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First Hawaiian, Inc. (FHB) SEC Filing 8-K Material Event for the period ending Friday, July 29, 2022

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Graphic

For Immediate Release

First Hawaiian, Inc. Reports Second Quarter 2022 Financial Results and Declares Dividend

HONOLULU, Hawaii July 29, 2022--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2022.

“I’m pleased to report that we had a very strong second quarter as the bank continued to perform well,” said Bob Harrison, Chairman, President and CEO. “We had good loan and deposit growth, credit quality remained excellent, and we successfully converted to our new core operating system.”

On July 27, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 2, 2022 to stockholders of record at the close of business on August 22, 2022.

Second Quarter 2022 Highlights:

Net income of $59.4 million, or $0.46 per diluted share
Total loans and leases increased $371.0 million versus prior quarter.
Total deposits increased $331.0 million versus prior quarter
Net interest margin increased 18 basis points to 2.60%
Recorded a $1.0 million provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $25.4 billion as of June 30, 2022, compared to $25.0 billion as of March 31, 2022.

Gross loans and leases were $13.3 billion as of June 30, 2022, an increase of $371.0 million, or 2.9%, from $12.9 billion as of March 31, 2022.

Total deposits were $22.6 billion as of June 30, 2022, an increase of $331.0 million, or 1.5%, from $22.3 billion as of March 31, 2022.

Net Interest Income

Net interest income for the second quarter of 2022 was $145.1 million, an increase of $11.3 million, or 8.4%, compared to $133.9 million for the prior quarter.

The net interest margin was 2.60% in the second quarter of 2022, an increase of 18 basis points compared to 2.42% in the prior quarter.

Provision Expense

During the quarter ended June 30, 2022, we recorded a $1.0 million provision for credit losses. In the quarter ended March 31, 2022, we recorded a $5.7 million negative provision for credit losses.

Noninterest Income

Noninterest income was $44.1 million in the second quarter of 2022, an increase of $2.7 million compared to noninterest income of $41.4 million in the prior quarter.

Noninterest Expense

Noninterest expense was $109.2 million in the second quarter of 2022, an increase of $5.1 million compared to noninterest expense of $104.0 million in the prior quarter.

The efficiency ratio was 57.3% and 59.0% for the quarters ended June 30, 2022 and March 31, 2022, respectively.

Taxes

The effective tax rate was 25.0% for the quarters ended June 30, 2022 and March 31, 2022.


Asset Quality

The allowance for credit losses was $148.9 million, or 1.12% of total loans and leases, as of June 30, 2022, compared to $150.3 million, or 1.17% of total loans and leases, as of March 31, 2022. The reserve for unfunded commitments was $29.0 million as of June 30, 2022 and March 31, 2022. Net charge-offs were $2.3 million, or 0.07% of average loans and leases on an annualized basis for the quarter ended June 30, 2022, compared to net charge-offs of $2.6 million, or 0.08% of average loans and leases on an annualized basis, for the quarter ended March 31, 2022. Total non-performing assets were $7.9 million, or 0.06% of total loans and leases and other real estate owned, on June 30, 2022, compared to total non-performing assets of $8.6 million, or 0.07% of total loans and leases and other real estate owned, on March 31, 2022.

Capital

Total stockholders’ equity was $2.3 billion on June 30, 2022 and March 31, 2022.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.54%, 11.98% and 13.14%, respectively, on June 30, 2022, compared with 7.50%, 12.27% and 13.48%, respectively, on March 31, 2022.

The Company repurchased 0.3 million shares of common stock at a total cost of $7.0 million under the stock repurchase program in the second quarter. The average cost was $24.09 per share repurchased.  Remaining buyback authority under the stock repurchase program was $68.0 million on June 30, 2022.

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 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 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.  

Please note that the process for accessing the conference call has changed. Participants will need to click on the registration link provided below, register for the conference call, and then you will receive the dial-in number and a personalized PIN code.

