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First Hawaiian, Inc. Reports Fourth Quarter 2020 Financial Results and Declares Dividend

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

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

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

Fourth Quarter 2020 Highlights:

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

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

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

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

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

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

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

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

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

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

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

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

Capital
Total stockholders’ equity was $2.7 billion at both December 31, 2020 and September 30, 2020.    

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

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

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

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

Forward-Looking Statements

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

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

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

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

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

Investor Relations Contact:

Kevin Haseyama, CFA
(808) 525-6268
[email protected]		 Media Contact:

Susan Kam
(808) 525-6254
[email protected]

                                 
Financial Highlights                             Table 1
    For the Three Months Ended   For the Year Ended  
    December 31,    September 30,    December 31,    December 31,   
(dollars in thousands, except per share data)      2020      2020      2019      2020      2019  
Operating Results:                                
Net interest income   $ 135,227   $ 134,002   $ 139,619   $ 535,734   $ 573,402  
Provision for credit losses     20,000     5,072     4,250     121,718     13,800  
Noninterest income     53,598     48,898     46,708     197,380     192,533  
Noninterest expense     88,127     91,629     91,058     367,672     370,437  
Net income     61,739     65,101     67,836     185,754     284,392  
Basic earnings per share     0.48     0.50     0.52     1.43     2.14  
Diluted earnings per share     0.47     0.50     0.52     1.43     2.13  
Dividends declared per share     0.26     0.26     0.26     1.04     1.04  
Dividend payout ratio     55.32 %   52.00 %   50.00 %   72.73 %   48.83 %
Supplemental Income Statement Data (non-GAAP):                                
Core net interest income   $ 135,227   $ 134,002   $ 139,619   $ 535,734   $ 573,402  
Core noninterest income     58,438     48,874     51,331     202,322     199,748  
Core noninterest expense     88,127     91,629     91,010     367,672     367,623  
Core net income     65,288     65,083     71,250     189,378     291,785  
Core basic earnings per share     0.50     0.50     0.55     1.46     2.19  
Core diluted earnings per share     0.50     0.50     0.54     1.45     2.19  
Performance Ratio

(1)

: 		                               
Net interest margin     2.71 %     2.70 %     3.15 %     2.77 %     3.20 %
Core net interest margin (non-GAAP)     2.71 %     2.70 %     3.15 %     2.77 %     3.20 %
Efficiency ratio     46.59 %     50.01 %     48.86 %     50.10 %     48.36 %
Core efficiency ratio (non-GAAP)     45.43 %     50.02 %     47.65 %     49.77 %     47.55 %
Return on average total assets     1.09 %     1.16 %     1.34 %     0.85 %     1.40 %
Core return on average total assets (non-GAAP)     1.16 %     1.16 %     1.41 %     0.87 %     1.44 %
Return on average tangible assets (non-GAAP)     1.14 %     1.21 %     1.41 %     0.89 %     1.47 %
Core return on average tangible assets (non-GAAP)(2)     1.21 %     1.21 %     1.48 %     0.91 %     1.51 %
Return on average total stockholders’ equity     8.99 %     9.58 %     10.21 %     6.88 %     10.90 %
Core return on average total stockholders’ equity (non-GAAP)     9.51 %     9.57 %     10.72 %     7.02 %     11.18 %
Return on average tangible stockholders’ equity (non-GAAP)     14.14 %     15.16 %     16.40 %     10.91 %     17.62 %
Core return on average tangible stockholders’ equity (non-GAAP)(3)     14.95 %     15.15 %     17.22 %     11.12 %     18.08 %
Average Balances:                                
Average loans and leases   $ 13,366,980   $ 13,559,367   $ 12,940,956   $ 13,518,308   $ 13,063,716  
Average earning assets     19,977,933     19,846,674     17,649,343     19,376,343     17,892,440  
Average assets     22,468,040     22,341,485     20,089,601     21,869,064     20,325,697  
Average deposits     19,020,800     18,892,033     16,355,254     18,252,998     16,613,379  
Average stockholders’ equity     2,732,271     2,704,129     2,636,651     2,698,853     2,609,432  
Market Value Per Share:                                
Closing     23.58     14.47     28.85     23.58     28.85  
High     23.90     18.96     29.47     31.25     29.47  
Low     14.16     14.32     25.48     13.56     22.13  

                       
      As of   As of   As of  
      December 31,    September 30,    December 31,   
         2020      2020   2019  
Balance Sheet Data:                      
Loans and leases     $ 13,279,097   $ 13,499,969   $ 13,211,650  
Total assets       22,662,831     22,310,701     20,166,734  
Total deposits       19,227,723     18,897,762     16,444,994  
Short-term borrowings       —     —     400,000  
Long-term borrowings       200,010     200,010     200,019  
Total stockholders’ equity       2,744,104     2,733,934     2,640,258  
                       
Per Share of Common Stock:                      
Book value     $ 21.12   $ 21.04   $ 20.32  
Tangible book value (non-GAAP)(4)       13.46     13.38     12.66  
                       
Asset Quality Ratios:                      
Non-accrual loans and leases / total loans and leases       0.07 %     0.13 %   0.04 %
Allowance for credit losses for loans and leases / total loans and leases       1.57 %     1.45 %   0.99 %
                       
Capital Ratios:                      
Common Equity Tier 1 Capital Ratio        12.47 %      12.22 %    11.88 %
Tier 1 Capital Ratio       12.47 %     12.22 %   11.88 %
Total Capital Ratio       13.72 %     13.47 %   12.81 %
Tier 1 Leverage Ratio       8.00 %     7.91 %   8.79 %
Total stockholders’ equity to total assets       12.11 %     12.25 %   13.09 %
Tangible stockholders’ equity to tangible assets (non-GAAP)       8.07 %     8.16 %   8.58 %
                       
Non-Financial Data:                      
Number of branches       54     58     58  
Number of ATMs       297     302     301  
Number of Full-Time Equivalent Employees       2,103     2,099     2,092  

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

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

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

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

                               
Consolidated Statements of Income   Table 2
    For the Three Months Ended   For the Year Ended
    December 31,    September 30,    December 31,    December 31, 
(dollars in thousands, except per share amounts)      2020      2020      2019      2020   2019
Interest income                              
Loans and lease financing   $ 118,314     $ 120,940   $ 138,033     $ 496,523     $ 574,013  
Available-for-sale securities     22,752       20,317     20,979       81,808       92,505  
Other     615       670     3,120       4,428       12,174  
Total interest income     141,681       141,927     162,132       582,759       678,692  
Interest expense                              
Deposits     5,061       6,227     18,222       35,471       87,865  
Short-term and long-term borrowings     1,393       1,698     4,291       11,554       17,425  
Total interest expense     6,454       7,925     22,513       47,025       105,290  
Net interest income     135,227       134,002     139,619       535,734       573,402  
Provision for credit losses     20,000       5,072     4,250       121,718       13,800  
Net interest income after provision for credit losses     115,227       128,930     135,369       414,016       559,602  
Noninterest income                              
Service charges on deposit accounts     6,769       6,523     9,041       28,169       33,778  
Credit and debit card fees     15,583       14,049     16,626       55,451       66,749  
Other service charges and fees     8,404       9,021     8,818       33,876       36,253  
Trust and investment services income     8,733       8,664     8,855       35,652       35,102  
Bank-owned life insurance     4,159       4,903     2,533       15,754       15,479  
Investment securities (losses) gains, net     (12 )     24     (123 )     (114 )     (2,715 )
Other     9,962       5,714     958       28,592       7,887  
Total noninterest income     53,598       48,898     46,708       197,380       192,533  
Noninterest expense                              
Salaries and employee benefits     42,687       44,291     41,098       174,221       173,098  
Contracted services and professional fees     13,940       15,073     13,724       60,546       56,321  
Occupancy     7,355       6,921     7,231       28,821       28,753  
Equipment     5,225       5,137     4,491       20,277       17,343  
Regulatory assessment and fees     2,168       2,445     1,802       8,659       7,390  
Advertising and marketing     1,096       1,374     1,317       5,695       6,910  
Card rewards program     4,890       5,046     8,635       22,114       29,961  
Other     10,766       11,342     12,760       47,339       50,661  
Total noninterest expense     88,127       91,629     91,058       367,672       370,437  
Income before provision for income taxes     80,698       86,199     91,019       243,724       381,698  
Provision for income taxes     18,959       21,098     23,183       57,970       97,306  
Net income   $ 61,739     $ 65,101   $ 67,836     $ 185,754     $ 284,392  
Basic earnings per share   $ 0.48     $ 0.50   $ 0.52     $ 1.43     $ 2.14  
Diluted earnings per share   $ 0.47     $ 0.50   $ 0.52     $ 1.43     $ 2.13  
Basic weighted-average outstanding shares     129,912,104       129,896,054     130,463,102       129,890,225       133,076,489  
Diluted weighted-average outstanding shares     130,314,381       130,085,534     130,845,645       130,220,077       133,387,157  

                   
Consolidated Balance Sheets   Table 3
    December 31,    September 30,    December 31, 
(dollars in thousands)      2020      2020      2019
Assets                  
Cash and due from banks   $ 303,373     $ 333,744     $ 360,375  
Interest-bearing deposits in other banks     737,571       482,585       333,642  
Investment securities, at fair value (amortized cost: $5,985,031 as of
December 31, 2020, $5,584,556 as of September 30, 2020 and $4,080,663 as of
December 31, 2019)		     6,071,415       5,692,883       4,075,644  
Loans held for sale     11,579       34,669       904  
Loans and leases     13,279,097       13,499,969       13,211,650  
Less: allowance for credit losses     208,454       195,876       130,530  
Net loans and leases     13,070,643       13,304,093       13,081,120  
                   
