Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 31, 2025

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware
(State or Other Jurisdiction of Incorporation)


001-14585		99-0156159
(Commission File Number)		(IRS Employer Identification No.)


999 Bishop St., 29th Floor
Honolulu, Hawaii		96813
(Address of Principal Executive Offices)		(Zip Code)

(808) 525-7000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Common Stock, par value $0.01 per share	FHB	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 31, 2025, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended December 31, 2024. A copy of First Hawaiian’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

All information provided in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of First Hawaiian under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits


Exhibit No.		Description

99.1		Press release of First Hawaiian, Inc. dated January 31, 2025 containing financial information for its quarter ended December 31, 2024.

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Pril
	FIRST HAWAIIAN, INC.

Date: January 31, 2025	By:	/s/ Robert S. Harrison
		Robert S. Harrison
		Chairman of the Board, President and Chief Executive Officer
		(Principal Executive Officer)

EXHIBIT 99.1

For Immediate Release

First Hawaiian, Inc. Reports Fourth Quarter 2024 Financial Results and Declares Dividend

HONOLULU, Hawaii January 31, 2025--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2024.

“I’m pleased to report that we finished 2024 with a very strong quarter that was highlighted by good performance across our key earnings drivers. Our loan and deposit balances grew, net interest margin expanded, expenses were well controlled and credit quality remained excellent. We also maintained our commitment to supporting our communities with a $1 million contribution to the First Hawaiian Foundation,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we took action to strengthen our balance sheet and increase our future earnings power by restructuring a portion of our investment portfolio. This action, along with the positive trends we saw in the fourth quarter, positions us very well entering 2025.”

On January 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on February 28, 2025, to stockholders of record at the close of business on February 14, 2025.

Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $100.0 million of its outstanding common stock during 2025.

Fourth Quarter 2024 Highlights:

●

Restructured a portion of the investment portfolio by selling $290.4 million of low-yielding investment securities and reinvested the sale proceeds into $291.5 million of higher-yielding securities. Recognized a $26.2 million pre-tax ($19.2 million after-tax) loss on the sale of securities.

●

Net income of $52.5 million, or $0.41 per diluted share

●

Total loans and leases increased $166.9 million versus prior quarter

●

Total deposits increased $94.5 million versus prior quarter

●

Net interest margin increased 8 basis points to 3.03%

●

Recorded a $0.8 million negative provision for credit losses

●

Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $23.8 billion at December 31, 2024 and September 30, 2024.

Gross loans and leases were $14.4 billion as of December 31, 2024, an increase of $166.9 million, or 1.2%, from $14.2 billion as of September 30, 2024.

Total deposits were $20.3 billion as of December 31, 2024, an increase of $94.5 million, or 0.5%, from $20.2 billion as of September 30, 2024.

Net Interest Income

Net interest income for the fourth quarter of 2024 was $158.8 million, an increase of $2.0 million, or 1.3%, compared to $156.7 million for the prior quarter.

The net interest margin was 3.03% in the fourth quarter of 2024, an increase of 8 basis points compared to 2.95% in the prior quarter.

Provision Expense

During the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses. In the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses.

Noninterest Income

Noninterest income was $29.4 million in the fourth quarter of 2024, a decrease of $23.9 million compared to noninterest income of $53.3 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

Noninterest Expense

Noninterest expense was $124.1 million in the fourth quarter of 2024, a decrease of $2.0 million compared to noninterest expense of $126.1 million in the prior quarter.

The efficiency ratio was 65.5% and 59.8% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

Taxes

The effective tax rate was 18.9% and 19.6% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

Asset Quality

The allowance for credit losses was $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024, compared to $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024. The reserve for unfunded commitments was $32.8 million as of December 31, 2024, compared to $33.7 million as of September 30, 2024. Net charge-offs were $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024, compared to net charge-offs of $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024. Total non-performing assets were $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024, compared to total non-performing assets of $17.8 million, or 0.13% of total loans and leases and other real estate owned, on September 30, 2024.

Capital

Total stockholders' equity was $2.6 billion on December 31, 2024 and September 30, 2024.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024, compared with 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024.

The Company repurchased 1.5 million shares of common stock at a total cost of $40.0 million under the stock repurchase program in the fourth quarter. The average cost was $27.14 per share repurchased. Total repurchases in 2024 were $40.0 million.

As to the stock repurchase program approved for 2025, repurchases of shares of the Company’s common stock may be conducted through open market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of share repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The repurchase program may be suspended, terminated or modified at any time for any reason.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time.

To access the call by phone, please register via the following link:

https://register.vevent.com/register/BI80003c73e95b445aa5fe62db794097bb, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.

Use of Non-GAAP Financial Measures

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.


