First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the
“Company”) today reported financial results for its second quarter
ended June 30, 2019.
“I’m pleased to report that the company turned in another solid
performance in the second quarter, highlighted by strong earnings
driven by excellent credit quality, higher net interest margin, and
continued prudent expense management,” said Bob Harrison, Chairman
and Chief Executive Officer. “We also began executing our
share repurchase program and returned $40 million of capital to
shareholders.”
On July 24, 2019, the Company’s Board of Directors declared a
quarterly cash dividend of $0.26 per share. The dividend will
be payable on September 6, 2019 to stockholders of record at the
close of business on August 26, 2019.
In addition, Eric Yeaman, President and Chief Operating Officer
of the Company and the Bank, announced that he is resigning from
his positions with the Company and the Bank, as well as his
position as a director of the Bank, effective August 12, 2019.
“Eric’s leadership has been a key driver of
our bank’s success over the last four years.
His experience managing public companies played an integral
role in helping First Hawaiian navigate through the IPO process and
transitioning the company to independence. He has
made a lasting impact on the organization, formed deep
relationships with our teams and our customers, and will be missed.
We wish him continued success in the years ahead.”
Second Quarter 2019 Highlights (Comparisons Are To First
Quarter 2019):
- Profitability measures were excellent with ROA of 1.42%, core
ROATA1,2 of 1.50%, ROE of 11.13%, and core ROATCE1,2 of
18.03%;
- Loans and leases grew $67.2 million, or 0.5%, primarily in
residential mortgage loans, commercial real estate loans and
leases;
- Net interest margin (“NIM”) increased 2 basis points to
3.25%;
- Reported efficiency ratio was 48.0% and core efficiency ratio1
was 47.9%;
- 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 second quarter;
- Through June 30, repurchased 1.5 million shares at total cost
of $40 million;
- On July 24, the Company’s Board of Directors declared a
quarterly cash dividend of $0.26 per share, equal to an annual
dividend yield of 3.94% based on the share price as of the close of
business on that date.
Balance Sheet
Total assets were $20.5 billion as of June 30, 2019, compared to
$20.4 billion as of March 31, 2019.
Gross loans and leases were $13.3 billion as of June 30, 2019,
an increase of $67.2 million, or 0.5%, from $13.2 billion as of
March 31, 2019. The increase was primarily due to growth in
residential mortgage loans, commercial real estate loans, and
leases, partially offset by declines in construction and commercial
and industrial (“C&I”) loans.
Total deposits were $16.8 billion as of June 30, 2019, unchanged
from $16.8 billion as of March 31, 2019.
Net Interest Income
Net interest income for the second quarter of 2019 was $145.6
million, an increase of $0.5 million, or 0.4%, compared to $145.1
million for the prior quarter. Net interest income in both
the first and second quarters included a negative $1.8 million
premium adjustment. The increase in net interest income compared to
the first quarter of 2019 was primarily due to higher average
balances of loans and leases, partially offset by higher rates on
deposit accounts and lower average cash balances.
NIM was 3.25% in the second quarter of 2019, an increase of two
basis points compared to 3.23% in the first quarter of 2019.
The negative $1.8 million premium adjustments in the first and
second quarters had a negative four basis point impact on the
reported NIM in each quarter.
Provision Expense
Results for the quarter ended June 30, 2019 included a provision
for credit losses of $3.9 million compared to $5.7 million in the
quarter ended March 31, 2019.
Noninterest Income
Noninterest income was $48.8 million in the second quarter of
2019, an increase of $1.7 million compared to noninterest income of
$47.1 million in the first quarter of 2019. Noninterest income in
the first quarter included $2.6 million of investment securities
losses associated with the investment portfolio
restructuring.
Noninterest Expense
Noninterest expense was $93.3 million in the second quarter of
2019, an increase of $0.7 million from $92.6 million in the first
quarter of 2019. The increase in noninterest expense was
primarily due to nonrecurring items, mostly offset by lower
salaries and benefits expenses.
The efficiency ratio was 48.0% and 48.2% for the quarters ended
June 30, 2019 and March 31, 2019, respectively. Core
efficiency ratio1 was 47.9% and 47.4% for the quarters ended June
30, 2019 and March 31, 2019, respectively.
Taxes
The effective tax rate was 25.5% for the quarters ended June 30,
2019 and March 31, 2019.
Asset Quality
The allowance for loan and lease losses was $138.5 million, or
1.04% of total loans and leases, as of June 30, 2019, compared to
$141.5 million, or 1.07% of total loans and leases, as of March 31,
2019. Net charge-offs were $6.9 million, or 0.21% of average
loans and leases on an annualized basis for the quarter ended June
30, 2019, compared to $5.9 million, or 0.18% of average loans and
leases on an annualized basis for the quarter ended March 31,
2019. Total non-performing assets were $3.9 million, or 0.03%
of total loans and leases and other real estate owned, at June 30,
2019, compared to non-performing assets of $4.4 million, or 0.03%
of total loans and leases and other real estate owned, at March 31,
2019.
Capital
Total stockholders' equity was $2.7 billion at June 30, 2019,
compared to $2.6 billion at March 31, 2019.
The tier 1 leverage, common equity tier 1 and total capital
ratios were 8.75%, 11.84% and 12.81%, respectively, at June 30,
2019, compared with 8.71%, 12.05% and 13.06% at March 31, 2019.
During the second quarter of 2019, the Company repurchased 1.5
million shares of common stock at a total cost of $40
million under its share repurchase program. The average cost
was $26.49 per share repurchased. Remaining buyback
authority under the share repurchase program was $60
million at June 30, 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: 9479196. 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 August 1,
2019. Access the replay by dialing (855) 859-2056 or (404)
537-3406 and entering the conference ID: 9479196.
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 13 and 14 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 13 and 14 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 13 at the end of this
document.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
Table 1 |
|
|
|
For the Three Months Ended |
|
For the Six Months
Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
(dollars in thousands, except per share data) |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Operating
Results: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
145,613 |
|
$ |
145,089 |
|
$ |
141,403 |
|
$ |
290,702 |
|
$ |
281,075 |
|
Provision for loan and lease losses |
|
|
3,870 |
|
|
5,680 |
|
|
6,020 |
|
|
9,550 |
|
|
11,970 |
|
Noninterest income |
|
|
48,773 |
|
|
47,072 |
|
|
49,797 |
|
|
95,845 |
|
|
98,497 |
|
Noninterest expense |
|
|
93,290 |
|
|
92,623 |
|
|
91,865 |
|
|
185,913 |
|
|
182,452 |
|
Net income |
|
|
72,433 |
|
|
69,924 |
|
|
69,053 |
|
|
142,357 |
|
|
137,011 |
|
Basic earnings per share |
|
|
0.54 |
|
|
0.52 |
|
|
0.50 |
|
|
1.06 |
|
|
0.99 |
|
Diluted earnings per share |
|
|
0.54 |
|
|
0.52 |
|
|
0.50 |
|
|
1.06 |
|
|
0.99 |
|
Dividends declared per share |
|
|
0.26 |
|
|
0.26 |
|
|
0.24 |
|
|
0.52 |
|
|
0.48 |
|
Dividend payout ratio |
|
|
48.15 |
% |
|
50.00 |
% |
|
48.00 |
% |
|
49.06 |
% |
|
48.48 |
% |
Supplemental Income
Statement Data (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest income |
|
$ |
145,613 |
|
$ |
145,089 |
|
$ |
141,403 |
|
$ |
290,702 |
|
$ |
281,075 |
|
Core noninterest income |
|
|
48,752 |
|
|
49,685 |
|
|
49,797 |
|
|
98,437 |
|
|
98,497 |
|
Core noninterest expense |
|
|
93,029 |
|
|
92,362 |
|
|
90,951 |
|
|
185,391 |
|
|
181,131 |
|
Core net income |
|
|
72,612 |
|
|
72,052 |
|
|
69,720 |
|
|
144,664 |
|
|
137,979 |
|
Core basic earnings per share |
|
|
0.54 |
|
|
0.53 |
|
|
0.51 |
|
|
1.07 |
|
|
0.99 |
|
Core diluted earnings per share |
|
|
0.54 |
|
|
0.53 |
|
|
0.50 |
|
|
1.07 |
|
|
0.99 |
|
Performance Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.25 |
% |
3.23 |
% |
|
3.18 |
% |
|
3.24 |
% |
3.16 |
% |
Core net interest margin (non-GAAP) |
|
|
3.25 |
% |
3.23 |
% |
|
3.18 |
% |
|
3.24 |
% |
3.16 |
% |
Efficiency ratio |
|
|
47.99 |
% |
48.20 |
% |
|
48.04 |
% |
|
48.09 |
% |
48.06 |
% |
Core efficiency ratio (non-GAAP) |
|
|
47.86 |
% |
47.42 |
% |
|
47.56 |
% |
|
47.64 |
% |
47.71 |
% |
Return on average total assets |
|
|
1.42 |
% |
1.38 |
% |
|
1.38 |
% |
|
1.40 |
% |
1.36 |
% |
Core return on average total assets (non-GAAP) |
|
|
1.43 |
% |
1.43 |
% |
|
1.39 |
% |
|
1.43 |
% |
1.37 |
% |
Return on average tangible assets (non-GAAP) |
|
|
1.50 |
% |
1.45 |
% |
|
1.45 |
% |
|
1.48 |
% |
1.43 |
% |
Core return on average tangible assets (non-GAAP)(1) |
|
|
1.50 |
% |
1.50 |
% |
|
1.46 |
% |
|
1.50 |
% |
1.44 |
% |
Return on average total stockholders' equity |
|
|
11.13 |
% |
11.16 |
% |
|
11.23 |
% |
|
11.15 |
% |
11.13 |
% |
Core return on average total stockholders' equity (non-GAAP) |
|
|
11.16 |
% |
11.50 |
% |
|
11.34 |
% |
|
11.33 |
% |
11.20 |
% |
Return on average tangible stockholders' equity (non-GAAP) |
|
|
17.99 |
% |
18.35 |
% |
|
18.83 |
% |
|
18.17 |
% |
18.57 |
% |
Core return on average tangible stockholders’ equity
(non-GAAP)(2) |
|
|
18.03 |
% |
18.91 |
% |
|
19.01 |
% |
|
18.46 |
% |
18.70 |
% |
Average
Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and leases |
|
$ |
13,209,655 |
|
$ |
13,073,708 |
|
$ |
12,552,610 |
|
$ |
13,142,057 |
|
$ |
12,425,351 |
|
Average earning assets |
|
|
17,971,615 |
|
|
18,091,424 |
|
|
17,817,943 |
|
|
18,031,189 |
|
|
17,952,365 |
|
Average assets |
|
|
20,390,273 |
|
|
20,494,837 |
|
|
20,121,504 |
|
|
20,442,266 |
|
|
20,263,820 |
|
Average deposits |
|
|
16,664,837 |
|
|
16,865,673 |
|
|
17,199,368 |
|
|
16,764,700 |
|
|
17,350,869 |
|
Average stockholders' equity |
|
|
2,610,565 |
|
|
2,540,600 |
|
|
2,466,392 |
|
|
2,575,775 |
|
|
2,483,252 |
|
Market Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
25.87 |
|
|
26.05 |
|
|
29.02 |
|
|
25.87 |
|
|
29.02 |
|
High |
|
|
28.20 |
|
|
27.67 |
|
|
31.28 |
|
|
28.20 |
|
|
32.36 |
|
Low |
|
|
24.83 |
|
|
22.13 |
|
|
27.09 |
|
|
22.13 |
|
|
26.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
|
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
13,264,609 |
|
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,637,686 |
|
Total assets |
|
20,526,367 |
|
|
20,441,136 |
|
|
20,695,678 |
|
|
20,479,719 |
|
Total deposits |
|
16,792,078 |
|
|
16,795,244 |
|
|
17,150,068 |
|
|
17,395,538 |
|
Short-term borrowings |
|
200,000 |
|
|
— |
|
|
— |
|
|
— |
|
Long-term borrowings |
|
400,028 |
|
|
600,028 |
|
|
600,026 |
|
|
200,034 |
|
Total stockholders' equity |
|
2,659,441 |
|
|
2,613,202 |
|
|
2,524,839 |
|
|
2,459,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share of Common
Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Book value |
$ |
19.92 |
|
$ |
19.36 |
|
$ |
18.72 |
|
$ |
18.00 |
|
Tangible book value (non-GAAP)(3) |
|
12.46 |
|
|
11.98 |
|
|
11.34 |
|
|
10.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases / total loans and leases |
|
0.03 |
% |
0.03 |
% |
|
0.05 |
% |
|
0.11 |
% |
