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Globe and Mail
4 hours ago
- Business
- Globe and Mail
Sierra Bancorp Declares Quarterly Cash Dividend
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.25 per share. The dividend was approved subsequent to the Board's review of the Company's financial performance and capital for the quarter ended June 30, 2025, and will be paid on August 14, 2025, to shareholders of record as of August 4, 2025. Counting dividends paid by Bank of the Sierra prior to the formation of Sierra Bancorp, the Company has paid regular cash dividends to shareholders every year since 1987, comprised of annual dividends through 1998 and quarterly dividends thereafter. The dividend noted in today's announcement marks the Company's 106 th consecutive quarterly cash dividend. Sierra Bancorp is the holding Company for Bank of the Sierra ( which is in its 48 th year of operations and is one of the largest independent banks headquartered in the South San Joaquin Valley. Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, and Santa Barbara. The Bank also maintains an online branch and provides specialized lending services through an agricultural credit center in Templeton, California. In 2025, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country, with a 5-star rating from Bauer Financial. Forward-Looking Statements The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; changes in laws, rules, regulations, or interpretations to which the Company is subject; the Company's ability to maintain and grow its deposit base; loan demand and continued portfolio performance, the Company's ability to attract and retain skilled employees, customers' service expectations; cyber security risks: the Company's ability to successfully deploy new technology, the success of acquisitions and branch expansion; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company's enterprise risk management framework; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect stock price; changes to valuations of the Company's assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; costs related to litigation; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business; and other factors detailed in the Company's SEC filings, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Form 10‑K and Form 10‑Q.
Yahoo
5 hours ago
- Business
- Yahoo
First Hawaiian, Inc. Reports Second Quarter 2025 Financial Results and Declares Dividend
HONOLULU, July 25, 2025 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), ('First Hawaiian' or the 'Company') today reported financial results for its quarter ended June 30, 2025. 'I'm happy to report that First Hawaiian Bank had an outstanding second quarter, and posted net income of $73.2 million, a 23.6% increase over the first quarter,' said Bob Harrison, Chairman, President, and CEO. 'Our results were driven by strong revenues, well controlled expenses and continued excellent credit quality.' On July 23, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on August 29, 2025, to stockholders of record at the close of business on August 18, 2025. Second Quarter 2025 Highlights: Net income of $73.2 million, or $0.58 per diluted share Total loans and leases increased $58.8 million versus prior quarter Total deposits increased $15.6 million versus prior quarter Net interest margin increased 3 basis points to 3.11% Recorded a $4.5 million provision for credit losses Provision for income taxes included a net benefit of $5.1 million due a recent change in the California tax code Board of Directors declared a quarterly dividend of $0.26 per share Balance Sheet Total assets were $23.8 billion at June 30, 2025 versus $23.7 billion at March 31, 2025. Gross loans and leases were $14.4 billion as of June 30, 2025, an increase of $58.8 million, or 0.4%, from $14.3 billion as of March 31, 2025. Total deposits were $20.2 billion as of June 30, 2025, an increase of $15.6 million from March 31, 2025. Net Interest Income Net interest income for the second quarter of 2025 was $163.6 million, an increase of $3.1 million, or 1.9%, compared to $160.5 million for the prior quarter. The net interest margin was 3.11% in the second quarter of 2025, an increase of 3 basis points compared to 3.08% in the prior quarter. Provision Expense During the quarter ended June 30, 2025, we recorded a $4.5 million provision for credit losses. In the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. Noninterest Income Noninterest income was $54.0 million in the second quarter of 2025, an increase of $3.5 million compared to noninterest income of $50.5 million in the prior quarter. Noninterest Expense Noninterest expense was $124.9 million in the second quarter of 2025, an increase of $1.4 million compared to noninterest expense of $123.6 million in the prior quarter. The efficiency ratio was 57.2% and 58.2% for the quarters ended June 30, 2025 and March 31, 