HONOLULU, July 24, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2020.

“I am very proud of our teams’ extraordinary efforts to manage through the pandemic’s disruption with agility and resilience while ensuring the health and safety of their co-workers, customers and community,” said Bob Harrison, Chairman, President and CEO.  “During this difficult time for our local economy, we focused our efforts on creating stability by offering relief assistance to customers and support to the community.  Our teams leveraged technology investments to develop an online application portal that enabled us to secure over $940 million in PPP loans for 6,000 small business customers.  We also successfully launched the Aloha for Hawaii Fund, which supported the restaurant industry, and donated $1 million to non-profits for COVID-19 relief.  Another $1 million was donated to the Stronger Together Fund to support the 2020 public high school graduates as they transition to the next phase of their lives.”

On July 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share.  The dividend will be payable on September 4, 2020 to stockholders of record at the close of business on August 24, 2020. 

Second Quarter 2020 Highlights:

  • Net income of $20.0 million, or $0.15 per diluted share
  • Total Loans and Leases increased $383.8 million, or 2.9%, versus prior quarter
  • Deposits balances increased $2.3 billion, or 13.8% versus the prior quarter
  • Net interest margin (“NIM”) was 2.58% 
  • Recorded a $55.4 million provision for credit losses
  • Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet
Total assets were $23.0 billion as of June 30, 2020, compared to $20.8 billion as of March 31, 2020.

Gross loans and leases were $13.8 billion as of June 30, 2020, an increase of $383.8 million, or 2.9%, from $13.4 billion as of March 31, 2020.  Loan growth was driven by Paycheck Protection Program (“PPP”) loans, partially offset by declines in other commercial loans, including shared national credits (“SNCs”) and dealer flooring loans.

Total deposits were $19.4 billion as of June 30, 2020, an increase of $2.3 billion, or 13.8%, from $17.0 billion as of March 31, 2020.  The increase in deposit balances was due to growth in consumer and commercial deposits, which included a portion of PPP loan proceeds, and an increase in public deposits.

Net Interest Income
Net interest income for the second quarter of 2020 was $127.8 million, a decrease of $10.9 million, or 7.8%, compared to $138.7 million for the prior quarter. 

The NIM was 2.58% in the second quarter of 2020, a decrease of 54 basis points compared to 3.12% in the first quarter of 2020.  The decline in NIM was due to lower interest rates and excess liquidity.

Provision Expense
During the quarter ended June 30, 2020, the Bank recorded a total provision for credit losses of $55.4 million.  In the quarter ended March 31, 2020, the total provision for credit losses was $41.2 million.  The provision expense recorded in the first and second quarters was due to expectations for increased credit losses as a result of COVID-19 and its impact on Hawaii’s economy.

Noninterest Income
Noninterest income was $45.7 million in the second quarter of 2020, a decrease of $3.6 million compared to noninterest income of $49.2 million in the first quarter of 2020.

Noninterest Expense
Noninterest expense was $91.5 million in the second quarter of 2020, a decrease of $5.0 million from $96.5 million in the first quarter of 2020.

The efficiency ratio was 52.7% and 51.3% for the quarters ended June 30, 2020 and March 31, 2020, respectively.

Taxes
The effective tax rate was 24.6% for the quarter ended June 30, 2020 and 22.6% for the quarter ended March 31, 2020.

Asset Quality
The allowance for credit losses was $192.1 million, or 1.40% of total loans and leases, as of June 30, 2020, compared to $166.0 million, or 1.24% of total loans and leases, as of March 31, 2020.  The reserve for unfunded commitments was $23.2 million as of June 30, 2020 compared to $17.3 million as of March 31, 2020.  Net charge-offs were $23.4 million, or 0.67% of average loans and leases on an annualized basis for the quarter ended June 30, 2020, compared to $6.1 million, or 0.19% of average loans and leases on an annualized basis for the quarter ended March 31, 2020.  Total non-performing assets were $33.3 million, or 0.24% of total loans and leases and other real estate owned, at June 30, 2020, compared to non-performing assets of $7.2 million, or 0.05% of total loans and leases and other real estate owned, at March 31, 2020. 

Capital
Total stockholders’ equity was $2.7 billion at both June 30 and March 31, 2020.   

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.75%, 11.86% and 13.11%, respectively, at June 30, 2020, compared with 8.63%, 11.65% and 12.90%, respectively, at March 31, 2020.

The Company suspended its stock repurchase program during the first quarter and did not repurchase any shares of common stock in the second 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, 7:00 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:  4496063  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 July 31, 2020.  Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID:  4496063

