0001558370-21-005577 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 20, 2021
Cover page
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-14585
Entity Registrant Name	FIRST HAWAIIAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0156159
Entity Address, Address Line One	999 Bishop Street, 29th Floor
Entity Address, City or Town	Honolulu
Entity Address, Postal Zip Code	96813
Local Phone Number	525-7000
City Area Code	808
Title of 12(b) Security	Common Stock
Trading Symbol	FHB
Security Exchange Name	NASDAQ
Entity Address, State or Province	HI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,371,311
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000036377
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Interest income
Loans and lease financing	$ 110,939	$ 134,971
Available-for-sale securities	23,146	21,210
Other	491	2,351
Total interest income	134,576	158,532
Interest expense
Deposits	4,056	15,600
Short-term and long-term borrowings	1,362	4,249
Total interest expense	5,418	19,849
Net interest income	129,158	138,683
Provision for credit losses		41,200
Net interest income after provision for credit losses	129,158	97,483
Noninterest income
Service charges on deposit accounts	6,718	8,950
Credit and debit card fees	14,551	14,949
Other service charges and fees	8,846	8,539
Trust and investment services income	8,492	9,591
Bank-owned life insurance	2,389	2,260
Investment securities gains, net		85
Other	2,872	4,854
Total noninterest income	43,868	49,228
Noninterest expense
Salaries and employee benefits	43,936	44,829
Contracted services and professional fees	17,188	16,055
Occupancy	7,170	7,243
Equipment	5,491	4,708
Regulatory assessment and fees	2,034	1,946
Advertising and marketing	1,591	1,823
Card rewards program	4,835	7,015
Other	14,061	12,847
Total noninterest expense	96,306	96,466
Income before provision for income taxes	76,720	50,245
Provision for income taxes	19,027	11,380
Net income	$ 57,693	$ 38,865
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.44	$ 0.30
Basic weighted-average outstanding shares (in shares)	129,933,104	129,895,706
Diluted weighted-average outstanding shares (in shares)	130,589,878	130,351,585

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net income	$ 57,693	$ 38,865
Other comprehensive (loss) income, net of tax:
Net change in pensions and other benefits		(96)
Net change in investment securities	(75,039)	35,974
Other comprehensive (loss) income	(75,039)	35,878
Total comprehensive (loss) income	$ (17,346)	$ 74,743

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 278,994	$ 303,373
Interest-bearing deposits in other banks	983,816	737,571
Investment securities, at fair value (amortized cost: $6,708,431 as of March 31, 2021 and $5,985,031 as of December 31, 2020)	6,692,479	6,071,415
Loans held for sale	9,390	11,579
Total Loans and Leases	13,300,289	13,279,097
Less: allowance for credit losses	200,366	208,454
Net loans and leases	13,099,923	13,070,643
Premises and equipment, net	319,949	322,401
Accrued interest receivable	69,879	69,626
Bank-owned life insurance	468,927	466,537
Goodwill	995,492	995,492
Mortgage servicing rights	10,869	10,731
Other assets	567,878	603,463
Total assets	23,497,596	22,662,831
Deposits:
Interest-bearing	11,958,606	11,705,609
Noninterest-bearing	8,175,075	7,522,114
Total deposits	20,133,681	19,227,723
Long-term borrowings	200,010	200,010
Retirement benefits payable	143,736	143,373
Other liabilities	336,539	347,621
Total liabilities	20,813,966	19,918,727
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,455,180 / 129,749,890 as of March 31, 2021; issued/outstanding: 140,191,133 / 129,912,272 as of December 31, 2020)	1,405	1,402
Additional paid-in capital	2,517,048	2,514,014
Retained earnings	497,418	473,974
Accumulated other comprehensive (loss) income, net	(43,435)	31,604
Treasury stock (10,705,290 shares as of March 31, 2021 and 10,278,861 shares as of December 31, 2020)	(288,806)	(276,890)
Total stockholders' equity	2,683,630	2,744,104
Total liabilities and stockholders' equity	$ 23,497,596	$ 22,662,831

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Amortized Cost	$ 6,708,431	$ 5,985,031
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	140,455,180	140,191,133
Common stock outstanding (in shares)	129,749,890	129,912,272
Treasury stock (in shares)	10,705,290	10,278,861

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings Cumulative-effect adjustment	Retained Earnings	Accumulated other comprehensive Income (loss)	Treasury Stock	Cumulative-effect adjustment	Total
Balance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments) at Dec. 31, 2019			$ (12,517)				$ (12,517)
Balance at Dec. 31, 2019	$ 1,399	$ 2,503,677		$ 437,072	$ (31,749)	$ (270,141)		$ 2,640,258
Balance (in shares) at Dec. 31, 2019	129,928,479
Increase (Decrease) in Stockholders' Equity
Net income				38,865				38,865
Cash dividends declared				(33,782)				(33,782)
Equity-based awards	$ 2	2,800		(315)		(1,504)		983
Equity-based awards (in shares)	117,248
Common stock repurchased						(5,000)		(5,000)
Common stock repurchased (in shares)	(217,759)
Other comprehensive income (loss), net of tax					35,878			35,878
Balance at Mar. 31, 2020	$ 1,401	2,506,477		429,323	4,129	(276,645)		2,664,685
Balance (in shares) at Mar. 31, 2020	129,827,968
Balance at Dec. 31, 2020	$ 1,402	2,514,014		473,974	31,604	(276,890)		$ 2,744,104
Balance (in shares) at Dec. 31, 2020	129,912,272							129,912,272
Increase (Decrease) in Stockholders' Equity
Net income				57,693				$ 57,693
Cash dividends declared				(33,812)				(33,812)
Equity-based awards	$ 3	3,034		(437)		(2,373)		227
Equity-based awards (in shares)	170,082
Common stock repurchased						(9,543)		(9,543)
Common stock repurchased (in shares)	(332,464)
Other comprehensive income (loss), net of tax					(75,039)			(75,039)
Balance at Mar. 31, 2021	$ 1,405	$ 2,517,048		$ 497,418	$ (43,435)	$ (288,806)		$ 2,683,630
Balance (in shares) at Mar. 31, 2021	129,749,890							129,749,890

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends declared (in dollars per share)	$ 0.26	$ 0.26

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 57,693	$ 38,865
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses		41,200
Depreciation, amortization and accretion, net	13,643	17,121
Deferred income tax provision	355	6,624
Stock-based compensation	3,037	2,802
Other losses (gains)	1,090	(15)
Originations of loans held for sale	(61,552)	(41,062)
Proceeds from sales of loans held for sale	67,067	35,435
Net gains on sales of loans originated for investment and held for sale	(1,486)	(2,459)
Net gains on investment securities		(85)
Change in assets and liabilities:
Net decrease (increase) in other assets	27,030	(22,164)
Net increase (decrease) in other liabilities	47,323	(128,111)
Net cash provided by (used in) operating activities	154,200	(51,849)
Available-for-sale securities:
Proceeds from maturities and principal repayments	448,655	259,447
Proceeds from calls and sales	145	78,472
Purchases	(1,178,760)	(272,324)
Other investments:
Proceeds from sales	2,404	8,492
Purchases	(14,515)	(9,196)
Loans:
Net increase in loans and leases resulting from originations and principal repayments	(45,193)	(276,113)
Proceeds from sales of loans originated for investment	220	132,011
Purchases of loans	(558)	(30,244)
Proceeds from bank-owned life insurance		906
Purchases of premises, equipment and software	(3,791)	(14,728)
Proceeds from sales of premises and equipment		185
Proceeds from sales of other real estate owned		69
Other	(1,171)	(1,035)
Net cash used in investing activities	(792,564)	(124,058)
Cash flows from financing activities
Net increase in deposits	905,958	575,008
Dividends paid	(33,812)	(33,782)
Stock tendered for payment of withholding taxes	(2,373)	(1,504)
Common stock repurchased	(9,543)	(5,000)
Net cash provided by financing activities	860,230	534,722
Net increase in cash and cash equivalents	221,866	358,815
Cash and cash equivalents at beginning of period	1,040,944	694,017
Cash and cash equivalents at end of period	1,262,810	1,052,832
Supplemental disclosures
Interest paid	8,894	24,163
Income taxes paid, net of income tax refunds	981	5,165
Noncash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	6,864
Transfers from loans and leases to loans held for sale	$ 1,840	$ 131,201

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization and Basis of Presentation.

Organization and Basis of Presentation

1. Organization and Basis of Presentation

First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers.

The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.

Accounting Standards Adopted in 2021

In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. Prior to the adoption of ASU No. 2020-08, previous guidance shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities to the earliest call date. The guidance in ASU No. 2020-08 changes the amortization period so that an entity shall amortize the premium to the next call date. The Company adopted the provisions of ASU No. 2020-08 on January 1, 2021 and it did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

There were no ASUs issued by the FASB that were applicable to the Company in future reporting periods.

Investment Securities

3 Months Ended

Mar. 31, 2021

Investment Securities

Investment Securities

2. Investment Securities

As of March 31, 2021 and December 31, 2020, investment securities consisted predominantly of the following investment categories:

U.S. Treasury and debt securities – includes U.S. Treasury notes and debt securities issued by government agencies.

Mortgage-backed securities – includes securities backed by notes or receivables secured by mortgage assets with cash flows based on actual or scheduled payments.

Collateralized mortgage obligations – includes securities backed by a pool of mortgages with cash flows distributed based on certain rules rather than pass through payments.

As of March 31, 2021 and December 31, 2020, all of the Company’s investment securities were classified as available-for-sale. Amortized cost and fair value of securities as of March 31, 2021 and December 31, 2020 were as follows:


	March 31, 2021								December 31, 2020
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	177,745	$	447	$	(2,468)	$	175,724	$	170,123	$	1,359	$	(61)	$	171,421
Mortgage-backed securities:
Residential - Government agency		129,908		3,986		—		133,894		155,169		5,293		—		160,462
Residential - Government-sponsored enterprises		797,426		10,867		(7,373)		800,920		434,282		13,643		(725)		447,200
Commercial - Government agency		523,293		8,068		(3,845)		527,516		583,232		16,537		(119)		599,650
Commercial - Government-sponsored enterprises		1,180,034		1,676		(47,535)		1,134,175		931,095		9,045		(7,983)		932,157
Collateralized mortgage obligations:
Government agency		1,818,181		29,899		(2,982)		1,845,098		1,902,326		32,246		(1,019)		1,933,553
Government-sponsored enterprises		2,081,844		15,537		(22,229)		2,075,152		1,808,804		18,991		(823)		1,826,972
Total available-for-sale securities	$	6,708,431	$	70,480	$	(86,432)	$	6,692,479	$	5,985,031	$	97,114	$	(10,730)	$	6,071,415

Accrued interest receivable related to available-for-sale investment securities was $11.3 million and $10.6 million as of March 31, 2021 and December 31, 2020, respectively, and is recorded separately from the amortized cost basis of investment securities on the Company’s interim consolidated balance sheets.

Proceeds from calls and sales of investment securities were $0.1 million and nil for the three months ended March 31, 2021, respectively. Proceeds from calls and sales of investment securities were $75.0 million and $3.5 million, respectively, for the three months ended March 31, 2020. The Company recorded gross realized gains of nil and gross realized losses of nil for the three months ended March 31, 2021. The Company recorded gross realized gains of $0.1 million and gross realized losses of nil for the three months ended March 31, 2020. The income tax benefit related to the Company’s net realized loss on the sale of investment securities was nil during the three months ended March 31, 2021. The income tax expense related to the net realized gains on the sale of investment securities was nil for the three months ended March 31, 2020. Gains and losses realized on sales of securities are determined using the specific identification method.

Interest income from taxable investment securities was $22.1 million and $21.2 million, respectively, for the three months ended March 31, 2021 and 2020. Interest income from non-taxable investment securities was $1.0 million and nil, respectively, during the three months ended March 31, 2021 and 2020.

The amortized cost and fair value of debt securities issued by the U.S. Treasury and government agencies as of March 31, 2021, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations.


	March 31, 2021
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	—	$	—
Due after one year through five years		41,513		41,878
Due after five years through ten years		83,988		83,461
Due after ten years		52,244		50,385
		177,745		175,724

Mortgage-backed securities:
Residential - Government agency		129,908		133,894
Residential - Government-sponsored enterprises		797,426		800,920
Commercial - Government agency		523,293		527,516
Commercial - Government-sponsored enterprises		1,180,034		1,134,175
Total mortgage-backed securities		2,630,661		2,596,505
Collateralized mortgage obligations:
Government agency		1,818,181		1,845,098
Government-sponsored enterprises		2,081,844		2,075,152
Total collateralized mortgage obligations		3,900,025		3,920,250
Total available-for-sale securities	$	6,708,431	$	6,692,479

At March 31, 2021, pledged securities totaled $2.6 billion, of which $2.4 billion was pledged to secure public deposits and $184.2 million was pledged to secure other financial transactions. At December 31, 2020, pledged securities totaled $2.4 billion, of which $2.3 billion was pledged to secure public deposits and $186.1 million was pledged to secure other financial transactions.

The Company held no securities of any single issuer, other than debt securities issued by the U.S. government, government agencies and government-sponsored enterprises, taken in the aggregate, which were in excess of 10% of stockholders’ equity as of March 31, 2021 or December 31, 2020.

The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 145 and 50 individual securities in each category have been in a continuous loss position as of March 31, 2021 and December 31, 2020, respectively. The unrealized losses on investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities.

Time in Continuous Loss as of March 31, 2021

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

(2,468)

121,457

—

(2,468)

121,457

Mortgage-backed securities:

Residential - Government-sponsored enterprises

(7,373)

511,463

—

(7,373)

511,463

Commercial - Government agency

(3,845)

248,776

—

(3,845)

248,776

Commercial - Government-sponsored enterprises

(47,535)

898,725

—

(47,535)

898,725

Collateralized mortgage obligations:

Government agency

(2,974)

370,875

(8)

5,020

(2,982)

375,895

Government-sponsored enterprises

(22,229)

1,036,086

—

(22,229)

1,036,086

Total available-for-sale securities with unrealized losses

(86,424)

3,187,382

(8)

5,020

(86,432)

3,192,402


	Time in Continuous Loss as of December 31, 2020
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(61)	$	38,507	$	—	$	—	$	(61)	$	38,507
Mortgage-backed securities:
Residential - Government-sponsored enterprises		(725)		64,987		—		—		(725)		64,987
Commercial - Government agency		(119)		32,346		—		—		(119)		32,346
Commercial - Government-sponsored enterprises		(7,983)		427,759		—		—		(7,983)		427,759
Collateralized mortgage obligations:
Government agency		(994)		209,124		(25)		6,190		(1,019)		215,314
Government-sponsored enterprises		(823)		296,160		—		—		(823)		296,160
Total available-for-sale securities with unrealized losses	$	(10,705)	$	1,068,883	$	(25)	$	6,190	$	(10,730)	$	1,075,073

At March 31, 2021 and December 31, 2020, the Company did not have any securities with the intent to sell and determined it was more likely than not that the Company would not be required to sell the securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining securities in an unrealized loss position as of March 31, 2021 and December 31, 2020, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of March 31, 2021 and December 31, 2020, the Company did not expect any credit losses in its debt securities and no credit losses were recognized on securities during the three months ended March 31, 2021 and for the year ended December 31, 2020.

As of March 31, 2021 and December 31, 2020, the Company’s available-for-sale investment securities were comprised entirely of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government and its agencies. Management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero. The Company’s available-for-sale investment securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Thus, the Company has not recorded an allowance for credit losses for its available-for-sale debt securities as of March 31, 2021 and December 31, 2020.

Visa Class B Restricted Shares

In 2008, the Company received 394,000 Visa Class B restricted shares as part of Visa’s IPO. Visa Class B restricted shares are not currently convertible to publicly traded Visa Class A common shares, and only transferable in limited circumstances, until the settlement of certain litigation which are indemnified by Visa members, including the Company. As there are existing transfer restrictions and the outcome of the aforementioned litigation is uncertain, these shares were included in the consolidated balance sheets at their historical cost of $0.

In 2016, the Company recorded a $22.7 million net realized gain related to the sale of 274,000 Visa Class B restricted shares. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. On June 28, 2018, Visa additionally funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares. Accordingly, on July 5, 2018, Visa announced a decrease in conversion rate from 1.6483 to 1.6298, effective June 28, 2018. In July 2018, the Company made a payment of approximately $0.7 million to the buyer as a result of the reduction in the Visa Class B conversion rate. On September 27, 2019, Visa additionally funded its litigation escrow account, thereby further reducing each member bank’s Class B conversion rate to unrestricted Class A common shares. Accordingly, on September 30, 2019, Visa announced a decrease in conversion rate from 1.6298 to 1.6228, effective September 27, 2019. In October 2019, the Company made a payment of approximately $0.3 million to the buyer as a result of the reduction in the Visa Class B conversion rate. See “Note 11. Derivative Financial Instruments” for more information.

The Company held approximately 120,000 Visa Class B restricted shares as of both March 31, 2021 and December 31, 2020. These shares continued to be carried at $0 cost basis as of both March 31, 2021 and December 31, 2020.

Loans and Leases

3 Months Ended

Mar. 31, 2021

Loans and Leases.

Loans and Leases

3. Loans and Leases

As of March 31, 2021 and December 31, 2020, loans and leases were comprised of the following:


	March 31,		December 31,
(dollars in thousands)	2021		2020
Commercial and industrial	$	3,121,436	$	3,019,507
Commercial real estate		3,396,233		3,392,676
Construction		739,271		735,819
Residential:
Residential mortgage		3,715,676		3,690,218
Home equity line		805,746		841,624
Total residential		4,521,422		4,531,842
Consumer		1,283,779		1,353,842
Lease financing		238,148		245,411
Total loans and leases	$	13,300,289	$	13,279,097

Outstanding loan balances are reported net of deferred loan costs and fees of $16.8 million and $26.1 million at March 31, 2021 and December 31, 2020, respectively.

Accrued interest receivable related to loans and leases was $58.6 million and $59.0 million as of March 31, 2021 and December 31, 2020, respectively, and is recorded separately from the amortized cost basis of loans and leases on the Company’s unaudited interim consolidated balance sheets.

As of both March 31, 2021 and December 31, 2020, residential real estate loans totaling $2.9 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Home Loan Bank of Des Moines (“FHLB”), and consumer, commercial and industrial, commercial real estate and residential real estate loans totaling $1.9 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Reserve Bank of San Francisco (“FRB”). Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $2.8 million and $2.3 million as of March 31, 2021 and December 31, 2020, respectively.

In the course of evaluating the credit risk presented by a customer and the pricing that will adequately compensate the Company for assuming that risk, management may require a certain amount of collateral support. The type of collateral held varies, but may include accounts receivable, inventory, land, buildings, equipment, income-producing commercial properties and residential real estate. The Company applies the same collateral policy for loans whether they are funded immediately or on a delayed basis. The loan and lease portfolio is principally located in Hawaii and, to a lesser extent, on the U.S. Mainland, Guam and Saipan. The risk inherent in the portfolio depends upon both the economic strength and stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers.

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2021

Allowance for Credit Losses

Allowance for Credit Losses

4. Allowance for Credit Losses

The Company maintains the allowance for credit losses for loans and leases (the “ACL”) that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of loans and leases.

The Company also maintains an estimated reserve for unfunded commitments on the unaudited interim consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the off-balance sheet financial instruments expire, loan funding occurs, or is otherwise settled.

In response to the COVID-19 pandemic, on March 27, 2020, the CARES Act was signed into law. The CARES Act creates a forbearance program for federally backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings (“TDRs”) for a limited period of time to account for the effects of COVID-19. Financial institutions accounting for eligible loans under the CARES Act are not required to report such loans as TDRs in accordance with GAAP. In addition, Interagency Statements were issued on March 22, 2020 and April 7, 2020 to encourage financial institutions to work prudently with borrowers and to describe the agencies’ interpretation of how current accounting rules under GAAP apply to certain COVID-19 related modifications. The agencies confirmed with the FASB that short-term modifications (e.g., six months or less) for payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant and made on a good faith basis in response to borrowers impacted by COVID-19 who were current prior to any relief are not TDRs under GAAP. The agencies also confirmed that these short-term modifications should not be reported as being on nonaccrual status and should not be considered past due during the period of the deferral. The Company has adopted the provisions of both the CARES Act and Interagency Statements. The Company is first applying the CARES Act guidance in determining if certain loan modifications are not required to be reported as TDRs. If the loan modification does not qualify under the CARES Act, then the Interagency Statement guidance is applied. On December 27, 2020, the Consolidated Appropriations Act – 2021 (the “CAA”) was signed into law, which extends the temporary relief from TDR reporting through the earlier of (1) January 1, 2022, or (2) 60 days after the date on which the national emergency concerning COVID-19 terminates. The interim consolidated financial information below reflects the application of this guidance.

Rollforward of the Allowance for Credit Losses

The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2021 and 2020:

Three Months Ended March 31, 2021

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of period

24,711

58,123

10,039

3,298

40,461

7,163

64,659

208,454

Charge-offs

(963)

(66)

—

(98)

—

(6,541)

(7,668)

Recoveries

215

166

—

2,655

3,080

Increase (decrease) in Provision

3,359

(6,369)

347

(101)

(1,909)

(519)

1,692

(3,500)

Balance at end of period

27,322

51,691

10,552

3,197

38,471

6,668

62,465

200,366


	Three Months Ended March 31, 2020
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of period	$	28,975	$	22,325	$	4,844	$	424	$	29,303	$	9,876	$	34,644	$	139	$	130,530
Adoption of ASU No. 2016-13		(16,105)		10,559		(1,803)		207		(2,793)		(4,731)		15,575		(139)		770
Charge-offs		(201)		—		—		—		—		(8)		(8,597)		—		(8,806)
Recoveries		220		—		110		—		135		122		2,083		—		2,670
Increase in Provision		7,995		9,954		5,673		220		3,376		1,297		12,334		—		40,849
Balance at end of period	$	20,884	$	42,838	$	8,824	$	851	$	30,021	$	6,556	$	56,039	$	—	$	166,013

Rollforward of the Reserve for Unfunded Commitments

The following presents the activity in the Reserve for Unfunded Commitments for the three months ended March 31, 2021 and 2020:

Three Months Ended March 31, 2021

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

11,719

1,328

9,037

—

8,452

30,603

Increase (decrease) in Provision

4,410

(216)

(724)

—

(2)

(16)

3,500

Balance at end of period

16,129

1,112

8,313

—

8,500

34,103

Three Months Ended March 31, 2020

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

—

600

Adoption of ASU No. 2016-13

5,390

778

4,119

—

6,587

(581)

16,300

Increase (decrease) in Provision

(599)

(82)

694

—

(6)

340

351

Balance at end of period

4,791

696

4,813

—

6,927

17,251

Credit Quality Information

The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses.

Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans and leases deemed to be of potentially higher risk.

An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment.

Pass – “Pass” (uncriticized) loans and leases, are not considered to carry greater than normal risk. The borrower has the apparent ability to satisfy obligations to the Company, and therefore no loss in ultimate collection is anticipated.

Special Mention – Loans and leases that have potential weaknesses deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for assets or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard – Loans and leases that are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans and leases so classified must have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the distinct possibility that the bank may sustain some loss if the deficiencies are not corrected.

Doubtful – Loans and leases that have weaknesses found in substandard borrowers with the added provision that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases classified as loss are considered uncollectible and of such little value that their continuance as an asset is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

Loans that are primarily monitored for credit quality using FICO scores include: residential mortgage loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2021 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2021

2020

2019

2018

2017

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

495,898

781,914

315,190

152,290

51,136

218,781

785,046

27,922

2,828,177

Special Mention

—

17,608

10,957

19,751

1,930

5,373

66,867

607

123,093

Substandard

—

23,098

2,808

16,913

584

12,048

28,361

1,367

85,179

Other ⁽¹⁾

3,252

9,848

11,793

7,889

4,362

1,496

46,347

—

84,987

Total Commercial and Industrial

499,150

832,468

340,748

196,843

58,012

237,698

926,621

29,896

3,121,436

Commercial Real Estate

Risk rating:

Pass

41,958

346,445

613,930

556,954

454,433

1,104,669

51,280

3,169,677

Special Mention

—

1,491

58,763

14,518

33,401

64,971

—

173,144

Substandard

—

346

—

14,751

3,740

26,082

8,004

—

52,923

Other ⁽¹⁾

—

489

—

489

Total Commercial Real Estate

41,958

348,282

672,693

586,223

491,574

1,196,211

59,284

3,396,233

Construction

Risk rating:

Pass

32,201

73,512

260,522

162,052

58,537

63,624

24,043

—

674,491

Special Mention

—

507

706

4,429

9,172

—

14,814

Substandard

—

536

—

1,478

—

2,014

Other ⁽¹⁾

5,410

16,755

9,924

7,588

3,655

4,040

580

—

47,952

Total Construction

37,611

90,267

270,953

170,882

66,621

78,314

24,623

—

739,271

Lease Financing

Risk rating:

Pass

6,487

73,461

58,375

12,521

16,410

60,734

—

227,988

Special Mention

566

334

843

286

1,223

599

—

3,851

Substandard

—

2,714

1,673

293

1,107

522

—

6,309

Total Lease Financing

7,053

76,509

60,891

13,100

18,740

61,855

—

238,148

Total Commercial Lending

585,772

1,347,526

1,345,285

967,048

634,947

1,574,078

1,010,528

29,904

7,495,088

(continued)

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2021

2020

2019

2018

2017

Prior

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

269,847

698,143

355,459

261,304

320,423

1,031,922

—

2,937,098

680 - 739

32,425

83,210

51,384

41,764

48,039

168,279

—

425,101

620 - 679

4,220

15,727

7,626

11,214

9,310

49,018

—

97,115

550 - 619

—

1,945

2,810

2,906

14,044

—

21,705

Less than 550

—

854

602

2,914

2,673

—

7,043

No Score ⁽³⁾

4,599

12,498

17,761

21,197

19,972

55,404

—

131,431

Other ⁽²⁾

5,767

20,213

13,584

13,754

20,607

21,516

580

162

96,183

Total Residential Mortgage

316,858

829,791

448,613

352,645

424,171

1,342,856

580

162

3,715,676

Home Equity Line

FICO:

740 and greater

—

589,662

2,108

591,770

680 - 739

—

149,384

3,537

152,921

620 - 679

—

37,325

1,432

38,757

550 - 619

—

12,870

1,419

14,289

Less than 550

—

3,641

359

4,000

No Score ⁽³⁾

—

4,009

—

4,009

Total Home Equity Line

—

796,891

8,855

805,746

Total Residential Lending

316,858

829,791

448,613

352,645

424,171

1,342,856

797,471

9,017

4,521,422

Consumer Lending

FICO:

740 and greater

37,038

105,809

109,925

86,146

44,909

22,098

107,725

266

513,916

680 - 739

19,163

79,376

82,058

58,077

31,081

16,370

72,053

774

358,952

620 - 679

6,167

38,079

44,459

30,055

21,453

11,715

33,935

1,213

187,076

550 - 619

337

8,215

18,414

15,800

13,267

8,437

11,582

1,364

77,416

Less than 550

2,644

8,907

7,785

5,711

3,445

4,181

719

33,480

No Score ⁽³⁾

955

354

32,161

411

34,143

Other ⁽²⁾

—

376

1,774

2,183

6,748

67,649

—

78,796

Total Consumer Lending

63,748

234,853

265,636

197,986

118,703

68,820

329,286

4,747

1,283,779

Total Loans and Leases

966,378

2,412,170

2,059,534

1,517,679

1,177,821

2,985,754

2,137,285

43,668

13,300,289

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2020 was as follows:


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	873,639	$	324,030	$	183,329	$	73,000	$	49,886	$	94,360	$	1,058,786	$	28,853	$	2,685,883
Special Mention		20,937		10,370		20,164		2,099		279		8,316		101,183		1,549		164,897
Substandard		23,804		2,023		2,568		677		4,063		8,113		33,775		250		75,273
Other ⁽¹⁾		13,142		13,426		9,246		5,337		1,867		280		50,156		—		93,454
Total Commercial and Industrial		931,522		349,849		215,307		81,113		56,095		111,069		1,243,900		30,652		3,019,507

Commercial Real Estate
Risk rating:
Pass		342,845		611,243		541,104		447,366		295,426		814,398		47,604		323		3,100,309
Special Mention		1,500		63,617		26,187		33,482		37,841		61,279		2,999		—		226,905
Substandard		29		3,964		18,983		3,779		10,615		18,083		9,511		—		64,964
Other ⁽¹⁾		—		—		—		—		—		498		—		—		498
Total Commercial Real Estate		344,374		678,824		586,274		484,627		343,882		894,258		60,114		323		3,392,676

Construction
Risk rating:
Pass		53,931		233,730		202,808		83,792		23,171		41,536		28,386		—		667,354
Special Mention		—		508		707		4,717		—		9,172		—		—		15,104
Substandard		—		—		541		1,840		521		989		—		—		3,891
Other ⁽¹⁾		16,578		16,393		7,775		3,685		1,800		2,656		583		—		49,470
Total Construction		70,509		250,631		211,831		94,034		25,492		54,353		28,969		—		735,819

Lease Financing
Risk rating:
Pass		79,064		60,717		13,669		17,207		3,010		61,266		—		—		234,933
Special Mention		950		892		311		1,300		351		295		—		—		4,099
Substandard		2,708		1,677		327		1,141		—		526		—		—		6,379
Total Lease Financing		82,722		63,286		14,307		19,648		3,361		62,087		—		—		245,411

Total Commercial Lending	$	1,429,127	$	1,342,590	$	1,027,719	$	679,422	$	428,830	$	1,121,767	$	1,332,983	$	30,975	$	7,393,413

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	728,807	$	384,248	$	290,484	$	361,297	$	314,971	$	830,795	$	—	$	—	$	2,910,602
680 - 739		85,151		53,090		44,616		50,703		39,230		144,537		—		—		417,327
620 - 679		15,767		7,604		11,460		9,628		7,982		43,393		—		—		95,834
550 - 619		—		1,971		2,818		2,920		4,474		10,144		—		—		22,327
Less than 550		—		861		593		2,916		594		2,138		—		—		7,102
No Score ⁽³⁾		13,823		18,861		21,214		21,821		14,355		45,147		—		—		135,221
Other ⁽²⁾		21,011		15,860		18,540		22,677		9,550		13,426		578		163		101,805
Total Residential Mortgage		864,559		482,495		389,725		471,962		391,156		1,089,580		578		163		3,690,218

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		608,282		2,163		610,445
680 - 739		—		—		—		—		—		—		159,886		3,155		163,041
620 - 679		—		—		—		—		—		—		44,005		1,571		45,576
550 - 619		—		—		—		—		—		—		11,644		884		12,528
Less than 550		—		—		—		—		—		—		5,159		330		5,489
No Score ⁽³⁾		—		—		—		—		—		—		4,545		—		4,545
Total Home Equity Line		—		—		—		—		—		—		833,521		8,103		841,624
Total Residential Lending		864,559		482,495		389,725		471,962		391,156		1,089,580		834,099		8,266		4,531,842

Consumer Lending
FICO:
740 and greater		113,373		122,965		99,678		54,691		24,029		6,034		114,748		275		535,793
680 - 739		83,316		90,853		66,143		36,426		16,358		4,985		76,391		773		375,245
620 - 679		40,469		48,904		33,917		24,705		11,144		3,788		36,622		1,221		200,770
550 - 619		9,125		20,274		17,693		15,126		7,825		2,883		12,980		1,458		87,364
Less than 550		3,017		10,139		9,189		6,517		3,123		1,118		5,261		799		39,163
No Score ⁽³⁾		339		103		64		109		10		—		33,854		356		34,835
Other ⁽²⁾		380		1,890		73		2,214		45		6,768		69,302		—		80,672
Total Consumer Lending		250,019		295,128		226,757		139,788		62,534		25,576		349,158		4,882		1,353,842

Total Loans and Leases	$	2,543,705	$	2,120,213	$	1,644,201	$	1,291,172	$	882,520	$	2,236,923	$	2,516,240	$	44,123	$	13,279,097

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

There were no loans and leases graded as Loss as of March 31, 2021 and December 31, 2020.

The amortized cost basis of revolving loans that were converted to term loans during the three months ended March 31, 2021 and 2020 was as follows:


	Three Months Ended
(dollars in thousands)	March 31, 2021
Commercial and industrial	$	229
Home equity line		1,079
Consumer		493
Total Revolving Loans Converted to Term Loans During the Period	$	1,801


	Three Months Ended
(dollars in thousands)	March 31, 2020
Commercial and industrial	$	28,228
Residential mortgage		296
Total Revolving Loans Converted to Term Loans During the Period	$	28,524

Past-Due Status

The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of March 31, 2021 and December 31, 2020, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows:

March 31, 2021

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

4,710

786

1,751

7,247

3,114,189

3,121,436

1,365

Commercial real estate

1,727

443

1,990

4,160

3,392,073

3,396,233

1,054

Construction

1,383

—

668

2,051

737,220

739,271

Lease financing

—

238,148

—

Residential mortgage

11,659

904

3,152

15,715

3,699,961

3,715,676

—

Home equity line

1,744

126

4,975

6,845

798,901

805,746

4,975

Consumer

10,611

2,282

2,024

14,917

1,268,862

1,283,779

2,024

Total

31,834

4,541

14,560

50,935

13,249,354

13,300,289

9,507


	December 31, 2020
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,585	$	604	$	2,626	$	5,815	$	3,013,692	$	3,019,507	$	2,108
Commercial real estate		75		2,568		963		3,606		3,389,070		3,392,676		882
Construction		779		376		2,137		3,292		732,527		735,819		93
Lease financing		—		—		—		—		245,411		245,411		—
Residential mortgage		3,382		4,125		3,372		10,879		3,679,339		3,690,218		—
Home equity line		1,375		743		4,818		6,936		834,688		841,624		4,818
Consumer		18,492		5,205		3,266		26,963		1,326,879		1,353,842		3,266
Total	$	26,688	$	13,621	$	17,182	$	57,491	$	13,221,606	$	13,279,097	$	11,167

Nonaccrual Loans and Leases

The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. The Company charges off a loan or lease when facts indicate that the loan or lease is considered uncollectible.

The amortized cost basis of loans and leases on nonaccrual status as of March 31, 2021 and December 31, 2020 and the amortized cost basis of loans and leases on nonaccrual status with no ACL as of March 31, 2021 and December 31, 2020 were as follows:


	March 31, 2021
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	593
Commercial real estate		857		937
Construction		—		579
Residential mortgage		1,311		6,999
Total Nonaccrual Loans and Leases	$	2,168	$	9,108


	December 31, 2020
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	518
Commercial real estate		—		80
Construction		1,840		2,043
Residential mortgage		1,316		6,441
Total Nonaccrual Loans and Leases	$	3,156	$	9,082

For the three months ended March 31, 2021 and 2020, the Company recognized interest income of $0.1 million and nil, respectively, on nonaccrual loans and leases. Furthermore, for the three months ended March 31, 2021 and 2020, the amount of accrued interest receivables written off by reversing interest income was $0.4 million and not material, respectively.

Collateral-Dependent Loans and Leases

Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of March 31, 2021 and December 31, 2020, the amortized cost basis of collateral-dependent loans were $23.3 million and $21.0 million, respectively. These loans were primarily collateralized by residential real estate property and borrower assets. As of March 31, 2021 and December 31, 2020, the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis.

Modifications

Commercial and industrial loans modified in a TDR may involve temporary interest-only payments, term and amortization extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans in a TDR may involve reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Modifications of construction loans in a TDR may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. Residential real estate loans modified in a TDR may be comprised of loans where monthly payments are lowered to accommodate the borrowers' financial needs for a period of time, including extended interest-only periods and re-amortization of the balance. Modifications of consumer loans in a TDR may involve temporary or permanent reduced payments, temporary interest-only payments and below-market interest rates.

Loans modified in a TDR may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified in a TDR are evaluated for impairment. As a result, this may have a financial effect of increasing the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans that have been modified in a TDR is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates.

The following presents, by class, information related to loans modified in a TDR during the three months ended March 31, 2021 and 2020:


	Three Months Ended					Three Months Ended
	March 31, 2021					March 31, 2020
	Number of	Recorded		Related		Number of	Recorded		Related
(dollars in thousands)	Contracts	Investment⁽¹⁾		ACL		Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	17	$	2,945	$	1,648	1	$	500	$	30
Construction	2		716		342	—		—		—
Residential mortgage	10		4,916		374	—		—		—
Consumer	1,690		15,763		11,832	—		—		—
Total	1,719	$	24,340	$	14,196	1	$	500	$	30

(1)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

The above loans were modified in a TDR through an extension of maturity dates, temporary interest-only payments, temporary payment deferrals, reduced payments, converting revolving credit lines to term loans or below-market interest rates.

The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $6.3 billion and $6.1 billion as of March 31, 2021 and December 31, 2020, respectively. Of the $6.3 billion at March 31, 2021, there were commitments of $0.4 million related to borrowers who had loan terms modified in a TDR. Of the $6.1 billion at December 31, 2020, there were commitments of $0.2 million related to borrowers who had loan terms modified in a TDR.

The following table presents, by class, loans modified in TDRs that have defaulted in the current period within 12 months of their permanent modification date for the periods indicated. The Company is reporting these defaulted TDRs based on a payment default definition of 30 days past due:


	Three Months Ended			Three Months Ended
	March 31, 2021			March 31, 2020
	Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts	Investment⁽¹⁾		Contracts	Investment⁽¹⁾
Commercial and industrial⁽²⁾	2	$	397	—	$	—
Construction⁽³⁾	1		361	—		—
Residential mortgage⁽⁴⁾	1		372	—		—
Consumer⁽⁵⁾	93		1,068	—		—
Total	97	$	2,198	—	$	—

(1)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	For the three months ended March 31, 2021, the types of modifications for the commercial and industrial loans that subsequently defaulted include temporary deferrals of principal and interest and temporary reduced payments.

(3)	For the three months ended March 31, 2021, the construction loan that subsequently defaulted was modified through temporary deferral of principal and interest.

(4)	For the three months ended March 31, 2021, the residential mortgage loan that subsequently defaulted was modified through temporary interest-only payments.

(5)	For the three months ended March 31, 2021, the types of modifications for the consumers loans that subsequently defaulted include temporary reduced payments, temporary interest-only payments and below-market interest rates.

Foreclosure Proceedings

As of March 31, 2021 and December 31, 2020, there were no residential mortgage loans collateralized by real estate property that was modified in a TDR that was in process of foreclosure.

Foreclosed Property

As of March 31, 2021 and December 31, 2020, there were no residential real estate properties held from foreclosed residential real estate loans.

Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2021

Mortgage Servicing Rights

Mortgage Servicing Rights

5. Mortgage Servicing Rights

Mortgage servicing activities include collecting principal, interest, tax, and insurance payments from borrowers while accounting for and remitting payments to investors, taxing authorities, and insurance companies. The Company also monitors delinquencies and administers foreclosure proceedings.

Mortgage loan servicing income is recorded in noninterest income as a part of other service charges and fees and amortization of the servicing assets is recorded in noninterest income as part of other income. The unpaid principal amount of residential real estate loans serviced for others was $2.0 billion and $2.2 billion as of March 31, 2021 and December 31, 2020, respectively. Servicing fees include contractually specified fees, late charges, and ancillary fees, and were $1.3 million and $1.5 million for the three months ended March 31, 2021 and 2020, respectively.

Amortization of mortgage servicing rights (“MSRs”) was $0.5 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expenses for MSRs over the next five years are as follows:


	Estimated
(dollars in thousands)	Amortization
Under one year	$	2,013
One to two years		1,615
Two to three years		1,323
Three to four years		1,100
Four to five years		924

The details of the Company’s MSRs are presented below:


	March 31,		December 31,
(dollars in thousands)	2021		2020
Gross carrying amount	$	68,540	$	67,856
Less: accumulated amortization		57,671		57,125
Net carrying value	$	10,869	$	10,731

The following table presents changes in amortized MSRs for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(dollars in thousands)	2021		2020
Balance at beginning of period	$	10,731	$	12,668
Originations		683		1,291
Amortization		(545)		(1,980)
Balance at end of period	$	10,869	$	11,979
Fair value of amortized MSRs at beginning of period	$	14,029	$	20,329
Fair value of amortized MSRs at end of period	$	14,921	$	17,615

MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the three months ended March 31, 2021 and 2020.

The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs as of March 31, 2021 and December 31, 2020 were as follows:


	March 31, 2021							December 31, 2020
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	12.79	%	-	27.09	%	14.18	%	11.86	%	-	26.52	%	16.90	%
Life in years (of the MSR)	1.86		-	6.31		5.17		1.83		-	6.68		4.45
Weighted-average coupon rate	3.41	%	-	6.91	%	3.79	%	3.24	%	-	6.98	%	3.84	%
Discount rate	10.00	%	-	10.00	%	10.00	%	10.00	%	-	10.00	%	10.00	%

The sensitivities surrounding MSRs are expected to have an immaterial impact on fair value.

Transfers of Financial Assets

3 Months Ended

Mar. 31, 2021

Transfers of Financial Assets

Transfers of Financial Assets

6. Transfers of Financial Assets

The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity, automated clearing house (“ACH”) transactions and interest rate swaps.

For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans as collateral to secure borrowing capacity. For ACH transactions, the Company enters into bilateral agreements to collateralize possible daylight overdrafts. For interest rate swaps, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to ACH transactions, certain interest rate swaps, the FHLB and the FRB do not have the right to sell or repledge the collateral.

The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of March 31, 2021 and December 31, 2020 were as follows:


(dollars in thousands)	March 31, 2021		December 31, 2020
Public deposits	$	2,418,838	$	2,251,508
Federal Home Loan Bank		2,887,878		2,917,317
Federal Reserve Bank		1,929,876		1,919,744
ACH transactions		111,454		111,347
Interest rate swaps		42,373		56,004
Total	$	7,390,419	$	7,255,920

As the Company did not enter into reverse repurchase agreements or repurchase agreements, no collateral was accepted or pledged as of March 31, 2021 and December 31, 2020. In addition, no debt was extinguished by in-substance defeasance.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (cc)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=SL51823488-111719

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

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-Name Accounting Standards Codification
-Topic 860
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-Section 50
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-Subparagraph (c)
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-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
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-Section 50
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746

+ Details

Deposits

3 Months Ended

Mar. 31, 2021

Deposits

Deposits

7. Deposits

As of March 31, 2021 and December 31, 2020, deposits were categorized as interest-bearing or noninterest-bearing as follows:


(dollars in thousands)	March 31, 2021		December 31, 2020
U.S.:
Interest-bearing	$	11,159,564	$	10,928,712
Noninterest-bearing		7,329,662		6,674,352
Foreign:
Interest-bearing		799,042		776,897
Noninterest-bearing		845,413		847,762
Total deposits	$	20,133,681	$	19,227,723

The following table presents the maturity distribution of time certificates of deposit as of March 31, 2021:


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	232,935	$	414,462	$	647,397
Over three through six months		146,206		210,672		356,878
Over six through twelve months		372,636		379,245		751,881
One to two years		128,248		82,989		211,237
Two to three years		80,286		16,964		97,250
Three to four years		40,578		4,881		45,459
Four to five years		42,510		21,469		63,979
Thereafter		510		250		760
Total	$	1,043,909	$	1,130,932	$	2,174,841

Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $1.1 billion and $1.3 billion as of March 31, 2021 and December 31, 2020, respectively. Overdrawn deposit accounts are classified as loans and totaled $1.0 million and $2.6 million as of March 31, 2021 and December 31, 2020, respectively.

Long-Term Borrowings

3 Months Ended

Mar. 31, 2021

Long-Term Borrowings

Long-Term Borrowings

8. Long-Term Borrowings

Long-term borrowings consisted of the following as of March 31, 2021 and December 31, 2020:


(dollars in thousands)	March 31, 2021		December 31, 2020
Finance lease	$	10	$	10
FHLB fixed-rate advances⁽¹⁾		200,000		200,000
Total long-term borrowings	$	200,010	$	200,010

(1)	Interest is payable monthly.

