First Hawaiian, Inc. Reports Fourth Quarter 2025 Financial Results and Declares Dividend

HONOLULU, Jan. 30, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), ("First Hawaiian" or the "Company") today reported financial results for its quarter ended December 31, 2025.

"I'm happy to report that First Hawaiian finished 2025 with another strong quarter," said Bob Harrison, Chairman, President, and CEO. "Loans grew, retail and commercial deposits grew, and we remained the most profitable bank in the state."

On January 28, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on February 27, 2026, to stockholders of record at the close of business on February 13, 2026.  

Additionally, the Company's Board of Directors adopted a stock repurchase program for up to $250.0 million of its outstanding common stock.

Fourth Quarter 2025 Highlights:

• Net income of $69.9 million, or $0.56 per diluted share
• Total loans and leases increased $183.1 million versus prior quarter
• Total deposits decreased $213.9 million versus prior quarter
• Net interest margin increased 2 basis points to 3.21%
• Recorded a $7.7 million provision for credit losses
• Board of Directors declared a quarterly dividend of $0.26 per share
• Board of Directors adopted a $250.0 million stock repurchase program
  
  

Balance Sheet

Total assets were $24.0 billion at December 31, 2025 versus $24.1 billion at September 30, 2025.

Gross loans and leases were $14.3 billion as of December 31, 2025, an increase of $183.1 million from $14.1 billion as of September 30, 2025.

Total deposits were $20.5 billion as of December 31, 2025, a decrease of $213.9 million from $20.7 billion as of September 30, 2025.

Net Interest Income

Net interest income for the fourth quarter of 2025 was $170.3 million, an increase of $1.0 million compared to $169.3 million for the prior quarter.  

The net interest margin was 3.21% in the fourth quarter of 2025, an increase of 2 basis points compared to 3.19% in the prior quarter.

Provision Expense

During the quarter ended December 31, 2025, we recorded a $7.7 million provision for credit losses. In the quarter ended September 30, 2025, we recorded a $4.5 million provision for credit losses.

Noninterest Income

Noninterest income was $55.6 million in the fourth quarter of 2025, $1.5 million lower compared to noninterest income of $57.1 million in the prior quarter.

Noninterest Expense

Noninterest expense was $125.1 million in the fourth quarter of 2025, $0.6 million lower compared to noninterest expense of $125.7 million in the prior quarter.

The efficiency ratio was 55.1% and 55.3% for the quarters ended December 31, 2025 and September 30, 2025, respectively.

Taxes

The effective tax rate was 24.8% and 23.2% for the quarters ended December 31, 2025 and September 30, 2025, respectively.

Asset Quality

The allowance for credit losses was $168.5 million, or 1.18% of total loans and leases, as of December 31, 2025, compared to $165.3 million, or 1.17% of total loans and leases, as of September 30, 2025. The reserve for unfunded commitments was $35.7 million as of December 31, 2025 and $36.2 million as of September 30, 2025. Net charge-offs were $5.0 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended December 31, 2025, compared to net charge-offs of $4.2 million, or 0.12% of average loans and leases on an annualized basis, for the quarter ended September 30, 2025. Total non-performing assets were $41.0 million, or 0.29% of total loans and leases and other real estate owned, on December 31, 2025, compared to total non-performing assets of $30.9 million, or 0.22% of total loans and leases and other real estate owned, on September 30, 2025.

Capital

Total stockholders' equity was $2.8 billion on December 31, 2025 versus $2.7 billion on September 30, 2025.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.27%, 13.17% and 14.42%, respectively, on December 31, 2025, compared with 9.16%, 13.24% and 14.49%, respectively, on September 30, 2025.

The Company repurchased approximately 1.0 million shares of common stock at a total cost of $26.0 million under the stock repurchase program in the fourth quarter. The average cost was $24.96 per share repurchased. Total repurchases in 2025 were $100.0 million.

As to the stock repurchase program, 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-conf.media-server.com/register/BI1600e9966e084b4dbab703adec5d98af, 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, 2024 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025.

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: Kevin Haseyama, CFA (808) 525-6268 [email protected]	Media Contact: Lindsay Chambers (808) 525-6254 [email protected]