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 Report on Form 10-Q for the quarter ended March 31, 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 Six Months Ended  
  June 30,  March 31,  June 30,  June 30,  
(dollars in thousands, except per share data) 2020 2020 2019 2020 2019 
Operating Results:                
Net interest income $ 127,822 $138,683 $145,613 $ 266,505 $290,702 
Provision for credit losses   55,446  41,200  3,870   96,646  9,550 
Noninterest income   45,656  49,228  48,773   94,884  95,845 
Noninterest expense   91,450  96,466  93,290   187,916  185,913 
Net income   20,049  38,865  72,433   58,914  142,357 
Basic earnings per share   0.15  0.30  0.54   0.45  1.06 
Diluted earnings per share   0.15  0.30  0.54   0.45  1.06 
Dividends declared per share   0.26  0.26  0.26   0.52  0.52 
Dividend payout ratio   173.33% 86.67% 48.15%  115.56% 49.06%
Supplemental Income Statement Data (non-GAAP):                
Core net interest income $ 127,822 $138,683 $145,613 $ 266,505 $290,702 
Core noninterest income   45,867  49,143  48,752   95,010  98,437 
Core noninterest expense   91,450  96,466  93,029   187,916  185,391 
Core net income   20,204  38,803  72,612   59,007  144,664 
Core basic earnings per share   0.16  0.30  0.54   0.45  1.07 
Core diluted earnings per share   0.16  0.30  0.54   0.45  1.07 
Performance Ratio(1):                
Net interest margin   2.58 3.12% 3.25%  2.84 3.24%
Core net interest margin (non-GAAP)   2.58 3.12% 3.25%  2.84% 3.24%
Efficiency ratio   52.70 51.33% 47.99%  51.99% 48.09%
Core efficiency ratio (non-GAAP)   52.64 51.35% 47.86%  51.97% 47.64%
Return on average total assets   0.36 0.77% 1.42%  0.56% 1.40%
Core return on average total assets (non-GAAP)   0.36 0.77% 1.43%  0.56% 1.43%
Return on average tangible assets (non-GAAP)   0.38 0.81% 1.50%  0.58% 1.48%
Core return on average tangible assets (non-GAAP)(2)   0.38 0.81% 1.50%  0.58% 1.50%
Return on average total stockholders' equity   2.99 5.87% 11.13%  4.42% 11.15%
Core return on average total stockholders' equity (non-GAAP)   3.01 5.87% 11.16%  4.43% 11.33%
Return on average tangible stockholders' equity (non-GAAP)   4.74 9.39% 17.99%  7.04% 18.17%
Core return on average tangible stockholders’ equity (non-GAAP)(3)   4.77 9.37% 18.03%  7.05% 18.46%
Average Balances:                
Average loans and leases $ 13,956,669 $13,191,426 $13,209,655 $ 13,574,048 $13,142,057 
Average earning assets   19,854,795  17,814,189  17,971,615   18,834,492  18,031,189 
Average assets   22,341,654  20,313,304  20,390,273   21,327,479  20,442,266 
Average deposits   18,540,394  16,543,305  16,664,837   17,541,849  16,764,700 
Average stockholders' equity   2,697,775  2,660,811  2,610,565   2,679,293  2,575,775 
Market Value Per Share:                
Closing   17.24  16.53  25.87   17.24  25.87 
High   21.50  31.25  28.20   31.25  28.20 
Low   13.56  15.42  24.83   13.56  22.13 


              
  As of As of As of As of 
  June 30,  March 31,  December 31,  June 30,  
  2020 2020 2019 2019 
Balance Sheet Data:             
Loans and leases $ 13,764,030 $13,380,270 $13,211,650 $13,264,609 
Total assets   22,993,715  20,755,891  20,166,734  20,526,367 
Total deposits   19,361,634  17,020,002  16,444,994  16,792,078 
Short-term borrowings   200,000  400,000  400,000  200,000 
Long-term borrowings   200,019  200,019  200,019  400,028 
Total stockholders' equity   2,701,897  2,664,685  2,640,258  2,659,441 
              
Per Share of Common Stock:             
Book value $ 20.81 $20.52 $20.32 $19.92 
Tangible book value (non-GAAP)(4)   13.14  12.86  12.66  12.46 
              
Asset Quality Ratios:             
Non-accrual loans and leases / total loans and leases   0.24 0.05% 0.04% 0.03%
Allowance for credit losses for loans and leases / total loans and leases   1.40 1.24% 0.99% 1.04%
              
Capital Ratios:             
Common Equity Tier 1 Capital Ratio   11.86 11.65% 11.88% 11.84%
Tier 1 Capital Ratio   11.86 11.65% 11.88% 11.84%
Total Capital Ratio   13.11 12.90% 12.81% 12.81%
Tier 1 Leverage Ratio   7.75 8.63% 8.79% 8.75%
Total stockholders' equity to total assets   11.75 12.84% 13.09% 12.96%
Tangible stockholders' equity to tangible assets (non-GAAP)   7.76 8.45% 8.58% 8.52%
              
Non-Financial Data:             
Number of branches   58  58  58  59 
Number of ATMs   295  304  301  292 
Number of Full-Time Equivalent Employees   2,100  2,103  2,092  2,123 

(1)  Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three and six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020.

