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EXHIBIT 99.1
For Immediate Release
First Hawaiian, Inc. Reports Fourth Quarter 2021 Financial Results and Declares Dividend
HONOLULU, Hawaii January 21, 2022--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2021.
“We are pleased to report that we closed 2021 with a solid fourth quarter,” said Bob Harrison, Chairman, President and CEO. “We saw strong loan growth, continued to grow consumer and commercial deposits while reducing excess liquidity, and credit quality remained excellent.”
On January 19, 2022 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 4, 2022 to stockholders of record at the close of business on February 18, 2022.
Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $75 million of its outstanding common stock during 2022.
Fourth Quarter 2021 Highlights:
● | Net income of $57.0 million, or $0.44 per diluted share |
● | Total loans and leases increased $127.7 million versus prior quarter |
● | Total deposits decreased $303.9 million versus prior quarter, reduced public deposits by $978.4 million |
● | Incurred a $9.0 million charge in connection with the prepayment of $200.0 million of Federal Home Loan Bank advances at a weighted average rate of 2.73% |
● | No provision for credit losses was taken in the quarter |
● | Board of Directors declared a quarterly dividend of $0.26 per share |
● | Repurchased $21.5 million of stock under share repurchase program |
Balance Sheet
Total assets were $25.0 billion as of December 31, 2021, compared to $25.5 billion as of September 30, 2021.
Gross loans and leases were $13.0 billion as of December 31, 2021, an increase of $127.7 million, or 1.0%, from $12.8 billion as of September 30, 2021.
Total deposits were $21.8 billion as of December 31, 2021, a decrease of $303.9 million, or 1.4%, from $22.1 billion as of September 30, 2021.
Net Interest Income
Net interest income for the fourth quarter of 2021 was $137.3 million, an increase of $4.7 million, or 3.6%, compared to $132.6 million for the prior quarter.
The net interest margin (NIM) was 2.38% in the fourth quarter of 2021, an increase of 2 basis points compared to 2.36% in the third quarter of 2021.
Provision Expense
During the quarter ended December 31, 2021, we did not record a provision for credit losses. In the quarter ended September 30, 2021, we recorded a $4.0 million negative provision for credit losses.
Noninterest Income
Noninterest income was $41.6 million in the fourth quarter of 2021, a decrease of $8.5 million compared to noninterest income of $50.1 million in the third quarter of 2021.
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by First Hawaiian, Inc..
First Hawaiian, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Pension and Postretirement Plan Obligations We have a qualified noncontributory defined benefit pension plan, an unfunded supplemental executive retirement plan for certain key executives ("SERP"), a directors' retirement plan, a non-qualified pension plan for eligible directors and a postretirement benefit plan providing life insurance and healthcare benefits that we offer to our directors and employees, as applicable.
Future events, including the ongoing impacts of the COVID-19 pandemic, that could cause a significant decline in our expected future cash flows or a significant adverse change in our business or the business climate may necessitate taking charges in future reporting periods related to the impairment of our goodwill.
This decrease was primarily due to a $0.6 million decrease in insurance income, a $0.6 million decrease in service fees related to participation loans, a $0.6 million decrease in foreign exchange processing fees, a $0.5 million decrease in online banking fees, a $0.3 million decrease in fees from standby letters of credit arrangements and a $0.3 million decrease in fee income from our cash management services.
This increase was primarily due to a $3.4 million increase in fees from annuities and securities, a $1.3 million increase in miscellaneous service fees, a $0.3 million increase in wire transfer fees, a $0.3 million increase in online banking fees, and a $0.3 million increase in fee income from our cash management services.
This guidance changes the accounting for credit losses from an "incurred loss" model, which estimates a loss allowance based on current known and inherent losses within a loan portfolio to an "expected loss" model, which estimates a loss based on losses expected to be recorded over the life of the loan portfolio.
The decrease in net interest...Read more
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For example, among other things,...Read more
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Card rewards program expense was...Read more
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Our financial highlights for the...Read more
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Total noninterest expense was $367.7...Read more
Advertising and marketing expense was...Read more
Noninterest expense was $367.7 million...Read more
Other noninterest expense was $47.3...Read more
The short-term modifications for payment...Read more
We are exposed to market...Read more
Basic earnings per share was...Read more
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Our return on average total...Read more
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Through this legislation, unemployment benefits...Read more
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Existing benefits under the SERP,...Read more
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While the Bank, our customers...Read more
The qualified noncontributory defined benefit...Read more
We believe that these financial...Read more
Decreased transactions and spending by...Read more
Our LIBOR transition plan is...Read more
In February 2021, the Company...Read more
In January 2022, the Company...Read more
The balance as of December...Read more
The decrease in net interest...Read more
The decrease also related to...Read more
We consider the effective and...Read more
For the year ended December...Read more
The decrease in total loans...Read more
Our net interest margin was...Read more
Our net interest margin was...Read more
Our net interest margin was...Read more
Our net interest margin was...Read more
The increase in total assets...Read more
The increase in total assets...Read more
The decrease in net interest...Read more
The decrease in noninterest expense...Read more
Deposit funding costs were $13.9...Read more
Deposit funding costs were $35.5...Read more
Our return on average tangible...Read more
The increase in net income...Read more
This increase was primarily due...Read more
Table 19 presents information on...Read more
Estimating the fair value of...Read more
For a reconciliation to the...Read more
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Our return on average total...Read more
Postretirement benefit contributions represent the...Read more
Provision for Income Taxes ?...Read more
Management believes that the most...Read more
Net income for the year...Read more
In March 2019, the Company's...Read more
We continue to emphasize the...Read more
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The volume of home sales...Read more
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The decrease in total assets...Read more
Underwriting of new lease transactions...Read more
We generally do not offer...Read more
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We believe that these core...Read more
Net income for the Commercial...Read more
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The increase in noninterest expense...Read more
An increasing interest rate environment...Read more
The decrease in net income...Read more
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Although to date repurchase requests...Read more
Trust and investment services income...Read more
Net loss for the Treasury...Read more
Net loss for the Treasury...Read more
The assets and liabilities (and...Read more
The U.S. government has also...Read more
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We did not note any...Read more
Net income for the Retail...Read more
In addition to geographic concentration...Read more
However, as of December 31,...Read more
Remedies could include repurchase of...Read more
Because the Hawaii economy is...Read more
As of December 31, 2021,...Read more
The decrease in noninterest expense...Read more
The temporary (or in certain...Read more
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Table 20 presents information on...Read more
The decrease in net income...Read more
Risk Factors, beginning in the...Read more
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Other Assets ? Other assets...Read more
Net interest income, on a...Read more
Net interest income, on a...Read more
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Furthermore, as of December 31,...Read more
For the year ended December...Read more
Under this plan, the Company...Read more
Commercial real estate loans are...Read more
The reserve for unfunded commitments...Read more
Total noninterest income was $197.4...Read more
Credit Risk ? Credit risk...Read more
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Net losses on the sale...Read more
For a reconciliation to the...Read more
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The objective of our interest...Read more
Core net income was $279.2...Read more
Noninterest income was $197.4 million...Read more
BOLI income was $15.8 million...Read more
Other noninterest income was $28.6...Read more
The Company and the Bank...Read more
Using long-term historical data allows...Read more
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The median price of single-family...Read more
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(3) On an annual basis,...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
First Hawaiian, Inc. provided additional information to their SEC Filing as exhibits
Ticker: FHB
CIK: 36377
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-002181
Submitted to the SEC: Fri Feb 25 2022 4:54:37 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks