First Hawaiian, Inc. Reports Fourth Quarter 2020 Financial Results and Declares Dividend

Friday, 22. January 2021 13:00

HONOLULU, Jan. 22, 2021 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2020.

“We finished 2020 with a strong quarter and continued to support our customers and meet their evolving needs by leveraging technology, digital channels and our deep relationships,” said Bob Harrison, Chairman, President and CEO. “In these uncertain times, our ability to remain agile and innovative positions us well to continue supporting our customers and the community.”

On January 20, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 5, 2021 to stockholders of record at the close of business on February 22, 2021.

Fourth Quarter 2020 Highlights:

  • Net income of $61.7 million, or $0.47 per diluted share
  • Net interest income increased $1.2 million, or 0.9%, versus prior quarter
  • Net interest margin (“NIM”) was 2.71%, a 1 basis point increase versus the prior quarter
  • Noninterest income increased $4.7 million, or 9.6%, versus prior quarter
  • Noninterest expense decreased $3.5 million, or 3.8%, versus prior quarter
  • Total deposits increased $330.0 million, or 1.7%, versus prior quarter.
  • Recorded a $20.0 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet
Total assets were $22.7 billion as of December 31, 2020, compared to $22.3 billion as of September 30, 2020.

Gross loans and leases were $13.3 billion as of December 31, 2020, a decrease of $220.9 million, or 1.6%, from $13.5 billion as of September 30, 2020.

Total deposits were $19.2 billion as of December 31, 2020, an increase of $330.0 million, or 1.7%, from $18.9 billion as of September 30, 2020.

Net Interest Income
Net interest income for the fourth quarter of 2020 was $135.2 million, an increase of $1.2 million, or 0.9%, compared to $134.0 million for the prior quarter.  

The NIM was 2.71% in the fourth quarter of 2020, an increase of 1 basis point compared to 2.70% in the third quarter of 2020.

Provision Expense
During the quarter ended December 31, 2020, the Bank recorded a total provision for credit losses of $20.0 million. In the quarter ended September 30, 2020, the total provision for credit losses was $5.1 million.

Noninterest Income
Noninterest income was $53.6 million in the fourth quarter of 2020, an increase of $4.7 million compared to noninterest income of $48.9 million in the third quarter of 2020.

Noninterest Expense
Noninterest expense was $88.1 million in the fourth quarter of 2020, a decrease of $3.5 million compared to noninterest expense of $91.6 million in the third quarter of 2020.

The efficiency ratio was 46.6% and 50.0% for the quarters ended December 31, 2020 and September 30, 2020, respectively.

Taxes
The effective tax rate was 23.5% for the quarter ended December 31, 2020 and 24.5% for the quarter ended September 30, 2020.

Asset Quality
The allowance for credit losses was $208.5 million, or 1.57% of total loans and leases, as of December 31, 2020, compared to $195.9 million, or 1.45% of total loans and leases, as of September 30, 2020. The reserve for unfunded commitments was $30.6 million as of December 31, 2020 compared to $24.6 million as of September 30, 2020. Net charge-offs were $1.4 million, or 0.04% of average loans and leases on an annualized basis for the quarter ended December 31, 2020, compared to net recoveries of $0.1 million, or 0.00% of average loans and leases on an annualized basis for the quarter ended September 30, 2020. Total non-performing assets were $9.1 million, or 0.07% of total loans and leases and other real estate owned, at December 31, 2020, compared to non-performing assets of $17.6 million, or 0.13% of total loans and leases and other real estate owned, at September 30, 2020.

Capital
Total stockholders' equity was $2.7 billion at both December 31, 2020 and September 30, 2020.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 8.00%, 12.47% and 13.72%, respectively, at December 31, 2020, compared with 7.91%, 12.22% and 13.47%, respectively, at September 30, 2020.

The Company suspended its stock repurchase program during the first quarter and did not repurchase any shares of common stock in the fourth quarter.

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

Conference Call Information
First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 9772806.   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. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on January 29, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 9772806.

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, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020.

Use of Non-GAAP Financial Measures
We present net interest income, noninterest income, noninterest expense, net income, earnings per share (basic and diluted) and the related ratios described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core efficiency ratio, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income.   We compute our core return on average total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders’ equity as the ratio of core net income to average total stockholders’ equity.

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. 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 core return on average tangible stockholders’ equity as the ratio of core 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 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 core return on average tangible assets as the ratio of core net income to average tangible assets. 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. 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.

