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FIRST HAWAIIAN
Symbol	FHB
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First Hawaiian, Inc. Reports Fourth Quarter 2025 Financial Results and Declares Dividend

2026-01-30 08:00 ET - News Release

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

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

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

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

Fourth Quarter 2025 Highlights:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

To access the call by phone, please register via the following link:
https://register-conf.media-server.com/register/BI1600e9966e084b4dbab703adec5d98af, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025.

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

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

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

Financial Highlights	Table 1
	For the Three Months Ended										For the Year Ended
	December 31,			September 30,			December 31,				December 31,
(dollars in thousands, except per share data)	2025			2025			2024				2025			2024
Operating Results:
Net interest income	$	170,302		$	169,331		$	158,753			$	663,742		$	622,738
Provision (benefit) for credit losses		7,700			4,500			(750	)			27,200			14,750
Noninterest income		55,551			57,060			29,376				217,046			185,803
Noninterest expense		125,102			125,744			124,143				499,345			501,189
Net income		69,931			73,840			52,496				276,266			230,129
Basic earnings per share		0.57			0.59			0.41				2.21			1.80
Diluted earnings per share		0.56			0.59			0.41				2.20			1.79
Dividends declared per share		0.26			0.26			0.26				1.04			1.04
Dividend payout ratio		46.43	%		44.07	%		63.41		%		47.27	%		58.10	%
Performance Ratios⁽¹⁾:
Net interest margin		3.21	%		3.19	%		3.03		%		3.15	%		2.95	%
Efficiency ratio		55.14	%		55.29	%		65.51		%		56.43	%		61.57	%
Return on average total assets		1.16	%		1.22	%		0.88		%		1.16	%		0.96	%
Return on average tangible assets (non-GAAP)⁽²⁾		1.21	%		1.27	%		0.92		%		1.21	%		1.00	%
Return on average total stockholders' equity		10.07	%		10.81	%		7.94		%		10.26	%		9.00	%
Return on average tangible stockholders' equity (non-GAAP)⁽²⁾		15.76	%		17.08	%		12.78		%		16.27	%		14.74	%
Average Balances:
Average loans and leases	$	14,251,470		$	14,209,282		$	14,276,107			$	14,264,604		$	14,312,759
Average earning assets		21,215,262			21,271,827			21,079,951				21,206,274			21,284,169
Average assets		23,925,000			23,993,685			23,795,735				23,917,443			23,996,723
Average deposits		20,510,346			20,411,117			20,249,573				20,389,375			20,373,975
Average stockholders' equity		2,756,241			2,710,273			2,629,600				2,693,446			2,557,215
Market Value Per Share:
Closing		25.30			24.83			25.95				25.30			25.95
High		26.56			26.72			28.80				28.28			28.80
Low		22.65			23.48			22.08				20.32			19.48

	As of			As of			As of
	December 31,			September 30,			December 31,
(dollars in thousands, except per share data)	2025			2025			2024
Balance Sheet Data:
Loans and leases	$	14,312,529		$	14,129,383		$	14,408,258
Total assets		23,955,252			24,098,728			23,828,186
Total deposits		20,515,668			20,729,557			20,322,216
Short-term borrowings		—			—			250,000
Total stockholders' equity		2,769,365			2,733,921			2,617,486

Per Share of Common Stock:
Book value	$	22.57		$	22.10		$	20.70
Tangible book value (non-GAAP)⁽²⁾		14.46			14.05			12.83

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.29	%		0.22	%		0.14	%
Allowance for credit losses for loans and leases / total loans and leases		1.18	%		1.17	%		1.11	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		13.17	%		13.24	%		12.80	%
Tier 1 Capital Ratio		13.17	%		13.24	%		12.80	%
Total Capital Ratio		14.42	%		14.49	%		13.99	%
Tier 1 Leverage Ratio		9.27	%		9.16	%		9.14	%
Total stockholders' equity to total assets		11.56	%		11.34	%		10.98	%
Tangible stockholders' equity to tangible assets (non-GAAP)⁽²⁾		7.73	%		7.52	%		7.10	%

Non-Financial Data:
Number of branches		49			49			48
Number of ATMs		273			275			273
Number of Full-Time Equivalent Employees		1,997			2,001			1,997

__________________________

⁽¹⁾	Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024.

