First Hawaiian(US:FHB)2025-07-25 12:03Executive Summary & Dividend Declaration Second Quarter 2025 Performance Overview First Hawaiian, Inc. achieved strong financial performance in Q2 2025, with net income increasing by 23.6% quarter-over-quarter to $73.2 million, driven by revenue growth, expense control, and sustained excellent credit quality - Company's Q2 2025 net income was $73.2 million, up 23.6% from Q12 - Performance driven by strong revenue, good expense control, and sustained excellent credit quality2 Dividend Declaration The company's Board of Directors declared a quarterly cash dividend of $0.26 per share - The Board of Directors declared a quarterly cash dividend of $0.26 per share on July 23, 20252 Second Quarter 2025 Financial Highlights Key Financial Metrics In Q2 2025, the company saw significant growth in net income and diluted EPS, improved net interest margin, reduced provision for credit losses, and a lower effective tax rate due to California tax law changes 2025 Second Quarter Key Financial Metrics | Metric | Q2 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | | Net Income | $73.2 million | +$14.0 million | +23.6% | chunk_num:[2, 10, 20] | | Diluted EPS | $0.58 | +$0.11 | +23.4% | chunk_num:[10, 20, 23] | | Net Interest Margin (NIM) | 3.11% | +3 basis points | - | chunk_num:[6, 10, 20] | | Provision for Credit Losses | $4.5 million | -$6.0 million | -57.1% | chunk_num:[7, 10, 20] | | Effective Tax Rate | 16.9% | -6.1 percentage points | - | chunk_num:[11, 20] | - The decrease in effective tax rate was primarily due to a $5.1 million net benefit from the re-measurement of deferred tax assets resulting from recent California tax law changes1011 Balance Sheet Highlights As of June 30, 2025, the company's total assets, loans and leases, and deposits all showed slight growth, indicating stable asset expansion 2025 Second Quarter Balance Sheet Highlights | Metric | June 30, 2025 | March 31, 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | $23.8 billion | $23.7 billion | +$0.1 billion | +0.4% | chunk_num:[4, 21, 24] | | Total Loans and Leases | $14.4 billion | $14.3 billion | +$58.8 million | +0.4% | chunk_num:[4, 10, 21, 24] | | Total Deposits | $20.2 billion | $20.2 billion | +$15.6 million | +0.1% | chunk_num:[5, 10, 21, 24] | Income Statement Highlights In Q2 2025, the company experienced growth in both net interest income and non-interest income, alongside an improved efficiency ratio, reflecting enhanced profitability and operational effectiveness 2025 Second Quarter Income Statement Highlights | Metric | Q2 2025 | Q1 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $163.6 million | $160.5 million | +$3.1 million | +1.9% | chunk_num:[6, 20, 23] | | Non-Interest Income | $54.0 million | $50.5 million | +$3.5 million | +6.9% | chunk_num:[8, 20, 23] | | Non-Interest Expense | $124.9 million | $123.6 million | +$1.3 million | +1.1% | chunk_num:[9, 20, 23] | | Efficiency Ratio | 57.2% | 58.2% | -1.0 percentage points | - | chunk_num:[9, 20] | Asset Quality & Capital Highlights The company maintained robust asset quality in Q2 2025 with ample allowance for credit losses, a lower net charge-off rate, and improved capital ratios, while returning capital to shareholders through share repurchases 2025 Second Quarter Asset Quality & Capital Highlights | Metric | June 30, 2025 | March 31, 2025 | Q-o-Q Change | Source | | :--- | :--- | :--- | :--- | :--- | | Allowance for Credit Losses (ACL) | $167.8 million | $166.6 million | +$1.2 million | chunk_num:[12, 21, 37] | | ACL as % of Total Loans and Leases | 1.17% | 1.17% | 0 basis points | chunk_num:[12, 21, 37] | | Net Charge-Offs | $3.3 million | $3.8 million | -$0.5 million | chunk_num:[12, 37] | | Net Charge-Off Rate (Annualized) | 0.09% | 0.11% | -0.02 percentage points | chunk_num:[12, 37] | | Total Non-Performing Assets | $28.6 million | $20.2 million | +$8.4 million | chunk_num:[12, 36] | | Non-Performing Assets as % of Total Loans and Leases | 0.20% | 