Tables 14 and 15 at the end of this document provide 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:
Susan Kam
(808) 525-6254
skam@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)    2020    2020    2019    2020    2019 
Operating Results:                
Net interest income $ 135,227 $134,002 $139,619 $ 535,734 $573,402 
Provision for credit losses   20,000  5,072  4,250   121,718  13,800 
Noninterest income   53,598  48,898  46,708   197,380  192,533 
Noninterest expense   88,127  91,629  91,058   367,672  370,437 
Net income   61,739  65,101  67,836   185,754  284,392 
Basic earnings per share   0.48  0.50  0.52   1.43  2.14 
Diluted earnings per share   0.47  0.50  0.52   1.43  2.13 
Dividends declared per share   0.26  0.26  0.26   1.04  1.04 
Dividend payout ratio   55.32% 52.00% 50.00%  72.73% 48.83%
Supplemental Income Statement Data (non-GAAP):                
Core net interest income $ 135,227 $134,002 $139,619 $ 535,734 $573,402 
Core noninterest income   58,438  48,874  51,331   202,322  199,748 
Core noninterest expense   88,127  91,629  91,010   367,672  367,623 
Core net income   65,288  65,083  71,250   189,378  291,785 
Core basic earnings per share   0.50  0.50  0.55   1.46  2.19 
Core diluted earnings per share   0.50  0.50  0.54   1.45  2.19 
Performance Ratio(1):                
Net interest margin   2.71%   2.70%   3.15%    2.77%   3.20%
Core net interest margin (non-GAAP)   2.71%   2.70%   3.15%    2.77%   3.20%
Efficiency ratio   46.59%   50.01%   48.86%    50.10%   48.36%
Core efficiency ratio (non-GAAP)   45.43%   50.02%   47.65%    49.77%   47.55%
Return on average total assets   1.09%   1.16%   1.34%    0.85%   1.40%
Core return on average total assets (non-GAAP)   1.16%   1.16%   1.41%    0.87%   1.44%
Return on average tangible assets (non-GAAP)   1.14%   1.21%   1.41%    0.89%   1.47%
Core return on average tangible assets (non-GAAP)(2)   1.21%   1.21%   1.48%    0.91%   1.51%
Return on average total stockholders' equity   8.99%   9.58%   10.21%    6.88%   10.90%
Core return on average total stockholders' equity (non-GAAP)   9.51%   9.57%   10.72%    7.02%   11.18%
Return on average tangible stockholders' equity (non-GAAP)   14.14%   15.16%   16.40%    10.91%   17.62%
Core return on average tangible stockholders’ equity (non-GAAP)(3)   14.95%   15.15%   17.22%    11.12%   18.08%
Average Balances:                
Average loans and leases $ 13,366,980 $13,559,367 $12,940,956 $ 13,518,308 $13,063,716 
Average earning assets   19,977,933  19,846,674  17,649,343   19,376,343  17,892,440 
Average assets   22,468,040  22,341,485  20,089,601   21,869,064  20,325,697 
Average deposits   19,020,800  18,892,033  16,355,254   18,252,998  16,613,379 
Average stockholders' equity   2,732,271  2,704,129  2,636,651   2,698,853  2,609,432 
Market Value Per Share:                
Closing   23.58  14.47  28.85   23.58  28.85 
High   23.90  18.96  29.47   31.25  29.47 
Low   14.16  14.32  25.48   13.56  22.13 


            
   As of As of As of 
   December 31,  September 30,  December 31,  
      2020    2020 2019 
Balance Sheet Data:           
Loans and leases  $ 13,279,097 $13,499,969 $13,211,650 
Total assets    22,662,831  22,310,701  20,166,734 
Total deposits    19,227,723  18,897,762  16,444,994 
Short-term borrowings       400,000 
Long-term borrowings    200,010  200,010  200,019 
Total stockholders' equity    2,744,104  2,733,934  2,640,258 
            
Per Share of Common Stock:           
Book value  $ 21.12 $21.04 $20.32 
Tangible book value (non-GAAP)(4)    13.46  13.38  12.66 
            
Asset Quality Ratios:           
Non-accrual loans and leases / total loans and leases    0.07%   0.13% 0.04%
Allowance for credit losses for loans and leases / total loans and leases    1.57%   1.45% 0.99%
            
Capital Ratios:           
Common Equity Tier 1 Capital Ratio     12.47%    12.22%  11.88%
Tier 1 Capital Ratio    12.47%   12.22% 11.88%
Total Capital Ratio    13.72%   13.47% 12.81%
Tier 1 Leverage Ratio    8.00%   7.91% 8.79%
Total stockholders' equity to total assets    12.11%   12.25% 13.09%
Tangible stockholders' equity to tangible assets (non-GAAP)    8.07%   8.16% 8.58%
            
Non-Financial Data:           
Number of branches    54  58  58 
Number of ATMs    297  302  301 
Number of Full-Time Equivalent Employees    2,103  2,099  2,092 

_____________________________
(1) Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019.

(2) Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core 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. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

(3) Core return on average tangible stockholders’ equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders’ equity as the ratio of core 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. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