As of March 31, 2021 and December 31, 2020, the Company’s long-term borrowings included $200.0 million in FHLB fixed-rate advances with a weighted average interest rate of 2.73% and maturity dates ranging from 2023 to 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. As of both March 31, 2021 and December 31, 2020, the available remaining borrowing capacity with the FHLB was $2.0 billion. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had an undrawn line of credit of $1.2 billion and $1.1 billion from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential real estate loans as of March 31, 2021 and December 31, 2020. See “Note 6. Transfers of Financial Assets” for more information.

As of March 31, 2021 and December 31, 2020, the Company’s long-term borrowings included a finance lease obligation with a 6.78% annual interest rate that matures in 2022.

As of March 31, 2021, future contractual principal payments and maturities of long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
2021	$	10
2022		—
2023⁽¹⁾		100,000
2024⁽²⁾		100,000
2025		—
Total	$	200,010

(1)	FHLB fixed-rate advance callable on June 3, 2021 with an interest rate of 2.80%.

(2)	FHLB fixed-rate advance callable on July 15, 2021 with an interest rate of 2.65%.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

9. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits and net unrealized gains or losses on investment securities.

Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 are presented below:


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Three months ended March 31, 2021
Investment securities:
Unrealized net losses arising during the period		(102,336)		27,297		(75,039)
Net change in investment securities		(102,336)		27,297		(75,039)
Other comprehensive loss		(102,336)		27,297		(75,039)
Accumulated other comprehensive loss at March 31, 2021	$	(59,238)	$	15,803	$	(43,435)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)
Three months ended March 31, 2020
Pension and other benefits:
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		—		(96)		(96)
Investment securities:
Unrealized net gains arising during the period		49,164		(13,128)		36,036
Reclassification of net gains to net income:
Investment securities gains, net		(85)		23		(62)
Net change in investment securities		49,079		(13,105)		35,974
Other comprehensive income		49,079		(13,201)		35,878
Accumulated other comprehensive income at March 31, 2020	$	5,629	$	(1,500)	$	4,129

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the periods indicated:



	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Three Months Ended March 31, 2021
Balance at beginning of period	$	(31,737)	$	63,341	$	31,604
Other comprehensive loss		—		(75,039)		(75,039)
Balance at end of period	$	(31,737)	$	(11,698)	$	(43,435)

Three Months Ended March 31, 2020
Balance at beginning of period	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income		(96)		35,974		35,878
Balance at end of period	$	(28,178)	$	32,307	$	4,129

Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2021

Regulatory Capital Requirements

Regulatory Capital Requirements

10. Regulatory Capital Requirements

Federal and state laws and regulations limit the amount of dividends the Company may declare or pay. The Company depends primarily on dividends from FHB as the source of funds for the Company’s payment of dividends.

The Company and the Bank are subject to various regulatory capital requirements imposed by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s operating activities and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of its assets and certain off-balance sheet items. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and total capital to risk-weighted assets, as well as a minimum leverage ratio.

The table below sets forth those ratios at March 31, 2021 and December 31, 2020:


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
March 31, 2021:
Common equity tier 1 capital to risk-weighted assets	$	1,731,573	12.82	%	$	1,717,126	12.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,731,573	12.82	%		1,717,126	12.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,901,254	14.07	%		1,886,793	13.97	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,731,573	7.90	%		1,717,126	7.83	%	4.00	%	5.00	%

December 31, 2020:
Common equity tier 1 capital to risk-weighted assets	$	1,717,008	12.47	%	$	1,699,485	12.34	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,717,008	12.47	%		1,699,485	12.34	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,889,958	13.73	%		1,872,427	13.60	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,717,008	8.00	%		1,699,485	7.92	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”).

Federal regulations require a 2.5% capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk weighted asset ratios, effectively resulting in minimum ratios of (i) 7% CET1 to risk-weighted assets, (ii) 8.5% Tier 1 capital to risk-weighted assets, and (iii) 10.5% total capital to risk-weighted assets. As of March 31, 2021, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized. Management is not aware of any conditions or events that have occurred since March 31, 2021, to change the capital adequacy category of the Company or the Bank.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Financial Instruments

Derivative Financial Instruments

11. Derivative Financial Instruments

The Company enters into derivative contracts primarily to manage its interest rate risk, as well as for customer accommodation purposes. Derivatives used for risk management purposes consist of interest rate swaps that are designated as either a fair value hedge or a cash flow hedge. The derivatives are recognized on the unaudited interim consolidated balance sheets as either assets or liabilities at fair value. Derivatives entered into for customer accommodation purposes consist of various free-standing interest rate derivative products and foreign exchange contracts. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes.

The following table summarizes notional amounts and fair values of derivatives held by the Company as of March 31, 2021 and December 31, 2020:


	March 31, 2021						December 31, 2020
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	22,451	$	—	$	(1,084)	$	22,451	$	—	$	(1,276)
Derivatives not designated as hedging instruments:
Interest rate swaps		3,000,461		80,126		—		3,002,333		129,888		—
Funding swap		95,799		—		(3,382)		92,647		—		(4,554)
Interest rate caps and floors		148,800		56		(56)		148,800		7		(7)
Foreign exchange contracts		—		—		—		326		—		—

(1)	The positive fair values of derivative assets are included in other assets.

(2)	The negative fair values of derivative liabilities are included in other liabilities.

Certain interest rate swaps noted above, are cleared through clearinghouses, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. As of March 31, 2021, the amount of initial margin cash collateral received by the Company was $1.4 million. As of December 31, 2020, the amount of initial margin cash collateral posted by the Company was $4.8 million. As of March 31, 2021 and December 31, 2020, the variation margin was $80.1 million and $129.9 million, respectively.

As of March 31, 2021, the Company pledged $30.7 million in financial instruments and $11.7 million in cash as collateral for interest rate swaps. As of December 31, 2020, the Company pledged $30.8 million in financial instruments and $25.2 million in cash as collateral for interest rate swaps. As of March 31, 2021 and December 31, 2020, the cash collateral includes the excess initial margin for interest rate swaps cleared through clearinghouses and cash collateral for interest rate swaps with financial institution counterparties.

Fair Value Hedges

To manage the risk related to the Company’s net interest margin, interest rate swaps are utilized to hedge certain fixed-rate loans. These swaps have maturity, amortization and prepayment features that correspond to the loans hedged, and are designated and qualify as fair value hedges. Any gain or loss on the swaps, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current period earnings.

As of both March 31, 2021 and December 31, 2020, the Company carried one interest rate swap with a notional amount of $22.5 million. As of March 31, 2021 and December 31, 2020, the interest rate swap was categorized as a fair value hedge for a commercial and industrial loan with a negative fair value of $1.1 million and $1.3 million, respectively. The Company received a USD Prime floating rate and paid a fixed rate of 2.90%. The swap matures in 2023.

The following table shows the gains and losses recognized in income related to derivatives in fair value hedging relationships for the three months ended March 31, 2021 and 2020:


	Gains (losses) recognized in	Three Months Ended
	the consolidated statements	March 31,
(dollars in thousands)	of income line item	2021		2020
Gains (losses) on fair value hedging relationships recognized in interest income⁽¹⁾:
Recognized on interest rate swap	Loans and lease financing	$	193	$	(955)
Recognized on hedged item	Loans and lease financing		(249)		906

As of March 31, 2021 and December 31, 2020, the following amounts were recorded in the unaudited interim consolidated balance sheets related to the cumulative basis adjustments for fair value hedges:

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

23,920

24,355

1,239

1,487

Free-Standing Derivative Instruments

For the derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the unaudited interim consolidated statements of income for the three months ended March 31, 2021 and 2020:


	Net gains (losses) recognized	Three Months Ended
	in the consolidated statements	March 31,
(dollars in thousands)	of income line item	2021		2020
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	—	$	—
Funding swap	Other noninterest income		26		6
Foreign exchange contracts	Other noninterest income		—		(52)

As of March 31, 2021, the Company carried multiple interest rate swaps with notional amounts totaling $3.0 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $80.1 million and a negative fair value of nil. The Company received floating rates ranging from 0.11% to 3.82% and paid fixed rates ranging from 2.02% to 5.78%. The swaps mature between June 2021 and June 2040. As of December 31, 2020, the Company carried multiple interest rate swaps with notional amounts totaling $3.0 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $129.9 million and a negative fair value of nil. The Company received floating rates ranging from 0.15% to 3.16% and paid fixed rates ranging from 2.02% to 5.78%. These swaps resulted in net interest expense of nil during both the three months ended March 31, 2021 and 2020.

The Company’s customer swap program is designed by offering customers a variable-rate loan that is swapped to fixed-rate through an interest rate swap. The Company simultaneously executes an offsetting interest rate swap with a swap dealer. Upfront fees on the dealer swap are recorded in other noninterest income and totaled $0.5 million and $1.9 million for the three months ended March 31, 2021 and 2020, respectively.

In conjunction with the 2016 sale of Class B restricted shares of common stock issued by Visa, the Company entered into a funding swap agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. On June 28, 2018, Visa additionally funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares. Accordingly, on July 5, 2018, Visa announced a decrease in conversion rate from 1.6483 to 1.6298 effective June 28, 2018. In July 2018, the Company made a payment of approximately $0.7 million to the buyer as a result of the reduction in the Visa Class B conversion rate. On September 27, 2019, Visa additionally funded its litigation escrow account, thereby further reducing each member bank’s Class B conversion rate to unrestricted Class A common shares. Accordingly, on September 30, 2019, Visa announced a decrease in conversion rate from 1.6298 to 1.6228 effective September 27, 2019. In October 2019, the Company made a payment of approximately $0.3 million to the buyer as a result of the reduction in the Visa Class B conversion rate. Under the terms of the funding swap agreement, the Company will make monthly payments to the buyer based on Visa’s Class A stock price and the number of Visa Class B restricted shares that were sold until the date on which the covered litigation is settled. A derivative liability (“Visa derivative”) of $3.4 million and $4.6 million was included in the unaudited interim consolidated balance sheets at March 31, 2021 and December 31, 2020, respectively, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 16. Fair Value” for more information.

Counterparty Credit Risk

By using derivatives, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset, net of cash or other collateral received, and net of derivatives in a loss position with the same counterparty to the extent master netting arrangements exist. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to derivatives is considered in determining fair value.

The Company’s interest rate swap agreements include bilateral collateral agreements with collateral requirements, which begin with exposures in excess of $0.3 million. For each counterparty, the Company reviews the interest rate swap collateral daily. Collateral for customer interest rate swap agreements, calculated as the pledged asset less loan balance, requires valuation of the pledged asset. Counterparty credit risk adjustments of $0.1 million were recognized during both the three months ended March 31, 2021 and 2020.

Credit-Risk Related Contingent Features

Certain of our derivative contracts contain provisions whereby if the Company’s credit rating were to be downgraded by certain major credit rating agencies as a result of a merger or material adverse change in the Company’s financial condition, the counterparty could require an early termination of derivative instruments in a net liability position. The aggregate fair value of all derivative instruments with such credit-risk related contingent features that are in a net liability position was $14.1 million and $19.8 million at March 31, 2021 and December 31, 2020, respectively, for which we posted $14.1 million and $20.4 million, respectively, in collateral in the normal course of business. If the Company’s credit rating had been downgraded as of March 31, 2021 and December 31, 2020, we may have been required to settle the contracts in an amount equal to their fair value.

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2021

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

12. Commitments and Contingent Liabilities

Contingencies

On November 2, 2020, a lawsuit was filed in Hawaii Circuit Court by a Bank customer related to the sale of credit facilities that the Bank had previously extended to the customer. The customer asserts claims against the Bank for interference with the customer’s contract and business opportunity, unfair methods of competition and declaratory and injunctive relief. The outcome of this legal proceeding is uncertain at this point. Based on information available to the Company at present, the Company cannot reasonably estimate a range of potential loss, if any, for this action. Accordingly, the Company has not recognized any liability associated with this action. Management disputes any wrongdoing and the case is being vigorously defended.

In addition to the litigation noted above, various legal proceedings are pending or threatened against the Company. After consultation with legal counsel, management does not expect that the aggregate liability, if any, resulting from these proceedings would have a material effect on the Company’s unaudited interim consolidated financial position, results of operations or cash flows.

Financial Instruments with Off-Balance Sheet Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not reflected in the unaudited interim consolidated financial statements.

Unfunded Commitments to Extend Credit

A commitment to extend credit is a legally binding agreement to lend funds to a customer, usually at a stated interest rate and for a specified purpose. Commitments are reported net of participations sold to other institutions. Such commitments have fixed expiration dates and generally require a fee. The extension of a commitment gives rise to credit risk. The actual liquidity requirements or credit risk that the Company will experience is expected to be lower than the contractual amount of commitments to extend credit because a significant portion of those commitments are expected to expire without being drawn upon. Certain commitments are subject to loan agreements containing covenants regarding the financial performance of the customer that must be met before the Company is required to fund the commitment. The Company uses the same credit policies in making commitments to extend credit as it does in making loans. In addition, the Company manages the potential credit risk in commitments to extend credit by limiting the total amount of arrangements, both by individual customer and in the aggregate, by monitoring the size and expiration structure of these portfolios and by applying the same credit standards maintained for all of its related credit activities. Commitments to extend credit are reported net of participations sold to other institutions of $81.2 million and $93.1 million at March 31, 2021 and December 31, 2020, respectively.

Standby and Commercial Letters of Credit

Standby letters of credit are issued on behalf of customers in connection with contracts between the customers and third parties. Under standby letters of credit, the Company assures that the third parties will receive specified funds if customers fail to meet their contractual obligations. The credit risk to the Company arises from its obligation to make payment in the event of a customer’s contractual default. Standby letters of credit are reported net of participations sold to other institutions of $10.8 million and $11.0 million at March 31, 2021 and December 31, 2020, respectively. The Company also had commitments for commercial and similar letters of credit. Commercial letters of credit are issued specifically to facilitate commerce whereby the commitment is typically drawn upon when the underlying transaction between the customer and a third-party is consummated. The maximum amount of potential future payments guaranteed by the Company is limited to the contractual amount of these letters. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held supports those commitments for which collateral is deemed necessary. The commitments outstanding as of March 31, 2021 have maturities ranging from April 2021 to June 2022. Substantially all fees received from the issuance of such commitments are deferred and amortized on a straight-line basis over the term of the commitment.

Financial instruments with off-balance sheet risk at March 31, 2021 and December 31, 2020 were as follows:


	March 31,		December 31,
(dollars in thousands)	2021		2020
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,067,465	$	5,934,535
Standby letters of credit		180,909		185,108
Commercial letters of credit		5,014		3,834

Guarantees

The Company sells residential mortgage loans in the secondary market primarily to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation that may potentially require repurchase under certain conditions. This risk is managed through the Company’s underwriting practices. The Company services loans sold to investors and loans originated by other originators under agreements that may include repurchase remedies if certain servicing requirements are not met. This risk is managed through the Company’s quality assurance and monitoring procedures. Management does not anticipate any material losses as a result of these transactions.

Foreign Exchange Contracts

The Company has forward foreign exchange contracts that represent commitments to purchase or sell foreign currencies at a future date at a specified price. The Company’s utilization of forward foreign exchange contracts is subject to the primary underlying risk of movements in foreign currency exchange rates and to additional counterparty risk should its counterparties fail to meet the terms of their contracts. Forward foreign exchange contracts are utilized to mitigate the Company’s risk to satisfy customer demand for foreign currencies and are not used for trading purposes. See “Note 11. Derivative Financial Instruments” for more information.

Reorganization Transactions

On April 1, 2016, a series of reorganization transactions were undertaken to facilitate FHI’s initial public offering. In connection with the reorganization transactions, FHI distributed its interest in BancWest Holding Inc. (“BWHI”), including Bank of the West (“BOW”) to BNP Paribas (“BNPP”) so that BWHI was held directly by BNPP. As a result of the reorganization transactions that occurred on April 1, 2016, various tax or other contingent liabilities could arise related to the business of BOW, or related to the Company’s operations prior to the restructuring when it was known as BancWest Corporation, including its then wholly owned subsidiary, BOW. The Company is not able to determine the ultimate outcome or estimate the amounts of these contingent liabilities, if any, at this time.

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contracts with Customers

Revenue from Contracts with Customers

13. Revenue from Contracts with Customers

Revenue Recognition

In accordance with Topic 606, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Disaggregation of Revenue

The following table summarizes the Company’s revenues, which includes net interest income on financial instruments and noninterest income, disaggregated by type of service and business segments for the periods indicated:

Three Months Ended March 31, 2021

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

100,888

31,832

(3,562)

129,158

Service charges on deposit accounts

6,086

223

409

6,718

Credit and debit card fees

—

12,525

1,428

13,953

Other service charges and fees

5,564

475

352

6,391

Trust and investment services income

8,492

—

8,492

Other

1,496

336

1,911

Not in scope of Topic 606⁽¹⁾

3,354

1,322

1,727

6,403

Total noninterest income

23,575

16,041

4,252

43,868

Total revenue

124,463

47,873

690

173,026

(1)

Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities and derivative financial instruments.


		Three Months Ended March 31, 2020
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	89,883	$	34,414	$	14,386	$	138,683

Service charges on deposit accounts		8,088		351		511		8,950
Credit and debit card fees		—		12,887		1,599		14,486
Other service charges and fees		4,875		424		516		5,815
Trust and investment services income		9,591		—		—		9,591
Other		185		1,106		188		1,479
Not in scope of Topic 606⁽¹⁾		3,637		3,028		2,242		8,907
Total noninterest income		26,376		17,796		5,056		49,228
Total revenue	$	116,259	$	52,210	$	19,442	$	187,911

(1)

Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities and derivative financial instruments.

For the three months ended March 31, 2021 and 2020, substantially all of the Company’s revenues under the scope of Topic 606 were related to performance obligations satisfied at a point in time.

The following is a discussion of revenues within the scope of Topic 606.

Service Charges on Deposit Accounts

Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date.

Credit and Debit Card Fees

Credit and debit card fees primarily represent revenues earned from interchange fees, ATM fees and merchant processing fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FHB customers who use an FHB ATM. Merchant processing fees are primarily earned on transactions in which FHB is the acquiring bank. Such fees are generally recognized concurrently with the delivery of services on a daily basis.

Trust and Investment Services Fees

Trust and investment services fees represent revenue earned by directing, holding and managing customers’ assets. Fees are generally computed based on a percentage of the previous period’s value of assets under management. The transaction price (i.e., percentage of assets under management) is established at the inception of each contract. Trust and investment services fees also include fees collected when the Company acts as agent or personal representative and executes security transactions, performs collection and disbursement of income, and completes investment management and other administrative tasks.

Other Fees

Other fees primarily include revenues generated from wire transfers, lockboxes, bank issuance of checks and insurance commissions. Such fees are recognized concurrent with the event or on a monthly basis.

Contract Balances

A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. In prior years, the Company received signing bonuses from two vendors which are being amortized over the term of the respective contracts. As of March 31, 2021 and December 31, 2020, the Company had contract liabilities of $0.8 million and $1.0 million, respectively, which it expects to recognize over the remaining term of the respective contracts with the vendors. For both the three months ended March 31, 2021 and 2020, the Company’s recognized revenues increased and contract liabilities decreased by approximately $0.2 million, due to the passage of time. There were no changes in contract liabilities due to changes in transaction price estimates.

A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of March 31, 2021 and December 31, 2020, there were no material receivables from contracts with customers or contract assets recorded on the Company’s consolidated balance sheets.

Other

Except for the contract liabilities noted above, the Company did not have any significant performance obligations as of March 31, 2021 and December 31, 2020. The Company also did not have any material contract acquisition costs or use any significant judgments or estimates in recognizing revenue for financial reporting purposes.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings per Share

Earnings per Share

14. Earnings per Share

For the three months ended March 31, 2021 and 2020, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 27,000 and nil antidilutive securities, respectively. For the three months ended March 31, 2021 and 2020, the computations of basic and diluted earnings per share were as follows:


	Three Months Ended March 31,
(dollars in thousands, except shares and per share amounts)	2021		2020
Numerator:
Net income	$	57,693	$	38,865

Denominator:
Basic: weighted-average shares outstanding		129,933,104		129,895,706
Add: weighted-average equity-based awards		656,774		455,879
Diluted: weighted-average shares outstanding		130,589,878		130,351,585

Basic earnings per share	$	0.44	$	0.30
Diluted earnings per share	$	0.44	$	0.30

Noninterest Income and Noninterest Expense

3 Months Ended

Mar. 31, 2021

Noninterest Income and Noninterest Expense

Noninterest Income and Noninterest Expense

15. Noninterest Income and Noninterest Expense

Benefit Plans

The following table sets forth the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans for the three months ended March 31, 2021 and 2020:


	Income line item where recognized in	Pension Benefits				Other Benefits
(dollars in thousands)	the consolidated statements of income	2021		2020		2021		2020
Three Months Ended March 31,
Service cost	Salaries and employee benefits	$	—	$	—	$	264	$	189
Interest cost	Other noninterest expense		1,231		1,621		131		164
Expected return on plan assets	Other noninterest expense		(766)		(1,194)		—		—
Prior service credit	Other noninterest expense		—		—		—		(13)
Recognized net actuarial loss (gain)	Other noninterest expense		1,720		1,429		—		(26)
Total net periodic benefit cost		$	2,185	$	1,856	$	395	$	314

Leases

The Company recognized operating lease income related to lease payments of $1.7 million and $1.5 million for the three months ended March 31, 2021 and 2020, respectively. In addition, the Company recognized $1.5 million of lease income related to variable lease payments for both the three months ended March 31, 2021 and 2020.

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value

Fair Value

16. Fair Value

The Company determines the fair values of its financial instruments based on the requirements established in Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurements, which provides a framework for measuring fair value under GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Topic 820 defines fair value as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions.

Fair Value Hierarchy

Topic 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are:

◾

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

◾

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

◾

Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Topic 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes.

Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets.

Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities.

Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value

For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques:

Available-for-sale securities

Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. As of March 31, 2021 and December 31, 2020, management did not make adjustments to prices provided by the third-party pricing services as a result of illiquid or inactive markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2.

Derivatives

Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2.

Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. On July 5, 2018, Visa announced a decrease in conversion rate from 1.6483 to 1.6298 effective June 28, 2018. On September 27, 2019, Visa additionally funded its litigation escrow account, thereby further reducing each member bank’s Class B conversion rate to unrestricted Class A common shares. Accordingly, on September 30, 2019, Visa announced a decrease in conversion rate from 1.6298 to 1.6228 effective September 27, 2019. The Visa derivative of $3.4 million and $4.6 million was included in the unaudited interim consolidated balance sheets at March 31, 2021 and December 31, 2020, respectively, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the conversion rate, expected term and growth

rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 are summarized below:

Fair Value Measurements as of March 31, 2021

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

175,724

—

175,724

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

133,894

—

133,894

Residential - Government-sponsored enterprises⁽¹⁾

—

800,920

—

800,920

Commercial - Government agency

—

527,516

—

527,516

Commercial - Government-sponsored enterprises

—

1,134,175

—

1,134,175

Collateralized mortgage obligations:

Government agency

—

1,845,098

—

1,845,098

Government-sponsored enterprises

—

2,075,152

—

2,075,152

Total available-for-sale securities

—

6,692,479

—

6,692,479

Other assets⁽²⁾

12,730

80,182

—

92,912

Liabilities

Other liabilities⁽³⁾

—

(1,140)

(3,382)

(4,522)

Total

12,730

6,771,521

(3,382)

6,780,869

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.


	Fair Value Measurements as of December 31, 2020
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	171,421	$	—	$	171,421
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		160,462		—		160,462
Residential - Government-sponsored enterprises⁽¹⁾		—		447,200		—		447,200
Commercial - Government agency		—		599,650		—		599,650
Commercial - Government-sponsored enterprises		—		932,157		—		932,157
Collateralized mortgage obligations:
Government agency		—		1,933,553		—		1,933,553
Government-sponsored enterprises		—		1,826,972		—		1,826,972
Total available-for-sale securities		—		6,071,415		—		6,071,415
Other assets⁽²⁾		11,691		129,895		—		141,586
Liabilities
Other liabilities⁽³⁾		—		(1,283)		(4,554)		(5,837)
Total	$	11,691	$	6,200,027	$	(4,554)	$	6,207,164

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

Changes in Fair Value Levels

For the three months ended March 31, 2021 and 2020, there were no transfers between fair value hierarchy levels.

The changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020 are summarized below:


	Visa Derivative
(dollars in thousands)	2021		2020
Three Months Ended March 31,
Balance as of January 1,	$	(4,554)	$	(4,233)
Total net gains included in other noninterest income		26		6
Settlements		1,146		1,028
Balance as of March 31,	$	(3,382)	$	(3,199)
Total net gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of March 31,	$	26	$	6

Assets and Liabilities Carried at Other Than Fair Value

The following tables summarize for the periods indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity.

March 31, 2021

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

1,262,810

278,994

983,816

—

1,262,810

Loans held for sale

9,390

—

9,893

—

9,893

Loans⁽¹⁾

13,062,141

—

13,186,769

Financial liabilities:

Time deposits⁽²⁾

2,174,841

—

2,179,865

—

2,179,865

Long-term borrowings⁽³⁾

200,000

—

211,903

—

211,903


	December 31, 2020
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,040,944	$	303,373	$	737,571	$	—	$	1,040,944
Loans held for sale		11,579		—		12,018		—		12,018
Loans⁽¹⁾		13,033,686		—		—		13,255,636		13,255,636

Financial liabilities:
Time deposits⁽²⁾	$	2,348,298	$	—	$	2,357,137	$	—	$	2,357,137
Long-term borrowings⁽³⁾		200,000		—		214,167		—		214,167

(1)	Excludes financing leases of $238.1 million at March 31, 2021 and $245.4 million at December 31, 2020.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $18.0 billion as of March 31, 2021 and $16.9 billion as of December 31, 2020.

(3)	Excludes capital lease obligations of $10 thousand as of both March 31, 2021 and December 31, 2020.

Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of March 31, 2021 and December 31, 2020, the Company had $6.3 billion and $6.1 billion, respectively, of unfunded loan and lease commitments and letters of credit. The Company believes that a reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $45.5 million and $42.3 million at March 31, 2021 and December 31, 2020, respectively. No active trading market exists for these instruments, and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value

The Company applies the following valuation techniques to assets measured at the lower of cost or fair value:

Mortgage servicing rights

MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3.

Collateral-dependent loans

Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. These loans are measured at fair value on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral are primarily based on real estate appraisal reports prepared by third-party appraisers less estimated selling costs. The Company measures the estimated credit losses on collateral-dependent loans by performing a lower-of-cost-or-fair-value analysis. If the estimated credit losses are determined by the value of the collateral, the net carrying amount is adjusted to fair value on a nonrecurring basis as Level 3 by recognizing an ACL.

Other real estate owned

The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs, and are classified as Level 3.

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value.

The following table provides the level of valuation inputs used to determine each fair value adjustment and the fair value of the related individual assets or portfolio of assets with fair value adjustments on a nonrecurring basis as of March 31, 2021 and December 31, 2020:


(dollars in thousands)	Level 1		Level 2		Level 3
March 31, 2021
Collateral-dependent loans	$	—	$	—	$	—
December 31, 2020
Collateral-dependent loans	$	—	$	—	$	1,840

Total expected credit losses recognized on collateral-dependent loans were nil and $0.4 million for the three months ended March 31, 2021 and 2020, respectively.

For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:



	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(3,382)	Discounted Cash Flow	Expected Conversation Rate - 1.6228⁽²⁾	1.5977-1.6228
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 13%⁽⁴⁾	4% - 17%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Collateral-dependent loans	$	1,840	Appraisal Value	Appraisal Value	n/m⁽¹⁾
Visa derivative	$	(4,554)	Discounted Cash Flow	Expected Conversation Rate - 1.6228⁽²⁾	1.5977-1.6228
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 13%⁽⁴⁾	4% - 17%

(1)	The fair value of these assets is determined based on appraised values of the collateral or broker opinions, the range of which is not meaningful to disclose.

(2)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.

(3)	The expected term of 1 year was based on the median of 0.5 to 1.5 years.

(4)	The growth rate of 13% was based on the arithmetic average of analyst price targets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Reportable Operating Segments

3 Months Ended

Mar. 31, 2021

Reportable Operating Segments

Reportable Operating Segments

17. Reportable Operating Segments

The Company’s operations are organized into three business segments – Retail Banking, Commercial Banking, and Treasury and Other. These segments reflect how discrete financial information is currently evaluated by the chief operating decision maker and how performance is assessed and resources allocated. The Company’s internal management process measures the performance of these business segments. This process, which is not necessarily comparable with similar information for any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP.

The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury.

The Company allocates the provision for credit losses from the Treasury and Other business segment (which is comprised of many of the Company’s support units) to the Retail and Commercial business segments. These allocations are based on direct costs incurred by the Retail and Commercial business segments.

Noninterest income and expense includes allocations from support units to the business segments. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. Income tax expense is allocated to each business segment based on the consolidated effective income tax rate for the period shown.

Business Segments

Retail Banking

Retail Banking offers a broad range of financial products and services to consumers and small businesses. Loan and lease products offered include residential and commercial mortgage loans, home equity lines of credit, automobile loans and leases, personal lines of credit, installment loans and small business loans and leases. Deposit products offered include checking, savings, and time deposit accounts. Retail Banking also offers wealth management services. Products and services from Retail Banking are delivered to customers through 54 banking locations throughout the State of Hawaii, Guam, and Saipan.

Commercial Banking

Commercial Banking offers products that include corporate banking, commercial real estate loans, commercial lease financing, automobile loans and auto dealer financing, business deposit products and credit cards. Commercial lending and deposit products are offered primarily to middle-market and large companies locally, nationally, and internationally.

Treasury and Other

Treasury consists of corporate asset and liability management activities including interest rate risk management. The segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, government deposits, short- and long-term borrowings and bank-owned properties. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, foreign exchange income related to customer-driven currency requests from merchants and island visitors and management of bank-owned properties. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury, along with the elimination of intercompany transactions.

Other organizational units (Technology, Operations, Credit and Risk Management, Human Resources, Finance, Administration, Marketing, and Corporate and Regulatory Administration) provide a wide-range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process.

The following tables present selected business segment financial information for the periods indicated.

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Three Months Ended March 31, 2021

Net interest income (expense)

100,888

31,832

(3,562)

129,158

Benefit (Provision) for credit losses

1,470

2,030

(3,500)

—

Net interest income (loss) after provision for credit losses

102,358

33,862

(7,062)

129,158

Noninterest income

23,575

16,041

4,252

43,868

Noninterest expense

(63,794)

(21,573)

(10,939)

(96,306)

Income (loss) before (provision) benefit for income taxes

62,139

28,330

(13,749)

76,720

(Provision) benefit for income taxes

(15,502)

(6,968)

3,443

(19,027)

Net income (loss)

46,637

21,362

(10,306)

57,693


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Three Months Ended March 31, 2020
Net interest income	$	89,883	$	34,414	$	14,386	$	138,683
Provision for credit losses		(20,065)		(20,784)		(351)		(41,200)
Net interest income after provision for credit losses		69,818		13,630		14,035		97,483

Noninterest income		26,376		17,796		5,056		49,228
Noninterest expense		(61,644)		(21,505)		(13,317)		(96,466)
Income before provision for income taxes		34,550		9,921		5,774		50,245

Provision for income taxes		(7,523)		(2,645)		(1,212)		(11,380)
Net income	$	27,027	$	7,276	$	4,562	$	38,865

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2021
Organization and Basis of Presentation
Organization and Basis of Presentation	First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers. The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.
Accounting Standard Adopted in 2021 and Recent Accounting Pronouncements	Accounting Standards Adopted in 2021 In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. Prior to the adoption of ASU No. 2020-08, previous guidance shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities to the earliest call date. The guidance in ASU No. 2020-08 changes the amortization period so that an entity shall amortize the premium to the next call date. The Company adopted the provisions of ASU No. 2020-08 on January 1, 2021 and it did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements There were no ASUs issued by the FASB that were applicable to the Company in future reporting periods.

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investment Securities

Schedule of amortized cost and fair value of securities


	March 31, 2021								December 31, 2020
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	177,745	$	447	$	(2,468)	$	175,724	$	170,123	$	1,359	$	(61)	$	171,421
Mortgage-backed securities:
Residential - Government agency		129,908		3,986		—		133,894		155,169		5,293		—		160,462
Residential - Government-sponsored enterprises		797,426		10,867		(7,373)		800,920		434,282		13,643		(725)		447,200
Commercial - Government agency		523,293		8,068		(3,845)		527,516		583,232		16,537		(119)		599,650
Commercial - Government-sponsored enterprises		1,180,034		1,676		(47,535)		1,134,175		931,095		9,045		(7,983)		932,157
Collateralized mortgage obligations:
Government agency		1,818,181		29,899		(2,982)		1,845,098		1,902,326		32,246		(1,019)		1,933,553
Government-sponsored enterprises		2,081,844		15,537		(22,229)		2,075,152		1,808,804		18,991		(823)		1,826,972
Total available-for-sale securities	$	6,708,431	$	70,480	$	(86,432)	$	6,692,479	$	5,985,031	$	97,114	$	(10,730)	$	6,071,415

Schedule of amortized cost and fair value of debt securities by contractual maturity


	March 31, 2021
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	—	$	—
Due after one year through five years		41,513		41,878
Due after five years through ten years		83,988		83,461
Due after ten years		52,244		50,385
		177,745		175,724

Mortgage-backed securities:
Residential - Government agency		129,908		133,894
Residential - Government-sponsored enterprises		797,426		800,920
Commercial - Government agency		523,293		527,516
Commercial - Government-sponsored enterprises		1,180,034		1,134,175
Total mortgage-backed securities		2,630,661		2,596,505
Collateralized mortgage obligations:
Government agency		1,818,181		1,845,098
Government-sponsored enterprises		2,081,844		2,075,152
Total collateralized mortgage obligations		3,900,025		3,920,250
Total available-for-sale securities	$	6,708,431	$	6,692,479

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

Time in Continuous Loss as of March 31, 2021

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

(2,468)

121,457

—

(2,468)

121,457

Mortgage-backed securities:

Residential - Government-sponsored enterprises

(7,373)

511,463

—

(7,373)

511,463

Commercial - Government agency

(3,845)

248,776

—

(3,845)

248,776

Commercial - Government-sponsored enterprises

(47,535)

898,725

—

(47,535)

898,725

Collateralized mortgage obligations:

Government agency

(2,974)

370,875

(8)

5,020

(2,982)

375,895

Government-sponsored enterprises

(22,229)

1,036,086

—

(22,229)

1,036,086

Total available-for-sale securities with unrealized losses

(86,424)

3,187,382

(8)

5,020

(86,432)

3,192,402


	Time in Continuous Loss as of December 31, 2020
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(61)	$	38,507	$	—	$	—	$	(61)	$	38,507
Mortgage-backed securities:
Residential - Government-sponsored enterprises		(725)		64,987		—		—		(725)		64,987
Commercial - Government agency		(119)		32,346		—		—		(119)		32,346
Commercial - Government-sponsored enterprises		(7,983)		427,759		—		—		(7,983)		427,759
Collateralized mortgage obligations:
Government agency		(994)		209,124		(25)		6,190		(1,019)		215,314
Government-sponsored enterprises		(823)		296,160		—		—		(823)		296,160
Total available-for-sale securities with unrealized losses	$	(10,705)	$	1,068,883	$	(25)	$	6,190	$	(10,730)	$	1,075,073

Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2021

Loans and Leases.

Schedule of components of loans and leases


	March 31,		December 31,
(dollars in thousands)	2021		2020
Commercial and industrial	$	3,121,436	$	3,019,507
Commercial real estate		3,396,233		3,392,676
Construction		739,271		735,819
Residential:
Residential mortgage		3,715,676		3,690,218
Home equity line		805,746		841,624
Total residential		4,521,422		4,531,842
Consumer		1,283,779		1,353,842
Lease financing		238,148		245,411
Total loans and leases	$	13,300,289	$	13,279,097

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Allowance for Credit Losses

Schedule of activity in the allowance by class of loans and lease

Three Months Ended March 31, 2021

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of period

24,711

58,123

10,039

3,298

40,461

7,163

64,659

208,454

Charge-offs

(963)

(66)

—

(98)

—

(6,541)

(7,668)

Recoveries

215

166

—

2,655

3,080

Increase (decrease) in Provision

3,359

(6,369)

347

(101)

(1,909)

(519)

1,692

(3,500)

Balance at end of period

27,322

51,691

10,552

3,197

38,471

6,668

62,465

200,366


	Three Months Ended March 31, 2020
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of period	$	28,975	$	22,325	$	4,844	$	424	$	29,303	$	9,876	$	34,644	$	139	$	130,530
Adoption of ASU No. 2016-13		(16,105)		10,559		(1,803)		207		(2,793)		(4,731)		15,575		(139)		770
Charge-offs		(201)		—		—		—		—		(8)		(8,597)		—		(8,806)
Recoveries		220		—		110		—		135		122		2,083		—		2,670
Increase in Provision		7,995		9,954		5,673		220		3,376		1,297		12,334		—		40,849
Balance at end of period	$	20,884	$	42,838	$	8,824	$	851	$	30,021	$	6,556	$	56,039	$	—	$	166,013

Schedule of activity in the Liability for Credit Losses for Off-Balance-Sheet Financial Instruments

Three Months Ended March 31, 2021

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

11,719

1,328

9,037

—

8,452

30,603

Increase (decrease) in Provision

4,410

(216)

(724)

—

(2)

(16)

3,500

Balance at end of period

16,129

1,112

8,313

—

8,500

34,103

Three Months Ended March 31, 2020

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

—

600

Adoption of ASU No. 2016-13

5,390

778

4,119

—

6,587

(581)

16,300

Increase (decrease) in Provision

(599)

(82)

694

—

(6)

340

351

Balance at end of period

4,791

696

4,813

—

6,927

17,251

Schedule of amortized cost basis by year of origination and credit quality indicator

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2021 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2021

2020

2019

2018

2017

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

495,898

781,914

315,190

152,290

51,136

218,781

785,046

27,922

2,828,177

Special Mention

—

17,608

10,957

19,751

1,930

5,373

66,867

607

123,093

Substandard

—

23,098

2,808

16,913

584

12,048

28,361

1,367

85,179

Other ⁽¹⁾

3,252

9,848

11,793

7,889

4,362

1,496

46,347

—

84,987

Total Commercial and Industrial

499,150

832,468

340,748

196,843

58,012

237,698

926,621

29,896

3,121,436

Commercial Real Estate

Risk rating:

Pass

41,958

346,445

613,930

556,954

454,433

1,104,669

51,280

3,169,677

Special Mention

—

1,491

58,763

14,518

33,401

64,971

—

173,144

Substandard

—

346

—

14,751

3,740

26,082

8,004

—

52,923

Other ⁽¹⁾

—

489

—

489

Total Commercial Real Estate

41,958

348,282

672,693

586,223

491,574

1,196,211

59,284

3,396,233

Construction

Risk rating:

Pass

32,201

73,512

260,522

162,052

58,537

63,624

24,043

—

674,491

Special Mention

—

507

706

4,429

9,172

—

14,814

Substandard

—

536

—

1,478

—

2,014

Other ⁽¹⁾

5,410

16,755

9,924

7,588

3,655

4,040

580

—

47,952

Total Construction

37,611

90,267

270,953

170,882

66,621

78,314

24,623

—

739,271

Lease Financing

Risk rating:

Pass

6,487

73,461

58,375

12,521

16,410

60,734

—

227,988

Special Mention

566

334

843

286

1,223

599

—

3,851

Substandard

—

2,714

1,673

293

1,107

522

—

6,309

Total Lease Financing

7,053

76,509

60,891

13,100

18,740

61,855

—

238,148

Total Commercial Lending

585,772

1,347,526

1,345,285

967,048

634,947

1,574,078

1,010,528

29,904

7,495,088

(continued)

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2021

2020

2019

2018

2017

Prior

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

269,847

698,143

355,459

261,304

320,423

1,031,922

—

2,937,098

680 - 739

32,425

83,210

51,384

41,764

48,039

168,279

—

425,101

620 - 679

4,220

15,727

7,626

11,214

9,310

49,018

—

97,115

550 - 619

—

1,945

2,810

2,906

14,044

—

21,705

Less than 550

—

854

602

2,914

2,673

—

7,043

No Score ⁽³⁾

4,599

12,498

17,761

21,197

19,972

55,404

—

131,431

Other ⁽²⁾

5,767

20,213

13,584

13,754

20,607

21,516

580

162

96,183

Total Residential Mortgage

316,858

829,791

448,613

352,645

424,171

1,342,856

580

162

3,715,676

Home Equity Line

FICO:

740 and greater

—

589,662

2,108

591,770

680 - 739

—

149,384

3,537

152,921

620 - 679

—

37,325

1,432

38,757

550 - 619

—

12,870

1,419

14,289

Less than 550

—

3,641

359

4,000

No Score ⁽³⁾

—

4,009

—

4,009

Total Home Equity Line

—

796,891

8,855

805,746

Total Residential Lending

316,858

829,791

448,613

352,645

424,171

1,342,856

797,471

9,017

4,521,422

Consumer Lending

FICO:

740 and greater

37,038

105,809

109,925

86,146

44,909

22,098

107,725

266

513,916

680 - 739

19,163

79,376

82,058

58,077

31,081

16,370

72,053

774

358,952

620 - 679

6,167

38,079

44,459

30,055

21,453

11,715

33,935

1,213

187,076

550 - 619

337

8,215

18,414

15,800

13,267

8,437

11,582

1,364

77,416

Less than 550

2,644

8,907

7,785

5,711

3,445

4,181

719

33,480

No Score ⁽³⁾

955

354

32,161

411

34,143

Other ⁽²⁾

—

376

1,774

2,183

6,748

67,649

—

78,796

Total Consumer Lending

63,748

234,853

265,636

197,986

118,703

68,820

329,286

4,747

1,283,779

Total Loans and Leases

966,378

2,412,170

2,059,534

1,517,679

1,177,821

2,985,754

2,137,285

43,668

13,300,289

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2020 was as follows:


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	873,639	$	324,030	$	183,329	$	73,000	$	49,886	$	94,360	$	1,058,786	$	28,853	$	2,685,883
Special Mention		20,937		10,370		20,164		2,099		279		8,316		101,183		1,549		164,897
Substandard		23,804		2,023		2,568		677		4,063		8,113		33,775		250		75,273
Other ⁽¹⁾		13,142		13,426		9,246		5,337		1,867		280		50,156		—		93,454
Total Commercial and Industrial		931,522		349,849		215,307		81,113		56,095		111,069		1,243,900		30,652		3,019,507

Commercial Real Estate
Risk rating:
Pass		342,845		611,243		541,104		447,366		295,426		814,398		47,604		323		3,100,309
Special Mention		1,500		63,617		26,187		33,482		37,841		61,279		2,999		—		226,905
Substandard		29		3,964		18,983		3,779		10,615		18,083		9,511		—		64,964
Other ⁽¹⁾		—		—		—		—		—		498		—		—		498
Total Commercial Real Estate		344,374		678,824		586,274		484,627		343,882		894,258		60,114		323		3,392,676

Construction
Risk rating:
Pass		53,931		233,730		202,808		83,792		23,171		41,536		28,386		—		667,354
Special Mention		—		508		707		4,717		—		9,172		—		—		15,104
Substandard		—		—		541		1,840		521		989		—		—		3,891
Other ⁽¹⁾		16,578		16,393		7,775		3,685		1,800		2,656		583		—		49,470
Total Construction		70,509		250,631		211,831		94,034		25,492		54,353		28,969		—		735,819

Lease Financing
Risk rating:
Pass		79,064		60,717		13,669		17,207		3,010		61,266		—		—		234,933
Special Mention		950		892		311		1,300		351		295		—		—		4,099
Substandard		2,708		1,677		327		1,141		—		526		—		—		6,379
Total Lease Financing		82,722		63,286		14,307		19,648		3,361		62,087		—		—		245,411

Total Commercial Lending	$	1,429,127	$	1,342,590	$	1,027,719	$	679,422	$	428,830	$	1,121,767	$	1,332,983	$	30,975	$	7,393,413

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	728,807	$	384,248	$	290,484	$	361,297	$	314,971	$	830,795	$	—	$	—	$	2,910,602
680 - 739		85,151		53,090		44,616		50,703		39,230		144,537		—		—		417,327
620 - 679		15,767		7,604		11,460		9,628		7,982		43,393		—		—		95,834
550 - 619		—		1,971		2,818		2,920		4,474		10,144		—		—		22,327
Less than 550		—		861		593		2,916		594		2,138		—		—		7,102
No Score ⁽³⁾		13,823		18,861		21,214		21,821		14,355		45,147		—		—		135,221
Other ⁽²⁾		21,011		15,860		18,540		22,677		9,550		13,426		578		163		101,805
Total Residential Mortgage		864,559		482,495		389,725		471,962		391,156		1,089,580		578		163		3,690,218

