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First Hawaiian, Inc. (FHB) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Picture 1

 

For Immediate Release

First Hawaiian, Inc. Reports Third Quarter 2018 Financial Results and Declares Dividend

·

Net income of $67.4 million, or $0.50 per diluted share,  and core net income1 of $70.8 million, or $0.52 per diluted share

·

1.31% return on average total assets and 1.45%  core return on average tangible assets1

·

11.01% return on average total stockholders’ equity and 19.61%  core return on average tangible stockholders’ equity1

·

BNP Paribas (“BNPP”) completed two offerings of our common stock, and First Hawaiian repurchased 1.8 million shares at a total cost of $50 million, reducing BNPP’s ownership from 48.8% to 18.4%

·

The number of BNPP-nominated directors decreased from five to two, resulting in a majority of independent directors on the Board

·

The Board of Directors declared a dividend of $0.24 per share

HONOLULU, Hawaii October 25, 2018 -- (Globe Newswire) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its third quarter ended September 30, 2018.

“I’m pleased with our strong financial performance in the third quarter,” said Bob Harrison, Chairman and Chief Executive Officer. “We had solid core earnings and good expense management, and asset quality remained excellent. Additionally, during the quarter, BNPP made significant progress in exiting its position in First Hawaiian by completing two secondary offerings, which, in conjunction with First Hawaiian’s repurchase of approximately 1.8 million shares, reduced BNPP’s ownership position from 48.8% to 18.4%. Also significant was the change in board composition, as the number of BNPP-nominated directors was decreased from five to two and three prominent members of the local business community, Faye Kurren,  Jenai Wall, and C. Scott Wo, joined the board, resulting in a majority of independent directors.”

On October 24, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.24 per share. The dividend will be payable on December 7, 2018 to stockholders of record at the close of business on November 26, 2018.

Earnings Highlights

Net income for the quarter ended September 30, 2018 was $67.4 million, or $0.50 per diluted share, compared to $69.1 million, or $0.50 per diluted share, for the quarter ended June 30, 2018, and $58.4 million, or $0.42 per diluted share, for the quarter ended September 30, 2017. Core net income1 for the quarter ended September 30, 2018 was $70.8 million, or $0.52 per diluted share, compared to $69.7 million, or $0.50 per diluted share, for the quarter ended June 20, 2018, and $57.0 million, or $0.41 per diluted share, for the quarter ended September 30, 2017.

Net interest income for the quarter ended September 30, 2018 was $141.3 million compared to $141.4 million for the quarter ended June 30, 2018, and an increase of $7.9 million compared to $133.3 million for the quarter ended September 30, 2017. Net interest income compared to the second quarter of 2018 was essentially flat, primarily due to higher interest expenses on deposits and borrowings and lower interest income on investments, mostly offset by higher interest income on loans and cash. The second quarter of 2018 included a $1.1 million positive premium amortization adjustment that did not recur in the third quarter. Excluding the premium amortization in the second quarter, third quarter net interest income would have been approximately $1 million higher than second quarter net interest income.  The increase in net interest income compared to the third quarter of 2017 was due to higher interest income on earnings assets from higher rates and balances, partially offset by higher interest expenses due to higher rates on deposits and higher balances of term borrowings.

Net interest margin (“NIM”) was 3.11%, 3.18% and 2.96%, for the quarters ended September 30, 2018, June 30, 2018, and September 30, 2017, respectively. The 7 basis point decrease in NIM versus the prior quarter was primarily due to higher funding costs, a lower premium amortization adjustment, higher cash balances and an additional day in the quarter.

Results for the quarter ended September 30, 2018 included a provision for loan and lease losses of $4.5 million compared to $6.0 million in the quarter ended June 30, 2018 and $4.5 million in the quarter ended September 30, 2017.


The following information was filed by First Hawaiian, Inc. (FHB) on Thursday, October 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how First Hawaiian, Inc.'s management team is paid from their Annual Proxy

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First Hawaiian, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside First Hawaiian, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flow
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes (Details)
Accumulated Other Comprehensive Loss - Changes, Net Of Tax (Details)
Allowance For Loan And Lease Losses
Allowance For Loan And Lease Losses (Tables)
Allowance For Loan And Lease Losses - Activity (Details)
Allowance For Loan And Lease Losses - Aging Of Analysis Of Past Due Loans And Leases (Details)
Allowance For Loan And Lease Losses - Credit Risk Profiles (Details)
Allowance For Loan And Lease Losses - Disaggregation By Impairment Methodology (Details)
Allowance For Loan And Lease Losses - Impaired Loans And Leases (Details)
Allowance For Loan And Lease Losses - Troubled Debt Restructuring Modifications (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Components Of Net Periodic Benefit Cost (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 - Contingencies (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 - 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 (Details)
Derivative Financial Instruments - Free-Standing (Details)
Derivative Financial Instruments - Notional Amounts And Fair Values (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 - Effective Tax Rate 10-Q (Details)
Income Taxes - Examinations (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits - (Details)
Income Taxes - Reorganization Transactions - (Details)
Income Taxes - Tax Act (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Fair Value Of Securities (Details)
Investment Securities - Contractual Maturity (Details)
Investment Securities - Other-Than-Temporary Impairment (Details)
Investment Securities - Pledged Securities And Concentration (Details)
Investment Securities - Proceeds From Calls And Sales, Realized Gains And Losses And Interest Income (Details)
Investment Securities - Unrealized Gross Losses And Fair Values Of Securities In A Continuous Loss Position (Details)
Investment Securities - Visa Class B Restricted Shares (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Commitments (Details)
Loans And Leases - Components (Details)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Components (Details)
Long-Term Borrowings - Future Contractual Principal Payments (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Changes In Amortized Msrs (Details)
Mortgage Servicing Rights - Loans, Fees, Amortization And Carrying Value (Details)
Mortgage Servicing Rights - Quantitative Assumptions Used For Msrs (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation - Asu No. 2018-02, Reclassification Of Certain Tax Effects From Accumulated Other Comprehensive Income (Details)
Organization And Basis Of Presentation - Reorganization And Stock Offerings (Details)
Organization And Basis Of Presentation - Subsidiary Ownership (Details)
Organization And Summary Of Significant Accounting Policies - Correction Of Immaterial Error (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Regulatory Capital Requirements - Capital Conservation Buffer (Details)
Reportable Operating Segments
Reportable Operating Segments (Tables)
Reportable Operating Segments - Business Segments (Details)
Reportable Operating Segments - Revision Of Prior Period Noninterest Income And Noninterest Expense (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)
Transfers Of Financial Assets
Transfers Of Financial Assets (Tables)
Transfers Of Financial Assets - Carrying Amounts Of Assets Pledged As Collateral (Details)
Transfers Of Financial Assets - Repurchase Agreements (Details)
Ticker: FHB
CIK: 36377
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007904
Submitted to the SEC: Thu Oct 25 2018 2:05:50 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

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