(4) Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders’ equity to shares outstanding. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, 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)    2020    2020    2019    2020 2019
Interest income               
Loans and lease financing $ 118,314  $120,940 $138,033  $ 496,523  $574,013 
Available-for-sale securities   22,752   20,317  20,979    81,808   92,505 
Other   615   670  3,120    4,428   12,174 
Total interest income   141,681   141,927  162,132    582,759   678,692 
Interest expense               
Deposits   5,061   6,227  18,222    35,471   87,865 
Short-term and long-term borrowings   1,393   1,698  4,291    11,554   17,425 
Total interest expense   6,454   7,925  22,513    47,025   105,290 
Net interest income   135,227   134,002  139,619    535,734   573,402 
Provision for credit losses   20,000   5,072  4,250    121,718   13,800 
Net interest income after provision for credit losses   115,227   128,930  135,369    414,016   559,602 
Noninterest income               
Service charges on deposit accounts   6,769   6,523  9,041    28,169   33,778 
Credit and debit card fees   15,583   14,049  16,626    55,451   66,749 
Other service charges and fees   8,404   9,021  8,818    33,876   36,253 
Trust and investment services income   8,733   8,664  8,855    35,652   35,102 
Bank-owned life insurance   4,159   4,903  2,533    15,754   15,479 
Investment securities (losses) gains, net   (12)  24  (123)   (114)  (2,715)
Other   9,962   5,714  958    28,592   7,887 
Total noninterest income   53,598   48,898  46,708    197,380   192,533 
Noninterest expense               
Salaries and employee benefits   42,687   44,291  41,098    174,221   173,098 
Contracted services and professional fees   13,940   15,073  13,724    60,546   56,321 
Occupancy   7,355   6,921  7,231    28,821   28,753 
Equipment   5,225   5,137  4,491    20,277   17,343 
Regulatory assessment and fees   2,168   2,445  1,802    8,659   7,390 
Advertising and marketing   1,096   1,374  1,317    5,695   6,910 
Card rewards program   4,890   5,046  8,635    22,114   29,961 
Other   10,766   11,342  12,760    47,339   50,661 
Total noninterest expense   88,127   91,629  91,058    367,672   370,437 
Income before provision for income taxes   80,698   86,199  91,019    243,724   381,698 
Provision for income taxes   18,959   21,098  23,183    57,970   97,306 
Net income $ 61,739  $65,101 $67,836  $ 185,754  $284,392 
Basic earnings per share $ 0.48  $0.50 $0.52  $ 1.43  $2.14 
Diluted earnings per share $ 0.47  $0.50 $0.52  $ 1.43  $2.13 
Basic weighted-average outstanding shares   129,912,104   129,896,054  130,463,102    129,890,225   133,076,489 
Diluted weighted-average outstanding shares   130,314,381   130,085,534  130,845,645    130,220,077   133,387,157 


          
Consolidated Balance Sheets Table 3
  December 31,  September 30,  December 31, 
(dollars in thousands)    2020    2020    2019
Assets         
Cash and due from banks $ 303,373  $333,744  $360,375 
Interest-bearing deposits in other banks   737,571   482,585   333,642 
Investment securities, at fair value (amortized cost: $5,985,031 as of
December 31, 2020, $5,584,556 as of September 30, 2020 and $4,080,663 as of
December 31, 2019)
   6,071,415   5,692,883   4,075,644 
Loans held for sale   11,579   34,669   904 
Loans and leases   13,279,097   13,499,969   13,211,650 
Less: allowance for credit losses   208,454   195,876   130,530 
Net loans and leases   13,070,643   13,304,093   13,081,120 
          
Premises and equipment, net   322,401   321,229   316,885 
Other real estate owned and repossessed personal property        319 
Accrued interest receivable   69,626   66,005   45,239 
Bank-owned life insurance   466,537   462,422   453,873 
Goodwill   995,492   995,492   995,492 
Mortgage servicing rights   10,731   10,922   12,668 
Other assets   603,463   606,657   490,573 
Total assets $ 22,662,831  $22,310,701  $20,166,734 
Liabilities and Stockholders' Equity         
Deposits:         
Interest-bearing $ 11,705,609  $11,989,492  $10,564,922 
Noninterest-bearing   7,522,114   6,908,270   5,880,072 
Total deposits   19,227,723   18,897,762   16,444,994 
Short-term borrowings        400,000 
Long-term borrowings   200,010   200,010   200,019 
Retirement benefits payable   143,373   138,806   138,222 
Other liabilities   347,621   340,189   343,241 
Total liabilities   19,918,727   19,576,767   17,526,476 
          
Stockholders' equity         
Common stock ($0.01 par value; authorized 300,000,000 shares;
issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020,
issued/outstanding: 140,190,428 / 129,911,789 shares as of September 30, 2020
and issued/outstanding: 139,917,150 / 129,928,479 shares as of
December 31, 2019)
   1,402   1,402   1,399 
Additional paid-in capital   2,514,014   2,511,849   2,503,677 
Retained earnings   473,974   446,315   437,072 
Accumulated other comprehensive income (loss), net   31,604   51,254   (31,749)
Treasury stock (10,278,861 shares as of December 31, 2020, 10,278,639 shares
as of September 30, 2020 and 9,988,671 shares as of December 31, 2019)
   (276,890)  (276,886)  (270,141)
Total stockholders' equity   2,744,104   2,733,934   2,640,258 
Total liabilities and stockholders' equity $ 22,662,831  $22,310,701  $20,166,734 


