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First Hawaiian, Inc. Reports Fourth Quarter 2019 Financial Results and Declares Dividend

  • Net income of $67.8 million, or $0.52 per diluted share, core net income1 of $71.3 million or $0.54 per diluted share1
  • Board of Directors declared a quarterly dividend of $0.26 per share

HONOLULU, Jan. 28, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2019.

“I’m pleased to report that we ended 2019 with a strong fourth quarter.  We generated great loan growth, significantly reduced deposit costs, and maintained excellent credit quality,” said Bob Harrison, Chairman, President and Chief Executive Officer.  “This was a good finish to an exciting year, and we are well positioned going into 2020.”

On January 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share.  The dividend will be payable on March 6, 2020 to stockholders of record at the close of business on February 28, 2020.

Fourth Quarter 2019 Highlights:

  • Profitability measures were excellent with Return on Assets of 1.34%, core Return on Average Tangible Assets1,2 of 1.48%, Return on Equity of 10.21%, and core Return on Average Tangible Common Equity1,2 of 17.22%;
  • Grew loans and leases by $368 million, or 2.9%;
  • Cost of deposits fell 10 basis points to 44 basis points;
  • Reported efficiency ratio was 48.9% and core efficiency ratio1 was 47.7%;
  • Continued excellent credit quality.  The ratio of non-performing assets to total loans and leases and other real estate owned was 0.04% at the end of the fourth quarter.

Balance Sheet
Total assets were $20.2 billion as of December 31, 2019, compared to $20.6 billion as of September 30, 2019.

Gross loans and leases were $13.2 billion as of December 31, 2019, an increase of $368 million, or 2.9%, from $12.8 billion as of September 30, 2019. 

Total deposits were $16.4 billion as of December 31, 2019, a decrease of $412 million, or 2.4%, from $16.9 billion as of September 30, 2019, primarily reflecting the withdrawal of a $400 million commercial deposit that was deposited at the end of the third quarter and withdrawn early in the fourth quarter, and a $266 million reduction in public deposits.

Net Interest Income
Net interest income for the fourth quarter of 2019 was $139.6 million, a decrease of $3.5 million, or 2.4%, compared to $143.1 million for the prior quarter.  The decrease in net interest income compared to the third quarter of 2019 was primarily due to lower yields on loans and lower investment and loan balances, partially offset by lower deposit rates and balances.  Average loan balances in the fourth quarter were lower than the prior quarter as a result of the sale of $409 million of shared national credits in the third quarter.

Net interest margin (“NIM”) was 3.15% in the fourth quarter of 2019, a decrease of four basis points compared to 3.19% in the third quarter of 2019.  

Provision Expense
Results for the quarter ended December 31, 2019 included a provision for credit losses of $4.3 million.  No provision for credit losses was taken in the quarter ended September 30, 2019.    

Noninterest Income
Noninterest income was $46.7 million in the fourth quarter of 2019, a decrease of $3.3 million compared to noninterest income of $50.0 million in the third quarter of 2019.     

Noninterest Expense
Noninterest expense was $91.1 million in the fourth quarter of 2019, a decrease of $2.4 million from $93.5 million in the third quarter of 2019. 

The efficiency ratio was 48.9% and 48.4% for the quarters ended December 31, 2019 and September 30, 2019, respectively.

Taxes
The effective tax rate was 25.5% for both the quarters ended December 31, 2019 and September 30, 2019.

Asset Quality
The allowance for loan and lease losses was $130.5 million, or 0.99% of total loans and leases, as of December 31, 2019, compared to $133.0 million, or 1.04% of total loans and leases, as of September 30, 2019.  Net charge-offs were $6.7 million, or 0.20% of average loans and leases on an annualized basis for the quarter ended December 31, 2019, compared to $5.6 million, or 0.17% of average loans and leases on an annualized basis for the quarter ended September 30, 2019.  Total non-performing assets were $5.8 million, or 0.04% of total loans and leases and other real estate owned, at December 31, 2019, compared to non-performing assets of $4.3 million, or 0.03% of total loans and leases and other real estate owned, at September 30, 2019. 

Capital
Total stockholders' equity was $2.6 billion at December 31, 2019, compared to $2.7 billion at September 30, 2019.   

The tier 1 leverage, common equity tier 1 and total capital ratios were 8.79%, 11.88% and 12.81%, respectively, at December 31, 2019, compared with 8.68%, 12.15% and 13.11%, respectively, at September 30, 2019.

