Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to |
(State of incorporation) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (City) | (State) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
(dollars in thousands, except per share amounts) | June 30, 2025 (Unaudited) | December 31, 2024 | ||||||||||||
Assets | ||||||||||||||
Cash and Cash Equivalents | $ | $ | ||||||||||||
Investment Securities | ||||||||||||||
Available-for-Sale | ||||||||||||||
Held-to-Maturity (Fair Value of $ | ||||||||||||||
Loans Held for Sale | ||||||||||||||
Loans and Leases | ||||||||||||||
Allowance for Credit Losses | ( | ( | ||||||||||||
Net Loans and Leases | ||||||||||||||
Premises and Equipment, Net | ||||||||||||||
Operating Lease Right-of-Use Assets | ||||||||||||||
Accrued Interest Receivable | ||||||||||||||
Mortgage Servicing Rights | ||||||||||||||
Goodwill | ||||||||||||||
Bank-Owned Life Insurance | ||||||||||||||
Other Assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Deposits | ||||||||||||||
Noninterest-Bearing Demand | $ | $ | ||||||||||||
Interest-Bearing Demand | ||||||||||||||
Savings | ||||||||||||||
Time | ||||||||||||||
Total Deposits | ||||||||||||||
Securities Sold Under Agreements to Repurchase | ||||||||||||||
Other Debt | ||||||||||||||
Operating Lease Liabilities | ||||||||||||||
Retirement Benefits Payable | ||||||||||||||
Accrued Interest Payable | ||||||||||||||
Other Liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Commitments and Contingencies (Note 11) | ||||||||||||||
Shareholders’ Equity | ||||||||||||||
Preferred Stock (Series A, $ | ||||||||||||||
Preferred Stock (Series B, $ | ||||||||||||||
Common Stock ($ | ||||||||||||||
Capital Surplus | ||||||||||||||
Accumulated Other Comprehensive Loss | ( | ( | ||||||||||||
Retained Earnings | ||||||||||||||
Treasury Stock, at Cost (Shares: June 30, 2025 - | ( | ( | ||||||||||||
Total Shareholders’ Equity | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(dollars in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||||
Interest Income | ||||||||||||||
Interest and Fees on Loans and Leases | $ | $ | $ | $ | ||||||||||
Income on Investment Securities | ||||||||||||||
Available-for-Sale | ||||||||||||||
Held-to-Maturity | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Other | ||||||||||||||
Total Interest Income | ||||||||||||||
Interest Expense | ||||||||||||||
Deposits | ||||||||||||||
Securities Sold Under Agreements to Repurchase | ||||||||||||||
Other Debt | ||||||||||||||
Total Interest Expense | ||||||||||||||
Net Interest Income | ||||||||||||||
Provision for Credit Losses | ||||||||||||||
Net Interest Income After Provision for Credit Losses | ||||||||||||||
Noninterest Income | ||||||||||||||
Fees, Exchange, and Other Service Charges | ||||||||||||||
Trust and Asset Management | ||||||||||||||
Service Charges on Deposit Accounts | ||||||||||||||
Bank-Owned Life Insurance | ||||||||||||||
Annuity and Insurance | ||||||||||||||
Mortgage Banking | ||||||||||||||
Investment Securities Losses, Net | ( | ( | ( | ( | ||||||||||
Other | ||||||||||||||
Total Noninterest Income | ||||||||||||||
Noninterest Expense | ||||||||||||||
Salaries and Benefits | ||||||||||||||
Net Occupancy | ||||||||||||||
Net Equipment | ||||||||||||||
Data Processing | ||||||||||||||
Professional Fees | ||||||||||||||
FDIC Insurance | ||||||||||||||
Other | ||||||||||||||
Total Noninterest Expense | ||||||||||||||
Income Before Provision for Income Taxes | ||||||||||||||
Provision for Income Taxes | ||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||
Preferred Stock Dividends | ||||||||||||||
Net Income Available to Common Shareholders | $ | $ | $ | $ | ||||||||||
Basic Earnings Per Common Share | $ | $ | $ | $ | ||||||||||
Diluted Earnings Per Common Share | $ | $ | $ | $ | ||||||||||
Dividends Declared Per Common Share | $ | $ | $ | $ | ||||||||||
Basic Weighted Average Common Shares | ||||||||||||||
Diluted Weighted Average Common Shares |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Other Comprehensive Income, Net of Tax: | ||||||||||||||||||||||||||
Net Change in Unrealized Gains on Investment Securities | ||||||||||||||||||||||||||
Net Change in Defined Benefit Plans | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
(dollars in thousands, except per share amounts) | Preferred Shares Series A Outstanding | Preferred Series A Stock | Preferred Shares Series B Outstanding | Preferred Series B Stock | Common Shares Outstanding | Common Stock | Capital Surplus | Accum. Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2025 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued under Purchase and Equity Compensation Plans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchased | — | — | — | — | ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Common Stock ($ | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Preferred Stock | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | — | $ | — | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Issued, Net | — | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued under Purchase and Equity Compensation Plans | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchased | — | — | — | — | ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Common Stock ($ | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Preferred Stock | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ |
(dollars in thousands, except per share amounts) | Preferred Shares Series A Outstanding | Preferred Series A Stock | Preferred Shares Series B Outstanding | Preferred Series B Stock | Common Shares Outstanding | Common Stock | Capital Surplus | Accum. Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued under Purchase and Equity Compensation Plans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchased | — | — | — | — | ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Common Stock ($ | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Preferred Stock | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Issued, Net | — | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued under Purchase and Equity Compensation Plans | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchased | — | — | — | — | ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Common Stock ($ | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared Preferred Stock | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Six Months Ended June 30, | ||||||||
(dollars in thousands) | 2025 | 2024 | ||||||
Operating Activities | ||||||||
Net Income | $ | $ | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Provision for Credit Losses | ||||||||
Depreciation and Amortization | ||||||||
Amortization of Deferred Loan and Lease (Fees) Costs, Net | ( | |||||||
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net | ||||||||
Amortization of Operating Lease Right-of-Use Assets | ||||||||
Share-Based Compensation | ||||||||
Benefit Plan Contributions | ( | ( | ||||||
Net Gains on Sales of Loans and Leases | ( | ( | ||||||
Proceeds from Sales of Loans Held for Sale | ||||||||
Originations of Loans Held for Sale | ( | ( | ||||||
Net Change in Other Assets and Other Liabilities | ( | ( | ||||||
Net Cash Provided by Operating Activities | ||||||||
Investing Activities | ||||||||
Investment Securities Available-for-Sale: | ||||||||
Proceeds from Prepayments and Maturities | ||||||||
Purchases | ( | ( | ||||||
Investment Securities Held-to-Maturity: | ||||||||
Proceeds from Prepayments and Maturities | ||||||||
Net Change in Loans and Leases | ||||||||
Purchases of Premises and Equipment | ( | ( | ||||||
Net Cash (Used in) Provided by Investing Activities | ( | |||||||
Financing Activities | ||||||||
Net Change in Deposits | ( | |||||||
Repayments of Long-Term Debt | ( | ( | ||||||
Proceeds from Issuance of Preferred Stock | ||||||||
Proceeds from Issuance of Common Stock | ||||||||
Repurchase of Common Stock | ( | ( | ||||||
Cash Dividends Paid on Common Stock | ( | ( | ||||||
Cash Dividends Paid on Preferred Stock | ( | ( | ||||||
Net Cash Provided by (Used in) Financing Activities | ( | |||||||
Net Change in Cash and Cash Equivalents | ( | |||||||
Cash and Cash Equivalents at Beginning of Period | ||||||||
Cash and Cash Equivalents at End of Period | $ | $ | ||||||
Supplemental Information | ||||||||
Cash Paid for Interest | $ | $ | ||||||
Cash Paid for Income Taxes | ||||||||
Non-Cash Investing and Financing Activities: | ||||||||
Transfer from Loans to Foreclosed Real Estate | ||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
June 30, 2025 | ||||||||||||||
Available-for-Sale: | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | ( | $ | |||||||||
Debt Securities Issued by States and Political Subdivisions | ( | |||||||||||||
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ( | |||||||||||||
Debt Securities Issued by Corporations | ( | |||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Non-Agency | ( | |||||||||||||
Total Collateralized Mortgage Obligations | ( | |||||||||||||
Mortgage-Backed Securities: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Mortgage-Backed Securities | ( | |||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||
Held-to-Maturity: | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | ( | $ | |||||||||
Debt Securities Issued by Corporations | ( | |||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Collateralized Mortgage Obligations | ( | |||||||||||||
Mortgage-Backed Securities: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Mortgage-Backed Securities | ( | |||||||||||||
Total | $ | $ | $ | ( | $ |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
December 31, 2024 | ||||||||||||||
Available-for-Sale: | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | ( | $ | |||||||||
Debt Securities Issued by States and Political Subdivisions | ( | |||||||||||||
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ( | |||||||||||||
Debt Securities Issued by Corporations | ( | |||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Collateralized Mortgage Obligations | ( | |||||||||||||
Mortgage-Backed Securities: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Mortgage-Backed Securities | ( | |||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||
Held-to-Maturity: | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | ( | $ | |||||||||
Debt Securities Issued by Corporations | ( | |||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Collateralized Mortgage Obligations | ( | |||||||||||||
Mortgage-Backed Securities: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | |||||||||||||
Total Mortgage-Backed Securities | ( | |||||||||||||
Total | $ | $ | $ | ( | $ |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Available-for-Sale: | ||||||||
Due in One Year or Less | $ | $ | ||||||
Due After One Year Through Five Years | ||||||||
Due After Five Years Through Ten Years | ||||||||
Debt Securities Issued by Government Agencies | ||||||||
Collateralized Mortgage Obligations: | ||||||||
Residential - Government Agencies or Sponsored Agencies | ||||||||
Commercial - Government Agencies or Sponsored Agencies | ||||||||
Commercial - Non-Agency | ||||||||
Total Collateralized Mortgage Obligations | ||||||||
Mortgage-Backed Securities: | ||||||||
Residential - Government Agencies or Sponsored Agencies | ||||||||
Total Mortgage-Backed Securities | ||||||||
Total | $ | $ | ||||||
Held-to-Maturity: | ||||||||
Due in One Year or Less | $ | $ | ||||||
Due After One Year Through Five Years | ||||||||
Due After Five Year Through Ten Years | ||||||||
Collateralized Mortgage Obligations: | ||||||||
Residential - Government Agencies or Sponsored Agencies | ||||||||
Commercial - Government Agencies or Sponsored Agencies | ||||||||
Total Collateralized Mortgage Obligations | ||||||||
Mortgage-Backed Securities: | ||||||||
Residential - Government Agencies or Sponsored Agencies | ||||||||
Commercial - Government Agencies or Sponsored Agencies | ||||||||
Total Mortgage-Backed Securities | ||||||||
Total | $ | $ |
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
June 30, 2025 | ||||||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Debt Securities Issued by States and Political Subdivisions | ( | ( | ||||||||||||||||||||||||
Debt Securities Issued by U.S. Government- Sponsored Enterprises | ( | ( | ||||||||||||||||||||||||
Debt Securities Issued by Corporations | ( | ( | ( | |||||||||||||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | ( | ( | |||||||||||||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | ( | ( | |||||||||||||||||||||||
Commercial - Non-Agency | ( | ( | ||||||||||||||||||||||||
Total Collateralized Mortgage Obligations | ( | ( | ( | |||||||||||||||||||||||
Mortgage-Backed Securities: | ||||||||||||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | ( | ( | |||||||||||||||||||||||
Total Mortgage-Backed Securities | ( | ( | ( | |||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Debt Securities Issued by States and Political Subdivisions | ( | ( | ||||||||||||||||||||||||
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ( | ( | ||||||||||||||||||||||||
Debt Securities Issued by Corporations | ( | ( | ( | |||||||||||||||||||||||
Collateralized Mortgage Obligations: | ||||||||||||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | ( | ( | |||||||||||||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ( | ( | ( | |||||||||||||||||||||||
Total Collateralized Mortgage Obligations | ( | ( | ( | |||||||||||||||||||||||
Mortgage-Backed Securities: | ||||||||||||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ( | ( | ||||||||||||||||||||||||
Total Mortgage-Backed Securities | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Taxable | $ | $ | $ | $ | |||||||||||||
Non-Taxable | |||||||||||||||||
Total Interest Income from Investment Securities | $ | $ | $ | $ |
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||
Commercial | ||||||||
Commercial Mortgage | $ | $ | ||||||
Commercial and Industrial | ||||||||
Construction | ||||||||
Lease Financing | ||||||||
Total Commercial | ||||||||
Consumer | ||||||||
Residential Mortgage | ||||||||
Home Equity | ||||||||
Automobile | ||||||||
Other | ||||||||
Total Consumer | ||||||||
Total Loans and Leases | $ | $ |
(dollars in thousands) | Commercial | Consumer | Total | ||||||||
Three Months Ended June 30, 2025 | |||||||||||
Allowance for Credit Losses: | |||||||||||
Balance at Beginning of Period | $ | $ | $ | ||||||||
Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Recoveries on Loans and Leases Previously Charged-Off | |||||||||||
Net Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Provision for Credit Losses | ( | ||||||||||
Balance at End of Period | $ | $ | $ | ||||||||
Six Months Ended June 30, 2025 | |||||||||||
Allowance for Credit Losses: | |||||||||||
Balance at Beginning of Period | $ | $ | $ | ||||||||
Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Recoveries on Loans and Leases Previously Charged-Off | |||||||||||
Net Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Provision for Credit Losses | ( | ||||||||||
Balance at End of Period | $ | $ | $ | ||||||||
Three Months Ended June 30, 2024 | |||||||||||
Allowance for Credit Losses: | |||||||||||
Balance at Beginning of Period | $ | $ | $ | ||||||||
Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Recoveries on Loans and Leases Previously Charged-Off | |||||||||||
Net Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Provision for Credit Losses | ( | ||||||||||
Balance at End of Period | $ | $ | $ | ||||||||
Six Months Ended June 30, 2024 | |||||||||||
Allowance for Credit Losses: | |||||||||||
Balance at Beginning of Period | $ | $ | $ | ||||||||
Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Recoveries on Loans and Leases Previously Charged-Off | |||||||||||
Net Loans and Leases Charged-Off | ( | ( | ( | ||||||||
Provision for Credit Losses | ( | ||||||||||
Balance at End of Period | $ | $ | $ |
Pass: | Loans and leases in all classes within the commercial and consumer portfolio segments that are not adversely rated, are generally contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan or lease agreement. Residential mortgage loans that are past due | ||||
Special Mention: | Loans and leases in the classes within the commercial portfolio segment that have potential weaknesses that warrant management’s close attention. If not addressed, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease. The Special Mention credit quality indicator is not used for the consumer portfolio segment. | ||||
Classified: | Loans and leases in the classes within the commercial portfolio segment that have a well-defined weakness or weaknesses and are inadequately protected by the sound worth and paying capacity of the borrower or applicable collateral, if any. Classified loans and leases are also those in the classes within the consumer portfolio segment that are past due |
Term Loans by Origination Year | |||||||||||||||||||||||||||||
(dollars in thousands) | 20251 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total Loans and Leases | ||||||||||||||||||||
June 30, 2025 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Commercial and Industrial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Lease Financing | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Lease Financing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Commercial Gross Charge-Offs | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Residential Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Automobile | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Other | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Consumer Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Gross Charge-Offs |
Term Loans by Origination Year | |||||||||||||||||||||||||||||
(dollars in thousands) | 20241 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total Loans and Leases | ||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Commercial and Industrial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Total Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Lease Financing | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Lease Financing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Commercial Gross Charge-Offs | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Residential Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Automobile | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total Other | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Consumer Gross Charge-Offs | |||||||||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Gross Charge-Offs |
(dollars in thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Past Due 90 Days or More | Non-Accrual | Total Past Due and Non-Accrual | Current | Total Loans and Leases | Non-Accrual Loans and Leases that are Current | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
(dollars in thousands) | Non-Accrual Loans with a Related ACL | Non-Accrual Loans without a Related ACL | Total Non-Accrual Loans | Non-Accrual Loans with a Related ACL | Non-Accrual Loans without a Related ACL | Total Non-Accrual Loans | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial Mortgage | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Loan Classes | Modification Types | ||||
Commercial: | Term extension, interest rate reductions, other-than-insignificant payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or result in an other-than-insignificant payment delay during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term. | ||||
Residential Mortgage/ Home Equity: | Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term. | ||||
Residential Mortgage/ Home Equity: | Term extension and rate adjustment. These modifications extend the term of the loan and provide for an adjustment to the interest rate, which reduces the monthly payment requirement. | ||||
Automobile/ Direct Installment: | Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement. |
(dollars in thousands) | Term Extension | Payment Delay and Term Extension1 | Term Extension and Interest Rate Reduction | Rate Reduction, Payment Delay, and Term Extension | Payment Delay | Total | % of Total Class of Loans and Leases | ||||||||||||||||
Three Months Ended June 30, 2025 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial and Industrial | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Total Commercial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Six Months Ended June 30, 2025 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial Mortgage | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Three Months Ended June 30, 2024 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Home Equity | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Automobile | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Six Months Ended June 30, 2024 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial and Industrial | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Total Commercial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | % |
(dollars in thousands) | Weighted-Average Months of Term Extension | Weighted-Average Payment Deferral1 | Weighted-Average Interest Rate Reduction | ||||||||
Three Months Ended June 30, 2025 | |||||||||||
Commercial | |||||||||||
Commercial and Industrial | $ | % | |||||||||
Consumer | |||||||||||
Residential Mortgage | |||||||||||
Automobile | |||||||||||
Other | |||||||||||
Six Months Ended June 30, 2025 | |||||||||||
Commercial | |||||||||||
Commercial Mortgage | $ | % | |||||||||
Commercial and Industrial | |||||||||||
Consumer | |||||||||||
Residential Mortgage | |||||||||||
Home Equity | |||||||||||
Automobile | |||||||||||
Other | |||||||||||
Three Months Ended June 30, 2024 | |||||||||||
Consumer | |||||||||||
Home Equity | $ | % | |||||||||
Automobile | |||||||||||
Other | |||||||||||
Six Months Ended June 30, 2024 | |||||||||||
Commercial | |||||||||||
Commercial and Industrial | $ | % | |||||||||
Consumer | |||||||||||
Residential Mortgage | |||||||||||
Home Equity | |||||||||||
Automobile | |||||||||||
Other |
(dollars in thousands) | Term Extension | Payment Delay & Term Extension1 | Term Extension and Interest Rate Reduction | Total | ||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||
Consumer | ||||||||||||||
Residential Mortgage | $ | $ | $ | $ | ||||||||||
Automobile | ||||||||||||||
Other | ||||||||||||||
Total Consumer | ||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | ||||||||||
Six Months Ended June 30, 2025 | ||||||||||||||
Consumer | ||||||||||||||
Residential Mortgage | $ | $ | $ | $ | ||||||||||
Automobile | ||||||||||||||
Other | ||||||||||||||
Total Consumer | ||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | ||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||
Commercial | ||||||||||||||
Commercial and Industrial | $ | $ | $ | $ | ||||||||||
Total Commercial | ||||||||||||||
Consumer | ||||||||||||||
Automobile | ||||||||||||||
Other | ||||||||||||||
Total Consumer | ||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | ||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||
Commercial | ||||||||||||||
Commercial and Industrial | $ | $ | $ | $ | ||||||||||
Total Commercial | ||||||||||||||
Consumer | ||||||||||||||
Automobile | ||||||||||||||
Other | ||||||||||||||
Total Consumer | ||||||||||||||
Total Loans and Leases | $ | $ | $ | $ |
(dollars in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Past Due 90 Days or More | Non-Accrual | Total | ||||||||||||||
As of June 30, 2025 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial Mortgage | $ | $ | $ | $ | $ | $ | ||||||||||||||
Commercial and Industrial | ||||||||||||||||||||
Total Commercial | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential Mortgage | ||||||||||||||||||||
Home Equity | ||||||||||||||||||||
Automobile | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total Consumer | ||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ | ||||||||||||||
As of June 30, 2024 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and Industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total Commercial | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential Mortgage | ||||||||||||||||||||
Home Equity | ||||||||||||||||||||
Automobile | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total Consumer | ||||||||||||||||||||
Total Loans and Leases | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | |||||||||||||
Change in Fair Value Due to Payoffs | ( | ( | ( | ( | |||||||||||||
Balance at End of Period | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | |||||||||||||
Servicing Rights that Resulted From Asset Transfers | |||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||
Balance at End of Period | $ | $ | $ | $ | |||||||||||||
Fair Value of Mortgage Servicing Rights Accounted for Under the Amortization Method | |||||||||||||||||
Beginning of Period | $ | $ | $ | $ | |||||||||||||
End of Period | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | |||||||
Weighted-Average Constant Prepayment Rate 1 | % | % | ||||||
Weighted-Average Life (in years) | ||||||||
Weighted-Average Note Rate | % | % | ||||||
Weighted-Average Discount Rate 2 | % | % |
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||
Constant Prepayment Rate | ||||||||
Decrease in fair value from 25 basis points (“bps”) adverse change | $ | ( | $ | ( | ||||
Decrease in fair value from 50 bps adverse change | ( | ( | ||||||
Discount Rate | ||||||||
Decrease in fair value from 25 bps adverse change | ( | ( | ||||||
Decrease in fair value from 50 bps adverse change | ( | ( |
(dollars in thousands) | Amount | ||||
2025 | $ | ||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total Unfunded Commitments | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Effective Yield Method | |||||||||||||||||
Tax Credits and Other Tax Benefits Recognized | $ | $ | $ | $ | |||||||||||||
Amortization Expense in Provision for Income Taxes | |||||||||||||||||
Proportional Amortization Method | |||||||||||||||||
Tax Credits and Other Tax Benefits Recognized | $ | $ | $ | $ | |||||||||||||
Amortization Expense in Provision for Income Taxes |
Remaining Contractual Maturity of Repurchase Agreements | |||||||||||||||||
(dollars in thousands) | Up to 90 days | 91-365 days | 1-3 Years | After 3 Years | Total | ||||||||||||
June 30, 2025 | |||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | $ | $ | $ | $ | $ | ||||||||||||
December 31, 2024 | |||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | $ | $ | $ | $ | $ |
(i) | (ii) | (iii) = (i)-(ii) | (iv) | (v) = (iii)-(iv) | ||||||||||||||||
Gross Amounts Not Offset in the Statements of Condition | ||||||||||||||||||||
(dollars in thousands) | Gross Amounts Recognized in the Statements of Condition | Gross Amounts Offset in the Statements of Condition | Net Amounts Presented in the Statements of Condition | Netting Adjustments per Master Netting Arrangements | Fair Value of Collateral Pledged/ Received 1 | Net Amount | ||||||||||||||
June 30, 2025 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional Counterparties | $ | $ | $ | $ | $ | $ | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional Counterparties | ||||||||||||||||||||
Repurchase Agreements: | ||||||||||||||||||||
Private Institutions | ||||||||||||||||||||
Total Repurchase Agreements | $ | $ | $ | $ | $ | $ | ||||||||||||||
December 31, 2024 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional Counterparties | $ | $ | $ | $ | $ | $ | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional Counterparties | ||||||||||||||||||||
Repurchase Agreements: | ||||||||||||||||||||
Private Institutions | ||||||||||||||||||||
Total Repurchase Agreements | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||
Three Months Ended June 30, 2025 | |||||||||||
Net Unrealized Gains on Investment Securities: | |||||||||||
Net Unrealized Gains Arising During the Period | $ | $ | $ | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income: | |||||||||||
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities | |||||||||||
Net Unrealized Gains on Investment Securities | |||||||||||
Defined Benefit Plans: | |||||||||||
Amortization of Net Actuarial Losses | |||||||||||
Amortization of Prior Service Credit | ( | ( | ( | ||||||||
Defined Benefit Plans, Net | |||||||||||
Other Comprehensive Income | $ | $ | $ | ||||||||
Three Months Ended June 30, 2024 | |||||||||||
Net Unrealized Gains on Investment Securities: | |||||||||||
Net Unrealized Gains Arising During the Period | $ | $ | $ | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income: | |||||||||||
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities | |||||||||||
Net Unrealized Gains on Investment Securities | |||||||||||
Defined Benefit Plans: | |||||||||||
Amortization of Net Actuarial Losses | |||||||||||
Amortization of Prior Service Credit | ( | ( | ( | ||||||||
Defined Benefit Plans, Net | |||||||||||
Other Comprehensive Income | $ | $ | $ | ||||||||
Six Months Ended June 30, 2025 | |||||||||||
Net Unrealized Gains on Investment Securities: | |||||||||||
Net Unrealized Gains Arising During the Period | $ | $ | $ | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income: | |||||||||||
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities | |||||||||||
Net Unrealized Gains on Investment Securities | |||||||||||
Defined Benefit Plans: | |||||||||||
Amortization of Net Actuarial Losses | |||||||||||
Amortization of Prior Service Credit | ( | ( | ( | ||||||||
Defined Benefit Plans, Net | |||||||||||
Other Comprehensive Income | $ | $ | $ | ||||||||
Six Months Ended June 30, 2024 | |||||||||||
Net Unrealized Gains on Investment Securities: | |||||||||||
Net Unrealized Gains Arising During the Period | $ | $ | $ | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income: | |||||||||||
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities | |||||||||||
Net Unrealized Gains on Investment Securities | |||||||||||
Defined Benefit Plans: | |||||||||||
Amortization of Net Actuarial Losses | |||||||||||
Amortization of Prior Service Credit | ( | ( | ( | ||||||||
Defined Benefit Plans, Net | |||||||||||
Other Comprehensive Income | $ | $ | $ |
(dollars in thousands) | Investment Securities-Available-for-Sale | Investment Securities-Held-to-Maturity | Defined Benefit Plans | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||
Balance at Beginning of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other Comprehensive Income Before Reclassifications | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
Total Other Comprehensive Income | ||||||||||||||
Balance at End of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Three Months Ended June 30, 2024 | ||||||||||||||
Balance at Beginning of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other Comprehensive Income Before Reclassifications | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
Total Other Comprehensive Income | ||||||||||||||
Balance at End of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Six Months Ended June 30, 2025 | ||||||||||||||
Balance at Beginning of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other Comprehensive Income Before Reclassifications | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
Total Other Comprehensive Income | ||||||||||||||
Balance at End of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Six Months Ended June 30, 2024 | ||||||||||||||
Balance at Beginning of Period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other Comprehensive Income Before Reclassifications | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
Total Other Comprehensive Income | ||||||||||||||
Balance at End of Period | $ | ( | $ | ( | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income1 | Affected Line Item in the Statement Where Net Income Is Presented | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
(dollars in thousands) | 2025 | 2024 | |||||||||||||||