Premises and equipment, net     322,401       321,229       316,885  
Other real estate owned and repossessed personal property     —       —       319  
Accrued interest receivable     69,626       66,005       45,239  
Bank-owned life insurance     466,537       462,422       453,873  
Goodwill     995,492       995,492       995,492  
Mortgage servicing rights     10,731       10,922       12,668  
Other assets     603,463       606,657       490,573  
Total assets   $ 22,662,831     $ 22,310,701     $ 20,166,734  
Liabilities and Stockholders’ Equity                  
Deposits:                  
Interest-bearing   $ 11,705,609     $ 11,989,492     $ 10,564,922  
Noninterest-bearing     7,522,114       6,908,270       5,880,072  
Total deposits     19,227,723       18,897,762       16,444,994  
Short-term borrowings     —       —       400,000  
Long-term borrowings     200,010       200,010       200,019  
Retirement benefits payable     143,373       138,806       138,222  
Other liabilities     347,621       340,189       343,241  
Total liabilities     19,918,727       19,576,767       17,526,476  
                   
Stockholders’ equity                  
Common stock ($0.01 par value; authorized 300,000,000 shares;
issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020,
issued/outstanding: 140,190,428 / 129,911,789 shares as of September 30, 2020
and issued/outstanding: 139,917,150 / 129,928,479 shares as of
December 31, 2019)		     1,402       1,402       1,399  
Additional paid-in capital     2,514,014       2,511,849       2,503,677  
Retained earnings     473,974       446,315       437,072  
Accumulated other comprehensive income (loss), net     31,604       51,254       (31,749 )
Treasury stock (10,278,861 shares as of December 31, 2020, 10,278,639 shares
as of September 30, 2020 and 9,988,671 shares as of December 31, 2019)		     (276,890 )     (276,886 )     (270,141 )
Total stockholders’ equity     2,744,104       2,733,934       2,640,258  
Total liabilities and stockholders’ equity   $ 22,662,831     $ 22,310,701     $ 20,166,734  

                                                   
Average Balances and Interest Rates                                             Table 4  
    Three Months Ended   Three Months Ended   Three Months Ended  
    December 31, 2020   September 30, 2020   December 31, 2019  
    Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)      Balance      Expense      Rate      Balance      Expense      Rate      Balance      Expense      Rate  
Earning Assets                                                  
Interest-Bearing Deposits in Other Banks   $ 688.1   $ 0.2   0.10 %   $ 889.6   $ 0.2   0.10 %   $ 548.5   $ 2.3   1.68 %
Available-for-Sale Investment Securities                                                  
Taxable     5,632.9     22.0   1.56     5,308.5     20.2   1.52     4,092.2     21.0   2.05  
Non-Taxable     220.0     0.9   1.74     25.7     0.1   2.11     —     —   —  
Total Available-for-Sale Investment Securities     5,852.9     22.9   1.57     5,334.2     20.3   1.53     4,092.2     21.0   2.05  
Loans Held for Sale     16.2     0.1   2.00     10.2     0.1   2.67     1.5     —   2.55  
Loans and Leases(1)                                                  
Commercial and industrial     3,077.6     22.6   2.93     3,230.4     21.6   2.67     2,668.5     25.3   3.76  
Commercial real estate     3,407.2     26.2   3.06     3,418.0     27.8   3.23     3,325.8     35.9   4.28  
Construction     703.1     5.6   3.14     637.6     5.2   3.22     497.8     5.4   4.36  
Residential:                                                  
Residential mortgage     3,679.6     37.1   4.03     3,680.5     37.9   4.12     3,720.2     38.5   4.14  
Home equity line     856.8     6.1   2.81     871.1     6.6   3.02     905.6     8.2   3.58  
Consumer     1,394.5     19.0   5.43     1,474.4     20.2   5.46     1,635.2     23.3   5.66  
Lease financing     248.2     1.8   2.89     247.4     1.8   2.90     187.8     1.4   2.94  
Total Loans and Leases     13,367.0     118.4   3.53     13,559.4     121.1   3.56     12,940.9     138.0   4.24  
Other Earning Assets     53.7     0.4   3.26     53.3     0.5   3.32     66.2     0.8   4.76  
Total Earning Assets(2)     19,977.9     142.0   2.83     19,846.7     142.2   2.86     17,649.3     162.1   3.66  
Cash and Due from Banks     289.2               307.9               316.5            
Other Assets     2,200.9               2,186.9               2,123.8            
Total Assets   $ 22,468.0             $ 22,341.5             $ 20,089.6            
                                                   
Interest-Bearing Liabilities                                                  
Interest-Bearing Deposits                                                  
Savings   $ 5,786.4   $ 0.5   0.03 %   $ 5,768.3   $ 0.6   0.04 %     4,943.2   $ 3.8   0.31 %
Money Market     3,440.9     0.4   0.05     3,288.2     0.4   0.05     3,117.6     5.6   0.72  
Time     2,461.3     4.2   0.67     3,029.8     5.2   0.69     2,538.4     8.8   1.37  
Total Interest-Bearing Deposits     11,688.6     5.1   0.17     12,086.3     6.2   0.20     10,599.2     18.2   0.68  
Short-Term Borrowings     —     —   —     45.1     0.3   2.69     400.1     2.9   2.87  
Long-Term Borrowings     200.0     1.4   2.77     200.0     1.4   2.77     200.0     1.4   2.76  
Total Interest-Bearing Liabilities     11,888.6     6.5   0.22     12,331.4     7.9   0.26     11,199.3     22.5   0.80  
Net Interest Income         $ 135.5             $ 134.3             $ 139.6      
Interest Rate Spread               2.61 %               2.60 %               2.86 %
Net Interest Margin               2.71 %               2.70 %               3.15 %
Noninterest-Bearing Demand Deposits     7,332.2               6,805.7               5,756.0            
Other Liabilities     514.9               500.3               497.6            
Stockholders’ Equity     2,732.3               2,704.1               2,636.7            
Total Liabilities and Stockholders’ Equity   $ 22,468.0             $ 22,341.5             $ 20,089.6            

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

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

                                   
Average Balances and Interest Rates                               Table 5  
    Year Ended   Year Ended  
    December 31, 2020   December 31, 2019  
    Average   Income/   Yield/   Average   Income/   Yield/  
(dollars in millions)      Balance   Expense   Rate   Balance   Expense   Rate  
Earning Assets                                                     
Interest-Bearing Deposits in Other Banks   $ 882.1   $ 2.4   0.27 %   $ 437.8   $ 9.3   2.11 %
Available-for-Sale Investment Securities                                  
Taxable     4,844.5     80.9   1.67     4,309.7     92.5   2.15  
Non-Taxable     62.0     1.1   1.77     0.5     —   2.71  
Total Available-for-Sale Investment Securities     4,906.5     82.0   1.67     4,310.2     92.5   2.15  
Loans Held for Sale     13.0     0.3   2.21     1.0     —   2.53  
Loans and Leases(1)                                  
Commercial and industrial     3,168.7     93.2   2.94     2,987.3     122.8   4.11  
Commercial real estate     3,419.1     116.9   3.42     3,176.6     143.9   4.53  
Construction     615.7     21.3   3.46     547.7     25.5   4.65  
Residential:                                  
Residential mortgage     3,698.7     148.4   4.01     3,626.0     150.9   4.16  
Home equity line     875.1     27.1   3.10     910.7     34.1   3.74  
Consumer     1,501.6     82.9   5.52     1,652.8     91.8   5.56  
Lease financing     239.4     6.9   2.90     162.6     5.0   3.08  
Total Loans and Leases     13,518.3     496.7   3.67     13,063.7     574.0   4.39  
Other Earning Assets     56.4     2.0   3.66     79.8     2.9   3.66  
Total Earning Assets(2)     19,376.3     583.4   3.01     17,892.5     678.7   3.79  
Cash and Due from Banks     304.9               340.1            
Other Assets     2,187.9               2,093.1            
Total Assets   $ 21,869.1             $ 20,325.7            
                                   
Interest-Bearing Liabilities                                  
Interest-Bearing Deposits                                  
Savings   $ 5,538.1   $ 5.2   0.09 %   $ 4,840.6   $ 16.6   0.34 %
Money Market     3,266.6     6.6   0.20     3,123.5     27.8   0.89  
Time     2,839.8     23.7   0.83     2,882.9     43.5   1.51  
Total Interest-Bearing Deposits     11,644.5     35.5   0.30     10,847.0     87.9   0.81  
Short-Term Borrowings     209.6     6.0   2.87     209.8     5.9   2.82  
Long-Term Borrowings     200.0     5.5   2.77     406.6     11.5   2.83  
Total Interest-Bearing Liabilities     12,054.1     47.0   0.39     11,463.4     105.3   0.92  
Net Interest Income         $ 536.4             $ 573.4      
Interest Rate Spread               2.62 %               2.87 %
Net Interest Margin               2.77 %               3.20 %
Noninterest-Bearing Demand Deposits     6,608.5               5,766.4            
Other Liabilities     507.6               486.5            
Stockholders’ Equity     2,698.9               2,609.4            
Total Liabilities and Stockholders’ Equity   $ 21,869.1             $ 20,325.7            