Investor Relations Contact:	Media Contact:
Kevin Haseyama, CFA	Lindsay Chambers
(808) 525-6268	(808) 525-6254
khaseyama@fhb.com	lchambers@fhb.com


Financial Highlights	Table 1
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,
(dollars in thousands, except per share data)	2024			2024			2023			2024			2023
Operating Results:
Net interest income	$	158,753		$	156,707		$	151,793		$	622,738		$	636,127
(Benefit) provision for credit losses		(750)			7,400			5,330			14,750			26,630
Noninterest income		29,376			53,288			58,347			185,803			200,815
Noninterest expense		124,143			126,147			142,307			501,189			501,138
Net income		52,496			61,492			47,502			230,129			234,983
Basic earnings per share		0.41			0.48			0.37			1.80			1.84
Diluted earnings per share		0.41			0.48			0.37			1.79			1.84
Dividends declared per share		0.26			0.26			0.26			1.04			1.04
Dividend payout ratio		63.41	%		54.17	%		70.27	%		58.10	%		56.52	%
Performance Ratios⁽¹⁾:
Net interest margin		3.03	%		2.95	%		2.81	%		2.95	%		2.92	%
Efficiency ratio		65.51	%		59.77	%		67.28	%		61.57	%		59.48	%
Return on average total assets		0.88	%		1.02	%		0.77	%		0.96	%		0.95	%
Return on average tangible assets (non-GAAP)⁽²⁾		0.92	%		1.06	%		0.81	%		1.00	%		0.99	%
Return on average total stockholders' equity		7.94	%		9.45	%		7.94	%		9.00	%		10.01	%
Return on average tangible stockholders' equity (non-GAAP)⁽²⁾		12.78	%		15.35	%		13.66	%		14.74	%		17.39	%
Average Balances:
Average loans and leases	$	14,276,107		$	14,304,806		$	14,349,322		$	14,312,759		$	14,266,291
Average earning assets		21,079,951			21,328,882			21,688,816			21,284,169			21,952,009
Average assets		23,795,735			24,046,696			24,404,727			23,996,723			24,625,445
Average deposits		20,249,573			20,367,805			20,908,221			20,373,975			21,160,155
Average stockholders' equity		2,629,600			2,588,806			2,374,669			2,557,215			2,346,713
Market Value Per Share:
Closing		25.95			23.15			22.86			25.95			22.86
High		28.80			26.18			23.22			28.80			28.28
Low		22.08			20.28			17.18			19.48			15.08


	As of			As of			As of
	December 31,			September 30,			December 31,
(dollars in thousands, except per share data)	2024			2024			2023
Balance Sheet Data:
Loans and leases	$	14,408,258		$	14,241,370		$	14,353,497
Total assets		23,828,186			23,780,285			24,926,474
Total deposits		20,322,216			20,227,702			21,332,657
Short-term borrowings		250,000			250,000			500,000
Total stockholders' equity		2,617,486			2,648,034			2,486,066

Per Share of Common Stock:
Book value	$	20.70		$	20.71		$	19.48
Tangible book value (non-GAAP)⁽²⁾		12.83			12.92			11.68

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.14	%		0.13	%		0.13	%
Allowance for credit losses for loans and leases / total loans and leases		1.11	%		1.15	%		1.09	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		12.80	%		13.03	%		12.39	%
Tier 1 Capital Ratio		12.80	%		13.03	%		12.39	%
Total Capital Ratio		13.99	%		14.25	%		13.57	%
Tier 1 Leverage Ratio		9.14	%		9.14	%		8.64	%
Total stockholders' equity to total assets		10.98	%		11.14	%		9.97	%
Tangible stockholders' equity to tangible assets (non-GAAP)⁽²⁾		7.10	%		7.25	%		6.23	%

Non-Financial Data:
Number of branches		48			48			50
Number of ATMs		273			273			275
Number of Full-Time Equivalent Employees		1,997			2,022			2,089

(1)	Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

(2)

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.


