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EXHIBIT 99.1
For Immediate Release
First Hawaiian, Inc. Reports Third Quarter 2018 Financial Results and Declares Dividend
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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 |
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1.31% return on average total assets and 1.45% core return on average tangible assets1 |
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11.01% return on average total stockholders’ equity and 19.61% core return on average tangible stockholders’ equity1 |
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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% |
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The number of BNPP-nominated directors decreased from five to two, resulting in a majority of independent directors on the Board |
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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.
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First Hawaiian, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Pension and Postretirement Plan Obligations We have a noncontributory qualified defined benefit pension plan, an unfunded supplemental executive retirement plan, 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 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 increase was primarily due to a $1.9 million increase in fees from the sale of annuities and securities, a $0.6 million increase in fee income from our cash management services and a $0.4 million increase in fees from standby letters of credit arrangements.
This increase was primarily due to a $0.9 million increase in fees from the sale of annuities and securities, a $0.1 million increase in residential mortgage loan servicing fees and a $0.1 million increase in fee income from our cash management services.
The decrease in deposit balances stemmed from an $883.4 million or 21% decrease in time deposit balances, primarily from a $788.3 million decrease in public time deposits, and a $319.5 million or 5% decrease in demand deposit balances, primarily due to a $324.7 million decrease in business analyzed deposit accounts due to higher earning credit rates.
Operational Risk Operational risk is...Read more
The noncontributory qualified defined benefit...Read more
Tables 23 and 24 present...Read more
The following table provides a...Read more
This increase was primarily due...Read more
One-time items include the loss...Read more
We also continued to maintain...Read more
The increase in net interest...Read more
The increase in net interest...Read more
64 Advertising and marketing expense...Read more
Advertising and marketing expense was...Read more
This increase was primarily due...Read more
Although we determine the amount...Read more
This was partially offset by...Read more
50 Selected Financial Data Our...Read more
Basic and diluted earnings per...Read more
Basic and diluted earnings per...Read more
We are exposed to market...Read more
The decrease in noninterest income...Read more
The increase in noninterest expense...Read more
Our return on average tangible...Read more
Our return on average tangible...Read more
These unconsolidated VIEs are primarily...Read more
The increase in noninterest expense...Read more
The increase in noninterest expense...Read more
While the Bank, our customers...Read more
The impaired loan balance is...Read more
The increase in net interest...Read more
Our net interest margin was...Read more
Our net interest margin was...Read more
The decrease in noninterest income...Read more
Pension and postretirement benefit plan...Read more
We believe that these financial...Read more
Our net interest margin was...Read more
Our net interest margin was...Read more
The increase in net interest...Read more
Effective upon the completion of...Read more
Effective upon completion of the...Read more
We consider the effective and...Read more
Our portfolio of residential real...Read more
This was partially offset by...Read more
Under the Capital Rules, the...Read more
Noninterest Expense Table 10 presents...Read more
While we consider core deposits...Read more
The decrease in the net...Read more
Following the completion of the...Read more
Provision for Income Taxes The...Read more
As of September 30, 2018...Read more
When assessing unrealized losses for...Read more
Management believes that the most...Read more
The provision for income taxes...Read more
Underwriting of new lease transactions...Read more
Net income for the Commercial...Read more
Net income for the Commercial...Read more
We generally do not offer...Read more
This increase was due to...Read more
We believe that these core...Read more
This decrease was due to...Read more
The increase in noninterest income...Read more
Our available-for-sale portfolio also included...Read more
We experienced higher yields in...Read more
Trust and investment services income...Read more
The increase in the net...Read more
An increasing interest rate environment...Read more
The increase in the efficiency...Read more
The increase in the efficiency...Read more
Net income for the Retail...Read more
Net income for the Retail...Read more
The provision for loan and...Read more
Although to date repurchase requests...Read more
Strong demand for commercial real...Read more
This increase was primarily due...Read more
The decrease in total deposits...Read more
The actual amount of the...Read more
On July 6, 2018, three...Read more
These increases were primarily due...Read more
In addition to geographic concentration...Read more
However, as of September 30,...Read more
Remedies could include repurchase of...Read more
Short-term and Long-term Borrowings Short-term...Read more
Table 26 below provides selected...Read more
Other Assets Other assets were...Read more
Geographic concentrations exist for this...Read more
This decrease was primarily due...Read more
This was partially offset by...Read more
This was partially offset by...Read more
Net income was $204.4 million...Read more
BOLI income was $3.7 million...Read more
Allowance for Loan and Lease...Read more
As such, $2.9 million previously...Read more
As such, $8.7 million previously...Read more
Commercial real estate loans are...Read more
Credit Risk Credit risk is...Read more
Liquidity is managed to ensure...Read more
This decrease was primarily due...Read more
Capital In July 2013, the...Read more
The objective of our interest...Read more
The increase was primarily due...Read more
Non Performing Assets and Loans...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly 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-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