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity | $ | ( | $ | ( | Interest Income | ||||||||||||
Provision for Income Tax | |||||||||||||||||
( | ( | Net of Tax | |||||||||||||||
Amortization of Defined Benefit Plan Items | |||||||||||||||||
Prior Service Credit 2 | |||||||||||||||||
Net Actuarial Losses 2 | ( | ( | |||||||||||||||
( | ( | Total Before Tax | |||||||||||||||
Provision for Income Tax | |||||||||||||||||
( | ( | Net of Tax | |||||||||||||||
Total Reclassifications for the Period | $ | ( | $ | ( | Net of Tax | ||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income1 | Affected Line Item in the Statement Where Net Income Is Presented | |||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
(dollars in thousands) | 2025 | 2024 | |||||||||||||||
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity | $ | ( | $ | ( | Interest Income | ||||||||||||
Provision for Income Tax | |||||||||||||||||
( | ( | Net of Tax | |||||||||||||||
Amortization of Defined Benefit Plan Items | |||||||||||||||||
Prior Service Credit 2 | |||||||||||||||||
Net Actuarial Losses 2 | ( | ( | |||||||||||||||
( | ( | Total Before Tax | |||||||||||||||
Provision for Income Tax | |||||||||||||||||
( | ( | Net of Tax | |||||||||||||||
Total Reclassifications for the Period | $ | ( | $ | ( | Net of Tax |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Numerator: | |||||||||||||||||
Net Income Available to Common Shareholders | $ | $ | $ | $ | |||||||||||||
Denominator: | |||||||||||||||||
Weighted Average Common Shares Outstanding - Basic | |||||||||||||||||
Dilutive Effect of Equity Based Awards | |||||||||||||||||
Weighted Average Common Shares Outstanding - Diluted | |||||||||||||||||
Earnings Per Common Share: | |||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||
Antidilutive Restricted Stock Outstanding |
(dollars in thousands) | Consumer Banking | Commercial Banking | Treasury and Other | Consolidated Total | ||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||
Net Interest Income (Expense) | $ | $ | $ | ( | $ | |||||||||
Provision for (Recapture of) Credit Losses | ( | |||||||||||||
Net Interest Income (Expense) After Provision for Credit Losses | ( | |||||||||||||
Noninterest Income | ||||||||||||||
Salaries and Benefits | ||||||||||||||
Net Occupancy | ||||||||||||||
Other Noninterest Expense | ( | |||||||||||||
Noninterest Expense | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | ( | |||||||||||||
Provision (Benefit) for Income Taxes | ( | |||||||||||||
Net Income (Loss) | $ | $ | $ | ( | $ | |||||||||
Total Assets as of June 30, 2025 | $ | $ | $ | $ | ||||||||||
Three Months Ended June 30, 2024 ¹ | ||||||||||||||
Net Interest Income (Expense) | $ | $ | $ | ( | $ | |||||||||
Provision for (Recapture of) Credit Losses | ( | |||||||||||||
Net Interest Income (Expense) After Provision for Credit Losses | ( | |||||||||||||
Noninterest Income | ||||||||||||||
Salaries and Benefits | ||||||||||||||
Net Occupancy | ||||||||||||||
Other Noninterest Expense | ( | |||||||||||||
Noninterest Expense | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | ( | |||||||||||||
Provision (Benefit) for Income Taxes | ( | |||||||||||||
Net Income (Loss) | $ | $ | $ | ( | $ | |||||||||
Total Assets as of June 30, 2024 | $ | $ | $ | $ |
(dollars in thousands) | Consumer Banking | Commercial Banking | Treasury and Other | Consolidated Total | ||||||||||
Six Months Ended June 30, 2025 | ||||||||||||||
Net Interest Income (Expense) | $ | $ | $ | ( | $ | |||||||||
Provision for (Recapture of) Credit Losses | ( | |||||||||||||
Net Interest Income (Expense) After Provision for Credit Losses | ( | |||||||||||||
Noninterest Income | ||||||||||||||
Salaries and Benefits | ||||||||||||||
Net Occupancy | ||||||||||||||
Other Noninterest Expense | ( | |||||||||||||
Noninterest Expense | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | ( | |||||||||||||
Provision (Benefit) for Income Taxes | ( | |||||||||||||
Net Income (Loss) | $ | $ | $ | ( | $ | |||||||||
Total Assets as of June 30, 2025 | $ | $ | $ | $ | ||||||||||
Six Months Ended June 30, 2024 ¹ | ||||||||||||||
Net Interest Income (Expense) | $ | $ | $ | ( | $ | |||||||||
Provision for (Recapture of) Credit Losses | ( | |||||||||||||
Net Interest Income (Expense) After Provision for Credit Losses | ( | |||||||||||||
Noninterest Income | ||||||||||||||
Salaries and Benefits | ||||||||||||||
Net Occupancy | ||||||||||||||
Other Noninterest Expense | ( | |||||||||||||
Noninterest Expense | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | ( | |||||||||||||
Provision (Benefit) for Income Taxes | ( | |||||||||||||
Net Income (Loss) | $ | $ | $ | ( | $ | |||||||||
Total Assets as of June 30, 2024 | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | ||||||||||||||||
(dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest Rate Swap Agreements 1 | $ | $ | ( | $ | $ | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest Rate Lock Commitments | |||||||||||||||||
Forward Commitments | ( | ||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Receive Fixed/Pay Variable Swaps | ( | ( | |||||||||||||||
Pay Fixed/Receive Variable Swaps | |||||||||||||||||
Conversion Rate Swap Agreements 2 | NA | NA | |||||||||||||||
Makewhole Agreements 3 | NA | NA |
June 30, 2025 | December 31, 2024 | ||||||||||||||||
(dollars in thousands) | Asset Derivatives 1 | Liability Derivatives 1 | Asset Derivatives 1 | Liability Derivatives 1 | |||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Not Designated as Hedging Instruments | $ | $ | $ | $ | |||||||||||||
Designated as Hedging Instruments | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest Rate Lock Commitments | |||||||||||||||||
Forward Commitments | |||||||||||||||||
Total Derivatives | $ | $ | $ | $ |
Location of Net Gains (Losses) Recognized in the Statements of Income | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Recognized on Interest Rate Swap Agreements | Interest Income on Investment Securities Available-for-Sale | $ | ( | $ | $ | ( | $ | ||||||||||||||||
Recognized on Hedged Item | Interest Income on Investment Securities Available-for-Sale | ( | ( | ||||||||||||||||||||
Net Cash Settlements | Interest Income on Investment Securities Available-for-Sale | ( | ( | ||||||||||||||||||||
Recognized on Interest Rate Swap Agreements | Interest and Fees on Loans and Leases | ( | ( | ||||||||||||||||||||
Recognized on Hedged Item | Interest and Fees on Loans and Leases | ( | ( | ||||||||||||||||||||
Net Cash Settlements | Interest and Fees on Loans and Leases | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest Rate Lock Commitments | |||||||||||||||||||||||
Forward Commitments | ( | ||||||||||||||||||||||
Interest Rate Swap Agreements | ( | ||||||||||||||||||||||
Conversion Rate Swap Agreements | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ |
Line Item in the Unaudited Consolidated Statements of Condition | Carrying Amount of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets | |||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | |||||||||||||
Investment Securities, Available-for-Sale 1 | $ | $ | $ | $ | ( | ||||||||||||
Loans and Leases 2 | ( |
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||
Unfunded Commitments to Extend Credit | $ | $ | ||||||
Standby Letters of Credit | ||||||||
Commercial Letters of Credit | ||||||||
Total Credit Commitments | $ | $ |
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. A contractually binding sales price also provides reliable evidence of fair value. | ||||
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that utilize model-based techniques for which all significant assumptions are observable in the market. | ||||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement; inputs to the valuation methodology that utilize model-based techniques for which significant assumptions are not observable in the market; or inputs to the valuation methodology that require significant management judgment or estimation, some of which may be internally developed. |
(dollars in thousands) | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||
June 30, 2025 | ||||||||||||||
Assets: | ||||||||||||||
Investment Securities Available-for-Sale | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | $ | ||||||||||
Debt Securities Issued by States and Political Subdivisions | ||||||||||||||
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||||||||||||||
Debt Securities Issued by Corporations | ||||||||||||||
Collateralized Mortgage Obligations Issued by: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ||||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ||||||||||||||
Commercial - Non Agency | ||||||||||||||
Total Collateralized Mortgage Obligations | ||||||||||||||
Mortgage-Backed Securities: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ||||||||||||||
Total Investment Securities Available-for-Sale | ||||||||||||||
Loans Held for Sale | ||||||||||||||
Mortgage Servicing Rights | ||||||||||||||
Deferred Compensation Plan Assets | ||||||||||||||
Derivatives 1 | ||||||||||||||
Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2025 | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Derivatives 1 | $ | $ | $ | $ | ||||||||||
Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2025 | $ | $ | $ | $ | ||||||||||
December 31, 2024 | ||||||||||||||
Assets: | ||||||||||||||
Investment Securities Available-for-Sale | ||||||||||||||
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | $ | $ | $ | ||||||||||
Debt Securities Issued by States and Political Subdivisions | ||||||||||||||
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||||||||||||||
Debt Securities Issued by Corporations | ||||||||||||||
Collateralized Mortgage Obligations Issued by: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ||||||||||||||
Commercial - Government Agencies or Sponsored Enterprises | ||||||||||||||
Total Collateralized Mortgage Obligations | ||||||||||||||
Mortgage-Backed Securities Issued by: | ||||||||||||||
Residential - Government Agencies or Sponsored Enterprises | ||||||||||||||
Total Investment Securities Available-for-Sale | ||||||||||||||
Loans Held for Sale | ||||||||||||||
Mortgage Servicing Rights | ||||||||||||||
Deferred Compensation Plan Assets | ||||||||||||||
Derivatives 1 | ||||||||||||||
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024 | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Derivatives 1 | $ | $ | $ | $ | ||||||||||
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024 | $ | $ | $ | $ |
(dollars in thousands) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | |||||||||||||||||
June 30, 2025 | ||||||||||||||||||||
Loans Held for Sale | $ | $ | $ | |||||||||||||||||
December 31, 2024 | ||||||||||||||||||||
Loans Held for Sale | $ | $ | $ |
Fair Value Measurements | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
June 30, 2025 | ||||||||||||||||||||||||||||||||
Financial Instruments - Assets | ||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
Financial Instruments - Liabilities | ||||||||||||||||||||||||||||||||
Time Deposits | ||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | ||||||||||||||||||||||||||||||||
Other Debt 1 | ||||||||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Financial Instruments – Assets | ||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
Financial Instruments – Liabilities | ||||||||||||||||||||||||||||||||
Time Deposits | ||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | ||||||||||||||||||||||||||||||||
Other Debt 1 |
Average Balances and Interest Rates - Taxable-Equivalent Basis ¹ | Table 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/Rate | |||||||||||||||||||||||||||||||||||
Earning Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 353.7 | $ | 3.8 | 4.27 | % | $ | 460.1 | 6.1 | 5.28 | % | $ | 426.4 | $ | 9.3 | 4.33 | % | $ | 460.4 | $ | 12.3 | 5.28 | % | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 2,987.2 | 26.7 | 3.58 | 2,308.3 | 21.5 | 3.73 | 2,889.3 | 50.8 | 3.53 | 2,344.3 | 43.2 | 3.69 | |||||||||||||||||||||||||||||||||||
Non-Taxable | 27.4 | 0.4 | 5.85 | 1.6 | 0.0 | 2.01 | 24.3 | 0.7 | 5.77 | 1.7 | 0.0 | 2.00 | |||||||||||||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 4,462.1 | 19.7 | 1.77 | 4,837.2 | 21.4 | 1.77 | 4,505.1 | 39.8 | 1.77 | 4,882.0 | 43.4 | 1.78 | |||||||||||||||||||||||||||||||||||
Non-Taxable | 34.0 | 0.2 | 2.10 | 34.6 | 0.2 | 2.10 | 34.1 | 0.4 | 2.10 | 34.7 | 0.4 | 2.10 | |||||||||||||||||||||||||||||||||||
Total Investment Securities | 7,510.7 | 47.0 | 2.50 | 7,181.7 | 43.1 | 2.40 | 7,452.8 | 91.7 | 2.47 | 7,262.7 | 87.0 | 2.40 | |||||||||||||||||||||||||||||||||||
Loans Held for Sale | 2.2 | 0.0 | 5.66 | 1.4 | 0.0 | 6.30 | 2.2 | 0.1 | 5.87 | 1.8 | 0.1 | 6.22 | |||||||||||||||||||||||||||||||||||
Loans and Leases 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage | 4,025.2 | 53.7 | 5.35 | 3,723.6 | 51.6 | 5.57 | 4,020.3 | 106.2 | 5.33 | 3,720.1 | 102.1 | 5.52 | |||||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,668.1 | 21.1 | 5.07 | 1,692.7 | 22.4 | 5.32 | 1,685.8 | 42.3 | 5.06 | 1,678.0 | 44.5 | 5.33 | |||||||||||||||||||||||||||||||||||
Construction | 366.2 | 6.7 | 7.30 | 321.3 | 6.3 | 7.85 | 352.4 | 12.7 | 7.26 | 314.6 | 11.8 | 7.57 | |||||||||||||||||||||||||||||||||||
Commercial Lease Financing | 93.4 | 1.0 | 4.07 | 59.3 | 0.3 | 2.28 | 92.3 | 1.8 | 3.95 | 58.8 | 0.6 | 2.08 | |||||||||||||||||||||||||||||||||||
Residential Mortgage | 4,626.5 | 45.6 | 3.95 | 4,595.2 | 45.6 | 3.97 | 4,621.6 | 90.5 | 3.91 | 4,622.6 | 90.7 | 3.92 | |||||||||||||||||||||||||||||||||||
Home Equity | 2,141.5 | 23.3 | 4.37 | 2,231.7 | 21.8 | 3.92 | 2,147.9 | 45.8 | 4.30 | 2,240.9 | 42.9 | 3.85 | |||||||||||||||||||||||||||||||||||
Automobile | 730.1 | 9.4 | 5.19 | 813.5 | 9.1 | 4.52 | 741.3 | 18.8 | 5.10 | 822.2 | 18.0 | 4.41 | |||||||||||||||||||||||||||||||||||
Other | 398.0 | 7.5 | 7.53 | 394.5 | 6.8 | 6.95 | 394.0 | 14.6 | 7.47 | 393.1 | 13.3 | 6.80 | |||||||||||||||||||||||||||||||||||
Total Loans and Leases | 14,049.0 | 168.3 | 4.80 | 13,831.8 | 163.9 | 4.76 | 14,055.6 | 332.7 | 4.76 | 13,850.3 | 323.9 | 4.70 | |||||||||||||||||||||||||||||||||||
Other | 65.2 | 1.1 | 6.72 | 62.5 | 1.2 | 7.18 | 65.2 | 2.1 | 6.70 | 62.4 | 2.0 | 6.70 | |||||||||||||||||||||||||||||||||||
Total Earning Assets | 21,980.8 | 220.2 | 4.01 | 21,537.5 | 214.3 | 3.99 | 22,002.2 | 435.9 | 3.98 | 21,637.6 | 425.3 | 3.94 | |||||||||||||||||||||||||||||||||||
Non-Earning Assets | 1,616.2 | 1,607.6 | 1,615.2 | 1,575.7 | |||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 23,597.0 | $ | 23,145.1 | $ | 23,617.4 | $ | 23,213.3 | |||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits | |||||||||||||||||||||||||||||||||||||||||||||||
Demand | $ | 3,705.5 | $ | 7.6 | 0.82 | % | $ | 3,788.5 | $ | 8.8 | 0.94 | % | $ | 3,739.2 | $ | 14.7 | 0.79 | % | $ | 3,776.3 | $ | 16.5 | 0.88 | % | |||||||||||||||||||||||
Savings | 8,578.6 | 48.1 | 2.25 | 8,259.2 | 52.0 | 2.53 | 8,561.7 | 95.2 | 2.24 | 8,195.3 | 101.4 | 2.49 | |||||||||||||||||||||||||||||||||||
Time | 3,050.0 | 26.8 | 3.52 | 2,935.9 | 30.7 | 4.20 | 3,043.7 | 54.3 | 3.60 | 3,008.5 | 62.7 | 4.19 | |||||||||||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 15,334.1 | 82.5 | 2.16 | 14,983.6 | 91.5 | 2.46 | 15,344.6 | 164.2 | 2.16 | 14,980.1 | 180.6 | 2.42 | |||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 50.0 | 0.5 | 3.88 | 121.9 | 1.2 | 3.83 | 63.3 | 1.2 | 3.88 | 136.2 | 2.6 | 3.83 | |||||||||||||||||||||||||||||||||||
Other Debt | 558.3 | 5.9 | 4.23 | 563.4 | 6.0 | 4.26 | 568.2 | 11.9 | 4.23 | 561.8 | 11.9 | 4.25 | |||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 15,942.4 | 88.9 | 2.24 | 15,668.9 | 98.7 | 2.53 | 15,976.1 | 177.3 | 2.24 | 15,678.1 | 195.1 | 2.50 | |||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 131.3 | $ | 115.6 | $ | 258.6 | $ | 230.2 | |||||||||||||||||||||||||||||||||||||||
