Form 8-K
8-K — FIRST HAWAIIAN, INC.
Accession: 0001104659-26-086492
Filed: 2026-07-24
Period: 2026-07-24
CIK: 0000036377
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — fhb-20260724x8k.htm (Primary)
EX-99.1 (fhb-20260724xex99d1.htm)
GRAPHIC (fhb-20260724xex99d1001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: fhb-20260724x8k.htm · Sequence: 1
FIRST HAWAIIAN, INC._July 24, 2026
0000036377false00000363772026-07-242026-07-24
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): July 24, 2026
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 July 24, 2026, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended June 30, 2026. 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 July 24, 2026 containing financial information for its quarter ended June 30, 2026.
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
2
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: July 24, 2026
By:
/s/ Robert S. Harrison
Robert S. Harrison
Chairman of the Board, President and Chief Executive Officer
(Principal Executive Officer)
3
EX-99.1
EX-99.1
Filename: fhb-20260724xex99d1.htm · Sequence: 2
EXHIBIT 99.1
For Immediate Release
First Hawaiian, Inc. Reports Second Quarter 2026 Financial Results and Declares Dividend
HONOLULU, Hawaii July 24, 2026--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2026.
"The second quarter was another strong quarter, reflecting the strength of our business model, the disciplined execution by our team and the trust our customers place in us," said Bob Harrison, Chairman, President and Chief Executive Officer. "The announced acquisition of Tri Counties Bank builds on that momentum, bringing together two strong banks with shared values and complementary strengths to better serve our customers and communities while creating long-term value for our shareholders."
On July 22, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on August 28, 2026, to stockholders of record at the close of business on August 17, 2026.
Second Quarter 2026 Highlights:
● Net income of $73.4 million, or $0.60 per diluted share
● Total loans and leases increased $136.5 million versus prior quarter
● Total deposits decreased $623.2 million versus prior quarter
● Net interest margin increased 6 basis points to 3.25%
● Recorded a $5.6 million provision for credit losses
● Board of Directors declared a quarterly dividend of $0.26 per share
Balance Sheet
Total assets were $23.6 billion at June 30, 2026 versus $24.3 billion at March 31, 2026.
Gross loans and leases were $14.6 billion as of June 30, 2026, an increase of $136.5 million from $14.4 billion as of March 31, 2026.
Total deposits were $20.2 billion as of June 30, 2026, a decrease of $623.2 million from $20.8 billion as of March 31, 2026.
Net Interest Income
Net interest income for the second quarter of 2026 was $171.0 million, an increase of $3.5 million compared to $167.5 million for the prior quarter.
The net interest margin was 3.25% in the second quarter of 2026, 6 basis points higher than the prior quarter’s margin of 3.19%.
Provision Expense
During the quarter ended June 30, 2026, we recorded a $5.6 million provision for credit losses. In the quarter ended March 31, 2026, we recorded a $5.0 million provision for credit losses.
Noninterest Income
Noninterest income was $60.3 million in the second quarter of 2026, $7.5 million higher compared to noninterest income of $52.8 million in the prior quarter.
Noninterest Expense
Noninterest expense was $130.4 million in the second quarter of 2026, $2.6 million higher compared to noninterest expense of $127.9 million in the prior quarter.
The efficiency ratio was 56.2% and 57.8% for the quarters ended June 30, 2026 and March 31, 2026, respectively.
Taxes
The effective tax rate was 22.9% and 22.5% for the quarters ended June 30, 2026 and March 31, 2026, respectively.
Asset Quality
The allowance for credit losses was $168.1 million, or 1.15% of total loans and leases, as of June 30, 2026, compared to $169.3 million, or 1.17% of total loans and leases, as of March 31, 2026. The reserve for unfunded commitments was $37.7 million as of June 30, 2026 and $34.9 million as of March 31, 2026. Net charge-offs were $4.1 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended June 30, 2026, compared to net charge-offs of $4.9 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended March 31, 2026. Total non-performing assets were $39.5 million, or 0.27% of total loans and leases and other real estate owned, on June 30, 2026, compared to total non-performing assets of $39.7 million, or 0.27% of total loans and leases and other real estate owned, on March 31, 2026.
Capital
Total stockholders' equity was $2.8 billion at June 30, 2026 and March 31, 2026.
The tier 1 leverage, common equity tier 1 and total capital ratios were 9.46%, 13.27% and 14.52%, respectively, on June 30, 2026, compared with 9.21%, 13.12% and 14.37%, respectively, on March 31, 2026.
The Company did not repurchase any shares in the second quarter.
First Hawaiian, Inc.
First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.
Conference Call Information
First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.