⁽²⁾	Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

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

Consolidated Balance Sheets	Table 3
	December 31,			September 30,			December 31,
(dollars in thousands, except share amount)	2025			2025			2024
Assets
Cash and due from banks	$	228,734		$	249,563		$	258,057
Interest-bearing deposits in other banks		1,249,018			1,606,080			912,133
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,246,716 as of December 31, 2025, $2,178,092 as of September 30, 2025 and $2,190,448 as of December 31, 2024)		2,076,233			1,986,717			1,926,516
Held-to-maturity, at amortized cost (fair value: $3,188,775 as of December 31, 2025, $3,209,883 as of September 30, 2025 and $3,262,509 as of December 31, 2024)		3,533,082			3,594,188			3,790,650
Loans held for sale		1,370			468			—
Loans and leases		14,312,529			14,129,383			14,408,258
Less: allowance for credit losses		168,468			165,269			160,393
Net loans and leases		14,144,061			13,964,114			14,247,865

Premises and equipment, net		303,496			302,983			288,530
Accrued interest receivable		77,641			77,878			79,979
Bank-owned life insurance		513,182			507,950			491,890
Goodwill		995,492			995,492			995,492
Mortgage servicing rights		4,638			4,728			5,078
Other assets		828,305			808,567			831,996
Total assets	$	23,955,252		$	24,098,728		$	23,828,186
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	13,968,376		$	13,947,385		$	13,347,068
Noninterest-bearing		6,547,292			6,782,172			6,975,148
Total deposits		20,515,668			20,729,557			20,322,216
Short-term borrowings		—			—			250,000
Retirement benefits payable		99,052			94,504			97,135
Other liabilities		571,167			540,746			541,349
Total liabilities		21,185,887			21,364,807			21,210,700

Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,184,584 / 122,689,256 shares as of December 31, 2025, issued/outstanding: 142,173,027 / 123,719,585 shares as of September 30, 2025 and issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024)		1,422			1,422			1,417
Additional paid-in capital		2,576,540			2,572,156			2,560,380
Retained earnings		1,078,885			1,041,573			934,048
Accumulated other comprehensive loss, net		(368,140	)		(388,149	)		(463,994	)
Treasury stock (19,495,328 shares as of December 31, 2025, 18,453,442 shares as of September 30, 2025 and 15,325,949 shares as of December 31, 2024)		(519,342	)		(493,081	)		(414,365	)
Total stockholders' equity		2,769,365			2,733,921			2,617,486
Total liabilities and stockholders' equity	$	23,955,252		$	24,098,728		$	23,828,186

Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	1,331.8	$	13.2	3.95	%	$	1,471.0	$	16.3	4.40	%	$	948.9	$	11.3	4.75	%
Available-for-Sale Investment Securities
Taxable		2,035.3		15.0	2.94			1,921.2		13.5	2.80			1,987.7		12.7	2.56
Non-Taxable		0.9		—	4.97			1.2		—	5.07			1.4		—	5.30
Held-to-Maturity Investment Securities
Taxable		2,973.8		12.6	1.69			3,036.1		12.8	1.68			3,224.8		13.9	1.72
Non-Taxable		594.3		3.5	2.37			595.5		3.6	2.39			601.7		3.9	2.56
Total Investment Securities		5,604.3		31.1	2.22			5,554.0		29.9	2.15			5,815.6		30.5	2.10
Loans Held for Sale		0.3		—	5.83			0.9		—	5.71			1.3		—	5.75
Loans and Leases⁽¹⁾
Commercial and industrial		2,131.5		31.9	5.94			2,144.0		33.6	6.22			2,157.8		35.2	6.50
Commercial real estate		4,599.2		68.8	5.93			4,481.5		69.9	6.18			4,333.1		68.9	6.33
Construction		804.5		13.3	6.55			891.9		15.2	6.78			990.7		17.4	6.99
Residential:
Residential mortgage		4,081.3		41.0	4.02			4,077.1		40.4	3.96			4,183.5		40.8	3.90
Home equity line		1,175.7		14.0	4.71			1,167.0		14.0	4.76			1,157.1		13.3	4.55
Consumer		1,022.1		19.8	7.70			1,018.4		19.6	7.63			1,033.2		19.0	7.29
Lease financing		437.2		4.3	3.89			429.4		4.3	3.98			420.7		4.4	4.18
Total Loans and Leases		14,251.5		193.1	5.38			14,209.3		197.0	5.51			14,276.1		199.0	5.55
Other Earning Assets		27.4		0.4	5.69			36.6		0.4	4.72			38.1		0.7	6.73
Total Earning Assets⁽²⁾		21,215.3		237.8	4.46			21,271.8		243.6	4.55			21,080.0		241.5	4.56
Cash and Due from Banks		221.1						243.3						226.2
Other Assets		2,488.6						2,478.6						2,489.5
Total Assets	$	23,925.0					$	23,993.7					$	23,795.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,288.5	$	20.0	1.26	%	$	6,331.6	$	21.9	1.37	%	$	5,940.3	$	21.1	1.42	%
Money Market		4,185.4		22.0	2.08			3,837.6		23.4	2.42			4,053.6		26.6	2.61
Time		3,368.8		24.4	2.88			3,353.9		25.5	3.02			3,362.0		30.8	3.64
Total Interest-Bearing Deposits		13,842.7		66.4	1.90			13,523.1		70.8	2.08			13,355.9		78.5	2.34
Other Short-Term Borrowings		—		—	—			206.5		2.2	4.22			250.0		2.7	4.27
Other Interest-Bearing Liabilities		9.5		0.1	3.97			14.4		0.2	5.46			25.3		0.2	4.07
Total Interest-Bearing Liabilities		13,852.2		66.5	1.91			13,744.0		73.2	2.11			13,631.2		81.4	2.38
Net Interest Income			$	171.3					$	170.4					$	160.1
Interest Rate Spread⁽³⁾					2.55	%					2.44	%					2.18	%
Net Interest Margin⁽⁴⁾					3.21	%					3.19	%					3.03	%
Noninterest-Bearing Demand Deposits		6,667.6						6,888.0						6,893.7
Other Liabilities		649.0						651.4						641.2
Stockholders' Equity		2,756.2						2,710.3						2,629.6
Total Liabilities and Stockholders' Equity	$	23,925.0					$	23,993.7					$	23,795.7

__________________________

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

⁽²⁾	Interest income includes taxable-equivalent basis adjustments of $1.0 million, $1.0 million and $1.4 million for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

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

⁽⁴⁾	Net interest margin is net interest income annualized for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