2025, respectively. Taxes The effective tax rate was 16.9% and 23.0% for the quarters ended June 30, 2025 and March 31, 2025, respectively. The decrease in the effective tax rate was primarily due to the remeasurement of the California deferred tax assets as of the beginning of the year, reflecting the enactment of a recent change in the California tax code. Asset Quality The allowance for credit losses was $167.8 million, or 1.17% of total loans and leases, as of June 30, 2025, compared to $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025. The reserve for unfunded commitments was $33.3 million as of June 30, 2025 and March 31, 2025. Net charge-offs were $3.3 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended June 30, 2025, compared to net charge-offs of $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025. Total non-performing assets were $28.6 million, or 0.20% of total loans and leases and other real estate owned, on June 30, 2025, compared to total non-performing assets of $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025. Capital Total stockholders' equity was $2.7 billion on June 30, 2025 versus $2.6 billion on March 31, 2025. The tier 1 leverage, common equity tier 1 and total capital ratios were 9.12%, 13.03% and 14.28%, respectively, on June 30, 2025, compared with 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025. The Company repurchased 1.04 million shares of common stock at a total cost of $25.0 million under the stock repurchase program in the second quarter. The average cost was $23.99 per share repurchased. 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, 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. To access the call by phone, please register via the following link: 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: 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. 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 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, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. 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: Kevin Haseyama, CFA(808) 525-6268khaseyama@ Media Contact:Lindsay Chambers(808) 525-6254lchambers@ 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) 2025 2025 2024 2025 2024 Operating Results: Net interest income $ 163,583 $ 160,526 $ 152,851 $ 324,109 $ 307,278 Provision for credit losses 4,500 10,500 1,800 15,000 8,100 Noninterest income 53,958 50,477 51,768 104,435 103,139 Noninterest expense 124,939 123,560 122,086 248,499 250,899 Net income 73,247 59,248 61,921 132,495 116,141 Basic earnings per share 0.58 0.47 0.48 1.05 0.91 Diluted earnings per share 0.58 0.47 0.48 1.05 0.91 Dividends declared per share 0.26 0.26 0.26 0.52 0.52 Dividend payout ratio 44.83 % 55.32 % 54.17 % 49.52 % 57.14 % Performance Ratios(1): Net interest margin 3.11 % 3.08 % 2.92 % 3.10 % 2.91 % Efficiency ratio 57.23 % 58.22 % 59.22 % 57.71 % 60.69 % Return on average total assets 1.23 % 1.01 % 1.04 % 1.12 % 0.97 % Return on average tangible assets (non-GAAP)(2) 1.28 % 1.05 % 1.08 % 1.17 % 1.01 % Return on average total stockholders' equity 11.03 % 9.09 % 9.91 % 10.07 % 9.32 % Return on average tangible stockholders' equity (non-GAAP)(2) 17.61 % 14.59 % 16.42 % 16.12 % 15.48 % Average Balances: Average loans and leases $ 14,288,918 $ 14,309,998 $ 14,358,049 $ 14,299,400 $ 14,335,306 Average earning assets 21,167,588 21,169,194 21,247,707 21,168,386 21,364,799 Average assets 23,859,410 23,890,459 23,958,913 23,874,849 24,073,060 Average deposits 20,280,042 20,354,040 20,308,028 20,316,836 20,439,979 Average stockholders' equity 2,663,850 2,641,978 2,512,471 2,652,975 2,504,656 Market Value Per Share: Closing 24.96 24.44 20.76 24.96 20.76 High 25.09 28.28 22.68 28.28 23.12 Low 20.32 23.95 19.48 20.32 19.48 As of As of As of As of June 30, March 31, December 31, June 30, (dollars in thousands, except per share data) 2025 2025 2024 2024 Balance Sheet Data: Loans and leases $ 14,351,869 $ 14,293,036 $ 14,408,258 $ 14,359,899 Total assets 23,837,147 23,744,958 23,828,186 23,991,791 Total deposits 20,231,419 20,215,816 20,322,216 20,318,832 Short-term borrowings 250,000 250,000 250,000 500,000 Total stockholders' equity 2,694,545 2,648,852 2,617,486 2,550,312 Per Share of Common Stock: Book value $ 21.61 $ 21.07 $ 20.70 $ 19.94 Tangible book value (non-GAAP)(2) 13.63 13.15 12.83 12.16 Asset Quality Ratios: Non-accrual loans and leases / total loans and leases 0.20 % 0.14 % 0.14 % 0.13 % Allowance for credit losses for loans and leases / total loans and leases 1.17 % 1.17 % 1.11 % 1.12 % Capital Ratios: Common Equity Tier 1 Capital Ratio 13.03 % 12.93 % 12.80 % 12.73 % Tier 1 Capital Ratio 13.03 % 12.93 % 12.80 % 12.73 % Total Capital Ratio 14.28 % 14.17 % 13.99 % 13.92 % Tier 1 Leverage Ratio 9.12 % 9.01 % 9.14 % 9.03 % Total stockholders' equity to total assets 11.30 % 11.16 % 10.98 % 10.63 % Tangible stockholders' equity to tangible