0001558370-22-002181 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income
Loans and lease financing	$ 444,488	$ 496,523	$ 574,013
Available-for-sale securities	101,410	81,808	92,505
Other	3,413	4,428	12,174
Total interest income	549,311	582,759	678,692
Interest expense
Deposits	13,853	35,471	87,865
Short-term and long-term borrowings	4,899	11,554	17,425
Total interest expense	18,752	47,025	105,290
Net interest income	530,559	535,734	573,402
Provision for credit losses	(39,000)	121,718	13,800
Net interest income (expense) after benefit for credit losses	569,559	414,016	559,602
Noninterest income
Service charges on deposit accounts	27,510	28,169	33,778
Credit and debit card fees	63,580	55,451	66,749
Other service charges and fees	38,578	33,876	36,253
Trust and investment services income	34,719	35,652	35,102
Bank-owned life insurance	13,185	15,754	15,479
Investment securities gains (losses), net	102	(114)	(2,715)
Other	7,242	28,592	7,887
Total noninterest income	184,916	197,380	192,533
Noninterest expense
Salaries and employee benefits	182,384	174,221	173,098
Contracted services and professional fees	63,349	60,546	56,321
Occupancy	29,348	28,821	28,753
Equipment	24,719	20,277	17,343
Regulatory assessment and fees	8,245	8,659	7,390
Advertising and marketing	6,108	5,695	6,910
Card rewards program	25,244	22,114	29,961
Other	66,082	47,339	50,661
Total noninterest expense	405,479	367,672	370,437
Income before provision for income taxes	348,996	243,724	381,698
Provision for income taxes	83,261	57,970	97,306
Net income	$ 265,735	$ 185,754	$ 284,392
Basic earnings per share (in dollars per share)	$ 2.06	$ 1.43	$ 2.14
Diluted earnings per share (in dollars per share)	$ 2.05	$ 1.43	$ 2.13
Basic weighted-average outstanding shares (in shares)	128,963,131	129,890,225	133,076,489
Diluted weighted-average outstanding shares (in shares)	129,537,922	130,220,077	133,387,157

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 265,735	$ 185,754	$ 284,392
Other comprehensive (loss) income, net of tax:
Net change in pensions and other benefits	7,347	(3,655)	297
Net change in investment securities	(160,644)	67,008	100,149
Other comprehensive (loss) income	(153,297)	63,353	100,446
Total comprehensive income	$ 112,438	$ 249,107	$ 384,838

- 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	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 246,716	$ 303,373
Interest-bearing deposits in other banks	1,011,753	737,571
Investment securities, at fair value (amortized cost: $8,560,733 as of December 31, 2021 and $5,985,031 as of December 31, 2020)	8,428,032	6,071,415
Loans held for sale	538	11,579
Loans and leases	12,961,999	13,279,097
Less: allowance for credit losses	157,262	208,454
Net loans and leases	12,804,737	13,070,643
Premises and equipment, net	318,448	322,401
Other real estate owned and repossessed personal property	175
Accrued interest receivable	63,158	69,626
Bank-owned life insurance	471,819	466,537
Goodwill	995,492	995,492
Mortgage servicing rights	8,302	10,731
Other assets	643,240	603,463
Total assets	24,992,410	22,662,831
Deposits:
Interest-bearing	12,422,283	11,705,609
Noninterest-bearing	9,393,863	7,522,114
Total deposits	21,816,146	19,227,723
Long-term borrowings	0	200,010
Retirement benefits payable	134,491	143,373
Other liabilities	384,861	347,621
Total liabilities	22,335,498	19,918,727
Commitments and contingent liabilities (Note 17)
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,581,715 / 127,502,472 as of December 31, 2021; issued/outstanding: 140,191,133 / 129,912,272 as of December 31, 2020)	1,406	1,402
Additional paid-in capital	2,527,663	2,514,014
Retained earnings	604,534	473,974
Accumulated other comprehensive (loss) income, net	(121,693)	31,604
Treasury stock (13,079,243 shares as of December 31, 2021 and 10,278,861 shares as of December 31, 2020)	(354,998)	(276,890)
Total stockholders' equity	2,656,912	2,744,104
Total liabilities and stockholders' equity	$ 24,992,410	$ 22,662,831

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Amortized Cost	$ 8,560,733	$ 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)	140,581,715	140,191,133
Common stock outstanding (in shares)	127,502,472	129,912,272
Treasury stock (in shares)	13,079,243	10,278,861

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings Cumulative-effect adjustment of a change in accounting principle, net of tax: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Cumulative-effect adjustment of a change in accounting principle, net of tax: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments	Total
Increase (Decrease) in Stockholders' Equity
Balance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments) at Dec. 31, 2019	$ 1,397	$ 2,495,853		$ 291,919	$ (132,195)	$ (132,135)		$ 2,524,839
Balance at Dec. 31, 2018	$ 1,397	2,495,853		291,919	(132,195)	(132,135)		2,524,839
Balance (in shares) at Dec. 31, 2018	134,874,302
Increase (Decrease) in Stockholders' Equity
Net income				284,392				284,392
Cash dividends declared				(138,246)				(138,246)
Equity-based awards	$ 2	7,824		(993)		(1,764)		5,069
Equity-based awards (in shares)	194,187
Common stock repurchased						(136,242)		(136,242)
Common stock repurchased (in shares)	(5,140,010)
Other comprehensive income (loss), net of tax					100,446			100,446
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
Balance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments) at Dec. 31, 2019	$ 1,399	2,503,677		437,072	(31,749)	(270,141)		2,640,258
Net income				185,754				185,754
Cash dividends declared				(135,099)				(135,099)
Common stock issued under Employee Stock Purchase Plan		312						312
Common stock issued under Employee Stock Purchase Plan (in shares)	19,069
Equity-based awards	$ 3	10,025		(1,236)		(1,749)		7,043
Equity-based awards (in shares)	182,483
Common stock repurchased						(5,000)		(5,000)
Common stock repurchased (in shares)	(217,759)
Other comprehensive income (loss), net of tax					63,353			63,353
Balance at Dec. 31, 2020	$ 1,402	2,514,014	$ (12,517)	473,974	31,604	(276,890)	$ (12,517)	$ 2,744,104
Balance (in shares) at Dec. 31, 2020	129,912,272							129,912,272
Increase (Decrease) in Stockholders' Equity
Balance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments) at Dec. 31, 2019	$ 1,402	2,514,014	$ (12,517)	473,974	31,604	(276,890)	$ (12,517)	$ 2,744,104
Net income				265,735				265,735
Cash dividends declared				(134,133)				(134,133)
Common stock issued under Employee Stock Purchase Plan		547						547
Common stock issued under Employee Stock Purchase Plan (in shares)	21,070
Equity-based awards	$ 4	13,102		(1,042)		(3,108)		8,956
Equity-based awards (in shares)	248,662
Common stock repurchased						(75,000)		(75,000)
Common stock repurchased (in shares)	(2,679,532)
Other comprehensive income (loss), net of tax					(153,297)			(153,297)
Balance at Dec. 31, 2021	$ 1,406	2,527,663		604,534	(121,693)	(354,998)		$ 2,656,912
Balance (in shares) at Dec. 31, 2021	127,502,472							127,502,472
Increase (Decrease) in Stockholders' Equity
Balance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments) at Dec. 31, 2019	$ 1,406	$ 2,527,663		$ 604,534	$ (121,693)	$ (354,998)		$ 2,656,912

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends declared (in dollars per share)	$ 1.04	$ 1.04	$ 1.04

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 265,735	$ 185,754	$ 284,392
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	(39,000)	121,718	13,800
Depreciation, amortization and accretion, net	51,844	63,071	67,824
Deferred income tax provision (benefits)	14,120	(19,396)	17,060
Stock-based compensation	13,106	10,028	7,826
Other (gains) losses	(1,437)	(4)	19
Originations of loans held for sale	(87,336)	(327,076)	(19,164)
Proceeds from sales of loans held for sale	100,499	326,785	18,156
Net gains on sales of loans originated for investment and held for sale	(2,706)	(18,995)	1,102
Net (gains) losses on investment securities	(102)	114	2,715
Change in assets and liabilities:
Net increase in other assets	(8,211)	(17,880)	(20,923)
Net increase (decrease) in other liabilities	110,613	(114,613)	(76,303)
Net cash provided by operating activities	417,125	209,506	296,504
Available-for-sale securities:
Proceeds from maturities and principal repayments	1,814,514	1,474,587	767,892
Proceeds from calls and sales	11,115	644,983	1,070,715
Purchases	(4,428,656)	(4,045,871)	(1,301,041)
Other investments:
Proceeds from sales	28,483	34,822	14,292
Purchases	(80,464)	(77,927)	(30,996)
Loans:
Net decrease (increase) in loans and leases resulting from originations and principal repayments	594,642	(217,530)	(133,702)
Proceeds from sales of loans originated for investment	2,200	153,647	407,698
Purchases of loans	(309,760)	(41,146)	(398,735)
Proceeds from bank-owned life insurance	7,903	3,089	7,682
Purchases of premises, equipment and software	(20,458)	(33,390)	(29,354)
Proceeds from sales of premises and equipment	4,021
Proceeds from sales of other real estate owned	141	787	759
Other		186	2
Net cash (used in) provided by investing activities	(2,376,319)	(2,103,763)	375,212
Cash flows from financing activities
Net increase (decrease) in deposits	2,588,423	2,782,729	(705,074)
Repayment of short-term borrowings		(400,000)
Repayment of long-term borrowings	(200,010)	(9)	(10)
Dividends paid	(134,133)	(135,099)	(138,246)
Stock tendered for payment of withholding taxes	(3,108)	(1,749)	(1,764)
Proceeds from employee stock purchase plan	547	312
Common stock repurchased	(75,000)	(5,000)	(136,242)
Net cash provided by (used in) financing activities	2,176,719	2,241,184	(981,336)
Net increase (decrease) in cash and cash equivalents	217,525	346,927	(309,620)
Cash and cash equivalents at beginning of year	1,040,944	694,017	1,003,637
Cash and cash equivalents at end of year	1,258,469	1,040,944	694,017
Supplemental disclosures
Interest paid	23,001	52,865	102,457
Income taxes paid, net of income tax refunds	55,354	53,272	70,508
Noncash investing and financing activities:
Transfers from loans and leases to other real estate owned	316	437	310
Operating lease right-of-use assets obtained in exchange for new lease obligations	31,792	3,796	1,401
Transfers from loans and leases and other assets to other real estate owned	1,616	145,036	408,264
Obligation to fund low-income housing partnerships	$ 35,721	$ 13,767	$ 31,628

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization and Summary of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

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”). FHB is a state-chartered bank that is not a member of the Federal Reserve System. FHB, the oldest financial institution in Hawaii, was established as Bishop & Company in 1858. As of December 31, 2021, FHB was the largest bank in Hawaii in terms of total assets, loans and leases, deposits, and net income. FHB has 54 branches located throughout the State of Hawaii, Guam and Saipan, and offers a comprehensive suite of banking services to consumer and commercial customers including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services.

The accounting and reporting principles of First Hawaiian, Inc. and Subsidiary (the “Company”) conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. Intercompany accounts and transactions have been eliminated in consolidation.

Transition to an Independent Public Company

Prior to FHI’s initial public offering in August 2016 (“IPO”), the Company was an indirect wholly owned subsidiary of BNP Paribas (“BNPP”), a global financial institution based in France.

On April 1, 2016, BNPP effected a series of transactions (“Reorganization Transactions”) pursuant to which FHI, which was then known as BancWest Corporation (“BancWest”), contributed Bank of the West (“BOW”), its subsidiary at the time, to BancWest Holding Inc. (“BWHI”), a newly formed bank holding company and a wholly owned subsidiary of BancWest. Following the contribution of BOW to BWHI, BancWest distributed its interest in BWHI to BNPP, and BWHI became a wholly owned subsidiary of BNPP. As part of these transactions, the Company amended its certificate of incorporation to change its name to First Hawaiian, Inc., with First Hawaiian Bank remaining its only direct wholly owned subsidiary.

On July 1, 2016, we became an indirect wholly owned subsidiary of BNP Paribas USA, Inc. (“BNP Paribas USA”), BNPP’s U.S. intermediate holding company. As part of that reorganization, the Company became a direct wholly owned subsidiary of BancWest Corporation (“BWC”), a direct wholly owned subsidiary of BNP Paribas USA.

In August 2016, FHI completed its IPO and shares of FHI’s common stock began trading on the NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “FHB” on August 4, 2016.

In 2017, 2018 and 2019, BNPP, acting through BWC, sold all of the shares of FHI common stock that it beneficially owned in underwritten public offerings and share repurchases by the Company. FHI did not receive any of the proceeds from the sales of shares of FHI common stock in any such offering or the IPO. As a result of the completion of the February 1, 2019 public offering, BNPP (through BWC, the selling stockholder) fully exited its ownership interest in FHI common stock.

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.

Variable Interest Entities

A variable interest entity (“VIE”) is a legal entity that lacks the ability to financially support its activities or whose equity investors lack the ability to control its activities or absorb profits and losses proportionately with their investment in the entity. The primary beneficiary consolidates the VIE. The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE.

The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained.

The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company’s investments in these partnership interests are included in other assets in the consolidated balance sheets. Unfunded commitments to fund these investments were $62.6 million and $89.0 million as of December 31, 2021 and 2020, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated balance sheets.

These low-income housing partnership and LLC entities meet the definition of a VIE; however, the Company is not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership or LLC agreements allow the limited partners and members, through a majority vote, to remove the general partner or managing member, this right is not deemed to be substantive as the general partner or managing member can only be removed for cause.

Cash and Due from Banks

Cash and due from banks include amounts due from other financial institutions as well as in-transit clearings. Because amounts due from other financial institutions often exceed the Federal Deposit Insurance Corporation (“FDIC”) deposit insurance limit, the Company evaluates the credit risk of these institutions through periodic review of their financial condition and regulatory capital position. Under the terms of the Depository Institutions Deregulation and Monetary Control Act, the Company is required to maintain reserves with the Federal Reserve Bank of San Francisco (“FRB”) based on the amount of deposits held. The average amount of cash reserves required was nil and $18.4 million for the years ended December 31, 2021 and 2020, respectively. Reserve requirements for all depository institutions were eliminated in March 2020. Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. All amounts are readily convertible to cash and have maturities of less than 90 days.

Interest-bearing Deposits in Other Banks

Interest-bearing deposits in other banks include funds held in other financial institutions that are either fixed or variable rate instruments, including certificates of deposits. Interest income is recorded when earned and presented within other interest income in the Company’s consolidated statements of income.

Investment Securities

As of December 31, 2020, investment securities were comprised entirely of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises. As of December 31, 2021, investment securities continued to be comprised primarily of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with just under 2% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. The Company amortizes premiums and accretes discounts using the interest method over the expected lives of the individual securities. Premiums on callable debt securities are amortized to their next call date. All investment securities transactions are recorded on a trade-date basis. All of the Company’s investment securities were categorized as available-for-sale as of December 31, 2021 and 2020. Available-for-sale investment securities are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income. Gains and losses realized on sales of investment securities are determined using the specific identification method.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale investment security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As noted above, as of 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, its agencies and government-sponsored enterprises. 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, and these 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. As of December 31, 2021, the Company’s available-for-sale investment securities continued to be comprised primarily of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with just under 2% of the available-for-sale investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. These securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale debt securities as of December 31, 2021 and 2020.

Accrued interest receivable related to available-for-sale investment securities is recorded separately from the amortized cost basis of investment securities on the Company's consolidated balance sheet.

Loans Held for Sale

The Company originates certain loans for individual sale or for sale as a pool of loans to government-sponsored enterprises. Loans held for sale are carried, on an aggregate basis, at the lower of cost or fair value. The fair value of loans held for sale is primarily determined based on quoted prices for similar loans in active markets. Net gains and losses on loan sales are recorded as a component of other noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in other noninterest income upon sale of the loan.

Loans and Leases

Loans are reported at amortized cost, which includes the principal amount outstanding net of unamortized and unaccreted deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs and unearned discounts and premiums, if any, are deferred and are generally accreted or amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned.

Direct financing leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Unearned income on direct financing leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment.

Accrued interest receivable related to loans and leases is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheet.

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. A full or partial charge-off is recorded in the period in which the loan or lease is deemed uncollectible. When the Company places a loan or lease on nonaccrual status, previously accrued and uncollected interest is concurrently reversed against interest income. When the Company receives an interest payment on a nonaccrual loan or lease, the payment is applied as a reduction of the principal balance. Nonaccrual loans and leases are generally returned to accrual status when they become current as to principal and interest and future payments are reasonably assured.

Troubled Debt Restructurings

A restructuring of debt constitutes a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The Company offers various types of concessions when modifying a loan, including term extensions, temporary deferral of principal and temporary interest rate reductions. However, forgiveness of principal is rarely granted. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for at least six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. However, if the borrower’s ability to meet the revised payment terms is uncertain, the loan remains on non-accrual status.

In response to the Coronavirus Disease 2019 (“COVID-19”) pandemic, on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act created a forbearance program for federally backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to 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 were 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 applied 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 were insignificant and made on a good faith basis in response to borrowers impacted by COVID-19 who were current prior to any relief were not TDRs under GAAP. The agencies also confirmed that these short-term modifications generally should not be reported as being on nonaccrual status and generally should not be considered past due during the period of the deferral. The Company adopted the provisions of both the CARES Act and Interagency Statements. The Company first applied the CARES Act guidance in determining if certain loan modifications were not required to be reported as TDRs. If the loan modification did not qualify under the CARES Act, then the Interagency Statement guidance was applied. On December 27, 2020, the Consolidated Appropriations Act –

2021 (the “CAA”) was signed into law, which extended the temporary relief from TDR reporting through January 1, 2022. The disclosures presented within “Note 5. Allowance for Credit Losses” reflects the application of this guidance.

Allowance for Credit Losses

The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the uncollectibility of a loan or lease balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach utilizes both quantitative and qualitative components. The Company’s methodology utilizes a quantitative model based on a single forward-looking macroeconomic forecast. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking events not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, model maturity, and other current or forecasted events that are not captured in the Company’s historical loss experience.

The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent.

Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors.

The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, troubled debt restructurings (“TDRs”), 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company and management’s expectations of the future. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD.

The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease level data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is the reversion period from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively.

On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for forecasting the economic outlook over the reasonable and supportable forecast period within the context of forecasting credit losses. Management reviews local and national economic forecasts and other pertinent materials to inform the team in establishing their best estimate of the economic outlook over the reasonable and supportable forecast period. The team considers unemployment rates, gross domestic product, personal income per capita, visitor arrivals and expenditures and home prices along with other relevant information. The results from the Bank’s forecasting team dictates the direction of the economic forecast compared to current economic conditions (i.e., better or worse) and the magnitude of the forecast adjustment (e.g., mild, medium or severe). The direction of the economic forecast and magnitude are used to adjust the modifier that is applied to the long-run default rates over the reasonable and supportable forecast period.

The Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured.

Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.

Reserve for Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments, which is a component of other liabilities in the consolidated balance sheets, is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Provision for Credit Losses

The provision for credit losses (the “Provision”) represents the amount charged against current period earnings to achieve an ACL and reserve for unfunded commitments that in management’s judgment is adequate to absorb expected credit losses related to the Company’s loan and lease portfolio and off-balance sheet credit exposures. Accordingly, the Provision will vary from period to period based on management’s ongoing assessment of the overall adequacy of the ACL and reserve for unfunded commitments.

Premises and Equipment

Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of 7 to 39 years for premises, 3 to 20 years for equipment and the shorter of the lease term or remaining useful life for leasehold improvements.

On a periodic basis, long-lived assets are reviewed for impairment. An impairment loss is recognized if the carrying amount of a long-lived asset exceeds its fair value and is not recoverable. An impairment analysis is performed whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable.

Operating lease rental income for leased assets, primarily premises, is recognized on a straight-line basis as an offset to rental expense.

Other Real Estate Owned and Repossessed Personal Property

Other real estate owned (“OREO”) and repossessed personal property are comprised primarily of properties that the Company acquires through foreclosure proceedings. The Company values these properties at fair value less estimated costs to sell the property upon acquisition, which establishes the new carrying value. The Company charges losses arising upon the acquisition of the property against the ACL. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the ACL if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Any write-downs or losses from the subsequent disposition of such properties are included in other noninterest expense. Gains recognized on the sale of such properties are included in other noninterest income.

Goodwill

Goodwill represents the cost of acquired businesses in excess of the fair value of the net assets acquired. The Company performs impairment testing of goodwill, an indefinite-lived intangible asset, as required under GAAP on an annual basis or when circumstances change that indicate that a potential impairment may have occurred. The Company has assigned goodwill to its operating segments for impairment testing purposes. The goodwill impairment guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing further impairment tests is unnecessary. However, if an entity concludes otherwise, or does not elect this option, it is required to perform impairment testing. The quantitative impairment test identifies potential impairments at the reporting unit level by comparing the estimated fair value of each identified reporting unit to its carrying amount. If the estimated fair value of a reporting unit exceeds its carrying amount, there is no impairment of goodwill. However, if the carrying amount exceeds the estimated fair value, an impairment exists, and an impairment loss is recognized in an amount equal to that excess. Subsequent reversals of goodwill impairment are prohibited.

Mortgage Servicing Rights

Mortgage servicing rights are recognized as assets when residential mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income, incorporating assumptions that market participants would use in their estimates of fair value.

The Company’s mortgage servicing rights are accounted for under the amortization method and periodically assessed for impairment. The Company amortizes the mortgage servicing rights over the period of estimated net servicing income, taking into account prepayment assumptions. Any such indicated impairment is recognized in earnings during the period in which the impairment occurs. Mortgage servicing income, net of the amortization of mortgage servicing rights, is recorded as a component of other noninterest income in the consolidated statements of income.

Non-Marketable Equity Securities

The Company is required to own Federal Home Loan Bank (“FHLB”) of Des Moines stock as a condition of membership. These securities are accounted for under the cost method, which equals par value, and are included in other assets in the consolidated balance sheets. These securities do not have a readily determinable fair value as ownership is restricted and there is no market for these securities. The Company reviews these securities periodically for impairment. Management considers these securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. No impairment was recognized on non-marketable equity securities for the years ended December 31, 2021, 2020 and 2019.

Pension and Other Postretirement Benefit Plans

The Company has a qualified noncontributory defined benefit pension plan, an unfunded supplemental executive retirement plan, a directors’ retirement plan, a non-qualified pension plan for eligible directors and a postretirement benefit plan providing life insurance and healthcare benefits that is offered to directors and employees, as applicable. The qualified noncontributory defined benefit pension plan, the unfunded supplemental executive retirement plan and the directors’ retirement plan are all frozen plans to new participants. To calculate annual pension costs, management uses the following key variables: (1) size of the employee population, length of service and estimated compensation increases; (2) actuarial assumptions and estimates; (3) expected long-term rate of return on plan assets; and (4) discount rate. For all pension and postretirement benefit plan calculations, the Company uses a December 31^st measurement date.

The expected long-term rate of return was based on a calculated rate of return from average rates of return on various asset classes over a 20-year historical time horizon. Using long-term historical data allows the Company to capture multiple economic environments, which management believes is relevant when using historical returns. Net actuarial gains or losses that exceed a 5% corridor of the greater of the projected benefit obligation or the fair value of plan assets as of the beginning of the year are amortized from accumulated other comprehensive income into net periodic pension cost on a straight-line basis over five years.

In estimating the projected benefit obligation, an independent actuary bases assumptions on factors such as mortality rate, turnover rate, retirement rate, disability rate and other assumptions related to the population of individuals in the pension plan. If significant actuarial gains or losses occur, the actuary reviews the demographic and economic assumptions with management, at which time the Company considers revising these assumptions based on actual results.

The Company recognizes an asset on its consolidated balance sheets for a plan’s overfunded status or a liability for a plan’s underfunded status. The Company also measures the plans’ assets and obligations that determine its funded status as of the end of the year and recognizes those changes in other comprehensive income, net of tax. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in salaries and employee benefits expense, while all other components of net periodic pension cost are included in other noninterest expense in the consolidated statements of income.

Income Taxes

Current income tax expense is recognized for the amount of income taxes expected to be payable or refundable for the current period, and deferred income taxes are provided to reflect the tax effect of temporary differences between financial statement carrying amounts and the corresponding tax basis of assets and liabilities. Deferred income taxes are calculated by applying enacted statutory tax rates and tax laws to future years in which temporary differences are expected to reverse. The impact on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that the tax rate change is enacted. A deferred tax valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Interest and penalties, if any, expected to be assessed or refunded by taxing authorities relating to an underpayment or overpayment of income taxes are accrued and recorded as part of income tax expense.

Excise tax credits relating to premises and equipment are accounted for using the flow-through method, and the benefit is recognized in the year the asset is placed in service. General business and excise tax credits generated from the leasing portfolio, except for credits that are passed on to lessees, are recognized over the term of the lease for book purposes, but in the year placed in service for tax purposes.

The Company maintains reserves for unrecognized tax benefits that arise in the normal course of business. As of December 31, 2021, these positions were evaluated based on an assessment of probabilities as to the likelihood of whether a liability had been incurred. Such assessments are reviewed as events occur and adjustments to the reserves are made as appropriate. In evaluating a tax position for recognition, the Company evaluates whether it is more likely than not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more likely than not recognition threshold, the tax position is measured and recognized in the Company’s consolidated financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon ultimate settlement.

Derivative Instruments and Hedging Activities

Derivatives are recognized on the consolidated balance sheets at fair value. On the date the Company enters into a derivative contract, the Company designates the derivative instrument as: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) held for trading, customer accommodation or not qualifying for hedge accounting (“free-standing derivative instrument”).

