First Hawaiian, Inc. Reports First Quarter 2026 Financial Results and Declares Dividend

HONOLULU, April 24, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), ("First Hawaiian" or the "Company") today reported financial results for its quarter ended March 31, 2026.

"I'm pleased to report that First Hawaiian started 2026 with a strong first quarter," said Bob Harrison, Chairman, President, and CEO. "We had good growth in loans and deposits, and credit quality remained excellent. Our commitment to our communities is just as strong, as we actively support recovery efforts following the recent floods in Hawai'i and Typhoon Sinlaku's impact on Guam and Saipan. We will continue to stand alongside our customers across our markets throughout the recovery."

On April 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 29, 2026, to stockholders of record at the close of business on May 18, 2026.

First Quarter 2026 Highlights:

• Net income of $67.8 million, or $0.55 per diluted share
• Total loans and leases increased $128.3 million versus prior quarter
• Total deposits increased $261.7 million versus prior quarter
• Net interest margin declined 2 basis points to 3.19%
• Recorded a $5.0 million provision for credit losses
• Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $24.3 billion at March 31, 2026 versus $24.0 billion at December 31, 2025.

Gross loans and leases were $14.4 billion as of March 31, 2026, an increase of $128.3 million from $14.3 billion as of December 31, 2025.

Total deposits were $20.8 billion as of March 31, 2026, an increase of $261.7 million from $20.5 billion as of December 31, 2025.

Net Interest Income

Net interest income for the first quarter of 2026 was $167.5 million, a decrease of $2.8 million compared to $170.3 million for the prior quarter.

The net interest margin was 3.19% in the first quarter of 2026, 2 basis points lower than the prior quarter's margin of 3.21%.

Provision Expense

During the quarter ended March 31, 2026, we recorded a $5.0 million provision for credit losses. In the quarter ended December 31, 2025, we recorded a $7.7 million provision for credit losses.

Noninterest Income

Noninterest income was $52.8 million in the first quarter of 2026, $2.7 million lower compared to noninterest income of $55.6 million in the prior quarter.

Noninterest Expense

Noninterest expense was $127.9 million in the first quarter of 2026, $2.8 million higher compared to noninterest expense of $125.1 million in the prior quarter.

The efficiency ratio was 57.8% and 55.1% for the quarters ended March 31, 2026 and December 31, 2025, respectively.

Taxes

The effective tax rate was 22.5% and 24.8% for the quarters ended March 31, 2026 and December 31, 2025, respectively.

Asset Quality

The allowance for credit losses was $169.3 million, or 1.17% of total loans and leases, as of March 31, 2026, compared to $168.5 million, or 1.18% of total loans and leases, as of December 31, 2025. The reserve for unfunded commitments was $34.9 million as of March 31, 2026 and $35.7 million as of December 31, 2025. Net charge-offs were $4.9 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended March 31, 2026, compared to net charge-offs of $5.0 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended December 31, 2025. Total non-performing assets were $39.7 million, or 0.27% of total loans and leases and other real estate owned, on March 31, 2026, compared to total non-performing assets of $41.0 million, or 0.29% of total loans and leases and other real estate owned, on December 31, 2025.

Capital

Total stockholders' equity was $2.8 billion at March 31, 2026 and December 31, 2025.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.21%, 13.12% and 14.37%, respectively, on March 31, 2026, compared with 9.27%, 13.17% and 14.42%, respectively, on December 31, 2025.

The Company repurchased approximately 1.3 million shares of common stock at a total cost of $32.0 million under the stock repurchase program in the first quarter. The average cost was $24.47 per share repurchased.

First Hawaiian, Inc.

