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): **** July 29, 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 July 29, 2022, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended June 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 July 29, 2022 containing financial information for its quarter ended June 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: July 29, 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 Second Quarter 2022 Financial Results and Declares Dividend

HONOLULU, Hawaii July 29, 2022--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2022.

“I’m pleased to report that we had a very strong second quarter as the bank continued to perform well,” said Bob Harrison, Chairman, President and CEO. “We had good loan and deposit growth, credit quality remained excellent, and we successfully converted to our new core operating system.”

On July 27, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 2, 2022 to stockholders of record at the close of business on August 22, 2022.

Second Quarter 2022 Highlights:

●	Net income of $59.4 million, or $0.46 per diluted share
●	Total loans and leases increased $371.0 million versus prior quarter.
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●	Total deposits increased $331.0 million versus prior quarter
---	---
●	Net interest margin increased 18 basis points to 2.60%
---	---
●	Recorded a $1.0 million provision for credit losses
---	---
●	Board of Directors declared a quarterly dividend of $0.26 per share
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Balance Sheet

Total assets were $25.4 billion as of June 30, 2022, compared to $25.0 billion as of March 31, 2022.

Gross loans and leases were $13.3 billion as of June 30, 2022, an increase of $371.0 million, or 2.9%, from $12.9 billion as of March 31, 2022.

Total deposits were $22.6 billion as of June 30, 2022, an increase of $331.0 million, or 1.5%, from $22.3 billion as of March 31, 2022.

Net Interest Income

Net interest income for the second quarter of 2022 was $145.1 million, an increase of $11.3 million, or 8.4%, compared to $133.9 million for the prior quarter.

The net interest margin was 2.60% in the second quarter of 2022, an increase of 18 basis points compared to 2.42% in the prior quarter.

Provision Expense

During the quarter ended June 30, 2022, we recorded a $1.0 million provision for credit losses. In the quarter ended March 31, 2022, we recorded a $5.7 million negative provision for credit losses.

Noninterest Income

Noninterest income was $44.1 million in the second quarter of 2022, an increase of $2.7 million compared to noninterest income of $41.4 million in the prior quarter.

Noninterest Expense

Noninterest expense was $109.2 million in the second quarter of 2022, an increase of $5.1 million compared to noninterest expense of $104.0 million in the prior quarter.

The efficiency ratio was 57.3% and 59.0% for the quarters ended June 30, 2022 and March 31, 2022, respectively.

Taxes

The effective tax rate was 25.0% for the quarters ended June 30, 2022 and March 31, 2022.

Asset Quality

The allowance for credit losses was $148.9 million, or 1.12% of total loans and leases, as of June 30, 2022, compared to $150.3 million, or 1.17% of total loans and leases, as of March 31, 2022. The reserve for unfunded commitments was $29.0 million as of June 30, 2022 and March 31, 2022. Net charge-offs were $2.3 million, or 0.07% of average loans and leases on an annualized basis for the quarter ended June 30, 2022, compared to net charge-offs of $2.6 million, or 0.08% of average loans and leases on an annualized basis, for the quarter ended March 31, 2022. Total non-performing assets were $7.9 million, or 0.06% of total loans and leases and other real estate owned, on June 30, 2022, compared to total non-performing assets of $8.6 million, or 0.07% of total loans and leases and other real estate owned, on March 31, 2022.

Capital

Total stockholders’ equity was $2.3 billion on June 30, 2022 and March 31, 2022.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.54%, 11.98% and 13.14%, respectively, on June 30, 2022, compared with 7.50%, 12.27% and 13.48%, respectively, on March 31, 2022.