assets (non-GAAP)(2) 7.44 % 7.27 % 7.10 % 6.76 % Non-Financial Data: Number of branches 48 48 48 48 Number of ATMs 274 273 273 272 Number of Full-Time Equivalent Employees 2,006 1,995 1,997 2,032 (1) Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2025 and 2024 and three months ended March 31, 2025. (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) 2025 2025 2024 2025 2024 Interest income Loans and lease financing $ 193,393 $ 192,102 $ 202,068 $ 385,495 $ 401,912 Available-for-sale investment securities 12,469 13,150 14,143 25,619 28,689 Held-to-maturity investment securities 16,299 16,647 17,575 32,946 35,368 Other 14,578 13,251 11,148 27,829 23,917 Total interest income 236,739 235,150 244,934 471,889 489,886 Interest expense Deposits 70,289 71,709 85,609 141,998 169,752 Short-term borrowings 2,627 2,599 5,953 5,226 11,906 Other 240 316 521 556 950 Total interest expense 73,156 74,624 92,083 147,780 182,608 Net interest income 163,583 160,526 152,851 324,109 307,278 Provision for credit losses 4,500 10,500 1,800 15,000 8,100 Net interest income after provision for credit losses 159,083 150,026 151,051 309,109 299,178 Noninterest income Service charges on deposit accounts 7,830 7,535 7,793 15,365 15,339 Credit and debit card fees 15,913 14,474 15,861 30,387 32,034 Other service charges and fees 13,350 12,167 11,036 25,517 20,940 Trust and investment services income 9,154 9,370 9,426 18,524 19,780 Bank-owned life insurance 4,724 4,371 3,360 9,095 7,646 Investment securities gains, net — 37 — 37 — Other 2,987 2,523 4,292 5,510 7,400 Total noninterest income 53,958 50,477 51,768 104,435 103,139 Noninterest expense Salaries and employee benefits 59,501 60,104 57,737 119,605 116,999 Contracted services and professional fees 15,997 14,839 16,067 30,836 31,806 Occupancy 7,934 8,100 7,377 16,034 14,318 Equipment 14,037 13,871 13,196 27,908 26,609 Regulatory assessment and fees 3,759 3,823 3,814 7,582 11,934 Advertising and marketing 2,035 2,179 1,765 4,214 4,377 Card rewards program 8,406 7,919 8,719 16,325 17,227 Other 13,270 12,725 13,411 25,995 27,629 Total noninterest expense 124,939 123,560 122,086 248,499 250,899 Income before provision for income taxes 88,102 76,943 80,733 165,045 151,418 Provision for income taxes 14,855 17,695 18,812 32,550 35,277 Net income $ 73,247 $ 59,248 $ 61,921 $ 132,495 $ 116,141 Basic earnings per share $ 0.58 $ 0.47 $ 0.48 $ 1.05 $ 0.91 Diluted earnings per share $ 0.58 $ 0.47 $ 0.48 $ 1.05 $ 0.91 Basic weighted-average outstanding shares 125,321,837 126,281,802 127,867,853 125,799,060 127,787,663 Diluted weighted-average outstanding shares 125,833,064 127,166,932 128,262,594 126,493,569 128,279,917 Consolidated Balance Sheets Table 3 June 30, March 31, December 31, June 30, (dollars in thousands, except share amount) 2025 2025 2024 2024 Assets Cash and due from banks $ 304,624 $ 240,738 $ 258,057 $ 290,501 Interest-bearing deposits in other banks 1,094,411 1,073,841 912,133 824,258 Investment securities: Available-for-sale, at fair value (amortized cost: $2,097,906 as of June 30, 2025, $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,379,004 as of June 30, 2024) 1,891,654 1,858,428 1,926,516 2,067,956 Held-to-maturity, at amortized cost (fair value: $3,230,698 as of June 30, 2025, $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,401,006 as of June 30, 2024) 3,658,814 3,724,908 3,790,650 3,917,175 Loans held for sale — 1,547 — 2,820 Loans and leases 14,351,869 14,293,036 14,408,258 14,359,899 Less: allowance for credit losses 167,825 166,612 160,393 160,517 Net loans and leases 14,184,044 14,126,424 14,247,865 14,199,382 Premises and equipment, net 299,149 292,576 288,530 283,762 Accrued interest receivable 77,943 78,973 79,979 82,512 Bank-owned life insurance 502,419 495,567 491,890 486,261 Goodwill 995,492 995,492 995,492 995,492 Mortgage servicing rights 4,828 4,926 5,078 5,395 Other assets 823,769 851,538 831,996 836,277 Total assets $ 23,837,147 $ 23,744,958 $ 23,828,186 $ 23,991,791 Liabilities and Stockholders' Equity Deposits: Interest-bearing $ 13,386,987 $ 13,330,265 $ 13,347,068 $ 13,461,365 Noninterest-bearing 6,844,432 6,885,551 6,975,148 6,857,467 Total deposits 20,231,419 20,215,816 20,322,216 20,318,832 Short-term borrowings 250,000 250,000 250,000 500,000 Retirement benefits payable 95,357 96,241 97,135 101,304 Other liabilities 565,826 534,049 541,349 521,343 Total liabilities 21,142,602 21,096,106 21,210,700 21,441,479 Stockholders' equity Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,173,027 / 124,683,544 shares as of June 30, 2025, issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024) 1,422 1,421 1,417 1,417 Additional paid-in capital 2,567,936 2,564,408 2,560,380 2,554,795 Retained earnings 1,000,997 960,337 934,048 887,176 Accumulated other comprehensive loss, net (407,008 ) (433,769 ) (463,994 ) (519,132 ) Treasury stock (17,489,483 shares as of June 30, 2025, 