8-K - FHB - Equibles

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): **** October 28, 2022

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 October 28, 2022, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended September 30, 2022. 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 October 28, 2022 containing financial information for its quarter ended September 30, 2022.

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: October 28, 2022	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 Third Quarter 2022 Financial Results and Declares Dividend

HONOLULU, Hawaii October 28, 2022--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2022.

“I’m pleased to report that we had a very strong third quarter, as net income increased by over 16% from the prior quarter,” said Bob Harrison, Chairman, President and CEO. “We had robust loan growth, and credit quality remained excellent.”

On October 26, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on December 2, 2022, to stockholders of record at the close of business on November 21, 2022.

Third Quarter 2022 Highlights:

●	Net income of $69.0 million, or $0.54 per diluted share
●	Total loans and leases increased $437.6 million versus prior quarter
---	---
●	Total deposits decreased $509.7 million versus prior quarter
---	---
●	Net interest margin increased 33 basis points to 2.93%
---	---
●	Recorded a $3.2 million provision for credit losses
---	---
●	Board of Directors declared a quarterly dividend of $0.26 per share
---	---

Balance Sheet

Total assets were $24.9 billion as of September 30, 2022, compared to $25.4 billion as of June 30, 2022.

Gross loans and leases were $13.7 billion as of September 30, 2022, an increase of $437.6 million, or 3.3%, from $13.3 billion as of June 30, 2022.

Total deposits were $22.1 billion as of September 30, 2022, a decrease of $509.7 million, or 2.3%, from $22.6 billion as of June 30, 2022.

Net Interest Income

Net interest income for the third quarter of 2022 was $162.7 million, an increase of $17.6 million, or 12.1%, compared to $145.1 million for the prior quarter.

The net interest margin was 2.93% in the third quarter of 2022, an increase of 33 basis points compared to 2.60% in the prior quarter.

Provision Expense

During the quarter ended September 30, 2022, we recorded a $3.2 million provision for credit losses. In the quarter ended June 30, 2022, we recorded a $1.0 million provision for credit losses.

Noninterest Income

Noninterest income was $45.9 million in the third quarter of 2022, an increase of $1.7 million compared to noninterest income of $44.1 million in the prior quarter.

Noninterest Expense

Noninterest expense was $113.3 million in the third quarter of 2022, an increase of $4.2 million compared to noninterest expense of $109.2 million in the prior quarter.

The efficiency ratio was 54.0% and 57.3% for the quarters ended September 30, 2022 and June 30, 2022, respectively.

Taxes

The effective tax rate was 25.0% for the quarters ended September 30, 2022 and June 30, 2022.

Asset Quality

The allowance for credit losses was $148.2 million, or 1.08% of total loans and leases, as of September 30, 2022, compared to $148.9 million, or 1.12% of total loans and leases, as of June 30, 2022. The reserve for unfunded commitments was $30.1 million as of September 30, 2022, compared to $29.0 million as of June 30, 2022. Net charge-offs were $2.8 million, or 0.08% of average loans and leases on an annualized basis for the quarter ended September 30, 2022, compared to net charge-offs of $2.3 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2022. Total non-performing assets were $8.4 million, or 0.06% of total loans and leases and other real estate owned, on September 30, 2022, compared to total non-performing assets of $7.9 million, or 0.06% of total loans and leases and other real estate owned, on June 30, 2022.

Capital

Total stockholders’ equity was $2.2 billion on September 30, 2022 compared to $2.3 billion on June 30, 2022.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.78%, 11.79% and 12.92%, respectively, on September 30, 2022, compared with 7.54%, 11.98% and 13.14%, respectively, on June 30, 2022.

The Company repurchased 0.1 million shares of common stock at a total cost of $2.5 million under the stock repurchase program in the third quarter. The average cost was $23.24 per share repurchased. Remaining buyback authority under the stock repurchase program was $65.5 million on September 30, 2022.

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.

Please note that the process for accessing the conference call has changed. Participants will need to click on the registration link provided below, register for the conference call, and then you will receive the dial-in number and a personalized PIN code.

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

https://register.vevent.com/register/BIefa7fae07c09405291195a9acfdb68b6, 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. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. 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 ongoing impacts of COVID-19, 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, 2021 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022.