The Company repurchased 1.3 million shares of common stock at a total cost of $37.4 million under the stock repurchase program in the fourth quarter. The average cost was $27.92 per share repurchased.  For the full year 2019, the Company repurchased 5.1 million shares at a total cost of $136.2 million. 

The Company’s Board of Directors approved a stock repurchase program for up to $80 million of its outstanding common stock during 2020.

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

Conference Call Information
First Hawaiian will host a conference call to discuss the Company’s results today at 5:00 p.m. Eastern Time, 12:00 p.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:  7588548.  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 8:30 p.m. (Eastern Time) on February 4, 2020.  Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID:  7588548.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance.  These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.  These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control.  Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict.  Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  For a discussion of some of the 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, 2018 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019.

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

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

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

Tables 13 and 14 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

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

1 Core measurements are non-GAAP financial measures.  Core excludes certain gains, expenses and one-time items.  See Tables 13 and 14 at the end of this document for reconciliations of core measurements, including core net income, core noninterest income, core efficiency ratio and core earnings per diluted share to the comparable GAAP measurements.

2 Return on Average Tangible Assets (“ROATA”) and Return on Average Tangible Common Equity (“ROATCE”) are non-GAAP financial measures.  A reconciliation of average tangible assets and average tangible stockholders’ equity to the comparable GAAP measurements is provided in Table 13 at the end of this document.

                             
Financial Highlights                         Table 1  
    For the Three Months Ended   For the Year Ended  
    December 31,    September 30,    December 31,    December 31,   
(dollars in thousands, except per share data)   2019   2019   2018   2019   2018  
Operating Results:                                
Net interest income   $ 139,619   $ 143,081   $ 143,985   $ 573,402   $ 566,318  
Provision for loan and lease losses     4,250         5,750     13,800     22,180  
Noninterest income     46,708     49,980     33,091     192,533     178,993  
Noninterest expense     91,058     93,466     89,354     370,437     364,953  
Net income     67,836     74,199     59,995     284,392     264,394  
Basic earnings per share     0.52     0.56     0.44     2.14     1.93  
Diluted earnings per share     0.52     0.56     0.44     2.13     1.93  
Dividends declared per share     0.26     0.26     0.24     1.04     0.96  
Dividend payout ratio     50.00 %   46.43 %   54.55 %   48.83 %   49.74 %
Supplemental Income Statement Data (non-GAAP):                                
Core net interest income   $ 139,619   $ 143,081   $ 143,985   $ 573,402   $ 566,318  
Core noninterest income     51,331     49,980     57,176     199,748     203,078  
Core noninterest expense     91,010     91,222     88,919     367,623     358,561  
Core net income     71,250     75,871     77,914     291,785     286,711  
Core basic earnings per share     0.55     0.57     0.58     2.19     2.09  
Core diluted earnings per share     0.54     0.57     0.58     2.19     2.09  
Performance Ratio(1):                                
Net interest margin     3.15   3.19   3.23   3.20   3.16 %
Core net interest margin (non-GAAP)     3.15   3.19   3.23   3.20   3.16 %
Efficiency ratio     48.86   48.41   50.45   48.36   48.96 %
Core efficiency ratio (non-GAAP)     47.65   47.25   44.19   47.55   46.59 %
Return on average total assets     1.34   1.45   1.19   1.40   1.31 %
Core return on average total assets (non-GAAP)     1.41   1.48   1.54   1.44   1.42 %
Return on average tangible assets (non-GAAP)     1.41   1.52   1.25   1.47   1.37 %
Core return on average tangible assets (non-GAAP)(2)     1.48   1.56   1.62   1.51   1.49 %
Return on average total stockholders' equity     10.21   11.12   9.77   10.90   10.76 %
Core return on average total stockholders' equity (non-GAAP)     10.72   11.37   12.68   11.18   11.67 %
Return on average tangible stockholders' equity (non-GAAP)     16.40   17.81   16.51   17.62   18.08 %
Core return on average tangible stockholders’ equity (non-GAAP)     17.22   18.21   21.44   18.08   19.61 %
Average Balances:                                
Average loans and leases   $ 12,940,956   $ 13,032,349   $ 12,829,635   $ 13,063,716   $ 12,570,182  
Average earning assets     17,649,343     17,862,564     17,701,301     17,892,440     17,911,545  
Average assets     20,089,601     20,332,457     20,069,988     20,325,697     20,247,135  
Average deposits     16,355,254     16,573,796     16,608,611     16,613,379     17,115,380  
Average stockholders' equity     2,636,651     2,648,428     2,437,504     2,609,432     2,457,771  
Market Value Per Share:                                
  Closing     28.85     26.70     22.51     28.85     22.51  
  High     29.47     27.84     27.49     29.47     32.36  
  Low     25.48     24.25     21.19     22.13     21.19  
                                 