16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,849,434 shares as of June 30, 2024) (468,802 ) (443,545 ) (414,365 ) (373,944 ) Total stockholders' equity 2,694,545 2,648,852 2,617,486 2,550,312 Total liabilities and stockholders' equity $ 23,837,147 $ 23,744,958 $ 23,828,186 $ 23,991,791 Average Balances and Interest Rates Table 4 Three Months Ended Three Months Ended Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 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 $ 1,276.8 $ 14.1 4.45 % $ 1,171.1 $ 12.8 4.44 % $ 773.4 $ 10.5 5.45 % Available-for-Sale Investment Securities Taxable 1,869.3 12.5 2.67 1,891.4 13.2 2.79 2,100.7 14.1 2.69 Non-Taxable 1.3 — 5.27 1.4 — 5.52 1.5 — 5.76 Held-to-Maturity Investment Securities Taxable 3,099.9 13.2 1.70 3,164.0 13.6 1.72 3,358.2 14.4 1.71 Non-Taxable 596.5 3.3 2.21 599.0 3.7 2.51 602.9 4.0 2.64 Total Investment Securities 5,567.0 29.0 2.08 5,655.8 30.5 2.16 6,063.3 32.5 2.15 Loans Held for Sale 0.3 — 6.86 0.3 — 6.28 1.0 — 6.58 Loans and Leases(1) Commercial and industrial 2,291.5 35.2 6.16 2,196.8 33.6 6.20 2,201.6 38.1 6.96 Commercial real estate 4,392.5 66.9 6.11 4,420.1 66.5 6.10 4,305.6 71.5 6.68 Construction 900.4 14.9 6.66 937.0 15.4 6.67 984.8 18.5 7.57 Residential: Residential mortgage 4,104.1 40.2 3.92 4,150.3 40.9 3.94 4,229.4 40.1 3.80 Home equity line 1,154.4 13.4 4.64 1,149.8 13.1 4.61 1,164.2 12.6 4.35 Consumer 1,013.9 19.2 7.58 1,019.5 18.9 7.53 1,054.1 17.7 6.74 Lease financing 432.1 4.2 3.90 436.5 4.3 3.99 418.3 4.3 4.09 Total Loans and Leases 14,288.9 194.0 5.44 14,310.0 192.7 5.44 14,358.0 202.8 5.67 Other Earning Assets 34.6 0.4 4.94 32.0 0.4 5.48 52.0 0.7 5.25 Total Earning Assets(2) 21,167.6 237.5 4.50 21,169.2 236.4 4.51 21,247.7 246.5 4.66 Cash and Due from Banks 222.3 235.9 240.4 Other Assets 2,469.5 2,485.4 2,470.8 Total Assets $ 23,859.4 $ 23,890.5 $ 23,958.9 Interest-Bearing Liabilities Interest-Bearing Deposits Savings $ 6,247.5 $ 21.0 1.35 % $ 6,232.5 $ 21.3 1.38 % $ 6,000.4 $ 23.4 1.57 % Money Market 3,822.1 22.8 2.39 3,922.2 23.0 2.38 4,076.7 30.6 3.02 Time 3,389.4 26.5 3.14 3,317.1 27.4 3.36 3,284.3 31.6 3.87 Total Interest-Bearing Deposits 13,459.0 70.3 2.09 13,471.8 71.7 2.16 13,361.4 85.6 2.58 Other Short-Term Borrowings 250.0 2.6 4.22 250.0 2.6 4.22 500.0 6.0 4.79 Other Interest-Bearing Liabilities 20.8 0.2 4.62 27.5 0.3 4.67 38.2 0.5 5.48 Total Interest-Bearing Liabilities 13,729.8 73.1 2.14 13,749.3 74.6 2.20 13,899.6 92.1 2.66 Net Interest Income $ 164.4 $ 161.8 $ 154.4 Interest Rate Spread(3) 2.36 % 2.31 % 2.00 % Net Interest Margin(4) 3.11 % 3.08 % 2.92 % Noninterest-Bearing Demand Deposits 6,821.0 6,882.2 6,946.6 Other Liabilities 644.7 617.0 600.2 Stockholders' Equity 2,663.9 2,642.0 2,512.5 Total Liabilities and Stockholders' Equity $ 23,859.4 $ 23,890.5 $ 23,958.9 (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 $0.8 million, $1.2 million and $1.5 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis. (4) Net interest margin is net interest income annualized for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, on a fully taxable-equivalent basis, divided by average total earning assets. Average Balances and Interest Rates Table 5 Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 Average Income/ Yield/ Average Income/ Yield/ (dollars in millions) Balance Expense Rate Balance Expense Rate Earning Assets Interest-Bearing Deposits in Other Banks $ 1,224.3 $ 27.0 4.44 % $ 815.9 $ 22.1 5.45 % Available-for-Sale Investment Securities Taxable 1,880.3 25.6 2.73 2,155.7 28.7 2.66 Non-Taxable 1.3 — 5.38 1.6 — 5.68 Held-to-Maturity Investment Securities Taxable 3,131.8 26.8 1.71 3,387.3 29.0 1.71 Non-Taxable 597.7 7.0 2.36 603.2 7.9 2.65 Total Investment Securities 5,611.1 59.4 2.12 6,147.8 65.6 2.14 Loans Held for Sale 0.3 — 6.54 0.9 — 6.72 Loans and Leases(1) Commercial and industrial 2,244.4 68.8 6.18 2,183.3 75.3 6.94 Commercial real estate 4,406.3 133.3 6.10 4,314.6 141.7 6.60 Construction 918.6 30.4 6.67 954.8 35.9 7.56 Residential: Residential mortgage 4,127.1 81.2 3.93 4,246.7 82.1 3.87 Home equity line 1,152.1 26.4 4.62 1,168.1 24.7 4.24 Consumer 1,016.6 38.1 7.56 1,068.8 35.7 6.72 Lease financing 434.3 8.5 3.95 399.0 8.0 4.00 Total Loans and Leases 14,299.4 386.7 5.44 14,335.3 403.4 5.65 Other Earning Assets 33.3 0.8 5.20 64.9 1.8 5.64 Total Earning Assets(2) 21,168.4 473.9 4.50 21,364.8 492.9 4.63 Cash and Due from Banks 229.0 242.4 Other Assets 2,477.4 2,465.9 Total Assets $ 23,874.8 $ 24,073.1 Interest-Bearing Liabilities Interest-Bearing Deposits Savings $ 6,240.1 $ 42.2 1.36 % $ 6,030.1 $ 46.9 1.56 % Money Market 3,871.8 45.8 2.38 4,010.8 59.4 2.98 Time 3,353.5 54.0 3.25 3,304.8 63.5 3.86 Total Interest-Bearing Deposits 13,465.4 142.0 2.13 13,345.7 169.8 2.56 Other Short-Term Borrowings 250.0 5.2 4.22 500.0 11.9 4.79 Other Interest-Bearing Liabilities 24.1 0.6 4.65 35.6 0.9 5.36 Total Interest-Bearing Liabilities 13,739.5 147.8 2.17 13,881.3 182.6 2.65 