0.14% | +0.06 percentage points | chunk_num:[12, 21] | | Total Shareholders' Equity | $2.7 billion | $2.6 billion | +$0.1 billion | chunk_num:[13, 21, 24] | | Tier 1 Leverage Ratio | 9.12% | 9.01% | +0.11 percentage points | chunk_num:[13, 21] | | Common Equity Tier 1 Ratio | 13.03% | 12.93% | +0.10 percentage points | chunk_num:[13, 21] | | Total Capital Ratio | 14.28% | 14.17% | +0.11 percentage points | chunk_num:[13, 21] | - The company repurchased 1.04 million shares of common stock for a total cost of $25 million at an average price of $23.99 per share during the second quarter13 Company Information About First Hawaiian, Inc. First Hawaiian, Inc. is a bank holding company headquartered in Honolulu, Hawaii, with its primary subsidiary, First Hawaiian Bank, being the oldest and largest financial institution in Hawaii, offering comprehensive banking services - First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii14 - Its primary subsidiary, First Hawaiian Bank, founded in 1858, is the oldest and largest financial institution in Hawaii, with branches in Hawaii, Guam, and Saipan14 - The company provides comprehensive banking services to consumers and commercial clients, including deposit products, loans, wealth management, insurance, trust, retirement planning, credit cards, and merchant processing services14 Conference Call Details The company will host a conference call on July 25, 2025, to discuss its second-quarter results, with dial-in and webcast links provided - First Hawaiian will host a conference call on July 25, 2025, at 1:00 PM ET (7:00 AM HT) to discuss the company's results15 - A live webcast of the conference call, including a slide presentation, will be available on the company's website at www.fhb.com/earnings[16](index=16&type=chunk) Disclosures Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, based on current expectations and estimates, but subject to various risks and uncertainties that could cause actual results to differ materially - This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, reflecting the company's current views on future events and financial performance17 - These statements are not historical facts and are based on current expectations, estimates, and management beliefs, carrying inherent uncertainties where actual results may differ materially from forward-looking statements17 - Important risk factors include domestic and global economic conditions and capital market conditions, with more information available in the company's filings with the U.S. Securities and Exchange Commission (SEC)17 Use of Non-GAAP Financial Measures The company uses non-GAAP financial measures (such as return on average tangible assets, return on average tangible common equity, tangible book value per share, and tangible common equity to tangible assets ratio) to assess financial performance and capital adequacy, providing reconciliations to the most directly comparable GAAP measures - The company uses non-GAAP financial measures such as return on average tangible assets, return on average tangible common equity, tangible book value per share, and tangible common equity to tangible assets ratio18 - The company believes these metrics are useful for investors, regulators, and management in evaluating financial performance and capital adequacy18 - These non-GAAP measures have limitations and should not be viewed in isolation or as a substitute for GAAP reported results; reconciliations to the most directly comparable GAAP measures can be found in Table 14 at the end of the document1819 Detailed Financial Tables Financial Highlights (Table 1) Table 1 provides comprehensive financial highlights for the company's Q2 2025 and prior periods, covering key data such as operating results, performance ratios, average balances, and market value per share, illustrating financial trends and performance across different timeframes Financial Highlights Overview (Q2 2025) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income (USD