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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2025
or
oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to
Commission File Number: 1-6887
BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
99-0148992
(State of incorporation)(I.R.S. Employer Identification No.)
130 Merchant Street
Honolulu
Hawaii
96813
(Address of principal executive offices)(City)(State)(Zip Code)
1-888-643-3888
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per share
BOH
New York Stock Exchange
Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
BOH.PRA
New York Stock Exchange
Depository Shares, Each Representing 1/40th Interest in a Share of 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B
BOH.PRB
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                 Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                 Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes o No x
As of July 22, 2025, there were 39,767,508 shares of common stock outstanding.


Table of Contents
Bank of Hawaii Corporation
Form 10-Q
Index
Page
Item 3.
Item 4.
1

Table of Contents
Part I - Financial Information
Item 1. Financial Statements
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition

(dollars in thousands, except per share amounts)
June 30, 2025
(Unaudited)
December 31, 2024
Assets
Cash and Cash Equivalents$768,683 $763,571 
Investment Securities
Available-for-Sale3,111,504 2,689,528 
Held-to-Maturity (Fair Value of $3,754,794 and $3,820,882)
4,441,353 4,618,543 
Loans Held for Sale1,867 2,150 
Loans and Leases14,002,178 14,075,980 
Allowance for Credit Losses(148,543)(148,528)
Net Loans and Leases13,853,635 13,927,452 
Premises and Equipment, Net192,221 184,480 
Operating Lease Right-of-Use Assets83,594 80,165 
Accrued Interest Receivable67,204 66,367 
Mortgage Servicing Rights18,362 19,199 
Goodwill31,517 31,517 
Bank-Owned Life Insurance488,028 481,184 
Other Assets651,784 736,958 
Total Assets$23,709,752 $23,601,114 
Liabilities
Deposits
Noninterest-Bearing Demand$5,424,471 $5,423,562 
Interest-Bearing Demand3,855,120 3,784,984 
Savings8,481,328 8,364,916 
Time3,037,995 3,059,575 
Total Deposits20,798,914 20,633,037 
Securities Sold Under Agreements to Repurchase50,000 100,000 
Other Debt558,226 558,274 
Operating Lease Liabilities92,381 88,794 
Retirement Benefits Payable23,528 23,760 
Accrued Interest Payable26,732 34,799 
Other Liabilities416,864 494,676 
Total Liabilities21,966,645 21,933,340 
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)
180,000 180,000 
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)
165,000 165,000 
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2025 - 58,775,870 / 39,765,375); and December 31, 2024 - 58,765,907 / 39,762,255)
587 585 
Capital Surplus655,479 647,403 
Accumulated Other Comprehensive Loss(299,194)(343,389)
Retained Earnings2,158,450 2,133,838 
Treasury Stock, at Cost (Shares: June 30, 2025 - 19,010,495 and December 31, 2024 - 19,003,609)
(1,117,215)(1,115,663)
Total Shareholders’ Equity1,743,107 1,667,774 
Total Liabilities and Shareholders’ Equity$23,709,752 $23,601,114 

The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).
2

Table of Contents
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Interest Income
Interest and Fees on Loans and Leases$166,779$163,208$329,861$322,544
Income on Investment Securities
Available-for-Sale27,00721,46851,37543,225
Held-to-Maturity19,83521,59540,12643,731
Cash and Cash Equivalents3,8176,1399,27712,296
Other1,0971,1202,1822,090
Total Interest Income218,535213,530432,821423,886
Interest Expense
Deposits82,47691,542164,168180,598
Securities Sold Under Agreements to Repurchase4911,1801,2352,623
Other Debt5,8855,96211,92811,881
Total Interest Expense88,85298,684177,331195,102
Net Interest Income129,683114,846255,490228,784
Provision for Credit Losses3,2502,4006,5004,400
Net Interest Income After Provision for Credit Losses126,433112,446248,990224,384
Noninterest Income
Fees, Exchange, and Other Service Charges14,38313,76928,82027,892
Trust and Asset Management12,09712,22323,83823,412
Service Charges on Deposit Accounts8,1197,73016,37815,677
Bank-Owned Life Insurance3,7143,3967,3256,752
Annuity and Insurance1,4371,5832,9922,629
Mortgage Banking8491,0281,8371,979
Investment Securities Losses, Net(1,126)(1,601)(2,733)(3,098)
Other5,3223,95910,3969,129
Total Noninterest Income44,79542,08788,85384,372
Noninterest Expense
Salaries and Benefits61,30857,033124,192115,248
Net Occupancy10,49910,55921,05821,015
Net Equipment9,97710,35520,16920,458
Data Processing5,4564,74510,7239,515
Professional Fees4,2634,9298,5279,606
FDIC Insurance3,6407,1705,28210,784
Other15,64014,43531,29128,459
Total Noninterest Expense110,783109,226221,242215,085
Income Before Provision for Income Taxes60,44545,307116,60193,671
Provision for Income Taxes12,80811,22424,97923,197
Net Income$47,637$34,083$91,622$70,474
Preferred Stock Dividends5,2691,96910,5383,938
Net Income Available to Common Shareholders$42,368$32,114$81,084$66,536
Basic Earnings Per Common Share$1.07$0.81$2.05$1.69
Diluted Earnings Per Common Share$1.06$0.81$2.03$1.68
Dividends Declared Per Common Share$0.70$0.70$1.40$1.40
Basic Weighted Average Common Shares39,622,99839,450,55139,588,91639,400,452
Diluted Weighted Average Common Shares39,895,09339,618,70539,888,29439,618,774
The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).
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Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net Income$47,637 $34,083 $91,622 $70,474 
Other Comprehensive Income, Net of Tax:
Net Change in Unrealized Gains on Investment Securities18,970 9,052 43,730 21,990 
Net Change in Defined Benefit Plans233 168 465 337 
Other Comprehensive Income19,203 9,220 44,195 22,327 
Comprehensive Income$66,840 $43,303 $135,817 $92,801 
The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).
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Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders’ Equity (Unaudited)
(dollars in thousands, except per share amounts)Preferred Shares Series A OutstandingPreferred Series A StockPreferred Shares Series B OutstandingPreferred Series B StockCommon Shares OutstandingCommon StockCapital SurplusAccum. Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Three Months Ended June 30, 2025
Balance as of March 31, 2025180,000$180,000 165,000$165,000 39,734,304$586 $651,374 $(318,397)$2,144,326 $(1,117,954)$1,704,935 
Net Income— — — — — 47,637 — 47,637 
Other Comprehensive Income— — — — 19,203 — — 19,203 
Share-Based Compensation— — — 3,837 — — — 3,837 
Common Stock Issued under Purchase and Equity Compensation Plans— — 36,4291 268 — — 1,025 1,294 
Common Stock Repurchased— — (5,358)— — — — (286)(286)
Cash Dividends Declared Common Stock ($0.70 per share)
— — — — — (28,244)— (28,244)
Cash Dividends Declared Preferred Stock— — — — — (5,269)— (5,269)
Balance as of June 30, 2025180,000$180,000 165,000$165,000 39,765,375$587 $655,479 $(299,194)$2,158,450 $(1,117,215)$1,743,107 
Three Months Ended June 30, 2024
Balance as of March 31, 2024180,000$180,000 $— 39,720,724$584 $640,663 $(383,581)$2,114,729 $(1,116,418)$1,435,977 
Net Income— — — — — 34,083 — 34,083 
Other Comprehensive Income— — — — 9,220 — — 9,220 
Share-Based Compensation— — — 3,475 — — — 3,475 
Preferred Stock Issued, Net— 165,000165,000 — (4,386)— — — 160,614 
Common Stock Issued under Purchase and Equity Compensation Plans— — 36,6401 89 — 358 737 1,185 
Common Stock Repurchased— — (27,423)— — — — (1,675)(1,675)
Cash Dividends Declared Common Stock ($0.70 per share)
— — — — — (28,061)— (28,061)
Cash Dividends Declared Preferred Stock— — — — — (1,969)— (1,969)
Balance as of June 30, 2024180,000$180,000 165,000$165,000 39,729,941$585 $639,841 $(374,361)$2,119,140 $(1,117,356)$1,612,849 
The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders’ Equity (continued) (Unaudited)
(dollars in thousands, except per share amounts)Preferred Shares Series A OutstandingPreferred Series A StockPreferred Shares Series B OutstandingPreferred Series B StockCommon Shares OutstandingCommon StockCapital SurplusAccum. Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Six Months Ended June 30, 2025
Balance as of December 31, 2024180,000$180,000 165,000$165,000 39,762,255$585 $647,403 $(343,389)$2,133,838 $(1,115,663)$1,667,774 
Net Income— — — — — 91,622 — 91,622 
Other Comprehensive Income— — — — 44,195 — — 44,195 
Share-Based Compensation— — — 7,517 — — — 7,517 
Common Stock Issued under Purchase and Equity Compensation Plans— — 55,9062 559 — — 2,048 2,609 
Common Stock Repurchased— — (52,786)— — — — (3,600)(3,600)
Cash Dividends Declared Common Stock ($1.40 per share)
— — — — — (56,472)— (56,472)
Cash Dividends Declared Preferred Stock— — — — (10,538)— (10,538)
Balance as of June 30, 2025180,000$180,000 165,000$165,000 39,765,375$587 $655,479 $(299,194)$2,158,450 $(1,117,215)$1,743,107 
Six Months Ended June 30, 2024
Balance as of December 31, 2023180,000$180,000 $ 39,753,138$583 $636,422 $(396,688)$2,107,569 $(1,113,644)$1,414,242 
Net Income— — — — — 70,474 — 70,474 
Other Comprehensive Income— — — — 22,327 — — 22,327 
Share-Based Compensation— — — 7,505 — — — 7,505 
Preferred Stock Issued, Net— 165,000165,000 — (4,386)— — — 160,614 
Common Stock Issued under Purchase and Equity Compensation Plans— — 57,9722 300 — 1,152 1,283 2,737 
Common Stock Repurchased— — (81,169)— — — — (4,995)(4,995)
Cash Dividends Declared Common Stock ($1.40 per share)
— — — — — (56,117)— (56,117)
Cash Dividends Declared Preferred Stock— — — — — (3,938)— (3,938)
Balance as of June 30, 2024180,000$180,000 165,000$165,000 39,729,941$585 $639,841 $(374,361)$2,119,140 $(1,117,356)$1,612,849 

The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).
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Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
(dollars in thousands)20252024
Operating Activities
Net Income$91,622 $70,474 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses6,500 4,400 
Depreciation and Amortization9,421 10,388 
Amortization of Deferred Loan and Lease (Fees) Costs, Net(672)69 
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net5,871 6,229 
Amortization of Operating Lease Right-of-Use Assets5,735 5,868 
Share-Based Compensation7,517 7,505 
Benefit Plan Contributions(1,023)(1,057)
Net Gains on Sales of Loans and Leases(1,302)(1,055)
Proceeds from Sales of Loans Held for Sale12,957 21,355 
Originations of Loans Held for Sale(12,590)(20,750)
Net Change in Other Assets and Other Liabilities(24,036)(2,362)
Net Cash Provided by Operating Activities100,000 101,064 
Investing Activities
Investment Securities Available-for-Sale:
Proceeds from Prepayments and Maturities148,483 107,158 
Purchases(517,104)(1,097)
Investment Securities Held-to-Maturity:
Proceeds from Prepayments and Maturities184,959 192,708 
Net Change in Loans and Leases58,108 130,649 
Purchases of Premises and Equipment(17,162)(7,852)
Net Cash (Used in) Provided by Investing Activities(142,716)421,566 
Financing Activities
Net Change in Deposits165,877 (646,542)
Repayments of Long-Term Debt(50,048)(50,054)
Proceeds from Issuance of Preferred Stock 160,614 
Proceeds from Issuance of Common Stock2,609 2,796 
Repurchase of Common Stock(3,600)(4,995)
Cash Dividends Paid on Common Stock(56,472)(56,117)
Cash Dividends Paid on Preferred Stock(10,538)(3,938)
Net Cash Provided by (Used in) Financing Activities47,828 (598,236)
Net Change in Cash and Cash Equivalents5,112 (75,606)
Cash and Cash Equivalents at Beginning of Period763,571 1,000,944 
Cash and Cash Equivalents at End of Period$768,683 $925,338 
Supplemental Information
Cash Paid for Interest$185,398 $198,847 
Cash Paid for Income Taxes11,200 18,735 
Non-Cash Investing and Financing Activities:
Transfer from Loans to Foreclosed Real Estate217 574 
The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).
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Bank of Hawaii Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
Note 1.  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.


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Note 2.  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:
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$248,373 $462 $(5,120)$243,715 
Debt Securities Issued by States and Political Subdivisions72,943  (6,983)65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,005  (20)985 
Debt Securities Issued by Corporations752,354 1,640 (25,152)728,842 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,191,950 877 (95,458)1,097,369 
Commercial - Government Agencies or Sponsored Enterprises354,093 535 (22,167)332,461 
Commercial - Non-Agency35,968 50 (11)36,007 
Total Collateralized Mortgage Obligations1,582,011 1,462 (117,636)1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises657,288 912 (52,035)606,165 
Total Mortgage-Backed Securities657,288 912 (52,035)606,165 
Total$3,313,974 $4,476 $(206,946)$3,111,504 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$131,932 $ $(10,754)$121,178 
Debt Securities Issued by Corporations10,354  (1,827)8,527 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,092,255 3 (325,650)1,766,608 
Commercial - Government Agencies or Sponsored Enterprises411,848  (83,013)328,835 
Total Collateralized Mortgage Obligations2,504,103 3 (408,663)2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,784,975 69 (263,552)1,521,492 
Commercial - Government Agencies or Sponsored Enterprises9,989  (1,835)8,154 
Total Mortgage-Backed Securities1,794,964 69 (265,387)1,529,646 
Total$4,441,353 $72 $(686,631)$3,754,794 

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(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$257,036 $221 $(8,185)$249,072 
Debt Securities Issued by States and Political Subdivisions73,208  (9,349)63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,505  (41)1,464 
Debt Securities Issued by Corporations703,579 376 (32,280)671,675 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,050,299 322 (115,401)935,220 
Commercial - Government Agencies or Sponsored Enterprises306,696 199 (23,421)283,474 
Total Collateralized Mortgage Obligations1,356,995 521 (138,822)1,218,694 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises555,092 130 (70,458)484,764 
Total Mortgage-Backed Securities555,092 130 (70,458)484,764 
Total$2,947,415 $1,248 $(259,135)$2,689,528 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$131,868 $ $(14,927)$116,941 
Debt Securities Issued by Corporations10,490  (2,156)8,334 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,185,210 3 (377,149)1,808,064 
Commercial - Government Agencies or Sponsored Enterprises416,389  (92,211)324,178 
Total Collateralized Mortgage Obligations2,601,599 3 (469,360)2,132,242 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,864,591 37 (309,093)1,555,535 
Commercial - Government Agencies or Sponsored Enterprises9,995  (2,165)7,830 
Total Mortgage-Backed Securities1,874,586 37 (311,258)1,563,365 
Total$4,618,543 $40 $(797,701)$3,820,882 
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.

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(dollars in thousands)Amortized CostFair Value
Available-for-Sale:
Due in One Year or Less$126,856 $124,752 
Due After One Year Through Five Years629,712 615,325 
Due After Five Years Through Ten Years208,634 189,655 
965,202 929,732 
Debt Securities Issued by Government Agencies109,473 109,770 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies1,191,950 1,097,369 
Commercial - Government Agencies or Sponsored Agencies354,093 332,461 
Commercial - Non-Agency35,968 36,007 
Total Collateralized Mortgage Obligations1,582,011 1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies657,288 606,165 
Total Mortgage-Backed Securities657,288 606,165 
Total$3,313,974 $3,111,504 
Held-to-Maturity:
Due in One Year or Less$7,500 $7,411 
Due After One Year Through Five Years74,843 70,099 
Due After Five Year Through Ten Years59,943 52,195 
142,286 129,705 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies2,092,255 1,766,608 
Commercial - Government Agencies or Sponsored Agencies411,848 328,835 
Total Collateralized Mortgage Obligations2,504,103 2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies1,784,975 1,521,492 
Commercial - Government Agencies or Sponsored Agencies9,989 8,154 
Total Mortgage-Backed Securities1,794,964 1,529,646 
Total$4,441,353 $3,754,794 
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
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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:
Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$44,920 $(787)$101,097 $(4,333)$146,017 $(5,120)
Debt Securities Issued by States and Political Subdivisions  65,560 (6,983)65,560 (6,983)
Debt Securities Issued by U.S. Government- Sponsored Enterprises  985 (20)985 (20)
Debt Securities Issued by Corporations171,062 (7,201)456,022 (17,951)627,084 (25,152)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises266,073 (7,996)591,331 (87,462)857,404 (95,458)
Commercial - Government Agencies or Sponsored Enterprises71,066 (148)150,308 (22,019)221,374 (22,167)
Commercial - Non-Agency4,989 (11)  4,989 (11)
Total Collateralized Mortgage Obligations342,128 (8,155)741,639 (109,481)1,083,767 (117,636)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total Mortgage-Backed Securities218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total$776,320 $(41,778)$1,620,297 $(165,168)$2,396,617 $(206,946)
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$38,854 $(288)$157,456 $(7,897)$196,310 $(8,185)
Debt Securities Issued by States and Political Subdivisions  63,644 (9,349)63,644 (9,349)
Debt Securities Issued by U.S. Government-Sponsored Enterprises  1,464 (41)1,464 (41)
Debt Securities Issued by Corporations24,892 (108)546,407 (32,172)571,299 (32,280)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises153,104 (275)673,141 (115,126)826,245 (115,401)
Commercial - Government Agencies or Sponsored Enterprises92,485 (5)128,430 (23,416)220,915 (23,421)
Total Collateralized Mortgage Obligations245,589 (280)801,571 (138,542)1,047,160 (138,822)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises135  480,189 (70,458)480,324 (70,458)
Total Mortgage-Backed Securities135  480,189 (70,458)480,324 (70,458)
Total$309,470 $(676)$2,050,731 $(258,459)$2,360,201 $(259,135)
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
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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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Taxable$46,385 $43,057 $90,664 $86,943 
Non-Taxable457 6 837 13 
Total Interest Income from Investment Securities$46,842 $43,063 $91,501 $86,956 

Note 3.  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:
(dollars in thousands)June 30, 2025December 31, 2024
Commercial
Commercial Mortgage$4,038,956 $4,020,622 
Commercial and Industrial1,597,560 1,705,133 
Construction374,768 308,898 
Lease Financing92,842 90,756 
Total Commercial6,104,126 6,125,409 
Consumer
Residential Mortgage4,637,014 4,628,283 
Home Equity2,139,025 2,165,514 
Automobile715,688 764,146 
Other406,325 392,628 
Total Consumer7,898,052 7,950,571 
Total Loans and Leases$14,002,178 $14,075,980 

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.
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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.
(dollars in thousands)CommercialConsumerTotal
Three Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$80,628 $67,079 $147,707 
Loans and Leases Charged-Off(206)(3,805)(4,011)
Recoveries on Loans and Leases Previously Charged-Off78 1,315 1,393 
Net Loans and Leases Charged-Off(128)(2,490)(2,618)
Provision for Credit Losses(1,598)5,052 3,454 
Balance at End of Period$78,902 $69,641 $148,543 
Six Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$83,900 $64,628 $148,528 
Loans and Leases Charged-Off(1,605)(8,115)(9,720)
Recoveries on Loans and Leases Previously Charged-Off155 2,544 2,699 
Net Loans and Leases Charged-Off(1,450)(5,571)(7,021)
Provision for Credit Losses(3,548)10,584 7,036 
Balance at End of Period$78,902 $69,641 $148,543 
Three Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$75,087 $72,577 $147,664 
Loans and Leases Charged-Off(875)(3,955)(4,830)
Recoveries on Loans and Leases Previously Charged-Off263 1,174 1,437 
Net Loans and Leases Charged-Off(612)(2,781)(3,393)
Provision for Credit Losses5,610 (2,404)3,206 
Balance at End of Period$80,085 $67,392 $147,477 
Six Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$74,074 $72,329 $146,403 
Loans and Leases Charged-Off(1,235)(7,350)(8,585)
Recoveries on Loans and Leases Previously Charged-Off379 2,532 2,911 
Net Loans and Leases Charged-Off(856)(4,818)(5,674)
Provision for Credit Losses6,867 (119)6,748 
Balance at End of Period$80,085 $67,392 $147,477 
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.
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The following are the definitions of the Company’s credit quality indicators:
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 90 days or more as to principal or interest may be considered Pass if the current loan-to-value ratio is 60% or less. Home equity loans that are past due 90 days or more as to principal or interest may be considered Pass if: a) the home equity loan is in first lien position and the current loan-to-value ratio is 60% or less; or b) the first mortgage is with the Company and the current combined loan-to-value ratio is 60% or less.
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 90 days or more as to principal or interest (excluding residential mortgage and home equity loans which meet the criteria for being considered Pass).
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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.
Term Loans by Origination Year
(dollars in thousands)
20251
2024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
June 30, 2025
Commercial
Commercial Mortgage
Pass$311,692 $308,025 $690,377 $944,637 $575,409 $974,842 $37,965 $ $3,842,947 
Special Mention83,617   1,890  1,845   87,352 
Classified 35,634 13,645 26,973 3,073 29,332   108,657 
Total Commercial Mortgage$395,309 $343,659 $704,022 $973,500 $578,482 $1,006,019 $37,965 $ $4,038,956 
Gross Charge-Offs         
Commercial and Industrial
Pass$93,593 $327,519 $267,249 $214,822 $139,078 $144,580 $334,342 $290 $1,521,473 
Special Mention 413    24 36,338  36,775 
Classified5,275 588 14,889 2,228 2,328 5,087 8,915 2 39,312 
Total Commercial and Industrial$98,868 $328,520 $282,138 $217,050 $141,406 $149,691 $379,595 $292 $1,597,560 
Gross Charge-Offs165 139    1,301   1,605 
Construction
Pass$24,822 $115,965 $152,293 $67,613 $2,361 $ $8,935 $ $371,989 
Classified1,483   1,296     2,779 
Total Construction$26,305 $115,965 $152,293 $68,909 $2,361 $ $8,935 $ $374,768 
Gross Charge-Offs         
Lease Financing
Pass$12,443 $47,466 $7,229 $7,497 $7,306 $9,990 $ $ $91,931 
Classified  433 29 65 384   911 
Total Lease Financing$12,443 $47,466 $7,662 $7,526 $7,371 $10,374 $ $ $92,842 
Gross Charge-Offs         
Total Commercial$532,925 $835,610 $1,146,115 $1,266,985 $729,620 $1,166,084 $426,495 $292 $6,104,126 
Total Commercial Gross Charge-Offs165 139    1,301   1,605 
Consumer
Residential Mortgage
Pass$186,182 $254,063 $254,373 $731,407 $1,151,789 $2,052,578 $ $ $4,630,392 
Classified  972 1,828  3,822   6,622 
Total Residential Mortgage$186,182 $254,063 $255,345 $733,235 $1,151,789 $2,056,400 $ $ $4,637,014 
Gross Charge-Offs         
Home Equity
Pass$ $ $ $ $ $39 $2,073,815 $60,741 $2,134,595 
Classified      3,740 690 4,430 
Total Home Equity$ $ $ $ $ $39 $2,077,555 $61,431 $2,139,025 
Gross Charge-Offs      129 101 230 
Automobile
Pass$97,287 $184,432 $155,827 $168,824 $70,731 $37,906 $ $ $715,007 
Classified40 270 139 152 23 57   681 
Total Automobile$97,327 $184,702 $155,966 $168,976 $70,754 $37,963 $ $ $715,688 
Gross Charge-Offs12 575 1,010 728 212 467   3,004 
Other
Pass$85,413 $115,458 $62,036 $74,522 $37,821 $29,852 $594 $ $405,696 
Classified2 180 94 182 99 72   629 
Total Other$85,415 $115,638 $62,130 $74,704 $37,920 $29,924 $594 $ $406,325 
Gross Charge-Offs332 992 1,099 1,242 734 482   4,881 
Total Consumer$368,924 $554,403 $473,441 $976,915 $1,260,463 $2,124,326 $2,078,149 $61,431 $7,898,052 
Total Consumer Gross Charge-Offs344 1,567 2,109 1,970 946 949 129 101 8,115 
Total Loans and Leases$901,849 $1,390,013 $1,619,556 $2,243,900 $1,990,083 $3,290,410 $2,504,644 $61,723 $14,002,178 
Total Gross Charge-Offs509 1,706 2,109 1,970 946 2,250 129 101 9,720 
1.Loans reported as Special Mention and Classified in the 2025 column represent amendment of loans that originated in an earlier period.

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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.
Term Loans by Origination Year
(dollars in thousands)
20241
2023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
December 31, 2024
Commercial
Commercial Mortgage
Pass$401,415 $687,580 $1,091,627 $596,386 $405,244 $600,386 $48,655 $ $3,831,293 
Special Mention 47,773 1,918 3,348 2,911 15,148   71,098 
Classified35,770 14,491 24,420 3,136 19,609 20,805   118,231 
Total Commercial Mortgage$437,185 $749,844 $1,117,965 $602,870 $427,764 $636,339 $48,655 $ $4,020,622 
Gross Charge-Offs         
Commercial and Industrial
Pass$356,831 $281,168 $236,802 $146,458 $135,158 $79,258 $375,135 $276 $1,611,086 
Special Mention467      38,587  39,054 
Classified325 15,614 3,483 4,831 6,590 6,427 17,716 7 54,993 
Total Commercial and Industrial$357,623 $296,782 $240,285 $151,289 $141,748 $85,685 $431,438 $283 $1,705,133 
Gross Charge-Offs362 282  1,438 128 399   2,609 
Construction
Pass$89,334 $110,153 $87,006 $1,689 $1,279 $ $16,766 $ $306,227 
Special Mention  2,671      2,671 
Total Construction$89,334 $110,153 $89,677 $1,689 $1,279 $ $16,766 $ $308,898 
Gross Charge-Offs         
Lease Financing
Pass$49,360 $8,174 $9,568 $9,751 $5,244 $7,602 $ $ $89,699 
Classified 491 37 81 62 386   1,057 
Total Lease Financing$49,360 $8,665 $9,605 $9,832 $5,306 $7,988 $ $ $90,756 
Gross Charge-Offs         
Total Commercial$933,502 $1,165,444 $1,457,532 $765,680 $576,097 $730,012 $496,859 $283 $6,125,409 
Total Commercial Gross Charge-Offs362 282  1,438 128 399   2,609 
Consumer
Residential Mortgage
Pass$268,330 $271,985 $751,920 $1,180,191 $919,280 $1,232,582 $ $ $4,624,288 
Classified  858 474 735 1,928   3,995 
Total Residential Mortgage$268,330 $271,985 $752,778 $1,180,665 $920,015 $1,234,510 $ $ $4,628,283 
Gross Charge-Offs   337  48   385 
Home Equity
Pass$ $ $ $ $ $40 $2,105,833 $55,963 $2,161,836 
Classified      3,092 586 3,678 
Total Home Equity$ $ $ $ $ $40 $2,108,925 $56,549 $2,165,514 
Gross Charge-Offs      429 272 701 
Automobile
Pass$210,145 $187,136 $210,207 $94,492 $34,614 $26,777 $ $ $763,371 
Classified90 191 224 154 57 59   775 
Total Automobile$210,235 $187,327 $210,431 $94,646 $34,671 $26,836 $ $ $764,146 
Gross Charge-Offs227 1,578 1,340 1,083 293 821   5,342 
Other
Pass$133,093 $74,068 $96,376 $52,152 $5,149 $30,580 $533 $ $391,951 
Classified51 229 246 83  68   677 
Total Other$133,144 $74,297 $96,622 $52,235 $5,149 $30,648 $533 $ $392,628 
Gross Charge-Offs1,431 2,151 2,901 1,869 326 1,421   10,099 
Total Consumer$611,709 $533,609 $1,059,831 $1,327,546 $959,835 $1,292,034 $2,109,458 $56,549 $7,950,571 
Total Consumer Gross Charge-Offs1,658 3,729 4,241 3,289 619 2,290 429 272 16,527 
Total Loans and Leases$1,545,211 $1,699,053 $2,517,363 $2,093,226 $1,535,932 $2,022,046 $2,606,317 $56,832 $14,075,980 
Total Gross Charge-Offs2,020 4,011 4,241 4,727 747 2,689 429 272 19,136 
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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During the year ended December 31, 2024, $12.7 million of revolving loans were converted to term loans.
Aging Analysis
Loans and leases are considered to be past due once becoming 30 days delinquent. For the consumer portfolio, this generally represents two missed monthly payments. The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of June 30, 2025 and December 31, 2024.
(dollars in thousands)30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal Past Due and Non-AccrualCurrentTotal Loans and LeasesNon-Accrual Loans and Leases that are Current
As of June 30, 2025
Commercial
Commercial Mortgage$ $ $ $2,566 $2,566 $4,036,390 $4,038,956 $ 
Commercial and Industrial152 77  3,744 3,973 1,593,587 1,597,560 383 
Construction     374,768 374,768  
Lease Financing     92,842 92,842  
Total Commercial152 77  6,310 6,539 6,097,587 6,104,126 383 
Consumer
Residential Mortgage3,699 2,791 9,070 5,842 21,402 4,615,612 4,637,014 1,985 
Home Equity4,807 2,468 1,867 5,387 14,529 2,124,496 2,139,025 1,133 
Automobile15,062 1,361 680  17,103 698,585 715,688  
Other2,029 1,174 630  3,833 402,492 406,325  
Total Consumer25,597 7,794 12,247 11,229 56,867 7,841,185 7,898,052 3,118 
Total$25,749 $7,871 $12,247 $17,539 $63,406 $13,938,772 $14,002,178 $3,501 
As of December 31, 2024
Commercial
Commercial Mortgage$ $ $ $2,450 $2,450 $4,018,172 $4,020,622 $ 
Commercial and Industrial90 117  4,627 4,834 1,700,299 1,705,133  
Construction     308,898 308,898  
Lease Financing     90,756 90,756  
Total Commercial90 117  7,077 7,284 6,118,125 6,125,409  
Consumer
Residential Mortgage5,184 4,174 3,984 5,052 18,394 4,609,889 4,628,283 424 
Home Equity6,109 2,753 2,845 4,514 16,221 2,149,293 2,165,514 1,438 
Automobile16,443 1,661 776  18,880 745,266 764,146  
Other2,565 1,076 677  4,318 388,310 392,628  
Total Consumer30,301 9,664 8,282 9,566 57,813 7,892,758 7,950,571 1,862 
Total$30,391 $9,781 $8,282 $16,643 $65,097 $14,010,883 $14,075,980 $1,862 

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Non-Accrual Loans and Leases
The following presents the non-accrual loans and leases as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(dollars in thousands)Non-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual LoansNon-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual Loans
Commercial
Commercial Mortgage$ $2,566 $2,566 $ $2,450 $2,450 
Commercial and Industrial2,480 1,264 3,744 3,695 932 4,627 
Total Commercial2,480 3,830 6,310 3,695 3,382 7,077 
Consumer
Residential Mortgage5,842  5,842 5,052  5,052 
Home Equity5,387  5,387 4,514  4,514 
Total Consumer11,229  11,229 9,566  9,566 
Total$13,709 $3,830 $17,539 $13,261 $3,382 $16,643 
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:
Loan ClassesModification 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.
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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.
(dollars in thousands)Term Extension
Payment Delay and Term Extension1
Term Extension and Interest Rate ReductionRate Reduction, Payment Delay, and Term ExtensionPayment DelayTotal% of Total Class of Loans and Leases
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial$83 $ $ $ $ $83 0.01 %
Total Commercial83     83 0.01 
Consumer
Residential Mortgage456     456 0.01 
Automobile3,680     3,680 0.51 
Other431     431 0.11 
Total Consumer4,567     4,567 0.06 
Total Loans and Leases$4,650 $ $ $ $ $4,650 0.03 %
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage$ $ $ $2,159 $ $2,159 0.05 %
Commercial and Industrial83     83 0.01 
Total Commercial83   2,159  2,242 0.04 
Consumer
Residential Mortgage456  71   527 0.01 
Home Equity  201   201 0.01 
Automobile7,171     7,171 1.00 
Other1,053     1,053 0.26 
Total Consumer8,680  272   8,952 0.11 
Total Loans and Leases$8,763 $ $272 $2,159 $ $11,194 0.08 %
Three Months Ended June 30, 2024
Consumer
Home Equity$ $ $ $ $537 $537 0.02 %
Automobile4,795 383    5,178 0.64 
Other567 61    628 0.16 
Total Consumer5,362 444   537 6,343 0.08 
Total Loans and Leases$5,362 $444 $ $ $537 $6,343 0.05 %
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$24 $4,841 $ $ $ $4,865 0.29 %
Total Commercial24 4,841    4,865 0.08 
Consumer
Residential Mortgage    14,282 14,282 0.31 
Home Equity    1,147 1,147 0.05 
Automobile8,927 1,003    9,930 1.23 
Other957 148    1,105 0.28 
Total Consumer9,884 1,151   15,429 26,464 0.33 
Total Loans and Leases$9,908 $5,992 $ $ $15,429 $31,329 0.23 %
1.Includes forbearance plans.
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The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Weighted-Average Months of Term Extension
Weighted-Average Payment Deferral1
Weighted-Average Interest Rate Reduction
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial3$  %
Consumer
Residential Mortgage75  
Automobile22  
Other22  
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage24$  %
Commercial and Industrial3  
Consumer
Residential Mortgage81  
Home Equity24  
Automobile22  
Other22  
Three Months Ended June 30, 2024
Consumer
Home Equity0$10  %
Automobile222  
Other221  
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial12$593  %
Consumer
Residential Mortgage013  
Home Equity07  
Automobile222  
Other201  
1Includes forbearance plans.
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The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Term Extension
Payment Delay & Term Extension1
Term Extension and Interest Rate ReductionTotal
Three Months Ended June 30, 2025
Consumer
Residential Mortgage$ $ $71 $71 
Automobile430   430 
Other159   159 
Total Consumer589  71 660 
Total Loans and Leases$589 $ $71 $660 
Six Months Ended June 30, 2025
Consumer
Residential Mortgage$ $ $71 $71 
Automobile584   584 
Other187   187 
Total Consumer771  71 842 
Total Loans and Leases$771 $ $71 $842 
Three Months Ended June 30, 2024
Commercial
Commercial and Industrial$ $34 $ $34 
Total Commercial 34  34 
Consumer
Automobile428 11  439 
Other121 12  133 
Total Consumer549 23  572 
Total Loans and Leases$549 $57 $ $606 
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$ $34 $ $34 
Total Commercial 34  34 
Consumer
Automobile668 11  679 
Other172 12  184 
Total Consumer840 23  863 
Total Loans and Leases$840 $57 $ $897 
1.Includes forbearance plans.
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The following table presents the aging analysis of loans that have been modified in the last 12 months made to borrowers experiencing financial difficulty as of June 30, 2025 and 2024.
(dollars in thousands)Current30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal
As of June 30, 2025
Commercial
Commercial Mortgage$ $ $ $ $2,159 $2,159 
Commercial and Industrial142 9    151 
Total Commercial142 9   2,159 2,310 
Consumer
Residential Mortgage71    456 527 
Home Equity1,102     1,102 
Automobile10,850 1,714 167 179  12,910 
Other1,566 189 94 74  1,923 
Total Consumer13,589 1,903 261 253 456 16,462 
Total Loans and Leases$13,731 $1,912 $261 $253 $2,615 $18,772 
As of June 30, 2024
Commercial
Commercial and Industrial$4,865 $ $ $ $ $4,865 
Total Commercial4,865     4,865 
Consumer
Residential Mortgage14,282     14,282 
Home Equity1,147     1,147 
Automobile8,887 998 46   9,931 
Other1,013 43 29 19  1,104 
Total Consumer25,329 1,041 75 19  26,464 
Total Loans and Leases$30,194 $1,041 $75 $19 $ $31,329 