Net Interest Income $ 326.1 $ 310.3 Interest Rate Spread(3) 2.33 % 1.98 % Net Interest Margin(4) 3.10 % 2.91 % Noninterest-Bearing Demand Deposits 6,851.4 7,094.3 Other Liabilities 630.9 592.8 Stockholders' Equity 2,653.0 2,504.7 Total Liabilities and Stockholders' Equity $ 23,874.8 $ 24,073.1 (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 $2.0 million and $3.0 million for the six months ended June 30, 2025 and 2024, respectively. (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis. (4) Net interest margin is net interest income annualized for the six months ended June 30, 2025 and 2024, on a fully taxable-equivalent basis, divided by average total earning assets. Analysis of Change in Net Interest Income Table 6 Three Months Ended June 30, 2025 Compared to March 31, 2025 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 1.3 $ — $ 1.3 Available-for-Sale Investment Securities Taxable (0.1 ) (0.6 ) (0.7 ) Held-to-Maturity Investment Securities Taxable (0.2 ) (0.2 ) (0.4 ) Non-Taxable — (0.4 ) (0.4 ) Total Investment Securities (0.3 ) (1.2 ) (1.5 ) Loans and Leases Commercial and industrial 1.8 (0.2 ) 1.6 Commercial real estate 0.1 0.3 0.4 Construction (0.5 ) — (0.5 ) Residential: Residential mortgage (0.5 ) (0.2 ) (0.7 ) Home equity line 0.1 0.2 0.3 Consumer — 0.3 0.3 Lease financing — (0.1 ) (0.1 ) Total Loans and Leases 1.0 0.3 1.3 Total Change in Interest Income 2.0 (0.9 ) 1.1 Change in Interest Expense: Interest-Bearing Deposits Savings 0.1 (0.4 ) (0.3 ) Money Market (0.4 ) 0.2 (0.2 ) Time 0.7 (1.6 ) (0.9 ) Total Interest-Bearing Deposits 0.4 (1.8 ) (1.4 ) Other Interest-Bearing Liabilities (0.1 ) — (0.1 ) Total Change in Interest Expense 0.3 (1.8 ) (1.5 ) Change in Net Interest Income $ 1.7 $ 0.9 $ 2.6 (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Analysis of Change in Net Interest Income Table 7 Three Months Ended June 30, 2025 Compared to June 30, 2024 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 5.8 $ (2.2 ) $ 3.6 Available-for-Sale Investment Securities Taxable (1.5 ) (0.1 ) (1.6 ) Held-to-Maturity Investment Securities Taxable (1.1 ) (0.1 ) (1.2 ) Non-Taxable (0.1 ) (0.6 ) (0.7 ) Total Investment Securities (2.7 ) (0.8 ) (3.5 ) Loans and Leases Commercial and industrial 1.6 (4.5 ) (2.9 ) Commercial real estate 1.5 (6.1 ) (4.6 ) Construction (1.5 ) (2.1 ) (3.6 ) Residential: Residential mortgage (1.2 ) 1.3 0.1 Home equity line (0.1 ) 0.9 0.8 Consumer (0.7 ) 2.2 1.5 Lease financing 0.1 (0.2 ) (0.1 ) Total Loans and Leases (0.3 ) (8.5 ) (8.8 ) Other Earning Assets (0.2 ) (0.1 ) (0.3 ) Total Change in Interest Income 2.6 (11.6 ) (9.0 ) Change in Interest Expense: Interest-Bearing Deposits Savings 1.0 (3.4 ) (2.4 ) Money Market (1.8 ) (6.0 ) (7.8 ) Time 1.0 (6.1 ) (5.1 ) Total Interest-Bearing Deposits 0.2 (15.5 ) (15.3 ) Other Short-Term Borrowings (2.8 ) (0.6 ) (3.4 ) Other Interest-Bearing Liabilities (0.2 ) (0.1 ) (0.3 ) Total Change in Interest Expense (2.8 ) (16.2 ) (19.0 ) Change in Net Interest Income $ 5.4 $ 4.6 $ 10.0 (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Analysis of Change in Net Interest Income Table 8 Six Months Ended June 30, 2025 Compared to June 30, 2024 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 9.5 $ (4.6 ) $ 4.9 Available-for-Sale Investment Securities Taxable (3.8 ) 0.7 (3.1 ) Held-to-Maturity Investment Securities Taxable (2.2 ) — (2.2 ) Non-Taxable (0.1 ) (0.8 ) (0.9 ) Total Investment Securities (6.1 ) (0.1 ) (6.2 ) Loans and Leases Commercial and industrial 2.0 (8.5 ) (6.5 ) Commercial real estate 2.8 (11.2 ) (8.4 ) Construction (1.3 ) (4.2 ) (5.5 ) Residential: Residential mortgage (2.2 ) 1.3 (0.9 ) Home equity line (0.3 ) 2.0 1.7 Consumer (1.8 ) 4.2 2.4 Lease financing 0.6 (0.1 ) 0.5 Total Loans and Leases (0.2 ) (16.5 ) (16.7 ) Other Earning Assets (0.8 ) (0.2 ) (1.0 ) Total Change in Interest Income 2.4 (21.4 ) (19.0 ) Change in Interest Expense: Interest-Bearing Deposits Savings 1.5 (6.2 ) (4.7 ) Money Market (2.0 ) (11.6 ) (13.6 ) Time 0.9 (10.4 ) (9.5 ) Total Interest-Bearing Deposits 0.4 (28.2 ) (27.8 ) Other Short-Term Borrowings (5.4 ) (1.3 ) (6.7 ) Other Interest-Bearing Liabilities (0.2 ) (0.1 ) (0.3 ) Total Change in Interest Expense (5.2 ) (29.6 ) (34.8 ) Change in Net Interest Income $ 7.6 $ 8.2 $ 15.8 _______________________ (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Loans and Leases Table 9 June 30, March 31, December 31, June 30, (dollars in thousands) 2025 2025 2024 2024 Commercial and industrial $ 2,370,210 $ 2,261,394 $ 2,247,428 $ 2,208,690 Commercial real estate 4,411,585 4,367,433 4,463,992 4,305,017 Construction 884,306 954,072 918,326 1,017,649 Residential: Residential mortgage 4,085,827 4,129,518 4,168,154 4,216,416 Home equity line 1,161,876 1,144,895 1,151,739 1,159,833 Total residential 5,247,703 5,274,413 5,319,893 5,376,249 Consumer 1,011,125 998,325 1,023,969 1,027,104 Lease financing 426,940 437,399 434,650 425,190 Total loans