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First Hawaiian, Inc. (FHB) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Graphic

For Immediate Release

First Hawaiian, Inc. Reports First Quarter 2021 Financial Results and Declares Dividend

HONOLULU, Hawaii April 23, 2021--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2021.

“We had a good first quarter as our teams continued supporting local businesses by originating $459 million of PPP loans. We also experienced strong deposit growth and maintained excellent credit quality,” said Bob Harrison, Chairman, President and CEO. “We are optimistic about the local economy, as the state’s vaccine rollout is well underway and we are seeing a steady increase in visitor arrivals, all positive signs for Hawaii’s economy.”

On April 21, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on June 4, 2021 to stockholders of record at the close of business on May 24, 2021.

First Quarter 2021 Highlights:

Net income of $57.7 million, or $0.44 per diluted share
Total loans and leases increased $21.2 million versus prior quarter
Total deposits increased $906.0 million, or 4.7%, versus prior quarter
Did not record a provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share
Repurchased $9.5 million of stock under share repurchase program

Balance Sheet

Total assets were $23.5 billion as of March 31, 2021, compared to $22.7 billion as of December 31, 2020.

Gross loans and leases were $13.3 billion as of March 31, 2021, unchanged from $13.3 billion as of December 31, 2020.

Total deposits were $20.1 billion as of March 31, 2021, an increase of $906.0 million, or 4.7%, from $19.2 billion as of December 31, 2020.

Net Interest Income

Net interest income for the first quarter of 2021 was $129.2 million, a decrease of $6.1 million, or 4.5%, compared to $135.2 million for the prior quarter.

The NIM was 2.55% in the first quarter of 2021, a decrease of 16 basis points compared to 2.71% in the fourth quarter of 2020.

Provision Expense

During the quarter ended March 31, 2021, the Bank did not record a provision for credit losses. In the quarter ended December 31, 2020, the total provision for credit losses was $20.0 million.

Noninterest Income

Noninterest income was $43.9 million in the first quarter of 2021, a decrease of $9.7 million compared to noninterest income of $53.6 million in the fourth quarter of 2020.

Noninterest Expense

Noninterest expense was $96.3 million in the first quarter of 2021, an increase of $8.2 million compared to noninterest expense of $88.1 million in the fourth quarter of 2020.

The efficiency ratio was 55.5% and 46.6% for the quarters ended March 31, 2021 and December 31, 2020, respectively.

Taxes

The effective tax rate was 24.8% for the quarter ended March 31, 2021 and 23.5% for the quarter ended December 31, 2020.


The following information was filed by First Hawaiian, Inc. (FHB) on Friday, April 23, 2021 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 2021 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 Flows
Consolidated Statements Of Comprehensive (Loss) 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 - 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 - 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 - Amortized Cost And Fair Value, By Contractual Maturity (Details)
Investment Securities - Pledged Securities And Concentration Narrative (Details)
Investment Securities - Proceeds From Calls And Sales, Realized Gains And Losses And Interest Income Narrative (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 - Basis Of Presentation (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)
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: 0001558370-21-005577
Submitted to the SEC: Mon May 03 2021 7:19:04 PM EST
Accepted by the SEC: Tue May 04 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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