Interest Rate Spread | 1.77 | 1.46 | 1.74 | 1.44 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin | 2.39 | 2.15 | 2.36 | 2.13 | |||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Demand Deposits | 5,365.6 | 5,374.8 | 5,340.1 | 5,470.9 | |||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 584.6 | 662.9 | 611.1 | 637.0 | |||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 1,704.4 | 1,438.5 | 1,690.1 | 1,427.3 | |||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 23,597.0 | $ | 23,145.1 | $ | 23,617.4 | $ | 23,213.3 |
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis | Table 2 | ||||||||||||||||||||||
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||
Compared to June 30, 2024 | Compared to June 30, 2024 | ||||||||||||||||||||||
(dollars in millions) | Volume 1 | Rate 1 | Total | Volume 1 | Rate 1 | Total | |||||||||||||||||
Change in Interest Income: | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | (1.3) | $ | (1.0) | $ | (2.3) | $ | (0.9) | $ | (2.1) | $ | (3.0) | |||||||||||
Investment Securities | |||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||
Taxable | 6.1 | (0.9) | 5.2 | 9.6 | (2.0) | 7.6 | |||||||||||||||||
Non-Taxable | 0.4 | 0.0 | 0.4 | 0.6 | 0.1 | 0.7 | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||
Taxable | (1.7) | (0.1) | (1.8) | (3.3) | (0.3) | (3.6) | |||||||||||||||||
Non-Taxable | 0.0 | — | 0.0 | 0.0 | — | 0.0 | |||||||||||||||||
Total Investment Securities | 4.8 | (1.0) | 3.8 | 6.9 | (2.2) | 4.7 | |||||||||||||||||
Loans Held for Sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||
Loans and Leases | |||||||||||||||||||||||
Commercial Mortgage | 4.2 | (2.1) | 2.1 | 7.8 | (3.7) | 4.1 | |||||||||||||||||
Commercial and Industrial | (0.3) | (1.0) | (1.3) | 0.2 | (2.4) | (2.2) | |||||||||||||||||
Construction | 0.9 | (0.5) | 0.4 | 1.4 | (0.5) | 0.9 | |||||||||||||||||
Commercial Lease Financing | 0.5 | 0.2 | 0.7 | 0.9 | 0.3 | 1.2 | |||||||||||||||||
Residential Mortgage | 0.3 | (0.3) | 0.0 | 0.0 | (0.2) | (0.2) | |||||||||||||||||
Home Equity | (0.9) | 2.4 | 1.5 | (1.9) | 4.8 | 2.9 | |||||||||||||||||
Automobile | (1.0) | 1.3 | 0.3 | (1.8) | 2.6 | 0.8 | |||||||||||||||||
Other | 0.1 | 0.6 | 0.7 | 0.0 | 1.3 | 1.3 | |||||||||||||||||
Total Loans and Leases | 3.8 | 0.6 | 4.4 | 6.6 | 2.2 | 8.8 | |||||||||||||||||
Other | 0.2 | (0.3) | (0.1) | 0.1 | 0.0 | 0.1 | |||||||||||||||||
Total Change in Interest Income | 7.5 | (1.7) | 5.8 | 12.7 | (2.1) | 10.6 | |||||||||||||||||
Change in Interest Expense: | |||||||||||||||||||||||
Interest-Bearing Deposits | |||||||||||||||||||||||
Demand | (0.2) | (1.0) | (1.2) | (0.2) | (1.6) | (1.8) | |||||||||||||||||
Savings | 2.0 | (5.9) | (3.9) | 4.3 | (10.5) | (6.2) | |||||||||||||||||
Time | 1.2 | (5.1) | (3.9) | 0.7 | (9.1) | (8.4) | |||||||||||||||||
Total Interest-Bearing Deposits | 3.0 | (12.0) | (9.0) | 4.8 | (21.2) | (16.4) | |||||||||||||||||
Securities Sold Under Agreements to Repurchase | (0.7) | 0.0 | (0.7) | (1.4) | 0.0 | (1.4) | |||||||||||||||||
Other Debt | 0.0 | (0.1) | (0.1) | 0.1 | (0.1) | 0.0 | |||||||||||||||||
Total Change in Interest Expense | 2.3 | (12.1) | (9.8) | 3.5 | (21.3) | (17.8) | |||||||||||||||||
Change in Net Interest Income | $ | 5.2 | $ | 10.4 | $ | 15.6 | $ | 9.2 | $ | 19.2 | $ | 28.4 |
Noninterest Income | Table 3 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | Dollar Change | Percent Change | 2025 | 2024 | Dollar Change | Percent Change | |||||||||||||||||||||
Fees, Exchange, and Other Service Charges | $ | 14,383 | $ | 13,769 | $ | 614 | 4.5 | % | $ | 28,820 | $ | 27,892 | $ | 928 | 3.3 | % | |||||||||||||
Trust and Asset Management | 12,097 | 12,223 | (126) | (1.0) | 23,838 | 23,412 | 426 | 1.8 | |||||||||||||||||||||
Service Charges on Deposit Accounts | 8,119 | 7,730 | 389 | 5.0 | 16,378 | 15,677 | 701 | 4.5 | |||||||||||||||||||||
Bank-Owned Life Insurance | 3,714 | 3,396 | 318 | 9.4 | 7,325 | 6,752 | 573 | 8.5 | |||||||||||||||||||||
Annuity and Insurance | 1,437 | 1,583 | (146) | (9.2) | 2,992 | 2,629 | 363 | 13.8 | |||||||||||||||||||||
Mortgage Banking | 849 | 1,028 | (179) | (17.4) | 1,837 | 1,979 | (142) | (7.2) | |||||||||||||||||||||
Investment Securities Losses, Net | (1,126) | (1,601) | 475 | (29.7) | (2,733) | (3,098) | 365 | (11.8) | |||||||||||||||||||||
Other Income | 5,322 | 3,959 | 1,363 | 34.4 | 10,396 | 9,129 | 1,267 | 13.9 | |||||||||||||||||||||
Total Noninterest Income | $ | 44,795 | $ | 42,087 | $ | 2,708 | 6.4 | % | $ | 88,853 | $ | 84,372 | $ | 4,481 | 5.3 | % |
Noninterest Expense | Table 4 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | Dollar Change | Percent Change | 2025 | 2024 | Dollar Change | Percent Change | |||||||||||||||||||||
Salaries | $ | 39,644 | $ | 38,662 | $ | 982 | 2.5 | % | $ | 77,886 | $ | 76,693 | $ | 1,193 | 1.6 | % | |||||||||||||
Incentive Compensation | 5,067 | 3,109 | 1,958 | 63.0 | 10,640 | 6,199 | 4,441 | 71.6 | |||||||||||||||||||||
Retirement and Other Benefits | 3,894 | 3,961 | (67) | (1.7) | 8,955 | 8,260 | 695 | 8.4 | |||||||||||||||||||||
Share-Based Compensation | 3,668 | 3,296 | 372 | 11.3 | 7,169 | 7,095 | 74 | 1.0 | |||||||||||||||||||||
Medical, Dental, and Life Insurance | 3,610 | 3,211 | 399 | 12.4 | 8,147 | 6,423 | 1,724 | 26.8 | |||||||||||||||||||||
Payroll Taxes | 2,998 | 3,070 | (72) | (2.3) | 7,764 | 7,800 | (36) | (0.5) | |||||||||||||||||||||
Separation Expense | 1,374 | 785 | 589 | 75.0 | 1,455 | 1,267 | 188 | 14.8 | |||||||||||||||||||||
Commission Expense | 1,053 | 939 | 114 | 12.1 | 2,176 | 1,511 | 665 | 44.0 | |||||||||||||||||||||
Total Salaries and Benefits | 61,308 | 57,033 | 4,275 | 7.5 | 124,192 | 115,248 | 8,944 | 7.8 | |||||||||||||||||||||
Net Occupancy | 10,499 | 10,559 | (60) | (0.6) | 21,058 | 21,015 | 43 | 0.2 | |||||||||||||||||||||
Net Equipment | 9,977 | 10,355 | (378) | (3.7) | 20,169 | 20,458 | (289) | (1.4) | |||||||||||||||||||||
Data Processing | 5,456 | 4,745 | 711 | 15.0 | 10,723 | 9,515 | 1,208 | 12.7 | |||||||||||||||||||||
Professional Fees | 4,263 | 4,929 | (666) | (13.5) | 8,527 | 9,606 | (1,079) | (11.2) | |||||||||||||||||||||
FDIC Insurance | 3,640 | 7,170 | (3,530) | (49.2) | 5,282 | 10,784 | (5,502) | (51.0) | |||||||||||||||||||||
Other Expense: | |||||||||||||||||||||||||||||
Advertising | 1,876 | 1,701 | 175 | 10.3 | 4,039 | 3,634 | 405 | 11.1 | |||||||||||||||||||||
Merchant Transaction and Card Processing Fees | 1,685 | 1,645 | 40 | 2.4 | 3,426 | 3,310 | 116 | 3.5 | |||||||||||||||||||||
Delivery and Postage Services | 1,665 | 1,749 | (84) | (4.8) | 3,345 | 3,381 | (36) | (1.1) | |||||||||||||||||||||
Mileage Program Travel | 1,044 | 1,030 | 14 | 1.4 | 2,105 | 2,133 | (28) | (1.3) | |||||||||||||||||||||
Broker's Charges | 651 | 446 | 205 | 46.0 | 1,250 | 811 | 439 | 54.1 | |||||||||||||||||||||
Other | 8,719 | 7,864 | 855 | 10.9 | 17,126 | 15,190 | 1,936 | 12.7 | |||||||||||||||||||||
Total Other Expense | 15,640 | 14,435 | 1,205 | 8.3 | 31,291 | 28,459 | 2,832 | 10.0 | |||||||||||||||||||||
Total Noninterest Expense | $ | 110,783 | $ | 109,226 | $ | 7,037 | 6.4 | % | $ | 221,242 | $ | 215,085 | $ | 17,933 | 8.3 | % |
Provision for Income Taxes and Effective Tax Rates | Table 5 | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Provision for Income Taxes | $ | 12,808 | $ | 11,224 | $ | 24,979 | $ | 23,197 | |||||||||
Effective Tax Rates | 21.2 | % | 24.8 | % | 21.4 | % | 24.8 | % |
Loan and Lease Portfolio Balances | Table 6 | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Dollar Change | Percent Change | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial Mortgage | $ | 4,038,956 | $ | 4,020,622 | $ | 18,334 | 0.5 | % | |||||||||||||||
Commercial and Industrial | 1,597,560 | 1,705,133 | (107,573) | (6.3) | |||||||||||||||||||
Construction | 374,768 | 308,898 | 65,870 | 21.3 | |||||||||||||||||||
Lease Financing | 92,842 | 90,756 | 2,086 | 2.3 | |||||||||||||||||||
Total Commercial | 6,104,126 | 6,125,409 | (21,283) | (0.3) | |||||||||||||||||||
Consumer | |||||||||||||||||||||||
Residential Mortgage | 4,637,014 | 4,628,283 | 8,731 | 0.2 | |||||||||||||||||||
Home Equity | 2,139,025 | 2,165,514 | (26,489) | (1.2) | |||||||||||||||||||
Automobile | 715,688 | 764,146 | (48,458) | (6.3) | |||||||||||||||||||
Other | 406,325 | 392,628 | 13,697 | 3.5 | |||||||||||||||||||
Total Consumer | 7,898,052 | 7,950,571 | (52,519) | (0.7) | |||||||||||||||||||
Total Loans and Leases | $ | 14,002,178 | $ | 14,075,980 | $ | (73,802) | (0.5) | % |
Commercial Mortgage Breakdown | Table 6a | ||||||||||||||||||||||
June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of Total | % Owner Occupied | Amount | Percent of Total | % Owner Occupied | |||||||||||||||||
Multi-family | $ | 989,140 | 25 | % | — | % | $ | 1,025,247 | 25 | % | — | % | |||||||||||
Industrial | 740,203 | 18 | 40 | 724,645 | 18 | 42 | |||||||||||||||||
Lodging | 722,915 | 18 | — | 676,350 | 17 | — | |||||||||||||||||
Retail | 700,139 | 17 | 3 | 704,780 | 18 | 3 | |||||||||||||||||
Office | 376,537 | 9 | 20 | 371,474 | 9 | 20 | |||||||||||||||||
Other 1 | 510,022 | 13 | 26 | 518,126 | 13 | 26 | |||||||||||||||||
Total Commercial Mortgage | $ | 4,038,956 | 100 | % | 13 | % | $ | 4,020,622 | 100 | % | 13 | % |
Geographic Distribution of Loan and Lease Portfolio | Table 7 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Hawai‘i | U.S. Mainland 1 | Guam | Other Pacific Islands | Total | |||||||||||||||||||||||||||
June 30, 2025 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Commercial Mortgage | $ | 3,607,929 | $ | 255,719 | $ | 174,883 | $ | 425 | $ | 4,038,956 | ||||||||||||||||||||||
Commercial and Industrial | 1,381,481 | 137,052 | 68,422 | 10,605 | 1,597,560 | |||||||||||||||||||||||||||
Construction | 374,768 | — | — | — | 374,768 | |||||||||||||||||||||||||||
Lease Financing | 92,499 | — | 343 | — | 92,842 | |||||||||||||||||||||||||||
Total Commercial | 5,456,677 | 392,771 | 243,648 | 11,030 | 6,104,126 | |||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Residential Mortgage | 4,560,931 | 5,429 | 70,361 | 293 | 4,637,014 | |||||||||||||||||||||||||||
Home Equity | 2,094,326 | 38 | 44,661 | — | 2,139,025 | |||||||||||||||||||||||||||
Automobile | 568,571 | — | 114,921 | 32,196 | 715,688 | |||||||||||||||||||||||||||
Other | 350,262 | — | 53,706 | 2,357 | 406,325 | |||||||||||||||||||||||||||
Total Consumer | 7,574,090 | 5,467 | 283,649 | 34,846 | 7,898,052 | |||||||||||||||||||||||||||
Total Loans and Leases | $ | 13,030,767 | $ | 398,238 | $ | 527,297 | $ | 45,876 | $ | 14,002,178 | ||||||||||||||||||||||
Percentage of Total Loans and Leases | 93 | % | 3 | % | 4 | % | 0 | % | 100 | % | ||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Commercial Mortgage | $ | 3,534,658 | $ | 297,758 | $ | 187,777 | $ | 429 | $ | 4,020,622 | ||||||||||||||||||||||
Commercial and Industrial | 1,493,386 | 139,968 | 62,824 | 8,955 | 1,705,133 | |||||||||||||||||||||||||||
Construction | 308,898 | — | — | — | 308,898 | |||||||||||||||||||||||||||
Lease Financing | 90,260 | — | 496 | — | 90,756 | |||||||||||||||||||||||||||
Total Commercial | 5,427,202 | 437,726 | 251,097 | 9,384 | 6,125,409 | |||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Residential Mortgage | 4,553,553 | 5,469 | 68,932 | 329 | 4,628,283 | |||||||||||||||||||||||||||
Home Equity | 2,119,548 | 41 | 45,925 | — | 2,165,514 | |||||||||||||||||||||||||||
Automobile | 601,359 | — | 125,331 | 37,456 | 764,146 | |||||||||||||||||||||||||||
Other | 336,718 | — | 47,279 | 8,631 | 392,628 | |||||||||||||||||||||||||||
Total Consumer | 7,611,178 | 5,510 | 287,467 | 46,416 | 7,950,571 | |||||||||||||||||||||||||||
Total Loans and Leases | $ | 13,038,380 | $ | 443,236 | $ | 538,564 | $ | 55,800 | $ | 14,075,980 | ||||||||||||||||||||||
Percentage of Total Loans and Leases | 93 | % | 3 | % | 4 | % | 0 | % | 100 | % |
Other Assets | Table 8 | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Dollar Change | Percent Change | ||||||||||||||||||||||
Low-Income Housing and Other Equity Investments | $ | 224,381 | $ | 233,202 | $ | (8,821) | (3.8) | % | ||||||||||||||||||
Deferred Tax Assets and Tax Receivable | 164,062 | 172,499 | (8,437) | (4.9) | ||||||||||||||||||||||
Derivative Financial Instruments | 108,223 | 161,473 | (53,250) | (33.0) | ||||||||||||||||||||||
Federal Home Loan Bank of Des Moines Stock | 34,750 | 34,750 | — | — | ||||||||||||||||||||||
Federal Reserve Bank Stock | 30,541 | 30,339 | 202 | 0.7 | ||||||||||||||||||||||
Prepaid Expenses | 21,874 | 22,623 | (749) | (3.3) | ||||||||||||||||||||||
Deferred Compensation Plan Assets | 14,569 | 18,155 | (3,586) | (19.8) | ||||||||||||||||||||||
Accounts Receivable | 12,641 | 16,981 | (4,340) | (25.6) | ||||||||||||||||||||||
Foreclosed Real Estate | 342 | 2,657 | (2,315) | (87.1) | ||||||||||||||||||||||
Other | 40,401 | 44,279 | (3,878) | (8.8) | ||||||||||||||||||||||
Total Other Assets | $ | 651,784 | $ | 736,958 | $ | (85,174) | (11.6) | % |
Deposits | Table 9 | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Dollar Change | Percent Change | ||||||||||||||||||||||
Consumer | $ | 10,429,271 | $ | 10,397,777 | $ | 31,494 | 0.3 | % | ||||||||||||||||||
Commercial | 8,243,898 | 8,299,590 | (55,692) | (0.7) | ||||||||||||||||||||||
Public and Other | 2,125,745 | 1,935,670 | 190,075 | 9.8 | ||||||||||||||||||||||
Total Deposits | $ | 20,798,914 | $ | 20,633,037 | $ | 165,877 | 0.8 | % |
Savings Deposits | Table 10 | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Dollar Change | Percent Change | ||||||||||||||||||||||
Money Market | $ | 3,347,231 | $ | 3,430,047 | $ | (82,816) | (2.4) | % | ||||||||||||||||||
Regular Savings | 5,134,097 | 4,934,869 | 199,228 | 4.0 | ||||||||||||||||||||||
Total Savings Deposits | $ | 8,481,328 | $ | 8,364,916 | $ | 116,412 | 1.4 | % |
Maturity Distribution of Estimated Uninsured Time Deposits | Table 11 | |||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Change | |||||||||||||||||
Remaining maturity: | ||||||||||||||||||||
Three months or less | $ | 716,431 | $ | 635,812 | $ | 80,619 | ||||||||||||||
After three through six months | 503,352 | 365,354 | 137,998 | |||||||||||||||||
After six through twelve months | 256,740 | 524,286 | (267,546) | |||||||||||||||||
After twelve months | 151,487 | 102,795 | 48,692 | |||||||||||||||||
Total | $ | 1,628,010 | $ | 1,628,247 | $ | (237) |
Uninsured Deposits Reconciliation | Table 12 | |||||||||||||
(dollars in thousands) | June 30, 2025 1 | December 31, 20242 | ||||||||||||
Estimated Uninsured Deposits, as Reported in our Call Report | $ | 9,885,632 | $ | 9,754,299 | ||||||||||
Less: | ||||||||||||||
Deposits Collateralized by Government-Backed Securities | (2,003,084) | (1,794,050) | ||||||||||||
Intercompany Deposits of Wholly-Owned Subsidiaries | (125,395) | (121,932) | ||||||||||||
Other | (69,432) | (110,995) | ||||||||||||
Adjusted Uninsured Deposits | $ | 7,687,721 | $ | 7,727,322 |
Other Debt | Table 13 | |||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Dollar Change | |||||||||||||||||
Federal Home Loan Bank of Des Moines Advances | $ | 550,000 | $ | 550,000 | $ | — | ||||||||||||||
Finance Lease Obligations | 8,226 | 8,274 | (48) | |||||||||||||||||
Total | $ | 558,226 | $ | 558,274 | $ | (48) |
Business Segment Net Income | Table 14 | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Consumer Banking | $ | 29,737 | $ | 31,289 | $ | 59,189 | $ | 64,093 | ||||||||||||||||||
Commercial Banking | 30,694 | 29,213 | 62,383 | 58,855 | ||||||||||||||||||||||
Total | 60,431 | 60,502 | 121,572 | 122,948 | ||||||||||||||||||||||
Treasury and Other | (12,794) | (26,419) | (29,950) | (52,474) | ||||||||||||||||||||||
Consolidated Total | $ | 47,637 | $ | 34,083 | $ | 91,622 | $ | 70,474 |
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More | Table 15 | |||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | Change | |||||||||||||||||
Non-Performing Assets | ||||||||||||||||||||
Non-Accrual Loans and Leases | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial Mortgage | $ | 2,566 | $ | 2,450 | $ | 116 | ||||||||||||||
Commercial and Industrial | 3,744 | 4,627 | (883) | |||||||||||||||||