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.
Note 4.  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.
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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:
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2025202420252024
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 
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Balance at Beginning of Period$18,141 $19,748 $18,552 $20,201 
Servicing Rights that Resulted From Asset Transfers92 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 $25,326 
The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024, were as follows:
June 30, 2025December 31, 2024
Weighted-Average Constant Prepayment Rate 1
4.12 %4.00 %
Weighted-Average Life (in years)9.099.28
Weighted-Average Note Rate3.76 %3.74 %
Weighted-Average Discount Rate 2
9.55 %9.92 %
1Represents annualized loan prepayment rate assumption.
2Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities.
A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of June 30, 2025 and December 31, 2024, is presented in the following table.
(dollars in thousands)June 30, 2025December 31, 2024
Constant Prepayment Rate
Decrease in fair value from 25 basis points (“bps”) adverse change$(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)
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.
Note 5.  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
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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:
(dollars in thousands)Amount
2025$35,076 
202661,293 
20271,871 
2028269 
2029235 
Thereafter15,070 
Total Unfunded Commitments$113,814 
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.
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Effective Yield Method
Tax Credits and Other Tax Benefits Recognized$533 $1,137 $1,066 $2,274 
Amortization Expense in Provision for Income Taxes557 1,119 1,114 2,239 
Proportional Amortization Method
Tax Credits and Other Tax Benefits Recognized$8,844 $6,210 $17,688 $12,420 
Amortization Expense in Provision for Income Taxes7,491 5,348 14,982 10,695 
There were no impairment losses related to LIHTC investments during the six months ended June 30, 2025 and 2024.
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Note 6.  Securities Sold Under Agreements to Repurchase
The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2025 and December 31, 2024, by collateral pledged.
Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)Up to 90 days91-365 days1-3 YearsAfter 3 YearsTotal
June 30, 2025
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$ $ $ $50,000 $50,000 
December 31, 2024
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$ $ $50,000 $50,000 $100,000 
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.
(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 ConditionGross Amounts Offset in the Statements of ConditionNet Amounts Presented in the Statements of ConditionNetting Adjustments per Master Netting Arrangements
Fair Value of Collateral Pledged/ Received 1
Net Amount
June 30, 2025
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$94,597 $ $94,597 $11,795 $82,802 $ 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties11,795  11,795 11,795   
Repurchase Agreements:
Private Institutions50,000  50,000  50,000  
Total Repurchase Agreements$50,000 $ $50,000 $ $50,000 $ 
December 31, 2024
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$141,571 $ $141,571 $5,446 $136,125 $ 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties5,446  5,446 5,446   
Repurchase Agreements:
Private Institutions100,000  100,000  100,000  
Total Repurchase Agreements$100,000 $ $100,000 $ $100,000 $ 
1The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $56.0 million and $109.5 million as of June 30, 2025 and December 31, 2024, respectively.
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Note 7.  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:
(dollars in thousands)Before TaxTax EffectNet of Tax
Three Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$19,927 $5,281 $14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities5,884 1,560 4,324 
Net Unrealized Gains on Investment Securities25,811 6,841 18,970 
Defined Benefit Plans:
Amortization of Net Actuarial Losses378 100 278 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net317 84 233 
Other Comprehensive Income$26,128 $6,925 $19,203 
Three Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$6,022 $1,595 $4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities6,294 1,669 4,625 
Net Unrealized Gains on Investment Securities12,316 3,264 9,052 
Defined Benefit Plans:
Amortization of Net Actuarial Losses291 78 213 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net230 62 168 
Other Comprehensive Income$12,546 $3,326 $9,220 
Six Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$47,920 $12,699 $35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities11,578 3,069 8,509 
Net Unrealized Gains on Investment Securities59,498 15,768 43,730 
Defined Benefit Plans:
Amortization of Net Actuarial Losses755 200 555 
Amortization of Prior Service Credit(123)(33)(90)
Defined Benefit Plans, Net632 167 465 
Other Comprehensive Income$60,130 $15,935 $44,195 
Six Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$17,426 $4,619 $12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities12,496 3,313 9,183 
Net Unrealized Gains on Investment Securities29,922 7,932 21,990 
Defined Benefit Plans:
Amortization of Net Actuarial Losses582 155 427 
Amortization of Prior Service Credit(122)(32)(90)
Defined Benefit Plans, Net460 123 337 
Other Comprehensive Income$30,382 $8,055 $22,327 
The amortization of unrealized holding losses on HTM securities relate to the Company’s reclassification of AFS investment securities to the HTM category and will be amortized over the remaining life of the investment securities as an adjustment of yield.
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The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2025 and 2024:
(dollars in thousands)Investment Securities-Available-for-SaleInvestment Securities-Held-to-MaturityDefined Benefit PlansAccumulated Other Comprehensive Income (Loss)
Three Months Ended June 30, 2025
Balance at Beginning of Period$(168,655)$(126,578)$(23,164)$(318,397)
Other Comprehensive Income Before Reclassifications14,646   14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income 4,324 233 4,557 
Total Other Comprehensive Income14,646 4,324 233 19,203 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Three Months Ended June 30, 2024
Balance at Beginning of Period$(216,027)$(144,463)$(23,091)$(383,581)
Other Comprehensive Income Before Reclassifications4,427   4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income 4,625 168 4,793 
Total Other Comprehensive Income4,427 4,625 168 9,220 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
Six Months Ended June 30, 2025
Balance at Beginning of Period$(189,230)$(130,763)$(23,396)$(343,389)
Other Comprehensive Income Before Reclassifications35,221   35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income 8,509 465 8,974 
Total Other Comprehensive Income35,221 8,509 465 44,195 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Six Months Ended June 30, 2024
Balance at Beginning of Period$(224,407)$(149,021)$(23,260)$(396,688)
Other Comprehensive Income Before Reclassifications12,807   12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income 9,183 337 9,520 
Total Other Comprehensive Income12,807 9,183 337 22,327 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
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The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024:
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Three Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(5,884)$(6,294)Interest Income
1,560 1,669 Provision for Income Tax
(4,324)(4,625)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
61 61 
Net Actuarial Losses 2
(378)(291)
(317)(230)Total Before Tax
84 62 Provision for Income Tax
(233)(168)Net of Tax
Total Reclassifications for the Period$(4,557)$(4,793)Net of Tax
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Six Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(11,578)$(12,496)Interest Income
3,069 3,313 Provision for Income Tax
(8,509)(9,183)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
123 122 
Net Actuarial Losses 2
(755)(582)
(632)(460)Total Before Tax
167 123 Provision for Income Tax
(465)(337)Net of Tax
Total Reclassifications for the Period$(8,974)$(9,520)Net of Tax
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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Note 8.  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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Numerator:
Net Income Available to Common Shareholders$42,368 $32,114 $81,084 $66,536 
Denominator:
Weighted Average Common Shares Outstanding - Basic39,622,99839,450,55139,588,91639,400,452
Dilutive Effect of Equity Based Awards272,095168,154299,378218,322
Weighted Average Common Shares Outstanding - Diluted39,895,09339,618,70539,888,29439,618,774
Earnings Per Common Share:
Basic$1.07 $0.81 $2.05 $1.69 
Diluted$1.06 $0.81 $2.03 $1.68 
Antidilutive Restricted Stock Outstanding49,57211,27231,99211,272
Note 9.  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.
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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.
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Selected business segment financial information as of and for the three and six months ended June 30, 2025 and 2024, were as follows:
(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Three Months Ended June 30, 2025
Net Interest Income (Expense)$95,339$53,949$(19,605)$129,683
Provision for (Recapture of) Credit Losses2,619(1)6323,250
Net Interest Income (Expense) After Provision for Credit Losses92,72053,950(20,237)126,433
Noninterest Income33,9816,1644,65044,795
Salaries and Benefits21,0324,93735,33961,308
Net Occupancy7,1424022,95510,499
Other Noninterest Expense58,62913,535(33,188)38,976
Noninterest Expense86,80318,8745,106110,783
Income (Loss) Before Provision for Income Taxes39,89841,240(20,693)60,445
Provision (Benefit) for Income Taxes10,16110,546(7,899)12,808
Net Income (Loss)$29,737$30,694$(12,794)$47,637
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Three Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$98,205$50,885$(34,244)$114,846
Provision for (Recapture of) Credit Losses2,873473(946)2,400
Net Interest Income (Expense) After Provision for Credit Losses95,33250,412(33,298)112,446
Noninterest Income33,6536,6981,73642,087
Salaries and Benefits20,1575,08531,79157,033
Net Occupancy6,7484213,39010,559
Other Noninterest Expense60,10612,504(30,976)41,634
Noninterest Expense87,01118,0104,205109,226
Income (Loss) Before Provision for Income Taxes41,97439,100(35,767)45,307
Provision (Benefit) for Income Taxes10,6859,887(9,348)11,224
Net Income (Loss)$31,289$29,213$(26,419)$34,083
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1.Certain prior period information has been reclassified to conform to current presentation.
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(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Six Months Ended June 30, 2025
Net Interest Income (Expense)$190,963$109,523$(44,996)$255,490
Provision for (Recapture of) Credit Losses5,9141,107(521)6,500
Net Interest Income (Expense) After Provision for Credit Losses185,049108,416(44,475)248,990
Noninterest Income67,47913,8987,47688,853
Salaries and Benefits42,13710,29771,758124,192
Net Occupancy14,2098026,04721,058
Other Noninterest Expense116,83127,417(68,256)75,992
Noninterest Expense173,17738,5169,549221,242
Income (Loss) Before Provision for Income Taxes79,35183,798(46,548)116,601
Provision (Benefit) for Income Taxes20,16221,415(16,598)24,979
Net Income (Loss)$59,189$62,383$(29,950)$91,622
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Six Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$195,199$102,378$(68,793)$228,784
Provision for (Recapture of) Credit Losses5,160467(1,227)4,400
Net Interest Income (Expense) After Provision for Credit Losses190,039101,911(67,566)224,384
Noninterest Income65,63513,4925,24584,372
Salaries and Benefits41,07410,60163,573115,248
Net Occupancy13,6128686,53521,015
Other Noninterest Expense115,03025,184(61,392)78,822
Noninterest Expense169,71636,6538,716215,085
Income (Loss) Before Provision for Income Taxes85,95878,750(71,037)93,671
Provision (Benefit) for Income Taxes21,86519,895(18,563)23,197
Net Income (Loss)$64,093$58,855$(52,474)$70,474
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1Certain prior period information has been reclassified to conform to current presentation.
Note 10.  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.
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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:
June 30, 2025December 31, 2024
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments
Interest Rate Swap Agreements 1
$2,200,000 $(13,140)$2,000,000 $2,738 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments1,341 37 1,534 34 
Forward Commitments3,082 (8)3,517 6 
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps2,165,596 (82,906)2,123,665 (136,218)
Pay Fixed/Receive Variable Swaps2,165,596 82,802 2,123,665 136,125 
Conversion Rate Swap Agreements 2
108,069  NA 96,466  NA
Makewhole Agreements 3
49,161  NA 65,763  NA
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:
June 30, 2025December 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$106,288 $106,392 $146,923 $147,016 
Designated as Hedging Instruments1,898 13,747 14,507 7,039 
108,186 120,139 161,430 154,055 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments37  34  
Forward Commitments 8 9 3 
Total Derivatives$108,223 $120,147 $161,473 $154,058 
1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the unaudited consolidated statements of condition. Derivatives are recognized on the Company's unaudited consolidated statements of condition at fair value.
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The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024:
Location of Net Gains (Losses) Recognized in the Statements of IncomeThree Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Derivatives designated as hedging instruments
Recognized on Interest Rate Swap AgreementsInterest Income on Investment Securities Available-for-Sale$(1,828)$3,082 $(7,490)$19,975 
Recognized on Hedged ItemInterest Income on Investment Securities Available-for-Sale1,823 (3,145)7,497 (20,147)
Net Cash SettlementsInterest Income on Investment Securities Available-for-Sale(20)2,736 (22)5,457 
Recognized on Interest Rate Swap AgreementsInterest and Fees on Loans and Leases(3,447)4,222 (11,826)26,824 
Recognized on Hedged ItemInterest and Fees on Loans and Leases3,417 (4,308)11,789 (27,060)
Net Cash SettlementsInterest and Fees on Loans and Leases1,976 3,367 3,509 6,715 
Derivatives not designated as hedging instruments
Interest Rate Lock CommitmentsMortgage Banking52 122 252 245 
Forward CommitmentsMortgage Banking31 119 (4)215 
Interest Rate Swap AgreementsOther Noninterest Income9 10 (10)53 
Conversion Rate Swap AgreementsInvestment Securities Gains (Losses), Net15  (563) 
Total$2,028 $6,205 $3,132 $12,277 
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:
Line Item in the Unaudited Consolidated Statements of ConditionCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets
(dollars in thousands)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Investment Securities, Available-for-Sale 1
$1,207,091 $999,594 $7,091 $(406)
Loans and Leases 2
1,604,459 1,292,670 4,459 (7,330)
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
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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.
Note 11.  Commitments and Contingencies
The Company’s credit commitments as of June 30, 2025 and December 31, 2024, were as follows:
(dollars in thousands)June 30, 2025December 31, 2024
Unfunded Commitments to Extend Credit$3,096,145 $3,128,272 
Standby Letters of Credit93,256 96,484 
Commercial Letters of Credit9,432 9,339 
Total Credit Commitments$3,198,833 $3,234,095 
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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.
Note 12.  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:
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.
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
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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
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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.
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(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$133,946 $109,769 $ $243,715 
Debt Securities Issued by States and Political Subdivisions 65,960  65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises 985  985 
Debt Securities Issued by Corporations 728,842  728,842 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises 1,097,369  1,097,369 
Commercial - Government Agencies or Sponsored Enterprises 332,461  332,461 
Commercial - Non Agency 36,007  36,007 
Total Collateralized Mortgage Obligations 1,465,837  1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises 606,165  606,165 
Total Investment Securities Available-for-Sale133,946 2,977,558  3,111,504 
Loans Held for Sale 1,867  1,867 
Mortgage Servicing Rights  619 619 
Deferred Compensation Plan Assets14,569   14,569 
Derivatives 1
 108,186 37 108,223 
Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2025$148,515 $3,087,611 $656 $3,236,782 
Liabilities:
Derivatives 1
$ $120,147 $ $120,147 
Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2025$ $120,147 $ $120,147 
December 31, 2024
Assets:
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies$150,389 $98,683 $ $249,072 
Debt Securities Issued by States and Political Subdivisions 63,859  63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,464  1,464 
Debt Securities Issued by Corporations 671,675  671,675 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises 935,220  935,220 
Commercial - Government Agencies or Sponsored Enterprises 283,474  283,474 
Total Collateralized Mortgage Obligations 1,218,694  1,218,694 
Mortgage-Backed Securities Issued by:
Residential - Government Agencies or Sponsored Enterprises 484,764  484,764 
Total Investment Securities Available-for-Sale150,389 2,539,139  2,689,528 
Loans Held for Sale 2,150  2,150 
Mortgage Servicing Rights  647 647 
Deferred Compensation Plan Assets18,155   18,155 
Derivatives 1
 161,439 34 161,473 
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024$168,544 $2,702,728 $681 $2,871,953 
Liabilities:
Derivatives 1
$ $154,058 $ $154,058 
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024$ $154,058 $ $154,058 
1The fair value of each class of derivatives is shown in Note 10. Derivative Financial Instruments.
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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.
(dollars in thousands)Aggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Less Aggregate Unpaid Principal
June 30, 2025
Loans Held for Sale$1,867 $1,832 $35 
December 31, 2024
Loans Held for Sale$2,150 $2,109 $41 
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
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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.
Fair Value Measurements
(dollars in thousands)Carrying AmountFair ValueQuoted 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$4,441,353 $3,754,794 $121,178 $3,633,616 $ 
Loans13,700,594 13,073,565   13,073,565 
Financial Instruments - Liabilities
Time Deposits3,037,995 3,028,864  3,028,864  
Securities Sold Under Agreements to Repurchase50,000 51,619  51,619  
Other Debt 1
550,000 545,556  545,556  
December 31, 2024
Financial Instruments – Assets
Investment Securities Held-to-Maturity$4,618,543 $3,820,882 $116,941 $3,703,941 $ 
Loans13,777,756 12,908,626   12,908,626 
Financial Instruments – Liabilities
Time Deposits3,059,575 3,050,583  3,050,583  
Securities Sold Under Agreements to Repurchase100,000 101,478  101,478  
Other Debt 1
550,000 538,808  538,808  
1Excludes finance lease obligations.


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Item 2. Management’s Discussion and Analysis (“MD&A”) of Financial Condition and Results of Operations
The following MD&A is intended to help the reader understand the Company and its operations and is focused on our financial results for the second quarter of 2025, including comparisons of year-to-year performance, trends, and updates from the Company’s most recent 10-K filing. Discussion and analysis of our 2024 fiscal year, as well as the year-to-year comparison between fiscal years 2024 and 2023, are included in Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 4, 2025.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and may include statements concerning, among other things, the anticipated economic and business environment in our service area and elsewhere, credit quality and other financial and business matters in future periods, our future results of operations and financial position, our business strategy and plans and our objectives and future operations. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We also may make forward-looking statements in our other documents filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”). In addition, our senior management may provide forward-looking statements orally to analysts, investors, representatives of the media and others. Given these risks and uncertainties, you should not place undue reliance on any forward-looking statement as a prediction of our actual results.
Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate, and actual results may differ materially from those projected because of a variety of risks and uncertainties, including, but not limited to: (1) Our business is sensitive to regional business and economic conditions, in particular those of Hawaiʻi, Guam and other Pacific Islands; (2) Our loan portfolio is largely secured by real estate, and a downturn in the real estate market may adversely affect our results of operations; (3) Significant changes to the size, structure, powers and operations of the federal government, changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition; (4) A sustained period of high inflation could pose a risk to local economies and the financial performance of the Bank; (5) Climate change and the governmental responses to it could have a material adverse impact on the Bank and its customers; (6) Disruptions, instability and failures in the banking industry may negatively impact us; (7) Any reduction in defense spending by the federal government in the state of Hawaiʻi could adversely impact the economy in Hawaiʻi and the Pacific Islands; (8) Changes in interest rates could adversely impact our results of operations and capital; (9) Our allowance for credit losses may prove to be insufficient to absorb losses or appropriately reflect, at any given time, the inherent risk of loss in our loan portfolio; (10) Consumer protection initiatives and court decisions related to the foreclosure process affect our remedies as a creditor; (11) Changes in the capital markets could materially affect the level of assets under management and the demand for our other fee-based services; (12) The Parent’s liquidity is dependent on dividends from the Bank; (13) There can be no assurance that the Parent will continue to declare cash dividends; (14) Fiscal and monetary policy changes may significantly impact our profitability and liquidity; (15) Legislation and regulatory initiatives affecting the financial services industry, including new interpretations, restrictions and requirements, could detrimentally affect the Company’s business; (16) Changes in income tax laws and interpretations, or in accounting standards, could materially affect our financial condition or results of operations; (17) A failure in or breach of our operational systems, information systems, or infrastructure, or those of our third party vendors and other service providers, may result in financial losses, loss of customers, or damage to our reputation; (18) An interruption or breach in security of our information systems or those related to merchants and third party vendors, including as a result of cyber-attacks, could disrupt our business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, or result in financial losses; (19) Our mortgage banking income may experience significant volatility; (20) Our mortgage loan servicing business may be impacted if we do not meet our obligations, or if servicing standards change; (21) Risks related to representation and warranty provisions may impact our mortgage loan servicing business; (22) Risks relating to residential mortgage loan servicing activities may adversely affect our results; (23) The requirement to record certain assets and liabilities at fair value may adversely affect our financial results (24) Natural disasters and adverse weather in Hawaiʻi and the Pacific Islands may negatively affect real estate property values and our operations (25) Competition may adversely affect our business; (26) Our future performance will depend on our ability to respond timely to technological change; (27) Negative public opinion could damage our reputation and adversely impact our earnings and liquidity (28) We are subject to certain litigation, and our expenses related to this litigation may adversely affect our results; (29) Our performance depends on attracting and retaining key employees and skilled personnel to operate our business effectively; (30) The soundness of other financial institutions may adversely impact our financial condition or results of operations; (31) We have experienced increases in FDIC insurance assessments; and (32) Significant changes to the size, structure, powers and operations of the federal government, changes to U.S. economic policies, and
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uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition.

The risks and uncertainties that could cause actual results to differ materially from our historical experience and our expectations and projections include but are not limited to those described in Item 1A. “Risk Factors,” Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in our most recent Annual Report on Form 10-K and in subsequent SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by the federal securities laws.
Investor Announcements
Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at https://ir.boh.com, social media channels, press releases, and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.
Critical Accounting Estimates
Our Unaudited Consolidated Financial Statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and follow general practices within the industries in which we operate. Application of GAAP requires us to make estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Most accounting estimates are not considered by management to be critical accounting estimates. Critical accounting estimates are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. In determining which accounting estimates are critical accounting estimates, we consider, among other things, whether the application of GAAP requires management to make difficult, subjective, and complex judgments about matters that are inherently uncertain and whether it is likely that materially different results would be reported under different conditions or different assumptions. The accounting estimates that we believe are most critical in preparing our Consolidated Financial Statements are presented in the section titled “Critical Accounting Estimates” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes in the Company’s application of critical accounting estimates since December 31, 2024.

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Overview
We are a regional financial services company serving businesses, consumers, and governments in Hawai‘i, Guam, and other Pacific Islands. Our principal operating subsidiary, the Bank, was founded in 1897.
Our business strategy is to use our unique market knowledge, prudent management discipline and brand strength to deliver exceptional value to our stakeholders. Our business plan is balanced between growth and risk management while maintaining flexibility to adjust to economic changes. We will continue to focus on providing customers with best-in-class service and an innovative mix of products and services. We will also remain focused on delivering strong financial results while maintaining prudent risk and capital management strategies and affirming our commitment to support our local communities.
Hawai‘i Economy
Although Hawai‘i’s economy began the year with modest gains in tourism and labor growth, as of June 30, 2025 we believe that expansive changes to federal policy may negatively impact our local economy. The impact of actual and threatened US tariffs, large-scale federal layoffs, and volatile immigration and fiscal policies have weakened consumer confidence and are expected to create headwinds in the Hawai‘i tourism sector. Construction remains a relative bright spot as of June 30, 2025, but tariffs on imported materials and labor are expected to cause construction employment to recede in the coming years. Hawai‘i’s unemployment rate was 2.8% in June 2025, which was below the U.S. unemployment rate of 4.1%.
For the first six months of 2025, the median price of single-family home and condominium sales on Oahu increased by 6.0% and decreased by 0.5%, respectively, compared to the same period in 2024. The volume of single-family homes sales on Oahu decreased 2.1% and condominium sales decreased 6.0% compared to the same period in 2024. Inventory of single-family homes and condominiums on Oahu was 3.7 months and 7.0 months, respectively, for the second quarter of 2025.
Earnings Summary
Net income for the second quarter of 2025 was $47.6 million, an increase of $13.6 million or 40% compared to the same period in 2024. Diluted earnings per common share was $1.06 for the second quarter of 2025, an increase of $0.25 or 31% compared to the same period in 2024.
The return on average common equity for the second quarter of 2025 was 12.50% compared with 10.41% in the same quarter of 2024.
Net interest income for the second quarter of 2025 was $129.7 million, an increase of 13% compared to the same period last year.
Net interest margin was 2.39% in the second quarter of 2025, an increase of 24 basis points from the same period in 2024.
The provision for credit losses for the second quarter of 2025 and 2024 was $3.3 million and $2.4 million, respectively.
Noninterest income was $44.8 million in the second quarter of 2025, an increase of 6% compared to the same period last year.
Noninterest expense was $110.8 million in the second quarter of 2025, an increase of 1% compared to the same period last year.
The effective tax rate for the second quarter of 2025 was 21.19% compared with 24.77% compared to the same period last year.
The balance sheet remained stable during the second quarter of 2025. We experienced a modest decline in loans, while deposits slightly increased.
Total assets were $23.7 billion as of June 30, 2025, an increase of 0.5% from December 31, 2024.
Total loans and leases were $14.0 billion as of June 30, 2025, a decrease of 0.52% from December 31, 2024.
The allowance for credit losses on loans and leases was $148.5 million as of June 30, 2025, flat from December 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, flat from December 31, 2024.
Net loan and lease charge-offs during the second quarter of 2025 were $2.6 million or 7 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the second quarter of 2025 were comprised of charge-offs of $4.0 million partially offset by recoveries of $1.4 million. Compared to the same quarter of 2024, net loan and lease charge-offs decreased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding.
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Total non-performing assets (“NPAs”) were $17.9 million as of June 30, 2025, down $1.4 million from December 31, 2024. NPAs were 13 basis points of total loans and leases and foreclosed real estate at the end of the quarter, down 1 basis point from December 31, 2024.
The investment securities portfolio was $7.6 billion as of June 30, 2025, an increase of 3.3% from December 31, 2024. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises. Floating rate securities represented 18.8% of the investment securities portfolio as of June 30, 2025, compared to 16.5% as of December 31, 2024.
Total deposits were $20.8 billion as of June 30, 2025 and $20.6 billion as of December 31, 2024.
Total shareholders’ equity was $1.7 billion as of June 30, 2025, an increase of 4.5% from December 31, 2024.
No shares of common stock were repurchased under the share repurchase program in the second quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at June 30, 2025.
The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on September 15, 2025 to shareholders of record at the close of business on August 29, 2025.
On July 3, 2025, the Company announced that the Board of Directors declared quarterly dividend payments of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock, Series A, and $20.00 per share, equivalent to $0.5000 per depositary share, on its preferred stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on August 1, 2025 to shareholders of record of the preferred stock as of the close of business on July 17, 2025.
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Analysis of Unaudited Statements of Income
Average balances, related income and expenses, and resulting yields and rates are presented in Table 1. An analysis of the change in net interest income, on a taxable-equivalent basis, is presented in Table 2.
Average Balances and Interest Rates - Taxable-Equivalent Basis ¹
Table 1
Three Months Ended June 30, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(dollars in millions)Average Balance
Income/Expense 2
Yield/RateAverage Balance
Income/Expense 2
Yield/RateAverage Balance
Income/Expense 2
Yield/RateAverage 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
Taxable2,987.2 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-Taxable27.4 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
Taxable4,462.1 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-Taxable34.0 0.2 2.10 34.6 0.2 2.10 34.1 0.4 2.10 34.7 0.4 2.10 
Total Investment Securities7,510.7 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 Sale2.2 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 Mortgage4,025.2 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 Industrial1,668.1 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 
Construction366.2 6.7 7.30 321.3 6.3 7.85 352.4 12.7 7.26 314.6 11.8 7.57 
Commercial Lease Financing93.4 1.0 4.07 59.3 0.3 2.28 92.3 1.8 3.95 58.8 0.6 2.08 
Residential Mortgage4,626.5 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 Equity2,141.5 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 
Automobile730.1 9.4 5.19 813.5 9.1 4.52 741.3 18.8 5.10 822.2 18.0 4.41 
Other398.0 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 Leases14,049.0 168.3 4.80 13,831.8 163.9 4.76 14,055.6 332.7 4.76 13,850.3 323.9 4.70 
Other65.2 1.1 6.72 62.5 1.2 7.18 65.2 2.1 6.70 62.4 2.0 6.70 
Total Earning Assets21,980.8 220.2 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 Assets1,616.2 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 %
Savings8,578.6 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 
Time3,050.0 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 Deposits15,334.1 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 Repurchase50.0 0.5 3.88 121.9 1.2 3.83 63.3 1.2 3.88 136.2 2.6 3.83 
Other Debt558.3 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 Liabilities15,942.4 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 Spread1.77 1.46 1.74 1.44 
Net Interest Margin2.39 2.15 2.36 2.13 
Noninterest-Bearing Demand Deposits5,365.6 5,374.8 5,340.1 5,470.9 
Other Liabilities584.6 662.9 611.1 637.0 
Shareholders' Equity1,704.4 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 
1Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.6 million and $3.1 million for the three and six months ended June 30, 2025, respectively, and $0.8 million and $1.5 million for the three and six months ended June 30, 2024, respectively.
3Non-performing loans and leases are included in the respective average loan and lease balances.
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Analysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 2
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
Compared to June 30, 2024
Compared to June 30, 2024
(dollars in millions)
Volume 1
Rate 1
Total
Volume 1
Rate 1
Total
Change in Interest Income:
Cash and Cash Equivalents$(1.3)$(1.0)$(2.3)$(0.9)$(2.1)$(3.0)
Investment Securities
Available-for-Sale
Taxable6.1 (0.9)5.2 9.6 (2.0)7.6 
Non-Taxable0.4 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-Taxable0.0 — 0.0 0.0 — 0.0 
Total Investment Securities4.8 (1.0)3.8 6.9 (2.2)4.7 
Loans Held for Sale0.0 0.0 0.0 0.0 0.0 0.0 
Loans and Leases
Commercial Mortgage4.2 (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)
Construction0.9 (0.5)0.4 1.4 (0.5)0.9 
Commercial Lease Financing0.5 0.2 0.7 0.9 0.3 1.2 
Residential Mortgage0.3 (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 
Other0.1 0.6 0.7 0.0 1.3 1.3 
Total Loans and Leases3.8 0.6 4.4 6.6 2.2 8.8 
Other0.2 (0.3)(0.1)0.1 0.0 0.1 
Total Change in Interest Income7.5 (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)
Savings2.0 (5.9)(3.9)4.3 (10.5)(6.2)
Time1.2 (5.1)(3.9)0.7 (9.1)(8.4)
Total Interest-Bearing Deposits3.0 (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 Debt0.0 (0.1)(0.1)0.1 (0.1)0.0 
Total Change in Interest Expense2.3 (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 
1The change in interest income or expense due to both rate and volume has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Net Interest Income
Net interest income is affected by the size and mix of our balance sheet components as well as the spread between interest earned on assets and interest paid on liabilities. Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
The average balance of our earning assets for the three and six months ended June 30, 2025 increased by $443.3 million or 2% and $364.6 million or 2%, respectively, compared to the same periods in 2024. These increases were due to increases in the average balances of available-for-sale investment securities and commercial mortgage loans. As compared to the same periods last year, yields on our investment securities portfolio increased by 10 and 7 basis points during the three and six months ended
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June 30, 2025, respectively, primarily due to the amortization of lower yielding investments being reinvested into new investments at higher current interest rates. This increase was partially offset by lower income earned from interest rate swaps that hedge a portion of our available-for-sale (“AFS”) securities portfolio. Yields on our loan and lease portfolio increased by 4 and 6 basis points during the three and six months ended June 30, 2025, respectively, primarily due to higher rates on home equity lines and residential mortgages originated partially offset by the impact of interest rate swaps that hedge our residential mortgage portfolio.
The average balance of our interest-bearing liabilities for the three and six months ended June 30, 2025 increased by $273.5 million or 2% and $364.5 million or 2%, respectively, compared to the same periods in 2024 primarily due to an increase in savings deposits. As compared to the same periods last year, the cost of our interest-bearing liabilities decreased by 29 and 26 basis points during the three and six months ended June 30, 2025, respectively, primarily due to a decrease in the prevailing interest rate environment, which was driven by 100 basis points of interest rate cuts by the Federal Open Market Committee in late 2024.
Noninterest Income
Table 3 presents the components of noninterest income.
Noninterest IncomeTable 3
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)20252024Dollar ChangePercent Change20252024Dollar ChangePercent Change
Fees, Exchange, and Other Service Charges$14,383 $13,769 $614 4.5 %$28,820 $27,892 $928 3.3 %
Trust and Asset Management12,097 12,223 (126)(1.0)23,838 23,412 426 1.8 
Service Charges on Deposit Accounts8,119 7,730 389 5.0 16,378 15,677 701 4.5 
Bank-Owned Life Insurance3,714 3,396 318 9.4 7,325 6,752 573 8.5 
Annuity and Insurance1,437 1,583 (146)(9.2)2,992 2,629 363 13.8 
Mortgage Banking849 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 Income5,322 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 %
Other income increased by $1.4 million or 34.4% in the second quarter of 2025 and $1.3 million or 13.9% for the first six months of 2025 compared to the same periods last year. These increases were primarily due to a gain on sale of an other real estate owned (OREO”) property and the recovery of a previously charge-off bank-owned life insurance policy.
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Noninterest Expense
Table 4 presents the components of noninterest expense.
Noninterest ExpenseTable 4
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)20252024Dollar ChangePercent Change20252024Dollar ChangePercent Change
Salaries$39,644 $38,662 $982 2.5 %$77,886 $76,693 $1,193 1.6 %
Incentive Compensation5,067 3,109 1,958 63.0 10,640 6,199 4,441 71.6 
Retirement and Other Benefits3,894 3,961 (67)(1.7)8,955 8,260 695 8.4 
Share-Based Compensation3,668 3,296 372 11.3 7,169 7,095 74 1.0 
Medical, Dental, and Life Insurance3,610 3,211 399 12.4 8,147 6,423 1,724 26.8 
Payroll Taxes2,998 3,070 (72)(2.3)7,764 7,800 (36)(0.5)
Separation Expense1,374 785 589 75.0 1,455 1,267 188 14.8 
Commission Expense1,053 939 114 12.1 2,176 1,511 665 44.0 
Total Salaries and Benefits61,308 57,033 4,275 7.5 124,192 115,248 8,944 7.8 
Net Occupancy10,499 10,559 (60)(0.6)21,058 21,015 43 0.2 
Net Equipment9,977 10,355 (378)(3.7)20,169 20,458 (289)(1.4)
Data Processing5,456 4,745 711 15.0 10,723 9,515 1,208 12.7 
Professional Fees4,263 4,929 (666)(13.5)8,527 9,606 (1,079)(11.2)
FDIC Insurance3,640 7,170 (3,530)(49.2)5,282 10,784 (5,502)(51.0)
Other Expense:
Advertising1,876 1,701 175 10.3 4,039 3,634 405 11.1 
Merchant Transaction and Card Processing Fees1,685 1,645 40 2.4 3,426 3,310 116 3.5 
Delivery and Postage Services1,665 1,749 (84)(4.8)3,345 3,381 (36)(1.1)
Mileage Program Travel1,044 1,030 14 1.4 2,105 2,133 (28)(1.3)
Broker's Charges651 446 205 46.0 1,250 811 439 54.1 
Other8,719 7,864 855 10.9 17,126 15,190 1,936 12.7 
Total Other Expense15,640 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 %
Total salaries and benefits expense increased by $4.3 million or 7.5% in the second quarter of 2025, primarily due to an increase in incentive compensation, base salaries, and separation expense. Total salaries and benefits expense increased by $8.9 million or 7.8% for the first six months ended June 30, 2025, compared to the same period in 2024 primarily due to an increase in incentive compensation, medical, dental, and life insurance, and base salaries.
Data processing fees increased by $0.7 million or 15.0% in the second quarter of 2025 and by $1.2 million or 12.7% for the first six months of 2025 compared to the same periods in 2024, primarily due to an increase in data service fees, the commencement of amortization of our online banking platform, and an increase in debit card transactions.

Professional fees decreased by $0.7 million or 13.5% in the second quarter of 2025 and by $1.1 million or 11.2% for the first six months of 2025 compared to the same periods in 2024, primarily due to a decrease in consulting fees and reduction in outsourcing of various support functions.
FDIC insurance expense decreased by $3.5 million or 49.2% in the second quarter of 2025 compared to the same period in 2024, primarily due to a FDIC special assessment charge in the second quarter of 2024. For the first six months of 2025, FDIC insurance expense decreased by $5.5 million or 51.0% compared to the same period in 2024, primarily due to a partial recovery of the FDIC special assessment in the first quarter of 2025.
Total other expense increased by $1.2 million or 8.3% in the second quarter of 2025 and by $2.8 million or 10.0% for the first six months ended June 30, 2025, compared to the same periods in 2024, primarily due to an increase in operational losses, advertising expenses, and broker's charges.
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Provision for Income Taxes
Table 5 presents our provision for income taxes and effective tax rates.
Provision for Income Taxes and Effective Tax RatesTable 5
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Provision for Income Taxes$12,808 $11,224 $24,979 $23,197 
Effective Tax Rates21.2 %24.8 %21.4 %24.8 %
The provision for income taxes was $12.8 million in the second quarter of 2025, an increase of $1.6 million compared to the same period in 2024. The effective tax rate for the second quarter of 2025 was 21.2%, a decrease from 24.8% for the same period in 2024. The lower effective tax rate in the second quarter of 2025 compared to the same period in 2024 was primarily due to a decrease in tax expense from discrete items and an increase in tax-exempt investment income.

