3.51 |
|
|
0.1 |
|
|
— |
|
2.99 |
|
Loans
and Leases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,166.4 |
|
|
33.2 |
|
4.25 |
|
|
3,120.9 |
|
|
32.7 |
|
4.16 |
|
|
3,104.4 |
|
|
27.7 |
|
3.62 |
|
Commercial real estate |
|
|
3,005.2 |
|
|
35.4 |
|
4.77 |
|
|
3,013.0 |
|
|
32.4 |
|
4.27 |
|
|
2,799.9 |
|
|
26.5 |
|
3.83 |
|
Construction |
|
|
636.7 |
|
|
7.5 |
|
4.77 |
|
|
623.9 |
|
|
7.1 |
|
4.51 |
|
|
621.2 |
|
|
5.7 |
|
3.74 |
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
3,535.2 |
|
|
36.0 |
|
4.07 |
|
|
3,351.8 |
|
|
36.0 |
|
4.26 |
|
|
3,147.1 |
|
|
33.4 |
|
4.30 |
|
Home
equity lines |
|
|
915.7 |
|
|
8.7 |
|
3.85 |
|
|
904.5 |
|
|
8.7 |
|
3.78 |
|
|
862.7 |
|
|
7.7 |
|
3.61 |
|
Consumer |
|
|
1,667.3 |
|
|
22.5 |
|
5.48 |
|
|
1,657.9 |
|
|
22.7 |
|
5.44 |
|
|
1,599.6 |
|
|
21.3 |
|
5.41 |
|
Lease
financing |
|
|
147.2 |
|
|
1.1 |
|
2.99 |
|
|
157.6 |
|
|
1.1 |
|
2.70 |
|
|
161.8 |
|
|
1.2 |
|
3.10 |
|
Total
Loans and Leases |
|
|
13,073.7 |
|
|
144.4 |
|
4.46 |
|
|
12,829.6 |
|
|
140.7 |
|
4.35 |
|
|
12,296.7 |
|
|
123.5 |
|
4.07 |
|
Other
Earning Assets |
|
|
92.3 |
|
|
0.5 |
|
2.06 |
|
|
60.1 |
|
|
0.4 |
|
2.42 |
|
|
14.4 |
|
|
0.1 |
|
1.68 |
|
Total
Earning Assets(2) |
|
|
18,091.4 |
|
|
172.6 |
|
3.85 |
|
|
17,701.3 |
|
|
168.1 |
|
3.77 |
|
|
18,088.3 |
|
|
154.9 |
|
3.47 |
|
Cash and
Due from Banks |
|
|
360.3 |
|
|
|
|
|
|
|
339.7 |
|
|
|
|
|
|
|
318.9 |
|
|
|
|
|
|
Other
Assets |
|
|
2,043.1 |
|
|
|
|
|
|
|
2,029.0 |
|
|
|
|
|
|
|
2,000.5 |
|
|
|
|
|
|
Total Assets |
|
$ |
20,494.8 |
|
|
|
|
|
|
$ |
20,070.0 |
|
|
|
|
|
|
$ |
20,407.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
4,815.8 |
|
$ |
4.2 |
|
0.36 |
% |
$ |
4,708.4 |
|
$ |
3.6 |
|
0.30 |
% |
|
4,543.1 |
|
$ |
1.7 |
|
0.15 |
% |
Money
Market |
|
|
3,181.3 |
|
|
7.7 |
|
0.98 |
|
|
3,021.9 |
|
|
6.1 |
|
0.80 |
|
|
2,710.9 |
|
|
1.7 |
|
0.26 |
|
Time |
|
|
3,041.8 |
|
|
11.3 |
|
1.51 |
|
|
3,026.2 |
|
|
10.5 |
|
1.37 |
|
|
4,252.3 |
|
|
11.8 |
|
1.13 |
|
Total
Interest-Bearing Deposits |
|
|
11,038.9 |
|
|
23.2 |
|
0.85 |
|
|
10,756.5 |
|
|
20.2 |
|
0.74 |
|
|
11,506.3 |
|
|
15.2 |
|
0.54 |
|
Short-Term Borrowings |
|
|
12.8 |
|
|
0.1 |
|
2.45 |
|
|
112.9 |
|
|
0.6 |
|
2.26 |
|
|
— |
|
|
— |
|
— |
|
Long-Term Borrowings |
|
|
600.0 |
|
|
4.2 |
|
2.84 |
|
|
452.2 |
|
|
3.3 |
|
2.86 |
|
|
— |
|
|
— |
|
— |
|
Total Interest-Bearing Liabilities |
|
|
11,651.7 |
|
|
27.5 |
|
0.96 |
|
|
11,321.6 |
|
|
24.1 |
|
0.84 |
|
|
11,506.3 |
|
|
15.2 |
|
0.54 |
|
Net Interest Income |
|
|
|
|
$ |
145.1 |
|
|
|
|
|
|
$ |
144.0 |
|
|
|
|
|
|
$ |
139.7 |
|
|
|
Interest
Rate Spread |
|
|
|
|
|
|
|
2.89 |
% |
|
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
2.93 |
% |
Net
Interest Margin |
|
|
|
|
|
|
|
3.23 |
% |
|
|
|
|
|
|
3.23 |
% |
|
|
|
|
|
|
3.13 |
% |
Noninterest-Bearing Demand Deposits |
|
|
5,826.8 |
|
|
|
|
|
|
|
5,852.1 |
|
|
|
|
|
|
|
5,997.8 |
|
|
|
|
|
|
Other
Liabilities |
|
|
475.7 |
|
|
|
|
|
|
|
458.8 |
|
|
|
|
|
|
|
403.3 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
2,540.6 |
|
|
|
|
|
|
|
2,437.5 |
|
|
|
|
|
|
|
2,500.3 |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
20,494.8 |
|
|
|
|
|
|
$ |
20,070.0 |
|
|
|
|
|
|
$ |
20,407.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