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

Conference Call Information

First Hawaiian will host a conference call to discuss the Company's results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

To access the call by phone, please register via the following link: https://register-conf.media-server.com/register/BI91896a5e1d8b487a89f5948ca1270853, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

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

Forward-Looking Statements

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

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 12 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 [phone] [e-mail]

Media Contact: Lindsay Chambers [phone] [e-mail]

Financial Highlights		Table 1
		For the Three Months Ended
		March 31,			December 31,			March 31,
(dollars in thousands, except per share data)		2026			2025			2025
Operating Results:
Net interest income		-	167,530		-	170,302		-	160,526
Provision for credit losses			5,000			7,700			10,500
Noninterest income			52,819			55,551			50,477
Noninterest expense			127,885			125,102			123,560
Net income			67,784			69,931			59,248
Basic earnings per share			0.55			0.57			0.47
Diluted earnings per share			0.55			0.56			0.47
Dividends declared per share			0.26			0.26			0.26
Dividend payout ratio			47.27	-		46.43	-		55.32	-
Performance Ratios(1)-
Net interest margin			3.19	-		3.21	-		3.08	-
Efficiency ratio			57.77	-		55.14	-		58.22	-
Return on average total assets			1.14	-		1.16	-		1.01	-
Return on average tangible assets (non-GAAP)(2)			1.19	-		1.21	-		1.05	-
Return on average total stockholders' equity			9.86	-		10.07	-		9.09	-
Return on average tangible stockholders' equity (non-GAAP)(2)			15.33	-		15.76	-		14.59	-
Average Balances:
Average loans and leases		-	14,289,418		-	14,251,470		-	14,309,998
Average earning assets			21,332,641			21,215,262			21,169,194
Average assets			24,083,280			23,925,000			23,890,459
Average deposits			20,623,573			20,510,346			20,354,040
Average stockholders' equity			2,788,826			2,756,241			2,641,978
Market Value Per Share:
Closing			24.64			25.30			24.44
High			28.35			26.56			28.28
Low			23.26			22.65			23.95

		As of			As of			As of
		March 31,			December 31,			March 31,
(dollars in thousands, except per share data)		2026			2025			2025
Balance Sheet Data:
Loans and leases		-	14,440,835		-	14,312,529		-	14,293,036
Total assets			24,264,548			23,955,252			23,744,958
Total deposits			20,777,353			20,515,668			20,215,816
Short-term borrowings			-			-			250,000
Total stockholders' equity			2,767,760			2,769,365			2,648,852
Per Share of Common Stock:
Book value		-	22.75		-	22.57		-	21.07
Tangible book value (non-GAAP)(2)			14.57			14.46			13.15
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.27	-		0.29	-		0.14	-
Allowance for credit losses for loans and leases / total loans and leases			1.17	-		1.18	-		1.17	-
Capital Ratios:
Common Equity Tier 1 Capital Ratio			13.12	-		13.17	-		12.93	-
Tier 1 Capital Ratio			13.12	-		13.17	-		12.93	-
Total Capital Ratio			14.37	-		14.42	-		14.17	-
Tier 1 Leverage Ratio			9.21	-		9.27	-		9.01	-
Total stockholders' equity to total assets			11.41	-		11.56	-		11.16	-
Tangible stockholders' equity to tangible assets (non-GAAP)(2)			7.62	-		7.73	-		7.27	-
Non-Financial Data:
Number of branches			49			49			48
Number of ATMs			273			273			273
Number of Full-Time Equivalent Employees			1,986			1,997			1,995

⁽¹⁾Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.