Total Commercial | 6,310 | 7,077 | (767) | |||||||||||||||||
Consumer | ||||||||||||||||||||
Residential Mortgage | 5,842 | 5,052 | 790 | |||||||||||||||||
Home Equity | 5,387 | 4,514 | 873 | |||||||||||||||||
Total Consumer | 11,229 | 9,566 | 1,663 | |||||||||||||||||
Total Non-Accrual Loans and Leases | 17,539 | 16,643 | 896 | |||||||||||||||||
Foreclosed Real Estate | 342 | 2,657 | (2,315) | |||||||||||||||||
Total Non-Performing Assets | $ | 17,881 | $ | 19,300 | $ | (1,419) | ||||||||||||||
Accruing Loans and Leases Past Due 90 Days or More | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential Mortgage | $ | 9,070 | $ | 3,984 | $ | 5,086 | ||||||||||||||
Home Equity | 1,867 | 2,845 | (978) | |||||||||||||||||
Automobile | 680 | 776 | (96) | |||||||||||||||||
Other | 630 | 677 | (47) | |||||||||||||||||
Total Consumer | 12,247 | 8,282 | 3,965 | |||||||||||||||||
Total Accruing Loans and Leases Past Due 90 Days or More | $ | 12,247 | $ | 8,282 | $ | 3,965 | ||||||||||||||
Total Loans and Leases | $ | 14,002,178 | $ | 14,075,980 | $ | (73,802) | ||||||||||||||
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases | 0.13 | % | 0.12 | % | 0.01 | % | ||||||||||||||
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate | 0.13 | % | 0.14 | % | (0.01) | % | ||||||||||||||
Ratio of Non-Performing Assets to Total Assets | 0.08 | % | 0.08 | % | — | % | ||||||||||||||
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate | 0.10 | % | 0.12 | % | (0.02) | % | ||||||||||||||
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate | 0.15 | % | 0.15 | % | — | % | ||||||||||||||
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases and Foreclosed Real Estate | 0.22 | % | 0.20 | % | 0.02 | % | ||||||||||||||
Changes in Non-Performing Assets | ||||||||||||||||||||
Balance as of December 31, 2024 | $ | 19,300 | ||||||||||||||||||
Additions1 | 5,731 | |||||||||||||||||||
Reductions | ||||||||||||||||||||
Payments | (2,636) | |||||||||||||||||||
Return to Accrual Status | (818) | |||||||||||||||||||
Sales of Foreclosed Real Estate | (2,532) | |||||||||||||||||||
Charge-offs/Write-downs1 | (1,164) | |||||||||||||||||||
Total Reductions | (7,150) | |||||||||||||||||||
Balance as of June 30, 2025 | $ | 17,881 |
Reserve for Credit Losses | Table 16 | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Balance at Beginning of Period | $ | 149,496 | $ | 152,148 | $ | 150,649 | $ | 152,429 | ||||||||||||||||||
Loans and Leases Charged-Off | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and Industrial | (206) | (875) | (1,605) | (1,235) | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Residential Mortgage | — | (48) | — | (48) | ||||||||||||||||||||||
Home Equity | (155) | (202) | (230) | (237) | ||||||||||||||||||||||
Automobile | (1,253) | (1,095) | (3,004) | (2,143) | ||||||||||||||||||||||
Other | (2,397) | (2,610) | (4,881) | (4,922) | ||||||||||||||||||||||
Total Loans and Leases Charged-Off | (4,011) | (4,830) | (9,720) | (8,585) | ||||||||||||||||||||||
Recoveries on Loans and Leases Previously Charged-Off | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and Industrial | 78 | 263 | 155 | 379 | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Residential Mortgage | 11 | 63 | 22 | 105 | ||||||||||||||||||||||
Home Equity | 180 | 113 | 308 | 297 | ||||||||||||||||||||||
Automobile | 557 | 481 | 1,190 | 1,007 | ||||||||||||||||||||||
Other | 567 | 517 | 1,024 | 1,123 | ||||||||||||||||||||||
Total Recoveries on Loans and Leases Previously Charged-Off | 1,393 | 1,437 | 2,699 | 2,911 | ||||||||||||||||||||||
Net Charged-Off - Loans and Leases | (2,618) | (3,393) | (7,021) | (5,674) | ||||||||||||||||||||||
Provision for Credit Losses: | ||||||||||||||||||||||||||
Loans and Leases | 3,454 | 3,206 | 7,036 | 6,748 | ||||||||||||||||||||||
Unfunded Commitments | (204) | (806) | (536) | (2,348) | ||||||||||||||||||||||
Total Provision for Credit Losses | 3,250 | 2,400 | 6,500 | 4,400 | ||||||||||||||||||||||
Balance at End of Period | $ | 150,128 | $ | 151,155 | $ | 150,128 | $ | 151,155 | ||||||||||||||||||
Components | ||||||||||||||||||||||||||
Allowance for Credit Losses - Loans and Leases | $ | 148,543 | $ | 147,477 | $ | 148,543 | $ | 147,477 | ||||||||||||||||||
Reserve for Unfunded Commitments | 1,585 | 3,678 | 1,585 | 3,678 | ||||||||||||||||||||||
Total Reserve for Credit Losses | $ | 150,128 | $ | 151,155 | $ | 150,128 | $ | 151,155 | ||||||||||||||||||
Average Loans and Leases Outstanding | $ | 14,049,025 | $ | 13,831,797 | $ | 14,055,563 | $ | 13,850,299 | ||||||||||||||||||
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized) | 0.07 | % | 0.10 | % | 0.10 | % | 0.08 | % | ||||||||||||||||||
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1 | 1.06 | % | 1.07 | % | 1.06 | % | 1.07 | % |
Net Interest Income Sensitivity Profile | Table 17a | |||||||||||||||||||||||||
Impact on Future Annual Net Interest Income | ||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
Immediate Change in Interest Rates (basis points) | ||||||||||||||||||||||||||
+400 | $ | 34,112 | 6.0 | % | $ | 31,028 | 5.6 | % | ||||||||||||||||||
+300 | 27,909 | 4.9 | 25,281 | 4.6 | ||||||||||||||||||||||
+200 | 20,681 | 3.6 | 18,783 | 3.4 | ||||||||||||||||||||||
+100 | 12,278 | 2.2 | 10,393 | 1.9 | ||||||||||||||||||||||
-100 | (8,245) | (1.5) | (13,029) | (2.3) | ||||||||||||||||||||||
-200 | (18,947) | (3.3) | (27,883) | (5.0) | ||||||||||||||||||||||
-300 | (31,989) | (5.6) | (43,536) | (7.8) | ||||||||||||||||||||||
-400 | (64,691) | (11.4) | (65,753) | (11.8) |
Economic Value of Equity Sensitivity Profile | Table 17b | |||||||||||||||||||||||||
Impact on Economic Value of Equity | ||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
Immediate Change in Interest Rates (basis points) | ||||||||||||||||||||||||||
+400 | $ | (506,084) | (18.3) | % | $ | (1,032,211) | (29.1) | % | ||||||||||||||||||
+300 | (389,662) | (14.1) | (763,479) | (21.5) | ||||||||||||||||||||||
+200 | (265,775) | (9.6) | (496,443) | (14.0) | ||||||||||||||||||||||
+100 | (135,174) | (4.9) | (238,689) | (6.7) | ||||||||||||||||||||||
-100 | 162,068 | 5.9 | 177,198 | 5.0 | ||||||||||||||||||||||
-200 | 307,986 | 11.1 | 274,546 | 7.7 | ||||||||||||||||||||||
-300 | 298,732 | 10.8 | 294,363 | 8.3 | ||||||||||||||||||||||
-400 | 180,624 | 6.5 | (99,219) | (2.8) |
Regulatory Capital and Ratios | Table 18 | |||||||||||||
(dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||
Regulatory Capital 1 | ||||||||||||||
Total Common Shareholders’ Equity | $ | 1,398,107 | $ | 1,322,774 | ||||||||||
Add: CECL Transitional Amount | — | 2,375 | ||||||||||||
Less: Goodwill, Net of Deferred Tax Liabilities | 28,746 | 28,746 | ||||||||||||
Postretirement Benefit Liability Adjustments | (22,931) | (23,396) | ||||||||||||
Net Unrealized Losses on Investment Securities 2 | (276,263) | (319,993) | ||||||||||||
Other | (9,097) | (9,097) | ||||||||||||
Common Equity Tier 1 Capital | 1,677,652 | 1,648,889 | ||||||||||||
Preferred Stock, Net of Issuance Cost | 336,101 | 336,101 | ||||||||||||
Tier 1 Capital | 2,013,753 | 1,984,990 | ||||||||||||
Allowable Reserve for Credit Losses | 150,128 | 148,634 | ||||||||||||
Total Regulatory Capital | $ | 2,163,881 | $ | 2,133,624 | ||||||||||
Risk-Weighted Assets | $ | 14,208,032 | $ | 14,225,908 | ||||||||||
Key Regulatory Capital Ratios | ||||||||||||||
Common Equity Tier 1 Capital Ratio | 11.81 | % | 11.59 | % | ||||||||||
Tier 1 Capital Ratio | 14.17 | 13.95 | ||||||||||||
Total Capital Ratio | 15.23 | 15.00 | ||||||||||||
Tier 1 Leverage Ratio | 8.46 | 8.31 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased 1 | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 2 | ||||||||||||||||||||||
April 1 - 30, 2025 | 159 | $ | 65.92 | — | $ | 126,038,927 | ||||||||||||||||||||
May 1 - 31, 2025 | 4,105 | 67.15 | — | 126,038,927 | ||||||||||||||||||||||
June 1 - 30, 2025 | — | — | — | 126,038,927 | ||||||||||||||||||||||
Total | 4,264 | $ | 67.10 | — |
Exhibit Number | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | Instruments defining the rights of holders of long-term debt of Bank of Hawaii Corporation and its consolidated subsidiaries are not filed as exhibits because the amount of debt authorized under any such instruments does not exceed 10% of the total assets of Bank of Hawaii Corporation and its consolidated subsidiaries. Bank of Hawaii Corporation agrees to furnish a copy of any such instrument to the Commission upon request. | |||||||
10.1* | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Valuation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | The cover page for the Company’s Quarterly Report on the Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
Date: | July 28, 2025 | Bank of Hawaii Corporation | |||||||||
By: | /s/ Peter S. Ho | ||||||||||
Peter S. Ho | |||||||||||
Chief Executive Officer (Principal Executive Officer) | |||||||||||
By: | /s/ Bradley S. Satenberg | ||||||||||
Bradley S. Satenberg | |||||||||||
Chief Financial Officer (Principal Financial Officer) |
Date: | July 28, 2025 | /s/ Peter S. Ho | ||||||
Peter S. Ho | ||||||||
Chief Executive Officer |
Date: | July 28, 2025 | /s/ Bradley S. Satenberg | ||||||
Bradley S. Satenberg | ||||||||
Chief Financial Officer |
Date: | July 28, 2025 | /s/ Peter S. Ho | ||||||
Peter S. Ho | ||||||||
Chief Executive Officer | ||||||||
/s/ Bradley S. Satenberg | ||||||||
Bradley S. Satenberg | ||||||||
Chief Financial Officer | ||||||||
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Held-to-maturity, fair value | $ 3,754,794 | $ 3,820,882 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, issued (in shares) | 58,775,870 | 58,765,907 |
Common Stock, outstanding (in shares) | 39,765,375 | 39,762,255 |
Treasury Stock (in shares) | 19,010,495 | 19,003,609 |
Preferred Series A Stock | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized (in shares) | 180,000 | 180,000 |
Preferred Stock, issued (in shares) | 180,000 | 180,000 |
Preferred Stock, outstanding (in shares) | 180,000 | 180,000 |
Preferred Series B Stock | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | |
Preferred Stock, authorized (in shares) | 165,000 | |
Preferred Stock, issued (in shares) | 165,000 | |
Preferred Stock, outstanding (in shares) | 165,000 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Interest Income | ||||
Interest and Fees on Loans and Leases | $ 166,779 | $ 163,208 | $ 329,861 | $ 322,544 |
Income on Investment Securities | ||||
Available-for-Sale | 27,007 | 21,468 | 51,375 | 43,225 |
Held-to-Maturity | 19,835 | 21,595 | 40,126 | 43,731 |
Cash and Cash Equivalents | 3,817 | 6,139 | 9,277 | 12,296 |
Other | 1,097 | 1,120 | 2,182 | 2,090 |
Total Interest Income | 218,535 | 213,530 | 432,821 | 423,886 |
Interest Expense | ||||
Deposits | 82,476 | 91,542 | 164,168 | 180,598 |
Securities Sold Under Agreements to Repurchase | 491 | 1,180 | 1,235 | 2,623 |
Other Debt | 5,885 | 5,962 | 11,928 | 11,881 |
Total Interest Expense | 88,852 | 98,684 | 177,331 | 195,102 |
Net Interest Income | 129,683 | 114,846 | 255,490 | 228,784 |
Provision for Credit Losses | 3,250 | 2,400 | 6,500 | 4,400 |
Net Interest Income After Provision for Credit Losses | 126,433 | 112,446 | 248,990 | 224,384 |
Noninterest Income | ||||
Fees, Exchange, and Other Service Charges | 14,383 | 13,769 | 28,820 | 27,892 |
Trust and Asset Management | 12,097 | 12,223 | 23,838 | 23,412 |
Service Charges on Deposit Accounts | 8,119 | 7,730 | 16,378 | 15,677 |
Bank-Owned Life Insurance | 3,714 | 3,396 | 7,325 | 6,752 |
Annuity and Insurance | 1,437 | 1,583 | 2,992 | 2,629 |
Mortgage Banking | 849 | 1,028 | 1,837 | 1,979 |
Investment Securities Losses, Net | (1,126) | (1,601) | (2,733) | (3,098) |
Other | 5,322 | 3,959 | 10,396 | 9,129 |
Total Noninterest Income | 44,795 | 42,087 | 88,853 | 84,372 |
Noninterest Expense | ||||
Salaries and Benefits | 61,308 | 57,033 | 124,192 | 115,248 |
Net Occupancy | 10,499 | 10,559 | 21,058 | 21,015 |
Net Equipment | 9,977 | 10,355 | 20,169 | 20,458 |
Data Processing | 5,456 | 4,745 | 10,723 | 9,515 |
Professional Fees | 4,263 | 4,929 | 8,527 | 9,606 |
FDIC Insurance | 3,640 | 7,170 | 5,282 | 10,784 |
Other | 15,640 | 14,435 | 31,291 | 28,459 |
Total Noninterest Expense | 110,783 | 109,226 | 221,242 | 215,085 |
Income Before Provision for Income Taxes | 60,445 | 45,307 | 116,601 | 93,671 |
Provision for Income Taxes | 12,808 | 11,224 | 24,979 | 23,197 |
Net Income | 47,637 | 34,083 | 91,622 | 70,474 |
Preferred Stock Dividends | 5,269 | 1,969 | 10,538 | 3,938 |
Net Income Available to Common Shareholders | $ 42,368 | $ 32,114 | $ 81,084 | $ 66,536 |
Basic Earnings Per Common Share (in USD per share) | $ 1.07 | $ 0.81 | $ 2.05 | $ 1.69 |
Diluted Earnings Per Common Share (in USD per share) | 1.06 | 0.81 | 2.03 | 1.68 |
Dividends Declared Per Common Share (in USD per share) | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Basic Weighted Average Common Shares (in shares) | 39,622,998 | 39,450,551 | 39,588,916 | 39,400,452 |
Diluted Weighted Average Common Shares (in shares) | 39,895,093 | 39,618,705 | 39,888,294 | 39,618,774 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 47,637 | $ 34,083 | $ 91,622 | $ 70,474 |
Other Comprehensive Income, Net of Tax: | ||||
Net Change in Unrealized Gains on Investment Securities | 18,970 | 9,052 | 43,730 | 21,990 |
Net Change in Defined Benefit Plans | 233 | 168 | 465 | 337 |
Other Comprehensive Income | 19,203 | 9,220 | 44,195 | 22,327 |
Comprehensive Income | $ 66,840 | $ 43,303 | $ 135,817 | $ 92,801 |
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends Declared Per Common Share (in USD per share) | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2025 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Bank of Hawaii Corporation (the “Parent”) is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawai‘i. Bank of Hawaii Corporation and its subsidiaries (collectively, the “Company”), provide a broad range of financial products and services to customers in Hawai‘i, Guam and other Pacific Islands. The majority of the Company’s operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Parent and its subsidiaries. The Parent’s principal operating subsidiary is Bank of Hawai‘i (the “Bank”). The Consolidated Financial Statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full fiscal year or any future period. The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Significant changes to accounting policies from those disclosed in our audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K are presented below. Certain prior period information has been reclassified to conform to the current year presentation. Accounting Standards Pending Adoption In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (DISE).” ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement to be presented in a tabular format in the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The amendments in ASU 2024-03 should be applied on a prospective basis, although retrospective application is permitted. ASU 2024-03 is not expected to have a material impact on the Company’s financial statements.
|
Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of June 30, 2025 and December 31, 2024, were as follows:
The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. For available-for-sale (“AFS”) debt securities, AIR totaled $10.5 million and $9.0 million as of June 30, 2025 and December 31, 2024, respectively. For held-to-maturity (“HTM”) debt securities, AIR totaled $8.3 million and $8.6 million as of June 30, 2025 and December 31, 2024, respectively. The following table presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2025. Debt securities issued by government agencies (such as Small Business Administration securities), collateralized mortgage obligations, and mortgage-backed securities are disclosed separately in the following table as these investment securities may prepay prior to their scheduled contractual maturity dates.