(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 Six Months Ended
  June 30,  March 31,  June 30,  June 30, 
(dollars in thousands, except per share amounts) 2020
 2020 2019 2020
 2019
Interest income               
Loans and lease financing $ 122,298  $134,971 $146,883 $ 257,269  $291,289 
Available-for-sale securities   17,529   21,210  24,784   38,739   49,270 
Other   792   2,351  2,151   3,143   5,820 
Total interest income   140,619   158,532  173,818   299,151   346,379 
Interest expense               
Deposits   8,583   15,600  23,693   24,183   46,890 
Short-term and long-term borrowings   4,214   4,249  4,512   8,463   8,787 
Total interest expense   12,797   19,849  28,205   32,646   55,677 
Net interest income   127,822   138,683  145,613   266,505   290,702 
Provision for credit losses   55,446   41,200  3,870   96,646   9,550 
Net interest income after provision for credit losses   72,376   97,483  141,743   169,859   281,152 
Noninterest income               
Service charges on deposit accounts   5,927   8,950  8,123   14,877   16,183 
Credit and debit card fees   10,870   14,949  16,629   25,819   33,284 
Other service charges and fees   7,912   8,539  9,403   16,451   18,532 
Trust and investment services income   8,664   9,591  8,931   18,255   17,549 
Bank-owned life insurance   4,432   2,260  3,390   6,692   7,203 
Investment securities (losses) gains, net   (211)  85  21   (126)  (2,592)
Other   8,062   4,854  2,276   12,916   5,686 
Total noninterest income   45,656   49,228  48,773   94,884   95,845 
Noninterest expense               
Salaries and employee benefits   42,414   44,829  42,185   87,243   87,045 
Contracted services and professional fees   15,478   16,055  14,303   31,533   27,948 
Occupancy   7,302   7,243  7,286   14,545   14,272 
Equipment   5,207   4,708  4,544   9,915   8,828 
Regulatory assessment and fees   2,100   1,946  2,149   4,046   3,596 
Advertising and marketing   1,402   1,823  1,980   3,225   3,946 
Card rewards program   5,163   7,015  7,664   12,178   14,396 
Other   12,384   12,847  13,179   25,231   25,882 
Total noninterest expense   91,450   96,466  93,290   187,916   185,913 
Income before provision for income taxes   26,582   50,245  97,226   76,827   191,084 
Provision for income taxes   6,533   11,380  24,793   17,913   48,727 
Net income $ 20,049  $38,865 $72,433 $ 58,914  $142,357 
Basic earnings per share $ 0.15  $0.30 $0.54 $ 0.45  $1.06 
Diluted earnings per share $ 0.15  $0.30 $0.54 $ 0.45  $1.06 
Basic weighted-average outstanding shares   129,856,730   129,895,706  134,420,380   129,876,218   134,655,217 
Diluted weighted-average outstanding shares   130,005,195   130,351,585  134,652,008   130,163,722   134,924,331 


             
Consolidated Balance Sheets Table 3
  June 30,  March 31,  December 31,  June 30, 
(dollars in thousands) 2020
 2020
 2019
 2019
Assets            
Cash and due from banks $ 347,592  $353,908  $360,375  $423,802 
Interest-bearing deposits in other banks   1,507,630   698,924   333,642   259,713 
Investment securities, at fair value (amortized cost: $5,025,433 as of June 30, 2020, $4,014,397 as of March 31, 2020, $4,080,663 as of December 31, 2019 and $4,399,597 as of June 30, 2019)   5,135,775   4,058,457   4,075,644   4,395,476 
Loans held for sale   6,698   8,180   904   215 
Loans and leases   13,764,030   13,380,270   13,211,650   13,264,609 
Less: allowance for credit losses   192,120   166,013   130,530   138,535 
Net loans and leases   13,571,910   13,214,257   13,081,120   13,126,074 
             
Premises and equipment, net   322,919   321,254   316,885   313,200 
Other real estate owned and repossessed personal property   446   238   319    
Accrued interest receivable   58,420   43,552   45,239   49,205 
Bank-owned life insurance   458,720   455,226   453,873   450,722 
Goodwill   995,492   995,492   995,492   995,492 
Mortgage servicing rights   11,595   11,979   12,668   14,573 
Other assets   576,518   594,424   490,573   497,895 
Total assets $ 22,993,715  $20,755,891  $20,166,734  $20,526,367 
Liabilities and Stockholders' Equity            
Deposits:            
Interest-bearing $ 12,481,543  $11,274,463  $10,564,922  $11,028,921 
Noninterest-bearing   6,880,091   5,745,539   5,880,072   5,763,157 
Total deposits   19,361,634   17,020,002   16,444,994   16,792,078 
Short-term borrowings   200,000   400,000   400,000   200,000 
Long-term borrowings   200,019   200,019   200,019   400,028 
Retirement benefits payable   138,624   138,396   138,222   128,610 
Other liabilities   391,541   332,789   343,241   346,210 
Total liabilities   20,291,818   18,091,206   17,526,476   17,866,926 
             
Stockholders' equity            
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,140,542 / 129,866,898 shares as of June 30, 2020, issued/outstanding: 140,092,172 / 129,827,968 shares as of March 31, 2020, issued/outstanding: 139,917,150 / 129,928,479 shares as of December 31, 2019 and issued/outstanding: 139,857,673 / 133,508,212 shares as of June 30, 2019)   1,401   1,401   1,399   1,399 
Additional paid-in capital   2,509,271   2,506,477   2,503,677   2,499,946 
Retained earnings   415,296   429,323   437,072   363,748 
Accumulated other comprehensive income (loss), net   52,731   4,129   (31,749)  (31,984)
Treasury stock (10,273,644 shares as of June 30, 2020, 10,264,204 shares as of March 31, 2020, 9,988,671 shares as of December 31, 2019 and 6,349,461 shares as of June 30, 2019)   (276,802)  (276,645)  (270,141)  (173,668)
Total stockholders' equity   2,701,897   2,664,685   2,640,258   2,659,441 
Total liabilities and stockholders' equity $ 22,993,715  $20,755,891  $20,166,734  $20,526,367 