Average Balances and Interest Rates											Table 5
	Year Ended						Year Ended
	December 31, 2025						December 31, 2024
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	1,313.6	$	56.5	4.30	%	$	900.8	$	47.3	5.25	%
Available-for-Sale Investment Securities
Taxable		1,929.6		54.0	2.80			2,090.0		54.2	2.60
Non-Taxable		1.2		0.1	5.25			1.5		0.1	5.45
Held-to-Maturity Investment Securities
Taxable		3,067.9		52.2	1.70			3,321.6		56.6	1.70
Non-Taxable		596.3		14.1	2.37			602.6		15.6	2.58
Total Investment Securities		5,595.0		120.4	2.15			6,015.7		126.5	2.10
Loans Held for Sale		0.4		—	6.00			1.3		0.1	6.02
Loans and Leases⁽¹⁾
Commercial and industrial		2,190.6		134.3	6.13			2,172.4		148.6	6.84
Commercial real estate		4,473.9		272.0	6.08			4,310.1		282.3	6.55
Construction		883.1		58.9	6.67			985.4		73.5	7.46
Residential:
Residential mortgage		4,102.9		162.6	3.96			4,220.2		163.4	3.87
Home equity line		1,161.8		54.4	4.68			1,162.9		51.0	4.39
Consumer		1,018.5		77.5	7.61			1,051.5		73.4	6.98
Lease financing		433.8		17.1	3.94			410.3		16.3	3.98
Total Loans and Leases		14,264.6		776.8	5.45			14,312.8		808.5	5.65
Other Earning Assets		32.7		1.7	5.17			53.6		3.1	5.88
Total Earning Assets⁽²⁾		21,206.3		955.4	4.51			21,284.2		985.5	4.63
Cash and Due from Banks		230.6						238.3
Other Assets		2,480.5						2,474.2
Total Assets	$	23,917.4					$	23,996.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,275.4	$	84.2	1.34	%	$	5,990.7	$	91.6	1.53	%
Money Market		3,942.2		91.1	2.31			4,064.0		117.8	2.90
Time		3,357.4		104.0	3.10			3,324.8		126.3	3.80
Total Interest-Bearing Deposits		13,575.0		279.3	2.06			13,379.5		335.7	2.51
Other Short-Term Borrowings		176.0		7.4	4.22			424.9		20.0	4.70
Other Interest-Bearing Liabilities		18.0		0.9	4.72			29.6		1.6	5.39
Total Interest-Bearing Liabilities		13,769.0		287.6	2.09			13,834.0		357.3	2.58
Net Interest Income			$	667.8					$	628.2
Interest Rate Spread⁽³⁾					2.42	%					2.05	%
Net Interest Margin⁽⁴⁾					3.15	%					2.95	%
Noninterest-Bearing Demand Deposits		6,814.4						6,994.5
Other Liabilities		640.6						611.0
Stockholders' Equity		2,693.4						2,557.2
Total Liabilities and Stockholders' Equity	$	23,917.4					$	23,996.7

__________________________

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

⁽²⁾	Interest income includes taxable-equivalent basis adjustments of $4.1 million and $5.4 million for the years ended December 31, 2025 and 2024, respectively.

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

⁽⁴⁾	Net interest margin is net interest income annualized for the years ended December 31, 2025 and 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

Analysis of Change in Net Interest Income

Table 6

Three Months Ended December 31, 2025

Compared to September 30, 2025

(dollars in millions)

Volume

Rate

Total⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

(1.5

)

(1.6

)

(3.1

)

Available-for-Sale Investment Securities

Taxable

0.8

0.7

1.5

Held-to-Maturity Investment Securities

Taxable

(0.3

)

0.1

(0.2

)

Non-Taxable

—

(0.1

)

(0.1

)

Total Investment Securities

0.5

0.7

1.2

Loans and Leases

Commercial and industrial

(0.2

)

(1.5

)

(1.7

)

Commercial real estate

1.8

(2.9

)

(1.1

)

Construction

(1.4

)

(0.5

)

(1.9

)

Residential:

Residential mortgage

—

0.6

Home equity line

0.1

(0.1

)

—

Consumer

—

0.2

Lease financing

0.1

(0.1

)

—

Total Loans and Leases

0.4

(4.3

)

(3.9

)

Other Earning Assets

(0.1

)

0.1

—

Total Change in Interest Income

(0.7

)

(5.1

)

(5.8

)

Change in Interest Expense:

Interest-Bearing Deposits

Savings

(0.1

)

(1.8

)

(1.9

)

Money Market

2.0

(3.4

)

(1.4

)

Time

0.1

(1.2

)

(1.1

)

Total Interest-Bearing Deposits

2.0

(6.4

)

(4.4

)

Other Short-Term Borrowings

(1.1

)