Consolidated Statements of Income	Table 2
	For the Three Months Ended						For the Year Ended
	December 31,		September 30,		December 31,		December 31,
(dollars in thousands, except per share amounts)	2024		2024		2023		2024		2023
Interest income
Loans and lease financing	$	198,347	$	205,682	$	196,276	$	805,941	$	748,053
Available-for-sale investment securities		12,767		12,850		19,033		54,306		74,241
Held-to-maturity investment securities		17,071		16,937		17,987		69,376		73,497
Other		11,977		14,527		7,734		50,421		27,788
Total interest income		240,162		249,996		241,030		980,044		923,579
Interest expense
Deposits		78,465		87,500		82,215		335,717		258,221
Short-term and long-term borrowings		2,685		5,397		6,232		19,988		26,289
Other		259		392		790		1,601		2,942
Total interest expense		81,409		93,289		89,237		357,306		287,452
Net interest income		158,753		156,707		151,793		622,738		636,127
(Benefit) provision for credit losses		(750)		7,400		5,330		14,750		26,630
Net interest income after (benefit) provision for credit losses		159,503		149,307		146,463		607,988		609,497
Noninterest income
Service charges on deposit accounts		7,968		7,783		7,646		31,090		29,647
Credit and debit card fees		14,834		17,533		16,381		64,401		63,888
Other service charges and fees		13,132		11,790		9,535		45,862		37,299
Trust and investment services income		9,449		9,077		9,645		38,306		38,449
Bank-owned life insurance		5,713		4,502		5,063		17,861		15,326
Investment securities (losses) gains, net		(26,171)		—		792		(26,171)		792
Other		4,451		2,603		9,285		14,454		15,414
Total noninterest income		29,376		53,288		58,347		185,803		200,815
Noninterest expense
Salaries and employee benefits		59,003		59,563		55,882		235,565		225,755
Contracted services and professional fees		14,472		14,634		16,219		60,912		66,423
Occupancy		7,708		6,945		7,561		28,971		29,608
Equipment		14,215		13,078		12,547		53,902		45,109
Regulatory assessment and fees		3,745		3,412		20,412		19,091		32,073
Advertising and marketing		1,529		1,813		1,441		7,719		7,615
Card rewards program		7,926		8,678		7,503		33,831		31,627
Other		15,545		18,024		20,742		61,198		62,928
Total noninterest expense		124,143		126,147		142,307		501,189		501,138
Income before provision for income taxes		64,736		76,448		62,503		292,602		309,174
Provision for income taxes		12,240		14,956		15,001		62,473		74,191
Net income	$	52,496	$	61,492	$	47,502	$	230,129	$	234,983
Basic earnings per share	$	0.41	$	0.48	$	0.37	$	1.80	$	1.84
Diluted earnings per share	$	0.41	$	0.48	$	0.37	$	1.79	$	1.84
Basic weighted-average outstanding shares		127,350,626		127,886,167		127,612,734		127,702,573		127,567,547
Diluted weighted-average outstanding shares		128,167,502		128,504,035		128,028,964		128,325,865		127,915,873


Consolidated Balance Sheets	Table 3
	December 31,		September 30,		December 31,
(dollars in thousands, except share amount)	2024		2024		2023
Assets
Cash and due from banks	$	258,057	$	252,209	$	185,015
Interest-bearing deposits in other banks		912,133		820,603		1,554,882
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,190,448 as of December 31, 2024, $2,290,781 as of September 30, 2024 and $2,558,675 as of December 31, 2023)		1,926,516		2,055,959		2,255,336
Held-to-maturity, at amortized cost (fair value: $3,262,509 as of December 31, 2024, $3,475,143 as of September 30, 2024 and $3,574,856 as of December 31, 2023)		3,790,650		3,853,697		4,041,449
Loans held for sale		—		—		190
Loans and leases		14,408,258		14,241,370		14,353,497
Less: allowance for credit losses		160,393		163,700		156,533
Net loans and leases		14,247,865		14,077,670		14,196,964

Premises and equipment, net		288,530		287,036		281,461
Accrued interest receivable		79,979		81,875		84,417
Bank-owned life insurance		491,890		490,135		479,907
Goodwill		995,492		995,492		995,492
Mortgage servicing rights		5,078		5,236		5,699
Other assets		831,996		860,373		845,662
Total assets	$	23,828,186	$	23,780,285	$	24,926,474
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	13,347,068	$	13,427,674	$	13,749,095
Noninterest-bearing		6,975,148		6,800,028		7,583,562
Total deposits		20,322,216		20,227,702		21,332,657
Short-term borrowings		250,000		250,000		500,000
Retirement benefits payable		97,135		100,448		103,285
Other liabilities		541,349		554,101		504,466
Total liabilities		21,210,700		21,132,251		22,440,408

Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024, issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024 and issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023)		1,417		1,417		1,413
Additional paid-in capital		2,560,380		2,558,158		2,548,250
Retained earnings		934,048		915,062		837,859
Accumulated other comprehensive loss, net		(463,994)		(452,658)		(530,210)
Treasury stock (15,325,949 shares as of December 31, 2024, 13,849,434 shares as of September 30, 2024 and 13,721,778 shares as of December 31, 2023)		(414,365)		(373,945)		(371,246)
Total stockholders' equity		2,617,486		2,648,034		2,486,066
Total liabilities and stockholders' equity	$	23,828,186	$	23,780,285	$	24,926,474


