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First Hawaiian, Inc. (FHB) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

First Hawaiian, Inc.

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CIK: 1138932 Ticker: FHB

EXHIBIT 99.1

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For Immediate Release

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

HONOLULU, Hawaii January 27, 2023--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2022.

“We are pleased to report that we closed 2022 with a solid fourth quarter,” said Bob Harrison, Chairman, President and CEO. “We saw continued earnings growth, driven by strong loan growth and excellent credit quality.”

On January 25, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 3, 2023, to stockholders of record at the close of business on February 17, 2023.

Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $40 million of its outstanding common stock during 2023.

Fourth Quarter 2022 Highlights:

●Net income of $79.6 million, or $0.62 per diluted share
●Total loans and leases increased $391.6 million versus prior quarter
●Total deposits decreased $402.7 million versus prior quarter
●Net interest margin increased 22 basis points to 3.15%
●Recorded a $3.0 million provision for credit losses
●Board of Directors declared a quarterly dividend of $0.26 per share

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Balance Sheet

Total assets were $24.6 billion as of December 31, 2022, compared to $24.9 billion as of September 30, 2022.

Gross loans and leases were $14.1 billion as of December 31, 2022, an increase of $391.6 million, or 2.9%, from $13.7 billion as of September 30, 2022.

Total deposits were $21.7 billion as of December 31, 2022, a decrease of $402.7 million, or 1.8%, from $22.1 billion as of September 30, 2022.

Net Interest Income

Net interest income for the fourth quarter of 2022 was $171.8 million, an increase of $9.1 million, or 5.6%, compared to $162.7 million for the prior quarter.

The net interest margin was 3.15% in the fourth quarter of 2022, an increase of 22 basis points compared to 2.93% in the prior quarter.

Provision Expense

During the quarter ended December 31, 2022, we recorded a $3.0 million provision for credit losses. In the quarter ended September 30, 2022, we recorded a $3.2 million provision for credit losses.

Noninterest Income

Noninterest income was $48.2 million in the fourth quarter of 2022, an increase of $2.3 million compared to noninterest income of $45.9 million in the prior quarter.

Noninterest Expense

Noninterest expense was $113.9 million in the fourth quarter of 2022, an increase of $0.6 million compared to noninterest expense of $113.3 million in the prior quarter.

The efficiency ratio was 51.5% and 54.0% for the quarters ended December 31, 2022 and September 30, 2022, respectively.

The following information was filed by First Hawaiian, Inc. (FHB) on Friday, January 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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First Hawaiian, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside First Hawaiian, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Changes (Details)
Accumulated Other Comprehensive Income (Loss) - Changes, Net Of Tax (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses - Activity In Acl By Class Of Loans And Leases (Details)
Allowance For Credit Losses - Aging Of Analysis Of Past Due Loans And Leases (Details)
Allowance For Credit Losses - Amortized Cost Basis By Year Of Origination And Credit Quality Indicator (Details)
Allowance For Credit Losses - Amortized Cost Basis Of Loans And Leases On Nonaccrual Status (Details)
Allowance For Credit Losses - Amortized Cost Basis Of Revolving Loans That Were Converted To Term Loans (Details)
Allowance For Credit Losses - Collateral-Dependent Loans And Leases (Details)
Allowance For Credit Losses - Rollforward Of The Reserve For Unfunded Commitments (Details)
Allowance For Credit Losses - Troubled Debt Restructuring Modifications (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - 401(K) Savings Plan (Details)
Benefit Plans - Accumulated Other Comprehensive Loss (Details)
Benefit Plans - Amounts Recognized In Other Comprehensive Income (Details)
Benefit Plans - Assumptions (Details)
Benefit Plans - Change In Net Actuarial Loss (Gain) (Details)
Benefit Plans - Changes To Benefit Obligations And Fair Value Of Plan Assets And Funded Status (Details)
Benefit Plans - Contributions To Pension And Other Postretirement Benefit Plans (Details)
Benefit Plans - Estimated Future Benefit Payments (Details)
Benefit Plans - Fair Value Measurement Of Plan Assets (Details)
Benefit Plans - Incentive Plans (Details)
Benefit Plans - Net Periodic Benefit Cost (Details)
Benefit Plans - Plan Assets Allocation (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Commitments To Extend Credit, Participations Sold (Details)
Commitments And Contingent Liabilities - Financial Instruments With Off-Balance Sheet Risk (Details)
Deposits
Deposits (Tables)
Deposits - Interest-Bearing Or Noninterest-Bearing (Details)
Deposits - Maturity Distribution Of Time Certificates Of Deposits (Details)
Deposits - Time Certificate Denominations And Overdrawn Accounts (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Amounts Recorded In Balance Sheets Related To Cumulative Basis Adjustments (Details)
Derivative Financial Instruments - Cash Flow Hedges (Details)
Derivative Financial Instruments - Clearinghouse Margin And Collateral (Details)
Derivative Financial Instruments - Counterparty Credit Risk And Credit-Risk Related Contingent Features (Details)
Derivative Financial Instruments - Derivatives Not Designated As Hedges (Details)
Derivative Financial Instruments - Fair Value Hedges And Cash Flow Hedges (Details)
Derivative Financial Instruments - Free-Standing (Details)
Derivative Financial Instruments - Gains And Losses Recognized In Income, Fair Value Hedges (Details)
Derivative Financial Instruments - Notional Amounts And Fair Values (Details)
Derivative Financial Instruments - Visa Class B Restricted Shares (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis (Details)
Fair Value - Assets And Liabilities Recorded At Fair Value On A Recurring Basis (Details)
Fair Value - Changes In Fair Value Levels And In Level 3 Liabilities (Details)
Fair Value - Financial Instruments Not Required To Be Carried At Fair Value (Details)
Fair Value - Significant Unobservable Inputs Used In Fair Value Measurements (Details)
Fair Value - Unfunded Loan And Lease Commitments And Letters Of Credit (Details)
Fair Value - Visa Derivative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Net Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Provision (Benefit) And Tax Returns In Other Jurisdictions (Details)
Income Taxes - Effective Tax Rate (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits - (Details)
Income Taxes - Reorganization Transactions - (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Fair Value Of Securities (Details)
Investment Securities - Amortized Cost And Fair Value, By Contractual Maturity (Details)
Investment Securities - Pledged Securities And Concentration Narrative (Details)
Investment Securities - Proceeds From Calls And Sales, Realized Gains And Losses And Interest Income Narrative (Details)
Investment Securities - Unrealized Gross Losses And Fair Values Of Securities In A Continuous Loss Position (Details)
Leases
Leases (Tables)
Leases - Future Minimum Rental Income (Details)
Leases - Future Minimum Rental Payments Under Noncancelable Operating Leases (Details)
Leases - Lease Liabilities (Details)
Leases - Net Lease Expense (Details)
Leases - Terms Of Leases (Details)
Leases - Third Party Leases, Cost And Accumulated Depreciation (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Components (Details)
Loans And Leases - Remaining Commitments Narrative (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies - Allowance For Credit Losses (Details)
Organization And Summary Of Significant Accounting Policies - Internal-Use Software (Details)
Organization And Summary Of Significant Accounting Policies - Investment Securities (Details)
Organization And Summary Of Significant Accounting Policies - Non Marketable Equity Securities Impairment (Details)
Organization And Summary Of Significant Accounting Policies - Pension And Other Postretirement Benefit Plans And Advertising And Marketing Costs (Details)
Organization And Summary Of Significant Accounting Policies - Premises And Equipment (Details)
Organization And Summary Of Significant Accounting Policies - Transition To An Independent Public Company (Details)
Organization And Summary Of Significant Accounting Policies - Variable Interest Entities (Details)
Other Assets
Other Assets (Tables)
Other Assets - Affordable Housing And Other Tax Credit Investment Partnerships (Details)
Other Assets - Changes In Amortized Msrs (Details)
Other Assets - Estimated Future Amortization Expenses (Details)
Other Assets - Federal Home Loan Bank Stock (Details)
Other Assets - Goodwill (Details)
Other Assets - Quantitative Assumptions Used For Msrs (Details)
Other Assets - Software, Net (Details)
Parent Company
Parent Company (Tables)
Parent Company - Condensed Balance Sheets (Details)
Parent Company - Condensed Statements Of Cash Flows (Details)
Parent Company - Condensed Statements Of Comprehensive Income (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Components And Depreciation And Amortization Expenses (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Reportable Operating Segments
Reportable Operating Segments (Tables)
Reportable Operating Segments - Business Segments (Details)
Reportable Operating Segments - Selected Business Segment Financial Information (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Balances (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Other (Details)
Short-Term Borrowings
Short-Term Borrowings (Tables)
Short-Term Borrowings - Components And Selected Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Expense (Details)
Stock-Based Compensation - Performance Share Units And Performance Share Awards (Details)
Stock-Based Compensation - Restricted Stock And Restricted Share Awards (Details)
Stock-Based Compensation - Restricted Stock Units (Details)
Transactions With Affiliates And Related Parties
Transactions With Affiliates And Related Parties (Tables)
Transactions With Affiliates And Related Parties - Loans To Executive Officers, Directors And Affiliates (Details)
Transactions With Affiliates And Related Parties - Summary Of Transactions (Details)
Transfers Of Financial Assets
Transfers Of Financial Assets (Tables)
Transfers Of Financial Assets - Carrying Amounts Of Assets Pledged As Collateral, Borrowings And Other Transactions (Details)
Ticker: FHB
CIK: 36377
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-002048
Submitted to the SEC: Fri Feb 24 2023 4:19:01 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

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