and leases $ 14,351,869 $ 14,293,036 $ 14,408,258 $ 14,359,899 Deposits Table 10 June 30, March 31, December 31, June 30, (dollars in thousands) 2025 2025 2024 2024 Demand $ 6,844,432 $ 6,885,551 $ 6,975,148 $ 6,857,467 Savings 6,219,801 6,110,796 6,021,364 6,055,051 Money Market 3,777,681 3,865,203 4,027,334 4,111,609 Time 3,389,505 3,354,266 3,298,370 3,294,705 Total Deposits $ 20,231,419 $ 20,215,816 $ 20,322,216 $ 20,318,832 Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11 June 30, March 31, December 31, June 30, (dollars in thousands) 2025 2025 2024 2024 Non-Performing Assets Non-Accrual Loans and Leases Commercial Loans: Commercial and industrial $ 1,184 $ — $ 329 $ 1,084 Commercial real estate 3,185 216 411 3,085 Construction 904 375 — 447 Total Commercial Loans 5,273 591 740 4,616 Residential Loans: Residential mortgage 15,032 12,809 12,768 7,273 Home equity line 8,286 6,788 7,171 6,124 Total Residential Loans 23,318 19,597 19,939 13,397 Total Non-Accrual Loans and Leases 28,591 20,188 20,679 18,013 Total Non-Performing Assets $ 28,591 $ 20,188 $ 20,679 $ 18,013 Accruing Loans and Leases Past Due 90 Days or More Commercial Loans: Commercial and industrial $ 942 $ 740 $ 1,432 $ 110 Construction — — 536 — Total Commercial Loans 942 740 1,968 110 Residential mortgage 309 1,008 1,317 1,820 Consumer 3,187 2,554 2,734 1,835 Total Accruing Loans and Leases Past Due 90 Days or More $ 4,438 $ 4,302 $ 6,019 $ 3,765 Total Loans and Leases $ 14,351,869 $ 14,293,036 $ 14,408,258 $ 14,359,899 Allowance for Credit Losses and Reserve for Unfunded Commitments Table 12 For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, (dollars in thousands) 2025 2025 2024 2025 2024 Balance at Beginning of Period $ 199,959 $ 193,240 $ 194,649 $ 193,240 $ 192,138 Loans and Leases Charged-Off Commercial Loans: Commercial and industrial (688 ) (1,459 ) (677 ) (2,147 ) (1,586 ) Lease financing (82 ) — — (82 ) — Total Commercial Loans (770 ) (1,459 ) (677 ) (2,229 ) (1,586 ) Home equity line (16 ) (14 ) — (30 ) — Consumer (4,543 ) (5,025 ) (4,182 ) (9,568 ) (9,036 ) Total Loans and Leases Charged-Off (5,329 ) (6,498 ) (4,859 ) (11,827 ) (10,622 ) Recoveries on Loans and Leases Previously Charged-Off Commercial Loans: Commercial and industrial 196 403 250 599 461 Commercial real estate — 251 — 251 — Total Commercial Loans 196 654 250 850 461 Residential Loans: Residential mortgage 109 20 28 129 58 Home equity line 32 64 112 96 156 Total Residential Loans 141 84 140 225 214 Consumer 1,705 1,979 1,950 3,684 3,639 Total Recoveries on Loans and Leases Previously Charged-Off 2,042 2,717 2,340 4,759 4,314 Net Loans and Leases Charged-Off (3,287 ) (3,781 ) (2,519 ) (7,068 ) (6,308 ) Provision for Credit Losses 4,500 10,500 1,800 15,000 8,100 Balance at End of Period $ 201,172 $ 199,959 $ 193,930 $ 201,172 $ 193,930 Components: Allowance for Credit Losses $ 167,825 $ 166,612 $ 160,517 $ 167,825 $ 160,517 Reserve for Unfunded Commitments 33,347 33,347 33,413 33,347 33,413 Total Allowance for Credit Losses and Reserve for Unfunded Commitments $ 201,172 $ 199,959 $ 193,930 $ 201,172 $ 193,930 Average Loans and Leases Outstanding $ 14,288,918 $ 14,309,998 $ 14,358,049 $ 14,299,400 $ 14,335,306 Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1) 0.09 % 0.11 % 0.07 % 0.10 % 0.09 % Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding 1.17 % 1.17 % 1.12 % 1.17 % 1.12 % Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases 5.87x 8.25x 8.91x 5.87x 8.91x (1) Annualized for the three and six months ended June 30, 2025 and 2024 and three months ended March 31, 2025. 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 thousands) 2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 75,108 $ 143,460 $ 64,613 $ 158,143 $ 194,932 $ 239,648 $ 1,282,369 $ 21,144 $ 2,179,417 Special Mention 407 874 2,114 1,589 123 21,393 24,455 — 50,955 Substandard 537 — — 10,554 39 1,193 42,079 — 54,402 Other (1) 11,171 11,347 6,926 5,216 1,851 1,583 47,342 — 85,436 Total Commercial and Industrial 87,223 155,681 73,653 175,502 196,945 263,817 1,396,245 21,144 2,370,210 Current period gross charge-offs 1 43 95 202 356 1,420 30 — 2,147 Commercial Real Estate Risk rating: Pass 169,890 290,636 374,749 795,676 655,689 1,822,004 101,260 7,588 4,217,492 Special Mention — 3,336 1,682 7,455 41,396 54,805 11,003 — 119,677 Substandard — 5,613 540 57,437 1,005 9,193 500 — 74,288 Other (1) — — — — — 128 — — 128 Total Commercial Real Estate 169,890 299,585 376,971 860,568 698,090 1,886,130 112,763 7,588 4,411,585 Current period gross charge-offs — — — — — — — — — Construction Risk rating: Pass 10,471 141,948 207,877 285,083 134,469 49,647 21,163 — 850,658 Special Mention — — — — — 138 — — 138 Substandard — — — — — 904 — — 904 Other (1) 2,557 14,216 6,299 5,200 1,486 2,153 695 — 32,606 Total Construction 13,028 156,164 214,176 290,283 135,955 52,842 21,858 — 884,306 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 