⁽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 12, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income		Table 2
		For the Three Months Ended
		March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)		2026			2025			2025
Interest income
Loans and lease financing		-	186,389		-	192,483		-	192,102
Available-for-sale investment securities			14,884			14,997			13,150
Held-to-maturity investment securities			15,063			15,711			16,647
Other			13,362			13,648			13,251
Total interest income			229,698			236,839			235,150
Interest expense
Deposits			62,064			66,441			71,709
Short-term borrowings			-			-			2,599
Other			104			96			316
Total interest expense			62,168			66,537			74,624
Net interest income			167,530			170,302			160,526
Provision for credit losses			5,000			7,700			10,500
Net interest income after provision for credit losses			162,530			162,602			150,026
Noninterest income
Service charges on deposit accounts			8,156			8,175			7,535
Credit and debit card fees			15,083			15,570			14,474
Other service charges and fees			13,784			13,829			12,167
Trust and investment services income			9,146			9,205			9,370
Bank-owned life insurance			4,091			5,204			4,371
Investment securities gains, net			-			-			37
Other			2,559			3,568			2,523
Total noninterest income			52,819			55,551			50,477
Noninterest expense
Salaries and employee benefits			64,090			64,768			60,104
Contracted services and professional fees			13,964			13,676			14,839
Occupancy			7,816			7,092			8,100
Equipment			14,781			14,550			13,871
Regulatory assessment and fees			3,248			1,204			3,823
Advertising and marketing			2,252			2,326			2,179
Card rewards program			8,404			8,344			7,919
Other			13,330			13,142			12,725
Total noninterest expense			127,885			125,102			123,560
Income before provision for income taxes			87,464			93,051			76,943
Provision for income taxes			19,680			23,120			17,695
Net income		-	67,784		-	69,931		-	59,248
Basic earnings per share		-	0.55		-	0.57		-	0.47
Diluted earnings per share		-	0.55		-	0.56		-	0.47
Basic weighted-average outstanding shares			122,457,604			123,342,709			126,281,802
Diluted weighted-average outstanding shares			123,345,708			124,158,037			127,166,932

Consolidated Balance Sheets		Table 3
		March 31,				December 31,				March 31,
(dollars in thousands, except share amount)		2026				2025				2025
Assets
Cash and due from banks		-	225,727			-	228,734			-	240,738
Interest-bearing deposits in other banks			1,493,421				1,249,018				1,073,841
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,270,792 as of March 31, 2026, $2,246,716 as of December 31, 2025 and $2,091,034 as of March 31, 2025)			2,080,004				2,076,233				1,858,428
Held-to-maturity, at amortized cost (fair value: $3,074,133 as of March 31, 2026, $3,188,775 as of December 31, 2025 and $3,250,275 as of March 31, 2025)			3,480,022				3,533,082				3,724,908
Loans held for sale			-				1,370				1,547
Loans and leases			14,440,835				14,312,529				14,293,036
Less: allowance for credit losses			169,318				168,468				166,612
Net loans and leases			14,271,517				14,144,061				14,126,424
Premises and equipment, net			302,807				303,496				292,576
Accrued interest receivable			77,286				77,641				78,973
Bank-owned life insurance			514,069				513,182				495,567
Goodwill			995,492				995,492				995,492
Mortgage servicing rights			4,470				4,638				4,926
Other assets			819,733				828,305				851,538
Total assets		-	24,264,548			-	23,955,252			-	23,744,958
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing		-	14,257,290			-	13,968,376			-	13,330,265
Noninterest-bearing			6,520,063				6,547,292				6,885,551
Total deposits			20,777,353				20,515,668				20,215,816
Short-term borrowings			-				-				250,000
Retirement benefits payable			98,220				99,052				96,241
Other liabilities			621,215				571,167				534,049
Total liabilities			21,496,788				21,185,887				21,096,106
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,627,813 / 121,648,973 shares as of March 31, 2026, issued/outstanding: 142,184,584 / 122,689,256 shares as of December 31, 2025 and issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025)			1,426				1,422				1,421
Additional paid-in capital			2,580,501				2,576,540				2,564,408
Retained earnings			1,114,759				1,078,885				960,337
Accumulated other comprehensive loss, net			(372,747	-			(368,140	-			(433,769	-
Treasury stock (20,978,840 shares as of March 31, 2026, 19,495,328 shares as of December 31, 2025 and 16,446,755 shares as of March 31, 2025)			(556,179	-			(519,342	-			(443,545	-
Total stockholders' equity			2,767,760				2,769,365				2,648,852
Total liabilities and stockholders' equity		-	24,264,548			-	23,955,252			-	23,744,958