thousands) | $163,583 | $160,526 | $152,851 | $324,109 | $307,278 | | Provision for Credit Losses (USD thousands) | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Non-Interest Income (USD thousands) | $53,958 | $50,477 | $51,768 | $104,435 | $103,139 | | Non-Interest Expense (USD thousands) | $124,939 | $123,560 | $122,086 | $248,499 | $250,899 | | Net Income (USD thousands) | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Diluted EPS | $0.58 | $0.47 | $0.48 | $1.05 | $0.91 | | Dividends Declared Per Share | $0.26 | $0.26 | $0.26 | $0.52 | $0.52 | | Net Interest Margin | 3.11% | 3.08% | 2.92% | 3.10% | 2.91% | | Efficiency Ratio | 57.23% | 58.22% | 59.22% | 57.71% | 60.69% | | Return on Average Total Assets | 1.23% | 1.01% | 1.04% | 1.12% | 0.97% | | Return on Average Tangible Assets (Non-GAAP) | 1.28% | 1.05% | 1.08% | 1.17% | 1.01% | | Return on Average Total Shareholders' Equity | 11.03% | 9.09% | 9.91% | 10.07% | 9.32% | | Return on Average Tangible Shareholders' Equity (Non-GAAP) | 17.61% | 14.59% | 16.42% | 16.12% | 15.48% | | Average Loans and Leases (USD thousands) | $14,288,918 | $14,309,998 | $14,358,049 | $14,299,400 | $14,335,306 | | Average Deposits (USD thousands) | $20,280,042 | $20,354,040 | $20,308,028 | $20,316,836 | $20,439,979 | | Stock Closing Price | $24.96 | $24.44 | $20.76 | $24.96 | $20.76 | Balance Sheet and Capital Ratios Highlights (Period End) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Loans and Leases (USD thousands) | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | | Total Assets (USD thousands) | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Total Deposits (USD thousands) | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | | Total Shareholders' Equity (USD thousands) | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Common Equity Tier 1 Ratio | 13.03% | 12.93% | 12.80% | 12.73% | | Tier 1 Capital Ratio | 13.03% | 12.93% | 12.80% | 12.73% | | Total Capital Ratio | 14.28% | 14.17% | 13.99% | 13.92% | | Tier 1 Leverage Ratio | 9.12% | 9.01% | 9.14% | 9.03% | | Shareholders' Equity to Total Assets Ratio | 11.30% | 11.16% | 10.98% | 10.63% | | Tangible Shareholders' Equity to Tangible Assets Ratio (Non-GAAP) | 7.44% | 7.27% | 7.10% | 6.76% | | Book Value Per Share | $21.61 | $21.07 | $20.70 | $19.94 | | Tangible Book Value Per Share (Non-GAAP) | $13.63 | $13.15 | $12.83 | $12.16 | Consolidated Statements of Income (Table 2) The consolidated statements of income detail the company's interest income, interest expense, non-interest income, non-interest expense, and ultimately net income and earnings per share for Q2 2025 and prior periods, reflecting the composition and changes in the company's profitability Consolidated Statements of Income (in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | $236,739 | $235,150 | $244,934 | $471,889 | $489,886 | | Total Interest Expense | $73,156 | $74,624 | $92,083 | $147,780 | $182,608 | | Net Interest Income | $163,583 | $160,526 | $152,851 | $324,109 | $307,278 | | Provision for Credit Losses | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Net Interest Income Less Provision for Credit Losses | $159,083 | $150,026 | $151,051 | $309,109 | $299,178 | | Total Non-Interest Income | $53,958 | $50,477 | $51,768 | $104,435 | $103,139 | | Total Non-Interest Expense | $124,939 | $123,560 | $122,086 | $248,499 | $250,899 | | Income Before Income Taxes | $88,102 | $76,943 | $80,733 | $165,045 | $151,418 | | Income Tax Provision | $14,855 | $17,695 | $18,812 | $32,550 | $35,277 | | Net Income | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Diluted EPS | $0.58 | $0.47 | $0.48 | $1.05 | $0.91 | Consolidated Balance Sheets (Table 3) The consolidated balance sheets provide a detailed breakdown of the company's assets, liabilities, and shareholders' equity as of June 30, 2025, and prior period ends, reflecting the company's financial position and capital structure Consolidated Balance Sheets (in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Cash