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 Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share data)	2022		****	2022		****	2021			2022		****	2021
Operating Results:
Net interest income	$	162,736		$	145,147		$	132,593		$	441,755		$	393,232
Provision for credit losses		3,183			1,000			(4,000)			(1,564)			(39,000)
Noninterest income		45,857			44,137			50,104			131,374			143,343
Noninterest expense		113,332			109,175			101,036			326,549			296,730
Net income		69,018			59,360			64,279			186,097			208,713
Basic earnings per share		0.54			0.46			0.50			1.46			1.61
Diluted earnings per share		0.54			0.46			0.50			1.45			1.61
Dividends declared per share		0.26			0.26			0.26			0.78			0.78
Dividend payout ratio		48.15	%		56.52	%		52.00	%		53.79	%		48.45	%
Performance Ratios^(1)^:
Net interest margin		2.93	%		2.60	%		2.36	%		2.65	%		2.45	%
Efficiency ratio		53.98	%		57.33	%		55.07	%		56.63	%		55.10	%
Return on average total assets		1.10	%		0.94	%		1.02	%		0.99	%		1.16	%
Return on average tangible assets (non-GAAP)^(2)^		1.14	%		0.98	%		1.06	%		1.03	%		1.21	%
Return on average total stockholders' equity		12.08	%		10.52	%		9.31	%		10.55	%		10.26	%
Return on average tangible stockholders' equity (non-GAAP)^(2)^		21.53	%		18.79	%		14.63	%		18.26	%		16.19	%
Average Balances:
Average loans and leases	$	13,491,428		$	13,058,558		$	12,881,885		$	13,125,660		$	13,108,427
Average earning assets		22,258,066			22,520,605			22,533,174			22,413,209			21,523,731
Average assets		24,957,042			25,250,176			25,058,085			25,095,438			24,013,691
Average deposits		22,148,039			22,401,558			21,621,836			22,170,824			20,595,400
Average stockholders' equity		2,267,152			2,262,654			2,738,540			2,358,195			2,719,442
Market Value Per Share:
Closing		24.63			22.71			29.35			24.63			29.35
High		28.14			28.44			30.06			31.16			30.80
Low		21.21			21.49			25.75			21.21			23.14


		As of			As of			As of			As of
		September 30,			June 30,			December 31,			September 30,
(dollars in thousands, except per share data)		2022			2022			2021			2021
Balance Sheet Data:	****
Loans and leases		$	13,700,374		$	13,262,781		$	12,961,999		$	12,834,339
Total assets			24,870,272			25,377,533			24,992,410			25,548,322
Total deposits			22,091,738			22,601,454			21,816,146			22,120,003
Long-term borrowings			—			—			—			200,000
Total stockholders' equity			2,200,651			2,252,611			2,656,912			2,711,734

Per Share of Common Stock:
Book value		$	17.28		$	17.67		$	20.84		$	21.14
Tangible book value (non-GAAP)^(2)^			9.46			9.86			13.03			13.38

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.06	%		0.06	%		0.05	%		0.07	%
Allowance for credit losses for loans and leases / total loans and leases			1.08	%		1.12	%		1.21	%		1.26	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		****	11.79	%		11.98	%		12.24	%		12.63	%
Tier 1 Capital Ratio			11.79	%		11.98	%		12.24	%		12.63	%
Total Capital Ratio			12.92	%		13.14	%		13.49	%		13.88	%
Tier 1 Leverage Ratio			7.78	%		7.54	%		7.24	%		7.39	%
Total stockholders' equity to total assets			8.85	%		8.88	%		10.63	%		10.61	%
Tangible stockholders' equity to tangible assets (non-GAAP)^(2)^			5.05	%		5.16	%		6.92	%		6.99	%

Non-Financial Data:
Number of branches			51			51			54			54
Number of ATMs			303			297			299			298
Number of Full-Time Equivalent Employees			2,042			2,021			2,036			2,025