The Company repurchased 0.3 million shares of common stock at a total cost of $7.0 million under the stock repurchase program in the second quarter. The average cost was $24.09 per share repurchased. Remaining buyback authority under the stock repurchase program was $68.0 million on June 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/BI2ebfe69a17064bc89a14e15354a8e329, 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 Report on Form 10-Q for the quarter ended March 31, 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 Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share data)	2022		****	2022		****	2021			2022		****	2021
Operating Results:
Net interest income	$	145,147		$	133,872		$	131,481		$	279,019		$	260,639
Provision for credit losses		1,000			(5,747)			(35,000)			(4,747)			(35,000)
Noninterest income		44,137			41,380			49,371			85,517			93,239
Noninterest expense		109,175			104,042			99,388			213,217			195,694
Net income		59,360			57,719			86,741			117,079			144,434
Basic earnings per share		0.46			0.45			0.67			0.92			1.11
Diluted earnings per share		0.46			0.45			0.67			0.91			1.11
Dividends declared per share		0.26			0.26			0.26			0.52			0.52
Dividend payout ratio		56.52	%		57.78	%		38.81	%		57.14	%		46.85	%
Performance Ratios^(1)^:
Net interest margin		2.60	%		2.42	%		2.46	%		2.51	%		2.50	%
Efficiency ratio		57.33	%		59.04	%		54.74	%		58.15	%		55.12	%
Return on average total assets		0.94	%		0.93	%		1.45	%		0.94	%		1.24	%
Return on average tangible assets (non-GAAP)^(2)^		0.98	%		0.97	%		1.51	%		0.98	%		1.30	%
Return on average total stockholders' equity		10.52	%		9.19	%		12.92	%		9.82	%		10.75	%
Return on average tangible stockholders' equity (non-GAAP)^(2)^		18.79	%		15.08	%		20.51	%		16.76	%		16.99	%
Average Balances:
Average loans and leases	$	13,058,558		$	12,819,612		$	13,205,086		$	12,939,745		$	13,223,575
Average earning assets		22,520,605			22,463,209			21,539,264			22,492,066			21,010,643
Average assets		25,250,176			25,080,453			24,015,065			25,165,783			23,482,839
Average deposits		22,401,558			21,960,819			20,638,015			22,182,406			20,073,676
Average stockholders' equity		2,262,654			2,547,865			2,691,966			2,404,471			2,709,735
Market Value Per Share:
Closing		22.80			27.89			28.34			22.80			28.34
High		28.44			31.16			29.85			31.16			30.80
Low		21.49			26.93			24.75			21.49			23.14


		As of			As of			As of			As of
		June 30,			March 31,			December 31,			June 30,
(dollars in thousands, except per share data)		2022			2022			2021			2021
Balance Sheet Data:	****
Loans and leases		$	13,262,781		$	12,891,743		$	12,961,999		$	13,103,785
Total assets			25,377,533			25,042,720			24,992,410			24,246,328
Total deposits			22,601,454			22,270,430			21,816,146			20,835,115
Long-term borrowings			—			—			—			200,000
Total stockholders' equity			2,252,611			2,285,149			2,656,912			2,731,341

Per Share of Common Stock:
Book value		$	17.67		$	17.90		$	20.84		$	21.17
Tangible book value (non-GAAP)^(2)^			9.86			10.10			13.03			13.45

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.06	%		0.07	%		0.05	%		0.07	%
Allowance for credit losses for loans and leases / total loans and leases			1.12	%		1.17	%		1.21	%		1.29	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		****	11.98	%		12.27	%		12.24	%		12.76	%
Tier 1 Capital Ratio			11.98	%		12.27	%		12.24	%		12.76	%
Total Capital Ratio			13.14	%		13.48	%		13.49	%		14.01	%
Tier 1 Leverage Ratio			7.54	%		7.50	%		7.24	%		7.68	%
Total stockholders' equity to total assets			8.88	%		9.13	%		10.63	%		11.26	%
Tangible stockholders' equity to tangible assets (non-GAAP)^(2)^			5.16	%		5.36	%		6.92	%		7.47	%

Non-Financial Data:
Number of branches			51			51			54			54
Number of ATMs			297			298			299			294
Number of Full-Time Equivalent Employees			2,021			2,022			2,036			2,087

(1)	Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2022 and 2021 and the three months ended March 31, 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.
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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)		2022			2022			2021			2022			2021
Interest income
Loans and lease financing		$	111,916		$	103,732		$	110,919		$	215,648		$	221,858
Available-for-sale investment securities			16,643			32,107			24,637			48,750			47,783
Held-to-maturity investment securities			18,289			—			—			18,289			—
Other			2,896			782			666			3,678			1,157
Total interest income			149,744			136,621			136,222			286,365			270,798
Interest expense
Deposits			4,597			2,749			3,363			7,346			7,419
Short-term and long-term borrowings			—			—			1,378			—			2,740
Total interest expense			4,597			2,749			4,741			7,346			10,159
Net interest income			145,147			133,872			131,481			279,019			260,639
Provision for credit losses			1,000			(5,747)			(35,000)			(4,747)			(35,000)
Net interest income after provision for credit losses			144,147			139,619			166,481			283,766			295,639
Noninterest income
Service charges on deposit accounts			6,843			7,501			6,632			14,344			13,350
Credit and debit card fees			17,056			14,850			16,746			31,906			31,297
Other service charges and fees			9,018			9,654			10,303			18,672			19,149
Trust and investment services income			8,759			8,883			8,707			17,642			17,199
Bank-owned life insurance			(859)			(417)			3,104			(1,276)			5,493
Investment securities (losses) gains, net			—			—			102			—			102
Other			3,320			909			3,777			4,229			6,649
Total noninterest income			44,137			41,380			49,371			85,517			93,239
Noninterest expense
Salaries and employee benefits			49,902			48,226			45,982			98,128			89,918
Contracted services and professional fees			18,617			17,147			16,516			35,764			33,704
Occupancy			7,334			7,410			7,314			14,744			14,484
Equipment			7,754			5,977			6,362			13,731			11,853
Regulatory assessment and fees			2,301			2,224			1,826			4,525			3,860
Advertising and marketing			1,994			2,028			1,469			4,022			3,060
Card rewards program			7,285			6,883			6,262			14,168			11,097
Other			13,988			14,147			13,657			28,135			27,718
Total noninterest expense			109,175			104,042			99,388			213,217			195,694
Income before provision for income taxes			79,109			76,957			116,464			156,066			193,184
Provision for income taxes			19,749			19,238			29,723			38,987			48,750
Net income		$	59,360		$	57,719		$	86,741		$	117,079		$	144,434
Basic earnings per share		$	0.46		$	0.45		$	0.67		$	0.92		$	1.11
Diluted earnings per share		$	0.46		$	0.45		$	0.67		$	0.91		$	1.11
Basic weighted-average outstanding shares			127,672,244			127,556,242			129,392,339			127,614,564			129,661,228
Diluted weighted-average outstanding shares			128,014,777			128,121,126			129,828,847			128,108,630			130,164,762