The provision for income taxes was $25.0 million in the first six months of 2025, an increase of $1.8 million compared to the same period in 2024. The effective tax rate for the first six months of 2025 was 21.4%, a decrease from 24.8% for the same period in 2024. The lower effective tax rate for the first six months of 2025 compared to the same period in 2024 was due to a decrease in tax expense from discrete items and an increase in tax-exempt investment income.
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Analysis of Unaudited Statements of Condition
Investment Securities
The carrying value of our investment securities portfolio was $7.6 billion and $7.3 billion as of June 30, 2025 and December 31, 2024, respectively. The increase was primarily due to the purchase of $517.1 million in available-for-sale investment securities during the six months ended June 30, 2025, of which $259.1 million were floating rate securities. The increase was partially offset by the amortization of existing securities. Floating rate securities represented 18.8% of the investment securities portfolio as of June 30, 2025, compared to 16.5% as of December 31, 2024.
We continually evaluate our investment securities portfolio in conjunction with our response to established asset/liability management objectives, changing market conditions that could affect profitability, and the level of interest rate risk to which we are exposed. These evaluations may cause us to change the level of funds we deploy into investment securities, change the composition of our investment securities portfolio, adjust hedge positions, and change the proportion of investments made into the AFS and held-to-maturity (“HTM”) investment categories.
Mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac represent the largest concentration in our portfolio. As of June 30, 2025, the issuers of these securities carry credit ratings equivalent to those of the U.S. Government, reflecting the explicit and/or implicit guarantees provided.
Net unrealized losses in our AFS and HTM investment securities were $0.9 billion as of June 30, 2025 and $1.1 billion as of December 31, 2024. See Note 2 Investment Securities to the unaudited Consolidated Financial Statements for more information.
Loans and Leases
Table 6 presents the composition of our loan and lease portfolio by major categories.
Loan and Lease Portfolio BalancesTable 6
(dollars in thousands)June 30, 2025December 31, 2024Dollar ChangePercent Change
Commercial
Commercial Mortgage$4,038,956 $4,020,622 $18,334 0.5 %
Commercial and Industrial1,597,560 1,705,133 (107,573)(6.3)
Construction374,768 308,898 65,870 21.3 
Lease Financing92,842 90,756 2,086 2.3 
Total Commercial6,104,126 6,125,409 (21,283)(0.3)
Consumer
Residential Mortgage4,637,014 4,628,283 8,731 0.2 
Home Equity2,139,025 2,165,514 (26,489)(1.2)
Automobile715,688 764,146 (48,458)(6.3)
Other406,325 392,628 13,697 3.5 
Total Consumer7,898,052 7,950,571 (52,519)(0.7)
Total Loans and Leases$14,002,178 $14,075,980 $(73,802)(0.5)%

Total loans and leases as of June 30, 2025 decreased by $73.8 million or 0.5% from December 31, 2024 due to reductions in both our commercial and consumer loans.
Commercial loans and leases as of June 30, 2025 decreased by $21.3 million or 0.3% from December 31, 2024, primarily due to a decline in commercial and industrial loans, which decreased by $107.6 million or 6.3% largely as a result of paydowns. This was partially offset by construction loans, which increased by $65.9 million or 21.3%, primarily due to increased construction activity during the quarter. Consumer loans and leases as of June 30, 2025 decreased by $52.5 million or 0.7% from December 31, 2024, primarily due to paydowns in our home equity portfolio and a slowdown in production for our automobile loans.

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Table 6a presents an additional breakdown of the Company’s commercial mortgage portfolio.
Commercial Mortgage BreakdownTable 6a
June 30, 2025December 31, 2024
(dollars in thousands)AmountPercent of Total% Owner OccupiedAmountPercent of Total% Owner Occupied
Multi-family$989,140 25 %— %$1,025,247 25 %— %
Industrial740,20318 40 724,64518 42 
Lodging722,91518 — 676,35017 — 
Retail700,13917 704,78018 
Office376,53720 371,47420 
Other 1
510,02213 26 518,12613 26 
Total Commercial Mortgage$4,038,956 100 %13 %$4,020,622 100 %13 %
1.Amount includes unamortized loan origination fees.
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Table 7 presents the composition of our loan and lease portfolio by geographic area and by major categories.

Geographic Distribution of Loan and Lease PortfolioTable 7
(dollars in thousands)
Hawaii
U.S. Mainland 1
GuamOther Pacific IslandsTotal
June 30, 2025
Commercial
Commercial Mortgage$3,607,929$255,719$174,883$425$4,038,956
Commercial and Industrial1,381,481137,05268,42210,6051,597,560
Construction374,768374,768
Lease Financing92,49934392,842
Total Commercial5,456,677392,771243,64811,0306,104,126
Consumer
Residential Mortgage4,560,9315,42970,3612934,637,014
Home Equity2,094,3263844,6612,139,025
Automobile568,571114,92132,196715,688
Other350,26253,7062,357406,325
Total Consumer7,574,0905,467283,64934,8467,898,052
Total Loans and Leases$13,030,767$398,238$527,297$45,876$14,002,178
Percentage of Total Loans and Leases93 %%%%100 %
December 31, 2024
Commercial
Commercial Mortgage$3,534,658$297,758$187,777$429$4,020,622
Commercial and Industrial1,493,386139,96862,8248,9551,705,133
Construction308,898308,898
Lease Financing90,26049690,756
Total Commercial5,427,202437,726251,0979,3846,125,409
Consumer
Residential Mortgage4,553,5535,46968,9323294,628,283
Home Equity2,119,5484145,9252,165,514
Automobile601,359125,33137,456764,146
Other336,71847,2798,631392,628
Total Consumer7,611,1785,510287,46746,4167,950,571
Total Loans and Leases$13,038,380$443,236$538,564$55,800$14,075,980
Percentage of Total Loans and Leases93 %%%%100 %
1For secured loans and leases, classification is made based on where the collateral is located. For unsecured loans and leases, classification is made based on the location where the majority of the borrower’s business operations are conducted.

Our commercial and consumer lending activities are concentrated primarily in Hawai‘i and the West Pacific. Our commercial loan and lease portfolio to borrowers based on the U.S. Mainland includes participation in shared national credits for customers whose operations and assets extend beyond Hawai‘i.
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Other Assets
Table 8 presents the major components of other assets.
Other AssetsTable 8
(dollars in thousands)June 30, 2025December 31, 2024Dollar ChangePercent Change
Low-Income Housing and Other Equity Investments$224,381 $233,202 $(8,821)(3.8)%
Deferred Tax Assets and Tax Receivable164,062 172,499 (8,437)(4.9)
Derivative Financial Instruments108,223 161,473 (53,250)(33.0)
Federal Home Loan Bank of Des Moines Stock34,750 34,750 — — 
Federal Reserve Bank Stock30,541 30,339 202 0.7 
Prepaid Expenses21,874 22,623 (749)(3.3)
Deferred Compensation Plan Assets14,569 18,155 (3,586)(19.8)
Accounts Receivable12,641 16,981 (4,340)(25.6)
Foreclosed Real Estate342 2,657 (2,315)(87.1)
Other40,401 44,279 (3,878)(8.8)
Total Other Assets$651,784 $736,958 $(85,174)(11.6)%
Derivative financial instruments decreased by $53.3 million or 33.0% due to changes in interest rates from December 2024 to June 2025 decreasing the valuation of customer swaps and fair value hedges. Accounts receivable decreased by $4.3 million due to timing of payments and changes in accruals. Deferred compensation plan assets decreased by $3.6 million primarily due to distributions from the executive deferred compensation plan in 2025.
Deposits
Table 9 presents the composition of our deposits by major customer categories.
DepositsTable 9
(dollars in thousands)June 30, 2025December 31, 2024Dollar ChangePercent Change
Consumer$10,429,271 $10,397,777 $31,494 0.3 %
Commercial8,243,898 8,299,590 (55,692)(0.7)
Public and Other2,125,745 1,935,670 190,075 9.8 
Total Deposits$20,798,914 $20,633,037 $165,877 0.8 %
Total deposits were $20.8 billion as of June 30, 2025, an increase of $165.9 million or 0.8% from December 31, 2024. Consumer deposits increased by $31.5 million due to increases of $144.4 million in savings deposits and $29.6 million in non-interest bearing deposits, partially offset by a decrease of $142.5 million in interest-bearing deposits. Commercial deposits decreased by $55.7 million primarily from decreases of $97.6 million in core deposits, defined as all deposits exclusive of time deposits, partially offset by an increase of $41.9 million in time deposits. Public and other deposits increased by $190.1 million due to an increase of $208.2 million in interest-bearing deposits, partially offset by a decrease of $18.1 million in non-interest bearing deposits.
Table 10 presents the composition of our savings deposits.
Savings DepositsTable 10
(dollars in thousands)June 30, 2025December 31, 2024Dollar ChangePercent Change
Money Market$3,347,231 $3,430,047 $(82,816)(2.4)%
Regular Savings5,134,097 4,934,869 199,228 4.0 
Total Savings Deposits$8,481,328 $8,364,916 $116,412 1.4 %
The increase in Regular Savings was primarily due to increases in consumer deposits of $153.0 million, public deposits of $43.7 million, and commercial deposits of $2.5 million. The decrease in Money Market was primarily due to decreases in commercial deposits of $74.2 million and consumer deposits of $8.6 million.
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Table 11 presents the maturity distribution of the estimated uninsured time deposits.
Maturity Distribution of Estimated Uninsured Time DepositsTable 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 months503,352 365,354 137,998 
After six through twelve months256,740 524,286 (267,546)
After twelve months151,487 102,795 48,692 
Total$1,628,010 $1,628,247 $(237)
Estimated uninsured deposits are calculated pursuant to regulatory guidance and reported in our Call Report and include deposits collateralized by government-backed securities and intercompany deposits of wholly-owned subsidiaries. Table 12 presents a reconciliation of our estimated uninsured deposits as reported in our Call Report to our adjusted uninsured deposits. We believe the adjusted uninsured deposits reconciliation provides useful information about our deposits at risk.
Uninsured Deposits ReconciliationTable 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 
1Balances presented as of June 30, 2025 are preliminary.
2Balances presented as of December 31, 2024 were revised to reflect changes made in our Call Report.

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase were $50.0 million and $100.0 million as of June 30, 2025 and December 31, 2024, respectively. In February 2025, a private institution exercised its right to call on a repurchase agreement with a balance of $50.0 million, resulting in its termination. As of June 30, 2025, our remaining repurchase agreement was at a fixed interest rate of 3.89% with a remaining maturity of 4.38 years. Our repurchase agreement was accounted for as a collateralized financing arrangement (i.e., a secured borrowing) and not as a sale and subsequent repurchase of securities.
Other Debt
Table 13 presents the composition of our other debt.
Other DebtTable 13
(dollars in thousands)June 30, 2025December 31, 2024Dollar Change
Federal Home Loan Bank of Des Moines Advances$550,000 $550,000 $— 
Finance Lease Obligations8,226 8,274 (48)
Total$558,226 $558,274 $(48)
Analysis of Business Segments
Our business segments are defined as Consumer Banking, Commercial Banking, and Treasury and Other.
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Table 14 summarizes net income from our business segments. Additional information about segment performance is presented in Note 9 Business Segments to the unaudited Consolidated Financial Statements.
Business Segment Net IncomeTable 14
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Consumer Banking$29,737 $31,289 $59,189 $64,093 
Commercial Banking30,694 29,213 62,383 58,855 
Total60,431 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 

Consumer Banking
Net income decreased by $1.6 million or 5% in the second quarter of 2025 compared to the same period in 2024, primarily due to a decrease in net interest income. Net interest income decreased by $2.9 million or 3%, primarily due to lower deposit spreads on higher deposit balances.
Net income decreased by $4.9 million or 8% in the first six months of 2025 compared to the same period in 2024, primarily due to a decrease in net interest income, coupled with an increase in noninterest expense and the provision for credit losses. This was partially offset by an increase in noninterest income. Net interest income decreased by $4.2 million or 2%, primarily due to lower deposit spreads on higher deposit balances, as well as lower loan balances. Noninterest expense increased by $3.5 million or 2%, primarily due to higher operational losses, salaries and benefits, and online banking platform costs, and allocated administrative and support unit costs. The provision for credit losses increased by $0.8 million or 15%, primarily due to higher net charge-offs in the auto loan portfolio. Noninterest income increased by $1.8 million or 3%, primarily due to higher monthly service fees, trust and asset management income, credit card commissions, annuity and insurance income, and debit card income.

Commercial Banking
Net income increased by $1.5 million or 5% in the second quarter of 2025 compared to the same period in 2024, primarily due to an increase in net interest income, partially offset by a decrease in noninterest income and an increase in noninterest expense. Net interest income increased by $3.1 million or 6%, primarily due to an increase in loan balances, primarily in commercial mortgages and allocated interest income due to increases in balances and spreads on interest bearing and savings deposits, partially offset by a reduction in noninterest bearing deposit balances. Noninterest income decreased by $0.5 million or 8%, primarily due to lower customer derivative program revenue, partially offset by an increase in merchant revenue. Noninterest expense increased by $0.9 million or 5%, primarily due to higher allocated administrative and support unit expenses, partially offset by lower salaries & benefits and broker charges related to the customer derivative program.

Net income increased by $3.5 million or 6% in the first six months of 2025 compared to the same period in 2024, primarily due to an increase in net interest income and noninterest income, partially offset by an increase in noninterest expense. Net interest income increased by $7.1 million or 7%, primarily due to an increase in loan balances, primarily in commercial mortgages, and an increase in allocated interest income due to increases in balances and spreads on interest bearing and savings deposits, partially offset by a reduction in noninterest bearing deposit balances. Noninterest expense increased by $1.9 million or 5%, primarily due to higher allocated administrative and support unit expenses, merchant processing fees, data services, and other professional services, partially offset by lower salaries & benefits.

Treasury and Other
Net loss decreased by $13.6 million or 52% in the second quarter of 2025 compared to the same period in 2024, primarily due to a decrease in net interest expense coupled with an increase in noninterest income, partially offset with an increase in the provision for credit losses. Net interest expense decreased by $14.6 million or 43%, primarily due to a decrease in funding costs reflecting the current lower rate environment. Noninterest income increased by $2.9 million or 168%, primarily due to a decrease in other income. The provision for credit losses and income taxes in this business segment represent the residual amounts to arrive at the total amount for the Company.

Net loss decreased by $22.5 million or 43% in the first six months of 2025 compared to the same period in 2024, primarily due to a decrease in net interest expense coupled with an increase in noninterest income, partially offset by an increase in noninterest expense and provision for credit losses. Net interest expense decreased by $23.8 million or 53%, primarily due to lower funding costs and an increase in interest income from higher asset yields. Noninterest income increased by $2.2 million
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or 43%, primarily due to increases in other income and bank-owned life insurance income. The provision for credit losses and income taxes in this business segment represent the residual amounts to arrive at the total amount for the Company.

Corporate Risk Profile
Credit Risk
We actively manage exposures with deteriorating asset quality to reduce levels of potential loss exposure and closely monitor our reserves and capital to address both anticipated and unforeseen issues. Risk management activities include analysis of portfolio segments and stress tests of certain segments to ensure that reserve and capital levels are appropriate. We perform frequent loan and lease-level risk monitoring and risk rating reviews, which provide opportunities for early interventions to allow for credit exits or restructuring, loan and lease sales, and voluntary workouts and liquidations.
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Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More
Table 15 presents information on NPAs and accruing loans and leases past due 90 days or more.
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or MoreTable 15
(dollars in thousands)June 30, 2025December 31, 2024Change
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage$2,566 $2,450 $116 
Commercial and Industrial3,744 4,627 (883)
Total Commercial6,310 7,077 (767)
Consumer
Residential Mortgage5,842 5,052 790 
Home Equity5,387 4,514 873 
Total Consumer11,229 9,566 1,663 
Total Non-Accrual Loans and Leases17,539 16,643 896 
Foreclosed Real Estate342 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 Equity1,867 2,845 (978)
Automobile680 776 (96)
Other630 677 (47)
Total Consumer12,247 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 Leases0.13 %0.12 %0.01 %
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate0.13 %0.14 %(0.01)%
Ratio of Non-Performing Assets to Total Assets0.08 %0.08 %— %
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate0.10 %0.12 %(0.02)%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate0.15 %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 Estate0.22 %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 
1Excludes loans that are fully charged-off and placed on non-accrual status during the same period.
NPAs consist of non-accrual loans and leases and foreclosed real estate. Changes in the level of non-accrual loans and leases typically are caused by loans and leases that reach a specified past due status, offset by reductions for loans and leases that are charged-off, written down, paid down, sold, transferred to foreclosed real estate, or are no longer classified as non-accrual because they have returned to accrual status.
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Non-accrual loans and leases as of June 30, 2025 were $17.5 million, an increase of $0.9 million or 5% from December 31, 2024 primarily due to increases in residential mortgage and home equity partially offset by a decline in commercial and industrial. Residential mortgage non-accrual loans increased $0.8 million or 16% from December 31, 2024. As of June 30, 2025, our residential mortgage non-accrual loans were comprised of 20 loans with a weighted average current loan-to-value ratio of 77.5%. Home equity non-accrual loans increased $0.9 million or 19% from December 31, 2024. As of June 30, 2025, our home equity non-accrual loans were comprised of 56 loans with a weighted average current loan-to-value ratio of 54%. Commercial and industrial non-accrual loans decreased $0.9 million from December 31, 2024, primarily due to the partial charge-off of a significant loan.
Foreclosed real estate represents property acquired as the result of borrower defaults on loans. Foreclosed real estate is recorded at fair value, less estimated selling costs, at the time of foreclosure. On an ongoing basis, properties are appraised as required by market conditions and applicable regulations. Foreclosed real estate was $0.3 million as of June 30, 2025 compared to $2.7 million as of December 31, 2024. The decrease was due to the sale of two foreclosed properties during the six months ended June 30, 2025.
Loans and Leases Past Due 90 Days or More and Still Accruing Interest
Loans and leases past due 90 days or more and still accruing interest were $12.2 million as of June 30, 2025, a $4.0 million or 48% increase from December 31, 2024. The increase was primarily in our residential mortgage portfolio. This category includes loans and leases that are well-secured and in the process of collection, as well as loans and leases that have not reached the specified past due status to be placed on non-accrual.
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Reserve for Credit Losses
Table 16 presents the activity in our reserve for credit losses.
Reserve for Credit LossesTable 16
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
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 Industrial78 263 155 379 
Consumer
Residential Mortgage11 63 22 105 
Home Equity180 113 308 297 
Automobile557 481 1,190 1,007 
Other567 517 1,024 1,123 
Total Recoveries on Loans and Leases Previously Charged-Off1,393 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 Leases3,454 3,206 7,036 6,748 
Unfunded Commitments(204)(806)(536)(2,348)
Total Provision for Credit Losses3,250 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 Commitments1,585 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 %
1The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Allowance for Credit Losses (the “Allowance”)
As of June 30, 2025 and December 31, 2024, the Allowance was $148.5 million or 1.06% of total loans and leases outstanding. The Allowance as of June 30, 2025 and December 31, 2024, includes a qualitative overlay to account for economic uncertainty and downside risk of a recession.
Net charge-offs on loans and leases for the three and six months ended June 30, 2025 were $2.6 million or 0.07% and $7.0 million or 0.10%, respectively of total average loans and leases on an annualized basis, compared to $3.4 million or 0.10% and $5.7 million or 0.08% of total average loans and leases on an annualized basis for the three and six months ended June 30, 2024, respectively. The increase for the six months ended June 30, 2025 was primarily due to higher gross charge-offs in both commercial and industrial and automobile portfolios.
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Reserve for Unfunded Commitments
The Unfunded Reserve was $1.6 million as of June 30, 2025, a decrease of $0.5 million or 25% from December 31, 2024, primarily due to lower unfunded commitments in our construction portfolio. The reserve for unfunded commitments is recorded in other liabilities in the unaudited consolidated statements of condition.
Provision for Credit Losses
For the three and six months ended June 30, 2025, the provision for credit losses was $3.3 million and $6.5 million, respectively, compared to $2.4 million and $4.4 million for the same respective periods last year. The increase in the provision was primarily due to the changes in the reserve for unfunded commitments and changes in the Allowance during the three and six months ended June 30, 2025 compared to the same periods in the prior year.
Market Risk
Market risk is the potential of loss arising from adverse changes in interest rates and prices. We are exposed to market risk as a consequence of the normal course of conducting our business activities. Our market risk management process involves measuring, monitoring, controlling, and mitigating risks that can significantly impact our consolidated statements of income and condition. In this management process, we balance market risks with expected returns to enhance earnings performance while managing volatility to an acceptable level.
Our primary market risk exposure is interest rate risk.
Interest Rate Risk
The objective of our interest rate risk management process is to optimize net interest income while operating within acceptable limits. This involves balancing expected returns with potential earnings and price volatility due to changes in interest rates over short-term, medium-term, and long-term time horizons, while maintaining adequate levels of funding and liquidity. The potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in interest rates. This interest rate risk arises primarily from our core business activities of extending loans and accepting deposits. Our investment securities portfolio is also subject to significant interest rate risk.
We utilize two management guidelines to measure our interest rate risk exposure: 1) net interest income (“NII”) sensitivity, and 2) economic value of equity (“EVE”) sensitivity. NII and EVE sensitivities measure the estimated percentage change in forward looking net interest income and economic value, respectively, under instantaneous parallel shocks of the yield curve ranging from -400 basis points to +400 basis points. We measure NII sensitivity over two successive 12-month periods to evaluate interest rate risk over short-term and medium-term time horizons. EVE sensitivity, which captures the present value of all on and off-balance sheet positions, measures interest rate risk over a long-term time horizon. The results are measured relative to established limits and early warning indicators that ensure that fluctuation in income and valuation in both up and down rate shocks remain within levels approved by the Asset and Liability Management Committee (“ALCO”) and the Board of Directors. While we recognize that instantaneous parallel shocks of the entire yield curve are unrealistic, we believe that the application of immediate shocks provides us with a sufficient range of potential outcomes to frame our risk exposures. We pay particular attention to the +/-200 basis point shock sensitivities, as we believe they represent a more realistic range of rate movements that could occur in the near to medium term. As of June 30, 2025, we remained within applicable guidelines for such scenarios.
The ALCO, which is comprised of members of executive management, utilizes several techniques to manage interest rate risk, which include:
adjusting the balance sheet mix or altering the interest rate characteristics of assets and liabilities;
changing product pricing strategies;
modifying characteristics, including mix and duration, of the AFS investment securities portfolio; and
using derivative financial instruments.
Changes in interest rates may have a material impact on earnings and valuation due to balance sheet cash flow, maturity structure and repricing frequency. The investment portfolio and loan portfolios have significant repricing volumes and cash flows from maturities and paydowns, providing opportunities to redeploy funds in order to respond to changes in the rate
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environment. These assets are primarily funded by deposits, which generally have an indeterminate life. Historically, our deposit base has consisted primarily of core consumer and commercial deposit relationships. While we strive to position our balance sheet to organically reduce volatility in earnings and valuation, primarily through our funding and investment portfolio positioning, as well as product pricing strategies, we have also established a hedging program designed to allow us to adjust the duration of our earning assets synthetically. As of June 30, 2025, our hedging program consisted primarily of pay-fixed interest rate swaps. As interest rates change, we may use different instruments to manage interest rate risk, including caps, floors, swaptions and other commonly utilized derivative instruments. See Note 10 Derivative Financial Instruments to the unaudited Consolidated Financial Statements.
A key element in our ongoing process to measure and monitor interest rate risk is the utilization of an asset/liability simulation model. This model attempts to capture the dynamic nature of assets and liabilities in various interest rate environments. It estimates and measures our balance sheet sensitivity to changes in interest rates. Given the structure of our balance sheet, model results are particularly sensitive to changes in prepayment rates on mortgage-related assets and the repricing behavior of interest-bearing deposits. We utilize a model to estimate the prepayment behavior of our mortgage-related assets, which considers the characteristics of the underlying mortgage loans, including rate (used to gauge refinance incentive), seasoning or age, and seasonality. The model’s forecasted results are regularly tested against historical prepayment behavior and is, in the ordinary course, recalibrated if the difference between actual and projected prepayments exceed established guidelines. Separate models are utilized to project interest-bearing deposit repricing behavior and deposit account attrition and average lives in various interest rate environments. These models were developed based upon our historical behavior over several interest rate cycles. The models’ forecast results are periodically tested against historical results and have been and may continue to be recalibrated.
We utilize net interest income simulations to analyze short-term income sensitivities to changes in interest rates. Table 17a presents as of June 30, 2025 and December 31, 2024, an estimate of the change in net interest income over the next twelve months that would result from an immediate change in interest rates, moving in a parallel fashion over the entire yield curve, relative to the measured base case scenario. The base case scenario assumes the consolidated statements of condition and interest rates are generally unchanged.
Net Interest Income Sensitivity ProfileTable 17a
Impact on Future Annual Net Interest Income
(dollars in thousands)June 30, 2025December 31, 2024
Immediate Change in Interest Rates (basis points)
+400$34,112 6.0 %$31,028 5.6 %
+30027,909 4.9 25,281 4.6 
+20020,681 3.6 18,783 3.4 
+10012,278 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)
Based on our net interest income simulation as of June 30, 2025, net interest income is expected to increase as interest rates rise. Rising interest rates would drive higher rates on floating rate loans, interest rate swaps and investment securities, as well as higher reinvestment rates on loan and investment securities cashflows. However, lower interest rates would likely cause an initial decline in net interest income as lower rates would lead to lower yields on loans, swaps, and investment securities, as well as drive higher premium amortization on existing investment securities. Based on our net interest income simulation as of June 30, 2025, NII sensitivity to changes in interest rates for the twelve months subsequent to June 30, 2025 increased slightly to rising rates and decreased slightly to falling rates compared to the sensitivity profile for December 31, 2024. These NII sensitivity changes are attributable to updated deposit beta assumptions implemented during the period and to an increase in volume of floating rate assets and swaps, partially offset by an increase in interest rate sensitive deposits.

To analyze the impact of changes in interest rates in a more realistic manner, we also simulate non-parallel interest rate scenarios. These scenarios help to isolate the sensitivity of earnings to various points on the yield curve. Based upon our interest rate simulations, the Company is exposed to movements in both the short and long-end of the yield curve. A movement higher or lower in the short-end of the yield curve would lead to floating-rate assets immediately repricing, while liability funding would react on a lag. Thus, net interest income may decrease from the base case in the near term if short-
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term rates were to decrease, although would benefit if short-term rates were to increase and liabilities maintained their ability to lag market rate increases. A movement higher or lower in the long end of the yield curve would lead to assets repricing over time given ongoing cash flows from maturities and prepayments of investment securities and loans. Net interest income may decrease from the base case should long-term rates decline from their current levels, although would benefit if long-term rates were to increase.
Table 17b presents an estimate of the change in EVE that would result from an immediate change in interest rates, moving in a parallel fashion over the entire yield curve, relative to the measured base case scenario. Similar to the sensitivity profile above, the base case scenario assumes the consolidated statements of condition and interest rates are generally unchanged.
Economic Value of Equity Sensitivity ProfileTable 17b
Impact on Economic Value of Equity
(dollars in thousands)June 30, 2025December 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)
-100162,068 5.9 177,198 5.0 
-200307,986 11.1 274,546 7.7 
-300298,732 10.8 294,363 8.3 
-400180,624 6.5 (99,219)(2.8)
Compared to December 31, 2024, EVE sensitivity decreased in the rising rate scenarios and increased in the falling rate scenarios. We implemented new deposit pricing and attrition models during the period, which updated the repricing beta and average life assumptions, and lowered deposit account duration compared to the prior deposit models. Additionally, we increased the notional balance of active and forward starting pay-fixed interest rate swaps. These factors resulted in generally lower asset and liability duration and improved EVE modeling results.

Other Market Risks
In addition to interest rate risk, we are exposed to other forms of market risk in our normal business transactions. Foreign currency holdings expose us to a small degree of foreign currency risk. Our trust and asset management income are at risk to fluctuations in the market values of underlying assets, particularly debt and equity securities. Also, our share-based compensation expense is dependent on the fair value of our restricted stock units and restricted stock at the date of grant. The fair value of restricted stock units and restricted stock is impacted by the market price of the Parent’s common stock on the date of grant and is at risk to changes in equity markets, general economic conditions, and other factors.
Liquidity Risk Management
The objective of our liquidity risk management process is to manage cash flow and liquidity in an effort to provide continuous access to sufficient, reasonably priced funds. Funding requirements are impacted by factors such as loan originations and refinancings, changes in deposit balances, liability issuances and settlements, and off-balance sheet funding commitments. We adhere to various regulatory guidelines regarding required liquidity levels and periodically monitor our liquidity position in light of the changing economic environment and customer activity. Based on periodic liquidity assessments, we may alter our asset, liability, and off- balance sheet positions. The ALCO monitors sources and uses of funds and modifies asset and liability positions as liquidity requirements change. This process, combined with our ability to raise funds in money and capital markets and through private placements, provides flexibility in managing the exposure to liquidity risk.
We maintain access to ample sources of readily available contingent liquidity. As of June 30, 2025, we had pledged loans and investment securities to the Federal Reserve Discount Window and had remaining borrowing capacity of $7.6 billion    . We are also a member of the FHLB. As of June 30, 2025, we had pledged loans to the FHLB and had remaining borrowing capacity of $1.8 billion. The ratio of readily available liquidity to adjusted uninsured deposits was 132% at June 30, 2025, compared to 116% at December 31, 2024. The increase in the readily available liquidity to adjusted uninsured deposits ratio was due to a decrease in uninsured deposits combined with increased borrowing capacity realized from pledging additional loan collateral.
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In addition, we utilize our investment securities portfolio as collateral to secure deposits of public entities as well as repurchase agreements with private institution counterparties. The high-quality nature of our investment securities portfolio, which consists primarily of government and agency securities, facilitates the use of these assets for pledging purposes.
Other sources of liquidity also include investment securities in our AFS securities portfolio and our ability to sell loans in the secondary market. Our core deposits have historically provided us with a long-term source of stable and relatively low-cost source of funding. Additional funding is also available through the issuance of long-term debt or equity.
General market and economic conditions will impact our ability to borrow funds from external sources, as well as the cost of such borrowing both in terms of rate, as well as haircuts on collateral pledged to support such borrowings. Although a significant portion of our investment securities were in an unrealized loss position as of June 30, 2025, we believe we have sufficient access to various forms of liquidity that would alleviate the need to liquidate these investment securities and realize the losses.
We continued our focus on maintaining a strong liquidity position. As of June 30, 2025, cash and cash equivalents were $0.8 billion, the carrying value of our AFS investment securities was $3.1 billion, and total deposits were $20.8 billion. As of June 30, 2025, our AFS investment securities portfolio was comprised of securities with an average base duration of approximately 2.89 years, excluding the impact from our interest rate swaps.
Capital Management
We actively manage capital, commensurate with our risk profile, to enhance shareholder value. We also seek to maintain capital levels for the Company and the Bank at amounts in excess of the regulatory “well-capitalized” thresholds. Periodically, we may respond to market conditions by implementing changes to our overall balance sheet positioning to manage our capital position.
The Company and the Bank are each subject to regulatory capital requirements administered by the federal banking agencies and the Division of Financial Institutions, an agency of the State of Hawai‘i Department of Commerce and Consumer Affairs. Failure to meet minimum capital requirements could cause certain mandatory and discretionary actions by regulators that, if undertaken, would likely have a material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative and qualitative measures. These measures were established by regulation intended to ensure capital adequacy. As of June 30, 2025, the Company’s capital levels remained characterized as “well-capitalized.” There have been no conditions or events since June 30, 2025, that management believes have changed either the Company’s or the Bank’s capital classifications. The Company’s regulatory capital ratios are presented in Table 18 below.
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Table 18 presents our regulatory capital and ratios as of June 30, 2025 and December 31, 2024.
Regulatory Capital and RatiosTable 18
(dollars in thousands)June 30, 2025December 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 Liabilities28,746 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 Capital1,677,652 1,648,889 
Preferred Stock, Net of Issuance Cost336,101 336,101 
Tier 1 Capital2,013,753 1,984,990 
Allowable Reserve for Credit Losses150,128 148,634 
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 Ratio11.81 %11.59 %
Tier 1 Capital Ratio14.17 13.95 
Total Capital Ratio15.23 15.00 
Tier 1 Leverage Ratio8.46 8.31 
1Regulatory capital ratios as of June 30, 2025 are preliminary.
2Includes unrealized gains and losses related to the Company’s reclassification of AFS investment securities to the HTM category.
Shareholders' Equity
As of June 30, 2025, shareholders’ equity was $1.7 billion, an increase of $75.3 million million or 4.5% from December 31, 2024. For the first six months of 2025, the increase was attributed to net income of $91.6 million, other comprehensive income of $44.2 million, share-based compensation of $7.5 million, and common stock issued under purchase and equity compensation plans of $2.6 million were offset by cash dividends declared of $56.5 million on common shares, cash dividends declared of $10.5 million on preferred shares, and common stock repurchased of $3.6 million related to taxes withheld for share-based compensation.
No shares of common stock were repurchased under the share repurchase program in the second quarter of 2025. From the beginning of our share repurchase program in July 2001 through June 30, 2025, we repurchased a total of 58.2 million shares of our common stock and returned a total of $2.4 billion to our shareholders at an average cost of $41.24 per share. Remaining buyback authority under our share repurchase program was $126.0 million as of June 30, 2025. The actual amount and timing of future share repurchases, if any, will depend on market and economic conditions, regulatory rules, applicable SEC rules, and various other factors.
In July 2025, the Parent’s Board of Directors declared quarterly dividend payments of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of $10.94 per share, equivalent to $0.2735 per depositary share and its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, of $20.00 per share, equivalent to $0.5000 per depositary share. The dividend will be payable on August 1, 2025, to shareholders of record of the preferred stock at the close of business on July 17, 2025.
In July 2025, the Parent’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Parent’s outstanding common shares. The dividend will be payable on September 15, 2025, to shareholders of record of the common stock at the close of business on August 29, 2025.
Operational Risk
Operational risk represents the risk of loss resulting from our operations, including, but not limited to, the risk of fraud by employees or persons outside the Company, errors relating to transaction processing and technology, failure to adhere to compliance requirements, and the risk of cyber attacks. We are also exposed to operational risk through our outsourcing
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arrangements, and the effect that changes in circumstances or capabilities of our outsourcing vendors can have on our ability to continue to perform operational functions necessary to our business. The risk of loss also includes the potential legal actions that could arise as a result of an operational deficiency or as a result of noncompliance with applicable regulatory standards, adverse business decisions or their implementation, and customer attrition due to potential negative publicity. Operational risk is inherent in all business activities, and management of this risk is important to the achievement of Company goals and objectives.
Our Operational Risk Committee (the “ORC”) provides oversight and assesses the most significant operational risks including cybersecurity risks facing the Company. We have developed a framework that provides for a centralized operating risk management function through the ORC, supplemented by business unit responsibility for managing operational risks specific to their business units. Our internal audit department also validates the system of internal controls through ongoing risk-based audit procedures and reports on the effectiveness of internal controls to executive management and the Audit Committee of the Board of Directors.
We continuously strive to strengthen our system of internal controls to improve the oversight of operational risk. While our internal controls have been designed to minimize operational risks, there is no assurance that business disruption or operational losses will not occur. On an ongoing basis, management reassesses operational risks, implements appropriate process changes, and invests in enhancements to our systems of internal controls.
Off-Balance Sheet Arrangements, Credit Commitments, and Contractual Obligations
Off-Balance Sheet Arrangements
We hold interests in several unconsolidated variable interest entities (“VIEs”). These unconsolidated VIEs are primarily low-income housing partnerships. Variable interests are defined as contractual ownership or other interests in an entity that change with fluctuations in an entity’s net asset value. The primary beneficiary consolidates the VIE. We have determined that the Company is not the primary beneficiary of these entities. As a result, we do not consolidate these VIEs.
Credit Commitments and Contractual Obligations
Our credit commitments and contractual obligations have not changed materially since previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
See “Market Risk” of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of June 30, 2025. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Part II - Other Information
Item 1. Legal Proceedings
There are no pending legal proceedings against or involving the Company for which the outcome is likely to have a material adverse effect upon its financial position or results of operations. For additional information, see “Contingencies” in Note 11 Commitments and Contingencies to our unaudited Consolidated Financial Statements set forth in Item 1, Part I of this report.
Item 1A. Risk Factors
There are no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Part II, Item 1A. “Risk Factors” in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no unregistered sales of the Company's stock during the quarter.
The Parent’s repurchases of its common stock during the second quarter of 2025 were as follows:
Issuer Purchases of Equity Securities
Period
Total Number of Shares Purchased 1
Average Price Paid Per ShareTotal 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, 2025159$65.92 $126,038,927 
May 1 - 31, 20254,10567.15 126,038,927 
June 1 - 30, 2025— 126,038,927 
Total4,264$67.10 
1During the second quarter of 2025, 4,264 shares were acquired from employees in connection with income tax withholdings related to the vesting of restricted stock. The shares were purchased at the closing price of the Parent’s common stock on the dates of purchase.
2The share repurchase program was first announced in July 2001 with an initial authorization to repurchase $70 million in shares of common stock. The Board increased the share repurchase program, most recently in January 2019 by $130 million. The share repurchase program has no set expiration or termination date. The actual amount and timing of future share repurchases, if any, will depend on market and economic conditions, regulatory rules, applicable SEC rules, and various other factors.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the fiscal quarter ended June 30, 2025, none of the Company’s directors or executive officers informed the Company of the adoption, modification, or termination of any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.
Item 6. Exhibits
A list of exhibits to this Form 10-Q is set forth on the Exhibit Index and is incorporated herein by reference.

