GlobeNewswire Inc | Jan 22, 2021 07:00AM EST

January 22, 2021

HONOLULU, Jan. 22, 2021 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (First Hawaiian or the Company) today reported financial results for its quarter ended December 31, 2020.

We finished 2020 with a strong quarter and continued to support our customers and meet their evolving needs by leveraging technology, digital channels and our deep relationships, said Bob Harrison, Chairman, President and CEO.In these uncertain times, our ability to remain agile and innovative positions us well to continue supporting our customers and the community.

On January 20, 2021 the Companys Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 5, 2021 to stockholders of record at the close of business on February 22, 2021.

Fourth Quarter 2020 Highlights:

-- Net income of $61.7 million, or $0.47 per diluted share -- Net interest income increased $1.2 million, or 0.9%, versus prior quarter -- Net interest margin (NIM) was 2.71%, a 1 basis point increase versus the prior quarter -- Noninterest income increased $4.7 million, or 9.6%, versus prior quarter -- Noninterest expense decreased $3.5 million, or 3.8%, versus prior quarter -- Total deposits increased $330.0 million, or 1.7%, versus prior quarter. -- Recorded a $20.0 million provision for credit losses -- Board of Directors declared a quarterly dividend of $0.26 per share

Balance SheetTotal assets were $22.7 billion as of December 31, 2020, compared to $22.3 billion as of September 30, 2020.

Gross loans and leases were $13.3 billion as of December 31, 2020, a decrease of $220.9 million, or 1.6%, from $13.5 billion as of September 30, 2020.

Total deposits were $19.2 billion as of December 31, 2020, an increase of $330.0 million, or 1.7%, from $18.9 billion as of September 30, 2020.

Net Interest IncomeNet interest income for the fourth quarter of 2020 was $135.2 million, an increase of $1.2 million, or 0.9%, compared to $134.0 million for the prior quarter.

The NIM was 2.71% in the fourth quarter of 2020, an increase of 1 basis point compared to 2.70% in the third quarter of 2020.

Provision ExpenseDuring the quarter ended December 31, 2020, the Bank recorded a total provision for credit losses of $20.0 million. In the quarter ended September 30, 2020, the total provision for credit losses was $5.1 million.

Noninterest IncomeNoninterest income was $53.6 million in the fourth quarter of 2020, an increase of $4.7 million compared to noninterest income of $48.9 million in the third quarter of 2020.

Noninterest ExpenseNoninterest expense was $88.1 million in the fourth quarter of 2020, a decrease of $3.5 million compared to noninterest expense of $91.6 million in the third quarter of 2020.

The efficiency ratio was 46.6% and 50.0% for the quarters ended December 31, 2020 and September 30, 2020, respectively.

TaxesThe effective tax rate was 23.5% for the quarter ended December 31, 2020 and 24.5% for the quarter ended September 30, 2020.

Asset QualityThe allowance for credit losses was $208.5 million, or 1.57% of total loans and leases, as of December 31, 2020, compared to $195.9 million, or 1.45% of total loans and leases, as of September 30, 2020. The reserve for unfunded commitments was $30.6 million as of December 31, 2020 compared to $24.6 million as of September 30, 2020. Net charge-offs were $1.4 million, or 0.04% of average loans and leases on an annualized basis for the quarter ended December 31, 2020, compared to net recoveries of $0.1 million, or 0.00% of average loans and leases on an annualized basis for the quarter ended September 30, 2020. Total non-performing assets were $9.1 million, or 0.07% of total loans and leases and other real estate owned, at December 31, 2020, compared to non-performing assets of $17.6 million, or 0.13% of total loans and leases and other real estate owned, at September 30, 2020.

CapitalTotal stockholders' equity was $2.7 billion at both December 31, 2020 and September 30, 2020.

The tier 1 leverage, common equity tier 1 and total capital ratios were 8.00%, 12.47% and 13.72%, respectively, at December 31, 2020, compared with 7.91%, 12.22% and 13.47%, respectively, at September 30, 2020.

The Company suspended its stock repurchase program during the first quarter and did not repurchase any shares of common stock in the fourth quarter.

First Hawaiian, Inc.First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaiis oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan.The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Companys website, www.fhb.com.

Conference Call InformationFirst Hawaiian will host a conference call to discuss the Companys results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 9772806. A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on January 29, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 9772806.

Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as may, might, should, could, predict, potential, believe, expect, continue, will, anticipate, seek, estimate, intend, plan, projection, would, annualized and outlook, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (SEC) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020.

Use of Non-GAAP Financial MeasuresWe present net interest income, noninterest income, noninterest expense, net income, earnings per share (basic and diluted) and the related ratios described below, on an adjusted, or core, basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core efficiency ratio, core return on average total assets and core return on average total stockholders equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. We compute our core return on average total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders equity as the ratio of core net income to average total stockholders equity.

Return on average tangible stockholders equity, core return on average tangible stockholders equity, return on average tangible assets, core return on average tangible assets and tangible stockholders equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders equity as the ratio of net income to average tangible stockholders equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders equity. We compute our core return on average tangible stockholders equity as the ratio of core net income to average tangible stockholders equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders equity to tangible assets as the ratio of tangible stockholders equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP.