5 |
|
|
Three Months Ended
March 31, 2019 |
|
|
Compared to December 31, 2018 |
(dollars
in millions) |
|
Volume |
|
Rate |
|
Total |
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits in Other Banks |
|
$ |
1.3 |
|
|
$ |
0.4 |
|
|
$ |
1.7 |
|
Available-for-Sale Investment Securities |
|
|
(0.8 |
) |
|
|
(0.3 |
) |
|
|
(1.1 |
) |
Loans
and Leases |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.5 |
|
Commercial real estate |
|
|
(0.1 |
) |
|
|
3.0 |
|
|
|
2.9 |
|
Construction |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.4 |
|
Residential: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
1.8 |
|
|
|
(1.7 |
) |
|
|
0.1 |
|
Home
equity line |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Consumer |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
Lease
financing |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
— |
|
Total
Loans and Leases |
|
|
1.8 |
|
|
|
2.0 |
|
|
|
3.8 |
|
Other
Earning Assets |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Total Change in Interest Income |
|
|
2.5 |
|
|
|
2.0 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
Savings |
|
|
— |
|
|
|
0.6 |
|
|
|
0.6 |
|
Money
Market |
|
|
0.3 |
|
|
|
1.3 |
|
|
|
1.6 |
|
Time |
|
|
— |
|
|
|
0.8 |
|
|
|
0.8 |
|
Total
Interest-Bearing Deposits |
|
|
0.3 |
|
|
|
2.7 |
|
|
|
3.0 |
|
Short-Term Borrowings |
|
|
(0.6 |
) |
|
|
— |
|
|
|
(0.6 |
) |
Long-Term Borrowings |
|
|
1.0 |
|
|
|
— |
|
|
|
1.0 |
|
Total Change in Interest Expense |
|
|
0.7 |
|
|
|
2.7 |
|
|
|
3.4 |
|
Change in Net Interest Income |
|
$ |
1.8 |
|
|
$ |
(0.7 |
) |
|
$ |
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
6 |
|
|
Three Months Ended
March 31, 2019 |
|
|
Compared to
March 31, 2018 |
(dollars
in millions) |
|
Volume |
|
Rate |
|
Total |
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits in Other Banks |
|
$ |
(0.5 |
) |
|
$ |
1.4 |
|
|
$ |
0.9 |
|
Available-for-Sale Investment Securities |
|
|
(3.8 |
) |
|
|
(0.7 |
) |
|
|
(4.5 |
) |
Loans
and Leases |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
0.6 |
|
|
|
4.9 |
|
|
|
5.5 |
|
Commercial real estate |
|
|
2.0 |
|
|
|
6.9 |
|
|
|
8.9 |
|
Construction |
|
|
0.1 |
|
|
|
1.6 |
|
|
|
1.7 |
|
Residential: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
4.4 |
|
|
|
(1.8 |
) |
|
|
2.6 |
|
Home
equity line |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
1.0 |
|
Consumer |
|
|
0.9 |
|
|
|
0.3 |
|
|
|
1.2 |
|
Lease
financing |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Total
Loans and Leases |
|
|
8.4 |
|
|
|
12.4 |
|
|
|
20.8 |
|
Other
Earning Assets |
|
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
Total Change in Interest Income |
|
|
4.5 |
|
|
|
13.1 |
|
|
|
17.6 |
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
Savings |
|
|
0.1 |
|
|
|
2.4 |
|
|
|
2.5 |
|
Money
Market |
|
|
0.3 |
|
|
|
5.6 |
|
|
|
5.9 |
|
Time |
|
|
(3.9 |
) |
|
|
3.4 |
|
|
|
(0.5 |
) |
Total
Interest-Bearing Deposits |
|
|
(3.5 |
) |
|
|
11.4 |
|
|
|
7.9 |
|
Short-Term Borrowings |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
Long-Term Borrowings |
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
Total Change in Interest Expense |
|
|
0.8 |
|
|
|
11.4 |
|
|
|
12.2 |
|