(1.1

)

(2.2

)

Other Interest-Bearing Liabilities

(0.1

)

—

(0.1

)

Total Change in Interest Expense

0.8

(7.5

)

(6.7

)

Change in Net Interest Income

(1.5

)

2.4

0.9

__________________________

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

Analysis of Change in Net Interest Income

Table 7

Three Months Ended December 31, 2025

Compared to December 31, 2024

(dollars in millions)

Volume

Rate

Total⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

4.0

(2.1

)

1.9

Available-for-Sale Investment Securities

Taxable

0.4

1.9

2.3

Held-to-Maturity Investment Securities

Taxable

(1.1

)

(0.2

)

(1.3

)

Non-Taxable

(0.1

)

(0.3

)

(0.4

)

Total Investment Securities

(0.8

)

1.4

0.6

Loans and Leases

Commercial and industrial

(0.4

)

(2.9

)

(3.3

)

Commercial real estate

4.2

(4.3

)

(0.1

)

Construction

(3.1

)

(1.0

)

(4.1

)

Residential:

Residential mortgage

(1.0

)

1.2

0.2

Home equity line

0.2

0.5

0.7

Consumer

(0.2

)

1.0

0.8

Lease financing

0.2

(0.3

)

(0.1

)

Total Loans and Leases

(0.1

)

(5.8

)

(5.9

)

Other Earning Assets

(0.2

)

(0.1

)

(0.3

)

Total Change in Interest Income

2.9

(6.6

)

(3.7

)

Change in Interest Expense:

Interest-Bearing Deposits

Savings

1.3

(2.4

)

(1.1

)

Money Market

0.8

(5.4

)

(4.6

)

Time

—

(6.4

)

(6.4

)

Total Interest-Bearing Deposits

2.1

(14.2

)

(12.1

)

Other Short-Term Borrowings

(1.4

)

(1.3

)

(2.7

)

Other Interest-Bearing Liabilities

(0.1

)

—

(0.1

)

Total Change in Interest Expense

0.6

(15.5

)

(14.9

)

Change in Net Interest Income

2.3

8.9

11.2

__________________________

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

Analysis of Change in Net Interest Income

Table 8

Year Ended December 31, 2025

Compared to December 31, 2024

(dollars in millions)

Volume

Rate

Total⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

18.9

(9.7

)

9.2

Available-for-Sale Investment Securities

Taxable

(4.3

)

4.1

(0.2

)

Held-to-Maturity Investment Securities

Taxable

(4.4

)

—

(4.4

)

Non-Taxable

(0.2

)

(1.3

)

(1.5

)

Total Investment Securities

(8.9

)

2.8

(6.1

)

Loans Held for Sale

(0.1

)

—

(0.1

)

Loans and Leases

Commercial and industrial

1.2

(15.5

)

(14.3

)

Commercial real estate

10.4

(20.7

)

(10.3

)

Construction

(7.2

)

(7.4

)

(14.6

)

Residential:

Residential mortgage

(4.6

)

3.8

(0.8

)

Home equity line

—

3.4

Consumer

(2.4

)

6.5

4.1

Lease financing

1.0

(0.2

)

0.8

Total Loans and Leases

(1.6

)

(30.1

)

(31.7

)

Other Earning Assets

(1.1

)

(0.3

)

(1.4

)

Total Change in Interest Income

7.2

(37.3

)

(30.1

)

Change in Interest Expense:

Interest-Bearing Deposits

Savings

4.2

(11.6

)

(7.4

)

Money Market

(3.4

)

(23.3

)

(26.7

)

Time

1.2

(23.5

)

(22.3

)

Total Interest-Bearing Deposits

2.0

(58.4

)

(56.4

)

Other Short-Term Borrowings

(10.7

)

(1.9

)

(12.6

)

Other Interest-Bearing Liabilities

(0.5

)

(0.2

)

(0.7

)

Total Change in Interest Expense

(9.2

)