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Exhibit Index
Exhibit Number
3.1
3.2
3.3
3.4
3.5
4.1
4.2
4.3
4.4
4.5Instruments 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.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Valuation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104The cover page for the Company’s Quarterly Report on the Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101
*Management contract or compensatory plan or arrangement
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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)
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EXHIBIT 10.1












BANK OF HAWAII CORPORATION
DIRECTORS’ DEFERRED COMPENSATION PLAN

COMPOSITE AS AMENDED THROUGH JULY 1, 2025




BANK OF HAWAII CORPORATION
DIRECTORS’ DEFERRED COMPENSATION PLAN
Article 1.Purpose. This Bank of Hawaii Corporation Directors’ Deferred Compensation Plan (“Plan”) is intended to advance the interests of Bank of Hawaii Corporation (“Company”) by providing deferred compensation benefits to the non-employee members of the Board of Directors of the Company and the Bank of Hawaii (“Bank”) (“Directors”) and thereby strengthening the ability of the Company to attract and retain valued Directors upon whose judgment, initiative, and efforts the successful conduct and development of the Company depends.
Article 2.Effective Date. This Plan, which is an amendment and restatement of the prior version of the Plan, shall be effective as of June 28, 2013, upon adoption by the Board of Directors of the Company, and shall operate on the basis of the calendar year (“Plan Year”). This Plan constitutes a restatement in its entirety and continuation of the prior version of the Plan.
Article 3.Eligibility. Any Director entitled to compensation by the Company or the Bank for service as a Director (“Eligible Director”), other than a Director who is also a salaried officer or employee of the Company or any of its subsidiaries, may elect to become a participant (“Participant”) under the Plan by written notice to the Company.
Article 4.Election of Deferral. This Article 4 shall be effective as of April 28, 2023.
Each Participant may elect to defer receipt of all or any portion of (i) his annual board retainer fees and committee retainer fees; (ii) his annual board retainer fees; (iii) his annual committee retainer fees; or (iv) grants of restricted stock units, all which are earned for the Plan Year commencing after the date of the election (“Deferral Election”). However, this Article 4 shall not apply to grants of restricted stock units made prior to January 1, 2024. The Deferral Election for a Plan Year shall be irrevocable as of the dates set forth below. Any Deferral Election must be written and must be made in accordance with any procedures established by the Company. The Company may require that a Participant make separate Deferral Elections for fees and restricted stock units earned for a given Plan Year.
Any Director may defer compensation for a Plan Year, including fees earned for such Plan Year and restricted stock unit awards subject to service periods beginning during such Plan Year, by submitting a Deferral Election with respect to such compensation not later than December 31 of the year immediately preceding such Plan Year. Such Deferral Election shall become irrevocable on December 31 of the year immediately preceding the Plan Year unless the Company provides for an earlier date.
In the case of the first Plan Year in which a Participant becomes eligible to participate in the Plan, the Participant shall be allowed to make a Deferral Election for such Plan Year only within 30 days after becoming eligible to participate, and such Deferral Election shall be irrevocable and effective only with respect to the designated fees and restricted stock unit awards for services performed after the date the Deferral Election is delivered to the Company.
In accordance with Article 11A, unless otherwise allowed by the Committee, a Deferral Election for a Plan Year shall not be automatically applied for a subsequent Plan Year on an “evergreen” basis.
Article 5.Deferred Compensation Account. A separate account shall be established and maintained on behalf of each Participant under the Plan (“Account”), which Account shall reflect the balance of the Deferral Election amounts credited to the Participant as provided in Article 4 above. The deferred fees of each Participant shall be credited to the Participant’s Account as soon as reasonably practicable following the date on which such fees would be otherwise payable to the Participant.
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For purposes of determining the value of the balance of each Participant’s Account, the amount allocated to the Participant’s Account shall be treated as if such amount were invested and reinvested in one or more of the investment funds or vehicles (“Funds”) as may be designated by the Company, or shares of Company common stock (“Company Stock”), as may be directed by the Participant. Each Account shall be appropriately increased or decreased, as the case may be, to reflect the appreciation or depreciation in the value attributable to the Funds or Company Stock, the net income or loss attributable to the Funds or Company Stock, and distributions and expenses that may be charged to the Account. The Participant agrees on behalf of himself and any designated beneficiary to assume all risks and responsibilities for his investment directions under his Account, and the Company shall not be liable for any deemed investment losses that may be incurred under the Account. However, notwithstanding the preceding portion of this paragraph, in order to meet the requirements for exemption from the short-swing profit recovery provisions of Section 16 of the Securities Exchange Act of 1934 (“Exchange Act”), the Participant’s investment direction in Company Stock shall be subject to the limitations described below in Article 5A.
Article 5A.    Rule 16b-3 Requirements. With respect to Directors who are subject to the provisions of Section 16 of the Exchange Act, the provisions of the Plan and all transactions hereunder are intended and shall be construed and applied so as to comply with all applicable requirements and conditions for exemption under Rule 16b-3 or any successor Rule under the Exchange Act.
In this regard, a Participant’s investment election directing the investment, disinvestment, or reinvestment of his Account in Company Stock as allowed under Article 5 shall meet the requirements of a “discretionary transaction” under Code of Federal Regulation Section 240.16b-3(f). Specifically, a Participant shall be allowed to make such investment election with respect to the acquisition or disposition of Company Stock only if such election is made on or after the date that is six months following the date of the most recent investment election for an “opposite way” transaction under any employee benefit plan sponsored by the Company. For this purpose, an “opposite way” transaction means, a previous acquisition if the current transaction is a disposition, and vice versa.
Further, with respect to a Participant’s Account, an acquisition or disposition of Company Stock resulting from an election to receive cash or Company Stock in connection with the distribution of the Account shall be made only if such acquisition or disposition is approved in advance by the Human Resources and Compensation Committee of the Board of Directors of Bank of Hawaii Corporation (“Committee”), or such acquisition or disposition otherwise falls within the scope of an alternative exemption under Rule 16b-3.
Article 5B. Company Stock Investment Restrictions. Effective as of July 24, 2015, and with respect to any notional investment of Company Stock that is credited to a Participant’s Account on or after such date (i.e., the preexisting Company Stock maintained under the Account as of such date and any Company Stock acquired under the Account on or after such date), and irrespective of whether the Company Stock is an investment or reinvestment of Deferral Election amounts or dividends or other earnings under the Account, the following requirements shall apply:
(a)    The Company Stock investment shall be maintained in Company Stock for the continuous period (“Holding Period”) beginning on the date of the investment in the Company Stock and ending on the date (and inclusive of such date) that is six months following the date of the investment in the Company Stock. Thus, during this Holding Period, the affected Company Stock shall be “nondiversifiable” and the Participant shall not have the authority to direct or allocate the Company Stock to other investment Funds available under the Plan.
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(b)    Notwithstanding the provisions of Article 7, with respect to the portion of a Participant’s account that constitutes a notional investment of Company Stock at the time of distribution of such portion to the Participant or beneficiary, such distribution shall be made in-kind in the form of Company Stock.
To the extent that the requirements of this Article 5B are applicable on and after July 24, 2015, they shall supersede the other provisions of the Plan that are inconsistent with such requirements (e.g., Articles 5 and 5A relating to a Participant’s investment authority to direct the acquisition or disposition of Company Stock during the Holding Period, and Articles 7 and 8 relating to the distribution election of a Participant or beneficiary to take other than an in-kind distribution of Company Stock maintained in the Account at the time of distribution). Further, to the extent that the requirements of this Article 5B are not applicable, the other provisions of the Plan shall continue to apply. Thus, subject to the provisions of Articles 5 and 5A, a Participant shall be entitled to exercise the otherwise applicable investment direction authority over Company Stock credited to the Participant’s Account following the completion of the Holding Period covering the Company Stock.
Article 5C. Stock Incentive Contribution. This Article 5C shall be effective as of April 28, 2023.
The Company and a Director may be parties to a restricted stock unit agreement pursuant to the Bank of Hawaii Corporation 2015 Director Stock Compensation Plan (“Stock Incentive Agreement”) or a successor plan that provides restricted stock units (“RSUs”) conditioned upon the satisfaction of specified Director service objectives. In this case, the RSUs shall be subject to deferral under the provisions of this Article 5C (“Eligible RSUs”) to the extent that the Company determines and approves that the RSUs are eligible for deferral under this Plan. However, this Article 5C shall not apply to grants of restricted stock units made prior to January 1, 2024.
Eligible RSUs shall be treated as a component of the Director’s compensation earned for a Plan Year that is subject to the Deferral Election provisions under Article 4 above. As permitted under Article 4, the Director may make a Deferral Election applicable to the deferral of the Eligible RSUs. By making this Deferral Election, the Director may defer the receipt of up to 100% of the Eligible RSUs that would otherwise be paid following the vesting of the Eligible RSUs under the terms of the applicable Stock Incentive Agreement (“Vesting Date”). The portion of the Eligible RSUs that is subject to deferral in accordance with the Deferral Election (“Stock Incentive Contribution”) shall be credited to a separate account on behalf of the Director under the Plan (“Stock Incentive Account”) on or as soon as practical following the Vesting Date, which Stock Incentive Account shall reflect the balance of the Stock Incentive Contribution credited to the Director and the deemed investment earnings and losses on such contribution. The remaining portion of the Eligible RSUs that is not subject to the Deferral Election shall be paid following the Vesting Date (in accordance with the time and manner provided under the applicable Stock Incentive Agreement). A Director’s Stock Incentive Account may be further divided into separate subaccounts, each of which corresponds to a separate grant of Eligible RSUs deferred by the Director.
Unless otherwise provided in this Article 5C, the Stock Incentive Account shall be treated as an Account, and shall be subject to the administrative rules applicable to an Account (e.g., deemed investment of Account as directed by Director, separate accounting for portion of Account attributable to the Stock Incentive Account), as described in Article 5 above. However, a Director shall not be permitted to direct the investment of Eligible RSUs credited to the Director’s Stock Incentive Account.
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Any Eligible RSUs credited to the Director’s Stock Incentive Account shall remain in the form of Eligible RSUs until the time of distribution.
At the discretion of the Company, Eligible RSUs deferred under the Plan may be credited with cash dividends paid by the Company (“Dividend Equivalents”). Dividend Equivalents shall be credited to the Director’s Stock Incentive Account and shall be treated as earnings on the underlying Eligible RSUs. Upon being credited to the Plan, Dividend Equivalents shall initially be invested in a default investment fund designated by the Company. Thereafter, at the Director’s direction, such amounts may be invested in one or more investment funds or vehicles as may be designated by the Company.
The provisions of Articles 7 and 8 below shall govern the timing and form of distribution of a Director’s Stock Incentive Account in the same manner as such provisions govern the timing and form of distribution of the Director’s Account in general. However, any provisions of Articles 7 and 8 to the contrary notwithstanding, any Eligible RSUs credited to a Director’s Stock Incentive Account shall be satisfied and paid in the form of Company Stock, and not in cash. Any Dividend Equivalents and earnings thereupon shall be subject to the time and form of distribution provided by the Director’s Deferral Election with respect to the underlying Eligible RSUs.
With respect to Eligible RSUs that are subject to deferral under the provisions of this Article 5C, the portion of the underlying Stock Incentive Agreement that describes the amount (or determination of the amount) of the Eligible RSUs shall constitute part of deferred compensation plan provisions governing the deferral of the Eligible RSUs for purposes of compliance with the written plan requirement under Code Section 409A.
Article 6.Vesting. Except as provided in Article 11, a Participant shall have a 100% vested and non-forfeitable interest in the balance of his Account.
Article 7.Distribution Due to Separation from Service or At Specified Time. Each Participant shall file with the Company at the time of his Deferral Election an irrevocable election (“Distribution Election”) regarding the time and form of the distribution applicable to that portion of his Account derived from the Deferral Election.
A.Time of Distribution. The Distribution Election shall include the Participant’s election of one of the following distribution commencement dates: (i) the first day of the month following the date on which the Participant incurs a “separation from service”; (ii) an anniversary date of the Participant’s separation from service, but no later than the fifth anniversary date; or (iii) a date specified by the Participant. For this purpose, the term “separation from service” shall be defined by reference to Treasury Regulation Section 1.409A-1(h). Also, a distribution shall be treated as made on the first day of the month following the Participant’s separation from service if the distribution is actually made by the end of the Plan Year or such other later date in accordance with the administrative rule of Treasury Regulation Section 1.409A-3(d). Further, a date specified by the Participant shall be a calendar date certain (e.g., January 1, 2010) and may not be stated as the date of an event (e.g., “the date my child begins college”).
B.Form of Distribution. The Distribution Election shall further include the Participant’s election of one of the following forms of payment: (i) a single lump sum distribution; or (ii) annual installment payments over a period not to exceed ten years (using the “declining balance method” under which each annual installment payment is determined by multiplying the remaining Account balance by a fraction, where the numerator is one and the denominator is the remaining years in the payment period).
Subject to the limitations of Article 5A, with respect to the portion of a Participant’s Account that is treated as invested in Company Stock pursuant to the Participant’s direction under Article 5, the form
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of the distribution under this Article 7 and Article 8 below shall be in cash or in Company Stock as the Participant (or beneficiary) may elect by written notice delivered to the Company within a reasonable period prior to distribution. If a timely election is not received by the Company, such distribution shall be made in cash. With respect to the portion of a Participant’s Account that is treated as invested in other than Company Stock, the form of distribution under this Article 7 and Article 8 below shall be in cash.
Article 8.Distribution Due to Death. Upon the death of an active Participant, or terminated Participant prior to expiration of the period during which his Account is payable, the balance of his Account shall be paid in a single lump sum to his designated beneficiary. The Account shall be paid in full on the second day of the Plan Year following the year of death. The Participant’s designated beneficiary shall be designated or changed by the Participant (without the consent of any prior beneficiary) through written notice delivered to the Company. If no such beneficiary is designated, or if no designated beneficiary survives the Participant, the amount payable due to the Participant’s death shall be payable to the Participant’s estate.
Article 9.Incapacity. If the Committee finds that any person to whom payment is payable under this Plan is unable to care for his affairs because of illness or accident, or is a minor, any payment due (unless a prior claim for such payment has been made by a duly appointed guardian, committee, or other legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment.
Article 10.Funding. The amounts payable under this Plan shall be paid in cash or in kind from the general funds of the Company, as the Committee may determine, and a Participant shall have no right, title, or interest whatsoever in or to investments, if any, which the Company may make to aid it in meeting its obligations under this Plan. Title to and beneficial ownership of any such investments shall at all times remain in the Company. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and the Participant and any other person. To the extent that any person acquires a right to receive a payment from the Company under this Plan, such right shall be no greater than the right of any unsecured creditor.
Article 11.Legal Status. This Plan is intended to constitute a nonqualified deferred compensation plan not subject to the qualification requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended (Code”), or the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Specifically, prior to the actual payment of the amounts credited to an Account, there is no transfer of any assets to a Participant or for the benefit of the Participant under this Plan, and the Plan is intended to confer no current benefit that would be immediately taxable to the Participant under the constructive receipt rule or economic benefit doctrine under the tax laws. Further, this Plan is intended to benefit non-employee Directors exclusively, and not employees of the Company, and is thereby not subject to the requirements of ERISA.
Article 11A.    Code Section 409A Compliance
A.Code Section 409A Application. The requirements of Code Section 409A shall apply to the portion of each Participant’s Account that is attributable to Deferral Election amounts deferred on or after January 1, 2005 (“Regular Account”). With respect to such Regular Accounts, this Plan is intended to meet the requirements of Code Section 409A and shall be interpreted in a manner consistent with the underlying regulatory guidance.
B.Grandfathered Account. Effective as of January 1, 2005, the portion of each Participant’s Account that is comprised of the balance credited to such Account as of December 31, 2004 shall be credited to and maintained as a separate account (“Grandfathered Account”). The Grandfathered Account shall be appropriately increased or decreased, as the case may be, to reflect the appreciation or depreciation in the value of such Account, the net income or loss attributable to the assets credited to such Account, and distributions and expenses that may be charged against such Account. Elective Deferral amounts for Plan Years beginning on or after January 1, 2005, and earnings thereon, shall
5


not be credited to or combined with Grandfathered Accounts. Grandfathered Accounts constitute amounts earned and vested as of December 31, 2004 that are grandfathered from, and not subject to the application of, Code Section 409A.
C.Plan Provisions. Except as otherwise provided under this Article 11A, the provisions of the Plan shall generally apply to both Regular Accounts and Grandfathered Accounts. The reference to “Account” under the Plan shall refer to Regular Accounts and Grandfathered Accounts.
D.Code Section 409A Requirements. For purposes of compliance with Code Section 409A, Regular Accounts shall be subject to the following requirements:
1.Evergreen Deferral Elections. Unless otherwise allowed by the Committee, a Deferral Election for a Plan Year shall not be automatically applied for a subsequent Plan Year on an “evergreen” basis. A Participant must make an affirmative Deferral Election with respect to each Plan Year under Article 4. If a Participant does not make an affirmative election by December 31 of the immediately preceding year, the Participant shall be deemed to have irrevocably elected not to make a Deferral Election for the Plan Year.
2.Subaccounts Relating to Varying Distribution Elections. Under Article 7, as part of any Deferral Election, a Participant must make an irrevocable election (“Distribution Election”) regarding the form of distribution for that portion of the Participant’s Account that is attributable to the Deferral Election. To the extent that a Participant’s Distribution Election for a given Plan Year is for a different form of distribution (e.g., installments over different numbers of years following termination from service) as compared to preceding Plan Years, the Company shall separately account for the Deferral Election amount for the given Plan Year as a subaccount of the Participant’s Regular Account.
3.Subsequent Changes to Distribution Elections. Under Article 7, any Distribution Election shall be irrevocable. However, the Committee may, at its sole and complete discretion, allow for a subsequent modification to a Distribution Election, subject to satisfaction of the following requirements in accordance with Code Section 409A(a)(4)(C) and underlying regulations: (i) in no event shall a modification result in the acceleration of payments provided under the Distribution Election; (ii) any new election must be made at least 12 months prior to the date payments are scheduled to commence; (iii) under any new election, the commencement of payments must be deferred for a period of not less than five years from the date such payments would otherwise commence; and (iv) any new election may not take effect until 12 months after the new election is made.
4.Distribution Events. In accordance with Articles 7 and 8, the distribution of a Participant’s Account is only permitted in the event of the Participant’s separation from service as a Director of the Company or the Participant’s death. No other distribution events shall apply under the Plan.
Article 11B.    Code Section 409A Transition Distribution Elections. On or before December 31, 2008, and notwithstanding that a preexisting Distribution Election is otherwise irrevocable, each Participant shall be allowed to make a new Distribution Election (“Transition Distribution Election”) as to the time and form of distribution of his Account payable after 2008. The Participant shall be allowed to make a separate Transition Distribution Election for his Grandfathered Account, if any, and for his Regular Account (where a separate Transition Distribution Election may apply to the portion of the Regular Account attributable to each Plan Year beginning after 2004). The Transition Distribution
6


Election shall not defer distributions that would otherwise be payable in 2008, and shall not provide for distributions to be paid in 2008 that would otherwise be payable in a later year.
Article 12.Continued Service. Nothing contained in this Plan shall be construed as conferring upon a Participant the right to continue in the service of the Company as a Director or in any other capacity. Further, nothing contained in this Plan shall be deemed to create an obligation on the part of the Board to nominate any Director for reelection by the Company stockholders.
Article 13.Nonassignment. The interests of a Participant hereunder may not be sold, transferred, signed, pledged, or hypothecated. No Participant may borrow against his Account.
Article 14.Administration. The Committee shall have full power and authority to interpret, construe, and administer this Plan, in its sole and absolute discretion, and the Committee’s interpretation and construction of this Plan, including any valuation of an Account or the amount or recipient of any payment, shall be binding and conclusive on all persons. The Committee may at its sole discretion determine the costs of implementing and administering the Plan, and it may charge all or a portion of such costs to Participants either by charging their respective Accounts or by direct charge. In addition, the Company may at its discretion withhold from any Deferral Election amounts, or any distributions made pursuant to Articles 7 and 8, any amounts required by applicable federal, state, and local tax laws.
Article 15.Amendment and Termination. The Plan may, at any time or from time to time, be amended, modified, or terminated at the sole and complete discretion of the Board of Directors. However, no amendment, modification, or termination of the Plan shall adversely affect such Participant’s rights with respect to amounts then accrued in his Account.
Article 16.Enforceability and Controlling Law. If any provision of this Plan is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The provisions of this Plan shall be construed, administered, and enforced according to the laws of the State of Hawaii.
Article 17.Gender. Wherever any words are used under the Plan in the masculine, feminine, or neuter gender, they shall be construed as though they were also used in another gender in all cases where they would so apply.


[Composite reflecting restatement effective as of June 28, 2013, and amendments effective as of July 24, 2015 and April 28, 2023]
7


Exhibit 31.1
Certification of Chief Executive Officer Pursuant to
Rule 13a-14(a) of the Securities Exchange Act of 1934, as Amended,
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Peter S. Ho, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Bank of Hawaii Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2025
/s/ Peter S. Ho
Peter S. Ho
Chief Executive Officer


Exhibit 31.2
Certification of Chief Financial Officer Pursuant to
Rule 13a-14(a) of the Securities Exchange Act of 1934, as Amended,
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Bradley S. Satenberg, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Bank of Hawaii Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2025
/s/ Bradley S. Satenberg
Bradley S. Satenberg
Chief Financial Officer


Exhibit 32
Certification of Chief Executive Officer and Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Peter S. Ho, Chief Executive Officer, and I, Bradley S. Satenberg, Chief Financial Officer, of Bank of Hawaii Corporation (the “Company”), hereby certify that the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Report”):
fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:
July 28, 2025
/s/ Peter S. Ho
Peter S. Ho
Chief Executive Officer
/s/ Bradley S. Satenberg
Bradley S. Satenberg
Chief Financial Officer

v3.25.2
Cover page - shares
6 Months Ended
Jun. 30, 2025
Jul. 22, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-6887  
Entity Registrant Name BANK OF HAWAII CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 99-0148992  
Entity Address, Address Line One 130 Merchant Street  
Entity Address, City or Town Honolulu  
Entity Address, State or Province HI  
Entity Address, Postal Zip Code 96813  
City Area Code 888  
Local Phone Number 643-3888  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   39,767,508
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000046195  
Common Stock, par value $0.01 per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol BOH  
Security Exchange Name NYSE  
Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A    
Entity Information [Line Items]    
Title of 12(b) Security Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A  
Trading Symbol BOH.PRA  
Security Exchange Name NYSE  
Depository Shares, Each Representing 1/40th Interest in a Share of 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B    
Entity Information [Line Items]    
Title of 12(b) Security Depository Shares, Each Representing 1/40th Interest in a Share of 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B  
Trading Symbol BOH.PRB  
Security Exchange Name NYSE  

v3.25.2
Consolidated Statements of Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and Cash Equivalents $ 768,683 $ 763,571
Investment Securities    
Available-for-Sale 3,111,504 2,689,528
Held-to-Maturity (Fair Value of $3,754,794 and $3,820,882) 4,441,353 4,618,543
Loans Held for Sale 1,867 2,150
Loans and Leases 14,002,178 14,075,980
Allowance for Credit Losses (148,543) (148,528)
Net Loans and Leases 13,853,635 13,927,452
Premises and Equipment, Net 192,221 184,480
Operating Lease Right-of-Use Assets 83,594 80,165
Accrued Interest Receivable 67,204 66,367
Mortgage Servicing Rights 18,362 19,199
Goodwill 31,517 31,517
Bank-Owned Life Insurance 488,028 481,184
Other Assets 651,784 736,958
Total Assets 23,709,752 23,601,114
Deposits    
Noninterest-Bearing Demand 5,424,471 5,423,562
Interest-Bearing Demand 3,855,120 3,784,984
Savings 8,481,328 8,364,916
Time 3,037,995 3,059,575
Total Deposits 20,798,914 20,633,037
Securities Sold Under Agreements to Repurchase 50,000 100,000
Other Debt 558,226 558,274
Operating Lease Liabilities 92,381 88,794
Retirement Benefits Payable 23,528 23,760
Accrued Interest Payable 26,732 34,799
Other Liabilities 416,864 494,676
Total Liabilities 21,966,645 21,933,340
Commitments and Contingencies (Note 11)
Shareholders’ Equity    
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2025 - 58,775,870 / 39,765,375; and December 31, 2024 - 58,765,907 / 39,762,255) 587 585
Capital Surplus 655,479 647,403
Accumulated Other Comprehensive Loss (299,194) (343,389)
Retained Earnings 2,158,450 2,133,838
Treasury Stock, at Cost (Shares: June 30, 2025 - 19,010,495 and December 31, 2024 - 19,003,609) (1,117,215) (1,115,663)
Total Shareholders’ Equity 1,743,107 1,667,774
Total Liabilities and Shareholders’ Equity 23,709,752 23,601,114
Preferred Series A Stock    
Shareholders’ Equity    
Preferred Stock 180,000 180,000
Preferred Series B Stock    
Shareholders’ Equity    
Preferred Stock $ 165,000 $ 165,000

v3.25.2
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  

v3.25.2
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

v3.25.2
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

v3.25.2
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock
Preferred Series A Stock
Preferred Stock
Preferred Series B Stock
Common Stock
Capital Surplus
Accum. Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2023   180,000 0 39,753,138        
Balance at Beginning of Period at Dec. 31, 2023 $ 1,414,242 $ 180,000 $ 0 $ 583 $ 636,422 $ (396,688) $ 2,107,569 $ (1,113,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 70,474           70,474  
Other Comprehensive Income 22,327         22,327    
Share-Based Compensation 7,505       7,505      
Preferred Stock Issued, Net (in shares)     165,000          
Preferred Stock Issued, Net 160,614   $ 165,000   (4,386)      
Common Stock Issued under Purchase and Equity Compensation Plans (in shares)       57,972        
Common Stock Issued under Purchase and Equity Compensation Plans 2,737     $ 2 300   1,152 1,283
Common Stock Repurchased (in shares)       (81,169)        
Common Stock Repurchased (4,995)             (4,995)
Cash Dividends Declared Common Stock (per share) (56,117)           (56,117)  
Cash Dividends Declared Preferred Stock (3,938)           (3,938)  
Balance at End of Period at Jun. 30, 2024 1,612,849 $ 180,000 $ 165,000 $ 585 639,841 (374,361) 2,119,140 (1,117,356)
Ending Balance (in shares) at Jun. 30, 2024   180,000 165,000 39,729,941        
Beginning Balance (in shares) at Mar. 31, 2024   180,000   39,720,724        
Balance at Beginning of Period at Mar. 31, 2024 1,435,977 $ 180,000   $ 584 640,663 (383,581) 2,114,729 (1,116,418)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 34,083           34,083  
Other Comprehensive Income 9,220         9,220    
Share-Based Compensation 3,475       3,475      
Preferred Stock Issued, Net (in shares)     165,000          
Preferred Stock Issued, Net 160,614   $ 165,000   (4,386)      
Common Stock Issued under Purchase and Equity Compensation Plans (in shares)       36,640        
Common Stock Issued under Purchase and Equity Compensation Plans 1,185     $ 1 89   358 737
Common Stock Repurchased (in shares)       (27,423)        
Common Stock Repurchased (1,675)             (1,675)
Cash Dividends Declared Common Stock (per share) (28,061)           (28,061)  
Cash Dividends Declared Preferred Stock (1,969)           (1,969)  
Balance at End of Period at Jun. 30, 2024 1,612,849 $ 180,000 $ 165,000 $ 585 639,841 (374,361) 2,119,140 (1,117,356)
Ending Balance (in shares) at Jun. 30, 2024   180,000 165,000 39,729,941        
Beginning Balance (in shares) at Dec. 31, 2024   180,000 165,000 39,762,255        
Balance at Beginning of Period at Dec. 31, 2024 1,667,774 $ 180,000 $ 165,000 $ 585 647,403 (343,389) 2,133,838 (1,115,663)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 91,622           91,622  
Other Comprehensive Income 44,195         44,195    
Share-Based Compensation 7,517       7,517      
Common Stock Issued under Purchase and Equity Compensation Plans (in shares)       55,906        
Common Stock Issued under Purchase and Equity Compensation Plans 2,609     $ 2 559     2,048
Common Stock Repurchased (in shares)       (52,786)        
Common Stock Repurchased (3,600)             (3,600)
Cash Dividends Declared Common Stock (per share) (56,472)           (56,472)  
Cash Dividends Declared Preferred Stock (10,538)           (10,538)  
Balance at End of Period at Jun. 30, 2025 1,743,107 $ 180,000 $ 165,000 $ 587 655,479 (299,194) 2,158,450 (1,117,215)
Ending Balance (in shares) at Jun. 30, 2025   180,000 165,000 39,765,375        
Beginning Balance (in shares) at Mar. 31, 2025   180,000 165,000 39,734,304        
Balance at Beginning of Period at Mar. 31, 2025 1,704,935 $ 180,000 $ 165,000 $ 586 651,374 (318,397) 2,144,326 (1,117,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 47,637           47,637  
Other Comprehensive Income 19,203         19,203    
Share-Based Compensation 3,837       3,837      
Common Stock Issued under Purchase and Equity Compensation Plans (in shares)       36,429        
Common Stock Issued under Purchase and Equity Compensation Plans 1,294     $ 1 268     1,025
Common Stock Repurchased (in shares)       (5,358)        
Common Stock Repurchased (286)             (286)
Cash Dividends Declared Common Stock (per share) (28,244)           (28,244)  
Cash Dividends Declared Preferred Stock (5,269)           (5,269)  
Balance at End of Period at Jun. 30, 2025 $ 1,743,107 $ 180,000 $ 165,000 $ 587 $ 655,479 $ (299,194) $ 2,158,450 $ (1,117,215)
Ending Balance (in shares) at Jun. 30, 2025   180,000 165,000 39,765,375        

v3.25.2
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

v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net Income $ 91,622 $ 70,474
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Provision for Credit Losses 6,500 4,400
Depreciation and Amortization 9,421 10,388
Amortization of Deferred Loan and Lease (Fees) Costs, Net (672) 69
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net 5,871 6,229
Amortization of Operating Lease Right-of-Use Assets 5,735 5,868
Share-Based Compensation 7,517 7,505
Benefit Plan Contributions (1,023) (1,057)
Net Gains on Sales of Loans and Leases (1,302) (1,055)
Proceeds from Sales of Loans Held for Sale 12,957 21,355
Originations of Loans Held for Sale (12,590) (20,750)
Net Change in Other Assets and Other Liabilities (24,036) (2,362)
Net Cash Provided by Operating Activities 100,000 101,064
Investment Securities Available-for-Sale:    
Proceeds from Prepayments and Maturities 148,483 107,158
Purchases (517,104) (1,097)
Investment Securities Held-to-Maturity:    
Proceeds from Prepayments and Maturities 184,959 192,708
Net Change in Loans and Leases 58,108 130,649
Purchases of Premises and Equipment (17,162) (7,852)
Net Cash (Used in) Provided by Investing Activities (142,716) 421,566
Financing Activities    
Net Change in Deposits 165,877 (646,542)
Repayments of Long-Term Debt (50,048) (50,054)
Proceeds from Issuance of Preferred Stock 0 160,614
Proceeds from Issuance of Common Stock 2,609 2,796
Repurchase of Common Stock (3,600) (4,995)
Cash Dividends Paid on Common Stock (56,472) (56,117)
Cash Dividends Paid on Preferred Stock (10,538) (3,938)
Net Cash Provided by (Used in) Financing Activities 47,828 (598,236)
Net Change in Cash and Cash Equivalents 5,112 (75,606)
Cash and Cash Equivalents at Beginning of Period 763,571 1,000,944
Cash and Cash Equivalents at End of Period 768,683 925,338
Supplemental Information    
Cash Paid for Interest 185,398 198,847
Cash Paid for Income Taxes 11,200 18,735
Non-Cash Investing and Financing Activities:    
Transfer from Loans to Foreclosed Real Estate $ 217 $ 574

v3.25.2
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.

v3.25.2
Investment Securities
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$248,373 $462 $(5,120)$243,715 
Debt Securities Issued by States and Political Subdivisions72,943 — (6,983)65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,005 — (20)985 
Debt Securities Issued by Corporations752,354 1,640 (25,152)728,842 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,191,950 877 (95,458)1,097,369 
Commercial - Government Agencies or Sponsored Enterprises354,093 535 (22,167)332,461 
Commercial - Non-Agency35,968 50 (11)36,007 
Total Collateralized Mortgage Obligations1,582,011 1,462 (117,636)1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises657,288 912 (52,035)606,165 
Total Mortgage-Backed Securities657,288 912 (52,035)606,165 
Total$3,313,974 $4,476 $(206,946)$3,111,504 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$131,932 $— $(10,754)$121,178 
Debt Securities Issued by Corporations10,354 — (1,827)8,527 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,092,255 (325,650)1,766,608 
Commercial - Government Agencies or Sponsored Enterprises411,848 — (83,013)328,835 
Total Collateralized Mortgage Obligations2,504,103 (408,663)2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,784,975 69 (263,552)1,521,492 
Commercial - Government Agencies or Sponsored Enterprises9,989 — (1,835)8,154 
Total Mortgage-Backed Securities1,794,964 69 (265,387)1,529,646 
Total$4,441,353 $72 $(686,631)$3,754,794 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$257,036 $221 $(8,185)$249,072 
Debt Securities Issued by States and Political Subdivisions73,208 — (9,349)63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,505 — (41)1,464 
Debt Securities Issued by Corporations703,579 376 (32,280)671,675 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,050,299 322 (115,401)935,220 
Commercial - Government Agencies or Sponsored Enterprises306,696 199 (23,421)283,474 
Total Collateralized Mortgage Obligations1,356,995 521 (138,822)1,218,694 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises555,092 130 (70,458)484,764 
Total Mortgage-Backed Securities555,092 130 (70,458)484,764 
Total$2,947,415 $1,248 $(259,135)$2,689,528 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$131,868 $— $(14,927)$116,941 
Debt Securities Issued by Corporations10,490 — (2,156)8,334 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,185,210 (377,149)1,808,064 
Commercial - Government Agencies or Sponsored Enterprises416,389 — (92,211)324,178 
Total Collateralized Mortgage Obligations2,601,599 (469,360)2,132,242 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,864,591 37 (309,093)1,555,535 
Commercial - Government Agencies or Sponsored Enterprises9,995 — (2,165)7,830 
Total Mortgage-Backed Securities1,874,586 37 (311,258)1,563,365 
Total$4,618,543 $40 $(797,701)$3,820,882 
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.
(dollars in thousands)Amortized CostFair Value
Available-for-Sale:
Due in One Year or Less$126,856 $124,752 
Due After One Year Through Five Years629,712 615,325 
Due After Five Years Through Ten Years208,634 189,655 
965,202 929,732 
Debt Securities Issued by Government Agencies109,473 109,770 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies1,191,950 1,097,369 
Commercial - Government Agencies or Sponsored Agencies354,093 332,461 
Commercial - Non-Agency35,968 36,007 
Total Collateralized Mortgage Obligations1,582,011 1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies657,288 606,165 
Total Mortgage-Backed Securities657,288 606,165 
Total$3,313,974 $3,111,504 
Held-to-Maturity:
Due in One Year or Less$7,500 $7,411 
Due After One Year Through Five Years74,843 70,099 
Due After Five Year Through Ten Years59,943 52,195 
142,286 129,705 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies2,092,255 1,766,608 
Commercial - Government Agencies or Sponsored Agencies411,848 328,835 
Total Collateralized Mortgage Obligations2,504,103 2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies1,784,975 1,521,492 
Commercial - Government Agencies or Sponsored Agencies9,989 8,154 
Total Mortgage-Backed Securities1,794,964 1,529,646 
Total$4,441,353 $3,754,794 
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:
Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$44,920 $(787)$101,097 $(4,333)$146,017 $(5,120)
Debt Securities Issued by States and Political Subdivisions— — 65,560 (6,983)65,560 (6,983)
Debt Securities Issued by U.S. Government- Sponsored Enterprises— — 985 (20)985 (20)
Debt Securities Issued by Corporations171,062 (7,201)456,022 (17,951)627,084 (25,152)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises266,073 (7,996)591,331 (87,462)857,404 (95,458)
Commercial - Government Agencies or Sponsored Enterprises71,066 (148)150,308 (22,019)221,374 (22,167)
Commercial - Non-Agency4,989 (11)— — 4,989 (11)
Total Collateralized Mortgage Obligations342,128 (8,155)741,639 (109,481)1,083,767 (117,636)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total Mortgage-Backed Securities218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total$776,320 $(41,778)$1,620,297 $(165,168)$2,396,617 $(206,946)
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$38,854 $(288)$157,456 $(7,897)$196,310 $(8,185)
Debt Securities Issued by States and Political Subdivisions— — 63,644 (9,349)63,644 (9,349)
Debt Securities Issued by U.S. Government-Sponsored Enterprises— — 1,464 (41)1,464 (41)
Debt Securities Issued by Corporations24,892 (108)546,407 (32,172)571,299 (32,280)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises153,104 (275)673,141 (115,126)826,245 (115,401)
Commercial - Government Agencies or Sponsored Enterprises92,485 (5)128,430 (23,416)220,915 (23,421)
Total Collateralized Mortgage Obligations245,589 (280)801,571 (138,542)1,047,160 (138,822)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises135 — 480,189 (70,458)480,324 (70,458)
Total Mortgage-Backed Securities135 — 480,189 (70,458)480,324 (70,458)
Total$309,470 $(676)$2,050,731 $(258,459)$2,360,201 $(259,135)
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Taxable$46,385 $43,057 $90,664 $86,943 
Non-Taxable457 837 13 
Total Interest Income from Investment Securities$46,842 $43,063 $91,501 $86,956 

v3.25.2
Loans and Leases and the Allowance for Credit Losses
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)June 30, 2025December 31, 2024
Commercial
Commercial Mortgage$4,038,956 $4,020,622 
Commercial and Industrial1,597,560 1,705,133 
Construction374,768 308,898 
Lease Financing92,842 90,756 
Total Commercial6,104,126 6,125,409 
Consumer
Residential Mortgage4,637,014 4,628,283 
Home Equity2,139,025 2,165,514 
Automobile715,688 764,146 
Other406,325 392,628 
Total Consumer7,898,052 7,950,571 
Total Loans and Leases$14,002,178 $14,075,980 