Tables 14 and 15 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

Investor Relations Contact: Media Contact:Kevin Haseyama, CFA Susan Kam(808) 525-6268 (808) 525-6254khaseyama@fhb.com skam@fhb.com

Financial Highlights Table1 For the Three Months Ended Forthe Year Ended December31, September30, December31, December31, (dollarsinthousands,exceptpersharedata) 2020 2020 2019 2020 2019 Operating Results: Net interest income $ 135,227 $ 134,002 $ 139,619 $ 535,734 $ 573,402 Provision for credit losses 20,000 5,072 4,250 121,718 13,800 Noninterest income 53,598 48,898 46,708 197,380 192,533 Noninterest expense 88,127 91,629 91,058 367,672 370,437 Net income 61,739 65,101 67,836 185,754 284,392 Basic earnings per share 0.48 0.50 0.52 1.43 2.14 Diluted earnings per share 0.47 0.50 0.52 1.43 2.13 Dividends declared per share 0.26 0.26 0.26 1.04 1.04 Dividend payout ratio 55.32 % 52.00 % 50.00 % 72.73 % 48.83 %Supplemental Income Statement Data (non-GAAP):Core net interest income $ 135,227 $ 134,002 $ 139,619 $ 535,734 $ 573,402 Core noninterest income 58,438 48,874 51,331 202,322 199,748 Core noninterest expense 88,127 91,629 91,010 367,672 367,623 Core net income 65,288 65,083 71,250 189,378 291,785 Core basic earnings per share 0.50 0.50 0.55 1.46 2.19 Core diluted earnings per share 0.50 0.50 0.54 1.45 2.19 Performance Ratio^(1): Net interest margin 2.71 % 2.70 % 3.15 % 2.77 % 3.20 %Core net interest margin (non-GAAP) 2.71 % 2.70 % 3.15 % 2.77 % 3.20 %Efficiency ratio 46.59 % 50.01 % 48.86 % 50.10 % 48.36 %Core efficiency ratio (non-GAAP) 45.43 % 50.02 % 47.65 % 49.77 % 47.55 %Return on average total assets 1.09 % 1.16 % 1.34 % 0.85 % 1.40 %Core return on average total assets 1.16 % 1.16 % 1.41 % 0.87 % 1.44 %(non-GAAP)Return on average tangible assets (non-GAAP) 1.14 % 1.21 % 1.41 % 0.89 % 1.47 %Core return on average tangible assets 1.21 % 1.21 % 1.48 % 0.91 % 1.51 %(non-GAAP)^(2)Return on average total stockholders' equity 8.99 % 9.58 % 10.21 % 6.88 % 10.90 %Core return on average total stockholders' 9.51 % 9.57 % 10.72 % 7.02 % 11.18 %equity (non-GAAP)Return on average tangible stockholders' 14.14 % 15.16 % 16.40 % 10.91 % 17.62 %equity (non-GAAP)Core return on average tangible stockholders? 14.95 % 15.15 % 17.22 % 11.12 % 18.08 %equity (non-GAAP)^(3)Average Balances: Average loans and leases $ 13,366,980 $ 13,559,367 $ 12,940,956 $ 13,518,308 $ 13,063,716 Average earning assets 19,977,933 19,846,674 17,649,343 19,376,343 17,892,440 Average assets 22,468,040 22,341,485 20,089,601 21,869,064 20,325,697 Average deposits 19,020,800 18,892,033 16,355,254 18,252,998 16,613,379 Average stockholders' equity 2,732,271 2,704,129 2,636,651 2,698,853 2,609,432 Market Value Per Share: Closing 23.58 14.47 28.85 23.58 28.85 High 23.90 18.96 29.47 31.25 29.47 Low 14.16 14.32 25.48 13.56 22.13

Asof Asof Asof December31, September30, December31, 2020 2020 2019 Balance Sheet Data: Loans and leases $ 13,279,097 $ 13,499,969 $ 13,211,650 Total assets 22,662,831 22,310,701 20,166,734 Total deposits 19,227,723 18,897,762 16,444,994 Short-term ? ? 400,000 borrowingsLong-term borrowings 200,010 200,010 200,019 Total stockholders' 2,744,104 2,733,934 2,640,258 equity Per Share of Common Stock:Book value $ 21.12 $ 21.04 $ 20.32 Tangible book value 13.46 13.38 12.66 (non-GAAP)^(4) Asset Quality Ratios:Non-accrual loansand leases / total 0.07 % 0.13 % 0.04 %loans and leasesAllowance for creditlosses for loans and 1.57 % 1.45 % 0.99 %leases / total loansand leases Capital Ratios: Common Equity Tier 1 12.47 % 12.22 % 11.88 %Capital RatioTier 1 Capital Ratio 12.47 % 12.22 % 11.88 %Total Capital Ratio 13.72 % 13.47 % 12.81 %Tier 1 Leverage 8.00 % 7.91 % 8.79 %RatioTotal stockholders'equity to total 12.11 % 12.25 % 13.09 %assetsTangiblestockholders' equity 8.07 % 8.16 % 8.58 %to tangible assets(non-GAAP) Non-Financial Data: Number of branches 54 58 58 Number of ATMs 297 302 301 Number of Full-Time 2,103 2,099 2,092 Equivalent Employees

_____________________________(1)Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three months ended December31,2020, September 30, 2020 and December 31, 2019.