Investment securities with carrying values of $7.3 billion and $7.2 billion as of June 30, 2025 and December 31, 2024, respectively, were pledged to secure deposits of governmental entities, securities sold under agreements to repurchase, support the Company's borrowing capacity with the Federal Reserve Bank, and secure derivative transactions. During the three months ended June 30, 2025 and 2024, the Company recognized net realized losses on sales of investments of $1.1 million and $1.6 million, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized net realized losses on sales of investments of $2.7 million and $3.1 million, respectively. The losses on sales of investment securities were due to fees paid to the counterparties of the Company's prior Visa Class B share sale transactions, which are expensed as incurred. The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses was not deemed necessary, aggregated by major security type and length of time in a continuous unrealized loss position:
The Company does not believe the AFS debt securities that were in an unrealized loss position represent a credit loss impairment. As of June 30, 2025 and December 31, 2024, the Company's unrealized losses from AFS debt securities were generated from 365 positions and 386 positions, respectively. As of June 30, 2025 and December 31, 2024, total gross unrealized losses were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Mortgage-backed securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Debt securities and non-agency collateralized mortgage obligations issued by corporations are of high credit quality and the issuers continue to make timely principal and interest payments. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is more likely than not that the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of June 30, 2025 and December 31, 2024. Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2025 and 2024 were as follows:
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Loans and Leases and the Allowance for Credit Losses |
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Loans And Leases And Allowance For Loan And Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases and the Allowance for Credit Losses | Loans and Leases and the Allowance for Credit Losses Loans and Leases The Company’s loan and lease portfolio was comprised of the following as of June 30, 2025 and December 31, 2024:
The majority of the Company’s lending activity is with customers located within the State of Hawai‘i. A substantial portion of the Company’s real estate loans are secured by real estate located within the State of Hawai‘i. The Company elected to exclude AIR from the amortized cost basis of loans and leases disclosed throughout this footnote. As of June 30, 2025 and December 31, 2024, AIR for loans totaled $48.2 million and $48.4 million, respectively. Allowance for Credit Losses (the “Allowance”) The following presents by portfolio segment, the activity in the Allowance for the three and six months ended June 30, 2025 and 2024.
Credit Quality Indicators The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company uses an internal credit risk rating system that categorizes loans and leases into pass, special mention, or classified categories. Credit risk ratings are applied individually to those classes of loans and leases that have significant or unique credit characteristics that benefit from a case-by-case evaluation. These are typically loans and leases to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans and leases that are underwritten and structured using standardized criteria and characteristics are typically monitored and risk-rated collectively. These are typically loans and leases to individuals in the classes which comprise the consumer portfolio segment. The following are the definitions of the Company’s credit quality indicators:
For Pass rated credits in the commercial portfolio, most risk ratings are certified at a minimum annually. For Special Mention or Classified credits in the commercial portfolio, risk ratings are reviewed for appropriateness on an ongoing basis, monthly, or at a minimum, quarterly. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of June 30, 2025.
1.Loans reported as Special Mention and Classified in the 2025 column represent amendment of loans that originated in an earlier period. During the six months ended June 30, 2025, $7.5 million of revolving loans were converted to term loans. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2024.
1.Loans reported as Special Mention and Classified in the 2024 column represent amendment of loans that originated in an earlier period. During the year ended December 31, 2024, $12.7 million of revolving loans were converted to term loans. Aging Analysis Loans and leases are considered to be past due once becoming 30 days delinquent. For the consumer portfolio, this generally represents two missed monthly payments. The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of June 30, 2025 and December 31, 2024.
Non-Accrual Loans and Leases The following presents the non-accrual loans and leases as of June 30, 2025 and December 31, 2024.
Payments received while on non-accrual status are normally applied against the principal balance of the loan or lease. Payments may be recognized as income if the full collection of principal and interest is reasonably assured. Loan Modifications to Borrowers Experiencing Financial Difficulty Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. The following illustrates the most common loan modifications by loan classes offered by the Company:
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during three and six months ended June 30, 2025 and 2024.
1.Includes forbearance plans. The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
1Includes forbearance plans. The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024.
1.Includes forbearance plans. The following table presents the aging analysis of loans that have been modified in the last 12 months made to borrowers experiencing financial difficulty as of June 30, 2025 and 2024.
Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property (residential mortgage and home equity) that are in the process of foreclosure totaled $7.2 million and $9.6 million as of June 30, 2025 and December 31, 2024, respectively.
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Mortgage Servicing Rights |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights The Company’s portfolio of residential mortgage loans serviced for third parties was $2.4 billion as of June 30, 2025 and $2.5 billion as of December 31, 2024. Substantially all of these loans were originated by the Company and sold to third parties on a non-recourse basis with servicing rights retained. These retained servicing rights are recorded as a servicing asset and are initially recorded at fair value (see Note 12 Fair Value of Assets and Liabilities for more information). Changes to the balance of mortgage servicing rights are recorded in noninterest income under Mortgage Banking in the Company’s unaudited consolidated statements of income. The Company’s mortgage servicing activities include collecting principal, interest, and escrow payments from borrowers; making tax and insurance payments on behalf of borrowers; monitoring delinquencies and executing foreclosure proceedings; and accounting for and remitting principal and interest payments to investors. Servicing income, including late and ancillary fees, was $1.3 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively, and $2.6 million and $2.8 million for the six months ended June 30, 2025 and 2024, respectively. Servicing income is recorded in noninterest income under Mortgage Banking in the Company’s unaudited consolidated statements of income. The Company’s residential mortgage investor loan servicing portfolio is primarily comprised of fixed rate loans concentrated in Hawai‘i. For the three and six months ended June 30, 2025 and 2024, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows:
For the three and six months ended June 30, 2025 and 2024, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows:
The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024, were as follows:
1Represents annualized loan prepayment rate assumption. 2Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities. A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of June 30, 2025 and December 31, 2024, is presented in the following table.
This analysis generally cannot be extrapolated because the relationship of a change in one key assumption to the change in the fair value of the Company’s mortgage servicing rights usually is not linear. Also, the effect of changing one key assumption without changing other assumptions is not realistic.
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Affordable Housing Projects Tax Credit Partnerships |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Projects Tax Credit Partnerships | Affordable Housing Projects Tax Credit Partnerships The Company makes equity investments in various limited partnerships or limited liability companies that sponsor affordable housing projects utilizing the Low-Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of these entities include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. The Company is a limited partner or non-managing member in each LIHTC limited partnership or limited liability company, respectively. Each of these entities is managed by an unrelated third-party general partner or managing member who exercises significant control over the affairs of the entity. The general partner or managing member has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership or managing member of a limited liability company. Duties entrusted to the general partner or managing member include, but are not limited to: investment in operating companies, company expenditures, investment of excess funds, borrowing funds, employment of agents, disposition of fund property, prepayment and refinancing of liabilities, votes and consents, contract authority, disbursement of funds, accounting methods, tax elections, bank accounts, insurance, litigation, cash reserve, and use of working capital reserve funds. Except for limited rights granted to the limited partner(s) or non-managing member(s) relating to the approval of certain transactions, the limited partner(s) and non-managing member(s) may not participate in the operation, management, or control of the entity’s business, transact any business in the entity’s name or have any power to sign documents for or otherwise bind the entity. In addition, the general partner or managing member may only be removed by the limited partner(s) or managing member(s) in the event of a failure to comply with the terms of the agreement or negligence in performing its duties. The general partner or managing member of each entity has both the power to direct the activities which most significantly affect the performance of each entity and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Therefore, the Company has determined that it is not the primary beneficiary of any LIHTC entity. The Company uses the effective yield method to account for its pre-2015 investments in these entities. Beginning January 1, 2015, any new investments that meet the requirements of the proportional amortization method are recognized using the proportional amortization method. The Company’s net affordable housing tax credit investments including the related unfunded commitments were $224.4 million and $233.2 million as of June 30, 2025 and December 31, 2024, respectively, and are included in Other Assets in the unaudited consolidated statements of condition. Unfunded Commitments As of June 30, 2025, the expected payments for unfunded affordable housing commitments were as follows:
The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the three and six months ended June 30, 2025 and 2024.
There were no impairment losses related to LIHTC investments during the six months ended June 30, 2025 and 2024.
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Securities Sold Under Agreements to Repurchase |
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Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2025 and December 31, 2024, by collateral pledged.
The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2025 and December 31, 2024. The Company has swap agreements with commercial banking customers that are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Interest rate swaps that are designated as fair value hedges between the Company and institutional counterparties are also excluded from this table. See Note 10. Derivative Financial Instruments for more information on swap agreements.
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Accumulated Other Comprehensive Income |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents the components of other comprehensive income for the three and six months ended June 30, 2025 and 2024:
The amortization of unrealized holding losses on HTM securities relate to the Company’s reclassification of AFS investment securities to the HTM category and will be amortized over the remaining life of the investment securities as an adjustment of yield. The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2025 and 2024:
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024:
1Amounts in parentheses indicate reductions to net income. 2These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in other noninterest expense in the unaudited consolidated statements of income.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share Earnings per common share is computed using the two-class method. The following is a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per common share and antidilutive restricted stock outstanding for the three and six months ended June 30, 2025 and 2024:
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company’s business segments are defined as Consumer Banking, Commercial Banking, and Treasury and Other. The Company’s chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer. The CODM uses income from operations to evaluate the performance of the overall business and to allocate resources to each of the segments. The Company's internal management accounting process, which is not necessarily comparable with the process used by any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. Previously reported results have been reclassified to conform to the current reporting structure. The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury. However, the other business segments have some latitude to retain certain interest rate exposures related to customer pricing decisions within guidelines. The provision for credit losses for the Consumer Banking and Commercial Banking business segments reflects the actual net charge-offs of those business segments. The amount of the consolidated provision for loan and lease losses is based on the CECL methodology that the Company used to estimate our consolidated Allowance. The residual provision for credit losses to arrive at the consolidated provision for credit losses is included in Treasury and Other. Noninterest income and expense includes allocations from support units to business units. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. The provision for income taxes is allocated to business segments using a 26% effective income tax rate. However, the provision for income taxes for the Leasing business unit (included in the Commercial Banking segment) and Auto Leasing portfolio and Pacific Century Life Insurance business unit (both included in the Consumer Banking segment) are assigned their actual effective income tax rates due to the unique relationship that income taxes have with their products. The residual income tax expense or benefit to arrive at the consolidated effective tax rate is included in Treasury and Other. Consumer Banking Consumer Banking offers a broad range of financial products and services, including loan and lease financing, deposit, and brokerage and insurance products; private banking and international client banking services; trust services; investment management; and institutional investment advisory services. Loan and lease products include residential mortgage loans, home equity lines of credit, automobile loans and leases, overdraft lines of credit, installment loans, small business loans and leases, and credit cards. Deposit products include checking, savings, and time deposit accounts. Brokerage and insurance offerings include equities, mutual funds, life insurance, and annuity products. Private banking (including international client banking) and Trust groups assist individuals and families in building and preserving their wealth by providing investment, credit, and trust services to high-net-worth individuals. The investment management group manages portfolios utilizing a variety of investment products and the institutional client services group offers investment advice to corporations, government entities, and foundations. Products and services from Consumer Banking are delivered to customers through 51 branch locations and 317 ATMs throughout Hawai‘i and the West Pacific, a customer service center, and online and mobile banking services. Commercial Banking Commercial Banking offers products including commercial and industrial loans, commercial real estate loans, commercial lease financing, auto dealer financing, merchant services, deposit products and cash management services. Commercial lending and lease financing, deposit products, and cash management and merchant services are offered to middle-market and large companies in Hawai‘i and the West Pacific. Commercial Banking also offers lease financing and deposit products to government entities in Hawai‘i. Commercial real estate mortgages focus on investors, developers, and builders predominantly domiciled in Hawai‘i. Commercial Banking includes international banking which services Japanese, Korean, and Chinese commercial businesses owned by a foreign individual or entity, a U.S. corporate subsidiary of a foreign owner, or businesses where management prefers to speak a foreign language. Treasury and Other Treasury consists of corporate asset and liability management activities, including interest rate risk management and a foreign currency exchange business. This segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, and short and long-term borrowings. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, and foreign exchange income related to customer-driven currency requests from merchants and island visitors. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury and Other, along with the elimination of intercompany transactions. Other organizational units (Technology, Operations, Marketing, Human Resources, Finance, Credit and Risk Management, and Corporate and Regulatory Administration) provide a wide range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process. The cost allocation is included in Other Noninterest Expense in the following table. Selected business segment financial information as of and for the three and six months ended June 30, 2025 and 2024, were as follows:
1.Certain prior period information has been reclassified to conform to current presentation.