and Due from Banks | $304,624 | $240,738 | $258,057 | $290,501 | | Interest-Bearing Deposits in Banks | $1,094,411 | $1,073,841 | $912,133 | $824,258 | | Investment Securities Available for Sale | $1,891,654 | $1,858,428 | $1,926,516 | $2,067,956 | | Investment Securities Held to Maturity | $3,658,814 | $3,724,908 | $3,790,650 | $3,917,175 | | Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | | Less: Allowance for Credit Losses | $167,825 | $166,612 | $160,393 | $160,517 | | Net Loans and Leases | $14,184,044 | $14,126,424 | $14,247,865 | $14,199,382 | | Total Assets | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Interest-Bearing Deposits | $13,386,987 | $13,330,265 | $13,347,068 | $13,461,365 | | Non-Interest-Bearing Deposits | $6,844,432 | $6,885,551 | $6,975,148 | $6,857,467 | | Total Deposits | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | | Short-Term Borrowings | $250,000 | $250,000 | $250,000 | $500,000 | | Total Liabilities | $21,142,602 | $21,096,106 | $21,210,700 | $21,441,479 | | Total Shareholders' Equity | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Total Liabilities and Shareholders' Equity | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | Average Balances and Interest Rates (Tables 4 & 5) Tables 4 and 5 detail the company's average balances, income/expense, and corresponding yields/rates for interest-earning assets and interest-bearing liabilities across different periods, revealing the composition and trends of net interest margin and interest rate spread Average Balances and Interest Rates (Q2 2025, in millions of USD) | Metric | Average Balance (USD millions) | Income/Expense (USD millions) | Yield/Rate | | :--- | :--- | :--- | :--- | | Interest-Bearing Deposits in Banks | $1,276.8 | $14.1 | 4.45% | | Total Investment Securities | $5,567.0 | $29.0 | 2.08% | | Total Loans and Leases | $14,288.9 | $194.0 | 5.44% | | Total Interest-Earning Assets | $21,167.6 | $237.5 | 4.50% | | Total Interest-Bearing Deposits | $13,459.0 | $70.3 | 2.09% | | Total Interest-Bearing Liabilities | $13,729.8 | $73.1 | 2.14% | | Net Interest Income | - | $164.4 | - | | Interest Rate Spread | - | - | 2.36% | | Net Interest Margin | - | - | 3.11% | Average Balances and Interest Rates (First Half 2025, in millions of USD) | Metric | Average Balance (USD millions) | Income/Expense (USD millions) | Yield/Rate | | :--- | :--- | :--- | :--- | | Interest-Bearing Deposits in Banks | $1,224.3 | $27.0 | 4.44% | | Total Investment Securities | $5,611.1 | $59.4 | 2.12% | | Total Loans and Leases | $14,299.4 | $386.7 | 5.44% | | Total Interest-Earning Assets | $21,168.4 | $473.9 | 4.50% | | Total Interest-Bearing Deposits | $13,465.4 | $142.0 | 2.13% | | Total Interest-Bearing Liabilities | $13,739.5 | $147.8 | 2.17% | | Net Interest Income | - | $326.1 | - | | Interest Rate Spread | - | - | 2.33% | | Net Interest Margin | - | - | 3.10% | Analysis of Change in Net Interest Income (Tables 6, 7 & 8) Tables 6, 7, and 8 analyze changes in net interest income, breaking down the impact of volume and rate changes for assets and liabilities, providing quarter-over-quarter and year-over-year comparisons to reveal specific drivers of net interest income growth or decline Analysis of Change in Net Interest Income (Q2 2025 vs. Q1 2025, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.0 | -$0.9 | $1.1 | | Total Interest Expense Change | $0.3 | -$1.8 | -$1.5 | | Net Interest Income Change | $1.7 | $0.9 | $2.6 | Analysis of Change in Net Interest Income (Q2 2025 vs. Q2 2024, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.6 | -$11.6 | -$9.0 | | Total Interest Expense Change | -$2.8 | -$16.2 | -$19.0 | | Net Interest Income Change | $5.4 | $4.6 | $10.0 | Analysis of Change in Net Interest Income (First Half 2025 vs. First Half 2024, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.4 | -$21.4 | -$19.0 | | Total Interest Expense Change | -$5.2 | -$29.6 | -$34.8 | | Net Interest Income Change | $7.6 | $8.2 | $15.8 | Loans and