                          
Average Balances and Interest Rates                      Table 4 
  Three Months Ended  Three Months Ended  Three Months Ended  
  December 31, 2020 September 30, 2020 December 31, 2019 
  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 $ 688.1 $ 0.2  0.10%  $889.6 $0.2 0.10%  $548.5 $2.3 1.68%
Available-for-Sale Investment Securities                         
Taxable   5,632.9   22.0  1.56  5,308.5  20.2 1.52  4,092.2  21.0 2.05 
Non-Taxable   220.0   0.9  1.74  25.7  0.1 2.11      
Total Available-for-Sale Investment Securities   5,852.9   22.9  1.57  5,334.2  20.3 1.53  4,092.2  21.0 2.05 
Loans Held for Sale   16.2   0.1  2.00  10.2  0.1 2.67  1.5   2.55 
Loans and Leases(1)                         
Commercial and industrial   3,077.6   22.6  2.93  3,230.4  21.6 2.67  2,668.5  25.3 3.76 
Commercial real estate   3,407.2   26.2  3.06  3,418.0  27.8 3.23  3,325.8  35.9 4.28 
Construction   703.1   5.6  3.14  637.6  5.2 3.22  497.8  5.4 4.36 
Residential:                         
Residential mortgage   3,679.6   37.1  4.03  3,680.5  37.9 4.12  3,720.2  38.5 4.14 
Home equity line   856.8   6.1  2.81  871.1  6.6 3.02  905.6  8.2 3.58 
Consumer   1,394.5   19.0  5.43  1,474.4  20.2 5.46  1,635.2  23.3 5.66 
Lease financing   248.2   1.8  2.89  247.4  1.8 2.90  187.8  1.4 2.94 
Total Loans and Leases   13,367.0   118.4  3.53  13,559.4  121.1 3.56  12,940.9  138.0 4.24 
Other Earning Assets   53.7   0.4  3.26  53.3  0.5 3.32  66.2  0.8 4.76 
Total Earning Assets(2)   19,977.9   142.0  2.83  19,846.7  142.2 2.86  17,649.3  162.1 3.66 
Cash and Due from Banks   289.2       307.9       316.5      
Other Assets   2,200.9       2,186.9       2,123.8      
Total Assets $ 22,468.0      $22,341.5      $20,089.6      
                          
Interest-Bearing Liabilities                         
Interest-Bearing Deposits                         
Savings $ 5,786.4 $ 0.5  0.03%  $5,768.3 $0.6 0.04%   4,943.2 $3.8 0.31%
Money Market   3,440.9   0.4  0.05  3,288.2  0.4 0.05  3,117.6  5.6 0.72 
Time   2,461.3   4.2  0.67  3,029.8  5.2 0.69  2,538.4  8.8 1.37 
Total Interest-Bearing Deposits   11,688.6   5.1  0.17  12,086.3  6.2 0.20  10,599.2  18.2 0.68 
Short-Term Borrowings       45.1  0.3 2.69  400.1  2.9 2.87 
Long-Term Borrowings   200.0   1.4  2.77  200.0  1.4 2.77  200.0  1.4 2.76 
Total Interest-Bearing Liabilities   11,888.6   6.5  0.22  12,331.4  7.9 0.26  11,199.3  22.5 0.80 
Net Interest Income    $ 135.5      $134.3      $139.6   
Interest Rate Spread        2.61%        2.60%        2.86%
Net Interest Margin        2.71%        2.70%        3.15%
Noninterest-Bearing Demand Deposits   7,332.2       6,805.7       5,756.0      
Other Liabilities   514.9       500.3       497.6      
Stockholders' Equity   2,732.3       2,704.1       2,636.7      
Total Liabilities and Stockholders' Equity $ 22,468.0      $22,341.5      $20,089.6      

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

(2) Interest income includes taxable-equivalent basis adjustments of $0.3 million, $0.3 million and nil for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

                  
Average Balances and Interest Rates               Table 5 
  Year Ended  Year Ended  
  December 31, 2020 December 31, 2019 
  Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions)    Balance Expense Rate Balance Expense Rate 
Earning Assets                                    
Interest-Bearing Deposits in Other Banks $ 882.1 $ 2.4  0.27%  $437.8 $9.3 2.11%
Available-for-Sale Investment Securities                 
Taxable   4,844.5   80.9  1.67  4,309.7  92.5 2.15 
Non-Taxable   62.0   1.1  1.77  0.5   2.71 
Total Available-for-Sale Investment Securities   4,906.5   82.0  1.67  4,310.2  92.5 2.15 
Loans Held for Sale   13.0   0.3  2.21  1.0   2.53 
Loans and Leases(1)                 
Commercial and industrial   3,168.7   93.2  2.94  2,987.3  122.8 4.11 
Commercial real estate   3,419.1   116.9  3.42  3,176.6  143.9 4.53 
Construction   615.7   21.3  3.46  547.7  25.5 4.65 
Residential:                 
Residential mortgage   3,698.7   148.4  4.01  3,626.0  150.9 4.16 
Home equity line   875.1   27.1  3.10  910.7  34.1 3.74 
Consumer   1,501.6   82.9  5.52  1,652.8  91.8 5.56 
Lease financing   239.4   6.9  2.90  162.6  5.0 3.08 
Total Loans and Leases   13,518.3   496.7  3.67  13,063.7  574.0 4.39 
Other Earning Assets   56.4   2.0  3.66  79.8  2.9 3.66 
Total Earning Assets(2)   19,376.3   583.4  3.01  17,892.5  678.7 3.79 
Cash and Due from Banks   304.9       340.1      
Other Assets   2,187.9       2,093.1      
Total Assets $ 21,869.1      $20,325.7      
                  