75,371 87,087 96,362 52,286 12,405 96,879 — — 420,390 Special Mention — — 209 — 169 — — — 378 Substandard — 5,418 488 266 — — — — 6,172 Total Lease Financing 75,371 92,505 97,059 52,552 12,574 96,879 — — 426,940 Current period gross charge-offs — — — — — 82 — — 82 Total Commercial Lending $ 345,512 $ 703,935 $ 761,859 $ 1,378,905 $ 1,043,564 $ 2,299,668 $ 1,530,866 $ 28,732 $ 8,093,041 Current period gross charge-offs $ 1 $ 43 $ 95 $ 202 $ 356 $ 1,502 $ 30 $ — $ 2,229 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 75,024 $ 152,336 $ 184,091 $ 466,879 $ 889,999 $ 1,539,891 $ — $ — $ 3,308,220 680 - 739 7,541 20,371 27,773 80,105 119,482 192,183 — — 447,455 620 - 679 4,787 1,274 5,446 8,256 25,983 37,856 — — 83,602 550 - 619 — 1,508 444 7,226 6,840 26,115 — — 42,133 Less than 550 — 156 1,439 1,547 3,123 7,033 — — 13,298 No Score (3) 1,471 9,893 6,036 16,659 9,758 47,459 — — 91,276 Other (2) 11,078 7,868 11,820 16,274 13,972 35,769 3,062 — 99,843 Total Residential Mortgage 99,901 193,406 237,049 596,946 1,069,157 1,886,306 3,062 — 4,085,827 Current period gross charge-offs — — — — — — — — — Home Equity Line FICO: 740 and greater — — — — — — 926,318 1,275 927,593 680 - 739 — — — — — — 173,339 1,656 174,995 620 - 679 — — — — — — 34,428 579 35,007 550 - 619 — — — — — — 14,006 552 14,558 Less than 550 — — — — — — 8,129 395 8,524 No Score (3) — — — — — — 1,199 — 1,199 Total Home Equity Line — — — — — — 1,157,419 4,457 1,161,876 Current period gross charge-offs — — — — — — 30 — 30 Total Residential Lending $ 99,901 $ 193,406 $ 237,049 $ 596,946 $ 1,069,157 $ 1,886,306 $ 1,160,481 $ 4,457 $ 5,247,703 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 30 $ — $ 30 Consumer Lending FICO: 740 and greater 61,761 75,352 53,350 65,835 31,177 10,411 95,804 96 393,786 680 - 739 41,443 60,382 35,296 33,253 15,631 6,463 84,324 568 277,360 620 - 679 20,622 26,812 14,646 15,734 7,570 4,810 50,024 817 141,035 550 - 619 2,805 9,190 7,165 8,375 4,849 3,479 16,574 888 53,325 Less than 550 664 3,896 4,177 4,758 2,669 2,281 5,594 545 24,584 No Score (3) 545 232 58 21 — 13 38,412 186 39,467 Other (2) 229 — 601 240 583 1,032 78,883 — 81,568 Total Consumer Lending $ 128,069 $ 175,864 $ 115,293 $ 128,216 $ 62,479 $ 28,489 $ 369,615 $ 3,100 $ 1,011,125 Current period gross charge-offs $ 35 $ 1,282 $ 998 $ 986 $ 506 $ 1,299 $ 3,966 $ 496 $ 9,568 Total Loans and Leases $ 573,482 $ 1,073,205 $ 1,114,201 $ 2,104,067 $ 2,175,200 $ 4,214,463 $ 3,060,962 $ 36,289 $ 14,351,869 Current period gross charge-offs $ 36 $ 1,325 $ 1,093 $ 1,188 $ 862 $ 2,801 $ 4,026 $ 496 $ 11,827 (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 (680 and above). As of June 30, 2025, the majority of the loans in this population were current. (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. As of June 30, 2025, the majority of the loans in this population were current. (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. GAAP to Non-GAAP Reconciliation Table 14 For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, (dollars in thousands) 2025 2025 2024 2025 2024 Income Statement Data: Net income $ 73,247 $ 59,248 $ 61,921 $ 132,495 $ 116,141 Average total stockholders' equity $ 2,663,850 $ 2,641,978 $ 2,512,471 $ 2,652,975 $ 2,504,656 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible stockholders' equity $ 1,668,358 $ 1,646,486 $ 1,516,979 $ 1,657,483 $ 1,509,164 Average total assets $ 23,859,410 $ 23,890,459 $ 23,958,913 $ 23,874,849 $ 24,073,060 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible assets $ 22,863,918 $ 22,894,967 $ 22,963,421 $ 22,879,357 $ 23,077,568 Return on average total stockholders' equity(1) 11.03 % 9.09 % 9.91 % 10.07 % 9.32 % Return on average tangible stockholders' equity (non-GAAP)(1) 17.61 % 14.59 % 16.42 % 16.12 % 15.48 % Return on average total assets(1) 1.23 % 1.01 % 1.04 % 1.12 % 0.97 % Return on average tangible assets (non-GAAP)(1) 1.28 % 1.05 % 1.08 % 1.17 % 1.01 % As of As of As of As of June 30, March 31, December 31, June 30, (dollars in thousands, except per share amounts) 2025 2025 2024 2024 Balance Sheet Data: Total stockholders' equity $ 2,694,545 $ 2,648,852 $ 2,617,486 $ 2,550,312 Less: goodwill 995,492 995,492 995,492 995,492 Tangible stockholders' equity $ 1,699,053 $ 1,653,360 $ 1,621,994 $ 1,554,820 Total assets $ 23,837,147 $ 23,744,958 $ 23,828,186 $ 23,991,791 Less: goodwill 995,492 995,492 995,492 995,492 Tangible assets $ 22,841,655 $ 22,749,466 $ 22,832,694 $ 22,996,299 Shares outstanding 124,683,544 125,692,598 126,422,898 127,879,012 Total stockholders' equity to total assets 11.30 % 11.16 % 10.98 % 10.63 % Tangible stockholders' equity to tangible assets (non-GAAP) 7.44 % 7.27 % 7.10 % 6.76 % Book value per share $ 21.61 $ 21.07 $ 20.70 $ 19.94 Tangible book value per share (non-GAAP) $ 13.63 $ 13.15 $ 12.83 $ 12.16 (1) Annualized for the three and six months ended June 30, 2025 and 2024 and three months ended March 31, 2025.