For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability or of an unrecognized firm commitment attributable to interest rate risk are recorded in current period earnings. For a cash flow hedge, to the extent that the hedge is considered highly effective, changes in the fair value of the derivative instrument are recorded in other comprehensive income and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period earnings.

The Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as hedges to specific assets or liabilities, unrecognized firm commitments or forecasted transactions. The Company also formally assesses, both at the inception of a hedge and on a quarterly basis, whether the derivative instruments used are highly effective in offsetting changes in fair values of, or cash flows related to, hedged items.

Fair Value Measurements

Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that management believes market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance established a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements.

Stock-Based Compensation

The Company grants stock-based awards, including restricted stock, restricted shares, performance share units, performance shares and restricted stock units. These awards are issued at no cost to the recipient. The fair value of restricted stock, restricted shares and restricted stock unit awards was based on the closing price of FHI’s common stock on the date of grant. Such awards were recognized in the Company’s consolidated statements of income on a straight-line basis over the vesting period. Recipients of performance shares and performance share units are entitled to receive shares of FHI common stock at no cost, subject to the Company’s achievement of specified market or performance conditions. The grant date fair value of the performance share units subject to the Company’s achievement of specified market conditions was estimated using a Monte Carlo simulation model. For purposes of this modeling exercise, historical volatilities of FHI common stock and members of the peer group were used. The risk-free interest rate that was used in the valuation was that of a zero-coupon U.S. Treasury note that was commensurate with the performance period. The grant date fair value of the performance share units and performance shares subject to the Company’s achievement of performance conditions was based on the closing price of FHI’s common stock on the date of grant. Forfeitures of stock-based awards are recognized as they occur.

As compensation cost is recognized, a deferred tax asset is established which represents an estimate of the future tax deduction from the release of restrictions or the achievement of performance targets. At the time that restrictions on the stock-based awards are released, the Company may be required to recognize an adjustment to income tax expense, depending on the market price of the Company’s common stock at that time.

Treasury Stock

Shares of the Parent’s common stock that were repurchased or that are used to satisfy payroll tax withholdings related to stock-based compensation are recorded in treasury stock at cost. On the date of subsequent reissuance, the treasury stock account will be reduced by the cost of such stock on a first-in, first-out basis.

Earnings per Share

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period, assuming conversion of potentially dilutive common stock equivalents.

Advertising and Marketing Costs

Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $6.1 million, $5.7 million and $6.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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

The following ASU has been issued by the FASB and is applicable to the Company in future reporting periods.

In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842), Lessors – Certain Leases with Variable Lease Payments. This guidance amends the Topic 842 lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the Topic 842 lease classification criteria, and 2) the lessor would have otherwise recognized a day-one loss. The Company adopted the provisions of ASU No. 2021-05 on January 1, 2022 and it did not have a material impact on the Company’s consolidated financial statements.

Transactions with Affiliates and Related Parties

12 Months Ended

Dec. 31, 2021

Transactions with Affiliates and Related Parties

Transactions with Affiliates and Related Parties

2. Transactions with Affiliates and Related Parties

In the normal course of business, the Company makes loans to executive officers and directors of the Company and its subsidiary and to entities and individuals affiliated with those executive officers and directors. These loans are made on terms no less favorable to the Company than those prevailing at the time for comparable transactions with unrelated persons or, in the case of certain residential real estate loans, on terms that are widely available to employees of the Company who are not directors or executive officers.

Changes in the loans to such executive officers, directors and affiliates during 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Balance at beginning of year	$	91,226	$	85,280	$	66,088
New loans made		2,659		18,133		22,682
Repayments		(7,850)		(12,187)		(3,490)
Balance at end of year	$	86,035	$	91,226	$	85,280

The Company had participated in various transactions with BWC, BOW, BNPP and its affiliates, in each case while such entities were affiliates and related parties of the Company. These transactions were subject to review by the FRB, FDIC and other regulatory authorities. The transactions were required to be on terms at least as favorable to the Company as those prevailing at the time for similar non-affiliate transactions. These transactions included the provision of services, sales and purchases of assets, foreign exchange activities, financial guarantees, international services, interest rate swaps and intercompany deposits and borrowings.

The Company participated in forward and spot transactions with BOW (which ceased being an affiliate of the Company in February 2019) as the counterparty.

The Company’s transactions with its related parties for the years ended December 31, 2021, 2020 and 2019 are summarized below.


	December 31,
(dollars in thousands)	2021		2020		2019
Noninterest income from affiliates	$	—	$	—	$	382
Noninterest expense to affiliates		—		—		(4)

The Company had no other liabilities with affiliates and no off-balance sheet commitments with affiliates to purchase and sell foreign currencies as of December 31, 2021 and 2020.

The Company did not transact in hedging or trading activities on behalf of BOW or BWC, in each case while such entities were affiliates and related parties of the Company.

In 2016, BWC and the Company entered into an Expense Reimbursement Agreement whereby BWC agreed to reimburse the Company for certain expenses incurred by the Company that are provided for the ultimate benefit of BNPP and its subsidiaries. Payments received from BWC amounted to $7.2 million for the year ended December 31, 2019. Expenses incurred by the Company after 2019 are not subject to reimbursement by BWC under the Expense Reimbursement Agreement.

Investment Securities

12 Months Ended

Dec. 31, 2021

Investment Securities

Investment Securities

3. Investment Securities

As of December 31, 2021 and 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-sponsored enterprises.

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.

Collateralized loan obligations – includes structured debt securities backed by a pool of loans, consisting of primarily non-investment grade broadly syndicated corporate loans with additional credit enhancement. These are floating rate securities that have an investment grade rating of AA or better.

Debt securities issue by states and political subdivisions – includes general obligation bonds issued by state and local governments.

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


	December 31,
	2021								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	$	196,662	$	125	$	(4,224)	$	192,563	$	170,123	$	1,359	$	(61)	$	171,421
Mortgage-backed securities:
Residential - Government agency		135,764		1,791		(291)		137,264		155,169		5,293		—		160,462
Residential - Government-sponsored enterprises		1,496,605		6,914		(12,419)		1,491,100		434,282		13,643		(725)		447,200
Commercial - Government agency		392,443		1,741		(6,521)		387,663		583,232		16,537		(119)		599,650
Commercial - Government-sponsored enterprises		1,415,511		2,646		(48,714)		1,369,443		931,095		9,045		(7,983)		932,157
Collateralized mortgage obligations:
Government agency		2,103,187		7,768		(31,432)		2,079,523		1,902,326		32,246		(1,019)		1,933,553
Government-sponsored enterprises		2,671,131		3,608		(53,695)		2,621,044		1,808,804		18,991		(823)		1,826,972
Collateralized loan obligations		105,245		2		—		105,247		—		—		—		—
Debt securities issued by states and political subdivisions		44,185		—		—		44,185		—		—		—		—
Total available-for-sale securities	$	8,560,733	$	24,595	$	(157,296)	$	8,428,032	$	5,985,031	$	97,114	$	(10,730)	$	6,071,415

Accrued interest receivable related to available-for-sale investment securities was $14.1 million and $10.6 million as of December 31, 2021 and 2020, respectively, and is recorded separately from the amortized cost basis of investment securities on the Company’s consolidated balance sheets.

Proceeds from call and sales of investment securities were $8.6 million and $2.5 million, respectively, for the year ended December 31, 2021. Proceeds from call and sales of investment securities were $102.0 million and $543.0 million, respectively, for the year ended December 31, 2020. Proceeds from calls and sales of investment securities were $63.0 million and $1.0 billion, respectively, for the year ended December 31, 2019. The Company recorded gross realized gains of $0.1 million and gross realized losses of nil for the year ended December 31, 2021. The Company recorded gross realized gains of $0.6 million and gross realized losses of $0.7 million for the year ended December 31, 2020. The Company recorded gross realized gains of $0.5 million and gross realized losses of $3.2 million for the year ended December 31, 2019. The income tax expense related to the Company’s net realized gains on the sale of investment securities was nil for the year ended December 31, 2021. The income tax benefit related to the Company’s net realized loss on the sale of investment securities was nil and $0.7 million for the years ended December 31, 2020 and 2019, respectively. Gains and losses realized on sales of securities are determined using the specific identification method.

Interest income from taxable investment securities was $93.3 million, $80.9 million and $92.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Interest income from non-taxable investment securities was $8.1 million, $0.9 million and nil for the years ended December 31, 2021, 2020 and 2019, respectively.

The amortized cost and fair value of debt securities issued by the U.S. Treasury, government agencies and states and political subdivisions and collateralized loan obligations as of December 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.


	December 31, 2021
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	—	$	—
Due after one year through five years		50,465		50,361
Due after five years through ten years		123,729		121,960
Due after ten years		171,898		169,674
		346,092		341,995

Mortgage-backed securities:
Residential - Government agency		135,764		137,264
Residential - Government-sponsored enterprises		1,496,605		1,491,100
Commercial - Government agency		392,443		387,663
Commercial - Government-sponsored enterprises		1,415,511		1,369,443
Total mortgage-backed securities		3,440,323		3,385,470
Collateralized mortgage obligations:
Government agency		2,103,187		2,079,523
Government-sponsored enterprises		2,671,131		2,621,044
Total collateralized mortgage obligations		4,774,318		4,700,567
Total available-for-sale securities	$	8,560,733	$	8,428,032

At December 31, 2021, pledged securities totaled $2.1 billion, of which $1.9 billion was pledged to secure public deposits and $193.2 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, which were in excess of 10% of stockholders’ equity as of December 31, 2021 and 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 318 and 50 individual securities in each category have been in a continuous loss position as of December 31, 2021 and 2020, respectively. The unrealized losses on investment securities were attributable to market conditions.

Time in Continuous Loss as of December 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

(3,355)

134,468

(869)

16,642

(4,224)

151,110

Mortgage-backed securities:

Residential - Government agency

(291)

51,231

—

(291)

51,231

Residential - Government-sponsored enterprises

(10,876)

1,230,104

(1,543)

32,415

(12,419)

1,262,519

Commercial - Government agency

(5,239)

186,024

(1,282)

26,063

(6,521)

212,087

Commercial - Government-sponsored enterprises

(22,179)

744,819

(26,535)

397,123

(48,714)

1,141,942

Collateralized mortgage obligations:

Government agency

(31,432)

1,441,848

—

(31,432)

1,441,848

Government-sponsored enterprises

(52,551)

2,255,535

(1,144)

24,959

(53,695)

2,280,494

Total available-for-sale securities with unrealized losses

(125,923)

6,044,029

(31,373)

497,202

(157,296)

6,541,231


	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 December 31, 2021 and 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 December 31, 2021 and 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 December 31, 2021 and 2020, the Company did not expect any credit losses in its debt securities and no credit losses were recognized on securities during the years ended December 31, 2021 and 2020.

As of 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, its agencies and government-sponsored enterprises. 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, and these 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. As of December 31, 2021, the Company’s available-for-sale investment securities continued to be comprised primarily of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with just under 2% of the available-for-sale investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. These securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale debt securities as of December 31, 2021 and 2020.

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

Loans and Leases

12 Months Ended

Dec. 31, 2021

Loans and Leases.

Loans and Leases

4. Loans and Leases

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


	December 31,
(dollars in thousands)	2021		2020
Commercial and industrial	$	2,087,099	$	3,019,507
Commercial real estate		3,639,623		3,392,676
Construction		813,969		735,819
Residential:
Residential mortgage		4,083,367		3,690,218
Home equity line		876,608		841,624
Total residential		4,959,975		4,531,842
Consumer		1,229,939		1,353,842
Lease financing		231,394		245,411
Total loans and leases	$	12,961,999	$	13,279,097

Outstanding loan balances are reported net of deferred loan costs and fees of $42.2 million and $26.1 million at December 31, 2021 and 2020, respectively.

Accrued interest receivable related to loans and leases was $49.0 million and $59.0 million as of December 31, 2021 and 2020, respectively, and is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheets.

As of December 31, 2021, residential real estate loans totaling $2.4 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate and residential real estate loans totaling $1.7 billion were pledged to collateralize the borrowing capacity at the FRB. As of December 31, 2020, residential real estate loans totaling $2.9 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial and commercial real estate loans totaling $1.9 billion were pledged to collateralize the borrowing capacity at the FRB. Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $4.7 million and $2.3 million at December 31, 2021 and 2020, respectively.

Net gains related to the sales of loans, recorded as a component of other noninterest income, were $1.3 million and $14.5 million for the years ended December 31, 2021 and 2020, respectively. Net losses related to the sales of loans, recorded as a component of other noninterest income, were $1.3 million for the year ended December 31, 2019.

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 stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2021

Allowance for Credit Losses

Allowance for Credit Losses

5. Allowance for Credit Losses

The Company maintains an 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 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.

Rollforward of the Allowance for Credit Losses

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

Year Ended December 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 year

24,711

58,123

10,039

3,298

40,461

7,163

64,659

208,454

Charge-offs

(5,949)

(66)

—

(632)

(342)

(16,634)

(23,623)

Recoveries

867

266

—

261

117

9,600

11,150

Increase (decrease) in Provision

451

(15,145)

(532)

(1,639)

(5,726)

(1,296)

(14,832)

(38,719)

Balance at end of year

20,080

42,951

9,773

1,659

34,364

5,642

42,793

157,262


	Year Ended December 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 year	$	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		(15,572)		(2,753)		(379)		—		(14)		(54)		(28,791)		—		(47,563)
Recoveries		5,005		615		200		—		216		167		10,499		—		16,702
Increase in Provision		22,408		27,377		7,177		2,667		13,749		1,905		32,732		—		108,015
Balance at end of year	$	24,711	$	58,123	$	10,039	$	3,298	$	40,461	$	7,163	$	64,659	$	—	$	208,454

The following presents the activity in the ACL by class of loans and leases and the disaggregation of the ACL and recorded investment in loans by impairment methodology for the year ended December 31, 2019, presented in accordance with Topic 310, Receivables:


	Year Ended December 31, 2019
	Commercial Lending
	Commercial		Commercial
	and		Real				Lease
(dollars in thousands)	Industrial		Estate		Construction		Financing		Residential		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of year	$	34,501	$	19,725	$	5,813	$	432	$	44,906	$	35,813	$	528	$	141,718
Charge-offs		(2,718)		—		—		(24)		(438)		(32,807)		—		(35,987)
Recoveries		410		263		—		—		967		9,359		—		10,999
Increase (decrease) in Provision		(3,218)		2,337		(969)		16		(6,256)		22,279		(389)		13,800
Balance at end of year	$	28,975	$	22,325	$	4,844	$	424	$	39,179	$	34,644	$	139	$	130,530
Individually evaluated for impairment		46		27		—		—		130		—		—		203
Collectively evaluated for impairment		28,929		22,298		4,844		424		39,049		34,644		139		130,327
Loans and leases:
Individually evaluated for impairment	$	4,951	$	723	$	—	$	—	$	14,964	$	—	$	—	$	20,638
Collectively evaluated for impairment		2,738,291		3,463,230		519,241		202,483		4,647,211		1,620,556		—		13,191,012
Balance at end of year	$	2,743,242	$	3,463,953	$	519,241	$	202,483	$	4,662,175	$	1,620,556	$	—	$	13,211,650

Rollforward of the Reserve for Unfunded Commitments

The following presents the activity in the Reserve for Unfunded Commitments for the years ended December 31, 2021 and 2020:

Year Ended December 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 year

11,719

1,328

9,037

—

8,452

30,603

Increase (decrease) in Provision

(3,104)

786

(74)

—

2,094

(281)

Balance at end of year

8,615

2,114

8,963

—

10,546

30,322


	Year Ended December 31, 2020
	Commercial Lending								Residential Lending
	Commercial		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 year	$	—	$	—	$	—	$	—	$	—	$	—	$	600	$	600
Adoption of ASU No. 2016-13		5,390		778		4,119		—		7		6,587		(581)		16,300
Increase (decrease) in Provision		6,329		550		4,918		—		(5)		1,865		46		13,703
Balance at end of year	$	11,719	$	1,328	$	9,037	$	—	$	2	$	8,452	$	65	$	30,603

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 that deserves 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 December 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

623,098

129,665

223,388

88,409

29,380

168,591

644,947

40,193

1,947,671

Special Mention

397

4,382

4,213

12,552

974

5,313

4,804

986

33,621

Substandard

354

1,380

1,951

1,285

3,551

17,893

1,043

27,517

Other ⁽¹⁾

13,277

7,070

7,741

4,453

1,995

370

43,384

—

78,290

Total Commercial and Industrial

637,126

142,497

237,293

106,699

32,409

177,825

711,028

42,222

2,087,099

Commercial Real Estate

Risk rating:

Pass

693,370

338,140

533,887

487,739

415,186

940,732

78,479

14,891

3,502,424

Special Mention

—

48,499

7,470

25,513

30,255

7,600

—

119,337

Substandard

—

1,776

164

15,303

459

—

17,702

Other ⁽¹⁾

—

160

—

160

Total Commercial Real Estate

693,370

338,140

582,386

496,985

440,863

986,450

86,538

14,891

3,639,623

Construction

Risk rating:

Pass

154,558

107,767

210,314

155,311

62,770

48,021

22,859

—

761,600

Special Mention

—

244

707

—

356

—

1,307

Substandard

—

363

—

839

—

1,202

Other ⁽¹⁾

26,835

8,875

4,317

4,308

2,684

2,048

793

—

49,860

Total Construction

181,393

116,642

214,875

160,689

65,454

51,264

23,652

—

813,969

Lease Financing

Risk rating:

Pass

33,980

60,650

48,236

9,449

15,009

57,130

—

224,454

Special Mention

501

2,702

1,506

311

153

—

5,173

Substandard

—

270

140

871

470

—

1,767

Total Lease Financing

34,481

63,622

49,882

9,776

16,033

57,600

—

231,394

Total Commercial Lending

1,546,370

660,901

1,084,436

774,149

554,759

1,273,139

821,218

57,113

6,772,085

(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

1,101,958

635,061

286,993

198,622

251,906

829,175

—

3,303,715

680 - 739

140,997

81,590

45,163

27,315

32,855

125,906

—

453,826

620 - 679

15,781

11,943

5,268

10,149

9,069

37,404

—

89,614

550 - 619

1,735

873

698

533

2,033

7,475

—

13,347

Less than 550

—

345

2,603

2,838

—

5,786

No Score ⁽³⁾

18,882

7,938

15,051

18,107

17,333

42,185

—

119,496

Other ⁽²⁾

25,625

16,263

10,242

11,297

16,242

17,152

718

97,583

Total Residential Mortgage

1,304,978

753,668

363,415

266,368

332,041

1,062,135

718

4,083,367

Home Equity Line

FICO:

740 and greater

—

671,566

1,873

673,439

680 - 739

—

141,889

3,968

145,857

620 - 679

—

37,815

2,500

40,315

550 - 619

—

9,090

948

10,038

Less than 550

—

2,574

2,642

No Score ⁽³⁾

—

4,317

—

4,317

Total Home Equity Line

—

867,251

9,357

876,608

Total Residential Lending

1,304,978

753,668

363,415

266,368

332,041

1,062,135

867,295

10,075

4,959,975

Consumer Lending

FICO:

740 and greater

155,929

83,337

79,617

56,707

24,525

8,067

117,843

209

526,234

680 - 739

93,214

56,327

55,126

34,049

17,527

6,315

69,366

707

332,631

620 - 679

41,671

21,986

28,491

19,403

12,952

5,324

31,165

1,175

162,167

550 - 619

7,836

8,265

13,265

10,497

7,469

3,244

10,359

1,089

62,024

Less than 550

2,272

3,867

6,646

3,484

2,739

1,175

3,195

536

23,914

No Score ⁽³⁾

481

35,414

320

36,397

Other ⁽²⁾

4,737

365

1,712

2,182

77,528

—

86,572

Total Consumer Lending

306,140

174,166

184,913

124,197

67,459

24,158

344,870

4,036

1,229,939

Total Loans and Leases

3,157,488

1,588,735

1,632,764

1,164,714

954,259

2,359,432

2,033,383

71,224

12,961,999

(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

Amortized

(dollars in thousands)

2020

2019

2018

2017

2016

Prior

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

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

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2020

2019

2018

2017

2016

Prior

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

109

—

33,854

356

34,835

Other ⁽²⁾

380

1,890

2,214

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 December 31, 2021 and 2020.

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


	Year Ended
(dollars in thousands)	December 31, 2021
Commercial and industrial	$	1,153
Commercial real estate		14,891
Residential mortgage		577
Home equity line		3,656
Consumer		1,574
Total Revolving Loans Converted to Term Loans During the Year	$	21,851


	Year Ended
(dollars in thousands)	December 31, 2020
Commercial and industrial	$	35,760
Commercial real estate		310
Residential mortgage		296
Home equity line		13,569
Consumer		4,882
Total Revolving Loans Converted to Term Loans During the Year	$	54,817

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 December 31, 2021 and 2020, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows:

December 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

1,195

1,318

3,708

2,083,391

2,087,099

740

Commercial real estate

631

—

631

3,638,992

3,639,623

—

Construction

162

—

162

813,807

813,969

—

Lease financing

—

231,394

—

Residential mortgage

3,030

1,002

5,617

9,649

4,073,718

4,083,367

987

Home equity line

1,538

538

3,681

5,757

870,851

876,608

3,681

Consumer

16,534

3,366

1,800

21,700

1,208,239

1,229,939

1,800

Total

23,090

6,101

12,416

41,607

12,920,392

12,961,999

7,208


	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 amortized cost basis of loans and leases on nonaccrual status as of December 31, 2021 and 2020 and the amortized cost basis of loans and leases on nonaccrual status with no allowance for credit losses as of December 31, 2021 and 2020 were as follows:


	December 31, 2021
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	718
Commercial real estate		727		727
Residential mortgage		1,192		5,637
Total Nonaccrual Loans and Leases	$	1,919	$	7,082


	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 years ended December 31, 2021 and 2020, the Company recognized interest income of $0.4 million and $0.2 million, respectively, on nonaccrual loans and leases. Furthermore, for the years ended December 31, 2021 and 2020, the amount of accrued interest receivables written off by reversing interest income was $0.8 million and $1.4 million, 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 December 31, 2021 and 2020, the amortized cost basis of collateral-dependent loans was $7.5 million and $21.0 million, respectively. As of December 31, 2021, these loans were primarily collateralized by residential real estate property. As of December 31, 2020, these loans were primarily collateralized by residential real estate property and borrower assets. As of December 31, 2021 and 2020, the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis.

Impaired Loans

The following table provides information with respect to the Company’s average balances, and of interest income recognized from, impaired loans for the year ended December 31, 2019, presented in accordance with Topic 310, Receivables:


	Year Ended
	December 31, 2019
	Average		Interest
	Recorded		Income
(dollars in thousands)	Investment		Recognized
Impaired loans with no related ACL recorded:
Commercial and industrial	$	3,687	$	431
Commercial real estate		2,825		481
Residential mortgage		8,777		440
Consumer		40		—
Total	$	15,329	$	1,352
Impaired loans with a related ACL recorded:
Commercial and industrial	$	4,485	$	85
Commercial real estate		710		40
Residential mortgage		6,413		339
Total	$	11,608	$	464
Total impaired loans:
Commercial and industrial	$	8,172	$	516
Commercial real estate		3,535		521
Residential mortgage		15,190		779
Consumer		40		—
Total	$	26,937	$	1,816

Modifications

Commercial and industrial loans modified in a TDR may involve temporary interest-only payments, term 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 years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31, 2021
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	11	$	1,481	$	124
Commercial real estate	1		346		78
Construction	12		689		69
Residential mortgage	13		5,539		207
Consumer	1,652		15,710		2,127
Total	1,689	$	23,765	$	2,605


	Year Ended December 31, 2020
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	1	$	500	$	30
Commercial real estate	3		6,470		470
Residential mortgage	1		825		90
Total	5	$	7,795	$	590


	Year Ended December 31, 2019
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	2	$	571	$	25
Residential mortgage	1		609		—
Total	3	$	1,180	$	25

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the period.

(2)	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 $6.7 billion and $6.1 billion as of December 31, 2021 and 2020, respectively. Of the $6.7 billion at December 31, 2021, there were commitments of $0.2 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:


	Year Ended December 31,
	2021			2020			2019
	Number of	Recorded		Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	3	$	569	1	$	500	2	$	571
Construction	1		450	—		—	—		—
Commercial real estate	1		356	—		—	—		—
Residential mortgage	4		1,012	—		—	—		—
Consumer	405		5,272	—		—	—		—
Total	414	$	7,659	1	$	500	2	$	571

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the period.

(2)	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.

Foreclosure Proceedings

As of December 31, 2021, there was one residential mortgage loan of $0.3 million collateralized by real estate property that was modified in a TDR that was in process of foreclosure. As of 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

Residential real estate properties held from one foreclosed residential mortgage loan included in other real estate owned and repossessed personal property shown in the consolidated balance sheets were $0.2 million as of December 31, 2021. There were no residential real estate properties held from foreclosed residential real estate loans as of December 31, 2020.

Premises and Equipment

12 Months Ended

Dec. 31, 2021

Premises and Equipment

Premises and Equipment

6. Premises and Equipment

At December 31, 2021 and 2020, premises and equipment were comprised of the following:


	December 31,
(dollars in thousands)	2021		2020
Buildings	$	295,286	$	296,107
Furniture and equipment		95,824		98,800
Land		113,720		114,852
Leasehold improvements		66,772		57,063
Total premises and equipment		571,602		566,822
Less: Accumulated depreciation and amortization		253,154		244,421
Net book value	$	318,448	$	322,401

Depreciation and amortization expenses included in occupancy and equipment expenses for 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Occupancy	$	9,149	$	9,231	$	9,037
Equipment		6,682		6,721		5,485
Total	$	15,831	$	15,952	$	14,522

The Company, as a lessor, leases certain properties that it owns. See “Note 13. Leases” in the notes to the consolidated financial statements for more information.