Interest-Bearing Liabilities                 
Interest-Bearing Deposits                 
Savings $ 5,538.1 $ 5.2  0.09%  $4,840.6 $16.6 0.34%
Money Market   3,266.6   6.6  0.20  3,123.5  27.8 0.89 
Time   2,839.8   23.7  0.83  2,882.9  43.5 1.51 
Total Interest-Bearing Deposits   11,644.5   35.5  0.30  10,847.0  87.9 0.81 
Short-Term Borrowings   209.6   6.0  2.87  209.8  5.9 2.82 
Long-Term Borrowings   200.0   5.5  2.77  406.6  11.5 2.83 
Total Interest-Bearing Liabilities   12,054.1   47.0  0.39  11,463.4  105.3 0.92 
Net Interest Income    $ 536.4      $573.4   
Interest Rate Spread        2.62%        2.87%
Net Interest Margin        2.77%        3.20%
Noninterest-Bearing Demand Deposits   6,608.5       5,766.4      
Other Liabilities   507.6       486.5      
Stockholders' Equity   2,698.9       2,609.4      
Total Liabilities and Stockholders' Equity $ 21,869.1      $20,325.7      

_____________________________
(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 $0.7 million and nil for the years ended December 31, 2020 and 2019, respectively.

          
Analysis of Change in Net Interest Income        Table 6
  Three Months Ended December 31, 2020
  Compared to September 30, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:                  
Available-for-Sale Investment Securities         
Taxable $ 1.3  $ 0.5  $ 1.8 
Non-Taxable   0.8       0.8 
Total Available-for-Sale Investment Securities   2.1    0.5    2.6 
Loans and Leases         
Commercial and industrial   (1.0)   2.0    1.0 
Commercial real estate   (0.1)   (1.5)   (1.6)
Construction   0.5    (0.1)   0.4 
Residential:         
Residential mortgage      (0.8)   (0.8)
Home equity line   (0.1)   (0.4)   (0.5)
Consumer   (1.1)   (0.1)   (1.2)
Total Loans and Leases   (1.8)   (0.9)   (2.7)
Other Earning Assets      (0.1)   (0.1)
Total Change in Interest Income   0.3    (0.5)   (0.2)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings      (0.1)   (0.1)
Time   (0.9)   (0.1)   (1.0)
Total Interest-Bearing Deposits   (0.9)   (0.2)   (1.1)
Short-Term Borrowings   (0.1)   (0.2)   (0.3)
Total Change in Interest Expense   (1.0)   (0.4)   (1.4)
Change in Net Interest Income $ 1.3  $ (0.1) $ 1.2 


          
Analysis of Change in Net Interest Income        Table 7
  Three Months Ended December 31, 2020
  Compared to December 31, 2019
(dollars in millions) Volume Rate Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks $ 0.5  $ (2.6) $ (2.1)
Available-for-Sale Investment Securities         
Taxable   6.7    (5.7)   1.0 
Non-Taxable   0.9       0.9 
Total Available-for-Sale Investment Securities   7.6    (5.7)   1.9 
Loans Held for Sale   0.1       0.1 
Loans and Leases         
Commercial and industrial   3.5    (6.2)   (2.7)
Commercial real estate   0.8    (10.5)   (9.7)
Construction   1.9    (1.7)   0.2 
Residential:         
Residential mortgage   (0.4)   (1.0)   (1.4)
Home equity line   (0.4)   (1.7)   (2.1)
Consumer   (3.4)   (0.9)   (4.3)
Lease financing   0.4       0.4 
Total Loans and Leases   2.4    (22.0)   (19.6)
Other Earning Assets   (0.1)   (0.3)   (0.4)
Total Change in Interest Income   10.5    (30.6)   (20.1)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.6    (3.9)   (3.3)
Money Market   0.5    (5.7)   (5.2)
Time   (0.2)   (4.4)   (4.6)
Total Interest-Bearing Deposits   0.9    (14.0)   (13.1)
Short-Term Borrowings   (1.5)   (1.4)   (2.9)
Total Change in Interest Expense   (0.6)   (15.4)   (16.0)
Change in Net Interest Income $ 11.1  $ (15.2) $ (4.1)


          
Analysis of Change in Net Interest Income        Table 8
  Year Ended December 31, 2020
  Compared to December 31, 2019
(dollars in millions)    Volume    Rate    Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 5.0  $ (11.9) $ (6.9)
Available-for-Sale Investment Securities         
Taxable   10.6    (22.2)   (11.6)
Non-Taxable   1.1       1.1 
Total Available-for-Sale Investment Securities   11.7    (22.2)   (10.5)
Loans Held for Sale   0.3       0.3 
Loans and Leases         
Commercial and industrial   7.1    (36.7)   (29.6)
Commercial real estate   10.3    (37.3)   (27.0)
Construction   2.9    (7.1)   (4.2)
Residential:         
Residential mortgage   3.0    (5.5)   (2.5)
Home equity line   (1.3)   (5.7)   (7.0)
Consumer   (8.3)   (0.6)   (8.9)
Lease financing   2.2    (0.3)   1.9 
Total Loans and Leases   15.9    (93.2)   (77.3)
Other Earning Assets   (0.9)      (0.9)
Total Change in Interest Income   32.0    (127.3)   (95.3)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   2.1    (13.5)   (11.4)
Money Market   1.2    (22.4)   (21.2)
Time   (0.6)   (19.2)   (19.8)
Total Interest-Bearing Deposits   2.7    (55.1)   (52.4)
Short-Term Borrowings      0.1    0.1 
Long-Term Borrowings   (5.8)   (0.2)   (6.0)
Total Change in Interest Expense   (3.1)   (55.2)   (58.3)
Change in Net Interest Income $ 35.1  $ (72.1) $ (37.0)


           
Loans and Leases         Table 9
   December 31,  September 30,  December 31, 
(dollars in thousands)     2020    2020    2019
Commercial and industrial  $ 3,019,507 $3,170,262 $2,743,242
Commercial real estate    3,392,676  3,461,085  3,463,953
Construction    735,819  662,871  519,241
Residential:          
Residential mortgage    3,690,218  3,669,051  3,768,936
Home equity line    841,624  864,789  893,239
Total residential    4,531,842  4,533,840  4,662,175
Consumer    1,353,842  1,425,934  1,620,556
Lease financing    245,411  245,977  202,483
Total loans and leases  $ 13,279,097 $13,499,969 $13,211,650


          
Deposits        Table 10
  December 31,  September 30,  December 31, 
(dollars in thousands)    2020    2020    2019
Demand $ 7,522,114 $6,908,270 $5,880,072
Savings   6,020,075  5,994,687  4,998,933
Money Market   3,337,236  3,379,985  3,055,832
Time   2,348,298  2,614,820  2,510,157
Total Deposits $ 19,227,723 $18,897,762 $16,444,994


           
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)     2020    2020    2019
Non-Performing Assets          
Non-Accrual Loans and Leases          
Commercial Loans:          
Commercial and industrial  $ 518 $725 $32
Commercial real estate    80  7,067  30
Construction    2,043  2,043  
Total Commercial Loans    2,641  9,835  62
Residential Loans:          
Residential mortgage    6,441  7,798  5,406
Total Residential Loans    6,441  7,798  5,406
Total Non-Accrual Loans and Leases    9,082  17,633  5,468
Other Real Estate Owned       319
Total Non-Performing Assets  $ 9,082 $17,633 $5,787
           
Accruing Loans and Leases Past Due 90 Days or More          
Commercial Loans:          
Commercial and industrial  $ 2,108 $1,938 $1,429
Commercial real estate    882  1,307  1,013
Construction    93  100  2,367
Total Commercial Loans    3,083  3,345  4,809
Residential Loans:          
Residential mortgage       74
Home equity line    4,818  4,503  2,995
Total Residential Loans    4,818  4,503  3,069
Consumer    3,266  2,897  4,272
Total Accruing Loans and Leases Past Due 90 Days or More  $ 11,167 $10,745 $12,150
           
Restructured Loans on Accrual Status and Not Past Due 90 Days or More  $ 16,684 $9,726 $14,493
Total Loans and Leases  $ 13,279,097 $13,499,969 $13,211,650


                 
Allowance for Credit Losses              Table 12 
  For the Three Months Ended  For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  December 31,  
(dollars in thousands)    2020 2020    2019    2020 2019  
Balance at Beginning of Period $ 195,876  $192,120  $132,964  $ 130,530  $141,718  
Adjustment to Adopt ASC Topic 326            770     
After Adoption of ASC Topic 326   195,876   192,120   132,964    131,300   141,718  
Loans and Leases Charged-Off                
Commercial Loans:                
Commercial and industrial   (799)  (598)  (204)   (15,572)  (2,718) 
Commercial real estate   (30)         (2,753)    
Construction            (379)    
Lease financing              (24) 
Total Commercial Loans   (829)  (598)  (204)   (18,704)  (2,742) 
Residential Loans:                
Residential mortgage        (236)   (14)  (243) 
Home equity line   (46)     (195)   (54)  (195) 
Total Residential Loans   (46)     (431)   (68)  (438) 
Consumer   (7,049)  (4,238)  (8,689)   (28,791)  (32,807) 
Total Loans and Leases Charged-Off   (7,924)  (4,836)  (9,324)   (47,563)  (35,987) 
Recoveries on Loans and Leases Previously Charged-Off                
Commercial Loans:                
Commercial and industrial   2,986   1,699   107    5,005   410  
Commercial real estate   615      170    615   263  
Construction   30   30       200     
Total Commercial Loans   3,631   1,729   277    5,820   673  
Residential Loans:                
Residential mortgage   37   27   37    216   741  
Home equity line   21   16   70    167   226  
Total Residential Loans   58   43   107    383   967  
Consumer   2,812   3,148   2,256    10,499   9,359  
Total Recoveries on Loans and Leases Previously Charged-Off   6,501   4,920   2,640    16,702   10,999  
Net Loans and Leases (Charged-Off) Recovered   (1,423)  84   (6,684)   (30,861)  (24,988) 
Provision for Credit Losses - Loans and Leases   14,001   3,672   4,250    108,015   13,800  
Balance at End of Period $ 208,454  $195,876  $130,530  $ 208,454  $130,530  
Average Loans and Leases Outstanding $ 13,366,980  $13,559,367  $12,940,956  $ 13,518,308  $13,063,716  
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)   0.04 %    %   0.20 %    0.23 %   0.19 %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding   1.57 %   1.45 %   0.99 %    1.57 %   0.99 %