(2)Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

(3)Core return on average tangible stockholders equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders equity as the ratio of core net income to average tangible stockholders equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

(4)Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders equity to shares outstanding. Tangible stockholders equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income Table 2 For the Three Months Ended For the Year Ended December31, September30, December31, December31,(dollarsinthousands,exceptpershareamounts) 2020 2020 2019 2020 2019Interest income Loans and lease financing $ 118,314 $ 120,940 $ 138,033 $ 496,523 $ 574,013 Available-for-sale securities 22,752 20,317 20,979 81,808 92,505 Other 615 670 3,120 4,428 12,174 Total interest income 141,681 141,927 162,132 582,759 678,692 Interest expense Deposits 5,061 6,227 18,222 35,471 87,865 Short-term and long-term borrowings 1,393 1,698 4,291 11,554 17,425 Total interest expense 6,454 7,925 22,513 47,025 105,290 Net interest income 135,227 134,002 139,619 535,734 573,402 Provision for credit losses 20,000 5,072 4,250 121,718 13,800 Net interest income after provision for credit losses 115,227 128,930 135,369 414,016 559,602 Noninterest income Service charges on deposit accounts 6,769 6,523 9,041 28,169 33,778 Credit and debit card fees 15,583 14,049 16,626 55,451 66,749 Other service charges and fees 8,404 9,021 8,818 33,876 36,253 Trust and investment services income 8,733 8,664 8,855 35,652 35,102 Bank-owned life insurance 4,159 4,903 2,533 15,754 15,479 Investment securities (losses) gains, net (12 ) 24 (123 ) (114 ) (2,715 )Other 9,962 5,714 958 28,592 7,887 Total noninterest income 53,598 48,898 46,708 197,380 192,533 Noninterest expense Salaries and employee benefits 42,687 44,291 41,098 174,221 173,098 Contracted services and professional fees 13,940 15,073 13,724 60,546 56,321 Occupancy 7,355 6,921 7,231 28,821 28,753 Equipment 5,225 5,137 4,491 20,277 17,343 Regulatory assessment and fees 2,168 2,445 1,802 8,659 7,390 Advertising and marketing 1,096 1,374 1,317 5,695 6,910 Card rewards program 4,890 5,046 8,635 22,114 29,961 Other 10,766 11,342 12,760 47,339 50,661 Total noninterest expense 88,127 91,629 91,058 367,672 370,437 Income before provision for income taxes 80,698 86,199 91,019 243,724 381,698 Provision for income taxes 18,959 21,098 23,183 57,970 97,306 Net income $ 61,739 $ 65,101 $ 67,836 $ 185,754 $ 284,392 Basic earnings per share $ 0.48 $ 0.50 $ 0.52 $ 1.43 $ 2.14 Diluted earnings per share $ 0.47 $ 0.50 $ 0.52 $ 1.43 $ 2.13 Basic weighted-average outstanding shares 129,912,104 129,896,054 130,463,102 129,890,225 133,076,489 Diluted weighted-average outstanding shares 130,314,381 130,085,534 130,845,645 130,220,077 133,387,157

Consolidated Balance Table 3Sheets December31, September30, December31,(dollarsinthousands) 2020 2020 2019Assets Cash and due from $ 303,373 $ 333,744 $ 360,375 banksInterest-bearingdeposits in other 737,571 482,585 333,642 banksInvestment securities,at fair value(amortized cost:$5,985,031 as ofDecember31,2020, 6,071,415 5,692,883 4,075,644 $5,584,556 as ofSeptember 30, 2020 and$4,080,663 as ofDecember31,2019)Loans held for sale 11,579 34,669 904 Loans and leases 13,279,097 13,499,969 13,211,650 Less: allowance for 208,454 195,876 130,530 credit lossesNet loans and leases 13,070,643 13,304,093 13,081,120 Premises and 322,401 321,229 316,885 equipment, netOther real estateowned and repossessed ? ? 319 personal propertyAccrued interest 69,626 66,005 45,239 receivableBank-owned life 466,537 462,422 453,873 insuranceGoodwill 995,492 995,492 995,492 Mortgage servicing 10,731 10,922 12,668 rightsOther assets 603,463 606,657 490,573 Total assets $ 22,662,831 $ 22,310,701 $ 20,166,734 Liabilities and Stockholders' EquityDeposits: Interest-bearing $ 11,705,609 $ 11,989,492 $ 10,564,922 Noninterest-bearing 7,522,114 6,908,270 5,880,072 Total deposits 19,227,723 18,897,762 16,444,994 Short-term borrowings ? ? 400,000 Long-term borrowings 200,010 200,010 200,019 Retirement benefits 143,373 138,806 138,222 payableOther liabilities 347,621 340,189 343,241 Total liabilities 19,918,727 19,576,767 17,526,476 Stockholders' equity Common stock ($0.01par value; authorized300,000,000 shares;issued/outstanding:140,191,133 /129,912,272 shares asof December31,2020,issued/outstanding:140,190,428 / 1,402 1,402 1,399 129,911,789 shares asof September30,2020and issued/outstanding:139,917,150 /129,928,479 shares asofDecember31,2019)Additional paid-in 2,514,014 2,511,849 2,503,677 capitalRetained earnings 473,974 446,315 437,072 Accumulated othercomprehensive income 31,604 51,254 (31,749 )(loss), netTreasury stock(10,278,861 shares asof December31,2020,10,278,639 shares (276,890 ) (276,886 ) (270,141 )as ofSeptember30,2020 and9,988,671 shares as ofDecember31,2019)Total stockholders' 2,744,104 2,733,934 2,640,258 equityTotal liabilities and $ 22,662,831 $ 22,310,701 $ 20,166,734 stockholders' equity