(60.5

)

(69.7

)

Change in Net Interest Income

16.4

23.2

39.6

__________________________

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

Loans and Leases						Table 9
	December 31,		September 30,		December 31,
(dollars in thousands)	2025		2025		2024
Commercial and industrial	$	2,171,333	$	2,027,504	$	2,247,428
Commercial real estate		4,590,326		4,513,706		4,463,992
Construction		808,275		881,462		918,326
Residential:
Residential mortgage		4,096,300		4,077,946		4,168,154
Home equity line		1,178,527		1,170,822		1,151,739
Total residential		5,274,827		5,248,768		5,319,893
Consumer		1,025,838		1,013,663		1,023,969
Lease financing		441,930		444,280		434,650
Total loans and leases	$	14,312,529	$	14,129,383	$	14,408,258

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

Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More						Table 11
	December 31,		September 30,		December 31,
(dollars in thousands)	2025		2025		2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	8,805	$	1,084	$	329
Commercial real estate		3,007		3,089		411
Construction		1,788		904		—
Lease financing		734		169		—
Total Commercial Loans		14,334		5,246		740
Residential Loans:
Residential mortgage		16,423		16,702		12,768
Home equity line		10,271		8,385		7,171
Total Residential Loans		26,694		25,087		19,939
Consumer		—		600		—
Total Non-Accrual Loans and Leases		41,028		30,933		20,679
Total Non-Performing Assets	$	41,028	$	30,933	$	20,679

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	318	$	633	$	1,432
Construction		—		2,063		536
Total Commercial Loans		318		2,696		1,968
Residential mortgage		55		627		1,317
Consumer		2,984		2,566		2,734
Total Accruing Loans and Leases Past Due 90 Days or More	$	3,357	$	5,889	$	6,019

Total Loans and Leases	$	14,312,529	$	14,129,383	$	14,408,258

Allowance for Credit Losses and Reserve for Unfunded Commitments	Table 12
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
(dollars in thousands)	2025				2025				2024				2025				2024
Balance at Beginning of Period	$	201,466			$	201,172			$	197,397			$	193,240			$	192,138
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(1,478	)			(1,106	)			(851	)			(4,731	)			(3,615	)
Commercial real estate		—				—				—				—				(400	)
Lease financing		—				(580	)			—				(662	)			—
Total Commercial Loans		(1,478	)			(1,686	)			(851	)			(5,393	)			(4,015	)
Home equity line		—				—				—				(30	)			—
Consumer		(5,186	)			(4,719	)			(4,774	)			(19,473	)			(18,002	)
Total Loans and Leases Charged-Off		(6,664	)			(6,405	)			(5,625	)			(24,896	)			(22,017	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial		193				410				298				1,202				919
Commercial real estate		—				—				—				251				—
Total Commercial Loans		193				410				298				1,453				919
Residential Loans:
Residential mortgage		14				14				30				157				119
Home equity line		27				26				32				149				274
Total Residential Loans		41				40				62				306				393
Consumer		1,429				1,749				1,858				6,862				7,057
Total Recoveries on Loans and Leases Previously Charged-Off		1,663				2,199				2,218				8,621				8,369
Net Loans and Leases Charged-Off		(5,001	)			(4,206	)			(3,407	)			(16,275	)			(13,648	)
Provision (Benefit) for Credit Losses		7,700				4,500				(750	)			27,200				14,750
Balance at End of Period	$	204,165			$	201,466			$	193,240			$	204,165			$	193,240
Components:
Allowance for Credit Losses	$	168,468			$	165,269			$	160,393			$	168,468			$	160,393
Reserve for Unfunded Commitments		35,697				36,197				32,847				35,697				32,847
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	204,165			$	201,466			$	193,240			$	204,165			$	193,240
Average Loans and Leases Outstanding	$	14,251,470			$	14,209,282			$	14,276,107			$	14,264,604			$	14,312,759
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding⁽¹⁾		0.14		%		0.12		%		0.09		%		0.11		%		0.10		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.18		%		1.17		%		1.11		%		1.18		%		1.11		%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		4.11x				5.34x				7.76x				4.11x				7.76x