                          
Average Balances and Interest Rates                      Table 4
  Three Months Ended  Three Months Ended  Three Months Ended  
  June 30, 2020 March 31, 2020 June 30, 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 $ 1,436.2 $ 0.4  0.10$516.8 $1.6 1.25%$247.2 $1.4 2.35%
Available-for-Sale Investment Securities   4,390.4   17.5  1.60  4,033.2  21.2 2.10  4,438.1  24.8 2.23 
Loans Held for Sale   9.8   0.1  2.93  15.8  0.1 1.70  0.7   2.76 
Loans and Leases(1)                         
Commercial and industrial   3,601.0   24.3  2.71  2,776.2  24.6 3.56  3,235.0  34.3 4.26 
Commercial real estate   3,438.8   28.3  3.31  3,433.2  34.6 4.05  3,094.4  36.0 4.67 
Construction   584.1   4.9  3.35  538.5  5.7 4.27  583.6  6.9 4.73 
Residential:                         
Residential mortgage   3,682.7   35.7  3.88  3,721.2  37.7 4.05  3,581.2  37.2 4.16 
Home equity line   885.2   6.8  3.07  887.4  7.7 3.50  908.5  8.6 3.79 
Consumer   1,526.5   20.6  5.42  1,611.7  23.0 5.75  1,657.7  22.7 5.48 
Lease financing   238.4   1.7  2.88  223.2  1.6 2.85  149.3  1.2 3.31 
Total Loans and Leases   13,956.7   122.3  3.52  13,191.4  134.9 4.11  13,209.7  146.9 4.46 
Other Earning Assets   61.7   0.4  2.79  57.0  0.7 5.30  76.0  0.7 3.71 
Total Earning Assets(2)   19,854.8   140.7  2.84  17,814.2  158.5 3.57  17,971.7  173.8 3.88 
Cash and Due from Banks   295.1       327.4       342.6      
Other Assets   2,191.8       2,171.7       2,076.0      
Total Assets $ 22,341.7      $20,313.3      $20,390.3      
                          
Interest-Bearing Liabilities                         
Interest-Bearing Deposits                         
Savings $ 5,501.9 $ 0.9  0.07$5,090.4 $3.3 0.26% 4,712.2 $4.0 0.34%
Money Market   3,270.3   1.1  0.13  3,064.8  4.6 0.61  3,126.7  7.4 0.95 
Time   3,335.6   6.6  0.79  2,534.7  7.7 1.23  3,084.6  12.3 1.60 
Total Interest-Bearing Deposits   12,107.8   8.6  0.29  10,689.9  15.6 0.59  10,923.5  23.7 0.87 
Short-Term Borrowings   395.6   2.8  2.88  401.7  2.8 2.88  50.4  0.3 2.25 
Long-Term Borrowings   200.0   1.4  2.77  200.0  1.4 2.77  593.5  4.2 2.86 
Total Interest-Bearing Liabilities   12,703.4   12.8  0.41  11,291.6  19.8 0.71  11,567.4  28.2 0.98 
Net Interest Income    $ 127.9      $138.7      $145.6   
Interest Rate Spread        2.43      2.86%      2.90%
Net Interest Margin        2.58      3.12%      3.25%
Noninterest-Bearing Demand Deposits   6,432.6       5,853.4       5,741.3      
Other Liabilities   507.9       507.5       471.0      
Stockholders' Equity   2,697.8       2,660.8       2,610.6      
Total Liabilities and Stockholders' Equity $ 22,341.7      $20,313.3      $20,390.3      

(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 $0.1 million, nil and nil for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019, respectively.


                  
Average Balances and Interest Rates               Table 5
  Six Months Ended  Six Months Ended  
  June 30, 2020 June 30, 2019 
  Average Income/ Yield/ Average Income/ Yield/ 
(dollars in millions) Balance Expense Rate Balance Expense Rate 
Earning Assets                 
Interest-Bearing Deposits in Other Banks $ 976.5 $ 2.0  0.40$376.5 $4.6 2.49%
Available-for-Sale Investment Securities   4,211.8   38.7  1.84  4,428.0  49.3 2.23 
Loans Held for Sale   12.8   0.1  2.17  0.5   2.76 
Loans and Leases(1)                 
Commercial and industrial   3,188.4   48.9  3.08  3,200.9  67.5 4.25 
Commercial real estate   3,426.3   62.9  3.69  3,044.9  70.7 4.68 
Construction   561.5   10.6  3.79  610.2  14.4 4.75 
Residential:                 
Residential mortgage   3,711.5   73.4  3.95  3,563.2  73.9 4.14 
Home equity line   886.3   14.5  3.28  912.1  17.3 3.82 
Consumer   1,569.2   43.6  5.59  1,662.5  45.2 5.48 
Lease financing   230.8   3.3  2.90  148.3  2.3 3.15 
Total Loans and Leases   13,574.0   257.2  3.80  13,142.1  291.3 4.46 
Other Earning Assets   59.4   1.2  3.99  84.1  1.2 2.81 
Total Earning Assets(2)   18,834.5   299.2  3.19  18,031.2  346.4 3.86 
Cash and Due from Banks   311.2       351.4      
Other Assets   2,181.8       2,059.7      
Total Assets $ 21,327.5      $20,442.3      
                  