AverageBalancesandInterestRates Table4 Three Months Ended Three Months Ended Three Months Ended December31,2020 September30,2020 December31,2019 Average Income/ Yield Average Income/ Yield Average Income/ Yield / / /(dollarsinmillions) Balance Expense Rate Balance Expense Rate Balance Expense Rate Earning Assets Interest-Bearing Deposits in Other $ 688.1 $ 0.2 0.10 % $ 889.6 $ 0.2 0.10 % $ 548.5 $ 2.3 1.68 %BanksAvailable-for-Sale Investment SecuritiesTaxable 5,632.9 22.0 1.56 5,308.5 20.2 1.52 4,092.2 21.0 2.05 Non-Taxable 220.0 0.9 1.74 25.7 0.1 2.11 ? ? ? Total Available-for-Sale Investment 5,852.9 22.9 1.57 5,334.2 20.3 1.53 4,092.2 21.0 2.05 SecuritiesLoans Held for Sale 16.2 0.1 2.00 10.2 0.1 2.67 1.5 ? 2.55 Loans and Leases^(1) Commercial and industrial 3,077.6 22.6 2.93 3,230.4 21.6 2.67 2,668.5 25.3 3.76 Commercial real estate 3,407.2 26.2 3.06 3,418.0 27.8 3.23 3,325.8 35.9 4.28 Construction 703.1 5.6 3.14 637.6 5.2 3.22 497.8 5.4 4.36 Residential: Residential mortgage 3,679.6 37.1 4.03 3,680.5 37.9 4.12 3,720.2 38.5 4.14 Home equity line 856.8 6.1 2.81 871.1 6.6 3.02 905.6 8.2 3.58 Consumer 1,394.5 19.0 5.43 1,474.4 20.2 5.46 1,635.2 23.3 5.66 Lease financing 248.2 1.8 2.89 247.4 1.8 2.90 187.8 1.4 2.94 Total Loans and Leases 13,367.0 118.4 3.53 13,559.4 121.1 3.56 12,940.9 138.0 4.24 Other Earning Assets 53.7 0.4 3.26 53.3 0.5 3.32 66.2 0.8 4.76 Total Earning Assets^(2) 19,977.9 142.0 2.83 19,846.7 142.2 2.86 17,649.3 162.1 3.66 Cash and Due from Banks 289.2 307.9 316.5 Other Assets 2,200.9 2,186.9 2,123.8 Total Assets $ 22,468.0 $ 22,341.5 $ 20,089.6 Interest-Bearing Liabilities Interest-Bearing Deposits Savings $ 5,786.4 $ 0.5 0.03 % $ 5,768.3 $ 0.6 0.04 % 4,943.2 $ 3.8 0.31 %Money Market 3,440.9 0.4 0.05 3,288.2 0.4 0.05 3,117.6 5.6 0.72 Time 2,461.3 4.2 0.67 3,029.8 5.2 0.69 2,538.4 8.8 1.37 Total Interest-Bearing Deposits 11,688.6 5.1 0.17 12,086.3 6.2 0.20 10,599.2 18.2 0.68 Short-Term Borrowings ? ? ? 45.1 0.3 2.69 400.1 2.9 2.87 Long-Term Borrowings 200.0 1.4 2.77 200.0 1.4 2.77 200.0 1.4 2.76 Total Interest-Bearing Liabilities 11,888.6 6.5 0.22 12,331.4 7.9 0.26 11,199.3 22.5 0.80 Net Interest Income $ 135.5 $ 134.3 $ 139.6 Interest Rate Spread 2.61 % 2.60 % 2.86 %Net Interest Margin 2.71 % 2.70 % 3.15 %Noninterest-Bearing Demand Deposits 7,332.2 6,805.7 5,756.0 Other Liabilities 514.9 500.3 497.6 Stockholders' Equity 2,732.3 2,704.1 2,636.7 Total Liabilities and Stockholders' $ 22,468.0 $ 22,341.5 $ 20,089.6 Equity

_____________________________(1)Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(2)Interest income includes taxable-equivalent basis adjustments of $0.3 million, $0.3 million and nil for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

Average Balances Table and Interest Rates 5 Year Ended Year Ended December31,2020 December31,2019 Average Income/ Yield Average Income/ Yield / /(dollars in Balance Expense Rate Balance Expense Rate millions)Earning Assets Interest-BearingDeposits in Other $ 882.1 $ 2.4 0.27 % $ 437.8 $ 9.3 2.11 %BanksAvailable-for-SaleInvestment SecuritiesTaxable 4,844.5 80.9 1.67 4,309.7 92.5 2.15 Non-Taxable 62.0 1.1 1.77 0.5 ? 2.71 TotalAvailable-for-Sale 4,906.5 82.0 1.67 4,310.2 92.5 2.15 InvestmentSecuritiesLoans Held for Sale 13.0 0.3 2.21 1.0 ? 2.53 Loans and Leases^ (1)Commercial and 3,168.7 93.2 2.94 2,987.3 122.8 4.11 industrialCommercial real 3,419.1 116.9 3.42 3,176.6 143.9 4.53 estateConstruction 615.7 21.3 3.46 547.7 25.5 4.65 Residential: Residential 3,698.7 148.4 4.01 3,626.0 150.9 4.16 mortgageHome equity line 875.1 27.1 3.10 910.7 34.1 3.74 Consumer 1,501.6 82.9 5.52 1,652.8 91.8 5.56 Lease financing 239.4 6.9 2.90 162.6 5.0 3.08 Total Loans and 13,518.3 496.7 3.67 13,063.7 574.0 4.39 LeasesOther Earning 56.4 2.0 3.66 79.8 2.9 3.66 AssetsTotal Earning 19,376.3 583.4 3.01 17,892.5 678.7 3.79 Assets^(2)Cash and Due from 304.9 340.1 BanksOther Assets 2,187.9 2,093.1 Total Assets $ 21,869.1 $ 20,325.7 Interest-Bearing LiabilitiesInterest-Bearing DepositsSavings $ 5,538.1 $ 5.2 0.09 % $ 4,840.6 $ 16.6 0.34 %Money Market 3,266.6 6.6 0.20 3,123.5 27.8 0.89 Time 2,839.8 23.7 0.83 2,882.9 43.5 1.51 TotalInterest-Bearing 11,644.5 35.5 0.30 10,847.0 87.9 0.81 DepositsShort-Term 209.6 6.0 2.87 209.8 5.9 2.82 BorrowingsLong-Term 200.0 5.5 2.77 406.6 11.5 2.83 BorrowingsTotalInterest-Bearing 12,054.1 47.0 0.39 11,463.4 105.3 0.92 LiabilitiesNet Interest Income $ 536.4 $ 573.4 Interest Rate 2.62 % 2.87 %SpreadNet Interest Margin 2.77 % 3.20 %Noninterest-Bearing 6,608.5 5,766.4 Demand DepositsOther Liabilities 507.6 486.5 Stockholders' 2,698.9 2,609.4 EquityTotal Liabilitiesand Stockholders' $ 21,869.1 $ 20,325.7 Equity