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)		2025			2025			2024				2025			2024
Operating Results:
Net interest income		$	170,302		$	169,331		$	158,753			$	663,742		$	622,738
Provision (benefit) for credit losses			7,700			4,500			(750	)			27,200			14,750
Noninterest income			55,551			57,060			29,376				217,046			185,803
Noninterest expense			125,102			125,744			124,143				499,345			501,189
Net income			69,931			73,840			52,496				276,266			230,129
Basic earnings per share			0.57			0.59			0.41				2.21			1.80
Diluted earnings per share			0.56			0.59			0.41				2.20			1.79
Dividends declared per share			0.26			0.26			0.26				1.04			1.04
Dividend payout ratio			46.43	%		44.07	%		63.41		%		47.27	%		58.10	%
Performance Ratios(1):
Net interest margin			3.21	%		3.19	%		3.03		%		3.15	%		2.95	%
Efficiency ratio			55.14	%		55.29	%		65.51		%		56.43	%		61.57	%
Return on average total assets			1.16	%		1.22	%		0.88		%		1.16	%		0.96	%
Return on average tangible assets (non-GAAP)(2)			1.21	%		1.27	%		0.92		%		1.21	%		1.00	%
Return on average total stockholders' equity			10.07	%		10.81	%		7.94		%		10.26	%		9.00	%
Return on average tangible stockholders' equity (non-GAAP)(2)			15.76	%		17.08	%		12.78		%		16.27	%		14.74	%
Average Balances:
Average loans and leases		$	14,251,470		$	14,209,282		$	14,276,107			$	14,264,604		$	14,312,759
Average earning assets			21,215,262			21,271,827			21,079,951				21,206,274			21,284,169
Average assets			23,925,000			23,993,685			23,795,735				23,917,443			23,996,723
Average deposits			20,510,346			20,411,117			20,249,573				20,389,375			20,373,975
Average stockholders' equity			2,756,241			2,710,273			2,629,600				2,693,446			2,557,215
Market Value Per Share:
Closing			25.30			24.83			25.95				25.30			25.95
High			26.56			26.72			28.80				28.28			28.80
Low			22.65			23.48			22.08				20.32			19.48

		As of			As of			As of
		December 31,			September 30,			December 31,
(dollars in thousands, except per share data)		2025			2025			2024
Balance Sheet Data:
Loans and leases		$	14,312,529		$	14,129,383		$	14,408,258
Total assets			23,955,252			24,098,728			23,828,186
Total deposits			20,515,668			20,729,557			20,322,216
Short-term borrowings			—			—			250,000
Total stockholders' equity			2,769,365			2,733,921			2,617,486
Per Share of Common Stock:
Book value		$	22.57		$	22.10		$	20.70
Tangible book value (non-GAAP)(2)			14.46			14.05			12.83
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.29	%		0.22	%		0.14	%
Allowance for credit losses for loans and leases / total loans and leases			1.18	%		1.17	%		1.11	%
Capital Ratios:
Common Equity Tier 1 Capital Ratio			13.17	%		13.24	%		12.80	%
Tier 1 Capital Ratio			13.17	%		13.24	%		12.80	%
Total Capital Ratio			14.42	%		14.49	%		13.99	%
Tier 1 Leverage Ratio			9.27	%		9.16	%		9.14	%
Total stockholders' equity to total assets			11.56	%		11.34	%		10.98	%
Tangible stockholders' equity to tangible assets (non-GAAP)(2)			7.73	%		7.52	%		7.10	%
Non-Financial Data:
Number of branches			49			49			48
Number of ATMs			273			275			273
Number of Full-Time Equivalent Employees			1,997			2,001			1,997

__________________________

(1)	Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024.
(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)		2025			2025			2024				2025			2024
Interest income
Loans and lease financing		$	192,483		$	196,441		$	198,347			$	774,419		$	805,941
Available-for-sale investment securities			14,997			13,470			12,767				54,086			54,306
Held-to-maturity investment securities			15,711			15,920			17,071				64,577			69,376
Other			13,648			16,744			11,977				58,221			50,421
Total interest income			236,839			242,575			240,162				951,303			980,044
Interest expense
Deposits			66,441			70,851			78,465				279,290			335,717
Short-term borrowings			—			2,195			2,685				7,421			19,988
Other			96			198			259				850			1,601
Total interest expense			66,537			73,244			81,409				287,561			357,306
Net interest income			170,302			169,331			158,753				663,742			622,738
Provision (benefit) for credit losses			7,700			4,500			(750	)			27,200			14,750
Net interest income after provision (benefit) for credit losses			162,602			164,831			159,503				636,542			607,988
Noninterest income
Service charges on deposit accounts			8,175			8,096			7,968				31,636			31,090
Credit and debit card fees			15,570			15,850			14,834				61,807			64,401
Other service charges and fees			13,829			13,807			13,132				53,153			45,862
Trust and investment services income			9,205			9,212			9,449				36,941			38,306
Bank-owned life insurance			5,204			6,314			5,713				20,613			17,861
Investment securities (losses) gains, net			—			—			(26,171	)			37			(26,171	)
Other			3,568			3,781			4,451				12,859			14,454
Total noninterest income			55,551			57,060			29,376				217,046			185,803
Noninterest expense
Salaries and employee benefits			64,768			61,533			59,003				245,906			235,565
Contracted services and professional fees			13,676			15,785			14,472				60,297			60,912
Occupancy			7,092			7,098			7,708				30,224			28,971
Equipment			14,550			13,834			14,215				56,292			53,902
Regulatory assessment and fees			1,204			3,294			3,745				12,080			19,091
Advertising and marketing			2,326			2,033			1,529				8,573			7,719
Card rewards program			8,344			8,694			7,926				33,363			33,831
Other			13,142			13,473			15,545				52,610			61,198
Total noninterest expense			125,102			125,744			124,143				499,345			501,189
Income before provision for income taxes			93,051			96,147			64,736				354,243			292,602
Provision for income taxes			23,120			22,307			12,240				77,977			62,473
Net income		$	69,931		$	73,840		$	52,496			$	276,266		$	230,129
Basic earnings per share		$	0.57		$	0.59		$	0.41			$	2.21		$	1.80
Diluted earnings per share		$	0.56		$	0.59		$	0.41			$	2.20		$	1.79
Basic weighted-average outstanding shares			123,342,709			124,267,090			127,350,626				124,793,785			127,702,573
Diluted weighted-average outstanding shares			124,158,037			124,970,898			128,167,502				125,509,146			128,325,865