__________________________

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

Loans and Leases by Year of Origination and Credit Quality Indicator

Table 13

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2025

2024

2023

2022

2021

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

321,132

120,082

61,358

99,174

150,013

228,890

1,007,162

14,182

2,001,993

Special Mention

3,790

825

1,900

1,940

341

841

3,819

—

13,456

Substandard

746

—

368

7,827

20,435

38,466

—

67,861

Other ⁽¹⁾

19,067

9,027

5,046

3,560

1,081

1,164

49,078

—

88,023

Total Commercial and Industrial

344,735

129,934

68,672

112,501

151,454

251,330

1,098,525

14,182

2,171,333

Current period gross charge-offs

170

775

547

407

2,800

—

4,731

Commercial Real Estate

Risk rating:

Pass

732,672

288,924

389,773

735,412

566,285

1,525,374

115,640

6,881

4,360,961

Special Mention

—

681

37,667

43,819

41,393

21,317

1,314

—

146,191

Substandard

—

5,547

529

59,126

989

16,109

751

—

83,051

Other ⁽¹⁾

—

123

—

123

Total Commercial Real Estate

732,672

295,152

427,969

838,357

608,667

1,562,923

117,705

6,881

4,590,326

Current period gross charge-offs

—

Construction

Risk rating:

Pass

82,330

218,505

106,890

192,608

77,380

47,078

26,917

—

751,708

Special Mention

—

27,972

—

121

—

28,093

Substandard

—

904

—

904

Other ⁽¹⁾

7,773

8,300

4,760

4,019

160

1,872

686

—

27,570

Total Construction

90,103

226,805

111,650

224,599

77,540

49,975

27,603

—

808,275

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

122,978

80,669

89,475

43,015

9,087

91,109

—

436,333

Special Mention

—

556

—

598

Substandard

—

4,379

408

212

—

4,999

Total Lease Financing

122,978

85,048

90,439

43,269

9,087

91,109

—

441,930

Current period gross charge-offs

—

662

—

662

Total Commercial Lending

1,290,488

736,939

698,730

1,218,726

846,748

1,955,337

1,243,833

21,063

8,011,864

Current period gross charge-offs

832

775

547

407

2,800

—

5,393

(continued)

															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2025		2024		2023		2022		2021		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	196,591	$	146,779	$	188,885	$	455,130	$	881,320	$	1,479,533	$	—	$	—	$	3,348,238
680 - 739		21,211		19,044		26,493		57,219		94,557		171,825		—		—		390,349
620 - 679		7,054		2,100		5,535		24,857		23,888		51,817		—		—		115,251
550 - 619		—		721		1,188		3,126		6,334		14,464		—		—		25,833
Less than 550		—		1,968		887		3,000		4,653		9,415		—		—		19,923
No Score⁽³⁾		8,082		5,093		5,384		15,829		9,523		44,549		—		—		88,460
Other⁽²⁾		20,152		7,771		11,625		13,530		13,640		32,144		9,384		—		108,246
Total Residential Mortgage		253,090		183,476		239,997		572,691		1,033,915		1,803,747		9,384		—		4,096,300
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		939,884		1,068		940,952
680 - 739		—		—		—		—		—		—		171,306		1,520		172,826
620 - 679		—		—		—		—		—		—		40,928		637		41,565
550 - 619		—		—		—		—		—		—		13,464		843		14,307
Less than 550		—		—		—		—		—		—		8,069		71		8,140
No Score⁽³⁾		—		—		—		—		—		—		737		—		737
Total Home Equity Line		—		—		—		—		—		—		1,174,388		4,139		1,178,527
Current period gross charge-offs		—		—		—		—		—		—		30		—		30

