First Hawaiian, Inc. Reports First Quarter 2026 Financial Results and Declares Dividend | FHB Stock News

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 shareTotal loans and leases increased $128.3 million versus prior quarterTotal deposits increased $261.7 million versus prior quarterNet interest margin declined 2 basis points to 3.19%Recorded a $5.0 million provision for credit lossesBoard 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(808) 525-6268khaseyama@fhb.comMedia Contact:Lindsay Chambers(808) 525-6254lchambers@fhb.com 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.