                   
  As of   As of   As of  
  December 31,    September 30,    December 31,   
  2019   2019   2018  
Balance Sheet Data:                  
Loans and leases $ 13,211,650   $ 12,843,396   $ 13,076,191  
Total assets   20,166,734     20,598,220     20,695,678  
Total deposits   16,444,994     16,857,246     17,150,068  
Short-term borrowings   400,000     400,000      
Long-term borrowings   200,019     200,018     600,026  
Total stockholders' equity   2,640,258     2,654,558     2,524,839  
                   
Per Share of Common Stock:                  
Book value $ 20.32   $ 20.22   $ 18.72  
Tangible book value (non-GAAP)(4)   12.66     12.64     11.34  
                   
Asset Quality Ratios:                  
Non-accrual loans and leases / total loans and leases   0.04   0.03 %   0.05 %
Allowance for loan and lease losses / total loans and leases   0.99   1.04 %   1.08 %
                   
Capital Ratios:                  
Common Equity Tier 1 Capital Ratio   11.88   12.15     11.97  
Tier 1 Capital Ratio   11.88   12.15     11.97  
Total Capital Ratio   12.81   13.11     12.99  
Tier 1 Leverage Ratio   8.79   8.68     8.72  
Total stockholders' equity to total assets   13.09   12.89 %   12.20 %
Tangible stockholders' equity to tangible assets (non-GAAP)   8.58   8.46 %   7.76 %
                   
Non-Financial Data:                  
Number of branches   58     58     60  
Number of ATMs   301     293     295  
Number of Full-Time Equivalent Employees   2,092     2,099     2,155  
                   

(1) Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three months ended December 31, 2019, September 30, 2019 and December 31, 2018.
(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 13, 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 13, 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 13, GAAP to Non-GAAP Reconciliation.

     
Consolidated Statements of Income   Table 2
    Three Months Ended   For the Year Ended
    December 31,    September 30,    December 31,    December 31, 
(dollars in thousands, except per share amounts)   2019   2019   2018   2019   2018
Interest income                              
Loans and lease financing   $ 138,033     $ 144,691   $ 140,649     $ 574,013     $ 529,877  
Available-for-sale securities     20,979       22,256     25,537       92,505       107,123  
Other     3,120       3,234     1,858       12,174       9,051  
Total interest income     162,132       170,181     168,044       678,692       646,051  
Interest expense                              
Deposits     18,222       22,753     20,152       87,865       72,976  
Short-term and long-term borrowings     4,291       4,347     3,907       17,425       6,757  
Total interest expense     22,513       27,100     24,059       105,290       79,733  
Net interest income     139,619       143,081     143,985       573,402       566,318  
Provision for loan and lease losses     4,250           5,750       13,800       22,180  
Net interest income after provision for loan and lease losses     135,369       143,081     138,235       559,602       544,138  
Noninterest income                              
Service charges on deposit accounts     9,041       8,554     8,427       33,778       32,036  
Credit and debit card fees     16,626       16,839     16,755       66,749       65,716  
Other service charges and fees     8,818       8,903     9,763       36,253       38,316  
Trust and investment services income     8,855       8,698     7,895       35,102       31,324  
Bank-owned life insurance     2,533       5,743     1,086       15,479       9,217  
Investment securities losses, net     (123 )               (2,715 )      
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities               (24,085 )           (24,085 )
Other     958       1,243     13,250       7,887       26,469  
Total noninterest income     46,708       49,980     33,091       192,533       178,993  
Noninterest expense                              
Salaries and employee benefits     41,098       44,955     41,407       173,098       167,162  
Contracted services and professional fees     13,724       14,649     13,005       56,321       49,775  
Occupancy     7,231       7,250     7,181       28,753       27,330  
Equipment     4,491       4,024     4,610       17,343       17,714  
Regulatory assessment and fees     1,802       1,992     2,053       7,390       14,217  
Advertising and marketing     1,317       1,647     1,687       6,910       4,813  
Card rewards program     8,635       6,930     6,978       29,961       24,860  
Other     12,760       12,019     12,433       50,661       59,082  
Total noninterest expense     91,058       93,466     89,354       370,437       364,953  
Income before provision for income taxes     91,019       99,595     81,972       381,698       358,178  
Provision for income taxes     23,183       25,396     21,977       97,306       93,784  
Net income   $ 67,836     $ 74,199   $ 59,995     $ 284,392     $ 264,394  
Basic earnings per share   $ 0.52     $ 0.56   $ 0.44     $ 2.14     $ 1.93  
Diluted earnings per share   $ 0.52     $ 0.56   $ 0.44     $ 2.13     $ 1.93  
Basic weighted-average outstanding shares     130,463,102       132,583,902     134,874,277       133,076,489       136,945,134  
Diluted weighted-average outstanding shares     130,845,645       132,877,769     135,100,162       133,387,157       137,111,420  
                               