Consolidated Balance Sheets	Table 3
	June 30,		March 31,		December 31,		June 30,
(dollars in thousands)	2022		2022		2021		2021
Assets
Cash and due from banks	$	279,629	$	274,022	$	246,716	$	347,861
Interest-bearing deposits in other banks		1,254,047		1,352,138		1,011,753		1,558,437
Investment securities:
Available-for-sale, at fair value (amortized cost: $4,267,809 as of June 30, 2022, $8,733,170 as of March 31, 2022, $8,560,733 as of December 31, 2021 and $6,951,153 as of June 30, 2021)		3,967,746		8,062,384		8,428,032		6,953,930
Held-to-maturity, at amortized cost (fair value: $3,910,780 as of June 30, 2022 and nil as of March 31, 2022, December 31, 2021 and June 30, 2021)		4,093,215		—		—		—
Loans held for sale		180		—		538		1,241
Loans and leases		13,262,781		12,891,743		12,961,999		13,103,785
Less: allowance for credit losses		148,942		150,280		157,262		169,148
Net loans and leases		13,113,839		12,741,463		12,804,737		12,934,637

Premises and equipment, net		310,047		315,766		318,448		319,452
Other real estate owned and repossessed personal property		—		—		175		—
Accrued interest receivable		63,240		61,561		63,158		66,734
Bank-owned life insurance		470,542		471,401		471,819		466,402
Goodwill		995,492		995,492		995,492		995,492
Mortgage servicing rights		7,152		7,650		8,302		10,007
Other assets		822,404		760,843		643,240		592,135
Total assets	$	25,377,533	$	25,042,720	$	24,992,410	$	24,246,328
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	12,990,571	$	12,504,821	$	12,422,283	$	12,245,193
Noninterest-bearing		9,610,883		9,765,609		9,393,863		8,589,922
Total deposits		22,601,454		22,270,430		21,816,146		20,835,115
Long-term borrowings		—		—		—		200,000
Retirement benefits payable		134,151		134,323		134,491		144,101
Other liabilities		389,317		352,818		384,861		335,771
Total liabilities		23,124,922		22,757,571		22,335,498		21,514,987

Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,943,908 / 127,451,087 shares as of June 30, 2022, issued/outstanding: 140,875,595 / 127,686,307 shares as of March 31, 2022, issued/outstanding: 140,581,715 / 127,502,472 shares as of December 31, 2021 and issued/outstanding: 140,542,398 / 129,019,871 shares as of June 30, 2021)		1,409		1,409		1,406		1,405
Additional paid-in capital		2,533,407		2,530,795		2,527,663		2,520,790
Retained earnings		654,777		628,642		604,534		550,511
Accumulated other comprehensive loss, net		(571,457)		(517,502)		(121,693)		(29,702)
Treasury stock (13,492,821 shares as of June 30, 2022, 13,189,288 shares as of March 31, 2022, 13,079,243 shares as of December 31, 2021 and 11,522,527 shares as of June 30, 2021)		(365,525)		(358,195)		(354,998)		(311,663)
Total stockholders' equity		2,252,611		2,285,149		2,656,912		2,731,341
Total liabilities and stockholders' equity	$	25,377,533	$	25,042,720	$	24,992,410	$	24,246,328