(1)	Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2022 and 2021 and the three months ended June 30, 2022.
(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 Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share amounts)		2022			2022			2021			2022			2021
Interest income
Loans and lease financing		$	134,646		$	111,916		$	110,765		$	350,294		$	332,623
Available-for-sale investment securities			19,644			16,643			25,234			68,394			73,017
Held-to-maturity investment securities			17,950			18,289			—			36,239			—
Other			4,150			2,896			1,205			7,828			2,362
Total interest income			176,390			149,744			137,204			462,755			408,002
Interest expense
Deposits			13,653			4,597			3,218			20,999			10,637
Short-term and long-term borrowings			1			—			1,393			1			4,133
Total interest expense			13,654			4,597			4,611			21,000			14,770
Net interest income			162,736			145,147			132,593			441,755			393,232
Provision for credit losses			3,183			1,000			(4,000)			(1,564)			(39,000)
Net interest income after provision for credit losses			159,553			144,147			136,593			443,319			432,232
Noninterest income
Service charges on deposit accounts			7,089			6,843			6,989			21,433			20,339
Credit and debit card fees			17,746			17,056			16,017			49,652			47,314
Other service charges and fees			9,179			9,018			10,233			27,851			29,382
Trust and investment services income			9,800			8,759			8,625			27,442			25,824
Bank-owned life insurance			(341)			(859)			4,841			(1,617)			10,334
Investment securities gains, net			—			—			—			—			102
Other			2,384			3,320			3,399			6,613			10,048
Total noninterest income			45,857			44,137			50,104			131,374			143,343
Noninterest expense
Salaries and employee benefits			51,372			49,902			46,484			149,500			136,402
Contracted services and professional fees			16,625			18,617			15,042			52,389			48,746
Occupancy			8,115			7,334			6,790			22,859			21,274
Equipment			10,791			7,754			6,549			24,522			18,402
Regulatory assessment and fees			2,487			2,301			1,828			7,012			5,688
Advertising and marketing			1,902			1,994			1,469			5,924			4,529
Card rewards program			8,141			7,285			6,676			22,309			17,773
Other			13,899			13,988			16,198			42,034			43,916
Total noninterest expense			113,332			109,175			101,036			326,549			296,730
Income before provision for income taxes			92,078			79,109			85,661			248,144			278,845
Provision for income taxes			23,060			19,749			21,382			62,047			70,132
Net income		$	69,018		$	59,360		$	64,279		$	186,097		$	208,713
Basic earnings per share		$	0.54		$	0.46		$	0.50		$	1.46		$	1.61
Diluted earnings per share		$	0.54		$	0.46		$	0.50		$	1.45		$	1.61
Basic weighted-average outstanding shares			127,377,713			127,672,244			128,660,038			127,534,746			129,323,973
Diluted weighted-average outstanding shares			127,796,617			128,014,777			129,210,448			127,996,672			129,895,311


Consolidated Balance Sheets	Table 3
	September 30,		June 30,		December 31,		September 30,
(dollars in thousands)	2022		2022		2021		2021
Assets
Cash and due from banks	$	291,360	$	279,629	$	246,716	$	268,467
Interest-bearing deposits in other banks		657,574		1,254,047		1,011,753		2,130,615
Investment securities:
Available-for-sale, at fair value (amortized cost: $3,673,396 as of September 30, 2022, $4,267,809 as of June 30, 2022, $8,560,733 as of December 31, 2021 and $7,994,266 as of September 30, 2021)		3,289,160		3,967,746		8,428,032		7,953,727
Held-to-maturity, at amortized cost (fair value: $3,960,713 as of September 30, 2022, $3,910,780 as of June 30, 2022 and nil as of December 31, 2021 and September 30, 2021)		4,406,143		4,093,215		—		—
Loans held for sale		361		180		538		2,052
Loans and leases		13,700,374		13,262,781		12,961,999		12,834,339
Less: allowance for credit losses		148,163		148,942		157,262		161,246
Net loans and leases		13,552,211		13,113,839		12,804,737		12,673,093

Premises and equipment, net		299,179		310,047		318,448		317,272
Other real estate owned and repossessed personal property		139		—		175		—
Accrued interest receivable		68,545		63,240		63,158		64,855
Bank-owned life insurance		470,202		470,542		471,819		468,968
Goodwill		995,492		995,492		995,492		995,492
Mortgage servicing rights		6,866		7,152		8,302		9,107
Other assets		833,040		822,404		643,240		664,674
Total assets	$	24,870,272	$	25,377,533	$	24,992,410	$	25,548,322
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	12,774,645	$	12,990,571	$	12,422,283	$	13,246,579
Noninterest-bearing		9,317,093		9,610,883		9,393,863		8,873,424
Total deposits		22,091,738		22,601,454		21,816,146		22,120,003
Long-term borrowings		—		—		—		200,000
Retirement benefits payable		133,981		134,151		134,491		144,400
Other liabilities		443,902		389,317		384,861		372,185
Total liabilities		22,669,621		23,124,922		22,335,498		22,836,588

Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,958,520 / 127,357,680 shares as of September 30, 2022, issued/outstanding: 140,943,908 / 127,451,087 shares as of June 30, 2022, issued/outstanding: 140,581,715 / 127,502,472 shares as of December 31, 2021 and issued/outstanding: 140,563,799 / 128,255,570 shares as of September 30, 2021)		1,410		1,409		1,406		1,406
Additional paid-in capital		2,535,601		2,533,407		2,527,663		2,524,168
Retained earnings		690,433		654,777		604,534		581,094
Accumulated other comprehensive loss, net		(658,756)		(571,457)		(121,693)		(61,463)
Treasury stock (13,600,840 shares as of September 30, 2022, 13,492,821 shares as of June 30, 2022, 13,079,243 shares as of December 31, 2021 and 12,308,229 shares as of September 30, 2021)		(368,037)		(365,525)		(354,998)		(333,471)
Total stockholders' equity		2,200,651		2,252,611		2,656,912		2,711,734
Total liabilities and stockholders' equity	$	24,870,272	$	25,377,533	$	24,992,410	$	25,548,322