Leases (Table 9) Table 9 provides a detailed breakdown of the company's loan and lease portfolio, including commercial and industrial, commercial real estate, construction, residential (mortgage and home equity), and consumer and lease financing, showing balances and changes across different reporting period ends Loans and Leases Portfolio (in thousands of USD) | Loan Category | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Commercial and Industrial | $2,370,210 | $2,261,394 | $2,247,428 | $2,208,690 | | Commercial Real Estate | $4,411,585 | $4,367,433 | $4,463,992 | $4,305,017 | | Construction | $884,306 | $954,072 | $918,326 | $1,017,649 | | Residential Mortgage | $4,085,827 | $4,129,518 | $4,168,154 | $4,216,416 | | Home Equity | $1,161,876 | $1,144,895 | $1,151,739 | $1,159,833 | | Consumer | $1,011,125 | $998,325 | $1,023,969 | $1,027,104 | | Lease Financing | $426,940 | $437,399 | $434,650 | $425,190 | | Total Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | Deposits (Table 10) Table 10 presents a detailed classification of the company's deposits, including non-interest-bearing, savings, money market, and time deposits, reflecting the composition of the company's deposit base and changes at different reporting period ends Deposits Portfolio (in thousands of USD) | Deposit Category | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Non-Interest-Bearing Deposits | $6,844,432 | $6,885,551 | $6,975,148 | $6,857,467 | | Savings Deposits | $6,219,801 | $6,110,796 | $6,021,364 | $6,055,051 | | Money Market Deposits | $3,777,681 | $3,865,203 | $4,027,334 | $4,111,609 | | Time Deposits | $3,389,505 | $3,354,266 | $3,298,370 | $3,294,705 | | Total Deposits | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | Non-Performing Assets and Accruing Loans and Leases Past Due (Table 11) Table 11 details the composition of the company's non-performing assets and accruing loans and leases past due 90 days or more, including breakdowns for commercial and residential loans, reflecting the status and changes in the company's asset quality Non-Performing Assets and Accruing Loans and Leases Past Due (in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Non-Performing Loans and Leases | $28,591 | $20,188 | $20,679 | $18,013 | | Total Non-Performing Assets | $28,591 | $20,188 | $20,679 | $18,013 | | Total Accruing Loans and Leases Past Due 90 Days or More | $4,438 | $4,302 | $6,019 | $3,765 | | Total Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | Allowance for Credit Losses This section provides an analysis of changes in the allowance for credit losses, including beginning balances, loan and lease charge-offs, recoveries of charged-off loans and leases, and the provision for credit losses, demonstrating the company's credit risk management and reserve coverage Allowance for Credit Losses Changes (in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | $199,959 | $193,240 | $194,649 | $193,240 | $192,138 | | Total Loan and Lease Charge-Offs | -$5,329 | -$6,498 | -$4,859 | -$11,827 | -$10,622 | | Total Recoveries of Charged-Off Loans and Leases | $2,042 | $2,717 | $2,340 | $4,759 | $4,314 | | Net Charge-Offs on Loans and Leases | -$3,287 | -$3,781 | -$2,519 | -$7,068 | -$6,308 | | Provision for Credit Losses | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Ending Balance | $201,172 | $199,959 | $193,930 | $201,172 | $193,930 | | Allowance for Credit Losses | $167,825 | $166,612 | $160,517 | $167,825 | $160,517 | | Reserve for Unfunded Commitments | $33,347 | $33,347 | $33,413 | $33,347 | $33,413 | | Net Charge-Offs on Loans and Leases as % of Average Loans and Leases | 0.09% | 0.11% | 0.07% | 0.10% | 0.09% | | Allowance for Credit Losses as % of Loans and Leases | 1.17% | 1.17% | 1.12% | 1.17% | 1.12% | | Allowance for Credit Losses to Non-Performing Loans and Leases | 5.87x | 8.25x | 8.91x | 5.87x | 8.91x | Loans and Leases by Year of Origination and Credit Quality Indicator (Table 13) Table 13 categorizes the company's loan and