Consolidated Balance Sheets		Table 3
		December 31,				September 30,				December 31,
(dollars in thousands, except share amount)		2025				2025				2024
Assets
Cash and due from banks		$	228,734			$	249,563			$	258,057
Interest-bearing deposits in other banks			1,249,018				1,606,080				912,133
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,246,716 as of December 31, 2025, $2,178,092 as of September 30, 2025 and $2,190,448 as of December 31, 2024)			2,076,233				1,986,717				1,926,516
Held-to-maturity, at amortized cost (fair value: $3,188,775 as of December 31, 2025, $3,209,883 as of September 30, 2025 and $3,262,509 as of December 31, 2024)			3,533,082				3,594,188				3,790,650
Loans held for sale			1,370				468				—
Loans and leases			14,312,529				14,129,383				14,408,258
Less: allowance for credit losses			168,468				165,269				160,393
Net loans and leases			14,144,061				13,964,114				14,247,865
Premises and equipment, net			303,496				302,983				288,530
Accrued interest receivable			77,641				77,878				79,979
Bank-owned life insurance			513,182				507,950				491,890
Goodwill			995,492				995,492				995,492
Mortgage servicing rights			4,638				4,728				5,078
Other assets			828,305				808,567				831,996
Total assets		$	23,955,252			$	24,098,728			$	23,828,186
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing		$	13,968,376			$	13,947,385			$	13,347,068
Noninterest-bearing			6,547,292				6,782,172				6,975,148
Total deposits			20,515,668				20,729,557				20,322,216
Short-term borrowings			—				—				250,000
Retirement benefits payable			99,052				94,504				97,135
Other liabilities			571,167				540,746				541,349
Total liabilities			21,185,887				21,364,807				21,210,700
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,184,584 / 122,689,256 shares as of December 31, 2025, issued/outstanding: 142,173,027 / 123,719,585 shares as of September 30, 2025 and issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024)			1,422				1,422				1,417
Additional paid-in capital			2,576,540				2,572,156				2,560,380
Retained earnings			1,078,885				1,041,573				934,048
Accumulated other comprehensive loss, net			(368,140	)			(388,149	)			(463,994	)
Treasury stock (19,495,328 shares as of December 31, 2025, 18,453,442 shares as of September 30, 2025 and 15,325,949 shares as of December 31, 2024)			(519,342	)			(493,081	)			(414,365	)
Total stockholders' equity			2,769,365				2,733,921				2,617,486
Total liabilities and stockholders' equity		$	23,955,252			$	24,098,728			$	23,828,186