Change in Net Interest Income |
|
$ |
3.7 |
|
|
$ |
1.7 |
|
|
$ |
5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases |
|
|
|
|
|
|
|
|
Table 7 |
|
|
March 31, |
|
December 31, |
|
March 31, |
(dollars
in thousands) |
|
2019 |
|
2018 |
|
2018 |
Commercial and
industrial |
|
$ |
3,203,770 |
|
$ |
3,208,760 |
|
$ |
3,219,210 |
Commercial real estate |
|
|
3,147,304 |
|
|
2,990,783 |
|
|
2,738,557 |
Construction |
|
|
595,491 |
|
|
626,757 |
|
|
594,266 |
Residential: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
3,543,964 |
|
|
3,527,101 |
|
|
3,298,652 |
Home
equity line |
|
|
907,829 |
|
|
912,517 |
|
|
857,351 |
Total
residential |
|
|
4,451,793 |
|
|
4,439,618 |
|
|
4,156,003 |
Consumer |
|
|
1,653,109 |
|
|
1,662,504 |
|
|
1,595,989 |
Lease financing |
|
|
145,987 |
|
|
147,769 |
|
|
160,140 |
Total loans and leases |
|
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,464,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Table 8 |
|
|
March 31, |
|
December 31, |
|
March 31, |
(dollars
in thousands) |
|
2019 |
|
2018 |
|
2018 |
Demand |
|
$ |
5,843,480 |
|
$ |
6,007,941 |
|
$ |
6,050,134 |
Savings |
|
|
4,884,418 |
|
|
4,853,285 |
|
|
4,614,668 |
Money Market |
|
|
3,156,056 |
|
|
3,196,678 |
|
|
2,631,894 |
Time |
|
|
2,911,290 |
|
|
3,092,164 |
|
|
4,065,726 |
Total Deposits |
|
$ |
16,795,244 |
|
$ |
17,150,068 |
|
$ |
17,362,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets and Accruing Loans and
Leases Past Due 90 Days or
More |
|
|
|
|
|
|
Table 9 |
|
|
March 31, |
|
December 31, |
|
March 31, |
(dollars
in thousands) |
|
2019 |
|
2018 |
|
2018 |
Non-Performing
Assets |
|
|
|
|
|
|
|
|
|
Non-Accrual Loans and
Leases |
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
190 |
|
$ |
274 |
|
$ |
1,888 |
Commercial real estate |
|
|
— |
|
|
1,658 |
|
|
2,885 |
Construction |
|
|
— |
|
|
— |
|
|
2,001 |
Total
Commercial Loans |
|
|
190 |
|
|
1,932 |
|
|
6,774 |
Residential Loans: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
4,090 |
|
|
4,611 |
|
|
5,349 |
Total
Residential Loans |
|
|
4,090 |
|
|
4,611 |
|
|
5,349 |
Total Non-Accrual Loans
and Leases |
|
|
4,280 |
|
|
6,543 |
|
|
12,123 |
Other Real Estate
Owned |
|
|
124 |
|
|
751 |
|
|
— |
Total
Non-Performing Assets |
|
$ |
4,404 |
|
$ |
7,294 |
|
$ |
12,123 |
|
|
|
|
|
|
|
|
|
|
Accruing Loans
and Leases Past Due 90 Days or More |
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
350 |
|
$ |
141 |
|
$ |
83 |
Construction |
|
|
89 |
|
|
— |
|
|
343 |
Total Commercial
Loans |
|
|
439 |
|
|
141 |
|
|
426 |
Residential Loans: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
— |
|
|
32 |
|
|
77 |
Home
equity line |
|
|
2,448 |
|
|
2,842 |
|
|
1,392 |
Total Residential
Loans |
|
|
2,448 |
|
|
2,874 |
|
|
1,469 |
Consumer |
|
|
3,538 |
|
|
3,373 |
|
|
1,744 |
Total Accruing
Loans and Leases Past Due 90 Days or More |
|
$ |
6,425 |
|
$ |
6,388 |
|
$ |
3,639 |
|
|
|
|
|
|
|
|
|
|
Restructured
Loans on Accrual Status and Not Past Due 90 Days or
More |
|
|
25,229 |
|
|
24,033 |
|
|
33,429 |
Total Loans and
Leases |
|
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,464,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses |
|
|
|
|
|
|
|
|
Table 10 |
|
|
|