____________________________
(1) Annualized for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019.


                            
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) 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total
Commercial Lending                           
Commercial and Industrial                           
Risk rating:                           
Pass $ 873,639 $ 324,030 $ 183,329 $ 73,000 $ 49,886 $ 94,360 $ 1,058,786 $ 28,853 $ 2,685,883
Special Mention   20,937   10,370   20,164   2,099   279   8,316   101,183   1,549   164,897
Substandard   23,804   2,023   2,568   677   4,063   8,113   33,775   250   75,273
Other (1)   13,142   13,426   9,246   5,337   1,867   280   50,156     93,454
Total Commercial and Industrial   931,522   349,849   215,307   81,113   56,095   111,069   1,243,900   30,652   3,019,507
                            
Commercial Real Estate                           
Risk rating:                           
Pass   342,845   611,243   541,104   447,366   295,426   814,398   47,604   323   3,100,309
Special Mention   1,500   63,617   26,187   33,482   37,841   61,279   2,999     226,905
Substandard   29   3,964   18,983   3,779   10,615   18,083   9,511     64,964
Other (1)             498       498
Total Commercial Real Estate   344,374   678,824   586,274   484,627   343,882   894,258   60,114   323   3,392,676
                            
Construction                           
Risk rating:                           
Pass   53,931   233,730   202,808   83,792   23,171   41,536   28,386     667,354
Special Mention     508   707   4,717     9,172       15,104
Substandard       541   1,840   521   989       3,891
Other (1)   16,578   16,393   7,775   3,685   1,800   2,656   583     49,470
Total Construction   70,509   250,631   211,831   94,034   25,492   54,353   28,969     735,819
                            
Lease Financing                           
Risk rating:                           
Pass   79,064   60,717   13,669   17,207   3,010   61,266       234,933
Special Mention   950   892   311   1,300   351   295       4,099
Substandard   2,708   1,677   327   1,141     526       6,379
Total Lease Financing   82,722   63,286   14,307   19,648   3,361   62,087       245,411
                            
Total Commercial Lending $ 1,429,127 $ 1,342,590 $ 1,027,719 $ 679,422 $ 428,830 $ 1,121,767 $ 1,332,983 $ 30,975 $ 7,393,413


                            
                       Revolving   
                       Loans   
                       Converted   
  Term Loans Revolving to Term   
  Amortized Cost Basis by Origination Year Loans Loans   
(continued)                   Amortized Amortized   
(dollars in thousands) 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total
Residential Lending                           
Residential Mortgage                           
FICO:                           
740 and greater $ 728,807 $ 384,248 $ 290,484 $ 361,297 $ 314,971 $ 830,795 $ $ $ 2,910,602
680 - 739   85,151   53,090   44,616   50,703   39,230   144,537       417,327
620 - 679   15,767   7,604   11,460   9,628   7,982   43,393       95,834
550 - 619     1,971   2,818   2,920   4,474   10,144       22,327
Less than 550     861   593   2,916   594   2,138       7,102
No Score (3)   13,823   18,861   21,214   21,821   14,355   45,147       135,221
Other (2)   21,011   15,860   18,540   22,677   9,550   13,426   578   163   101,805
Total Residential Mortgage   864,559   482,495   389,725   471,962   391,156   1,089,580   578   163   3,690,218
                            
Home Equity Line                           
FICO:                           
740 and greater               608,282   2,163   610,445
680 - 739               159,886   3,155   163,041
620 - 679               44,005   1,571   45,576
550 - 619               11,644   884   12,528
Less than 550               5,159   330   5,489
No Score (3)               4,545     4,545
Total Home Equity Line               833,521   8,103   841,624
Total Residential Lending   864,559   482,495   389,725   471,962   391,156   1,089,580   834,099   8,266   4,531,842
                            
Consumer Lending                           
FICO:                           
740 and greater   113,373   122,965   99,678   54,691   24,029   6,034   114,748   275   535,793
680 - 739   83,316   90,853   66,143   36,426   16,358   4,985   76,391   773   375,245
620 - 679   40,469   48,904   33,917   24,705   11,144   3,788   36,622   1,221   200,770
550 - 619   9,125   20,274   17,693   15,126   7,825   2,883   12,980   1,458   87,364
Less than 550   3,017   10,139   9,189   6,517   3,123   1,118   5,261   799   39,163
No Score (3)   339   103   64   109   10     33,854   356   34,835
Other (2)   380   1,890   73   2,214   45   6,768   69,302     80,672
Total Consumer Lending   250,019   295,128   226,757   139,788   62,534   25,576   349,158   4,882   1,353,842
                            
Total Loans and Leases $ 2,543,705 $ 2,120,213 $ 1,644,201 $ 1,291,172 $ 882,520 $ 2,236,923 $ 2,516,240 $ 44,123 $ 13,279,097

___________________________
(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 Year Ended  
  December 31,  September 30,  December 31,  December 31,  
(dollars in thousands, except per share amounts)    2020     2020    2019    2020     2019 
Income Statement Data:                
Net income $ 61,739 $65,101 $67,836 $ 185,754 $284,392 
Core net income $ 65,288 $65,083 $71,250 $ 189,378 $291,785 
                 
Average total stockholders' equity $ 2,732,271 $2,704,129 $2,636,651 $ 2,698,853 $2,609,432 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible stockholders' equity $ 1,736,779 $1,708,637 $1,641,159 $ 1,703,361 $1,613,940 
                 