Average Balances and Interest Rates																								Table 4
		Three Months Ended								Three Months Ended								Three Months Ended
		December 31, 2025								September 30, 2025								December 31, 2024
		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		$	1,331.8		$	13.2		3.95	%	$	1,471.0		$	16.3		4.40	%	$	948.9		$	11.3		4.75	%
Available-for-Sale Investment Securities
Taxable			2,035.3			15.0		2.94			1,921.2			13.5		2.80			1,987.7			12.7		2.56
Non-Taxable			0.9			—		4.97			1.2			—		5.07			1.4			—		5.30
Held-to-Maturity Investment Securities
Taxable			2,973.8			12.6		1.69			3,036.1			12.8		1.68			3,224.8			13.9		1.72
Non-Taxable			594.3			3.5		2.37			595.5			3.6		2.39			601.7			3.9		2.56
Total Investment Securities			5,604.3			31.1		2.22			5,554.0			29.9		2.15			5,815.6			30.5		2.10
Loans Held for Sale			0.3			—		5.83			0.9			—		5.71			1.3			—		5.75
Loans and Leases(1)
Commercial and industrial			2,131.5			31.9		5.94			2,144.0			33.6		6.22			2,157.8			35.2		6.50
Commercial real estate			4,599.2			68.8		5.93			4,481.5			69.9		6.18			4,333.1			68.9		6.33
Construction			804.5			13.3		6.55			891.9			15.2		6.78			990.7			17.4		6.99
Residential:
Residential mortgage			4,081.3			41.0		4.02			4,077.1			40.4		3.96			4,183.5			40.8		3.90
Home equity line			1,175.7			14.0		4.71			1,167.0			14.0		4.76			1,157.1			13.3		4.55
Consumer			1,022.1			19.8		7.70			1,018.4			19.6		7.63			1,033.2			19.0		7.29
Lease financing			437.2			4.3		3.89			429.4			4.3		3.98			420.7			4.4		4.18
Total Loans and Leases			14,251.5			193.1		5.38			14,209.3			197.0		5.51			14,276.1			199.0		5.55
Other Earning Assets			27.4			0.4		5.69			36.6			0.4		4.72			38.1			0.7		6.73
Total Earning Assets(2)			21,215.3			237.8		4.46			21,271.8			243.6		4.55			21,080.0			241.5		4.56
Cash and Due from Banks			221.1								243.3								226.2
Other Assets			2,488.6								2,478.6								2,489.5
Total Assets		$	23,925.0							$	23,993.7							$	23,795.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,288.5		$	20.0		1.26	%	$	6,331.6		$	21.9		1.37	%	$	5,940.3		$	21.1		1.42	%
Money Market			4,185.4			22.0		2.08			3,837.6			23.4		2.42			4,053.6			26.6		2.61
Time			3,368.8			24.4		2.88			3,353.9			25.5		3.02			3,362.0			30.8		3.64
Total Interest-Bearing Deposits			13,842.7			66.4		1.90			13,523.1			70.8		2.08			13,355.9			78.5		2.34
Other Short-Term Borrowings			—			—		—			206.5			2.2		4.22			250.0			2.7		4.27
Other Interest-Bearing Liabilities			9.5			0.1		3.97			14.4			0.2		5.46			25.3			0.2		4.07
Total Interest-Bearing Liabilities			13,852.2			66.5		1.91			13,744.0			73.2		2.11			13,631.2			81.4		2.38
Net Interest Income					$	171.3							$	170.4							$	160.1
Interest Rate Spread(3)								2.55	%							2.44	%							2.18	%
Net Interest Margin(4)								3.21	%							3.19	%							3.03	%
Noninterest-Bearing Demand Deposits			6,667.6								6,888.0								6,893.7
Other Liabilities			649.0								651.4								641.2
Stockholders' Equity			2,756.2								2,710.3								2,629.6
Total Liabilities and Stockholders' Equity		$	23,925.0							$	23,993.7							$	23,795.7

__________________________

(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 $1.0 million, $1.0 million and $1.4 million for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, 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, 2025, September 30, 2025 and December 31, 2024, 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, 2025								December 31, 2024
		Average			Income/			Yield/		Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate		Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	1,313.6		$	56.5		4.30	%	$	900.8		$	47.3		5.25	%
Available-for-Sale Investment Securities
Taxable			1,929.6			54.0		2.80			2,090.0			54.2		2.60
Non-Taxable			1.2			0.1		5.25			1.5			0.1		5.45
Held-to-Maturity Investment Securities
Taxable			3,067.9			52.2		1.70			3,321.6			56.6		1.70
Non-Taxable			596.3			14.1		2.37			602.6			15.6		2.58
Total Investment Securities			5,595.0			120.4		2.15			6,015.7			126.5		2.10
Loans Held for Sale			0.4			—		6.00			1.3			0.1		6.02
Loans and Leases(1)
Commercial and industrial			2,190.6			134.3		6.13			2,172.4			148.6		6.84
Commercial real estate			4,473.9			272.0		6.08			4,310.1			282.3		6.55
Construction			883.1			58.9		6.67			985.4			73.5		7.46
Residential:
Residential mortgage			4,102.9			162.6		3.96			4,220.2			163.4		3.87
Home equity line			1,161.8			54.4		4.68			1,162.9			51.0		4.39
Consumer			1,018.5			77.5		7.61			1,051.5			73.4		6.98
Lease financing			433.8			17.1		3.94			410.3			16.3		3.98
Total Loans and Leases			14,264.6			776.8		5.45			14,312.8			808.5		5.65
Other Earning Assets			32.7			1.7		5.17			53.6			3.1		5.88
Total Earning Assets(2)			21,206.3			955.4		4.51			21,284.2			985.5		4.63
Cash and Due from Banks			230.6								238.3
Other Assets			2,480.5								2,474.2
Total Assets		$	23,917.4							$	23,996.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,275.4		$	84.2		1.34	%	$	5,990.7		$	91.6		1.53	%
Money Market			3,942.2			91.1		2.31			4,064.0			117.8		2.90
Time			3,357.4			104.0		3.10			3,324.8			126.3		3.80
Total Interest-Bearing Deposits			13,575.0			279.3		2.06			13,379.5			335.7		2.51
Other Short-Term Borrowings			176.0			7.4		4.22			424.9			20.0		4.70
Other Interest-Bearing Liabilities			18.0			0.9		4.72			29.6			1.6		5.39
Total Interest-Bearing Liabilities			13,769.0			287.6		2.09			13,834.0			357.3		2.58
Net Interest Income					$	667.8							$	628.2
Interest Rate Spread(3)								2.42	%							2.05	%
Net Interest Margin(4)								3.15	%							2.95	%
Noninterest-Bearing Demand Deposits			6,814.4								6,994.5
Other Liabilities			640.6								611.0
Stockholders' Equity			2,693.4								2,557.2
Total Liabilities and Stockholders' Equity		$	23,917.4							$	23,996.7