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	September 30, 2022						June 30, 2022						September 30, 2021
	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	$	724.0	$	4.0	2.20	%	$	1,297.3	$	2.8	0.85	%	$	2,356.4	$	0.9	0.16	%
Available-for-Sale Investment Securities
Taxable		3,733.8		19.2	2.05			3,946.4		16.6	1.68			6,654.6		22.9	1.37
Non-Taxable		45.1		0.6	5.16			8.4		0.1	5.26			561.1		2.9	2.11
Held-to-Maturity Investment Securities
Taxable		3,573.6		14.6	1.64			3,533.6		15.0	1.70			—		—	—
Non-Taxable		613.6		4.2	2.72			607.0		4.1	2.71			—		—	—
Total Investment Securities		7,966.1		38.6	1.93			8,095.4		35.8	1.77			7,215.7		25.8	1.43
Loans Held for Sale		0.7		—	3.62			0.3		—	5.06			2.2		—	2.39
Loans and Leases^(1)^
Commercial and industrial		2,025.5		20.7	4.05			1,951.3		15.0	3.09			2,367.2		19.7	3.29
Commercial real estate		4,016.7		42.3	4.18			3,808.9		30.7	3.23			3,447.0		25.4	2.92
Construction		737.4		8.6	4.63			711.3		6.3	3.57			862.4		7.0	3.24
Residential:
Residential mortgage		4,224.0		36.4	3.45			4,183.0		36.7	3.51			3,866.1		34.6	3.58
Home equity line		991.1		7.2	2.87			945.7		5.9	2.49			837.7		5.5	2.62
Consumer		1,218.0		17.1	5.57			1,218.0		15.5	5.09			1,260.2		16.8	5.28
Lease financing		278.7		2.7	3.81			240.4		2.1	3.53			241.3		2.0	3.23
Total Loans and Leases		13,491.4		135.0	3.98			13,058.6		112.2	3.44			12,881.9		111.0	3.43
Other Earning Assets		75.9		0.1	0.69			69.0		0.1	0.79			77.0		0.3	1.34
Total Earning Assets^(2)^		22,258.1		177.7	3.18			22,520.6		150.9	2.68			22,533.2		138.0	2.44
Cash and Due from Banks		277.0						300.8						290.5
Other Assets		2,421.9						2,428.8						2,234.4
Total Assets	$	24,957.0					$	25,250.2					$	25,058.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,871.5	$	6.7	0.39	%	$	6,971.3	$	1.7	0.10	%		6,886.0	$	0.6	0.03	%
Money Market		4,086.1		4.8	0.47			4,127.4		1.4	0.14			3,957.1		0.5	0.05
Time		1,720.5		2.1	0.48			1,671.4		1.5	0.36			1,884.4		2.1	0.45
Total Interest-Bearing Deposits		12,678.1		13.6	0.43			12,770.1		4.6	0.14			12,727.5		3.2	0.10
Federal Funds Purchased		0.2		—	1.67			—		—	—			—		—	—
Long-Term Borrowings		—		—	—			—		—	—			200.0		1.4	2.76
Total Interest-Bearing Liabilities		12,678.3		13.6	0.43			12,770.1		4.6	0.14			12,927.5		4.6	0.14
Net Interest Income			$	164.1					$	146.3					$	133.4
Interest Rate Spread					2.75	%					2.54	%					2.30	%
Net Interest Margin					2.93	%					2.60	%					2.36	%
Noninterest-Bearing Demand Deposits		9,469.9						9,631.4						8,894.3
Other Liabilities		541.6						586.0						497.7
Stockholders' Equity		2,267.2						2,262.7						2,738.6
Total Liabilities and Stockholders' Equity	$	24,957.0					$	25,250.2					$	25,058.1

(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 $1.3 million, $1.2 million and $0.8 million for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively.
---	---