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2022						March 31, 2022						June 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	$	1,297.3	$	2.8	0.85	%	$	1,138.3	$	0.6	0.20	%	$	1,503.0	$	0.4	0.10	%
Available-for-Sale Investment Securities
Taxable		3,946.4		16.6	1.68			7,800.3		29.2	1.50			6,298.3		22.5	1.43
Non-Taxable		8.4		0.1	5.26			636.7		3.6	2.32			468.4		2.7	2.30
Held-to-Maturity Investment Securities
Taxable		3,533.6		15.0	1.70			—		—	—			—		—	—
Non-Taxable		607.0		4.1	2.71			—		—	—			—		—	—
Total Investment Securities		8,095.4		35.8	1.77			8,437.0		32.8	1.56			6,766.7		25.2	1.49
Loans Held for Sale		0.3		—	5.06			1.2		—	2.02			2.0		—	1.44
Loans and Leases^(1)^
Commercial and industrial		1,951.3		15.0	3.09			1,973.1		14.6	3.01			2,882.1		21.1	2.94
Commercial real estate		3,808.9		30.7	3.23			3,632.2		25.8	2.88			3,419.7		25.3	2.97
Construction		711.3		6.3	3.57			766.9		5.7	3.03			800.9		6.3	3.15
Residential:
Residential mortgage		4,183.0		36.7	3.51			4,111.0		34.8	3.38			3,765.4		34.0	3.62
Home equity line		945.7		5.9	2.49			891.6		5.5	2.48			812.6		5.5	2.72
Consumer		1,218.0		15.5	5.09			1,218.6		15.6	5.19			1,277.9		16.9	5.32
Lease financing		240.4		2.1	3.53			226.2		1.9	3.42			246.5		1.9	3.06
Total Loans and Leases		13,058.6		112.2	3.44			12,819.6		103.9	3.27			13,205.1		111.0	3.37
Other Earning Assets		69.0		0.1	0.79			67.1		0.2	1.31			62.5		0.3	1.91
Total Earning Assets^(2)^		22,520.6		150.9	2.68			22,463.2		137.5	2.47			21,539.3		136.9	2.55
Cash and Due from Banks		300.8						292.1						290.7
Other Assets		2,428.8						2,325.2						2,185.1
Total Assets	$	25,250.2					$	25,080.5					$	24,015.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,971.3	$	1.7	0.10	%	$	6,668.4	$	0.5	0.03	%		6,361.8	$	0.5	0.03	%
Money Market		4,127.4		1.4	0.14			4,048.9		0.5	0.05			3,783.1		0.5	0.06
Time		1,671.4		1.5	0.36			1,748.5		1.7	0.39			2,034.5		2.3	0.45
Total Interest-Bearing Deposits		12,770.1		4.6	0.14			12,465.8		2.7	0.09			12,179.4		3.3	0.11
Long-Term Borrowings		—		—	—			—		—	—			200.0		1.4	2.76
Total Interest-Bearing Liabilities		12,770.1		4.6	0.14			12,465.8		2.7	0.09			12,379.4		4.7	0.15
Net Interest Income			$	146.3					$	134.8					$	132.2
Interest Rate Spread					2.54	%					2.38	%					2.40	%
Net Interest Margin					2.60	%					2.42	%					2.46	%
Noninterest-Bearing Demand Deposits		9,631.4						9,495.0						8,458.6
Other Liabilities		586.0						571.8						485.1
Stockholders' Equity		2,262.7						2,547.9						2,692.0
Total Liabilities and Stockholders' Equity	$	25,250.2					$	25,080.5					$	24,015.1

(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 $1.2 million, $1.0 million and $0.7 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively.
---	---


Average Balances and Interest Rates											Table 5
	Six Months Ended						Six Months Ended
	June 30, 2022						June 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	$	1,218.3	$	3.3	0.55	%	$	1,222.4	$	0.6	0.10	%
Available-for-Sale Investment Securities
Taxable		5,862.7		45.7	1.56			6,125.1		44.6	1.46
Non-Taxable		320.8		3.9	2.41			373.7		4.0	2.11
Held-to-Maturity Investment Securities
Taxable		1,776.6		15.0	1.69			—		—	—
Non-Taxable		305.2		4.1	2.71			—		—	—
Total Investment Securities		8,265.3		68.7	1.66			6,498.8		48.6	1.49
Loans Held for Sale		0.8		—	2.60			5.6		0.1	2.28
Loans and Leases^(1)^
Commercial and industrial		1,962.1		29.7	3.05			2,954.0		41.5	2.84
Commercial real estate		3,721.0		56.4	3.06			3,402.6		50.2	2.98
Construction		738.9		12.1	3.30			774.0		12.1	3.16
Residential:
Residential mortgage		4,147.2		71.5	3.45			3,730.9		68.7	3.68
Home equity line		918.8		11.3	2.48			817.3		11.2	2.76
Consumer		1,218.3		31.1	5.14			1,300.7		34.7	5.37
Lease financing		233.4		4.0	3.48			244.1		3.7	3.04
Total Loans and Leases		12,939.7		216.1	3.36			13,223.6		222.1	3.38
Other Earning Assets		68.0		0.4	1.05			60.2		0.5	1.85
Total Earning Assets^(2)^		22,492.1		288.5	2.58			21,010.6		271.9	2.60
Cash and Due from Banks		296.5						292.3
Other Assets		2,377.2						2,179.9
Total Assets	$	25,165.8					$	23,482.8