To access the call by phone, please register via the following link:
https://register-conf.media-server.com/register/BIb8e318d9b8d24417b3d7d113fcf80dbc, 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, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
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
Bill Weeshoff
(808) 525-6268
(808) 525-6229
khaseyama@fhb.com
bweeshoff@fhb.com
Financial Highlights
Table 1
For the Three Months Ended
For the Six Months Ended
June 30,
March 31,
June 30,
June 30,
(dollars in thousands, except per share data)
2026
2026
2025
2026
2025
Operating Results:
Net interest income
$
170,993
$
167,530
$
163,583
$
338,523
$
324,109
Provision for credit losses
5,600
5,000
4,500
10,600
15,000
Noninterest income
60,281
52,819
53,958
113,100
104,435
Noninterest expense
130,445
127,885
124,939
258,330
248,499
Net income
73,375
67,784
73,247
141,159
132,495
Basic earnings per share
0.60
0.55
0.58
1.16
1.05
Diluted earnings per share
0.60
0.55
0.58
1.15
1.05
Dividends declared per share
0.26
0.26
0.26
0.52
0.52
Dividend payout ratio
43.33
%
47.27
%
44.83
%
45.22
%
49.52
%
Performance Ratios(1):
Net interest margin
3.25
%
3.19
%
3.11
%
3.22
%
3.10
%
Efficiency ratio
56.17
%
57.77
%
57.23
%
56.95
%
57.71
%
Return on average total assets
1.23
%
1.14
%
1.23
%
1.19
%
1.12
%
Return on average tangible assets (non-GAAP)(2)
1.28
%
1.19
%
1.28
%
1.24
%
1.17
%
Return on average total stockholders' equity
10.52
%
9.86
%
11.03
%
10.19
%
10.07
%
Return on average tangible stockholders' equity (non-GAAP)(2)
16.34
%
15.33
%
17.61
%
15.84
%
16.12
%
Average Balances:
Average loans and leases
$
14,488,213
$
14,289,418
$
14,288,918
$
14,389,365
$
14,299,400
Average earning assets
21,192,973
21,332,641
21,167,588
21,262,421
21,168,386
Average assets
23,954,425
24,083,280
23,859,410
24,018,496
23,874,849
Average deposits
20,483,307
20,623,573
20,280,042
20,553,052
20,316,836
Average stockholders' equity
2,796,857
2,788,826
2,663,850
2,792,863
2,652,975
Market Value Per Share:
Closing
29.30
24.64
24.96
29.30
24.96
High
29.63
28.35
25.09
29.63
28.28
Low
24.50
23.26
20.32
23.26
20.32
As of
As of
As of
As of
June 30,
March 31,
December 31,
June 30,
(dollars in thousands, except per share data)
2026
2026
2025
2025
Balance Sheet Data:
Loans and leases
$
14,577,299
$
14,440,835
$
14,312,529
$
14,351,869
Total assets
23,646,049
24,264,548
23,955,252
23,837,147
Total deposits
20,154,181
20,777,353
20,515,668
20,231,419
Short-term borrowings
—
—
—
250,000
Total stockholders' equity
2,826,028
2,767,760
2,769,365
2,694,545
Per Share of Common Stock:
Book value
$
23.22
$
22.75
$
22.57
$
21.61
Tangible book value (non-GAAP)(2)
15.04
14.57
14.46
13.63
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases
0.27
%
0.27
%
0.29
%
0.20
%
Allowance for credit losses for loans and leases / total loans and leases
1.15
%
1.17
%
1.18
%
1.17
%
Capital Ratios:
Common Equity Tier 1 Capital Ratio
13.27
%
13.12
%
13.17
%
13.03
%
Tier 1 Capital Ratio
13.27
%
13.12
%
13.17
%
13.03
%
Total Capital Ratio
14.52
%
14.37
%
14.42
%
14.28
%
Tier 1 Leverage Ratio
9.46
%
9.21
%
9.27
%
9.12
%
Total stockholders' equity to total assets
11.95
%
11.41
%
11.56
%
11.30
%
Tangible stockholders' equity to tangible assets (non-GAAP)(2)
8.08
%
7.62
%
7.73
%
7.44
%
Non-Financial Data:
Number of branches
49
49
49
48
Number of ATMs
274
273
273
274
Number of Full-Time Equivalent Employees
1,995
1,986
1,997
2,006
(1) Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2026 and 2025 and three months ended March 31, 2026.