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		608,282		2,163		610,445
680 - 739		—		—		—		—		—		—		159,886		3,155		163,041
620 - 679		—		—		—		—		—		—		44,005		1,571		45,576
550 - 619		—		—		—		—		—		—		11,644		884		12,528
Less than 550		—		—		—		—		—		—		5,159		330		5,489
No Score ⁽³⁾		—		—		—		—		—		—		4,545		—		4,545
Total Home Equity Line		—		—		—		—		—		—		833,521		8,103		841,624
Total Residential Lending		864,559		482,495		389,725		471,962		391,156		1,089,580		834,099		8,266		4,531,842

Consumer Lending
FICO:
740 and greater		113,373		122,965		99,678		54,691		24,029		6,034		114,748		275		535,793
680 - 739		83,316		90,853		66,143		36,426		16,358		4,985		76,391		773		375,245
620 - 679		40,469		48,904		33,917		24,705		11,144		3,788		36,622		1,221		200,770
550 - 619		9,125		20,274		17,693		15,126		7,825		2,883		12,980		1,458		87,364
Less than 550		3,017		10,139		9,189		6,517		3,123		1,118		5,261		799		39,163
No Score ⁽³⁾		339		103		64		109		10		—		33,854		356		34,835
Other ⁽²⁾		380		1,890		73		2,214		45		6,768		69,302		—		80,672
Total Consumer Lending		250,019		295,128		226,757		139,788		62,534		25,576		349,158		4,882		1,353,842

Total Loans and Leases	$	2,543,705	$	2,120,213	$	1,644,201	$	1,291,172	$	882,520	$	2,236,923	$	2,516,240	$	44,123	$	13,279,097

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

Schedule of revolving loans that were converted to term loans


	Three Months Ended
(dollars in thousands)	March 31, 2021
Commercial and industrial	$	229
Home equity line		1,079
Consumer		493
Total Revolving Loans Converted to Term Loans During the Period	$	1,801


	Three Months Ended
(dollars in thousands)	March 31, 2020
Commercial and industrial	$	28,228
Residential mortgage		296
Total Revolving Loans Converted to Term Loans During the Period	$	28,524

Schedule of aging analyses of past due loans and leases

March 31, 2021

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

4,710

786

1,751

7,247

3,114,189

3,121,436

1,365

Commercial real estate

1,727

443

1,990

4,160

3,392,073

3,396,233

1,054

Construction

1,383

—

668

2,051

737,220

739,271

Lease financing

—

238,148

—

Residential mortgage

11,659

904

3,152

15,715

3,699,961

3,715,676

—

Home equity line

1,744

126

4,975

6,845

798,901

805,746

4,975

Consumer

10,611

2,282

2,024

14,917

1,268,862

1,283,779

2,024

Total

31,834

4,541

14,560

50,935

13,249,354

13,300,289

9,507


	December 31, 2020
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,585	$	604	$	2,626	$	5,815	$	3,013,692	$	3,019,507	$	2,108
Commercial real estate		75		2,568		963		3,606		3,389,070		3,392,676		882
Construction		779		376		2,137		3,292		732,527		735,819		93
Lease financing		—		—		—		—		245,411		245,411		—
Residential mortgage		3,382		4,125		3,372		10,879		3,679,339		3,690,218		—
Home equity line		1,375		743		4,818		6,936		834,688		841,624		4,818
Consumer		18,492		5,205		3,266		26,963		1,326,879		1,353,842		3,266
Total	$	26,688	$	13,621	$	17,182	$	57,491	$	13,221,606	$	13,279,097	$	11,167

Schedule of amortized cost basis of loans and leases on nonaccrual status


	March 31, 2021
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	593
Commercial real estate		857		937
Construction		—		579
Residential mortgage		1,311		6,999
Total Nonaccrual Loans and Leases	$	2,168	$	9,108


	December 31, 2020
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	518
Commercial real estate		—		80
Construction		1,840		2,043
Residential mortgage		1,316		6,441
Total Nonaccrual Loans and Leases	$	3,156	$	9,082

Schedule of information related to loans modified in a TDR


	Three Months Ended					Three Months Ended
	March 31, 2021					March 31, 2020
	Number of	Recorded		Related		Number of	Recorded		Related
(dollars in thousands)	Contracts	Investment⁽¹⁾		ACL		Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	17	$	2,945	$	1,648	1	$	500	$	30
Construction	2		716		342	—		—		—
Residential mortgage	10		4,916		374	—		—		—
Consumer	1,690		15,763		11,832	—		—		—
Total	1,719	$	24,340	$	14,196	1	$	500	$	30

(1)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

Schedule of TDRs that defaulted in period within 12 months of their permanent modification date


	Three Months Ended			Three Months Ended
	March 31, 2021			March 31, 2020
	Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts	Investment⁽¹⁾		Contracts	Investment⁽¹⁾
Commercial and industrial⁽²⁾	2	$	397	—	$	—
Construction⁽³⁾	1		361	—		—
Residential mortgage⁽⁴⁾	1		372	—		—
Consumer⁽⁵⁾	93		1,068	—		—
Total	97	$	2,198	—	$	—

(1)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	For the three months ended March 31, 2021, the types of modifications for the commercial and industrial loans that subsequently defaulted include temporary deferrals of principal and interest and temporary reduced payments.

(3)	For the three months ended March 31, 2021, the construction loan that subsequently defaulted was modified through temporary deferral of principal and interest.

(4)	For the three months ended March 31, 2021, the residential mortgage loan that subsequently defaulted was modified through temporary interest-only payments.

(5)	For the three months ended March 31, 2021, the types of modifications for the consumers loans that subsequently defaulted include temporary reduced payments, temporary interest-only payments and below-market interest rates.

Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2021

Mortgage Servicing Rights

Schedule of estimated future amortization expense for MSRs


	Estimated
(dollars in thousands)	Amortization
Under one year	$	2,013
One to two years		1,615
Two to three years		1,323
Three to four years		1,100
Four to five years		924

Schedule of details of the Company's MSRs


	March 31,		December 31,
(dollars in thousands)	2021		2020
Gross carrying amount	$	68,540	$	67,856
Less: accumulated amortization		57,671		57,125
Net carrying value	$	10,869	$	10,731

Schedule of changes in amortized MSRs


	Three Months Ended March 31,
(dollars in thousands)	2021		2020
Balance at beginning of period	$	10,731	$	12,668
Originations		683		1,291
Amortization		(545)		(1,980)
Balance at end of period	$	10,869	$	11,979
Fair value of amortized MSRs at beginning of period	$	14,029	$	20,329
Fair value of amortized MSRs at end of period	$	14,921	$	17,615

Schedule of quantitative assumptions used in determining lower of cost or fair value of MSRs


	March 31, 2021							December 31, 2020
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	12.79	%	-	27.09	%	14.18	%	11.86	%	-	26.52	%	16.90	%
Life in years (of the MSR)	1.86		-	6.31		5.17		1.83		-	6.68		4.45
Weighted-average coupon rate	3.41	%	-	6.91	%	3.79	%	3.24	%	-	6.98	%	3.84	%
Discount rate	10.00	%	-	10.00	%	10.00	%	10.00	%	-	10.00	%	10.00	%

Transfers of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2021

Transfers of Financial Assets

Schedule of carrying amounts of assets pledged as collateral


(dollars in thousands)	March 31, 2021		December 31, 2020
Public deposits	$	2,418,838	$	2,251,508
Federal Home Loan Bank		2,887,878		2,917,317
Federal Reserve Bank		1,929,876		1,919,744
ACH transactions		111,454		111,347
Interest rate swaps		42,373		56,004
Total	$	7,390,419	$	7,255,920

Deposits (Tables)

3 Months Ended

Mar. 31, 2021

Deposits

Schedule of deposits by category


(dollars in thousands)	March 31, 2021		December 31, 2020
U.S.:
Interest-bearing	$	11,159,564	$	10,928,712
Noninterest-bearing		7,329,662		6,674,352
Foreign:
Interest-bearing		799,042		776,897
Noninterest-bearing		845,413		847,762
Total deposits	$	20,133,681	$	19,227,723

Schedule of maturity distribution of time certificates of deposit

The following table presents the maturity distribution of time certificates of deposit as of March 31, 2021:


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	232,935	$	414,462	$	647,397
Over three through six months		146,206		210,672		356,878
Over six through twelve months		372,636		379,245		751,881
One to two years		128,248		82,989		211,237
Two to three years		80,286		16,964		97,250
Three to four years		40,578		4,881		45,459
Four to five years		42,510		21,469		63,979
Thereafter		510		250		760
Total	$	1,043,909	$	1,130,932	$	2,174,841

Long-Term Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

Long-Term Borrowings

Schedule of long-term borrowings


(dollars in thousands)	March 31, 2021		December 31, 2020
Finance lease	$	10	$	10
FHLB fixed-rate advances⁽¹⁾		200,000		200,000
Total long-term borrowings	$	200,010	$	200,010

(1)	Interest is payable monthly.

Schedule of future contractual principal payments on long-term borrowings


	Principal
(dollars in thousands)	Payments
2021	$	10
2022		—
2023⁽¹⁾		100,000
2024⁽²⁾		100,000
2025		—
Total	$	200,010

(1)	FHLB fixed-rate advance callable on June 3, 2021 with an interest rate of 2.80%.

(2)	FHLB fixed-rate advance callable on July 15, 2021 with an interest rate of 2.65%.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss).

Schedule of changes in accumulated other comprehensive income (loss)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Three months ended March 31, 2021
Investment securities:
Unrealized net losses arising during the period		(102,336)		27,297		(75,039)
Net change in investment securities		(102,336)		27,297		(75,039)
Other comprehensive loss		(102,336)		27,297		(75,039)
Accumulated other comprehensive loss at March 31, 2021	$	(59,238)	$	15,803	$	(43,435)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)
Three months ended March 31, 2020
Pension and other benefits:
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		—		(96)		(96)
Investment securities:
Unrealized net gains arising during the period		49,164		(13,128)		36,036
Reclassification of net gains to net income:
Investment securities gains, net		(85)		23		(62)
Net change in investment securities		49,079		(13,105)		35,974
Other comprehensive income		49,079		(13,201)		35,878
Accumulated other comprehensive income at March 31, 2020	$	5,629	$	(1,500)	$	4,129

Summary of changes in accumulated other comprehensive income (loss), net of tax



	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Three Months Ended March 31, 2021
Balance at beginning of period	$	(31,737)	$	63,341	$	31,604
Other comprehensive loss		—		(75,039)		(75,039)
Balance at end of period	$	(31,737)	$	(11,698)	$	(43,435)

Three Months Ended March 31, 2020
Balance at beginning of period	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income		(96)		35,974		35,878
Balance at end of period	$	(28,178)	$	32,307	$	4,129

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2021

Regulatory Capital Requirements

Schedule of regulatory capital ratios


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
March 31, 2021:
Common equity tier 1 capital to risk-weighted assets	$	1,731,573	12.82	%	$	1,717,126	12.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,731,573	12.82	%		1,717,126	12.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,901,254	14.07	%		1,886,793	13.97	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,731,573	7.90	%		1,717,126	7.83	%	4.00	%	5.00	%

December 31, 2020:
Common equity tier 1 capital to risk-weighted assets	$	1,717,008	12.47	%	$	1,699,485	12.34	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,717,008	12.47	%		1,699,485	12.34	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,889,958	13.73	%		1,872,427	13.60	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,717,008	8.00	%		1,699,485	7.92	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”).

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Financial Instruments

Summary of notional amounts and fair values of derivatives held


	March 31, 2021						December 31, 2020
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	22,451	$	—	$	(1,084)	$	22,451	$	—	$	(1,276)
Derivatives not designated as hedging instruments:
Interest rate swaps		3,000,461		80,126		—		3,002,333		129,888		—
Funding swap		95,799		—		(3,382)		92,647		—		(4,554)
Interest rate caps and floors		148,800		56		(56)		148,800		7		(7)
Foreign exchange contracts		—		—		—		326		—		—

(1)	The positive fair values of derivative assets are included in other assets.

(2)	The negative fair values of derivative liabilities are included in other liabilities.

Schedule of net gains and losses recognized in income related to derivatives in fair value hedging relationships


	Gains (losses) recognized in	Three Months Ended
	the consolidated statements	March 31,
(dollars in thousands)	of income line item	2021		2020
Gains (losses) on fair value hedging relationships recognized in interest income⁽¹⁾:
Recognized on interest rate swap	Loans and lease financing	$	193	$	(955)
Recognized on hedged item	Loans and lease financing		(249)		906

Schedule of amounts related to cumulative basis adjustments for fair value hedges

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

23,920

24,355

1,239

1,487

Summary of impact on pretax earnings of derivatives not designated as hedges


	Net gains (losses) recognized	Three Months Ended
	in the consolidated statements	March 31,
(dollars in thousands)	of income line item	2021		2020
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	—	$	—
Funding swap	Other noninterest income		26		6
Foreign exchange contracts	Other noninterest income		—		(52)

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingent Liabilities

Schedule of financial instruments with off-balance sheet risk


	March 31,		December 31,
(dollars in thousands)	2021		2020
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,067,465	$	5,934,535
Standby letters of credit		180,909		185,108
Commercial letters of credit		5,014		3,834

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contracts with Customers

Summary of revenues disaggregated by type of service and business segments

Three Months Ended March 31, 2021

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

100,888

31,832

(3,562)

129,158

Service charges on deposit accounts

6,086

223

409

6,718

Credit and debit card fees

—

12,525

1,428

13,953

Other service charges and fees

5,564

475

352

6,391

Trust and investment services income

8,492

—

8,492

Other

1,496

336

1,911

Not in scope of Topic 606⁽¹⁾

3,354

1,322

1,727

6,403

Total noninterest income

23,575

16,041

4,252

43,868

Total revenue

124,463

47,873

690

173,026

(1)


		Three Months Ended March 31, 2020
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	89,883	$	34,414	$	14,386	$	138,683

Service charges on deposit accounts		8,088		351		511		8,950
Credit and debit card fees		—		12,887		1,599		14,486
Other service charges and fees		4,875		424		516		5,815
Trust and investment services income		9,591		—		—		9,591
Other		185		1,106		188		1,479
Not in scope of Topic 606⁽¹⁾		3,637		3,028		2,242		8,907
Total noninterest income		26,376		17,796		5,056		49,228
Total revenue	$	116,259	$	52,210	$	19,442	$	187,911

(1)

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings per Share

Schedule of computations of basic and diluted earnings per share


	Three Months Ended March 31,
(dollars in thousands, except shares and per share amounts)	2021		2020
Numerator:
Net income	$	57,693	$	38,865

Denominator:
Basic: weighted-average shares outstanding		129,933,104		129,895,706
Add: weighted-average equity-based awards		656,774		455,879
Diluted: weighted-average shares outstanding		130,589,878		130,351,585

Basic earnings per share	$	0.44	$	0.30
Diluted earnings per share	$	0.44	$	0.30

Noninterest Income and Noninterest Expense (Tables)

3 Months Ended

Mar. 31, 2021

Noninterest Income and Noninterest Expense

Schedule of components of net periodic benefit cost


	Income line item where recognized in	Pension Benefits				Other Benefits
(dollars in thousands)	the consolidated statements of income	2021		2020		2021		2020
Three Months Ended March 31,
Service cost	Salaries and employee benefits	$	—	$	—	$	264	$	189
Interest cost	Other noninterest expense		1,231		1,621		131		164
Expected return on plan assets	Other noninterest expense		(766)		(1,194)		—		—
Prior service credit	Other noninterest expense		—		—		—		(13)
Recognized net actuarial loss (gain)	Other noninterest expense		1,720		1,429		—		(26)
Total net periodic benefit cost		$	2,185	$	1,856	$	395	$	314

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value

Schedule of assets and liabilities measured at fair value on a recurring basis

Fair Value Measurements as of March 31, 2021

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

175,724

—

175,724

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

133,894

—

133,894

Residential - Government-sponsored enterprises⁽¹⁾

—

800,920

—

800,920

Commercial - Government agency

—

527,516

—

527,516

Commercial - Government-sponsored enterprises

—

1,134,175

—

1,134,175

Collateralized mortgage obligations:

Government agency

—

1,845,098

—

1,845,098

Government-sponsored enterprises

—

2,075,152

—

2,075,152

Total available-for-sale securities

—

6,692,479

—

6,692,479

Other assets⁽²⁾

12,730

80,182

—

92,912

Liabilities

Other liabilities⁽³⁾

—

(1,140)

(3,382)

(4,522)

Total

12,730

6,771,521

(3,382)

6,780,869

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.


	Fair Value Measurements as of December 31, 2020
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	171,421	$	—	$	171,421
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		160,462		—		160,462
Residential - Government-sponsored enterprises⁽¹⁾		—		447,200		—		447,200
Commercial - Government agency		—		599,650		—		599,650
Commercial - Government-sponsored enterprises		—		932,157		—		932,157
Collateralized mortgage obligations:
Government agency		—		1,933,553		—		1,933,553
Government-sponsored enterprises		—		1,826,972		—		1,826,972
Total available-for-sale securities		—		6,071,415		—		6,071,415
Other assets⁽²⁾		11,691		129,895		—		141,586
Liabilities
Other liabilities⁽³⁾		—		(1,283)		(4,554)		(5,837)
Total	$	11,691	$	6,200,027	$	(4,554)	$	6,207,164

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis


	Visa Derivative
(dollars in thousands)	2021		2020
Three Months Ended March 31,
Balance as of January 1,	$	(4,554)	$	(4,233)
Total net gains included in other noninterest income		26		6
Settlements		1,146		1,028
Balance as of March 31,	$	(3,382)	$	(3,199)
Total net gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of March 31,	$	26	$	6

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

March 31, 2021

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

1,262,810

278,994

983,816

—

1,262,810

Loans held for sale

9,390

—

9,893

—

9,893

Loans⁽¹⁾

13,062,141

—

13,186,769

Financial liabilities:

Time deposits⁽²⁾

2,174,841

—

2,179,865

—

2,179,865

Long-term borrowings⁽³⁾

200,000

—

211,903

—

211,903


	December 31, 2020
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,040,944	$	303,373	$	737,571	$	—	$	1,040,944
Loans held for sale		11,579		—		12,018		—		12,018
Loans⁽¹⁾		13,033,686		—		—		13,255,636		13,255,636

Financial liabilities:
Time deposits⁽²⁾	$	2,348,298	$	—	$	2,357,137	$	—	$	2,357,137
Long-term borrowings⁽³⁾		200,000		—		214,167		—		214,167

(1)	Excludes financing leases of $238.1 million at March 31, 2021 and $245.4 million at December 31, 2020.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $18.0 billion as of March 31, 2021 and $16.9 billion as of December 31, 2020.

(3)	Excludes capital lease obligations of $10 thousand as of both March 31, 2021 and December 31, 2020.

Schedule of assets with fair value adjustments on a nonrecurring basis


(dollars in thousands)	Level 1		Level 2		Level 3
March 31, 2021
Collateral-dependent loans	$	—	$	—	$	—
December 31, 2020
Collateral-dependent loans	$	—	$	—	$	1,840

Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis



	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(3,382)	Discounted Cash Flow	Expected Conversation Rate - 1.6228⁽²⁾	1.5977-1.6228
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 13%⁽⁴⁾	4% - 17%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Collateral-dependent loans	$	1,840	Appraisal Value	Appraisal Value	n/m⁽¹⁾
Visa derivative	$	(4,554)	Discounted Cash Flow	Expected Conversation Rate - 1.6228⁽²⁾	1.5977-1.6228
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 13%⁽⁴⁾	4% - 17%

(1)	The fair value of these assets is determined based on appraised values of the collateral or broker opinions, the range of which is not meaningful to disclose.

(2)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.

(3)	The expected term of 1 year was based on the median of 0.5 to 1.5 years.

(4)	The growth rate of 13% was based on the arithmetic average of analyst price targets.