_____________________________(1)Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(2)Interest income includes taxable-equivalent basis adjustments of $0.7 million and nil for the years ended December 31, 2020 and 2019, respectively.

Analysis of Change in Net Interest TableIncome 6 Three Months Ended December31,2020 Compared to September 30, 2020(dollars in millions) Volume Rate TotalChange in Interest Income: Available-for-Sale Investment SecuritiesTaxable $ 1.3 $ 0.5 $ 1.8 Non-Taxable 0.8 ? 0.8 Total Available-for-Sale Investment 2.1 0.5 2.6 SecuritiesLoans and Leases Commercial and industrial (1.0 ) 2.0 1.0 Commercial real estate (0.1 ) (1.5 ) (1.6 )Construction 0.5 (0.1 ) 0.4 Residential: Residential mortgage ? (0.8 ) (0.8 )Home equity line (0.1 ) (0.4 ) (0.5 )Consumer (1.1 ) (0.1 ) (1.2 )Total Loans and Leases (1.8 ) (0.9 ) (2.7 )Other Earning Assets ? (0.1 ) (0.1 )Total Change in Interest Income 0.3 (0.5 ) (0.2 ) Change in Interest Expense: Interest-Bearing Deposits Savings ? (0.1 ) (0.1 )Time (0.9 ) (0.1 ) (1.0 )Total Interest-Bearing Deposits (0.9 ) (0.2 ) (1.1 )Short-Term Borrowings (0.1 ) (0.2 ) (0.3 )Total Change in Interest Expense (1.0 ) (0.4 ) (1.4 )Change in Net Interest Income $ 1.3 $ (0.1 ) $ 1.2

Analysis of Change in Net Interest Table 7Income Three Months Ended December31,2020 Compared to December31,2019(dollars in millions) Volume Rate TotalChange in Interest Income: Interest-Bearing Deposits in Other $ 0.5 $ (2.6 ) $ (2.1 )BanksAvailable-for-Sale Investment SecuritiesTaxable 6.7 (5.7 ) 1.0 Non-Taxable 0.9 ? 0.9 Total Available-for-Sale Investment 7.6 (5.7 ) 1.9 SecuritiesLoans Held for Sale 0.1 ? 0.1 Loans and Leases Commercial and industrial 3.5 (6.2 ) (2.7 )Commercial real estate 0.8 (10.5 ) (9.7 )Construction 1.9 (1.7 ) 0.2 Residential: Residential mortgage (0.4 ) (1.0 ) (1.4 )Home equity line (0.4 ) (1.7 ) (2.1 )Consumer (3.4 ) (0.9 ) (4.3 )Lease financing 0.4 ? 0.4 Total Loans and Leases 2.4 (22.0 ) (19.6 )Other Earning Assets (0.1 ) (0.3 ) (0.4 )Total Change in Interest Income 10.5 (30.6 ) (20.1 ) Change in Interest Expense: Interest-Bearing Deposits Savings 0.6 (3.9 ) (3.3 )Money Market 0.5 (5.7 ) (5.2 )Time (0.2 ) (4.4 ) (4.6 )Total Interest-Bearing Deposits 0.9 (14.0 ) (13.1 )Short-Term Borrowings (1.5 ) (1.4 ) (2.9 )Total Change in Interest Expense (0.6 ) (15.4 ) (16.0 )Change in Net Interest Income $ 11.1 $ (15.2 ) $ (4.1 )

Analysis of Change in Net Interest Table 8Income Year Ended December31,2020 Compared to December31,2019(dollars in millions) Volume Rate TotalChange in Interest Income: Interest-Bearing Deposits in Other $ 5.0 $ (11.9 ) $ (6.9 )BanksAvailable-for-Sale Investment SecuritiesTaxable 10.6 (22.2 ) (11.6 )Non-Taxable 1.1 ? 1.1 Total Available-for-Sale Investment 11.7 (22.2 ) (10.5 )SecuritiesLoans Held for Sale 0.3 ? 0.3 Loans and Leases Commercial and industrial 7.1 (36.7 ) (29.6 )Commercial real estate 10.3 (37.3 ) (27.0 )Construction 2.9 (7.1 ) (4.2 )Residential: Residential mortgage 3.0 (5.5 ) (2.5 )Home equity line (1.3 ) (5.7 ) (7.0 )Consumer (8.3 ) (0.6 ) (8.9 )Lease financing 2.2 (0.3 ) 1.9 Total Loans and Leases 15.9 (93.2 ) (77.3 )Other Earning Assets (0.9 ) ? (0.9 )Total Change in Interest Income 32.0 (127.3 ) (95.3 ) Change in Interest Expense: Interest-Bearing Deposits Savings 2.1 (13.5 ) (11.4 )Money Market 1.2 (22.4 ) (21.2 )Time (0.6 ) (19.2 ) (19.8 )Total Interest-Bearing Deposits 2.7 (55.1 ) (52.4 )Short-Term Borrowings ? 0.1 0.1 Long-Term Borrowings (5.8 ) (0.2 ) (6.0 )Total Change in Interest Expense (3.1 ) (55.2 ) (58.3 )Change in Net Interest Income $ 35.1 $ (72.1 ) $ (37.0 )