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

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

                   
Analysis of Change in Net Interest Income                 Table 6
    Three Months Ended December 31, 2020
    Compared to September 30, 2020
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                           
Available-for-Sale Investment Securities                  
Taxable   $ 1.3     $ 0.5     $ 1.8  
Non-Taxable     0.8       —       0.8  
Total Available-for-Sale Investment Securities     2.1       0.5       2.6  
Loans and Leases                  
Commercial and industrial     (1.0 )     2.0       1.0  
Commercial real estate     (0.1 )     (1.5 )     (1.6 )
Construction     0.5       (0.1 )     0.4  
Residential:                  
Residential mortgage     —       (0.8 )     (0.8 )
Home equity line     (0.1 )     (0.4 )     (0.5 )
Consumer     (1.1 )     (0.1 )     (1.2 )
Total Loans and Leases     (1.8 )     (0.9 )     (2.7 )
Other Earning Assets     —       (0.1 )     (0.1 )
Total Change in Interest Income     0.3       (0.5 )     (0.2 )
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     —       (0.1 )     (0.1 )
Time     (0.9 )     (0.1 )     (1.0 )
Total Interest-Bearing Deposits     (0.9 )     (0.2 )     (1.1 )
Short-Term Borrowings     (0.1 )     (0.2 )     (0.3 )
Total Change in Interest Expense     (1.0 )     (0.4 )     (1.4 )
Change in Net Interest Income   $ 1.3     $ (0.1 )   $ 1.2  

                   
Analysis of Change in Net Interest Income                 Table 7
    Three Months Ended December 31, 2020
    Compared to December 31, 2019
(dollars in millions)   Volume   Rate   Total
Change in Interest Income:                           
Interest-Bearing Deposits in Other Banks   $ 0.5     $ (2.6 )   $ (2.1 )
Available-for-Sale Investment Securities                  
Taxable     6.7       (5.7 )     1.0  
Non-Taxable     0.9       —       0.9  
Total Available-for-Sale Investment Securities     7.6       (5.7 )     1.9  
Loans Held for Sale     0.1       —       0.1  
Loans and Leases                  
Commercial and industrial     3.5       (6.2 )     (2.7 )
Commercial real estate     0.8       (10.5 )     (9.7 )
Construction     1.9       (1.7 )     0.2  
Residential:                  
Residential mortgage     (0.4 )     (1.0 )     (1.4 )
Home equity line     (0.4 )     (1.7 )     (2.1 )
Consumer     (3.4 )     (0.9 )     (4.3 )
Lease financing     0.4       —       0.4  
Total Loans and Leases     2.4       (22.0 )     (19.6 )
Other Earning Assets     (0.1 )     (0.3 )     (0.4 )
Total Change in Interest Income     10.5       (30.6 )     (20.1 )
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     0.6       (3.9 )     (3.3 )
Money Market     0.5       (5.7 )     (5.2 )
Time     (0.2 )     (4.4 )     (4.6 )
Total Interest-Bearing Deposits     0.9       (14.0 )     (13.1 )
Short-Term Borrowings     (1.5 )     (1.4 )     (2.9 )
Total Change in Interest Expense     (0.6 )     (15.4 )     (16.0 )
Change in Net Interest Income   $ 11.1     $ (15.2 )   $ (4.1 )

                   
Analysis of Change in Net Interest Income                 Table 8
    Year Ended December 31, 2020
    Compared to December 31, 2019
(dollars in millions)      Volume      Rate      Total
Change in Interest Income:                  
Interest-Bearing Deposits in Other Banks   $ 5.0     $ (11.9 )   $ (6.9 )
Available-for-Sale Investment Securities                  
Taxable     10.6       (22.2 )     (11.6 )
Non-Taxable     1.1       —       1.1  
Total Available-for-Sale Investment Securities     11.7       (22.2 )     (10.5 )
Loans Held for Sale     0.3       —       0.3  
Loans and Leases                  
Commercial and industrial     7.1       (36.7 )     (29.6 )
Commercial real estate     10.3       (37.3 )     (27.0 )
Construction     2.9       (7.1 )     (4.2 )
Residential:                  
Residential mortgage     3.0       (5.5 )     (2.5 )
Home equity line     (1.3 )     (5.7 )     (7.0 )
Consumer     (8.3 )     (0.6 )     (8.9 )
Lease financing     2.2       (0.3 )     1.9  
Total Loans and Leases     15.9       (93.2 )     (77.3 )
Other Earning Assets     (0.9 )     —       (0.9 )
Total Change in Interest Income     32.0       (127.3 )     (95.3 )
                   
Change in Interest Expense:                  
Interest-Bearing Deposits                  
Savings     2.1       (13.5 )     (11.4 )
Money Market     1.2       (22.4 )     (21.2 )
Time     (0.6 )     (19.2 )     (19.8 )
Total Interest-Bearing Deposits     2.7       (55.1 )     (52.4 )
Short-Term Borrowings     —       0.1       0.1  
Long-Term Borrowings     (5.8 )     (0.2 )     (6.0 )
Total Change in Interest Expense     (3.1 )     (55.2 )     (58.3 )
Change in Net Interest Income   $ 35.1     $ (72.1 )   $ (37.0 )

                     
Loans and Leases                   Table 9
      December 31,    September 30,    December 31, 
(dollars in thousands)        2020      2020      2019
Commercial and industrial     $ 3,019,507   $ 3,170,262   $ 2,743,242
Commercial real estate       3,392,676     3,461,085     3,463,953
Construction       735,819     662,871     519,241
Residential:                    
Residential mortgage       3,690,218     3,669,051     3,768,936
Home equity line       841,624     864,789     893,239
Total residential       4,531,842     4,533,840     4,662,175
Consumer       1,353,842     1,425,934     1,620,556
Lease financing       245,411     245,977     202,483
Total loans and leases     $ 13,279,097   $ 13,499,969   $ 13,211,650

                   
Deposits                 Table 10
    December 31,    September 30,    December 31, 
(dollars in thousands)      2020      2020      2019
Demand   $ 7,522,114   $ 6,908,270   $ 5,880,072
Savings     6,020,075     5,994,687     4,998,933
Money Market     3,337,236     3,379,985     3,055,832
Time     2,348,298     2,614,820     2,510,157
Total Deposits   $ 19,227,723   $ 18,897,762   $ 16,444,994

                     
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                   Table 11
      December 31,    September 30,    December 31, 
(dollars in thousands)        2020      2020      2019
Non-Performing Assets                    
Non-Accrual Loans and Leases                    
Commercial Loans:                    
Commercial and industrial     $ 518   $ 725   $ 32
Commercial real estate       80     7,067     30
Construction       2,043     2,043     —
Total Commercial Loans       2,641     9,835     62
Residential Loans:                    
Residential mortgage       6,441     7,798     5,406
Total Residential Loans       6,441     7,798     5,406
Total Non-Accrual Loans and Leases       9,082     17,633     5,468
Other Real Estate Owned       —     —     319
Total Non-Performing Assets     $ 9,082   $ 17,633   $ 5,787
                     
Accruing Loans and Leases Past Due 90 Days or More                    
Commercial Loans:                    
Commercial and industrial     $ 2,108   $ 1,938   $ 1,429
Commercial real estate       882     1,307     1,013
Construction       93     100     2,367
Total Commercial Loans       3,083     3,345     4,809
Residential Loans:                    
Residential mortgage       —     —     74
Home equity line       4,818     4,503     2,995
Total Residential Loans       4,818     4,503     3,069
Consumer       3,266     2,897     4,272
Total Accruing Loans and Leases Past Due 90 Days or More     $ 11,167   $ 10,745   $ 12,150
                     
Restructured Loans on Accrual Status and Not Past Due 90 Days or More     $ 16,684   $ 9,726   $ 14,493
Total Loans and Leases     $ 13,279,097   $ 13,499,969   $ 13,211,650