To access the call by phone, please register via the following link:

https://register.vevent.com/register/BI2ebfe69a17064bc89a14e15354a8e329, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

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.

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. 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, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.


Use of Non-GAAP Financial Measures

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. 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. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

Investor Relations Contact:

Media Contact:

Kevin Haseyama, CFA

Lindsay Chambers

(808) 525-6268

(808) 525-6254

khaseyama@fhb.com

lchambers@fhb.com


Financial Highlights

Table 1

For the Three Months Ended

For the Six Months Ended

June 30, 

March 31, 

June 30, 

June 30, 

(dollars in thousands, except per share data)

    

2022

    

2022

    

2021

    

2022

    

2021

 

Operating Results:

Net interest income

$

145,147

$

133,872

$

131,481

$

279,019

$

260,639

Provision for credit losses

1,000

(5,747)

(35,000)

(4,747)

(35,000)

Noninterest income

44,137

41,380

49,371

85,517

93,239

Noninterest expense

109,175

104,042

99,388

213,217

195,694

Net income

59,360

57,719

86,741

117,079

144,434

Basic earnings per share

0.46

0.45

0.67

0.92

1.11

Diluted earnings per share

0.46

0.45

0.67

0.91

1.11

Dividends declared per share

0.26

0.26

0.26

0.52

0.52

Dividend payout ratio

56.52

%

57.78

%

38.81

%

57.14

%

46.85

%

Performance Ratios(1):

Net interest margin

2.60

%  

2.42

%  

2.46

%  

2.51

%  

2.50

%

Efficiency ratio

57.33

%  

59.04

%  

54.74

%  

58.15

%  

55.12

%

Return on average total assets

0.94

%  

0.93

%  

1.45

%  

0.94

%  

1.24

%

Return on average tangible assets (non-GAAP)(2)

0.98

%  

0.97

%  

1.51

%  

0.98

%  

1.30

%

Return on average total stockholders' equity

10.52

%  

9.19

%  

12.92

%  

9.82

%  

10.75

%

Return on average tangible stockholders' equity (non-GAAP)(2)

18.79

%  

15.08

%  

20.51

%  

16.76

%  

16.99

%

Average Balances:

Average loans and leases

$

13,058,558

$

12,819,612

$

13,205,086

$

12,939,745

$

13,223,575

Average earning assets

22,520,605

22,463,209

21,539,264

22,492,066

21,010,643

Average assets

25,250,176

25,080,453

24,015,065

25,165,783

23,482,839

Average deposits

22,401,558

21,960,819

20,638,015

22,182,406

20,073,676

Average stockholders' equity

2,262,654

2,547,865

2,691,966

2,404,471

2,709,735

Market Value Per Share:

Closing

22.80

27.89

28.34

22.80

28.34

High

28.44

31.16

29.85

31.16

30.80

Low

21.49

26.93

24.75

21.49

23.14


As of

As of

As of

As of

June 30, 

March 31, 

December 31, 

June 30, 

(dollars in thousands, except per share data)

2022

2022

 

2021

 

2021

Balance Sheet Data:

Loans and leases

$

13,262,781

$

12,891,743

$

12,961,999

$

13,103,785

Total assets

25,377,533

25,042,720

24,992,410

24,246,328

Total deposits

22,601,454

22,270,430

21,816,146

20,835,115

Long-term borrowings

200,000

Total stockholders' equity

2,252,611

2,285,149

2,656,912

2,731,341

Per Share of Common Stock:

Book value

$

17.67

$

17.90

$

20.84

$

21.17

Tangible book value (non-GAAP)(2)

9.86

10.10

13.03

13.45

Asset Quality Ratios:

Non-accrual loans and leases / total loans and leases

0.06

%  

0.07

%

0.05

%

0.07

%  

Allowance for credit losses for loans and leases / total loans and leases

1.12

%  

1.17

%

1.21

%

1.29

%  

Capital Ratios:

Common Equity Tier 1 Capital Ratio

  

11.98

%  

  

12.27

%

  

12.24

%

12.76

%  

Tier 1 Capital Ratio

11.98

%  

12.27

%

12.24

%

12.76

%  

Total Capital Ratio

13.14

%  

13.48

%

13.49

%

14.01

%  

Tier 1 Leverage Ratio

7.54

%  

7.50

%

7.24

%

7.68

%  

Total stockholders' equity to total assets

8.88

%  

9.13

%

10.63

%

11.26

%  

Tangible stockholders' equity to tangible assets (non-GAAP)(2)

5.16

%  

5.36

%

6.92

%

7.47

%  

Non-Financial Data:

Number of branches

51

51

54

54

Number of ATMs

297

298

299

294

Number of Full-Time Equivalent Employees

2,021

2,022

2,036

2,087


(1)Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2022 and 2021 and the three months ended March 31, 2022.
(2)Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. 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 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 tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. 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. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income

Table 2

For the Three Months Ended

For the Six Months Ended

June 30, 

March 31, 

June 30, 

June 30, 

(dollars in thousands, except per share amounts)

    

2022

    

2022

    

2021

    

2022

    

2021

Interest income

Loans and lease financing

$

111,916

$

103,732

$

110,919

$

215,648

$

221,858

Available-for-sale investment securities

16,643

32,107

24,637

48,750

47,783

Held-to-maturity investment securities

18,289

18,289

Other

2,896

782

666

3,678

1,157

Total interest income

149,744

136,621

136,222

286,365

270,798

Interest expense

Deposits

4,597

2,749

3,363

7,346

7,419

Short-term and long-term borrowings

1,378

2,740

Total interest expense

4,597

2,749

4,741

7,346

10,159

Net interest income

145,147

133,872

131,481

279,019

260,639

Provision for credit losses

1,000

(5,747)

(35,000)

(4,747)

(35,000)

Net interest income after provision for credit losses

144,147

139,619

166,481

283,766

295,639

Noninterest income

Service charges on deposit accounts

6,843

7,501

6,632

14,344

13,350

Credit and debit card fees

17,056

14,850

16,746

31,906

31,297

Other service charges and fees

9,018

9,654

10,303

18,672

19,149

Trust and investment services income

8,759

8,883

8,707

17,642

17,199

Bank-owned life insurance

(859)

(417)

3,104

(1,276)

5,493

Investment securities (losses) gains, net

102

102

Other

3,320

909

3,777

4,229

6,649

Total noninterest income

44,137

41,380

49,371

85,517

93,239

Noninterest expense

Salaries and employee benefits

49,902

48,226

45,982

98,128

89,918

Contracted services and professional fees

18,617

17,147

16,516

35,764

33,704

Occupancy

7,334

7,410

7,314

14,744

14,484

Equipment

7,754

5,977

6,362

13,731

11,853

Regulatory assessment and fees

2,301

2,224

1,826

4,525

3,860

Advertising and marketing

1,994

2,028

1,469

4,022

3,060

Card rewards program

7,285

6,883

6,262

14,168

11,097

Other

13,988

14,147

13,657

28,135

27,718

Total noninterest expense

109,175

104,042

99,388

213,217

195,694

Income before provision for income taxes

79,109

76,957

116,464

156,066

193,184

Provision for income taxes

19,749

19,238

29,723

38,987

48,750

Net income

$

59,360

$

57,719

$

86,741

$

117,079

$

144,434

Basic earnings per share

$

0.46

$

0.45

$

0.67

$

0.92

$

1.11

Diluted earnings per share

$

0.46

$

0.45

$

0.67

$

0.91

$

1.11

Basic weighted-average outstanding shares

127,672,244

127,556,242

129,392,339

127,614,564

129,661,228

Diluted weighted-average outstanding shares

128,014,777

128,121,126

129,828,847

128,108,630

130,164,762


Consolidated Balance Sheets

Table 3

June 30, 

March 31, 

December 31, 

June 30, 

(dollars in thousands)