     
Consolidated Balance Sheets   Table 3
    December 31,    September 30,    December 31, 
(dollars in thousands)   2019   2019   2018
Assets                  
Cash and due from banks   $ 360,375     $ 358,863     $ 396,836  
Interest-bearing deposits in other banks     333,642       985,154       606,801  
Investment securities     4,075,644       4,157,082       4,498,342  
Loans held for sale     904       1,594       432  
Loans and leases     13,211,650       12,843,396       13,076,191  
Less: allowance for loan and lease losses     130,530       132,964       141,718  
Net loans and leases     13,081,120       12,710,432       12,934,473  
                   
Premises and equipment, net     316,885       315,309       304,996  
Other real estate owned and repossessed personal property     319       82       751  
Accrued interest receivable     45,239       44,671       48,920  
Bank-owned life insurance     453,873       453,410       446,076  
Goodwill     995,492       995,492       995,492  
Mortgage servicing rights     12,668       13,630       16,155  
Other assets     490,573       562,501       446,404  
Total assets   $ 20,166,734     $ 20,598,220     $ 20,695,678  
Liabilities and Stockholders' Equity                  
Deposits:                  
Interest-bearing   $ 10,564,922     $ 11,136,424     $ 11,142,127  
Noninterest-bearing     5,880,072       5,720,822       6,007,941  
Total deposits     16,444,994       16,857,246       17,150,068  
Short-term borrowings     400,000       400,000        
Long-term borrowings     200,019       200,018       600,026  
Retirement benefits payable     138,222       128,442       127,909  
Other liabilities     343,241       357,956       292,836  
Total liabilities     17,526,476       17,943,662       18,170,839  
                   
Stockholders' equity                  
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 139,917,150 / 129,928,479 shares as of December 31, 2019, issued/outstanding: 139,908,699 / 131,260,900 shares as of September 30, 2019 and issued/outstanding: 139,656,674 / 134,874,302 shares as of December 31, 2018)     1,399       1,399       1,397  
Additional paid-in capital     2,503,677       2,501,324       2,495,853  
Retained earnings     437,072       403,317       291,919  
Accumulated other comprehensive loss, net     (31,749 )     (18,774 )     (132,195 )
Treasury stock (9,988,671 shares as of December 31, 2019, 8,647,799 shares as of September 30, 2019 and 4,782,372 shares as of December 31, 2018)     (270,141 )     (232,708 )     (132,135 )
Total stockholders' equity     2,640,258       2,654,558       2,524,839  
Total liabilities and stockholders' equity   $ 20,166,734     $ 20,598,220     $ 20,695,678  
                   