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.
(dollars in thousands)CommercialConsumerTotal
Three Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$80,628 $67,079 $147,707 
Loans and Leases Charged-Off(206)(3,805)(4,011)
Recoveries on Loans and Leases Previously Charged-Off78 1,315 1,393 
Net Loans and Leases Charged-Off(128)(2,490)(2,618)
Provision for Credit Losses(1,598)5,052 3,454 
Balance at End of Period$78,902 $69,641 $148,543 
Six Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$83,900 $64,628 $148,528 
Loans and Leases Charged-Off(1,605)(8,115)(9,720)
Recoveries on Loans and Leases Previously Charged-Off155 2,544 2,699 
Net Loans and Leases Charged-Off(1,450)(5,571)(7,021)
Provision for Credit Losses(3,548)10,584 7,036 
Balance at End of Period$78,902 $69,641 $148,543 
Three Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$75,087 $72,577 $147,664 
Loans and Leases Charged-Off(875)(3,955)(4,830)
Recoveries on Loans and Leases Previously Charged-Off263 1,174 1,437 
Net Loans and Leases Charged-Off(612)(2,781)(3,393)
Provision for Credit Losses5,610 (2,404)3,206 
Balance at End of Period$80,085 $67,392 $147,477 
Six Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$74,074 $72,329 $146,403 
Loans and Leases Charged-Off(1,235)(7,350)(8,585)
Recoveries on Loans and Leases Previously Charged-Off379 2,532 2,911 
Net Loans and Leases Charged-Off(856)(4,818)(5,674)
Provision for Credit Losses6,867 (119)6,748 
Balance at End of Period$80,085 $67,392 $147,477 
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:
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 90 days or more as to principal or interest may be considered Pass if the current loan-to-value ratio is 60% or less. Home equity loans that are past due 90 days or more as to principal or interest may be considered Pass if: a) the home equity loan is in first lien position and the current loan-to-value ratio is 60% or less; or b) the first mortgage is with the Company and the current combined loan-to-value ratio is 60% or less.
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 90 days or more as to principal or interest (excluding residential mortgage and home equity loans which meet the criteria for being considered Pass).
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.
Term Loans by Origination Year
(dollars in thousands)
20251
2024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
June 30, 2025
Commercial
Commercial Mortgage
Pass$311,692 $308,025 $690,377 $944,637 $575,409 $974,842 $37,965 $— $3,842,947 
Special Mention83,617 — — 1,890 — 1,845 — — 87,352 
Classified— 35,634 13,645 26,973 3,073 29,332 — — 108,657 
Total Commercial Mortgage$395,309 $343,659 $704,022 $973,500 $578,482 $1,006,019 $37,965 $— $4,038,956 
Gross Charge-Offs— — — — — — — — — 
Commercial and Industrial
Pass$93,593 $327,519 $267,249 $214,822 $139,078 $144,580 $334,342 $290 $1,521,473 
Special Mention— 413 — — — 24 36,338 — 36,775 
Classified5,275 588 14,889 2,228 2,328 5,087 8,915 39,312 
Total Commercial and Industrial$98,868 $328,520 $282,138 $217,050 $141,406 $149,691 $379,595 $292 $1,597,560 
Gross Charge-Offs165 139 — — — 1,301 — — 1,605 
Construction
Pass$24,822 $115,965 $152,293 $67,613 $2,361 $— $8,935 $— $371,989 
Classified1,483 — — 1,296 — — — — 2,779 
Total Construction$26,305 $115,965 $152,293 $68,909 $2,361 $— $8,935 $— $374,768 
Gross Charge-Offs— — — — — — — — — 
Lease Financing
Pass$12,443 $47,466 $7,229 $7,497 $7,306 $9,990 $— $— $91,931 
Classified— — 433 29 65 384 — — 911 
Total Lease Financing$12,443 $47,466 $7,662 $7,526 $7,371 $10,374 $— $— $92,842 
Gross Charge-Offs— — — — — — — — — 
Total Commercial$532,925 $835,610 $1,146,115 $1,266,985 $729,620 $1,166,084 $426,495 $292 $6,104,126 
Total Commercial Gross Charge-Offs165 139 — — — 1,301 — — 1,605 
Consumer
Residential Mortgage
Pass$186,182 $254,063 $254,373 $731,407 $1,151,789 $2,052,578 $— $— $4,630,392 
Classified— — 972 1,828 — 3,822 — — 6,622 
Total Residential Mortgage$186,182 $254,063 $255,345 $733,235 $1,151,789 $2,056,400 $— $— $4,637,014 
Gross Charge-Offs— — — — — — — — — 
Home Equity
Pass$— $— $— $— $— $39 $2,073,815 $60,741 $2,134,595 
Classified— — — — — — 3,740 690 4,430 
Total Home Equity$— $— $— $— $— $39 $2,077,555 $61,431 $2,139,025 
Gross Charge-Offs— — — — — — 129 101 230 
Automobile
Pass$97,287 $184,432 $155,827 $168,824 $70,731 $37,906 $— $— $715,007 
Classified40 270 139 152 23 57 — — 681 
Total Automobile$97,327 $184,702 $155,966 $168,976 $70,754 $37,963 $— $— $715,688 
Gross Charge-Offs12 575 1,010 728 212 467 — — 3,004 
Other
Pass$85,413 $115,458 $62,036 $74,522 $37,821 $29,852 $594 $— $405,696 
Classified180 94 182 99 72 — — 629 
Total Other$85,415 $115,638 $62,130 $74,704 $37,920 $29,924 $594 $— $406,325 
Gross Charge-Offs332 992 1,099 1,242 734 482 — — 4,881 
Total Consumer$368,924 $554,403 $473,441 $976,915 $1,260,463 $2,124,326 $2,078,149 $61,431 $7,898,052 
Total Consumer Gross Charge-Offs344 1,567 2,109 1,970 946 949 129 101 8,115 
Total Loans and Leases$901,849 $1,390,013 $1,619,556 $2,243,900 $1,990,083 $3,290,410 $2,504,644 $61,723 $14,002,178 
Total Gross Charge-Offs509 1,706 2,109 1,970 946 2,250 129 101 9,720 
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.
Term Loans by Origination Year
(dollars in thousands)
20241
2023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
December 31, 2024
Commercial
Commercial Mortgage
Pass$401,415 $687,580 $1,091,627 $596,386 $405,244 $600,386 $48,655 $— $3,831,293 
Special Mention— 47,773 1,918 3,348 2,911 15,148 — — 71,098 
Classified35,770 14,491 24,420 3,136 19,609 20,805 — — 118,231 
Total Commercial Mortgage$437,185 $749,844 $1,117,965 $602,870 $427,764 $636,339 $48,655 $— $4,020,622 
Gross Charge-Offs— — — — — — — — — 
Commercial and Industrial
Pass$356,831 $281,168 $236,802 $146,458 $135,158 $79,258 $375,135 $276 $1,611,086 
Special Mention467 — — — — — 38,587 — 39,054 
Classified325 15,614 3,483 4,831 6,590 6,427 17,716 54,993 
Total Commercial and Industrial$357,623 $296,782 $240,285 $151,289 $141,748 $85,685 $431,438 $283 $1,705,133 
Gross Charge-Offs362 282 — 1,438 128 399 — — 2,609 
Construction
Pass$89,334 $110,153 $87,006 $1,689 $1,279 $— $16,766 $— $306,227 
Special Mention— — 2,671 — — — — — 2,671 
Total Construction$89,334 $110,153 $89,677 $1,689 $1,279 $— $16,766 $— $308,898 
Gross Charge-Offs— — — — — — — — — 
Lease Financing
Pass$49,360 $8,174 $9,568 $9,751 $5,244 $7,602 $— $— $89,699 
Classified— 491 37 81 62 386 — — 1,057 
Total Lease Financing$49,360 $8,665 $9,605 $9,832 $5,306 $7,988 $— $— $90,756 
Gross Charge-Offs— — — — — — — — — 
Total Commercial$933,502 $1,165,444 $1,457,532 $765,680 $576,097 $730,012 $496,859 $283 $6,125,409 
Total Commercial Gross Charge-Offs362 282 — 1,438 128 399 — — 2,609 
Consumer
Residential Mortgage
Pass$268,330 $271,985 $751,920 $1,180,191 $919,280 $1,232,582 $— $— $4,624,288 
Classified— — 858 474 735 1,928 — — 3,995 
Total Residential Mortgage$268,330 $271,985 $752,778 $1,180,665 $920,015 $1,234,510 $— $— $4,628,283 
Gross Charge-Offs— — — 337 — 48 — — 385 
Home Equity
Pass$— $— $— $— $— $40 $2,105,833 $55,963 $2,161,836 
Classified— — — — — — 3,092 586 3,678 
Total Home Equity$— $— $— $— $— $40 $2,108,925 $56,549 $2,165,514 
Gross Charge-Offs— — — — — — 429 272 701 
Automobile
Pass$210,145 $187,136 $210,207 $94,492 $34,614 $26,777 $— $— $763,371 
Classified90 191 224 154 57 59 — — 775 
Total Automobile$210,235 $187,327 $210,431 $94,646 $34,671 $26,836 $— $— $764,146 
Gross Charge-Offs227 1,578 1,340 1,083 293 821 — — 5,342 
Other
Pass$133,093 $74,068 $96,376 $52,152 $5,149 $30,580 $533 $— $391,951 
Classified51 229 246 83 — 68 — — 677 
Total Other$133,144 $74,297 $96,622 $52,235 $5,149 $30,648 $533 $— $392,628 
Gross Charge-Offs1,431 2,151 2,901 1,869 326 1,421 — — 10,099 
Total Consumer$611,709 $533,609 $1,059,831 $1,327,546 $959,835 $1,292,034 $2,109,458 $56,549 $7,950,571 
Total Consumer Gross Charge-Offs1,658 3,729 4,241 3,289 619 2,290 429 272 16,527 
Total Loans and Leases$1,545,211 $1,699,053 $2,517,363 $2,093,226 $1,535,932 $2,022,046 $2,606,317 $56,832 $14,075,980 
Total Gross Charge-Offs2,020 4,011 4,241 4,727 747 2,689 429 272 19,136 
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, $12.7 million of revolving loans were converted to term loans.
Aging Analysis
Loans and leases are considered to be past due once becoming 30 days delinquent. For the consumer portfolio, this generally represents two missed monthly payments. The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of June 30, 2025 and December 31, 2024.
(dollars in thousands)30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal Past Due and Non-AccrualCurrentTotal Loans and LeasesNon-Accrual Loans and Leases that are Current
As of June 30, 2025
Commercial
Commercial Mortgage$— $— $— $2,566 $2,566 $4,036,390 $4,038,956 $— 
Commercial and Industrial152 77 — 3,744 3,973 1,593,587 1,597,560 383 
Construction— — — — — 374,768 374,768 — 
Lease Financing— — — — — 92,842 92,842 — 
Total Commercial152 77 — 6,310 6,539 6,097,587 6,104,126 383 
Consumer
Residential Mortgage3,699 2,791 9,070 5,842 21,402 4,615,612 4,637,014 1,985 
Home Equity4,807 2,468 1,867 5,387 14,529 2,124,496 2,139,025 1,133 
Automobile15,062 1,361 680 — 17,103 698,585 715,688 — 
Other2,029 1,174 630 — 3,833 402,492 406,325 — 
Total Consumer25,597 7,794 12,247 11,229 56,867 7,841,185 7,898,052 3,118 
Total$25,749 $7,871 $12,247 $17,539 $63,406 $13,938,772 $14,002,178 $3,501 
As of December 31, 2024
Commercial
Commercial Mortgage$— $— $— $2,450 $2,450 $4,018,172 $4,020,622 $— 
Commercial and Industrial90 117 — 4,627 4,834 1,700,299 1,705,133 — 
Construction— — — — — 308,898 308,898 — 
Lease Financing— — — — — 90,756 90,756 — 
Total Commercial90 117 — 7,077 7,284 6,118,125 6,125,409 — 
Consumer
Residential Mortgage5,184 4,174 3,984 5,052 18,394 4,609,889 4,628,283 424 
Home Equity6,109 2,753 2,845 4,514 16,221 2,149,293 2,165,514 1,438 
Automobile16,443 1,661 776 — 18,880 745,266 764,146 — 
Other2,565 1,076 677 — 4,318 388,310 392,628 — 
Total Consumer30,301 9,664 8,282 9,566 57,813 7,892,758 7,950,571 1,862 
Total$30,391 $9,781 $8,282 $16,643 $65,097 $14,010,883 $14,075,980 $1,862 
Non-Accrual Loans and Leases
The following presents the non-accrual loans and leases as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(dollars in thousands)Non-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual LoansNon-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual Loans
Commercial
Commercial Mortgage$— $2,566 $2,566 $— $2,450 $2,450 
Commercial and Industrial2,480 1,264 3,744 3,695 932 4,627 
Total Commercial2,480 3,830 6,310 3,695 3,382 7,077 
Consumer
Residential Mortgage5,842 — 5,842 5,052 — 5,052 
Home Equity5,387 — 5,387 4,514 — 4,514 
Total Consumer11,229 — 11,229 9,566 — 9,566 
Total$13,709 $3,830 $17,539 $13,261 $3,382 $16,643 
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:
Loan ClassesModification 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.
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.
(dollars in thousands)Term Extension
Payment Delay and Term Extension1
Term Extension and Interest Rate ReductionRate Reduction, Payment Delay, and Term ExtensionPayment DelayTotal% of Total Class of Loans and Leases
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial$83 $— $— $— $— $83 0.01 %
Total Commercial83 — — — — 83 0.01 
Consumer
Residential Mortgage456 — — — — 456 0.01 
Automobile3,680 — — — — 3,680 0.51 
Other431 — — — — 431 0.11 
Total Consumer4,567 — — — — 4,567 0.06 
Total Loans and Leases$4,650 $— $— $— $— $4,650 0.03 %
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage$— $— $— $2,159 $— $2,159 0.05 %
Commercial and Industrial83 — — — — 83 0.01 
Total Commercial83 — — 2,159 — 2,242 0.04 
Consumer
Residential Mortgage456 — 71 — — 527 0.01 
Home Equity— — 201 — — 201 0.01 
Automobile7,171 — — — — 7,171 1.00 
Other1,053 — — — — 1,053 0.26 
Total Consumer8,680 — 272 — — 8,952 0.11 
Total Loans and Leases$8,763 $— $272 $2,159 $— $11,194 0.08 %
Three Months Ended June 30, 2024
Consumer
Home Equity$— $— $— $— $537 $537 0.02 %
Automobile4,795 383 — — — 5,178 0.64 
Other567 61 — — — 628 0.16 
Total Consumer5,362 444 — — 537 6,343 0.08 
Total Loans and Leases$5,362 $444 $— $— $537 $6,343 0.05 %
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$24 $4,841 $— $— $— $4,865 0.29 %
Total Commercial24 4,841 — — — 4,865 0.08 
Consumer
Residential Mortgage— — — — 14,282 14,282 0.31 
Home Equity— — — — 1,147 1,147 0.05 
Automobile8,927 1,003 — — — 9,930 1.23 
Other957 148 — — — 1,105 0.28 
Total Consumer9,884 1,151 — — 15,429 26,464 0.33 
Total Loans and Leases$9,908 $5,992 $— $— $15,429 $31,329 0.23 %
1.Includes forbearance plans.
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Weighted-Average Months of Term Extension
Weighted-Average Payment Deferral1
Weighted-Average Interest Rate Reduction
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial3$— — %
Consumer
Residential Mortgage75— — 
Automobile22— — 
Other22— — 
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage24$— — %
Commercial and Industrial3— — 
Consumer
Residential Mortgage81— — 
Home Equity24— — 
Automobile22— — 
Other22— — 
Three Months Ended June 30, 2024
Consumer
Home Equity0$10 — %
Automobile22— 
Other22— 
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial12$593 — %
Consumer
Residential Mortgage013 — 
Home Equity0— 
Automobile22— 
Other20— 
1Includes forbearance plans.
The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Term Extension
Payment Delay & Term Extension1
Term Extension and Interest Rate ReductionTotal
Three Months Ended June 30, 2025
Consumer
Residential Mortgage$— $— $71 $71 
Automobile430 — — 430 
Other159 — — 159 
Total Consumer589 — 71 660 
Total Loans and Leases$589 $— $71 $660 
Six Months Ended June 30, 2025
Consumer
Residential Mortgage$— $— $71 $71 
Automobile584 — — 584 
Other187 — — 187 
Total Consumer771 — 71 842 
Total Loans and Leases$771 $— $71 $842 
Three Months Ended June 30, 2024
Commercial
Commercial and Industrial$— $34 $— $34 
Total Commercial— 34 — 34 
Consumer
Automobile428 11 — 439 
Other121 12 — 133 
Total Consumer549 23 — 572 
Total Loans and Leases$549 $57 $— $606 
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$— $34 $— $34 
Total Commercial— 34 — 34 
Consumer
Automobile668 11 — 679 
Other172 12 — 184 
Total Consumer840 23 — 863 
Total Loans and Leases$840 $57 $— $897 
1.Includes forbearance plans.
The following table presents the aging analysis of loans that have been modified in the last 12 months made to borrowers experiencing financial difficulty as of June 30, 2025 and 2024.
(dollars in thousands)Current30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal
As of June 30, 2025
Commercial
Commercial Mortgage$— $— $— $— $2,159 $2,159 
Commercial and Industrial142 — — — 151 
Total Commercial142 — — 2,159 2,310 
Consumer
Residential Mortgage71 — — — 456 527 
Home Equity1,102 — — — — 1,102 
Automobile10,850 1,714 167 179 — 12,910 
Other1,566 189 94 74 — 1,923 
Total Consumer13,589 1,903 261 253 456 16,462 
Total Loans and Leases$13,731 $1,912 $261 $253 $2,615 $18,772 
As of June 30, 2024
Commercial
Commercial and Industrial$4,865 $— $— $— $— $4,865 
Total Commercial4,865 — — — — 4,865 
Consumer
Residential Mortgage14,282 — — — — 14,282 
Home Equity1,147 — — — — 1,147 
Automobile8,887 998 46 — — 9,931 
Other1,013 43 29 19 — 1,104 
Total Consumer25,329 1,041 75 19 — 26,464 
Total Loans and Leases$30,194 $1,041 $75 $19 $— $31,329 

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.

v3.25.2
Mortgage Servicing Rights
6 Months Ended
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:
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2025202420252024
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 
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Balance at Beginning of Period$18,141 $19,748 $18,552 $20,201 
Servicing Rights that Resulted From Asset Transfers92 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 $25,326 
The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024, were as follows:
June 30, 2025December 31, 2024
Weighted-Average Constant Prepayment Rate 1
4.12 %4.00 %
Weighted-Average Life (in years)9.099.28
Weighted-Average Note Rate3.76 %3.74 %
Weighted-Average Discount Rate 2
9.55 %9.92 %
1Represents annualized loan prepayment rate assumption.
2Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities.
A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of June 30, 2025 and December 31, 2024, is presented in the following table.
(dollars in thousands)June 30, 2025December 31, 2024
Constant Prepayment Rate
Decrease in fair value from 25 basis points (“bps”) adverse change$(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)
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.

v3.25.2
Affordable Housing Projects Tax Credit Partnerships
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)Amount
2025$35,076 
202661,293 
20271,871 
2028269 
2029235 
Thereafter15,070 
Total Unfunded Commitments$113,814 
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.
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Effective Yield Method
Tax Credits and Other Tax Benefits Recognized$533 $1,137 $1,066 $2,274 
Amortization Expense in Provision for Income Taxes557 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 Taxes7,491 5,348 14,982 10,695 
There were no impairment losses related to LIHTC investments during the six months ended June 30, 2025 and 2024.

v3.25.2
Securities Sold Under Agreements to Repurchase
6 Months Ended
Jun. 30, 2025
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.
Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)Up to 90 days91-365 days1-3 YearsAfter 3 YearsTotal
June 30, 2025
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$— $— $— $50,000 $50,000 
December 31, 2024
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$— $— $50,000 $50,000 $100,000 
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.
(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 ConditionGross Amounts Offset in the Statements of ConditionNet Amounts Presented in the Statements of ConditionNetting Adjustments per Master Netting Arrangements
Fair Value of Collateral Pledged/ Received 1
Net Amount
June 30, 2025
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$94,597 $— $94,597 $11,795 $82,802 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties11,795 — 11,795 11,795 — — 
Repurchase Agreements:
Private Institutions50,000 — 50,000 — 50,000 — 
Total Repurchase Agreements$50,000 $— $50,000 $— $50,000 $— 
December 31, 2024
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$141,571 $— $141,571 $5,446 $136,125 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties5,446 — 5,446 5,446 — — 
Repurchase Agreements:
Private Institutions100,000 — 100,000 — 100,000 — 
Total Repurchase Agreements$100,000 $— $100,000 $— $100,000 $— 
1The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $56.0 million and $109.5 million as of June 30, 2025 and December 31, 2024, respectively.

v3.25.2
Accumulated Other Comprehensive Income
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)Before TaxTax EffectNet of Tax
Three Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$19,927 $5,281 $14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities5,884 1,560 4,324 
Net Unrealized Gains on Investment Securities25,811 6,841 18,970 
Defined Benefit Plans:
Amortization of Net Actuarial Losses378 100 278 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net317 84 233 
Other Comprehensive Income$26,128 $6,925 $19,203 
Three Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$6,022 $1,595 $4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities6,294 1,669 4,625 
Net Unrealized Gains on Investment Securities12,316 3,264 9,052 
Defined Benefit Plans:
Amortization of Net Actuarial Losses291 78 213 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net230 62 168 
Other Comprehensive Income$12,546 $3,326 $9,220 
Six Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$47,920 $12,699 $35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities11,578 3,069 8,509 
Net Unrealized Gains on Investment Securities59,498 15,768 43,730 
Defined Benefit Plans:
Amortization of Net Actuarial Losses755 200 555 
Amortization of Prior Service Credit(123)(33)(90)
Defined Benefit Plans, Net632 167 465 
Other Comprehensive Income$60,130 $15,935 $44,195 
Six Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$17,426 $4,619 $12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities12,496 3,313 9,183 
Net Unrealized Gains on Investment Securities29,922 7,932 21,990 
Defined Benefit Plans:
Amortization of Net Actuarial Losses582 155 427 
Amortization of Prior Service Credit(122)(32)(90)
Defined Benefit Plans, Net460 123 337 
Other Comprehensive Income$30,382 $8,055 $22,327 
The amortization of unrealized holding losses on HTM securities relate to the Company’s reclassification of AFS investment securities to the HTM category and will be amortized over the remaining life of the investment securities as an adjustment of yield.
The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2025 and 2024:
(dollars in thousands)Investment Securities-Available-for-SaleInvestment Securities-Held-to-MaturityDefined Benefit PlansAccumulated Other Comprehensive Income (Loss)
Three Months Ended June 30, 2025
Balance at Beginning of Period$(168,655)$(126,578)$(23,164)$(318,397)
Other Comprehensive Income Before Reclassifications14,646 — — 14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income— 4,324 233 4,557 
Total Other Comprehensive Income14,646 4,324 233 19,203 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Three Months Ended June 30, 2024
Balance at Beginning of Period$(216,027)$(144,463)$(23,091)$(383,581)
Other Comprehensive Income Before Reclassifications4,427 — — 4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income— 4,625 168 4,793 
Total Other Comprehensive Income4,427 4,625 168 9,220 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
Six Months Ended June 30, 2025
Balance at Beginning of Period$(189,230)$(130,763)$(23,396)$(343,389)
Other Comprehensive Income Before Reclassifications35,221 — — 35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income— 8,509 465 8,974 
Total Other Comprehensive Income35,221 8,509 465 44,195 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Six Months Ended June 30, 2024
Balance at Beginning of Period$(224,407)$(149,021)$(23,260)$(396,688)
Other Comprehensive Income Before Reclassifications12,807 — — 12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income— 9,183 337 9,520 
Total Other Comprehensive Income12,807 9,183 337 22,327 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024:
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Three Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(5,884)$(6,294)Interest Income
1,560 1,669 Provision for Income Tax
(4,324)(4,625)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
61 61 
Net Actuarial Losses 2
(378)(291)
(317)(230)Total Before Tax
84 62 Provision for Income Tax
(233)(168)Net of Tax
Total Reclassifications for the Period$(4,557)$(4,793)Net of Tax
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Six Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(11,578)$(12,496)Interest Income
3,069 3,313 Provision for Income Tax
(8,509)(9,183)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
123 122 
Net Actuarial Losses 2
(755)(582)
(632)(460)Total Before Tax
167 123 Provision for Income Tax
(465)(337)Net of Tax
Total Reclassifications for the Period$(8,974)$(9,520)Net of Tax
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.

v3.25.2
Earnings Per Common Share
6 Months Ended
Jun. 30, 2025
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Numerator:
Net Income Available to Common Shareholders$42,368 $32,114 $81,084 $66,536 
Denominator:
Weighted Average Common Shares Outstanding - Basic39,622,99839,450,55139,588,91639,400,452
Dilutive Effect of Equity Based Awards272,095168,154299,378218,322
Weighted Average Common Shares Outstanding - Diluted39,895,09339,618,70539,888,29439,618,774
Earnings Per Common Share:
Basic$1.07 $0.81 $2.05 $1.69 
Diluted$1.06 $0.81 $2.03 $1.68 
Antidilutive Restricted Stock Outstanding49,57211,27231,99211,272

v3.25.2
Business Segments
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Three Months Ended June 30, 2025
Net Interest Income (Expense)$95,339$53,949$(19,605)$129,683
Provision for (Recapture of) Credit Losses2,619(1)6323,250
Net Interest Income (Expense) After Provision for Credit Losses92,72053,950(20,237)126,433
Noninterest Income33,9816,1644,65044,795
Salaries and Benefits21,0324,93735,33961,308
Net Occupancy7,1424022,95510,499
Other Noninterest Expense58,62913,535(33,188)38,976
Noninterest Expense86,80318,8745,106110,783
Income (Loss) Before Provision for Income Taxes39,89841,240(20,693)60,445
Provision (Benefit) for Income Taxes10,16110,546(7,899)12,808
Net Income (Loss)$29,737$30,694$(12,794)$47,637
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Three Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$98,205$50,885$(34,244)$114,846
Provision for (Recapture of) Credit Losses2,873473(946)2,400
Net Interest Income (Expense) After Provision for Credit Losses95,33250,412(33,298)112,446
Noninterest Income33,6536,6981,73642,087
Salaries and Benefits20,1575,08531,79157,033
Net Occupancy6,7484213,39010,559
Other Noninterest Expense60,10612,504(30,976)41,634
Noninterest Expense87,01118,0104,205109,226
Income (Loss) Before Provision for Income Taxes41,97439,100(35,767)45,307
Provision (Benefit) for Income Taxes10,6859,887(9,348)11,224
Net Income (Loss)$31,289$29,213$(26,419)$34,083
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1.Certain prior period information has been reclassified to conform to current presentation.
(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Six Months Ended June 30, 2025
Net Interest Income (Expense)$190,963$109,523$(44,996)$255,490
Provision for (Recapture of) Credit Losses5,9141,107(521)6,500
Net Interest Income (Expense) After Provision for Credit Losses185,049108,416(44,475)248,990
Noninterest Income67,47913,8987,47688,853
Salaries and Benefits42,13710,29771,758124,192
Net Occupancy14,2098026,04721,058
Other Noninterest Expense116,83127,417(68,256)75,992
Noninterest Expense173,17738,5169,549221,242
Income (Loss) Before Provision for Income Taxes79,35183,798(46,548)116,601
Provision (Benefit) for Income Taxes20,16221,415(16,598)24,979
Net Income (Loss)$59,189$62,383$(29,950)$91,622
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Six Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$195,199$102,378$(68,793)$228,784
Provision for (Recapture of) Credit Losses5,160467(1,227)4,400
Net Interest Income (Expense) After Provision for Credit Losses190,039101,911(67,566)224,384
Noninterest Income65,63513,4925,24584,372
Salaries and Benefits41,07410,60163,573115,248
Net Occupancy13,6128686,53521,015
Other Noninterest Expense115,03025,184(61,392)78,822
Noninterest Expense169,71636,6538,716215,085
Income (Loss) Before Provision for Income Taxes85,95878,750(71,037)93,671
Provision (Benefit) for Income Taxes21,86519,895(18,563)23,197
Net Income (Loss)$64,093$58,855$(52,474)$70,474
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1Certain prior period information has been reclassified to conform to current presentation.

v3.25.2
Derivative Financial Instruments
6 Months Ended
Jun. 30, 2025
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:
June 30, 2025December 31, 2024
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments
Interest Rate Swap Agreements 1
$2,200,000 $(13,140)$2,000,000 $2,738 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments1,341 37 1,534 34 
Forward Commitments3,082 (8)3,517 
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps2,165,596 (82,906)2,123,665 (136,218)
Pay Fixed/Receive Variable Swaps2,165,596 82,802 2,123,665 136,125 
Conversion Rate Swap Agreements 2
108,069  NA 96,466  NA
Makewhole Agreements 3
49,161  NA 65,763  NA
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:
June 30, 2025December 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$106,288 $106,392 $146,923 $147,016 
Designated as Hedging Instruments1,898 13,747 14,507 7,039 
108,186 120,139 161,430 154,055 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments37 — 34 — 
Forward Commitments— 
Total Derivatives$108,223 $120,147 $161,473 $154,058 
1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the unaudited consolidated statements of condition. Derivatives are recognized on the Company's unaudited consolidated statements of condition at fair value.
The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024:
Location of Net Gains (Losses) Recognized in the Statements of IncomeThree Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Derivatives designated as hedging instruments
Recognized on Interest Rate Swap AgreementsInterest Income on Investment Securities Available-for-Sale$(1,828)$3,082 $(7,490)$19,975 
Recognized on Hedged ItemInterest Income on Investment Securities Available-for-Sale1,823 (3,145)7,497 (20,147)
Net Cash SettlementsInterest Income on Investment Securities Available-for-Sale(20)2,736 (22)5,457 
Recognized on Interest Rate Swap AgreementsInterest and Fees on Loans and Leases(3,447)4,222 (11,826)26,824 
Recognized on Hedged ItemInterest and Fees on Loans and Leases3,417 (4,308)11,789 (27,060)
Net Cash SettlementsInterest and Fees on Loans and Leases1,976 3,367 3,509 6,715 
Derivatives not designated as hedging instruments
Interest Rate Lock CommitmentsMortgage Banking52 122 252 245 
Forward CommitmentsMortgage Banking31 119 (4)215 
Interest Rate Swap AgreementsOther Noninterest Income10 (10)53 
Conversion Rate Swap AgreementsInvestment Securities Gains (Losses), Net15 — (563)— 
Total$2,028 $6,205 $3,132 $12,277 
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:
Line Item in the Unaudited Consolidated Statements of ConditionCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets
(dollars in thousands)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Investment Securities, Available-for-Sale 1
$1,207,091 $999,594 $7,091 $(406)
Loans and Leases 2
1,604,459 1,292,670 4,459 (7,330)
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.

v3.25.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)June 30, 2025December 31, 2024
Unfunded Commitments to Extend Credit$3,096,145 $3,128,272 
Standby Letters of Credit93,256 96,484 
Commercial Letters of Credit9,432 9,339 
Total Credit Commitments$3,198,833 $3,234,095 
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.

v3.25.2
Fair Value of Assets and Liabilities
6 Months Ended
Jun. 30, 2025
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:
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.
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.
(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$133,946 $109,769 $— $243,715 
Debt Securities Issued by States and Political Subdivisions— 65,960 — 65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises— 985 — 985 
Debt Securities Issued by Corporations— 728,842 — 728,842 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises— 1,097,369 — 1,097,369 
Commercial - Government Agencies or Sponsored Enterprises— 332,461 — 332,461 
Commercial - Non Agency— 36,007 — 36,007 
Total Collateralized Mortgage Obligations— 1,465,837 — 1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises— 606,165 — 606,165 
Total Investment Securities Available-for-Sale133,946 2,977,558 — 3,111,504 
Loans Held for Sale— 1,867 — 1,867 
Mortgage Servicing Rights— — 619 619 
Deferred Compensation Plan Assets14,569 — — 14,569 
Derivatives 1
— 108,186 37 108,223 
Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2025$148,515 $3,087,611 $656 $3,236,782 
Liabilities:
Derivatives 1
$— $120,147 $— $120,147 
Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2025$— $120,147 $— $120,147 
December 31, 2024
Assets:
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies$150,389 $98,683 $— $249,072 
Debt Securities Issued by States and Political Subdivisions— 63,859 — 63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises— 1,464 — 1,464 
Debt Securities Issued by Corporations— 671,675 — 671,675 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises— 935,220 — 935,220 
Commercial - Government Agencies or Sponsored Enterprises— 283,474 — 283,474 
Total Collateralized Mortgage Obligations— 1,218,694 — 1,218,694 
Mortgage-Backed Securities Issued by:
Residential - Government Agencies or Sponsored Enterprises— 484,764 — 484,764 
Total Investment Securities Available-for-Sale150,389 2,539,139 — 2,689,528 
Loans Held for Sale— 2,150 — 2,150 
Mortgage Servicing Rights— — 647 647 
Deferred Compensation Plan Assets18,155 — — 18,155 
Derivatives 1
— 161,439 34 161,473 
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024$168,544 $2,702,728 $681 $2,871,953 
Liabilities:
Derivatives 1
$— $154,058 $— $154,058 
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024$— $154,058 $— $154,058 
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.
(dollars in thousands)Aggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Less Aggregate Unpaid Principal
June 30, 2025
Loans Held for Sale$1,867 $1,832 $35 
December 31, 2024
Loans Held for Sale$2,150 $2,109 $41 
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.
Fair Value Measurements
(dollars in thousands)Carrying AmountFair ValueQuoted 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$4,441,353 $3,754,794 $121,178 $3,633,616 $— 
Loans13,700,594 13,073,565 — — 13,073,565 
Financial Instruments - Liabilities
Time Deposits3,037,995 3,028,864 — 3,028,864 — 
Securities Sold Under Agreements to Repurchase50,000 51,619 — 51,619 — 
Other Debt 1
550,000 545,556 — 545,556 — 
December 31, 2024
Financial Instruments – Assets
Investment Securities Held-to-Maturity$4,618,543 $3,820,882 $116,941 $3,703,941 $— 
Loans13,777,756 12,908,626 — — 12,908,626 
Financial Instruments – Liabilities
Time Deposits3,059,575 3,050,583 — 3,050,583 — 
Securities Sold Under Agreements to Repurchase100,000 101,478 — 101,478 — 
Other Debt 1
550,000 538,808 — 538,808 — 
1Excludes finance lease obligations.