Average total assets $ 22,468,040 $22,341,485 $20,089,601 $ 21,869,064 $20,325,697 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible assets $ 21,472,548 $21,345,993 $19,094,109 $ 20,873,572 $19,330,205 
                 
Return on average total stockholders' equity(1)   8.99%   9.58%   10.21%    6.88%   10.90%  
Core return on average total stockholders' equity (non-GAAP)(1)   9.51%   9.57%   10.72%    7.02%   11.18%  
Return on average tangible stockholders' equity (non-GAAP)(1)   14.14%   15.16%   16.40%    10.91%   17.62%  
Core return on average tangible stockholders' equity (non-GAAP)(1)   14.95%   15.15%   17.22%    11.12%   18.08%  
                 
Return on average total assets(1)   1.09%   1.16%   1.34%    0.85%   1.40%  
Core return on average total assets (non-GAAP)(1)   1.16%   1.16%   1.41%    0.87%   1.44%  
Return on average tangible assets (non-GAAP)(1)   1.14%   1.21%   1.41%    0.89%   1.47%  
Core return on average tangible assets (non-GAAP)(1)   1.21%   1.21%   1.48%    0.91%   1.51%  


   As of As of As of 
   December 31,  September 30,  December 31,  
      2020    2020    2019    
Balance Sheet Data:           
Total stockholders' equity  $ 2,744,104 $2,733,934 $2,640,258 
Less: goodwill    995,492  995,492  995,492 
Tangible stockholders' equity  $ 1,748,612 $1,738,442 $1,644,766 
            
Total assets  $ 22,662,831 $22,310,701 $20,166,734 
Less: goodwill    995,492  995,492  995,492 
Tangible assets  $ 21,667,339 $21,315,209 $19,171,242 
            
Shares outstanding    129,912,272  129,911,789  129,928,479 
            
Total stockholders' equity to total assets    12.11%   12.25%   13.09%  
Tangible stockholders' equity to tangible assets (non-GAAP)   8.07%   8.16%   8.58%  
            
Book value per share  $ 21.12 $21.04 $20.32 
Tangible book value per share (non-GAAP)  $ 13.46 $13.38 $12.66 

____________________________
(1) Annualized for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019.


                 
GAAP to Non-GAAP Reconciliation              Table 15 
  For the Three Months Ended For the Year Ended  
  December 31,  September 30,  December 31,  December 31,  
(dollars in thousands, except per share amounts)    2020    2020    2019    2020    2019 
Net interest income $ 135,227  $134,002  $139,619  $ 535,734  $573,402  
Core net interest income (non-GAAP) $ 135,227  $134,002  $139,619  $ 535,734  $573,402  
                 
Noninterest income $ 53,598  $48,898  $46,708  $ 197,380  $192,533  
Losses (gains) on sale of securities   12   (24)  123    114   2,715  
Costs associated with the sale of stock(1)   4,828      4,500    4,828   4,500  
Core noninterest income (non-GAAP) $ 58,438  $48,874  $51,331  $ 202,322  $199,748  
                 
Noninterest expense $ 88,127  $91,629  $91,058  $ 367,672  $370,437  
One-time items(2)        (48)     (2,814) 
Core noninterest expense (non-GAAP) $ 88,127  $91,629  $91,010  $ 367,672  $367,623  
                 
Net income $ 61,739  $65,101  $67,836  $ 185,754  $284,392  
Losses (gains) on sale of securities   12   (24)  123    114   2,715  
Costs associated with the sale of stock(1)   4,828      4,500    4,828   4,500  
One-time noninterest expense items(2)        48      2,814  
Tax adjustments(3)   (1,291)  6   (1,257)   (1,318)  (2,636) 
Total core adjustments   3,549   (18)  3,414    3,624   7,393  
Core net income (non-GAAP) $ 65,288  $65,083  $71,250  $ 189,378  $291,785  
                 
Basic earnings per share $ 0.48  $0.50  $0.52  $ 1.43  $2.14  
Diluted earnings per share $ 0.47  $0.50  $0.52  $ 1.43  $2.13  
Efficiency ratio   46.59 % 50.01 % 48.86 %  50.10 % 48.36 %
                 
Core basic earnings per share (non-GAAP) $ 0.50  $0.50  $0.55  $ 1.46  $2.19  
Core diluted earnings per share (non-GAAP) $ 0.50  $0.50  $0.54  $ 1.45  $2.19  
Core efficiency ratio (non-GAAP)   45.43 % 50.02 % 47.65 %  49.77 % 47.55 %

____________________________
(1) Costs associated with the sale of stock for the three and twelve months ended December 31, 2020 and 2019 related to changes in the valuation of the funding swap entered into with the buyer of our Visa Class B restricted sales in 2016.

(2) One-time items for the three and twelve months ended December 31, 2019 included losses on our funding swap as a result of a 2019 decrease in the conversion rate of our Visa Class B restricted shares sold in 2016. One-time items for the twelve months ended December 31, 2019 also included costs related to a nonrecurring payment for a former executive of the Company pursuant to the Bank’s Executive Change-in-Control Retention Plan and nonrecurring offering costs.

(3) Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period.


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