Average Balances and Interest Rates																								Table 4
		Three Months Ended								Three Months Ended								Three Months Ended
		March 31, 2026								December 31, 2025								March 31, 2025
		Average			Income/			Yield/		Average			Income/			Yield/		Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate		Balance			Expense			Rate		Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		-	1,455.0		-	13.2		3.68	-	-	1,331.8		-	13.2		3.95	-	-	1,171.1		-	12.8		4.44	-
Available-for-Sale Investment Securities
Taxable			2,050.7			14.9		2.91			2,035.3			15.0		2.94			1,891.4			13.2		2.79
Non-Taxable			0.8			-		4.86			0.9			-		4.97			1.4			-		5.52
Held-to-Maturity Investment Securities
Taxable			2,916.5			12.0		1.64			2,973.8			12.6		1.69			3,164.0			13.6		1.72
Non-Taxable			592.6			3.5		2.39			594.3			3.5		2.37			599.0			3.7		2.51
Total Investment Securities			5,560.6			30.4		2.19			5,604.3			31.1		2.22			5,655.8			30.5		2.16
Loans Held for Sale			0.9			-		5.87			0.3			-		5.83			0.3			-		6.28
Loans and Leases(1)
Commercial and industrial			2,170.6			30.8		5.75			2,131.5			31.9		5.94			2,196.8			33.6		6.20
Commercial real estate			4,608.4			65.0		5.72			4,599.2			68.8		5.93			4,420.1			66.5		6.10
Construction			775.5			12.4		6.48			804.5			13.3		6.55			937.0			15.4		6.67
Residential:
Residential mortgage			4,081.8			41.0		4.02			4,081.3			41.0		4.02			4,150.3			40.9		3.94
Home equity line			1,175.4			13.7		4.71			1,175.7			14.0		4.71			1,149.8			13.1		4.61
Consumer			1,034.5			20.0		7.84			1,022.1			19.8		7.70			1,019.5			18.9		7.53
Lease financing			443.2			4.1		3.75			437.2			4.3		3.89			436.5			4.3		3.99
Total Loans and Leases			14,289.4			187.0		5.29			14,251.5			193.1		5.38			14,310.0			192.7		5.44
Other Earning Assets			26.7			0.1		2.52			27.4			0.4		5.69			32.0			0.4		5.48
Total Earning Assets(2)			21,332.6			230.7		4.37			21,215.3			237.8		4.46			21,169.2			236.4		4.51
Cash and Due from Banks			226.4								221.1								235.9
Other Assets			2,524.3								2,488.6								2,485.4
Total Assets		-	24,083.3							-	23,925.0							-	23,890.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		-	6,404.5		-	18.9		1.20	-	-	6,288.5		-	20.0		1.26	-	-	6,232.5		-	21.3		1.38	-
Money Market			4,358.9			19.8		1.84			4,185.4			22.0		2.08			3,922.2			23.0		2.38
Time			3,381.3			23.4		2.80			3,368.8			24.4		2.88			3,317.1			27.4		3.36
Total Interest-Bearing Deposits			14,144.7			62.1		1.78			13,842.7			66.4		1.90			13,471.8			71.7		2.16
Other Short-Term Borrowings			-			-		-			-			-		-			250.0			2.6		4.22
Other Interest-Bearing Liabilities			12.5			0.1		3.40			9.5			0.1		3.97			27.5			0.3		4.67
Total Interest-Bearing Liabilities			14,157.2			62.2		1.78			13,852.2			66.5		1.91			13,749.3			74.6		2.20
Net Interest Income					-	168.5							-	171.3							-	161.8
Interest Rate Spread(3)								2.59	-							2.55	-							2.31	-
Net Interest Margin(4)								3.19	-							3.21	-							3.08	-
Noninterest-Bearing Demand Deposits			6,478.9								6,667.6								6,882.2
Other Liabilities			658.4								649.0								617.0
Stockholders' Equity			2,788.8								2,756.2								2,642.0
Total Liabilities and Stockholders' Equity		-	24,083.3							-	23,925.0							-	23,890.5

⁽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 $1.2 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

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

⁽⁴⁾Net interest margin is net interest income annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, on a fully taxable-equivalent basis, divided by average total earning assets.