(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 Six Months Ended
June 30,
March 31,
June 30,
June 30,
(dollars in thousands, except per share amounts)
2026
2026
2025
2026
2025
Interest income
Loans and lease financing
$
190,727
$
186,389
$
193,393
$
377,116
$
385,495
Available-for-sale investment securities
15,867
14,884
12,469
30,751
25,619
Held-to-maturity investment securities
15,121
15,063
16,299
30,184
32,946
Other
10,652
13,362
14,578
24,014
27,829
Total interest income
232,367
229,698
236,739
462,065
471,889
Interest expense
Deposits
61,220
62,064
70,289
123,284
141,998
Short-term borrowings
—
—
2,627
—
5,226
Other
154
104
240
258
556
Total interest expense
61,374
62,168
73,156
123,542
147,780
Net interest income
170,993
167,530
163,583
338,523
324,109
Provision for credit losses
5,600
5,000
4,500
10,600
15,000
Net interest income after provision for credit losses
165,393
162,530
159,083
327,923
309,109
Noninterest income
Service charges on deposit accounts
8,316
8,156
7,830
16,472
15,365
Credit and debit card fees
15,402
15,083
15,913
30,485
30,387
Other service charges and fees
14,409
13,784
13,350
28,193
25,517
Trust and investment services income
9,074
9,146
9,154
18,220
18,524
Bank-owned life insurance
7,069
4,091
4,724
11,160
9,095
Investment securities gains, net
—
—
—
—
37
Other
6,011
2,559
2,987
8,570
5,510
Total noninterest income
60,281
52,819
53,958
113,100
104,435
Noninterest expense
Salaries and employee benefits
62,376
64,090
59,501
126,466
119,605
Contracted services and professional fees
18,402
13,964
15,997
32,366
30,836
Occupancy
7,902
7,816
7,934
15,718
16,034
Equipment
14,563
14,781
14,037
29,344
27,908
Regulatory assessment and fees
3,417
3,248
3,759
6,665
7,582
Advertising and marketing
2,178
2,252
2,035
4,430
4,214
Card rewards program
8,403
8,404
8,406
16,807
16,325
Other
13,204
13,330
13,270
26,534
25,995
Total noninterest expense
130,445
127,885
124,939
258,330
248,499
Income before provision for income taxes
95,229
87,464
88,102
182,693
165,045
Provision for income taxes
21,854
19,680
14,855
41,534
32,550
Net income
$
73,375
$
67,784
$
73,247
$
141,159
$
132,495
Basic earnings per share
$
0.60
$
0.55
$
0.58
$
1.16
$
1.05
Diluted earnings per share
$
0.60
$
0.55
$
0.58
$
1.15
$
1.05
Basic weighted-average outstanding shares
121,669,238
122,457,604
125,321,837
122,061,243
125,799,060
Diluted weighted-average outstanding shares
122,339,836
123,345,708
125,833,064
122,830,138
126,493,569
Consolidated Balance Sheets
Table 3
June 30,
March 31,
December 31,
June 30,
(dollars in thousands, except share amount)
2026
2026
2025
2025
Assets
Cash and due from banks
$
263,762
$
225,727
$
228,734
$
304,624
Interest-bearing deposits in other banks
748,734
1,493,421
1,249,018
1,094,411
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,275,837 as of June 30, 2026, $2,270,792 as of March 31, 2026, $2,246,716 as of December 31, 2025 and $2,097,906 as of June 30, 2025)
2,094,699
2,080,004
2,076,233
1,891,654
Held-to-maturity, at amortized cost (fair value: $3,035,475 as of June 30, 2026, $3,074,133 as of March 31, 2026, $3,188,775 as of December 31, 2025 and $3,230,698 as of June 30, 2025)
3,411,684
3,480,022
3,533,082
3,658,814
Loans held for sale
—
—
1,370
—
Loans and leases
14,577,299
14,440,835
14,312,529
14,351,869
Less: allowance for credit losses
168,056
169,318
168,468
167,825
Net loans and leases
14,409,243
14,271,517
14,144,061
14,184,044
Premises and equipment, net
304,025
302,807
303,496
299,149
Accrued interest receivable
76,622
77,286
77,641
77,943
Bank-owned life insurance
521,137
514,069
513,182
502,419
Goodwill
995,492
995,492
995,492
995,492
Mortgage servicing rights
4,302
4,470
4,638
4,828
Other assets
816,349
819,733
828,305
823,769
Total assets
$
23,646,049
$
24,264,548
$
23,955,252
$
23,837,147
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing
$
13,706,392
$
14,257,290
$
13,968,376
$
13,386,987
Noninterest-bearing
6,447,789
6,520,063
6,547,292
6,844,432
Total deposits
20,154,181
20,777,353