Total Residential Lending	$	253,090	$	183,476	$	239,997	$	572,691	$	1,033,915	$	1,803,747	$	1,183,772	$	4,139	$	5,274,827
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	30	$	—	$	30

Consumer Lending
FICO:
740 and greater		113,519		65,981		42,560		49,118		20,240		4,462		102,761		110		398,751
680 - 739		86,088		47,861		28,552		24,684		10,429		2,974		87,662		529		288,779
620 - 679		44,816		20,455		11,809		11,804		5,695		2,379		50,406		963		148,327
550 - 619		9,253		8,439		6,414		7,503		3,497		2,004		16,764		832		54,706
Less than 550		2,491		4,263		3,213		3,809		1,948		1,287		5,745		498		23,254
No Score⁽³⁾		1,775		5		40		5		—		22		36,868		156		38,871
Other⁽²⁾		4,536		—		—		—		547		1,009		67,058		—		73,150
Total Consumer Lending	$	262,478	$	147,004	$	92,588	$	96,923	$	42,356	$	14,137	$	367,264	$	3,088	$	1,025,838
Current period gross charge-offs	$	802	$	2,494	$	1,693	$	1,873	$	947	$	2,425	$	8,367	$	872	$	19,473

Total Loans and Leases	$	1,806,056	$	1,067,419	$	1,031,315	$	1,888,340	$	1,923,019	$	3,773,221	$	2,794,869	$	28,290	$	14,312,529
Current period gross charge-offs	$	803	$	3,326	$	2,468	$	2,420	$	1,354	$	5,225	$	8,428	$	872	$	24,896

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⁽¹⁾	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of December 31, 2025, the majority of the loans in this population were current.

⁽²⁾	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of December 31, 2025, the majority of the loans in this population were current.

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

GAAP to Non-GAAP Reconciliation	Table 14
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,
(dollars in thousands)	2025			2025			2024			2025			2024
Income Statement Data:
Net income	$	69,931		$	73,840		$	52,496		$	276,266		$	230,129

Average total stockholders' equity	$	2,756,241		$	2,710,273		$	2,629,600		$	2,693,446		$	2,557,215
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible stockholders' equity	$	1,760,749		$	1,714,781		$	1,634,108		$	1,697,954		$	1,561,723

Average total assets	$	23,925,000		$	23,993,685		$	23,795,735		$	23,917,443		$	23,996,723
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible assets	$	22,929,508		$	22,998,193		$	22,800,243		$	22,921,951		$	23,001,231

Return on average total stockholders' equity⁽¹⁾		10.07	%		10.81	%		7.94	%		10.26	%		9.00	%
Return on average tangible stockholders' equity (non-GAAP)⁽¹⁾		15.76	%		17.08	%		12.78	%		16.27	%		14.74	%

Return on average total assets⁽¹⁾		1.16	%		1.22	%		0.88	%		1.16	%		0.96	%
Return on average tangible assets (non-GAAP)⁽¹⁾		1.21	%		1.27	%		0.92	%		1.21	%		1.00	%

	As of			As of			As of
	December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)	2025			2025			2024
Balance Sheet Data:
Total stockholders' equity	$	2,769,365		$	2,733,921		$	2,617,486
Less: goodwill		995,492			995,492			995,492
Tangible stockholders' equity	$	1,773,873		$	1,738,429		$	1,621,994

Total assets	$	23,955,252		$	24,098,728		$	23,828,186
Less: goodwill		995,492			995,492			995,492
Tangible assets	$	22,959,760		$	23,103,236		$	22,832,694

Shares outstanding		122,689,256			123,719,585			126,422,898

Total stockholders' equity to total assets		11.56	%		11.34	%		10.98	%
Tangible stockholders' equity to tangible assets (non-GAAP)		7.73	%		7.52	%		7.10	%

Book value per share	$	22.57		$	22.10		$	20.70
Tangible book value per share (non-GAAP)	$	14.46		$	14.05		$	12.83

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