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 2023
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	948.9	$	11.3	4.75	%	$	1,020.4	$	13.9	5.40	%	$	568.0	$	7.8	5.39	%
Available-for-Sale Investment Securities
Taxable		1,987.7		12.7	2.56			2,062.6		12.8	2.48			2,598.4		19.0	2.92
Non-Taxable		1.4		—	5.30			1.5		—	5.06			1.9		—	5.12
Held-to-Maturity Investment Securities
Taxable		3,224.8		13.9	1.72			3,288.2		13.8	1.67			3,472.1		14.8	1.70
Non-Taxable		601.7		3.9	2.56			602.3		3.7	2.46			603.9		3.9	2.58
Total Investment Securities		5,815.6		30.5	2.10			5,954.6		30.3	2.03			6,676.3		37.7	2.25
Loans Held for Sale		1.3		—	5.75			2.2		—	5.64			0.7		—	7.41
Loans and Leases⁽¹⁾
Commercial and industrial		2,157.8		35.2	6.50			2,165.3		38.0	6.98			2,148.1		36.7	6.78
Commercial real estate		4,333.1		68.9	6.33			4,278.3		71.6	6.67			4,356.3		71.4	6.51
Construction		990.7		17.4	6.99			1,040.7		20.3	7.74			888.7		16.7	7.45
Residential:
Residential mortgage		4,183.5		40.8	3.90			4,204.5		40.4	3.84			4,294.8		38.8	3.61
Home equity line		1,157.1		13.3	4.55			1,158.5		13.2	4.52			1,174.8		11.3	3.83
Consumer		1,033.2		19.0	7.29			1,035.3		18.7	7.19			1,132.4		18.4	6.43
Lease financing		420.7		4.4	4.18			422.2		4.0	3.72			354.2		3.6	4.03
Total Loans and Leases		14,276.1		199.0	5.55			14,304.8		206.2	5.74			14,349.3		196.9	5.45
Other Earning Assets		38.1		0.7	6.73			46.9		0.7	5.83			94.5		—	0.06
Total Earning Assets⁽²⁾		21,080.0		241.5	4.56			21,328.9		251.1	4.69			21,688.8		242.4	4.44
Cash and Due from Banks		226.2						242.3						240.8
Other Assets		2,489.5						2,475.5						2,475.1
Total Assets	$	23,795.7					$	24,046.7					$	24,404.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	5,940.3	$	21.1	1.42	%	$	5,963.1	$	23.6	1.57	%	$	6,067.2	$	22.4	1.46	%
Money Market		4,053.6		26.6	2.61			4,179.5		31.9	3.04			3,905.0		27.5	2.79
Time		3,362.0		30.8	3.64			3,327.3		32.0	3.83			3,390.7		32.3	3.78
Total Interest-Bearing Deposits		13,355.9		78.5	2.34			13,469.9		87.5	2.58			13,362.9		82.2	2.44
Other Short-Term Borrowings		250.0		2.7	4.27			451.1		5.4	4.76			515.2		6.2	4.80
Other Interest-Bearing Liabilities		25.3		0.2	4.07			22.4		0.4	6.97			42.1		0.8	7.44
Total Interest-Bearing Liabilities		13,631.2		81.4	2.38			13,943.4		93.3	2.66			13,920.2		89.2	2.54
Net Interest Income			$	160.1					$	157.8					$	153.2
Interest Rate Spread⁽³⁾					2.18	%					2.03	%					1.90	%
Net Interest Margin⁽⁴⁾					3.03	%					2.95	%					2.81	%
Noninterest-Bearing Demand Deposits		6,893.7						6,897.9						7,545.3
Other Liabilities		641.2						616.6						564.5
Stockholders' Equity		2,629.6						2,588.8						2,374.7
Total Liabilities and Stockholders' Equity	$	23,795.7					$	24,046.7					$	24,404.7

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

(2)	Interest income includes taxable-equivalent basis adjustments of $1.4 million, $1.1 million and $1.4 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(3)	Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4)	Net interest margin is net interest income annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.


Average Balances and Interest Rates											Table 5
	Year Ended						Year Ended
	December 31, 2024						December 31, 2023
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	900.8	$	47.3	5.25	%	$	512.3	$	26.5	5.18	%
Available-for-Sale Investment Securities
Taxable		2,090.0		54.2	2.60			2,871.8		73.8	2.57
Non-Taxable		1.5		0.1	5.45			10.2		0.6	5.55
Held-to-Maturity Investment Securities
Taxable		3,321.6		56.6	1.70			3,579.0		60.7	1.70
Non-Taxable		602.6		15.6	2.58			607.7		15.9	2.61
Total Investment Securities		6,015.7		126.5	2.10			7,068.7		151.0	2.14
Loans Held for Sale		1.3		0.1	6.02			0.4		—	6.63
Loans and Leases⁽¹⁾
Commercial and industrial		2,172.4		148.6	6.84			2,182.3		141.0	6.46
Commercial real estate		4,310.1		282.3	6.55			4,257.9		266.0	6.25
Construction		985.4		73.5	7.46			877.7		62.1	7.08
Residential:
Residential mortgage		4,220.2		163.4	3.87			4,308.0		156.4	3.63
Home equity line		1,162.9		51.0	4.39			1,131.1		39.3	3.47
Consumer		1,051.5		73.4	6.98			1,178.6		71.5	6.07
Lease financing		410.3		16.3	3.98			330.7		14.1	4.26
Total Loans and Leases		14,312.8		808.5	5.65			14,266.3		750.4	5.26
Other Earning Assets		53.6		3.1	5.88			104.3		1.3	1.20
Total Earning Assets⁽²⁾		21,284.2		985.5	4.63			21,952.0		929.2	4.23
Cash and Due from Banks		238.3						265.1
Other Assets		2,474.2						2,408.3
Total Assets	$	23,996.7					$	24,625.4