Loans and Table 9Leases December31, September30, December31,(dollars in 2020 2020 2019thousands)Commercialand $ 3,019,507 $ 3,170,262 $ 2,743,242industrialCommercial 3,392,676 3,461,085 3,463,953real estateConstruction 735,819 662,871 519,241Residential: Residential 3,690,218 3,669,051 3,768,936mortgageHome equity 841,624 864,789 893,239lineTotal 4,531,842 4,533,840 4,662,175residentialConsumer 1,353,842 1,425,934 1,620,556Lease 245,411 245,977 202,483financingTotal loans $ 13,279,097 $ 13,499,969 $ 13,211,650and leases

Deposits Table 10 December31, September30, December31,(dollarsin 2020 2020 2019thousands)Demand $ 7,522,114 $ 6,908,270 $ 5,880,072Savings 6,020,075 5,994,687 4,998,933Money 3,337,236 3,379,985 3,055,832MarketTime 2,348,298 2,614,820 2,510,157Total $ 19,227,723 $ 18,897,762 $ 16,444,994Deposits

Non-PerformingAssets and AccruingLoans and Leases Table 11Past Due 90 Days orMore December31, September30, December31,(dollars in 2020 2020 2019thousands)Non-Performing AssetsNon-Accrual Loans and LeasesCommercial Loans: Commercial and $ 518 $ 725 $ 32industrialCommercial real 80 7,067 30estateConstruction 2,043 2,043 ?Total Commercial 2,641 9,835 62LoansResidential Loans: Residential 6,441 7,798 5,406mortgageTotal Residential 6,441 7,798 5,406LoansTotal Non-Accrual 9,082 17,633 5,468Loans and LeasesOther Real Estate ? ? 319OwnedTotalNon-Performing $ 9,082 $ 17,633 $ 5,787Assets Accruing Loans andLeases Past Due 90 Days or MoreCommercial Loans: Commercial and $ 2,108 $ 1,938 $ 1,429industrialCommercial real 882 1,307 1,013estateConstruction 93 100 2,367Total Commercial 3,083 3,345 4,809LoansResidential Loans: Residential ? ? 74mortgageHome equity line 4,818 4,503 2,995Total Residential 4,818 4,503 3,069LoansConsumer 3,266 2,897 4,272Total AccruingLoans and Leases $ 11,167 $ 10,745 $ 12,150Past Due 90 Days orMore Restructured Loanson Accrual Status $ 16,684 $ 9,726 $ 14,493and Not Past Due 90Days or MoreTotal Loans and $ 13,279,097 $ 13,499,969 $ 13,211,650Leases

Allowance for Table 12 Credit Losses Forthe Three Months Ended Forthe Year Ended December31, September30, December31, December31, December31, (dollars in 2020 2020 2019 2020 2019 thousands)Balance atBeginning of $ 195,876 $ 192,120 $ 132,964 $ 130,530 $ 141,718 PeriodAdjustment toAdopt ASC ? ? ? 770 ? Topic 326AfterAdoption of 195,876 192,120 132,964 131,300 141,718 ASC Topic 326Loans andLeases Charged-OffCommercial Loans:Commercialand (799 ) (598 ) (204 ) (15,572 ) (2,718 ) industrialCommercial (30 ) ? ? (2,753 ) ? real estateConstruction ? ? ? (379 ) ? Lease ? ? ? ? (24 ) financingTotalCommercial (829 ) (598 ) (204 ) (18,704 ) (2,742 ) LoansResidential Loans:Residential ? ? (236 ) (14 ) (243 ) mortgageHome equity (46 ) ? (195 ) (54 ) (195 ) lineTotalResidential (46 ) ? (431 ) (68 ) (438 ) LoansConsumer (7,049 ) (4,238 ) (8,689 ) (28,791 ) (32,807 ) Total Loansand Leases (7,924 ) (4,836 ) (9,324 ) (47,563 ) (35,987 ) Charged-OffRecoveries onLoans andLeases PreviouslyCharged-OffCommercial Loans:Commercialand 2,986 1,699 107 5,005 410 industrialCommercial 615 ? 170 615 263 real estateConstruction 30 30 ? 200 ? TotalCommercial 3,631 1,729 277 5,820 673 LoansResidential Loans:Residential 37 27 37 216 741 mortgageHome equity 21 16 70 167 226 lineTotalResidential 58 43 107 383 967 LoansConsumer 2,812 3,148 2,256 10,499 9,359 TotalRecoveries onLoans and 6,501 4,920 2,640 16,702 10,999 LeasesPreviouslyCharged-OffNet Loans andLeases (1,423 ) 84 (6,684 ) (30,861 ) (24,988 ) (Charged-Off)RecoveredProvision forCredit Losses 14,001 3,672 4,250 108,015 13,800 - Loans andLeasesBalance at $ 208,454 $ 195,876 $ 130,530 $ 208,454 $ 130,530 End of PeriodAverage Loansand Leases $ 13,366,980 $ 13,559,367 $ 12,940,956 $ 13,518,308 $ 13,063,716 OutstandingRatio of NetLoans andLeasesCharged-Offto Average 0.04 % ? % 0.20 % 0.23 % 0.19 %Loans andLeasesOutstanding^(1)Ratio ofAllowance forCredit Lossesfor Loans and 1.57 % 1.45 % 0.99 % 1.57 % 0.99 %Leases toLoans andLeasesOutstanding