Other Assets

12 Months Ended

Dec. 31, 2021

Other Assets.

Other Assets

7. Other Assets

Goodwill

Goodwill originated from the acquisition of BancWest by BNPP in December 2001. Goodwill generated in that acquisition was recorded on the Company’s consolidated balance sheets as a result of push-down accounting treatment.

The carrying amount of goodwill reported in two of the Company’s reporting segments as of December 31, 2021 and 2020 were as shown below. The Treasury and Other segment is not assigned goodwill.


	Retail		Commercial
(in thousands)	Banking		Banking		Total
December 31, 2021	$	687,492	$	308,000	$	995,492
December 31, 2020		687,492		308,000		995,492

There was no impairment of the Company’s goodwill for the years ended December 31, 2021, 2020 and 2019.

Mortgage Servicing Rights (“MSRs”)

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 $1.7 billion and $2.2 billion as of December 31, 2021 and 2020, respectively. Servicing fees include contractually specified fees, late charges and ancillary fees and were $4.8 million, $5.7 million and $6.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Amortization of MSRs was $3.7 million, $6.3 million and $3.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The estimated future amortization expenses for MSRs over the next five years are as follows:


	Estimated
(dollars in thousands)	Amortization
Year ending December 31:
2022	$	1,613
2023		1,274
2024		1,036
2025		854
2026		710

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


	December 31,
(dollars in thousands)	2021		2020
Gross carrying amount	$	69,103	$	67,856
Less: accumulated amortization		60,801		57,125
Net carrying value	$	8,302	$	10,731

The following table presents changes in amortized MSRs for the years indicated:


	Year Ended December 31,
(dollars in thousands)	2021		2020
Balance at beginning of year	$	10,731	$	12,668
Originations		1,247		4,376
Amortization		(3,676)		(6,313)
Balance at end of year	$	8,302	$	10,731
Fair value of amortized MSRs at beginning of year	$	14,029	$	20,329
Fair value of amortized MSRs at end of year	$	12,243	$	14,029
Balance of loans serviced for others	$	1,673,158	$	2,189,027

MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the years ended December 31, 2021, 2020 and 2019.

The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs were as follows:


	December 31, 2021							December 31, 2020
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	13.77	%	-	25.19	%	14.61	%	11.86	%	-	26.52	%	16.90	%
Life in years (of the MSR)	1.99		-	5.31		5.03		1.83		-	6.68		4.45
Weighted-average coupon rate	3.58	%	-	6.56	%	3.71	%	3.24	%	-	6.98	%	3.84	%
Discount rate	10.00	%	-	10.01	%	10.00	%	10.00	%	-	10.00	%	10.00	%

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

Other

The Company had $184.3 million and $170.2 million in affordable housing and other tax credit investment partnership interest as of December 31, 2021 and 2020, respectively, included in other assets on the consolidated balance sheets. The amount of amortization of such investments reported in the provision for income taxes was $21.7 million, $10.5 million and $11.3 million during the years ended December 31, 2021, 2020 and 2019, respectively. The affordable housing tax credits and other benefits recognized during the years ended December 31, 2021, 2020 and 2019 were $22.7 million, $15.8 million and $10.6 million, respectively.

Nonmarketable equity securities include FHLB stock, which the Company holds to meet regulatory requirements. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB non-publicly traded stock based on specific percentages of the Company’s total assets and outstanding advances in accordance with the FHLB’s capital plan which may be amended or revised periodically. Amounts in excess of the required minimum may be transferred at par to another member institution subject to prior approval of the FHLB. Excess stock may also be sold to the FHLB subject to a five-year redemption notice period and at the sole discretion of the FHLB. These securities are accounted for under the cost method. These investments are considered long-term investments by management and accordingly, the ultimate recoverability of its par value is considered rather than considering temporary declines in value. The investment in FHLB stock was included in other assets on the consolidated balance sheets and was $10.1 million and $18.1 million as of December 31, 2021 and 2020, respectively.

Software, net was included as a component of other assets on the consolidated balance sheets and was $13.3 million and $15.2 million as of December 31, 2021 and 2020, respectively. The amortization of software expenses was recorded in other noninterest expense on the consolidated statements of income and was $8.6 million, $6.4 million and $4.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Transfers of Financial Assets

12 Months Ended

Dec. 31, 2021

Transfers of Financial Assets

Transfers of Financial Assets

8. 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 December 31, 2021 and 2020 were as follows:


	December 31,
(dollars in thousands)	2021		2020
Public deposits	$	1,913,369	$	2,251,508
Federal Home Loan Bank		2,380,042		2,917,317
Federal Reserve Bank		1,724,279		1,919,744
ACH transactions		115,038		111,347
Interest rate swaps		48,430		56,004
Total	$	6,181,158	$	7,255,920

As the Company did not enter into reverse repurchase agreements, no collateral was accepted as of December 31, 2021 and 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Deposits

12 Months Ended

Dec. 31, 2021

Deposits

Deposits

9. Deposits

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


	December 31,
(dollars in thousands)	2021		2020
U.S.:
Interest-bearing	$	11,553,298	$	10,928,712
Noninterest-bearing		8,498,187		6,674,352
Foreign:
Interest-bearing		868,985		776,897
Noninterest-bearing		895,676		847,762
Total deposits	$	21,816,146	$	19,227,723

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


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	235,187	$	314,818	$	550,005
Over three through six months		208,007		100,457		308,464
Over six through twelve months		315,551		286,529		602,080
2023		75,513		53,566		129,079
2024		67,595		9,136		76,731
2025		38,204		18,943		57,147
2026		43,943		8,285		52,228
Thereafter		203		501		704
Total	$	984,203	$	792,235	$	1,776,438

Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $0.8 billion and $1.3 billion as of December 31, 2021 and 2020, respectively. Overdrawn deposit accounts are classified as loans and totaled $2.1 million and $2.6 million at December 31, 2021 and 2020, respectively.

Long-Term Borrowings

12 Months Ended

Dec. 31, 2021

Long-Term Borrowings

Long-Term Borrowings

10. Long-Term Borrowings

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


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

(1)	Interest is payable monthly.

As of December 31, 2021, there were no long-term borrowings compared to $200.0 million in long-term borrowings as of December 31, 2020. The Company’s long-term borrowings were terminated in November 2021 and included $200.0 million in FHLB fixed-rate advances with a weighted average interest rate of 2.73% and original maturity dates ranging from 2023 to 2024. The FHLB fixed-rate advances required monthly interest-only payments with the principal amount due on the maturity date. The Company incurred fees of $9.0 million related to the early termination of the FHLB fixed-rate advances. These fees were recorded as a component of other noninterest expense in the Company’s consolidated statements of income. As of December 31, 2021, the Company had an undrawn line of credit of $1.8 billion from the FHLB. As of December 31, 2020, the available remaining borrowing capacity with the FHLB was $2.0 billion. The FHLB borrowing capacity as of December 31, 2021 and the fixed-rate advances and remaining borrowing capacity as of December 31, 2020 were secured by residential real estate loan collateral. As of both December 31, 2021 and 2020, the Company had an undrawn line of credit of $1.1 billion from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential real estate loans as of December 31, 2021 and 2020. See “Note 8. Transfers of Financial Assets” for more information.

At 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.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

11. 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 income (loss) are pension and other benefits and investment securities. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 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
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)


			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)
Year ended December 31, 2020
Pension and other benefits:
Net actuarial losses arising during the year		(10,399)		2,774		(7,625)
Prior service credit		(51)		14		(37)
Amortization of net loss included in net income		5,595		(1,492)		4,103
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		(4,855)		1,200		(3,655)
Investment securities:
Unrealized net gains arising during the year		91,289		(24,365)		66,924
Reclassification of net losses to net income:
Investment securities losses, net		114		(30)		84
Net change in investment securities		91,403		(24,395)		67,008
Other comprehensive income		86,548		(23,195)		63,353
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Year ended December 31, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(5,774)		1,555		(4,219)
Prior service credit		(429)		115		(314)
Amortization of net loss included in net income		6,610		(1,780)		4,830
Net change in pension and other benefits		407		(110)		297
Investment securities:
Unrealized net gains arising during the year		134,343		(36,178)		98,165
Reclassification of net gains to net income:
Investment securities losses, net		2,715		(731)		1,984
Net change in investment securities		137,058		(36,909)		100,149
Other comprehensive income		137,465		(37,019)		100,446
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)

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



	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Year Ended December 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	31,604
Other comprehensive income (loss)		7,347		(160,644)		(153,297)
Balance at end of year	$	(24,390)	$	(97,303)	$	(121,693)

Year Ended December 31, 2020
Balance at beginning of year	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income (loss)		(3,655)		67,008		63,353
Balance at end of year	$	(31,737)	$	63,341	$	31,604

Year Ended December 31, 2019
Balance at beginning of year	$	(28,379)	$	(103,816)	$	(132,195)
Other comprehensive income		297		100,149		100,446
Balance at end of year	$	(28,082)	$	(3,667)	$	(31,749)

As of December 31, 2021, 2020 and 2019, the Company did not have any available-for-sale debt securities in an unrealized loss position with the intent to sell and determined it was not more likely than not that the Company would be required to sell the securities prior to recovery of the amortized cost basis. Thus, for the years ended December 31, 2021 and 2020, there was no incremental non-credit-related impairment loss recognized in earnings on these securities, and for the year ended December 31, 2019, there was no non-credit other-than-temporary impairment (“OTTI”) loss on these securities.

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2021

Regulatory Capital Requirements

Regulatory Capital Requirements

12. 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 following provides definitions for the regulatory risk-based capital ratios and leverage ratio, which are calculated as per standard regulatory guidance:

Risk-Weighted Assets — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are weighted for risk, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being allocated a risk-adjusted weight. The off-balance sheet items comprise a minimal part of the overall calculation.

Common Equity Tier 1 Risk-Based Capital Ratio — The CET1 risk-based capital ratio is calculated as CET1 capital, divided by risk-weighted assets. CET1 is the sum of equity, adjusted for ineligible goodwill as well as certain other comprehensive income items as follows: net unrealized gains/losses on securities and derivatives, and net unrealized pension and other benefit losses.

Tier 1 Risk-Based Capital Ratio — The Tier 1 capital ratio is calculated as Tier 1 capital divided by risk-weighted assets.

Total Risk-Based Capital Ratio — The total risk-based capital ratio is calculated as the sum of Tier 1 capital and an allowable amount of the reserve for credit losses (limited to 1.25 percent of risk-weighted assets), divided by risk-weighted assets.

Tier 1 Leverage Ratio — The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets.

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


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
December 31, 2021:
Common equity tier 1 capital to risk-weighted assets	$	1,783,113	12.24	%	$	1,769,214	12.14	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,783,113	12.24	%		1,769,214	12.14	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,965,280	13.49	%		1,951,377	13.40	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,783,113	7.24	%		1,769,214	7.18	%	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 the FDIC.

A capital conservation buffer, comprised of CET1 capital, was established above the regulatory minimum capital requirements. As of December 31, 2021, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized and exceeded the aforementioned capital conservation buffer. Management is not aware of any conditions or events that have occurred since December 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

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

13. Leases

The Company, as lessee, is obligated under a number of noncancelable operating leases primarily for branch premises and related real estate. Terms of such leases extend for periods up to 42 years, many of which provide for periodic adjustment of rent payments based on changes in various economic indicators. Renewal options are included in the Company’s lease liabilities and related right-of-use assets to the extent that the Company is reasonably certain to exercise such options. For all of the Company’s short-term leases (i.e., leases with an initial term of 12 months or less), the Company recognizes lease expense on a straight-line basis over the lease term. Variable lease payments are recognized in the period in which the obligation for those payments is incurred.

The Company’s branch premises leases typically require that the Company is responsible to pay for variable lease expense, primarily maintenance expense, as well as real property taxes, property insurance and sales taxes. Maintenance expense is paid to maintain common areas and covers costs including landscaping, cleaning and general maintenance. Such variable costs are typically re-evaluated by the landlord on an annual basis and are charged to the Company based on the portion of the total building premises that is occupied by the Company.

The Company subleases certain premises and real estate to third parties. The sublease portfolio consists of operating leases for space connected with three of the Company’s branch properties.

The components of the Company’s net lease expense for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Operating lease expense	$	9,432	$	9,169	$	9,158
Short-term lease expense		246		397		487
Variable lease expense		2,204		2,353		2,152
Finance lease expense:
Amortization of right-of-use assets		3		3		3
Interest on lease liabilities		—		1		2
Total finance lease expense		3		4		5
Less: Sublease income		(744)		(1,222)		(1,073)
Net lease expense	$	11,141	$	10,701	$	10,729

Other information related to the Company’s lease liabilities as of and for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(dollars in thousands)	2021			2020			2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	7,981		$	8,848		$	8,802
Operating cash flows paid for finance leases	$	—		$	—		$	10
Financing cash flows paid for finance leases	$	10		$	10		$	10
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	31,792		$	3,796		$	1,401
Weighted Average Remaining Lease Term
Operating leases (years)		22.8			16.1			15.7
Finance leases (years)		0.5			1.5			2.5
Weighted Average Discount Rate
Operating leases		3.01	%		3.17	%		3.36	%
Finance leases		6.78	%		6.78	%		6.78	%

Operating lease right-of-use assets were $64.2 million and $40.2 million as of December 31, 2021 and 2020, respectively, and were recorded as a component of other assets. Finance lease right-of-use assets were nil and not material as of December 31, 2021 and 2020, respectively, and were recorded as a component of premises and equipment as of December 31, 2020. Operating lease liabilities were $65.8 million and $40.6 million as of December 31, 2021 and 2020, respectively, and were recorded as a component of other liabilities. Finance lease liabilities were nil and not material as of December 31, 2021 and 2020, respectively, and were recorded as a component of long-term borrowings as of December 31, 2020.

The most significant assumption related to the Company’s application of Topic 842 was the discount rate assumption. As most of the Company’s lease agreements do not provide for an implicit interest rate, the Company used the collateralized interest rate that the Company would have to pay to borrow over a similar term to estimate the Company’s lease liabilities.

The following table sets forth future minimum rental payments under noncancelable operating leases with terms in excess of one year as of December 31, 2021:


	Net Operating
	Lease
(dollars in thousands)	Payments
Year ending December 31:
2022	$	7,755
2023		5,104
2024		4,883
2025		4,250
2026		3,849
Thereafter		68,996
Total future minimum lease payments		94,837
Less: Imputed interest		(29,033)
Total	$	65,804

The Company had several operating leases with related parties associated with its branch premises. The lease payments to related parties were nil for both the years ended December 31, 2021 and 2020. The lease payments to related parties were $0.3 million for the year ended December 31, 2019.

The Company, as lessor, rents office space in its headquarters office building as well as office space located primarily in Hawaii to third party lessees. The cost and accumulated depreciation related to leased properties were $304.3 million and $158.2 million, respectively, as of December 31, 2021, and $304.3 million and $150.0 million, respectively, as of December 31, 2020. Terms of such leases, including renewal options, may be extended for up to nine years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Non-lease components, primarily consisting of costs incurred by the Company for maintenance and utilities, are recognized as income in the period in which the payments are due.

The Company recognized operating lease income related to lease payments of $6.4 million, $6.3 million and $5.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition, the Company recognized $6.1 million, $5.6 million and $5.3 million of lease income related to variable lease payments for the years ended December 31, 2021, 2020 and 2019, respectively.

Certain of the Company’s leases are with related parties for the use of space at the Company’s headquarters office building. The rental income paid by the related parties for the years ended December 31, 2021, 2020 and 2019 was nil, $0.4 million and $0.4 million, respectively. There are no future minimum rental income from related parties.

The following table sets forth future minimum rental income under noncancelable operating leases with terms in excess of one year as of December 31, 2021:


	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2022	$	5,535
2023		4,572
2024		3,746
2025		3,126
2026		2,368
Thereafter		2,758
Total	$	22,105

Benefit Plans

12 Months Ended

Dec. 31, 2021

Benefit Plans

Benefit Plans

14. Benefit Plans

Qualified Pension Plan

The Company’s employees participate in the Employees’ Retirement Plan of First Hawaiian, Inc. (the “FHI ERP”). The FHI ERP is a frozen plan whereby there are no further benefit accruals for the Company’s employees. However, employees retain rights to participant benefits accrued as of the date of the plan freeze.

No contributions to the pension trust are expected to be made during 2022 for the Company’s participants in the FHI ERP. However, should contributions be required in accordance with the funding rules under the Employee Retirement Income Security Act of 1974 (“ERISA”), including the impact of the Pension Protection Act of 2006, the Company would make those required contributions.

Nonqualified Pension and Other Postretirement Benefit Plans

The Company also sponsors an unfunded supplemental executive retirement plan for certain key executives (“SERP”). In addition, the Company sponsors a directors’ retirement plan (“Directors’ Plan”), a non-qualified pension plan for eligible FHI and FHB directors that qualify for retirement benefits based on their years of service as a director. Both the SERP and the Directors’ Plan were frozen as of January 1, 2005 to new participants. In March 2019, the Company’s board of directors approved an amendment to the SERP to freeze the SERP, which became effective on July 1, 2019. As a result of the amendment, since the effective date, there have not been any, and there will be no, new accruals of benefits, including service accruals. Existing benefits under the SERP, as of the effective date of the amendment described above, will otherwise continue in accordance with the terms of the SERP. No contributions to the SERP are expected to be made in 2022.

A postretirement benefit plan is also offered to eligible employees that provides life insurance and healthcare benefits upon retirement. The Company provides access to medical coverage for eligible retirees under age 65 at active employee premium rates and a monthly stipend to both retiree and retiree’s spouse after age 62.

The Company expects to contribute $0.2 million to its Directors’ Plan and $1.2 million to its postretirement medical and life insurance plans in 2022. These contributions reflect the estimated benefit payments for the unfunded plans and may vary depending on retirements during 2022.

Defined Contribution Plans

401(k) Savings Plan and Money Purchase Pension Plan

The Company matched employee contributions to the First Hawaiian, Inc. 401(k) Savings Plan, a qualified defined contribution plan, up to 5%of the employee’s pay in 2021, 2020 and 2019. The Company also contributed 2.5% of employee pay to the First Hawaiian, Inc. Future Plan, a money purchase pension plan. The plans cover all employees who satisfy eligibility requirements. A select group of key executives who participate in an unqualified grandfathered supplemental executive retirement plan may participate in the 401(k) plan but are not eligible to receive the matching contribution.

The employer contributions to the above-mentioned plans for the years ended December 31, 2021, 2020 and 2019 were $9.1 million, $8.6 million and $7.5 million, respectively, and are included in salaries and employee benefits within the consolidated statements of income.

Annual Incentive Awards for Key Executives

The Company makes cash-based annual incentive awards under the First Hawaiian, Inc. Bonus Plan (the “Bonus Plan”). The Bonus Plan limits the aggregate and individual value of the awards that could be issued in any one fiscal year. The Bonus Plan expenses totaled $13.5 million, $15.2 million and $15.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in salaries and employee benefits within the consolidated statements of income.

The following table details the amounts recognized in other comprehensive income during the years presented. Pension benefits include benefits from the qualified and non-qualified plans. Other benefits include life insurance and healthcare benefits from the postretirement benefit plan.


	Pension Benefits						Other Benefits
(dollars in thousands)	2021		2020		2019		2021		2020		2019
Amounts arising during the year:
Net loss (gain) on pension assets	$	3,581	$	(4,839)	$	(16,278)	$	—	$	—	$	—
Net (gain) loss on pension obligations		(4,614)		14,935		21,512		(2,074)		303		540
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(6,961)		(5,806)		(6,995)		48		211		385
Prior service credit		—		—		—		—		51		429
Amount recognized in other comprehensive income	$	(7,994)	$	4,290	$	(1,761)	$	(2,026)	$	565	$	1,354

The following table shows the amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost as of December 31, 2021 and 2020:


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Net actuarial loss (gain)	$	36,357	$	44,351	$	(3,094)	$	(1,068)
Prior service credit		—		—		—		—
Total, pretax effect		36,357		44,351		(3,094)		(1,068)
Tax impact		(9,698)		(11,831)		825		285
Ending balance in accumulated other comprehensive loss	$	26,659	$	32,520	$	(2,269)	$	(783)

The following tables summarize the changes to the projected benefit obligation (“PBO”) and fair value of plan assets for pension benefits and the accumulated postretirement benefit obligation (“APBO”) and fair value of plan assets for other benefits:


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Benefit obligation at beginning of year	$	219,392	$	213,285	$	22,538	$	21,305
Service cost		—		—		874		768
Interest cost		5,065		6,519		515		640
Actuarial (gain) loss		(4,614)		14,935		(2,074)		303
Benefit payments		(15,411)		(15,347)		(491)		(478)
Benefit obligation at end of year	$	204,432	$	219,392	$	21,362	$	22,538

The actuarial gains related to changes in the Company’s PBO for pension benefits and APBO for other benefits are primarily due to changes in discount rates for the year ended December 31, 2021. The actuarial loss related to the change in the Company’s PBO for pension benefits is primarily due to a change in discount rates for the year ended December 31, 2020.


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Fair value of plan assets at beginning of year	$	114,795	$	112,659	$	—	$	—
Actual return on plan assets		(536)		9,637		—		—
Benefit payments from trust		(7,611)		(7,501)		—		—
Fair value of plan assets at end of year	$	106,648	$	114,795	$	—	$	—

The following table summarizes the funded status of the Company’s plans and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2021 and 2020:


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Pension assets for overfunded plans	$	15,345	$	16,237	$	—	$	—
Pension liabilities for underfunded plans		(113,129)		(120,834)		(21,362)		(22,538)
Funded status	$	(97,784)	$	(104,597)	$	(21,362)	$	(22,538)

The following table provides information regarding the PBO, accumulated benefit obligation (“ABO”), and fair value of plan assets as of December 31, 2021 and 2020:


	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2021		2020		2021		2020		2021		2020
Projected benefit obligation	$	91,303	$	98,558	$	113,129	$	120,834	$	204,432	$	219,392
Accumulated benefit obligation		91,303		98,558		113,129		120,766		204,432		219,324
Fair value of plan assets		106,648		114,795		—		—		106,648		114,795
Overfunded (underfunded) portion of PBO/ABO		15,345		16,237		(113,129)		(120,834)		(97,784)		(104,597)

The Company recognizes the overfunded and underfunded status of its pension plans as an asset and liability in the consolidated balance sheets.

Unrecognized net gains or losses that exceed 5% of the greater of the PBO or the fair value of plan assets as of the beginning of the year are amortized on a straight-line basis over five years in accordance with ASC 715. Amortization of the unrecognized net gain or loss is included as a component of net periodic pension cost. If amortization results in an amount less than the minimum amortization required under GAAP, the minimum required amount is recorded.

The following table summarizes the change in net actuarial loss and amortization for the years ended December 31, 2021 and 2020:


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Net actuarial loss (gain) at beginning of year	$	44,351	$	40,061	$	(1,068)	$	(1,582)
Amortization cost		(6,961)		(5,806)		48		211
Liability loss		(4,614)		14,935		(2,074)		303
Asset loss (gain)		3,581		(4,839)		—		—
Net actuarial loss (gain) at end of year	$	36,357	$	44,351	$	(3,094)	$	(1,068)

The following table sets forth the components of net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019:


	Income line item where recognized in	Pension Benefits						Other Benefits
(dollars in thousands)	the consolidated statements of income	2021		2020		2019		2021		2020		2019
Service cost	Salaries and employee benefits	$	—	$	—	$	14	$	874	$	768	$	710
Interest cost	Other noninterest expense		5,065		6,519		8,261		515		640		808
Expected return on plan assets	Other noninterest expense		(3,044)		(4,800)		(4,585)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		(51)		(429)
Recognized net actuarial loss (gain)	Other noninterest expense		6,961		5,806		6,995		(48)		(211)		(385)
Total net periodic benefit cost		$	8,982	$	7,525	$	10,685	$	1,341	$	1,146	$	704

The funded pension benefit amounts included in pension benefits for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Funded Pension Benefits
(dollars in thousands)	2021		2020		2019
Interest cost	$	2,261	$	2,946	$	3,808
Expected return on plan assets		(3,044)		(4,800)		(4,585)
Recognized net actuarial loss		1,609		1,421		3,714
Total net periodic benefit cost	$	826	$	(433)	$	2,937

Assumptions

The following weighted-average assumptions were used to determine benefit obligations at December 31, 2021 and 2020:

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2021

2020

2021

2020

2021

2020

Discount rate

2.77

2.37

2.77

2.37

2.77

2.37

Rate of compensation increase

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 were as follows:


	FHI ERP Pension Benefits						SERP Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Discount rate	2.37	%	3.16	%	4.30	%	2.37	%	3.16	%	4.30	%	2.37	%	3.16	%	4.30	%
Expected long-term return on plan assets	2.75	%	4.40	%	4.75	%	NA		NA		NA		NA		NA		NA
Rate of compensation increase	NA		NA		NA		NA		NA		4.00	%	NA		NA		NA

To select the discount rate, the Company reviews the yield on high quality corporate bonds. This rate is adjusted to convert the yield to an annual discount rate basis and may be adjusted for the population of plan participants to reflect the expected duration of the benefit payments of the plan.