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	5,990.7	$	91.6	1.53	%	$	6,124.7	$	71.5	1.17	%
Money Market		4,064.0		117.8	2.90			3,869.1		86.1	2.22
Time		3,324.8		126.3	3.80			3,040.0		100.6	3.31
Total Interest-Bearing Deposits		13,379.5		335.7	2.51			13,033.8		258.2	1.98
Federal Funds Purchased		—		—	—			17.2		0.8	4.45
Other Short-Term Borrowings		424.9		20.0	4.70			261.9		13.0	4.98
Long-Term Borrowings		—		—	—			261.6		12.5	4.78
Other Interest-Bearing Liabilities		29.6		1.6	5.39			57.1		3.0	5.15
Total Interest-Bearing Liabilities		13,834.0		357.3	2.58			13,631.6		287.5	2.11
Net Interest Income			$	628.2					$	641.7
Interest Rate Spread⁽³⁾					2.05	%					2.12	%
Net Interest Margin⁽⁴⁾					2.95	%					2.92	%
Noninterest-Bearing Demand Deposits		6,994.5						8,126.4
Other Liabilities		611.0						520.7
Stockholders' Equity		2,557.2						2,346.7
Total Liabilities and Stockholders' Equity	$	23,996.7					$	24,625.4

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

(2)	Interest income includes taxable-equivalent basis adjustments of $5.4 million and $5.6 million for the years ended December 31, 2024 and 2023, respectively.

(3)	Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4)	Net interest margin is net interest income annualized for the years ended December 31, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.


Analysis of Change in Net Interest Income						Table 6
	Three Months Ended December 31, 2024
	Compared to September 30, 2024
(dollars in millions)	Volume		Rate		Total⁽¹⁾
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	(1.0)	$	(1.6)	$	(2.6)
Available-for-Sale Investment Securities
Taxable		(0.5)		0.4		(0.1)
Held-to-Maturity Investment Securities
Taxable		(0.3)		0.4		0.1
Non-Taxable		—		0.2		0.2
Total Investment Securities		(0.8)		1.0		0.2
Loans and Leases
Commercial and industrial		(0.1)		(2.7)		(2.8)
Commercial real estate		0.9		(3.6)		(2.7)
Construction		(1.0)		(1.9)		(2.9)
Residential:
Residential mortgage		(0.2)		0.6		0.4
Home equity line		—		0.1		0.1
Consumer		—		0.3		0.3
Lease financing		—		0.4		0.4
Total Loans and Leases		(0.4)		(6.8)		(7.2)
Other Earning Assets		(0.1)		0.1		—
Total Change in Interest Income		(2.3)		(7.3)		(9.6)

Change in Interest Expense:
Interest-Bearing Deposits
Savings		(0.1)		(2.4)		(2.5)
Money Market		(0.9)		(4.4)		(5.3)
Time		0.3		(1.5)		(1.2)
Total Interest-Bearing Deposits		(0.7)		(8.3)		(9.0)
Other Short-Term Borrowings		(2.2)		(0.5)		(2.7)
Other Interest-Bearing Liabilities		—		(0.2)		(0.2)
Total Change in Interest Expense		(2.9)		(9.0)		(11.9)
Change in Net Interest Income	$	0.6	$	1.7	$	2.3

(1)	The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.


Analysis of Change in Net Interest Income						Table 7
	Three Months Ended December 31, 2024
	Compared to December 31, 2023
(dollars in millions)	Volume		Rate		Total ⁽¹⁾
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	4.6	$	(1.1)	$	3.5
Available-for-Sale Investment Securities
Taxable		(4.1)		(2.2)		(6.3)
Held-to-Maturity Investment Securities
Taxable		(1.1)		0.2		(0.9)
Total Investment Securities		(5.2)		(2.0)		(7.2)
Loans and Leases
Commercial and industrial		0.1		(1.6)		(1.5)
Commercial real estate		(0.4)		(2.1)		(2.5)
Construction		1.8		(1.1)		0.7
Residential:
Residential mortgage		(1.0)		3.0		2.0
Home equity line		(0.1)		2.1		2.0
Consumer		(1.7)		2.3		0.6
Lease financing		0.7		0.1		0.8
Total Loans and Leases		(0.6)		2.7		2.1
Other Earning Assets		—		0.7		0.7
Total Change in Interest Income		(1.2)		0.3		(0.9)

Change in Interest Expense:
Interest-Bearing Deposits
Savings		(0.6)		(0.7)		(1.3)
Money Market		1.0		(1.9)		(0.9)
Time		(0.2)		(1.3)		(1.5)
Total Interest-Bearing Deposits		0.2		(3.9)		(3.7)
Other Short-Term Borrowings		(2.9)		(0.6)		(3.5)
Other Interest-Bearing Liabilities		(0.3)		(0.3)		(0.6)
Total Change in Interest Expense		(3.0)		(4.8)		(7.8)
Change in Net Interest Income	$	1.8	$	5.1	$	6.9

(1)	The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.