Average Balances and Interest Rates											Table 5
	Nine Months Ended						Nine Months Ended
	September 30, 2022						September 30, 2021
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	1,051.7	$	7.3	0.93	%	$	1,604.6	$	1.5	0.13	%
Available-for-Sale Investment Securities
Taxable		5,145.3		64.9	1.68			6,303.5		67.5	1.43
Non-Taxable		227.9		4.4	2.59			436.9		6.9	2.11
Held-to-Maturity Investment Securities
Taxable		2,382.2		29.7	1.66			—		—	—
Non-Taxable		409.1		8.3	2.71			—		—	—
Total Investment Securities		8,164.5		107.3	1.75			6,740.4		74.4	1.47
Loans Held for Sale		0.7		—	2.92			4.4		0.1	2.31
Loans and Leases^(1)^
Commercial and industrial		1,983.5		50.3	3.39			2,756.2		61.2	2.97
Commercial real estate		3,820.6		98.8	3.46			3,417.5		75.6	2.96
Construction		738.4		20.7	3.74			803.8		19.2	3.19
Residential:
Residential mortgage		4,173.1		108.0	3.45			3,776.5		103.3	3.65
Home equity line		943.2		18.5	2.62			824.1		16.7	2.71
Consumer		1,218.2		48.1	5.29			1,287.1		51.4	5.34
Lease financing		248.7		6.7	3.60			243.2		5.7	3.10
Total Loans and Leases		13,125.7		351.1	3.57			13,108.4		333.1	3.39
Other Earning Assets		70.6		0.5	0.92			65.9		0.8	1.65
Total Earning Assets^(2)^		22,413.2		466.2	2.78			21,523.7		409.9	2.54
Cash and Due from Banks		289.9						291.7
Other Assets		2,392.3						2,198.3
Total Assets	$	25,095.4					$	24,013.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,837.8	$	8.9	0.17	%	$	6,410.9	$	1.7	0.04	%
Money Market		4,087.6		6.8	0.22			3,758.3		1.5	0.05
Time		1,713.4		5.3	0.41			2,067.7		7.4	0.48
Total Interest-Bearing Deposits		12,638.8		21.0	0.22			12,236.9		10.6	0.12
Federal Funds Purchased		0.1		—	1.67			—		—	—
Long-Term Borrowings		—		—	—			200.0		4.2	2.76
Total Interest-Bearing Liabilities		12,638.9		21.0	0.22			12,436.9		14.8	0.16
Net Interest Income			$	445.2					$	395.1
Interest Rate Spread					2.56	%					2.38	%
Net Interest Margin					2.65	%					2.45	%
Noninterest-Bearing Demand Deposits		9,532.0						8,358.5
Other Liabilities		566.3						498.9
Stockholders' Equity		2,358.2						2,719.4
Total Liabilities and Stockholders' Equity	$	25,095.4					$	24,013.7

(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 $3.5 million and $1.9 million for the nine months ended September 30, 2022 and 2021, respectively.
---	---


Analysis of Change in Net Interest Income						Table 6
	Three Months Ended September 30, 2022
	Compared to June 30, 2022
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	(1.7)	$	2.9	$	1.2
Available-for-Sale Investment Securities
Taxable		(0.9)		3.5		2.6
Non-Taxable		0.5		—		0.5
Held-to-Maturity Investment Securities
Taxable		0.2		(0.6)		(0.4)
Non-Taxable		0.1		—		0.1
Total Investment Securities		(0.1)		2.9		2.8
Loans and Leases
Commercial and industrial		0.6		5.1		5.7
Commercial real estate		1.8		9.8		11.6
Construction		0.3		2.0		2.3
Residential:
Residential mortgage		0.3		(0.6)		(0.3)
Home equity line		0.3		1.0		1.3
Consumer		—		1.6		1.6
Lease financing		0.4		0.2		0.6
Total Loans and Leases		3.7		19.1		22.8
Total Change in Interest Income		1.9		24.9		26.8

Change in Interest Expense:
Interest-Bearing Deposits
Savings		—		5.0		5.0
Money Market		—		3.4		3.4
Time		—		0.6		0.6
Total Interest-Bearing Deposits		—		9.0		9.0
Total Change in Interest Expense		—		9.0		9.0
Change in Net Interest Income	$	1.9	$	15.9	$	17.8


Analysis of Change in Net Interest Income						Table 7
	Three Months Ended September 30, 2022
	Compared to September 30, 2021
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	(1.1)	$	4.2	$	3.1
Available-for-Sale Investment Securities
Taxable		(12.4)		8.7		(3.7)
Non-Taxable		(4.2)		1.9		(2.3)
Held-to-Maturity Investment Securities
Taxable		14.6		—		14.6
Non-Taxable		4.2		—		4.2
Total Investment Securities		2.2		10.6		12.8
Loans and Leases
Commercial and industrial		(3.0)		4.1		1.1
Commercial real estate		4.7		12.2		16.9
Construction		(1.1)		2.6		1.5
Residential:
Residential mortgage		3.1		(1.3)		1.8
Home equity line		1.1		0.6		1.7
Consumer		(0.6)		0.9		0.3
Lease financing		0.3		0.4		0.7
Total Loans and Leases		4.5		19.5		24.0
Other Earning Assets		—		(0.2)		(0.2)
Total Change in Interest Income		5.6		34.1		39.7

Change in Interest Expense:
Interest-Bearing Deposits
Savings		—		6.1		6.1
Money Market		—		4.3		4.3
Time		(0.2)		0.2		—
Total Interest-Bearing Deposits		(0.2)		10.6		10.4
Long-Term Borrowings		(0.7)		(0.7)		(1.4)
Total Change in Interest Expense		(0.9)		9.9		9.0
Change in Net Interest Income	$	6.5	$	24.2	$	30.7