v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net of Tax $ 47,637 $ 34,083 $ 91,622 $ 70,474

v3.25.2
Insider Trading Arrangements
3 Months Ended
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

v3.25.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2025
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.
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.

v3.25.2
Investment Securities (Tables)
6 Months Ended
Jun. 30, 2025
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:
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$248,373 $462 $(5,120)$243,715 
Debt Securities Issued by States and Political Subdivisions72,943 — (6,983)65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,005 — (20)985 
Debt Securities Issued by Corporations752,354 1,640 (25,152)728,842 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,191,950 877 (95,458)1,097,369 
Commercial - Government Agencies or Sponsored Enterprises354,093 535 (22,167)332,461 
Commercial - Non-Agency35,968 50 (11)36,007 
Total Collateralized Mortgage Obligations1,582,011 1,462 (117,636)1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises657,288 912 (52,035)606,165 
Total Mortgage-Backed Securities657,288 912 (52,035)606,165 
Total$3,313,974 $4,476 $(206,946)$3,111,504 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$131,932 $— $(10,754)$121,178 
Debt Securities Issued by Corporations10,354 — (1,827)8,527 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,092,255 (325,650)1,766,608 
Commercial - Government Agencies or Sponsored Enterprises411,848 — (83,013)328,835 
Total Collateralized Mortgage Obligations2,504,103 (408,663)2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,784,975 69 (263,552)1,521,492 
Commercial - Government Agencies or Sponsored Enterprises9,989 — (1,835)8,154 
Total Mortgage-Backed Securities1,794,964 69 (265,387)1,529,646 
Total$4,441,353 $72 $(686,631)$3,754,794 
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.
(dollars in thousands)Amortized CostFair Value
Available-for-Sale:
Due in One Year or Less$126,856 $124,752 
Due After One Year Through Five Years629,712 615,325 
Due After Five Years Through Ten Years208,634 189,655 
965,202 929,732 
Debt Securities Issued by Government Agencies109,473 109,770 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies1,191,950 1,097,369 
Commercial - Government Agencies or Sponsored Agencies354,093 332,461 
Commercial - Non-Agency35,968 36,007 
Total Collateralized Mortgage Obligations1,582,011 1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies657,288 606,165 
Total Mortgage-Backed Securities657,288 606,165 
Total$3,313,974 $3,111,504 
Held-to-Maturity:
Due in One Year or Less$7,500 $7,411 
Due After One Year Through Five Years74,843 70,099 
Due After Five Year Through Ten Years59,943 52,195 
142,286 129,705 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies2,092,255 1,766,608 
Commercial - Government Agencies or Sponsored Agencies411,848 328,835 
Total Collateralized Mortgage Obligations2,504,103 2,095,443 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies1,784,975 1,521,492 
Commercial - Government Agencies or Sponsored Agencies9,989 8,154 
Total Mortgage-Backed Securities1,794,964 1,529,646 
Total$4,441,353 $3,754,794 
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:
Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$44,920 $(787)$101,097 $(4,333)$146,017 $(5,120)
Debt Securities Issued by States and Political Subdivisions— — 65,560 (6,983)65,560 (6,983)
Debt Securities Issued by U.S. Government- Sponsored Enterprises— — 985 (20)985 (20)
Debt Securities Issued by Corporations171,062 (7,201)456,022 (17,951)627,084 (25,152)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises266,073 (7,996)591,331 (87,462)857,404 (95,458)
Commercial - Government Agencies or Sponsored Enterprises71,066 (148)150,308 (22,019)221,374 (22,167)
Commercial - Non-Agency4,989 (11)— — 4,989 (11)
Total Collateralized Mortgage Obligations342,128 (8,155)741,639 (109,481)1,083,767 (117,636)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total Mortgage-Backed Securities218,210 (25,635)254,994 (26,400)473,204 (52,035)
Total$776,320 $(41,778)$1,620,297 $(165,168)$2,396,617 $(206,946)
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$38,854 $(288)$157,456 $(7,897)$196,310 $(8,185)
Debt Securities Issued by States and Political Subdivisions— — 63,644 (9,349)63,644 (9,349)
Debt Securities Issued by U.S. Government-Sponsored Enterprises— — 1,464 (41)1,464 (41)
Debt Securities Issued by Corporations24,892 (108)546,407 (32,172)571,299 (32,280)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises153,104 (275)673,141 (115,126)826,245 (115,401)
Commercial - Government Agencies or Sponsored Enterprises92,485 (5)128,430 (23,416)220,915 (23,421)
Total Collateralized Mortgage Obligations245,589 (280)801,571 (138,542)1,047,160 (138,822)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises135 — 480,189 (70,458)480,324 (70,458)
Total Mortgage-Backed Securities135 — 480,189 (70,458)480,324 (70,458)
Total$309,470 $(676)$2,050,731 $(258,459)$2,360,201 $(259,135)
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Taxable$46,385 $43,057 $90,664 $86,943 
Non-Taxable457 837 13 
Total Interest Income from Investment Securities$46,842 $43,063 $91,501 $86,956 

v3.25.2
Loans and Leases and the Allowance for Credit Losses (Tables)
6 Months Ended
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:
(dollars in thousands)June 30, 2025December 31, 2024
Commercial
Commercial Mortgage$4,038,956 $4,020,622 
Commercial and Industrial1,597,560 1,705,133 
Construction374,768 308,898 
Lease Financing92,842 90,756 
Total Commercial6,104,126 6,125,409 
Consumer
Residential Mortgage4,637,014 4,628,283 
Home Equity2,139,025 2,165,514 
Automobile715,688 764,146 
Other406,325 392,628 
Total Consumer7,898,052 7,950,571 
Total Loans and Leases$14,002,178 $14,075,980 
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.
(dollars in thousands)CommercialConsumerTotal
Three Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$80,628 $67,079 $147,707 
Loans and Leases Charged-Off(206)(3,805)(4,011)
Recoveries on Loans and Leases Previously Charged-Off78 1,315 1,393 
Net Loans and Leases Charged-Off(128)(2,490)(2,618)
Provision for Credit Losses(1,598)5,052 3,454 
Balance at End of Period$78,902 $69,641 $148,543 
Six Months Ended June 30, 2025
Allowance for Credit Losses:
Balance at Beginning of Period$83,900 $64,628 $148,528 
Loans and Leases Charged-Off(1,605)(8,115)(9,720)
Recoveries on Loans and Leases Previously Charged-Off155 2,544 2,699 
Net Loans and Leases Charged-Off(1,450)(5,571)(7,021)
Provision for Credit Losses(3,548)10,584 7,036 
Balance at End of Period$78,902 $69,641 $148,543 
Three Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$75,087 $72,577 $147,664 
Loans and Leases Charged-Off(875)(3,955)(4,830)
Recoveries on Loans and Leases Previously Charged-Off263 1,174 1,437 
Net Loans and Leases Charged-Off(612)(2,781)(3,393)
Provision for Credit Losses5,610 (2,404)3,206 
Balance at End of Period$80,085 $67,392 $147,477 
Six Months Ended June 30, 2024
Allowance for Credit Losses:
Balance at Beginning of Period$74,074 $72,329 $146,403 
Loans and Leases Charged-Off(1,235)(7,350)(8,585)
Recoveries on Loans and Leases Previously Charged-Off379 2,532 2,911 
Net Loans and Leases Charged-Off(856)(4,818)(5,674)
Provision for Credit Losses6,867 (119)6,748 
Balance at End of Period$80,085 $67,392 $147,477 
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.
Term Loans by Origination Year
(dollars in thousands)
20251
2024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
June 30, 2025
Commercial
Commercial Mortgage
Pass$311,692 $308,025 $690,377 $944,637 $575,409 $974,842 $37,965 $— $3,842,947 
Special Mention83,617 — — 1,890 — 1,845 — — 87,352 
Classified— 35,634 13,645 26,973 3,073 29,332 — — 108,657 
Total Commercial Mortgage$395,309 $343,659 $704,022 $973,500 $578,482 $1,006,019 $37,965 $— $4,038,956 
Gross Charge-Offs— — — — — — — — — 
Commercial and Industrial
Pass$93,593 $327,519 $267,249 $214,822 $139,078 $144,580 $334,342 $290 $1,521,473 
Special Mention— 413 — — — 24 36,338 — 36,775 
Classified5,275 588 14,889 2,228 2,328 5,087 8,915 39,312 
Total Commercial and Industrial$98,868 $328,520 $282,138 $217,050 $141,406 $149,691 $379,595 $292 $1,597,560 
Gross Charge-Offs165 139 — — — 1,301 — — 1,605 
Construction
Pass$24,822 $115,965 $152,293 $67,613 $2,361 $— $8,935 $— $371,989 
Classified1,483 — — 1,296 — — — — 2,779 
Total Construction$26,305 $115,965 $152,293 $68,909 $2,361 $— $8,935 $— $374,768 
Gross Charge-Offs— — — — — — — — — 
Lease Financing
Pass$12,443 $47,466 $7,229 $7,497 $7,306 $9,990 $— $— $91,931 
Classified— — 433 29 65 384 — — 911 
Total Lease Financing$12,443 $47,466 $7,662 $7,526 $7,371 $10,374 $— $— $92,842 
Gross Charge-Offs— — — — — — — — — 
Total Commercial$532,925 $835,610 $1,146,115 $1,266,985 $729,620 $1,166,084 $426,495 $292 $6,104,126 
Total Commercial Gross Charge-Offs165 139 — — — 1,301 — — 1,605 
Consumer
Residential Mortgage
Pass$186,182 $254,063 $254,373 $731,407 $1,151,789 $2,052,578 $— $— $4,630,392 
Classified— — 972 1,828 — 3,822 — — 6,622 
Total Residential Mortgage$186,182 $254,063 $255,345 $733,235 $1,151,789 $2,056,400 $— $— $4,637,014 
Gross Charge-Offs— — — — — — — — — 
Home Equity
Pass$— $— $— $— $— $39 $2,073,815 $60,741 $2,134,595 
Classified— — — — — — 3,740 690 4,430 
Total Home Equity$— $— $— $— $— $39 $2,077,555 $61,431 $2,139,025 
Gross Charge-Offs— — — — — — 129 101 230 
Automobile
Pass$97,287 $184,432 $155,827 $168,824 $70,731 $37,906 $— $— $715,007 
Classified40 270 139 152 23 57 — — 681 
Total Automobile$97,327 $184,702 $155,966 $168,976 $70,754 $37,963 $— $— $715,688 
Gross Charge-Offs12 575 1,010 728 212 467 — — 3,004 
Other
Pass$85,413 $115,458 $62,036 $74,522 $37,821 $29,852 $594 $— $405,696 
Classified180 94 182 99 72 — — 629 
Total Other$85,415 $115,638 $62,130 $74,704 $37,920 $29,924 $594 $— $406,325 
Gross Charge-Offs332 992 1,099 1,242 734 482 — — 4,881 
Total Consumer$368,924 $554,403 $473,441 $976,915 $1,260,463 $2,124,326 $2,078,149 $61,431 $7,898,052 
Total Consumer Gross Charge-Offs344 1,567 2,109 1,970 946 949 129 101 8,115 
Total Loans and Leases$901,849 $1,390,013 $1,619,556 $2,243,900 $1,990,083 $3,290,410 $2,504,644 $61,723 $14,002,178 
Total Gross Charge-Offs509 1,706 2,109 1,970 946 2,250 129 101 9,720 
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.
Term Loans by Origination Year
(dollars in thousands)
20241
2023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal Loans and Leases
December 31, 2024
Commercial
Commercial Mortgage
Pass$401,415 $687,580 $1,091,627 $596,386 $405,244 $600,386 $48,655 $— $3,831,293 
Special Mention— 47,773 1,918 3,348 2,911 15,148 — — 71,098 
Classified35,770 14,491 24,420 3,136 19,609 20,805 — — 118,231 
Total Commercial Mortgage$437,185 $749,844 $1,117,965 $602,870 $427,764 $636,339 $48,655 $— $4,020,622 
Gross Charge-Offs— — — — — — — — — 
Commercial and Industrial
Pass$356,831 $281,168 $236,802 $146,458 $135,158 $79,258 $375,135 $276 $1,611,086 
Special Mention467 — — — — — 38,587 — 39,054 
Classified325 15,614 3,483 4,831 6,590 6,427 17,716 54,993 
Total Commercial and Industrial$357,623 $296,782 $240,285 $151,289 $141,748 $85,685 $431,438 $283 $1,705,133 
Gross Charge-Offs362 282 — 1,438 128 399 — — 2,609 
Construction
Pass$89,334 $110,153 $87,006 $1,689 $1,279 $— $16,766 $— $306,227 
Special Mention— — 2,671 — — — — — 2,671 
Total Construction$89,334 $110,153 $89,677 $1,689 $1,279 $— $16,766 $— $308,898 
Gross Charge-Offs— — — — — — — — — 
Lease Financing
Pass$49,360 $8,174 $9,568 $9,751 $5,244 $7,602 $— $— $89,699 
Classified— 491 37 81 62 386 — — 1,057 
Total Lease Financing$49,360 $8,665 $9,605 $9,832 $5,306 $7,988 $— $— $90,756 
Gross Charge-Offs— — — — — — — — — 
Total Commercial$933,502 $1,165,444 $1,457,532 $765,680 $576,097 $730,012 $496,859 $283 $6,125,409 
Total Commercial Gross Charge-Offs362 282 — 1,438 128 399 — — 2,609 
Consumer
Residential Mortgage
Pass$268,330 $271,985 $751,920 $1,180,191 $919,280 $1,232,582 $— $— $4,624,288 
Classified— — 858 474 735 1,928 — — 3,995 
Total Residential Mortgage$268,330 $271,985 $752,778 $1,180,665 $920,015 $1,234,510 $— $— $4,628,283 
Gross Charge-Offs— — — 337 — 48 — — 385 
Home Equity
Pass$— $— $— $— $— $40 $2,105,833 $55,963 $2,161,836 
Classified— — — — — — 3,092 586 3,678 
Total Home Equity$— $— $— $— $— $40 $2,108,925 $56,549 $2,165,514 
Gross Charge-Offs— — — — — — 429 272 701 
Automobile
Pass$210,145 $187,136 $210,207 $94,492 $34,614 $26,777 $— $— $763,371 
Classified90 191 224 154 57 59 — — 775 
Total Automobile$210,235 $187,327 $210,431 $94,646 $34,671 $26,836 $— $— $764,146 
Gross Charge-Offs227 1,578 1,340 1,083 293 821 — — 5,342 
Other
Pass$133,093 $74,068 $96,376 $52,152 $5,149 $30,580 $533 $— $391,951 
Classified51 229 246 83 — 68 — — 677 
Total Other$133,144 $74,297 $96,622 $52,235 $5,149 $30,648 $533 $— $392,628 
Gross Charge-Offs1,431 2,151 2,901 1,869 326 1,421 — — 10,099 
Total Consumer$611,709 $533,609 $1,059,831 $1,327,546 $959,835 $1,292,034 $2,109,458 $56,549 $7,950,571 
Total Consumer Gross Charge-Offs1,658 3,729 4,241 3,289 619 2,290 429 272 16,527 
Total Loans and Leases$1,545,211 $1,699,053 $2,517,363 $2,093,226 $1,535,932 $2,022,046 $2,606,317 $56,832 $14,075,980 
Total Gross Charge-Offs2,020 4,011 4,241 4,727 747 2,689 429 272 19,136 
1.Loans reported as Special Mention and Classified in the 2024 column represent amendment of loans that originated in an earlier period.
Schedule of Aging Analysis by Class of Loan and Lease Portfolio The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of June 30, 2025 and December 31, 2024.
(dollars in thousands)30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal Past Due and Non-AccrualCurrentTotal Loans and LeasesNon-Accrual Loans and Leases that are Current
As of June 30, 2025
Commercial
Commercial Mortgage$— $— $— $2,566 $2,566 $4,036,390 $4,038,956 $— 
Commercial and Industrial152 77 — 3,744 3,973 1,593,587 1,597,560 383 
Construction— — — — — 374,768 374,768 — 
Lease Financing— — — — — 92,842 92,842 — 
Total Commercial152 77 — 6,310 6,539 6,097,587 6,104,126 383 
Consumer
Residential Mortgage3,699 2,791 9,070 5,842 21,402 4,615,612 4,637,014 1,985 
Home Equity4,807 2,468 1,867 5,387 14,529 2,124,496 2,139,025 1,133 
Automobile15,062 1,361 680 — 17,103 698,585 715,688 — 
Other2,029 1,174 630 — 3,833 402,492 406,325 — 
Total Consumer25,597 7,794 12,247 11,229 56,867 7,841,185 7,898,052 3,118 
Total$25,749 $7,871 $12,247 $17,539 $63,406 $13,938,772 $14,002,178 $3,501 
As of December 31, 2024
Commercial
Commercial Mortgage$— $— $— $2,450 $2,450 $4,018,172 $4,020,622 $— 
Commercial and Industrial90 117 — 4,627 4,834 1,700,299 1,705,133 — 
Construction— — — — — 308,898 308,898 — 
Lease Financing— — — — — 90,756 90,756 — 
Total Commercial90 117 — 7,077 7,284 6,118,125 6,125,409 — 
Consumer
Residential Mortgage5,184 4,174 3,984 5,052 18,394 4,609,889 4,628,283 424 
Home Equity6,109 2,753 2,845 4,514 16,221 2,149,293 2,165,514 1,438 
Automobile16,443 1,661 776 — 18,880 745,266 764,146 — 
Other2,565 1,076 677 — 4,318 388,310 392,628 — 
Total Consumer30,301 9,664 8,282 9,566 57,813 7,892,758 7,950,571 1,862 
Total$30,391 $9,781 $8,282 $16,643 $65,097 $14,010,883 $14,075,980 $1,862 
Schedule of Non-Accrual Loans and Leases
The following presents the non-accrual loans and leases as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(dollars in thousands)Non-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual LoansNon-Accrual Loans with a Related ACLNon-Accrual Loans without a Related ACLTotal Non-Accrual Loans
Commercial
Commercial Mortgage$— $2,566 $2,566 $— $2,450 $2,450 
Commercial and Industrial2,480 1,264 3,744 3,695 932 4,627 
Total Commercial2,480 3,830 6,310 3,695 3,382 7,077 
Consumer
Residential Mortgage5,842 — 5,842 5,052 — 5,052 
Home Equity5,387 — 5,387 4,514 — 4,514 
Total Consumer11,229 — 11,229 9,566 — 9,566 
Total$13,709 $3,830 $17,539 $13,261 $3,382 $16,643 
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.
(dollars in thousands)Term Extension
Payment Delay and Term Extension1
Term Extension and Interest Rate ReductionRate Reduction, Payment Delay, and Term ExtensionPayment DelayTotal% of Total Class of Loans and Leases
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial$83 $— $— $— $— $83 0.01 %
Total Commercial83 — — — — 83 0.01 
Consumer
Residential Mortgage456 — — — — 456 0.01 
Automobile3,680 — — — — 3,680 0.51 
Other431 — — — — 431 0.11 
Total Consumer4,567 — — — — 4,567 0.06 
Total Loans and Leases$4,650 $— $— $— $— $4,650 0.03 %
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage$— $— $— $2,159 $— $2,159 0.05 %
Commercial and Industrial83 — — — — 83 0.01 
Total Commercial83 — — 2,159 — 2,242 0.04 
Consumer
Residential Mortgage456 — 71 — — 527 0.01 
Home Equity— — 201 — — 201 0.01 
Automobile7,171 — — — — 7,171 1.00 
Other1,053 — — — — 1,053 0.26 
Total Consumer8,680 — 272 — — 8,952 0.11 
Total Loans and Leases$8,763 $— $272 $2,159 $— $11,194 0.08 %
Three Months Ended June 30, 2024
Consumer
Home Equity$— $— $— $— $537 $537 0.02 %
Automobile4,795 383 — — — 5,178 0.64 
Other567 61 — — — 628 0.16 
Total Consumer5,362 444 — — 537 6,343 0.08 
Total Loans and Leases$5,362 $444 $— $— $537 $6,343 0.05 %
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$24 $4,841 $— $— $— $4,865 0.29 %
Total Commercial24 4,841 — — — 4,865 0.08 
Consumer
Residential Mortgage— — — — 14,282 14,282 0.31 
Home Equity— — — — 1,147 1,147 0.05 
Automobile8,927 1,003 — — — 9,930 1.23 
Other957 148 — — — 1,105 0.28 
Total Consumer9,884 1,151 — — 15,429 26,464 0.33 
Total Loans and Leases$9,908 $5,992 $— $— $15,429 $31,329 0.23 %
1.Includes forbearance plans.
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Weighted-Average Months of Term Extension
Weighted-Average Payment Deferral1
Weighted-Average Interest Rate Reduction
Three Months Ended June 30, 2025
Commercial
Commercial and Industrial3$— — %
Consumer
Residential Mortgage75— — 
Automobile22— — 
Other22— — 
Six Months Ended June 30, 2025
Commercial
Commercial Mortgage24$— — %
Commercial and Industrial3— — 
Consumer
Residential Mortgage81— — 
Home Equity24— — 
Automobile22— — 
Other22— — 
Three Months Ended June 30, 2024
Consumer
Home Equity0$10 — %
Automobile22— 
Other22— 
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial12$593 — %
Consumer
Residential Mortgage013 — 
Home Equity0— 
Automobile22— 
Other20— 
1Includes forbearance plans.
The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024.
(dollars in thousands)Term Extension
Payment Delay & Term Extension1
Term Extension and Interest Rate ReductionTotal
Three Months Ended June 30, 2025
Consumer
Residential Mortgage$— $— $71 $71 
Automobile430 — — 430 
Other159 — — 159 
Total Consumer589 — 71 660 
Total Loans and Leases$589 $— $71 $660 
Six Months Ended June 30, 2025
Consumer
Residential Mortgage$— $— $71 $71 
Automobile584 — — 584 
Other187 — — 187 
Total Consumer771 — 71 842 
Total Loans and Leases$771 $— $71 $842 
Three Months Ended June 30, 2024
Commercial
Commercial and Industrial$— $34 $— $34 
Total Commercial— 34 — 34 
Consumer
Automobile428 11 — 439 
Other121 12 — 133 
Total Consumer549 23 — 572 
Total Loans and Leases$549 $57 $— $606 
Six Months Ended June 30, 2024
Commercial
Commercial and Industrial$— $34 $— $34 
Total Commercial— 34 — 34 
Consumer
Automobile668 11 — 679 
Other172 12 — 184 
Total Consumer840 23 — 863 
Total Loans and Leases$840 $57 $— $897 
1.Includes forbearance plans.
Schedule of Aging Analysis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty
The following table presents the aging analysis of loans that have been modified in the last 12 months made to borrowers experiencing financial difficulty as of June 30, 2025 and 2024.
(dollars in thousands)Current30 - 59 Days Past Due60 - 89 Days Past DuePast Due 90 Days or MoreNon-AccrualTotal
As of June 30, 2025
Commercial
Commercial Mortgage$— $— $— $— $2,159 $2,159 
Commercial and Industrial142 — — — 151 
Total Commercial142 — — 2,159 2,310 
Consumer
Residential Mortgage71 — — — 456 527 
Home Equity1,102 — — — — 1,102 
Automobile10,850 1,714 167 179 — 12,910 
Other1,566 189 94 74 — 1,923 
Total Consumer13,589 1,903 261 253 456 16,462 
Total Loans and Leases$13,731 $1,912 $261 $253 $2,615 $18,772 
As of June 30, 2024
Commercial
Commercial and Industrial$4,865 $— $— $— $— $4,865 
Total Commercial4,865 — — — — 4,865 
Consumer
Residential Mortgage14,282 — — — — 14,282 
Home Equity1,147 — — — — 1,147 
Automobile8,887 998 46 — — 9,931 
Other1,013 43 29 19 — 1,104 
Total Consumer25,329 1,041 75 19 — 26,464 
Total Loans and Leases$30,194 $1,041 $75 $19 $— $31,329 

v3.25.2
Mortgage Servicing Rights (Tables)
6 Months Ended
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:
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2025202420252024
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 
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Balance at Beginning of Period$18,141 $19,748 $18,552 $20,201 
Servicing Rights that Resulted From Asset Transfers92 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 $25,326 
Schedule of Key Data and Assumptions Used in Estimating the Fair Value
The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024, were as follows:
June 30, 2025December 31, 2024
Weighted-Average Constant Prepayment Rate 1
4.12 %4.00 %
Weighted-Average Life (in years)9.099.28
Weighted-Average Note Rate3.76 %3.74 %
Weighted-Average Discount Rate 2
9.55 %9.92 %
1Represents annualized loan prepayment rate assumption.
2Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities.
Schedule of Sensitivity Analysis of the Fair Value
A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of June 30, 2025 and December 31, 2024, is presented in the following table.
(dollars in thousands)June 30, 2025December 31, 2024
Constant Prepayment Rate
Decrease in fair value from 25 basis points (“bps”) adverse change$(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)

v3.25.2
Affordable Housing Projects Tax Credit Partnerships (Tables)
6 Months Ended
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:
(dollars in thousands)Amount
2025$35,076 
202661,293 
20271,871 
2028269 
2029235 
Thereafter15,070 
Total Unfunded Commitments$113,814 
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.
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Effective Yield Method
Tax Credits and Other Tax Benefits Recognized$533 $1,137 $1,066 $2,274 
Amortization Expense in Provision for Income Taxes557 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 Taxes7,491 5,348 14,982 10,695 

v3.25.2
Securities Sold Under Agreements to Repurchase (Tables)
6 Months Ended
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.
Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)Up to 90 days91-365 days1-3 YearsAfter 3 YearsTotal
June 30, 2025
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$— $— $— $50,000 $50,000 
December 31, 2024
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises$— $— $50,000 $50,000 $100,000 
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.
(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 ConditionGross Amounts Offset in the Statements of ConditionNet Amounts Presented in the Statements of ConditionNetting Adjustments per Master Netting Arrangements
Fair Value of Collateral Pledged/ Received 1
Net Amount
June 30, 2025
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$94,597 $— $94,597 $11,795 $82,802 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties11,795 — 11,795 11,795 — — 
Repurchase Agreements:
Private Institutions50,000 — 50,000 — 50,000 — 
Total Repurchase Agreements$50,000 $— $50,000 $— $50,000 $— 
December 31, 2024
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$141,571 $— $141,571 $5,446 $136,125 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties5,446 — 5,446 5,446 — — 
Repurchase Agreements:
Private Institutions100,000 — 100,000 — 100,000 — 
Total Repurchase Agreements$100,000 $— $100,000 $— $100,000 $— 
1The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $56.0 million and $109.5 million as of June 30, 2025 and December 31, 2024, respectively.
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.
(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 ConditionGross Amounts Offset in the Statements of ConditionNet Amounts Presented in the Statements of ConditionNetting Adjustments per Master Netting Arrangements
Fair Value of Collateral Pledged/ Received 1
Net Amount
June 30, 2025
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$94,597 $— $94,597 $11,795 $82,802 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties11,795 — 11,795 11,795 — — 
Repurchase Agreements:
Private Institutions50,000 — 50,000 — 50,000 — 
Total Repurchase Agreements$50,000 $— $50,000 $— $50,000 $— 
December 31, 2024
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties$141,571 $— $141,571 $5,446 $136,125 $— 
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties5,446 — 5,446 5,446 — — 
Repurchase Agreements:
Private Institutions100,000 — 100,000 — 100,000 — 
Total Repurchase Agreements$100,000 $— $100,000 $— $100,000 $— 
1The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $56.0 million and $109.5 million as of June 30, 2025 and December 31, 2024, respectively.

v3.25.2
Accumulated Other Comprehensive Income (Tables)
6 Months Ended
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:
(dollars in thousands)Before TaxTax EffectNet of Tax
Three Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$19,927 $5,281 $14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities5,884 1,560 4,324 
Net Unrealized Gains on Investment Securities25,811 6,841 18,970 
Defined Benefit Plans:
Amortization of Net Actuarial Losses378 100 278 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net317 84 233 
Other Comprehensive Income$26,128 $6,925 $19,203 
Three Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$6,022 $1,595 $4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities6,294 1,669 4,625 
Net Unrealized Gains on Investment Securities12,316 3,264 9,052 
Defined Benefit Plans:
Amortization of Net Actuarial Losses291 78 213 
Amortization of Prior Service Credit(61)(16)(45)
Defined Benefit Plans, Net230 62 168 
Other Comprehensive Income$12,546 $3,326 $9,220 
Six Months Ended June 30, 2025
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$47,920 $12,699 $35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities11,578 3,069 8,509 
Net Unrealized Gains on Investment Securities59,498 15,768 43,730 
Defined Benefit Plans:
Amortization of Net Actuarial Losses755 200 555 
Amortization of Prior Service Credit(123)(33)(90)
Defined Benefit Plans, Net632 167 465 
Other Comprehensive Income$60,130 $15,935 $44,195 
Six Months Ended June 30, 2024
Net Unrealized Gains on Investment Securities:
Net Unrealized Gains Arising During the Period$17,426 $4,619 $12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income that Decrease Net Income:
Amortization of Unrealized Holding Losses on Held-to-Maturity Securities12,496 3,313 9,183 
Net Unrealized Gains on Investment Securities29,922 7,932 21,990 
Defined Benefit Plans:
Amortization of Net Actuarial Losses582 155 427 
Amortization of Prior Service Credit(122)(32)(90)
Defined Benefit Plans, Net460 123 337 
Other Comprehensive Income$30,382 $8,055 $22,327 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2025 and 2024:
(dollars in thousands)Investment Securities-Available-for-SaleInvestment Securities-Held-to-MaturityDefined Benefit PlansAccumulated Other Comprehensive Income (Loss)
Three Months Ended June 30, 2025
Balance at Beginning of Period$(168,655)$(126,578)$(23,164)$(318,397)
Other Comprehensive Income Before Reclassifications14,646 — — 14,646 
Amounts Reclassified from Accumulated Other Comprehensive Income— 4,324 233 4,557 
Total Other Comprehensive Income14,646 4,324 233 19,203 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Three Months Ended June 30, 2024
Balance at Beginning of Period$(216,027)$(144,463)$(23,091)$(383,581)
Other Comprehensive Income Before Reclassifications4,427 — — 4,427 
Amounts Reclassified from Accumulated Other Comprehensive Income— 4,625 168 4,793 
Total Other Comprehensive Income4,427 4,625 168 9,220 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
Six Months Ended June 30, 2025
Balance at Beginning of Period$(189,230)$(130,763)$(23,396)$(343,389)
Other Comprehensive Income Before Reclassifications35,221 — — 35,221 
Amounts Reclassified from Accumulated Other Comprehensive Income— 8,509 465 8,974 
Total Other Comprehensive Income35,221 8,509 465 44,195 
Balance at End of Period$(154,009)$(122,254)$(22,931)$(299,194)
Six Months Ended June 30, 2024
Balance at Beginning of Period$(224,407)$(149,021)$(23,260)$(396,688)
Other Comprehensive Income Before Reclassifications12,807 — — 12,807 
Amounts Reclassified from Accumulated Other Comprehensive Income— 9,183 337 9,520 
Total Other Comprehensive Income12,807 9,183 337 22,327 
Balance at End of Period$(211,600)$(139,838)$(22,923)$(374,361)
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024:
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Three Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(5,884)$(6,294)Interest Income
1,560 1,669 Provision for Income Tax
(4,324)(4,625)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
61 61 
Net Actuarial Losses 2
(378)(291)
(317)(230)Total Before Tax
84 62 Provision for Income Tax
(233)(168)Net of Tax
Total Reclassifications for the Period$(4,557)$(4,793)Net of Tax
Details about Accumulated Other Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income1
Affected Line Item in the Statement Where Net Income Is Presented
Six Months Ended June 30,
(dollars in thousands)20252024
Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity$(11,578)$(12,496)Interest Income
3,069 3,313 Provision for Income Tax
(8,509)(9,183)Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2
123 122 
Net Actuarial Losses 2
(755)(582)
(632)(460)Total Before Tax
167 123 Provision for Income Tax
(465)(337)Net of Tax
Total Reclassifications for the Period$(8,974)$(9,520)Net of Tax
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.

v3.25.2
Earnings Per Common Share (Tables)
6 Months Ended
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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Numerator:
Net Income Available to Common Shareholders$42,368 $32,114 $81,084 $66,536 
Denominator:
Weighted Average Common Shares Outstanding - Basic39,622,99839,450,55139,588,91639,400,452
Dilutive Effect of Equity Based Awards272,095168,154299,378218,322
Weighted Average Common Shares Outstanding - Diluted39,895,09339,618,70539,888,29439,618,774
Earnings Per Common Share:
Basic$1.07 $0.81 $2.05 $1.69 
Diluted$1.06 $0.81 $2.03 $1.68 
Antidilutive Restricted Stock Outstanding49,57211,27231,99211,272

v3.25.2
Business Segments (Tables)
6 Months Ended
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:
(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Three Months Ended June 30, 2025
Net Interest Income (Expense)$95,339$53,949$(19,605)$129,683
Provision for (Recapture of) Credit Losses2,619(1)6323,250
Net Interest Income (Expense) After Provision for Credit Losses92,72053,950(20,237)126,433
Noninterest Income33,9816,1644,65044,795
Salaries and Benefits21,0324,93735,33961,308
Net Occupancy7,1424022,95510,499
Other Noninterest Expense58,62913,535(33,188)38,976
Noninterest Expense86,80318,8745,106110,783
Income (Loss) Before Provision for Income Taxes39,89841,240(20,693)60,445
Provision (Benefit) for Income Taxes10,16110,546(7,899)12,808
Net Income (Loss)$29,737$30,694$(12,794)$47,637
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Three Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$98,205$50,885$(34,244)$114,846
Provision for (Recapture of) Credit Losses2,873473(946)2,400
Net Interest Income (Expense) After Provision for Credit Losses95,33250,412(33,298)112,446
Noninterest Income33,6536,6981,73642,087
Salaries and Benefits20,1575,08531,79157,033
Net Occupancy6,7484213,39010,559
Other Noninterest Expense60,10612,504(30,976)41,634
Noninterest Expense87,01118,0104,205109,226
Income (Loss) Before Provision for Income Taxes41,97439,100(35,767)45,307
Provision (Benefit) for Income Taxes10,6859,887(9,348)11,224
Net Income (Loss)$31,289$29,213$(26,419)$34,083
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1.Certain prior period information has been reclassified to conform to current presentation.
(dollars in thousands)Consumer BankingCommercial BankingTreasury and OtherConsolidated Total
Six Months Ended June 30, 2025
Net Interest Income (Expense)$190,963$109,523$(44,996)$255,490
Provision for (Recapture of) Credit Losses5,9141,107(521)6,500
Net Interest Income (Expense) After Provision for Credit Losses185,049108,416(44,475)248,990
Noninterest Income67,47913,8987,47688,853
Salaries and Benefits42,13710,29771,758124,192
Net Occupancy14,2098026,04721,058
Other Noninterest Expense116,83127,417(68,256)75,992
Noninterest Expense173,17738,5169,549221,242
Income (Loss) Before Provision for Income Taxes79,35183,798(46,548)116,601
Provision (Benefit) for Income Taxes20,16221,415(16,598)24,979
Net Income (Loss)$59,189$62,383$(29,950)$91,622
Total Assets as of June 30, 2025$8,228,766$6,139,748$9,341,238$23,709,752
Six Months Ended June 30, 2024 ¹
Net Interest Income (Expense)$195,199$102,378$(68,793)$228,784
Provision for (Recapture of) Credit Losses5,160467(1,227)4,400
Net Interest Income (Expense) After Provision for Credit Losses190,039101,911(67,566)224,384
Noninterest Income65,63513,4925,24584,372
Salaries and Benefits41,07410,60163,573115,248
Net Occupancy13,6128686,53521,015
Other Noninterest Expense115,03025,184(61,392)78,822
Noninterest Expense169,71636,6538,716215,085
Income (Loss) Before Provision for Income Taxes85,95878,750(71,037)93,671
Provision (Benefit) for Income Taxes21,86519,895(18,563)23,197
Net Income (Loss)$64,093$58,855$(52,474)$70,474
Total Assets as of June 30, 2024$8,357,830$5,835,399$9,107,539$23,300,768
1Certain prior period information has been reclassified to conform to current presentation.