Assumed healthcare cost trend rates were as follows at December 31, 2021, 2020 and 2019:


	2021		2020		2019
Healthcare cost trend rate assumed for next year	6.00	%	6.25	%	6.50	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2026		2026		2026

Plan Assets

The Company’s pension plan assets were allocated as follows as of December 31, 2021 and 2020:


	Asset Allocation
	2021		2020
Equity securities	11	%	13	%
Debt securities	85	%	85	%
Other securities	4	%	2	%
Total	100	%	100	%

There were no holdings of FHI or BNPP stock included in equity securities at December 31, 2021 and 2020.

The assets within the pension plan are managed in accordance with ERISA. The objective of the plan is to achieve, over full market cycles, a compounded annual rate of return equal to or greater than the pension plan’s expected long-term rate of return. The pension plan’s participants recognize that capital markets can be unpredictable and that any investment could result in periods where the market value of the pension plan’s assets will decline in value. Asset allocation is likely to be the primary determinant of the pension plan’s return and the associated volatility of returns for the pension plan. The Company estimated the long-term rate of return for the 2021 net periodic pension cost to be 2.75%. The return was selected based on a model of U.S. capital market assumptions with expected returns reflecting the anticipated asset allocation of the pension plan.

The target asset allocation for the pension plan at December 31, 2021, was as follows:


	Target
	Allocation
Equity securities	10	%
Debt securities	88	%
Other securities	2	%

Estimated Future Benefit Payments

The following table presents benefit payments that are expected to be paid over the next ten years, giving consideration to expected future service as appropriate:


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2022	$	15,787	$	1,204
2023		15,466		1,321
2024		15,053		1,412
2025		15,191		1,455
2026		15,268		1,494
2027 to 2031		65,836		7,905

Fair Value Measurement of Plan Assets

The Company’s overall investment strategy includes a wide diversification of asset types, fund strategies and fund managers. Investments in mutual funds and exchange-traded funds consist primarily of investments in large-cap companies located in the United States. Fixed income securities include U.S. government agencies and corporate bonds of companies from diversified industries.

The fair values of the Company’s pension plan assets at December 31, 2021 and 2020, by asset class, were as follows:

December 31, 2021

Quoted Prices

Significant

In Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

(dollars in thousands)

(Level 1)

(Level 2)

(Level 3)

Total

Asset classes:

Cash and cash equivalents

4,451

—

4,451

Fixed income - U.S. Treasury securities

—

8,343

—

8,343

Fixed income - U.S. government agency securities

—

9,674

—

9,674

Fixed income - U.S. corporate securities

—

69,926

—

69,926

Fixed income - municipal securities

—

495

—

495

Fixed income - international securities

1,779

—

1,779

Equity - large-cap exchange-traded funds

7,840

—

7,840

Equity - mid-cap exchange-traded funds

1,360

—

1,360

Equity - small-cap exchange-traded funds

654

—

654

Equity - international funds

2,126

—

2,126

Total

18,210

88,438

—

106,648


	December 31, 2020
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	2,576	$	—	$	—	$	2,576
Fixed income - U.S. Treasury securities		—		6,776		—		6,776
Fixed income - U.S. government agency securities		—		12,441		—		12,441
Fixed income - U.S. corporate securities		—		70,401		—		70,401
Fixed income - municipal securities		—		521		—		521
Fixed income - mutual funds		5,626		—		—		5,626
Fixed income - international securities		1,980		—		—		1,980
Equity - large-cap exchange-traded funds		9,321		—		—		9,321
Equity - mid-cap exchange-traded funds		1,566		—		—		1,566
Equity - small-cap exchange-traded funds		785		—		—		785
Equity - international funds		2,802		—		—		2,802
Total	$	24,656	$	90,139	$	—	$	114,795

No fair value measurements used Level 3 inputs as of December 31, 2021 and 2020.

The plan’s investments in fixed income securities represent approximately 84.6% and 85.1% of total plan assets as of December 31, 2021 and 2020, respectively, which is the most significant concentration of risk in the plan.

Valuation Methodologies

Cash and cash equivalents — includes institutional money market funds, whose carrying value represents fair value because of their short-term maturities of the instruments held by these funds.

U.S. Treasury securities — includes securities issued by the U.S. government valued at fair value based on observable market prices for similar securities or other market observable inputs.

U.S. government agency securities — includes investment-grade debt securities issued by U.S. government agencies. These securities are valued at fair value based upon the quoted market values of the underlying net assets.

U.S. corporate securities — includes investment-grade debt securities issued by U.S. corporations. These securities are valued at fair value based on observable market prices for similar securities or other market observable inputs.

Municipal securities — includes bonds issued by a city or other local government, or their agencies. Potential issuers of municipal bonds include cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any other governmental entity (or group of governments) below the state level. Municipal bonds may be general obligations of the issuer or secured by specified revenues. These securities are valued at fair value based on observable market prices for similar securities or other market observable inputs.

Mutual funds — includes an open-end fixed-income fund benchmarked to the Barclay’s Capital U.S. Government/Credit Bond Index. At least 80% of its assets are high-grade corporate bonds and U.S. government debt obligations. The fair value is based upon the quoted market values of the underlying net assets.

International securities — includes investment-grade debt securities issued by international corporations. The fair value is based upon the quoted market values of the underlying net assets.

Large-cap exchange-traded fund — includes an exchange-traded fund which invests mainly in U.S. large-cap stocks such as those in the S&P 500 index. The fair value is based upon the quoted market values of the underlying net assets.

Mid-cap exchange-traded funds — includes broadly-diversified exchange-traded funds which invest in U.S. mid-cap stocks such as those in the S&P 400 Mid Cap index. The fair value is based upon the quoted market values of the underlying net assets.

Small-cap exchange-traded funds — includes broadly-diversified exchange-traded funds which invest in U.S. small-cap stocks such as those in the S&P 600 Small Cap index. The fair value is based upon the quoted market values of the underlying net assets.

International funds — includes well-diversified exchange-traded funds tracking broad-based international equity indexes. The fair value is based upon the quoted market values of the underlying net assets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

15. Income Taxes

For the years ended December 31, 2021, 2020 and 2019, the provision (benefit) for income taxes was comprised of the following:


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Current:
Federal	$	53,534	$	55,535	$	56,450
State and local		15,607		21,831		23,796
Total current		69,141		77,366		80,246
Deferred:
Federal		8,837		(10,638)		14,047
State and local		5,283		(8,758)		3,013
Total deferred		14,120		(19,396)		17,060
Total provision for income taxes	$	83,261	$	57,970	$	97,306

The Company files Federal and state income tax returns for its subsidiaries. The Company’s subsidiary also files income tax returns in Guam, Saipan and certain other state jurisdictions. The Company had a current income tax receivable due from various jurisdictions of $27.9 million and $19.0 million as of December 31, 2021 and 2020, respectively, for its share of consolidated and combined tax overpayments that had not yet been received.

The components of net deferred income tax assets and liabilities at December 31, 2021 and 2020, were as follows:


	December 31,
(dollars in thousands)	2021		2020
Assets:
Deferred compensation expense	$	58,497	$	57,727
Allowance for credit losses and nonperforming assets		50,161		63,899
Lease liabilities		17,534		10,839
Investment securities		40,108		—
State income taxes		3,440		4,243
Total deferred income tax assets before valuation allowance		169,740		136,708
Valuation allowance		(1,082)		(1,675)
Total deferred income tax assets after valuation allowance		168,658		135,033
Liabilities:
Leases		(15,785)		(18,583)
Investment securities		—		(19,965)
Deferred income		(14,213)		(11,399)
Lease right-of-use assets		(17,132)		(10,736)
Intangible assets		(577)		(604)
Other		(24,779)		(19,222)
Total deferred income tax liabilities		(72,486)		(80,509)
Net deferred income tax assets	$	96,172	$	54,524

Net deferred income tax assets were included in other assets in the consolidated balance sheets as of December 31, 2021 and 2020.

Management evaluated the deferred income tax assets for recoverability by considering negative and positive evidence. Negative evidence included the uncertainty of generating future capital gains and restrictions on the ability to sell low-income housing investments during periods when carrybacks of capital losses are allowed. Positive evidence included the generation of capital gains in the current year and carryback years. Based on the weight of all available evidence, management determined a valuation allowance to offset deferred tax assets related to investments in low-income housing projects that can only be utilized to offset capital gains was required. Management further concluded it is more likely than not that the remaining deferred tax assets will be realized through carryback to taxable income in prior years, future reversals of existing taxable temporary differences, and projected future taxable income. Consequently, the remaining deferred income tax assets are not subject to a valuation allowance.

The following analysis reconciles the Federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021				2020				2019
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	73,289	21.00	%	$	51,182	21.00	%	$	80,157	21.00	%
State and local taxes, net of federal income tax benefit		16,503	4.73			10,327	4.24			21,179	5.55
Tax credits		(2,745)	(0.79)			(3,914)	(1.60)			(400)	(0.10)
Nontaxable income		(3,274)	(0.94)			(3,678)	(1.51)			(3,269)	(0.86)
Other		(512)	(0.14)			4,053	1.66			(361)	(0.10)
Income tax expense and effective income tax rate	$	83,261	23.86	%	$	57,970	23.79	%	$	97,306	25.49	%

The Company is subject to examination by the Internal Revenue Service (“IRS”) and tax authorities in states in which the Company has significant business operations. The tax years under examination and open for examination vary by jurisdiction. The Company’s 2010, 2011, 2012, 2016 and 2017 tax returns are currently under IRS examination. In addition, refund claims and tax returns for certain years are being reviewed by state jurisdictions. No material adjustments are anticipated as a result of these examinations and reviews. The Company’s income tax returns for 2018 and subsequent tax years generally remain subject to examination by U.S. federal and foreign jurisdictions, and 2017 and subsequent years are subject to examination by state taxing authorities.

A reconciliation of the amount of unrecognized tax benefits is as follows for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021						2020						2019
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013	$	131,570	$	12,524	$	144,094
Additions for current year tax positions		1,366		—		1,366		1,426		—		1,426		1,038		—		1,038
Additions for Reorganization Transactions		47,282		941		48,223		—		1,479		1,479		—		986		986
Additions for prior years' tax positions:
New uncertain tax positions identified		—		—		—		—		—		—		1,894		—		1,894
Accrual of interest and penalties		—		1,264		1,264		—		2,812		2,812		—		1,280		1,280
Reductions for prior years' tax positions:
Expiration of statute of limitations		(932)		(388)		(1,320)		(143)		(66)		(209)		(190)		(89)		(279)
Balance at December 31,	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013

Included in the balance of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, was $23.1 million, $22.2 million and $19.1 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate.

In connection with the Reorganization Transactions discussed below, the Company recorded unrecognized tax benefits and interest and penalties of $121.4 million and $7.0 million, respectively. Included in the balance of the unrecognized tax benefits as of December 31, 2021, was $141.2 million attributable to tax refund claims with respect to tax years 2005 through 2013 and 2015 in the State of California. Such refund claims were filed by the Company in 2015, 2019 and 2021, on behalf of the Company and its affiliates, including BOW, concerning the determination of taxes for which no benefit is currently recognized. It is reasonably possible that the amount of unrecognized tax benefits could decrease within the next 12 months by as much as $2.0 million of taxes and $0.7 million of accrued interest and penalties as a result of settlements and the expiration of the statute of limitations in various states. In December 2021, Bank of Montreal agreed to purchase Bank of the West from BNP Paribas SA. This transaction, and the resulting change in ownership, could affect the unrecognized tax benefits related to the years when the Company was included in consolidated and combined returns with Bank of the West.

The Company recognizes interest and penalties attributable to both unrecognized tax benefits and undisputed tax adjustments in the provision for income taxes. For the years ended December 31, 2021, 2020 and 2019, the Company recorded $0.8 million, $4.4 million and $2.4 million, respectively, of net expense attributable to interest and penalties. The Company had a liability of $22.3 million and $20.6 million as of December 31, 2021 and 2020, respectively, accrued for interest and penalties, of which $20.7 million and $18.9 million as of December 31, 2021 and 2020, respectively, were attributable to unrecognized tax benefits and the remainder was attributable to tax adjustments which are not expected to be in dispute.

Prior to the Reorganization Transactions, the Company filed consolidated U.S. Federal and combined state tax returns that incorporated the tax receivables and unrecognized tax benefits of FHB and BOW. The consummation of the Reorganization Transactions did not relieve the Company of the pre-Reorganization Transactions tax receivables and unrecognized tax benefits recognized by BOW that were included in the Company's consolidated and combined tax returns. As a result, on April 1, 2016, the Company recorded $72.8 million related to current tax receivables, $116.6 million related to unrecognized tax benefits, and an indemnification payable of $28.6 million. As of December 31, 2021 and 2020, the Company maintained balances of $130.5 million and $93.1 million, respectively, related to current tax receivables. As of December 31, 2021 and 2020, the Company maintained balances of $157.4 million and $119.3 million, respectively, related to unrecognized tax benefits, and an indemnification receivable of $26.9 million and $26.1 million, respectively. Additionally, in connection with the Reorganization Transactions, the Company has incurred certain tax-related liabilities related to the distribution of its interest in BWHI amounting to $95.4 million. The amount necessary to pay the distribution

taxes (net of the expected federal tax benefit of $33.4 million) was paid by BNPP to the Company on April 1, 2016. The Company reported total distribution taxes of $92.1 million in the 2016 tax returns of various state and local jurisdictions, and reimbursed BWHI approximately $2.1 million pursuant to a tax sharing agreement entered into on April 1, 2016 and pursuant to certain tax allocation agreements entered into among the parties. The Company expects that any future adjustment to such taxes will be similarly reimbursed to, or funded by, BWHI or its affiliates. Accordingly, the assumption of the pre-Reorganization Transactions tax receivables, unrecognized tax benefits and distribution tax liabilities and the offsetting indemnification receivables or payables were reflected as equity contributions and distributions on April 1, 2016. The reimbursement of distribution taxes to BWHI was also reflected as an adjustment to equity. If there are any future adjustments to the indemnified tax receivables or unrecognized tax benefits, including as a result of the IRS audit of the Company’s income tax returns, an offsetting adjustment to the indemnification receivables or payables will be recorded to the provision for income taxes and other noninterest income or expense. For the years ended December 31, 2021, 2020 and 2019, the Company recorded nil, $1.2 million and nil, respectively, of such adjustments through the provision for income taxes and noninterest income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Financial Instruments

Derivative Financial Instruments

16. 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 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 December 31, 2021 and 2020:


	December 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	$	67,500	$	—	$	(1,211)	$	22,451	$	—	$	(1,276)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,827,582		50,898		—		3,002,333		129,888		—
Visa derivative		105,916		—		(5,530)		92,647		—		(4,554)
Interest rate caps and floors		148,800		27		(27)		148,800		7		(7)
Foreign exchange contracts		217		—		—		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 December 31, 2021, the amount of initial margin cash collateral received by the Company was $1.7 million. As of December 31, 2020, the amount of initial margin cash collateral posted by the Company was $4.8 million. As of December 31, 2021 and 2020, the variation margin was $50.9 million and $129.9 million, respectively.

As of December 31, 2021, the Company pledged $30.3 million in financial instruments and $18.1 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 December 31, 2021 and 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.

At December 31, 2021, the Company carried one interest rate swap with a notional amount of $67.5 million and a negative fair value of $1.0 million. The interest rate swap was categorized as a fair value hedge for a commercial and industrial loan. The Company received a USD Federal Funds floating rate and paid a fixed rate of 2.07%. The swap matures in 2041.

At December 31, 2020, the Company carried one interest rate swap with a notional amount of $22.5 million and a negative fair value of $1.3 million. The interest rate swap was categorized as a fair value hedge for a commercial and industrial loan. The Company received a USD Prime floating rate and paid a fixed rate of 2.90%. The Company terminated this interest rate swap during the fourth quarter of 2021. At December 31, 2021, the cumulative amount of fair value hedging adjustment remaining on the discontinued hedging relationship was $0.7 million, which is included in loans and leases on the consolidated balance sheets and is being amortized over the remaining term of the associated loan.

The following table shows the net gains and losses recognized in income related to derivatives in fair value hedging relationships for the years ended December 31, 2021, 2020 and 2019:

Gains (losses) recognized in

the consolidated statements

December 31,

(dollars in thousands)

of income line item

2021

2020

2019

Gains (losses) on fair value hedging relationships recognized in interest income:

Recognized on interest rate swap

Loans and lease financing

(605)

(594)

(671)

Recognized on hedged item

Loans and lease financing

383

470

735

As of December 31, 2021 and 2020, the following amounts were recorded in the 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)

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

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

Loans and leases

68,707

24,355

1,207

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 consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:


	Net gains (losses) recognized
	in the consolidated statements	December 31,
(dollars in thousands)	of income line item	2021		2020		2019
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	—	$	—	$	16
Visa derivative	Other noninterest income		(5,909)		(4,641)		(5,355)
Foreign exchange contracts	Other noninterest income		—		—		12

As of December 31, 2021, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $50.9 million and a negative fair value of nil. The Company received floating rates ranging from 0.00% to 3.55% and paid fixed rates ranging from 2.02% to 6.19%. The swaps mature between 2022 and 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 each of the years ended December 31, 2021, 2020 and 2019.

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 $2.6 million, $8.3 million and $4.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Visa Class B Restricted Shares

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 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. During 2018, 2019 and 2021, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.6181. 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 $5.5 million and $4.6 million was included in the consolidated balance sheets at December 31, 2021 and 2020, respectively, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 21. Fair Value” in the notes to the consolidated financial statements 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 $0.2 million, $0.1 million and $0.1 million were recognized during each of the years ended December 31, 2021, 2020 and 2019.

Credit-Risk Related Contingent Features

Certain of the Company’s derivative contracts contain provisions whereby if its 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 $26.9 million and $19.8 million at December 31, 2021 and 2020, respectively, for which the Company posted $19.8 million and $20.4 million, respectively, in collateral in the normal course of business. If the Company’s credit rating had been downgraded on December 31, 2021 and 2020, the Company may have been required to settle the contract in an amount equal to its fair value.

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2021

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

17. 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 other 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 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 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 $95.5 million and $93.1 million at December 31, 2021 and 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 $10.7 million and $11.0 million at December 31, 2021 and 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 December 31, 2021 have maturities ranging from January 2022 to September 2026. 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 December 31, 2021 and 2020 were as follows:


	December 31,
(dollars in thousands)	2021		2020
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,490,301	$	5,934,535
Standby letters of credit		182,447		185,108
Commercial letters of credit		3,307		3,834

Guarantees

The Company sells residential mortgage loans in the secondary market primarily to The Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) 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.

Lease Commitments

The Company’s lease commitments are discussed in “Note 13. Leases” in the notes to the consolidated financial statements.

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 16. Derivative Financial Instruments” in the notes to the consolidated financial statements for more information.

Reorganization Transactions

In connection with the Reorganization Transactions as discussed in “Note 1. Organization and Summary of Significant Accounting Policies” in the notes to the consolidated financial statements, FHI (formerly BancWest) distributed its interest in BWHI (including BOW) to BNPP so that BWHI was held directly by BNPP (BWHI is now held indirectly by BNPP through its intermediate holding company). 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, 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

12 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers

Revenue from Contracts with Customers

18. Revenue from Contracts with Customers

In accordance with Topic 606, Revenue from Contracts with Customers, 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 years ended December 31, 2021, 2020 and 2019:

Year Ended December 31, 2021

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

385,656

162,997

(18,094)

530,559

Service charges on deposit accounts

24,413

1,225

1,872

27,510

Credit and debit card fees

—

55,728

5,415

61,143

Other service charges and fees

23,917

3,547

1,594

29,058

Trust and investment services income

34,719

—

34,719

Other

353

5,790

1,194

7,337

Not in scope of Topic 606⁽¹⁾

8,270

6,491

10,388

25,149

Total noninterest income

91,672

72,781

20,463

184,916

Total revenue

477,328

235,778

2,369

715,475


		Year Ended December 31, 2020
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	375,145	$	151,622	$	8,967	$	535,734

Service charges on deposit accounts		25,326		1,305		1,538		28,169
Credit and debit card fees		—		48,999		4,373		53,372
Other service charges and fees		20,084		1,550		1,533		23,167
Trust and investment services income		35,652		—		—		35,652
Other		700		6,403		1,811		8,914
Not in scope of Topic 606⁽¹⁾		16,264		19,945		11,897		48,106
Total noninterest income		98,026		78,202		21,152		197,380
Total revenue	$	473,171	$	229,824	$	30,119	$	733,114


		Year Ended December 31, 2019
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	413,029	$	141,227	$	19,146	$	573,402

Service charges on deposit accounts		30,298		1,238		2,242		33,778
Credit and debit card fees		—		58,034		6,812		64,846
Other service charges and fees		20,454		2,096		2,155		24,705
Trust and investment services income		35,102		—		—		35,102
Other		715		4,899		3,351		8,965
Not in scope of Topic 606⁽¹⁾		8,844		7,368		8,925		25,137
Total noninterest income		95,413		73,635		23,485		192,533
Total revenue	$	508,442	$	214,862	$	42,631	$	765,935

(1)	Most of the Company’s revenue is not within the scope of Topic 606. 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 years ended December 31, 2021, 2020 and 2019, 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 broker dealer fees which represent revenue earned from buying and selling securities on behalf of customers. Such fees are recognized at the end of a valuation period or concurrently with the execution of a buy or sell transaction.

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. The Company received signing bonuses from two vendors in prior years and one vendor in the current year, which are being amortized over the term of the respective contracts. As of December 31, 2021 and 2020, the Company had contract liabilities of $3.0 million and $1.0 million, respectively, which will be recognized over the remaining term of the respective contracts with the vendors. For the years ended December 31, 2021, 2020 and 2019, the Company recognized revenues, thereby decreasing contract liabilities by approximately $0.9 million, $0.8 million and $0.8 million, respectively, 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 December 31, 2021 and 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 December 31, 2021 and 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings per Share

Earnings per Share

19. Earnings per Share

For the years ended December 31, 2021 and 2020, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 1,000 and 410,000 antidilutive securities, respectively. For the year ended December 31, 2019, the Company made no adjustments to net income for the purpose of computing earnings per share and there were no antidilutive securities.

The computations of basic and diluted earnings per share were as follows for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
(dollars in thousands, except shares and per share amounts)	2021		2020		2019
Numerator:
Net income	$	265,735	$	185,754	$	284,392

Denominator:
Basic: weighted-average shares outstanding		128,963,131		129,890,225		133,076,489
Add: weighted-average equity-based awards		574,791		329,852		310,668
Diluted: weighted-average shares outstanding		129,537,922		130,220,077		133,387,157

Basic earnings per share	$	2.06	$	1.43	$	2.14
Diluted earnings per share	$	2.05	$	1.43	$	2.13

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

20. Stock-Based Compensation

The Company has several stock-based compensation plans that allow for grants of restricted stock, restricted shares, performance share units, performance shares and restricted stock units to its employees and non-employee directors. The Company’s stock-based compensation plans are administered by the Compensation Committee of the Board of Directors. For the years ended December 31, 2021, 2020 and 2019, stock-based compensation expense was $13.1 million, $10.0 million and $7.8 million, respectively, and the related income tax benefit was $3.1 million, $2.4 million and $2.0 million, respectively. For the years ended December 31, 2021, 2020 and 2019, all common stock issuances in connection with stock-based compensation arrangements were issued from unissued shares.

As of December 31, 2021, total shares authorized under the Company’s stock-based compensation plan for employees were 5.6 million shares, of which 3.3 million shares were available for future grants. As of December 31, 2021, total shares authorized under the 2016 Non-Employee Director Plan were 268,941 shares, of which 178,161 shares were available for future grants.

Restricted Share Awards

Restricted share awards (“Restricted Stock”) provide grantees with rights to shares of common stock contingent upon completion of a service period. Restricted Stock generally vests and any restrictions will lapse over a period of three years in equal annual installments on each of the first, second and third anniversaries of the grant date, provided that the grantee remain continuously employed through the applicable vesting date, subject to certain exceptions. Grantees have the right to receive all dividends without restrictions at the times and in the manner paid to shareholders generally. The fair value of Restricted Stock is determined based on the closing price of FHI’s common stock on the date of grant. The Company recognizes compensation expense related to Restricted Stock on a straight-line basis over the vesting period for service-based awards.

The following presents the Company’s Restricted Stock activity for the years ended December 31, 2021, 2020 and 2019:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	—	$	—
Granted	162,550		27.06
Vested	(11,239)		27.37
Forfeited	(11,593)		27.04
Unvested as of December 31, 2019	139,718	$	27.04
Granted	172,046		25.96
Vested	(48,340)		27.03
Forfeited	(1,047)		25.96
Unvested as of December 31, 2020	262,377	$	26.35
Granted	—		—
Vested	(105,330)		26.46
Forfeited	(7,172)		26.15
Unvested as of December 31, 2021	149,875	$	26.28

For the year ended December 31, 2021, the Company granted no shares of Restricted Stock to key employees. For the year ended December 31, 2020, the Company granted 172,046 shares of Restricted Stock with a weighted-average grant date fair value of $25.96 to key employees. For the year ended December 31, 2019, the Company granted 162,550 shares of Restricted Stock with a weighted-average grant date fair value of $27.06 to key employees.

The total grant date fair value of Restricted Stock that vested for the years ended December 31, 2021, 2020, and 2019 was $2.8 million, $1.3 million and $0.3 million, respectively. Unrecognized compensation expense related to unvested Restricted Stock was $1.1 million, $4.1 million and $2.9 million as of December 31, 2021, 2020 and 2019, respectively. The unrecognized compensation expense as of December 31, 2021 is expected to be recognized over a weighted average vesting period of 0.6 years.