Analysis of Change in Net Interest Income						Table 8
	Nine Months Ended September 30, 2022
	Compared to September 30, 2021
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	(0.7)	$	6.5	$	5.8
Available-for-Sale Investment Securities
Taxable		(13.4)		10.8		(2.6)
Non-Taxable		(3.8)		1.3		(2.5)
Held-to-Maturity Investment Securities
Taxable		29.7		—		29.7
Non-Taxable		8.3		—		8.3
Total Investment Securities		20.8		12.1		32.9
Loans Held for Sale		(0.1)		—		(0.1)
Loans and Leases
Commercial and industrial		(18.8)		7.9		(10.9)
Commercial real estate		9.5		13.7		23.2
Construction		(1.6)		3.1		1.5
Residential:
Residential mortgage		10.5		(5.8)		4.7
Home equity line		2.3		(0.5)		1.8
Consumer		(2.8)		(0.5)		(3.3)
Lease financing		0.1		0.9		1.0
Total Loans and Leases		(0.8)		18.8		18.0
Other Earning Assets		0.1		(0.4)		(0.3)
Total Change in Interest Income		19.3		37.0		56.3

Change in Interest Expense:
Interest-Bearing Deposits
Savings		0.1		7.1		7.2
Money Market		0.1		5.2		5.3
Time		(1.1)		(1.0)		(2.1)
Total Interest-Bearing Deposits		(0.9)		11.3		10.4
Long-Term Borrowings		(2.1)		(2.1)		(4.2)
Total Change in Interest Expense		(3.0)		9.2		6.2
Change in Net Interest Income	$	22.3	$	27.8	$	50.1


Loans and Leases											Table 9
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands)	2022		****	2022		****	2021		****	2021
Commercial and industrial:
Commercial and industrial excluding Paycheck Protection Program loans	$	2,017,095		$	1,898,899	****	$	1,870,657		$	1,692,315
Paycheck Protection Program loans		26,712			43,233			216,442			503,069
Total commercial and industrial		2,043,807			1,942,132			2,087,099			2,195,384
Commercial real estate		4,103,310			3,956,828			3,639,623			3,569,768
Construction		765,862			727,771			813,969			826,078
Residential:
Residential mortgage		4,252,041			4,212,768			4,083,367			3,914,632
Home equity line		1,010,631			971,569			876,608			852,074
Total residential		5,262,672			5,184,337			4,959,975			4,766,706
Consumer		1,218,885			1,207,051			1,229,939			1,238,714
Lease financing		305,838			244,662			231,394			237,689
Total loans and leases	$	13,700,374		$	13,262,781		$	12,961,999		$	12,834,339


Deposits											Table 10
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands)	2022		****	2022		****	2021		****	2021
Demand	$	9,317,093		$	9,610,883		$	9,393,863		$	8,873,424
Savings		6,724,783			7,243,185			6,612,775			7,347,079
Money Market		4,150,940			4,079,706			4,033,070			4,019,250
Time		1,898,922			1,667,680			1,776,438			1,880,250
Total Deposits	$	22,091,738		$	22,601,454		$	21,816,146		$	22,120,003


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More											Table 11
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands)	2022		****	2022		****	2021		****	2021
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	1,528		$	682		$	718		$	746
Commercial real estate		727			727			727			745
Total Commercial Loans		2,255			1,409			1,445			1,491
Residential Loans:
Residential mortgage		6,028			6,450			5,637			7,137
Total Residential Loans		6,028			6,450			5,637			7,137
Total Non-Accrual Loans and Leases		8,283			7,859			7,082			8,628
Other Real Estate Owned		139			—			175			—
Total Non-Performing Assets	$	8,422		$	7,859		$	7,257		$	8,628

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	1,445		$	2,230		$	740		$	439
Commercial real estate		—			176			—			—
Construction		390			352			—			—
Total Commercial Loans		1,835			2,758			740			439
Residential Loans:
Residential mortgage		—			750			987			100
Home equity line		1,832			1,039			3,681			3,871
Total Residential Loans		1,832			1,789			4,668			3,971
Consumer		1,976			1,218			1,800			1,376
Total Accruing Loans and Leases Past Due 90 Days or More	$	5,643		$	5,765		$	7,208		$	5,786

Restructured Loans on Accrual Status and Not Past Due 90 Days or More	$	27,342		$	29,440		$	34,893		$	36,234
Total Loans and Leases	$	13,700,374		$	13,262,781		$	12,961,999		$	12,834,339


