FIRST HAWAIIAN, INC. 10-Q

ITEM 1. FINANCIAL STATEMENTS ​ FIRST HAWAIIAN, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ (dollars in thousands, except per share amounts) ​ 2026 ​ 2025 Interest income ​ ​ ​ ​ ​ ​ ​ Loans and lease financing ​ $ 186,389 ​ $ 192,102 ​ Available-for-sale investment securities ​ ​ 14,884 ​ ​ 13,150 ​ Held-to-maturity investment securities ​ ​ 15,063 ​ ​ 16,647 ​ Other ​ ​ 13,362 ​ ​ 13,251 ​ Total interest income ​ ​ 229,698 ​ ​ 235,150 ​ Interest expense ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 62,064 ​ ​ 71,709 ​ Short-term borrowings ​ ​ — ​ ​ 2,599 ​ Other ​ ​ 104 ​ ​ 316 ​ Total interest expense ​ ​ 62,168 ​ ​ 74,624 ​ Net interest income ​ ​ 167,530 ​ ​ 160,526 ​ Provision for credit losses ​ ​ 5,000 ​ ​ 10,500 ​ Net interest income after provision for credit losses ​ ​ 162,530 ​ ​ 150,026 ​ Noninterest income ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 8,156 ​ ​ 7,535 ​ Credit and debit card fees ​ ​ 15,083 ​ ​ 14,474 ​ Other service charges and fees ​ ​ 13,784 ​ ​ 12,167 ​ Trust and investment services income ​ ​ 9,146 ​ ​ 9,370 ​ Bank-owned life insurance ​ ​ 4,091 ​ ​ 4,371 ​ Investment securities gains, net ​ ​ — ​ ​ 37 ​ Other ​ ​ 2,559 ​ ​ 2,523 ​ Total noninterest income ​ ​ 52,819 ​ ​ 50,477 ​ Noninterest expense ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ ​ 64,090 ​ ​ 60,104 ​ Contracted services and professional fees ​ ​ 13,964 ​ ​ 14,839 ​ Occupancy ​ ​ 7,816 ​ ​ 8,100 ​ Equipment ​ ​ 14,781 ​ ​ 13,871 ​ Regulatory assessment and fees ​ ​ 3,248 ​ ​ 3,823 ​ Advertising and marketing ​ ​ 2,252 ​ ​ 2,179 ​ Card rewards program ​ ​ 8,404 ​ ​ 7,919 ​ Other ​ ​ 13,330 ​ ​ 12,725 ​ Total noninterest expense ​ ​ 127,885 ​ ​ 123,560 ​ Income before provision for income taxes ​ ​ 87,464 ​ ​ 76,943 ​ Provision for income taxes ​ ​ 19,680 ​ ​ 17,695 ​ Net income ​ $ 67,784 ​ $ 59,248 ​ Basic earnings per share ​ $ 0.55 ​ $ 0.47 ​ Diluted earnings per share ​ $ 0.55 ​ $ 0.47 ​ Basic weighted-average outstanding shares ​ ​ 122,457,604 ​ ​ 126,281,802 ​ Diluted weighted-average outstanding shares ​ ​ 123,345,708 ​ ​ 127,166,932 ​ ​ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. ​ ​ 2 Table of Contents FIRST HAWAIIAN, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ (dollars in thousands) ​ 2026 ​ 2025 Net income ​ $ 67,784 ​ $ 59,248 ​ Other comprehensive (loss) income, net of tax: ​ ​ ​ ​ ​ ​ ​ Net change in investment securities ​ ​ ( 4,686 ) ​ ​ 30,052 ​ Net change in cash flow derivative hedges ​ ​ 79 ​ ​ 173 ​ Other comprehensive (loss) income ​ ​ ( 4,607 ) ​ ​ 30,225 ​ Total comprehensive income ​ $ 63,177 ​ $ 89,473 ​ ​ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. ​ 3 Table of Contents FIRST HAWAIIAN, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands, except share amount) ​ 2026 ​ 2025 Assets ​ ​ ​ ​ ​ ​ Cash and due from banks ​ $ 225,727 ​ $ 228,734 Interest-bearing deposits in other banks ​ ​ 1,493,421 ​ ​ 1,249,018 Investment securities: ​ ​ ​ ​ ​ ​ Available-for-sale, at fair value (amortized cost: $ 2,270,792 as of March 31, 2026 and $ 2,246,716 as of December 31, 2025) ​ ​ 2,080,004 ​ ​ 2,076,233 Held-to-maturity, at amortized cost (fair value: $ 3,074,133 as of March 31, 2026 and $ 3,188,775 as of December 31, 2025) ​ ​ 3,480,022 ​ ​ 3,533,082 Loans held for sale ​ ​ — ​ ​ 1,370 Loans and leases ​ ​ 14,440,835 ​ ​ 14,312,529 Less: allowance for credit losses ​ ​ 169,318 ​ ​ 168,468 Net loans and leases ​ ​ 14,271,517 ​ ​ 14,144,061 ​ ​ ​ ​ ​ ​ ​ Premises and equipment, net ​ ​ 302,807 ​ ​ 303,496 Accrued interest receivable ​ ​ 77,286 ​ ​ 77,641 Bank-owned life insurance ​ ​ 514,069 ​ ​ 513,182 Goodwill ​ ​ 995,492 ​ ​ 995,492 Mortgage servicing rights ​ ​ 4,470 ​ ​ 4,638 Other assets ​ ​ 819,733 ​ ​ 828,305 Total assets ​ $ 24,264,548 ​ $ 23,955,252 Liabilities and Stockholders' Equity ​ ​ ​ ​ ​ ​ Deposits: ​ ​ ​ ​ ​ ​ Interest-bearing ​ $ 14,257,290 ​ $ 13,968,376 Noninterest-bearing ​ ​ 6,520,063 ​ ​ 6,547,292 Total deposits ​ ​ 20,777,353 ​ ​ 20,515,668 Retirement benefits payable ​ ​ 98,220 ​ ​ 99,052 Other liabilities ​ ​ 621,215 ​ ​ 571,167 Total liabilities ​ ​ 21,496,788 ​ ​ 21,185,887 ​ ​ ​ ​ ​ ​ ​ Commitments and contingent liabilities (Note 11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ Common stock ($ 0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,627,813 / 121,648,973 as of March 31, 2026; issued/outstanding: 142,184,584 / 122,689,256 as of December 31, 2025) ​ ​ 1,426 ​ ​ 1,422 Additional paid-in capital ​ ​ 2,580,501 ​ ​ 2,576,540 Retained earnings ​ ​ 1,114,759 ​ ​ 1,078,885 Accumulated other comprehensive loss, net ​ ​ ( 372,747 ) ​ ​ ( 368,140 ) Treasury stock ( 20,978,840 shares as of March 31, 2026 and 19,495,328 shares as of December 31, 2025) ​ ​ ( 556,179 ) ​ ​ ( 519,342 ) Total stockholders' equity ​ ​ 2,767,760 ​ ​ 2,769,365 Total liabilities and stockholders' equity ​ $ 24,264,548 ​ $ 23,955,252 ​ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. ​ ​ ​ 4 Table of Contents FIRST HAWAIIAN, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Paid-In ​ Retained ​ Comprehensive ​ Treasury ​ ​ ​ ​ (dollars in thousands, except share amounts) ​ Shares ​ Amount ​ Capital ​ Earnings ​ Loss ​ Stock ​ Total ​ Balance as of December 31, 2025 ​ 122,689,256 ​ $ 1,422 ​ $ 2,576,540 ​ $ 1,078,885 ​ $ ( 368,140 ) ​ $ ( 519,342 ) ​ $ 2,769,365 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 67,784 ​ ​ — ​ ​ — ​ ​ 67,784 ​ Cash dividends declared ( $ 0.26 per share) ​ — ​ ​ — ​ ​ — ​ ​ ( 31,900 ) ​ ​ — ​ ​ — ​ ​ ( 31,900 ) ​ Equity-based awards ​ 267,455 ​ ​ 4 ​ ​ 3,961 ​ ​ ( 10 ) ​ ​ — ​ ​ ( 4,588 ) ​ ​ ( 633 ) ​ Common stock repurchased ​ ( 1,307,738 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 32,000 ) ​ ​ ( 32,000 ) ​ Stock repurchase excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 249 ) ​ ​ ( 249 ) ​ Other comprehensive loss, net of tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 4,607 ) ​ ​ — ​ ​ ( 4,607 ) ​ Balance as of March 31, 2026 ​ 121,648,973 ​ $ 1,426 ​ $ 2,580,501 ​ $ 1,114,759 ​ $ ( 372,747 ) ​ $ ( 556,179 ) ​ $ 2,767,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Paid-In ​ Retained ​ Comprehensive ​ Treasury ​ ​ ​ ​ (dollars in thousands, except share amounts) ​ Shares ​ Amount ​ Capital ​ Earnings ​ Income (Loss) ​ Stock ​ Total ​ Balance as of December 31, 2024 ​ 126,422,898 ​ $ 1,417 ​ $ 2,560,380 ​ $ 934,048 ​ $ ( 463,994 ) ​ $ ( 414,365 ) ​ $ 2,617,486 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 59,248 ​ ​ — ​ ​ — ​ ​ 59,248 ​ Cash dividends declared ($ 0.26 per share) ​ — ​ ​ — ​ ​ — ​ ​ ( 32,868 ) ​ ​ — ​ ​ — ​ ​ ( 32,868 ) ​ Equity-based awards ​ 244,045 ​ ​ 4 ​ ​ 4,028 ​ ​ ( 91 ) ​ ​ — ​ ​ ( 3,997 ) ​ ​ ( 56 ) ​ Common stock repurchased ​ ( 974,345 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 25,000 ) ​ ​ ( 25,000 ) ​ Stock repurchase excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 183 ) ​ ​ ( 183 ) ​ Other comprehensive income, net of tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,225 ​ ​ — ​ ​ 30,225 ​ Balance as of March 31, 2025 ​ 125,692,598 ​ $ 1,421 ​ $ 2,564,408 ​ $ 960,337 ​ $ ( 433,769 ) ​ $ ( 443,545 ) ​ $ 2,648,852 ​ ​ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. ​ ​ ​ ​ 5 Table of Contents FIRST HAWAIIAN, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, (dollars in thousands) ​ 2026 ​ 2025 Cash flows from operating activities ​ ​ ​ ​ ​ ​ Net income ​ $ 67,784 ​ $ 59,248 Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Provision for credit losses ​ ​ 5,000 ​ ​ 10,500 Depreciation, amortization and accretion, net ​ ​ 8,369 ​ ​ 8,405 Deferred income tax provision ​ ​ 11,216 ​ ​ 6,359 Stock-based compensation ​ ​ 3,965 ​ ​ 4,032 Other (gains) losses ​ ​ ( 33 ) ​ ​ 23 Originations of loans held for sale ​ ​ ( 6,426 ) ​ ​ ( 4,048 ) Proceeds from sales of loans held for sale ​ ​ 7,783 ​ ​ 2,438 Net gains on investment securities ​ ​ — ​ ​ ( 37 ) Premiums paid on cash flow hedges ​ ​ ( 2,161 ) ​ ​ — Amortization of premiums on cash flow hedges ​ ​ 342 ​ ​ — Change in assets and liabilities: ​ ​ ​ ​ ​ ​ Net increase in other assets ​ ​ ( 8,928 ) ​ ​ ( 18,704 ) Net increase (decrease) in other liabilities ​ ​ 72,804 ​ ​ ( 31,499 ) Net cash provided by operating activities ​ ​ 159,715 ​ ​ 36,717 Cash flows from investing activities ​ ​ ​ ​ ​ ​ Available-for-sale securities: ​ ​ ​ ​ ​ ​ Proceeds from maturities and principal repayments ​ ​ 74,473 ​ ​ 62,537 Proceeds from calls and sales ​ ​ 11,300 ​ ​ 36,835 Purchases ​ ​ ( 109,510 ) ​ ​ — Held-to-maturity securities: ​ ​ ​ ​ ​ ​ Proceeds from maturities and principal repayments ​ ​ 63,801 ​ ​ 70,468 Proceeds from calls ​ ​ 1,280 ​ ​ 3,375 Other investments: ​ ​ ​ ​ ​ ​ Proceeds from sales ​ ​ 2,507 ​ ​ 415 Purchases ​ ​ ( 23,373 ) ​ ​ ( 7,117 ) Loans: ​ ​ ​ ​ ​ ​ Net (increase) decrease in loans and leases resulting from originations and principal repayments ​ ​ ( 119,693 ) ​ ​ 120,825 Purchases of loans ​ ​ ( 9,973 ) ​ ​ ( 3,995 ) Proceeds from bank-owned life insurance ​ ​ 3,245 ​ ​ 694 Purchases of bank-owned life insurance ​ ​ ( 40 ) ​ ​ — Purchases of premises, equipment and software ​ ​ ( 4,296 ) ​ ​ ( 8,100 ) Other ​ ​ ( 54 ) ​ ​ — Net cash (used in) provided by investing activities ​ ​ ( 110,333 ) ​ ​ 275,937 Cash flows from financing activities ​ ​ ​ ​ ​ ​ Net increase (decrease) in deposits ​ ​ 261,685 ​ ​ ( 106,400 ) Dividends paid ​ ​ ( 33,083 ) ​ ​ ( 32,868 ) Stock tendered for payment of withholding taxes ​ ​ ( 4,588 ) ​ ​ ( 3,997 ) Common stock repurchased ​ ​ ( 32,000 ) ​ ​ ( 25,000 ) Net cash provided by (used in) financing activities ​ ​ 192,014 ​ ​ ( 168,265 ) Net increase in cash and cash equivalents ​ ​ 241,396 ​ ​ 144,389 Cash and cash equivalents at beginning of period ​ ​ 1,477,752 ​ ​ 1,170,190 Cash and cash equivalents at end of period ​ $ 1,719,148 ​ $ 1,314,579 Supplemental disclosures ​ ​ ​ ​ ​ ​ Interest paid ​ $ 66,168 ​ $ 82,175 Noncash investing and financing activities: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets obtained in exchange for new lease obligations ​ ​ — ​ ​ 1,132 Obligation to fund low-income housing partnerships ​ ​ — ​ ​ 41,121 Stock repurchase excise tax settled in subsequent period ​ ​ 249 ​ ​ 183 ​ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. ​ 6 Table of Contents FIRST HAWAIIAN, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ​ 1. Organization and Basis of Presentation ​ First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100 % of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services to consumer and commercial customers, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. ​ The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. ​ The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. ​ In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation. ​ Use of Estimates in the Preparation of Financial Statements ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates. ​ Recent Accounting Pronouncements ​ The following Accounting Standards Updates (“ASUs”) have been issued by the Financial Accounting Standards Board (“FASB”) and are applicable to the Company in future reporting periods. ​ In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period which include, for example, employee compensation, depreciation, and intangible asset amortization. In addition, certain expense amounts already required to be disclosed under current GAAP will need to be presented within the same disclosure as the other disaggregation requirements prescribed by this ASU. Public entities will also be required to disclose: (1) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and (2) the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The FASB also issued ASU No. 2025-01 in January 2025 to clarify that the effective date of ASU No. 2024-03 for public entities is for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Further, ASU No. 2024-03 is applied prospectively to financial statements issued for reporting periods beginning after the effective date, meaning that the disclosures required under ASU No. 2024-03 do not need to be included in the financial statements for reporting periods beginning before the effective date that are presented for comparative purposes. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. 7 Table of Contents ​ In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . This ASU intends to improve the operability of internal-use software accounting guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. Under current accounting principles, entities are required to capitalize development costs incurred for internal-use software depending on the nature of the costs and the project stage during which they occur. With the removal of software development project stages, the amendments in this ASU require that an entity start capitalizing software costs when both of these conditions are met: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold,” which also takes into consideration whether there is significant uncertainty associated with the development activities of the software (referred to as “significant development uncertainty”)). This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period and application of the new guidance can be done prospectively, retrospectively, or through a modified prospective transition approach. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. ​ In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans , which amends the guidance in Accounting Standards Codification (“ASC”) Topic 326 on the accounting for certain purchased loans. Under this ASU, entities must account for acquired loans (excluding credit cards) that meet certain criteria at acquisition (“purchased seasoned loans”) by recognizing them at their purchase price plus an allowance for expected credit losses (known as the “gross-up approach”). Purchased seasoned loans are defined as either: (1) non-PCD loans (loans that were not purchased with credit deterioration) that are obtained in a business combination, or (2) non-PCD loans that (a) are obtained in an asset acquisition or upon consolidation of a variable interest entity that is not a business and (b) are acquired more than 90 days after their origination date by a transferee that was not involved in their origination. This ASU also introduces an accounting policy election related to the subsequent measurement of expected credit losses for entities that use a method other than a discounted cash flow analysis to estimate credit losses on purchased seasoned loans. If this accounting policy is elected, entities can use the amortized cost basis of the asset to subsequently measure their allowance for credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. ​ In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements . This ASU amends certain aspects of the existing hedge accounting guidance in ASC Topic 815 by enabling entities to apply hedge accounting to a greater number of highly effective economic hedges in the following five areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. ​ ​ 2. Investment Securities ​ As of March 31, 2026 and December 31, 2025, investment securities consisted predominantly of the following investment categories: ​ Debt securities – includes debt securities issued by U.S. government agencies. ​ Mortgage-backed securities – includes securities backed by notes or receivables secured by mortgage assets with cash flows based on actual or scheduled payments. ​ Collateralized mortgage obligations – includes securities backed by a pool of mortgages with cash flows distributed based on certain rules rather than pass through payments. ​ 8 Table of Contents Collateralized loan obligations – includes structured debt securities backed by a pool of loans, consisting of primarily non-investment grade broadly syndicated corporate loans with additional credit enhancement. These are floating rate securities that have an investment grade rating of AA or better. ​ Debt