Allowance for loan and lease losses / total loans and leases |
|
1.04 |
% |
1.07 |
% |
|
1.08 |
% |
|
1.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital Ratio |
|
11.84 |
% |
|
12.05 |
% |
|
11.97 |
% |
|
12.19 |
% |
Tier 1 Capital Ratio |
|
11.84 |
% |
12.05 |
% |
|
11.97 |
% |
|
12.19 |
% |
Total Capital Ratio |
|
12.81 |
% |
13.06 |
% |
|
12.99 |
% |
|
13.23 |
% |
Tier 1 Leverage Ratio |
|
8.75 |
% |
8.71 |
% |
|
8.72 |
% |
|
8.61 |
% |
Total stockholders' equity to total assets |
|
12.96 |
% |
12.78 |
% |
|
12.20 |
% |
|
12.01 |
% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
8.52 |
% |
8.32 |
% |
|
7.76 |
% |
|
7.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Financial
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Number of branches |
|
59 |
|
|
60 |
|
|
60 |
|
|
61 |
|
Number of ATMs |
|
292 |
|
|
296 |
|
|
295 |
|
|
303 |
|
Number of Full-Time Equivalent Employees |
|
2,123 |
|
|
2,130 |
|
|
2,155 |
|
|
2,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
Table 2 |
|
|
Three Months Ended |
|
For the Six Months
Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
(dollars in thousands, except per share amounts) |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and lease financing |
|
$ |
146,883 |
|
$ |
144,406 |
|
|
$ |
130,283 |
|
$ |
291,289 |
|
|
$ |
253,834 |
Available-for-sale
securities |
|
|
24,784 |
|
|
24,486 |
|
|
|
27,397 |
|
|
49,270 |
|
|
|
56,390 |
Other |
|
|
2,151 |
|
|
3,669 |
|
|
|
1,339 |
|
|
5,820 |
|
|
|
3,731 |
Total interest income |
|
|
173,818 |
|
|
172,561 |
|
|
|
159,019 |
|
|
346,379 |
|
|
|
313,955 |
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
23,693 |
|
|
23,197 |
|
|
|
17,355 |
|
|
46,890 |
|
|
|
32,619 |
Short-term and long-term
borrowings |
|
|
4,512 |
|
|
4,275 |
|
|
|
261 |
|
|
8,787 |
|
|
|
261 |
Total interest expense |
|
|
28,205 |
|
|
27,472 |
|
|
|
17,616 |
|
|
55,677 |
|
|
|
32,880 |
Net interest income |
|
|
145,613 |
|
|
145,089 |
|
|
|
141,403 |
|
|
290,702 |
|
|
|
281,075 |
Provision for loan and lease
losses |
|
|
3,870 |
|
|
5,680 |
|
|
|
6,020 |
|
|
9,550 |
|
|
|
11,970 |
Net interest income after provision for loan and lease losses |
|
|
141,743 |
|
|
139,409 |
|
|
|
135,383 |
|
|
281,152 |
|
|
|
269,105 |
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts |
|
|
8,123 |
|
|
8,060 |
|
|
|
7,721 |
|
|
16,183 |
|
|
|
15,676 |
Credit and debit card
fees |
|
|
16,629 |
|
|
16,655 |
|
|
|
16,929 |
|
|
33,284 |
|
|
|
32,426 |
Other service charges and
fees |
|
|
9,403 |
|
|
9,129 |
|
|
|
9,633 |
|
|
18,532 |
|
|
|
18,975 |
Trust and investment services
income |
|
|
8,931 |
|
|
8,618 |
|
|
|
7,711 |
|
|
17,549 |
|
|
|
15,942 |
Bank-owned life insurance |
|
|
3,390 |
|
|
3,813 |
|
|
|
2,395 |
|
|
7,203 |
|
|
|
4,439 |
Investment securities gains
(losses), net |
|
|
21 |
|
|
(2,613 |
) |
|
|
— |
|
|
(2,592 |
) |
|
|
— |
Other |
|
|
2,276 |
|
|
3,410 |
|
|
|
5,408 |
|
|
5,686 |
|
|
|
11,039 |
Total noninterest income |
|
|
48,773 |
|
|
47,072 |
|
|
|
49,797 |
|
|
95,845 |
|
|
|
98,497 |
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
42,185 |
|
|
44,860 |
|
|
|
41,636 |
|
|
87,045 |
|
|
|
83,796 |
Contracted services and
professional fees |
|
|
14,303 |
|
|
13,645 |
|
|
|
13,005 |
|
|
27,948 |
|
|
|
25,292 |
Occupancy |
|
|
7,286 |
|
|
6,986 |
|
|
|
6,908 |
|
|
14,272 |
|
|
|
13,392 |
Equipment |
|
|
4,544 |
|
|
4,284 |
|
|
|
4,335 |
|
|
8,828 |
|
|
|
8,923 |
Regulatory assessment and
fees |
|
|
2,149 |
|
|
1,447 |
|
|
|
4,225 |
|
|
3,596 |
|
|
|
8,198 |
Advertising and marketing |
|
|
1,980 |
|
|
1,966 |
|
|
|
1,115 |
|
|
3,946 |
|
|
|
2,066 |
Card rewards program |
|
|
7,664 |
|
|
6,732 |
|
|
|
6,359 |
|
|
14,396 |
|
|
|
12,077 |
Other |
|
|
13,179 |
|
|
12,703 |
|
|
|
14,282 |
|
|
25,882 |
|
|
|
28,708 |
Total noninterest expense |
|
|
93,290 |
|
|
92,623 |
|
|
|
91,865 |
|
|
185,913 |
|
|
|
182,452 |
Income before provision for income taxes |
|
|
97,226 |
|
|
93,858 |
|
|
|
93,315 |
|
|
191,084 |
|
|
|
185,150 |
Provision for income taxes |
|
|
24,793 |
|
|
23,934 |
|
|
|
24,262 |
|
|
48,727 |
|
|
|
48,139 |
Net income |
|
$ |
72,433 |
|
$ |
69,924 |
|
|
$ |
69,053 |
|
$ |
142,357 |
|
|
$ |
137,011 |
Basic earnings per share |
|
$ |
0.54 |
|
$ |
0.52 |
|
|
$ |
0.50 |
|
$ |
1.06 |
|
|
$ |
0.99 |
Diluted earnings per
share |
|
$ |
0.54 |
|
$ |
0.52 |
|
|
$ |
0.50 |
|
$ |
1.06 |
|
|
$ |
0.99 |
Basic weighted-average
outstanding shares |
|
|
134,420,380 |
|
|
134,879,336 |
|
|
|
137,907,063 |
|
|
134,655,217 |
|
|
|
138,749,209 |
Diluted weighted-average
outstanding shares |
|
|
134,652,008 |
|
|
135,198,345 |
|
|
|
138,065,879 |
|
|
134,924,331 |
|
|
|
138,891,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance
Sheets |
|
Table 3 |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
(dollars in thousands) |
|
2019 |
|
2019 |
|
|
2018 |
|
2018 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
423,802 |
|
|
$ |
336,555 |
|
|
$ |
396,836 |
|
|
$ |
332,102 |
|
Interest-bearing deposits in
other banks |
|
|
259,713 |
|
|
|
281,312 |
|
|
|
606,801 |
|
|
|
611,698 |
|
Investment securities |
|
|
4,395,476 |
|
|
|
4,485,660 |
|
|
|
4,498,342 |
|
|
|
4,842,551 |
|
Loans held for sale |
|
|
215 |
|
|
|
— |
|
|
|
432 |
|
|
|
2,037 |
|
Loans and leases |
