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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to               

Commission File Number  001-14585

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

99-0156159

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

999 Bishop Street, 29th Floor

Honolulu, HI

96813

(Address of Principal Executive Offices)

(Zip Code)

(808) 525-7000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol(s)

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

FHB

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No .

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No .

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 129,585,404 shares of Common Stock, par value $0.01 per share, were outstanding as of July 26, 2021.

Table of Contents

TABLE OF CONTENTS

FIRST HAWAIIAN, INC.

FORM 10-Q

INDEX

Part I Financial Information

Page No.

Item 1.

Financial Statements (unaudited)

2

Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020

2

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020

3

Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

4

Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2021 and 2020

5

Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

7

Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

92

Item 4.

Controls and Procedures

92

Part II Other Information

92

Item 1.

Legal Proceedings

92

Item 1A.

Risk Factors

92

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 6.

Exhibits

94

Exhibit Index

94

Signatures

95

1

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands, except per share amounts)

  

2021

  

2020

  

2021

  

2020

Interest income

Loans and lease financing

$

110,919

$

122,298

$

221,858

$

257,269

Available-for-sale securities

24,637

17,529

47,783

38,739

Other

666

792

1,157

3,143

Total interest income

136,222

140,619

270,798

299,151

Interest expense

Deposits

3,363

8,583

7,419

24,183

Short-term and long-term borrowings

1,378

4,214

2,740

8,463

Total interest expense

4,741

12,797

10,159

32,646

Net interest income

131,481

127,822

260,639

266,505

Provision for credit losses

(35,000)

55,446

(35,000)

96,646

Net interest income after provision for credit losses

166,481

72,376

295,639

169,859

Noninterest income

Service charges on deposit accounts

6,632

5,927

13,350

14,877

Credit and debit card fees

16,746

10,870

31,297

25,819

Other service charges and fees

10,303

7,912

19,149

16,451

Trust and investment services income

8,707

8,664

17,199

18,255

Bank-owned life insurance

3,104

4,432

5,493

6,692

Investment securities gains (losses), net

102

(211)

102

(126)

Other

3,777

8,062

6,649

12,916

Total noninterest income

49,371

45,656

93,239

94,884

Noninterest expense

Salaries and employee benefits

45,982

42,414

89,918

87,243

Contracted services and professional fees

16,516

15,478

33,704

31,533

Occupancy

7,314

7,302

14,484

14,545

Equipment

6,362

5,207

11,853

9,915

Regulatory assessment and fees

1,826

2,100

3,860

4,046

Advertising and marketing

1,469

1,402

3,060

3,225

Card rewards program

6,262

5,163

11,097

12,178

Other

13,657

12,384

27,718

25,231

Total noninterest expense

99,388

91,450

195,694

187,916

Income before provision for income taxes

116,464

26,582

193,184

76,827

Provision for income taxes

29,723

6,533

48,750

17,913

Net income

$

86,741

$

20,049

$

144,434

$

58,914

Basic earnings per share

$

0.67

$

0.15

$

1.11

$

0.45

Diluted earnings per share

$

0.67

$

0.15

$

1.11

$

0.45

Basic weighted-average outstanding shares

129,392,339

129,856,730

129,661,228

129,876,218

Diluted weighted-average outstanding shares

129,828,847

130,005,195

130,164,762

130,163,722

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

2

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

  

2021

  

2020

  

2021

  

2020

Net income

$

86,741

    

$

20,049

$

144,434

  

$

58,914

Other comprehensive income (loss), net of tax:

Net change in pensions and other benefits

(96)

Net change in investment securities

13,733

48,602

(61,306)

84,576

Other comprehensive income (loss)

13,733

48,602

(61,306)

84,480

Total comprehensive income

$

100,474

$

68,651

$

83,128

$

143,394

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

3

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30, 

December 31, 

(dollars in thousands, except share amount)

  

2021

  

2020

Assets

Cash and due from banks

$

347,861

$

303,373

Interest-bearing deposits in other banks

1,558,437

737,571

Investment securities, at fair value (amortized cost: $6,951,153 as of June 30, 2021 and $5,985,031 as of December 31, 2020)

6,953,930

6,071,415

Loans held for sale

1,241

11,579

Loans and leases

13,103,785

13,279,097

Less: allowance for credit losses

169,148

208,454

Net loans and leases

12,934,637

13,070,643

Premises and equipment, net

319,452

322,401

Accrued interest receivable

66,734

69,626

Bank-owned life insurance

466,402

466,537

Goodwill

995,492

995,492

Mortgage servicing rights

10,007

10,731

Other assets

592,135

603,463

Total assets

$

24,246,328

$

22,662,831

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

12,245,193

$

11,705,609

Noninterest-bearing

8,589,922

7,522,114

Total deposits

20,835,115

19,227,723

Long-term borrowings

200,000

200,010

Retirement benefits payable

144,101

143,373

Other liabilities

335,771

347,621

Total liabilities

21,514,987

19,918,727

Commitments and contingent liabilities (Note 12)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,542,398 / 129,019,871 as of June 30, 2021; issued/outstanding: 140,191,133 / 129,912,272 as of December 31, 2020)

1,405

1,402

Additional paid-in capital

2,520,790

2,514,014

Retained earnings

550,511

473,974

Accumulated other comprehensive (loss) income, net

(29,702)

31,604

Treasury stock (11,522,527 shares as of June 30, 2021 and 10,278,861 shares as of December 31, 2020)

(311,663)

(276,890)

Total stockholders' equity

2,731,341

2,744,104

Total liabilities and stockholders' equity

$

24,246,328

$

22,662,831

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended June 30, 2021

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury

(dollars in thousands, except share amounts)

  

Shares

  

Amount

  

Capital

  

Earnings

  

Income (Loss)

  

Stock

  

Total

Balance as of March 31, 2021

129,749,890

$

1,405

$

2,517,048

$

497,418

$

(43,435)

$

(288,806)

$

2,683,630

Net income

86,741

86,741

Cash dividends declared ($0.26 per share)

(33,637)

(33,637)

Equity-based awards

69,828

3,742

(11)

(471)

3,260

Common stock repurchased

(799,847)

(22,386)

(22,386)

Other comprehensive income, net of tax

13,733

13,733

Balance as of June 30, 2021

129,019,871

$

1,405

$

2,520,790

$

550,511

$

(29,702)

$

(311,663)

$

2,731,341

Six Months Ended June 30, 2021

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury

(dollars in thousands, except share amounts)

  

Shares

  

Amount

  

Capital

  

Earnings

  

Income (Loss)

  

Stock

  

Total

Balance as of December 31, 2020

  

129,912,272

$

1,402

  

$

2,514,014

  

$

473,974

  

$

31,604

  

$

(276,890)

  

$

2,744,104

Net income

144,434

144,434

Cash dividends declared ($0.52 per share)

(67,448)

(67,448)

Equity-based awards

239,910

3

6,776

(449)

(2,845)

3,485

Common stock repurchased

(1,132,311)

(31,928)

(31,928)

Other comprehensive loss, net of tax

(61,306)

(61,306)

Balance as of June 30, 2021

129,019,871

$

1,405

$

2,520,790

$

550,511

$

(29,702)

$

(311,663)

$

2,731,341

5

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(Unaudited)