Interest-Bearing Liabilities                 
Interest-Bearing Deposits                 
Savings $ 5,296.1 $ 4.2  0.16$4,762.6 $8.2 0.35%
Money Market   3,167.6   5.7  0.36  3,155.0  15.0 0.96 
Time   2,935.1   14.3  0.98  3,063.3  23.7 1.56 
Total Interest-Bearing Deposits   11,398.8   24.2  0.43  10,980.9  46.9 0.86 
Short-Term Borrowings   398.6   5.7  2.88  31.7  0.4 2.29 
Long-Term Borrowings   200.0   2.7  2.77  596.7  8.4 2.85 
Total Interest-Bearing Liabilities   11,997.4   32.6  0.55  11,609.3  55.7 0.97 
Net Interest Income    $ 266.6      $290.7   
Interest Rate Spread        2.64      2.89%
Net Interest Margin        2.84      3.24%
Noninterest-Bearing Demand Deposits   6,143.0       5,783.8      
Other Liabilities   507.8       473.4      
Stockholders' Equity   2,679.3       2,575.8      
Total Liabilities and Stockholders' Equity $ 21,327.5      $20,442.3      

(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 $0.1 million and nil for the six months ended June 30, 2020 and 2019, respectively.


          
Analysis of Change in Net Interest Income        Table 6
  Three Months Ended June 30, 2020
  Compared to March 31, 2020
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 1.1  $ (2.3) $ (1.2)
Available-for-Sale Investment Securities   1.7    (5.4)   (3.7)
Loans and Leases         
Commercial and industrial   6.4    (6.7)   (0.3)
Commercial real estate   —    (6.3)   (6.3)
Construction   0.5    (1.3)   (0.8)
Residential:         
Residential mortgage   (0.4)   (1.6)   (2.0)
Home equity line   —    (0.9)   (0.9)
Consumer   (1.2)   (1.2)   (2.4)
Lease financing   0.1    —    0.1 
Total Loans and Leases   5.4    (18.0)   (12.6)
Other Earning Assets   0.1    (0.4)   (0.3)
Total Change in Interest Income   8.3    (26.1)   (17.8)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.2    (2.6)   (2.4)
Money Market   0.3    (3.8)   (3.5)
Time   2.1    (3.2)   (1.1)
Total Interest-Bearing Deposits   2.6    (9.6)   (7.0)
Total Change in Interest Expense   2.6    (9.6)   (7.0)
Change in Net Interest Income $ 5.7  $ (16.5) $ (10.8)


          
Analysis of Change in Net Interest Income        Table 7
  Three Months Ended June 30, 2020
  Compared to June 30, 2019
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 1.4  $ (2.4) $ (1.0)
Available-for-Sale Investment Securities   (0.3)   (7.0)   (7.3)
Loans Held for Sale   0.1    —    0.1 
Loans and Leases         
Commercial and industrial   3.6    (13.6)   (10.0)
Commercial real estate   3.7    (11.4)   (7.7)
Construction   —    (2.0)   (2.0)
Residential:         
Residential mortgage   1.0    (2.5)   (1.5)
Home equity line   (0.2)   (1.6)   (1.8)
Consumer   (1.8)   (0.3)   (2.1)
Lease financing   0.7    (0.2)   0.5 
Total Loans and Leases   7.0    (31.6)   (24.6)
Other Earning Assets   (0.1)   (0.2)   (0.3)
Total Change in Interest Income   8.1    (41.2)   (33.1)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.6    (3.7)   (3.1)
Money Market   0.3    (6.6)   (6.3)
Time   1.0    (6.7)   (5.7)
Total Interest-Bearing Deposits   1.9    (17.0)   (15.1)
Short-Term Borrowings   2.4    0.1    2.5 
Long-Term Borrowings   (2.7)   (0.1)   (2.8)
Total Change in Interest Expense   1.6    (17.0)   (15.4)
Change in Net Interest Income $ 6.5  $ (24.2) $ (17.7)


          
Analysis of Change in Net Interest Income        Table 8
  Six Months Ended June 30, 2020
  Compared to June 30, 2019
(dollars in millions) Volume Rate Total
Change in Interest Income:         
Interest-Bearing Deposits in Other Banks $ 3.4  $ (6.0) $ (2.6)
Available-for-Sale Investment Securities   (2.3)   (8.3)   (10.6)
Loans Held for Sale   0.1    —    0.1 
Loans and Leases         
Commercial and industrial   (0.2)   (18.4)   (18.6)
Commercial real estate   8.3    (16.1)   (7.8)
Construction   (1.1)   (2.7)   (3.8)
Residential:         
Residential mortgage   2.9    (3.4)   (0.5)
Home equity line   (0.5)   (2.3)   (2.8)
Consumer   (2.5)   0.9    (1.6)
Lease financing   1.2    (0.2)   1.0 
Total Loans and Leases   8.1    (42.2)   (34.1)
Other Earning Assets   (0.4)   0.4    — 
Total Change in Interest Income   8.9    (56.1)   (47.2)
          
Change in Interest Expense:         
Interest-Bearing Deposits         
Savings   0.9    (4.9)   (4.0)
Money Market   0.1    (9.4)   (9.3)
Time   (1.0)   (8.4)   (9.4)
Total Interest-Bearing Deposits   —    (22.7)   (22.7)
Short-Term Borrowings   5.2    0.1    5.3 
Long-Term Borrowings   (5.5)   (0.2)   (5.7)
Total Change in Interest Expense   (0.3)   (22.8)   (23.1)
Change in Net Interest Income $ 9.2  $ (33.3) $ (24.1)