Analysis of Change in Net Interest Income											Table 5
		Three Months Ended March 31, 2026
		Compared to December 31, 2025
(dollars in millions)		Volume				Rate				Total(1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		-	1.0			-	(1.0	-		-	-
Available-for-Sale Investment Securities
Taxable			0.1				(0.2	-			(0.1	-
Held-to-Maturity Investment Securities
Taxable			(0.2	-			(0.4	-			(0.6	-
Non-Taxable			-				-				-
Total Investment Securities			(0.1	-			(0.6	-			(0.7	-
Loans and Leases
Commercial and industrial			0.3				(1.4	-			(1.1	-
Commercial real estate			-				(3.8	-			(3.8	-
Construction			(0.7	-			(0.2	-			(0.9	-
Residential:
Residential mortgage			-				-				-
Home equity line			(0.3	-			-				(0.3	-
Consumer			0.1				0.1				0.2
Lease financing			-				(0.2	-			(0.2	-
Total Loans and Leases			(0.6	-			(5.5	-			(6.1	-
Other Earning Assets			(0.1	-			(0.2	-			(0.3	-
Total Change in Interest Income			0.2				(7.3	-			(7.1	-
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.2				(1.3	-			(1.1	-
Money Market			0.7				(2.9	-			(2.2	-
Time			0.1				(1.1	-			(1.0	-
Total Interest-Bearing Deposits			1.0				(5.3	-			(4.3	-
Other Short-Term Borrowings			-				-				-
Other Interest-Bearing Liabilities			-				-				-
Total Change in Interest Expense			1.0				(5.3	-			(4.3	-
Change in Net Interest Income		-	(0.8	-		-	(2.0	-		-	(2.8	-

⁽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 6
		Three Months Ended March 31, 2026
		Compared to March 31, 2025
(dollars in millions)		Volume				Rate				Total(1)
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		-	2.8			-	(2.4	-		-	0.4
Available-for-Sale Investment Securities
Taxable			1.1				0.6				1.7
Held-to-Maturity Investment Securities
Taxable			(1.0	-			(0.6	-			(1.6	-
Non-Taxable			-				(0.2	-			(0.2	-
Total Investment Securities			0.1				(0.2	-			(0.1	-
Loans and Leases
Commercial and industrial			(0.4	-			(2.4	-			(2.8	-
Commercial real estate			2.8				(4.3	-			(1.5	-
Construction			(2.6	-			(0.4	-			(3.0	-
Residential:
Residential mortgage			(0.7	-			0.8				0.1
Home equity line			0.3				0.3				0.6
Consumer			0.3				0.8				1.1
Lease financing			0.1				(0.3	-			(0.2	-
Total Loans and Leases			(0.2	-			(5.5	-			(5.7	-
Other Earning Assets			(0.1	-			(0.2	-			(0.3	-
Total Change in Interest Income			2.6				(8.3	-			(5.7	-
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.5				(2.9	-			(2.4	-
Money Market			2.4				(5.6	-			(3.2	-
Time			0.6				(4.6	-			(4.0	-
Total Interest-Bearing Deposits			3.5				(13.1	-			(9.6	-
Other Short-Term Borrowings			(1.3	-			(1.3	-			(2.6	-
Other Interest-Bearing Liabilities			(0.1	-			(0.1	-			(0.2	-
Total Change in Interest Expense			2.1				(14.5	-			(12.4	-
Change in Net Interest Income		-	0.5			-	6.2			-	6.7