1Certain prior period information has been reclassified to conform to current presentation.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative instruments to manage its exposure to market risks, including interest rate risk, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, while other derivatives serve as economic hedges that do not qualify for hedge accounting. The Company enters into certain interest rate swap contracts that are matched to closed portfolios of fixed-rate residential mortgage loans and available-for-sale investment securities. These contracts have been designated as hedging instruments to hedge the risk of changes in the fair value of the underlying loans or investment securities due to changes in interest rates. The related contracts are structured so that the notional amounts reduce over time to generally match the expected amortization of the underlying loan or investment security. The notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2025, and December 31, 2024 were as follows:
1As of June 30, 2025 and December 31, 2024, the amounts presented in the table above exclude forward starting swaps with notional values of $600 million and $300 million, respectively, and fair values of $1.3 million and $4.7 million, respectively. These swaps are scheduled to begin between August 2025 and August 2026. 2The conversion rate swap agreements were valued at zero as further reductions to the conversion rate were not reasonably estimable. 3The makewhole agreements were valued at zero as the likelihood of a payment required to the buyer was not reasonably estimable. The following table presents the Company’s derivative financial instruments, their fair values, and their location in the unaudited consolidated statements of condition as of June 30, 2025 and December 31, 2024:
1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the unaudited consolidated statements of condition. Derivatives are recognized on the Company's unaudited consolidated statements of condition at fair value. The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024:
The following amounts were recorded on the unaudited consolidated statements of condition related to the cumulative basis adjustment for fair value hedges as of June 30, 2025 and December 31, 2024:
1These amounts were included in the fair value of closed portfolios of investment securities, AFS used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of June 30, 2025 and December 31, 2024, the fair value of the closed portfolios used in these hedging relationships was $1.6 billion and $1.7 billion, respectively. 2These amounts were included in the amortized cost basis of closed portfolios of loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of June 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $2.9 billion and $3.0 billion, respectively. Derivatives Not Designated as Hedging Instruments Interest Rate Lock Commitments/Forward Commitments The Company enters into interest rate lock commitments (“IRLCs”) for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. To mitigate this risk, the Company utilizes forward commitments as economic hedges against the potential decreases in the values of the loans held for sale. IRLCs and forward commitments are free-standing derivatives which are carried at fair value with changes recorded in the mortgage banking component of noninterest income in the Company’s consolidated statements of income. Interest Rate Swap Agreements The Company enters into interest rate swap agreements to facilitate the risk management strategies of a small number of commercial banking customers. The Company mitigates the risk of entering into these agreements by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value in the Company’s unaudited consolidated statements of condition (asset positions are included in other assets and liability positions are included in other liabilities). The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash and marketable securities, is posted by the party (i.e., the Company or the financial institution counterparty) with net liability positions in accordance with contract thresholds. The Company had net asset positions with its financial institution counterparties totaling $82.8 million and $136.1 million as of June 30, 2025 and December 31, 2024, respectively. Conversion Rate Swap Agreements As certain sales of Visa Class B restricted shares were completed, the Company entered into conversion rate swap agreements with the buyers that require payment to the buyers in the event Visa further reduces the conversion ratio of Class B into Class A unrestricted common shares. In the event of Visa increasing the conversion ratio, the buyers would be required to make payment to the Company. As of June 30, 2025 and December 31, 2024, the conversion rate swap agreements were valued at zero (i.e., no contingent liability recorded) as further reductions to the conversion ratio were deemed not reasonably estimable by management. Makewhole Agreements In 2024, the Company entered into makewhole agreements with certain buyers of its Visa Class B restricted shares that reduces the payments that would be required pursuant to the conversion rate swap agreements described above, but would require payment to the buyer in the event Visa requires additional legal reserves to settle ongoing litigation. As of June 30, 2025 and December 31, 2024, the makewhole agreements were valued at zero (i.e., no contingent liability recorded) as the likelihood of the Company being required to make a payment to the buyer is not reasonably estimable by management. Derivatives Designated as Hedging Instruments Fair Value Hedges The Company is exposed to changes in the fair value of fixed-rate assets due to changes in benchmark interest rates. The Company entered into pay-fixed and receive-floating interest rate swaps to manage its exposure to changes in fair value of its AFS investment securities and fixed rate loans. These interest rate swaps are designated as fair value hedges using the portfolio layer method. The Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The fair value hedges are recorded as components of other assets and other liabilities in the Company’s unaudited consolidated statements of financial condition. The gain or loss on these derivatives, as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in interest income in the Company’s unaudited consolidated statements of income.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company’s credit commitments as of June 30, 2025 and December 31, 2024, were as follows:
Unfunded Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there is no violation of the terms or conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. Standby and Commercial Letters of Credit Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. Standby letters of credit generally become payable upon the failure of the customer to perform according to the terms of the underlying contract with the third-party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and a third party. The contractual amount of these letters of credit represents the maximum potential future payments guaranteed by the Company. The Company has recourse against the customer for any amount it is required to pay to a third-party under a standby letter of credit, and generally holds cash or deposits as collateral on those standby letters of credit for which collateral is deemed necessary. Assets valued at $77.7 million secured certain specifically identified standby letters of credit as of June 30, 2025. As of June 30, 2025, the standby and commercial letters of credit had remaining terms ranging from 1 to 13 months. Contingencies The Company is subject to various pending and threatened legal proceedings arising out of the normal course of business or operations. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal proceedings using the most recent information available. On a case-by-case basis, reserves are established for those legal claims for which it is probable that a loss will be incurred, and the amount of such loss can be reasonably estimated. Based on information currently available, management believes that the eventual outcome of these claims against the Company will not be materially in excess of such amounts reserved by the Company. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters may result in a loss that materially exceeds the reserves established by the Company.
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Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:
In some instances, an instrument may fall into multiple levels of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. Our assessment of the significance of an input requires judgment and considers factors specific to the instrument. Assets and Liabilities Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Level 1 investment securities are comprised of debt securities issued by the U.S. Treasury, as quoted prices were available, unadjusted, for identical securities in active markets. Level 2 investment securities were primarily comprised of debt securities issued by the Small Business Administration, states and municipalities, corporations, as well as mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Company’s third party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third party broker quotes. Loans Held for Sale The fair value of the Company’s residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets, and therefore, is classified as a Level 2 measurement. Mortgage Servicing Rights The Company estimates the fair value of mortgage servicing rights accounted for under the fair value measurement method by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The Company stratifies its mortgage servicing portfolio on the basis of loan type. The assumptions used in the discounted cash flow model are those that the Company believes market participants would use in estimating future net servicing income. Significant assumptions in the valuation of mortgage servicing rights include estimated loan repayment rates, the discount rate, servicing costs, and the timing of cash flows, among other factors. Mortgage servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Deferred Compensation Plan Assets Deferred Compensation Plan Assets are recorded at fair value on a recurring basis and are primarily comprised of mutual funds that are valued using quoted prices available in active markets. Thus, the Company’s investments related to deferred compensation arrangements are classified as Level 1 measurements in the fair value hierarchy. Derivative Financial Instruments Derivative financial instruments recorded at fair value on a recurring basis are comprised of IRLCs, forward commitments, interest rate swap agreements, and Visa Class B to Class A shares conversion rate swap and makewhole agreements. The fair values of IRLCs are calculated based on the value of the underlying loan held for sale, which in turn is based on quoted prices for similar loans in the secondary market. However, this value is adjusted by a factor which considers the likelihood that the loan in a locked position will ultimately close. This factor, the closing ratio, is derived from the Bank’s internal data and is adjusted using significant management judgment. As such, IRLCs are classified as Level 3 measurements. Forward commitments are classified as Level 2 measurements as they are primarily based on quoted prices from the secondary market based on the settlement date of the contracts, interpolated or extrapolated, if necessary, to estimate a fair value as of the end of the reporting period. The fair values of interest rate swap agreements are calculated using a discounted cash flow approach and utilize Level 2 observable inputs such as a market yield curve, effective date, maturity date, notional amount, and stated interest rate. The valuation methodology for interest rate swaps with financial institution counterparties (and the related customer interest rate swaps) is based on the Secured Overnight Financing Rate (“SOFR”). Thus, the fair values of interest rate swaps are classified as a Level 2 measurement. The fair value of the Visa Class B restricted shares to Class A unrestricted common shares conversion rate swap agreements represent the amount owed by the Company to the buyer of the Visa Class B shares as a result of a reduction of the conversion ratio subsequent to the sales date. As of June 30, 2025 and December 31, 2024, the conversion rate swap agreements were valued at zero as reductions to the conversion ratio were not reasonably estimable by management. See Note 10 Derivative Financial Instruments for more information. The fair value of the makewhole agreements represent the amount owed by the Company to the buyer of the Visa Class B shares in the event Visa requires additional legal reserves to settle ongoing litigation. As of June 30, 2025, the makewhole agreements were valued at zero as the likelihood of the Company being required to make a payment to the buyer is not reasonably estimable by management. The Company is exposed to credit risk if borrowers or counterparties fail to perform. The Company seeks to minimize credit risk through credit approvals, limits, monitoring procedures, and collateral requirements. The Company generally enters into transactions with borrowers of high credit quality and counterparties that carry high quality credit ratings. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
1The fair value of each class of derivatives is shown in Note 10. Derivative Financial Instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required periodically to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. As of June 30, 2025 and December 31, 2024, there were no assets or liabilities with nonrecurring fair value adjustments. Additionally, there were no nonrecurring fair value adjustments during the three and six months ended June 30, 2025 and 2024. Fair Value Option The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of June 30, 2025 and December 31, 2024.
Changes in the estimated fair value of residential mortgage loans held for sale are reported as a component of mortgage banking income in the Company’s unaudited consolidated statements of income. For the three and six months ended June 30, 2025 and 2024, the net gains or losses from the change in fair value of the Company’s residential mortgage loans held for sale were immaterial. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of June 30, 2025 and December 31, 2024. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is the estimate of fair value due to these products having no stated maturity.
1Excludes finance lease obligations.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Pay vs Performance Disclosure | ||||
Net of Tax | $ 47,637 | $ 34,083 | $ 91,622 | $ 70,474 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2025 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Bank of Hawaii Corporation (the “Parent”) is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawai‘i. Bank of Hawaii Corporation and its subsidiaries (collectively, the “Company”), provide a broad range of financial products and services to customers in Hawai‘i, Guam and other Pacific Islands. The majority of the Company’s operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Parent and its subsidiaries. The Parent’s principal operating subsidiary is Bank of Hawai‘i (the “Bank”). The Consolidated Financial Statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full fiscal year or any future period. The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Significant changes to accounting policies from those disclosed in our audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K are presented below. Certain prior period information has been reclassified to conform to the current year presentation.
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Accounting Standards Pending Adoption | Accounting Standards Pending Adoption In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (DISE).” ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement to be presented in a tabular format in the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The amendments in ASU 2024-03 should be applied on a prospective basis, although retrospective application is permitted. ASU 2024-03 is not expected to have a material impact on the Company’s financial statements.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of June 30, 2025 and December 31, 2024, were as follows:
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Analysis of the Contractual Maturities of Investment Securities | The following table presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2025. Debt securities issued by government agencies (such as Small Business Administration securities), collateralized mortgage obligations, and mortgage-backed securities are disclosed separately in the following table as these investment securities may prepay prior to their scheduled contractual maturity dates.
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Schedule of AFS Debt Securities in an Unrealized Loss Position | The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses was not deemed necessary, aggregated by major security type and length of time in a continuous unrealized loss position:
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Schedule of Interest Income from Taxable and Non-taxable Investment Securities | Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2025 and 2024 were as follows:
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Loans and Leases and the Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Leases And Allowance For Loan And Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan and Lease Portfolio | The Company’s loan and lease portfolio was comprised of the following as of June 30, 2025 and December 31, 2024:
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Schedule of Activity in Allowance by Portfolio Segment | The following presents by portfolio segment, the activity in the Allowance for the three and six months ended June 30, 2025 and 2024.
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Schedule of Recorded Investment in Loans and Leases by Class and Credit Quality Indicator | The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of June 30, 2025.
1.Loans reported as Special Mention and Classified in the 2025 column represent amendment of loans that originated in an earlier period. During the six months ended June 30, 2025, $7.5 million of revolving loans were converted to term loans. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2024.
1.Loans reported as Special Mention and Classified in the 2024 column represent amendment of loans that originated in an earlier period.
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Schedule of Aging Analysis by Class of Loan and Lease Portfolio | The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of June 30, 2025 and December 31, 2024.
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Schedule of Non-Accrual Loans and Leases | The following presents the non-accrual loans and leases as of June 30, 2025 and December 31, 2024.
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Schedule of Amortized Cost Basis and Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty | The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during three and six months ended June 30, 2025 and 2024.
1.Includes forbearance plans. The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
1Includes forbearance plans. The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024.
1.Includes forbearance plans.
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Schedule of Aging Analysis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty | The following table presents the aging analysis of loans that have been modified in the last 12 months made to borrowers experiencing financial difficulty as of June 30, 2025 and 2024.
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Mortgage Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Carrying Value Under the Fair Value Measurement Method | For the three and six months ended June 30, 2025 and 2024, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows:
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Summary of Carrying Value Under the Amortization Method | For the three and six months ended June 30, 2025 and 2024, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows:
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Schedule of Key Data and Assumptions Used in Estimating the Fair Value | The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024, were as follows:
1Represents annualized loan prepayment rate assumption. 2Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities.
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Schedule of Sensitivity Analysis of the Fair Value | A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of June 30, 2025 and December 31, 2024, is presented in the following table.
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Affordable Housing Projects Tax Credit Partnerships (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Payments for Unfunded Affordable Housing Commitments | As of June 30, 2025, the expected payments for unfunded affordable housing commitments were as follows:
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Schedule of Tax Credits and Other Tax Benefits Recognized and Amortization Expense Related to Affordable Housing | The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the three and six months ended June 30, 2025 and 2024.
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Securities Sold Under Agreements to Repurchase (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged | The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2025 and December 31, 2024, by collateral pledged.
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Offsetting Assets | The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2025 and December 31, 2024. The Company has swap agreements with commercial banking customers that are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Interest rate swaps that are designated as fair value hedges between the Company and institutional counterparties are also excluded from this table. See Note 10. Derivative Financial Instruments for more information on swap agreements.
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Offsetting Liabilities | The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2025 and December 31, 2024. The Company has swap agreements with commercial banking customers that are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Interest rate swaps that are designated as fair value hedges between the Company and institutional counterparties are also excluded from this table. See Note 10. Derivative Financial Instruments for more information on swap agreements.
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income | The following table presents the components of other comprehensive income for the three and six months ended June 30, 2025 and 2024:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2025 and 2024:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024:
1Amounts in parentheses indicate reductions to net income. 2These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in other noninterest expense in the unaudited consolidated statements of income.
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Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Weighted Average Number of Common Shares Used in the Calculation of Basic and Diluted Earnings Per Common Share and Antidilutive Stock Options and Restricted Stock Outstanding | The following is a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per common share and antidilutive restricted stock outstanding for the three and six months ended June 30, 2025 and 2024:
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Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Business Segment Financial Information | Selected business segment financial information as of and for the three and six months ended June 30, 2025 and 2024, were as follows:
1.Certain prior period information has been reclassified to conform to current presentation.
1Certain prior period information has been reclassified to conform to current presentation.
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Derivative Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments | The notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2025, and December 31, 2024 were as follows:
1As of June 30, 2025 and December 31, 2024, the amounts presented in the table above exclude forward starting swaps with notional values of $600 million and $300 million, respectively, and fair values of $1.3 million and $4.7 million, respectively. These swaps are scheduled to begin between August 2025 and August 2026. 2The conversion rate swap agreements were valued at zero as further reductions to the conversion rate were not reasonably estimable. 3The makewhole agreements were valued at zero as the likelihood of a payment required to the buyer was not reasonably estimable.
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Derivative Financial Instruments, their Fair Values, and Balance Sheet Location | The following table presents the Company’s derivative financial instruments, their fair values, and their location in the unaudited consolidated statements of condition as of June 30, 2025 and December 31, 2024:
1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the unaudited consolidated statements of condition. Derivatives are recognized on the Company's unaudited consolidated statements of condition at fair value.
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Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income | The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024:
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Schedule of derivative instruments in statement of financial position related to cumulative basis adjustment for fair value hedges | The following amounts were recorded on the unaudited consolidated statements of condition related to the cumulative basis adjustment for fair value hedges as of June 30, 2025 and December 31, 2024:
1These amounts were included in the fair value of closed portfolios of investment securities, AFS used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of June 30, 2025 and December 31, 2024, the fair value of the closed portfolios used in these hedging relationships was $1.6 billion and $1.7 billion, respectively. 2These amounts were included in the amortized cost basis of closed portfolios of loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of June 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $2.9 billion and $3.0 billion, respectively.
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Commitments | The Company’s credit commitments as of June 30, 2025 and December 31, 2024, were as follows:
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Fair Value of Assets and Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
1The fair value of each class of derivatives is shown in Note 10. Derivative Financial Instruments.
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Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The Company may be required periodically to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. As of June 30, 2025 and December 31, 2024, there were no assets or liabilities with nonrecurring fair value adjustments. Additionally, there were no nonrecurring fair value adjustments during the three and six months ended June 30, 2025 and 2024.