                                 
Allowance for Credit Losses                             Table 12  
    For the Three Months Ended   For the Year Ended  
    December 31,    September 30,    December 31,    December 31,    December 31,   
(dollars in thousands)      2020   2020      2019      2020   2019   
Balance at Beginning of Period   $ 195,876     $ 192,120     $ 132,964     $ 130,530     $ 141,718    
Adjustment to Adopt ASC Topic 326     —       —       —       770       —    
After Adoption of ASC Topic 326     195,876       192,120       132,964       131,300       141,718    
Loans and Leases Charged-Off                                
Commercial Loans:                                
Commercial and industrial     (799 )     (598 )     (204 )     (15,572 )     (2,718 )  
Commercial real estate     (30 )     —       —       (2,753 )     —    
Construction     —       —       —       (379 )     —    
Lease financing     —       —       —       —       (24 )  
Total Commercial Loans     (829 )     (598 )     (204 )     (18,704 )     (2,742 )  
Residential Loans:                                
Residential mortgage     —       —       (236 )     (14 )     (243 )  
Home equity line     (46 )     —       (195 )     (54 )     (195 )  
Total Residential Loans     (46 )     —       (431 )     (68 )     (438 )  
Consumer     (7,049 )     (4,238 )     (8,689 )     (28,791 )     (32,807 )  
Total Loans and Leases Charged-Off     (7,924 )     (4,836 )     (9,324 )     (47,563 )     (35,987 )  
Recoveries on Loans and Leases Previously Charged-Off                                
Commercial Loans:                                
Commercial and industrial     2,986       1,699       107       5,005       410    
Commercial real estate     615       —       170       615       263    
Construction     30       30       —       200       —    
Total Commercial Loans     3,631       1,729       277       5,820       673    
Residential Loans:                                
Residential mortgage     37       27       37       216       741    
Home equity line     21       16       70       167       226    
Total Residential Loans     58       43       107       383       967    
Consumer     2,812       3,148       2,256       10,499       9,359    
Total Recoveries on Loans and Leases Previously Charged-Off     6,501       4,920       2,640       16,702       10,999    
Net Loans and Leases (Charged-Off) Recovered     (1,423 )     84       (6,684 )     (30,861 )     (24,988 )  
Provision for Credit Losses – Loans and Leases     14,001       3,672       4,250       108,015       13,800    
Balance at End of Period   $ 208,454     $ 195,876     $ 130,530     $ 208,454     $ 130,530    
Average Loans and Leases Outstanding   $ 13,366,980     $ 13,559,367     $ 12,940,956     $ 13,518,308     $ 13,063,716    
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.04   %     —   %     0.20   %     0.23   %     0.19   %
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.57   %     1.45   %     0.99   %     1.57   %     0.99   %

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

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

                                                       
                                              Revolving      
                                              Loans      
                                              Converted      
    Term Loans   Revolving   to Term      
    Amortized Cost Basis by Origination Year   Loans   Loans      
(continued)                                       Amortized   Amortized      
(dollars in thousands)   2020   2019   2018   2017   2016   Prior   Cost Basis   Cost Basis   Total
Residential Lending                                                      
Residential Mortgage                                                      
FICO:                                                      
740 and greater   $ 728,807   $ 384,248   $ 290,484   $ 361,297   $ 314,971   $ 830,795   $ —   $ —   $ 2,910,602
680 – 739     85,151     53,090     44,616     50,703     39,230     144,537     —     —     417,327
620 – 679     15,767     7,604     11,460     9,628     7,982     43,393     —     —     95,834
550 – 619     —     1,971     2,818     2,920     4,474     10,144     —     —     22,327
Less than 550     —     861     593     2,916     594     2,138     —     —     7,102
No Score (3)     13,823     18,861     21,214     21,821     14,355     45,147     —     —     135,221
Other (2)     21,011     15,860     18,540     22,677     9,550     13,426     578     163     101,805
Total Residential Mortgage     864,559     482,495     389,725     471,962     391,156     1,089,580     578     163     3,690,218
                                                       
Home Equity Line                                                      
FICO:                                                      
740 and greater     —     —     —     —     —     —     608,282     2,163     610,445
680 – 739     —     —     —     —     —     —     159,886     3,155     163,041
620 – 679     —     —     —     —     —     —     44,005     1,571     45,576
550 – 619     —     —     —     —     —     —     11,644     884     12,528
Less than 550     —     —     —     —     —     —     5,159     330     5,489
No Score (3)     —     —     —     —     —     —     4,545     —     4,545
Total Home Equity Line     —     —     —     —     —     —     833,521     8,103     841,624
Total Residential Lending     864,559     482,495     389,725     471,962     391,156     1,089,580     834,099     8,266     4,531,842
                                                       
Consumer Lending                                                      
FICO:                                                      
740 and greater     113,373     122,965     99,678     54,691     24,029     6,034     114,748     275     535,793
680 – 739     83,316     90,853     66,143     36,426     16,358     4,985     76,391     773     375,245
620 – 679     40,469     48,904     33,917     24,705     11,144     3,788     36,622     1,221     200,770
550 – 619     9,125     20,274     17,693     15,126     7,825     2,883     12,980     1,458     87,364
Less than 550     3,017     10,139     9,189     6,517     3,123     1,118     5,261     799     39,163
No Score (3)     339     103     64     109     10     —     33,854     356     34,835
Other (2)     380     1,890     73     2,214     45     6,768     69,302     —     80,672
Total Consumer Lending     250,019     295,128     226,757     139,788     62,534     25,576     349,158     4,882     1,353,842
                                                       
Total Loans and Leases   $ 2,543,705   $ 2,120,213   $ 1,644,201   $ 1,291,172   $ 882,520   $ 2,236,923   $ 2,516,240   $ 44,123   $ 13,279,097

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

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

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

                                 
GAAP to Non-GAAP Reconciliation                             Table 14  
    For the Three Months Ended   For the Year Ended  
    December 31,    September 30,    December 31,    December 31,   
(dollars in thousands, except per share amounts)      2020      2020      2019      2020      2019  
Income Statement Data:                                
Net income   $ 61,739   $ 65,101   $ 67,836   $ 185,754   $ 284,392  
Core net income   $ 65,288   $ 65,083   $ 71,250   $ 189,378   $ 291,785  
                                 
Average total stockholders’ equity   $ 2,732,271   $ 2,704,129   $ 2,636,651   $ 2,698,853   $ 2,609,432  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible stockholders’ equity   $ 1,736,779   $ 1,708,637   $ 1,641,159   $ 1,703,361   $ 1,613,940  
                                 
Average total assets   $ 22,468,040   $ 22,341,485   $ 20,089,601   $ 21,869,064   $ 20,325,697  
Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
Average tangible assets   $ 21,472,548   $ 21,345,993   $ 19,094,109   $ 20,873,572   $ 19,330,205  
                                 
Return on average total stockholders’ equity(1)     8.99 %     9.58 %     10.21 %     6.88 %     10.90 %  
Core return on average total stockholders’ equity (non-GAAP)(1)     9.51 %     9.57 %     10.72 %     7.02 %     11.18 %  
Return on average tangible stockholders’ equity (non-GAAP)(1)     14.14 %     15.16 %     16.40 %     10.91 %     17.62 %  
Core return on average tangible stockholders’ equity (non-GAAP)(1)     14.95 %     15.15 %     17.22 %     11.12 %     18.08 %  
                                 
Return on average total assets(1)     1.09 %     1.16 %     1.34 %     0.85 %     1.40 %  
Core return on average total assets (non-GAAP)(1)     1.16 %     1.16 %     1.41 %     0.87 %     1.44 %  
Return on average tangible assets (non-GAAP)(1)     1.14 %     1.21 %     1.41 %     0.89 %     1.47 %  
Core return on average tangible assets (non-GAAP)(1)     1.21 %     1.21 %     1.48 %     0.91 %     1.51 %  

      As of   As of   As of  
      December 31,    September 30,    December 31,   
         2020      2020      2019     
Balance Sheet Data:                      
Total stockholders’ equity     $ 2,744,104   $ 2,733,934   $ 2,640,258  
Less: goodwill       995,492     995,492     995,492  
Tangible stockholders’ equity     $ 1,748,612   $ 1,738,442   $ 1,644,766  
                       
Total assets     $ 22,662,831   $ 22,310,701   $ 20,166,734  
Less: goodwill       995,492     995,492     995,492  
Tangible assets     $ 21,667,339   $ 21,315,209   $ 19,171,242  
                       
Shares outstanding       129,912,272     129,911,789     129,928,479  
                       
Total stockholders’ equity to total assets       12.11 %     12.25 %     13.09 %  
Tangible stockholders’ equity to tangible assets (non-GAAP)     8.07 %     8.16 %     8.58 %  
                       
Book value per share     $ 21.12   $ 21.04   $ 20.32  
Tangible book value per share (non-GAAP)     $ 13.46   $ 13.38   $ 12.66  

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

                                 
GAAP to Non-GAAP Reconciliation                             Table 15  
    For the Three Months Ended   For the Year Ended  
    December 31,    September 30,    December 31,    December 31,   
(dollars in thousands, except per share amounts)      2020      2020      2019      2020      2019  
Net interest income   $ 135,227     $ 134,002     $ 139,619     $ 535,734     $ 573,402    
Core net interest income (non-GAAP)   $ 135,227     $ 134,002     $ 139,619     $ 535,734     $ 573,402    
                                 
Noninterest income   $ 53,598     $ 48,898     $ 46,708     $ 197,380     $ 192,533    
Losses (gains) on sale of securities     12       (24 )     123       114       2,715    
Costs associated with the sale of stock(1)     4,828       —       4,500       4,828       4,500    
Core noninterest income (non-GAAP)   $ 58,438     $ 48,874     $ 51,331     $ 202,322     $ 199,748    
                                 
Noninterest expense   $ 88,127     $ 91,629     $ 91,058     $ 367,672     $ 370,437    
One-time items(2)     —       —       (48 )     —       (2,814 )  
Core noninterest expense (non-GAAP)   $ 88,127     $ 91,629     $ 91,010     $ 367,672     $ 367,623    
                                 
Net income   $ 61,739     $ 65,101     $ 67,836     $ 185,754     $ 284,392    
Losses (gains) on sale of securities     12       (24 )     123       114       2,715    
Costs associated with the sale of stock(1)     4,828       —       4,500       4,828       4,500    
One-time noninterest expense items(2)     —       —       48       —       2,814    
Tax adjustments(3)     (1,291 )     6       (1,257 )     (1,318 )     (2,636 )  
Total core adjustments     3,549       (18 )     3,414       3,624       7,393    
Core net income (non-GAAP)   $ 65,288     $ 65,083     $ 71,250     $ 189,378     $ 291,785    
                                 