Allowance for Credit Losses and Reserve for Unfunded Commitments	Table 12
	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)	2022			2022		****	2021		****	2022			2021		****
Balance at Beginning of Period	$	177,900		$	179,238		$	198,370			187,584			239,057
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(328)			(243)			(224)			(1,277)			(1,517)
Commercial real estate		(750)			—			—			(750)			(66)
Total Commercial Loans		(1,078)			(243)			(224)			(2,027)			(1,583)
Residential Loans:
Residential mortgage		(1)			—			—			(1)			(98)
Home equity line		—			(1,120)			(235)			(1,163)			(235)
Total Residential Loans		(1)			(1,120)			(235)			(1,164)			(333)
Consumer		(3,986)			(3,659)			(2,926)			(11,754)			(13,384)
Total Loans and Leases Charged-Off		(5,065)			(5,022)			(3,385)			(14,945)			(15,300)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial		240			301			121			594			623
Commercial real estate		—			—			15			14			30
Construction		—			—			—			—			166
Lease financing		—			60			—			60			—
Total Commercial Loans		240			361			136			668			819
Residential Loans:
Residential mortgage		37			192			215			245			246
Home equity line		356			191			27			575			89
Total Residential Loans		393			383			242			820			335
Consumer		1,653			1,940			2,405			5,741			7,857
Total Recoveries on Loans and Leases Previously Charged-Off		2,286			2,684			2,783			7,229			9,011
Net Loans and Leases Charged-Off		(2,779)			(2,338)			(602)			(7,716)			(6,289)
Provision for Credit Losses		3,183			1,000			(4,000)			(1,564)			(39,000)
Balance at End of Period	$	178,304		$	177,900		$	193,768		$	178,304		$	193,768
Components:
Allowance for Credit Losses	$	148,163		$	148,942		$	161,246		$	148,163		$	161,246
Reserve for Unfunded Commitments		30,141			28,958			32,522			30,141			32,522
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	178,304		$	177,900		$	193,768		$	178,304		$	193,768
Average Loans and Leases Outstanding	$	13,491,428		$	13,058,558		$	12,881,885		$	13,125,660		$	13,108,427
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding^(1)^		0.08	%		0.07	%		0.02	%		0.08	%		0.06	%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.08	%		1.12	%		1.26	%		1.08	%		1.26	%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		17.89x			18.95x			18.69x			17.89x			18.69x

(1)	Annualized for the three and nine months ended September 30, 2022 and 2021, and three months ended June 30, 2022.


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)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	310,400	$	425,853	$	55,272	$	177,670	$	55,923	$	151,156	$	709,823	$	15,997	$	1,902,094
Special Mention		2,179		274		1,492		2,562		209		1,776		31,747		467		40,706
Substandard		655		719		872		1,383		956		1,196		14,728		89		20,598
Other ^(1)^		12,817		8,707		10,095		4,664		2,355		1,358		40,413		—		80,409
Total Commercial and Industrial		326,051		435,553		67,731		186,279		59,443		155,486		796,711		16,553		2,043,807

Commercial Real Estate
Risk rating:
Pass		700,785		696,763		355,992		548,364		449,754		1,242,315		66,075		—		4,060,048
Special Mention		183		—		559		14,965		515		9,549		687		—		26,458
Substandard		—		—		176		—		1,724		14,749		2		—		16,651
Other ^(1)^		—		—		—		—		—		153		—		—		153
Total Commercial Real Estate		700,968		696,763		356,727		563,329		451,993		1,266,766		66,764		—		4,103,310

Construction
Risk rating:
Pass		83,233		225,116		84,312		92,856		116,344		86,722		13,443		—		702,026
Special Mention		—		—		—		229		—		—		—		—		229
Substandard		—		—		—		—		346		494		—		—		840
Other ^(1)^		22,424		25,610		4,258		2,247		3,908		3,367		953		—		62,767
Total Construction		105,657		250,726		88,570		95,332		120,598		90,583		14,396		—		765,862

Lease Financing
Risk rating:
Pass		110,563		25,450		46,635		42,307		6,904		68,028		—		—		299,887
Special Mention		—		434		2,591		1,342		9		—		—		—		4,376
Substandard		—		—		196		14		13		1,352		—		—		1,575
Total Lease Financing		110,563		25,884		49,422		43,663		6,926		69,380		—		—		305,838

Total Commercial Lending	$	1,243,239	$	1,408,926	$	562,450	$	888,603	$	638,960	$	1,582,215	$	877,871	$	16,553	$	7,218,817