__________________________

(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 $4.1 million and $5.4 million for the years ended December 31, 2025 and 2024, 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, 2025 and 2024, 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, 2025
		Compared to September 30, 2025
(dollars in millions)		Volume				Rate				Total(1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	(1.5	)		$	(1.6	)		$	(3.1	)
Available-for-Sale Investment Securities
Taxable			0.8				0.7				1.5
Held-to-Maturity Investment Securities
Taxable			(0.3	)			0.1				(0.2	)
Non-Taxable			—				(0.1	)			(0.1	)
Total Investment Securities			0.5				0.7				1.2
Loans and Leases
Commercial and industrial			(0.2	)			(1.5	)			(1.7	)
Commercial real estate			1.8				(2.9	)			(1.1	)
Construction			(1.4	)			(0.5	)			(1.9	)
Residential:
Residential mortgage			—				0.6				0.6
Home equity line			0.1				(0.1	)			—
Consumer			—				0.2				0.2
Lease financing			0.1				(0.1	)			—
Total Loans and Leases			0.4				(4.3	)			(3.9	)
Other Earning Assets			(0.1	)			0.1				—
Total Change in Interest Income			(0.7	)			(5.1	)			(5.8	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			(0.1	)			(1.8	)			(1.9	)
Money Market			2.0				(3.4	)			(1.4	)
Time			0.1				(1.2	)			(1.1	)
Total Interest-Bearing Deposits			2.0				(6.4	)			(4.4	)
Other Short-Term Borrowings			(1.1	)			(1.1	)			(2.2	)
Other Interest-Bearing Liabilities			(0.1	)			—				(0.1	)
Total Change in Interest Expense			0.8				(7.5	)			(6.7	)
Change in Net Interest Income		$	(1.5	)		$	2.4			$	0.9

__________________________

(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 7
		Three Months Ended December 31, 2025
		Compared to December 31, 2024
(dollars in millions)		Volume				Rate				Total(1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	4.0			$	(2.1	)		$	1.9
Available-for-Sale Investment Securities
Taxable			0.4				1.9				2.3
Held-to-Maturity Investment Securities
Taxable			(1.1	)			(0.2	)			(1.3	)
Non-Taxable			(0.1	)			(0.3	)			(0.4	)
Total Investment Securities			(0.8	)			1.4				0.6
Loans and Leases
Commercial and industrial			(0.4	)			(2.9	)			(3.3	)
Commercial real estate			4.2				(4.3	)			(0.1	)
Construction			(3.1	)			(1.0	)			(4.1	)
Residential:
Residential mortgage			(1.0	)			1.2				0.2
Home equity line			0.2				0.5				0.7
Consumer			(0.2	)			1.0				0.8
Lease financing			0.2				(0.3	)			(0.1	)
Total Loans and Leases			(0.1	)			(5.8	)			(5.9	)
Other Earning Assets			(0.2	)			(0.1	)			(0.3	)
Total Change in Interest Income			2.9				(6.6	)			(3.7	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			1.3				(2.4	)			(1.1	)
Money Market			0.8				(5.4	)			(4.6	)
Time			—				(6.4	)			(6.4	)
Total Interest-Bearing Deposits			2.1				(14.2	)			(12.1	)
Other Short-Term Borrowings			(1.4	)			(1.3	)			(2.7	)
Other Interest-Bearing Liabilities			(0.1	)			—				(0.1	)
Total Change in Interest Expense			0.6				(15.5	)			(14.9	)
Change in Net Interest Income		$	2.3			$	8.9			$	11.2