Basic earnings per share   $ 0.48     $ 0.50     $ 0.52     $ 1.43     $ 2.14    
Diluted earnings per share   $ 0.47     $ 0.50     $ 0.52     $ 1.43     $ 2.13    
Efficiency ratio     46.59   %   50.01   %   48.86   %   50.10   %   48.36   %
                                 
Core basic earnings per share (non-GAAP)   $ 0.50     $ 0.50     $ 0.55     $ 1.46     $ 2.19    
Core diluted earnings per share (non-GAAP)   $ 0.50     $ 0.50     $ 0.54     $ 1.45     $ 2.19    
Core efficiency ratio (non-GAAP)     45.43   %   50.02   %   47.65   %   49.77   %   47.55   %

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

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

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



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AVROBIO to Present at the Cowen 2021 Gene Therapy: CMC & Regulatory Summit

AVROBIO to Present at the Cowen 2021 Gene Therapy: CMC & Regulatory Summit

CAMBRIDGE, Mass.–(BUSINESS WIRE)–AVROBIO, Inc. (Nasdaq:AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced Azadeh Golipour, VP of Manufacturing Operations at AVROBIO, will present virtually at the Cowen 2021 Gene Therapy: CMC & Regulatory Summit at 11:30 a.m. ET on Friday, Jan. 29, 2021.

About AVROBIO

Our vision is to bring personalized gene therapy to the world. We aim to prevent, halt or reverse disease throughout the body with a single dose of gene therapy designed to drive durable expression of functional protein, even in hard-to-reach tissues and organs including the brain, muscle and bone. Our ex vivo lentiviral gene therapy pipeline includes clinical programs in Fabry disease, Gaucher disease type 1 and cystinosis, as well as preclinical programs in Hunter syndrome, Gaucher disease type 3 and Pompe disease. AVROBIO is powered by our industry leading plato® gene therapy platform, our foundation designed to deliver gene therapy worldwide. We are headquartered in Cambridge, Mass., with an office in Toronto, Ontario. For additional information, visit avrobio.com, and follow us on Twitter and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words and phrases such as “aims,” “anticipates,” “believes,” “could,” “designed to,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words and phrases or similar expressions that are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding our business strategy for and the potential therapeutic benefits of our product candidates, the design, commencement, enrollment and timing of ongoing or planned clinical trials, clinical trial results, product approvals and regulatory pathways, and anticipated benefits of our gene therapy platform including potential impact on our commercialization activities, timing and likelihood of success.

Any forward-looking statements in this press release are based on AVROBIO’s current expectations, estimates and projections about our industry as well as management’s current beliefs and expectations of future events only as of today and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that any one or more of AVROBIO’s product candidates will not be successfully developed or commercialized, the risk of cessation or delay of any ongoing or planned preclinical or clinical trials of AVROBIO or our collaborators, the risk that AVROBIO may not successfully recruit or enroll a sufficient number of patients for our clinical trials, the risk that AVROBIO may not realize the intended benefits of our gene therapy platform, including the features of our plato platform, the risk that our product candidates or procedures in connection with the administration thereof will not have the safety or efficacy profile that we anticipate, the risk that prior results, such as signals of safety, activity or durability of effect, observed from preclinical or clinical trials, will not be replicated or will not continue in ongoing or future studies or trials involving AVROBIO’s product candidates, the risk that we will be unable to obtain and maintain regulatory approval for our product candidates, the risk that the size and growth potential of the market for our product candidates will not materialize as expected, risks associated with our dependence on third-party suppliers and manufacturers, risks regarding the accuracy of our estimates of expenses and future revenue, risks relating to our capital requirements and needs for additional financing, risks relating to clinical trial and business interruptions resulting from the COVID-19 outbreak or similar public health crises, including that such interruptions may materially delay our development timeline and/or increase our development costs or that data collection efforts may be impaired or otherwise impacted by such crises, and risks relating to our ability to obtain and maintain intellectual property protection for our product candidates. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause AVROBIO’s actual results to differ materially and adversely from those contained in the forward-looking statements, see the section entitled “Risk Factors” in AVROBIO’s most recent Quarterly Report, as well as discussions of potential risks, uncertainties and other important factors in AVROBIO’s subsequent filings with the Securities and Exchange Commission. AVROBIO explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

Investors:

Christopher F. Brinzey

Westwicke, an ICR Company

339-970-2843

[email protected]

Media:

Stephanie Simon

Ten Bridge Communications

617-581-9333

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Health Genetics Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

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Humanigen Announces the Addition of BARDA and Expansion of CRADA with the U.S. Government to Develop Lenzilumab for COVID-19

Humanigen Announces the Addition of BARDA and Expansion of CRADA with the U.S. Government to Develop Lenzilumab for COVID-19

  • The Cooperative Research and Development Agreement (CRADA) with the Department of Defense (DoD) and the Biomedical Advanced Research and Development Authority (BARDA) supports the development of lenzilumab as a potential treatment for patients with COVID-19

BURLINGAME, Calif.–(BUSINESS WIRE)–Humanigen, Inc. (NASDAQ:HGEN) (“Humanigen”), a clinical stage biopharmaceutical company focused on preventing and treating an immune hyper-response called cytokine storm with its lead drug candidate lenzilumab™, today announced an expansion to the Cooperative Research and Development Agreement (CRADA) that the company had previously entered into with the Department of Defense Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND), to gain access to manufacturing capacity reserved by the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services. The agreement supports development of lenzilumab in advance of a potential Emergency Use Authorization (EUA) for COVID-19.

The amended CRADA, now co-signed by BARDA, provides Humanigen with access to manufacturing capacity reserved by BARDA for fill-finish product to accelerate the drug product manufacturing of lenzilumab. The initial agreement, originally signed in November 2020, complements Humanigen’s development efforts for lenzilumab by providing access to a full-scale, integrated team of manufacturing and regulatory subject matter experts and statistical support in anticipation of applying for EUA and subsequently a Biologics License Application (BLA) for lenzilumab as a potential treatment for COVID-19. Lenzilumab is currently in a Phase 3 clinical trial evaluating patients hospitalized with COVID-19.

“It has been an honor to have the integrated expert team at BARDA prioritize lenzilumab research and development during this critical time,” said Cameron Durrant, MD, MBA, chief executive officer of Humanigen. “As we move closer to filing a potential EUA, the integrated support of BARDA and JPEO helps us with manufacturing capabilities as we ready operations to support access to lenzilumab.”

Humanigen’s investigational treatment lenzilumab, a proprietary Humaneered® anti-human granulocyte macrophage-colony stimulating factor (GM-CSF) monoclonal antibody, is designed to prevent and treat an immune hyper-response called cytokine storm, a complication considered to be a leading cause of COVID-19 death. Data showed that up to 89 percent of hospitalized patients with COVID-19 are at risk of this immune hyper-response, which is believed to trigger the acute respiratory distress syndrome in severe cases of COVID-19.

More details on Humanigen’s programs in COVID-19 can be found on the company’s website under the COVID-19 tab. Details on the U.S. Phase 3 lenzilumab clinical trial can be found at clinicaltrials.gov using Identifier NCT04351152. Details on ACTIV-5/BET can be found at clinicaltrials.gov using Identifier NCT04583969.

About Humanigen, Inc.

Humanigen, Inc. is developing its portfolio of clinical and pre-clinical therapies for the treatment of cancers and infectious diseases via its novel, cutting-edge GM-CSF neutralization and gene-knockout platforms. Humanigen believes that its GM-CSF neutralization and gene-editing platform technologies have the potential to reduce the inflammatory cascade associated with coronavirus infection. Humanigen’s immediate focus is to prevent or minimize the cytokine release syndrome that precedes severe lung dysfunction and ARDS in serious cases of SARS-CoV-2 infection. Humanigen is also focused on creating next-generation combinatory gene-edited CAR-T therapies using strategies to improve efficacy while employing GM-CSF gene knockout technologies to control toxicity. In addition, Humanigen is developing its own portfolio of proprietary first-in-class EphA3-CAR-T for various solid cancers and EMR1-CAR-T for various eosinophilic disorders. Humanigen is also exploring the effectiveness of its GM-CSF neutralization technologies (either through the use of lenzilumab as a neutralizing antibody or through GM-CSF gene knockout) in combination with other CAR-T, bispecific or natural killer (NK) T cell engaging immunotherapy treatments to break the efficacy/toxicity linkage, including to prevent and/or treat graft-versus-host disease (GvHD) in patients undergoing allogeneic hematopoietic stem cell transplantation (HSCT). Additionally, Humanigen and Kite, a Gilead Company, are evaluating lenzilumab in combination with Yescarta® (axicabtagene ciloleucel) in patients with relapsed or refractory large B-cell lymphoma in a clinical collaboration. For more information, visit www.humanigen.com and follow Humanigen on LinkedIn, Twitter and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although Humanigen management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual events or results may differ materially from those contained in the forward-looking statements. Words such as “will,” “expect,” “intend,” “plan,” “potential,” “possible,” “goals,” “accelerate,” “continue,” and similar expressions identify forward-looking statements, including, without limitation, statements regarding the use of lenzilumab to treat patients hospitalized with COVID-19, Humanigen’s expectations regarding the timeline to file for and obtain EUA, as well as a potential BLA filing, statements regarding Humanigen’s ability to attain necessary manufacturing support, and statements regarding Humanigen’s beliefs relating to any of the other technologies in Humanigen’s current pipeline. These forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the risks inherent in Humanigen’s lack of profitability and need for additional capital to grow Humanigen’s business; Humanigen’s dependence on partners to further the development of Humanigen’s product candidates; the uncertainties inherent in the development, attainment of the requisite regulatory approvals or authorization for emergency or broader patient use for the product candidate and launch of any new pharmaceutical product; the outcome of pending or future litigation; and the various risks and uncertainties described in the “Risk Factors” sections and elsewhere in the Humanigen’s periodic and other filings with the Securities and Exchange Commission.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this release. Humanigen undertakes no obligation to revise or update any forward-looking statements made in this press release to reflect events or circumstances after the date hereof or to reflect new information or the occurrence of unanticipated events, except as required by law.