Reportable Operating Segments (Tables)

3 Months Ended

Mar. 31, 2021

Reportable Operating Segments

Schedule of selected business segment financial information

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Three Months Ended March 31, 2021

Net interest income (expense)

100,888

31,832

(3,562)

129,158

Benefit (Provision) for credit losses

1,470

2,030

(3,500)

—

Net interest income (loss) after provision for credit losses

102,358

33,862

(7,062)

129,158

Noninterest income

23,575

16,041

4,252

43,868

Noninterest expense

(63,794)

(21,573)

(10,939)

(96,306)

Income (loss) before (provision) benefit for income taxes

62,139

28,330

(13,749)

76,720

(Provision) benefit for income taxes

(15,502)

(6,968)

3,443

(19,027)

Net income (loss)

46,637

21,362

(10,306)

57,693


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Three Months Ended March 31, 2020
Net interest income	$	89,883	$	34,414	$	14,386	$	138,683
Provision for credit losses		(20,065)		(20,784)		(351)		(41,200)
Net interest income after provision for credit losses		69,818		13,630		14,035		97,483

Noninterest income		26,376		17,796		5,056		49,228
Noninterest expense		(61,644)		(21,505)		(13,317)		(96,466)
Income before provision for income taxes		34,550		9,921		5,774		50,245

Provision for income taxes		(7,523)		(2,645)		(1,212)		(11,380)
Net income	$	27,027	$	7,276	$	4,562	$	38,865

Organization and Basis of Presentation - Basis of Presentation (Details)	Mar. 31, 2021
First Hawaiian, Inc. (FHI)
Capitalization
Outstanding common stock owned (as a percent)	100.00%

Investment Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available for sale debt securities
Amortized Cost	$ 6,708,431	$ 5,985,031
Unrealized Gains	70,480	97,114
Unrealized Losses	(86,432)	(10,730)
Fair value	6,692,479	6,071,415
Available-for-sale investment securities
Accrued interest receivable, available-for-sale investments	11,300	10,600
U.S. Treasury and government agency debt securities
Available for sale debt securities
Amortized Cost	177,745	170,123
Unrealized Gains	447	1,359
Unrealized Losses	(2,468)	(61)
Fair value	175,724	171,421
Residential - Government agency
Available for sale debt securities
Amortized Cost	129,908	155,169
Unrealized Gains	3,986	5,293
Fair value	133,894	160,462
Residential - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	797,426	434,282
Unrealized Gains	10,867	13,643
Unrealized Losses	(7,373)	(725)
Fair value	800,920	447,200
Commercial - Government agency
Available for sale debt securities
Amortized Cost	523,293	583,232
Unrealized Gains	8,068	16,537
Unrealized Losses	(3,845)	(119)
Fair value	527,516	599,650
Commercial - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	1,180,034	931,095
Unrealized Gains	1,676	9,045
Unrealized Losses	(47,535)	(7,983)
Fair value	1,134,175	932,157
Government agency
Available for sale debt securities
Amortized Cost	1,818,181	1,902,326
Unrealized Gains	29,899	32,246
Unrealized Losses	(2,982)	(1,019)
Fair value	1,845,098	1,933,553
Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	2,081,844	1,808,804
Unrealized Gains	15,537	18,991
Unrealized Losses	(22,229)	(823)
Fair value	$ 2,075,152	$ 1,826,972

Investment Securities - Proceeds from Calls and Sales, Realized Gains and Losses and Interest Income Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Proceeds from calls and sales of investment securities
Proceeds from calls of available for sale securities	$ 0.1	$ 75.0
Proceeds from sales of available for sale securities		3.5
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract]
Gross realized gains on sales of investment securities	0.0	0.1
Gross realized losses on sales of investment securities	0.0	0.0
Income tax benefit related to net realized loss on sale of investment securities	0.0
Income tax expense related to net realized gains on sale of investment securities		0.0
Interest income from taxable and nontaxable investment securities
Taxable interest income	22.1	21.2
Non-taxable interest income	$ 1.0	$ 0.0

Investment Securities - Amortized Cost and Fair Value, by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due after one year through five years	$ 41,513
Due after five years through ten years	83,988
Due after ten years	52,244
Total contractual maturities	177,745
Amortized Cost	6,708,431	$ 5,985,031
Fair Value
Due after one year through five years	41,878
Due after five years through ten years	83,461
Due after ten years	50,385
Total contractual maturities	175,724
Fair value	6,692,479	6,071,415
Mortgage-backed securities:
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,630,661
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,596,505
Residential - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	129,908
Amortized Cost	129,908	155,169
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	133,894
Fair value	133,894	160,462
Residential - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	797,426
Amortized Cost	797,426	434,282
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	800,920
Fair value	800,920	447,200
Commercial - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	523,293
Amortized Cost	523,293	583,232
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	527,516
Fair value	527,516	599,650
Commercial - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,180,034
Amortized Cost	1,180,034	931,095
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,134,175
Fair value	1,134,175	932,157
Collateralized mortgage obligations
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	3,900,025
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	3,920,250
Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,818,181
Amortized Cost	1,818,181	1,902,326
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,845,098
Fair value	1,845,098	1,933,553
Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,081,844
Amortized Cost	2,081,844	1,808,804
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,075,152
Fair value	$ 2,075,152	$ 1,826,972

Investment Securities - Pledged Securities and Concentration Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Pledged securities
Total pledged securities	$ 2,600,000,000	$ 2,400,000,000
Securities pledged to secure public deposits	2,418,838,000	2,251,508,000
Securities pledged to secure other financial transactions	184,200,000	186,100,000
Concentration of risk
Credit losses recognized on securities	0	0
Non-government issuer
Concentration of risk
Securities of issuers in excess of 10% of stockholders' equity	$ 0	$ 0

Investment Securities - Unrealized Gross Losses and Fair Values of Securities in a Continuous Loss Position (Details) $ in Thousands	Mar. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Securities in the available-for-sale portfolio in a continuous loss position
Number of individual securities in a continuous loss position \| security	145	50
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	$ (86,424)	$ (10,705)
12 Months or More Unrealized Losses	(8)	(25)
Total Unrealized Losses	(86,432)	(10,730)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	3,187,382	1,068,883
12 Months or More Fair Value	5,020	6,190
Total Fair Value	3,192,402	1,075,073
U.S. Treasury and government agency debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(2,468)	(61)
Total Unrealized Losses	(2,468)	(61)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	121,457	38,507
Total Fair Value	121,457	38,507
Residential - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(7,373)	(725)
Total Unrealized Losses	(7,373)	(725)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	511,463	64,987
Total Fair Value	511,463	64,987
Commercial - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(3,845)	(119)
Total Unrealized Losses	(3,845)	(119)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	248,776	32,346
Total Fair Value	248,776	32,346
Commercial - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(47,535)	(7,983)
Total Unrealized Losses	(47,535)	(7,983)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	898,725	427,759
Total Fair Value	898,725	427,759
Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(2,974)	(994)
12 Months or More Unrealized Losses	(8)	(25)
Total Unrealized Losses	(2,982)	(1,019)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	370,875	209,124
12 Months or More Fair Value	5,020	6,190
Total Fair Value	375,895	215,314
Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(22,229)	(823)
Total Unrealized Losses	(22,229)	(823)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	1,036,086	296,160
Total Fair Value	$ 1,036,086	$ 296,160

Investment Securities - Visa Class B Restricted Shares (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) shares	Dec. 31, 2008 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Oct. 31, 2019 USD ($)	Sep. 30, 2019	Sep. 27, 2019	Jul. 31, 2018 USD ($)	Jul. 05, 2018	Jun. 28, 2018	Dec. 31, 2017
Visa \| Class B restricted shares
Visa Class B Restricted Shares
Historical cost included in the balance sheets		$ 0
Net realized gain related to the sale of stock	$ 22,700
Number of shares sold \| shares	274,000
Estimated amount that was subsequently paid to the buyer					$ 300
Shares held \| shares			120,000	120,000
Cost basis			$ 0	$ 0
Funding Swap (Visa Derivative) \| Class B restricted shares
Visa Class B Restricted Shares
Conversion rate						1.6228	1.6228		1.6298	1.6298	1.6483
Funding Swap (Visa Derivative) \| Visa
Visa Class B Restricted Shares
Estimated amount that was subsequently paid to the buyer					$ 300			$ 700
Visa \| Class B restricted shares
Visa Class B Restricted Shares
Stock received in initial public offering (in shares) \| shares		394,000

Loans and Leases - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans and leases
Total Loans and Leases	$ 13,300,289	$ 13,279,097
Outstanding loan balances, deferred loan costs and fees	16,800	26,100
Accrued interest receivable related to loans and leases recorded separately	58,600	59,000
Residential real estate loans pledged to collateralize the borrowing capacity at the FHLB	2,900,000	2,900,000
Consumer, commercial and industrial, commercial real estate and residential real estate loans pledged to collateralize the borrowing capacity at the FRB	1,900,000	1,900,000
Real estate
Loans and leases
Total Loans and Leases	4,521,422	4,531,842
Commercial and Industrial
Loans and leases
Total Loans and Leases	3,121,436	3,019,507
Commercial and Industrial \| Real estate
Loans and leases
Total Loans and Leases	3,121,436	3,019,507
Commercial real estate
Loans and leases
Total Loans and Leases	3,396,233	3,392,676
Commercial real estate \| Real estate
Loans and leases
Total Loans and Leases	3,396,233	3,392,676
Construction
Loans and leases
Total Loans and Leases	739,271	735,819
Construction \| Real estate
Loans and leases
Total Loans and Leases	739,271	735,819
Residential
Loans and leases
Properties in the process of foreclosure	2,800	2,300
Residential \| Real estate
Loans and leases
Total Loans and Leases	3,715,676	3,690,218
Consumer \| Real estate
Loans and leases
Total Loans and Leases	1,283,779	1,353,842
Lease financing
Loans and leases
Total Loans and Leases	238,148	245,411
Home equity line \| Real estate
Loans and leases
Total Loans and Leases	805,746	841,624
Residential mortgage \| Residential
Loans and leases
Total Loans and Leases	3,715,676	3,690,218
Home equity \| Home equity Line
Loans and leases
Total Loans and Leases	$ 805,746	$ 841,624

Allowance for Credit Losses - Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for loan and lease losses:
Balance at beginning of period	$ 208,454	$ 130,530
Charge-offs		(8,806)
Recoveries		2,670
Increase (decrease) in Provision		40,849
Balance at end of period	200,366	166,013
Commercial Lending
Allowance for loan and lease losses:
Balance at beginning of period		4,844
Recoveries		110
Increase (decrease) in Provision		5,673
Balance at end of period		8,824
Commercial and Industrial
Allowance for loan and lease losses:
Balance at beginning of period	24,711	28,975
Charge-offs	(963)	(201)
Recoveries	215	220
Increase (decrease) in Provision	3,359	7,995
Balance at end of period	27,322	20,884
Commercial real estate
Allowance for loan and lease losses:
Balance at beginning of period	58,123	22,325
Charge-offs	(66)
Recoveries	3
Increase (decrease) in Provision	(6,369)	9,954
Balance at end of period	51,691	42,838
Construction
Allowance for loan and lease losses:
Balance at beginning of period	10,039
Recoveries	166
Increase (decrease) in Provision	347
Balance at end of period	10,552
Lease financing
Allowance for loan and lease losses:
Balance at beginning of period	3,298	424
Increase (decrease) in Provision	(101)	220
Balance at end of period	3,197	851
Consumer
Allowance for loan and lease losses:
Balance at beginning of period	64,659	34,644
Charge-offs	(6,541)	(8,597)
Recoveries	2,655	2,083
Increase (decrease) in Provision	1,692	12,334
Balance at end of period	62,465	56,039
Unallocated
Allowance for loan and lease losses:
Balance at beginning of period	208,454	139
Charge-offs	(7,668)
Recoveries	3,080
Increase (decrease) in Provision	(3,500)
Balance at end of period	200,366
Residential mortgage
Allowance for loan and lease losses:
Balance at beginning of period	40,461	29,303
Charge-offs	(98)
Recoveries	17	135
Increase (decrease) in Provision	(1,909)	3,376
Balance at end of period	38,471	30,021
Home equity
Allowance for loan and lease losses:
Balance at beginning of period	7,163	9,876
Charge-offs		(8)
Recoveries	24	122
Increase (decrease) in Provision	(519)	1,297
Balance at end of period	$ 6,668	6,556
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment
Allowance for loan and lease losses:
Balance at beginning of period		770
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Commercial Lending
Allowance for loan and lease losses:
Balance at beginning of period		(1,803)
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Commercial and Industrial
Allowance for loan and lease losses:
Balance at beginning of period		(16,105)
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Commercial real estate
Allowance for loan and lease losses:
Balance at beginning of period		10,559
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Lease financing
Allowance for loan and lease losses:
Balance at beginning of period		207
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Consumer
Allowance for loan and lease losses:
Balance at beginning of period		15,575
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Unallocated
Allowance for loan and lease losses:
Balance at beginning of period		(139)
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Residential mortgage
Allowance for loan and lease losses:
Balance at beginning of period		(2,793)
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Home equity
Allowance for loan and lease losses:
Balance at beginning of period		$ (4,731)

Allowance for Credit Losses - Reserve for Unfunded Commitments (Details) - Reserve for unfunded commitments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	$ 30,603	$ 600
Increase (decrease) in Provision	3,500	351
Reserve for unfunded commitments, ending balance	34,103	17,251
Commercial and Industrial
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	11,719
Increase (decrease) in Provision	4,410	(599)
Reserve for unfunded commitments, ending balance	16,129	4,791
Commercial real estate
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	1,328
Increase (decrease) in Provision	(216)	(82)
Reserve for unfunded commitments, ending balance	1,112	696
Construction
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	9,037
Increase (decrease) in Provision	(724)	694
Reserve for unfunded commitments, ending balance	8,313	4,813
Residential mortgage
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	2
Increase (decrease) in Provision	(2)	(6)
Reserve for unfunded commitments, ending balance		1
Home equity
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	8,452
Increase (decrease) in Provision	48	340
Reserve for unfunded commitments, ending balance	8,500	6,927
Consumer
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	65	600
Increase (decrease) in Provision	(16)	4
Reserve for unfunded commitments, ending balance	$ 49	23
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		16,300
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Commercial and Industrial
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		5,390
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Commercial real estate
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		778
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Construction
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		4,119
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Residential mortgage
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		7
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Home equity
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		6,587
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments \| Cumulative-effect adjustment \| Consumer
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance		$ (581)

Allowance for Credit Losses - Amortized Cost Basis by Year of Origination and Credit Quality Indicator (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Credit quality
2020/2021		$ 2,543,705,000
2019/2020		2,120,213,000
2018/2019		1,644,201,000
2017/2018		1,291,172,000
2016/2017		882,520,000
Prior		2,236,923,000
Revolving Loans Amortized Cost Basis		2,516,240,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		44,123,000
Total amortized cost basis		13,279,097,000
Total Loans and Leases	$ 13,300,289,000	13,279,097,000
Loss
Credit quality
Total Loans and Leases	0	0
Residential mortgage
Credit quality
2020/2021	316,858,000	864,559,000
2019/2020	829,791,000	482,495,000
2018/2019	448,613,000	389,725,000
2017/2018	352,645,000	471,962,000
2016/2017	424,171,000	391,156,000
Prior	1,342,856,000	1,089,580,000
Revolving Loans Amortized Cost Basis	580,000	578,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	162,000	163,000
Total amortized cost basis	3,715,676,000	3,690,218,000
Residential mortgage \| 740 and greater
Credit quality
2020/2021	269,847,000	728,807,000
2019/2020	698,143,000	384,248,000
2018/2019	355,459,000	290,484,000
2017/2018	261,304,000	361,297,000
2016/2017	320,423,000	314,971,000
Prior	1,031,922,000	830,795,000
Total amortized cost basis	2,937,098,000	2,910,602,000
Residential mortgage \| 680 - 739
Credit quality
2020/2021	32,425,000	85,151,000
2019/2020	83,210,000	53,090,000
2018/2019	51,384,000	44,616,000
2017/2018	41,764,000	50,703,000
2016/2017	48,039,000	39,230,000
Prior	168,279,000	144,537,000
Total amortized cost basis	425,101,000	417,327,000
Residential mortgage \| 620 - 679
Credit quality
2020/2021	4,220,000	15,767,000
2019/2020	15,727,000	7,604,000
2018/2019	7,626,000	11,460,000
2017/2018	11,214,000	9,628,000
2016/2017	9,310,000	7,982,000
Prior	49,018,000	43,393,000
Total amortized cost basis	97,115,000	95,834,000
Residential mortgage \| 550 - 619
Credit quality
2019/2020		1,971,000
2018/2019	1,945,000	2,818,000
2017/2018	2,810,000	2,920,000
2016/2017	2,906,000	4,474,000
Prior	14,044,000	10,144,000
Total amortized cost basis	21,705,000	22,327,000
Residential mortgage \| Less than 550
Credit quality
2019/2020		861,000
2018/2019	854,000	593,000
2017/2018	602,000	2,916,000
2016/2017	2,914,000	594,000
Prior	2,673,000	2,138,000
Total amortized cost basis	7,043,000	7,102,000
Residential mortgage \| No Score
Credit quality
2020/2021	4,599,000	13,823,000
2019/2020	12,498,000	18,861,000
2018/2019	17,761,000	21,214,000
2017/2018	21,197,000	21,821,000
2016/2017	19,972,000	14,355,000
Prior	55,404,000	45,147,000
Total amortized cost basis	131,431,000	135,221,000
Residential mortgage \| Other
Credit quality
2020/2021	5,767,000	21,011,000
2019/2020	20,213,000	15,860,000
2018/2019	13,584,000	18,540,000
2017/2018	13,754,000	22,677,000
2016/2017	20,607,000	9,550,000
Prior	21,516,000	13,426,000
Revolving Loans Amortized Cost Basis	580,000	578,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	162,000	163,000
Total amortized cost basis	96,183,000	101,805,000
Home equity
Credit quality
Revolving Loans Amortized Cost Basis		833,521,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		8,103,000
Total amortized cost basis		841,624,000
Home equity \| 740 and greater
Credit quality
Revolving Loans Amortized Cost Basis		608,282,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		2,163,000
Total amortized cost basis		610,445,000
Home equity \| 680 - 739
Credit quality
Revolving Loans Amortized Cost Basis		159,886,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		3,155,000
Total amortized cost basis		163,041,000
Home equity \| 620 - 679
Credit quality
Revolving Loans Amortized Cost Basis		44,005,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,571,000
Total amortized cost basis		45,576,000
Home equity \| 550 - 619
Credit quality
Revolving Loans Amortized Cost Basis		11,644,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		884,000
Total amortized cost basis		12,528,000
Home equity \| Less than 550
Credit quality
Revolving Loans Amortized Cost Basis		5,159,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		330,000
Total amortized cost basis		5,489,000
Home equity \| No Score
Credit quality
Revolving Loans Amortized Cost Basis		4,545,000
Total amortized cost basis		4,545,000
Consumer loans
Credit quality
2020/2021		250,019,000
2019/2020		295,128,000
2018/2019		226,757,000
2017/2018		139,788,000
2016/2017		62,534,000
Prior		25,576,000
Revolving Loans Amortized Cost Basis		349,158,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		4,882,000
Total amortized cost basis		1,353,842,000
Consumer loans \| 740 and greater
Credit quality
2020/2021		113,373,000
2019/2020		122,965,000
2018/2019		99,678,000
2017/2018		54,691,000
2016/2017		24,029,000
Prior		6,034,000
Revolving Loans Amortized Cost Basis		114,748,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		275,000
Total amortized cost basis		535,793,000
Consumer loans \| 680 - 739
Credit quality
2020/2021		83,316,000
2019/2020		90,853,000
2018/2019		66,143,000
2017/2018		36,426,000
2016/2017		16,358,000
Prior		4,985,000
Revolving Loans Amortized Cost Basis		76,391,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		773,000
Total amortized cost basis		375,245,000
Consumer loans \| 620 - 679
Credit quality
2020/2021		40,469,000
2019/2020		48,904,000
2018/2019		33,917,000
2017/2018		24,705,000
2016/2017		11,144,000
Prior		3,788,000
Revolving Loans Amortized Cost Basis		36,622,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,221,000
Total amortized cost basis		200,770,000
Consumer loans \| 550 - 619
Credit quality
2020/2021		9,125,000
2019/2020		20,274,000
2018/2019		17,693,000
2017/2018		15,126,000
2016/2017		7,825,000
Prior		2,883,000
Revolving Loans Amortized Cost Basis		12,980,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,458,000
Total amortized cost basis		87,364,000
Consumer loans \| Less than 550
Credit quality
2020/2021		3,017,000
2019/2020		10,139,000
2018/2019		9,189,000
2017/2018		6,517,000
2016/2017		3,123,000
Prior		1,118,000
Revolving Loans Amortized Cost Basis		5,261,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		799,000
Total amortized cost basis		39,163,000
Consumer loans \| No Score
Credit quality
2020/2021		339,000
2019/2020		103,000
2018/2019		64,000
2017/2018		109,000
2016/2017		10,000
Revolving Loans Amortized Cost Basis		33,854,000
Revolving Loans Converted to Term Loans Amortized Cost Basis		356,000
Total amortized cost basis		34,835,000
Consumer loans \| Other
Credit quality
2020/2021		380,000
2019/2020		1,890,000
2018/2019		73,000
2017/2018		2,214,000
2016/2017		45,000
Prior		6,768,000
Revolving Loans Amortized Cost Basis		69,302,000
Total amortized cost basis		80,672,000
Residential and consumer
Credit quality
2020/2021	966,378,000
2019/2020	2,412,170,000
2018/2019	2,059,534,000
2017/2018	1,517,679,000
2016/2017	1,177,821,000
Prior	2,985,754,000
Revolving Loans Amortized Cost Basis	2,137,285,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	43,668,000
Total amortized cost basis	13,300,289,000
Residential
Credit quality
2020/2021	316,858,000	864,559,000
2019/2020	829,791,000	482,495,000
2018/2019	448,613,000	389,725,000
2017/2018	352,645,000	471,962,000
2016/2017	424,171,000	391,156,000
Prior	1,342,856,000	1,089,580,000
Revolving Loans Amortized Cost Basis	797,471,000	834,099,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	9,017,000	8,266,000
Total amortized cost basis	4,521,422,000	4,531,842,000
Residential \| Residential mortgage
Credit quality
Total Loans and Leases	3,715,676,000	3,690,218,000
Home equity Line \| Home equity
Credit quality
Total Loans and Leases	805,746,000	841,624,000
Consumer
Credit quality
2020/2021	63,748,000
2019/2020	234,853,000
2018/2019	265,636,000
2017/2018	197,986,000
2016/2017	118,703,000
Prior	68,820,000
Revolving Loans Amortized Cost Basis	329,286,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	4,747,000
Total amortized cost basis	1,283,779,000
Consumer \| 740 and greater
Credit quality
2020/2021	37,038,000
2019/2020	105,809,000
2018/2019	109,925,000
2017/2018	86,146,000
2016/2017	44,909,000
Prior	22,098,000
Revolving Loans Amortized Cost Basis	107,725,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	266,000
Total amortized cost basis	513,916,000
Consumer \| 680 - 739
Credit quality
2020/2021	19,163,000
2019/2020	79,376,000
2018/2019	82,058,000
2017/2018	58,077,000
2016/2017	31,081,000
Prior	16,370,000
Revolving Loans Amortized Cost Basis	72,053,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	774,000
Total amortized cost basis	358,952,000
Consumer \| 620 - 679
Credit quality
2020/2021	6,167,000
2019/2020	38,079,000
2018/2019	44,459,000
2017/2018	30,055,000
2016/2017	21,453,000
Prior	11,715,000
Revolving Loans Amortized Cost Basis	33,935,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,213,000
Total amortized cost basis	187,076,000
Consumer \| 550 - 619
Credit quality
2020/2021	337,000
2019/2020	8,215,000
2018/2019	18,414,000
2017/2018	15,800,000
2016/2017	13,267,000
Prior	8,437,000
Revolving Loans Amortized Cost Basis	11,582,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,364,000
Total amortized cost basis	77,416,000
Consumer \| Less than 550
Credit quality
2020/2021	88,000
2019/2020	2,644,000
2018/2019	8,907,000
2017/2018	7,785,000
2016/2017	5,711,000
Prior	3,445,000
Revolving Loans Amortized Cost Basis	4,181,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	719,000
Total amortized cost basis	33,480,000
Consumer \| No Score
Credit quality
2020/2021	955,000
2019/2020	354,000
2018/2019	99,000
2017/2018	57,000
2016/2017	99,000
Prior	7,000
Revolving Loans Amortized Cost Basis	32,161,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	411,000
Total amortized cost basis	34,143,000
Consumer \| Other
Credit quality
2019/2020	376,000
2018/2019	1,774,000
2017/2018	66,000
2016/2017	2,183,000
Prior	6,748,000
Revolving Loans Amortized Cost Basis	67,649,000
Total amortized cost basis	78,796,000
Consumer \| Consumer loans
Credit quality
Total Loans and Leases	1,283,779,000	1,353,842,000
Home equity line
Credit quality
Revolving Loans Amortized Cost Basis	796,891,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	8,855,000
Total amortized cost basis	805,746,000
Home equity line \| 740 and greater
Credit quality
Revolving Loans Amortized Cost Basis	589,662,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	2,108,000
Total amortized cost basis	591,770,000
Home equity line \| 680 - 739
Credit quality
Revolving Loans Amortized Cost Basis	149,384,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	3,537,000
Total amortized cost basis	152,921,000
Home equity line \| 620 - 679
Credit quality
Revolving Loans Amortized Cost Basis	37,325,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,432,000
Total amortized cost basis	38,757,000
Home equity line \| 550 - 619
Credit quality
Revolving Loans Amortized Cost Basis	12,870,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,419,000
Total amortized cost basis	14,289,000
Home equity line \| Less than 550
Credit quality
Revolving Loans Amortized Cost Basis	3,641,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	359,000
Total amortized cost basis	4,000,000
Home equity line \| No Score
Credit quality
Revolving Loans Amortized Cost Basis	4,009,000
Total amortized cost basis	4,009,000
Commercial and Industrial
Credit quality
2020/2021	499,150,000	931,522,000
2019/2020	832,468,000	349,849,000
2018/2019	340,748,000	215,307,000
2017/2018	196,843,000	81,113,000
2016/2017	58,012,000	56,095,000
Prior	237,698,000	111,069,000
Revolving Loans Amortized Cost Basis	926,621,000	1,243,900,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	29,896,000	30,652,000
Total amortized cost basis	3,121,436,000	3,019,507,000
Total Loans and Leases	3,121,436,000	3,019,507,000
Commercial and Industrial \| Pass
Credit quality
2020/2021	495,898,000	873,639,000
2019/2020	781,914,000	324,030,000
2018/2019	315,190,000	183,329,000
2017/2018	152,290,000	73,000,000
2016/2017	51,136,000	49,886,000
Prior	218,781,000	94,360,000
Revolving Loans Amortized Cost Basis	785,046,000	1,058,786,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	27,922,000	28,853,000
Total amortized cost basis	2,828,177,000	2,685,883,000
Commercial and Industrial \| Special mention
Credit quality
2020/2021		20,937,000
2019/2020	17,608,000	10,370,000
2018/2019	10,957,000	20,164,000
2017/2018	19,751,000	2,099,000
2016/2017	1,930,000	279,000
Prior	5,373,000	8,316,000
Revolving Loans Amortized Cost Basis	66,867,000	101,183,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	607,000	1,549,000
Total amortized cost basis	123,093,000	164,897,000
Commercial and Industrial \| Substandard
Credit quality
2020/2021		23,804,000
2019/2020	23,098,000	2,023,000
2018/2019	2,808,000	2,568,000
2017/2018	16,913,000	677,000
2016/2017	584,000	4,063,000
Prior	12,048,000	8,113,000
Revolving Loans Amortized Cost Basis	28,361,000	33,775,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,367,000	250,000
Total amortized cost basis	85,179,000	75,273,000
Commercial and Industrial \| Other
Credit quality
2020/2021	3,252,000	13,142,000
2019/2020	9,848,000	13,426,000
2018/2019	11,793,000	9,246,000
2017/2018	7,889,000	5,337,000
2016/2017	4,362,000	1,867,000
Prior	1,496,000	280,000
Revolving Loans Amortized Cost Basis	46,347,000	50,156,000
Total amortized cost basis	84,987,000	93,454,000
Commercial real estate
Credit quality
2020/2021	41,958,000	344,374,000
2019/2020	348,282,000	678,824,000
2018/2019	672,693,000	586,274,000
2017/2018	586,223,000	484,627,000
2016/2017	491,574,000	343,882,000
Prior	1,196,211,000	894,258,000
Revolving Loans Amortized Cost Basis	59,284,000	60,114,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	8,000	323,000
Total amortized cost basis	3,396,233,000	3,392,676,000
Total Loans and Leases	3,396,233,000	3,392,676,000
Commercial real estate \| Pass
Credit quality
2020/2021	41,958,000	342,845,000
2019/2020	346,445,000	611,243,000
2018/2019	613,930,000	541,104,000
2017/2018	556,954,000	447,366,000
2016/2017	454,433,000	295,426,000
Prior	1,104,669,000	814,398,000
Revolving Loans Amortized Cost Basis	51,280,000	47,604,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	8,000	323,000
Total amortized cost basis	3,169,677,000	3,100,309,000
Commercial real estate \| Special mention
Credit quality
2020/2021		1,500,000
2019/2020	1,491,000	63,617,000
2018/2019	58,763,000	26,187,000
2017/2018	14,518,000	33,482,000
2016/2017	33,401,000	37,841,000
Prior	64,971,000	61,279,000
Revolving Loans Amortized Cost Basis		2,999,000
Total amortized cost basis	173,144,000	226,905,000
Commercial real estate \| Substandard
Credit quality
2020/2021		29,000
2019/2020	346,000	3,964,000
2018/2019		18,983,000
2017/2018	14,751,000	3,779,000
2016/2017	3,740,000	10,615,000
Prior	26,082,000	18,083,000
Revolving Loans Amortized Cost Basis	8,004,000	9,511,000
Total amortized cost basis	52,923,000	64,964,000
Commercial real estate \| Other
Credit quality
Prior	489,000	498,000
Total amortized cost basis	489,000	498,000
Construction
Credit quality
2020/2021	37,611,000	70,509,000
2019/2020	90,267,000	250,631,000
2018/2019	270,953,000	211,831,000
2017/2018	170,882,000	94,034,000
2016/2017	66,621,000	25,492,000
Prior	78,314,000	54,353,000
Revolving Loans Amortized Cost Basis	24,623,000	28,969,000
Total amortized cost basis	739,271,000	735,819,000
Total Loans and Leases	739,271,000	735,819,000
Construction \| Pass
Credit quality
2020/2021	32,201,000	53,931,000
2019/2020	73,512,000	233,730,000
2018/2019	260,522,000	202,808,000
2017/2018	162,052,000	83,792,000
2016/2017	58,537,000	23,171,000
Prior	63,624,000	41,536,000
Revolving Loans Amortized Cost Basis	24,043,000	28,386,000
Total amortized cost basis	674,491,000	667,354,000
Construction \| Special mention
Credit quality
2019/2020		508,000
2018/2019	507,000	707,000
2017/2018	706,000	4,717,000
2016/2017	4,429,000
Prior	9,172,000	9,172,000
Total amortized cost basis	14,814,000	15,104,000
Construction \| Substandard
Credit quality
2018/2019		541,000
2017/2018	536,000	1,840,000
2016/2017		521,000
Prior	1,478,000	989,000
Total amortized cost basis	2,014,000	3,891,000
Construction \| Other
Credit quality
2020/2021	5,410,000	16,578,000
2019/2020	16,755,000	16,393,000
2018/2019	9,924,000	7,775,000
2017/2018	7,588,000	3,685,000
2016/2017	3,655,000	1,800,000
Prior	4,040,000	2,656,000
Revolving Loans Amortized Cost Basis	580,000	583,000
Total amortized cost basis	47,952,000	49,470,000
Lease financing
Credit quality
2020/2021	7,053,000	82,722,000
2019/2020	76,509,000	63,286,000
2018/2019	60,891,000	14,307,000
2017/2018	13,100,000	19,648,000
2016/2017	18,740,000	3,361,000
Prior	61,855,000	62,087,000
Total amortized cost basis	238,148,000	245,411,000
Total Loans and Leases	238,148,000	245,411,000
Lease financing \| Pass
Credit quality
2020/2021	6,487,000	79,064,000
2019/2020	73,461,000	60,717,000
2018/2019	58,375,000	13,669,000
2017/2018	12,521,000	17,207,000
2016/2017	16,410,000	3,010,000
Prior	60,734,000	61,266,000
Total amortized cost basis	227,988,000	234,933,000
Lease financing \| Special mention
Credit quality
2020/2021	566,000	950,000
2019/2020	334,000	892,000
2018/2019	843,000	311,000
2017/2018	286,000	1,300,000
2016/2017	1,223,000	351,000
Prior	599,000	295,000
Total amortized cost basis	3,851,000	4,099,000
Lease financing \| Substandard
Credit quality
2020/2021		2,708,000
2019/2020	2,714,000	1,677,000
2018/2019	1,673,000	327,000
2017/2018	293,000	1,141,000
2016/2017	1,107,000
Prior	522,000	526,000
Total amortized cost basis	6,309,000	6,379,000
Commercial Lending
Credit quality
2020/2021	585,772,000	1,429,127,000
2019/2020	1,347,526,000	1,342,590,000
2018/2019	1,345,285,000	1,027,719,000
2017/2018	967,048,000	679,422,000
2016/2017	634,947,000	428,830,000
Prior	1,574,078,000	1,121,767,000
Revolving Loans Amortized Cost Basis	1,010,528,000	1,332,983,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	29,904,000	30,975,000
Total amortized cost basis	$ 7,495,088,000	$ 7,393,413,000