⁽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 7
		March 31,			December 31,			March 31,
(dollars in thousands)		2026			2025			2025
Commercial and industrial		-	2,241,882		-	2,171,333		-	2,261,394
Commercial real estate			4,715,741			4,590,326			4,367,433
Construction			769,302			808,275			954,072
Residential:
Residential mortgage			4,063,933			4,096,300			4,129,518
Home equity line			1,176,228			1,178,527			1,144,895
Total residential			5,240,161			5,274,827			5,274,413
Consumer			1,030,002			1,025,838			998,325
Lease financing			443,747			441,930			437,399
Total loans and leases		-	14,440,835		-	14,312,529		-	14,293,036

Deposits									Table 8
		March 31,			December 31,			March 31,
(dollars in thousands)		2026			2025			2025
Demand		-	6,520,063		-	6,547,292		-	6,885,551
Savings			6,566,192			6,308,873			6,110,796
Money Market			4,310,474			4,289,370			3,865,203
Time			3,380,624			3,370,133			3,354,266
Total Deposits		-	20,777,353		-	20,515,668		-	20,215,816

Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More									Table 9
		March 31,			December 31,			March 31,
(dollars in thousands)		2026			2025			2025
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial		-	4,960		-	8,805		-	-
Commercial real estate			2,952			3,007			216
Construction			1,788			1,788			375
Lease financing			691			734			-
Total Commercial Loans			10,391			14,334			591
Residential Loans:
Residential mortgage			17,665			16,423			12,809
Home equity line			11,624			10,271			6,788
Total Residential Loans			29,289			26,694			19,597
Total Non-Accrual Loans and Leases			39,680			41,028			20,188
Total Non-Performing Assets		-	39,680		-	41,028		-	20,188
Accruing Loans and Leases Past Due 90 Days or More
Commercial and industrial		-	715		-	318		-	740
Residential mortgage			9			55			1,008
Consumer			3,620			2,984			2,554
Total Accruing Loans and Leases Past Due 90 Days or More		-	4,344		-	3,357		-	4,302
Total Loans and Leases		-	14,440,835		-	14,312,529		-	14,293,036

Allowance for Credit Losses and Reserve for Unfunded Commitments		Table 10
		For the Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands)		2026				2025				2025
Balance at Beginning of Period		-	204,165			-	201,466			-	193,240
Loans and Leases Charged-Off
Commercial and industrial			(2,625	-			(1,478	-			(1,459	-
Home equity line			-				-				(14	-
Consumer			(4,844	-			(5,186	-			(5,025	-
Total Loans and Leases Charged-Off			(7,469	-			(6,664	-			(6,498	-
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial			266				193				403
Commercial real estate			-				-				251
Lease financing			3				-				-
Total Commercial Loans			269				193				654
Residential Loans:
Residential mortgage			13				14				20
Home equity line			39				27				64
Total Residential Loans			52				41				84
Consumer			2,248				1,429				1,979
Total Recoveries on Loans and Leases Previously Charged-Off			2,569				1,663				2,717
Net Loans and Leases Charged-Off			(4,900	-			(5,001	-			(3,781	-
Provision for Credit Losses			5,000				7,700				10,500
Balance at End of Period		-	204,265			-	204,165			-	199,959
Components:
Allowance for Credit Losses		-	169,318			-	168,468			-	166,612
Reserve for Unfunded Commitments			34,947				35,697				33,347
Total Allowance for Credit Losses and Reserve for Unfunded Commitments		-	204,265			-	204,165			-	199,959
Average Loans and Leases Outstanding		-	14,289,418			-	14,251,470			-	14,309,998
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)			0.14		-		0.14		-		0.11
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding			1.17		-		1.18		-		1.17
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases			4.27x				4.11x				8.25x

⁽¹⁾Annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.