             
Loans and Leases           Table 9
  June 30,  March 31,  December 31,  June 30, 
(dollars in thousands) 2020 2020 2019 2019
Commercial and industrial $ 3,423,708  $3,025,345  $2,743,242  $3,177,844
Commercial real estate   3,423,499  3,413,014  3,463,953  3,194,219
Construction   617,935  572,062  519,241  549,578
Residential:            
Residential mortgage   3,691,950  3,673,455  3,768,936  3,618,433
Home equity line   876,491  891,698  893,239  908,452
Total residential   4,568,441  4,565,153  4,662,175  4,526,885
Consumer   1,492,160  1,568,073  1,620,556  1,650,713
Lease financing   238,287  236,623  202,483  165,370
Total loans and leases $ 13,764,030 $13,380,270 $13,211,650 $13,264,609


             
Deposits           Table 10
  June 30,  March 31,  December 31,  June 30, 
(dollars in thousands) 2020 2020 2019 2019
Demand $ 6,880,091 $5,745,539 $5,880,072 $5,763,157
Savings   5,727,367  5,213,471  4,998,933  4,908,000
Money Market   3,247,511  3,148,694  3,055,832  3,050,843
Time   3,506,665  2,912,298  2,510,157  3,070,078
  Total Deposits $ 19,361,634 $17,020,002 $16,444,994 $16,792,078


             
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More           Table 11
  June 30,  March 31,  December 31,  June 30, 
(dollars in thousands) 2020 2020 2019 2019
Non-Performing Assets            
Non-Accrual Loans and Leases            
Commercial Loans:            
Commercial and industrial $ 11,559 $32 $32 $119
Commercial real estate   13,168    30  
Construction   2,043  2,422    
Total Commercial Loans   26,770  2,454  62  119
Residential Loans:            
Residential mortgage   6,059  4,472  5,406  3,771
Total Residential Loans   6,059  4,472  5,406  3,771
Total Non-Accrual Loans and Leases   32,829  6,926  5,468  3,890
Other Real Estate Owned   446  238  319  
Total Non-Performing Assets $ 33,275 $7,164 $5,787 $3,890
             
Accruing Loans and Leases Past Due 90 Days or More            
Commercial Loans:            
Commercial and industrial $ 2,309 $4,007 $1,429 $807
Commercial real estate   900  757  1,013  
Construction   248  148  2,367  
Total Commercial Loans   3,457  4,912  4,809  807
Residential Loans:            
Residential mortgage   —  82  74  
Home equity line   4,496  2,566  2,995  1,635
Total Residential Loans   4,496  2,648  3,069  1,635
Consumer   2,167  3,353  4,272  3,295
Total Accruing Loans and Leases Past Due 90 Days or More $ 10,120 $10,913 $12,150 $5,737
             
Restructured Loans on Accrual Status and Not Past Due 90 Days or More   11,182  17,823  14,493  23,466
Total Loans and Leases $ 13,764,030 $13,380,270 $13,211,650 $13,264,609


                
Allowance for Credit Losses              Table 12
  For the Three Months Ended  For the Six Months Ended
  June 30,  March 31,  June 30,  June 30,  June 30, 
(dollars in thousands) 2020 2020 2019 2020 2019
Balance at Beginning of Period $ 166,013  $130,530  $141,546  $ 130,530  $141,718 
Adjustment to Adopt ASC Topic 326   —   770       770    
After Adoption of ASC Topic 326   166,013   131,300   141,546    131,300   141,718 
Loans and Leases Charged-Off               
Commercial Loans:               
Commercial and industrial   (13,974)  (201)  (2,000)   (14,175)  (2,000)
Commercial real estate   (2,723)         (2,723)   
Construction   (379)         (379)   
Lease financing   —          —   (24)
Total Commercial Loans   (17,076)  (201)  (2,000)   (17,277)  (2,024)
Residential Loans:               
Residential mortgage   (14)         (14)   
Home equity line   —   (8)      (8)   
Total Residential Loans   (14)  (8)      (22)   
Consumer   (8,907)  (8,597)  (7,505)   (17,504)  (16,103)
Total Loans and Leases Charged-Off   (25,997)  (8,806)  (9,505)   (34,803)  (18,127)
Recoveries on Loans and Leases Previously Charged-Off               
Commercial Loans:               
Commercial and industrial   100   220   25    320   62 
Commercial real estate   —      32    —   63 
Construction   30   110       140    
Total Commercial Loans   130   330   57    460   125 
Residential Loans:               
Residential mortgage   17   135   118    152   336 
Home equity line   8   122   67    130   99 
Total Residential Loans   25   257   185    282   435 
Consumer   2,456   2,083   2,382    4,539   4,834 
Total Recoveries on Loans and Leases Previously Charged-Off   2,611   2,670   2,624    5,281   5,394 
Net Loans and Leases Charged-Off   (23,386)  (6,136)  (6,881)   (29,522)  (12,733)
Provision for Credit Losses - Loans and Leases   49,493   40,849   3,870    90,342   9,550 
Balance at End of Period $ 192,120  $166,013  $138,535  $ 192,120  $138,535 
Average Loans and Leases Outstanding $ 13,956,669  $13,191,426  $13,209,655  $ 13,574,048  $13,142,057 
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)   0.67%  0.19%  0.21%   0.44%  0.20%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding   1.40%  1.24%  1.04%   1.40%  1.04%

(1)   Annualized for the three and six months ended June 30, 2020 and 2019 and three months ended March 31, 2020.