Performance Share Units and Performance Share Awards

Performance share units (“PSUs”) and performance share awards (“PSAs”) (collectively, “Performance Awards”) are an award of units or shares in which the recipient’s rights in the units or shares are contingent on the achievement of pre-established performance goals. At the end of the performance period, the Compensation Committee will determine to what extent the performance goals originally outlined when the Performance Awards were granted have been achieved. Depending on the level of performance achieved, 0-200% of the original grant (target number) of PSUs will be earned and will vest and 0-200% of the original grant (target number) of PSAs will be earned and will vest. All remaining unvested PSUs or PSAs will be immediately forfeited. Employees must be continuously employed by the Company from the grant date through the applicable vesting date, with any unvested Performance Awards being forfeited upon termination of employment, subject to certain exceptions. Following vesting, the Company will issue one share of FHI common stock for each vested PSU and evidence of ownership of one share of FHI common stock for each vested PSA. The fair value of Performance Awards is estimated based on the use of a Monte Carlo simulation or based on the closing price of FHI’s common stock on the date of grant and is amortized on a straight-line basis over the vesting period. For PSUs, grantees have no voting rights until the shares of common stock underlying vested PSUs are delivered to the grantee. Conversely, for PSAs, grantees have full voting rights as of the grant date.

The Performance Awards are governed by the Company’s Long-Term Incentive Plan (the “LTIP”), which is designed to reward selected key executives for their individual performance and the Company’s performance measured over multi-year performance cycles. Awards related to the LTIP provide for equity-based awards based on the Company’s profitability and market conditions that are based on the Company’s performance relative to peer groups over a three-year performance period.

The following presents the Company’s Performance Award activity for the years ended December 31, 2021, 2020 and 2019:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	504,497	$	25.93
Granted	310,696		27.04
Vested	(36,342)		24.51
Forfeited	(83,535)		26.37
Unvested as of December 31, 2019	695,316	$	26.46
Granted	340,758		25.96
Vested	(172,167)		29.95
Forfeited	(6,625)		26.13
Unvested as of December 31, 2020	857,282	$	25.43
Granted	376,810		27.07
Vested	(214,163)		22.57
Forfeited	(77,423)		24.62
Unvested as of December 31, 2021	942,506	$	26.70

For the years ended December 31, 2021, 2020 and 2019, the Company granted 376,810, 340,758 and 310,696 Performance Awards, respectively, to key employees. The Company granted these Performance Awards in connection with its LTIP for the three-year performance periods which began on January 1, 2021, 2020 and 2019. These awards have performance conditions that are based on the Company’s profitability and market conditions that are based on the Company’s performance relative to peer groups.

For the year ended December 31, 2016, the Company granted 115,566 PSUs in connection with its IPO. One-third of these PSUs vested on each of the first, second and third anniversaries of the IPO date. However, transfer restrictions remained on these shares for six months following the vesting date. The performance condition related to these PSUs was based on the Company’s profitability in the fiscal years immediately preceding the vesting dates.

The total grant date fair value of Performance Awards that vested for the years ended December 31, 2021, 2020 and 2019, was $4.8 million, $5.2 million and $0.9 million, respectively. Unrecognized compensation expense related to unvested Performance Shares was $6.1 million, $6.2 million and $5.6 million as of December 31, 2021, 2020 and 2019, respectively. The unrecognized compensation expense as of December 31, 2021 is expected to be recognized over a weighted average vesting period of 1.2 years.

Restricted Stock Units

Restricted stock units (“RSUs”) are an award of units that correspond in number and value to a specified number of shares of FHI’s common stock that are subject to vesting requirements, including certain service conditions, and transferability restrictions. RSUs do not represent actual ownership of common stock and grantees have no voting rights until the shares of common stock underlying the RSUs are delivered. Following vesting, the Company will issue one share of FHI common stock for each vested RSU. The fair value of RSUs is valued based on the closing price of FHI’s common stock on the date of grant and is amortized on a straight-line basis over the vesting period.

The following presents the Company’s RSU activity for the years ended December 31, 2021, 2020 and 2019:


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	48,761	$	28.60
Granted	20,418		26.50
Vested	(22,452)		28.37
Forfeited	(1,944)		28.29
Unvested as of December 31, 2019	44,783	$	27.82
Granted	28,783		15.86
Vested	(30,016)		27.47
Forfeited	—		—
Unvested as of December 31, 2020	43,550	$	21.93
Granted	198,771		27.13
Vested	(49,519)		23.08
Forfeited	(7,473)		26.37
Unvested as of December 31, 2021	185,329	$	27.09

For the year ended December 31, 2021, the Company granted 21,839 RSUs to non-employee directors with a weighted-average grant date fair value of $27.36 and 176,932 RSUs were granted to employees with a weighted-average grant date fair value of $27.10. For the year ended December 31, 2020, the Company granted 28,783 RSUs to non-employee directors with a weighted-average grant date fair value of $15.86 and no RSUs were granted to employees. For the year ended December 31, 2019, the Company granted 15,918 RSUs to non-employee directors with a weighted-average grant date fair value of $26.38 and 4,500 RSUs were granted to employees with a weighted average grant date fair value of $26.92. The awards will vest on various dates.

The total grant date fair value of RSUs that vested during the years ended December 31, 2021, 2020 and 2019 was $1.0 million, $0.8 million and $0.6 million, respectively. Unrecognized compensation expense related to unvested RSUs was $3.3 million, $0.4 million and $0.9 million as of December 31, 2021, 2020 and 2019, respectively. The unrecognized compensation expense as of December 31, 2021 is expected to be recognized over a weighted average vesting period of 1.9 years.

For all awards of PSUs, PSAs, and RSUs, dividend equivalents will accrue from the date of grant and the Company, upon delivery of the common stock, with respect to the vested PSUs and RSUs, and evidence of ownership of the shares, with respect to the vested PSAs, will pay to each grantee a cash amount equal to the product of all cash dividends paid on a share of common stock from the grant date to such delivery date and the number of shares of common stock underlying such vested PSUs, PSAs, and RSUs, as applicable, on such delivery date.

Employee Stock Purchase Plan

The Company also has an employee stock purchase plan (“ESPP”) which permits employees to periodically purchase Company stock on a payroll deduction basis. Participant purchases through the ESPP receive a discount of 5% from the closing price of FHI’s common stock on the exercise date. Participants are required to adhere to a two-year holding period with regards to shares purchased through the ESPP. The ESPP has been determined to be non-compensatory in nature. As a result, the Company expects that expenses related to the ESPP will not be material. As of December 31, 2021, total shares authorized under the Company’s ESPP were 600,000 shares, of which 531,559 shares of common stock were available for future purchases. The Company issued 21,070 shares, 19,069 shares and nil shares of common stock to employee participants in 2021, 2020 and 2019, respectively.

Fair Value

12 Months Ended

Dec. 31, 2021

Fair Value

Fair Value

21. Fair Value

The Company determines the fair values of its financial instruments based on the requirements established in ASC 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. ASC 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

ASC 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.

ASC 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 December 31, 2021 and 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. During 2018, 2019 and 2021, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.6181. The Visa derivative of $5.5 million and $4.6 million was included in the consolidated balance sheets at December 31, 2021 and 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 December 31, 2021 and 2020 are summarized below:

Fair Value Measurements as of December 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

—

192,563

—

192,563

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

137,264

—

137,264

Residential - Government-sponsored enterprises⁽¹⁾

—

1,491,100

—

1,491,100

Commercial - Government agency

—

387,663

—

387,663

Commercial - Government-sponsored enterprises

—

1,369,443

—

1,369,443

Collateralized mortgage obligations:

Government agency

—

2,079,523

—

2,079,523

Government-sponsored enterprises

—

2,621,044

—

2,621,044

Collateralized loan obligations

—

105,247

—

105,247

Debt securities issued by states and political subdivisions

—

44,185

—

44,185

Total available-for-sale securities

—

8,428,032

—

8,428,032

Other assets⁽²⁾

7,382

50,925

—

58,307

Liabilities

Other liabilities⁽³⁾

—

(1,238)

(5,530)

(6,768)

Total

7,382

8,477,719

(5,530)

8,479,571


	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 any transfers in and out of the levels of the fair value hierarchy, the Company discloses the fair value measurement at the beginning of the reporting period during which the transfer occurred. During the years ended December 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 years ended December 31, 2021 and 2020 are summarized below:


	Visa Derivative
(dollars in thousands)	2021		2020
Year Ended December 31,
Balance as of January 1,	$	(4,554)	$	(4,233)
Total net losses included in other noninterest income		(5,909)		(4,641)
Settlements		4,933		4,320
Balance as of December 31,	$	(5,530)	$	(4,554)
Total net losses included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of December 31,	$	(5,909)	$	(4,641)

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:

December 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

1,258,469

246,716

1,011,753

—

1,258,469

Loans held for sale

538

—

542

—

542

Loans⁽¹⁾

12,730,605

—

12,791,811

Financial liabilities:

Time deposits⁽²⁾

1,776,438

—

1,773,321

—

1,773,321


	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 $231.4 million at December 31, 2021 and $245.4 million at December 31, 2020.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $20.0 billion at December 31, 2021 and $16.9 billion at December 31, 2020.

(3)	Excludes capital lease obligations of $10 thousand at December 31, 2020.

Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of December 31, 2021 and 2020, the Company had $6.7 billion and $6.1 billion, respectively, of unfunded loan and lease commitments and letters of credit. 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 $44.3 million and $42.3 million at December 31, 2021 and 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 allowance for credit losses.

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 December 31, 2021 and 2020:


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

Total losses on collateral-dependent loans for the years ended December 31, 2021, 2020 and 2019 were nil, $0.4 million and $1.0 million, respectively.

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


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(5,530)	Discounted Cash Flow	Expected Conversation Rate - 1.6181⁽²⁾	1.5885-1.6181
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 26%⁽⁴⁾	10% - 38%


	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 as of the respective consolidated balance sheet dates 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 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

12 Months Ended

Dec. 31, 2021

Reportable Operating Segments

Reportable Operating Segments

22. 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.

The CARES Act, enacted on March 27, 2020, established, among other COVID-19 relief programs, a loan program (the “PPP”) for fully guaranteed loans (which may then be forgiven) to small businesses. In the second quarter of 2021, the Company made changes to the internal measurement of segment operating profits for the purpose of evaluating segment performance and resource allocation. The primary reason for the change was to align PPP loan balances within the business segment that directly manages them. Specifically, PPP loan balances previously included as part of the Retail Banking segment have been reclassified to the Commercial Banking segment. The reallocation of select PPP loan balances affected net interest income, net interest income after provision for credit losses, noninterest expense, provision for income taxes, net income and asset balances. The Company has reported its selected financial information using the new PPP loan balance alignments for the year ended December 31, 2021. The Company has restated the selected financial information for the year ended December 31, 2020 in order to conform with the current presentation. As PPP loans were instituted in 2020, this reclassification had no impact to the year ended December 31, 2019.

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 and loans, automobile loans and leases, secured and unsecured 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 related products, residential and commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, 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 years indicated:

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Year Ended December 31, 2021

Net interest income (expense)

385,656

162,997

(18,094)

530,559

Benefit for credit losses

16,267

22,452

281

39,000

Net interest income (expense) after benefit for credit losses

401,923

185,449

(17,813)

569,559

Noninterest income

91,672

72,781

20,463

184,916

Noninterest expense

(247,949)

(100,932)

(56,598)

(405,479)

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

245,646

157,298

(53,948)

348,996

(Provision) benefit for income taxes

(58,710)

(37,525)

12,974

(83,261)

Net income (loss)

186,936

119,773

(40,974)

265,735

Total assets as of December 31, 2021

7,148,376

5,972,567

11,871,467

24,992,410


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2020
Net interest income	$	375,145	$	151,622	$	8,967	$	535,734
Provision for credit losses		(52,719)		(53,921)		(15,078)		(121,718)
Net interest income after provision for credit losses		322,426		97,701		(6,111)		414,016

Noninterest income		98,026		78,202		21,152		197,380
Noninterest expense		(232,976)		(79,961)		(54,735)		(367,672)
Income (loss) before (provision) benefit for income taxes		187,476		95,942		(39,694)		243,724

(Provision) benefit for income taxes		(43,825)		(21,951)		7,806		(57,970)
Net income (loss)	$	143,651	$	73,991	$	(31,888)	$	185,754
Total assets as of December 31, 2020	$	6,894,602	$	6,526,863	$	9,241,366	$	22,662,831


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2019
Net interest income	$	413,029	$	141,227	$	19,146	$	573,402
Provision for credit losses		(6,248)		(7,552)		—		(13,800)
Net interest income after provision for credit losses		406,781		133,675		19,146		559,602

Noninterest income		95,413		73,635		23,485		192,533
Noninterest expense		(228,389)		(82,380)		(59,668)		(370,437)
Income (loss) before (provision) benefit for income taxes		273,805		124,930		(17,037)		381,698

(Provision) benefit for income taxes		(69,285)		(32,298)		4,277		(97,306)
Net income (loss)	$	204,520	$	92,632	$	(12,760)	$	284,392
Total assets as of December 31, 2019	$	7,276,047	$	6,071,356	$	6,819,331	$	20,166,734

- 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=123359005&loc=d3e8924-108599

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+ Details

Parent Company

12 Months Ended

Dec. 31, 2021

Parent Company

Parent Company

23. Parent Company

The following tables present Parent Company-only condensed financial statements:


Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Income
Dividends from FHB	$	213,500	$	142,000	$	300,300
Other income		—		1,169		1,691
Total income		213,500		143,169		301,991
Noninterest expense
Salaries and employee benefits		3,732		3,660		5,241
Contracted services and professional fees		2,731		2,544		2,689
Equipment		—		31		—
Other		1,314		1,439		721
Total noninterest expense		7,777		7,674		8,651
Income before benefit for income taxes and equity in undistributed income (excess distributions) of FHB		205,723		135,495		293,340
Benefit for income taxes		1,877		679		1,672
Equity in undistributed income (excess distributions) of FHB		58,135		49,580		(10,620)
Net income	$	265,735	$	185,754	$	284,392
Comprehensive income	$	112,438	$	249,107	$	384,838


Condensed Statements of Condition
	December 31,
(dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	14,792	$	18,066
Investment in FHB		2,642,929		2,726,497
Other assets		26,869		26,138
Total assets	$	2,684,590	$	2,770,701
Liabilities and Stockholders' Equity
Retirement benefits payable	$	582	$	580
Other liabilities		27,096		26,017
Total liabilities		27,678		26,597

Total stockholders' equity		2,656,912		2,744,104
Total liabilities and stockholders' equity	$	2,684,590	$	2,770,701


Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Cash flows from operating activities
Net income	$	265,735	$	185,754	$	284,392
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed income) excess distributions of FHB		(58,135)		(49,580)		10,620
Deferred income taxes		36		5		85
Stock-based compensation		492		713		84
Change in assets and liabilities:
Net decrease (increase) in other assets		242		(1,451)		5,318
Net increase (decrease) in other liabilities		50		(294)		(5,439)
Net cash provided by operating activities		208,420		135,147		295,060

Cash flows from financing activities
Dividends paid		(134,133)		(135,099)		(138,246)
Stock tendered for payment of withholding taxes		(3,108)		(1,749)		(1,764)
Proceeds from employee stock purchase plan		547		312		—
Common stock repurchased		(75,000)		(5,000)		(136,242)
Net cash used in financing activities		(211,694)		(141,536)		(276,252)
Net (decrease) increase in cash and cash equivalents		(3,274)		(6,389)		18,808
Cash and cash equivalents at beginning of year		18,066		24,455		5,647
Cash and cash equivalents at end of year	$	14,792	$	18,066	$	24,455

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization and Summary of Significant Accounting Policies
Basis of Presentation	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”). FHB is a state-chartered bank that is not a member of the Federal Reserve System. FHB, the oldest financial institution in Hawaii, was established as Bishop & Company in 1858. As of December 31, 2021, FHB was the largest bank in Hawaii in terms of total assets, loans and leases, deposits, and net income. FHB has 54 branches located throughout the State of Hawaii, Guam and Saipan, and offers a comprehensive suite of banking services to consumer and commercial customers including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. The accounting and reporting principles of First Hawaiian, Inc. and Subsidiary (the “Company”) conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. Intercompany accounts and transactions have been eliminated in consolidation.
Transition to an Independent Public Company	Transition to an Independent Public Company Prior to FHI’s initial public offering in August 2016 (“IPO”), the Company was an indirect wholly owned subsidiary of BNP Paribas (“BNPP”), a global financial institution based in France. On April 1, 2016, BNPP effected a series of transactions (“Reorganization Transactions”) pursuant to which FHI, which was then known as BancWest Corporation (“BancWest”), contributed Bank of the West (“BOW”), its subsidiary at the time, to BancWest Holding Inc. (“BWHI”), a newly formed bank holding company and a wholly owned subsidiary of BancWest. Following the contribution of BOW to BWHI, BancWest distributed its interest in BWHI to BNPP, and BWHI became a wholly owned subsidiary of BNPP. As part of these transactions, the Company amended its certificate of incorporation to change its name to First Hawaiian, Inc., with First Hawaiian Bank remaining its only direct wholly owned subsidiary. On July 1, 2016, we became an indirect wholly owned subsidiary of BNP Paribas USA, Inc. (“BNP Paribas USA”), BNPP’s U.S. intermediate holding company. As part of that reorganization, the Company became a direct wholly owned subsidiary of BancWest Corporation (“BWC”), a direct wholly owned subsidiary of BNP Paribas USA. In August 2016, FHI completed its IPO and shares of FHI’s common stock began trading on the NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “FHB” on August 4, 2016. In 2017, 2018 and 2019, BNPP, acting through BWC, sold all of the shares of FHI common stock that it beneficially owned in underwritten public offerings and share repurchases by the Company. FHI did not receive any of the proceeds from the sales of shares of FHI common stock in any such offering or the IPO. As a result of the completion of the February 1, 2019 public offering, BNPP (through BWC, the selling stockholder) fully exited its ownership interest in FHI common stock.
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.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is a legal entity that lacks the ability to financially support its activities or whose equity investors lack the ability to control its activities or absorb profits and losses proportionately with their investment in the entity. The primary beneficiary consolidates the VIE. The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained. The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company’s investments in these partnership interests are included in other assets in the consolidated balance sheets. Unfunded commitments to fund these investments were $62.6 million and $89.0 million as of December 31, 2021 and 2020, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated balance sheets. These low-income housing partnership and LLC entities meet the definition of a VIE; however, the Company is not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership or LLC agreements allow the limited partners and members, through a majority vote, to remove the general partner or managing member, this right is not deemed to be substantive as the general partner or managing member can only be removed for cause.
Cash and Due from Banks	Cash and Due from Banks Cash and due from banks include amounts due from other financial institutions as well as in-transit clearings. Because amounts due from other financial institutions often exceed the Federal Deposit Insurance Corporation (“FDIC”) deposit insurance limit, the Company evaluates the credit risk of these institutions through periodic review of their financial condition and regulatory capital position. Under the terms of the Depository Institutions Deregulation and Monetary Control Act, the Company is required to maintain reserves with the Federal Reserve Bank of San Francisco (“FRB”) based on the amount of deposits held. The average amount of cash reserves required was nil and $18.4 million for the years ended December 31, 2021 and 2020, respectively. Reserve requirements for all depository institutions were eliminated in March 2020. Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. All amounts are readily convertible to cash and have maturities of less than 90 days.
Interest-bearing Deposits in Other Banks	Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks include funds held in other financial institutions that are either fixed or variable rate instruments, including certificates of deposits. Interest income is recorded when earned and presented within other interest income in the Company’s consolidated statements of income.
Investment Securities	Investment Securities As of December 31, 2020, investment securities were comprised entirely of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises. As of December 31, 2021, investment securities continued to be comprised primarily of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with just under 2% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. The Company amortizes premiums and accretes discounts using the interest method over the expected lives of the individual securities. Premiums on callable debt securities are amortized to their next call date. All investment securities transactions are recorded on a trade-date basis. All of the Company’s investment securities were categorized as available-for-sale as of December 31, 2021 and 2020. Available-for-sale investment securities are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income. Gains and losses realized on sales of investment securities are determined using the specific identification method. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale investment security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As noted above, as of 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, its agencies and government-sponsored enterprises. 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, and these 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. As of December 31, 2021, the Company’s available-for-sale investment securities continued to be comprised primarily of debt, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with just under 2% of the available-for-sale investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. These securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale debt securities as of December 31, 2021 and 2020. Accrued interest receivable related to available-for-sale investment securities is recorded separately from the amortized cost basis of investment securities on the Company's consolidated balance sheet.
Loans Held for Sale	Loans Held for Sale The Company originates certain loans for individual sale or for sale as a pool of loans to government-sponsored enterprises. Loans held for sale are carried, on an aggregate basis, at the lower of cost or fair value. The fair value of loans held for sale is primarily determined based on quoted prices for similar loans in active markets. Net gains and losses on loan sales are recorded as a component of other noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in other noninterest income upon sale of the loan.
Loans and Leases	Loans and Leases Loans are reported at amortized cost, which includes the principal amount outstanding net of unamortized and unaccreted deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs and unearned discounts and premiums, if any, are deferred and are generally accreted or amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned. Direct financing leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Unearned income on direct financing leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment. Accrued interest receivable related to loans and leases is recorded separately from the amortized cost basis of loans and leases on the Company’s consolidated balance sheet.
Nonaccrual Loans and Leases	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. A full or partial charge-off is recorded in the period in which the loan or lease is deemed uncollectible. When the Company places a loan or lease on nonaccrual status, previously accrued and uncollected interest is concurrently reversed against interest income. When the Company receives an interest payment on a nonaccrual loan or lease, the payment is applied as a reduction of the principal balance. Nonaccrual loans and leases are generally returned to accrual status when they become current as to principal and interest and future payments are reasonably assured.
Troubled Debt Restructurings	Troubled Debt Restructurings A restructuring of debt constitutes a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The Company offers various types of concessions when modifying a loan, including term extensions, temporary deferral of principal and temporary interest rate reductions. However, forgiveness of principal is rarely granted. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for at least six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. However, if the borrower’s ability to meet the revised payment terms is uncertain, the loan remains on non-accrual status. In response to the Coronavirus Disease 2019 (“COVID-19”) pandemic, on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act created a forbearance program for federally backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to 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 were 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 applied 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 were insignificant and made on a good faith basis in response to borrowers impacted by COVID-19 who were current prior to any relief were not TDRs under GAAP. The agencies also confirmed that these short-term modifications generally should not be reported as being on nonaccrual status and generally should not be considered past due during the period of the deferral. The Company adopted the provisions of both the CARES Act and Interagency Statements. The Company first applied the CARES Act guidance in determining if certain loan modifications were not required to be reported as TDRs. If the loan modification did not qualify under the CARES Act, then the Interagency Statement guidance was applied. On December 27, 2020, the Consolidated Appropriations Act – 2021 (the “CAA”) was signed into law, which extended the temporary relief from TDR reporting through January 1, 2022. The disclosures presented within “Note 5. Allowance for Credit Losses” reflects the application of this guidance.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the uncollectibility of a loan or lease balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach utilizes both quantitative and qualitative components. The Company’s methodology utilizes a quantitative model based on a single forward-looking macroeconomic forecast. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking events not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, model maturity, and other current or forecasted events that are not captured in the Company’s historical loss experience. The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent. Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, troubled debt restructurings (“TDRs”), 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company and management’s expectations of the future. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD. The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease level data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is the reversion period from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively. On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for forecasting the economic outlook over the reasonable and supportable forecast period within the context of forecasting credit losses. Management reviews local and national economic forecasts and other pertinent materials to inform the team in establishing their best estimate of the economic outlook over the reasonable and supportable forecast period. The team considers unemployment rates, gross domestic product, personal income per capita, visitor arrivals and expenditures and home prices along with other relevant information. The results from the Bank’s forecasting team dictates the direction of the economic forecast compared to current economic conditions (i.e., better or worse) and the magnitude of the forecast adjustment (e.g., mild, medium or severe). The direction of the economic forecast and magnitude are used to adjust the modifier that is applied to the long-run default rates over the reasonable and supportable forecast period. The Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured. Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.
Reserve for Unfunded Commitments	Reserve for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments, which is a component of other liabilities in the consolidated balance sheets, is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Provision for Credit Losses	Provision for Credit Losses The provision for credit losses (the “Provision”) represents the amount charged against current period earnings to achieve an ACL and reserve for unfunded commitments that in management’s judgment is adequate to absorb expected credit losses related to the Company’s loan and lease portfolio and off-balance sheet credit exposures. Accordingly, the Provision will vary from period to period based on management’s ongoing assessment of the overall adequacy of the ACL and reserve for unfunded commitments.
Premises and Equipment	Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of 7 to 39 years for premises, 3 to 20 years for equipment and the shorter of the lease term or remaining useful life for leasehold improvements. On a periodic basis, long-lived assets are reviewed for impairment. An impairment loss is recognized if the carrying amount of a long-lived asset exceeds its fair value and is not recoverable. An impairment analysis is performed whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. Operating lease rental income for leased assets, primarily premises, is recognized on a straight-line basis as an offset to rental expense.
Other Real Estate Owned and Repossessed Personal Property	Other Real Estate Owned and Repossessed Personal Property Other real estate owned (“OREO”) and repossessed personal property are comprised primarily of properties that the Company acquires through foreclosure proceedings. The Company values these properties at fair value less estimated costs to sell the property upon acquisition, which establishes the new carrying value. The Company charges losses arising upon the acquisition of the property against the ACL. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the ACL if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Any write-downs or losses from the subsequent disposition of such properties are included in other noninterest expense. Gains recognized on the sale of such properties are included in other noninterest income.
Goodwill	Goodwill Goodwill represents the cost of acquired businesses in excess of the fair value of the net assets acquired. The Company performs impairment testing of goodwill, an indefinite-lived intangible asset, as required under GAAP on an annual basis or when circumstances change that indicate that a potential impairment may have occurred. The Company has assigned goodwill to its operating segments for impairment testing purposes. The goodwill impairment guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing further impairment tests is unnecessary. However, if an entity concludes otherwise, or does not elect this option, it is required to perform impairment testing. The quantitative impairment test identifies potential impairments at the reporting unit level by comparing the estimated fair value of each identified reporting unit to its carrying amount. If the estimated fair value of a reporting unit exceeds its carrying amount, there is no impairment of goodwill. However, if the carrying amount exceeds the estimated fair value, an impairment exists, and an impairment loss is recognized in an amount equal to that excess. Subsequent reversals of goodwill impairment are prohibited.
Mortgage Servicing Rights	Mortgage Servicing Rights Mortgage servicing rights are recognized as assets when residential mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income, incorporating assumptions that market participants would use in their estimates of fair value. The Company’s mortgage servicing rights are accounted for under the amortization method and periodically assessed for impairment. The Company amortizes the mortgage servicing rights over the period of estimated net servicing income, taking into account prepayment assumptions. Any such indicated impairment is recognized in earnings during the period in which the impairment occurs. Mortgage servicing income, net of the amortization of mortgage servicing rights, is recorded as a component of other noninterest income in the consolidated statements of income.
Non Marketable Equity Securities	Non-Marketable Equity Securities The Company is required to own Federal Home Loan Bank (“FHLB”) of Des Moines stock as a condition of membership. These securities are accounted for under the cost method, which equals par value, and are included in other assets in the consolidated balance sheets. These securities do not have a readily determinable fair value as ownership is restricted and there is no market for these securities. The Company reviews these securities periodically for impairment. Management considers these securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. No impairment was recognized on non-marketable equity securities for the years ended December 31, 2021, 2020 and 2019.
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans The Company has a qualified noncontributory defined benefit pension plan, an unfunded supplemental executive retirement plan, a directors’ retirement plan, a non-qualified pension plan for eligible directors and a postretirement benefit plan providing life insurance and healthcare benefits that is offered to directors and employees, as applicable. The qualified noncontributory defined benefit pension plan, the unfunded supplemental executive retirement plan and the directors’ retirement plan are all frozen plans to new participants. To calculate annual pension costs, management uses the following key variables: (1) size of the employee population, length of service and estimated compensation increases; (2) actuarial assumptions and estimates; (3) expected long-term rate of return on plan assets; and (4) discount rate. For all pension and postretirement benefit plan calculations, the Company uses a December 31^st measurement date. The expected long-term rate of return was based on a calculated rate of return from average rates of return on various asset classes over a 20-year historical time horizon. Using long-term historical data allows the Company to capture multiple economic environments, which management believes is relevant when using historical returns. Net actuarial gains or losses that exceed a 5% corridor of the greater of the projected benefit obligation or the fair value of plan assets as of the beginning of the year are amortized from accumulated other comprehensive income into net periodic pension cost on a straight-line basis over five years. In estimating the projected benefit obligation, an independent actuary bases assumptions on factors such as mortality rate, turnover rate, retirement rate, disability rate and other assumptions related to the population of individuals in the pension plan. If significant actuarial gains or losses occur, the actuary reviews the demographic and economic assumptions with management, at which time the Company considers revising these assumptions based on actual results. The Company recognizes an asset on its consolidated balance sheets for a plan’s overfunded status or a liability for a plan’s underfunded status. The Company also measures the plans’ assets and obligations that determine its funded status as of the end of the year and recognizes those changes in other comprehensive income, net of tax. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in salaries and employee benefits expense, while all other components of net periodic pension cost are included in other noninterest expense in the consolidated statements of income.
Income Taxes	Income Taxes Current income tax expense is recognized for the amount of income taxes expected to be payable or refundable for the current period, and deferred income taxes are provided to reflect the tax effect of temporary differences between financial statement carrying amounts and the corresponding tax basis of assets and liabilities. Deferred income taxes are calculated by applying enacted statutory tax rates and tax laws to future years in which temporary differences are expected to reverse. The impact on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that the tax rate change is enacted. A deferred tax valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Interest and penalties, if any, expected to be assessed or refunded by taxing authorities relating to an underpayment or overpayment of income taxes are accrued and recorded as part of income tax expense. Excise tax credits relating to premises and equipment are accounted for using the flow-through method, and the benefit is recognized in the year the asset is placed in service. General business and excise tax credits generated from the leasing portfolio, except for credits that are passed on to lessees, are recognized over the term of the lease for book purposes, but in the year placed in service for tax purposes. The Company maintains reserves for unrecognized tax benefits that arise in the normal course of business. As of December 31, 2021, these positions were evaluated based on an assessment of probabilities as to the likelihood of whether a liability had been incurred. Such assessments are reviewed as events occur and adjustments to the reserves are made as appropriate. In evaluating a tax position for recognition, the Company evaluates whether it is more likely than not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more likely than not recognition threshold, the tax position is measured and recognized in the Company’s consolidated financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon ultimate settlement.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivatives are recognized on the consolidated balance sheets at fair value. On the date the Company enters into a derivative contract, the Company designates the derivative instrument as: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) held for trading, customer accommodation or not qualifying for hedge accounting (“free-standing derivative instrument”). For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability or of an unrecognized firm commitment attributable to interest rate risk are recorded in current period earnings. For a cash flow hedge, to the extent that the hedge is considered highly effective, changes in the fair value of the derivative instrument are recorded in other comprehensive income and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period earnings. The Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as hedges to specific assets or liabilities, unrecognized firm commitments or forecasted transactions. The Company also formally assesses, both at the inception of a hedge and on a quarterly basis, whether the derivative instruments used are highly effective in offsetting changes in fair values of, or cash flows related to, hedged items.
Fair Value Measurements	Fair Value Measurements Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that management believes market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance established a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements.
Stock-Based Compensation	Stock-Based Compensation The Company grants stock-based awards, including restricted stock, restricted shares, performance share units, performance shares and restricted stock units. These awards are issued at no cost to the recipient. The fair value of restricted stock, restricted shares and restricted stock unit awards was based on the closing price of FHI’s common stock on the date of grant. Such awards were recognized in the Company’s consolidated statements of income on a straight-line basis over the vesting period. Recipients of performance shares and performance share units are entitled to receive shares of FHI common stock at no cost, subject to the Company’s achievement of specified market or performance conditions. The grant date fair value of the performance share units subject to the Company’s achievement of specified market conditions was estimated using a Monte Carlo simulation model. For purposes of this modeling exercise, historical volatilities of FHI common stock and members of the peer group were used. The risk-free interest rate that was used in the valuation was that of a zero-coupon U.S. Treasury note that was commensurate with the performance period. The grant date fair value of the performance share units and performance shares subject to the Company’s achievement of performance conditions was based on the closing price of FHI’s common stock on the date of grant. Forfeitures of stock-based awards are recognized as they occur. As compensation cost is recognized, a deferred tax asset is established which represents an estimate of the future tax deduction from the release of restrictions or the achievement of performance targets. At the time that restrictions on the stock-based awards are released, the Company may be required to recognize an adjustment to income tax expense, depending on the market price of the Company’s common stock at that time.
Treasury Stock	Treasury Stock Shares of the Parent’s common stock that were repurchased or that are used to satisfy payroll tax withholdings related to stock-based compensation are recorded in treasury stock at cost. On the date of subsequent reissuance, the treasury stock account will be reduced by the cost of such stock on a first-in, first-out basis.
Earnings per Share	Earnings per Share Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period, assuming conversion of potentially dilutive common stock equivalents.
Advertising and Marketing Costs	Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $6.1 million, $5.7 million and $6.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.
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 The following ASU has been issued by the FASB and is applicable to the Company in future reporting periods. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842), Lessors – Certain Leases with Variable Lease Payments. This guidance amends the Topic 842 lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the Topic 842 lease classification criteria, and 2) the lessor would have otherwise recognized a day-one loss. The Company adopted the provisions of ASU No. 2021-05 on January 1, 2022 and it did not have a material impact on the Company’s consolidated financial statements.