Humanigen:

Investors:

Alan Lada

Solebury Trout

[email protected]

856-313-8206

Media:

Cammy Duong

Westwicke, an ICR company

[email protected]

203-682-8380

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical Health Infectious Diseases Clinical Trials

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Housing Market Potential Expected to Build on Momentum in 2021, According to First American Potential Home Sales Model

Housing Market Potential Expected to Build on Momentum in 2021, According to First American Potential Home Sales Model

—Twin housing market accelerants, record low mortgage rates and the demographic boost from millennials aging into their prime homebuying years, super-charged demand, says Chief Economist Mark Fleming—

SANTA ANA, Calif.–(BUSINESS WIRE)–First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released First American’s proprietary Potential Home Sales Model for the month of December 2020.

December 2020 Potential Home Sales

  • Potential existing-home sales increased to a 6.18 million seasonally adjusted annualized rate (SAAR), a 2.3 percent month-over-month increase.
  • This represents a 77.1 percent increase from the market potential low point reached in February 1993.
  • The market potential for existing-home sales increased 11.9 percent compared with a year ago, a gain of nearly 658,628 (SAAR) sales.
  • Currently, potential existing-home sales is 683,971 million (SAAR), or 10.0 percent below the pre-recession peak of market potential, which occurred in April 2006.

Market Performance Gap

  • The market for existing-home sales underperformed its potential by 1.2 percent or an estimated 73,142 (SAAR) sales.
  • The market performance gap increased by an estimated 21,960 (SAAR) sales between November 2020 and December 2020.

Chief Economist Analysis: Housing Market Potential Reached Highest Point Since 2007

“In the final month of 2020, the market potential for existing-home sales reached its highest point since 2007, rising to a 6.18 million seasonally adjusted annualized rate (SAAR) of sales,” said Mark Fleming, chief economist at First American. “While the winter months are traditionally real estate’s slow season, the housing market had one more surprise for us in 2020, as our measure of the market potential for existing-home sales showed the housing market again broke with traditional seasonal patterns during this unprecedented year.

“Twin housing market accelerants — record low mortgage rates and the demographic boost from millennials, the largest generation in U.S. history, aging into their prime homebuying years – super-charged demand. Yet, the housing market also faces a historic and worsening inventory impasse – you can’t buy what’s not for sale,” said Fleming. “In 2020, the growth in house-buying power fueled by low mortgage rates was the primary driver of housing market potential, while existing homeowners choosing not to list their homes for sale was the biggest headwind. Fortunately, the potential sales increase from house-buying power was more than the loss from rising tenure length in 2020.”

House-Buying Power, Millennials Super-Charge Housing Market Demand

“House-buying power, how much home one can afford to buy given their income and the prevailing mortgage rate, is a key driver of home-buying demand. The primary reason for the increase in house-buying power in 2020 was falling mortgage rates. Since December 2019, the 30-year, fixed-rate mortgage fell by slightly more than one percentage point. Holding household income constant at its December 2019 level, that means potential home buyers gained nearly $60,000 in house-buying power from falling mortgage rates alone,” said Fleming. “If you factor in the growth in household income, home buyers gained approximately $87,000 of total house-buying power in 2020. Because an increase in house-buying power allows a potential home buyer to purchase more home for the same monthly payment or purchase the same amount of home for a lower monthly payment, increased house-buying power helped super-charge housing market potential. Compared with one year ago, falling mortgage rates and rising incomes for those still employed resulted in nearly 389,000 potential home sales in December.”

Rising Tenure Squeezes Housing Market Supply

“Existing-home sales make up approximately 90 percent of all sales, so the rising tenure length of existing homeowners means fewer and fewer homes for sale and is the primary reason for the lack of housing supply. As existing homeowners have increasingly chosen not to list their homes for sale during the pandemic, average tenure length – the amount of time someone lives in their home – has soared to a historic high of approximately 10.5 years, up from an average of 10 years just one year ago,” said Fleming. “In last month’s existing-home sales report, months’ supply hit a historic low of 2.3 months. That means it would take just over two months to run out of homes for sale at the current pace of sales. The lack of homes for sale caused by the increase in tenure length reduced the potential for existing-home sales by 170,200 in December compared with a year ago.

“What should we expect in 2021? More of the same, but in a more positive economic environment. The successful dissemination of a vaccine should put an end to the ‘stop-start’ pattern of restrictions imposed on businesses, which should help the economy recover. Low mortgage rates will continue to support strong house-buying power as more and more millennials age into homeownership, keeping demand robust,” said Fleming. “While the supply-demand imbalance will persist, existing homeowners who were hesitant to sell amidst the worst of the pandemic may be encouraged to bring their homes to market, relieving some of the supply shortage. Swelling demand and the potential for greater supply means housing market potential in 2021 is likely to remain strong and build off a historic 2020.”

Next Release

The next Potential Home Sales Model will be released on February 18, 2021 with January 2021 data.

About the Potential Home Sales Model

Potential home sales measures existing-homes sales, which include single-family homes, townhomes, condominiums and co-ops on a seasonally adjusted annualized rate based on the historical relationship between existing-home sales and U.S. population demographic data, homeowner tenure, house-buying power in the U.S. economy, price trends in the U.S. housing market, and conditions in the financial market. When the actual level of existing-home sales are significantly above potential home sales, the pace of turnover is not supported by market fundamentals and there is an increased likelihood of a market correction. Conversely, seasonally adjusted, annualized rates of actual existing-home sales below the level of potential existing-home sales indicate market turnover is underperforming the rate fundamentally supported by the current conditions. Actual seasonally adjusted annualized existing-home sales may exceed or fall short of the potential rate of sales for a variety of reasons, including non-traditional market conditions, policy constraints and market participant behavior. Recent potential home sale estimates are subject to revision to reflect the most up-to-date information available on the economy, housing market and financial conditions. The Potential Home Sales model is published prior to the National Association of Realtors’ Existing-Home Sales report each month.

Disclaimer

Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2021 by First American. Information from this page may be used with proper attribution.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $6.2 billion in 2019, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For® list for the fifth consecutive year. More information about the company can be found at www.firstam.com.

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Insurance Construction & Property Finance Banking REIT Professional Services Other Construction & Property Residential Building & Real Estate

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Spectrum Pharmaceuticals Announces Two Oral Presentations at Upcoming IASLC 2020 World Conference on Lung Cancer

Spectrum Pharmaceuticals Announces Two Oral Presentations at Upcoming IASLC 2020 World Conference on Lung Cancer

HENDERSON, Nev.–(BUSINESS WIRE)–
Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced an oral presentation on updated efficacy, safety, and dosing management of poziotinib from Cohorts 1 and 2 of the ZENITH20 clinical trial. In addition, Spectrum also announced an oral presentation on the structural classification of atypical EGFR mutations and their patterns of drug sensitivity. These presentations will take place as part of the IASLC 2020 World Conference on Lung Cancer (#WCLC20) hosted by the International Association for the Study of Lung Cancer (IASLC) taking place virtually January 28-31, 2021. Details of the presentations are as follows:

Title: Updated efficacy, safety, and dosing management of poziotinib in previously treated EGFR and HER2 exon 20 NSCLC patients

Speaker: Robin Cornelissen, Ph.D., M.D.

Session: Expanding Targetable Genetic Alterations in NSCLC Mini Oral Session

Date and Time: January 31, 2021, 14:20 SGT (January 30, 2021 10:20 p.m. PT)

Presentation Number: MA11.04

Title: Structural classification of atypical EGFR mutations identifies four major subgroups with distinct patterns of drug sensitivity

Speaker: Jacqulyne P. Robichaux. Ph.D.

Session: Tumor Biology: Focus on EGFR Mutation, DNA Repair and Tumor Microenvironment Mini Oral Session

Date and Time: January 31, 2021, 17:20 SGT (January 31, 2021 1:20 a.m. PT)

Presentation Number: MA13.07

Access to the presentations is available to members of IASLC and can be found here: https://wclc2020.iaslc.org/registration/.

AboutSpectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted oncology therapies. Spectrum has a strong track record of successfully executing across the biopharmaceutical business model, from in-licensing and acquiring differentiated drugs, clinically developing novel assets, successfully gaining regulatory approvals and commercializing in a competitive healthcare marketplace. Spectrum has a late-stage pipeline with novel assets that serve areas of unmet need. This pipeline has the potential to transform the company in the near future. For additional information on Spectrum Pharmaceuticals please visit www.sppirx.com.