__________________________

(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, 2025
		Compared to December 31, 2024
(dollars in millions)		Volume				Rate				Total(1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	18.9			$	(9.7	)		$	9.2
Available-for-Sale Investment Securities
Taxable			(4.3	)			4.1				(0.2	)
Held-to-Maturity Investment Securities
Taxable			(4.4	)			—				(4.4	)
Non-Taxable			(0.2	)			(1.3	)			(1.5	)
Total Investment Securities			(8.9	)			2.8				(6.1	)
Loans Held for Sale			(0.1	)			—				(0.1	)
Loans and Leases
Commercial and industrial			1.2				(15.5	)			(14.3	)
Commercial real estate			10.4				(20.7	)			(10.3	)
Construction			(7.2	)			(7.4	)			(14.6	)
Residential:
Residential mortgage			(4.6	)			3.8				(0.8	)
Home equity line			—				3.4				3.4
Consumer			(2.4	)			6.5				4.1
Lease financing			1.0				(0.2	)			0.8
Total Loans and Leases			(1.6	)			(30.1	)			(31.7	)
Other Earning Assets			(1.1	)			(0.3	)			(1.4	)
Total Change in Interest Income			7.2				(37.3	)			(30.1	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			4.2				(11.6	)			(7.4	)
Money Market			(3.4	)			(23.3	)			(26.7	)
Time			1.2				(23.5	)			(22.3	)
Total Interest-Bearing Deposits			2.0				(58.4	)			(56.4	)
Other Short-Term Borrowings			(10.7	)			(1.9	)			(12.6	)
Other Interest-Bearing Liabilities			(0.5	)			(0.2	)			(0.7	)
Total Change in Interest Expense			(9.2	)			(60.5	)			(69.7	)
Change in Net Interest Income		$	16.4			$	23.2			$	39.6

__________________________

(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)		2025			2025			2024
Commercial and industrial		$	2,171,333		$	2,027,504		$	2,247,428
Commercial real estate			4,590,326			4,513,706			4,463,992
Construction			808,275			881,462			918,326
Residential:
Residential mortgage			4,096,300			4,077,946			4,168,154
Home equity line			1,178,527			1,170,822			1,151,739
Total residential			5,274,827			5,248,768			5,319,893
Consumer			1,025,838			1,013,663			1,023,969
Lease financing			441,930			444,280			434,650
Total loans and leases		$	14,312,529		$	14,129,383		$	14,408,258

Deposits									Table 10
		December 31,			September 30,			December 31,
(dollars in thousands)		2025			2025			2024
Demand		$	6,547,292		$	6,782,172		$	6,975,148
Savings			6,308,873			6,691,136			6,021,364
Money Market			4,289,370			3,874,614			4,027,334
Time			3,370,133			3,381,635			3,298,370
Total Deposits		$	20,515,668		$	20,729,557		$	20,322,216

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)		2025			2025			2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial		$	8,805		$	1,084		$	329
Commercial real estate			3,007			3,089			411
Construction			1,788			904			—
Lease financing			734			169			—
Total Commercial Loans			14,334			5,246			740
Residential Loans:
Residential mortgage			16,423			16,702			12,768
Home equity line			10,271			8,385			7,171
Total Residential Loans			26,694			25,087			19,939
Consumer			—			600			—
Total Non-Accrual Loans and Leases			41,028			30,933			20,679
Total Non-Performing Assets		$	41,028		$	30,933		$	20,679
Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial		$	318		$	633		$	1,432
Construction			—			2,063			536
Total Commercial Loans			318			2,696			1,968
Residential mortgage			55			627			1,317
Consumer			2,984			2,566			2,734
Total Accruing Loans and Leases Past Due 90 Days or More		$	3,357		$	5,889		$	6,019
Total Loans and Leases		$	14,312,529		$	14,129,383		$	14,408,258