Transactions with Affiliates and Related Parties (Tables)

12 Months Ended

Dec. 31, 2021

Transactions with Affiliates and Related Parties

Schedule of changes in loans to executive officers, directors and affiliates


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Balance at beginning of year	$	91,226	$	85,280	$	66,088
New loans made		2,659		18,133		22,682
Repayments		(7,850)		(12,187)		(3,490)
Balance at end of year	$	86,035	$	91,226	$	85,280

Summary of transactions with related parties


	December 31,
(dollars in thousands)	2021		2020		2019
Noninterest income from affiliates	$	—	$	—	$	382
Noninterest expense to affiliates		—		—		(4)

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investment Securities

Schedule of amortized cost and fair value of securities


	December 31,
	2021								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	$	196,662	$	125	$	(4,224)	$	192,563	$	170,123	$	1,359	$	(61)	$	171,421
Mortgage-backed securities:
Residential - Government agency		135,764		1,791		(291)		137,264		155,169		5,293		—		160,462
Residential - Government-sponsored enterprises		1,496,605		6,914		(12,419)		1,491,100		434,282		13,643		(725)		447,200
Commercial - Government agency		392,443		1,741		(6,521)		387,663		583,232		16,537		(119)		599,650
Commercial - Government-sponsored enterprises		1,415,511		2,646		(48,714)		1,369,443		931,095		9,045		(7,983)		932,157
Collateralized mortgage obligations:
Government agency		2,103,187		7,768		(31,432)		2,079,523		1,902,326		32,246		(1,019)		1,933,553
Government-sponsored enterprises		2,671,131		3,608		(53,695)		2,621,044		1,808,804		18,991		(823)		1,826,972
Collateralized loan obligations		105,245		2		—		105,247		—		—		—		—
Debt securities issued by states and political subdivisions		44,185		—		—		44,185		—		—		—		—
Total available-for-sale securities	$	8,560,733	$	24,595	$	(157,296)	$	8,428,032	$	5,985,031	$	97,114	$	(10,730)	$	6,071,415

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


	December 31, 2021
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	—	$	—
Due after one year through five years		50,465		50,361
Due after five years through ten years		123,729		121,960
Due after ten years		171,898		169,674
		346,092		341,995

Mortgage-backed securities:
Residential - Government agency		135,764		137,264
Residential - Government-sponsored enterprises		1,496,605		1,491,100
Commercial - Government agency		392,443		387,663
Commercial - Government-sponsored enterprises		1,415,511		1,369,443
Total mortgage-backed securities		3,440,323		3,385,470
Collateralized mortgage obligations:
Government agency		2,103,187		2,079,523
Government-sponsored enterprises		2,671,131		2,621,044
Total collateralized mortgage obligations		4,774,318		4,700,567
Total available-for-sale securities	$	8,560,733	$	8,428,032

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

Time in Continuous Loss as of December 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

(3,355)

134,468

(869)

16,642

(4,224)

151,110

Mortgage-backed securities:

Residential - Government agency

(291)

51,231

—

(291)

51,231

Residential - Government-sponsored enterprises

(10,876)

1,230,104

(1,543)

32,415

(12,419)

1,262,519

Commercial - Government agency

(5,239)

186,024

(1,282)

26,063

(6,521)

212,087

Commercial - Government-sponsored enterprises

(22,179)

744,819

(26,535)

397,123

(48,714)

1,141,942

Collateralized mortgage obligations:

Government agency

(31,432)

1,441,848

—

(31,432)

1,441,848

Government-sponsored enterprises

(52,551)

2,255,535

(1,144)

24,959

(53,695)

2,280,494

Total available-for-sale securities with unrealized losses

(125,923)

6,044,029

(31,373)

497,202

(157,296)

6,541,231


	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)

12 Months Ended

Dec. 31, 2021

Loans and Leases.

Schedule of components of loans and leases


	December 31,
(dollars in thousands)	2021		2020
Commercial and industrial	$	2,087,099	$	3,019,507
Commercial real estate		3,639,623		3,392,676
Construction		813,969		735,819
Residential:
Residential mortgage		4,083,367		3,690,218
Home equity line		876,608		841,624
Total residential		4,959,975		4,531,842
Consumer		1,229,939		1,353,842
Lease financing		231,394		245,411
Total loans and leases	$	12,961,999	$	13,279,097

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021

Allowance for Credit Losses

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

Year Ended December 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 year

24,711

58,123

10,039

3,298

40,461

7,163

64,659

208,454

Charge-offs

(5,949)

(66)

—

(632)

(342)

(16,634)

(23,623)

Recoveries

867

266

—

261

117

9,600

11,150

Increase (decrease) in Provision

451

(15,145)

(532)

(1,639)

(5,726)

(1,296)

(14,832)

(38,719)

Balance at end of year

20,080

42,951

9,773

1,659

34,364

5,642

42,793

157,262


	Year Ended December 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 year	$	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		(15,572)		(2,753)		(379)		—		(14)		(54)		(28,791)		—		(47,563)
Recoveries		5,005		615		200		—		216		167		10,499		—		16,702
Increase in Provision		22,408		27,377		7,177		2,667		13,749		1,905		32,732		—		108,015
Balance at end of year	$	24,711	$	58,123	$	10,039	$	3,298	$	40,461	$	7,163	$	64,659	$	—	$	208,454

Schedule of disaggregation of Allowance and recorded investment in loans by impairment methodology


	Year Ended December 31, 2019
	Commercial Lending
	Commercial		Commercial
	and		Real				Lease
(dollars in thousands)	Industrial		Estate		Construction		Financing		Residential		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of year	$	34,501	$	19,725	$	5,813	$	432	$	44,906	$	35,813	$	528	$	141,718
Charge-offs		(2,718)		—		—		(24)		(438)		(32,807)		—		(35,987)
Recoveries		410		263		—		—		967		9,359		—		10,999
Increase (decrease) in Provision		(3,218)		2,337		(969)		16		(6,256)		22,279		(389)		13,800
Balance at end of year	$	28,975	$	22,325	$	4,844	$	424	$	39,179	$	34,644	$	139	$	130,530
Individually evaluated for impairment		46		27		—		—		130		—		—		203
Collectively evaluated for impairment		28,929		22,298		4,844		424		39,049		34,644		139		130,327
Loans and leases:
Individually evaluated for impairment	$	4,951	$	723	$	—	$	—	$	14,964	$	—	$	—	$	20,638
Collectively evaluated for impairment		2,738,291		3,463,230		519,241		202,483		4,647,211		1,620,556		—		13,191,012
Balance at end of year	$	2,743,242	$	3,463,953	$	519,241	$	202,483	$	4,662,175	$	1,620,556	$	—	$	13,211,650

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

Year Ended December 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 year

11,719

1,328

9,037

—

8,452

30,603

Increase (decrease) in Provision

(3,104)

786

(74)

—

2,094

(281)

Balance at end of year

8,615

2,114

8,963

—

10,546

30,322


	Year Ended December 31, 2020
	Commercial Lending								Residential Lending
	Commercial		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 year	$	—	$	—	$	—	$	—	$	—	$	—	$	600	$	600
Adoption of ASU No. 2016-13		5,390		778		4,119		—		7		6,587		(581)		16,300
Increase (decrease) in Provision		6,329		550		4,918		—		(5)		1,865		46		13,703
Balance at end of year	$	11,719	$	1,328	$	9,037	$	—	$	2	$	8,452	$	65	$	30,603

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 December 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

623,098

129,665

223,388

88,409

29,380

168,591

644,947

40,193

1,947,671

Special Mention

397

4,382

4,213

12,552

974

5,313

4,804

986

33,621

Substandard

354

1,380

1,951

1,285

3,551

17,893

1,043

27,517

Other ⁽¹⁾

13,277

7,070

7,741

4,453

1,995

370

43,384

—

78,290

Total Commercial and Industrial

637,126

142,497

237,293

106,699

32,409

177,825

711,028

42,222

2,087,099

Commercial Real Estate

Risk rating:

Pass

693,370

338,140

533,887

487,739

415,186

940,732

78,479

14,891

3,502,424

Special Mention

—

48,499

7,470

25,513

30,255

7,600

—

119,337

Substandard

—

1,776

164

15,303

459

—

17,702

Other ⁽¹⁾

—

160

—

160

Total Commercial Real Estate

693,370

338,140

582,386

496,985

440,863

986,450

86,538

14,891

3,639,623

Construction

Risk rating:

Pass

154,558

107,767

210,314

155,311

62,770

48,021

22,859

—

761,600

Special Mention

—

244

707

—

356

—

1,307

Substandard

—

363

—

839

—

1,202

Other ⁽¹⁾

26,835

8,875

4,317

4,308

2,684

2,048

793

—

49,860

Total Construction

181,393

116,642

214,875

160,689

65,454

51,264

23,652

—

813,969

Lease Financing

Risk rating:

Pass

33,980

60,650

48,236

9,449

15,009

57,130

—

224,454

Special Mention

501

2,702

1,506

311

153

—

5,173

Substandard

—

270

140

871

470

—

1,767

Total Lease Financing

34,481

63,622

49,882

9,776

16,033

57,600

—

231,394

Total Commercial Lending

1,546,370

660,901

1,084,436

774,149

554,759

1,273,139

821,218

57,113

6,772,085

(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

1,101,958

635,061

286,993

198,622

251,906

829,175

—

3,303,715

680 - 739

140,997

81,590

45,163

27,315

32,855

125,906

—

453,826

620 - 679

15,781

11,943

5,268

10,149

9,069

37,404

—

89,614

550 - 619

1,735

873

698

533

2,033

7,475

—

13,347

Less than 550

—

345

2,603

2,838

—

5,786

No Score ⁽³⁾

18,882

7,938

15,051

18,107

17,333

42,185

—

119,496

Other ⁽²⁾

25,625

16,263

10,242

11,297

16,242

17,152

718

97,583

Total Residential Mortgage

1,304,978

753,668

363,415

266,368

332,041

1,062,135

718

4,083,367

Home Equity Line

FICO:

740 and greater

—

671,566

1,873

673,439

680 - 739

—

141,889

3,968

145,857

620 - 679

—

37,815

2,500

40,315

550 - 619

—

9,090

948

10,038

Less than 550

—

2,574

2,642

No Score ⁽³⁾

—

4,317

—

4,317

Total Home Equity Line

—

867,251

9,357

876,608

Total Residential Lending

1,304,978

753,668

363,415

266,368

332,041

1,062,135

867,295

10,075

4,959,975

Consumer Lending

FICO:

740 and greater

155,929

83,337

79,617

56,707

24,525

8,067

117,843

209

526,234

680 - 739

93,214

56,327

55,126

34,049

17,527

6,315

69,366

707

332,631

620 - 679

41,671

21,986

28,491

19,403

12,952

5,324

31,165

1,175

162,167

550 - 619

7,836

8,265

13,265

10,497

7,469

3,244

10,359

1,089

62,024

Less than 550

2,272

3,867

6,646

3,484

2,739

1,175

3,195

536

23,914

No Score ⁽³⁾

481

35,414

320

36,397

Other ⁽²⁾

4,737

365

1,712

2,182

77,528

—

86,572

Total Consumer Lending

306,140

174,166

184,913

124,197

67,459

24,158

344,870

4,036

1,229,939

Total Loans and Leases

3,157,488

1,588,735

1,632,764

1,164,714

954,259

2,359,432

2,033,383

71,224

12,961,999

(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

Amortized

(dollars in thousands)

2020

2019

2018

2017

2016

Prior

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

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

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2020

2019

2018

2017

2016

Prior

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

109

—

33,854

356

34,835

Other ⁽²⁾

380

1,890

2,214

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


	Year Ended
(dollars in thousands)	December 31, 2021
Commercial and industrial	$	1,153
Commercial real estate		14,891
Residential mortgage		577
Home equity line		3,656
Consumer		1,574
Total Revolving Loans Converted to Term Loans During the Year	$	21,851


	Year Ended
(dollars in thousands)	December 31, 2020
Commercial and industrial	$	35,760
Commercial real estate		310
Residential mortgage		296
Home equity line		13,569
Consumer		4,882
Total Revolving Loans Converted to Term Loans During the Year	$	54,817

Schedule of aging analyses of past due loans and leases

December 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

1,195

1,318

3,708

2,083,391

2,087,099

740

Commercial real estate

631

—

631

3,638,992

3,639,623

—

Construction

162

—

162

813,807

813,969

—

Lease financing

—

231,394

—

Residential mortgage

3,030

1,002

5,617

9,649

4,073,718

4,083,367

987

Home equity line

1,538

538

3,681

5,757

870,851

876,608

3,681

Consumer

16,534

3,366

1,800

21,700

1,208,239

1,229,939

1,800

Total

23,090

6,101

12,416

41,607

12,920,392

12,961,999

7,208


	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


	December 31, 2021
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	—	$	718
Commercial real estate		727		727
Residential mortgage		1,192		5,637
Total Nonaccrual Loans and Leases	$	1,919	$	7,082


	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 average balances, and of interest income recognized from, impaired loans


	Year Ended
	December 31, 2019
	Average		Interest
	Recorded		Income
(dollars in thousands)	Investment		Recognized
Impaired loans with no related ACL recorded:
Commercial and industrial	$	3,687	$	431
Commercial real estate		2,825		481
Residential mortgage		8,777		440
Consumer		40		—
Total	$	15,329	$	1,352
Impaired loans with a related ACL recorded:
Commercial and industrial	$	4,485	$	85
Commercial real estate		710		40
Residential mortgage		6,413		339
Total	$	11,608	$	464
Total impaired loans:
Commercial and industrial	$	8,172	$	516
Commercial real estate		3,535		521
Residential mortgage		15,190		779
Consumer		40		—
Total	$	26,937	$	1,816

Schedule of information related to loans modified in a TDR


	Year Ended December 31, 2021
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	11	$	1,481	$	124
Commercial real estate	1		346		78
Construction	12		689		69
Residential mortgage	13		5,539		207
Consumer	1,652		15,710		2,127
Total	1,689	$	23,765	$	2,605


	Year Ended December 31, 2020
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	1	$	500	$	30
Commercial real estate	3		6,470		470
Residential mortgage	1		825		90
Total	5	$	7,795	$	590


	Year Ended December 31, 2019
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Commercial and industrial	2	$	571	$	25
Residential mortgage	1		609		—
Total	3	$	1,180	$	25

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the period.

(2)	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


	Year Ended December 31,
	2021			2020			2019
	Number of	Recorded		Number of	Recorded		Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾		Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	3	$	569	1	$	500	2	$	571
Construction	1		450	—		—	—		—
Commercial real estate	1		356	—		—	—		—
Residential mortgage	4		1,012	—		—	—		—
Consumer	405		5,272	—		—	—		—
Total	414	$	7,659	1	$	500	2	$	571

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off or foreclosed upon by the end of the period.

(2)	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.

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Premises and Equipment

Schedule of premises and equipment

At December 31, 2021 and 2020, premises and equipment were comprised of the following:


	December 31,
(dollars in thousands)	2021		2020
Buildings	$	295,286	$	296,107
Furniture and equipment		95,824		98,800
Land		113,720		114,852
Leasehold improvements		66,772		57,063
Total premises and equipment		571,602		566,822
Less: Accumulated depreciation and amortization		253,154		244,421
Net book value	$	318,448	$	322,401

Depreciation and amortization expenses included in occupancy and equipment expenses for 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Occupancy	$	9,149	$	9,231	$	9,037
Equipment		6,682		6,721		5,485
Total	$	15,831	$	15,952	$	14,522

Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Assets.

Schedule of carrying amount of goodwill reported in reporting units


	Retail		Commercial
(in thousands)	Banking		Banking		Total
December 31, 2021	$	687,492	$	308,000	$	995,492
December 31, 2020		687,492		308,000		995,492

Schedule of estimated future amortization expense for MSRs


	Estimated
(dollars in thousands)	Amortization
Year ending December 31:
2022	$	1,613
2023		1,274
2024		1,036
2025		854
2026		710

Schedule of details of the Company's MSRs


	December 31,
(dollars in thousands)	2021		2020
Gross carrying amount	$	69,103	$	67,856
Less: accumulated amortization		60,801		57,125
Net carrying value	$	8,302	$	10,731

Schedule of changes in amortized MSRs


	Year Ended December 31,
(dollars in thousands)	2021		2020
Balance at beginning of year	$	10,731	$	12,668
Originations		1,247		4,376
Amortization		(3,676)		(6,313)
Balance at end of year	$	8,302	$	10,731
Fair value of amortized MSRs at beginning of year	$	14,029	$	20,329
Fair value of amortized MSRs at end of year	$	12,243	$	14,029
Balance of loans serviced for others	$	1,673,158	$	2,189,027

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


	December 31, 2021							December 31, 2020
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	13.77	%	-	25.19	%	14.61	%	11.86	%	-	26.52	%	16.90	%
Life in years (of the MSR)	1.99		-	5.31		5.03		1.83		-	6.68		4.45
Weighted-average coupon rate	3.58	%	-	6.56	%	3.71	%	3.24	%	-	6.98	%	3.84	%
Discount rate	10.00	%	-	10.01	%	10.00	%	10.00	%	-	10.00	%	10.00	%

Transfers of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Transfers of Financial Assets

Schedule of carrying amounts of assets pledged as collateral


	December 31,
(dollars in thousands)	2021		2020
Public deposits	$	1,913,369	$	2,251,508
Federal Home Loan Bank		2,380,042		2,917,317
Federal Reserve Bank		1,724,279		1,919,744
ACH transactions		115,038		111,347
Interest rate swaps		48,430		56,004
Total	$	6,181,158	$	7,255,920

Deposits (Tables)

12 Months Ended

Dec. 31, 2021

Deposits

Schedule of deposits by category


	December 31,
(dollars in thousands)	2021		2020
U.S.:
Interest-bearing	$	11,553,298	$	10,928,712
Noninterest-bearing		8,498,187		6,674,352
Foreign:
Interest-bearing		868,985		776,897
Noninterest-bearing		895,676		847,762
Total deposits	$	21,816,146	$	19,227,723

Schedule of maturity distribution of time certificates of deposit


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	235,187	$	314,818	$	550,005
Over three through six months		208,007		100,457		308,464
Over six through twelve months		315,551		286,529		602,080
2023		75,513		53,566		129,079
2024		67,595		9,136		76,731
2025		38,204		18,943		57,147
2026		43,943		8,285		52,228
Thereafter		203		501		704
Total	$	984,203	$	792,235	$	1,776,438

Long-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Long-Term Borrowings

Schedule of long-term borrowings


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

(1)	Interest is payable monthly.