20,515,668
20,231,419
Short-term borrowings
—
—
—
250,000
Retirement benefits payable
97,409
98,220
99,052
95,357
Other liabilities
568,431
621,215
571,167
565,826
Total liabilities
20,820,021
21,496,788
21,185,887
21,142,602
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,661,019 / 121,680,634 shares as of June 30, 2026, issued/outstanding: 142,627,813 / 121,648,973 shares as of March 31, 2026, issued/outstanding: 142,184,584 / 122,689,256 shares as of December 31, 2025 and issued/outstanding: 142,173,027 / 124,683,544 shares as of June 30, 2025)
1,427
1,426
1,422
1,422
Additional paid-in capital
2,584,578
2,580,501
2,576,540
2,567,936
Retained earnings
1,156,028
1,114,759
1,078,885
1,000,997
Accumulated other comprehensive loss, net
(359,793)
(372,747)
(368,140)
(407,008)
Treasury stock (20,980,385 shares as of June 30, 2026, 20,978,840 shares as of March 31, 2026, 19,495,328 shares as of December 31, 2025 and 17,489,483 shares as of June 30, 2025)
(556,212)
(556,179)
(519,342)
(468,802)
Total stockholders' equity
2,826,028
2,767,760
2,769,365
2,694,545
Total liabilities and stockholders' equity
$
23,646,049
$
24,264,548
$
23,955,252
$
23,837,147
Average Balances and Interest Rates
Table 4
Three Months Ended
Three Months Ended
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
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
$
1,142.4
$
10.5
3.68
%
$
1,455.0
$
13.2
3.68
%
$
1,276.8
$
14.1
4.45
%
Available-for-Sale Investment Securities
Taxable
2,081.7
15.8
3.05
2,050.7
14.9
2.91
1,869.3
12.5
2.67
Non-Taxable
0.4
—
4.42
0.8
—
4.86
1.3
—
5.27
Held-to-Maturity Investment Securities
Taxable
2,860.7
12.1
1.69
2,916.5
12.0
1.64
3,099.9
13.2
1.70
Non-Taxable
590.3
3.3
2.23
592.6
3.5
2.39
596.5
3.3
2.21
Total Investment Securities
5,533.1
31.2
2.26
5,560.6
30.4
2.19
5,567.0
29.0
2.08
Loans Held for Sale
0.6
—
5.68
0.9
—
5.87
0.3
—
6.86
Loans and Leases(1)
Commercial and industrial
2,275.4
32.3
5.69
2,170.6
30.8
5.75
2,291.5
35.2
6.16
Commercial real estate
4,736.0
67.6
5.73
4,608.4
65.0
5.72
4,392.5
66.9
6.11
Construction
770.2
12.4
6.48
775.5
12.4
6.48
900.4
14.9
6.66
Residential:
Residential mortgage
4,038.8
40.9
4.05
4,081.8
41.0
4.02
4,104.1
40.2
3.92
Home equity line
1,181.8
14.2
4.82
1,175.4
13.7
4.71
1,154.4
13.4
4.64
Consumer
1,044.1
20.1
7.74
1,034.5
20.0
7.84
1,013.9
19.2
7.58
Lease financing
441.9
3.9
3.51
443.2
4.1
3.75
432.1
4.2
3.90
Total Loans and Leases
14,488.2
191.4
5.30
14,289.4
187.0
5.29
14,288.9
194.0
5.44
Other Earning Assets
28.7
0.2
2.36
26.7
0.1
2.52
34.6
0.4
4.94
Total Earning Assets(2)
21,193.0
233.3
4.41
21,332.6
230.7
4.37
21,167.6
237.5
4.50
Cash and Due from Banks
239.1
226.4
222.3
Other Assets
2,522.3
2,524.3
2,469.5
Total Assets
$
23,954.4
$
24,083.3
$
23,859.4
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings
$
6,407.4
$
19.6
1.23
%
$
6,404.5
$
18.9
1.20
%
$
6,247.5
$
21.0
1.35
%
Money Market
4,321.3
19.5
1.81
4,358.9
19.8
1.84
3,822.1
22.8
2.39
Time
3,275.3
22.1
2.71
3,381.3
23.4
2.80
3,389.4
26.5
3.14
Total Interest-Bearing Deposits
14,004.0
61.2
1.75
14,144.7
62.1
1.78
13,459.0
70.3
2.09
Other Short-Term Borrowings
—
—
—
—
—
—
250.0
2.6
4.22
Other Interest-Bearing Liabilities
19.5
0.2
3.16
12.5
0.1
3.40
20.8
0.2
4.62
Total Interest-Bearing Liabilities
14,023.5
61.4
1.76
14,157.2
62.2
1.78
13,729.8
73.1
2.14
Net Interest Income
$
171.9
$
168.5
$
164.4
Interest Rate Spread(3)
2.65
%
2.59
%
2.36
%
Net Interest Margin(4)
3.25
%
3.19
%
3.11
%
Noninterest-Bearing Demand Deposits
6,479.3
6,478.9
6,821.0
Other Liabilities
654.7
658.4
644.7
Stockholders' Equity
2,796.9
2,788.8
2,663.9
Total Liabilities and Stockholders' Equity
$
23,954.4
$
24,083.3
$
23,859.4
(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 $0.9 million, $1.0 million and $0.8 million for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, 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 June 30, 2026, March 31, 2026 and June 30, 2025, on a fully taxable-equivalent basis, divided by average total earning assets.