Allowance for Credit Losses - Amortized Cost Basis of Revolving Loans that Were Converted to Term Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	$ 1,801	$ 28,524
Commercial and Industrial
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	229	28,228
Home equity Line
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	1,079
Consumer
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	$ 493
Residential Mortgage.
Credit quality
Total Revolving Loans Converted to Term Loans During the Period		$ 296

Allowance for Credit Losses - Aging of Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	$ 13,300,289	$ 13,279,097
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		11,167
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	31,834	26,688
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	4,541	13,621
Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	14,560	17,182
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	9,507
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	50,935	57,491
Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	13,249,354	13,221,606
Commercial and Industrial
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,121,436	3,019,507
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		2,108
Commercial and Industrial \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	4,710	2,585
Commercial and Industrial \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	786	604
Commercial and Industrial \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,751	2,626
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	1,365
Commercial and Industrial \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	7,247	5,815
Commercial and Industrial \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,114,189	3,013,692
Commercial real estate
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,396,233	3,392,676
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		882
Commercial real estate \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,727	75
Commercial real estate \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	443	2,568
Commercial real estate \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,990	963
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	1,054
Commercial real estate \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	4,160	3,606
Commercial real estate \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,392,073	3,389,070
Construction
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	739,271	735,819
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		93
Construction \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,383	779
Construction \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases		376
Construction \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	668	2,137
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	89
Construction \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	2,051	3,292
Construction \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	737,220	732,527
Lease financing
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	238,148	245,411
Lease financing \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	238,148	245,411
Residential mortgage \| Residential
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,715,676	3,690,218
Residential mortgage \| Residential \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	11,659	3,382
Residential mortgage \| Residential \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	904	4,125
Residential mortgage \| Residential \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,152	3,372
Residential mortgage \| Residential \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	15,715	10,879
Residential mortgage \| Residential \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	3,699,961	3,679,339
Home equity \| Home equity Line
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	805,746	841,624
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		4,818
Home equity \| Home equity Line \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,744	1,375
Home equity \| Home equity Line \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	126	743
Home equity \| Home equity Line \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	4,975	4,818
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	4,975
Home equity \| Home equity Line \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	6,845	6,936
Home equity \| Home equity Line \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	798,901	834,688
Consumer loans \| Consumer
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	1,283,779	1,353,842
Loans and Leases Past Due 90 Days or More and Still Accruing Interest		3,266
Consumer loans \| Consumer \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	10,611	18,492
Consumer loans \| Consumer \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	2,282	5,205
Consumer loans \| Consumer \| Greater Than or Equal to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	2,024	3,266
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	2,024
Consumer loans \| Consumer \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	14,917	26,963
Consumer loans \| Consumer \| Current
Financing Receivable, Recorded Investment, Past Due
Total Loans and Leases	$ 1,268,862	$ 1,326,879

Allowance for Credit Losses - Amortized Cost Basis of Loans and Leases on Nonaccrual Status (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	$ 2,168		$ 3,156
Nonaccrual Loans and Leases	9,108		9,082
Interest income recognized on nonaccrual loans and leases	100
Accrued interest receivables written off, Interest income reversed	400
Commercial and Industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases	593		518
Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	857
Nonaccrual Loans and Leases	937		80
Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses			1,840
Nonaccrual Loans and Leases	579		2,043
Residential
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	1,311		1,316
Nonaccrual Loans and Leases	$ 6,999		$ 6,441

Allowance for Credit Losses - Collateral-Dependent Loans and Leases (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Allowance for Credit Losses
Amortized cost basis of collateral dependent loans	$ 23.3	$ 21.0

Allowance for Credit Losses - Troubled Debt Restructuring Modifications (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan contract	Mar. 31, 2020 USD ($) contract	Dec. 31, 2020 USD ($) loan
Troubled debt restructuring modifications
Number of Contracts \| contract	1,719	1
Recorded Investment	$ 24,340	$ 500
Related ACL	14,196	$ 30
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	6,300,000		$ 6,100,000
Commitments related to borrowers who had loan terms modified in a TDR	$ 400		$ 200
Loans modified in TDRs that experienced a payment default
Number of loans modified in TDRs that have defaulted in the current period \| contract	97
Recorded Investment, Defaulted TDRs	$ 2,198
Commercial and Industrial
Troubled debt restructuring modifications
Number of Contracts \| contract	17	1
Recorded Investment	$ 2,945	$ 500
Related ACL	$ 1,648	$ 30
Loans modified in TDRs that experienced a payment default
Number of loans modified in TDRs that have defaulted in the current period \| contract	2
Recorded Investment, Defaulted TDRs	$ 397
Consumer
Troubled debt restructuring modifications
Number of Contracts \| contract	1,690
Recorded Investment	$ 15,763
Related ACL	$ 11,832
Loans modified in TDRs that experienced a payment default
Number of loans modified in TDRs that have defaulted in the current period \| contract	93
Recorded Investment, Defaulted TDRs	$ 1,068
Construction
Troubled debt restructuring modifications
Number of Contracts \| contract	2
Recorded Investment	$ 716
Related ACL	$ 342
Loans modified in TDRs that experienced a payment default
Number of loans modified in TDRs that have defaulted in the current period \| contract	1
Recorded Investment, Defaulted TDRs	$ 361
Residential Mortgage.
Troubled debt restructuring modifications
Number of Contracts \| contract	10
Recorded Investment	$ 4,916
Related ACL	$ 374
Loans modified in TDRs that experienced a payment default
Number of loans modified in TDRs that have defaulted in the current period \| contract	1
Recorded Investment, Defaulted TDRs	$ 372
Number of loans collateralized by real estate property modified in a TDR in the process of foreclosure \| loan	0		0
Residential Mortgage. \| Real estate property held from foreclosed TDR
Loans modified in TDRs that experienced a payment default
Number of real estate properties \| loan	0		0
Commitments to extend credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 6,067,465		$ 5,934,535
Standby letters of credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	180,909		185,108
Commercial letters of credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 5,014		$ 3,834

Mortgage Servicing Rights - Loans, Fees, Amortization and Carrying Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other Intangible Assets
Unpaid principal amount of consumer loans serviced for others	$ 2,000,000		$ 2,200,000
Contractually specified fees, late charges, and ancillary fees	1,300	$ 1,500
Amortization of mortgage servicing rights	545	$ 1,980
Details of MSRs
Gross carrying amount	68,540		67,856
Less: accumulated amortization	57,671		57,125
Net carrying value	10,869		$ 10,731
MSRs
Estimated future amortization expenses for MSRs, next five years
Under one year	2,013
One to two years	1,615
Two to three years	1,323
Three to four years	1,100
Four to five years	$ 924

Mortgage Servicing Rights - Changes in Amortized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in amortized mortgage servicing rights
Balance at beginning of period	$ 10,731	$ 12,668
Originations	683	1,291
Amortization	(545)	(1,980)
Balance at end of period	10,869	11,979
Fair value of amortized MSRs at beginning of period	14,029	20,329
Fair value of amortized MSRs at end of period	14,921	17,615
Impairment of MSRs recorded	$ 0	$ 0

Mortgage Servicing Rights - Quantitative Assumptions Used for MSRs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Minimum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	12.79%	11.86%
Life in years (of the MSR)	1 year 10 months 9 days	1 year 9 months 29 days
Weighted-average coupon rate (as a percent)	3.41%	3.24%
Discount rate (as a percent)	10.00%	10.00%
Maximum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	27.09%	26.52%
Life in years (of the MSR)	6 years 3 months 21 days	6 years 8 months 4 days
Weighted-average coupon rate (as a percent)	6.91%	6.98%
Discount rate (as a percent)	10.00%	10.00%
Weighted Average
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	14.18%	16.90%
Life in years (of the MSR)	5 years 2 months 1 day	4 years 5 months 12 days
Weighted-average coupon rate (as a percent)	3.79%	3.84%
Discount rate (as a percent)	10.00%	10.00%

Transfers of Financial Assets - Carrying Amounts of Assets Pledged as Collateral, Borrowings and Other Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Carrying amounts of the assets pledged as collateral
Public deposits	$ 2,418,838	$ 2,251,508
Federal Home Loan Bank	2,887,878	2,917,317
Federal Reserve Bank	1,929,876	1,919,744
ACH transactions	111,454	111,347
Interest rate swaps	42,373	56,004
Total	7,390,419	7,255,920
Securities for reverse repurchase agreements	0	0
Extinguishment of debt
In-substance debt defeasance	$ 0	$ 0

Deposits - Interest-bearing or Noninterest-bearing (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
U.S.:
Interest-bearing	$ 11,159,564	$ 10,928,712
Noninterest-bearing	7,329,662	6,674,352
Foreign:
Interest-bearing	799,042	776,897
Noninterest-bearing	845,413	847,762
Total deposits	$ 20,133,681	$ 19,227,723

Deposits - Maturity Distribution of Time Certificates of Deposits (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Maturity distribution of time certificates of deposit
Three months or less	$ 647,397
Over three through six months	356,878
Over six through twelve months	751,881
One to two years	211,237
Two to three years	97,250
Three to four years	45,459
Four to five years	63,979
Thereafter	760
Total	2,174,841
Under $250,000
Maturity distribution of time certificates of deposit
Three months or less	232,935
Over three through six months	146,206
Over six through twelve months	372,636
One to two years	128,248
Two to three years	80,286
Three to four years	40,578
Four to five years	42,510
Thereafter	510
Total	1,043,909
$250,000 or More
Maturity distribution of time certificates of deposit
Three months or less	414,462
Over three through six months	210,672
Over six through twelve months	379,245
One to two years	82,989
Two to three years	16,964
Three to four years	4,881
Four to five years	21,469
Thereafter	250
Total	$ 1,130,932

Deposits - Time Certificate Denominations and Overdrawn Accounts (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deposits
Time certificates of deposit in denominations of $250,000 or more, in the aggregate	$ 1,100.0	$ 1,300.0
Overdrawn deposit accounts classified as loans	$ 1.0	$ 2.6

Long-Term Borrowings - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term borrowings
Finance lease liabilities	$ 10	$ 10
Long-term borrowings	$ 200,010	$ 200,010
Finance lease obligation, annual interest rate	6.78%	6.78%
Federal Reserve Bank line of credit
Long-term borrowings
Remaining borrowing capacity	$ 1,200,000	$ 1,100,000
FHLB fixed-rate advances
Long-term borrowings
Long-term borrowings	200,000	200,000
Remaining borrowing capacity	$ 2,000,000	$ 2,000,000
Weighted average interest rate	2.73%	2.73%

Long-Term Borrowings - Future Contractual Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future contractual principal payments and maturities on long term borrowings
2021	$ 10
2023	100,000
2024	100,000
Total	200,010	$ 200,010
FHLB fixed-rate advances
Future contractual principal payments and maturities on long term borrowings
Total	$ 200,000	$ 200,000
FHLB fixed-rate advances \| June 3, 2021
Future contractual principal payments and maturities on long term borrowings
Interest rate (as a percent)	2.80%
FHLB fixed-rate advances \| July 15, 2021
Future contractual principal payments and maturities on long term borrowings
Interest rate (as a percent)	2.65%

Accumulated Other Comprehensive Income (Loss) - Changes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pre-tax Amount
Other comprehensive income (loss), Pre-tax Amount	$ (102,336)	$ 49,079
Income Tax Benefit (Expense)
Other comprehensive income (loss), Income Tax Benefit (Expense)	27,297	(13,201)
Net of tax
Balance	2,744,104	2,640,258
Other comprehensive (loss) income	(75,039)	35,878
Balance	2,683,630	2,664,685
Accumulated other comprehensive Income (loss)
Pre-tax Amount
Accumulated other comprehensive loss, beginning balance, Pre-tax Amount	43,098	(43,450)
Accumulated other comprehensive loss, ending balance, Pre-tax Amount	(59,238)	5,629
Income Tax Benefit (Expense)
Accumulated other comprehensive loss, beginning balance, Income Tax Benefit (Expense)	(11,494)	11,701
Accumulated other comprehensive loss, ending balance, Income Tax Benefit (Expense)	15,803	(1,500)
Net of tax
Balance	31,604	(31,749)
Other comprehensive (loss) income	(75,039)	35,878
Balance	(43,435)	4,129
Pension and other benefits:
Income Tax Benefit (Expense)
Other comprehensive income (loss), Income Tax Benefit (Expense)		(96)
Net of tax
Balance	(31,737)	(28,082)
Other comprehensive (loss) income		(96)
Balance	(31,737)	(28,178)
Pension and other benefits, change in Company tax rate
Income Tax Benefit (Expense)
Unrealized net gains arising during the period, Income Tax Benefit (Expense)		(96)
Net of tax
Unrealized net gains arising during the period, Net of tax		(96)
Investment securities:
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	(102,336)	49,164
Reclassification of net losses (gains) to net income, Pre-tax Amount		(85)
Other comprehensive income (loss), Pre-tax Amount	(102,336)	49,079
Income Tax Benefit (Expense)
Unrealized net gains arising during the period, Income Tax Benefit (Expense)	27,297	(13,128)
Reclassification of net losses (gains) to net income, Income Tax Benefit (Expense)		23
Other comprehensive income (loss), Income Tax Benefit (Expense)	27,297	(13,105)
Net of tax
Balance	63,341	(3,667)
Unrealized net gains arising during the period, Net of tax	(75,039)	36,036
Reclassification of net gains to net income, Net of tax		(62)
Other comprehensive (loss) income	(75,039)	35,974
Balance	$ (11,698)	$ 32,307