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,820.7	$	2.2	0.07	%	$	6,169.5	$	1.1	0.04	%
Money Market		4,088.3		2.0	0.09			3,657.3		1.0	0.05
Time		1,709.8		3.2	0.38			2,160.8		5.3	0.49
Total Interest-Bearing Deposits		12,618.8		7.4	0.12			11,987.6		7.4	0.12
Long-Term Borrowings		—		—	—			200.0		2.7	2.76
Total Interest-Bearing Liabilities		12,618.8		7.4	0.12			12,187.6		10.1	0.17
Net Interest Income			$	281.1					$	261.8
Interest Rate Spread					2.46	%					2.43	%
Net Interest Margin					2.51	%					2.50	%
Noninterest-Bearing Demand Deposits		9,563.6						8,086.1
Other Liabilities		578.9						499.4
Stockholders' Equity		2,404.5						2,709.7
Total Liabilities and Stockholders' Equity	$	25,165.8					$	23,482.8

(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 $2.1 million and $1.1 million for the six months ended June 30, 2022 and 2021, respectively.
---	---


Analysis of Change in Net Interest Income						Table 6
	Three Months Ended June 30, 2022
	Compared to March 31, 2022
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	0.1	$	2.1	$	2.2
Available-for-Sale Investment Securities
Taxable		(15.8)		3.2		(12.6)
Non-Taxable		(5.6)		2.1		(3.5)
Held-to-Maturity Investment Securities
Taxable		15.0		—		15.0
Non-Taxable		4.1		—		4.1
Total Investment Securities		(2.3)		5.3		3.0
Loans and Leases
Commercial and industrial		(0.1)		0.5		0.4
Commercial real estate		1.4		3.5		4.9
Construction		(0.4)		1.0		0.6
Residential:
Residential mortgage		0.6		1.3		1.9
Home equity line		0.4		—		0.4
Consumer		—		(0.1)		(0.1)
Lease financing		0.1		0.1		0.2
Total Loans and Leases		2.0		6.3		8.3
Other Earning Assets		—		(0.1)		(0.1)
Total Change in Interest Income		(0.2)		13.6		13.4

Change in Interest Expense:
Interest-Bearing Deposits
Savings		0.1		1.1		1.2
Money Market		—		0.9		0.9
Time		(0.1)		(0.1)		(0.2)
Total Interest-Bearing Deposits		—		1.9		1.9
Total Change in Interest Expense		—		1.9		1.9
Change in Net Interest Income	$	(0.2)	$	11.7	$	11.5


Analysis of Change in Net Interest Income						Table 7
	Three Months Ended June 30, 2022
	Compared to June 30, 2021
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	—	$	2.4	$	2.4
Available-for-Sale Investment Securities
Taxable		(9.4)		3.5		(5.9)
Non-Taxable		(4.1)		1.5		(2.6)
Held-to-Maturity Investment Securities
Taxable		15.0		—		15.0
Non-Taxable		4.1		—		4.1
Total Investment Securities		5.6		5.0		10.6
Loans and Leases
Commercial and industrial		(7.1)		1.0		(6.1)
Commercial real estate		3.0		2.4		5.4
Construction		(0.8)		0.8		—
Residential:
Residential mortgage		3.7		(1.0)		2.7
Home equity line		0.9		(0.5)		0.4
Consumer		(0.7)		(0.7)		(1.4)
Lease financing		(0.1)		0.3		0.2
Total Loans and Leases		(1.1)		2.3		1.2
Other Earning Assets		—		(0.2)		(0.2)
Total Change in Interest Income		4.5		9.5		14.0

Change in Interest Expense:
Interest-Bearing Deposits
Savings		0.1		1.1		1.2
Money Market		0.1		0.8		0.9
Time		(0.4)		(0.4)		(0.8)
Total Interest-Bearing Deposits		(0.2)		1.5		1.3
Long-Term Borrowings		(0.7)		(0.7)		(1.4)
Total Change in Interest Expense		(0.9)		0.8		(0.1)
Change in Net Interest Income	$	5.4	$	8.7	$	14.1