Loans and Leases by Year of Origination and Credit Quality Indicator																											Table 11
																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
																				Amortized			Amortized
(dollars in thousands)		2026			2025			2024			2023			2022			Prior			Cost Basis			Cost Basis			Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass		-	39,118		-	287,976		-	121,084		-	59,643		-	88,428		-	360,068		-	1,084,181		-	29,066		-	2,069,564
Special Mention			460			3,650			2,733			1,690			2,286			1,120			1,404			-			13,343
Substandard			4,439			717			-			405			3,164			19,234			32,253			-			60,212
Other(1)			14,670			15,797			8,089			4,154			3,116			1,754			51,183			-			98,763
Total Commercial and Industrial			58,687			308,140			131,906			65,892			96,994			382,176			1,169,021			29,066			2,241,882
Current period gross charge-offs			-			-			46			-			10			708			1,861			-			2,625
Commercial Real Estate
Risk rating:
Pass			245,499			732,845			290,053			415,324			728,453			1,987,673			98,893			6,790			4,505,530
Special Mention			-			-			678			1,659			50,911			72,086			3,035			-			128,369
Substandard			224			-			5,514			737			57,133			16,863			1,251			-			81,722
Other(1)			-			-			-			-			-			120			-			-			120
Total Commercial Real Estate			245,723			732,845			296,245			417,720			836,497			2,076,742			103,179			6,790			4,715,741
Current period gross charge-offs			-			-			-			-			-			-			-			-			-
Construction
Risk rating:
Pass			8,033			101,880			256,657			79,748			193,998			37,280			37,491			-			715,087
Special Mention			-			-			-			-			27,979			-			-			-			27,979
Substandard			-			-			-			-			-			904			-			-			904
Other(1)			1,634			8,395			5,881			4,878			2,098			1,764			682			-			25,332
Total Construction			9,667			110,275			262,538			84,626			224,075			39,948			38,173			-			769,302
Current period gross charge-offs			-			-			-			-			-			-			-			-			-
Lease Financing
Risk rating:
Pass			68,176			65,980			80,294			87,568			38,834			97,878			-			-			438,730
Special Mention			-			-			-			355			37			-			-			-			392
Substandard			-			-			4,072			368			185			-			-			-			4,625
Total Lease Financing			68,176			65,980			84,366			88,291			39,056			97,878			-			-			443,747
Current period gross charge-offs			-			-			-			-			-			-			-			-			-
Total Commercial Lending		-	382,253		-	1,217,240		-	775,055		-	656,529		-	1,196,622		-	2,596,744		-	1,310,373		-	35,856		-	8,170,672
Current period gross charge-offs		-	-		-	-		-	46		-	-		-	10		-	708		-	1,861		-	-		-	2,625

(continued)

