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First Hawaiian, Inc. (FHB) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Graphic

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.


The following information was filed by First Hawaiian, Inc. (FHB) on Friday, January 21, 2022 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 2022 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 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 (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 - Credit Risk Profiles Based On Payment Activity, Not Subject To Loan Grading (Details)
Allowance For Credit Losses - Credit Risk Profiles By Internally Assigned Grade (Details)
Allowance For Credit Losses - Disaggregation Of Acl By Impairment Methodology (Details)
Allowance For Credit Losses - Impaired Loans (Details)
Allowance For Credit Losses - 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 (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 - 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 (Details)
Derivative Financial Instruments - Free-Standing (Details)
Derivative Financial Instruments - Net 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)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Components (Details)
Organization And Summary Of Significant Accounting Policies
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 - Basis Of Presentation (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 - Vies And Cash And Due From Banks (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 - Federal Home Loan Bank Stock (Details)
Other Assets - Goodwill (Details)
Other Assets - Loans, Fees, Amortization And Carrying Value (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)
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: 0001558370-22-002181
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

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