____________________________(1)Annualized for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019.

Loans and Leases by Year of Origination and Credit Quality Indicator Table 13 Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in 2020 2019 2018 2017 2016 Prior Cost Basis Cost Totalthousands) BasisCommercial Lending Commercial and IndustrialRisk rating: Pass $ 873,639 $ 324,030 $ 183,329 $ 73,000 $ 49,886 $ 94,360 $ 1,058,786 $ 28,853 $ 2,685,883Special Mention 20,937 10,370 20,164 2,099 279 8,316 101,183 1,549 164,897Substandard 23,804 2,023 2,568 677 4,063 8,113 33,775 250 75,273Other ^(1) 13,142 13,426 9,246 5,337 1,867 280 50,156 ? 93,454Total Commercial and 931,522 349,849 215,307 81,113 56,095 111,069 1,243,900 30,652 3,019,507Industrial Commercial Real EstateRisk rating: Pass 342,845 611,243 541,104 447,366 295,426 814,398 47,604 323 3,100,309Special Mention 1,500 63,617 26,187 33,482 37,841 61,279 2,999 ? 226,905Substandard 29 3,964 18,983 3,779 10,615 18,083 9,511 ? 64,964Other ^(1) ? ? ? ? ? 498 ? ? 498Total Commercial 344,374 678,824 586,274 484,627 343,882 894,258 60,114 323 3,392,676Real Estate Construction Risk rating: Pass 53,931 233,730 202,808 83,792 23,171 41,536 28,386 ? 667,354Special Mention ? 508 707 4,717 ? 9,172 ? ? 15,104Substandard ? ? 541 1,840 521 989 ? ? 3,891Other ^(1) 16,578 16,393 7,775 3,685 1,800 2,656 583 ? 49,470Total Construction 70,509 250,631 211,831 94,034 25,492 54,353 28,969 ? 735,819 Lease Financing Risk rating: Pass 79,064 60,717 13,669 17,207 3,010 61,266 ? ? 234,933Special Mention 950 892 311 1,300 351 295 ? ? 4,099Substandard 2,708 1,677 327 1,141 ? 526 ? ? 6,379Total Lease 82,722 63,286 14,307 19,648 3,361 62,087 ? ? 245,411Financing Total Commercial $ 1,429,127 $ 1,342,590 $ 1,027,719 $ 679,422 $ 428,830 $ 1,121,767 $ 1,332,983 $ 30,975 $ 7,393,413Lending

Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in 2020 2019 2018 2017 2016 Prior Cost Basis Cost Totalthousands) BasisResidential Lending Residential Mortgage FICO: 740 and greater $ 728,807 $ 384,248 $ 290,484 $ 361,297 $ 314,971 $ 830,795 $ ? $ ? $ 2,910,602680 - 739 85,151 53,090 44,616 50,703 39,230 144,537 ? ? 417,327620 - 679 15,767 7,604 11,460 9,628 7,982 43,393 ? ? 95,834550 - 619 ? 1,971 2,818 2,920 4,474 10,144 ? ? 22,327Less than 550 ? 861 593 2,916 594 2,138 ? ? 7,102No Score ^(3) 13,823 18,861 21,214 21,821 14,355 45,147 ? ? 135,221Other ^(2) 21,011 15,860 18,540 22,677 9,550 13,426 578 163 101,805Total Residential 864,559 482,495 389,725 471,962 391,156 1,089,580 578 163 3,690,218Mortgage Home Equity Line FICO: 740 and greater ? ? ? ? ? ? 608,282 2,163 610,445680 - 739 ? ? ? ? ? ? 159,886 3,155 163,041620 - 679 ? ? ? ? ? ? 44,005 1,571 45,576550 - 619 ? ? ? ? ? ? 11,644 884 12,528Less than 550 ? ? ? ? ? ? 5,159 330 5,489No Score ^(3) ? ? ? ? ? ? 4,545 ? 4,545Total Home Equity ? ? ? ? ? ? 833,521 8,103 841,624LineTotal Residential 864,559 482,495 389,725 471,962 391,156 1,089,580 834,099 8,266 4,531,842Lending Consumer Lending FICO: 740 and greater 113,373 122,965 99,678 54,691 24,029 6,034 114,748 275 535,793680 - 739 83,316 90,853 66,143 36,426 16,358 4,985 76,391 773 375,245620 - 679 40,469 48,904 33,917 24,705 11,144 3,788 36,622 1,221 200,770550 - 619 9,125 20,274 17,693 15,126 7,825 2,883 12,980 1,458 87,364Less than 550 3,017 10,139 9,189 6,517 3,123 1,118 5,261 799 39,163No Score ^(3) 339 103 64 109 10 ? 33,854 356 34,835Other ^(2) 380 1,890 73 2,214 45 6,768 69,302 ? 80,672Total Consumer 250,019 295,128 226,757 139,788 62,534 25,576 349,158 4,882 1,353,842Lending Total Loans and $ 2,543,705 $ 2,120,213 $ 1,644,201 $ 1,291,172 $ 882,520 $ 2,236,923 $ 2,516,240 $ 44,123 $ 13,279,097Leases