                                                   
Average Balances and Interest Rates                                             Table 4  
    Three Months Ended   Three Months Ended   Three Months Ended  
    December 31, 2019   September 30, 2019   December 31, 2018  
    Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                                  
Interest-Bearing Deposits in Other Banks   $ 548.5   $ 2.3   1.68 $ 447.8   $ 2.3   2.02 % $ 290.0   $ 1.5   2.04 %
Available-for-Sale Investment Securities     4,092.2     21.0   2.05     4,296.3     22.3   2.07     4,521.3     25.5   2.24  
Loans Held for Sale     1.5       2.55     1.4       2.36     0.3       3.51  
Loans and Leases(1)                                                  
Commercial and industrial     2,668.5     25.3   3.76     2,885.9     30.0   4.12     3,120.9     32.7   4.16  
Commercial real estate     3,325.8     35.9   4.28     3,294.7     37.3   4.49     3,013.0     32.4   4.27  
Construction     497.8     5.4   4.36     477.2     5.6   4.67     623.9     7.1   4.51  
Residential:                                                  
Residential mortgages     3,720.2     38.5   4.14     3,644.9     38.6   4.23     3,351.8     36.0   4.26  
Home equity lines     905.6     8.2   3.58     912.8     8.6   3.74     904.5     8.7   3.78  
Consumer     1,635.2     23.3   5.66     1,651.4     23.3   5.61     1,657.9     22.7   5.44  
Lease financing     187.8     1.4   2.94     165.4     1.3   3.14     157.6     1.1   2.70  
Total Loans and Leases     12,940.9     138.0   4.24     13,032.3     144.7   4.41     12,829.6     140.7   4.35  
Other Earning Assets     66.2     0.8   4.76     84.8     0.9   4.47     60.1     0.4   2.42  
Total Earning Assets(2)     17,649.3     162.1   3.66     17,862.6     170.2   3.79     17,701.3     168.1   3.77  
Cash and Due from Banks     316.5               341.7               339.7            
Other Assets     2,123.8               2,128.2               2,029.0            
Total Assets   $ 20,089.6             $ 20,332.5             $ 20,070.0            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 4,943.2   $ 3.8   0.31 $ 4,891.5   $ 4.6   0.37 %   4,708.4   $ 3.6   0.30 %
Money Market     3,117.6     5.6   0.72     3,067.4     7.1   0.92     3,021.9     6.1   0.80  
Time     2,538.4     8.8   1.37     2,872.6     11.1   1.54     3,026.2     10.5   1.37  
Total Interest-Bearing Deposits     10,599.2     18.2   0.68     10,831.5     22.8   0.83     10,756.5     20.2   0.74  
Short-Term Borrowings     400.1     2.9   2.87     370.0     2.6   2.84     112.9     0.6   2.26  
Long-Term Borrowings     200.0     1.4   2.76     239.1     1.7   2.82     452.2     3.3   2.86  
Total Interest-Bearing Liabilities     11,199.3     22.5   0.80     11,440.6     27.1   0.94     11,321.6     24.1   0.84  
Net Interest Income         $ 139.6             $ 143.1             $ 144.0      
Interest Rate Spread               2.86             2.85 %             2.93 %
Net Interest Margin               3.15             3.19 %             3.23 %
Noninterest-Bearing Demand Deposits     5,756.0               5,742.3               5,852.1            
Other Liabilities     497.6               501.2               458.8            
Stockholders' Equity     2,636.7               2,648.4               2,437.5            
Total Liabilities and Stockholders' Equity   $ 20,089.6             $ 20,332.5             $ 20,070.0            
                                                   

(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) For the periods disclosed above, the taxable-equivalent basis adjustments made to the table above were not material.

...
                                   
Average Balances and Interest Rates                               Table 5  
    Year Ended   Year Ended  
    December 31, 2019   December 31, 2018  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                  
Interest-Bearing Deposits in Other Banks   $ 437.8   $ 9.3   2.11 $ 460.8   $ 8.3   1.81 %
Available-for-Sale Investment Securities     4,310.2     92.5   2.15     4,843.0     107.1   2.21  
Loans Held for Sale     1.0       2.53     1.0       3.60  
Loans and Leases(1)                                  
Commercial and industrial     2,987.3     122.8   4.11     3,105.4     121.9   3.93  
Commercial real estate     3,176.6     143.9   4.53     2,918.5     118.7   4.07  
Construction     547.7     25.5   4.65     623.6     25.8   4.13  
Residential:                                  
Residential mortgages     3,626.0     150.9   4.16     3,254.9     138.4   4.25  
Home equity lines     910.7     34.1   3.74     874.2     32.2   3.68  
Consumer     1,652.8     91.8   5.56     1,633.2     88.2   5.40  
Lease financing     162.6     5.0   3.08     160.4     4.7   2.91  
Total Loans and Leases     13,063.7     574.0   4.39     12,570.2     529.9   4.22  
Other Earning Assets     79.8     2.9   3.66     36.5     0.7   1.93  
Total Earning Assets(2)     17,892.5     678.7   3.79     17,911.5     646.0   3.61  
Cash and Due from Banks     340.1               328.3            
Other Assets     2,093.1               2,007.3            
Total Assets   $ 20,325.7             $ 20,247.1