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First Hawaiian, Inc. (FHB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Graphic

For Immediate Release

First Hawaiian, Inc. Reports Second Quarter 2020 Financial Results and Declares Dividend

HONOLULU, Hawaii July 24, 2020--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2020.

“I am very proud of our teams’ extraordinary efforts to manage through the pandemic’s disruption with agility and resilience while ensuring the health and safety of their co-workers, customers and community,” said Bob Harrison, Chairman, President and CEO. “During this difficult time for our local economy, we focused our efforts on creating stability by offering relief assistance to customers and support to the community. Our teams leveraged technology investments to develop an online application portal that enabled us to secure over $940 million in PPP loans for 6,000 small business customers. We also successfully launched the Aloha for Hawaii Fund, which supported the restaurant industry, and donated $1 million to non-profits for COVID-19 relief. Another $1 million was donated to the Stronger Together Fund to support the 2020 public high school graduates as they transition to the next phase of their lives.”

On July 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 4, 2020 to stockholders of record at the close of business on August 24, 2020.

Second Quarter 2020 Highlights:

Net income of $20.0 million, or $0.15 per diluted share
Total loans and leases increased $383.8 million, or 2.9%, versus prior quarter
Deposits balances increased $2.3 billion, or 13.8% versus the prior quarter
Net interest margin (“NIM”) was 2.58%
Recorded a $55.4 million provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $23.0 billion as of June 30, 2020, compared to $20.8 billion as of March 31, 2020.

Gross loans and leases were $13.8 billion as of June 30, 2020, an increase of $383.8 million, or 2.9%, from $13.4 billion as of March 31, 2020. Loan growth was driven by Paycheck Protection Program (“PPP”) loans, partially offset by declines in other commercial loans, including shared national credits (“SNCs”) and dealer flooring loans.

Total deposits were $19.4 billion as of June 30, 2020, an increase of $2.3 billion, or 13.8%, from $17.0 billion as of March 31, 2020. The increase in deposit balances was due to growth in consumer and commercial deposits, which included a portion of PPP loan proceeds, and an increase in public deposits.

Net Interest Income

Net interest income for the second quarter of 2020 was $127.8 million, a decrease of $10.9 million, or 7.8%, compared to $138.7 million for the prior quarter.

The NIM was 2.58% in the second quarter of 2020, a decrease of 54 basis points compared to 3.12% in the first quarter of 2020. The decline in NIM was due to lower interest rates and excess liquidity.

Provision Expense

During the quarter ended June 30, 2020, the Bank recorded a total provision for credit losses of $55.4 million. In the quarter ended March 31, 2020, the total provision for credit losses was $41.2 million. The provision expense recorded in the first and second quarters was due to expectations for increased credit losses as a result of COVID-19 and its impact on Hawaii’s economy.

Noninterest Income

Noninterest income was $45.7 million in the second quarter of 2020, a decrease of $3.6 million compared to noninterest income of $49.2 million in the first quarter of 2020.


The following information was filed by First Hawaiian, Inc. (FHB) on Friday, July 24, 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-Q Quarterly 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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  • Executive Team
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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 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)
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 - 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)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Fair Value Of Securities (Details)
Investment Securities - Contractual Maturity (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 - 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)
Noninterest Income And Noninterest Expense
Noninterest Income And Noninterest Expense (Details)
Noninterest Income And Noninterest Expense (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Accounting Standards Adopted (Details)
Organization And Basis Of Presentation - Investment Securities (Details)
Organization And Basis Of Presentation - Loans And Leases (Details)
Organization And Basis Of Presentation - Subsidiary Ownership (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)
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, Borrowings And Other Transactions (Details)

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: 0001558370-20-009037
Submitted to the SEC: Mon Aug 03 2020 5:47:04 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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