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Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance | The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of June 30, 2025 and December 31, 2024.
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Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of June 30, 2025 and December 31, 2024. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is the estimate of fair value due to these products having no stated maturity.
1Excludes finance lease obligations.
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Investment Securities - Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
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Jun. 30, 2025
USD ($)
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Jun. 30, 2024
USD ($)
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Jun. 30, 2025
USD ($)
position
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Jun. 30, 2024
USD ($)
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Dec. 31, 2024
USD ($)
position
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Investments, Debt and Equity Securities [Abstract] | |||||
Available-for-sale, accrued interest | $ 10,500 | $ 10,500 | $ 9,000 | ||
Held-to-maturity, accrued interest | 8,300 | 8,300 | 8,600 | ||
Carrying value of investment securities pledged | 7,300,000 | 7,300,000 | $ 7,200,000 | ||
Loss on sale of investments | $ 1,126 | $ 1,601 | $ 2,733 | $ 3,098 | |
Available for sale debt securities positions | position | 365 | 386 |
Investment Securities - Schedule of Interest Income From Taxable and Non-Taxable Investment Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Taxable | $ 46,385 | $ 43,057 | $ 90,664 | $ 86,943 |
Non-Taxable | 457 | 6 | 837 | 13 |
Total Interest Income from Investment Securities | $ 46,842 | $ 43,063 | $ 91,501 | $ 86,956 |
Loans and Leases and the Allowance for Credit Losses - Schedule of Activity in Allowance by Portfolio Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
Allowance for Credit Losses: | |||||
Balance at Beginning of Period | $ 147,707 | $ 147,664 | $ 148,528 | $ 146,403 | $ 146,403 |
Loans and Leases Charged-Off | (4,011) | (4,830) | (9,720) | (8,585) | (19,136) |
Recoveries on Loans and Leases Previously Charged-Off | 1,393 | 1,437 | 2,699 | 2,911 | |
Net Loans and Leases Charged-Off | (2,618) | (3,393) | (7,021) | (5,674) | |
Provision for Credit Losses | 3,454 | 3,206 | 7,036 | 6,748 | |
Balance at End of Period | 148,543 | 147,477 | 148,543 | 147,477 | 148,528 |
Commercial | |||||
Allowance for Credit Losses: | |||||
Balance at Beginning of Period | 80,628 | 75,087 | 83,900 | 74,074 | 74,074 |
Loans and Leases Charged-Off | (206) | (875) | (1,605) | (1,235) | (2,609) |
Recoveries on Loans and Leases Previously Charged-Off | 78 | 263 | 155 | 379 | |
Net Loans and Leases Charged-Off | (128) | (612) | (1,450) | (856) | |
Provision for Credit Losses | (1,598) | 5,610 | (3,548) | 6,867 | |
Balance at End of Period | 78,902 | 80,085 | 78,902 | 80,085 | 83,900 |
Consumer | |||||
Allowance for Credit Losses: | |||||
Balance at Beginning of Period | 67,079 | 72,577 | 64,628 | 72,329 | 72,329 |
Loans and Leases Charged-Off | (3,805) | (3,955) | (8,115) | (7,350) | (16,527) |
Recoveries on Loans and Leases Previously Charged-Off | 1,315 | 1,174 | 2,544 | 2,532 | |
Net Loans and Leases Charged-Off | (2,490) | (2,781) | (5,571) | (4,818) | |
Provision for Credit Losses | 5,052 | (2,404) | 10,584 | (119) | |
Balance at End of Period | $ 69,641 | $ 67,392 | $ 69,641 | $ 67,392 | $ 64,628 |
Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
Transfers and Servicing of Financial Assets [Abstract] | |||||
Residential mortgage loans serviced for third parties | $ 2,400.0 | $ 2,400.0 | $ 2,500.0 | ||
Servicing income, including late and ancillary fees | $ 1.3 | $ 1.4 | $ 2.6 | $ 2.8 |
Mortgage Servicing Rights - Summary of Carrying Value Under the Fair Value Measurement Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Servicing Assets At Fair Value [Line Items] | ||||
Balance at Beginning of Period | $ 628 | $ 674 | $ 647 | $ 678 |
Change in Fair Value Due to Payoffs | (9) | (6) | (28) | (10) |
Balance at End of Period | $ 619 | $ 668 | $ 619 | $ 668 |
Mortgage Servicing Rights - Summary of Carrying Value Under the Amortization Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Mortgage Servicing Rights Accounted for Under the Amortization Method (Rollforward) | ||||
Balance at Beginning of Period | $ 18,141 | $ 19,748 | $ 18,552 | $ 20,201 |
Servicing Rights that Resulted From Asset Transfers | 92 | 63 | 179 | 158 |
Amortization | (490) | (525) | (988) | (1,073) |
Balance at End of Period | 17,743 | 19,286 | 17,743 | 19,286 |
Fair Value of Mortgage Servicing Rights Accounted for Under the Amortization Method | ||||
Beginning of Period | 24,569 | 25,649 | 24,989 | 26,173 |
End of Period | $ 24,218 | $ 25,326 | $ 24,218 | $ 25,326 |
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating the Fair Value (Details) - Mortgage Servicing Rights |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|
Assumption For Fair Value As Of Balance Sheet Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Weighted-Average Constant Prepayment Rate (as a percent) | 4.12% | 4.00% |
Weighted-Average Life (in years) | 9 years 1 month 2 days | 9 years 3 months 10 days |
Weighted-Average Note Rate (as a percent) | 3.76% | 3.74% |
Weighted-Average Discount Rate (as a percent) | 9.55% | 9.92% |
Mortgage Servicing Rights - Schedule of Sensitivity Analysis of the Fair Value (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Constant Prepayment Rate | ||
Decrease in fair value from 25 basis points (“bps”) adverse change | $ (300) | $ (306) |
Decrease in fair value from 50 bps adverse change | (593) | (606) |
Discount Rate | ||
Decrease in fair value from 25 bps adverse change | (275) | (282) |
Decrease in fair value from 50 bps adverse change | $ (544) | $ (558) |
Affordable Housing Projects Tax Credit Partnerships - Additional Information (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||
Net affordable housing tax credit investments including the related unfunded commitments | $ 224,400,000 | $ 233,200,000 | |
Write down from impairment of LIHTC Investments | $ 0 | $ 0 |
Affordable Housing Projects Tax Credit Partnerships - Expected Payments for Unfunded Affordable Housing Commitments (Details) $ in Thousands |
Jun. 30, 2025
USD ($)
|
---|---|
Affordable Housing Tax Credit Investments, Unfunded Commitment [Abstract] | |
2025 | $ 35,076 |
2026 | 61,293 |
2027 | 1,871 |
2028 | 269 |
2029 | 235 |
Thereafter | 15,070 |
Total Unfunded Commitments | $ 113,814 |
Affordable Housing Projects Tax Credit Partnerships - Tax Credits and Other Tax Benefits Recognized and Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Effective Yield Method | ||||
Tax Credits and Other Tax Benefits Recognized | $ 533 | $ 1,137 | $ 1,066 | $ 2,274 |
Amortization Expense in Provision for Income Taxes | 557 | 1,119 | 1,114 | 2,239 |
Proportional Amortization Method | ||||
Tax Credits and Other Tax Benefits Recognized | 8,844 | 6,210 | 17,688 | 12,420 |
Amortization Expense in Provision for Income Taxes | $ 7,491 | $ 5,348 | $ 14,982 | $ 10,695 |
Earnings Per Common Share - Schedule of Reconciliation of Weighted Average Number of Common Shares Used in the Calculation of Basic and Diluted Earnings Per Common Share and Antidilutive Stock Options and Restricted Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Numerator: | ||||
Net Income Available to Common Shareholders | $ 42,368 | $ 32,114 | $ 81,084 | $ 66,536 |
Denominator: | ||||
Weighted Average Common Shares Outstanding - Basic, (in shares) | 39,622,998 | 39,450,551 | 39,588,916 | 39,400,452 |
Dilutive Effect of Equity Based Awards (in shares) | 272,095 | 168,154 | 299,378 | 218,322 |
Weighted Average Common Shares Outstanding - Diluted, (in shares) | 39,895,093 | 39,618,705 | 39,888,294 | 39,618,774 |
Earnings Per Common Share: | ||||
Basic (in USD per share) | $ 1.07 | $ 0.81 | $ 2.05 | $ 1.69 |
Diluted (in USD per share) | $ 1.06 | $ 0.81 | $ 2.03 | $ 1.68 |
Antidilutive Restricted Stock Outstanding (in shares) | 49,572 | 11,272 | 31,992 | 11,272 |
Business Segments - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2025
branch
atm
| |
Business segment financial information | |
Federal and state effective tax rate used for segment reporting | 26.00% |
Consumer Banking | |
Business segment financial information | |
Number of branch locations through which products and services are delivered to customers | branch | 51 |
Number of ATM's through which products and services are delivered to customers | atm | 317 |
Business Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
Business segment financial information | |||||
Net Interest Income (Expense) | $ 129,683 | $ 114,846 | $ 255,490 | $ 228,784 | |
Provision for (Recapture of) Credit Losses | 3,250 | 2,400 | 6,500 | 4,400 | |
Net Interest Income After Provision for Credit Losses | 126,433 | 112,446 | 248,990 | 224,384 | |
Noninterest Income | 44,795 | 42,087 | 88,853 | 84,372 | |
Salaries and Benefits | 61,308 | 57,033 | 124,192 | 115,248 | |
Net Occupancy | 10,499 | 10,559 | 21,058 | 21,015 | |
Other Noninterest Expense | 38,976 | 41,634 | 75,992 | 78,822 | |
Total Noninterest Expense | 110,783 | 109,226 | 221,242 | 215,085 | |
Income (Loss) Before Provision for Income Taxes | 60,445 | 45,307 | 116,601 | 93,671 | |
Provision (Benefit) for Income Taxes | 12,808 | 11,224 | 24,979 | 23,197 | |
Net Income | 47,637 | 34,083 | 91,622 | 70,474 | |
Total Assets | 23,709,752 | 23,300,768 | 23,709,752 | 23,300,768 | $ 23,601,114 |
Consumer Banking | Operating Segments | |||||
Business segment financial information | |||||
Net Interest Income (Expense) | 95,339 | 98,205 | 190,963 | 195,199 | |
Provision for (Recapture of) Credit Losses | 2,619 | 2,873 | 5,914 | 5,160 | |
Net Interest Income After Provision for Credit Losses | 92,720 | 95,332 | 185,049 | 190,039 | |
Noninterest Income | 33,981 | 33,653 | 67,479 | 65,635 | |
Salaries and Benefits | 21,032 | 20,157 | 42,137 | 41,074 | |
Net Occupancy | 7,142 | 6,748 | 14,209 | 13,612 | |
Other Noninterest Expense | 58,629 | 60,106 | 116,831 | 115,030 | |
Total Noninterest Expense | 86,803 | 87,011 | 173,177 | 169,716 | |
Income (Loss) Before Provision for Income Taxes | 39,898 | 41,974 | 83,798 | 85,958 | |
Provision (Benefit) for Income Taxes | 10,161 | 10,685 | 20,162 | 21,865 | |
Net Income | 29,737 | 31,289 | 59,189 | 64,093 | |
Total Assets | 8,228,766 | 8,357,830 | 8,228,766 | 8,357,830 | |
Commercial Banking | Operating Segments | |||||
Business segment financial information | |||||
Net Interest Income (Expense) | 53,949 | 50,885 | 109,523 | 102,378 | |
Provision for (Recapture of) Credit Losses | (1) | 473 | 1,107 | 467 | |
Net Interest Income After Provision for Credit Losses | 53,950 | 50,412 | 108,416 | 101,911 | |
Noninterest Income | 6,164 | 6,698 | 13,898 | 13,492 | |
Salaries and Benefits | 4,937 | 5,085 | 10,297 | 10,601 | |
Net Occupancy | 402 | 421 | 802 | 868 | |
Other Noninterest Expense | 13,535 | 12,504 | 27,417 | 25,184 | |
Total Noninterest Expense | 18,874 | 18,010 | 38,516 | 36,653 | |
Income (Loss) Before Provision for Income Taxes | 41,240 | 39,100 | 79,351 | 78,750 | |
Provision (Benefit) for Income Taxes | 10,546 | 9,887 | 21,415 | 19,895 | |
Net Income | 30,694 | 29,213 | 62,383 | 58,855 | |
Total Assets | 6,139,748 | 5,835,399 | 6,139,748 | 5,835,399 | |
Treasury and Other | Operating Segments | |||||
Business segment financial information | |||||
Net Interest Income (Expense) | (19,605) | (34,244) | (44,996) | (68,793) | |
Provision for (Recapture of) Credit Losses | 632 | (946) | (521) | (1,227) | |
Net Interest Income After Provision for Credit Losses | (20,237) | (33,298) | (44,475) | (67,566) | |
Noninterest Income | 4,650 | 1,736 | 7,476 | 5,245 | |
Salaries and Benefits | 35,339 | 31,791 | 71,758 | 63,573 | |
Net Occupancy | 2,955 | 3,390 | 6,047 | 6,535 | |
Other Noninterest Expense | (33,188) | (30,976) | (68,256) | (61,392) | |
Total Noninterest Expense | 5,106 | 4,205 | 9,549 | 8,716 | |
Income (Loss) Before Provision for Income Taxes | (20,693) | (35,767) | (46,548) | (71,037) | |
Provision (Benefit) for Income Taxes | (7,899) | (9,348) | (16,598) | (18,563) | |
Net Income | (12,794) | (26,419) | (29,950) | (52,474) | |
Total Assets | $ 9,341,238 | $ 9,107,539 | $ 9,341,238 | $ 9,107,539 |
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position Related to Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Fair value hedges [line items] | ||
Fair value of closed portfolio | $ 1,600,000 | $ 1,700,000 |
Amortized cost of closed portfolio | 2,900,000 | 3,000,000 |
Designated as Hedging Instruments | Investment Securities, Available-for-Sale | ||
Fair value hedges [line items] | ||
Carrying Amount of the Hedged Assets | 1,207,091 | 999,594 |
Cumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets | 7,091 | (406) |
Designated as Hedging Instruments | Loans and Leases | ||
Fair value hedges [line items] | ||
Carrying Amount of the Hedged Assets | 1,604,459 | 1,292,670 |
Cumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets | $ 4,459 | $ (7,330) |
Derivative Financial Instruments - Additional Information (Details) - USD ($) |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Interest Rate Swap Agreements: | ||
Derivative [Line Items] | ||
Net asset positions, aggregate fair value | $ 82,800,000 | $ 136,100,000 |
Visa Class B Restricted Securities | ||
Derivative [Line Items] | ||
Liability derivatives | 0 | $ 0 |
Makewhole Agreements | ||
Derivative [Line Items] | ||
Liability derivatives | $ 0 |
Commitments and Contingencies - Credit Commitments (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Credit Commitments [Line Items] | ||
Credit Commitments | $ 3,198,833 | $ 3,234,095 |
Unfunded Commitments to Extend Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | 3,096,145 | 3,128,272 |
Standby Letters of Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | 93,256 | 96,484 |
Commercial Letters of Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | $ 9,432 | $ 9,339 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2025
USD ($)
| |
Standby Letters of Credit | |
Representations and Warranties [Line Items] | |
Assets secured for standby letters of credit | $ 77.7 |
Standby and Commercial Letters of Credit | Minimum | |
Representations and Warranties [Line Items] | |
Standby and commercial letters of credit remaining term | 1 month |
Standby and Commercial Letters of Credit | Maximum | |
Representations and Warranties [Line Items] | |
Standby and commercial letters of credit remaining term | 13 months |
Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($) |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Visa Class B Restricted Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability derivatives | $ 0 | $ 0 |
Makewhole Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability derivatives | $ 0 |
Fair Value of Assets and Liabilities - Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance (Details) - Residential Mortgage Loans Held For Sale - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 1,867 | $ 2,150 |
Aggregate Unpaid Principal | 1,832 | 2,109 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ 35 | $ 41 |
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