___________________________(1)Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a Pass rating.

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

GAAPtoNon-GAAPReconciliation Table14 Forthe Three Months Ended Forthe Year Ended December31, September30, December31, December31, (dollarsinthousands,exceptpershareamounts) 2020 2020 2019 2020 2019 Income Statement Data: Net income $ 61,739 $ 65,101 $ 67,836 $ 185,754 $ 284,392 Core net income $ 65,288 $ 65,083 $ 71,250 $ 189,378 $ 291,785 Average total stockholders' equity $ 2,732,271 $ 2,704,129 $ 2,636,651 $ 2,698,853 $ 2,609,432 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible stockholders' equity $ 1,736,779 $ 1,708,637 $ 1,641,159 $ 1,703,361 $ 1,613,940 Average total assets $ 22,468,040 $ 22,341,485 $ 20,089,601 $ 21,869,064 $ 20,325,697 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible assets $ 21,472,548 $ 21,345,993 $ 19,094,109 $ 20,873,572 $ 19,330,205 Return on average total stockholders' equity^(1) 8.99 % 9.58 % 10.21 % 6.88 % 10.90 %Core return on average total stockholders' equity 9.51 % 9.57 % 10.72 % 7.02 % 11.18 %(non-GAAP)^(1)Return on average tangible stockholders' equity 14.14 % 15.16 % 16.40 % 10.91 % 17.62 %(non-GAAP)^(1)Core return on average tangible stockholders' equity 14.95 % 15.15 % 17.22 % 11.12 % 18.08 %(non-GAAP)^(1) Return on average total assets^(1) 1.09 % 1.16 % 1.34 % 0.85 % 1.40 %Core return on average total assets (non-GAAP)^(1) 1.16 % 1.16 % 1.41 % 0.87 % 1.44 %Return on average tangible assets (non-GAAP)^(1) 1.14 % 1.21 % 1.41 % 0.89 % 1.47 %Core return on average tangible assets (non-GAAP)^(1) 1.21 % 1.21 % 1.48 % 0.91 % 1.51 %

Asof Asof Asof December31, September30, December31, 2020 2020 2019 Balance Sheet Data:Totalstockholders' $ 2,744,104 $ 2,733,934 $ 2,640,258 equityLess: 995,492 995,492 995,492 goodwillTangiblestockholders' $ 1,748,612 $ 1,738,442 $ 1,644,766 equity Total assets $ 22,662,831 $ 22,310,701 $ 20,166,734 Less: 995,492 995,492 995,492 goodwillTangible $ 21,667,339 $ 21,315,209 $ 19,171,242 assets Shares 129,912,272 129,911,789 129,928,479 outstanding Totalstockholders' 12.11 % 12.25 % 13.09 %equity tototal assetsTangiblestockholders'equity to 8.07 % 8.16 % 8.58 %tangible assets(non-GAAP) Book value $ 21.12 $ 21.04 $ 20.32 per shareTangible bookvalue per $ 13.46 $ 13.38 $ 12.66 share(non-GAAP)

____________________________(1)Annualized for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019.

GAAPtoNon-GAAPReconciliation Table 15 For the Three Months Ended Forthe Year Ended December31, September30, December31, December31, (dollarsinthousands, except 2020 2020 2019 2020 2019 per share amounts)Net interest income $ 135,227 $ 134,002 $ 139,619 $ 535,734 $ 573,402 Core net interest income $ 135,227 $ 134,002 $ 139,619 $ 535,734 $ 573,402 (non-GAAP) Noninterest income $ 53,598 $ 48,898 $ 46,708 $ 197,380 $ 192,533 Losses (gains) on sale of 12 (24 ) 123 114 2,715 securitiesCosts associated with the sale 4,828 ? 4,500 4,828 4,500 of stock^(1)Core noninterest income $ 58,438 $ 48,874 $ 51,331 $ 202,322 $ 199,748 (non-GAAP) Noninterest expense $ 88,127 $ 91,629 $ 91,058 $ 367,672 $ 370,437 One-time items^(2) ? ? (48 ) ? (2,814 ) Core noninterest expense $ 88,127 $ 91,629 $ 91,010 $ 367,672 $ 367,623 (non-GAAP) Net income $ 61,739 $ 65,101 $ 67,836 $ 185,754 $ 284,392 Losses (gains) on sale of 12 (24 ) 123 114 2,715 securitiesCosts associated with the sale 4,828 ? 4,500 4,828 4,500 of stock^(1)One-time noninterest expense ? ? 48 ? 2,814 items^(2)Tax adjustments^(3) (1,291 ) 6 (1,257 ) (1,318 ) (2,636 ) Total core adjustments 3,549 (18 ) 3,414 3,624 7,393 Core net income (non-GAAP) $ 65,288 $ 65,083 $ 71,250 $ 189,378 $ 291,785 Basic earnings per share $ 0.48 $ 0.50 $ 0.52 $ 1.43 $ 2.14 Diluted earnings per share $ 0.47 $ 0.50 $ 0.52 $ 1.43 $ 2.13 Efficiency ratio 46.59 % 50.01 % 48.86 % 50.10 % 48.36 % Core basic earnings per share $ 0.50 $ 0.50 $ 0.55 $ 1.46 $ 2.19 (non-GAAP)Core diluted earnings per share $ 0.50 $ 0.50 $ 0.54 $ 1.45 $ 2.19 (non-GAAP)Core efficiency ratio 45.43 % 50.02 % 47.65 % 49.77 % 47.55 %(non-GAAP)

____________________________(1)Costs associated with the sale of stock for the three and twelve months ended December 31, 2020 and 2019 related to changes in the valuation of the funding swap entered into with the buyer of our Visa Class B restricted sales in 2016.

(2)One-time items for the three and twelve months ended December 31, 2019 included losses on our funding swap as a result of a 2019 decrease in the conversion rate of our Visa Class B restricted shares sold in 2016. One-time items for the twelve months ended December 31, 2019 also included costs related to a nonrecurring payment for a former executive of the Company pursuant to the Banks Executive Change-in-Control Retention Plan and nonrecurring offering costs.

(3)Represents the adjustments to net income, tax effected at the Companys effective tax rate for the respective period.