For the Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(dollars
in thousands) |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
Balance at
Beginning of Period |
|
$ |
141,718 |
|
|
$ |
141,250 |
|
|
$ |
137,253 |
|
|
Loans and Leases
Charged-Off |
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
— |
|
|
|
— |
|
|
|
(475 |
) |
|
Lease
financing |
|
|
(24 |
) |
|
|
— |
|
|
|
— |
|
|
Total
Commercial Loans |
|
|
(24 |
) |
|
|
— |
|
|
|
(475 |
) |
|
Residential |
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
Consumer |
|
|
(8,598 |
) |
|
|
(8,015 |
) |
|
|
(6,625 |
) |
|
Total Loans and
Leases Charged-Off |
|
|
(8,622 |
) |
|
|
(8,021 |
) |
|
|
(7,100 |
) |
|
Recoveries on Loans and
Leases Previously Charged-Off |
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
37 |
|
|
|
78 |
|
|
|
64 |
|
|
Commercial real estate |
|
|
31 |
|
|
|
41 |
|
|
|
122 |
|
|
Total
Commercial Loans |
|
|
68 |
|
|
|
119 |
|
|
|
186 |
|
|
Residential |
|
|
250 |
|
|
|
256 |
|
|
|
182 |
|
|
Consumer |
|
|
2,452 |
|
|
|
2,364 |
|
|
|
2,103 |
|
|
Total Recoveries on Loans and Leases Previously
Charged-Off |
|
|
2,770 |
|
|
|
2,739 |
|
|
|
2,471 |
|
|
Net Loans and Leases
Charged-Off |
|
|
(5,852 |
) |
|
|
(5,282 |
) |
|
|
(4,629 |
) |
|
Provision for Loan and
Lease Losses |
|
|
5,680 |
|
|
|
5,750 |
|
|
|
5,950 |
|
|
Balance at End
of Period |
|
$ |
141,546 |
|
|
$ |
141,718 |
|
|
$ |
138,574 |
|
|
Average Loans and
Leases Outstanding |
|
$ |
13,073,708 |
|
|
$ |
12,829,635 |
|
|
$ |
12,296,678 |
|
|
Ratio of Net Loans and
Leases Charged-Off to Average Loans and Leases Outstanding |
|
|
0.18 |
|
% |
0.16 |
|
% |
0.15 |
|
% |
Ratio of Allowance for
Loan and Lease Losses to Loans and Leases Outstanding |
|
|
1.07 |
|
% |
1.08 |
|
% |
1.11 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
|
|
|
|
|
Table 11 |
|
|
|
For the Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(dollars in thousands, except per share amounts) |
|
2019 |
|
2018 |
|
2018 |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
69,924 |
|
$ |
59,995 |
|
$ |
67,958 |
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity |
|
$ |
2,540,600 |
|
$ |
2,437,504 |
|
$ |
2,500,299 |
|
Less: average
goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Average tangible
stockholders' equity |
|
$ |
1,545,108 |
|
$ |
1,442,012 |
|
$ |
1,504,807 |
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets |
|
$ |
20,494,837 |
|
$ |
20,069,988 |
|
$ |
20,407,718 |
|
Less: average
goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Average tangible
assets |
|
$ |
19,499,345 |
|
$ |
19,074,496 |
|
$ |
19,412,226 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total
stockholders' equity(1) |
|
|
11.16 |
% |
|
9.77 |
% |
|
11.02 |
% |
Return on average
tangible stockholders' equity (non-GAAP)(1) |
|
|
18.35 |
% |
|
16.51 |
% |
|
18.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
Return on average total
assets(1) |
|
|
1.38 |
% |
|
1.19 |
% |
|
1.35 |
% |
Return on average
tangible assets (non-GAAP)(1) |
|
|
1.45 |
% |
|
1.25 |
% |
|
1.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity to average assets |
|
|
12.40 |
% |
|
12.15 |
% |
|
12.25 |
% |
Average
tangible stockholders' equity to average tangible assets