v3.25.2
Derivative Financial Instruments (Tables)
6 Months Ended
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:
June 30, 2025December 31, 2024
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments
Interest Rate Swap Agreements 1
$2,200,000 $(13,140)$2,000,000 $2,738 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments1,341 37 1,534 34 
Forward Commitments3,082 (8)3,517 
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps2,165,596 (82,906)2,123,665 (136,218)
Pay Fixed/Receive Variable Swaps2,165,596 82,802 2,123,665 136,125 
Conversion Rate Swap Agreements 2
108,069  NA 96,466  NA
Makewhole Agreements 3
49,161  NA 65,763  NA
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.
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:
June 30, 2025December 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$106,288 $106,392 $146,923 $147,016 
Designated as Hedging Instruments1,898 13,747 14,507 7,039 
108,186 120,139 161,430 154,055 
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments37 — 34 — 
Forward Commitments— 
Total Derivatives$108,223 $120,147 $161,473 $154,058 
1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the unaudited consolidated statements of condition. Derivatives are recognized on the Company's unaudited consolidated statements of condition at fair value.
Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income
The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024:
Location of Net Gains (Losses) Recognized in the Statements of IncomeThree Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Derivatives designated as hedging instruments
Recognized on Interest Rate Swap AgreementsInterest Income on Investment Securities Available-for-Sale$(1,828)$3,082 $(7,490)$19,975 
Recognized on Hedged ItemInterest Income on Investment Securities Available-for-Sale1,823 (3,145)7,497 (20,147)
Net Cash SettlementsInterest Income on Investment Securities Available-for-Sale(20)2,736 (22)5,457 
Recognized on Interest Rate Swap AgreementsInterest and Fees on Loans and Leases(3,447)4,222 (11,826)26,824 
Recognized on Hedged ItemInterest and Fees on Loans and Leases3,417 (4,308)11,789 (27,060)
Net Cash SettlementsInterest and Fees on Loans and Leases1,976 3,367 3,509 6,715 
Derivatives not designated as hedging instruments
Interest Rate Lock CommitmentsMortgage Banking52 122 252 245 
Forward CommitmentsMortgage Banking31 119 (4)215 
Interest Rate Swap AgreementsOther Noninterest Income10 (10)53 
Conversion Rate Swap AgreementsInvestment Securities Gains (Losses), Net15 — (563)— 
Total$2,028 $6,205 $3,132 $12,277 
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:
Line Item in the Unaudited Consolidated Statements of ConditionCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets
(dollars in thousands)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Investment Securities, Available-for-Sale 1
$1,207,091 $999,594 $7,091 $(406)
Loans and Leases 2
1,604,459 1,292,670 4,459 (7,330)
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.

v3.25.2
Commitments and Contingencies (Tables)
6 Months Ended
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:
(dollars in thousands)June 30, 2025December 31, 2024
Unfunded Commitments to Extend Credit$3,096,145 $3,128,272 
Standby Letters of Credit93,256 96,484 
Commercial Letters of Credit9,432 9,339 
Total Credit Commitments$3,198,833 $3,234,095 

v3.25.2
Fair Value of Assets and Liabilities (Tables)
6 Months Ended
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.
(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$133,946 $109,769 $— $243,715 
Debt Securities Issued by States and Political Subdivisions— 65,960 — 65,960 
Debt Securities Issued by U.S. Government-Sponsored Enterprises— 985 — 985 
Debt Securities Issued by Corporations— 728,842 — 728,842 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises— 1,097,369 — 1,097,369 
Commercial - Government Agencies or Sponsored Enterprises— 332,461 — 332,461 
Commercial - Non Agency— 36,007 — 36,007 
Total Collateralized Mortgage Obligations— 1,465,837 — 1,465,837 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises— 606,165 — 606,165 
Total Investment Securities Available-for-Sale133,946 2,977,558 — 3,111,504 
Loans Held for Sale— 1,867 — 1,867 
Mortgage Servicing Rights— — 619 619 
Deferred Compensation Plan Assets14,569 — — 14,569 
Derivatives 1
— 108,186 37 108,223 
Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2025$148,515 $3,087,611 $656 $3,236,782 
Liabilities:
Derivatives 1
$— $120,147 $— $120,147 
Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2025$— $120,147 $— $120,147 
December 31, 2024
Assets:
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies$150,389 $98,683 $— $249,072 
Debt Securities Issued by States and Political Subdivisions— 63,859 — 63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises— 1,464 — 1,464 
Debt Securities Issued by Corporations— 671,675 — 671,675 
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises— 935,220 — 935,220 
Commercial - Government Agencies or Sponsored Enterprises— 283,474 — 283,474 
Total Collateralized Mortgage Obligations— 1,218,694 — 1,218,694 
Mortgage-Backed Securities Issued by:
Residential - Government Agencies or Sponsored Enterprises— 484,764 — 484,764 
Total Investment Securities Available-for-Sale150,389 2,539,139 — 2,689,528 
Loans Held for Sale— 2,150 — 2,150 
Mortgage Servicing Rights— — 647 647 
Deferred Compensation Plan Assets18,155 — — 18,155 
Derivatives 1
— 161,439 34 161,473 
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024$168,544 $2,702,728 $681 $2,871,953 
Liabilities:
Derivatives 1
$— $154,058 $— $154,058 
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024$— $154,058 $— $154,058 
1The fair value of each class of derivatives is shown in Note 10. Derivative Financial Instruments.
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.
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.
(dollars in thousands)Aggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Less Aggregate Unpaid Principal
June 30, 2025
Loans Held for Sale$1,867 $1,832 $35 
December 31, 2024
Loans Held for Sale$2,150 $2,109 $41 
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.
Fair Value Measurements
(dollars in thousands)Carrying AmountFair ValueQuoted 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$4,441,353 $3,754,794 $121,178 $3,633,616 $— 
Loans13,700,594 13,073,565 — — 13,073,565 
Financial Instruments - Liabilities
Time Deposits3,037,995 3,028,864 — 3,028,864 — 
Securities Sold Under Agreements to Repurchase50,000 51,619 — 51,619 — 
Other Debt 1
550,000 545,556 — 545,556 — 
December 31, 2024
Financial Instruments – Assets
Investment Securities Held-to-Maturity$4,618,543 $3,820,882 $116,941 $3,703,941 $— 
Loans13,777,756 12,908,626 — — 12,908,626 
Financial Instruments – Liabilities
Time Deposits3,059,575 3,050,583 — 3,050,583 — 
Securities Sold Under Agreements to Repurchase100,000 101,478 — 101,478 — 
Other Debt 1
550,000 538,808 — 538,808 — 
1Excludes finance lease obligations.

v3.25.2
Investment Securities - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Available-for-Sale:    
Available-for-Sale: Amortized Cost $ 3,313,974 $ 2,947,415
Available-for-Sale: Gross Unrealized Gains 4,476 1,248
Available-for-Sale: Gross Unrealized Losses (206,946) (259,135)
Total Investment Securities Available-for-Sale 3,111,504 2,689,528
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 4,441,353 4,618,543
Held-to-Maturity: Gross Unrealized Gains 72 40
Held-to-Maturity: Gross Unrealized Losses (686,631) (797,701)
Investment Securities Held-to-Maturity 3,754,794 3,820,882
Debt Securities Issued by the U.S. Treasury and Government Agencies    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 248,373 257,036
Available-for-Sale: Gross Unrealized Gains 462 221
Available-for-Sale: Gross Unrealized Losses (5,120) (8,185)
Total Investment Securities Available-for-Sale 243,715 249,072
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 131,932 131,868
Held-to-Maturity: Gross Unrealized Gains 0 0
Held-to-Maturity: Gross Unrealized Losses (10,754) (14,927)
Investment Securities Held-to-Maturity 121,178 116,941
Debt Securities Issued by States and Political Subdivisions    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 72,943 73,208
Available-for-Sale: Gross Unrealized Gains 0 0
Available-for-Sale: Gross Unrealized Losses (6,983) (9,349)
Total Investment Securities Available-for-Sale 65,960 63,859
Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 1,005 1,505
Available-for-Sale: Gross Unrealized Gains 0 0
Available-for-Sale: Gross Unrealized Losses (20) (41)
Total Investment Securities Available-for-Sale 985 1,464
Debt Securities Issued by Corporations    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 752,354 703,579
Available-for-Sale: Gross Unrealized Gains 1,640 376
Available-for-Sale: Gross Unrealized Losses (25,152) (32,280)
Total Investment Securities Available-for-Sale 728,842 671,675
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 10,354 10,490
Held-to-Maturity: Gross Unrealized Gains 0 0
Held-to-Maturity: Gross Unrealized Losses (1,827) (2,156)
Investment Securities Held-to-Maturity 8,527 8,334
Total Collateralized Mortgage Obligations    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 1,582,011 1,356,995
Available-for-Sale: Gross Unrealized Gains 1,462 521
Available-for-Sale: Gross Unrealized Losses (117,636) (138,822)
Total Investment Securities Available-for-Sale 1,465,837 1,218,694
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 2,504,103 2,601,599
Held-to-Maturity: Gross Unrealized Gains 3 3
Held-to-Maturity: Gross Unrealized Losses (408,663) (469,360)
Investment Securities Held-to-Maturity 2,095,443 2,132,242
Residential - Government Agencies or Sponsored Enterprises    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 1,191,950 1,050,299
Available-for-Sale: Gross Unrealized Gains 877 322
Available-for-Sale: Gross Unrealized Losses (95,458) (115,401)
Total Investment Securities Available-for-Sale 1,097,369 935,220
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 2,092,255 2,185,210
Held-to-Maturity: Gross Unrealized Gains 3 3
Held-to-Maturity: Gross Unrealized Losses (325,650) (377,149)
Investment Securities Held-to-Maturity 1,766,608 1,808,064
Commercial - Government Agencies or Sponsored Enterprises    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 354,093 306,696
Available-for-Sale: Gross Unrealized Gains 535 199
Available-for-Sale: Gross Unrealized Losses (22,167) (23,421)
Total Investment Securities Available-for-Sale 332,461 283,474
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 411,848 416,389
Held-to-Maturity: Gross Unrealized Gains 0 0
Held-to-Maturity: Gross Unrealized Losses (83,013) (92,211)
Investment Securities Held-to-Maturity 328,835 324,178
Commercial - Non-Agency    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 35,968  
Available-for-Sale: Gross Unrealized Gains 50  
Available-for-Sale: Gross Unrealized Losses (11)  
Total Investment Securities Available-for-Sale 36,007  
Total Mortgage-Backed Securities    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 657,288 555,092
Available-for-Sale: Gross Unrealized Gains 912 130
Available-for-Sale: Gross Unrealized Losses (52,035) (70,458)
Total Investment Securities Available-for-Sale 606,165 484,764
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 1,794,964 1,874,586
Held-to-Maturity: Gross Unrealized Gains 69 37
Held-to-Maturity: Gross Unrealized Losses (265,387) (311,258)
Investment Securities Held-to-Maturity 1,529,646 1,563,365
Residential - Government Agencies or Sponsored Agencies    
Available-for-Sale:    
Available-for-Sale: Amortized Cost 657,288 555,092
Available-for-Sale: Gross Unrealized Gains 912 130
Available-for-Sale: Gross Unrealized Losses (52,035) (70,458)
Total Investment Securities Available-for-Sale 606,165 484,764
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 1,784,975 1,864,591
Held-to-Maturity: Gross Unrealized Gains 69 37
Held-to-Maturity: Gross Unrealized Losses (263,552) (309,093)
Investment Securities Held-to-Maturity 1,521,492 1,555,535
Commercial - Government Agencies or Sponsored Enterprises    
Held-to-Maturity:    
Held-to-Maturity: Amortized Cost 9,989 9,995
Held-to-Maturity: Gross Unrealized Gains 0 0
Held-to-Maturity: Gross Unrealized Losses (1,835) (2,165)
Investment Securities Held-to-Maturity $ 8,154 $ 7,830

v3.25.2
Investment Securities - Additional Information (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
position
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
position
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

v3.25.2
Investment Securities - Analysis of the Contractual Maturities of Investment Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Due in One Year or Less $ 126,856  
Due After One Year Through Five Years 629,712  
Due After Five Years Through Ten Years 208,634  
Amortized Cost, Total 965,202  
Available-for-Sale: Amortized Cost 3,313,974 $ 2,947,415
Fair Value    
Due in One Year or Less 124,752  
Due After One Year Through Five Years 615,325  
Due After Five Years Through Ten Years 189,655  
Fair Value, Total 929,732  
Available-for-Sale: Fair Value 3,111,504 2,689,528
Amortized Cost    
Due in One Year or Less 7,500  
Due After One Year Through Five Years 74,843  
Due After Five Year Through Ten Years 59,943  
Amortized Cost, Total 142,286  
Held-to-Maturity: Amortized Cost 4,441,353 4,618,543
Fair Value    
Due in One Year or Less 7,411  
Due After One Year Through Five Years 70,099  
Due After Five Year Through Ten Years 52,195  
Fair Value, Total 129,705  
Held-to-Maturity: Fair Value 3,754,794 3,820,882
Debt Securities Issued by Government Agencies    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 109,473  
Fair Value    
Available-for-sale Securities, Fair Value 109,770  
Total Collateralized Mortgage Obligations    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 1,582,011  
Available-for-Sale: Amortized Cost 1,582,011 1,356,995
Fair Value    
Available-for-sale Securities, Fair Value 1,465,837  
Available-for-Sale: Fair Value 1,465,837 1,218,694
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 2,504,103  
Held-to-Maturity: Amortized Cost 2,504,103 2,601,599
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 2,095,443  
Held-to-Maturity: Fair Value 2,095,443 2,132,242
Residential - Government Agencies or Sponsored Agencies    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 1,191,950  
Available-for-Sale: Amortized Cost 1,191,950 1,050,299
Fair Value    
Available-for-sale Securities, Fair Value 1,097,369  
Available-for-Sale: Fair Value 1,097,369 935,220
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 2,092,255  
Held-to-Maturity: Amortized Cost 2,092,255 2,185,210
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 1,766,608  
Held-to-Maturity: Fair Value 1,766,608 1,808,064
Commercial - Government Agencies or Sponsored Agencies    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 354,093  
Available-for-Sale: Amortized Cost 354,093 306,696
Fair Value    
Available-for-sale Securities, Fair Value 332,461  
Available-for-Sale: Fair Value 332,461 283,474
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 411,848  
Held-to-Maturity: Amortized Cost 411,848 416,389
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 328,835  
Held-to-Maturity: Fair Value 328,835 324,178
Commercial - Non-Agency    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 35,968  
Available-for-Sale: Amortized Cost 35,968  
Fair Value    
Available-for-sale Securities, Fair Value 36,007  
Available-for-Sale: Fair Value 36,007  
Total Mortgage-Backed Securities    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 657,288  
Available-for-Sale: Amortized Cost 657,288 555,092
Fair Value    
Available-for-sale Securities, Fair Value 606,165  
Available-for-Sale: Fair Value 606,165 484,764
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 1,794,964  
Held-to-Maturity: Amortized Cost 1,794,964 1,874,586
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 1,529,646  
Held-to-Maturity: Fair Value 1,529,646 1,563,365
Residential - Government Agencies or Sponsored Agencies    
Amortized Cost    
Available-for-sale Securities: Amortized Cost 657,288  
Available-for-Sale: Amortized Cost 657,288 555,092
Fair Value    
Available-for-sale Securities, Fair Value 606,165  
Available-for-Sale: Fair Value 606,165 484,764
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 1,784,975  
Held-to-Maturity: Amortized Cost 1,784,975 1,864,591
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 1,521,492  
Held-to-Maturity: Fair Value 1,521,492 1,555,535
Commercial - Government Agencies or Sponsored Enterprises    
Amortized Cost    
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost 9,989  
Held-to-Maturity: Amortized Cost 9,989 9,995
Fair Value    
Held-to-Maturity: Mortgage-Backed Securities: Fair Value 8,154  
Held-to-Maturity: Fair Value $ 8,154 $ 7,830

v3.25.2
Investment Securities - Schedule of AFS Debt Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value $ 776,320 $ 309,470
Less Than 12 Months, Gross Unrealized Losses (41,778) (676)
12 Months or Longer, Fair Value 1,620,297 2,050,731
12 Months or Longer, Gross Unrealized Losses (165,168) (258,459)
Total Fair Value 2,396,617 2,360,201
Total Gross Unrealized Losses (206,946) (259,135)
Debt Securities Issued by the U.S. Treasury and Government Agencies    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 44,920 38,854
Less Than 12 Months, Gross Unrealized Losses (787) (288)
12 Months or Longer, Fair Value 101,097 157,456
12 Months or Longer, Gross Unrealized Losses (4,333) (7,897)
Total Fair Value 146,017 196,310
Total Gross Unrealized Losses (5,120) (8,185)
Debt Securities Issued by States and Political Subdivisions    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 0 0
Less Than 12 Months, Gross Unrealized Losses 0 0
12 Months or Longer, Fair Value 65,560 63,644
12 Months or Longer, Gross Unrealized Losses (6,983) (9,349)
Total Fair Value 65,560 63,644
Total Gross Unrealized Losses (6,983) (9,349)
Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 0 0
Less Than 12 Months, Gross Unrealized Losses 0 0
12 Months or Longer, Fair Value 985 1,464
12 Months or Longer, Gross Unrealized Losses (20) (41)
Total Fair Value 985 1,464
Total Gross Unrealized Losses (20) (41)
Debt Securities Issued by Corporations    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 171,062 24,892
Less Than 12 Months, Gross Unrealized Losses (7,201) (108)
12 Months or Longer, Fair Value 456,022 546,407
12 Months or Longer, Gross Unrealized Losses (17,951) (32,172)
Total Fair Value 627,084 571,299
Total Gross Unrealized Losses (25,152) (32,280)
Total Collateralized Mortgage Obligations    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 342,128 245,589
Less Than 12 Months, Gross Unrealized Losses (8,155) (280)
12 Months or Longer, Fair Value 741,639 801,571
12 Months or Longer, Gross Unrealized Losses (109,481) (138,542)
Total Fair Value 1,083,767 1,047,160
Total Gross Unrealized Losses (117,636) (138,822)
Residential - Government Agencies or Sponsored Enterprises    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 266,073 153,104
Less Than 12 Months, Gross Unrealized Losses (7,996) (275)
12 Months or Longer, Fair Value 591,331 673,141
12 Months or Longer, Gross Unrealized Losses (87,462) (115,126)
Total Fair Value 857,404 826,245
Total Gross Unrealized Losses (95,458) (115,401)
Commercial - Government Agencies or Sponsored Enterprises    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 71,066 92,485
Less Than 12 Months, Gross Unrealized Losses (148) (5)
12 Months or Longer, Fair Value 150,308 128,430
12 Months or Longer, Gross Unrealized Losses (22,019) (23,416)
Total Fair Value 221,374 220,915
Total Gross Unrealized Losses (22,167) (23,421)
Commercial - Non-Agency    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 4,989  
Less Than 12 Months, Gross Unrealized Losses (11)  
12 Months or Longer, Fair Value 0  
12 Months or Longer, Gross Unrealized Losses 0  
Total Fair Value 4,989  
Total Gross Unrealized Losses (11)  
Total Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 218,210 135
Less Than 12 Months, Gross Unrealized Losses (25,635) 0
12 Months or Longer, Fair Value 254,994 480,189
12 Months or Longer, Gross Unrealized Losses (26,400) (70,458)
Total Fair Value 473,204 480,324
Total Gross Unrealized Losses (52,035) (70,458)
Residential - Government Agencies or Sponsored Enterprises    
Schedule Of Available For Sale Securities [Line Items]    
Less Than 12 Months, Fair Value 218,210 135
Less Than 12 Months, Gross Unrealized Losses (25,635) 0
12 Months or Longer, Fair Value 254,994 480,189
12 Months or Longer, Gross Unrealized Losses (26,400) (70,458)
Total Fair Value 473,204 480,324
Total Gross Unrealized Losses $ (52,035) $ (70,458)

v3.25.2
Investment Securities - Schedule of Interest Income From Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
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

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Loan and Lease Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases $ 14,002,178 $ 14,075,980
Commercial    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 6,104,126 6,125,409
Commercial | Commercial Mortgage    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 4,038,956 4,020,622
Commercial | Commercial and Industrial    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 1,597,560 1,705,133
Commercial | Construction    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 374,768 308,898
Commercial | Lease Financing    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 92,842 90,756
Consumer    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 7,898,052 7,950,571
Consumer | Residential Mortgage    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 4,637,014 4,628,283
Consumer | Home Equity    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 2,139,025 2,165,514
Consumer | Automobile    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases 715,688 764,146
Consumer | Other    
Accounts Notes And Loans Receivable [Line Items]    
Loans and Leases $ 406,325 $ 392,628

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Additional Information (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
payment
Dec. 31, 2024
USD ($)
Accounts Notes And Loans Receivable [Line Items]    
Accrued interest receivable $ 67,204 $ 66,367
Revolving loans, converted to term loan during the period $ 7,500 12,700
Threshold period for loans and leases to be past due 30 days  
Number of missed payments to be considered delinquent | payment 2  
Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 7,200 9,600
Pass | Residential Mortgage    
Accounts Notes And Loans Receivable [Line Items]    
Number of days past due for loans and leases in classified credit quality indicator 90 days  
Maximum current loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) 60.00%  
Pass | Home Equity    
Accounts Notes And Loans Receivable [Line Items]    
Number of days past due for loans and leases in classified credit quality indicator 90 days  
Maximum current loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) 60.00%  
Maximum current combined loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) 60.00%  
Accrued Interest Receivable    
Accounts Notes And Loans Receivable [Line Items]    
Accrued interest receivable $ 48,200 $ 48,400
Consumer | Classified    
Accounts Notes And Loans Receivable [Line Items]    
Number of days past due for loans and leases in classified credit quality indicator 90 days  

v3.25.2
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

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Amortized Cost Basis of Loans and Leases by Credit Quality Indicator, Loan Class, and Year of Origination (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
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year $ 901,849   $ 901,849   $ 1,545,211
Fiscal year before latest fiscal year 1,390,013   1,390,013   1,699,053
Two years before latest fiscal year 1,619,556   1,619,556   2,517,363
Three years before latest fiscal year 2,243,900   2,243,900   2,093,226
Four years before latest fiscal year 1,990,083   1,990,083   1,535,932
Prior 3,290,410   3,290,410   2,022,046
Revolving Loans 2,504,644   2,504,644   2,606,317
Revolving Loans Converted to Term Loans 61,723   61,723   56,832
Total Loans and Leases 14,002,178   14,002,178   14,075,980
Gross charge-offs, current year     509   2,020
Gross charge-offs, fiscal year before current year     1,706   4,011
Gross charge-offs, two fiscal years before current year     2,109   4,241
Gross charge-offs, three fiscal years before current year     1,970   4,727
Gross charge-offs, four fiscal years before current year     946   747
Gross charge-offs, five fiscal years before current year     2,250   2,689
Gross charge-offs, Revolving     129   429
Gross charge-offs, Revolving loans converted to term loans     101   272
Total Loans and Leases 4,011 $ 4,830 9,720 $ 8,585 19,136
Commercial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 532,925   532,925   933,502
Fiscal year before latest fiscal year 835,610   835,610   1,165,444
Two years before latest fiscal year 1,146,115   1,146,115   1,457,532
Three years before latest fiscal year 1,266,985   1,266,985   765,680
Four years before latest fiscal year 729,620   729,620   576,097
Prior 1,166,084   1,166,084   730,012
Revolving Loans 426,495   426,495   496,859
Revolving Loans Converted to Term Loans 292   292   283
Total Loans and Leases 6,104,126   6,104,126   6,125,409
Gross charge-offs, current year     165   362
Gross charge-offs, fiscal year before current year     139   282
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   1,438
Gross charge-offs, four fiscal years before current year     0   128
Gross charge-offs, five fiscal years before current year     1,301   399
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases 206 875 1,605 1,235 2,609
Commercial | Commercial and Industrial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 98,868   98,868   357,623
Fiscal year before latest fiscal year 328,520   328,520   296,782
Two years before latest fiscal year 282,138   282,138   240,285
Three years before latest fiscal year 217,050   217,050   151,289
Four years before latest fiscal year 141,406   141,406   141,748
Prior 149,691   149,691   85,685
Revolving Loans 379,595   379,595   431,438
Revolving Loans Converted to Term Loans 292   292   283
Total Loans and Leases 1,597,560   1,597,560   1,705,133
Gross charge-offs, current year     165   362
Gross charge-offs, fiscal year before current year     139   282
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   1,438
Gross charge-offs, four fiscal years before current year     0   128
Gross charge-offs, five fiscal years before current year     1,301   399
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     1,605   2,609
Commercial | Commercial and Industrial | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 93,593   93,593   356,831
Fiscal year before latest fiscal year 327,519   327,519   281,168
Two years before latest fiscal year 267,249   267,249   236,802
Three years before latest fiscal year 214,822   214,822   146,458
Four years before latest fiscal year 139,078   139,078   135,158
Prior 144,580   144,580   79,258
Revolving Loans 334,342   334,342   375,135
Revolving Loans Converted to Term Loans 290   290   276
Total Loans and Leases 1,521,473   1,521,473   1,611,086
Commercial | Commercial and Industrial | Special Mention          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   467
Fiscal year before latest fiscal year 413   413   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 24   24   0
Revolving Loans 36,338   36,338   38,587
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 36,775   36,775   39,054
Commercial | Commercial and Industrial | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 5,275   5,275   325
Fiscal year before latest fiscal year 588   588   15,614
Two years before latest fiscal year 14,889   14,889   3,483
Three years before latest fiscal year 2,228   2,228   4,831
Four years before latest fiscal year 2,328   2,328   6,590
Prior 5,087   5,087   6,427
Revolving Loans 8,915   8,915   17,716
Revolving Loans Converted to Term Loans 2   2   7
Total Loans and Leases 39,312   39,312   54,993
Commercial | Commercial Mortgage          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 395,309   395,309   437,185
Fiscal year before latest fiscal year 343,659   343,659   749,844
Two years before latest fiscal year 704,022   704,022   1,117,965
Three years before latest fiscal year 973,500   973,500   602,870
Four years before latest fiscal year 578,482   578,482   427,764
Prior 1,006,019   1,006,019   636,339
Revolving Loans 37,965   37,965   48,655
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 4,038,956   4,038,956   4,020,622
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   0
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   0
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     0   0
Commercial | Commercial Mortgage | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 311,692   311,692   401,415
Fiscal year before latest fiscal year 308,025   308,025   687,580
Two years before latest fiscal year 690,377   690,377   1,091,627
Three years before latest fiscal year 944,637   944,637   596,386
Four years before latest fiscal year 575,409   575,409   405,244
Prior 974,842   974,842   600,386
Revolving Loans 37,965   37,965   48,655
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 3,842,947   3,842,947   3,831,293
Commercial | Commercial Mortgage | Special Mention          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 83,617   83,617   0
Fiscal year before latest fiscal year 0   0   47,773
Two years before latest fiscal year 0   0   1,918
Three years before latest fiscal year 1,890   1,890   3,348
Four years before latest fiscal year 0   0   2,911
Prior 1,845   1,845   15,148
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 87,352   87,352   71,098
Commercial | Commercial Mortgage | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   35,770
Fiscal year before latest fiscal year 35,634   35,634   14,491
Two years before latest fiscal year 13,645   13,645   24,420
Three years before latest fiscal year 26,973   26,973   3,136
Four years before latest fiscal year 3,073   3,073   19,609
Prior 29,332   29,332   20,805
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 108,657   108,657   118,231
Commercial | Construction          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 26,305   26,305   89,334
Fiscal year before latest fiscal year 115,965   115,965   110,153
Two years before latest fiscal year 152,293   152,293   89,677
Three years before latest fiscal year 68,909   68,909   1,689
Four years before latest fiscal year 2,361   2,361   1,279
Prior 0   0   0
Revolving Loans 8,935   8,935   16,766
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 374,768   374,768   308,898
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   0
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   0
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     0   0
Commercial | Construction | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 24,822   24,822   89,334
Fiscal year before latest fiscal year 115,965   115,965   110,153
Two years before latest fiscal year 152,293   152,293   87,006
Three years before latest fiscal year 67,613   67,613   1,689
Four years before latest fiscal year 2,361   2,361   1,279
Prior 0   0   0
Revolving Loans 8,935   8,935   16,766
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 371,989   371,989   306,227
Commercial | Construction | Special Mention          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year         0
Fiscal year before latest fiscal year         0
Two years before latest fiscal year         2,671
Three years before latest fiscal year         0
Four years before latest fiscal year         0
Prior         0
Revolving Loans         0
Revolving Loans Converted to Term Loans         0
Total Loans and Leases         2,671
Commercial | Construction | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 1,483   1,483    
Fiscal year before latest fiscal year 0   0    
Two years before latest fiscal year 0   0    
Three years before latest fiscal year 1,296   1,296    
Four years before latest fiscal year 0   0    
Prior 0   0    
Revolving Loans 0   0    
Revolving Loans Converted to Term Loans 0   0    
Total Loans and Leases 2,779   2,779    
Commercial | Lease Financing          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 12,443   12,443   49,360
Fiscal year before latest fiscal year 47,466   47,466   8,665
Two years before latest fiscal year 7,662   7,662   9,605
Three years before latest fiscal year 7,526   7,526   9,832
Four years before latest fiscal year 7,371   7,371   5,306
Prior 10,374   10,374   7,988
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 92,842   92,842   90,756
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   0
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   0
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     0   0
Commercial | Lease Financing | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 12,443   12,443   49,360
Fiscal year before latest fiscal year 47,466   47,466   8,174
Two years before latest fiscal year 7,229   7,229   9,568
Three years before latest fiscal year 7,497   7,497   9,751
Four years before latest fiscal year 7,306   7,306   5,244
Prior 9,990   9,990   7,602
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 91,931   91,931   89,699
Commercial | Lease Financing | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   491
Two years before latest fiscal year 433   433   37
Three years before latest fiscal year 29   29   81
Four years before latest fiscal year 65   65   62
Prior 384   384   386
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 911   911   1,057
Consumer          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 368,924   368,924   611,709
Fiscal year before latest fiscal year 554,403   554,403   533,609
Two years before latest fiscal year 473,441   473,441   1,059,831
Three years before latest fiscal year 976,915   976,915   1,327,546
Four years before latest fiscal year 1,260,463   1,260,463   959,835
Prior 2,124,326   2,124,326   1,292,034
Revolving Loans 2,078,149   2,078,149   2,109,458
Revolving Loans Converted to Term Loans 61,431   61,431   56,549
Total Loans and Leases 7,898,052   7,898,052   7,950,571
Gross charge-offs, current year     344   1,658
Gross charge-offs, fiscal year before current year     1,567   3,729
Gross charge-offs, two fiscal years before current year     2,109   4,241
Gross charge-offs, three fiscal years before current year     1,970   3,289
Gross charge-offs, four fiscal years before current year     946   619
Gross charge-offs, five fiscal years before current year     949   2,290
Gross charge-offs, Revolving     129   429
Gross charge-offs, Revolving loans converted to term loans     101   272
Total Loans and Leases 3,805 $ 3,955 8,115 $ 7,350 16,527
Consumer | Residential Mortgage          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 186,182   186,182   268,330
Fiscal year before latest fiscal year 254,063   254,063   271,985
Two years before latest fiscal year 255,345   255,345   752,778
Three years before latest fiscal year 733,235   733,235   1,180,665
Four years before latest fiscal year 1,151,789   1,151,789   920,015
Prior 2,056,400   2,056,400   1,234,510
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 4,637,014   4,637,014   4,628,283
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   337
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   48
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     0   385
Consumer | Residential Mortgage | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 186,182   186,182   268,330
Fiscal year before latest fiscal year 254,063   254,063   271,985
Two years before latest fiscal year 254,373   254,373   751,920
Three years before latest fiscal year 731,407   731,407   1,180,191
Four years before latest fiscal year 1,151,789   1,151,789   919,280
Prior 2,052,578   2,052,578   1,232,582
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 4,630,392   4,630,392   4,624,288
Consumer | Residential Mortgage | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 972   972   858
Three years before latest fiscal year 1,828   1,828   474
Four years before latest fiscal year 0   0   735
Prior 3,822   3,822   1,928
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 6,622   6,622   3,995
Consumer | Home Equity          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 39   39   40
Revolving Loans 2,077,555   2,077,555   2,108,925
Revolving Loans Converted to Term Loans 61,431   61,431   56,549
Total Loans and Leases 2,139,025   2,139,025   2,165,514
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   0
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   0
Gross charge-offs, Revolving     129   429
Gross charge-offs, Revolving loans converted to term loans     101   272
Total Loans and Leases     230   701
Consumer | Home Equity | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 39   39   40
Revolving Loans 2,073,815   2,073,815   2,105,833
Revolving Loans Converted to Term Loans 60,741   60,741   55,963
Total Loans and Leases 2,134,595   2,134,595   2,161,836
Consumer | Home Equity | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 0   0   0
Revolving Loans 3,740   3,740   3,092
Revolving Loans Converted to Term Loans 690   690   586
Total Loans and Leases 4,430   4,430   3,678
Consumer | Automobile          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 97,327   97,327   210,235
Fiscal year before latest fiscal year 184,702   184,702   187,327
Two years before latest fiscal year 155,966   155,966   210,431
Three years before latest fiscal year 168,976   168,976   94,646
Four years before latest fiscal year 70,754   70,754   34,671
Prior 37,963   37,963   26,836
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 715,688   715,688   764,146
Gross charge-offs, current year     12   227
Gross charge-offs, fiscal year before current year     575   1,578
Gross charge-offs, two fiscal years before current year     1,010   1,340
Gross charge-offs, three fiscal years before current year     728   1,083
Gross charge-offs, four fiscal years before current year     212   293
Gross charge-offs, five fiscal years before current year     467   821
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     3,004   5,342
Consumer | Automobile | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 97,287   97,287   210,145
Fiscal year before latest fiscal year 184,432   184,432   187,136
Two years before latest fiscal year 155,827   155,827   210,207
Three years before latest fiscal year 168,824   168,824   94,492
Four years before latest fiscal year 70,731   70,731   34,614
Prior 37,906   37,906   26,777
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 715,007   715,007   763,371
Consumer | Automobile | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 40   40   90
Fiscal year before latest fiscal year 270   270   191
Two years before latest fiscal year 139   139   224
Three years before latest fiscal year 152   152   154
Four years before latest fiscal year 23   23   57
Prior 57   57   59
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 681   681   775
Consumer | Other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 85,415   85,415   133,144
Fiscal year before latest fiscal year 115,638   115,638   74,297
Two years before latest fiscal year 62,130   62,130   96,622
Three years before latest fiscal year 74,704   74,704   52,235
Four years before latest fiscal year 37,920   37,920   5,149
Prior 29,924   29,924   30,648
Revolving Loans 594   594   533
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 406,325   406,325   392,628
Gross charge-offs, current year     332   1,431
Gross charge-offs, fiscal year before current year     992   2,151
Gross charge-offs, two fiscal years before current year     1,099   2,901
Gross charge-offs, three fiscal years before current year     1,242   1,869
Gross charge-offs, four fiscal years before current year     734   326
Gross charge-offs, five fiscal years before current year     482   1,421
Gross charge-offs, Revolving     0   0
Gross charge-offs, Revolving loans converted to term loans     0   0
Total Loans and Leases     4,881   10,099
Consumer | Other | Pass          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 85,413   85,413   133,093
Fiscal year before latest fiscal year 115,458   115,458   74,068
Two years before latest fiscal year 62,036   62,036   96,376
Three years before latest fiscal year 74,522   74,522   52,152
Four years before latest fiscal year 37,821   37,821   5,149
Prior 29,852   29,852   30,580
Revolving Loans 594   594   533
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases 405,696   405,696   391,951
Consumer | Other | Classified          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 2   2   51
Fiscal year before latest fiscal year 180   180   229
Two years before latest fiscal year 94   94   246
Three years before latest fiscal year 182   182   83
Four years before latest fiscal year 99   99   0
Prior 72   72   68
Revolving Loans 0   0   0
Revolving Loans Converted to Term Loans 0   0   0
Total Loans and Leases $ 629   $ 629   $ 677

