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First Hawaiian, Inc. (FHB) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Picture 1

 

For Immediate Release

First Hawaiian, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results and Increases Dividend by 8.3%

HONOLULU, Hawaii January 24, 2019 -- (Globe Newswire) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its fourth quarter and full year ended December 31, 2018.

Fourth Quarter Highlights

·

Net income for the quarter ended December 31, 2018 was $60.0 million, or $0.44 per diluted share

·

Core net income1 for the quarter ended December 31, 2018 was $77.9 million, or $0.58 per diluted share

·

1.19% return on average total assets and 1.62%  core return on average tangible assets (“ROATA”)1,2

·

9.77% return on average total stockholders’ equity and 21.44%  core return on average tangible stockholders’ equity (“ROATCE”)1,2

·

3.8% quarterly loan growth, 12 basis point net interest margin (“NIM”) expansion

·

The Board of Directors increased the dividend by $0.02 per share, or 8.3%, and declared a quarterly dividend of $0.26 per share

“2018 was another milestone year for First Hawaiian as we celebrated our 160th anniversary, and we capped it off with a great fourth quarter,” said Bob Harrison, Chairman and Chief Executive Officer. “We had solid core earnings, driven by strong growth in loans and deposits, expansion in the net interest margin and excellent asset quality. We also continued to optimize our balance sheet by restructuring the investment portfolio in early January, which will be immediately accretive to income. This action, along with the strong loan and deposit growth in the quarter, positions us well for 2019.”

On January 23, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share, an increase of $0.02 per share from the dividend paid in December 2018. The dividend will be payable on March 8, 2019 to shareholders of record at the close of business on February 25, 2019.

Earnings Highlights

Net income for the quarter ended December 31, 2018 was $60.0 million, or $0.44 per diluted share, compared to $67.4 million, or $0.50 per diluted share, for the quarter ended September 30, 2018, and $11.7 million, or $0.08 per diluted share, for the quarter ended December 31, 2017. Core net income1 for the quarter ended December 31, 2018 was $77.9 million, or $0.58 per diluted share, compared to $70.8 million, or $0.52 per diluted share, for the quarter ended September 30, 2018, and $59.2 million, or $0.42 per diluted share, for the quarter ended December 31, 2017. Net income for the full year 2018 was $264.4 million, or $1.93 per diluted share, compared to $183.7 million, or $1.32 per diluted share, for the full year 2017.  Core net income1 for the full year 2018 was $286.7 million, or $2.09 per diluted share, compared to $230.4 million, or $1.65 per diluted share for the full year 2017.

Net interest income for the quarter ended December 31, 2018 was $144.0 million, an increase of $2.7 million compared to $141.3 million for the quarter ended September 30, 2018, and an increase of $9.1 million compared to $134.9 million for the quarter ended December 31, 2017. The increase in net interest income compared to the third quarter of 2018 and fourth quarter of 2017 was due to higher average balances and yields on loans, higher yields on investment securities and lower average balances of time deposits, partially offset by higher rates on deposits, lower average balances of interest-bearing deposits in other banks and investment securities, and higher average balances of borrowings. Net interest income in the quarter ended December 31, 2018 included the benefit from a $1.1 million premium amortization adjustment related to the investment securities. Net interest income for the full year 2018 was $566.3 million compared to $528.8 million for 2017. The increase in net interest income was primarily attributable to higher average balances and yields on loans, higher yields on investment securities and interest-bearing deposits in other banks and lower average balances of time deposits, partially offset by higher rates on deposits, lower average balances of interest-bearing deposits in other banks and investment securities, and higher average balances of borrowings.

NIM was 3.23%, 3.11% and 2.99%, for the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, respectively.

 


The following information was filed by First Hawaiian, Inc. (FHB) on Thursday, January 24, 2019 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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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 Flow
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 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 - Impaired Loans And Leases (Details)
Allowance For Loan And Lease Losses - Troubled Debt Restructuring Modifications (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - 401(K) Savings Plan (Details)
Benefit Plans - Accumulated Other Comprehensive Income (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 - Components Of Net Periodic Benefit Cost (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 - 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 - 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 - Components Of Net Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Provision And Current Receivable (Details)
Income Taxes - Effective Tax Rate (Details)
Income Taxes - Examinations (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 - 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)
Leases
Leases (Tables)
Leases - Future Minimum Rental Income (Details)
Leases - Operating Leases For Premises And Equipment (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Commitments (Details)
Loans And Leases - Components (Details)
Loans And Leases - Financing Leases (Details)
Loans And Leases - Leveraged Leases (Details)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Components (Details)
Long-Term Borrowings - Future Contractual Principal Payments (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies - Accounting Standards Adopted And Recent Accounting Pronouncements (Details)
Organization And Summary Of Significant Accounting Policies - Allowance For Loan And Lease Losses (Details)
Organization And Summary Of Significant Accounting Policies - Basis Of Presentation (Details)
Organization And Summary Of Significant Accounting Policies - Defined Benefit Assumption And Advertising And Marketing Costs (Details)
Organization And Summary Of Significant Accounting Policies - Non Marketable Equity Securities Impairment (Details)
Organization And Summary Of Significant Accounting Policies - Premises And Equipment (Details)
Organization And Summary Of Significant Accounting Policies - Reorganization Transactions (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)
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)
Premises And Equipment - Leased Properties (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 - 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)
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 (Details)
Stock-Based Compensation - Restricted Stock (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: 0001558370-19-001219
Submitted to the SEC: Wed Feb 27 2019 1:03:13 PM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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