securities issued by states and political subdivisions – includes general obligation bonds issued by state and local governments. ​ As of March 31, 2026 and December 31, 2025, the Company’s investment securities were classified as either available-for-sale or held-to-maturity. Amortized cost, gross unrealized holding gains and losses and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ December 31, 2025 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (dollars in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ Cost ​ Gains ​ Losses ​ Value Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency ​ $ 26,878 ​ $ 365 ​ $ ( 1,207 ) ​ $ 26,036 ​ $ 30,948 ​ $ 498 ​ $ ( 1,079 ) ​ $ 30,367 Residential - Government-sponsored enterprises ​ ​ 899,849 ​ ​ 671 ​ ​ ( 66,876 ) ​ ​ 833,644 ​ ​ 933,206 ​ ​ 3,115 ​ ​ ( 58,106 ) ​ ​ 878,215 Commercial - Government agency ​ ​ 233,600 ​ ​ — ​ ​ ( 47,614 ) ​ ​ 185,986 ​ ​ 237,192 ​ ​ — ​ ​ ( 46,015 ) ​ ​ 191,177 Commercial - Government-sponsored enterprises ​ ​ 41,690 ​ ​ — ​ ​ ( 1,019 ) ​ ​ 40,671 ​ ​ 42,798 ​ ​ — ​ ​ ( 1,199 ) ​ ​ 41,599 Commercial - Non-agency ​ ​ 232,722 ​ ​ 379 ​ ​ ( 121 ) ​ ​ 232,980 ​ ​ 128,464 ​ ​ 589 ​ ​ ( 39 ) ​ ​ 129,014 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ 446,893 ​ ​ 331 ​ ​ ( 40,366 ) ​ ​ 406,858 ​ ​ 461,160 ​ ​ 1,756 ​ ​ ( 36,640 ) ​ ​ 426,276 Government-sponsored enterprises ​ ​ 327,806 ​ ​ 296 ​ ​ ( 35,662 ) ​ ​ 292,440 ​ ​ 336,451 ​ ​ 847 ​ ​ ( 34,302 ) ​ ​ 302,996 Collateralized loan obligations ​ ​ 61,354 ​ ​ 35 ​ ​ — ​ ​ 61,389 ​ ​ 76,497 ​ ​ 92 ​ ​ — ​ ​ 76,589 Total available-for-sale securities ​ $ 2,270,792 ​ $ 2,077 ​ $ ( 192,865 ) ​ $ 2,080,004 ​ $ 2,246,716 ​ $ 6,897 ​ $ ( 177,380 ) ​ $ 2,076,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency debt securities ​ $ 46,001 ​ $ — ​ $ ( 3,757 ) ​ $ 42,244 ​ $ 46,182 ​ $ — ​ $ ( 3,235 ) ​ $ 42,947 Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency ​ ​ 36,471 ​ ​ — ​ ​ ( 4,864 ) ​ ​ 31,607 ​ ​ 37,081 ​ ​ — ​ ​ ( 4,462 ) ​ ​ 32,619 Residential - Government-sponsored enterprises ​ ​ 85,343 ​ ​ — ​ ​ ( 12,152 ) ​ ​ 73,191 ​ ​ 86,681 ​ ​ — ​ ​ ( 10,661 ) ​ ​ 76,020 Commercial - Government agency ​ ​ 30,173 ​ ​ — ​ ​ ( 7,770 ) ​ ​ 22,403 ​ ​ 30,796 ​ ​ — ​ ​ ( 7,537 ) ​ ​ 23,259 Commercial - Government-sponsored enterprises ​ ​ 1,082,275 ​ ​ — ​ ​ ( 117,027 ) ​ ​ 965,248 ​ ​ 1,088,838 ​ ​ 227 ​ ​ ( 95,314 ) ​ ​ 993,751 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ 807,986 ​ ​ — ​ ​ ( 100,230 ) ​ ​ 707,756 ​ ​ 823,423 ​ ​ — ​ ​ ( 84,609 ) ​ ​ 738,814 Government-sponsored enterprises ​ ​ 1,336,672 ​ ​ — ​ ​ ( 155,059 ) ​ ​ 1,181,613 ​ ​ 1,365,087 ​ ​ — ​ ​ ( 135,145 ) ​ ​ 1,229,942 Debt securities issued by states and political subdivisions ​ ​ 55,101 ​ ​ — ​ ​ ( 5,030 ) ​ ​ 50,071 ​ ​ 54,994 ​ ​ — ​ ​ ( 3,571 ) ​ ​ 51,423 Total held-to-maturity securities ​ $ 3,480,022 ​ $ — ​ $ ( 405,889 ) ​ $ 3,074,133 ​ $ 3,533,082 ​ $ 227 ​ $ ( 344,534 ) ​ $ 3,188,775 ​ Accrued interest receivable related to available-for-sale investment securities was $ 5.1 million and $ 5.5 million as of March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable related to held-to-maturity investment securities was $ 6.4 million and $ 6.1 million as March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable is recorded separately from the amortized cost basis of investment securities on the Company’s unaudited interim consolidated balance sheets. ​ Proceeds from calls of investment securities were $ 12.6 million and $ 40.2 million for the three months ended March 31, 2026 and 2025, respectively. There were no sales of investment securities for both the three months ended March 31, 2026 and 2025. ​ 9 Table of Contents Interest income from taxable investment securities was $ 26.8 million and $ 26.7 million, respectively, for the three months ended March 31, 2026 and 2025. Interest income from non-taxable investment securities was $ 3.1 million for both the three months ended March 31, 2026 and 2025. ​ The amortized cost and fair value of debt securities issued by government agencies and states and political subdivisions, non-agency mortgage-backed securities and collateralized loan obligations as of March 31, 2026, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ Amortized ​ Fair (dollars in thousands) ​ Cost ​ Value Available-for-sale securities ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ $ — Due after one year through five years ​ ​ 75,117 ​ ​ 75,492 Due after five years through ten years ​ ​ 61,050 ​ ​ 61,085 Due after ten years ​ ​ 157,909 ​ ​ 157,792 ​ ​ ​ 294,076 ​ ​ 294,369 ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities: ​ ​ ​ ​ ​ ​ Residential - Government agency ​ ​ 26,878 ​ ​ 26,036 Residential - Government-sponsored enterprises ​ ​ 899,849 ​ ​ 833,644 Commercial - Government agency ​ ​ 233,600 ​ ​ 185,986 Commercial - Government-sponsored enterprises ​ ​ 41,690 ​ ​ 40,671 Total mortgage-backed securities ​ ​ 1,202,017 ​ ​ 1,086,337 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ Government agency ​ ​ 446,893 ​ ​ 406,858 Government-sponsored enterprises ​ ​ 327,806 ​ ​ 292,440 Total collateralized mortgage obligations ​ ​ 774,699 ​ ​ 699,298 Total available-for-sale securities ​ $ 2,270,792 ​ $ 2,080,004 ​ ​ ​ ​ ​ ​ ​ Held-to-maturity securities ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ $ — Due after one year through five years ​ ​ — ​ ​ — Due after five years through ten years ​ ​ 62,230 ​ ​ 57,687 Due after ten years ​ ​ 38,872 ​ ​ 34,628 ​ ​ ​ 101,102 ​ ​ 92,315 ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities: ​ ​ ​ ​ ​ ​ Residential - Government agency ​ ​ 36,471 ​ ​ 31,607 Residential - Government-sponsored enterprises ​ ​ 85,343 ​ ​ 73,191 Commercial - Government agency ​ ​ 30,173 ​ ​ 22,403 Commercial - Government-sponsored enterprises ​ ​ 1,082,275 ​ ​ 965,248 Total mortgage-backed securities ​ ​ 1,234,262 ​ ​ 1,092,449 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ Government agency ​ ​ 807,986 ​ ​ 707,756 Government-sponsored enterprises ​ ​ 1,336,672 ​ ​ 1,181,613 Total collateralized mortgage obligations ​ ​ 2,144,658 ​ ​ 1,889,369 Total held-to-maturity securities ​ $ 3,480,022 ​ $ 3,074,133 ​ At March 31, 2026, pledged securities totaled $ 4.5 billion, of which $ 2.3 billion was pledged to secure borrowing capacity, $ 2.1 billion was pledged to secure public deposits and $ 38.5 million was pledged to secure other financial transactions. At December 31, 2025, pledged securities totaled $ 4.2 billion, of which $ 2.4 billion was pledged to secure borrowing capacity, $ 1.8 billion was pledged to secure public deposits and $ 52.6 million was pledged to secure other financial transactions. ​ 10 Table of Contents The Company held no securities of any single issuer, other than debt securities issued by government agencies and government-sponsored enterprises, which were in excess of 10% of stockholders’ equity as of March 31, 2026 and December 31, 2025. ​ The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 154 and 137 individual securities in each category have been in a continuous loss position as of March 31, 2026 and December 31, 2025, respectively. The unrealized losses on available-for-sale investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time in Continuous Loss as of March 31, 2026 ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ (dollars in thousands) ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency ​ $ — ​ $ — ​ $ ( 1,207 ) ​ $ 7,968 ​ $ ( 1,207 ) ​ $ 7,968 Residential - Government-sponsored enterprises ​ ​ ( 3,867 ) ​ ​ 199,973 ​ ​ ( 63,009 ) ​ ​ 516,484 ​ ​ ( 66,876 ) ​ ​ 716,457 Commercial - Government agency ​ ​ — ​ ​ — ​ ​ ( 47,614 ) ​ ​ 185,986 ​ ​ ( 47,614 ) ​ ​ 185,986 Commercial - Government-sponsored enterprises ​ ​ — ​ ​ — ​ ​ ( 1,019 ) ​ ​ 40,671 ​ ​ ( 1,019 ) ​ ​ 40,671 Commercial - Non-agency ​ ​ ( 121 ) ​ ​ 43,588 ​ ​ — ​ ​ — ​ ​ ( 121 ) ​ ​ 43,588 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ ( 491 ) ​ ​ 84,154 ​ ​ ( 39,875 ) ​ ​ 274,801 ​ ​ ( 40,366 ) ​ ​ 358,955 Government-sponsored enterprises ​ ​ ( 693 ) ​ ​ 38,649 ​ ​ ( 34,969 ) ​ ​ 224,188 ​ ​ ( 35,662 ) ​ ​ 262,837 Total available-for-sale securities with unrealized losses ​ $ ( 5,172 ) ​ $ 366,364 ​ $ ( 187,693 ) ​ $ 1,250,098 ​ $ ( 192,865 ) ​ $ 1,616,462 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time in Continuous Loss as of December 31, 2025 ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ (dollars in thousands) ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency ​ $ — ​ $ — ​ $ ( 1,079 ) ​ $ 8,304 ​ $ ( 1,079 ) ​ $ 8,304 Residential - Government-sponsored enterprises ​ ​ ( 509 ) ​ ​ 70,705 ​ ​ ( 57,597 ) ​ ​ 545,262 ​ ​ ( 58,106 ) ​ ​ 615,967 Commercial - Government agency ​ ​ — ​ ​ — ​ ​ ( 46,015 ) ​ ​ 191,177 ​ ​ ( 46,015 ) ​ ​ 191,177 Commercial - Government-sponsored enterprises ​ ​ — ​ ​ — ​ ​ ( 1,199 ) ​ ​ 41,599 ​ ​ ( 1,199 ) ​ ​ 41,599 Commercial - Non-agency ​ ​ ( 39 ) ​ ​ 14,475 ​ ​ — ​ ​ — ​ ​ ( 39 ) ​ ​ 14,475 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ — ​ ​ — ​ ​ ( 36,640 ) ​ ​ 287,275 ​ ​ ( 36,640 ) ​ ​ 287,275 Government-sponsored enterprises ​ ​ ( 183 ) ​ ​ 18,296 ​ ​ ( 34,119 ) ​ ​ 232,210 ​ ​ ( 34,302 ) ​ ​ 250,506 Total available-for-sale securities with unrealized losses ​ $ ( 731 ) ​ $ 103,476 ​ $ ( 176,649 ) ​ $ 1,305,827 ​ $ ( 177,380 ) ​ $ 1,409,303 ​ At March 31, 2026 and December 31, 2025, the Company did no t have any available-for-sale securities with the intent to sell and determined it was more likely than not that the Company would not be required to sell the securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining available-for-sale securities in an unrealized loss position as of March 31, 2026 and December 31, 2025, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of March 31, 2026 and December 31, 2025, the Company did not expect any credit losses in its available-for-sale debt securities and no credit losses were recognized on available-for-sale securities during the three months ended March 31, 2026 and for the year ended December 31, 2025. ​ 11 Table of Contents As of March 31, 2026 and December 31, 2025, the Company’s investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by U.S. government agencies and government-sponsored enterprises, with under 7 % of the investment securities comprised of collateralized loan obligations rated AA or better, obligations issued by local state and political subdivisions rated AA or better and non-agency commercial mortgage-backed securities rated AAA. For investment securities issued by the U.S. government, its agencies and government-sponsored enterprises, management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. For collateralized loan obligations, debt securities issued by local state and political subdivisions and non-agency commercial mortgage-backed securities, these securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has no t recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of March 31, 2026 or December 31, 2025. ​ 3. Loans and Leases ​ As of March 31, 2026 and December 31, 2025, loans and leases were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) ​ 2026 ​ 2025 Commercial and industrial ​ $ 2,241,882 ​ $ 2,171,333 Commercial real estate ​ ​ 4,715,741 ​ ​ 4,590,326 Construction ​ ​ 769,302 ​ ​ 808,275 Residential: ​ ​ ​ ​ ​ ​ Residential mortgage ​ ​ 4,063,933 ​ ​ 4,096,300 Home equity line ​ ​ 1,176,228 ​ ​ 1,178,527 Total residential ​ ​ 5,240,161 ​ ​ 5,274,827 Consumer ​ ​ 1,030,002 ​ ​ 1,025,838 Lease financing ​ ​ 443,747 ​ ​ 441,930 Total loans and leases ​ $ 14,440,835 ​ $ 14,312,529 ​ Outstanding loan balances are reported net of deferred loan costs and fees of $ 55.0 million and $ 53.9 million at March 31, 2026 and December 31, 2025, respectively. ​ Accrued interest receivable related to loans and leases was $ 65.7 million and $ 65.9 million as of March 31, 2026 and December 31, 2025, respectively, and is recorded separately from the amortized cost basis of loans and leases on the Company’s unaudited interim consolidated balance sheets. ​ As of March 31, 2026, residential real estate loans and commercial real estate loans totaling $ 5.2 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Home Loan Bank of Des Moines (“FHLB”), and consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities totaling $ 3.9 billion were pledged to collateralize the borrowing capacity at the Federal Reserve Bank of San Francisco (“FRB”). As of December 31, 2025, residential real estate loans and commercial real estate loans totaling $ 4.9 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities totaling $ 4.0 billion were pledged to collateralize the borrowing capacity at the FRB. Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $ 8.3 million and $ 5.2 million as of March 31, 2026 and December 31, 2025, respectively. 12 Table of Contents ​ In the course of evaluating the credit risk presented by a customer and the pricing that will adequately compensate the Company for assuming that risk, management may require a certain amount of collateral support. The type of collateral held varies, but may include accounts receivable, inventory, land, buildings, equipment, income-producing commercial properties and residential real estate. The Company applies the same collateral policy for loans whether they are funded immediately or on a delayed basis. The loan and lease portfolio is principally located in Hawaii and, to a lesser extent, on the U.S. Mainland, Guam and Saipan. The risk inherent in the portfolio depends upon both the economic stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers. ​ 4. Allowance for Credit Losses ​ The Company maintains the allowance for credit losses for loans and leases (the “ACL”) that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of loans and leases. While management utilizes its best judgment and information available, the ultimate appropriateness of the ACL is dependent upon a variety of factors beyond the Company’s control, including the performance of the Company’s loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. ​ The Company also maintains an estimated reserve for unfunded commitments included in other liabilities on the unaudited interim consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the off-balance sheet financial instruments expire, loan funding occurs, or is otherwise settled. ​ The Company’s methodology is more fully described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which should be read in conjunction with these unaudited interim consolidated financial statements as of and for the three months ended March 31, 2026. ​ Rollforward of the Allowance for Credit Losses ​ The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2026 ​ ​ Commercial Lending ​ Residential Lending ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Commercial ​ ​ ​ ​ ​ ​ ​ Home ​ ​ ​ ​ ​ ​ ​ ​ and ​ Real ​ ​ ​ Lease ​ Residential ​ Equity ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Industrial ​ Estate ​ Construction ​ Financing ​ Mortgage ​ ​ ​ Line ​ Consumer ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 20,833 ​ $ 38,757 ​ $ 7,605 ​ $ 2,778 ​ $ 36,384 ​ $ 15,192 ​ $ 46,919 ​ $ 168,468 Charge-offs ​ ​ ( 2,625 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 4,844 ) ​ ​ ( 7,469 ) Recoveries ​ ​ 266 ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 13 ​ ​ 39 ​ ​ 2,248 ​ ​ 2,569 Provision (benefit) ​ ​ 5,416 ​ ​ ( 792 ) ​ ​ ( 365 ) ​ ​ ( 49 ) ​ ​ 1,007 ​ ​ ( 503 ) ​ ​ 1,036 ​ ​ 5,750 Balance at end of period ​ $ 23,890 ​ $ 37,965 ​ $ 7,240 ​ $ 2,732 ​ $ 37,404 ​ $ 14,728 ​ $ 45,359 ​ $ 169,318 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ Commercial Lending ​ Residential Lending ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Commercial ​ ​ ​ ​ ​ ​ ​ Home ​ ​ ​ ​ ​ ​ ​ ​ and ​ Real ​ ​ ​ Lease ​ Residential ​ Equity ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Industrial ​ Estate ​ Construction ​ Financing ​ Mortgage ​ ​ ​ Line ​ Consumer ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 16,332 ​ $ 40,624 ​ $ 8,570 ​ $ 2,269 ​ $ 39,230 ​ $ 10,205 ​ $ 43,163 ​ $ 160,393 Charge-offs ​ ​ ( 1,459 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 14 ) ​ ​ ( 5,025 ) ​ ​ ( 6,498 ) Recoveries ​ ​ 403 ​ ​ 251 ​ ​ — ​ ​ — ​ ​ 20 ​ ​ 64 ​ ​ 1,979 ​ ​ 2,717 Provision (benefit) ​ ​ 2,716 ​ ​ ( 1,505 ) ​ ​ 941 ​ ​ 75 ​ ​ ( 4,876 ) ​ ​ 15 ​ ​ 12,634 ​ ​ 10,000 Balance at end of period ​ $ 17,992 ​ $ 39,370 ​ $ 9,511 ​ $ 2,344 ​ $ 34,374 ​ $ 10,270 ​ $ 52,751 ​ $ 166,612 ​ 13 Table of Contents Rollforward of the Reserve for Unfunded Commitments ​ The following presents the activity in the Reserve for Unfunded Commitments for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2026 ​ ​ Commercial Lending ​ Residential Lending ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Commercial ​ ​ ​ ​ ​ ​ ​ Home ​ ​ ​ ​ ​ ​ ​ ​ and ​ Real ​ ​ ​ Lease ​ Residential ​ Equity ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Industrial ​ Estate ​ Construction ​ Financing ​ Mortgage ​ Line ​ Consumer ​ Total Reserve for unfunded commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 7,859 ​ $ 1,220 ​ $ 9,772 ​ $ — ​ $ 44 ​ $ 16,771 ​ $ 31 ​ $ 35,697 Provision (benefit) ​ ​ ( 560 ) ​ ​ ( 100 ) ​ ​ 250 ​ ​ — ​ ​ ( 7 ) ​ ​ ( 340 ) ​ ​ 7 ​ ​ ( 750 ) Balance at end of period ​ $ 7,299 ​ $ 1,120 ​ $ 10,022 ​ $ — ​ $ 37 ​ $ 16,431 ​ $ 38 ​ $ 34,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ Commercial Lending ​ Residential Lending ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Commercial ​ ​ ​ ​ ​ ​ ​ Home ​ ​ ​ ​ ​ ​ ​ ​ and ​ Real ​ ​ ​ Lease ​ Residential ​ Equity ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Industrial ​ Estate ​ Construction ​ Financing ​ Mortgage ​ Line ​ Consumer ​ Total Reserve for unfunded commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 8,112 ​ $ 1,003 ​ $ 7,818 ​ $ — ​ $ 3 ​ $ 15,893 ​ $ 18 ​ $ 32,847 Provision (benefit) ​ ​ 714 ​ ​ 132 ​ ​ ( 239 ) ​ ​ — ​ ​ 84 ​ ​ ( 212 ) ​ ​ 21 ​ ​ 500 Balance at end of period ​ $ 8,826 ​ $ 1,135 ​ $ 7,579 ​ $ — ​ $ 87 ​ $ 15,681 ​ $ 39 ​ $ 33,347 ​ Credit Quality Information ​ The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses. ​ Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans and leases deemed to be of potentially higher risk. ​ An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment. ​ Pass – “Pass” (uncriticized) loans and leases, are not considered to carry greater than normal risk. The borrower has the apparent ability to satisfy obligations to the Company, and therefore no loss in ultimate collection is anticipated. ​ Special Mention – Loans and leases that have potential weaknesses deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for assets or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. ​ Substandard – Loans and leases that are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans and leases so classified must have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the distinct possibility that the bank may sustain some loss if the deficiencies are not corrected. ​ Doubtful – Loans and leases that have weaknesses found in substandard borrowers with the added provision that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. ​ 14 Table of Contents Loss – Loans and leases classified as loss are considered uncollectible and of such little value that their continuance as an asset is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. ​ Loans that are primarily monitored for credit quality using FICO scores include: residential mortgage loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type. ​ The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2026 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Converted ​ ​ ​ ​ ​ Term Loans ​ Revolving ​ to Term ​ ​ ​ ​ ​ Amortized Cost Basis by Origination Year ​ Loans ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Amortized ​ ​ ​ (dollars in thousands) ​ 2026 ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ Prior ​ Cost Basis ​ Cost Basis ​ Total Commercial Lending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 39,118 ​ $ 287,976 ​ $ 121,084 ​ $ 59,643 ​ $ 88,428 ​ $ 360,068 ​ $ 1,084,181 ​ $ 29,066 ​ $ 2,069,564 Special Mention ​ ​ 460 ​ ​ 3,650 ​ ​ 2,733 ​ ​ 1,690 ​ ​ 2,286 ​ ​ 1,120 ​ ​ 1,404 ​ ​ — ​ ​ 13,343 Substandard ​ ​ — ​ ​ 717 ​ ​ — ​ ​ 405 ​ ​ 7,603 ​ ​ 19,234 ​ ​ 32,253 ​ ​ — ​ ​ 60,212 Other (1) ​ ​ 14,670 ​ ​ 15,797 ​ ​ 8,089 ​ ​ 4,154 ​ ​ 3,116 ​ ​ 1,754 ​ ​ 51,183 ​ ​ — ​ ​ 98,763 Total Commercial and Industrial ​ ​ 54,248 ​ ​ 308,140 ​ ​ 131,906 ​ ​ 65,892 ​ ​ 101,433 ​ ​ 382,176 ​ ​ 1,169,021 ​ ​ 29,066 ​ ​ 2,241,882 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ 46 ​ ​ — ​ ​ 10 ​ ​ 708 ​ ​ 1,861 ​ ​ — ​ ​ 2,625 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Real Estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 245,499 ​ ​ 732,845 ​ ​ 290,053 ​ ​ 415,324 ​ ​ 728,453 ​ ​ 1,987,673 ​ ​ 98,893 ​ ​ 6,790 ​ ​ 4,505,530 Special Mention ​ ​ — ​ ​ — ​ ​ 678 ​ ​ 1,659 ​ ​ 50,911 ​ ​ 72,086 ​ ​ 3,035 ​ ​ — ​ ​ 128,369 Substandard ​ ​ 224 ​ ​ — ​ ​ 5,514 ​ ​ 737 ​ ​ 57,133 ​ ​ 16,863 ​ ​ 1,251 ​ ​ — ​ ​ 81,722 Other (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 120 ​ ​ — ​ ​ — ​ ​ 120 Total Commercial Real Estate ​ ​ 245,723 ​ ​ 732,845 ​ ​ 296,245 ​ ​ 417,720 ​ ​ 836,497 ​ ​ 2,076,742 ​ ​ 103,179 ​ ​ 6,790 ​ ​ 4,715,741 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 8,033 ​ ​ 101,880 ​ ​ 256,657 ​ ​ 79,748 ​ ​ 193,998 ​ ​ 37,280 ​ ​ 37,491 ​ ​ — ​ ​ 715,087 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,979 ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,979 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 904 ​ ​ — ​ ​ — ​ ​ 904 Other (1) ​ ​ 1,634 ​ ​ 8,395 ​ ​ 5,881 ​ ​ 4,878 ​ ​ 2,098 ​ ​ 1,764 ​ ​ 682 ​ ​ — ​ ​ 25,332 Total Construction ​ ​ 9,667 ​ ​ 110,275 ​ ​ 262,538 ​ ​ 84,626 ​ ​ 224,075 ​ ​ 39,948 ​ ​ 38,173 ​ ​ — ​ ​ 769,302 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Financing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 68,176 ​ ​ 65,980 ​ ​ 80,294 ​ ​ 87,568 ​ ​ 38,834 ​ ​ 97,878 ​ ​ — ​ ​ — ​ ​ 438,730 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 355 ​ ​ 37 ​ ​ — ​ ​ — ​ ​ — ​ ​ 392 Substandard ​ ​ — ​ ​ — ​ ​ 4,072 ​ ​ 368 ​ ​ 185 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 Total Lease Financing ​ ​ 68,176 ​ ​ 65,980 ​ ​ 84,366 ​ ​ 88,291 ​ ​ 39,056 ​ ​ 97,878 ​ ​ — ​ ​ — ​ ​ 443,747 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Commercial Lending ​ $ 377,814 ​ $ 1,217,240 ​ $ 775,055 ​ $ 656,529 ​ $ 1,201,061 ​ $ 2,596,744 ​ $ 1,310,373 ​ $ 35,856 ​ $ 8,170,672 Current period gross charge-offs ​ $ — ​ $ — ​ $ 46 ​ $ — ​ $ 10 ​ $ 708 ​ $ 1,861 ​ $ — ​ $ 2,625 (continued) 15 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Converted ​ ​ ​ ​ ​ Term Loans ​ Revolving ​ to Term ​ ​ ​ ​ ​ Amortized Cost Basis by Origination Year ​ Loans ​ Loans ​ ​ ​ (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Amortized ​ ​ ​ (dollars in thousands) ​ 2026 ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ Prior ​ Cost Basis ​ Cost Basis ​ Total Residential Lending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 740 and greater ​ $ 55,081 ​ $ 194,338 ​ $ 141,798 ​ $ 177,437 ​ $ 445,925 ​ $ 2,310,043 ​ $ — ​ $ — ​ $ 3,324,622 680 - 739 ​ ​ 5,446 ​ ​ 21,151 ​ ​ 18,967 ​ ​ 25,654 ​ ​ 55,761 ​ ​ 260,895 ​ ​ — ​ ​ — ​ ​ 387,874 620 - 679 ​ ​ 158 ​ ​ 6,936 ​ ​ 2,095 ​ ​ 5,513 ​ ​ 24,724 ​ ​ 74,911 ​ ​ — ​ ​ — ​ ​ 114,337 550 - 619 ​ ​ — ​ ​ — ​ ​ 713 ​ ​ 1,186 ​ ​ 3,099 ​ ​ 19,617 ​ ​ — ​ ​ — ​ ​ 24,615 Less than 550 ​ ​ — ​ ​ — ​ ​ 1,960 ​ ​ 885 ​ ​ 2,980 ​ ​ 13,897 ​ ​ — ​ ​ — ​ ​ 19,722 No Score (3) ​ ​ — ​ ​ 8,064 ​ ​ 5,077 ​ ​ 5,352 ​ ​ 15,747 ​ ​ 51,351 ​ ​ — ​ ​ — ​ ​ 85,591 Other (2) ​ ​ 2,541 ​ ​ 20,241 ​ ​ 7,176 ​ ​ 11,124 ​ ​ 13,352 ​ ​ 44,311 ​ ​ 8,427 ​ ​ — ​ ​ 107,172 Total Residential Mortgage ​ ​ 63,226 ​ ​ 250,730 ​ ​ 177,786 ​ ​ 227,151 ​ ​ 561,588 ​ ​ 2,775,025 ​ ​ 8,427 ​ ​ — ​ ​ 4,063,933 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home Equity Line ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 740 and greater ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 927,710 ​ ​ 353 ​ ​ 928,063 680 - 739 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 179,282 ​ ​ 1,553 ​ ​ 180,835 620 - 679 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 42,052 ​ ​ 407 ​ ​ 42,459 550 - 619 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 13,280 ​ ​ 821 ​ ​ 14,101 Less than 550 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,946 ​ ​ 71 ​ ​ 10,017 No Score (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 753 ​ ​ — ​ ​ 753 Total Home Equity Line ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,173,023 ​ ​ 3,205 ​ ​ 1,176,228 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Residential Lending ​ $ 63,226 ​ $ 250,730 ​ $ 177,786 ​ $ 227,151 ​ $ 561,588 ​ $ 2,775,025 ​ $ 1,181,450 ​ $ 3,205 ​ $ 5,240,161 Current period gross charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer Lending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 740 and greater ​ ​ 33,204 ​ ​ 101,067 ​ ​ 58,946 ​ ​ 38,378 ​ ​ 41,556 ​ ​ 17,925 ​ ​ 95,475 ​ ​ 91 ​ ​ 386,642 680 - 739 ​ ​ 24,220 ​ ​ 80,977 ​ ​ 43,398 ​ ​ 24,700 ​ ​ 20,837 ​ ​ 10,393 ​ ​ 86,290 ​ ​ 534 ​ ​ 291,349 620 - 679 ​ ​ 15,474 ​ ​ 45,858 ​ ​ 17,506 ​ ​ 9,762 ​ ​ 10,820 ​ ​ 6,119 ​ ​ 51,631 ​ ​ 824 ​ ​ 157,994 550 - 619 ​ ​ 1,090 ​ ​ 12,576 ​ ​ 8,565 ​ ​ 5,877 ​ ​ 6,434 ​ ​ 4,201 ​ ​ 17,550 ​ ​ 906 ​ ​ 57,199 Less than 550 ​ ​ 203 ​ ​ 4,779 ​ ​ 4,993 ​ ​ 3,216 ​ ​ 3,499 ​ ​ 2,786 ​ ​ 6,156 ​ ​ 528 ​ ​ 26,160 No Score (3) ​ ​ 2,494 ​ ​ 940 ​ ​ 4 ​ ​ 31 ​ ​ — ​ ​ 6 ​ ​ 35,918 ​ ​ 158 ​ ​ 39,551 Other (2) ​ ​ — ​ ​ 4,503 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,498 ​ ​ 65,106 ​ ​ — ​ ​ 71,107 Total Consumer Lending ​ $ 76,685 ​ $ 250,700 ​ $ 133,412 ​ $ 81,964 ​ $ 83,146 ​ $ 42,928 ​ $ 358,126 ​ $ 3,041 ​ $ 1,030,002 Current period gross charge-offs ​ $ — ​ $ 680 ​ $ 778 ​ $ 582 ​ $ 370 ​ $ 593 ​ $ 1,645 ​ $ 196 ​ $ 4,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Loans and Leases ​ $ 517,725 ​ $ 1,718,670 ​ $ 1,086,253 ​ $ 965,644 ​ $ 1,845,795 ​ $ 5,414,697 ​ $ 2,849,949 ​ $ 42,102 ​ $ 14,440,835 Current period gross charge-offs ​ $ — ​ $ 680 ​ $ 824 ​ $ 582 ​ $ 380 ​ $ 1,301 ​ $ 3,506 ​ $ 196 ​ $ 7,469 (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 March 31, 2026, 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 March 31, 2026, 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. ​ 16 Table of Contents The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 321,132 ​ $ 120,082 ​ $ 61,358 ​ $ 99,174 ​ $ 150,013 ​ $ 228,890 ​ $ 1,007,162 ​ $ 14,182 ​ $ 2,001,993 Special Mention ​ ​ 3,790 ​ ​ 825 ​ ​ 1,900 ​ ​ 1,940 ​ ​ 341 ​ ​ 841 ​ ​ 3,819 ​ ​ — ​ ​ 13,456 Substandard ​ ​ 746 ​ ​ — ​ ​ 368 ​ ​ 7,827 ​ ​ 19 ​ ​ 20,435 ​ ​ 38,466 ​ ​ — ​ ​ 67,861 Other (1) ​ ​ 19,067 ​ ​ 9,027 ​ ​ 5,046 ​ ​ 3,560 ​ ​ 1,081 ​ ​ 1,164 ​ ​ 49,078 ​ ​ — ​ ​ 88,023 Total Commercial and Industrial ​ ​ 344,735 ​ ​ 129,934 ​ ​ 68,672 ​ ​ 112,501 ​ ​ 151,454 ​ ​ 251,330 ​ ​ 1,098,525 ​ ​ 14,182 ​ ​ 2,171,333 Current period gross charge-offs ​ ​ 1 ​ ​ 170 ​ ​ 775 ​ ​ 547 ​ ​ 407 ​ ​ 2,800 ​ ​ 31 ​ ​ — ​ ​ 4,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Real Estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 732,672 ​ ​ 288,924 ​ ​ 389,773 ​ ​ 735,412 ​ ​ 566,285 ​ ​ 1,525,374 ​ ​ 115,640 ​ ​ 6,881 ​ ​ 4,360,961 Special Mention ​ ​ — ​ ​ 681 ​ ​ 37,667 ​ ​ 43,819 ​ ​ 41,393 ​ ​ 21,317 ​ ​ 1,314 ​ ​ — ​ ​ 146,191 Substandard ​ ​ — ​ ​ 5,547 ​ ​ 529 ​ ​ 59,126 ​ ​ 989 ​ ​ 16,109 ​ ​ 751 ​ ​ — ​ ​ 83,051 Other (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 123 ​ ​ — ​ ​ — ​ ​ 123 Total Commercial Real Estate ​ ​ 732,672 ​ ​ 295,152 ​ ​ 427,969 ​ ​ 838,357 ​ ​ 608,667 ​ ​ 1,562,923 ​ ​ 117,705 ​ ​ 6,881 ​ ​ 4,590,326 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 82,330 ​ ​ 218,505 ​ ​ 106,890 ​ ​ 192,608 ​ ​ 77,380 ​ ​ 47,078 ​ ​ 26,917 ​ ​ — ​ ​ 751,708 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,972 ​ ​ — ​ ​ 121 ​ ​ — ​ ​ — ​ ​ 28,093 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 904 ​ ​ — ​ ​ — ​ ​ 904 Other (1) ​ ​ 7,773 ​ ​ 8,300 ​ ​ 4,760 ​ ​ 4,019 ​ ​ 160 ​ ​ 1,872 ​ ​ 686 ​ ​ — ​ ​ 27,570 Total Construction ​ ​ 90,103 ​ ​ 226,805 ​ ​ 111,650 ​ ​ 224,599 ​ ​ 77,540 ​ ​ 49,975 ​ ​ 27,603 ​ ​ — ​ ​ 808,275 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Financing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 122,978 ​ ​ 80,669 ​ ​ 89,475 ​ ​ 43,015 ​ ​ 9,087 ​ ​ 91,109 ​ ​ — ​ ​ — ​ ​ 436,333 Special Mention ​ ​ — ​ ​ — ​ ​ 556 ​ ​ 42 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 598 Substandard ​ ​ — ​ ​ 4,379 ​ ​ 408 ​ ​ 212 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,999 Total Lease Financing ​ ​ 122,978 ​ ​ 85,048 ​ ​ 90,439 ​ ​ 43,269 ​ ​ 9,087 ​ ​ 91,109 ​ ​ — ​ ​ — ​ ​ 441,930 Current period gross charge-offs ​ ​ — ​ ​ 662 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 662 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Commercial Lending ​ $ 1,290,488 ​ $ 736,939 ​ $ 698,730 ​ $ 1,218,726 ​ $ 846,748 ​ $ 1,955,337 ​ $ 1,243,833 ​ $ 21,063 ​ $ 8,011,864 Current period gross charge-offs ​ $ 1 ​ $ 832 ​ $ 775 ​ $ 547 ​ $ 407 ​ $ 2,800 ​ $ 31 ​ $ — ​ $ 5,393 (continued) 17 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 196,591 ​ $ 146,779 ​ $ 188,885 ​ $ 455,130 ​ $ 881,320 ​ $ 1,479,533 ​ $ — ​ $ — ​ $ 3,348,238 680 - 739 ​ ​ 21,211 ​ ​ 19,044 ​ ​ 26,493 ​ ​ 57,219 ​ ​ 94,557 ​ ​ 171,825 ​ ​ — ​ ​ — ​ ​ 390,349 620 - 679 ​ ​ 7,054 ​ ​ 2,100 ​ ​ 5,535 ​ ​ 24,857 ​ ​ 23,888 ​ ​ 51,817 ​ ​ — ​ ​ — ​ ​ 115,251 550 - 619 ​ ​ — ​ ​ 721 ​ ​ 1,188 ​ ​ 3,126 ​ ​ 6,334 ​ ​ 14,464 ​ ​ — ​ ​ — ​ ​ 25,833 Less than 550 ​ ​ — ​ ​ 1,968 ​ ​ 887 ​ ​ 3,000 ​ ​ 4,653 ​ ​ 9,415 ​ ​ — ​ ​ — ​ ​ 19,923 No Score (3) ​ ​ 8,082 ​ ​ 5,093 ​ ​ 5,384 ​ ​ 15,829 ​ ​ 9,523 ​ ​ 44,549 ​ ​ — ​ ​ — ​ ​ 88,460 Other (2) ​ ​ 20,152 ​ ​ 7,771 ​ ​ 11,625 ​ ​ 13,530 ​ ​ 13,640 ​ ​ 32,144 ​ ​ 9,384 ​ ​ — ​ ​ 108,246 Total Residential Mortgage ​ ​ 253,090 ​ ​ 183,476 ​ ​ 239,997 ​ ​ 572,691 ​ ​ 1,033,915 ​ ​ 1,803,747 ​ ​ 9,384 ​ ​ — ​ ​ 4,096,300 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home Equity Line ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 740 and greater ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 939,884 ​ ​ 1,068 ​ ​ 940,952 680 - 739 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 171,306 ​ ​ 1,520 ​ ​ 172,826 620 - 679 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 40,928 ​ ​ 637 ​ ​ 41,565 550 - 619 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 13,464 ​ ​ 843 ​ ​ 14,307 Less than 550 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,069 ​ ​ 71 ​ ​ 8,140 No Score (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 737 ​ ​ — ​ ​ 737 Total Home Equity Line ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,174,388 ​ ​ 4,139 ​ ​ 1,178,527 Current period gross charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 30 ​ ​ — ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Residential Lending ​ $ 253,090 ​ $ 183,476 ​ $ 239,997 ​ $ 572,691 ​ $ 1,033,915 ​ $ 1,803,747 ​ $ 1,183,772 ​ $ 4,139 ​ $ 5,274,827 Current period gross charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 30 ​ $ — ​ $ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer Lending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 740 and greater ​ ​ 113,519 ​ ​ 65,981 ​ ​ 42,560 ​ ​ 49,118 ​ ​ 20,240 ​ ​ 4,462 ​ ​ 102,761 ​ ​ 110 ​ ​ 398,751 680 - 739 ​ ​ 86,088 ​ ​ 47,861 ​ ​ 28,552 ​ ​ 24,684 ​ ​ 10,429 ​ ​ 2,974 ​ ​ 87,662 ​ ​ 529 ​ ​ 288,779 620 - 679 ​ ​ 44,816 ​ ​ 20,455 ​ ​ 11,809 ​ ​ 11,804 ​ ​ 5,695 ​ ​ 2,379 ​ ​ 50,406 ​ ​ 963 ​ ​ 148,327 550 - 619 ​ ​ 9,253 ​ ​ 8,439 ​ ​ 6,414 ​ ​ 7,503 ​ ​ 3,497 ​ ​ 2,004 ​ ​ 16,764 ​ ​ 832 ​ ​ 54,706 Less than 550 ​ ​ 2,491 ​ ​ 4,263 ​ ​ 3,213 ​ ​ 3,809 ​ ​ 1,948 ​ ​ 1,287 ​ ​ 5,745 ​ ​ 498 ​ ​ 23,254 No Score (3) ​ ​ 1,775 ​ ​ 5 ​ ​ 40 ​ ​ 5 ​ ​ — ​ ​ 22 ​ ​ 36,868 ​ ​ 156 ​ ​ 38,871 Other (2) ​ ​ 4,536 ​ ​ — ​ ​ — ​ ​ — ​ ​ 547 ​ ​ 1,009 ​ ​ 67,058 ​ ​ — ​ ​ 73,150 Total Consumer Lending ​ $ 262,478 ​ $ 147,004 ​ $ 92,588 ​ $ 96,923 ​ $ 42,356 ​ $ 14,137 ​ $ 367,264 ​ $ 3,088 ​ $ 1,025,838 Current period gross charge-offs ​ $ 802 ​ $ 2,494 ​ $ 1,693 ​ $ 1,873 ​ $ 947 ​ $ 2,425 ​ $ 8,367 ​ $ 872 ​ $ 19,473 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Loans and Leases ​ $ 1,806,056 ​ $ 1,067,419 ​ $ 1,031,315 ​ $ 1,888,340 ​ $ 1,923,019 ​ $ 3,773,221 ​ $ 2,794,869 ​ $ 28,290 ​ $ 14,312,529 Current period gross charge-offs ​ $ 803 ​ $ 3,326 ​ $ 2,468 ​ $ 2,420 ​ $ 1,354 ​ $ 5,225 ​ $ 8,428 ​ $ 872 ​ $ 24,896 (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 December 31, 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 December 31, 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. ​ There were no loans and leases graded as Doubtful or Loss as of both March 31, 2026 and December 31, 2025. ​ 18 Table of Contents Past-Due Status ​ The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of March 31, 2026 and December 31, 2025, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ Past Due ​ ​ ​ ​ ​ Loans and ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ Leases Past ​ ​ ​ ​ ​ ​ Than or ​ ​ ​ ​ ​ ​ ​ Due 90 Days ​ ​ 30-59 ​ 60-89 ​ Equal to ​ ​ ​ ​ ​ ​ ​ or More and ​ ​ Days ​ Days ​ 90 Days ​ Total ​ ​ ​ Total Loans ​ Still Accruing (dollars in thousands) ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ and Leases ​ Interest Commercial and industrial ​ $ 5,792 ​ $ 116 ​ $ 4,707 ​ $ 10,615 ​ $ 2,231,267 ​ $ 2,241,882 ​ $ 715 Commercial real estate ​ ​ 313 ​ ​ 926 ​ ​ 628 ​ ​ 1,867 ​ ​ 4,713,874 ​ ​ 4,715,741 ​ ​ — Construction ​ ​ 1,863 ​ ​ 723 ​ ​ 1,065 ​ ​ 3,651 ​ ​ 765,651 ​ ​ 769,302 ​ ​ — Lease financing ​ ​ — ​ ​ — ​ ​ 691 ​ ​ 691 ​ ​ 443,056 ​ ​ 443,747 ​ ​ — Residential mortgage ​ ​ 9,064 ​ ​ 6,901 ​ ​ 8,628 ​ ​ 24,593 ​ ​ 4,039,340 ​ ​ 4,063,933 ​ ​ 9 Home equity line ​ ​ 5,631 ​ ​ 1,119 ​ ​ 5,638 ​ ​ 12,388 ​ ​ 1,163,840 ​ ​ 1,176,228 ​ ​ — Consumer ​ ​ 13,533 ​ ​ 3,096 ​ ​ 3,619 ​ ​ 20,248 ​ ​ 1,009,754 ​ ​ 1,030,002 ​ ​ 3,620 Total ​ $ 36,196 ​ $ 12,881 ​ $ 24,976 ​ $ 74,053 ​ $ 14,366,782 ​ $ 14,440,835 ​ $ 4,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ Past Due ​ ​ ​ ​ ​ Loans and ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ Leases Past ​ ​ ​ ​ ​ ​ Than or ​ ​ ​ ​ ​ ​ ​ Due 90 Days ​ ​ 30-59 ​ 60-89 ​ Equal to ​ ​ ​ ​ ​ ​ ​ or More and ​ ​ Days ​ Days ​ 90 Days ​ Total ​ ​ ​ Total Loans ​ Still Accruing (dollars in thousands) ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ and Leases ​ Interest Commercial and industrial ​ $ 3,009 ​ $ 7,756 ​ $ 685 ​ $ 11,450 ​ $ 2,159,883 ​ $ 2,171,333 ​ $ 318 Commercial real estate ​ ​ 798 ​ ​ 18 ​ ​ 436 ​ ​ 1,252 ​ ​ 4,589,074 ​ ​ 4,590,326 ​ ​ — Construction ​ ​ 2,420 ​ ​ — ​ ​ 1,065 ​ ​ 3,485 ​ ​ 804,790 ​ ​ 808,275 ​ ​ — Lease financing ​ ​ 135 ​ ​ 30 ​ ​ 570 ​ ​ 735 ​ ​ 441,195 ​ ​ 441,930 ​ ​ — Residential mortgage ​ ​ 18,387 ​ ​ 6,522 ​ ​ 8,133 ​ ​ 33,042 ​ ​ 4,063,258 ​ ​ 4,096,300 ​ ​ 55 Home equity line ​ ​ 5,928 ​ ​ 1,642 ​ ​ 4,878 ​ ​ 12,448 ​ ​ 1,166,079 ​ ​ 1,178,527 ​ ​ — Consumer ​ ​ 13,935 ​ ​ 3,995 ​ ​ 2,984 ​ ​ 20,914 ​ ​ 1,004,924 ​ ​ 1,025,838 ​ ​ 2,984 Total ​ $ 44,612 ​ $ 19,963 ​ $ 18,751 ​ $ 83,326 ​ $ 14,229,203 ​ $ 14,312,529 ​ $ 3,357 ​ Nonaccrual Loans and Leases ​ The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. The Company charges off a loan or lease when facts indicate that the loan or lease is considered uncollectible. ​ The amortized cost basis of loans and leases on nonaccrual status as of March 31, 2026 and December 31, 2025 and the amortized cost basis of loans and leases on nonaccrual status with no ACL as of March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ Nonaccrual ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ and Leases ​ ​ ​ ​ ​ With No ​ Nonaccrual ​ ​ Allowance ​ Loans (dollars in thousands) ​ for Credit Losses ​ and Leases Commercial and industrial ​ $ 969 ​ $ 4,960 Commercial real estate ​ ​ 2,324 ​ ​ 2,952 Construction ​ ​ 1,627 ​ ​ 1,788 Lease financing ​ ​ — ​ ​ 691 Residential mortgage ​ ​ 8,170 ​ ​ 17,665 Home equity line ​ ​ 1,685 ​ ​ 11,624 Total Nonaccrual Loans and Leases ​ $ 14,775 ​ $ 39,680 19 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ Nonaccrual ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ and Leases ​ ​ ​ ​ ​ With No ​ Nonaccrual ​ ​ Allowance ​ Loans (dollars in thousands) ​ for Credit Losses ​ and Leases Commercial and industrial ​ $ — ​ $ 8,805 Commercial real estate ​ ​ 2,397 ​ ​ 3,007 Construction ​ ​ 1,627 ​ ​ 1,788 Lease financing ​ ​ — ​ ​ 734 Residential mortgage ​ ​ 5,703 ​ ​ 16,423 Home equity line ​ ​ 856 ​ ​ 10,271 Total Nonaccrual Loans and Leases ​ $ 10,583 ​ $ 41,028 ​ For the three months ended March 31, 2026, the Company recognized interest income of $ 0.1 million on nonaccrual loans and leases and for the three months ended March 31, 2025, the Company recognized interest income of $ 0.4 million on nonaccrual loans and leases. Furthermore, for both the three months ended March 31, 2026 and 2025, the amount of accrued interest receivables written off by reversing interest income was $ 0.3 million. ​ Collateral-Dependent Loans and Leases ​ Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of March 31, 2026 and December 31, 2025, the amortized cost basis of collateral-dependent loans were $ 41.5 million and $ 37.7 million, respectively. As of March 31, 2026, these loans were primarily collateralized by residential real estate property, commercial real estate property and borrower assets. Of the $ 41.5 million collateral-dependent loans as of March 31, 2026, $ 20.9 million were secured by collateral whose fair values were below the amortized cost basis of the loan, and the fair value of collateral on the remaining collateral-dependent loans were significantly in excess of their amortized cost basis. As of December 31, 2025, these loans were primarily collateralized by residential real estate property, commercial real estate property and borrower assets and the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis. ​ Loan Modifications to Borrowers Experiencing Financial Difficulty ​ Commercial and industrial loans with a borrower experiencing financial difficulty may be modified through interest rate reductions, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans with a borrower experiencing financial difficulty may involve reducing the interest rate for the remaining term of the loan or extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk. Modifications of construction loans with a borrower experiencing financial difficulty may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. Modifications of residential real estate loans with a borrower experiencing financial difficulty may be comprised of loans where monthly payments are lowered to accommodate the borrowers' financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans with a borrower experiencing financial difficulty may involve interest rate reductions and term extensions. ​ Loans modified with a borrower experiencing financial difficulty, whether in default or not, may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified with a borrower experiencing financial difficulty are evaluated for impairment. As a result, this may have a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates. 20 Table of Contents The following tables present, by class of financing receivable and type of modification granted, the amortized cost basis as of March 31, 2026 and 2025, related to loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Reduction ​ ​ ​ Three Months Ended ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, 2026 ​ ​ ​ March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ % of Total Class ​ ​ ​ Amortized ​ % of Total Class ​ (dollars in thousands) ​ Cost Basis (1) ​ of Financing Receivable ​ ​ Cost Basis (1) ​ of Financing Receivable ​ Consumer ​ $ 372 ​ 0.04 % ​ $ 589 ​ 0.06 % Total ​ $ 372 ​ n/m % ​ $ 589 ​ n/m % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Extension ​ ​ ​ Three Months Ended ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, 2026 ​ ​ ​ March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ % of Total Class ​ ​ ​ Amortized ​ % of Total Class ​ (dollars in thousands) ​ Cost Basis (1) ​ of Financing Receivable ​ ​ Cost Basis (1) ​ of Financing Receivable ​ Commercial and industrial ​ $ 171 ​ n/m % ​ $ 10,584 ​ 0.47 % Commercial real estate ​ ​ — ​ — ​ ​ ​ 1,347 ​ 0.03 ​ Residential mortgage ​ ​ 267 ​ n/m ​ ​ ​ — ​ — ​ Consumer ​ ​ 71 ​ n/m ​ ​ ​ 83 ​ n/m ​ Total ​ $ 509 ​ n/m % ​ $ 12,014 ​ 0.08 % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other-Than-Insignificant Payment Delay ​ ​ ​ Three Months Ended ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, 2026 ​ ​ ​ March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ % of Total Class ​ ​ ​ Amortized ​ % of Total Class ​ (dollars in thousands) ​ Cost Basis (1) ​ of Financing Receivable ​ ​ Cost Basis (1) ​ of Financing Receivable ​ Commercial real estate ​ $ — ​ — % ​ $ 1,007 ​ 0.02 % Total ​ $ — ​ — % ​ $ 1,007 ​ n/m % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. ​ The following tables describe, by class of financing receivable and type of modification granted, the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Reduction ​ ​ ​ Financial Effect ​ ​ ​ Three Months Ended March 31, 2026 ​ Three Months Ended March 31, 2025 ​ Consumer ​ Reduced weighted-average contractual interest rate by 15.49 % . ​ Reduced weighted-average contractual interest rate by 13.20 %. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Extension ​ ​ ​ Financial Effect ​ ​ ​ Three Months Ended March 31, 2026 ​ Three Months Ended March 31, 2025 ​ Commercial and industrial ​ Added a weighted-average 4.9 years to the life of loans. ​ Added a weighted-average 0.4 years to the life of loans. ​ Commercial real estate ​ — ​ Added a weighted-average 0.3 years to the life of loans. ​ Residential mortgage ​ Added a weighted-average 2.0 years to the life of loans. ​ — ​ Consumer ​ Added a weighted-average 5.0 years to the life of loans. ​ Added a weighted-average 4.4 years to the life of loans. ​ ​ 21 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Other-Than-Insignificant Payment Delay ​ ​ ​ Financial Effect ​ ​ ​ Three Months Ended March 31, 2026 ​ Three Months Ended March 31, 2025 ​ Commercial real estate ​ — ​ Deferred a weighted-average of $ 209 thousand in loan payments. ​ ​ The following table presents, by class of financing receivable and type of modification granted, the amortized cost basis, as of March 31, 2026 and 2025, of loans that had a payment default during the three months ended March 31, 2026 and 2025, respectively, and were modified in the 12 months before default to borrowers experiencing financial difficulty. The Company is reporting these defaulted loans based on a payment default definition of 30 days past due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Basis of Modified Loans That Subsequently Defaulted (1) ​ ​ Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 (dollars in thousands) ​ Interest Rate Reduction ​ Term Extension ​ Interest Rate Reduction ​ Term Extension Commercial and industrial ​ $ — ​ $ 519 ​ $ — ​ $ 73 Residential mortgage ​ ​ — ​ ​ 267 ​ ​ — ​ ​ 312 Consumer ​ ​ 219 ​ ​ — ​ ​ 410 ​ ​ 21 Total ​ $ 219 ​ $ 786 ​ $ 410 ​ $ 406 (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. ​ Performance of the loans that are modified to borrowers experiencing financial difficulty is monitored to understand the effectiveness of the Company’s modification efforts. As of March 31, 2026 and 2025, the aging analysis of the amortized cost basis of the performance of loans that have been modified in the last 12 months related to borrowers experiencing financial difficulty was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 Days ​ ​ 60-89 Days ​ ​ 90 Days ​ ​ Total ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Total ​ Commercial and industrial ​ $ 495 ​ $ — ​ $ 25 ​ $ 520 ​ $ 580 ​ $ 1,100 ​ Construction ​ ​ — ​ ​ — ​ ​ 904 ​ ​ 904 ​ ​ — ​ ​ 904 ​ Residential mortgage ​ ​ 267 ​ ​ — ​ ​ — ​ ​ 267 ​ ​ 2,847 ​ ​ 3,114 ​ Consumer ​ ​ 98 ​ ​ 58 ​ ​ 56 ​ ​ 212 ​ ​ 1,321 ​ ​ 1,533 ​ Total ​ $ 860 ​ $ 58 ​ $ 985 ​ $ 1,903 ​ $ 4,748 ​ $ 6,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2025 ​ ​ ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 Days ​ ​ 60-89 Days ​ ​ 90 Days ​ ​ Total ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Total Commercial and industrial ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 10,813 ​ $ 10,813 Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,497 ​ ​ 3,497 Residential mortgage ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,352 ​ ​ 2,352 Consumer ​ ​ 155 ​ ​ 41 ​ ​ 98 ​ ​ 294 ​ ​ 1,359 ​ ​ 1,653 Total ​ $ 155 ​ $ 41 ​ $ 98 ​ $ 294 ​ $ 18,021 ​ $ 18,315 ​ 22 Table of Contents The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $ 6.8 billion and $ 6.9 billion as of March 31, 2026 and December 31, 2025, respectively. Of the $ 6.8 billion at March 31, 2026, there were no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company had modified the terms of the loans in the form of an interest rate reduction, term extension, or other-than-insignificant payment delay during the three months ended March 31, 2026. Of the $ 6.9 billion at December 31, 2025, there were no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company had modified the terms of the loans in the form of an interest rate reduction, term extension or other-than-insignificant payment delay during the year ended December 31, 2025. ​ Foreclosed Property ​ As of both March 31, 2026 and December 31, 2025, there were no residential real estate properties held from foreclosed residential mortgage loans. ​ 5. Other Assets ​ Bank-Owned Life Insurance ​ During 2025, the Company entered into noncash exchanges of certain bank-owned life insurance (“BOLI”) policies in accordance with Internal Revenue Code (“IRC”) Section 1035. Cash surrender value of $ 0.1 million was transferred into new policies during the three months ended March 31, 2025. No gain or loss was recognized as part of this exchange. There were no policies exchanged during the three months ended March 31, 2026. ​ Mortgage Servicing Rights ​ Mortgage servicing activities include collecting principal, interest, tax and insurance payments from borrowers while accounting for and remitting payments to investors, taxing authorities and insurance companies. The Company also monitors delinquencies and administers foreclosure proceedings. ​ Mortgage loan servicing income is recorded in noninterest income as a part of other service charges and fees and amortization of the servicing assets is recorded in noninterest income as part of other income. The Company’s maximum potential exposure to repurchases is limited to the unpaid principal amount of residential real estate loans serviced for others, which were $ 1.1 billion as of both March 31, 2026 and December 31, 2025. Servicing fees include contractually specified fees, late charges and ancillary fees and was $ 0.7 million and $ 0.8 million for the three months ended March 31, 2026 and 2025, respectively. ​ Amortization of mortgage servicing rights (“MSRs”) were $ 0.2 million for both three months ended March 31, 2026 and 2025. The estimated future amortization expenses for MSRs over the next five years are as follows: ​ ​ ​ ​ ​ ​ ​ Estimated (dollars in thousands) ​ Amortization Under one year ​ $ 630 One to two years ​ ​ 556 Two to three years ​ ​ 493 Three to four years ​ ​ 437 Four to five years ​ ​ 387 ​ The details of the Company’s MSRs are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2026 ​ 2025 Gross carrying amount ​ $ 70,142 ​ $ 70,096 Less: accumulated amortization ​ ​ 65,672 ​ ​ 65,458 Net carrying value ​ $ 4,470 ​ $ 4,638 ​ ​ ​ ​ ​ ​ ​ ​ 23 Table of Contents The following table presents changes in amortized MSRs for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (dollars in thousands) ​ 2026 ​ 2025 Balance at beginning of period ​ $ 4,638 ​ $ 5,078 Originations ​ ​ 46 ​ ​ 50 Amortization ​ ​ ( 214 ) ​ ​ ( 202 ) Balance at end of period ​ $ 4,470 ​ $ 4,926 Fair value of amortized MSRs at beginning of period ​ $ 12,364 ​ $ 13,404 Fair value of amortized MSRs at end of period ​ $ 12,016 ​ $ 13,357 ​ MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the three months ended March 31, 2026 and 2025. ​ The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs as of March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Range ​ Average ​ Range ​ Average ​ Conditional prepayment rate ​ 6.33 % - 7.13 % 6.90 % 6.31 % - 7.00 % 6.83 % Life in years (of the MSR) ​ 6.12 ​ - 7.05 ​ 6.88 ​ 6.18 ​ - 7.09 ​ 6.93 ​ Weighted-average coupon rate ​ 3.77 % - 4.10 % 3.84 % 3.77 % - 4.10 % 3.84 % Discount rate ​ 10.37 % - 10.45 % 10.40 % 10.37 % - 10.45 % 10.40 % ​ The sensitivities surrounding MSRs are expected to have an immaterial impact on fair value. ​ Low-Income Housing Tax Credit Investments ​ The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained. ​ The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company had $ 293.4 million and $ 302.3 million in affordable housing and other tax credit investment partnership interests as of March 31, 2026 and December 31, 2025, respectively, included in other assets on the unaudited interim consolidated balance sheets. The amount of amortization of such investments reported in the provision for income taxes was $ 8.9 million and $ 7.6 million during the three months ended March 31, 2026 and 2025, respectively. The affordable housing tax credits and other benefits recognized were $ 12.0 million and $ 9.6 million during the three months ended March 31, 2026 and 2025, respectively, and were included in the provision for income taxes on the unaudited interim consolidated statements of income and net income on the unaudited interim consolidated statements of cash flows. ​ Unfunded commitments to fund these investments were $ 133.8 million and $ 153.3 million as of March 31, 2026 and December 31, 2025, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the unaudited interim consolidated balance sheets. ​ 6. Transfers of Financial Assets ​ The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity and interest rate derivatives. ​ 24 Table of Contents For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans and/or securities as collateral to secure borrowing capacity. For interest rate derivatives, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to certain interest rate derivatives, the FHLB and the FRB do not have the right to sell or repledge the collateral. ​ The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ March 31, 2026 ​ December 31, 2025 Public deposits ​ $ 2,079,528 ​ $ 1,791,182 ​ Federal Home Loan Bank ​ ​ 5,160,631 ​ ​ 4,891,682 ​ Federal Reserve Bank ​ ​ 3,938,897 ​ ​ 3,970,029 ​ Total ​ $ 11,179,056 ​ $ 10,652,893 ​ ​ As of March 31, 2026 and December 31, 2025, the borrowing capacity with the FHLB was $ 3.5 billion and $ 3.3 billion, respectively. The FHLB borrowing capacity was secured by commercial real estate and residential real estate loan collateral as of both March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, the Company had an undrawn line of credit of $ 3.3 billion, available from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities as of both March 31, 2026 and December 31, 2025. ​ As the Company did not enter into reverse repurchase agreements or repurchase agreements, no collateral was accepted as of March 31, 2026 and December 31, 2025. In addition, no debt was extinguished by in-substance defeasance. ​ ​ ​ 7. Deposits ​ As of March 31, 2026 and December 31, 2025, deposits were categorized as interest-bearing or noninterest-bearing as follows: ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ March 31, 2026 ​ December 31, 2025 U.S.: ​ ​ ​ ​ ​ ​ Interest-bearing ​ $ 12,755,217 ​ $ 12,502,417 Noninterest-bearing ​ ​ 5,715,258 ​ ​ 5,794,973 Foreign: ​ ​ ​ ​ ​ ​ Interest-bearing ​ ​ 1,502,073 ​ ​ 1,465,959 Noninterest-bearing ​ ​ 804,805 ​ ​ 752,319 Total deposits ​ $ 20,777,353 ​ $ 20,515,668 ​ 25 Table of Contents The following table presents the maturity distribution of time certificates of deposit as of March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under ​ $250,000 ​ ​ ​ (dollars in thousands) ​ $250,000 ​ or More ​ Total Three months or less ​ $ 683,932 ​ $ 632,255 ​ $ 1,316,187 Over three through six months ​ ​ 808,110 ​ ​ 560,723 ​ ​ 1,368,833 Over six through twelve months ​ ​ 368,712 ​ ​ 256,876 ​ ​ 625,588 One to two years ​ ​ 19,987 ​ ​ 6,542 ​ ​ 26,529 Two to three years ​ ​ 15,870 ​ ​ 957 ​ ​ 16,827 Three to four years ​ ​ 8,693 ​ ​ 6,567 ​ ​ 15,260 Four to five years ​ ​ 8,780 ​ ​ 1,417 ​ ​ 10,197 Thereafter ​ ​ 178 ​ ​ 1,025 ​ ​ 1,203 Total ​ $ 1,914,262 ​ $ 1,466,362 ​ $ 3,380,624 ​ Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $ 1.5 billion as of both March 31, 2026 and December 31, 2025. Overdrawn deposit accounts are classified as loans and totaled $ 10.9 million and $ 3.2 million as of March 31, 2026 and December 31, 2025, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8. Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income. The Company’s significant items of accumulated other comprehensive income (loss) are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges. The Company utilizes a security-by-security approach to releasing income tax effects from accumulated other comprehensive loss. ​ Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ Pre-tax ​ Benefit ​ Net of (dollars in thousands) ​ Amount ​ (Expense) ​ Tax Accumulated other comprehensive loss at December 31, 2025 ​ $ ( 502,104 ) ​ $ 133,964 ​ $ ( 368,140 ) Three months ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized net losses arising during the period ​ ​ ( 20,305 ) ​ ​ 5,417 ​ ​ ( 14,888 ) Reclassification of net losses to net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrealized holding losses on held-to-maturity securities ​ ​ 13,914 ​ ​ ( 3,712 ) ​ ​ 10,202 Net change in investment securities ​ ​ ( 6,391 ) ​ ​ 1,705 ​ ​ ( 4,686 ) Cash flow derivative hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized net losses arising during the period ​ ​ ( 45 ) ​ ​ 12 ​ ​ ( 33 ) Amounts excluded from the assessment of hedge effectiveness ​ ​ 154 ​ ​ ( 42 ) ​ ​ 112 Net change in cash flow derivative hedges ​ ​ 109 ​ ​ ( 30 ) ​ ​ 79 Other comprehensive loss ​ ​ ( 6,282 ) ​ ​ 1,675 ​ ​ ( 4,607 ) Accumulated other comprehensive loss at March 31, 2026 ​ $ ( 508,386 ) ​ $ 135,639 ​ $ ( 372,747 ) ​ 26 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ Pre-tax ​ Benefit ​ Net of (dollars in thousands) ​ Amount ​ (Expense) ​ Tax Accumulated other comprehensive loss at December 31, 2024 ​ $ ( 632,793 ) ​ $ 168,799 ​ $ ( 463,994 ) Three months ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized net gains arising during the period ​ ​ 31,363 ​ ​ ( 8,365 ) ​ ​ 22,998 Reclassification of net losses to net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrealized holding losses on held-to-maturity securities ​ ​ 9,657 ​ ​ ( 2,576 ) ​ ​ 7,081 Reclassification of net gains to net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment securities gains, net ​ ​ ( 37 ) ​ ​ 10 ​ ​ ( 27 ) Net change in investment securities ​ ​ 40,983 ​ ​ ( 10,931 ) ​ ​ 30,052 Cash flow derivative hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized net gains arising during the period ​ ​ 236 ​ ​ ( 63 ) ​ ​ 173 Net change in cash flow derivative hedges ​ ​ 236 ​ ​ ( 63 ) ​ ​ 173 Other comprehensive income ​ ​ 41,219 ​ ​ ( 10,994 ) ​ ​ 30,225 Accumulated other comprehensive loss at March 31, 2025 ​ $ ( 591,574 ) ​ $ 157,805 ​ $ ( 433,769 ) ​ The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pensions ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ and ​ Available-for-Sale ​ Held-to-Maturity ​ Cash Flow ​ Other ​ ​ Other ​ Investment ​ Investment ​ Derivative ​ Comprehensive (dollars in thousands) ​ Benefits ​ Securities ​ Securities ​ Hedges ​ Loss Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ ( 4,290 ) ​ $ ( 125,007 ) ​ $ ( 238,300 ) ​ $ ( 543 ) ​ $ ( 368,140 ) Other comprehensive (loss) income ​ ​ — ​ ​ ( 14,888 ) ​ ​ 10,202 ​ ​ 79 ​ ​ ( 4,607 ) Balance at end of period ​ $ ( 4,290 ) ​ $ ( 139,895 ) ​ $ ( 228,098 ) ​ $ ( 464 ) ​ $ ( 372,747 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ ( 1,879 ) ​ $ ( 193,529 ) ​ $ ( 268,501 ) ​ $ ( 85 ) ​ $ ( 463,994 ) Other comprehensive income ​ ​ — ​ ​ 22,971 ​ ​ 7,081 ​ ​ 173 ​ ​ 30,225 Balance at end of period ​ $ ( 1,879 ) ​ $ ( 170,558 ) ​ $ ( 261,420 ) ​ $ 88 ​ $ ( 433,769 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9. Regulatory Capital Requirements ​ Federal and state laws and regulations limit the amount of dividends the Company may declare or pay. The Company depends primarily on dividends from FHB as the source of funds for the Company’s payment of dividends. ​ The Company and the Bank are subject to various regulatory capital requirements imposed by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s operating activities and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of its assets and certain off-balance sheet items. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. ​ Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and total capital to risk-weighted assets, as well as a minimum leverage ratio. ​ 27 Table of Contents The table below sets forth those ratios at March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Hawaiian ​ Minimum ​ Well- ​ ​ ​ First Hawaiian, Inc. ​ Bank ​ Capital ​ Capitalized ​ (dollars in thousands) ​ Amount ​ Ratio ​ Amount ​ Ratio ​ Ratio (1) ​ Ratio (1) ​ March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ $ 2,140,581 ​ 13.12 % $ 2,131,966 ​ 13.07 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets ​ ​ 2,140,581 ​ 13.12 % ​ 2,131,966 ​ 13.07 % 6.00 % 8.00 % Total capital to risk-weighted assets ​ ​ 2,344,459 ​ 14.37 % ​ 2,335,873 ​ 14.32 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) ​ ​ 2,140,581 ​ 9.21 % ​ 2,131,966 ​ 9.17 % 4.00 % 5.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ $ 2,142,013 ​ 13.17 % $ 2,129,855 ​ 13.10 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets ​ ​ 2,142,013 ​ 13.17 % ​ 2,129,855 ​ 13.10 % 6.00 % 8.00 % Total capital to risk-weighted assets ​ ​ 2,345,269 ​ 14.42 % ​ 2,333,149 ​ 14.35 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) ​ ​ 2,142,013 ​ 9.27 % ​ 2,129,855 ​ 9.22 % 4.00 % 5.00 % (1) As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”). ​ Federal regulations require a 2.5 % capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk weighted asset ratios, effectively resulting in minimum ratios of (i) 7 % CET1 to risk-weighted assets, (ii) 8.5 % Tier 1 capital to risk-weighted assets, and (iii) 10.5 % total capital to risk-weighted assets. As of March 31, 2026, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized. Management is not aware of any conditions or events that have occurred since March 31, 2026, to change the capital adequacy category of the Company or the Bank. ​ In January 2026, the Company announced a stock repurchase program for up to $ 250.0 million of its outstanding common stock during 2026. Under this plan, the Company repurchased 1,307,738 shares at a total cost of $ 32.0 million during the three months ended March 31, 2026. The timing and exact amount of stock repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The stock repurchase program may be suspended, terminated or modified at any time for any reason. ​ In April 2026 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.26 per share on our outstanding shares. The dividend is to be paid on May 29, 2026 to shareholders of record at the close of business on May 18, 2026 . ​ 10. Derivative Financial Instruments ​ The Company enters into derivative contracts primarily to manage its interest rate risk, as well as for customer accommodation purposes. Derivatives used for risk management purposes consist of interest rate floors, swaps, and collars that are designated as either a fair value hedge or a cash flow hedge. The derivatives are recognized on the unaudited interim consolidated balance sheets as either assets or liabilities at fair value. Derivatives entered into for customer accommodation purposes consist of various free-standing interest rate derivative products and foreign exchange contracts. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. ​ 28 Table of Contents The following table summarizes the notional amounts and fair values of derivatives held by the Company as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ December 31, 2025 ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Fair Value ​ ​ Notional ​ Asset ​ Liability ​ Notional ​ Asset ​ Liability (dollars in thousands) ​ Amount ​ Derivatives (1) ​ Derivatives (2) ​ Amount ​ Derivatives (1) ​ Derivatives (2) Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 59,063 ​ $ 6,958 ​ $ — ​ $ 60,000 ​ $ 7,470 ​ $ — Interest rate collars ​ ​ 100,000 ​ ​ 14 ​ ​ — ​ ​ 100,000 ​ ​ 59 ​ ​ — Interest rate floors ​ ​ 600,000 ​ ​ 3,638 ​ ​ — ​ ​ 300,000 ​ ​ 1,665 ​ ​ — Derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ ​ 2,821,533 ​ ​ 5,103 ​ ​ ( 5,103 ) ​ ​ 3,018,578 ​ ​ 12,328 ​ ​ ( 12,328 ) Visa derivative ​ ​ 66,118 ​ ​ — ​ ​ ( 2,300 ) ​ ​ 69,748 ​ ​ — ​ ​ ( 2,300 ) Foreign exchange contracts ​ ​ 470 ​ ​ — ​ ​ — ​ ​ 807 ​ ​ — ​ ​ — (1) The positive fair values of derivative assets are included in other assets . (2) The negative fair values of derivative liabilities are included in other liabilities . ​ Certain interest rate derivatives noted above, are cleared through clearinghouses, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. As of both March 31, 2026 and December 31, 2025, the amount of initial margin cash collateral posted by the Company was nil . As of both March 31, 2026 and December 31, 2025, the variation margin was nil . ​ As of March 31, 2026, the Company pledged nil in cash and received $ 16.7 million in cash as collateral for interest rate derivatives. As of December 31, 2025, the Company pledged nil in cash and received $ 10.5 million in cash as collateral for interest rate derivatives. As of March 31, 2026 and December 31, 2025, the cash collateral includes the excess initial margin for interest rate derivatives cleared through clearinghouses and cash collateral for interest rate derivatives with financial institution counterparties. ​ As of March 31, 2026 and December 31, 2025, the Company received $ 26.1 million and $ 22.5 million, respectively, in securities collateral for interest rate derivatives, which is held in a custodial account and is not recorded on the Company’s unaudited interim consolidated balance sheets. ​ Fair Value Hedges ​ To manage the risk related to the Company’s net interest margin, interest rate swaps are utilized to hedge certain fixed-rate loans. These swaps have maturity, amortization and prepayment features that correspond to the loans hedged and are designated and qualify as fair value hedges. Any gain or loss on the swaps, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current period earnings. ​ At March 31, 2026 and December 31, 2025, the Company carried one interest rate swap with a notional amount of $ 59.1 million and $ 60.0 million, respectively, which was designated and qualified as a fair value hedge for a commercial and industrial loan. As of March 31, 2026 and December 31, 2025, the interest rate swap had a positive fair value of $ 7.0 million and $ 7.5 million, respectively. The swap matures in 2041. The Company received a USD Federal