Analysis of Change in Net Interest Income						Table 8
	Year Ended December 31, 2024
	Compared to December 31, 2023
(dollars in millions)	Volume		Rate		Total ⁽¹⁾
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	20.4	$	0.4	$	20.8
Available-for-Sale Investment Securities
Taxable		(20.4)		0.8		(19.6)
Non-Taxable		(0.5)		—		(0.5)
Held-to-Maturity Investment Securities
Taxable		(4.1)		—		(4.1)
Non-Taxable		(0.1)		(0.2)		(0.3)
Total Investment Securities		(25.1)		0.6		(24.5)
Loans Held for Sale		0.1		—		0.1
Loans and Leases
Commercial and industrial		(0.7)		8.3		7.6
Commercial real estate		3.3		13.0		16.3
Construction		7.9		3.5		11.4
Residential:
Residential mortgage		(3.2)		10.2		7.0
Home equity line		1.1		10.6		11.7
Consumer		(8.2)		10.1		1.9
Lease financing		3.2		(1.0)		2.2
Total Loans and Leases		3.4		54.7		58.1
Other Earning Assets		(0.9)		2.7		1.8
Total Change in Interest Income		(2.1)		58.4		56.3

Change in Interest Expense:
Interest-Bearing Deposits
Savings		(1.6)		21.7		20.1
Money Market		4.5		27.2		31.7
Time		10.0		15.7		25.7
Total Interest-Bearing Deposits		12.9		64.6		77.5
Federal Funds Purchased		(0.4)		(0.4)		(0.8)
Other Short-Term Borrowings		7.7		(0.7)		7.0
Long-Term Borrowings		(6.3)		(6.2)		(12.5)
Other Interest-Bearing Liabilities		(1.5)		0.1		(1.4)
Total Change in Interest Expense		12.4		57.4		69.8
Change in Net Interest Income	$	(14.5)	$	1.0	$	(13.5)

(1)	The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.


Loans and Leases						Table 9
	December 31,		September 30,		December 31,
(dollars in thousands)	2024		2024		2023
Commercial and industrial	$	2,247,428	$	2,110,077	$	2,165,349
Commercial real estate		4,463,992		4,265,289		4,340,243
Construction		918,326		1,056,249		900,292
Residential:
Residential mortgage		4,168,154		4,187,060		4,283,315
Home equity line		1,151,739		1,159,823		1,174,588
Total residential		5,319,893		5,346,883		5,457,903
Consumer		1,023,969		1,030,044		1,109,901
Lease financing		434,650		432,828		379,809
Total loans and leases	$	14,408,258	$	14,241,370	$	14,353,497


Deposits						Table 10
	December 31,		September 30,		December 31,
(dollars in thousands)	2024		2024		2023
Demand	$	6,975,148	$	6,800,028	$	7,583,562
Savings		6,021,364		5,896,029		6,445,084
Money Market		4,027,334		4,129,381		3,847,853
Time		3,298,370		3,402,264		3,456,158
Total Deposits	$	20,322,216	$	20,227,702	$	21,332,657


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More						Table 11
	December 31,		September 30,		December 31,
(dollars in thousands)	2024		2024		2023
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	329	$	934	$	970
Commercial real estate		411		152		2,953
Total Commercial Loans		740		1,086		3,923
Residential Loans:
Residential mortgage		12,768		9,103		7,620
Home equity line		7,171		7,645		7,052
Total Residential Loans		19,939		16,748		14,672
Total Non-Accrual Loans and Leases		20,679		17,834		18,595
Total Non-Performing Assets	$	20,679	$	17,834	$	18,595

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	1,432	$	529	$	494
Commercial real estate		—		568		300
Construction		536		—		—
Total Commercial Loans		1,968		1,097		794
Residential mortgage		1,317		931		—
Consumer		2,734		2,515		2,702
Total Accruing Loans and Leases Past Due 90 Days or More	$	6,019	$	4,543	$	3,496