Analysis of Change in Net Interest Income						Table 8
	Six Months Ended June 30, 2022
	Compared to June 30, 2021
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	—	$	2.7	$	2.7
Available-for-Sale Investment Securities
Taxable		(1.9)		3.0		1.1
Non-Taxable		(0.6)		0.5		(0.1)
Held-to-Maturity Investment Securities
Taxable		15.0		—		15.0
Non-Taxable		4.1		—		4.1
Total Investment Securities		16.6		3.5		20.1
Loans Held for Sale		(0.1)		—		(0.1)
Loans and Leases
Commercial and industrial		(14.7)		2.9		(11.8)
Commercial real estate		4.8		1.4		6.2
Construction		(0.5)		0.5		—
Residential:
Residential mortgage		7.2		(4.4)		2.8
Home equity line		1.3		(1.2)		0.1
Consumer		(2.1)		(1.5)		(3.6)
Lease financing		(0.2)		0.5		0.3
Total Loans and Leases		(4.2)		(1.8)		(6.0)
Other Earning Assets		0.1		(0.2)		(0.1)
Total Change in Interest Income		12.4		4.2		16.6

Change in Interest Expense:
Interest-Bearing Deposits
Savings		0.1		1.0		1.1
Money Market		0.2		0.8		1.0
Time		(1.0)		(1.1)		(2.1)
Total Interest-Bearing Deposits		(0.7)		0.7		—
Long-Term Borrowings		(1.4)		(1.3)		(2.7)
Total Change in Interest Expense		(2.1)		(0.6)		(2.7)
Change in Net Interest Income	$	14.5	$	4.8	$	19.3


Loans and Leases											Table 9
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2022		****	2022		****	2021		****	2021
Commercial and industrial:
Commercial and industrial excluding Paycheck Protection Program loans	$	1,898,899		$	1,817,346	****	$	1,870,657		$	1,753,444
Paycheck Protection Program loans		43,233			106,188			216,442			811,103
Total commercial and industrial		1,942,132			1,923,534			2,087,099			2,564,547
Commercial real estate		3,956,828			3,759,980			3,639,623			3,528,068
Construction		727,771			708,300			813,969			853,865
Residential:
Residential mortgage		4,212,768			4,153,824			4,083,367			3,821,407
Home equity line		971,569			918,101			876,608			825,368
Total residential		5,184,337			5,071,925			4,959,975			4,646,775
Consumer		1,207,051			1,204,834			1,229,939			1,267,559
Lease financing		244,662			223,170			231,394			242,971
Total loans and leases	$	13,262,781		$	12,891,743		$	12,961,999		$	13,103,785


Deposits											Table 10
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2022		****	2022		****	2021		****	2021
Demand	$	9,610,883		$	9,765,609		$	9,393,863		$	8,589,922
Savings		7,243,185			6,812,758			6,612,775			6,421,053
Money Market		4,079,706			3,990,225			4,033,070			3,920,477
Time		1,667,680			1,701,838			1,776,438			1,903,663
Total Deposits	$	22,601,454		$	22,270,430		$	21,816,146		$	20,835,115


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)	2022		****	2022		****	2021		****	2021
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	682		$	707		$	718		$	828
Commercial real estate		727			727			727			937
Lease financing		—			75			—			—
Total Commercial Loans		1,409			1,509			1,445			1,765
Residential Loans:
Residential mortgage		6,450			7,092			5,637			7,140
Total Residential Loans		6,450			7,092			5,637			7,140
Total Non-Accrual Loans and Leases		7,859			8,601			7,082			8,905
Other Real Estate Owned		—			—			175			—
Total Non-Performing Assets	$	7,859		$	8,601		$	7,257		$	8,905

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	2,230		$	591		$	740		$	494
Commercial real estate		176			—			—			—
Construction		352			—			—			60
Total Commercial Loans		2,758			591			740			554
Residential Loans:
Residential mortgage		750			13			987			—
Home equity line		1,039			2,252			3,681			4,680
Total Residential Loans		1,789			2,265			4,668			4,680
Consumer		1,218			1,588			1,800			1,134
Total Accruing Loans and Leases Past Due 90 Days or More	$	5,765		$	4,444		$	7,208		$	6,368

Restructured Loans on Accrual Status and Not Past Due 90 Days or More	$	29,440		$	32,590		$	34,893		$	36,668
Total Loans and Leases	$	13,262,781		$	12,891,743		$	12,961,999		$	13,103,785