|
|
13,264,609 |
|
|
|
13,197,454 |
|
|
|
13,076,191 |
|
|
|
12,637,686 |
|
Less: allowance for loan and
lease losses |
|
|
138,535 |
|
|
|
141,546 |
|
|
|
141,718 |
|
|
|
140,601 |
|
Net loans and leases |
|
|
13,126,074 |
|
|
|
13,055,908 |
|
|
|
12,934,473 |
|
|
|
12,497,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
313,200 |
|
|
|
310,902 |
|
|
|
304,996 |
|
|
|
287,746 |
|
Other real estate owned and
repossessed personal property |
|
|
— |
|
|
|
124 |
|
|
|
751 |
|
|
|
325 |
|
Accrued interest
receivable |
|
|
49,205 |
|
|
|
49,489 |
|
|
|
48,920 |
|
|
|
48,528 |
|
Bank-owned life insurance |
|
|
450,722 |
|
|
|
447,936 |
|
|
|
446,076 |
|
|
|
442,449 |
|
Goodwill |
|
|
995,492 |
|
|
|
995,492 |
|
|
|
995,492 |
|
|
|
995,492 |
|
Mortgage servicing rights |
|
|
14,573 |
|
|
|
15,399 |
|
|
|
16,155 |
|
|
|
17,660 |
|
Other assets |
|
|
497,895 |
|
|
|
462,359 |
|
|
|
446,404 |
|
|
|
402,046 |
|
Total assets |
|
$ |
20,526,367 |
|
|
$ |
20,441,136 |
|
|
$ |
20,695,678 |
|
|
$ |
20,479,719 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing |
|
$ |
11,028,921 |
|
|
$ |
10,951,764 |
|
|
$ |
11,142,127 |
|
|
$ |
11,430,455 |
|
Noninterest-bearing |
|
|
5,763,157 |
|
|
|
5,843,480 |
|
|
|
6,007,941 |
|
|
|
5,965,083 |
|
Total deposits |
|
|
16,792,078 |
|
|
|
16,795,244 |
|
|
|
17,150,068 |
|
|
|
17,395,538 |
|
Short-term borrowings |
|
|
200,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term borrowings |
|
|
400,028 |
|
|
|
600,028 |
|
|
|
600,026 |
|
|
|
200,034 |
|
Retirement benefits
payable |
|
|
128,610 |
|
|
|
127,845 |
|
|
|
127,909 |
|
|
|
135,139 |
|
Other liabilities |
|
|
346,210 |
|
|
|
304,817 |
|
|
|
292,836 |
|
|
|
289,833 |
|
Total liabilities |
|
|
17,866,926 |
|
|
|
17,827,934 |
|
|
|
18,170,839 |
|
|
|
18,020,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock ($0.01 par value; authorized 300,000,000 shares;
issued/outstanding: 139,857,673 / 133,508,212 shares as of
June 30, 2019, 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: 139,620,801 /
136,642,060 shares as of June 30, 2018) |
|
|
1,399 |
|
|
|
1,399 |
|
|
|
1,397 |
|
|
|
1,396 |
|
Additional paid-in capital |
|
|
2,499,946 |
|
|
|
2,497,770 |
|
|
|
2,495,853 |
|
|
|
2,492,656 |
|
Retained earnings |
|
|
363,748 |
|
|
|
326,451 |
|
|
|
291,919 |
|
|
|
229,615 |
|
Accumulated other comprehensive loss, net |
|
|
(31,984 |
) |
|
|
(78,754 |
) |
|
|
(132,195 |
) |
|
|
(182,410 |
) |
Treasury stock (6,349,461 shares as of June 30, 2019,
4,839,493 shares as of March 31, 2019, 4,782,372 shares
as of December 31, 2018 and 2,978,741 shares as of
June 30, 2018) |
|
|
(173,668 |
) |
|
|
(133,664 |
) |
|
|
(132,135 |
) |
|
|
(82,082 |
) |
Total stockholders' equity |
|
|
2,659,441 |
|
|
|
2,613,202 |
|
|
|
2,524,839 |
|
|
|
2,459,175 |
|
Total liabilities and stockholders' equity |
|
$ |
20,526,367 |
|
|
$ |
20,441,136 |
|
|
$ |
20,695,678 |
|
|
$ |
20,479,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
June 30, 2019 |
|
March 31, 2019 |
|
June 30, 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 |
|
$ |
247.2 |
|
$ |
1.4 |
|
2.35 |
% |
$ |
507.3 |
|
$ |
3.2 |
|
2.56 |
% |
$ |
281.2 |
|
$ |
1.2 |
|
1.74 |
% |
Available-for-Sale Investment Securities |
|
|
4,438.1 |
|
|
24.8 |
|
2.23 |
|
|
4,417.8 |
|
|
24.5 |
|
2.22 |
|
|
4,961.2 |
|
|
27.4 |
|
2.21 |
|
Loans Held for Sale |
|
|
0.7 |
|
|
— |
|
2.76 |
|
|
0.3 |
|
|
— |
|
2.79 |
|
|
1.9 |
|
|
— |
|
3.44 |
|
Loans and Leases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,235.0 |
|
|
34.3 |
|
4.26 |
|
|
3,166.4 |
|
|
33.2 |
|
4.25 |
|
|
3,177.4 |
|
|
30.5 |
|
3.84 |
|
Commercial real estate |
|
|
3,094.4 |
|
|
36.0 |
|
4.67 |
|
|
3,005.2 |
|
|
35.4 |
|
4.77 |
|
|
2,883.0 |
|
|
28.9 |
|
4.02 |
|
Construction |
|
|
583.6 |
|
|
6.9 |
|
4.73 |
|
|
636.7 |
|
|
7.5 |
|
4.77 |
|
|
620.7 |
|
|
6.2 |
|
4.03 |
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
3,581.2 |
|
|
37.2 |
|
4.16 |
|
|
3,535.2 |
|
|
36.0 |
|
4.07 |
|
|
3,228.5 |
|
|
34.1 |
|
4.24 |
|
Home equity lines |
|
|
908.5 |
|
|
8.6 |
|
3.79 |
|
|
915.7 |
|
|
8.7 |
|
3.85 |
|
|
858.7 |
|
|
7.8 |
|
3.62 |
|
Consumer |
|
|
1,657.7 |
|
|
22.7 |
|
5.48 |
|
|
1,667.3 |
|
|
22.5 |
|
5.48 |
|
|
1,624.6 |
|
|
21.7 |
|
5.35 |
|
Lease financing |
|
|
149.3 |
|
|
1.2 |
|
3.31 |
|
|
147.2 |
|
|
1.1 |
|
2.99 |
|
|
159.7 |
|
|
1.1 |
|
2.83 |
|
Total Loans and Leases |
|
|
13,209.7 |
|
|
146.9 |
|
4.46 |
|
|
13,073.7 |
|
|
144.4 |
|
4.46 |
|
|
12,552.6 |
|
|
130.3 |
|
4.16 |
|
Other Earning Assets |
|
|
76.0 |
|
|
0.7 |
|
3.71 |
|
|
92.3 |
|
|
0.5 |
|
2.06 |
|
|
21.0 |
|
|
0.1 |
|
2.21 |
|
Total Earning Assets(2) |
|
|
17,971.7 |
|
|
173.8 |
|
3.88 |
|
|
18,091.4 |
|
|
172.6 |
|
3.85 |
|
|
17,817.9 |
|
|
159.0 |
|
3.58 |
|
Cash and Due from Banks |
|
|
342.6 |
|
|
|
|
|
|
|
360.3 |
|
|
|
|
|
|
|
317.7 |
|
|
|
|
|
|
Other Assets |
|
|
2,076.0 |
|
|
|
|
|
|
|
2,043.1 |
|
|
|
|
|
|
|
1,985.9 |
|
|
|
|
|
|
Total Assets |
|
$ |
20,390.3 |
|
|
|
|
|
|
$ |
20,494.8 |
|
|
|
|
|
|
$ |
20,121.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
4,712.2 |
|
$ |
4.0 |
|
0.34 |
% |
$ |
4,815.8 |
|
$ |
4.2 |
|
0.36 |
% |
|
4,573.0 |
|
$ |
2.4 |
|
0.21 |
% |
Money Market |
|
|
3,126.7 |
|
|
7.4 |
|
0.95 |
|
|
3,181.3 |
|
|
7.7 |
|
0.98 |
|