Funds floating rate and paid a fixed rate of 2.07 % . ​ 29 Table of Contents The following table shows the gains and losses recognized in income related to derivatives in fair value hedging relationships for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) recognized in ​ Three Months Ended ​ ​ the consolidated statements ​ March 31, (dollars in thousands) ​ of income line item ​ 2026 ​ 2025 Gains (losses) on fair value hedging relationships recognized in interest income: ​ ​ ​ ​ ​ ​ ​ ​ Recognized on interest rate swap ​ Loans and lease financing ​ $ ( 512 ) ​ $ 64 Recognized on hedged item ​ Loans and lease financing ​ ​ 514 ​ ​ ( 63 ) ​ As of March 31, 2026 and December 31, 2025, the following amounts were recorded in the unaudited interim consolidated balance sheets related to the cumulative basis adjustments for fair value hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Amount of Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging Adjustment Included in the ​ ​ Carrying Amount of the Hedged Asset ​ Carrying Amount of the Hedged Asset (dollars in thousands) ​ March 31, 2026 ​ December 31, 2025 ​ March 31, 2026 ​ December 31, 2025 Line item in the consolidated balance sheets in which the hedged item is included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and leases ​ $ 52,068 ​ $ 52,491 ​ $ ( 6,995 ) ​ $ ( 7,509 ) ​ Cash Flow Hedges ​ The Company utilized interest rate collars to manage interest rate risk and protect against downside risk in yields associated with interest payments received on a pool of floating-rate assets. The floating-rate index of the collars (Secured Overnight Financing Rate, or “SOFR”) corresponds to the floating-rate nature of the interest receipts being hedged (based on SOFR). Interest rate collars involve the payments of variable-rate amounts if the collar index exceeds the cap strike rate on the contract and receipts of variable-rate amounts if the collar index falls below the floor strike rate on the contract. No payments are required if the collar index falls between the cap and floor rates. By hedging with interest rate collars, the Company mitigates the adverse impact on interest income associated with possible future decreases in interest rates. ​ As of March 31, 2026 and December 31, 2025, the Company carried one interest rate collar with a notional amount of $ 100.0 million. As of March 31, 2026, the interest rate collar had a positive fair value of nil . As of December 31, 2025, the interest rate collar had a positive fair value of $ 0.1 million. The collar matures in 2027. The interest rate collar had a floor strike rate of 2.00 % and a cap strike rate of 5.64 %. ​ The Company also utilized interest rate floors to manage interest rate risk and protect against downside risk in yields associated with interest payments received on a pool of floating-rate assets. The floating-rate index of the floors (SOFR) correspond to the floating-rate nature of the interest receipts being hedged (based on SOFR). An interest rate floor involves the receipt of variable-rate amounts if the floor index falls below the floor strike rate on the contract. No payments are received if the floor index is above the floor strike rate. By hedging with interest rate floors, the Company mitigates the adverse impact on interest income associated with possible future decreases in interest rates. ​ As of December 31, 2025, the Company carried three interest rate floors with notional amounts totaling $ 300.0 million and a positive fair value of $ 1.7 million. These interest rate floors were executed between April and September 2025 and will mature in 2028. The Company paid premiums totaling $ 2.9 million. These interest rate floors have floor strike rates ranging from 2.95 % to 3.00 %. ​ During the three months ended March 31, 2026, the Company executed three additional interest rate floors with notional amounts totaling $ 300.0 million and paid premiums totaling $ 2.2 million. These interest rate floors have a floor strike rate of 3.00 % and will mature in 2029. As such, as of March 31, 2026, the Company carried six interest rate floors with notional amounts totaling $ 600.0 million and a positive fair value of $ 3.6 million. ​ The interest rate collars and floors are designated and qualify as cash flow hedges. To the extent that the hedge is considered highly effective, the gain or loss on the interest rate collars and floors is reported as a component of other comprehensive income (“OCI”) and reclassified out of accumulated other comprehensive income (“AOCI”) into earnings in the same period that the hedged transaction affects earnings. ​ 30 Table of Contents The assessment of hedge effectiveness excludes the initial time value of the interest rate floors at inception and on an ongoing basis. This initial time value is recognized as an adjustment to OCI, with an offset to interest income, over the life of the floors through an amortization approach. ​ The following table summarizes the effect of cash flow hedging relationships for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, (dollars in thousands) ​ 2026 ​ ​ ​ 2025 Pretax net gains (losses) recognized in OCI - included component ​ $ ( 45 ) ​ $ 236 Pretax net gains (losses) recognized in OCI - excluded component ​ ​ ( 188 ) ​ ​ — Total pretax net gains (losses) recognized in OCI on cash flow derivative hedges ​ $ ( 233 ) ​ $ 236 ​ ​ ​ ​ ​ ​ ​ Pretax net losses (gains) reclassified from AOCI into income - included component (1) ​ $ — ​ $ — Pretax net losses (gains) reclassified from AOCI into income - excluded component (1) ​ ​ 342 ​ ​ — Total pretax net losses (gains) reclassified from AOCI into income (1) ​ $ 342 ​ $ — (1) Losses (gains) are reclassified from AOCI into interest income from loans and lease financing. ​ The estimated net amount to be reclassified within the next 12 months out of AOCI into earnings is $ 1.7 million as a decrease to interest income from loans and lease financing. As of March 31, 2026, the maximum length of time over which forecasted transactions are hedged is approximately three years . ​ Free-Standing Derivative Instruments ​ For the derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the unaudited interim consolidated statements of income for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net losses recognized ​ Three Months Ended ​ ​ in the consolidated statements ​ March 31, (dollars in thousands) ​ of income line item ​ 2026 ​ 2025 Derivatives Not Designated As Hedging Instruments: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ Other noninterest income ​ $ — ​ $ ( 11 ) Visa derivative ​ Other noninterest income ​ ​ ( 971 ) ​ ​ ( 1,292 ) Foreign exchange contracts ​ Other noninterest income ​ ​ — ​ ​ ( 6 ) ​ As of March 31, 2026, the Company carried multiple interest rate swaps with notional amounts totaling $ 2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $ 5.1 million and a negative fair value of $ 5.1 million. The Company received floating rates ranging from 3.67 % to 6.67 % and paid fixed rates ranging from 2.39 % to 6.67 %. The swaps mature between May 2026 and October 2043. As of December 31, 2025, the Company carried multiple interest rate swaps with notional amounts totaling $ 3.0 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $ 12.3 million and a negative fair value of $ 12.3 million. The Company received floating rates ranging from 3.87 % to 6.87 % and paid fixed rates ranging from 2.39 % to 6.67 %. These swaps resulted in net interest expense of nil during both the three months ended March 31, 2026 and 2025. ​ The Company’s customer swap program is designed by offering customers a variable-rate loan that is swapped to fixed-rate through an interest rate swap. The Company simultaneously executes an offsetting interest rate swap with a swap dealer. Upfront fees on the dealer swap are recorded in other noninterest income and totaled $ 0.1 million and $ 0.5 million for the three months ended March 31, 2026 and 2025, respectively. ​ 31 Table of Contents Visa Class B Restricted Shares ​ In 2016, the Company recorded a $ 22.7 million net realized gain related to the sale of 274,000 Visa Class B restricted shares. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into a funding swap agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to 1.5875 . Under the terms of the funding swap agreement, the Company will make monthly payments to the buyer based on Visa’s Class A stock price and the number of Visa Class B restricted shares that were sold until the date on which the covered litigation is settled. In April 2024, Visa, Inc. commenced an initial exchange offer (“Visa Exchange Offer”) for all of its outstanding Class B shares (subsequently renamed as “Class B-1 shares”), of which the buyer elected and Visa, Inc. accepted. The buyer received a combination of Visa Class B-2 shares and Visa Class C shares in exchange for the 274,000 Class B-1 shares previously owned by the Company. Visa Class B-2 shares and Visa Class C shares have a current conversion rate to Class A common shares of 1.5075 and 4.0000 , respectively. The Company took this exchange into consideration when valuing the derivative liability (“Visa derivative”) at March 31, 2026 and December 31, 2025. The Visa derivative of $ 2.3 million was included in the unaudited interim consolidated balance sheets at both March 31, 2026 and December 31, 2025, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 15. Fair Value” for more information. ​ Counterparty Credit Risk ​ By using derivatives, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset, net of cash or other collateral received, and net of derivatives in a loss position with the same counterparty to the extent master netting arrangements exist. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to derivatives is considered in determining fair value. ​ The Company’s interest rate derivative agreements include bilateral collateral agreements with collateral requirements, which begin with exposures in excess of $ 0.3 million. For each counterparty, the Company reviews the interest rate derivative collateral daily. Collateral for customer interest rate derivative agreements, calculated as the pledged asset less loan balance, requires valuation of the pledged asset. Counterparty credit risk adjustments of nil were recognized during both the three months ended March 31, 2026 and 2025. ​ Credit-Risk Related Contingent Features ​ Certain of the Company’s derivative contracts contain provisions whereby if the Company’s credit rating were to be downgraded by certain major credit rating agencies as a result of a merger or material adverse change in the Company’s financial condition, the counterparty could require an early termination of derivative instruments. The aggregate fair value of all derivative instruments with such credit-risk related contingent features that are in a net liability position was nil at both March 31, 2026 and December 31, 2025, for which the Company posted nil in collateral in the normal course of business. If the Company’s credit rating had been downgraded as of March 31, 2026 and December 31, 2025, the Company may have been required to settle the contracts in an amount equal to their fair value. ​ 11. Commitments and Contingent Liabilities ​ Contingencies ​ Various legal proceedings are pending or threatened against the Company. After consultation with legal counsel, management does not expect that the aggregate liability, if any, resulting from these proceedings would have a material effect on the Company’s unaudited interim consolidated financial position, results of operations or cash flows. ​ Financial Instruments with Off-Balance Sheet Risk ​ The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not reflected in the unaudited interim consolidated financial statements. ​ 32 Table of Contents Unfunded Commitments to Extend Credit ​ A commitment to extend credit is a legally binding agreement to lend funds to a customer, usually at a stated interest rate and for a specified purpose. Commitments are reported net of participations sold to other institutions. Such commitments have fixed expiration dates and generally require a fee. The extension of a commitment gives rise to credit risk. The actual liquidity requirements or credit risk that the Company will experience is expected to be lower than the contractual amount of commitments to extend credit because a significant portion of those commitments are expected to expire without being drawn upon. Certain commitments are subject to loan agreements containing covenants regarding the financial performance of the customer that must be met before the Company is required to fund the commitment. The Company uses the same credit policies in making commitments to extend credit as it does in making loans. In addition, the Company manages the potential credit risk in commitments to extend credit by limiting the total amount of arrangements, both by individual customer and in the aggregate, by monitoring the size and expiration structure of these portfolios and by applying the same credit standards maintained for all of its related credit activities. Commitments to extend credit are reported net of participations sold to other institutions of $ 50.8 million and $ 86.4 million at March 31, 2026 and December 31, 2025, respectively. ​ Standby and Commercial Letters of Credit ​ Standby letters of credit are issued on behalf of customers in connection with contracts between the customers and third parties. Under standby letters of credit, the Company assures that the third parties will receive specified funds if customers fail to meet their contractual obligations. The credit risk to the Company arises from its obligation to make payment in the event of a customer’s contractual default. Standby letters of credit are reported net of participations sold to other institutions of $ 6.3 million at both March 31, 2026 and December 31, 2025. The Company also had commitments for commercial and similar letters of credit. Commercial letters of credit are issued specifically to facilitate commerce whereby the commitment is typically drawn upon when the underlying transaction between the customer and a third-party is consummated. The maximum amount of potential future payments guaranteed by the Company is limited to the contractual amount of these letters. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held supports those commitments for which collateral is deemed necessary. The commitments outstanding as of March 31, 2026 have maturities ranging from April 2026 to June 2028. Substantially all fees received from the issuance of such commitments are deferred and amortized on a straight-line basis over the term of the commitment. ​ Financial instruments with off-balance sheet risk at March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) ​ 2026 ​ 2025 Financial instruments whose contract amounts represent credit risk: ​ ​ ​ ​ ​ ​ Commitments to extend credit ​ $ 6,537,861 ​ $ 6,635,946 Standby letters of credit ​ ​ 252,745 ​ ​ 252,166 Commercial letters of credit ​ ​ 9,625 ​ ​ 2,040 ​ Guarantees ​ The Company sells residential mortgage loans in the secondary market primarily to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation that may potentially require repurchase under certain conditions. This risk is managed through the Company’s underwriting practices. The Company services loans sold to investors and loans originated by other originators under agreements that may include repurchase remedies if certain servicing requirements are not met. This risk is managed through the Company’s quality assurance and monitoring procedures. Management does not anticipate any material losses as a result of these transactions. ​ Foreign Exchange Contracts ​ The Company has forward foreign exchange contracts that represent commitments to purchase or sell foreign currencies at a future date at a specified price. The Company’s utilization of forward foreign exchange contracts is subject to the primary underlying risk of movements in foreign currency exchange rates and to additional counterparty risk should its counterparties fail to meet the terms of their contracts. Forward foreign exchange contracts are utilized to mitigate the Company’s risk to satisfy customer demand for foreign currencies and are not used for trading purposes. See “Note 10. Derivative Financial Instruments” for more information. ​ 33 Table of Contents Reorganization Transactions ​ On April 1, 2016, a series of reorganization transactions were undertaken to facilitate FHI’s initial public offering. In connection with the reorganization transactions, FHI distributed its interest in BancWest Holding Inc. (“BWHI”), including Bank of the West (“BOW”), to BNP Paribas (“BNPP”) so that BWHI was held directly by BNPP. As a result of the reorganization transactions that occurred on April 1, 2016, various tax or other contingent liabilities could arise related to the business of BOW, or related to the Company’s operations prior to the reorganization transactions when it was known as BancWest Corporation, including its then wholly owned subsidiary, BOW. The Company is not able to determine the ultimate outcome or estimate the amounts of these contingent liabilities, if any, at this time. ​ 12. Revenue from Contracts with Customers ​ Revenue Recognition ​ In accordance with Topic 606, Revenue from Contracts with Customers , revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. ​ Disaggregation of Revenue ​ During the quarter ended December 31, 2025, the Company realigned its internal organizational and management reporting structure. As a result of this change, the Company reduced its reportable operating segments from three to two . The Company’s reportable segments are now Retail Banking and Commercial Banking. Activities previously reported within the Treasury and Other segment are now included in Corporate/Other, as Treasury exists to support the Company’s operating segments. The change in reportable segments reflects how the Company’s chief operating decision maker currently evaluates performance and allocates resources. In addition, during the third quarter of 2025, the Company made changes to the internal measurement of segment operating profits for the purpose of evaluating segment performance and resource allocation. The Company has reported its selected financial information using the new loan and deposit balance alignments and using two reportable operating segments for the three months ended March 31, 2026. The Company has recast the selected financial information for the three months ended March 31, 2025 in order to conform with the current presentation. See “Note 16. Reportable Operating Segments” for more information. 34 Table of Contents ​ The following table summarizes the Company’s revenues, which includes net interest income on financial instruments and noninterest income, disaggregated by type of service and business segments and Corporate/Other, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2026 ​ ​ Retail ​ Commercial ​ Corporate/ ​ Consolidated (dollars in thousands) ​ Banking ​ Banking ​ Other ​ Total Net interest income (expense) (1) ​ $ 130,120 ​ $ 43,967 ​ $ ( 6,557 ) ​ $ 167,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 6,679 ​ ​ 1,331 ​ ​ 146 ​ ​ 8,156 Credit and debit card fees ​ ​ — ​ ​ 13,506 ​ ​ 1,003 ​ ​ 14,509 Other service charges and fees ​ ​ 10,381 ​ ​ 621 ​ ​ 550 ​ ​ 11,552 Trust and investment services income ​ ​ 9,146 ​ ​ — ​ ​ — ​ ​ 9,146 Other ​ ​ 337 ​ ​ 1,808 ​ ​ 860 ​ ​ 3,005 Not in scope of Topic 606 (1) ​ ​ 1,596 ​ ​ 1,338 ​ ​ 3,517 ​ ​ 6,451 Total noninterest income ​ ​ 28,139 ​ ​ 18,604 ​ ​ 6,076 ​ ​ 52,819 Total revenue ​ $ 158,259 ​ $ 62,571 ​ $ ( 481 ) ​ $ 220,349 (1) Most of the Company’s revenue is not within the scope of Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ Retail ​ Commercial ​ Corporate/ ​ Consolidated (dollars in thousands) ​ ​ ​ Banking ​ ​ ​ Banking ​ ​ ​ Other ​ ​ ​ Total Net interest income (expense) (1) ​ $ 126,456 ​ $ 45,938 ​ $ ( 11,868 ) ​ $ 160,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 6,364 ​ ​ 1,064 ​ ​ 107 ​ ​ 7,535 Credit and debit card fees ​ ​ — ​ ​ 12,930 ​ ​ 974 ​ ​ 13,904 Other service charges and fees ​ ​ 8,844 ​ ​ 574 ​ ​ 515 ​ ​ 9,933 Trust and investment services income ​ ​ 9,370 ​ ​ — ​ ​ — ​ ​ 9,370 Other ​ ​ 202 ​ ​ 1,437 ​ ​ 952 ​ ​ 2,591 Not in scope of Topic 606 (1) ​ ​ 1,871 ​ ​ 1,750 ​ ​ 3,523 ​ ​ 7,144 Total noninterest income ​ ​ 26,651 ​ ​ 17,755 ​ ​ 6,071 ​ ​ 50,477 Total revenue ​ $ 153,107 ​ $ 63,693 ​ $ ( 5,797 ) ​ $ 211,003 (1) Most of the Company’s revenue is not within the scope of Topic 606 . The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. ​ For the three months ended March 31, 2026 and 2025, substantially all of the Company’s revenues under the scope of Topic 606 were related to performance obligations satisfied at a point in time. ​ The following is a discussion of revenues within the scope of Topic 606. ​ Service Charges on Deposit Accounts Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date. ​ Credit and Debit Card Fees Credit and debit card fees primarily represent revenues earned from interchange fees, ATM fees and merchant processing fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FHB customers who use an FHB ATM. Merchant processing fees are primarily earned on transactions in which FHB is the acquiring bank. Such fees are generally recognized concurrently with the delivery of services on a daily basis. ​ 35 Table of Contents Trust and Investment Services Fees Trust and investment services fees represent revenue earned by directing, holding and managing customers’ assets. Fees are generally computed based on a percentage of the previous period’s value of assets under management. The transaction price (i.e., percentage of assets under management) is established at the inception of each contract. Trust and investment services fees also include fees collected when the Company acts as agent or personal representative and executes security transactions, performs collection and disbursement of income, and completes investment management and other administrative tasks. ​ Other Fees Other fees primarily include revenues generated from wire transfers, lockboxes, bank issuance of checks and insurance commissions. Such fees are recognized concurrent with the event or on a monthly basis. ​ Contract Balances ​ A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. The Company received signing bonuses from three vendors in prior years, which are being amortized over the term of the respective contracts. As of March 31, 2026 and December 31, 2025, the Company had contract liabilities of $ 1.1 million and $ 1.3 million, respectively, which it expects to recognize over the remaining term of the respective contracts with the vendors. For the three months ended March 31, 2026, the Company’s recognized revenues increased and contract liabilities decreased by approximately $ 0.2 million due to the passage of time. For the three months ended March 31, 2025, the Company’s recognized revenues increased and contract liabilities decreased by approximately $ 0.3 million due to the passage of time. There were no changes in contract liabilities due to changes in transaction price estimates. ​ A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of March 31, 2026 and December 31, 2025, there were no material receivables from contracts with customers or contract assets recorded on the Company’s unaudited interim consolidated balance sheets. ​ Other ​ Except for the contract liabilities noted above, the Company did no t have any significant performance obligations as of March 31, 2026 and December 31, 2025. The Company also did no t have any material contract acquisition costs or use any significant judgments or estimates in recognizing revenue for financial reporting purposes. ​ 13. Earnings per Share ​ For the three months ended March 31, 2026 and 2025, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 258,000 and 184,000 antidilutive securities, respectively. For the three months ended March 31, 2026 and 2025, the computations of basic and diluted earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (dollars in thousands, except shares and per share amounts) ​ 2026 ​ 2025 Numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 67,784 ​ $ 59,248 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic: weighted-average shares outstanding ​ ​ 122,457,604 ​ ​ 126,281,802 Add: weighted-average equity-based awards ​ ​ 888,104 ​ ​ 885,130 Diluted: weighted-average shares outstanding ​ ​ 123,345,708 ​ ​ 127,166,932 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.55 ​ $ 0.47 Diluted earnings per share ​ $ 0.55 ​ $ 0.47 ​ ​ 36 Table of Contents 14. Noninterest Income and Noninterest Expense ​ Benefit Plans ​ The following table sets forth the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income line item where recognized in ​ Pension Benefits ​ Other Benefits (dollars in thousands) ​ the consolidated statements of income ​ 2026 ​ 2025 ​ 2026 ​ 2025 Three Months Ended March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ Salaries and employee benefits ​ $ — ​ $ — ​ $ 203 ​ $ 169 Interest cost ​ Other noninterest expense ​ ​ 1,712 ​ ​ 1,880 ​ ​ 224 ​ ​ 225 Expected return on plan assets ​ Other noninterest expense ​ ​ ( 831 ) ​ ​ ( 876 ) ​ ​ — ​ ​ — Recognized net actuarial loss (gain) ​ Other noninterest expense ​ ​ 278 ​ ​ 383 ​ ​ ( 218 ) ​ ​ ( 301 ) Total net periodic benefit cost ​ ​ ​ $ 1,159 ​ $ 1,387 ​ $ 209 ​ $ 93 ​ Leases ​ The Company recognized operating lease income related to lease payments of $ 1.7 million and $ 1.6 million for the three months ended March 31, 2026 and 2025, respectively. In addition, the Company recognized $ 1.5 million of lease income related to variable lease payments for both the three months ended March 31, 2026 and 2025. ​ ​ ​ 15. Fair Value ​ The Company determines the fair values of its financial instruments based on the requirements established in Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurements , which provides a framework for measuring fair value under GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Topic 820 defines fair value as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. ​ Fair Value Hierarchy ​ Topic 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are: ​ ◾ Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. ◾ Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ◾ Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. ​ Topic 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes. ​ 37 Table of Contents Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets. ​ Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities. ​ Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values. ​ Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value ​ For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques: ​ Available-for-sale securities Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2. ​ Derivatives Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2. ​ 38 Table of Contents Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to 1.5875 . As a result of the Visa Exchange Offer, the buyer held a combination of Visa Class B-2 shares and Visa Class C shares, of which the Visa derivative’s notional is based on. Visa Class B-2 shares and Visa Class C shares have a current conversion rate to Class A common shares of 1.5075 and 4.0000 , respectively. The Visa derivative of $ 2.3 million was included in the unaudited interim consolidated balance sheets at both March 31, 2026 and December 31, 2025, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the Class B-2 conversion rate, expected term and growth rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. ​ Assets and Liabilities Recorded at Fair Value on a Recurring Basis ​ Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of March 31, 2026 ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ Active Markets for ​ Other ​ Significant ​ ​ ​ ​ Identical Assets ​ Observable ​ Unobservable ​ ​ (dollars in thousands) ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) ​ Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency (1) ​ $ — ​ $ 26,036 ​ $ — ​ $ 26,036 Residential - Government-sponsored enterprises (1) ​ ​ — ​ ​ 833,644 ​ ​ — ​ ​ 833,644 Commercial - Government agency ​ ​ — ​ ​ 185,986 ​ ​ — ​ ​ 185,986 Commercial - Government-sponsored enterprises ​ ​ — ​ ​ 40,671 ​ ​ — ​ ​ 40,671 Commercial - Non-agency ​ ​ — ​ ​ 232,980 ​ ​ — ​ ​ 232,980 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ — ​ ​ 406,858 ​ ​ — ​ ​ 406,858 Government-sponsored enterprises ​ ​ — ​ ​ 292,440 ​ ​ — ​ ​ 292,440 Collateralized loan obligations ​ ​ — ​ ​ 61,389 ​ ​ — ​ ​ 61,389 Total available-for-sale securities ​ ​ — ​ ​ 2,080,004 ​ ​ — ​ ​ 2,080,004 Other assets (2) ​ ​ 2,007 ​ ​ 15,713 ​ ​ — ​ ​ 17,720 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other liabilities (3) ​ ​ — ​ ​ ( 5,103 ) ​ ​ ( 2,300 ) ​ ​ ( 7,403 ) Total ​ $ 2,007 ​ $ 2,090,614 ​ $ ( 2,300 ) ​ $ 2,090,321 ​ ​ 39 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of December 31, 2025 ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ Other ​ Significant ​ ​ ​ ​ Identical Assets ​ Observable ​ Unobservable ​ ​ (dollars in thousands) ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) ​ Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential - Government agency (1) ​ $ — ​ $ 30,367 ​ $ — ​ $ 30,367 Residential - Government-sponsored enterprises (1) ​ ​ — ​ ​ 878,215 ​ ​ — ​ ​ 878,215 Commercial - Government agency ​ ​ — ​ ​ 191,177 ​ ​ — ​ ​ 191,177 Commercial - Government-sponsored enterprises ​ ​ — ​ ​ 41,599 ​ ​ — ​ ​ 41,599 Commercial - Non-agency ​ ​ — ​ ​ 129,014 ​ ​ — ​ ​ 129,014 Collateralized mortgage obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency ​ ​ — ​ ​ 426,276 ​ ​ — ​ ​ 426,276 Government-sponsored enterprises ​ ​ — ​ ​ 302,996 ​ ​ — ​ ​ 302,996 Collateralized loan obligations ​ ​ — ​ ​ 76,589 ​ ​ — ​ ​ 76,589 Total available-for-sale securities ​ ​ — ​ ​ 2,076,233 ​ ​ — ​ ​ 2,076,233 Other assets (2) ​ ​ 595 ​ ​ 21,522 ​ ​ — ​ ​ 22,117 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other liabilities (3) ​ ​ — ​ ​ ( 12,328 ) ​ ​ ( 2,300 ) ​ ​ ( 14,628 ) Total ​ $ 595 ​ $ 2,085,427 ​ $ ( 2,300 ) ​ $ 2,083,722 (1) Backed by residential real estate. (2) Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets. (3) Other liabilities include derivative liabilities. ​ For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of March 31, 2026 and December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements at March 31, 2026 ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ (dollars in thousands) ​ Fair value ​ Valuation Technique ​ Unobservable Input ​ Range Collateral-dependent loans ​ $ 11,868 ​ Financial Statement Values ​ Discounts to reflect estimated selling costs ​ 0 % - 50 % Visa derivative ​ ​ ( 2,300 ) ​ Discounted Cash Flow ​ Expected Conversion Rate - 1.5075 (1) ​ 1.3787 - 1.5075 ​ ​ ​ ​ ​ ​ ​ Expected Term - 6 months (2) ​ n/m (2) ​ ​ ​ ​ ​ ​ ​ Growth Rate - 33 % (3) ​ 4 % - 50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements at December 31, 2025 ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ (dollars in thousands) ​ Fair value ​ Valuation Technique ​ Unobservable Input ​ Range Collateral-dependent loans ​ $ 13,608 ​ Financial Statement Values ​ Discounts to reflect estimated selling costs ​ 0 % - 50 % Visa derivative ​ ​ ( 2,300 ) ​ Discounted Cash Flow ​ Expected Conversion Rate - 1.5108 (1) ​ 1.3848 - 1.5108 ​ ​ ​ ​ ​ ​ ​ Expected Term - 6 months (2) ​ n/m (2) ​ ​ ​ ​ ​ ​ ​ Growth Rate - 13 % (3) ​ - 11 % - 28 % (1) Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation. (2) The expected term was based on a claim filing deadline and subsequent period for claims to be processed. As such, a range is not meaningful to disclose. (3) The growth rate was based on the arithmetic average of analyst price targets. 