Average Balances and Interest Rates
Table 5
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
Average
Income/
Yield/
Average
Income/
Yield/
(dollars in millions)
Balance
Expense
Rate
Balance
Expense
Rate
Earning Assets
Interest-Bearing Deposits in Other Banks
$
1,297.9
$
23.7
3.68
%
$
1,224.3
$
27.0
4.44
%
Available-for-Sale Investment Securities
Taxable
2,066.3
30.7
2.98
1,880.3
25.6
2.73
Non-Taxable
0.6
—
4.71
1.3
—
5.38
Held-to-Maturity Investment Securities
Taxable
2,888.4
24.1
1.67
3,131.8
26.8
1.71
Non-Taxable
591.4
6.8
2.31
597.7
7.0
2.36
Total Investment Securities
5,546.7
61.6
2.22
5,611.1
59.4
2.12
Loans Held for Sale
0.8
—
5.79
0.3
—
6.54
Loans and Leases(1)
Commercial and industrial
2,223.3
63.1
5.72
2,244.4
68.8
6.18
Commercial real estate
4,672.5
132.7
5.73
4,406.3
133.3
6.10
Construction
772.8
24.8
6.48
918.6
30.4
6.67
Residential:
Residential mortgage
4,060.2
81.9
4.03
4,127.1
81.2
3.93
Home equity line
1,178.6
27.8
4.76
1,152.1
26.4
4.62
Consumer
1,039.4
40.1
7.79
1,016.6
38.1
7.56
Lease financing
442.6
8.0
3.63
434.3
8.5
3.95
Total Loans and Leases
14,389.4
378.4
5.29
14,299.4
386.7
5.44
Other Earning Assets
27.6
0.3
2.44
33.3
0.8
5.20
Total Earning Assets(2)
21,262.4
464.0
4.39
21,168.4
473.9
4.50
Cash and Due from Banks
232.8
229.0
Other Assets
2,523.3
2,477.4
Total Assets
$
24,018.5
$
23,874.8
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings
$
6,406.0
$
38.5
1.21
%
$
6,240.1
$
42.2
1.36
%
Money Market
4,340.0
39.3
1.83
3,871.8
45.8
2.38
Time
3,328.0
45.5
2.76
3,353.5
54.0
3.25
Total Interest-Bearing Deposits
14,074.0
123.3
1.77
13,465.4
142.0
2.13
Other Short-Term Borrowings
—
—
—
250.0
5.2
4.22
Other Interest-Bearing Liabilities
16.0
0.2
3.25
24.1
0.6
4.65
Total Interest-Bearing Liabilities
14,090.0
123.5
1.77
13,739.5
147.8
2.17
Net Interest Income
$
340.5
$
326.1
Interest Rate Spread(3)
2.62
%
2.33
%
Net Interest Margin(4)
3.22
%
3.10
%
Noninterest-Bearing Demand Deposits
6,479.1
6,851.4
Other Liabilities
656.5
630.9
Stockholders' Equity
2,792.9
2,653.0
Total Liabilities and Stockholders' Equity
$
24,018.5
$
23,874.8
(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 $2.0 million for both the six months ended June 30, 2026 and 2025.
(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 six months ended June 30, 2026 and 2025, on a fully taxable-equivalent basis, divided by average total earning assets.
Analysis of Change in Net Interest Income
Table 6
Three Months Ended June 30, 2026
Compared to March 31, 2026
(dollars in millions)
Volume
Rate
Total (1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks
$
(2.7)
$
—
$
(2.7)
Available-for-Sale Investment Securities
Taxable
0.2
0.7
0.9
Held-to-Maturity Investment Securities
Taxable
(0.2)
0.3
0.1
Non-Taxable
—
(0.2)
(0.2)
Total Investment Securities
—
0.8
0.8
Loans and Leases
Commercial and industrial
1.8
(0.3)
1.5
Commercial real estate
2.4
0.2
2.6
Residential:
Residential mortgage
(0.4)
0.3
(0.1)
Home equity line
0.1
0.4
0.5
Consumer
0.2
(0.1)
0.1
Lease financing
—
(0.2)
(0.2)
Total Loans and Leases
4.1
0.3
4.4
Other Earning Assets
0.1
—
0.1
Total Change in Interest Income
1.5
1.1
2.6
Change in Interest Expense:
Interest-Bearing Deposits
Savings
—
0.7
0.7
Money Market
(0.1)
(0.2)
(0.3)
Time
(0.6)
(0.7)
(1.3)
Total Interest-Bearing Deposits
(0.7)
(0.2)
(0.9)
Other Interest-Bearing Liabilities
0.1
—
0.1
Total Change in Interest Expense
(0.6)
(0.2)
(0.8)
Change in Net Interest Income
$
2.1
$
1.3
$
3.4
(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 June 30, 2026
Compared to June 30, 2025
(dollars in millions)
Volume
Rate
Total (1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks
$
(1.4)
$
(2.2)
$
(3.6)
Available-for-Sale Investment Securities
Taxable
1.4
1.9
3.3
Held-to-Maturity Investment Securities
Taxable
(1.0)
(0.1)
(1.1)
Total Investment Securities
0.4
1.8
2.2
Loans and Leases
Commercial and industrial
(0.2)
(2.7)
(2.9)
Commercial real estate
5.0
(4.3)
0.7
Construction
(2.1)
(0.4)
(2.5)
Residential:
Residential mortgage
(0.6)
1.3
0.7
Home equity line
0.3
0.5
0.8
Consumer
0.5
0.4
0.9
Lease financing
0.1
(0.4)
(0.3)
Total Loans and Leases
3.0
(5.6)
(2.6)
Other Earning Assets
—
(0.2)
(0.2)
Total Change in Interest Income
2.0
(6.2)
(4.2)
Change in Interest Expense:
Interest-Bearing Deposits
Savings
0.5
(1.9)
(1.4)
Money Market
2.7
(6.0)
(3.3)
Time
(0.9)
(3.5)
(4.4)
Total Interest-Bearing Deposits
2.3
(11.4)
(9.1)
Other Short-Term Borrowings
(1.3)
(1.3)
(2.6)
Total Change in Interest Expense
1.0
(12.7)
(11.7)
Change in Net Interest Income
$
1.0
$
6.5
$
7.5
(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.