|
2,725.9 |
|
|
2.7 |
|
0.40 |
|
Time |
|
|
3,084.6 |
|
|
12.3 |
|
1.60 |
|
|
3,041.8 |
|
|
11.3 |
|
1.51 |
|
|
4,003.5 |
|
|
12.2 |
|
1.22 |
|
Total Interest-Bearing Deposits |
|
|
10,923.5 |
|
|
23.7 |
|
0.87 |
|
|
11,038.9 |
|
|
23.2 |
|
0.85 |
|
|
11,302.4 |
|
|
17.3 |
|
0.62 |
|
Short-Term Borrowings |
|
|
50.4 |
|
|
0.3 |
|
2.25 |
|
|
12.8 |
|
|
0.1 |
|
2.45 |
|
|
42.7 |
|
|
0.2 |
|
1.85 |
|
Long-Term Borrowings |
|
|
593.5 |
|
|
4.2 |
|
2.86 |
|
|
600.0 |
|
|
4.2 |
|
2.84 |
|
|
6.6 |
|
|
0.1 |
|
3.79 |
|
Total Interest-Bearing Liabilities |
|
|
11,567.4 |
|
|
28.2 |
|
0.98 |
|
|
11,651.7 |
|
|
27.5 |
|
0.96 |
|
|
11,351.7 |
|
|
17.6 |
|
0.62 |
|
Net Interest Income |
|
|
|
|
$ |
145.6 |
|
|
|
|
|
|
$ |
145.1 |
|
|
|
|
|
|
$ |
141.4 |
|
|
|
Interest Rate Spread |
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
2.89 |
% |
|
|
|
|
|
|
2.96 |
% |
Net Interest Margin |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
3.23 |
% |
|
|
|
|
|
|
3.18 |
% |
Noninterest-Bearing Demand Deposits |
|
|
5,741.3 |
|
|
|
|
|
|
|
5,826.8 |
|
|
|
|
|
|
|
5,897.0 |
|
|
|
|
|
|
Other Liabilities |
|
|
471.0 |
|
|
|
|
|
|
|
475.7 |
|
|
|
|
|
|
|
406.4 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
2,610.6 |
|
|
|
|
|
|
|
2,540.6 |
|
|
|
|
|
|
|
2,466.4 |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
20,390.3 |
|
|
|
|
|
|
$ |
20,494.8 |
|
|
|
|
|
|
$ |
20,121.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5 |
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2019 |
|
June 30, 2018 |
|
|
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
(dollars in millions) |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
376.5 |
|
$ |
4.6 |
|
2.49 |
% |
$ |
448.0 |
|
$ |
3.6 |
|
1.60 |
% |
Available-for-Sale Investment Securities |
|
|
4,428.0 |
|
|
49.3 |
|
2.23 |
|
|
5,060.2 |
|
|
56.4 |
|
2.25 |
|
Loans Held for Sale |
|
|
0.5 |
|
|
— |
|
2.76 |
|
|
1.1 |
|
|
— |
|
3.40 |
|
Loans and Leases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,200.9 |
|
|
67.5 |
|
4.25 |
|
|
3,141.0 |
|
|
58.2 |
|
3.74 |
|
Commercial real estate |
|
|
3,044.9 |
|
|
70.7 |
|
4.68 |
|
|
2,841.7 |
|
|
55.3 |
|
3.93 |
|
Construction |
|
|
610.2 |
|
|
14.4 |
|
4.75 |
|
|
620.8 |
|
|
12.0 |
|
3.89 |
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
3,563.2 |
|
|
73.9 |
|
4.14 |
|
|
3,188.2 |
|
|
67.5 |
|
4.27 |
|
Home equity lines |
|
|
912.1 |
|
|
17.3 |
|
3.82 |
|
|
860.7 |
|
|
15.4 |
|
3.61 |
|
Consumer |
|
|
1,662.5 |
|
|
45.2 |
|
5.48 |
|
|
1,612.3 |
|
|
43.0 |
|
5.38 |
|
Lease financing |
|
|
148.3 |
|
|
2.3 |
|
3.15 |
|
|
160.7 |
|
|
2.4 |
|
2.97 |
|
Total Loans and Leases |
|
|
13,142.1 |
|
|
291.3 |
|
4.46 |
|
|
12,425.4 |
|
|
253.8 |
|
4.12 |
|
Other Earning Assets |
|
|
84.1 |
|
|
1.2 |
|
2.81 |
|
|
17.7 |
|
|
0.2 |
|
2.00 |
|
Total Earning Assets(2) |
|
|
18,031.2 |
|
|
346.4 |
|
3.86 |
|
|
17,952.4 |
|
|
314.0 |
|
3.53 |
|
Cash and Due from Banks |
|
|
351.4 |
|
|
|
|
|
|
|
318.3 |
|
|
|
|
|
|
Other Assets |
|
|
2,059.7 |
|
|
|
|
|
|
|
1,993.1 |
|
|
|
|
|
|
Total Assets |
|
$ |
20,442.3 |
|
|
|
|
|
|
$ |
20,263.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
4,762.6 |
|
$ |
8.2 |
|
0.35 |
% |
$ |
4,558.2 |
|
$ |
4.1 |
|
0.18 |
% |
Money Market |
|
|
3,155.0 |
|
|
15.0 |
|
0.96 |
|
|
2,718.4 |
|
|
4.5 |
|
0.33 |
|
Time |
|
|
3,063.3 |
|
|
23.7 |
|
1.56 |
|
|
4,127.2 |
|
|
24.0 |
|
1.17 |
|
Total Interest-Bearing Deposits |
|
|
10,980.9 |
|
|
46.9 |
|
0.86 |
|
|
11,403.8 |
|
|
32.6 |
|
0.58 |
|
Short-Term Borrowings |
|
|
31.7 |
|
|
0.4 |
|
2.29 |
|
|
21.5 |
|
|
0.2 |
|
1.85 |
|
Long-Term Borrowings |
|
|
596.7 |
|
|
8.4 |
|
2.85 |
|
|
3.3 |
|
|
0.1 |
|
3.81 |
|
Total Interest-Bearing Liabilities |
|
|
11,609.3 |
|
|
55.7 |
|
0.97 |
|
|
11,428.6 |
|
|
32.9 |
|
0.58 |
|
Net Interest Income |
|
|
|
|
$ |
290.7 |
|
|
|
|
|
|
$ |
281.1 |
|
|
|
Interest Rate Spread |
|
|
|
|
|
|
|
2.89 |
% |
|
|
|
|
|
2.95 |
% |
Net Interest Margin |
|
|
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
3.16 |
% |
Noninterest-Bearing Demand Deposits |
|
|
5,783.8 |
|
|
|
|
|
|
|
5,947.1 |
|
|
|
|
|
|
Other Liabilities |
|
|
473.4 |
|
|
|
|
|
|
|
404.8 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
2,575.8 |
|
|
|
|
|
|
|
2,483.3 |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
20,442.3 |
|
|
|
|
|
|
$ |
20,263.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
6 |
|
|
|
Three Months Ended June 30, 2019 |
|
|
|
Compared to March 31, 2019 |
|
(dollars in millions) |
|
Volume |
|
Rate |
|
Total |
|
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
(1.5 |
) |
|
$ |
(0.2 |
) |
|
$ |
(1.7 |
) |
|
Available-for-Sale Investment Securities |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
Loans and Leases |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
1.0 |
|
|
|
0.1 |
|
|
|
1.1 |
|
|
Commercial real estate |
|
|
1.3 |
|
|
|
(0.6 |
) |
|
|
0.7 |
|
|
Construction |
|
|
(0.6 |
) |
|
|
— |
|
|
|
(0.6 |
) |
|
Residential: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
0.4 |
|
|
|
0.7 |
|
|
|
1.1 |
|
|
Home equity line |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Consumer |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
Lease financing |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Total Loans and Leases |