Accumulated Other Comprehensive Income (Loss) - Changes, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net of tax
Balance	$ 2,744,104	$ 2,640,258
Net income	57,693	38,865
Other comprehensive income (loss)	(75,039)	35,878
Balance	2,683,630	2,664,685
Accumulated other comprehensive Income (loss)
Net of tax
Balance	31,604	(31,749)
Other comprehensive income (loss)	(75,039)	35,878
Balance	(43,435)	4,129
Pension and other benefits:
Net of tax
Balance	(31,737)	(28,082)
Other comprehensive income (loss)		(96)
Balance	(31,737)	(28,178)
Investment securities:
Net of tax
Balance	63,341	(3,667)
Other comprehensive income (loss)	(75,039)	35,974
Balance	$ (11,698)	32,307
Reclassification of net losses (gains) to net income, Pre-tax Amount		$ 85

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Common equity tier 1 capital to risk-weighted assets
Amount	$ 1,731,573	$ 1,717,008
Ratio (as a percent)	12.82%	12.47%
Minimum Capital Ratio (as a percent)	4.50	4.50
Well-Capitalized Ratio (as a percent)	6.50%	6.50%
Tier 1 capital to risk-weighted assets
Amount	$ 1,731,573	$ 1,717,008
Ratio (as a percent)	12.82	12.47
Minimum Capital Ratio (as a percent)	6.00	6.00
Well-Capitalized Ratio (percent)	8.00	8.00
Total capital to risk-weighted assets
Amount	$ 1,901,254	$ 1,889,958
Ratio (as a percent)	14.07	13.73
Minimum Capital Ratio (as a percent)	8.00	8.00
Well-Capitalized Ratio (as a percent)	10.00	10.00
Tier 1 capital to average assets (leverage ratio)
Amount	$ 1,731,573	$ 1,717,008
Ratio	7.90	8.00
Minimum Capital Ratio (as a percent)	4.00	4.00
Well-Capitalized Ratio (percent)	5.00	5.00
First Hawaiian Bank (FHB)
Common equity tier 1 capital to risk-weighted assets
Amount	$ 1,717,126	$ 1,699,485
Ratio (as a percent)	12.71%	12.34%
Tier 1 capital to risk-weighted assets
Amount	$ 1,717,126	$ 1,699,485
Ratio (as a percent)	12.71	12.34
Total capital to risk-weighted assets
Amount	$ 1,886,793	$ 1,872,427
Ratio (as a percent)	13.97	13.60
Tier 1 capital to average assets (leverage ratio)
Amount	$ 1,717,126	$ 1,699,485
Ratio	7.83	7.92

Regulatory Capital Requirements - Capital Conservation Buffer (Details)	Mar. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	4.50	4.50
Effective Tier 1 capital to risk-weighted assets (as a percent)	12.82	12.47
Effective total capital to risk-weighted assets (as a percent)	14.07	13.73
Capital conservation buffer
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	7
Effective Tier 1 capital to risk-weighted assets (as a percent)	8.5
Effective total capital to risk-weighted assets (as a percent)	10.5
Capital requirements above regulatory rate (as a percent)	2.50%

Derivative Financial Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives designated as hedging instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	$ 22,451	$ 22,451
Derivatives designated as hedging instruments \| Interest rate swaps \| Included in other liabilities
Notional amounts and fair values of derivatives
Liability Derivatives	(1,084)	(1,276)
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	3,000,461	3,002,333
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Included in other assets
Notional amounts and fair values of derivatives
Asset Derivatives	80,126	129,888
Derivatives Not Designated as Hedging Instruments \| Interest rate caps and floors
Notional amounts and fair values of derivatives
Notional Amount	148,800	148,800
Derivatives Not Designated as Hedging Instruments \| Interest rate caps and floors \| Included in other assets
Notional amounts and fair values of derivatives
Asset Derivatives	56	7
Derivatives Not Designated as Hedging Instruments \| Interest rate caps and floors \| Included in other liabilities
Notional amounts and fair values of derivatives
Liability Derivatives	(56)	(7)
Derivatives Not Designated as Hedging Instruments \| Funding Swap (Visa Derivative)
Notional amounts and fair values of derivatives
Notional Amount	95,799	92,647
Derivatives Not Designated as Hedging Instruments \| Funding Swap (Visa Derivative) \| Included in other liabilities
Notional amounts and fair values of derivatives
Liability Derivatives	$ (3,382)	(4,554)
Derivatives Not Designated as Hedging Instruments \| Foreign exchange contracts
Notional amounts and fair values of derivatives
Notional Amount		$ 326

Derivative Financial Instruments - Clearinghouse Margin and Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative contracts
Initial margin collateral posted	$ 1.4	$ 4.8
Interest rate swaps
Derivative contracts
Financial instruments pledged as collateral	30.7	30.8
Cash pledged as collateral	11.7	25.2
Chicago Mercantile Exchange (CME) and London Clearing House (LCH)
Derivative contracts
Variation margin	$ 80.1	$ 129.9

Derivative Financial Instruments - Fair Value Hedges (Details) $ in Thousands	Mar. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative
Fair value hedges
Fair hedges carried
Fixed interest rate (as a percent)	2.90%	2.90%
Derivatives designated as hedging instruments \| Interest rate swaps
Fair hedges carried
Notional amounts	$ 22,451	$ 22,451
Derivatives designated as hedging instruments \| Interest rate swaps \| Fair value hedges
Fair hedges carried
Number of derivatives carried \| derivative	1	1
Notional amounts	$ 22,500	$ 22,500
Negative fair value	$ 1,100	$ 1,300

Derivative Financial Instruments - Net Gains and Losses Recognized in Income, Fair Value Hedges (Details) - Loans and lease financing - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gains and losses related to derivatives
Recognized on hedged item	$ (249)	$ 906
Interest rate swaps
Gains and losses related to derivatives
Recognized on interest rate swap	$ 193	$ (955)

Derivative Financial Instruments - Amounts Recorded in Balance Sheets Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Hedged Asset Carrying Amount	$ 23,920	$ 24,355
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 1,239	$ 1,487

Derivative Financial Instruments - Derivatives Not Designated as Hedges (Details) - Derivatives Not Designated as Hedging Instruments - Other noninterest income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Funding Swap (Visa Derivative)
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives	$ 26	$ 6
Foreign exchange contracts
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives		$ (52)

Derivative Financial Instruments - Free-Standing (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2016 shares	Dec. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Sep. 30, 2019	Sep. 27, 2019	Jul. 31, 2018 USD ($)	Jul. 05, 2018	Jun. 28, 2018	Dec. 31, 2017
Minimum
Derivative financial instruments
Derivative, Floating rate	0.11%
Maximum
Derivative financial instruments
Derivative, Floating rate	3.82%
Visa \| Class B restricted shares
Derivative financial instruments
Estimated amount that was subsequently paid to the buyer					$ 300
Number of shares sold \| shares			274,000
Funding Swap (Visa Derivative)
Derivative financial instruments
Derivative liability value	$ 3,400			$ 4,600
Funding Swap (Visa Derivative) \| Class B restricted shares
Derivative financial instruments
Conversion rate						1.6228	1.6228		1.6298	1.6298	1.6483
Funding Swap (Visa Derivative) \| Visa
Derivative financial instruments
Estimated amount that was subsequently paid to the buyer					$ 300			$ 700
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Derivative financial instruments
Notional Amount	3,000,461			$ 3,002,333
Net interest expense on derivative	$ 0	$ 0
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Minimum
Derivative financial instruments
Derivative, Floating rate				0.15%
Fixed interest rate (as a percent)	2.02%			2.02%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Maximum
Derivative financial instruments
Derivative, Floating rate				3.16%
Fixed interest rate (as a percent)	5.78%			5.78%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Customer swap program
Derivative financial instruments
Notional Amount	$ 3,000,000
Positive fair value, derivative asset	80,100			$ 129,900
Negative fair value, derivative liability	0			0
Upfront fees on the dealer swap	500	$ 1,900
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Included in other assets
Derivative financial instruments
Positive fair value, derivative asset	80,126			129,888
Derivatives Not Designated as Hedging Instruments \| Funding Swap (Visa Derivative)
Derivative financial instruments
Notional Amount	95,799			92,647
Derivatives Not Designated as Hedging Instruments \| Funding Swap (Visa Derivative) \| Included in other liabilities
Derivative financial instruments
Negative fair value, derivative liability	$ 3,382			4,554
Derivatives Not Designated as Hedging Instruments \| Foreign exchange contracts
Derivative financial instruments
Notional Amount				$ 326

Derivative Financial Instruments - Counterparty Credit Risk and Credit-Risk Related Contingent Features (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative contracts
Counterparty credit risk adjustments	$ (0.1)	$ (0.1)
Credit-risk-related contingent features
Aggregate fair value of derivative instruments in a net liability position	14.1		$ 19.8
Collateral posted for derivatives in a net liability position	14.1		$ 20.4
Interest rate swaps
Derivative contracts
Collateral thresholds for derivative agreements with credit risk related contingent features	$ 0.3

Commitments and Contingent Liabilities - Commitments to Extend Credit, Participations Sold (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commitments to extend credit
Commitments
Participations sold to other institutions	$ 81.2	$ 93.1
Standby letters of credit
Commitments
Participations sold to other institutions	$ 10.8	$ 11.0

Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial instruments with off-balance sheet risk
Contract amount	$ 6,300,000	$ 6,100,000
Commitments to extend credit
Financial instruments with off-balance sheet risk
Contract amount	6,067,465	5,934,535
Standby letters of credit
Financial instruments with off-balance sheet risk
Contract amount	180,909	185,108
Commercial letters of credit
Financial instruments with off-balance sheet risk
Contract amount	$ 5,014	$ 3,834

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contracts with Customers
Net interest income	$ 129,158	$ 138,683
Not in scope of Topic 606	6,403	8,907
Total noninterest income	43,868	49,228
Total revenue	173,026	187,911
Retail Banking
Revenue from Contracts with Customers
Net interest income	100,888	89,883
Not in scope of Topic 606	3,354	3,637
Total noninterest income	23,575	26,376
Total revenue	124,463	116,259
Commercial Banking
Revenue from Contracts with Customers
Net interest income	31,832	34,414
Not in scope of Topic 606	1,322	3,028
Total noninterest income	16,041	17,796
Total revenue	47,873	52,210
Treasury and Other
Revenue from Contracts with Customers
Net interest income	(3,562)	14,386
Not in scope of Topic 606	1,727	2,242
Total noninterest income	4,252	5,056
Total revenue	690	19,442
Service charges on deposit accounts.
Revenue from Contracts with Customers
Revenue by type of service	6,718	8,950
Service charges on deposit accounts. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	6,086	8,088
Service charges on deposit accounts. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	223	351
Service charges on deposit accounts. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	409	511
Credit and debit card fees
Revenue from Contracts with Customers
Revenue by type of service	13,953	14,486
Credit and debit card fees \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	12,525	12,887
Credit and debit card fees \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	1,428	1,599
Other service charges and fees.
Revenue from Contracts with Customers
Revenue by type of service	6,391	5,815
Other service charges and fees. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	5,564	4,875
Other service charges and fees. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	475	424
Other service charges and fees. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	352	516
Trust and investment services income
Revenue from Contracts with Customers
Revenue by type of service	8,492	9,591
Trust and investment services income \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	8,492	9,591
Other
Revenue from Contracts with Customers
Revenue by type of service	1,911	1,479
Other \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	79	185
Other \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	1,496	1,106
Other \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	$ 336	$ 188

Revenue from Contracts with Customers - Contract Balances (Details)	3 Months Ended
	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Revenue from Contracts with Customers
Signing bonuses received from vendors \| item	2
Contract liabilities	$ 800,000		$ 1,000,000.0
Decrease in recognized revenues and contract liabilities	200,000	$ 200,000
Change in contract liabilities due to changes in transaction price estimates	0	$ 0
Receivables from contracts with customers or contract assets	$ 0		$ 0

Revenue from Contracts with Customers - Other (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contracts with Customers
Significant performance obligations	$ 0	$ 0
Material contract acquisition costs	$ 0	$ 0

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings per Share
Adjustments to net income (in dollars)	$ 0	$ 0
Antidilutive securities (in shares)	27,000	0
Numerator:
Net income	$ 57,693	$ 38,865
Denominator:
Basic: weighted-average shares outstanding (in shares)	129,933,104	129,895,706
Add: weighted-average equity-based awards (in shares)	656,774	455,879
Diluted: weighted-average shares outstanding (in shares)	130,589,878	130,351,585
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.44	$ 0.30

Noninterest Income and Noninterest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease income related to lease payments
Operating lease income	$ 1,700	$ 1,500
Lease income related to variable lease payments	1,500	1,500
Pension Benefits
Components of net periodic benefit cost
Total net periodic benefit cost	2,185	1,856
Pension Benefits \| Other noninterest expense
Components of net periodic benefit cost
Interest cost	1,231	1,621
Expected return on plan assets	(766)	(1,194)
Recognized net actuarial loss (gain)	1,720	1,429
Other Benefits
Components of net periodic benefit cost
Total net periodic benefit cost	395	314
Other Benefits \| Salaries and employee benefits
Components of net periodic benefit cost
Service cost	264	189
Other Benefits \| Other noninterest expense
Components of net periodic benefit cost
Interest cost	$ 131	164
Prior service credit		(13)
Recognized net actuarial loss (gain)		$ (26)

Fair Value - Visa Derivative (Details) - Funding Swap (Visa Derivative) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2019	Sep. 27, 2019	Jul. 05, 2018	Jun. 28, 2018	Dec. 31, 2017
Class B restricted shares
Fair value
Conversion rate			1.6228	1.6228	1.6298	1.6298	1.6483
Fair Value Measurements, Recurring \| Level 3
Fair value
Derivative Liability	$ 3,400	$ 4,600
Included in other liabilities \| Derivatives Not Designated as Hedging Instruments
Fair value
Derivative Liability	$ 3,382	$ 4,554

Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Fair value	$ 6,692,479	$ 6,071,415
Fair Value Measurements, Recurring
Assets
Fair value	6,692,479	6,071,415
Other assets	92,912	141,586
Liabilities
Other liabilities	(4,522)	(5,837)
Total
Net Assets (Liabilities)	6,780,869	6,207,164
Fair Value Measurements, Recurring \| Level 1
Assets
Other assets	12,730	11,691
Total
Net Assets (Liabilities)	12,730	11,691
Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	6,692,479	6,071,415
Other assets	80,182	129,895
Liabilities
Other liabilities	(1,140)	(1,283)
Total
Net Assets (Liabilities)	6,771,521	6,200,027
Fair Value Measurements, Recurring \| Level 3
Liabilities
Other liabilities	(3,382)	(4,554)
Total
Net Assets (Liabilities)	(3,382)	(4,554)
U.S. Treasury and government agency debt securities
Assets
Fair value	175,724	171,421
U.S. Treasury and government agency debt securities \| Fair Value Measurements, Recurring
Assets
Fair value	175,724	171,421
U.S. Treasury and government agency debt securities \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	175,724	171,421
Residential - Government agency
Assets
Fair value	133,894	160,462
Residential - Government agency \| Fair Value Measurements, Recurring
Assets
Fair value	133,894	160,462
Residential - Government agency \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	133,894	160,462
Residential - Government-sponsored enterprises
Assets
Fair value	800,920	447,200
Residential - Government-sponsored enterprises \| Fair Value Measurements, Recurring
Assets
Fair value	800,920	447,200
Residential - Government-sponsored enterprises \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	800,920	447,200
Commercial - Government agency
Assets
Fair value	527,516	599,650
Commercial - Government agency \| Fair Value Measurements, Recurring
Assets
Fair value	527,516	599,650
Commercial - Government agency \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	527,516	599,650
Commercial - Government-sponsored enterprises
Assets
Fair value	1,134,175	932,157
Commercial - Government-sponsored enterprises \| Fair Value Measurements, Recurring
Assets
Fair value	1,134,175	932,157
Commercial - Government-sponsored enterprises \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	1,134,175	932,157
Government agency
Assets
Fair value	1,845,098	1,933,553
Government agency \| Fair Value Measurements, Recurring
Assets
Fair value	1,845,098	1,933,553
Government agency \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	1,845,098	1,933,553
Government-sponsored enterprises
Assets
Fair value	2,075,152	1,826,972
Government-sponsored enterprises \| Fair Value Measurements, Recurring
Assets
Fair value	2,075,152	1,826,972
Government-sponsored enterprises \| Fair Value Measurements, Recurring \| Level 2
Assets
Fair value	$ 2,075,152	$ 1,826,972

Fair Value - Changes in Fair Value Levels and in Level 3 Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair value
Amount of transfers between hierarchy levels	$ 0	$ 0
Visa derivative \| Funding Swap (Visa Derivative)
Changes in Level 3 liabilities measured at fair value on a recurring basis
Balance	(4,554)	(4,233)
Total net gains included in other noninterest income	26	6
Settlements	1,146	1,028
Balance	(3,382)	(3,199)
Total net gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of March 31,	$ 26	$ 6

Fair Value - Financial Instruments not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lease and lease commitments excluded
Financing leases	$ 238,100	$ 245,400
Deposit liabilities with no defined or contractual maturity	18,000,000	16,900,000
Capital lease obligations	10	10
Book Value
Financial assets:
Cash and cash equivalents	1,262,810	1,040,944
Loans held for sale	9,390	11,579
Loans	13,062,141	13,033,686
Financial liabilities:
Time Deposits	2,174,841	2,348,298
Long-term borrowings	200,000	200,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	1,262,810	1,040,944
Loans held for sale	9,893	12,018
Loans	13,186,769	13,255,636
Financial liabilities:
Time Deposits	2,179,865	2,357,137
Long-term borrowings	211,903	214,167
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	278,994	303,373
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	983,816	737,571
Loans held for sale	9,893	12,018
Financial liabilities:
Time Deposits	2,179,865	2,357,137
Long-term borrowings	211,903	214,167
Estimated Fair Value \| Level 3
Financial assets:
Loans	$ 13,186,769	$ 13,255,636

Fair Value - Unfunded Loan and Lease Commitments and Letters of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Unfunded loan and lease commitments and letters of credit
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 6,300.0	$ 6,100.0
Level 3
Unfunded loan and lease commitments and letters of credit
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	6,300.0	6,100.0
Estimated fair value of unfunded loan and lease commitments and letters of credit	$ 45.5	$ 42.3

Fair Value - Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (Details) - Collateral-dependent loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets with fair value adjustments on a nonrecurring basis
Total impairment losses	$ 0	$ 400
Fair Value Measurements, Nonrecurring \| Level 3
Assets with fair value adjustments on a nonrecurring basis
Fair value			$ 1,840

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Level 3 $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Expected Term (in years) \| Weighted Average
Fair value
Measurement input	1	1
Expected Term (in years) \| Minimum
Fair value
Measurement input	0.5	0.5
Expected Term (in years) \| Maximum
Fair value
Measurement input	1.5	1.5
Growth Rate (percentage) \| Weighted Average
Fair value
Measurement input	13	13
Growth Rate (percentage) \| Minimum
Fair value
Measurement input	4	4
Growth Rate (percentage) \| Maximum
Fair value
Measurement input	17	17
Visa derivative
Fair value
Liabilities	$ (3,382)
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	1.6228	1.6228
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Minimum
Fair value
Measurement input	1.5977	1.5977
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Maximum
Fair value
Measurement input	1.6228	1.6228
Fair Value Measurements, Nonrecurring \| Collateral-dependent loans
Fair value
Assets		$ 1,840
Fair Value Measurements, Nonrecurring \| Visa derivative
Fair value
Liabilities		$ (4,554)

Reportable Operating Segments - Business Segments (Details)	3 Months Ended
	Mar. 31, 2021 segment location
Reportable operating segments
Number of business segments \| segment	3
Retail Banking
Reportable operating segments
Number of Branches \| location	54

Reportable Operating Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Selected business segment financial information
Net interest income	$ 129,158	$ 138,683
Benefit (Provision) for credit losses		(41,200)
Net interest income after provision for credit losses	129,158	97,483
Noninterest income	43,868	49,228
Noninterest expense	(96,306)	(96,466)
Income before provision for income taxes	76,720	50,245
(Provision) benefit for income taxes	(19,027)	(11,380)
Net income	57,693	38,865
Retail Banking
Selected business segment financial information
Net interest income	100,888	89,883
Benefit (Provision) for credit losses	1,470	(20,065)
Net interest income after provision for credit losses	102,358	69,818
Noninterest income	23,575	26,376
Noninterest expense	(63,794)	(61,644)
Income before provision for income taxes	62,139	34,550
(Provision) benefit for income taxes	(15,502)	(7,523)
Net income	46,637	27,027
Commercial Banking
Selected business segment financial information
Net interest income	31,832	34,414
Benefit (Provision) for credit losses	2,030	(20,784)
Net interest income after provision for credit losses	33,862	13,630
Noninterest income	16,041	17,796
Noninterest expense	(21,573)	(21,505)
Income before provision for income taxes	28,330	9,921
(Provision) benefit for income taxes	(6,968)	(2,645)
Net income	21,362	7,276
Treasury and Other
Selected business segment financial information
Net interest income	(3,562)	14,386
Benefit (Provision) for credit losses	(3,500)	(351)
Net interest income after provision for credit losses	(7,062)	14,035
Noninterest income	4,252	5,056
Noninterest expense	(10,939)	(13,317)
Income before provision for income taxes	(13,749)	5,774
(Provision) benefit for income taxes	3,443	(1,212)
Net income	$ (10,306)	$ 4,562