40 Table of Contents ​ Changes in Fair Value Levels ​ For the three months ended March 31, 2026 and 2025, there were no transfers between fair value hierarchy levels. ​ The changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 and 2025 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Visa Derivative (dollars in thousands) ​ 2026 ​ 2025 Three Months Ended March 31, ​ ​ ​ ​ ​ ​ Balance as of January 1, ​ $ ( 2,300 ) ​ $ ( 2,300 ) Total net losses included in other noninterest income ​ ​ ( 971 ) ​ ​ ( 1,292 ) Settlements ​ ​ 971 ​ ​ 1,292 Balance as of March 31, ​ $ ( 2,300 ) ​ $ ( 2,300 ) Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31, ​ $ ( 971 ) ​ $ ( 1,292 ) ​ Assets and Liabilities Carried at Other Than Fair Value ​ The following tables summarize for the periods indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Unobservable ​ ​ ​ ​ ​ ​ ​ for Identical ​ Observable ​ Inputs ​ ​ (dollars in thousands) ​ Book Value ​ Assets (Level 1) ​ Inputs (Level 2) ​ (Level 3) ​ Total Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,719,148 ​ $ 225,727 ​ $ 1,493,421 ​ $ — ​ $ 1,719,148 Investment securities held-to-maturity ​ ​ 3,480,022 ​ ​ — ​ ​ 3,074,133 ​ ​ — ​ ​ 3,074,133 Loans (1) ​ ​ 13,997,088 ​ ​ — ​ ​ — ​ ​ 13,463,830 ​ ​ 13,463,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits (2) ​ $ 3,380,624 ​ $ — ​ $ 3,365,037 ​ $ — ​ $ 3,365,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Unobservable ​ ​ ​ ​ ​ ​ ​ for Identical ​ Observable ​ Inputs ​ ​ (dollars in thousands) ​ Book Value ​ Assets (Level 1) ​ Inputs (Level 2) ​ (Level 3) ​ Total Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,477,752 ​ $ 228,734 ​ $ 1,249,018 ​ $ — ​ $ 1,477,752 Investment securities held-to-maturity ​ ​ 3,533,082 ​ ​ — ​ ​ 3,188,775 ​ ​ — ​ ​ 3,188,775 Loans held for sale ​ ​ 1,370 ​ ​ — ​ ​ 1,376 ​ ​ — ​ ​ 1,376 Loans (1) ​ ​ 13,870,599 ​ ​ — ​ ​ — ​ ​ 13,356,550 ​ ​ 13,356,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits (2) ​ $ 3,370,133 ​ $ — ​ $ 3,356,533 ​ $ — ​ $ 3,356,533 (1) Excludes financing leases of $ 443.7 million at March 31, 2026 and $ 441.9 million at December 31, 2025. (2) Excludes deposit liabilities with no defined or contractual maturity of $ 17.4 billion as of March 31, 2026 and $ 17.1 billion as of December 31, 2025. ​ 41 Table of Contents Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of March 31, 2026 and December 31, 2025, the Company had $ 6.8 billion and $ 6.9 billion, respectively, of unfunded loan and lease commitments and letters of credit. The Company believes that a reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $ 48.8 million and $ 49.7 million at March 31, 2026 and December 31, 2025, respectively. No active trading market exists for these instruments, and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3. ​ Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value ​ The Company applies the following valuation techniques to assets measured at the lower of cost or fair value: ​ Mortgage servicing rights MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3. ​ Collateral-dependent loans Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. These loans are measured at fair value on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral are primarily based on real estate appraisal reports prepared by third-party appraisers less estimated selling costs. The Company may also use another available source of collateral assessment, such as purchase offers, letters of intent, or broker price opinions, to determine a reasonable estimate of the fair value of the collateral. The fair value of other collateral such as business assets is typically ascertained by assessing inventory listings and borrower’s financial statements less estimated selling costs. The Company measures the estimated credit losses on collateral-dependent loans by performing a lower of cost or fair value analysis. If the estimated credit losses are determined by the value of the collateral, the net carrying amount is adjusted to fair value on a nonrecurring basis as Level 3 by recognizing an ACL. ​ Other real estate owned The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs and are classified as Level 3. ​ Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis ​ The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value. ​ The following table provides the level of valuation inputs used to determine each fair value adjustment and the fair value of the related individual assets or portfolio of assets with fair value adjustments on a nonrecurring basis as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Level 1 ​ Level 2 ​ Level 3 March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans ​ $ — ​ $ — ​ $ 11,868 December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans ​ $ — ​ $ — ​ $ 13,608 ​ 42 Table of Contents Total expected credit losses recognized on collateral-dependent loans were $ 2.4 million for the three months ended March 31, 2026. The Company recognized a reduction in expected credit losses on collateral-dependent loans of $ 0.4 million for the three months ended March 31, 2025. ​ 16. Reportable Operating Segments ​ The Company’s reportable segments are based on the manner in which management organizes the business for making operating decisions and assessing performance. These segments reflect how discrete financial information is currently evaluated by the chief operating decision maker and how performance is assessed and resources are allocated. The Company’s internal management process measures the performance of these business segments. This process, which is not necessarily comparable with similar information for any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. ​ During the quarter ended December 31, 2025, the Company realigned its internal organizational and management reporting structure. As a result of this change, the Company reduced its reportable operating segments from three to two . The Company’s reportable segments are now Retail Banking and Commercial Banking. Activities previously reported within the Treasury and Other segment are now included in Corporate/Other, as Treasury exists to support the Company’s operating segments. The change in reportable segments reflects how the Company’s chief operating decision maker currently evaluates performance and allocates resources. In addition, during the third quarter of 2025, the Company made changes to the internal measurement of segment operating profits for the purpose of evaluating segment performance and resource allocation. The primary reason for the change was to align loan and deposit balances within the business segment that directly manages them. Specifically, certain loan and deposit balances previously included as part of the Retail Banking and Commercial Banking segments were reclassified among the segments and what is now Corporate/Other. The reallocation of select loan and deposit balances affected net interest income, net interest income after provision for credit losses, provision for income taxes, net income and segment earning assets. The Company has reported its selected financial information using the new loan and deposit balance alignments and using two reportable operating segments for the three months ended March 31, 2026. The Company has recast the selected financial information for the three months ended March 31, 2025 in order to conform with the current presentation. ​ The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Corporate/Other. ​ The Company allocates the provision for credit losses from Corporate/Other (which includes activity within the Company’s support units) to the Retail Banking and Commercial Banking business segments. These allocations are based on direct costs incurred by the Retail Banking and Commercial Banking business segments. ​ Noninterest income and expense includes allocations from support units to the business segments. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. Income tax expense is allocated to each business segment as well as Corporate/Other based on the consolidated effective income tax rate for the period shown. ​ Business Segments ​ Retail Banking Retail Banking offers a broad range of financial products and services to consumers and small businesses. Loan and lease products offered include residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans and small business loans and leases. Deposit products offered include checking, savings, and time deposit accounts. Retail Banking also offers wealth management services. Products and services from Retail Banking are delivered to customers through 49 banking locations throughout the State of Hawaii, Guam and Saipan. ​ 43 Table of Contents Commercial Banking Commercial Banking offers products that include corporate banking related products, commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, automobile loans and auto dealer financing, business deposit products and credit cards. Commercial lending and deposit products are offered primarily to middle-market and large companies locally, nationally and internationally. ​ Corporate/Other ​ Corporate/Other includes activity within the support units of the Company and not associated with a segment. One such area is Treasury, which includes activities surrounding the management of interest-bearing deposits, investment securities, federal funds sold and purchased, government deposits, short- and long-term borrowings and bank-owned properties (and these assets’ and liabilities’ related interest income and expense). The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, foreign exchange income related to customer driven cross-border wires for business and personal reasons and management of bank-owned properties. The net residual effect of the transfer pricing of assets and liabilities is included in Corporate/Other, along with the elimination of intercompany transactions. ​ Other organizational units within Corporate/Other (such as Technology, Operations, Credit and Risk Management, Human Resources, Finance, Administration, Marketing and Corporate and Regulatory Administration) provide a wide range of support to the Company’s reportable segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process. ​ 44 Table of Contents The following tables present selected business segment and Corporate/Other financial information for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Commercial ​ Corporate/ ​ Consolidated (dollars in thousands) ​ Banking ​ Banking ​ Other ​ Total Interest income ​ $ 84,013 ​ $ 102,426 ​ $ 43,259 ​ $ 229,698 Intersegment interest allocations (1) ​ ​ ( 62,601 ) ​ ​ ( 72,158 ) ​ ​ 134,759 ​ ​ — Total interest income ​ ​ 21,412 ​ ​ 30,268 ​ ​ 178,018 ​ ​ 229,698 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ( 44,207 ) ​ ​ ( 15,019 ) ​ ​ ( 2,942 ) ​ ​ ( 62,168 ) Intersegment interest allocations (1) ​ ​ 152,915 ​ ​ 28,718 ​ ​ ( 181,633 ) ​ ​ — Total interest expense ​ ​ 108,708 ​ ​ 13,699 ​ ​ ( 184,575 ) ​ ​ ( 62,168 ) Net interest income (expense) ​ ​ 130,120 ​ ​ 43,967 ​ ​ ( 6,557 ) ​ ​ 167,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Provision) benefit for credit losses ​ ​ ( 2,470 ) ​ ​ ( 3,280 ) ​ ​ 750 ​ ​ ( 5,000 ) Net interest income (expense) after (provision) benefit for credit losses ​ ​ 127,650 ​ ​ 40,687 ​ ​ ( 5,807 ) ​ ​ 162,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest income ​ ​ 28,139 ​ ​ 18,604 ​ ​ 6,076 ​ ​ 52,819 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ ​ ( 26,522 ) ​ ​ ( 5,011 ) ​ ​ ( 32,557 ) ​ ​ ( 64,090 ) Contracted services and professional fees ​ ​ ( 2,671 ) ​ ​ ( 4,019 ) ​ ​ ( 7,274 ) ​ ​ ( 13,964 ) Occupancy ​ ​ ( 7,982 ) ​ ​ ( 486 ) ​ ​ 652 ​ ​ ( 7,816 ) Equipment ​ ​ ( 1,445 ) ​ ​ ( 476 ) ​ ​ ( 12,860 ) ​ ​ ( 14,781 ) Card rewards program ​ ​ — ​ ​ ( 8,404 ) ​ ​ — ​ ​ ( 8,404 ) Other segment items (2) ​ ​ ( 37,950 ) ​ ​ ( 1,881 ) ​ ​ 21,001 ​ ​ ( 18,830 ) Noninterest expense ​ ​ ( 76,570 ) ​ ​ ( 20,277 ) ​ ​ ( 31,038 ) ​ ​ ( 127,885 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before (provision) benefit for income taxes ​ ​ 79,219 ​ ​ 39,014 ​ ​ ( 30,769 ) ​ ​ 87,464 (Provision) benefit for income taxes ​ ​ ( 19,144 ) ​ ​ ( 7,633 ) ​ ​ 7,097 ​ ​ ( 19,680 ) Net income (loss) ​ $ 60,075 ​ $ 31,381 ​ $ ( 23,672 ) ​ $ 67,784 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Segment Disclosures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization (3) ​ $ 1,530 ​ $ 46 ​ $ 4,049 ​ $ 5,625 Segment earning assets (4) ​ ​ 7,162,606 ​ ​ 7,281,120 ​ ​ 7,077,744 ​ ​ 21,521,470 ​ 45 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Commercial ​ Corporate/ ​ Consolidated (dollars in thousands) ​ Banking ​ Banking ​ Other ​ Total Interest income ​ $ 81,052 ​ $ 110,630 ​ $ 43,468 ​ $ 235,150 Intersegment interest allocations (1) ​ ​ ( 60,204 ) ​ ​ ( 79,935 ) ​ ​ 140,139 ​ ​ — Total interest income ​ ​ 20,848 ​ ​ 30,695 ​ ​ 183,607 ​ ​ 235,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ( 52,253 ) ​ ​ ( 16,413 ) ​ ​ ( 5,958 ) ​ ​ ( 74,624 ) Intersegment interest allocations (1) ​ ​ 157,861 ​ ​ 31,656 ​ ​ ( 189,517 ) ​ ​ — Total interest expense ​ ​ 105,608 ​ ​ 15,243 ​ ​ ( 195,475 ) ​ ​ ( 74,624 ) Net interest income (expense) ​ ​ 126,456 ​ ​ 45,938 ​ ​ ( 11,868 ) ​ ​ 160,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit losses ​ ​ ( 4,691 ) ​ ​ ( 5,309 ) ​ ​ ( 500 ) ​ ​ ( 10,500 ) Net interest income (expense) after provision for credit losses ​ ​ 121,765 ​ ​ 40,629 ​ ​ ( 12,368 ) ​ ​ 150,026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest income ​ ​ 26,651 ​ ​ 17,755 ​ ​ 6,071 ​ ​ 50,477 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ ​ ( 24,612 ) ​ ​ ( 4,791 ) ​ ​ ( 30,701 ) ​ ​ ( 60,104 ) Contracted services and professional fees ​ ​ ( 3,053 ) ​ ​ ( 3,870 ) ​ ​ ( 7,916 ) ​ ​ ( 14,839 ) Occupancy ​ ​ ( 7,295 ) ​ ​ ( 495 ) ​ ​ ( 310 ) ​ ​ ( 8,100 ) Equipment ​ ​ ( 1,395 ) ​ ​ ( 449 ) ​ ​ ( 12,027 ) ​ ​ ( 13,871 ) Card rewards program ​ ​ — ​ ​ ( 7,919 ) ​ ​ — ​ ​ ( 7,919 ) Other segment items (2) ​ ​ ( 36,770 ) ​ ​ ( 2,247 ) ​ ​ 20,290 ​ ​ ( 18,727 ) Noninterest expense ​ ​ ( 73,125 ) ​ ​ ( 19,771 ) ​ ​ ( 30,664 ) ​ ​ ( 123,560 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before (provision) benefit for income taxes ​ ​ 75,291 ​ ​ 38,613 ​ ​ ( 36,961 ) ​ ​ 76,943 (Provision) benefit for income taxes ​ ​ ( 17,860 ) ​ ​ ( 7,867 ) ​ ​ 8,032 ​ ​ ( 17,695 ) Net income (loss) ​ $ 57,431 ​ $ 30,746 ​ $ ( 28,929 ) ​ $ 59,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Segment Disclosures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization (3) ​ $ 1,048 ​ $ 68 ​ $ 4,412 ​ $ 5,528 Segment earning assets (4) ​ ​ 7,066,392 ​ ​ 7,230,624 ​ ​ 6,687,631 ​ ​ 20,984,647 (1) Intersegment interest allocations are the result of funds transfer-pricing methodologies that are utilized to allocate a cost for the funding of assets and a credit for the collection of deposits from Corporate/Other to the business segment assets and liabilities. (2) Other segment items included in segment net income includes advertising and marketing, regulatory assessment and fees, allocations and transfer pricing on non-earning assets, liabilities and equity, and other miscellaneous and administrative fees. Amounts included in the Corporate/Other column are not related to the segments but include the effect of certain expense allocations or transfer pricing to the segments. (3) The amounts of depreciation and amortization disclosed by the reportable segments and Corporate/Other are included within equipment, occupancy, other segment items, and noninterest income. (4) Segment earning assets only apply to the Retail Banking and Commercial Banking segments. The Corporate/Other column includes earning assets not associated with a segment (such as investment securities, interest-bearing deposits and federal funds). ​ ​ 46 Table of Contents ​