|
|
2.2 |
|
|
|
0.2 |
|
|
|
2.4 |
|
|
Other Earning Assets |
|
|
(0.1 |
) |
|
|
0.3 |
|
|
|
0.2 |
|
|
Total Change in Interest Income |
|
|
0.8 |
|
|
|
0.4 |
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
Money Market |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
Time |
|
|
0.2 |
|
|
|
0.8 |
|
|
|
1.0 |
|
|
Total Interest-Bearing Deposits |
|
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
Short-Term Borrowings |
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
Total Change in Interest Expense |
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
Change in Net Interest Income |
|
$ |
0.6 |
|
|
$ |
(0.1 |
) |
|
$ |
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
7 |
|
|
Three Months Ended June 30, 2019 |
|
|
Compared to June 30, 2018 |
(dollars in millions) |
|
Volume |
|
Rate |
|
Total |
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
(0.2 |
) |
|
$ |
0.4 |
|
|
$ |
0.2 |
|
Available-for-Sale Investment Securities |
|
|
(2.9 |
) |
|
|
0.3 |
|
|
|
(2.6 |
) |
Loans and Leases |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
0.6 |
|
|
|
3.3 |
|
|
|
3.9 |
|
Commercial real estate |
|
|
2.2 |
|
|
|
4.9 |
|
|
|
7.1 |
|
Construction |
|
|
(0.4 |
) |
|
|
1.0 |
|
|
|
0.6 |
|
Residential: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
3.6 |
|
|
|
(0.5 |
) |
|
|
3.1 |
|
Home equity line |
|
|
0.5 |
|
|
|
0.4 |
|
|
|
0.9 |
|
Consumer |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
0.9 |
|
Lease financing |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
0.1 |
|
Total Loans and Leases |
|
|
6.8 |
|
|
|
9.8 |
|
|
|
16.6 |
|
Other Earning Assets |
|
|
0.5 |
|
|
|
0.1 |
|
|
|
0.6 |
|
Total Change in Interest Income |
|
|
4.2 |
|
|
|
10.6 |
|
|
|
14.8 |
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
Savings |
|
|
0.1 |
|
|
|
1.5 |
|
|
|
1.6 |
|
Money Market |
|
|
0.5 |
|
|
|
4.1 |
|
|
|
4.6 |
|
Time |
|
|
(3.2 |
) |
|
|
3.3 |
|
|
|
0.1 |
|
Total Interest-Bearing Deposits |
|
|
(2.6 |
) |
|
|
8.9 |
|
|
|
6.3 |
|
Short-Term Borrowings |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Long-Term Borrowings |
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
Total Change in Interest Expense |
|
|
1.6 |
|
|
|
9.0 |
|
|
|
10.6 |
|
Change in Net Interest Income |
|
$ |
2.6 |
|
|
$ |
1.6 |
|
|
$ |
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
8 |
|
|
|
Six Months Ended June 30, 2019 |
|
|
|
Compared to June 30, 2018 |
|
(dollars in millions) |
|
Volume |
|
Rate |
|
Total |
|
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
(0.6 |
) |
|
$ |
1.7 |
|
|
$ |
1.1 |
|
|
Available-for-Sale Investment Securities |
|
|
(6.7 |
) |
|
|
(0.4 |
) |
|
|
(7.1 |
) |
|
Loans and Leases |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
1.1 |
|
|
|
8.2 |
|
|
|
9.3 |
|
|
Commercial real estate |
|
|
4.2 |
|
|
|
11.2 |
|
|
|
15.4 |
|
|
Construction |
|
|
(0.2 |
) |
|
|
2.6 |
|
|
|
2.4 |
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
8.3 |
|
|
|
(2.0 |
) |
|
|
6.3 |
|
|
Home equity line |
|
|
1.0 |
|
|
|
0.9 |
|
|
|
1.9 |
|
|
Consumer |
|
|
1.3 |
|
|
|
0.8 |
|
|
|
2.1 |
|
|
Lease financing |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
|
— |
|
|
Total Loans and Leases |
|
|
15.5 |
|
|
|
21.9 |
|
|
|
37.4 |
|
|
Other Earning Assets |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
1.0 |
|
|
Total Change in Interest Income |
|
|
9.1 |
|
|
|
23.3 |
|
|
|
32.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
0.2 |
|
|
|
4.0 |
|
|
|
4.2 |
|
|
Money Market |
|
|
0.8 |
|
|
|
9.7 |
|
|
|
10.5 |
|
|
Time |
|
|
(7.1 |
) |
|
|
6.7 |
|
|
|
(0.4 |
) |
|
Total Interest-Bearing Deposits |
|
|
(6.1 |
) |
|
|
20.4 |
|
|
|
14.3 |
|
|
Short-Term Borrowings |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
Long-Term Borrowings |
|
|
8.4 |
|
|
|
— |
|
|
|
8.4 |
|
|
Total Change in Interest Expense |
|
|
2.4 |
|
|
|
20.4 |
|
|
|
22.8 |
|
|
Change in Net Interest Income |
|
$ |
6.7 |
|
|
$ |
2.9 |
|
|
$ |
9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases |
|
|
|
|
|
|
|
|
|
|
|
Table 9 |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
(dollars in thousands) |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Commercial and industrial |
|
$ |
3,177,844 |
|
$ |
3,203,770 |
|
$ |
3,208,760 |
|
$ |
3,116,145 |
Commercial real estate |
|
|
3,194,219 |
|
|
3,147,304 |
|
|
2,990,783 |
|
|
2,837,520 |
Construction |
|
|
549,578 |
|
|
595,491 |
|
|
626,757 |
|
|
654,084 |
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
3,618,433 |
|
|
3,543,964 |
|
|
3,527,101 |
|
|
3,383,130 |
Home equity line |
|
|
908,452 |
|
|
907,829 |
|
|
912,517 |
|
|
852,953 |
Total residential |
|
|
4,526,885 |
|
|
4,451,793 |
|
|
4,439,618 |
|
|
4,236,083 |
Consumer |
|
|
1,650,713 |
|
|
1,653,109 |
|
|
1,662,504 |
|
|
1,632,088 |
Lease financing |
|
|
165,370 |
|
|
145,987 |
|
|
147,769 |
|
|
161,766 |
Total loans and leases |
|
$ |
13,264,609 |
|
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,637,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Table 10 |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
(dollars in thousands) |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Demand |
|
$ |
5,763,157 |
|
$ |
5,843,480 |
|
$ |
6,007,941 |
|
$ |