                            
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 $ 989,501 $ 349,261 $ 271,941 $ 76,742 $ 62,113 $ 68,468 $ 1,182,299 $ 39,617 $ 3,039,942
Special Mention   28,136   9,235   8,460   841   335   27,174   113,642   509   188,332
Substandard   16,621   1,724   1,836   2,000   4,321   9,788   52,225   938   89,453
Other (1)   9,091   16,661   12,574   7,884   3,199   811   55,761   —   105,981
Total Commercial and Industrial   1,043,349   376,881   294,811   87,467   69,968   106,241   1,403,927   41,064   3,423,708
                            
Commercial Real Estate                           
Risk rating:                           
Pass   171,445   618,501   523,149   440,549   296,474   927,232   33,878   —   3,011,228
Special Mention   —   113,286   53,391   62,165   47,790   66,008   2,999   —   345,639
Substandard   —   16,304   14,617   1,655   6,630   17,947   8,970   —   66,123
Other (1)   —   —   —   —   —   509   —   —   509
Total Commercial Real Estate   171,445   748,091   591,157   504,369   350,894   1,011,696   45,847   —   3,423,499
                            
Construction                           
Risk rating:                           
Pass   16,615   135,963   192,016   96,137   24,106   41,457   29,297   —   535,591
Special Mention   —   —   2,152   4,782   —   10,850   196   —   17,980
Substandard   —   —   541   1,840   528   1,000   —   —   3,909
Other (1)   8,415   31,038   8,546   5,562   1,795   4,514   585   —   60,455
Total Construction   25,030   167,001   203,255   108,321   26,429   57,821   30,078   —   617,935
                            
Lease Financing                           
Risk rating:                           
Pass   45,489   67,806   11,965   18,915   3,764   59,364   —   —   207,303
Special Mention   9,142   1,931   4,626   1,545   1,440   5,854   —   —   24,538
Substandard   2,697   1,651   368   1,207   —   523   —   —   6,446
Total Lease Financing   57,328   71,388   16,959   21,667   5,204   65,741   —   —   238,287
                            
Total Commercial Lending $ 1,297,152 $ 1,363,361 $ 1,106,182 $ 721,824 $ 452,495 $ 1,241,499 $ 1,479,852 $ 41,064 $ 7,703,429


                            
                       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 $ 300,079 $ 411,883 $ 353,197 $ 411,670 $ 362,197 $ 988,771 $ — $ — $ 2,827,797
680 - 739   50,937   72,139   64,920   65,992   43,666   161,897   —   —   459,551
620 - 679   6,098   12,708   12,060   12,648   10,789   55,000   —   —   109,303
550 - 619   2,006   1,824   3,533   3,389   3,032   13,329   —   —   27,113
Less than 550   —   —   1,204   1,907   528   6,324   —   —   9,963
No Score (3)   15,676   21,603   24,182   23,736   16,298   51,943   —   —   153,438
Other (2)   8,244   20,308   22,241   23,435   12,412   17,063   579   503   104,785
Total Residential Mortgage   383,040   540,465   481,337   542,777   448,922   1,294,327   579   503   3,691,950
                            
Home Equity Line                           
FICO:                           
740 and greater   —   —   —   —   —   —   626,897   858   627,755
680 - 739   —   —   —   —   —   —   169,547   1,283   170,830
620 - 679   —   —   —   —   —   —   48,655   1,013   49,668
550 - 619   —   —   —   —   —   —   14,276   562   14,838
Less than 550   —   —   —   —   —   —   6,661   212   6,873
No Score (3)   —   —   —   —   —   —   6,527   —   6,527
Total Home Equity Line   —   —   —   —   —   —   872,563   3,928   876,491
Total Residential Lending   383,040   540,465   481,337   542,777   448,922   1,294,327   873,142   4,431   4,568,441
                            
Consumer Lending                           
FICO:                           
740 and greater   65,206   141,704   120,178   71,525   35,932   12,451   109,702   —   556,698
680 - 739   47,584   109,728   87,056   48,728   24,478   10,094   83,021   —   410,689
620 - 679   24,185   65,310   43,282   31,318   16,144   7,013   42,511   —   229,763
550 - 619   5,881   26,220   22,891   20,874   10,869   5,467   18,429   —   110,631
Less than 550   1,562   12,306   13,110   10,628   5,397   2,567   7,777   —   53,347
No Score (3)   3,799   124   125   126   27   1   34,281   —   38,483
Other (2)   594   9,160   96   2,225   72   6,804   73,598   —   92,549
Total Consumer Lending   148,811   364,552   286,738   185,424   92,919   44,397   369,319   —   1,492,160
                            
Total Loans and Leases $ 1,829,003 $ 2,268,378 $ 1,874,257 $ 1,450,025 $ 994,336 $ 2,580,223 $ 2,722,313 $ 45,495 $ 13,764,030

(1)   Other credit quality indicators used for monitoring purposes are primarily FICO scores.

(2)   Other credit quality indicators used for monitoring purposes are primarily internal risk ratings.