Forward-looking statement — This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management’s current beliefs and expectations. These statements include, but are not limited to, statements that relate to Spectrum’s business and its future, including certain company milestones, Spectrum’s ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, the timing and results of FDA decisions, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that Spectrum’s existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the company’s reports filed with the Securities and Exchange Commission. The company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC.® is a registered trademark of Spectrum Pharmaceuticals, Inc and its affiliate. REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are the property of their respective owners.

© 2021 Spectrum Pharmaceuticals, Inc. All Rights Reserved

Robert Uhl

Managing Director, Westwicke ICR

858.356.5932

[email protected]

Kurt Gustafson

Chief Financial Officer

949.788.6700

[email protected]

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Oncology

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REPEAT — 100 Organizations & Families of Long-Term Care Person Join Press Conference Reacting to Ford Government’s False Claims, Demand Immediate Action to Address the Crisis

TORONTO, Jan. 22, 2021 (GLOBE NEWSWIRE) — As the number and scale of long-term care COVID-19 outbreaks grows, the Ford government has refused to address the dangerously low staffing levels and is downplaying the urgency and gravity of the spread of the virus in the homes. In a press conference on Tuesday Premier Ford said everything is “hunky dory”. Merrilee Fullerton, the Minister of Long-Term Care, has repeatedly downplayed the crisis, saying there is not one long-term care home in Ontario that has a staffing crisis. This is patently false. In fact, in long-term care homes with large outbreaks staffing is crumbling, and across the province, in outbreak or not, many long-term care homes have dangerously low levels of staff and care. The number of long-term care homes in large outbreak has escalated alarmingly and the outbreaks have spread geographically. Ontario has now surpassed the total number of long-term care residents and staff infected in the first wave and the daily number of active cases continues to be among the highest we have seen in Wave II. Tragically, death rates have also escalated to levels that are deeply alarming. We are within a week of exceeding the total deaths in Wave I, with no sign of abatement.

The Ontario Health Coalition is holding a press conference with four speakers, backed by 100 organizations and families representing residents and staff in long-term care by Zoom Press Conference, this Friday morning, January 22 at 10:00 AM.  

There will be 100 individuals and organizations present endorsing the message, pushing back against the false statements of the Premier and the Minister and calling for immediate measures to protect residents in long-term care in this crisis. 

When: Friday, January 22 at 10 a.m. by Zoom.

We will have four speakers who are families directly impacted and the Ontario Health Coalition will give the provincial picture of the situation.

Media are invited to join by Zoom at the following link https://zoom.us/j/98853037582?pwd=UmdLOE55RHJIdElHUU9XbzZjc1Qydz09
or phone at +1 647 558 0588
Meeting ID: 988 5303 7582
Passcode: 822796

For more information: Natalie Mehra, executive director (416) 230-6402.



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iHeartMedia Celebrates Third Annual iHeartRadio Podcast Awards

iHeartMedia Celebrates Third Annual iHeartRadio Podcast Awards

Will Ferrell makes his return to the iHeartRadio Podcast Awards with hilarious opening

Obama’s Other Daughters and hosts of “Las Culturistas” keep viewers laughing out loud all night with original comedy skits

“Office Ladies” takes home highly coveted “Podcast of the Year” award

Gwen Stefani presents the all-new “Seneca Women Podcast Award in partnership with P&G” to Amena Brown, which honors a woman who is using her voice to amplify the voices of other women

NEW YORK–(BUSINESS WIRE)–
Last night, the third annual iHeartRadio Podcast Awards brought together the most influential names in podcasting to honor the most entertaining and innovative podcasts of 2020, celebrating the incredible talent and wide variety of leaders across the booming podcasting industry. The virtual awards event was recorded from multiple locations and exclusively video streamed on iHeartRadio’s YouTube and Facebook pages and broadcasted across iHeartMedia radio stations nationwide and on the iHeartRadio App.

The virtual event kicked off with a hilarious opening from renowned actor, comedian and producer, Will Ferrell. The comedian, who is behind iHeartRadio’s “The Ron Burgundy Podcast,” broke the ice in true Ron Burgundy form, making up his own stats on both the awards show and podcasts. The upbeat tone of the virtual event continued throughout the night with comedic skits from the ladies of Obama’s Other Daughters, made up of Maame-Yaa Aforo, Ashley Holston, Shakira Ja’nai Paye and Yazmin Monet Watkins, hosts of “You Down?” as well as Bowen Yang and Matt Rogers, hosts of “Las Culturistas.”

The eventful night also featured appearances by award nominees, an array of celebrity presenters and other special guests including Aaron Mahnke, Adam Devine, Anders Holm, Baratunde Thurston, Blake Anderson, Charlamagne Tha God, Dan Patrick, Gwen Stefani, Hillary Clinton, Holly Frey, Jill Scott, Josh Clark and Chuck Bryant, Kyle Newacheck, Laverne Cox, Nikki Glaser, Questlove, Roy Wood Jr., Tenderfoot TV (Donald Albright and Payne Lindsey) and more.

The 2021 iHeartRadio Podcast Awards event highlights include:

  • “Office Ladies” scored the big win of the night with Podcast of the Year, a socially voted category.
  • GwenStefani presented the first Seneca Women Podcast Awardin partnership with P&G to spoken word poet AmenaBrown of “HER with Amena Brown.” This award honors women who use their voices to amplify those of other women.
  • Hosts of “Las Culturistas” kickstarted the show reflecting on the year 2020 and podcasting, hilariously sharing that the best part about podcasting now is that you can do it naked and from home.
  • Obama’s Other Daughters reminisced throughout the show on the top viral moments in awards show history and even attempted to do a virtual four-way kiss, inspired by Britney Spears, Madonna and Christina Aguilera’s three-way kiss at the MTV Video Music Awards.
  • Hilary Clinton warm-heartedly presented the Icon Audible Pioneer Award to Neil Drumming, Sarah Koenig and Julie Snyder from Serial Productions.
  • The iHeartRadio Podcast Awards honored Baratunde Thurston with the Icon Social Impact Award (presented by Questlove)and QCODE with the Icon Innovator Award (presented by Tenderfoot TV co-founders Donald Albright and Payne Lindsey).
  • ConanO’Brien accepted the award for Best Overall Host–Male. He playfully told viewers that what separates his podcast from others is his “lack of professionalism.” He even shared his advice for those interested in hosting a podcast and more.
  • Laverne Cox presented the Best Overall Host – Female award to Nicole Byer, host of “Why Won’t You Date Me.” While presenting the award, Cox inspired viewers, telling the virtual audience that everyone should have the opportunity to define who they are on their own terms. She also spoke about her first podcast launching in February 2021.
  • DanPatrick presented the winner of The Next Great Podcast award, a months-long competition from iHeartRadio in partnership with content creation platform Tongal. Siena Jeakle and LiannaHolston won the competition with “Frankly, My Dear,” a new podcast tackling movie reviews from two friends who don’t really like movies.

Full list of category winners below:

Podcast of the Year:

● “Office Ladies” (Earwolf, Jenna Fischer, Angela Kinsey)

Icon Award – Innovator Award

● QCODE

Icon Award – Audible Audio Pioneer Award:

● Serial Productions (Sarah Koenig, Julie Snyder and Neil Drumming)

Icon Award – Social Impact Award:

● Baratunde Thurston

Best Crime Podcast:

● “Crime Junkie” (AudioChuck)

Best Pop Culture Podcast:

● “Pop Culture Happy Hour” (NPR)

Best Music Podcast:

● “Dolly Parton’s America” (WNYC & OSM Audio)

Best News Podcast:

● “Pod Save America” (Crooked)

Best Sports Podcast:

● “All The Smoke” (The Black Effect Podcast Network)

Best Comedy Podcast:

● “The Read” (Loud Speakers Network)

Best Political Podcast:

● “NPR Politics” (NPR)

Best Branded Podcast:

● “Humans Growing Stuff” (ScottsMiracle-Gro)

Best Kids & Family Podcast:

● “Wow In The World” (NPR)

Best Food Podcast:

● “Home Cooking” (Samin Nosrat / Hrishikesh Hirway )

Best Fiction Podcast:

● “Blood Ties” (Wondery)

Best Beauty & Fashion Podcast:

● “Articles of Interest” (Avery Trufelman / 99% Invisible)

Best Overall Host – Female:

● Nicole Byer (“Why Don’t You Date Me?”)

Best Overall Host – Male:

● Conan O’Brien (“Conan O’Brien Needs A Friend”)

Best Business & Finance Podcast:

● “Pivot” (NY Mag)

Best Green Podcast:

● “How To Save A Planet” (Gimlet)

Best Travel Podcast:

● “Travel with Rick Steves” (Rick Steves)

Best Spirituality & Religion Podcast:

● “Elevation with Steven Furtick” (Independent)

Best Advice / Inspirational Podcast:

● “Unlocking Us with Brene Brown” (Parcast)

Best TV & Film Podcast:

● “You Must Remember This?” (Karina Longworth)

Best Spanish-Language Podcast:

● “Leyendas Legendarias” (Sonoro / All Things Comedy)

Best Ad Read Podcast:

● “Office Ladies” (Earwolf / Stitcher)

Best Science Podcast:

● “Radiolab” (WNYC Studios)

Best Technology Podcast:

● “Rabbit Hole” (The New York Times)

Best Wellness & Fitness Podcast:

● “Therapy For Black Girls” (Joy Harden Bradford / iHeartRadio)

Best History Podcast:

● “Revisionist History” (Pushkin Industries)

The 2021 iHeartRadio Podcast Awards is part of iHeartMedia’s roster of incredibly successful, nationally-recognized events, including the iHeartRadio Music Awards, the iHeartRadio Music Festival, the nationwide iHeartRadio Jingle Ball Concert Tour, iHeartRadio Fiesta Latina, iHeartCountry Festival, iHeartRadio ALTer Ego and iHeartRadio Wango Tango. Executive producers for the iHeartRadio Podcast Awards are John Sykes, Tom Poleman and Conal Byrne for iHeartMedia and Deviants Media Studio founders Ivan Dudynsky and Buzz Chatman. Proud sponsors of this year’s event include Audible, P&G and Progressive® Insurance.More information can be found at iHeartPodcastAwards.com.