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)		2025				2025				2024				2025				2024
Balance at Beginning of Period		$	201,466			$	201,172			$	197,397			$	193,240			$	192,138
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial			(1,478	)			(1,106	)			(851	)			(4,731	)			(3,615	)
Commercial real estate			—				—				—				—				(400	)
Lease financing			—				(580	)			—				(662	)			—
Total Commercial Loans			(1,478	)			(1,686	)			(851	)			(5,393	)			(4,015	)
Home equity line			—				—				—				(30	)			—
Consumer			(5,186	)			(4,719	)			(4,774	)			(19,473	)			(18,002	)
Total Loans and Leases Charged-Off			(6,664	)			(6,405	)			(5,625	)			(24,896	)			(22,017	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial			193				410				298				1,202				919
Commercial real estate			—				—				—				251				—
Total Commercial Loans			193				410				298				1,453				919
Residential Loans:
Residential mortgage			14				14				30				157				119
Home equity line			27				26				32				149				274
Total Residential Loans			41				40				62				306				393
Consumer			1,429				1,749				1,858				6,862				7,057
Total Recoveries on Loans and Leases Previously Charged-Off			1,663				2,199				2,218				8,621				8,369
Net Loans and Leases Charged-Off			(5,001	)			(4,206	)			(3,407	)			(16,275	)			(13,648	)
Provision (Benefit) for Credit Losses			7,700				4,500				(750	)			27,200				14,750
Balance at End of Period		$	204,165			$	201,466			$	193,240			$	204,165			$	193,240
Components:
Allowance for Credit Losses		$	168,468			$	165,269			$	160,393			$	168,468			$	160,393
Reserve for Unfunded Commitments			35,697				36,197				32,847				35,697				32,847
Total Allowance for Credit Losses and Reserve for Unfunded Commitments		$	204,165			$	201,466			$	193,240			$	204,165			$	193,240
Average Loans and Leases Outstanding		$	14,251,470			$	14,209,282			$	14,276,107			$	14,264,604			$	14,312,759
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)			0.14		%		0.12		%		0.09		%		0.11		%		0.10		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding			1.18		%		1.17		%		1.11		%		1.18		%		1.11		%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases			4.11x				5.34x				7.76x				4.11x				7.76x

__________________________

(1)	Annualized for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024.

Loans and Leases by Year of Origination and Credit Quality Indicator																											Table 13
																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
																				Amortized			Amortized
(dollars in thousands)		2025			2024			2023			2022			2021			Prior			Cost Basis			Cost Basis			Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass		$	321,132		$	120,082		$	61,358		$	99,174		$	150,013		$	228,890		$	1,007,162		$	14,182		$	2,001,993
Special Mention			3,790			825			1,900			1,940			341			841			3,819			—			13,456
Substandard			746			—			368			7,827			19			20,435			38,466			—			67,861
Other (1)			19,067			9,027			5,046			3,560			1,081			1,164			49,078			—			88,023
Total Commercial and Industrial			344,735			129,934			68,672			112,501			151,454			251,330			1,098,525			14,182			2,171,333
Current period gross charge-offs			1			170			775			547			407			2,800			31			—			4,731
Commercial Real Estate
Risk rating:
Pass			732,672			288,924			389,773			735,412			566,285			1,525,374			115,640			6,881			4,360,961
Special Mention			—			681			37,667			43,819			41,393			21,317			1,314			—			146,191
Substandard			—			5,547			529			59,126			989			16,109			751			—			83,051
Other (1)			—			—			—			—			—			123			—			—			123
Total Commercial Real Estate			732,672			295,152			427,969			838,357			608,667			1,562,923			117,705			6,881			4,590,326
Current period gross charge-offs			—			—			—			—			—			—			—			—			—
Construction
Risk rating:
Pass			82,330			218,505			106,890			192,608			77,380			47,078			26,917			—			751,708
Special Mention			—			—			—			27,972			—			121			—			—			28,093
Substandard			—			—			—			—			—			904			—			—			904
Other (1)			7,773			8,300			4,760			4,019			160			1,872			686			—			27,570
Total Construction			90,103			226,805			111,650			224,599			77,540			49,975			27,603			—			808,275
Current period gross charge-offs			—			—			—			—			—			—			—			—			—
Lease Financing
Risk rating:
Pass			122,978			80,669			89,475			43,015			9,087			91,109			—			—			436,333
Special Mention			—			—			556			42			—			—			—			—			598
Substandard			—			4,379			408			212			—			—			—			—			4,999
Total Lease Financing			122,978			85,048			90,439			43,269			9,087			91,109			—			—			441,930
Current period gross charge-offs			—			662			—			—			—			—			—			—			662
Total Commercial Lending		$	1,290,488		$	736,939		$	698,730		$	1,218,726		$	846,748		$	1,955,337		$	1,243,833		$	21,063		$	8,011,864
Current period gross charge-offs		$	1		$	832		$	775		$	547		$	407		$	2,800		$	31		$	—		$	5,393

(continued)