lease portfolio by year of origination and credit quality indicators (such as risk ratings and FICO scores), including commercial, residential, and consumer loans, offering in-depth insights into the risk characteristics of the loan portfolio Commercial Loan Portfolio by Risk Rating and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Commercial and Industrial | $87,223 | $155,681 | $73,653 | $175,502 | $196,945 | $263,817 | $1,396,245 | $21,144 | $2,370,210 | | Total Commercial Real Estate | $169,890 | $299,585 | $376,971 | $860,568 | $698,090 | $1,886,130 | $112,763 | $7,588 | $4,411,585 | | Total Construction | $13,028 | $156,164 | $214,176 | $290,283 | $135,955 | $52,842 | $21,858 | - | $884,306 | | Total Lease Financing | $75,371 | $92,505 | $97,059 | $52,552 | $12,574 | $96,879 | - | - | $426,940 | | Total Commercial Loans | $345,512 | $703,935 | $761,859 | $1,378,905 | $1,043,564 | $2,299,668 | $1,530,866 | $28,732 | $8,093,041 | Residential Loan Portfolio by FICO Score and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Residential Mortgage | $99,901 | $193,406 | $237,049 | $596,946 | $1,069,157 | $1,886,306 | $3,062 | - | $4,085,827 | | Total Home Equity Loans | - | - | - | - | - | - | $1,157,419 | $4,457 | $1,161,876 | | Total Residential Loans | $99,901 | $193,406 | $237,049 | $596,946 | $1,069,157 | $1,886,306 | $1,160,481 | $4,457 | $5,247,703 | Consumer Loan Portfolio by FICO Score and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Consumer Loans | $128,069 | $175,864 | $115,293 | $128,216 | $62,479 | $28,489 | $369,615 | $3,100 | $1,011,125 | GAAP to Non-GAAP Reconciliation (Table 14) Table 14 provides a reconciliation of GAAP to non-GAAP financial measures, detailing how goodwill is deducted from GAAP metrics (such as total shareholders' equity and total assets) to calculate corresponding tangible metrics, offering investors a clearer view of capital adequacy and profitability GAAP to Non-GAAP Reconciliation (Quarterly, in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (USD thousands) | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Average Total Shareholders' Equity (USD thousands) | $2,663,850 | $2,641,978 | $2,512,471 | $2,652,975 | $2,504,656 | | Less: Average Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | $995,492 | | Average Tangible Shareholders' Equity (USD thousands) | $1,668,358 | $1,646,486 | $1,516,979 | $1,657,483 | $1,509,164 | | Average Total Assets (USD thousands) | $23,859,410 | $23,890,459 | $23,958,913 | $23,874,849 | $24,073,060 | | Less: Average Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | $995,492 | | Average Tangible Assets (USD thousands) | $22,863,918 | $22,894,967 | $22,963,421 | $22,879,357 | $23,077,568 | | Return on Average Total Shareholders' Equity | 11.03% | 9.09% | 9.91% | 10.07% | 9.32% | | Return on Average Tangible Shareholders' Equity (Non-GAAP) | 17.61% | 14.59% | 16.42% | 16.12% | 15.48% | | Return on Average Total Assets | 1.23% | 1.01% | 1.04% | 1.12% | 0.97% | | Return on Average Tangible Assets (Non-GAAP) | 1.28% | 1.05% | 1.08% | 1.17% | 1.01% | GAAP to Non-GAAP Reconciliation (Period End, in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Shareholders' Equity (USD thousands) | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Less: Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | | Tangible Shareholders' Equity (USD thousands) | $1,699,053 | $1,653,360 | $1,621,994 | $1,554,820 | | Total Assets (USD thousands) | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Less: Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | | Tangible Assets (USD thousands) | $22,841,655 | $22,749,466 | $22,832,694 | $22,996,299 | | Shareholders' Equity to Total Assets Ratio | 11.30% | 11.16% | 10.98% | 10.63% | | Tangible Shareholders' Equity to Tangible Assets Ratio (Non-GAAP) | 7.44% | 7.27% | 7.10% | 6.76% | | Book Value Per Share | $21.61 | $21.07 | $20.70 | $19.94 | | Tangible Book Value Per Share (Non-GAAP) | $13.63 | $13.15 | $12.83 | $12.16 |