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First Hawaiian, Inc. (FHB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

Graphic

For Immediate Release

First Hawaiian, Inc. Reports Second Quarter 2022 Financial Results and Declares Dividend

HONOLULU, Hawaii July 29, 2022--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2022.

“I’m pleased to report that we had a very strong second quarter as the bank continued to perform well,” said Bob Harrison, Chairman, President and CEO. “We had good loan and deposit growth, credit quality remained excellent, and we successfully converted to our new core operating system.”

On July 27, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 2, 2022 to stockholders of record at the close of business on August 22, 2022.

Second Quarter 2022 Highlights:

Net income of $59.4 million, or $0.46 per diluted share
Total loans and leases increased $371.0 million versus prior quarter.
Total deposits increased $331.0 million versus prior quarter
Net interest margin increased 18 basis points to 2.60%
Recorded a $1.0 million provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $25.4 billion as of June 30, 2022, compared to $25.0 billion as of March 31, 2022.

Gross loans and leases were $13.3 billion as of June 30, 2022, an increase of $371.0 million, or 2.9%, from $12.9 billion as of March 31, 2022.

Total deposits were $22.6 billion as of June 30, 2022, an increase of $331.0 million, or 1.5%, from $22.3 billion as of March 31, 2022.

Net Interest Income

Net interest income for the second quarter of 2022 was $145.1 million, an increase of $11.3 million, or 8.4%, compared to $133.9 million for the prior quarter.

The net interest margin was 2.60% in the second quarter of 2022, an increase of 18 basis points compared to 2.42% in the prior quarter.

Provision Expense

During the quarter ended June 30, 2022, we recorded a $1.0 million provision for credit losses. In the quarter ended March 31, 2022, we recorded a $5.7 million negative provision for credit losses.

Noninterest Income

Noninterest income was $44.1 million in the second quarter of 2022, an increase of $2.7 million compared to noninterest income of $41.4 million in the prior quarter.

Noninterest Expense

Noninterest expense was $109.2 million in the second quarter of 2022, an increase of $5.1 million compared to noninterest expense of $104.0 million in the prior quarter.

The efficiency ratio was 57.3% and 59.0% for the quarters ended June 30, 2022 and March 31, 2022, respectively.

Taxes

The effective tax rate was 25.0% for the quarters ended June 30, 2022 and March 31, 2022.


The following information was filed by First Hawaiian, Inc. (FHB) on Friday, July 29, 2022 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 2022 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
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes (Details)
Accumulated Other Comprehensive 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 - Rollforward Of The 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 And Cash Flow Hedges (Details)
Derivative Financial Instruments - Free-Standing (Details)
Derivative Financial Instruments - Gains And Losses Recognized In Income, Fair Value Hedges (Details)
Derivative Financial Instruments - Notional Amounts And Fair Values (Details)
Derivative Financial Instruments - Visa Class B Restricted Shares (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)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Components (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Changes In Amortized Msrs (Details)
Mortgage Servicing Rights - Estimated Future Amortization Expenses (Details)
Mortgage Servicing Rights - Quantitative Assumptions Used For Msrs (Details)
Noninterest Income And Noninterest Expense
Noninterest Income And Noninterest Expense (Tables)
Noninterest Income And Noninterest Expense - Leases (Details)
Noninterest Income And Noninterest Expense - Net Periodic Benefit Cost (Details)
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: 0001558370-22-012636
Submitted to the SEC: Mon Aug 08 2022 4:23:58 PM EST
Accepted by the SEC: Mon Aug 08 2022
Period: Thursday, June 30, 2022
Industry: State Commercial Banks

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