Total Loans and Leases	$	14,408,258	$	14,241,370	$	14,353,497


Allowance for Credit Losses and Reserve for Unfunded Commitments	Table 12
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
(dollars in thousands)	2024			2024			2023			2024			2023
Balance at Beginning of Period	$	197,397		$	193,930		$	192,570		$	192,138		$	177,735
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(851)			(1,178)			(910)			(3,615)			(3,482)
Commercial real estate		—			(400)			(2,500)			(400)			(2,500)
Total Commercial Loans		(851)			(1,578)			(3,410)			(4,015)			(5,982)
Residential Loans:
Residential mortgage		—			—			—			—			(122)
Home equity line		—			—			(20)			—			(292)
Total Residential Loans		—			—			(20)			—			(414)
Consumer		(4,774)			(4,192)			(4,147)			(18,002)			(17,110)
Total Loans and Leases Charged-Off		(5,625)			(5,770)			(7,577)			(22,017)			(23,506)
Recoveries on Loans and Leases Previously Charged-Off
Commercial and industrial		298			160			171			919			3,346
Residential Loans:
Residential mortgage		30			31			31			119			141
Home equity line		32			86			163			274			702
Total Residential Loans		62			117			194			393			843
Consumer		1,858			1,560			1,450			7,057			7,090
Total Recoveries on Loans and Leases Previously Charged-Off		2,218			1,837			1,815			8,369			11,279
Net Loans and Leases Charged-Off		(3,407)			(3,933)			(5,762)			(13,648)			(12,227)
(Benefit) Provision for Credit Losses		(750)			7,400			5,330			14,750			26,630
Balance at End of Period	$	193,240		$	197,397		$	192,138		$	193,240		$	192,138
Components:
Allowance for Credit Losses	$	160,393		$	163,700		$	156,533		$	160,393		$	156,533
Reserve for Unfunded Commitments		32,847			33,697			35,605			32,847			35,605
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	193,240		$	197,397		$	192,138		$	193,240		$	192,138
Average Loans and Leases Outstanding	$	14,276,107		$	14,304,806		$	14,349,322		$	14,312,759		$	14,266,291
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding⁽¹⁾		0.09	%		0.11	%		0.16	%		0.10	%		0.09	%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.11	%		1.15	%		1.09	%		1.11	%		1.09	%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		7.76x			9.18x			8.42x			7.76x			8.42x

(1)	Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

Loans and Leases by Year of Origination and Credit Quality Indicator

Table 13

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2024

2023

2022

2021

2020

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

163,980

73,554

185,433

249,532

17,775

256,119

1,118,075

14,336

2,078,804

Special Mention

808

2,385

1,209

300

1,322

41,520

—

47,612

Substandard

—

8,096

196

309

1,114

26,089

—

35,804

Other ⁽¹⁾

17,132

8,928

6,937

2,797

765

1,279

47,370

—

85,208

Total Commercial and Industrial

181,920

84,867

201,675

252,593

19,149

259,834

1,233,054

14,336

2,247,428

Current period gross charge-offs

—

578

335

105

221

2,376

—

3,615

Commercial Real Estate

Risk rating:

Pass

322,405

369,948

832,005

634,722

308,156

1,720,243

116,682

7,703

4,311,864

Special Mention

9,014

2,252

7,510

41,399

3,265

10,860

11,861

—

86,161

Substandard

—

54,952

1,002

—

9,732

148

—

65,834

Other ⁽¹⁾

—

133

—

133

Total Commercial Real Estate

331,419

372,200

894,467

677,123

311,421

1,740,968

128,691

7,703

4,463,992

Current period gross charge-offs

—

400

—

400

Construction

Risk rating:

Pass

91,583

198,382

332,000

186,682

41,596

13,824

14,972

—

879,039

Special Mention

—

155

—

155

Other ⁽¹⁾

12,482

9,688

10,861

1,561

1,199

2,644

697

—

39,132

Total Construction

104,065

208,070

342,861

188,243

42,795

16,623

15,669

—

918,326

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

149,615

101,684

60,898

14,328

17,703

84,663

—

428,891

Special Mention

—

220

—

220

Substandard

4,657

565

317

—

5,539

Total Lease Financing

154,272

102,249

61,215

14,548

17,703

84,663

—

434,650

Current period gross charge-offs

—

Total Commercial Lending

771,676

767,386

1,500,218

1,132,507

391,068

2,102,088

1,377,414

22,039

8,064,396

Current period gross charge-offs

—

578

335

105

221

2,776

—

4,015


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	168,067	$	187,710	$	492,845	$	946,390	$	498,443	$	1,115,557	$	—	$	—	$	3,409,012
680 - 739		18,368		34,901		65,735		103,622		57,369		138,469		—		—		418,464
620 - 679		1,726		4,380		23,556		19,355		14,058		40,471		—		—		103,546
550 - 619		—		820		6,526		7,745		4,042		13,783		—		—		32,916
Less than 550		—		734		775		2,264		1,559		6,342		—		—		11,674
No Score ⁽³⁾		13,211		6,719		16,839		9,916		5,518		45,604		—		—		97,807
Other ⁽²⁾		9,456		12,404		16,564		14,311		10,769		28,812		2,419		—		94,735
Total Residential Mortgage		210,828		247,668		622,840		1,103,603		591,758		1,389,038		2,419		—		4,168,154
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		925,749		1,652		927,401
680 - 739		—		—		—		—		—		—		161,523		1,030		162,553
620 - 679		—		—		—		—		—		—		39,235		1,220		40,455
550 - 619		—		—		—		—		—		—		13,006		416		13,422
Less than 550		—		—		—		—		—		—		5,993		563		6,556
No Score ⁽³⁾		—		—		—		—		—		—		1,352		—		1,352
Total Home Equity Line		—		—		—		—		—		—		1,146,858		4,881		1,151,739
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Total Residential Lending	$	210,828	$	247,668	$	622,840	$	1,103,603	$	591,758	$	1,389,038	$	1,149,277	$	4,881	$	5,319,893
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer Lending
FICO:
740 and greater		92,329		65,738		84,007		44,192		14,607		6,897		101,938		106		409,814
680 - 739		68,371		46,533		44,504		21,829		7,652		5,278		86,935		509		281,611
620 - 679		30,618		17,728		19,942		10,252		4,195		4,152		50,544		775		138,206
550 - 619		6,108		6,768		9,312		5,702		2,574		3,106		15,641		778		49,989
Less than 550		2,012		3,950		5,572		3,594		1,591		1,830		5,311		593		24,453
No Score ⁽³⁾		1,881		106		38		—		7		9		38,932		176		41,149
Other ⁽²⁾		—		—		277		887		99		956		76,528		—		78,747
Total Consumer Lending	$	201,319	$	140,823	$	163,652	$	86,456	$	30,725	$	22,228	$	375,829	$	2,937	$	1,023,969
Current period gross charge-offs	$	732	$	2,055	$	2,606	$	1,388	$	676	$	2,685	$	7,168	$	692	$	18,002

Total Loans and Leases	$	1,183,823	$	1,155,877	$	2,286,710	$	2,322,566	$	1,013,551	$	3,513,354	$	2,902,520	$	29,857	$	14,408,258
Current period gross charge-offs	$	732	$	2,633	$	2,941	$	1,493	$	897	$	5,461	$	7,168	$	692	$	22,017

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of December 31, 2024, the majority of the loans in this population were current.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of December 31, 2024, the majority of the loans in this population were current.

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


GAAP to Non-GAAP Reconciliation	Table 14
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,
(dollars in thousands)	2024			2024			2023			2024			2023
Income Statement Data:
Net income	$	52,496		$	61,492		$	47,502		$	230,129		$	234,983

Average total stockholders' equity	$	2,629,600		$	2,588,806		$	2,374,669		$	2,557,215		$	2,346,713
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible stockholders' equity	$	1,634,108		$	1,593,314		$	1,379,177		$	1,561,723		$	1,351,221

Average total assets	$	23,795,735		$	24,046,696		$	24,404,727		$	23,996,723		$	24,625,445
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible assets	$	22,800,243		$	23,051,204		$	23,409,235		$	23,001,231		$	23,629,953

Return on average total stockholders' equity⁽¹⁾		7.94	%		9.45	%		7.94	%		9.00	%		10.01	%
Return on average tangible stockholders' equity (non-GAAP)⁽¹⁾		12.78	%		15.35	%		13.66	%		14.74	%		17.39	%

Return on average total assets⁽¹⁾		0.88	%		1.02	%		0.77	%		0.96	%		0.95	%
Return on average tangible assets (non-GAAP)⁽¹⁾		0.92	%		1.06	%		0.81	%		1.00	%		0.99	%



	As of			As of			As of
	December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)	2024			2024			2023
Balance Sheet Data:
Total stockholders' equity	$	2,617,486		$	2,648,034		$	2,486,066
Less: goodwill		995,492			995,492			995,492
Tangible stockholders' equity	$	1,621,994		$	1,652,542		$	1,490,574

Total assets	$	23,828,186		$	23,780,285		$	24,926,474
Less: goodwill		995,492			995,492			995,492
Tangible assets	$	22,832,694		$	22,784,793		$	23,930,982

Shares outstanding		126,422,898			127,886,167			127,618,761

Total stockholders' equity to total assets		10.98	%		11.14	%		9.97	%
Tangible stockholders' equity to tangible assets (non-GAAP)		7.10	%		7.25	%		6.23	%

Book value per share	$	20.70		$	20.71		$	19.48
Tangible book value per share (non-GAAP)	$	12.83		$	12.92		$	11.68

(1)	Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

Document and Entity Information	Jan. 31, 2025
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 31, 2025
Entity File Number	001-14585
Entity Registrant Name	FIRST HAWAIIAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0156159
Entity Address, Address Line One	999 Bishop St.
Entity Address, Adress Line Two	29th Floor
Entity Address, State or Province	HI
Entity Address, City or Town	Honolulu
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	525-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FHB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000036377
Amendment Flag	false