    

2022

    

2022

    

2021

    

2021

Assets

Cash and due from banks

$

279,629

$

274,022

$

246,716

$

347,861

Interest-bearing deposits in other banks

1,254,047

1,352,138

1,011,753

1,558,437

Investment securities:

Available-for-sale, at fair value (amortized cost: $4,267,809 as of June 30, 2022, $8,733,170 as of March 31, 2022, $8,560,733 as of December 31, 2021 and $6,951,153 as of June 30, 2021)

3,967,746

8,062,384

8,428,032

6,953,930

Held-to-maturity, at amortized cost (fair value: $3,910,780 as of June 30, 2022 and nil as of March 31, 2022, December 31, 2021 and June 30, 2021)

4,093,215

Loans held for sale

180

538

1,241

Loans and leases

13,262,781

12,891,743

12,961,999

13,103,785

Less: allowance for credit losses

148,942

150,280

157,262

169,148

Net loans and leases

13,113,839

12,741,463

12,804,737

12,934,637

Premises and equipment, net

310,047

315,766

318,448

319,452

Other real estate owned and repossessed personal property

175

Accrued interest receivable

63,240

61,561

63,158

66,734

Bank-owned life insurance

470,542

471,401

471,819

466,402

Goodwill

995,492

995,492

995,492

995,492

Mortgage servicing rights

7,152

7,650

8,302

10,007

Other assets

822,404

760,843

643,240

592,135

Total assets

$

25,377,533

$

25,042,720

$

24,992,410

$

24,246,328

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

12,990,571

$

12,504,821

$

12,422,283

$

12,245,193

Noninterest-bearing

9,610,883

9,765,609

9,393,863

8,589,922

Total deposits

22,601,454

22,270,430

21,816,146

20,835,115

Long-term borrowings

200,000

Retirement benefits payable

134,151

134,323

134,491

144,101

Other liabilities

389,317

352,818

384,861

335,771

Total liabilities

23,124,922

22,757,571

22,335,498

21,514,987

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,943,908 / 127,451,087 shares as of June 30, 2022, issued/outstanding: 140,875,595 / 127,686,307 shares as of March 31, 2022, issued/outstanding: 140,581,715 / 127,502,472 shares as of December 31, 2021 and issued/outstanding: 140,542,398 / 129,019,871 shares as of June 30, 2021)

1,409

1,409

1,406

1,405

Additional paid-in capital

2,533,407

2,530,795

2,527,663

2,520,790

Retained earnings

654,777

628,642

604,534

550,511

Accumulated other comprehensive loss, net

(571,457)

(517,502)

(121,693)

(29,702)

Treasury stock (13,492,821 shares as of June 30, 2022, 13,189,288 shares as of March 31, 2022, 13,079,243 shares as of December 31, 2021 and 11,522,527 shares as of June 30, 2021)

(365,525)

(358,195)

(354,998)

(311,663)

Total stockholders' equity

2,252,611

2,285,149

2,656,912

2,731,341

Total liabilities and stockholders' equity

$

25,377,533

$

25,042,720

$

24,992,410

$

24,246,328


Average Balances and Interest Rates

Table 4

Three Months Ended

Three Months Ended

Three Months Ended

June 30, 2022

March 31, 2022

June 30, 2021

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

$

1,297.3

$

2.8

0.85

%  

$

1,138.3

$

0.6

0.20

%  

$

1,503.0

$

0.4

0.10

%

Available-for-Sale Investment Securities

Taxable

3,946.4

16.6

1.68

7,800.3

29.2

1.50

6,298.3

22.5

1.43

Non-Taxable

8.4

0.1

5.26

636.7

3.6

2.32

468.4

2.7

2.30

Held-to-Maturity Investment Securities

Taxable

3,533.6

15.0

1.70

Non-Taxable

607.0

4.1

2.71

Total Investment Securities

8,095.4

35.8

1.77

8,437.0

32.8

1.56

6,766.7

25.2

1.49

Loans Held for Sale

0.3

5.06

1.2

2.02

2.0

1.44

Loans and Leases(1)