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)	2022			2022		****	2021		****	2022			2021		****
Balance at Beginning of Period	$	179,238		$	187,584		$	234,469			187,584			239,057
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(243)			(706)			(330)			(949)			(1,293)
Commercial real estate		—			—			—			—			(66)
Total Commercial Loans		(243)			(706)			(330)			(949)			(1,359)
Residential Loans:
Residential mortgage		—			—			—			—			(98)
Home equity line		(1,120)			(43)			—			(1,163)			—
Total Residential Loans		(1,120)			(43)			—			(1,163)			(98)
Consumer		(3,659)			(4,109)			(3,917)			(7,768)			(10,458)
Total Loans and Leases Charged-Off		(5,022)			(4,858)			(4,247)			(9,880)			(11,915)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial		301			53			287			354			502
Commercial real estate		—			14			12			14			15
Construction		—			—			—			—			166
Lease financing		60			—			—			60			—
Total Commercial Loans		361			67			299			428			683
Residential Loans:
Residential mortgage		192			16			14			208			31
Home equity line		191			28			38			219			62
Total Residential Loans		383			44			52			427			93
Consumer		1,940			2,148			2,797			4,088			5,452
Total Recoveries on Loans and Leases Previously Charged-Off		2,684			2,259			3,148			4,943			6,228
Net Loans and Leases Charged-Off		(2,338)			(2,599)			(1,099)			(4,937)			(5,687)
Provision for Credit Losses		1,000			(5,747)			(35,000)			(4,747)			(35,000)
Balance at End of Period	$	177,900		$	179,238		$	198,370		$	177,900		$	198,370
Components:
Allowance for Credit Losses	$	148,942		$	150,280		$	169,148		$	148,942		$	169,148
Reserve for Unfunded Commitments		28,958			28,958			29,222			28,958			29,222
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	177,900		$	179,238		$	198,370		$	177,900		$	198,370
Average Loans and Leases Outstanding	$	13,058,558		$	12,819,612		$	13,205,086		$	12,939,745		$	13,223,575
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding^(1)^		0.07	%		0.08	%		0.03	%		0.08	%		0.09	%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.12	%		1.17	%		1.29	%		1.12	%		1.29	%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		18.95x			17.47x			18.99x			18.95x			18.99x

(1)	Annualized for the three and six months ended June 30, 2022 and 2021, and three months ended March 31, 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	$	216,303	$	421,981	$	66,601	$	182,175	$	60,586	$	156,647	$	697,256	$	19,128	$	1,820,677
Special Mention		2,816		316		1,628		2,822		748		5,295		1,073		841		15,539
Substandard		—		320		1,103		1,605		1,019		879		16,214		114		21,254
Other ^(1)^		12,807		9,613		11,531		5,366		3,075		1,576		40,694		—		84,662
Total Commercial and Industrial		231,926		432,230		80,863		191,968		65,428		164,397		755,237		20,083		1,942,132

Commercial Real Estate
Risk rating:
Pass		516,062		695,446		338,391		516,210		459,372		1,270,438		84,174		—		3,880,093
Special Mention		—		—		562		47,781		—		11,140		695		—		60,178
Substandard		—		—		180		—		1,742		14,476		3		—		16,401
Other ^(1)^		—		—		—		—		—		156		—		—		156
Total Commercial Real Estate		516,062		695,446		339,133		563,991		461,114		1,296,210		84,872		—		3,956,828

Construction
Risk rating:
Pass		39,575		193,588		127,677		85,471		115,881		88,509		14,965		—		665,666
Special Mention		—		—		—		236		—		350		—		—		586
Substandard		—		—		—		—		351		498		—		—		849
Other ^(1)^		13,228		29,529		6,049		2,849		3,913		4,151		951		—		60,670
Total Construction		52,803		223,117		133,726		88,556		120,145		93,508		15,916		—		727,771

Lease Financing
Risk rating:
Pass		41,656		26,813		49,889		43,989		7,801		68,457		—		—		238,605
Special Mention		—		457		2,642		1,358		11		17		—		—		4,485
Substandard		—		—		195		16		14		1,347		—		—		1,572
Total Lease Financing		41,656		27,270		52,726		45,363		7,826		69,821		—		—		244,662

Total Commercial Lending	$	842,447	$	1,378,063	$	606,448	$	889,878	$	654,513	$	1,623,936	$	856,025	$	20,083	$	6,871,393