Analysis of Change in Net Interest Income
Table 8
Six Months Ended June 30, 2026
Compared to June 30, 2025
(dollars in millions)
Volume
Rate
Total (1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks
$
1.5
$
(4.8)
$
(3.3)
Available-for-Sale Investment Securities
Taxable
2.6
2.5
5.1
Held-to-Maturity Investment Securities
Taxable
(2.1)
(0.6)
(2.7)
Non-Taxable
(0.1)
(0.1)
(0.2)
Total Investment Securities
0.4
1.8
2.2
Loans and Leases
Commercial and industrial
(0.6)
(5.1)
(5.7)
Commercial real estate
7.8
(8.4)
(0.6)
Construction
(4.7)
(0.9)
(5.6)
Residential:
Residential mortgage
(1.3)
2.0
0.7
Home equity line
0.6
0.8
1.4
Consumer
0.8
1.2
2.0
Lease financing
0.2
(0.7)
(0.5)
Total Loans and Leases
2.8
(11.1)
(8.3)
Other Earning Assets
(0.1)
(0.4)
(0.5)
Total Change in Interest Income
4.6
(14.5)
(9.9)
Change in Interest Expense:
Interest-Bearing Deposits
Savings
1.1
(4.8)
(3.7)
Money Market
5.0
(11.5)
(6.5)
Time
(0.4)
(8.1)
(8.5)
Total Interest-Bearing Deposits
5.7
(24.4)
(18.7)
Other Short-Term Borrowings
(2.6)
(2.6)
(5.2)
Other Interest-Bearing Liabilities
(0.2)
(0.2)
(0.4)
Total Change in Interest Expense
2.9
(27.2)
(24.3)
Change in Net Interest Income
$
1.7
$
12.7
$
14.4
(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
June 30,
March 31,
December 31,
June 30,
(dollars in thousands)
2026
2026
2025
2025
Commercial and industrial
$
2,339,882
$
2,241,882
$
2,171,333
$
2,370,210
Commercial real estate
4,783,130
4,715,741
4,590,326
4,411,585
Construction
731,766
769,302
808,275
884,306
Residential:
Residential mortgage
4,044,207
4,063,933
4,096,300
4,085,827
Home equity line
1,181,396
1,176,228
1,178,527
1,161,876
Total residential
5,225,603
5,240,161
5,274,827
5,247,703
Consumer
1,046,461
1,030,002
1,025,838
1,011,125
Lease financing
450,457
443,747
441,930
426,940
Total loans and leases
$
14,577,299
$
14,440,835
$
14,312,529
$
14,351,869
Deposits
Table 10
June 30,
March 31,
December 31,
June 30,
(dollars in thousands)
2026
2026
2025
2025
Demand
$
6,447,789
$
6,520,063
$
6,547,292
$
6,844,432
Savings
6,132,746
6,566,192
6,308,873
6,219,801
Money Market
4,283,982
4,310,474
4,289,370
3,777,681
Time
3,289,664
3,380,624
3,370,133
3,389,505
Total Deposits
$
20,154,181
$
20,777,353
$
20,515,668
$
20,231,419
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More
Table 11
June 30,
March 31,
December 31,
June 30,
(dollars in thousands)
2026
2026
2025
2025
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial
$
4,054
$
4,960
$
8,805
$
1,184
Commercial real estate
2,879
2,952
3,007
3,185
Construction
1,788
1,788
1,788
904
Lease financing
680
691
734
—
Total Commercial Loans
9,401
10,391
14,334
5,273
Residential Loans:
Residential mortgage
18,675
17,665
16,423
15,032
Home equity line
11,425
11,624
10,271
8,286
Total Residential Loans
30,100
29,289
26,694
23,318
Total Non-Accrual Loans and Leases
39,501
39,680
41,028
28,591
Total Non-Performing Assets
$
39,501
$
39,680
$
41,028
$
28,591
Accruing Loans and Leases Past Due 90 Days or More
Commercial and industrial
$
249
$
715
$
318
$
942
Residential mortgage
771
9
55
309
Consumer
3,073
3,620
2,984
3,187
Total Accruing Loans and Leases Past Due 90 Days or More
$
4,093
$
4,344
$
3,357
$
4,438
Total Loans and Leases
$
14,577,299
$
14,440,835
$
14,312,529
$
14,351,869
Allowance for Credit Losses and Reserve for Unfunded Commitments
Table 12
For the Three Months Ended
For the Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(dollars in thousands)
2026
2026
2025
2026
2025
Balance at Beginning of Period
$
204,265
$
204,165
$
199,959
$
204,165
$
193,240
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial
(769)
(2,625)
(688)
(3,394)
(2,147)
Lease financing
—
—
(82)
—
(82)
Total Commercial Loans
(769)
(2,625)
(770)
(3,394)
(2,229)
Home equity line
(23)
—
(16)
(23)
(30)
Consumer
(5,490)
(4,844)
(4,543)
(10,334)
(9,568)
Total Loans and Leases Charged-Off
(6,282)
(7,469)
(5,329)
(13,751)
(11,827)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial
281
266
196
547
599
Commercial real estate
—
—
—
—
251
Lease financing
—
3
—
3
—
Total Commercial Loans
281
269
196
550
850
Residential Loans:
Residential mortgage
16
13
109
29
129
Home equity line
28
39
32
67
96
Total Residential Loans
44
52
141
96
225
Consumer
1,820
2,248
1,705
4,068
3,684
Total Recoveries on Loans and Leases Previously Charged-Off
2,145
2,569
2,042
4,714
4,759
Net Loans and Leases Charged-Off
(4,137)
(4,900)
(3,287)
(9,037)
(7,068)
Provision for Credit Losses
5,600
5,000
4,500
10,600
15,000
Balance at End of Period
$
205,728
$
204,265
$
201,172
$
205,728
$
201,172
Components:
Allowance for Credit Losses
$
168,056
$
169,318
$
167,825
$
168,056
$
167,825
Reserve for Unfunded Commitments
37,672
34,947
33,347
37,672
33,347
Total Allowance for Credit Losses and Reserve for Unfunded Commitments
$
205,728
$
204,265
$
201,172
$
205,728
$
201,172
Average Loans and Leases Outstanding
$
14,488,213
$
14,289,418
$
14,288,918
$
14,389,365
$
14,299,400
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)
0.11
%
0.14
%
0.09
%
0.13
%
0.10
%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding
1.15
%
1.17
%
1.17
%
1.15
%
1.17
%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases
4.25x
4.27x
5.87x
4.25x
5.87x
(1) Annualized for the three and six months ended June 30, 2026 and 2025 and three months ended March 31, 2026.
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)
2026
2025
2024
2023
2022
Prior
Cost Basis
Cost Basis
Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass
$
121,498
$
265,147
$
116,522
$
63,411
$
57,461
$
302,522
$
1,229,183
$
30,382
$
2,186,126
Special Mention
439
6,038
692
1,689
2,473
807
8,308
—
20,446
Substandard
145
687
2,334
376
2,998
18,736
15,143
—
40,419
Other (1)
11,798
14,486
7,222
3,453
2,601
1,743
51,588
—
92,891
Total Commercial and Industrial
133,880
286,358
126,770
68,929
65,533
323,808
1,304,222
30,382
2,339,882
Current period gross charge-offs
—
84
46
—
10
1,392
1,862
—
3,394
Commercial Real Estate
Risk rating:
Pass
439,619
723,674
369,595
404,872
658,129
1,814,129
117,006
6,353
4,533,377
Special Mention
—
—
3,623
1,652
104,548
71,474
2,376
—
183,673
Substandard
969
—
5,309
695
37,564
16,219
5,207
—
65,963
Other (1)
—
—
—
—
—
117
—
—
117
Total Commercial Real Estate
440,588
723,674
378,527
407,219
800,241
1,901,939
124,589
6,353
4,783,130
Current period gross charge-offs
—
—
—
—
—
—
—
—
—
Construction
Risk rating:
Pass
55,488
124,793
219,701
61,476
169,561
31,308
44,234
—
706,561
Special Mention
—
—
—
—
—
904
—
—
904
Other (1)
3,050
7,895
5,419
3,773
1,723
1,762
679
—
24,301
Total Construction
58,538
132,688
225,120
65,249
171,284
33,974
44,913
—
731,766
Current period gross charge-offs
—
—
—
—
—
—
—
—
—
Lease Financing
Risk rating:
Pass
94,390
63,777
77,896
84,839
35,648
92,657
—
—
449,207
Special Mention
—
—
77
419
74
—
—
—
570
Substandard
—
—
680
—
—
—
—
—
680
Total Lease Financing
94,390
63,777
78,653
85,258
35,722
92,657
—
—
450,457
Current period gross charge-offs
—
—
—
—
—
—
—
—
—
Total Commercial Lending
$
727,396
$
1,206,497
$
809,070
$
626,655
$
1,072,780
$
2,352,378
$
1,473,724
$
36,735
$
8,305,235
Current period gross charge-offs
$
—
$
84
$
46
$
—
$
10
$
1,392
$
1,862
$
—
$
3,394
(continued)
Revolving
Loans
Converted
Term Loans
Revolving
to Term
Amortized Cost Basis by Origination Year
Loans
Loans
(continued)
Amortized
Amortized
(dollars in thousands)
2026
2025
2024
2023
2022
Prior
Cost Basis
Cost Basis
Total
Residential Lending
Residential Mortgage
FICO:
740 and greater
$
118,185
$
192,744
$
132,076
$
163,841
$
426,056
$
2,240,745
$
—
$
—
$
3,273,647
680 - 739
13,300
21,120
19,686
27,538
62,622
267,910
—
—
412,176
620 - 679
6,310
3,842
5,882
4,488
28,030
68,426
—
—
116,978
550 - 619
—
2,487
1,953
1,251
2,653
22,325
—
—
30,669
Less than 550
—
—
—
1,143
3,504
14,639
—
—
19,286
No Score (3)
7,172
6,764
3,098
4,753
15,334
49,997
—
—
87,118
Other (2)
2,645
22,254
7,104
11,039
13,174
40,616
7,501
—
104,333
Total Residential Mortgage
147,612
249,211
169,799
214,053
551,373
2,704,658
7,501
—
4,044,207
Current period gross charge-offs
—
—
—
—
—
—
—
—
—
Home Equity Line
FICO:
740 and greater
—
—
—
—
—
—
938,399
343
938,742
680 - 739
—
—
—
—
—
—
171,860
1,294
173,154
620 - 679
—
—
—
—
—
—
42,343
785
43,128
550 - 619
—
—
—
—
—
—
13,793
624
14,417
Less than 550
—
—
—
—
—
—
11,162
30
11,192
No Score (3)
—
—
—
—
—
—
763
—
763
Total Home Equity Line
—
—
—
—
—
—
1,178,320
3,076
1,181,396
Current period gross charge-offs
—
—
—
—
—
—
23
—
23
Total Residential Lending
$
147,612
$
249,211
$
169,799
$
214,053
$
551,373
$
2,704,658
$
1,185,821
$
3,076
$
5,225,603
Current period gross charge-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
23
$
—
$
23
Consumer Lending
FICO:
740 and greater
$
60,328
$
93,986
$
54,390
$
34,205
$
35,359
$
12,947
$
99,798
$
56
$
391,069
680 - 739