Commercial and industrial

1,951.3

15.0

3.09

1,973.1

14.6

3.01

2,882.1

21.1

2.94

Commercial real estate

3,808.9

30.7

3.23

3,632.2

25.8

2.88

3,419.7

25.3

2.97

Construction

711.3

6.3

3.57

766.9

5.7

3.03

800.9

6.3

3.15

Residential:

Residential mortgage

4,183.0

36.7

3.51

4,111.0

34.8

3.38

3,765.4

34.0

3.62

Home equity line

945.7

5.9

2.49

891.6

5.5

2.48

812.6

5.5

2.72

Consumer

1,218.0

15.5

5.09

1,218.6

15.6

5.19

1,277.9

16.9

5.32

Lease financing

240.4

2.1

3.53

226.2

1.9

3.42

246.5

1.9

3.06

Total Loans and Leases

13,058.6

112.2

3.44

12,819.6

103.9

3.27

13,205.1

111.0

3.37

Other Earning Assets

69.0

0.1

0.79

67.1

0.2

1.31

62.5

0.3

1.91

Total Earning Assets(2)

22,520.6

150.9

2.68

22,463.2

137.5

2.47

21,539.3

136.9

2.55

Cash and Due from Banks

300.8

292.1

290.7

Other Assets

2,428.8

2,325.2

2,185.1

Total Assets

$

25,250.2

$

25,080.5

$

24,015.1

Interest-Bearing Liabilities

Interest-Bearing Deposits

Savings

$

6,971.3

$

1.7

0.10

%  

$

6,668.4

$

0.5

0.03

%  

6,361.8

$

0.5

0.03

%

Money Market

4,127.4

1.4

0.14

4,048.9

0.5

0.05

3,783.1

0.5

0.06

Time

1,671.4

1.5

0.36

1,748.5

1.7

0.39

2,034.5

2.3

0.45

Total Interest-Bearing Deposits

12,770.1

4.6

0.14

12,465.8

2.7

0.09

12,179.4

3.3

0.11

Long-Term Borrowings

200.0

1.4

2.76

Total Interest-Bearing Liabilities

12,770.1

4.6

0.14

12,465.8

2.7

0.09

12,379.4

4.7

0.15

Net Interest Income

$

146.3

$

134.8

$

132.2

Interest Rate Spread

2.54

%  

2.38

%  

2.40

%

Net Interest Margin

2.60

%  

2.42

%  

2.46

%

Noninterest-Bearing Demand Deposits

9,631.4

9,495.0

8,458.6

Other Liabilities

586.0

571.8

485.1

Stockholders' Equity

2,262.7

2,547.9

2,692.0

Total Liabilities and Stockholders' Equity

$

25,250.2

$

25,080.5

$

24,015.1


(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 $1.2 million, $1.0 million and $0.7 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively.


Average Balances and Interest Rates

Table 5

Six Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)

    

Balance

Expense

Rate

Balance

Expense

Rate

Earning Assets

    

    

    

    

    

    

  

Interest-Bearing Deposits in Other Banks

$

1,218.3

$

3.3

0.55

%  

$

1,222.4

$

0.6

0.10

%

Available-for-Sale Investment Securities

Taxable

5,862.7

45.7

1.56

6,125.1

44.6

1.46

Non-Taxable

320.8

3.9

2.41

373.7

4.0

2.11

Held-to-Maturity Investment Securities

Taxable

1,776.6

15.0

1.69

Non-Taxable

305.2

4.1

2.71

Total Investment Securities

8,265.3

68.7

1.66

6,498.8

48.6