(non-GAAP) |
|
|
7.92 |
% |
|
7.56 |
% |
|
7.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
$ |
2,613,202 |
|
$ |
2,524,839 |
|
$ |
2,520,862 |
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Tangible stockholders'
equity |
|
$ |
1,617,710 |
|
$ |
1,529,347 |
|
$ |
1,525,370 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
20,441,136 |
|
$ |
20,695,678 |
|
$ |
20,242,942 |
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Tangible assets |
|
$ |
19,445,644 |
|
$ |
19,700,186 |
|
$ |
19,247,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
135,012,015 |
|
|
134,874,302 |
|
|
139,601,123 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity to total assets |
|
|
12.78 |
% |
|
12.20 |
% |
|
12.45 |
% |
Tangible
stockholders' equity to tangible assets (non-GAAP) |
|
|
8.32 |
% |
|
7.76 |
% |
|
7.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
Book value per
share |
|
$ |
19.36 |
|
$ |
18.72 |
|
$ |
18.06 |
|
Tangible book value per
share (non-GAAP) |
|
$ |
11.98 |
|
$ |
11.34 |
|
$ |
10.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
Table 12 |
|
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(dollars in thousands, except per share amounts) |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
Net interest income |
|
$ |
145,089 |
|
|
$ |
143,985 |
|
|
$ |
139,672 |
|
|
Core net interest
income (non-GAAP) |
|
$ |
145,089 |
|
|
$ |
143,985 |
|
|
$ |
139,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
$ |
47,072 |
|
|
$ |
33,091 |
|
|
$ |
48,700 |
|
|
OTTI losses on
available-for-sale debt securities |
|
|
— |
|
|
|
24,085 |
|
|
|
— |
|
|
Loss on sale of
securities |
|
|
2,613 |
|
|
|
— |
|
|
|
— |
|
|
Core noninterest income
(non-GAAP) |
|
$ |
49,685 |
|
|
$ |
57,176 |
|
|
$ |
48,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
$ |
92,623 |
|
|
$ |
89,354 |
|
|
$ |
90,587 |
|
|
One-time items(1) |
|
|
(261 |
) |
|
|
(435 |
) |
|
|
(407 |
) |
|
Core noninterest
expense (non-GAAP) |
|
$ |
92,362 |
|
|
$ |
88,919 |
|
|
$ |
90,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
69,924 |
|
|
$ |
59,995 |
|
|
$ |
67,958 |
|
|
OTTI losses on
available-for-sale debt securities |
|
|
— |
|
|
|
24,085 |
|
|
|
— |
|
|
Loss on sale of
securities |
|
|
2,613 |
|
|
|
— |
|
|
|
— |
|
|
One-time noninterest
expense items(1) |
|
|
261 |
|
|
|
435 |
|
|
|
407 |
|
|
Tax adjustments(2) |
|
|
(746 |
) |
|
|
(6,601 |
) |
|
|
(106 |
) |
|
Total core
adjustments |
|
|
2,128 |
|
|
|
17,919 |
|
|
|
301 |
|
|
Core net income
(non-GAAP) |
|
$ |
72,052 |
|
|
$ |
77,914 |
|
|
$ |
68,259 |
|
|
Core basic earnings per
share (non-GAAP) |
|
$ |
0.53 |
|
|
$ |
0.58 |
|
|
$ |
0.49 |
|
|
Core diluted earnings
per share (non-GAAP) |
|
$ |
0.53 |
|
|
$ |
0.58 |
|
|
$ |
0.49 |
|
|
Core efficiency ratio
(non-GAAP) |
|
|
47.42 |
|
% |
|
44.19 |
|
% |
|
47.86 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.52 |
|
|
$ |
0.44 |
|
|
$ |
0.49 |
|
|
Diluted earnings per
share |
|
$ |
0.52 |
|
|
$ |
0.44 |
|
|
$ |
0.49 |
|
|
Efficiency ratio |
|
|
48.20 |
|
% |
|
50.45 |
|
% |
|
48.08 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
First Hawaiian (NASDAQ:FHB)
過去 株価チャート
から 6 2024 まで 7 2024
First Hawaiian (NASDAQ:FHB)
過去 株価チャート
から 7 2023 まで 7 2024