Arabian Post
6 hours ago
- Business
- Arabian Post
du's Q2 2025 Results Reflect Strong Financial Growth
Emirates Integrated Telecommunications Company PJSC, known as du, has reported significant financial growth for the second quarter of 2025, continuing a trend of robust performance established in the previous quarter. The company recorded an 8.6% year-over-year increase in revenues, signalling strong performance across its various business segments. This growth highlights du's solid market position and operational efficiency in a highly competitive telecommunications sector. The company's EBITDA saw a remarkable increase of 16.4%, pushing the EBITDA margin to 46.8%. This represents a 3.1 percentage-point improvement compared to the same period last year. The jump in EBITDA underscores du's strategic focus on value-driven products, alongside its rigorous cost management initiatives that have bolstered operational performance. Net profit surged by 25.1%, further solidifying the company's financial health. This impressive profitability growth reflects not only the overall market demand for telecommunications services but also du's ability to effectively optimise its cost base and capitalise on emerging opportunities in the sector. The telecommunications market has been undergoing substantial transformations due to increased competition, evolving consumer demands, and the accelerated adoption of digital technologies. du's ability to navigate these challenges and deliver on its growth targets positions it as a strong player in the industry. ADVERTISEMENT To mark these positive results, du's Board of Directors has approved an interim cash dividend of AED 0.24 per share, marking a 20% year-on-year increase. This dividend distribution illustrates the company's commitment to enhancing shareholder value while continuing to reinvest in growth initiatives across its network infrastructure, customer services, and digital transformation efforts. As a leading telecom operator, du has made significant strides in driving digital innovation within its portfolio. The company has continued to focus on delivering advanced mobile and broadband services to both consumers and businesses. The shift towards value-added services and innovative pricing models has helped strengthen du's competitive edge, particularly in a market where pricing pressure is intensifying. The company's continued investment in network infrastructure, including its 5G rollout, has played a key role in its financial success. As the UAE continues to embrace smart city initiatives and advanced connectivity solutions, du is positioning itself as a pivotal player in the country's digital future. The demand for high-speed internet, digital content services, and business solutions is expected to keep growing, with du capitalising on this trend to expand its market share.
Business Standard
8 hours ago
- Business
- Business Standard
Maestros Electronics & Telecommun. Systems Ltd
This is to inform you that pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015; the Board of Directors at their meeting held today at the registered office of the Company situated at Plot No. EL/66 TTC Industrial Area Electronic Zone Mahape Navi Mumbai Thane Maharashtra- 400701 considered and approved:1. Un-Audited Financial Results of the Company for the quarter ended June 30 2025.2. Considered and approved the Notice of 16th Annual General Meeting (AGM) which will be circulated in the due please find enclosed herewith the copy of the Un- audited Standalone and Consolidated Financial Results for the quarter ended on June 30 2025 along with the Limited review report thereon for the quarter ended on June 30 2025 of the Company as approved by the Board of meeting commenced at 03:00 P.M. and concluded at 06:15 P.M.
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Business Standard
9 hours ago
- Business
- Business Standard
eClerx Services zooms 7%, hits record on healthy Q1 results; details inside
eClerx Services share price: eClerx Services shares were buzzing in trade on Friday, July 25, 2025, with the scrip rising as much as 7.11 per cent to hit a fresh record high (all-time high) of ₹3,918.55 per share. Around 12:30 PM, eClerx Services share price was trading 2.1 per cent higher at ₹3,734.70 per share. In comparison, BSE Sensex was trading 0.82 per cent lower at 81,512.51 levels. CATCH STOCK MARKET LATEST UPDATES TODAY LIVE What sparked the rally in eClerx Services share price today? eClerx share price rose on the back of healthy results in the June quarter of financial year 2026 (Q1FY26). The profit after tax for the quarter ended June, 2025 was ₹141.7 crore, as compared with ₹111.6 crore in the previous year, reflecting an increase of 26.9 per cent year-on-year (Y-o-Y). In Q1FY26, eClerx reported operating revenue of ₹934.6 crore, up 19.5 per cent from ₹781.9 crore in the same quarter last year. In USD terms, operating revenue rose 17.1 per cent Y-o-Y to $109.2 million from $93.3 million. Total revenue, including other income, stood at ₹945.1 crore, marking a 17.7 per cent increase Y-o-Y. At the operating level, Ebitda came in at ₹234.6 crore, up 25.3 per cent Y-o-Y, while Ebit grew 27.1 per cent Y-o-Y to ₹197.7 crore. Ebitda and Ebit margin stood at 24.8 per cent and 20.9 per cent, respectively. eClerx Services dividend, record date eClerx Services had recommended a final dividend of ₹1 per equity share of ₹10 each for the financial year ended March 31, 2025. Therefore, the company has fixed Friday, August 22, 2025 as the record date for the purpose of determining entitlement of members for payment of final dividend for the financial year ended March 31, 2025, subject to the approval of shareholders. 'If the final dividend on equity shares, as recommended by the Board of Directors, is approved at the forthcoming AGM, such dividend will be paid, subject to deduction of tax at source, as applicable, on or after Wednesday, September 10, 2025,' eClerx Services said, in a statement. About eClerx Services Founded in 2000, eClerx Services is a global provider of business process management, automation, and data analytics solutions. The company partners with several Fortune 2000 enterprises, serving industry leaders across financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure, and technology sectors. Listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of India, eClerx has a global workforce of around 20,400 employees, operating across key locations including India, the USA, UK, Canada, Australia, Germany, Italy, the Netherlands, Singapore, Dubai, and more.