5,965,083 |
Savings |
|
|
4,908,000 |
|
|
4,884,418 |
|
|
4,853,285 |
|
|
4,772,922 |
Money Market |
|
|
3,050,843 |
|
|
3,156,056 |
|
|
3,196,678 |
|
|
2,768,190 |
Time |
|
|
3,070,078 |
|
|
2,911,290 |
|
|
3,092,164 |
|
|
3,889,343 |
Total Deposits |
|
$ |
16,792,078 |
|
$ |
16,795,244 |
|
$ |
17,150,068 |
|
$ |
17,395,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets and Accruing Loans and Leases Past
Due 90 Days or More |
|
|
|
|
|
|
|
|
|
|
|
Table 11 |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
(dollars in thousands) |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Non-Performing
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accrual Loans and
Leases |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
119 |
|
$ |
190 |
|
$ |
274 |
|
$ |
1,821 |
Commercial real estate |
|
|
— |
|
|
— |
|
|
1,658 |
|
|
2,844 |
Construction |
|
|
— |
|
|
— |
|
|
— |
|
|
2,238 |
Total Commercial Loans |
|
|
119 |
|
|
190 |
|
|
1,932 |
|
|
6,903 |
Residential Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
3,771 |
|
|
4,090 |
|
|
4,611 |
|
|
6,541 |
Total Residential Loans |
|
|
3,771 |
|
|
4,090 |
|
|
4,611 |
|
|
6,541 |
Total Non-Accrual Loans and
Leases |
|
|
3,890 |
|
|
4,280 |
|
|
6,543 |
|
|
13,444 |
Other Real Estate Owned |
|
|
— |
|
|
124 |
|
|
751 |
|
|
325 |
Total Non-Performing
Assets |
|
$ |
3,890 |
|
$ |
4,404 |
|
$ |
7,294 |
|
$ |
13,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing Loans and
Leases Past Due 90 Days or More |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
807 |
|
$ |
350 |
|
$ |
141 |
|
$ |
163 |
Construction |
|
|
— |
|
|
89 |
|
|
— |
|
|
— |
Total Commercial Loans |
|
|
807 |
|
|
439 |
|
|
141 |
|
|
163 |
Residential Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
— |
|
|
— |
|
|
32 |
|
|
339 |
Home equity line |
|
|
1,635 |
|
|
2,448 |
|
|
2,842 |
|
|
1,242 |
Total Residential Loans |
|
|
1,635 |
|
|
2,448 |
|
|
2,874 |
|
|
1,581 |
Consumer |
|
|
3,295 |
|
|
3,538 |
|
|
3,373 |
|
|
1,451 |
Total Accruing Loans
and Leases Past Due 90 Days or More |
|
$ |
5,737 |
|
$ |
6,425 |
|
$ |
6,388 |
|
$ |
3,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured Loans on
Accrual Status and Not Past Due 90 Days or More |
|
|
23,466 |
|
|
25,229 |
|
|
24,033 |
|
|
32,277 |
Total Loans and Leases |
|
$ |
13,264,609 |
|
$ |
13,197,454 |
|
$ |
13,076,191 |
|
$ |
12,637,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 12 |
|
|
|
For the Three Months
Ended |
|
For the Six Months
Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
(dollars in thousands) |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Balance at Beginning
of Period |
|
$ |
141,546 |
|
|
$ |
141,718 |
|
|
$ |
138,574 |
|
|
$ |
141,718 |
|
|
$ |
137,253 |
|
|
Loans and Leases
Charged-Off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(2,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,000 |
) |
|
|
(475 |
) |
|
Lease financing |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
Total Commercial Loans |
|
|
(2,000 |
) |
|
|
(24 |
) |
|
|
— |
|
|
|
(2,024 |
) |
|
|
(475 |
) |
|
Residential |
|
|
— |
|
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
(34 |
) |
|
Consumer |
|
|
(7,505 |
) |
|
|
(8,598 |
) |
|
|
(6,290 |
) |
|
|
(16,103 |
) |
|
|
(12,915 |
) |
|
Total Loans and Leases
Charged-Off |
|
|
(9,505 |
) |
|
|
(8,622 |
) |
|
|
(6,324 |
) |
|
|
(18,127 |
) |
|
|
(13,424 |
) |
|
Recoveries on Loans and Leases
Previously Charged-Off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
25 |
|
|
|
37 |
|
|
|
39 |
|
|
|
62 |
|
|
|
103 |
|
|
Commercial real estate |
|
|
32 |
|
|
|
31 |
|
|
|
32 |
|
|
|
63 |
|
|
|
154 |
|
|
Total Commercial Loans |
|
|
57 |
|
|
|
68 |
|
|
|
71 |
|
|
|
125 |
|
|
|
257 |
|
|
Residential |
|
|
185 |
|
|
|
250 |
|
|
|
60 |
|
|
|
435 |
|
|
|
242 |
|
|
Consumer |
|
|
2,382 |
|
|
|
2,452 |
|
|
|
2,200 |
|
|
|
4,834 |
|
|
|
4,303 |
|
|
Total Recoveries on Loans and Leases Previously
Charged-Off |
|
|
2,624 |
|
|
|
2,770 |
|
|
|
2,331 |
|
|
|
5,394 |
|
|
|
4,802 |
|
|
Net Loans and Leases
Charged-Off |
|
|
(6,881 |
) |
|
|
(5,852 |
) |
|
|
(3,993 |
) |
|
|
(12,733 |
) |
|
|
(8,622 |
) |
|
Provision for Loan and Lease
Losses |
|
|
3,870 |
|
|
|
5,680 |
|
|
|
6,020 |
|
|
|
9,550 |
|
|
|
11,970 |
|
|
Balance at End of
Period |
|
$ |
138,535 |
|
|
$ |
141,546 |
|
|
$ |
140,601 |
|
|
$ |
138,535 |
|
|
$ |
140,601 |
|
|
Average Loans and Leases
Outstanding |
|
$ |
13,209,655 |
|
|
$ |
13,073,708 |
|
|
$ |
12,552,610 |
|
|
$ |
13,142,057 |
|
|
$ |
12,425,351 |
|
|
Ratio of Net Loans and Leases
Charged-Off to Average Loans and Leases Outstanding |
|
|
0.21 |
|
% |
0.18 |
|
% |
0.13 |
|
% |
0.20 |
|
% |
0.14 |
|
% |
Ratio of Allowance for Loan
and Lease Losses to Loans and Leases Outstanding |
|
|
1.04 |
|
% |
1.07 |
|
% |
1.11 |
|
% |
1.04 |
|
% |
1.11 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
Table 13 |
|
|
|
For the Three Months
Ended |
|
For the Six Months
Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
(dollars in thousands, except per share amounts) |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
72,433 |
|
$ |
69,924 |
|
$ |
69,053 |
|
$ |
142,357 |
|
$ |
137,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total stockholders'
equity |