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


                 
GAAP to Non-GAAP Reconciliation              Table 14
  For the Three Months Ended  For the Six Months Ended  
  June 30,  March 31,  June 30,  June 30,  
(dollars in thousands, except per share amounts) 2020  2020 2019 2020  2019 
Income Statement Data:                
Net income $ 20,049 $38,865 $72,433 $ 58,914 $142,357 
Core net income $ 20,204 $38,803 $72,612 $ 59,007 $144,664 
                 
Average total stockholders' equity $ 2,697,775 $2,660,811 $2,610,565 $ 2,679,293 $2,575,775 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible stockholders' equity $ 1,702,283 $1,665,319 $1,615,073 $ 1,683,801 $1,580,283 
                 
Average total assets $ 22,341,654 $20,313,304 $20,390,273 $ 21,327,479 $20,442,266 
Less: average goodwill   995,492  995,492  995,492   995,492  995,492 
Average tangible assets $ 21,346,162 $19,317,812 $19,394,781 $ 20,331,987 $19,446,774 
                 
Return on average total stockholders' equity(1)   2.99 5.87% 11.13%  4.42 11.15%
Core return on average total stockholders' equity (non-GAAP)(1)   3.01 5.87% 11.16%  4.43 11.33%
Return on average tangible stockholders' equity (non-GAAP)(1)   4.74 9.39% 17.99%  7.04 18.17%
Core return on average tangible stockholders' equity (non-GAAP)(1)   4.77 9.37% 18.03%  7.05 18.46%
                 
Return on average total assets(1)   0.36 0.77% 1.42%  0.56 1.40%
Core return on average total assets (non-GAAP)(1)   0.36 0.77% 1.43%  0.56 1.43%
Return on average tangible assets (non-GAAP)(1)   0.38 0.81% 1.50%  0.58 1.48%
Core return on average tangible assets (non-GAAP)(1)   0.38 0.81% 1.50%  0.58 1.50%
                 


              
           
  As of As of As of As of 
  June 30,  March 31,  December 31,  June 30,  
  2020 2020 2019 2019 
Balance Sheet Data:             
Total stockholders' equity $ 2,701,897 $2,664,685 $2,640,258 $2,659,441 
Less: goodwill   995,492  995,492  995,492  995,492 
Tangible stockholders' equity $ 1,706,405 $1,669,193 $1,644,766 $1,663,949 
              
Total assets $ 22,993,715 $20,755,891 $20,166,734 $20,526,367 
Less: goodwill   995,492  995,492  995,492  995,492 
Tangible assets $ 21,998,223 $19,760,399 $19,171,242 $19,530,875 
              
Shares outstanding   129,866,898  129,827,968  129,928,479  133,508,212 
              
Total stockholders' equity to total assets   11.75 12.84% 13.09% 12.96%
Tangible stockholders' equity to tangible assets (non-GAAP)   7.76 8.45% 8.58% 8.52%
              
Book value per share $ 20.81 $20.52 $20.32 $19.92 
Tangible book value per share (non-GAAP) $ 13.14 $12.86 $12.66 $12.46 

(1)   Annualized for the three and six months ended June 30, 2020 and 2019 and three months ended March 31, 2020.


                 
GAAP to Non-GAAP Reconciliation              Table 15
  For the Three Months Ended For the Six Months Ended  
  June 30,  March 31,  June 30,  June 30,  
(dollars in thousands, except per share amounts) 2020
 2020
 2019
 2020  2019
 
Net interest income $ 127,822  $138,683  $145,613  $ 266,505  $290,702  
Core net interest income (non-GAAP) $ 127,822  $138,683  $145,613  $ 266,505  $290,702  
                 
Noninterest income $ 45,656  $49,228  $48,773  $ 94,884  $95,845  
Losses (gains) on sale of securities   211   (85)  (21)   126   2,592  
Core noninterest income (non-GAAP) $ 45,867  $49,143  $48,752  $ 95,010  $98,437  
                 
Noninterest expense $ 91,450  $96,466  $93,290  $ 187,916  $185,913  
One-time items(1)   —      (261)   —   (522) 
Core noninterest expense (non-GAAP) $ 91,450  $96,466  $93,029  $ 187,916  $185,391  
                 
Net income $ 20,049  $38,865  $72,433  $ 58,914  $142,357  
Losses (gains) on sale of securities   211   (85)  (21)   126   2,592  
One-time noninterest expense items(1)   —      261    —   522  
Tax adjustments(2)   (56)  23   (61)   (33)  (807) 
Total core adjustments   155   (62)  179    93   2,307  
Core net income (non-GAAP) $ 20,204  $38,803  $72,612  $ 59,007  $144,664  
                 
Basic earnings per share $ 0.15  $0.30  $0.54  $ 0.45  $1.06  
Diluted earnings per share $ 0.15  $0.30  $0.54  $ 0.45  $1.06  
Efficiency ratio   52.70%  51.33%  47.99%   51.99%  48.09% 
                 
Core basic earnings per share (non-GAAP) $ 0.16  $0.30  $0.54  $ 0.45  $1.07  
Core diluted earnings per share (non-GAAP) $ 0.16  $0.30  $0.54  $ 0.45  $1.07  
Core efficiency ratio (non-GAAP)   52.64%  51.35%  47.86%   51.97%  47.64% 

(1)   One-time items included nonrecurring offering costs.

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