															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	$	352,342	$	1,069,214	$	587,478	$	252,428	$	178,752	$	974,057	$	—	$	—	$	3,414,271
680 - 739		46,224		124,306		79,422		45,117		21,882		144,226		—		—		461,177
620 - 679		5,305		19,143		14,291		5,405		3,892		38,470		—		—		86,506
550 - 619		169		1,943		294		226		2,073		8,017		—		—		12,722
Less than 550		2,085		1,242		60		—		340		4,656		—		—		8,383
No Score ^(3)^		10,652		14,868		7,544		13,471		16,488		54,373		—		—		117,396
Other ^(2)^		20,365		19,445		15,580		9,552		9,757		31,304		4,999		1,311		112,313
Total Residential Mortgage		437,142		1,250,161		704,669		326,199		233,184		1,255,103		4,999		1,311		4,212,768

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		748,148		2,227		750,375
680 - 739		—		—		—		—		—		—		157,042		3,106		160,148
620 - 679		—		—		—		—		—		—		40,070		2,454		42,524
550 - 619		—		—		—		—		—		—		9,202		1,601		10,803
Less than 550		—		—		—		—		—		—		1,159		491		1,650
No Score ^(3)^		—		—		—		—		—		—		6,069		—		6,069
Total Home Equity Line		—		—		—		—		—		—		961,690		9,879		971,569
Total Residential Lending		437,142		1,250,161		704,669		326,199		233,184		1,255,103		966,689		11,190		5,184,337

Consumer Lending
FICO:
740 and greater		115,911		132,565		66,828		59,155		38,001		17,426		117,266		203		547,355
680 - 739		53,590		80,240		45,783		41,393		23,562		13,947		67,636		566		326,717
620 - 679		11,760		35,430		17,746		22,180		13,928		11,374		30,079		1,018		143,515
550 - 619		1,000		6,548		6,576		10,400		7,652		6,801		10,044		1,026		50,047
Less than 550		379		1,758		2,973		5,022		2,547		2,525		3,047		483		18,734
No Score ^(3)^		1,087		402		9		52		31		45		37,536		303		39,465
Other ^(2)^		1,675		4,218		358		1,674		—		2,152		71,141		—		81,218
Total Consumer Lending		185,402		261,161		140,273		139,876		85,721		54,270		336,749		3,599		1,207,051

Total Loans and Leases	$	1,464,991	$	2,889,385	$	1,451,390	$	1,355,953	$	973,418	$	2,933,309	$	2,159,463	$	34,872	$	13,262,781

(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 Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share amounts)	2022		****	2022		****	2021		****	2022		****	2021
Income Statement Data:
Net income	$	59,360		$	57,719		$	86,741		$	117,079		$	144,434

Average total stockholders' equity	$	2,262,654		$	2,547,865		$	2,691,966		$	2,404,471		$	2,709,735
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible stockholders' equity	$	1,267,162		$	1,552,373		$	1,696,474		$	1,408,979		$	1,714,243

Average total assets	$	25,250,176		$	25,080,453		$	24,015,065		$	25,165,783		$	23,482,839
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible assets	$	24,254,684		$	24,084,961		$	23,019,573		$	24,170,291		$	22,487,347

Return on average total stockholders' equity^(1)^		10.52	%		9.19	%		12.92	%		9.82	%		10.75	%
Return on average tangible stockholders' equity (non-GAAP)^(1)^		18.79	%		15.08	%		20.51	%		16.76	%		16.99	%

Return on average total assets^(1)^		0.94	%		0.93	%		1.45	%		0.94	%		1.24	%
Return on average tangible assets (non-GAAP)^(1)^		0.98	%		0.97	%		1.51	%		0.98	%		1.30	%



	As of			As of			As of			As of
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands, except per share amounts)	2022		****	2022		****	2021		****	2021
Balance Sheet Data:
Total stockholders' equity	$	2,252,611		$	2,285,149		$	2,656,912		$	2,731,341
Less: goodwill		995,492			995,492			995,492			995,492
Tangible stockholders' equity	$	1,257,119		$	1,289,657		$	1,661,420		$	1,735,849

Total assets	$	25,377,533		$	25,042,720		$	24,992,410		$	24,246,328
Less: goodwill		995,492			995,492			995,492			995,492
Tangible assets	$	24,382,041		$	24,047,228		$	23,996,918		$	23,250,836

Shares outstanding		127,451,087			127,686,307			127,502,472			129,019,871

Total stockholders' equity to total assets		8.88	%		9.13	%		10.63	%		11.26	%
Tangible stockholders' equity to tangible assets (non-GAAP)		5.16	%		5.36	%		6.92	%		7.47	%

Book value per share	$	17.67		$	17.90		$	20.84		$	21.17
Tangible book value per share (non-GAAP)	$	9.86		$	10.10		$	13.03		$	13.45

(1)	Annualized for the three and six months ended June 30, 2022 and 2021, and three months ended March 31, 2022.