																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
(continued)																				Amortized			Amortized
(dollars in thousands)		2025			2024			2023			2022			2021			Prior			Cost Basis			Cost Basis			Total
Residential Lending
Residential Mortgage
FICO:
740 and greater		$	196,591		$	146,779		$	188,885		$	455,130		$	881,320		$	1,479,533		$	—		$	—		$	3,348,238
680 - 739			21,211			19,044			26,493			57,219			94,557			171,825			—			—			390,349
620 - 679			7,054			2,100			5,535			24,857			23,888			51,817			—			—			115,251
550 - 619			—			721			1,188			3,126			6,334			14,464			—			—			25,833
Less than 550			—			1,968			887			3,000			4,653			9,415			—			—			19,923
No Score(3)			8,082			5,093			5,384			15,829			9,523			44,549			—			—			88,460
Other(2)			20,152			7,771			11,625			13,530			13,640			32,144			9,384			—			108,246
Total Residential Mortgage			253,090			183,476			239,997			572,691			1,033,915			1,803,747			9,384			—			4,096,300
Current period gross charge-offs			—			—			—			—			—			—			—			—			—
Home Equity Line
FICO:
740 and greater			—			—			—			—			—			—			939,884			1,068			940,952
680 - 739			—			—			—			—			—			—			171,306			1,520			172,826
620 - 679			—			—			—			—			—			—			40,928			637			41,565
550 - 619			—			—			—			—			—			—			13,464			843			14,307
Less than 550			—			—			—			—			—			—			8,069			71			8,140
No Score(3)			—			—			—			—			—			—			737			—			737
Total Home Equity Line			—			—			—			—			—			—			1,174,388			4,139			1,178,527
Current period gross charge-offs			—			—			—			—			—			—			30			—			30
Total Residential Lending		$	253,090		$	183,476		$	239,997		$	572,691		$	1,033,915		$	1,803,747		$	1,183,772		$	4,139		$	5,274,827
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	30		$	—		$	30
Consumer Lending
FICO:
740 and greater			113,519			65,981			42,560			49,118			20,240			4,462			102,761			110			398,751
680 - 739			86,088			47,861			28,552			24,684			10,429			2,974			87,662			529			288,779
620 - 679			44,816			20,455			11,809			11,804			5,695			2,379			50,406			963			148,327
550 - 619			9,253			8,439			6,414			7,503			3,497			2,004			16,764			832			54,706
Less than 550			2,491			4,263			3,213			3,809			1,948			1,287			5,745			498			23,254
No Score(3)			1,775			5			40			5			—			22			36,868			156			38,871
Other(2)			4,536			—			—			—			547			1,009			67,058			—			73,150
Total Consumer Lending		$	262,478		$	147,004		$	92,588		$	96,923		$	42,356		$	14,137		$	367,264		$	3,088		$	1,025,838
Current period gross charge-offs		$	802		$	2,494		$	1,693		$	1,873		$	947		$	2,425		$	8,367		$	872		$	19,473
Total Loans and Leases		$	1,806,056		$	1,067,419		$	1,031,315		$	1,888,340		$	1,923,019		$	3,773,221		$	2,794,869		$	28,290		$	14,312,529
Current period gross charge-offs		$	803		$	3,326		$	2,468		$	2,420		$	1,354		$	5,225		$	8,428		$	872		$	24,896

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(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, 2025, 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, 2025, 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)		2025			2025			2024			2025			2024
Income Statement Data:
Net income		$	69,931		$	73,840		$	52,496		$	276,266		$	230,129
Average total stockholders' equity		$	2,756,241		$	2,710,273		$	2,629,600		$	2,693,446		$	2,557,215
Less: average goodwill			995,492			995,492			995,492			995,492			995,492
Average tangible stockholders' equity		$	1,760,749		$	1,714,781		$	1,634,108		$	1,697,954		$	1,561,723
Average total assets		$	23,925,000		$	23,993,685		$	23,795,735		$	23,917,443		$	23,996,723
Less: average goodwill			995,492			995,492			995,492			995,492			995,492
Average tangible assets		$	22,929,508		$	22,998,193		$	22,800,243		$	22,921,951		$	23,001,231
Return on average total stockholders' equity(1)			10.07	%		10.81	%		7.94	%		10.26	%		9.00	%
Return on average tangible stockholders' equity (non-GAAP)(1)			15.76	%		17.08	%		12.78	%		16.27	%		14.74	%
Return on average total assets(1)			1.16	%		1.22	%		0.88	%		1.16	%		0.96	%
Return on average tangible assets (non-GAAP)(1)			1.21	%		1.27	%		0.92	%		1.21	%		1.00	%

		As of			As of			As of
		December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)		2025			2025			2024
Balance Sheet Data:
Total stockholders' equity		$	2,769,365		$	2,733,921		$	2,617,486
Less: goodwill			995,492			995,492			995,492
Tangible stockholders' equity		$	1,773,873		$	1,738,429		$	1,621,994
Total assets		$	23,955,252		$	24,098,728		$	23,828,186
Less: goodwill			995,492			995,492			995,492
Tangible assets		$	22,959,760		$	23,103,236		$	22,832,694
Shares outstanding			122,689,256			123,719,585			126,422,898
Total stockholders' equity to total assets			11.56	%		11.34	%		10.98	%
Tangible stockholders' equity to tangible assets (non-GAAP)			7.73	%		7.52	%		7.10	%
Book value per share		$	22.57		$	22.10		$	20.70
Tangible book value per share (non-GAAP)		$	14.46		$	14.05		$	12.83

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(1)	Annualized for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024.