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First Hawaiian, Inc. (FHB) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

 

Picture 2

For Immediate Release

First Hawaiian, Inc. Reports Fourth Quarter 2019 Financial Results and Declares Dividend

·

Net income of $67.8 million, or $0.52 per diluted share, core net income1 of $71.3 million or $0.54 per diluted share1

·

Board of Directors declared a quarterly dividend of $0.26 per share

HONOLULU, Hawaii January 28, 2020--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2019.

“I’m pleased to report that we ended 2019 with a strong fourth quarter. We generated great loan growth, significantly reduced deposit costs, and maintained excellent credit quality,” said Bob Harrison, Chairman, President and Chief Executive Officer. “This was a good finish to an exciting year, and we are well positioned going into 2020.”

On January 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 6, 2020 to stockholders of record at the close of business on February 28, 2020.

Fourth Quarter 2019 Highlights:

·

Profitability measures were excellent with Return on Assets of 1.34%, core Return on Average Tangible Assets1,2  of 1.48%, Return on Equity of 10.21%, and core Return on Average Tangible Common Equity1,2  of  17.22%;

·

Grew loans and leases by $368 million, or 2.9%;

·

Cost of deposits fell 10 basis points to 44 basis points;

·

Reported efficiency ratio was 48.9% and core efficiency ratio1 was 47.7%;

·

Continued excellent credit quality. The ratio of non-performing assets to total loans and leases and other real estate owned was 0.04% at the end of the fourth quarter.

 

Balance Sheet

Total assets were $20.2 billion as of December 31, 2019, compared to $20.6 billion as of September 30, 2019.

Gross loans and leases were $13.2 billion as of December 31, 2019, an increase of $368 million, or 2.9%, from $12.8 billion as of September 30, 2019.

Total deposits were $16.4 billion as of December 31, 2019, a decrease of $412 million, or 2.4%, from $16.9 billion as of September 30, 2019, primarily reflecting the withdrawal of a $400 million commercial deposit that was deposited at the end of the third quarter and withdrawn early in the fourth quarter, and a $266 million reduction in public deposits.

Net Interest Income

Net interest income for the fourth quarter of 2019 was $139.6 million, a decrease of $3.5 million, or 2.4%, compared to $143.1 million for the prior quarter. The decrease in net interest income compared to the third quarter of 2019 was primarily due to lower yields on loans and lower investment and loan balances, partially offset by lower deposit rates and balances. Average loan balances in the fourth quarter were lower than the prior quarter as a result of the sale of $409 million of shared national credits in the third quarter.

Net interest margin (“NIM”) was 3.15% in the fourth quarter of 2019, a decrease of four basis points compared to 3.19% in the third quarter of 2019.

Provision Expense

Results for the quarter ended December 31, 2019 included a provision for credit losses of $4.3 million.  No provision for credit losses was taken in the quarter ended September 30, 2019.

 


The following information was filed by First Hawaiian, Inc. (FHB) on Tuesday, January 28, 2020 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 2020 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 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 Based On Payment Activity, Not Subject To Loan Grading (Details)
Allowance For Loan And Lease Losses - Credit Risk Profiles By Internally Assigned Grade (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 - Amounts Recorded In Balance Sheets Related To Cumulative Basis Adjustments (Details)
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 - Net Gains And Losses Recognized In Income, Fair Value Hedges (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 - 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 - Future Minimum Rental Payments (Details)
Leases - Future Minimum Rental Payments, Presented In Accordance With Topic 840 (Details)
Leases - Lease Liabilities (Details)
Leases - Net Lease Expense (Details)
Leases - Rental Expense, Net Of Sublease Income Presented In Accordance With Topic 840 (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 (Details)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Components (Details)
Long-Term Borrowings - Future Contractual Principal Payments (Details)
Organization And Basis Of Presentation - Accounting Standards Adopted (Details)
Organization And Basis Of Presentation - Allowance For Loan And Lease Losses (Details)
Organization And Basis Of Presentation - Defined Benefit Assumption And Advertising And Marketing Costs (Details)
Organization And Basis Of Presentation - Goodwill (Details)
Organization And Basis Of Presentation - Non Marketable Equity Securities Impairment (Details)
Organization And Basis Of Presentation - Premises And Equipment (Details)
Organization And Basis Of Presentation - Subsidiary Ownership (Details)
Organization And Basis Of Presentation - Transition To An Independent Public Company (Details)
Organization And Basis Of Presentation - Vies And Cash And Due From Banks (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
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)
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 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: 0001558370-20-001695
Submitted to the SEC: Thu Feb 27 2020 8:15:30 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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