49,967
75,396
37,212
20,373
17,060
7,497
85,511
556
293,572
620 - 679
30,116
38,437
16,008
9,023
9,299
4,877
51,080
896
159,736
550 - 619
6,036
12,294
8,393
5,766
5,734
3,529
17,345
845
59,942
Less than 550
1,239
5,754
4,578
2,826
2,807
1,750
5,927
537
25,418
No Score (3)
2,691
332
4
22
—
15
35,963
165
39,192
Other (2)
201
3,921
—
—
—
1,485
71,925
—
77,532
Total Consumer Lending
$
150,578
$
230,120
$
120,585
$
72,215
$
70,259
$
32,100
$
367,549
$
3,055
$
1,046,461
Current period gross charge-offs
$
60
$
1,689
$
1,147
$
827
$
532
$
1,262
$
4,447
$
370
$
10,334
Total Loans and Leases
$
1,025,586
$
1,685,828
$
1,099,454
$
912,923
$
1,694,412
$
5,089,136
$
3,027,094
$
42,866
$
14,577,299
Current period gross charge-offs
$
60
$
1,773
$
1,193
$
827
$
542
$
2,654
$
6,332
$
370
$
13,751
(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 June 30, 2026, 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 June 30, 2026, 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 Six Months Ended
June 30,
March 31,
June 30,
June 30,
(dollars in thousands)
2026
2026
2025
2026
2025
Income Statement Data:
Net income
$
73,375
$
67,784
$
73,247
$
141,159
$
132,495
Average total stockholders' equity
$
2,796,857
$
2,788,826
$
2,663,850
$
2,792,863
$
2,652,975
Less: average goodwill
995,492
995,492
995,492
995,492
995,492
Average tangible stockholders' equity
$
1,801,365
$
1,793,334
$
1,668,358
$
1,797,371
$
1,657,483
Average total assets
$
23,954,425
$
24,083,280
$
23,859,410
$
24,018,496
$
23,874,849
Less: average goodwill
995,492
995,492
995,492
995,492
995,492
Average tangible assets
$
22,958,933
$
23,087,788
$
22,863,918
$
23,023,004
$
22,879,357
Return on average total stockholders' equity(1)
10.52
%
9.86
%
11.03
%
10.19
%
10.07
%
Return on average tangible stockholders' equity (non-GAAP)(1)
16.34
%
15.33
%
17.61
%
15.84
%
16.12
%
Return on average total assets(1)
1.23
%
1.14
%
1.23
%
1.19
%
1.12
%
Return on average tangible assets (non-GAAP)(1)
1.28
%
1.19
%
1.28
%
1.24
%
1.17
%
As of
As of
As of
As of
June 30,
March 31,
December 31,
June 30,
(dollars in thousands, except per share amounts)
2026
2026
2025
2025
Balance Sheet Data:
Total stockholders' equity
$
2,826,028
$
2,767,760
$
2,769,365
$
2,694,545
Less: goodwill
995,492
995,492
995,492
995,492
Tangible stockholders' equity
$
1,830,536
$
1,772,268
$
1,773,873
$
1,699,053
Total assets
$
23,646,049
$
24,264,548
$
23,955,252
$
23,837,147
Less: goodwill
995,492
995,492
995,492
995,492
Tangible assets
$
22,650,557
$
23,269,056
$
22,959,760
$
22,841,655
Shares outstanding
121,680,634
121,648,973
122,689,256
124,683,544
Total stockholders' equity to total assets
11.95
%
11.41
%
11.56
%
11.30
%
Tangible stockholders' equity to tangible assets (non-GAAP)
8.08
%
7.62
%
7.73
%
7.44
%
Book value per share
$
23.22
$
22.75
$
22.57
$
21.61
Tangible book value per share (non-GAAP)
$
15.04
$
14.57
$
14.46
$
13.63
(1) Annualized for the three and six months ended June 30, 2026 and 2025 and three months ended March 31, 2026.
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Document and Entity Information
Jul. 24, 2026
Document and Entity Information [Abstract]
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Entity Incorporation, State or Country Code
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Entity Address, Address Line One
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Entity Address, Adress Line Two
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