																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
(continued)																				Amortized			Amortized
(dollars in thousands)		2026			2025			2024			2023			2022			Prior			Cost Basis			Cost Basis			Total
Residential Lending
Residential Mortgage
FICO:
740 and greater		-	55,081		-	194,338		-	141,798		-	177,437		-	445,925		-	2,310,043		-	-		-	-		-	3,324,622
680 - 739			5,446			21,151			18,967			25,654			55,761			260,895			-			-			387,874
620 - 679			158			6,936			2,095			5,513			24,724			74,911			-			-			114,337
550 - 619			-			-			713			1,186			3,099			19,617			-			-			24,615
Less than 550			-			-			1,960			885			2,980			13,897			-			-			19,722
No Score(3)			-			8,064			5,077			5,352			15,747			51,351			-			-			85,591
Other(2)			2,541			20,241			7,176			11,124			13,352			44,311			8,427			-			107,172
Total Residential Mortgage			63,226			250,730			177,786			227,151			561,588			2,775,025			8,427			-			4,063,933
Current period gross charge-offs			-			-			-			-			-			-			-			-			-
Home Equity Line
FICO:
740 and greater			-			-			-			-			-			-			927,710			353			928,063
680 - 739			-			-			-			-			-			-			179,282			1,553			180,835
620 - 679			-			-			-			-			-			-			42,052			407			42,459
550 - 619			-			-			-			-			-			-			13,280			821			14,101
Less than 550			-			-			-			-			-			-			9,946			71			10,017
No Score(3)			-			-			-			-			-			-			753			-			753
Total Home Equity Line			-			-			-			-			-			-			1,173,023			3,205			1,176,228
Current period gross charge-offs			-			-			-			-			-			-			-			-			-
Total Residential Lending		-	63,226		-	250,730		-	177,786		-	227,151		-	561,588		-	2,775,025		-	1,181,450		-	3,205		-	5,240,161
Current period gross charge-offs		-	-		-	-		-	-		-	-		-	-		-	-		-	-		-	-		-	-
Consumer Lending
FICO:
740 and greater			33,204			101,067			58,946			38,378			41,556			17,925			95,475			91			386,642
680 - 739			24,220			80,977			43,398			24,700			20,837			10,393			86,290			534			291,349
620 - 679			15,474			45,858			17,506			9,762			10,820			6,119			51,631			824			157,994
550 - 619			1,090			12,576			8,565			5,877			6,434			4,201			17,550			906			57,199
Less than 550			203			4,779			4,993			3,216			3,499			2,786			6,156			528			26,160
No Score(3)			2,494			940			4			31			-			6			35,918			158			39,551
Other(2)			-			4,503			-			-			-			1,498			65,106			-			71,107
Total Consumer Lending		-	76,685		-	250,700		-	133,412		-	81,964		-	83,146		-	42,928		-	358,126		-	3,041		-	1,030,002
Current period gross charge-offs		-	-		-	680		-	778		-	582		-	370		-	593		-	1,645		-	196		-	4,844
Total Loans and Leases		-	522,164		-	1,718,670		-	1,086,253		-	965,644		-	1,841,356		-	5,414,697		-	2,849,949		-	42,102		-	14,440,835
Current period gross charge-offs		-	-		-	680		-	824		-	582		-	380		-	1,301		-	3,506		-	196		-	7,469

⁽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 March 31, 2026, the majority of the loans in this population were current.

⁽²⁾Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a "Pass" rating. As of March 31, 2026, the majority of the loans in this population were current.

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

GAAP to Non-GAAP Reconciliation		Table 12
		For the Three Months Ended
		March 31,			December 31,			March 31,
(dollars in thousands)		2026			2025			2025
Income Statement Data:
Net income		-	67,784		-	69,931		-	59,248
Average total stockholders' equity		-	2,788,826		-	2,756,241		-	2,641,978
Less: average goodwill			995,492			995,492			995,492
Average tangible stockholders' equity		-	1,793,334		-	1,760,749		-	1,646,486
Average total assets		-	24,083,280		-	23,925,000		-	23,890,459
Less: average goodwill			995,492			995,492			995,492
Average tangible assets		-	23,087,788		-	22,929,508		-	22,894,967
Return on average total stockholders' equity(1)			9.86	-		10.07	-		9.09	-
Return on average tangible stockholders' equity (non-GAAP)(1)			15.33	-		15.76	-		14.59	-
Return on average total assets(1)			1.14	-		1.16	-		1.01	-
Return on average tangible assets (non-GAAP)(1)			1.19	-		1.21	-		1.05	-

		As of			As of			As of
		March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)		2026			2025			2025
Balance Sheet Data:
Total stockholders' equity		-	2,767,760		-	2,769,365		-	2,648,852
Less: goodwill			995,492			995,492			995,492
Tangible stockholders' equity		-	1,772,268		-	1,773,873		-	1,653,360
Total assets		-	24,264,548		-	23,955,252		-	23,744,958
Less: goodwill			995,492			995,492			995,492
Tangible assets		-	23,269,056		-	22,959,760		-	22,749,466
Shares outstanding			121,648,973			122,689,256			125,692,598
Total stockholders' equity to total assets			11.41	-		11.56	-		11.16	-
Tangible stockholders' equity to tangible assets (non-GAAP)			7.62	-		7.73	-		7.27	-
Book value per share		-	22.75		-	22.57		-	21.07
Tangible book value per share (non-GAAP)		-	14.57		-	14.46		-	13.15

⁽¹⁾Annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.