|
$ |
2,610,565 |
|
$ |
2,540,600 |
|
$ |
2,466,392 |
|
$ |
2,575,775 |
|
$ |
2,483,252 |
|
Less: average goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Average tangible stockholders'
equity |
|
$ |
1,615,073 |
|
$ |
1,545,108 |
|
$ |
1,470,900 |
|
$ |
1,580,283 |
|
$ |
1,487,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
20,390,273 |
|
$ |
20,494,837 |
|
$ |
20,121,504 |
|
$ |
20,442,266 |
|
$ |
20,263,820 |
|
Less: average goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Average tangible assets |
|
$ |
19,394,781 |
|
$ |
19,499,345 |
|
$ |
19,126,012 |
|
$ |
19,446,774 |
|
$ |
19,268,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total
stockholders' equity(1) |
|
|
11.13 |
% |
|
11.16 |
% |
|
11.23 |
% |
|
11.15 |
% |
|
11.13 |
% |
Return on average tangible
stockholders' equity (non-GAAP)(1) |
|
|
17.99 |
% |
|
18.35 |
% |
|
18.83 |
% |
|
18.17 |
% |
|
18.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total
assets(1) |
|
|
1.42 |
% |
|
1.38 |
% |
|
1.38 |
% |
|
1.40 |
% |
|
1.36 |
% |
Return on average tangible
assets (non-GAAP)(1) |
|
|
1.50 |
% |
|
1.45 |
% |
|
1.45 |
% |
|
1.48 |
% |
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity
to average assets |
|
|
12.80 |
% |
|
12.40 |
% |
|
12.26 |
% |
|
12.60 |
% |
|
12.25 |
% |
Average tangible stockholders' equity to average tangible assets
(non-GAAP) |
|
|
8.33 |
% |
|
7.92 |
% |
|
7.69 |
% |
|
8.13 |
% |
|
7.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
|
|
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
$ |
2,659,441 |
|
$ |
2,613,202 |
|
$ |
2,524,839 |
|
$ |
2,459,175 |
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Tangible stockholders'
equity |
|
$ |
1,663,949 |
|
$ |
1,617,710 |
|
$ |
1,529,347 |
|
$ |
1,463,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
20,526,367 |
|
$ |
20,441,136 |
|
$ |
20,695,678 |
|
$ |
20,479,719 |
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
Tangible assets |
|
$ |
19,530,875 |
|
$ |
19,445,644 |
|
$ |
19,700,186 |
|
$ |
19,484,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
133,508,212 |
|
|
135,012,015 |
|
|
134,874,302 |
|
|
136,642,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
12.96 |
% |
|
12.78 |
% |
|
12.20 |
% |
|
12.01 |
% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
|
8.52 |
% |
|
8.32 |
% |
|
7.76 |
% |
|
7.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
19.92 |
|
$ |
19.36 |
|
$ |
18.72 |
|
$ |
18.00 |
|
Tangible book value per share
(non-GAAP) |
|
$ |
12.46 |
|
$ |
11.98 |
|
$ |
11.34 |
|
$ |
10.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 14 |
|
|
|
For the Three Months Ended |
|
For the Six Months
Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
(dollars in thousands, except per share amounts) |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net interest income |
|
$ |
145,613 |
|
|
$ |
145,089 |
|
|
$ |
141,403 |
|
|
$ |
290,702 |
|
|
$ |
281,075 |
|
|
Core net interest income
(non-GAAP) |
|
$ |
145,613 |
|
|
$ |
145,089 |
|
|
$ |
141,403 |
|
|
$ |
290,702 |
|
|
$ |
281,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
$ |
48,773 |
|
|
$ |
47,072 |
|
|
$ |
49,797 |
|
|
$ |
95,845 |
|
|
$ |
98,497 |
|
|
(Gain) loss on sale of
securities |
|
|
(21 |
) |
|
|
2,613 |
|
|
|
— |
|
|
|
2,592 |
|
|
|
— |
|
|
Core noninterest income
(non-GAAP) |
|
$ |
48,752 |
|
|
$ |
49,685 |
|
|
$ |
49,797 |
|
|
$ |
98,437 |
|
|
$ |
98,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
$ |
93,290 |
|
|
$ |
92,623 |
|
|
$ |
91,865 |
|
|
$ |
185,913 |
|
|
$ |
182,452 |
|
|
One-time items(1) |
|
|
(261 |
) |
|
|
(261 |
) |
|
|
(914 |
) |
|
|
(522 |
) |
|
|
(1,321 |
) |
|
Core noninterest expense
(non-GAAP) |
|
$ |
93,029 |
|
|
$ |
92,362 |
|
|
$ |
90,951 |
|
|
$ |
185,391 |
|
|
$ |
181,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
72,433 |
|
|
$ |
69,924 |
|
|
$ |
69,053 |
|
|
$ |
142,357 |
|
|
$ |
137,011 |
|
|
(Gain) loss on sale of
securities |
|
|
(21 |
) |
|
|
2,613 |
|
|
|
— |
|
|
|
2,592 |
|
|
|
— |
|
|
One-time noninterest expense
items(1) |
|
|
261 |
|
|
|
261 |
|
|
|
914 |
|
|
|
522 |
|
|
|
1,321 |
|
|
Tax adjustments(2) |
|
|
(61 |
) |
|
|
(746 |
) |
|
|
(247 |
) |
|
|
(807 |
) |
|
|
(353 |
) |
|
Total core adjustments |
|
|
179 |
|
|
|
2,128 |
|
|
|
667 |
|
|
|
2,307 |
|
|
|
968 |
|
|
Core net income
(non-GAAP) |
|
$ |
72,612 |
|
|
$ |
72,052 |
|
|
$ |
69,720 |
|
|
$ |
144,664 |
|
|
$ |
137,979 |
|
|
Core basic earnings per share
(non-GAAP) |
|
$ |
0.54 |
|
|
$ |
0.53 |
|
|
$ |
0.51 |
|
|
$ |
1.07 |
|
|
$ |
0.99 |
|
|
Core diluted earnings per
share (non-GAAP) |
|
$ |
0.54 |
|
|
$ |
0.53 |
|
|
$ |
0.50 |
|
|
$ |
1.07 |
|
|
$ |
0.99 |
|
|
Core efficiency ratio
(non-GAAP) |
|
|
47.86 |
|
% |
|
47.42 |
|
% |
|
47.56 |
|
% |
|
47.64 |
|
% |
|
47.71 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.54 |
|
|
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.06 |
|
|
$ |
0.99 |
|
|
Diluted earnings per
share |
|
$ |
0.54 |
|
|
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.06 |
|
|
$ |
0.99 |
|
|
Efficiency ratio |
|
|
47.99 |
|
% |
|
48.20 |
|
% |
|
48.04 |
|
% |
|
48.09 |
|
% |
|
48.06 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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