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2022		2021		2020		2019		2018		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	474,234	$	1,056,814	$	577,378	$	244,169	$	169,100	$	941,705	$	—	$	—	$	3,463,400
680 - 739		54,037		122,420		77,660		44,519		21,581		137,573		—		—		457,790
620 - 679		7,749		19,021		13,776		4,801		3,868		35,926		—		—		85,141
550 - 619		168		1,930		292		225		2,060		7,225		—		—		11,900
Less than 550		2,053		1,236		59		—		339		4,621		—		—		8,308
No Score ^(3)^		16,029		14,771		6,874		13,004		16,023		50,871		—		—		117,572
Other ^(2)^		19,155		18,827		15,436		9,398		9,229		29,468		5,861		556		107,930
Total Residential Mortgage		573,425		1,235,019		691,475		316,116		222,200		1,207,389		5,861		556		4,252,041

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		781,307		1,961		783,268
680 - 739		—		—		—		—		—		—		164,166		2,650		166,816
620 - 679		—		—		—		—		—		—		42,043		2,124		44,167
550 - 619		—		—		—		—		—		—		8,719		1,375		10,094
Less than 550		—		—		—		—		—		—		1,157		487		1,644
No Score ^(3)^		—		—		—		—		—		—		4,642		—		4,642
Total Home Equity Line		—		—		—		—		—		—		1,002,034		8,597		1,010,631
Total Residential Lending		573,425		1,235,019		691,475		316,116		222,200		1,207,389		1,007,895		9,153		5,262,672

Consumer Lending
FICO:
740 and greater		167,566		120,725		59,620		50,907		30,750		12,114		116,628		195		558,505
680 - 739		80,920		72,861		41,177		36,236		19,242		10,311		68,968		569		330,284
620 - 679		19,673		32,216		15,779		19,379		11,622		8,584		30,441		1,033		138,727
550 - 619		2,159		5,975		5,859		9,266		6,476		5,188		9,803		983		45,709
Less than 550		520		1,557		2,631		4,311		2,106		1,991		2,923		379		16,418
No Score ^(3)^		2,122		337		1		50		28		35		38,831		237		41,641
Other ^(2)^		1,645		4,197		358		1,393		—		2,153		77,855		—		87,601
Total Consumer Lending		274,605		237,868		125,425		121,542		70,224		40,376		345,449		3,396		1,218,885

Total Loans and Leases	$	2,091,269	$	2,881,813	$	1,379,350	$	1,326,261	$	931,384	$	2,829,980	$	2,231,215	$	29,102	$	13,700,374

(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.
(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.
---	---
(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 Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share amounts)	2022		****	2022		****	2021		****	2022		****	2021
Income Statement Data:
Net income	$	69,018		$	59,360		$	64,279		$	186,097		$	208,713

Average total stockholders' equity	$	2,267,152		$	2,262,654		$	2,738,540		$	2,358,195		$	2,719,442
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible stockholders' equity	$	1,271,660		$	1,267,162		$	1,743,048		$	1,362,703		$	1,723,950

Average total assets	$	24,957,042		$	25,250,176		$	25,058,085		$	25,095,438		$	24,013,691
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible assets	$	23,961,550		$	24,254,684		$	24,062,593		$	24,099,946		$	23,018,199

Return on average total stockholders' equity^(1)^		12.08	%		10.52	%		9.31	%		10.55	%		10.26	%
Return on average tangible stockholders' equity (non-GAAP)^(1)^		21.53	%		18.79	%		14.63	%		18.26	%		16.19	%

Return on average total assets^(1)^		1.10	%		0.94	%		1.02	%		0.99	%		1.16	%
Return on average tangible assets (non-GAAP)^(1)^		1.14	%		0.98	%		1.06	%		1.03	%		1.21	%



	As of			As of			As of			As of
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands, except per share amounts)	2022		****	2022		****	2021		****	2021
Balance Sheet Data:
Total stockholders' equity	$	2,200,651		$	2,252,611		$	2,656,912		$	2,711,734
Less: goodwill		995,492			995,492			995,492			995,492
Tangible stockholders' equity	$	1,205,159		$	1,257,119		$	1,661,420		$	1,716,242

Total assets	$	24,870,272		$	25,377,533		$	24,992,410		$	25,548,322
Less: goodwill		995,492			995,492			995,492			995,492
Tangible assets	$	23,874,780		$	24,382,041		$	23,996,918		$	24,552,830

Shares outstanding		127,357,680			127,451,087			127,502,472			128,255,570

Total stockholders' equity to total assets		8.85	%		8.88	%		10.63	%		10.61	%
Tangible stockholders' equity to tangible assets (non-GAAP)		5.05	%		5.16	%		6.92	%		6.99	%

Book value per share	$	17.28		$	17.67		$	20.84		$	21.14
Tangible book value per share (non-GAAP)	$	9.46		$	9.86		$	13.03		$	13.38

(1)	Annualized for the three and nine months ended September 30, 2022 and 2021, and three months ended June 30, 2022.