To access photos from the virtual event please visit:

https://iheartradio.photoshelter.com/galleries/C0000ZHDCxVqJsH4/G0000MrzMltNWYj0/Show

Password: iHRPodcast2021!

Photo Credit: iHeartRadio

To access b-roll from this virtual event please visit:

https://crazyduck.wetransfer.com/downloads/0ce98b499c778868a00e8f5ea34d64f020210121094342/fb481c87bb4cb988d6941e0b5489dff220210121094342/a9b0e1

About iHeartMedia

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month – and with its quarter of a billion monthly listeners, has a greater reach than any other media company in the U.S. The company’s leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations in over 160 markets nationwide; through its iHeartRadio digital service available across more than 250 platforms and 2,000 devices; through its influencers; social; branded iconic live music events; other digital products and newsletters; and podcasts as the #1 commercial podcast publisher. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio product, using data from its massive consumer base. Visit iHeartMedia.com for more company information.

iHeartMedia

Angel Aristone

[email protected]

347-380-2271

iHeartMedia

Jenn Powers

[email protected]

718-909-4767

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Entertainment General Entertainment TV and Radio Celebrity Online Events/Concerts

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Enthusiast Gaming Set to Strengthen Balance Sheet by $50 Million

Combination of recently announced bought deal equity financing and early conversion of convertible debentures, will strengthen its balance sheet and increase cash flow

TORONTO, Jan. 22, 2021 (GLOBE NEWSWIRE) — Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV), the largest gaming platform in North America, reaching over 300 million monthly video game and esports fans worldwide, announced that it has issued notice to the holders, of the Company’s convertible debentures (the “Debentures”) to exercise the Company’s option to convert the outstanding Debentures into common shares of the Company (the “Common Shares”). The Debentures were set to mature on December 31, 2021. Upon completion of the conversions, $9 million in principal amount of the Debentures will have been converted into approximately 2,967,163 Common Shares.

As the Company had previously announced, it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to sell (the “Offering”), on a bought deal basis, up to 7,383,000 Common Shares to be issued by treasury for total gross proceeds to the Company of approximately $42.5 million (assuming exercise in full of the over-allotment option). In connection with the Offering, a selling shareholder will sell an additional 2,817,500 Common Shares (assuming exercise of the over-allotment option).

By reducing the Company’s indebtedness through the conversion of the Debentures and by raising $42.5 million upon the successful completion of the bought deal financing, the Company will have strengthened its balance sheet by more than $50 million, while reducing annual interest costs by $0.8 million.

“This week we took a major step to add a sizeable amount of growth capital, while also significantly reducing our borrowings and interest costs,”
commented Adrian Montgomery, CEO of Enthusiast Gaming.
“These two actions will strengthen our balance sheet ahead of our proposed Nasdaq listing, while we push forward with the execution of our growth strategy, which includes acquiring accretive properties which we can integrate into our platform.”

About Enthusiast Gaming

Enthusiast Gaming (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV) is building the world’s largest social network of communities for gamers and esports fans that reaches over 300 million gaming enthusiasts on a monthly basis. Already the largest gaming platform in North America and the United Kingdom, the Company’s business is comprised of four main pillars: Esports, Content, Talent and Entertainment. Enthusiast Gaming’s esports division, Luminosity Gaming, is a leading global esports franchise that consists of 7 professional esports teams under ownership and management, including the Vancouver Titans Overwatch team and the Seattle Surge Call of Duty team. Enthusiast’s gaming content division includes 2 of the top 20 gaming media and entertainment video brands with BCC Gaming and Arcade Cloud, reaching more than 50MM unique viewers a month across 9 YouTube pages, 8 Snapchat shows and related Facebook, Instagram and TikTok accounts. Its 100 gaming-related websites including The Sims Resource, Destructoid, and The Escapist collectively generate 1.1 billion page views monthly. Enthusiast’s talent division works with nearly 1,000 YouTube creators generating nearly 3 billion views a month working with leading gamer talent such as Pokimane, Flamingo, Anomaly, and The Sidemen. Enthusiast’s entertainment business includes Canada’s largest gaming expo, EGLX (eglx.com), and the largest mobile gaming event in Europe, Pocket Gamer Connects (pgconnects.com). For more information on the Company visit enthusiastgaming.com. For more information on Luminosity Gaming visit luminosity.gg.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to statements relating to the conversion of the Debentures, the completion of the bought deal financing, the listing of the Company on Nasdaq, the successful execution of the Company’s growth strategy, the ability to acquire accretive properties

Forward-looking statements are based on assumptions, including expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and media industry; and the Company’s growth plan. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks related risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in Enthusiast Gaming public disclosure recorded filed under the Company’s provide on www.sedar.com, including those contained in the prospectus. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.



Contacts:
Enthusiast Gaming – Eric Bernofsky
Chief Corporate Officer
[email protected]

Media Relations – ID 
[email protected]

Posted on

Updated Time: Plug Power Business Update Conference Call on January 26, 2021 to Begin at 8:30 AM ET

LATHAM, N.Y., Jan. 22, 2021 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced that its January 26, 2021 business update conference call will begin at a new time: 8:30 am ET. On this call, CEO, Andy Marsh, will discuss preliminary results for the full year of 2020, including continual progress versus our business goals. Additionally, Mr. Marsh will outline the company’s plans for 2021.

Join the call:

Date: January 26, 2021

New Time: 8:30 am ET

Toll-free: 877-405-1239

Direct webcast: https://event.webcasts.com/starthere.jsp?ei=1417059&tp_key=03b1210eda

The webcast can also be accessed directly from the Plug Power homepage (www.plugpower.com). A playback of the call will be available online for a period of time following the call.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals.

Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Media Contact

Ian Martorana
The Bulleit Group
‪(415) 237-3681‬
[email protected]



Posted on

Bank of America Announces Redemption of €2.0 Billion of Floating Rate Senior Notes, due February 7, 2022 and €1.25 Billion of 0.736% Fixed/Floating Rate Senior Notes, due February 7, 2022

Bank of America Announces Redemption of €2.0 Billion of Floating Rate Senior Notes, due February 7, 2022 and €1.25 Billion of 0.736% Fixed/Floating Rate Senior Notes, due February 7, 2022

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Bank of America Corporation announced today that it will redeem on February 7, 2021 (i) all €2,000,000,000 principal amount outstanding of its Floating Rate Senior Notes, due February 7, 2022 (ISIN: XS1560862580; Common Code: 156086258) (the “Floating Rate Notes”) and (ii) all €1,250,000,000 principal amount outstanding of its 0.736% Fixed/Floating Rate Senior Notes, due February 7, 2022 (ISIN: XS1560863554; Common Code: 156086355) (the “Fixed/Floating Rate Notes” and together with the Floating Rate Notes, the “Notes”).

Each series of the Notes was issued under the Bank of America Corporation U.S.$65,000,000,000 Euro Medium-Term Note Program. The redemption price for each series of the Notes will be equal to the Optional Redemption Amount of €1,000 per €1,000 Calculation Amount (as specified in the applicable Final Terms dated February 3, 2017), plus accrued and unpaid interest to, but excluding, the redemption date of February 7, 2021. Since February 7, 2021 is not a business day, the redemption price for each series of the Notes will be paid on the next succeeding business day, February 8, 2021. Interest on each series of the Notes will cease to accrue on the redemption date.

Payment of the redemption price for each series of the Notes will be made in accordance with the applicable procedures of Euroclear Bank SA/NV and Clearstream Banking, S.A. Bank of America, N.A. (operating through its London Branch) is the Principal Agent for each series of the Notes and Bank of America Europe DAC (formerly known as Bank of America Merrill Lynch International DAC) is the Registrar for each series of the Notes.

Bank of America Corporation will request the Financial Conduct Authority to cancel the listing of each series of the Notes and the London Stock Exchange plc to cancel the admission to trading of each series of the Notes on or around the business day following the redemption date.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Forward-looking statements

Certain information contained in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, under Part II, Item 1A. “Risk Factors” in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and in any of our subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

www.bankofamerica.com

Investors May Contact:

Lee McEntire, Bank of America

Phone: 1.980.388.6780

[email protected]

Jonathan G. Blum, Bank of America (Fixed Income)

Phone: 1.212.449.3112

[email protected]

Reporters May Contact:

Jerry Dubrowski, Bank of America

Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)

[email protected]

Christopher P. Feeney, Bank of America

Phone: 1.980.386.6794

[email protected]

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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