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Aging Analysis by Class of Loan and Lease Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due $ 14,002,178 $ 14,075,980
Non-Accrual 17,539 16,643
Total Past Due and Non-Accrual 63,406 65,097
Non-Accrual Loans and Leases that are Current 3,501 1,862
Commercial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 6,104,126 6,125,409
Non-Accrual 6,310 7,077
Total Past Due and Non-Accrual 6,539 7,284
Non-Accrual Loans and Leases that are Current 383 0
Commercial | Commercial Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 4,038,956 4,020,622
Non-Accrual 2,566 2,450
Total Past Due and Non-Accrual 2,566 2,450
Non-Accrual Loans and Leases that are Current 0 0
Commercial | Commercial and Industrial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 1,597,560 1,705,133
Non-Accrual 3,744 4,627
Total Past Due and Non-Accrual 3,973 4,834
Non-Accrual Loans and Leases that are Current 383 0
Commercial | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 374,768 308,898
Non-Accrual 0 0
Total Past Due and Non-Accrual 0 0
Non-Accrual Loans and Leases that are Current 0 0
Commercial | Lease Financing    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 92,842 90,756
Non-Accrual 0 0
Total Past Due and Non-Accrual 0 0
Non-Accrual Loans and Leases that are Current 0 0
Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 7,898,052 7,950,571
Non-Accrual 11,229 9,566
Total Past Due and Non-Accrual 56,867 57,813
Non-Accrual Loans and Leases that are Current 3,118 1,862
Consumer | Residential Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 4,637,014 4,628,283
Non-Accrual 5,842 5,052
Total Past Due and Non-Accrual 21,402 18,394
Non-Accrual Loans and Leases that are Current 1,985 424
Consumer | Home Equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 2,139,025 2,165,514
Non-Accrual 5,387 4,514
Total Past Due and Non-Accrual 14,529 16,221
Non-Accrual Loans and Leases that are Current 1,133 1,438
Consumer | Automobile    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 715,688 764,146
Non-Accrual 0 0
Total Past Due and Non-Accrual 17,103 18,880
Non-Accrual Loans and Leases that are Current 0 0
Consumer | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 406,325 392,628
Non-Accrual 0 0
Total Past Due and Non-Accrual 3,833 4,318
Non-Accrual Loans and Leases that are Current 0 0
30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 25,749 30,391
30 - 59 Days Past Due | Commercial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 152 90
30 - 59 Days Past Due | Commercial | Commercial Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
30 - 59 Days Past Due | Commercial | Commercial and Industrial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 152 90
30 - 59 Days Past Due | Commercial | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
30 - 59 Days Past Due | Commercial | Lease Financing    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
30 - 59 Days Past Due | Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 25,597 30,301
30 - 59 Days Past Due | Consumer | Residential Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 3,699 5,184
30 - 59 Days Past Due | Consumer | Home Equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 4,807 6,109
30 - 59 Days Past Due | Consumer | Automobile    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 15,062 16,443
30 - 59 Days Past Due | Consumer | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 2,029 2,565
60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 7,871 9,781
60 - 89 Days Past Due | Commercial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 77 117
60 - 89 Days Past Due | Commercial | Commercial Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
60 - 89 Days Past Due | Commercial | Commercial and Industrial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 77 117
60 - 89 Days Past Due | Commercial | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
60 - 89 Days Past Due | Commercial | Lease Financing    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
60 - 89 Days Past Due | Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 7,794 9,664
60 - 89 Days Past Due | Consumer | Residential Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 2,791 4,174
60 - 89 Days Past Due | Consumer | Home Equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 2,468 2,753
60 - 89 Days Past Due | Consumer | Automobile    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 1,361 1,661
60 - 89 Days Past Due | Consumer | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 1,174 1,076
Past Due 90 Days or More    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 12,247 8,282
Past Due 90 Days or More | Commercial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
Past Due 90 Days or More | Commercial | Commercial Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
Past Due 90 Days or More | Commercial | Commercial and Industrial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
Past Due 90 Days or More | Commercial | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
Past Due 90 Days or More | Commercial | Lease Financing    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 0 0
Past Due 90 Days or More | Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 12,247 8,282
Past Due 90 Days or More | Consumer | Residential Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 9,070 3,984
Past Due 90 Days or More | Consumer | Home Equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 1,867 2,845
Past Due 90 Days or More | Consumer | Automobile    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 680 776
Past Due 90 Days or More | Consumer | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 630 677
Current    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 13,938,772 14,010,883
Current | Commercial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 6,097,587 6,118,125
Current | Commercial | Commercial Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 4,036,390 4,018,172
Current | Commercial | Commercial and Industrial    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 1,593,587 1,700,299
Current | Commercial | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 374,768 308,898
Current | Commercial | Lease Financing    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 92,842 90,756
Current | Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 7,841,185 7,892,758
Current | Consumer | Residential Mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 4,615,612 4,609,889
Current | Consumer | Home Equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 2,124,496 2,149,293
Current | Consumer | Automobile    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due 698,585 745,266
Current | Consumer | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Days Past Due $ 402,492 $ 388,310

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Non-Accrual Loans and Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL $ 13,709 $ 13,261
Non-Accrual Loans without a Related ACL 3,830 3,382
Total Non-Accrual Loans 17,539 16,643
Commercial    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 2,480 3,695
Non-Accrual Loans without a Related ACL 3,830 3,382
Total Non-Accrual Loans 6,310 7,077
Commercial | Commercial and Industrial    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 2,480 3,695
Non-Accrual Loans without a Related ACL 1,264 932
Total Non-Accrual Loans 3,744 4,627
Commercial | Commercial Mortgage    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 0 0
Non-Accrual Loans without a Related ACL 2,566 2,450
Total Non-Accrual Loans 2,566 2,450
Consumer    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 11,229 9,566
Non-Accrual Loans without a Related ACL 0 0
Total Non-Accrual Loans 11,229 9,566
Consumer | Residential Mortgage    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 5,842 5,052
Non-Accrual Loans without a Related ACL 0 0
Total Non-Accrual Loans 5,842 5,052
Consumer | Home Equity    
Financing Receivable Nonaccrual Status [Line Items]    
Non-Accrual Loans with a Related ACL 5,387 4,514
Non-Accrual Loans without a Related ACL 0 0
Total Non-Accrual Loans $ 5,387 $ 4,514

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Amortized Cost Basis of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 4,650 $ 6,343 $ 11,194 $ 31,329
% of Total Class of Loans and Leases 0.03% 0.05% 0.08% 0.23%
Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 4,650 $ 5,362 $ 8,763 $ 9,908
Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 444 0 5,992
Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 272 0
Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 2,159 0
Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 537 0 15,429
Commercial        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 83   $ 2,242 $ 4,865
% of Total Class of Loans and Leases 0.01%   0.04% 0.08%
Commercial | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 83   $ 83 $ 24
Commercial | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 4,841
Commercial | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Commercial | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   2,159 0
Commercial | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Commercial | Commercial Mortgage        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     $ 2,159  
% of Total Class of Loans and Leases     0.05%  
Commercial | Commercial Mortgage | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     $ 0  
Commercial | Commercial Mortgage | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     0  
Commercial | Commercial Mortgage | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     0  
Commercial | Commercial Mortgage | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     2,159  
Commercial | Commercial Mortgage | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications     0  
Commercial | Commercial and Industrial        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 83   $ 83 $ 4,865
% of Total Class of Loans and Leases 0.01%   0.01% 0.29%
Commercial | Commercial and Industrial | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 83   $ 83 $ 24
Commercial | Commercial and Industrial | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 4,841
Commercial | Commercial and Industrial | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Commercial | Commercial and Industrial | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Commercial | Commercial and Industrial | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Consumer        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 4,567 $ 6,343 $ 8,952 $ 26,464
% of Total Class of Loans and Leases 0.06% 0.08% 0.11% 0.33%
Consumer | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 4,567 $ 5,362 $ 8,680 $ 9,884
Consumer | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 444 0 1,151
Consumer | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 272 0
Consumer | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 537 0 15,429
Consumer | Residential Mortgage        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 456   $ 527 $ 14,282
% of Total Class of Loans and Leases 0.01%   0.01% 0.31%
Consumer | Residential Mortgage | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 456   $ 456 $ 0
Consumer | Residential Mortgage | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Consumer | Residential Mortgage | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   71 0
Consumer | Residential Mortgage | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 0
Consumer | Residential Mortgage | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0   0 14,282
Consumer | Home Equity        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   $ 537 $ 201 $ 1,147
% of Total Class of Loans and Leases   0.02% 0.01% 0.05%
Consumer | Home Equity | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   $ 0 $ 0 $ 0
Consumer | Home Equity | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   0 0 0
Consumer | Home Equity | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   0 201 0
Consumer | Home Equity | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   0 0 0
Consumer | Home Equity | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications   537 0 1,147
Consumer | Automobile        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 3,680 $ 5,178 $ 7,171 $ 9,930
% of Total Class of Loans and Leases 0.51% 0.64% 1.00% 1.23%
Consumer | Automobile | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 3,680 $ 4,795 $ 7,171 $ 8,927
Consumer | Automobile | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 383 0 1,003
Consumer | Automobile | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Automobile | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Automobile | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Other        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 431 $ 628 $ 1,053 $ 1,105
% of Total Class of Loans and Leases 0.11% 0.16% 0.26% 0.28%
Consumer | Other | Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 431 $ 567 $ 1,053 $ 957
Consumer | Other | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 61 0 148
Consumer | Other | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Other | Rate Reduction, Payment Delay, and Term Extension        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications 0 0 0 0
Consumer | Other | Payment Delay        
Financing Receivable Modifications [Line Items]        
Amortized cost basis of loan modifications $ 0 $ 0 $ 0 $ 0

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commercial | Commercial and Industrial | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension 3 months   3 months 12 months
Commercial | Commercial and Industrial | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral $ 0   $ 0 $ 593
Commercial | Commercial and Industrial | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction 0.00%   0.00% 0.00%
Commercial | Commercial Mortgage | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension     24 months  
Commercial | Commercial Mortgage | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral     $ 0  
Commercial | Commercial Mortgage | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction     0.00%  
Consumer | Residential Mortgage | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension 75 months   81 months 0 months
Consumer | Residential Mortgage | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral $ 0   $ 0 $ 13
Consumer | Residential Mortgage | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction 0.00%   0.00% 0.00%
Consumer | Automobile | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension 22 months 22 months 22 months 22 months
Consumer | Automobile | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral $ 0 $ 2 $ 0 $ 2
Consumer | Automobile | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction 0.00% 0.00% 0.00% 0.00%
Consumer | Other | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension 22 months 22 months 22 months 20 months
Consumer | Other | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral $ 0 $ 1 $ 0 $ 1
Consumer | Other | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction 0.00% 0.00% 0.00% 0.00%
Consumer | Home Equity | Term Extension        
Financing Receivable Modifications [Line Items]        
Weighted-Average Months of Term Extension   0 months 24 months 0 months
Consumer | Home Equity | Payment Deferral        
Financing Receivable Modifications [Line Items]        
Weighted-Average Payment Deferral   $ 10 $ 0 $ 7
Consumer | Home Equity | Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Weighted-Average Interest Rate Reduction   0.00% 0.00% 0.00%

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty that Subsequently Defaulted (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable Modifications [Line Items]        
Subsequent default receivables $ 660 $ 606 $ 842 $ 897
Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 589 549 771 840
Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0 57 0 57
Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 71 0 71 0
Consumer        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 660 572 842 863
Consumer | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 589 549 771 840
Consumer | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0 23 0 23
Consumer | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 71 0 71 0
Consumer | Residential Mortgage        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 71   71  
Consumer | Residential Mortgage | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0   0  
Consumer | Residential Mortgage | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0   0  
Consumer | Residential Mortgage | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 71   71  
Consumer | Automobile        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 430 439 584 679
Consumer | Automobile | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 430 428 584 668
Consumer | Automobile | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0 11 0 11
Consumer | Automobile | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0 0 0 0
Consumer | Other        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 159 133 187 184
Consumer | Other | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 159 121 187 172
Consumer | Other | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables 0 12 0 12
Consumer | Other | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables $ 0 0 $ 0 0
Commercial        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   34   34
Commercial | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   0   0
Commercial | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   34   34
Commercial | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   0   0
Commercial | Commercial and Industrial        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   34   34
Commercial | Commercial and Industrial | Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   0   0
Commercial | Commercial and Industrial | Payment Delay and Term Extension        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   34   34
Commercial | Commercial and Industrial | Term Extension and Interest Rate Reduction        
Financing Receivable Modifications [Line Items]        
Subsequent default receivables   $ 0   $ 0

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Aging Analysis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty $ 18,772 $ 31,329
Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 13,731 30,194
30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,912 1,041
60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 261 75
Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 253 19
Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 2,615 0
Commercial    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 2,310 4,865
Commercial | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 142 4,865
Commercial | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 9 0
Commercial | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Commercial | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Commercial | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 2,159 0
Commercial | Commercial Mortgage    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 2,159  
Commercial | Commercial Mortgage | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0  
Commercial | Commercial Mortgage | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0  
Commercial | Commercial Mortgage | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0  
Commercial | Commercial Mortgage | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0  
Commercial | Commercial Mortgage | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 2,159  
Commercial | Commercial and Industrial    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 151 4,865
Commercial | Commercial and Industrial | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 142 4,865
Commercial | Commercial and Industrial | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 9 0
Commercial | Commercial and Industrial | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Commercial | Commercial and Industrial | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Commercial | Commercial and Industrial | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 16,462 26,464
Consumer | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 13,589 25,329
Consumer | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,903 1,041
Consumer | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 261 75
Consumer | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 253 19
Consumer | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 456 0
Consumer | Residential Mortgage    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 527 14,282
Consumer | Residential Mortgage | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 71 14,282
Consumer | Residential Mortgage | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Residential Mortgage | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Residential Mortgage | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Residential Mortgage | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 456 0
Consumer | Home Equity    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,102 1,147
Consumer | Home Equity | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,102 1,147
Consumer | Home Equity | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Home Equity | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Home Equity | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Home Equity | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Automobile    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 12,910 9,931
Consumer | Automobile | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 10,850 8,887
Consumer | Automobile | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,714 998
Consumer | Automobile | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 167 46
Consumer | Automobile | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 179 0
Consumer | Automobile | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 0 0
Consumer | Other    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,923 1,104
Consumer | Other | Current    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 1,566 1,013
Consumer | Other | 30 - 59 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 189 43
Consumer | Other | 60 - 89 Days Past Due    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 94 29
Consumer | Other | Past Due 90 Days or More    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty 74 19
Consumer | Other | Non-Accrual    
Financing Receivable Modifications [Line Items]    
Loan modifications made to borrowers experiencing financial difficulty $ 0 $ 0

v3.25.2
Loans and Leases and the Allowance for Credit Losses - Schedule of Loan Class and Year of Origination, Gross Charge-offs Recorded (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
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     $ 509   $ 2,020
Gross charge-offs, fiscal year before current year     1,706   4,011
Gross charge-offs, two fiscal years before current year     2,109   4,241
Gross charge-offs, three fiscal years before current year     1,970   4,727
Gross charge-offs, four fiscal years before current year     946   747
Gross charge-offs, five fiscal years before current year     2,250   2,689
Total Loans and Leases $ 4,011 $ 4,830 9,720 $ 8,585 19,136
Commercial          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     165   362
Gross charge-offs, fiscal year before current year     139   282
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   1,438
Gross charge-offs, four fiscal years before current year     0   128
Gross charge-offs, five fiscal years before current year     1,301   399
Total Loans and Leases 206 875 1,605 1,235 2,609
Commercial | Commercial and Industrial          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     165   362
Gross charge-offs, fiscal year before current year     139   282
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   1,438
Gross charge-offs, four fiscal years before current year     0   128
Gross charge-offs, five fiscal years before current year     1,301   399
Total Loans and Leases     1,605   2,609
Consumer          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     344   1,658
Gross charge-offs, fiscal year before current year     1,567   3,729
Gross charge-offs, two fiscal years before current year     2,109   4,241
Gross charge-offs, three fiscal years before current year     1,970   3,289
Gross charge-offs, four fiscal years before current year     946   619
Gross charge-offs, five fiscal years before current year     949   2,290
Total Loans and Leases $ 3,805 $ 3,955 8,115 $ 7,350 16,527
Consumer | Residential Mortgage          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     0   0
Gross charge-offs, fiscal year before current year     0   0
Gross charge-offs, two fiscal years before current year     0   0
Gross charge-offs, three fiscal years before current year     0   337
Gross charge-offs, four fiscal years before current year     0   0
Gross charge-offs, five fiscal years before current year     0   48
Total Loans and Leases     0   385
Consumer | Automobile          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     12   227
Gross charge-offs, fiscal year before current year     575   1,578
Gross charge-offs, two fiscal years before current year     1,010   1,340
Gross charge-offs, three fiscal years before current year     728   1,083
Gross charge-offs, four fiscal years before current year     212   293
Gross charge-offs, five fiscal years before current year     467   821
Total Loans and Leases     3,004   5,342
Consumer | Other          
Financing Receivable Modifications [Line Items]          
Gross charge-offs, current year     332   1,431
Gross charge-offs, fiscal year before current year     992   2,151
Gross charge-offs, two fiscal years before current year     1,099   2,901
Gross charge-offs, three fiscal years before current year     1,242   1,869
Gross charge-offs, four fiscal years before current year     734   326
Gross charge-offs, five fiscal years before current year     482   1,421
Total Loans and Leases     $ 4,881   $ 10,099

v3.25.2
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  

v3.25.2
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

v3.25.2
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

v3.25.2
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%

v3.25.2
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)

v3.25.2
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  

v3.25.2
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

v3.25.2
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

v3.25.2
Securities Sold Under Agreements to Repurchase - Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises $ 50,000 $ 100,000
Residential - Government Agencies or Sponsored Enterprises    
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises 50,000 100,000
Maturity Up To 90 Days | Residential - Government Agencies or Sponsored Enterprises    
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises 0 0
Maturity 91 To 365 Days | Residential - Government Agencies or Sponsored Enterprises    
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises 0 0
Maturity 1 To 3 Years | Residential - Government Agencies or Sponsored Enterprises    
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises 0 50,000
Maturity After 3 Years | Residential - Government Agencies or Sponsored Enterprises    
Assets Sold Under Agreements To Repurchase [Line Items]    
Residential - Government Agencies or Sponsored Enterprises $ 50,000 $ 50,000

v3.25.2
Securities Sold Under Agreements to Repurchase - Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Liabilities:    
Repurchase Agreements, Gross Amounts of Recognized Liabilities $ 50,000 $ 100,000
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition 0 0
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition 50,000 100,000
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral 0 0
Repurchase Agreements, Fair Value of Collateral Pledged 50,000 100,000
Private Institutions    
Liabilities:    
Repurchase Agreements, Gross Amounts of Recognized Liabilities 50,000 100,000
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition 0 0
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition 50,000 100,000
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral 0 0
Repurchase Agreements, Fair Value of Collateral Pledged 50,000 100,000
Fair value of investment securities pledged 56,000 109,500
Interest Rate Swap Agreements: | Institutional Counterparties    
Assets:    
Gross Amounts Recognized in the Statements of Condition 94,597 141,571
Gross Amounts Offset in the Statements of Condition 0 0
Net Amounts Presented in the Statements of Condition 94,597 141,571
Netting Adjustments per Master Netting Arrangements 11,795 5,446
Fair Value of Collateral Pledged/Received (82,802) (136,125)
Net Amount 0 0
Liabilities:    
Gross Amounts Recognized in the Statements of Condition 11,795 5,446
Gross Amounts Offset in the Statements of Condition 0 0
Net Amounts Presented in the Statements of Condition 11,795 5,446
Netting Adjustments per Master Netting Arrangements 11,795 5,446
Fair Value of Collateral Pledged/Received 0 0
Net Amount $ 0 $ 0

v3.25.2
Accumulated Other Comprehensive Income - AOCI Components Pre Post & Tax Effect (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Net Unrealized Gains Arising During the Period, net $ 14,646 $ 4,427 $ 35,221 $ 12,807
Reclassification from AOCI, net 4,557 4,793 8,974 9,520
Other Comprehensive Income, before tax 26,128 12,546 60,130 30,382
Other Comprehensive Income, tax 6,925 3,326 15,935 8,055
Other Comprehensive Income 19,203 9,220 44,195 22,327
Net Unrealized Gains on Investment Securities        
Accumulated Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income, before tax 25,811 12,316 59,498 29,922
Other Comprehensive Income, tax 6,841 3,264 15,768 7,932
Other Comprehensive Income 18,970 9,052 43,730 21,990
Investment Securities-Available-for-Sale        
Accumulated Other Comprehensive Income Loss [Line Items]        
Net Unrealized Gains Arising During the Period, before tax 19,927 6,022 47,920 17,426
Net Unrealized Gains Arising During the Period, tax 5,281 1,595 12,699 4,619
Net Unrealized Gains Arising During the Period, net 14,646 4,427 35,221 12,807
Reclassification from AOCI, net 0 0 0 0
Other Comprehensive Income 14,646 4,427 35,221 12,807
Investment Securities-Held-to-Maturity        
Accumulated Other Comprehensive Income Loss [Line Items]        
Net Unrealized Gains Arising During the Period, net 0 0 0 0
Reclassification from AOCI 5,884 6,294 11,578 12,496
Reclassification from AOCI, tax 1,560 1,669 3,069 3,313
Reclassification from AOCI, net 4,324 4,625 8,509 9,183
Other Comprehensive Income 4,324 4,625 8,509 9,183
Defined Benefit Plans, Net        
Accumulated Other Comprehensive Income Loss [Line Items]        
Net Unrealized Gains Arising During the Period, net 0 0 0 0
Reclassification from AOCI, net 233 168 465 337
Other Comprehensive Income, before tax 317 230 632 460
Other Comprehensive Income, tax 84 62 167 123
Other Comprehensive Income 233 168 465 337
Amortization of Net Actuarial Losses        
Accumulated Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income, before tax 378 291 755 582
Other Comprehensive Income, tax 100 78 200 155
Other Comprehensive Income 278 213 555 427
Amortization of Prior Service Credit        
Accumulated Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income, before tax (61) (61) (123) (122)
Other Comprehensive Income, tax (16) (16) (33) (32)
Other Comprehensive Income $ (45) $ (45) $ (90) $ (90)

v3.25.2
Accumulated Other Comprehensive Income - Change in AOCI Components Net of Tax (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at Beginning of Period $ 1,704,935 $ 1,435,977 $ 1,667,774 $ 1,414,242
Other Comprehensive Income Before Reclassifications 14,646 4,427 35,221 12,807
Amounts Reclassified from Accumulated Other Comprehensive Income 4,557 4,793 8,974 9,520
Other Comprehensive Income 19,203 9,220 44,195 22,327
Balance at End of Period 1,743,107 1,612,849 1,743,107 1,612,849
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at Beginning of Period (318,397) (383,581) (343,389) (396,688)
Other Comprehensive Income 19,203 9,220 44,195 22,327
Balance at End of Period (299,194) (374,361) (299,194) (374,361)
Investment Securities-Available-for-Sale        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at Beginning of Period (168,655) (216,027) (189,230) (224,407)
Other Comprehensive Income Before Reclassifications 14,646 4,427 35,221 12,807
Amounts Reclassified from Accumulated Other Comprehensive Income 0 0 0 0
Other Comprehensive Income 14,646 4,427 35,221 12,807
Balance at End of Period (154,009) (211,600) (154,009) (211,600)
Investment Securities-Held-to-Maturity        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at Beginning of Period (126,578) (144,463) (130,763) (149,021)
Other Comprehensive Income Before Reclassifications 0 0 0 0
Amounts Reclassified from Accumulated Other Comprehensive Income 4,324 4,625 8,509 9,183
Other Comprehensive Income 4,324 4,625 8,509 9,183
Balance at End of Period (122,254) (139,838) (122,254) (139,838)
Defined Benefit Plans        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at Beginning of Period (23,164) (23,091) (23,396) (23,260)
Other Comprehensive Income Before Reclassifications 0 0 0 0
Amounts Reclassified from Accumulated Other Comprehensive Income 233 168 465 337
Other Comprehensive Income 233 168 465 337
Balance at End of Period $ (22,931) $ (22,923) $ (22,931) $ (22,923)

v3.25.2
Accumulated Other Comprehensive Income - AOCI Reclass to IS (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Provision (Benefit) for Income Taxes $ 12,808 $ 11,224 $ 24,979 $ 23,197
Net of Tax 47,637 34,083 91,622 70,474
Other noninterest expense (15,640) (14,435) (31,291) (28,459)
Reclassification out of Accumulated Other Comprehensive Income        
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Net of Tax (4,557) (4,793) (8,974) (9,520)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Unrealized Holding Losses on Investment Securities Held-to-Maturity        
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Interest Income (5,884) (6,294) (11,578) (12,496)
Provision (Benefit) for Income Taxes 1,560 1,669 3,069 3,313
Net of Tax (4,324) (4,625) (8,509) (9,183)
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans, Net        
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Provision (Benefit) for Income Taxes 84 62 167 123
Net of Tax (233) (168) (465) (337)
Other noninterest expense (317) (230) (632) (460)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Prior Service Credit        
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Other noninterest expense 61 61 123 122
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Net Actuarial Losses        
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]        
Other noninterest expense $ (378) $ (291) $ (755) $ (582)

v3.25.2
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

v3.25.2
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

v3.25.2
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  

v3.25.2
Derivative Financial Instruments - Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Interest Rate Swap Agreements:    
Derivative [Line Items]    
Notional Amount $ 600,000,000 $ 300,000,000
Fair Value 1,300,000 4,700,000
Interest Rate Swap Agreements: | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 2,200,000,000 2,000,000,000
Fair Value (13,140,000) 2,738,000
Interest Rate Lock Commitments | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 1,341,000 1,534,000
Fair Value 37,000 34,000
Forward Commitments | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 3,082,000 3,517,000
Fair Value (8,000) 6,000
Receive Fixed/Pay Variable Swaps | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 2,165,596,000 2,123,665,000
Fair Value (82,906,000) (136,218,000)
Pay Fixed/Receive Variable Swaps | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 2,165,596,000 2,123,665,000
Fair Value 82,802,000 136,125,000
Conversion Rate Swap Agreements    
Derivative [Line Items]    
Liability derivatives 0 0
Conversion Rate Swap Agreements | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount 108,069,000 96,466,000
Makewhole Agreements    
Derivative [Line Items]    
Liability derivatives 0  
Makewhole Agreements | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Notional Amount $ 49,161,000 $ 65,763,000

v3.25.2
Derivative Financial Instruments - Derivative Financial Instruments, their Fair Values, and Balance Sheet Location (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Derivative asset $ 108,223 $ 161,473
Derivative liabilities 120,147 154,058
Interest Rate Swap Agreements:    
Derivatives Fair Value [Line Items]    
Derivative asset 108,186 161,430
Derivative liabilities 120,139 154,055
Interest Rate Swap Agreements: | Derivatives designated as hedging instruments    
Derivatives Fair Value [Line Items]    
Derivative asset 1,898 14,507
Derivative liabilities 13,747 7,039
Interest Rate Swap Agreements: | Derivatives not designated as hedging instruments    
Derivatives Fair Value [Line Items]    
Derivative asset 106,288 146,923
Derivative liabilities 106,392 147,016
Interest Rate Lock Commitments | Derivatives not designated as hedging instruments    
Derivatives Fair Value [Line Items]    
Derivative asset 37 34
Derivative liabilities 0 0
Forward Commitments | Derivatives not designated as hedging instruments    
Derivatives Fair Value [Line Items]    
Derivative asset 0 9
Derivative liabilities $ 8 $ 3

v3.25.2
Derivative Financial Instruments - Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income $ 2,028 $ 6,205 $ 3,132 $ 12,277
Derivatives designated as hedging instruments | Interest Income on Investment Securities Available-for-Sale        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income 1,823 (3,145) 7,497 (20,147)
Derivatives designated as hedging instruments | Interest Income on Investment Securities Available-for-Sale | Interest Rate Swap Agreements:        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income (1,828) 3,082 (7,490) 19,975
Derivatives designated as hedging instruments | Interest Income on Investment Securities Available-for-Sale | Net Cash Settlements        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income (20) 2,736 (22) 5,457
Derivatives designated as hedging instruments | Interest and Fees on Loans and Leases        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income 3,417 (4,308) 11,789 (27,060)
Derivatives designated as hedging instruments | Interest and Fees on Loans and Leases | Interest Rate Swap Agreements:        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income (3,447) 4,222 (11,826) 26,824
Derivatives designated as hedging instruments | Interest and Fees on Loans and Leases | Net Cash Settlements        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income 1,976 3,367 3,509 6,715
Derivatives not designated as hedging instruments | Interest Rate Lock Commitments        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income $ 52 $ 122 $ 252 $ 245
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage Banking Mortgage Banking Mortgage Banking Mortgage Banking
Derivatives not designated as hedging instruments | Forward Commitments        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income $ 31 $ 119 $ (4) $ 215
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage Banking Mortgage Banking Mortgage Banking Mortgage Banking
Derivatives not designated as hedging instruments | Interest Rate Swap Agreements:        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income $ 9 $ 10 $ (10) $ 53
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other Other Other
Derivatives not designated as hedging instruments | Conversion Rate Swap Agreements        
Derivative Instruments Gain Loss [Line Items]        
Net gains (losses) recognized in the statements of income $ 15 $ 0 $ (563) $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Investment Securities Losses, Net Investment Securities Losses, Net Investment Securities Losses, Net Investment Securities Losses, Net

v3.25.2
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)

v3.25.2
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  

v3.25.2
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

v3.25.2
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

v3.25.2
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  

v3.25.2
Fair Value of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Total Investment Securities Available-for-Sale $ 3,111,504 $ 2,689,528
Loans Held for Sale 1,867 2,150
Derivatives 108,223 161,473
Liabilities:    
Derivatives 120,147 154,058
Debt Securities Issued by States and Political Subdivisions    
Assets:    
Total Investment Securities Available-for-Sale 65,960 63,859
Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 985 1,464
Debt Securities Issued by Corporations    
Assets:    
Total Investment Securities Available-for-Sale 728,842 671,675
Total Collateralized Mortgage Obligations    
Assets:    
Total Investment Securities Available-for-Sale 1,465,837 1,218,694
Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 1,097,369 935,220
Commercial - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 332,461 283,474
Commercial - Non-Agency    
Assets:    
Total Investment Securities Available-for-Sale 36,007  
Fair Value, Measurements, Recurring    
Assets:    
Total Investment Securities Available-for-Sale 3,111,504 2,689,528
Loans Held for Sale 1,867 2,150
Mortgage Servicing Rights 619 647
Deferred Compensation Plan Assets 14,569 18,155
Derivatives 108,223 161,473
Total Assets Measured at Fair Value on a Recurring Basis 3,236,782 2,871,953
Liabilities:    
Derivatives 120,147 154,058
Total Liabilities Measured at Fair Value on a Recurring Basis 120,147 154,058
Fair Value, Measurements, Recurring | Debt Securities Issued by the U.S. Treasury and Government Agencies    
Assets:    
Total Investment Securities Available-for-Sale 243,715 249,072
Fair Value, Measurements, Recurring | Debt Securities Issued by States and Political Subdivisions    
Assets:    
Total Investment Securities Available-for-Sale 65,960 63,859
Fair Value, Measurements, Recurring | Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 985 1,464
Fair Value, Measurements, Recurring | Debt Securities Issued by Corporations    
Assets:    
Total Investment Securities Available-for-Sale 728,842 671,675
Fair Value, Measurements, Recurring | Total Collateralized Mortgage Obligations    
Assets:    
Total Investment Securities Available-for-Sale 1,465,837 1,218,694
Fair Value, Measurements, Recurring | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 1,097,369 935,220
Fair Value, Measurements, Recurring | Commercial - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 332,461 283,474
Fair Value, Measurements, Recurring | Commercial - Non-Agency    
Assets:    
Total Investment Securities Available-for-Sale 36,007  
Fair Value, Measurements, Recurring | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 606,165 484,764
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)    
Assets:    
Total Investment Securities Available-for-Sale 133,946 150,389
Loans Held for Sale 0 0
Mortgage Servicing Rights 0 0
Deferred Compensation Plan Assets 14,569 18,155
Derivatives 0 0
Total Assets Measured at Fair Value on a Recurring Basis 148,515 168,544
Liabilities:    
Derivatives 0 0
Total Liabilities Measured at Fair Value on a Recurring Basis 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by the U.S. Treasury and Government Agencies    
Assets:    
Total Investment Securities Available-for-Sale 133,946 150,389
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by States and Political Subdivisions    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by Corporations    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Total Collateralized Mortgage Obligations    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commercial - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commercial - Non-Agency    
Assets:    
Total Investment Securities Available-for-Sale 0  
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total Investment Securities Available-for-Sale 2,977,558 2,539,139
Loans Held for Sale 1,867 2,150
Mortgage Servicing Rights 0 0
Deferred Compensation Plan Assets 0 0
Derivatives 108,186 161,439
Total Assets Measured at Fair Value on a Recurring Basis 3,087,611 2,702,728
Liabilities:    
Derivatives 120,147 154,058
Total Liabilities Measured at Fair Value on a Recurring Basis 120,147 154,058
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by the U.S. Treasury and Government Agencies    
Assets:    
Total Investment Securities Available-for-Sale 109,769 98,683
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by States and Political Subdivisions    
Assets:    
Total Investment Securities Available-for-Sale 65,960 63,859
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 985 1,464
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by Corporations    
Assets:    
Total Investment Securities Available-for-Sale 728,842 671,675
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Total Collateralized Mortgage Obligations    
Assets:    
Total Investment Securities Available-for-Sale 1,465,837 1,218,694
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 1,097,369 935,220
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 332,461 283,474
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial - Non-Agency    
Assets:    
Total Investment Securities Available-for-Sale 36,007  
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 606,165 484,764
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Loans Held for Sale 0 0
Mortgage Servicing Rights 619 647
Deferred Compensation Plan Assets 0 0
Derivatives 37 34
Total Assets Measured at Fair Value on a Recurring Basis 656 681
Liabilities:    
Derivatives 0 0
Total Liabilities Measured at Fair Value on a Recurring Basis 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities Issued by the U.S. Treasury and Government Agencies    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities Issued by States and Political Subdivisions    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities Issued by U.S. Government-Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities Issued by Corporations    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Total Collateralized Mortgage Obligations    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commercial - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commercial - Non-Agency    
Assets:    
Total Investment Securities Available-for-Sale 0  
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential - Government Agencies or Sponsored Enterprises    
Assets:    
Total Investment Securities Available-for-Sale $ 0 $ 0

v3.25.2
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

v3.25.2
Fair Value of Assets and Liabilities - Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financial Instruments - Assets    
Investment Securities Held-to-Maturity $ 3,754,794 $ 3,820,882
Carrying Amount    
Financial Instruments - Assets    
Investment Securities Held-to-Maturity 4,441,353 4,618,543
Loans 13,700,594 13,777,756
Financial Instruments - Liabilities    
Time Deposits 3,037,995 3,059,575
Securities Sold Under Agreements to Repurchase 50,000 100,000
Other Debt 550,000 550,000
Fair Value    
Financial Instruments - Assets    
Investment Securities Held-to-Maturity 3,754,794 3,820,882
Loans 13,073,565 12,908,626
Financial Instruments - Liabilities    
Time Deposits 3,028,864 3,050,583
Securities Sold Under Agreements to Repurchase 51,619 101,478
Other Debt 545,556 538,808
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value    
Financial Instruments - Assets    
Investment Securities Held-to-Maturity 121,178 116,941
Loans 0 0
Financial Instruments - Liabilities    
Time Deposits 0 0
Securities Sold Under Agreements to Repurchase 0 0
Other Debt 0 0
Significant Other Observable Inputs (Level 2) | Fair Value    
Financial Instruments - Assets    
Investment Securities Held-to-Maturity 3,633,616 3,703,941
Loans 0 0
Financial Instruments - Liabilities    
Time Deposits 3,028,864 3,050,583
Securities Sold Under Agreements to Repurchase 51,619 101,478
Other Debt 545,556 538,808
Significant Unobservable Inputs (Level 3) | Fair Value    
Financial Instruments - Assets    
Investment Securities Held-to-Maturity 0 0
Loans 13,073,565 12,908,626
Financial Instruments - Liabilities    
Time Deposits 0 0
Securities Sold Under Agreements to Repurchase 0 0
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