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: 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=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: 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 12: 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=123467817&loc=d3e21475-112644

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 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
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)


			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)
Year ended December 31, 2020
Pension and other benefits:
Net actuarial losses arising during the year		(10,399)		2,774		(7,625)
Prior service credit		(51)		14		(37)
Amortization of net loss included in net income		5,595		(1,492)		4,103
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		(4,855)		1,200		(3,655)
Investment securities:
Unrealized net gains arising during the year		91,289		(24,365)		66,924
Reclassification of net losses to net income:
Investment securities losses, net		114		(30)		84
Net change in investment securities		91,403		(24,395)		67,008
Other comprehensive income		86,548		(23,195)		63,353
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Year ended December 31, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(5,774)		1,555		(4,219)
Prior service credit		(429)		115		(314)
Amortization of net loss included in net income		6,610		(1,780)		4,830
Net change in pension and other benefits		407		(110)		297
Investment securities:
Unrealized net gains arising during the year		134,343		(36,178)		98,165
Reclassification of net gains to net income:
Investment securities losses, net		2,715		(731)		1,984
Net change in investment securities		137,058		(36,909)		100,149
Other comprehensive income		137,465		(37,019)		100,446
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)

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)
Year Ended December 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	31,604
Other comprehensive income (loss)		7,347		(160,644)		(153,297)
Balance at end of year	$	(24,390)	$	(97,303)	$	(121,693)

Year Ended December 31, 2020
Balance at beginning of year	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income (loss)		(3,655)		67,008		63,353
Balance at end of year	$	(31,737)	$	63,341	$	31,604

Year Ended December 31, 2019
Balance at beginning of year	$	(28,379)	$	(103,816)	$	(132,195)
Other comprehensive income		297		100,149		100,446
Balance at end of year	$	(28,082)	$	(3,667)	$	(31,749)

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 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⁾
December 31, 2021:
Common equity tier 1 capital to risk-weighted assets	$	1,783,113	12.24	%	$	1,769,214	12.14	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,783,113	12.24	%		1,769,214	12.14	%	6.00	%	8.00	%
Total capital to risk-weighted assets		1,965,280	13.49	%		1,951,377	13.40	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,783,113	7.24	%		1,769,214	7.18	%	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 the FDIC.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Summary of net lease expense


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Operating lease expense	$	9,432	$	9,169	$	9,158
Short-term lease expense		246		397		487
Variable lease expense		2,204		2,353		2,152
Finance lease expense:
Amortization of right-of-use assets		3		3		3
Interest on lease liabilities		—		1		2
Total finance lease expense		3		4		5
Less: Sublease income		(744)		(1,222)		(1,073)
Net lease expense	$	11,141	$	10,701	$	10,729

Summary of other information related to the Company's lease liabilities


	Year Ended December 31,
(dollars in thousands)	2021			2020			2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	7,981		$	8,848		$	8,802
Operating cash flows paid for finance leases	$	—		$	—		$	10
Financing cash flows paid for finance leases	$	10		$	10		$	10
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	31,792		$	3,796		$	1,401
Weighted Average Remaining Lease Term
Operating leases (years)		22.8			16.1			15.7
Finance leases (years)		0.5			1.5			2.5
Weighted Average Discount Rate
Operating leases		3.01	%		3.17	%		3.36	%
Finance leases		6.78	%		6.78	%		6.78	%

Summary of future minimum rental payments under noncancellable leases


	Net Operating
	Lease
(dollars in thousands)	Payments
Year ending December 31:
2022	$	7,755
2023		5,104
2024		4,883
2025		4,250
2026		3,849
Thereafter		68,996
Total future minimum lease payments		94,837
Less: Imputed interest		(29,033)
Total	$	65,804

Summary of future minimum rental income under noncancellable operating leases

The following table sets forth future minimum rental income under noncancelable operating leases with terms in excess of one year as of December 31, 2021:


	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2022	$	5,535
2023		4,572
2024		3,746
2025		3,126
2026		2,368
Thereafter		2,758
Total	$	22,105

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Benefit Plans

Schedule of amounts recognized in other comprehensive income from benefit plans


	Pension Benefits						Other Benefits
(dollars in thousands)	2021		2020		2019		2021		2020		2019
Amounts arising during the year:
Net loss (gain) on pension assets	$	3,581	$	(4,839)	$	(16,278)	$	—	$	—	$	—
Net (gain) loss on pension obligations		(4,614)		14,935		21,512		(2,074)		303		540
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(6,961)		(5,806)		(6,995)		48		211		385
Prior service credit		—		—		—		—		51		429
Amount recognized in other comprehensive income	$	(7,994)	$	4,290	$	(1,761)	$	(2,026)	$	565	$	1,354

Schedule of amounts within accumulated other comprehensive income not yet recognized in net periodic benefit cost


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Net actuarial loss (gain)	$	36,357	$	44,351	$	(3,094)	$	(1,068)
Prior service credit		—		—		—		—
Total, pretax effect		36,357		44,351		(3,094)		(1,068)
Tax impact		(9,698)		(11,831)		825		285
Ending balance in accumulated other comprehensive loss	$	26,659	$	32,520	$	(2,269)	$	(783)

Summary of changes to projected or accumulated benefit obligation


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Benefit obligation at beginning of year	$	219,392	$	213,285	$	22,538	$	21,305
Service cost		—		—		874		768
Interest cost		5,065		6,519		515		640
Actuarial (gain) loss		(4,614)		14,935		(2,074)		303
Benefit payments		(15,411)		(15,347)		(491)		(478)
Benefit obligation at end of year	$	204,432	$	219,392	$	21,362	$	22,538

Summary of changes to fair value of plan assets


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Fair value of plan assets at beginning of year	$	114,795	$	112,659	$	—	$	—
Actual return on plan assets		(536)		9,637		—		—
Benefit payments from trust		(7,611)		(7,501)		—		—
Fair value of plan assets at end of year	$	106,648	$	114,795	$	—	$	—

Summary of funded status of plans


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Pension assets for overfunded plans	$	15,345	$	16,237	$	—	$	—
Pension liabilities for underfunded plans		(113,129)		(120,834)		(21,362)		(22,538)
Funded status	$	(97,784)	$	(104,597)	$	(21,362)	$	(22,538)

Schedule of projected and accumulated benefit obligation and fair value of plan assets


	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2021		2020		2021		2020		2021		2020
Projected benefit obligation	$	91,303	$	98,558	$	113,129	$	120,834	$	204,432	$	219,392
Accumulated benefit obligation		91,303		98,558		113,129		120,766		204,432		219,324
Fair value of plan assets		106,648		114,795		—		—		106,648		114,795
Overfunded (underfunded) portion of PBO/ABO		15,345		16,237		(113,129)		(120,834)		(97,784)		(104,597)

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		2019		2021		2020		2019
Service cost	Salaries and employee benefits	$	—	$	—	$	14	$	874	$	768	$	710
Interest cost	Other noninterest expense		5,065		6,519		8,261		515		640		808
Expected return on plan assets	Other noninterest expense		(3,044)		(4,800)		(4,585)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		(51)		(429)
Recognized net actuarial loss (gain)	Other noninterest expense		6,961		5,806		6,995		(48)		(211)		(385)
Total net periodic benefit cost		$	8,982	$	7,525	$	10,685	$	1,341	$	1,146	$	704

Schedule of funded pension benefit amounts included in pension benefits


	Funded Pension Benefits
(dollars in thousands)	2021		2020		2019
Interest cost	$	2,261	$	2,946	$	3,808
Expected return on plan assets		(3,044)		(4,800)		(4,585)
Recognized net actuarial loss		1,609		1,421		3,714
Total net periodic benefit cost	$	826	$	(433)	$	2,937

Schedule of assumptions used to determine benefit obligations and net periodic benefit cost

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2021

2020

2021

2020

2021

2020

Discount rate

2.77

2.37

2.77

2.37

2.77

2.37

Rate of compensation increase


	FHI ERP Pension Benefits						SERP Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Discount rate	2.37	%	3.16	%	4.30	%	2.37	%	3.16	%	4.30	%	2.37	%	3.16	%	4.30	%
Expected long-term return on plan assets	2.75	%	4.40	%	4.75	%	NA		NA		NA		NA		NA		NA
Rate of compensation increase	NA		NA		NA		NA		NA		4.00	%	NA		NA		NA

Schedule of assumed healthcare cost trend rates


	2021		2020		2019
Healthcare cost trend rate assumed for next year	6.00	%	6.25	%	6.50	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2026		2026		2026

Schedule of allocation of employee retirement plan assets


	Asset Allocation
	2021		2020
Equity securities	11	%	13	%
Debt securities	85	%	85	%
Other securities	4	%	2	%
Total	100	%	100	%

Schedule of target allocation of employee retirement plan assets


	Target
	Allocation
Equity securities	10	%
Debt securities	88	%
Other securities	2	%

Schedule of expected future benefit payments


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2022	$	15,787	$	1,204
2023		15,466		1,321
2024		15,053		1,412
2025		15,191		1,455
2026		15,268		1,494
2027 to 2031		65,836		7,905

Schedule of fair value of employee retirement plan assets

December 31, 2021

Quoted Prices

Significant

In Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

(dollars in thousands)

(Level 1)

(Level 2)

(Level 3)

Total

Asset classes:

Cash and cash equivalents

4,451

—

4,451

Fixed income - U.S. Treasury securities

—

8,343

—

8,343

Fixed income - U.S. government agency securities

—

9,674

—

9,674

Fixed income - U.S. corporate securities

—

69,926

—

69,926

Fixed income - municipal securities

—

495

—

495

Fixed income - international securities

1,779

—

1,779

Equity - large-cap exchange-traded funds

7,840

—

7,840

Equity - mid-cap exchange-traded funds

1,360

—

1,360

Equity - small-cap exchange-traded funds

654

—

654

Equity - international funds

2,126

—

2,126

Total

18,210

88,438

—

106,648


	December 31, 2020
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	2,576	$	—	$	—	$	2,576
Fixed income - U.S. Treasury securities		—		6,776		—		6,776
Fixed income - U.S. government agency securities		—		12,441		—		12,441
Fixed income - U.S. corporate securities		—		70,401		—		70,401
Fixed income - municipal securities		—		521		—		521
Fixed income - mutual funds		5,626		—		—		5,626
Fixed income - international securities		1,980		—		—		1,980
Equity - large-cap exchange-traded funds		9,321		—		—		9,321
Equity - mid-cap exchange-traded funds		1,566		—		—		1,566
Equity - small-cap exchange-traded funds		785		—		—		785
Equity - international funds		2,802		—		—		2,802
Total	$	24,656	$	90,139	$	—	$	114,795

Summary of change in net actuarial loss and amortization


			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
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)


			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)
Year ended December 31, 2020
Pension and other benefits:
Net actuarial losses arising during the year		(10,399)		2,774		(7,625)
Prior service credit		(51)		14		(37)
Amortization of net loss included in net income		5,595		(1,492)		4,103
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		(4,855)		1,200		(3,655)
Investment securities:
Unrealized net gains arising during the year		91,289		(24,365)		66,924
Reclassification of net losses to net income:
Investment securities losses, net		114		(30)		84
Net change in investment securities		91,403		(24,395)		67,008
Other comprehensive income		86,548		(23,195)		63,353
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Year ended December 31, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(5,774)		1,555		(4,219)
Prior service credit		(429)		115		(314)
Amortization of net loss included in net income		6,610		(1,780)		4,830
Net change in pension and other benefits		407		(110)		297
Investment securities:
Unrealized net gains arising during the year		134,343		(36,178)		98,165
Reclassification of net gains to net income:
Investment securities losses, net		2,715		(731)		1,984
Net change in investment securities		137,058		(36,909)		100,149
Other comprehensive income		137,465		(37,019)		100,446
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)

Pension and other benefits, net actuarial losses arising during the period

Benefit Plans

Summary of change in net actuarial loss and amortization


	Pension Benefits				Other Benefits
(dollars in thousands)	2021		2020		2021		2020
Net actuarial loss (gain) at beginning of year	$	44,351	$	40,061	$	(1,068)	$	(1,582)
Amortization cost		(6,961)		(5,806)		48		211
Liability loss		(4,614)		14,935		(2,074)		303
Asset loss (gain)		3,581		(4,839)		—		—
Net actuarial loss (gain) at end of year	$	36,357	$	44,351	$	(3,094)	$	(1,068)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of provision for income taxes


	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Current:
Federal	$	53,534	$	55,535	$	56,450
State and local		15,607		21,831		23,796
Total current		69,141		77,366		80,246
Deferred:
Federal		8,837		(10,638)		14,047
State and local		5,283		(8,758)		3,013
Total deferred		14,120		(19,396)		17,060
Total provision for income taxes	$	83,261	$	57,970	$	97,306

Schedule of components of net deferred income tax assets and liabilities


	December 31,
(dollars in thousands)	2021		2020
Assets:
Deferred compensation expense	$	58,497	$	57,727
Allowance for credit losses and nonperforming assets		50,161		63,899
Lease liabilities		17,534		10,839
Investment securities		40,108		—
State income taxes		3,440		4,243
Total deferred income tax assets before valuation allowance		169,740		136,708
Valuation allowance		(1,082)		(1,675)
Total deferred income tax assets after valuation allowance		168,658		135,033
Liabilities:
Leases		(15,785)		(18,583)
Investment securities		—		(19,965)
Deferred income		(14,213)		(11,399)
Lease right-of-use assets		(17,132)		(10,736)
Intangible assets		(577)		(604)
Other		(24,779)		(19,222)
Total deferred income tax liabilities		(72,486)		(80,509)
Net deferred income tax assets	$	96,172	$	54,524

Schedule of reconciliation of Federal statutory to effective income tax rate


	Year Ended December 31,
	2021				2020				2019
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	73,289	21.00	%	$	51,182	21.00	%	$	80,157	21.00	%
State and local taxes, net of federal income tax benefit		16,503	4.73			10,327	4.24			21,179	5.55
Tax credits		(2,745)	(0.79)			(3,914)	(1.60)			(400)	(0.10)
Nontaxable income		(3,274)	(0.94)			(3,678)	(1.51)			(3,269)	(0.86)
Other		(512)	(0.14)			4,053	1.66			(361)	(0.10)
Income tax expense and effective income tax rate	$	83,261	23.86	%	$	57,970	23.79	%	$	97,306	25.49	%

Schedule of reconciliation of unrecognized tax benefits


	Year Ended December 31,
	2021						2020						2019
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013	$	131,570	$	12,524	$	144,094
Additions for current year tax positions		1,366		—		1,366		1,426		—		1,426		1,038		—		1,038
Additions for Reorganization Transactions		47,282		941		48,223		—		1,479		1,479		—		986		986
Additions for prior years' tax positions:
New uncertain tax positions identified		—		—		—		—		—		—		1,894		—		1,894
Accrual of interest and penalties		—		1,264		1,264		—		2,812		2,812		—		1,280		1,280
Reductions for prior years' tax positions:
Expiration of statute of limitations		(932)		(388)		(1,320)		(143)		(66)		(209)		(190)		(89)		(279)
Balance at December 31,	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Financial Instruments

Summary of notional amounts and fair values of derivatives held


	December 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	$	67,500	$	—	$	(1,211)	$	22,451	$	—	$	(1,276)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,827,582		50,898		—		3,002,333		129,888		—
Visa derivative		105,916		—		(5,530)		92,647		—		(4,554)
Interest rate caps and floors		148,800		27		(27)		148,800		7		(7)
Foreign exchange contracts		217		—		—		326		—		—

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

Gains (losses) recognized in

the consolidated statements

December 31,

(dollars in thousands)

of income line item

2021

2020

2019

Gains (losses) on fair value hedging relationships recognized in interest income:

Recognized on interest rate swap

Loans and lease financing

(605)

(594)

(671)

Recognized on hedged item

Loans and lease financing

383

470

735

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)

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

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

Loans and leases

68,707

24,355

1,207

1,487

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


	Net gains (losses) recognized
	in the consolidated statements	December 31,
(dollars in thousands)	of income line item	2021		2020		2019
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	—	$	—	$	16
Visa derivative	Other noninterest income		(5,909)		(4,641)		(5,355)
Foreign exchange contracts	Other noninterest income		—		—		12

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingent Liabilities

Schedule of financial instruments with off-balance sheet risk


	December 31,
(dollars in thousands)	2021		2020
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,490,301	$	5,934,535
Standby letters of credit		182,447		185,108
Commercial letters of credit		3,307		3,834

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers

Summary of revenues disaggregated by type of service and business segments

Year Ended December 31, 2021

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

385,656

162,997

(18,094)

530,559

Service charges on deposit accounts

24,413

1,225

1,872

27,510

Credit and debit card fees

—

55,728

5,415

61,143

Other service charges and fees

23,917

3,547

1,594

29,058

Trust and investment services income

34,719

—

34,719

Other

353

5,790

1,194

7,337

Not in scope of Topic 606⁽¹⁾

8,270

6,491

10,388

25,149

Total noninterest income

91,672

72,781

20,463

184,916

Total revenue

477,328

235,778

2,369

715,475


		Year Ended December 31, 2020
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	375,145	$	151,622	$	8,967	$	535,734

Service charges on deposit accounts		25,326		1,305		1,538		28,169
Credit and debit card fees		—		48,999		4,373		53,372
Other service charges and fees		20,084		1,550		1,533		23,167
Trust and investment services income		35,652		—		—		35,652
Other		700		6,403		1,811		8,914
Not in scope of Topic 606⁽¹⁾		16,264		19,945		11,897		48,106
Total noninterest income		98,026		78,202		21,152		197,380
Total revenue	$	473,171	$	229,824	$	30,119	$	733,114


		Year Ended December 31, 2019
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	413,029	$	141,227	$	19,146	$	573,402

Service charges on deposit accounts		30,298		1,238		2,242		33,778
Credit and debit card fees		—		58,034		6,812		64,846
Other service charges and fees		20,454		2,096		2,155		24,705
Trust and investment services income		35,102		—		—		35,102
Other		715		4,899		3,351		8,965
Not in scope of Topic 606⁽¹⁾		8,844		7,368		8,925		25,137
Total noninterest income		95,413		73,635		23,485		192,533
Total revenue	$	508,442	$	214,862	$	42,631	$	765,935

(1)	Most of the Company’s revenue is not within the scope of Topic 606. 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.

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per Share

Schedule of computations of basic and diluted earnings per share


	Year Ended December 31,
(dollars in thousands, except shares and per share amounts)	2021		2020		2019
Numerator:
Net income	$	265,735	$	185,754	$	284,392

Denominator:
Basic: weighted-average shares outstanding		128,963,131		129,890,225		133,076,489
Add: weighted-average equity-based awards		574,791		329,852		310,668
Diluted: weighted-average shares outstanding		129,537,922		130,220,077		133,387,157

Basic earnings per share	$	2.06	$	1.43	$	2.14
Diluted earnings per share	$	2.05	$	1.43	$	2.13

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Schedule of restricted stock activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	—	$	—
Granted	162,550		27.06
Vested	(11,239)		27.37
Forfeited	(11,593)		27.04
Unvested as of December 31, 2019	139,718	$	27.04
Granted	172,046		25.96
Vested	(48,340)		27.03
Forfeited	(1,047)		25.96
Unvested as of December 31, 2020	262,377	$	26.35
Granted	—		—
Vested	(105,330)		26.46
Forfeited	(7,172)		26.15
Unvested as of December 31, 2021	149,875	$	26.28

Schedule of PSU activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	504,497	$	25.93
Granted	310,696		27.04
Vested	(36,342)		24.51
Forfeited	(83,535)		26.37
Unvested as of December 31, 2019	695,316	$	26.46
Granted	340,758		25.96
Vested	(172,167)		29.95
Forfeited	(6,625)		26.13
Unvested as of December 31, 2020	857,282	$	25.43
Granted	376,810		27.07
Vested	(214,163)		22.57
Forfeited	(77,423)		24.62
Unvested as of December 31, 2021	942,506	$	26.70

Schedule of RSU activity


			Weighted
	Number		Average Grant
	of Shares		Date Fair Value
Unvested as of December 31, 2018	48,761	$	28.60
Granted	20,418		26.50
Vested	(22,452)		28.37
Forfeited	(1,944)		28.29
Unvested as of December 31, 2019	44,783	$	27.82
Granted	28,783		15.86
Vested	(30,016)		27.47
Forfeited	—		—
Unvested as of December 31, 2020	43,550	$	21.93
Granted	198,771		27.13
Vested	(49,519)		23.08
Forfeited	(7,473)		26.37
Unvested as of December 31, 2021	185,329	$	27.09

Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value

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

Fair Value Measurements as of December 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

—

192,563

—

192,563

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

137,264

—

137,264

Residential - Government-sponsored enterprises⁽¹⁾

—

1,491,100

—

1,491,100

Commercial - Government agency

—

387,663

—

387,663

Commercial - Government-sponsored enterprises

—

1,369,443

—

1,369,443

Collateralized mortgage obligations:

Government agency

—

2,079,523

—

2,079,523

Government-sponsored enterprises

—

2,621,044

—

2,621,044

Collateralized loan obligations

—

105,247

—

105,247

Debt securities issued by states and political subdivisions

—

44,185

—

44,185

Total available-for-sale securities

—

8,428,032

—

8,428,032

Other assets⁽²⁾

7,382

50,925

—

58,307

Liabilities

Other liabilities⁽³⁾

—

(1,238)

(5,530)

(6,768)

Total

7,382

8,477,719

(5,530)

8,479,571


	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
Year Ended December 31,
Balance as of January 1,	$	(4,554)	$	(4,233)
Total net losses included in other noninterest income		(5,909)		(4,641)
Settlements		4,933		4,320
Balance as of December 31,	$	(5,530)	$	(4,554)
Total net losses included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of December 31,	$	(5,909)	$	(4,641)

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

December 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

1,258,469

246,716

1,011,753

—

1,258,469

Loans held for sale

538

—

542

—

542

Loans⁽¹⁾

12,730,605

—

12,791,811

Financial liabilities:

Time deposits⁽²⁾

1,776,438

—

1,773,321

—

1,773,321


	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 $231.4 million at December 31, 2021 and $245.4 million at December 31, 2020.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $20.0 billion at December 31, 2021 and $16.9 billion at December 31, 2020.

(3)	Excludes capital lease obligations of $10 thousand at December 31, 2020.

Schedule of assets with fair value adjustments on a nonrecurring basis


(dollars in thousands)	Level 1		Level 2		Level 3
December 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 December 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(5,530)	Discounted Cash Flow	Expected Conversation Rate - 1.6181⁽²⁾	1.5885-1.6181
				Expected Term - 1 year⁽³⁾	0.5 to 1.5 years
				Growth Rate - 26%⁽⁴⁾	10% - 38%


	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 as of the respective consolidated balance sheet dates 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 was based on the arithmetic average of analyst price targets.

Reportable Operating Segments (Tables)

12 Months Ended

Dec. 31, 2021

Reportable Operating Segments

Schedule of selected business segment financial information

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Year Ended December 31, 2021

Net interest income (expense)

385,656

162,997

(18,094)

530,559

Benefit for credit losses

16,267

22,452

281

39,000

Net interest income (expense) after benefit for credit losses

401,923

185,449

(17,813)

569,559

Noninterest income

91,672

72,781

20,463

184,916

Noninterest expense

(247,949)

(100,932)

(56,598)

(405,479)

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

245,646

157,298

(53,948)

348,996

(Provision) benefit for income taxes

(58,710)

(37,525)

12,974

(83,261)

Net income (loss)

186,936

119,773

(40,974)

265,735

Total assets as of December 31, 2021

7,148,376

5,972,567

11,871,467

24,992,410


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2020
Net interest income	$	375,145	$	151,622	$	8,967	$	535,734
Provision for credit losses		(52,719)		(53,921)		(15,078)		(121,718)
Net interest income after provision for credit losses		322,426		97,701		(6,111)		414,016

Noninterest income		98,026		78,202		21,152		197,380
Noninterest expense		(232,976)		(79,961)		(54,735)		(367,672)
Income (loss) before (provision) benefit for income taxes		187,476		95,942		(39,694)		243,724

(Provision) benefit for income taxes		(43,825)		(21,951)		7,806		(57,970)
Net income (loss)	$	143,651	$	73,991	$	(31,888)	$	185,754
Total assets as of December 31, 2020	$	6,894,602	$	6,526,863	$	9,241,366	$	22,662,831


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Year Ended December 31, 2019
Net interest income	$	413,029	$	141,227	$	19,146	$	573,402
Provision for credit losses		(6,248)		(7,552)		—		(13,800)
Net interest income after provision for credit losses		406,781		133,675		19,146		559,602

Noninterest income		95,413		73,635		23,485		192,533
Noninterest expense		(228,389)		(82,380)		(59,668)		(370,437)
Income (loss) before (provision) benefit for income taxes		273,805		124,930		(17,037)		381,698

(Provision) benefit for income taxes		(69,285)		(32,298)		4,277		(97,306)
Net income (loss)	$	204,520	$	92,632	$	(12,760)	$	284,392
Total assets as of December 31, 2019	$	7,276,047	$	6,071,356	$	6,819,331	$	20,166,734

Parent Company (Tables) - First Hawaiian, Inc.

12 Months Ended

Dec. 31, 2021

Condensed Statements of Comprehensive Income


Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Income
Dividends from FHB	$	213,500	$	142,000	$	300,300
Other income		—		1,169		1,691
Total income		213,500		143,169		301,991
Noninterest expense
Salaries and employee benefits		3,732		3,660		5,241
Contracted services and professional fees		2,731		2,544		2,689
Equipment		—		31		—
Other		1,314		1,439		721
Total noninterest expense		7,777		7,674		8,651
Income before benefit for income taxes and equity in undistributed income (excess distributions) of FHB		205,723		135,495		293,340
Benefit for income taxes		1,877		679		1,672
Equity in undistributed income (excess distributions) of FHB		58,135		49,580		(10,620)
Net income	$	265,735	$	185,754	$	284,392
Comprehensive income	$	112,438	$	249,107	$	384,838

Condensed Statements of Condition


Condensed Statements of Condition
	December 31,
(dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	14,792	$	18,066
Investment in FHB		2,642,929		2,726,497
Other assets		26,869		26,138
Total assets	$	2,684,590	$	2,770,701
Liabilities and Stockholders' Equity
Retirement benefits payable	$	582	$	580
Other liabilities		27,096		26,017
Total liabilities		27,678		26,597

Total stockholders' equity		2,656,912		2,744,104
Total liabilities and stockholders' equity	$	2,684,590	$	2,770,701

Condensed Statement of Cash Flows


Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Cash flows from operating activities
Net income	$	265,735	$	185,754	$	284,392
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed income) excess distributions of FHB		(58,135)		(49,580)		10,620
Deferred income taxes		36		5		85
Stock-based compensation		492		713		84
Change in assets and liabilities:
Net decrease (increase) in other assets		242		(1,451)		5,318
Net increase (decrease) in other liabilities		50		(294)		(5,439)
Net cash provided by operating activities		208,420		135,147		295,060

Cash flows from financing activities
Dividends paid		(134,133)		(135,099)		(138,246)
Stock tendered for payment of withholding taxes		(3,108)		(1,749)		(1,764)
Proceeds from employee stock purchase plan		547		312		—
Common stock repurchased		(75,000)		(5,000)		(136,242)
Net cash used in financing activities		(211,694)		(141,536)		(276,252)
Net (decrease) increase in cash and cash equivalents		(3,274)		(6,389)		18,808
Cash and cash equivalents at beginning of year		18,066		24,455		5,647
Cash and cash equivalents at end of year	$	14,792	$	18,066	$	24,455

Organization and Summary of Significant Accounting Policies - Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2021 location
Capitalization
Number of Branches	54
First Hawaiian, Inc. (FHI)
Capitalization
Outstanding common stock owned (as a percent)	100.00%

Organization and Summary of Significant Accounting Policies - Transition to an Independent Public Company (Details) - First Hawaiian, Inc. (FHI) - USD ($)		12 Months Ended
	Feb. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reorganization Transactions
Outstanding common stock owned after sales of shares (as a percent)	0.00%
Completion of public offering
Reorganization Transactions
Proceeds from the sales of shares		$ 0	$ 0	$ 0

Organization and Summary of Significant Accounting Policies - VIEs and Cash and Due from Banks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash and Due from Banks
Average cash reserves required with Federal Reserve Bank	$ 0	$ 18,400
Included in other liabilities \| VIEs, not primary beneficiary
Variable Interest Entities
Unfunded commitments to fund low-income housing partnerships	$ 62,600	$ 89,000

Organization and Summary of Significant Accounting Policies - Investment Securities (Details)	12 Months Ended
	Dec. 31, 2021
Organization and Summary of Significant Accounting Policies
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better	2.00%

Organization and Summary of Significant Accounting Policies - Allowance for Credit Losses (Details)	12 Months Ended
	Dec. 31, 2021 segment
Organization and Summary of Significant Accounting Policies
Estimated credit loss model, forecast horizon	1 year
Number of portfolio segments	3

Organization and Summary of Significant Accounting Policies - Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Buildings \| Minimum
Premises and Equipment
Useful lives	7 years
Buildings \| Maximum
Premises and Equipment
Useful lives	39 years
Furniture and equipment \| Minimum
Premises and Equipment
Useful lives	3 years
Furniture and equipment \| Maximum
Premises and Equipment
Useful lives	20 years

Organization and Summary of Significant Accounting Policies - Non Marketable Equity Securities Impairment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization and Summary of Significant Accounting Policies
Impairment recognized on non marketable equity securities	$ 0	$ 0	$ 0

Organization and Summary of Significant Accounting Policies - Pension and Other Postretirement Benefit Plans and Advertising and Marketing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Expected long term rate of return for defined benefit plans
Time period for average rate of return	20 years
Percentage of greater of projected benefit obligation or fair value of plan assets for amortization of actuarial gains or losses	5.00%
Amortization period for actuarial gains and losses that exceed threshold	5 years
Advertising and marketing costs
Advertising and marketing	$ 6,108	$ 5,695	$ 6,910

Transactions with Affiliates and Related Parties - Loans to Executive Officers, Directors and Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in loans executive officers, directors and affiliates
Balance at beginning of year	$ 91,226	$ 85,280	$ 66,088
New loans made	2,659	18,133	22,682
Repayments	(7,850)	(12,187)	(3,490)
Balance at end of year	$ 86,035	$ 91,226	$ 85,280

Transactions with Affiliates and Related Parties - Summary of Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Other liabilities		$ 0	$ 0
Off-balance sheet commitments with affiliates to purchase and sell foreign currencies		0	0
Related parties associated with its branch premises
Related party transactions
Noninterest income from affiliates	$ 382,000	0	0
Noninterest expense to affiliates	(4,000)	$ 0	$ 0
BancWest Corporation (BWC) \| Expense reimbursements
Related party transactions
Payments received from BWC	$ 7,200,000

Investment Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available for sale debt securities
Amortized Cost	$ 8,560,733	$ 5,985,031
Unrealized Gains	24,595	97,114
Unrealized Losses	(157,296)	(10,730)
Total available-for-sale securities, Fair value,	8,428,032	6,071,415
Available-for-sale investment securities
Accrued interest receivable related to available-for-sale investment securities	14,100	10,600
Collateralized Loan Obligations [Member]
Available for sale debt securities
Amortized Cost	105,245
Unrealized Gains	2
Total available-for-sale securities, Fair value,	105,247
Residential - Government agency
Available for sale debt securities
Amortized Cost	135,764	155,169
Unrealized Gains	1,791	5,293
Unrealized Losses	(291)
Total available-for-sale securities, Fair value,	137,264	160,462
Residential - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	1,496,605	434,282
Unrealized Gains	6,914	13,643
Unrealized Losses	(12,419)	(725)
Total available-for-sale securities, Fair value,	1,491,100	447,200
Commercial - Government agency
Available for sale debt securities
Amortized Cost	392,443	583,232
Unrealized Gains	1,741	16,537
Unrealized Losses	(6,521)	(119)
Total available-for-sale securities, Fair value,	387,663	599,650
Commercial - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	1,415,511	931,095
Unrealized Gains	2,646	9,045
Unrealized Losses	(48,714)	(7,983)
Total available-for-sale securities, Fair value,	1,369,443	932,157
Government agency
Available for sale debt securities
Amortized Cost	2,103,187	1,902,326
Unrealized Gains	7,768	32,246
Unrealized Losses	(31,432)	(1,019)
Total available-for-sale securities, Fair value,	2,079,523	1,933,553
Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	2,671,131	1,808,804
Unrealized Gains	3,608	18,991
Unrealized Losses	(53,695)	(823)
Total available-for-sale securities, Fair value,	2,621,044	1,826,972
Debt securities issued by states and political subdivisions
Available for sale debt securities
Amortized Cost	44,185
Total available-for-sale securities, Fair value,	44,185
U.S. Treasury securities
Available for sale debt securities
Amortized Cost	196,662	170,123
Unrealized Gains	125	1,359
Unrealized Losses	(4,224)	(61)
Total available-for-sale securities, Fair value,	$ 192,563	$ 171,421

Investment Securities - Proceeds from Calls and Sales, Realized Gains and Losses and Interest Income Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Proceeds from calls and sales of investment securities and other assets
Proceeds from calls of investment securities	$ 8.6	$ 102.0	$ 63.0
Proceeds from sales of investment securities	2.5	543.0	1,000.0
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract]
Gross realized gains on sales of investment securities	0.1	0.6	0.5
Gross realized losses on sales of investment securities	0.0	0.7	3.2
Income tax benefit related to net realized loss on sale of investment securities		0.0	0.7
Income tax expense related to net realized gains on sale of investment securities	0.0
Interest income from taxable and nontaxable investment securities
Interest income from taxable investment securities	93.3	80.9	92.5
Interest income from non-taxable investment securities	$ 8.1	$ 0.9	$ 0.0

Investment Securities - Amortized Cost and Fair Value, by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due after one year through five years	$ 50,465
Due after five years through ten years	123,729
Due after ten years	171,898
Total contractual maturities	346,092
Amortized Cost	8,560,733	$ 5,985,031
Fair Value
Due after one year through five years	50,361
Due after five years through ten years	121,960
Due after ten years	169,674
Total contractual maturities	341,995
Total available-for-sale securities, Fair value,	8,428,032	6,071,415
Mortgage-backed securities:
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	3,440,323
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	3,385,470
Residential - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	135,764
Amortized Cost	135,764	155,169
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	137,264
Total available-for-sale securities, Fair value,	137,264	160,462
Residential - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,496,605
Amortized Cost	1,496,605	434,282
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,491,100
Total available-for-sale securities, Fair value,	1,491,100	447,200
Commercial - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	392,443
Amortized Cost	392,443	583,232
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	387,663
Total available-for-sale securities, Fair value,	387,663	599,650
Commercial - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,415,511
Amortized Cost	1,415,511	931,095
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,369,443
Total available-for-sale securities, Fair value,	1,369,443	932,157
Collateralized mortgage obligations
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	4,774,318
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	4,700,567
Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,103,187
Amortized Cost	2,103,187	1,902,326
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,079,523
Total available-for-sale securities, Fair value,	2,079,523	1,933,553
Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,671,131
Amortized Cost	2,671,131	1,808,804
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,621,044
Total available-for-sale securities, Fair value,	$ 2,621,044	$ 1,826,972

Investment Securities - Pledged Securities and Concentration Narrative (Details) - USD ($) $ in Thousands	24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pledged securities
Total pledged securities	$ 2,100,000	$ 2,400,000
Securities pledged to secure public deposits	1,913,369	2,251,508
Securities pledged to secure public deposits and repurchase transactions	1,900,000	2,300,000
Securities pledged to secure other financial transactions	193,200	186,100
Concentration of risk
Credit losses recognized on securities	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	12 Months Ended
	Dec. 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	318	50
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	$ (125,923)	$ (10,705)
12 Months or More Unrealized Losses	(31,373)	(25)
Total Unrealized Losses	(157,296)	(10,730)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	6,044,029	1,068,883
12 Months or More Fair Value	497,202	6,190
Total Fair Value	$ 6,541,231	1,075,073
Credit losses		0
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better	2.00%
U.S. Treasury and government agency debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	$ (3,355)	(61)
12 Months or More Unrealized Losses	(869)
Total Unrealized Losses	(4,224)	(61)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	134,468	38,507
12 Months or More Fair Value	16,642
Total Fair Value	151,110	38,507
Residential - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(10,876)	(725)
12 Months or More Unrealized Losses	(1,543)
Total Unrealized Losses	(12,419)	(725)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	1,230,104	64,987
12 Months or More Fair Value	32,415
Total Fair Value	1,262,519	64,987
Residential - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(291)
Total Unrealized Losses	(291)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	51,231
Total Fair Value	51,231
Commercial - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(5,239)	(119)
12 Months or More Unrealized Losses	(1,282)
Total Unrealized Losses	(6,521)	(119)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	186,024	32,346
12 Months or More Fair Value	26,063
Total Fair Value	212,087	32,346
Commercial - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(22,179)	(7,983)
12 Months or More Unrealized Losses	(26,535)
Total Unrealized Losses	(48,714)	(7,983)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	744,819	427,759
12 Months or More Fair Value	397,123
Total Fair Value	1,141,942	427,759
Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(31,432)	(994)
12 Months or More Unrealized Losses		(25)
Total Unrealized Losses	(31,432)	(1,019)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	1,441,848	209,124
12 Months or More Fair Value		6,190
Total Fair Value	1,441,848	215,314
Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(52,551)	(823)
12 Months or More Unrealized Losses	(1,144)
Total Unrealized Losses	(53,695)	(823)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	2,255,535	296,160
12 Months or More Fair Value	24,959
Total Fair Value	$ 2,280,494	$ 296,160

Loans and Leases - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and leases
Loans and leases	$ 12,961,999	$ 13,279,097	$ 13,211,650
Outstanding loan balances, deferred loan costs and fees	42,200	26,100
Accrued interest receivable related to loans and leases recorded separately	49,000	59,000
Residential real estate loans pledged to collateralize the borrowing capacity at the FHLB	2,400,000	2,900,000
Consumer, commercial and industrial, commercial real estate and residential real estate loans pledged to collateralize the borrowing capacity at the FRB	1,700,000	1,900,000
Real estate
Loans and leases
Loans and leases	4,959,975	4,531,842
Commercial and Industrial
Loans and leases
Loans and leases	2,087,099	3,019,507	2,743,242
Commercial and Industrial \| Real estate
Loans and leases
Loans and leases	2,087,099	3,019,507
Commercial real estate
Loans and leases
Loans and leases	3,639,623	3,392,676	3,463,953
Commercial real estate \| Real estate
Loans and leases
Loans and leases	3,639,623	3,392,676
Construction
Loans and leases
Loans and leases	813,969	735,819	519,241
Construction \| Real estate
Loans and leases
Loans and leases	813,969	735,819
Residential Mortgage
Loans and leases
Loans and leases	4,083,367	3,690,218	4,662,175
Properties in the process of foreclosure	4,700	2,300
Residential Mortgage \| Real estate
Loans and leases
Loans and leases	4,083,367	3,690,218
Home equity Line
Loans and leases
Loans and leases	876,608	841,624
Home equity Line \| Real estate
Loans and leases
Loans and leases	876,608	841,624
Consumer
Loans and leases
Loans and leases	1,229,939	1,353,842	1,620,556
Consumer \| Real estate
Loans and leases
Loans and leases	1,229,939	1,353,842
Lease financing
Loans and leases
Loans and leases	231,394	245,411	$ 202,483
Home Equity Loans and Lines of Credit
Loans and leases
Loans and leases	876,608
Commercial Lending
Loans and leases
Loans and leases	6,772,085	7,393,413
Residential mortgage
Loans and leases
Loans and leases	$ 4,083,367	3,690,218
Home equity
Loans and leases
Loans and leases		841,624
Home equity \| Residential Mortgage
Loans and leases
Loans and leases		$ 4,531,842

Loans and Leases - Remaining Commitments Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Net gain (loss) from sale of loans	$ 1.3	$ 14.5	$ (1.3)

Allowance for Credit Losses - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan and lease losses:
Balance at beginning of period	$ 208,454	$ 130,530	$ 141,718
Adoption of ASU 2016-13		770
Charge-offs	(23,623)	(47,563)	(35,987)
Recoveries	11,150	16,702	10,999
Increase (decrease) in Provision	(38,719)	108,015	13,800
Balance at end of period	157,262	208,454	130,530
Commercial and Industrial
Allowance for loan and lease losses:
Balance at beginning of period	24,711	28,975	34,501
Adoption of ASU 2016-13		(16,105)
Charge-offs	(5,949)	(15,572)	(2,718)
Recoveries	867	5,005	410
Increase (decrease) in Provision	451	22,408	(3,218)
Balance at end of period	20,080	24,711	28,975
Commercial real estate
Allowance for loan and lease losses:
Balance at beginning of period	58,123	22,325	19,725
Adoption of ASU 2016-13		10,559
Charge-offs	(66)	(2,753)
Recoveries	39	615	263
Increase (decrease) in Provision	(15,145)	27,377	2,337
Balance at end of period	42,951	58,123	22,325
Construction
Allowance for loan and lease losses:
Balance at beginning of period	10,039	4,844	5,813
Adoption of ASU 2016-13		(1,803)
Charge-offs		(379)
Recoveries	266	200
Increase (decrease) in Provision	(532)	7,177	(969)
Balance at end of period	9,773	10,039	4,844
Lease financing
Allowance for loan and lease losses:
Balance at beginning of period	3,298	424	432
Adoption of ASU 2016-13		207
Charge-offs			(24)
Increase (decrease) in Provision	(1,639)	2,667	16
Balance at end of period	1,659	3,298	424
Residential Mortgage
Allowance for loan and lease losses:
Balance at beginning of period		39,179	44,906
Charge-offs			(438)
Recoveries			967
Increase (decrease) in Provision			(6,256)
Balance at end of period			39,179
Consumer
Allowance for loan and lease losses:
Balance at beginning of period	64,659	34,644	35,813
Adoption of ASU 2016-13		15,575
Charge-offs	(16,634)	(28,791)	(32,807)
Recoveries	9,600	10,499	9,359
Increase (decrease) in Provision	(14,832)	32,732	22,279
Balance at end of period	42,793	64,659	34,644
Unallocated
Allowance for loan and lease losses:
Balance at beginning of period		139	528
Adoption of ASU 2016-13		(139)
Increase (decrease) in Provision			(389)
Balance at end of period			139
Residential mortgage
Allowance for loan and lease losses:
Balance at beginning of period	40,461	29,303
Adoption of ASU 2016-13		(2,793)
Charge-offs	(632)	(14)
Recoveries	261	216
Increase (decrease) in Provision	(5,726)	13,749
Balance at end of period	34,364	40,461	29,303
Home equity
Allowance for loan and lease losses:
Balance at beginning of period	7,163	9,876
Adoption of ASU 2016-13		(4,731)
Charge-offs	(342)	(54)
Recoveries	117	167
Increase (decrease) in Provision	(1,296)	1,905
Balance at end of period	$ 5,642	$ 7,163	$ 9,876

Allowance for Credit Losses - Disaggregation of ACL by Impairment Methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan and lease losses:
Individually evaluated for impairment			$ 203
Collectively evaluated for impairment			130,327
Total allowance for loan and lease losses	$ 157,262	$ 208,454	130,530	$ 141,718
Loans and leases:
Individually evaluated for impairment			20,638
Collectively evaluated for impairment			13,191,012
Total loans and leases	12,961,999	13,279,097	13,211,650
Commercial Lending
Loans and leases:
Total loans and leases	6,772,085	7,393,413
Commercial and Industrial
Allowance for loan and lease losses:
Individually evaluated for impairment			46
Collectively evaluated for impairment			28,929
Total allowance for loan and lease losses	20,080	24,711	28,975	34,501
Loans and leases:
Individually evaluated for impairment			4,951
Collectively evaluated for impairment			2,738,291
Total loans and leases	2,087,099	3,019,507	2,743,242
Commercial real estate
Allowance for loan and lease losses:
Individually evaluated for impairment			27
Collectively evaluated for impairment			22,298
Total allowance for loan and lease losses	42,951	58,123	22,325	19,725
Loans and leases:
Individually evaluated for impairment			723
Collectively evaluated for impairment			3,463,230
Total loans and leases	3,639,623	3,392,676	3,463,953
Construction
Allowance for loan and lease losses:
Collectively evaluated for impairment			4,844
Total allowance for loan and lease losses	9,773	10,039	4,844	5,813
Loans and leases:
Collectively evaluated for impairment			519,241
Total loans and leases	813,969	735,819	519,241
Lease financing
Allowance for loan and lease losses:
Collectively evaluated for impairment			424
Total allowance for loan and lease losses	1,659	3,298	424	432
Loans and leases:
Collectively evaluated for impairment			202,483
Total loans and leases	231,394	245,411	202,483
Residential Mortgage
Allowance for loan and lease losses:
Individually evaluated for impairment			130
Collectively evaluated for impairment			39,049
Total allowance for loan and lease losses			39,179	44,906
Loans and leases:
Individually evaluated for impairment			14,964
Collectively evaluated for impairment			4,647,211
Total loans and leases	4,083,367	3,690,218	4,662,175
Consumer
Allowance for loan and lease losses:
Collectively evaluated for impairment			34,644
Total allowance for loan and lease losses	42,793	64,659	34,644	35,813
Loans and leases:
Collectively evaluated for impairment			1,620,556
Total loans and leases	$ 1,229,939	$ 1,353,842	1,620,556
Unallocated
Allowance for loan and lease losses:
Collectively evaluated for impairment			139
Total allowance for loan and lease losses			$ 139	$ 528

Allowance for Credit Losses - Reserve for Unfunded Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reserve for unfunded commitments:
Adoption of ASU 2016-13		$ 770
Commercial and Industrial
Reserve for unfunded commitments:
Adoption of ASU 2016-13		(16,105)
Commercial real estate
Reserve for unfunded commitments:
Adoption of ASU 2016-13		10,559
Construction
Reserve for unfunded commitments:
Adoption of ASU 2016-13		(1,803)
Lease financing
Reserve for unfunded commitments:
Adoption of ASU 2016-13		207
Consumer
Reserve for unfunded commitments:
Adoption of ASU 2016-13		15,575
Reserve for unfunded commitments
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	$ 30,603	600
Adoption of ASU 2016-13		16,300
Increase (decrease) in Provision	(281)	13,703
Reserve for unfunded commitments, ending balance	30,322	30,603
Reserve for unfunded commitments \| Commercial and Industrial
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	11,719
Adoption of ASU 2016-13		5,390
Increase (decrease) in Provision	(3,104)	6,329
Reserve for unfunded commitments, ending balance	8,615	11,719
Reserve for unfunded commitments \| Commercial real estate
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	1,328
Adoption of ASU 2016-13		778
Increase (decrease) in Provision	786	550
Reserve for unfunded commitments, ending balance	2,114	1,328
Reserve for unfunded commitments \| Construction
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	9,037
Adoption of ASU 2016-13		4,119
Increase (decrease) in Provision	(74)	4,918
Reserve for unfunded commitments, ending balance	8,963	9,037
Reserve for unfunded commitments \| Residential mortgage
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	2
Adoption of ASU 2016-13		7
Increase (decrease) in Provision	13	(5)
Reserve for unfunded commitments, ending balance	15	2
Reserve for unfunded commitments \| Home equity
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	8,452
Adoption of ASU 2016-13		6,587
Increase (decrease) in Provision	2,094	1,865
Reserve for unfunded commitments, ending balance	10,546	8,452
Reserve for unfunded commitments \| Consumer
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	65	600
Adoption of ASU 2016-13		(581)
Increase (decrease) in Provision	4	46
Reserve for unfunded commitments, ending balance	$ 69	$ 65

Allowance for Credit Losses - Amortized Cost Basis by Year of Origination and Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Credit quality
Total loans and leases	$ 12,961,999	$ 13,279,097	$ 13,211,650
Loss
Credit quality
Total loans and leases	0	0
Residential mortgage
Credit quality
2020/2021	1,304,978	864,559
2019/2020	753,668	482,495
2018/2019	363,415	389,725
2017/2018	266,368	471,962
2016/2017	332,041	391,156
Prior	1,062,135	1,089,580
Revolving Loans Amortized Cost Basis	44	578
Revolving Loans Converted to Term Loans Amortized Cost Basis	718	163
Total loans and leases	4,083,367	3,690,218
Residential mortgage \| 740 and greater
Credit quality
2020/2021	1,101,958	728,807
2019/2020	635,061	384,248
2018/2019	286,993	290,484
2017/2018	198,622	361,297
2016/2017	251,906	314,971
Prior	829,175	830,795
Total loans and leases	3,303,715	2,910,602
Residential mortgage \| 680 - 739
Credit quality
2020/2021	140,997	85,151
2019/2020	81,590	53,090
2018/2019	45,163	44,616
2017/2018	27,315	50,703
2016/2017	32,855	39,230
Prior	125,906	144,537
Total loans and leases	453,826	417,327
Residential mortgage \| 620 - 679
Credit quality
2020/2021	15,781	15,767
2019/2020	11,943	7,604
2018/2019	5,268	11,460
2017/2018	10,149	9,628
2016/2017	9,069	7,982
Prior	37,404	43,393
Total loans and leases	89,614	95,834
Residential mortgage \| 550 - 619
Credit quality
2020/2021	1,735
2019/2020	873	1,971
2018/2019	698	2,818
2017/2018	533	2,920
2016/2017	2,033	4,474
Prior	7,475	10,144
Total loans and leases	13,347	22,327
Residential mortgage \| Less than 550
Credit quality
2019/2020		861
2018/2019		593
2017/2018	345	2,916
2016/2017	2,603	594
Prior	2,838	2,138
Total loans and leases	5,786	7,102
Residential mortgage \| No Score
Credit quality
2020/2021	18,882	13,823
2019/2020	7,938	18,861
2018/2019	15,051	21,214
2017/2018	18,107	21,821
2016/2017	17,333	14,355
Prior	42,185	45,147
Total loans and leases	119,496	135,221
Residential mortgage \| Fico Other
Credit quality
2020/2021	25,625	21,011
2019/2020	16,263	15,860
2018/2019	10,242	18,540
2017/2018	11,297	22,677
2016/2017	16,242	9,550
Prior	17,152	13,426
Revolving Loans Amortized Cost Basis	44	578
Revolving Loans Converted to Term Loans Amortized Cost Basis	718	163
Total loans and leases	97,583	101,805
Home equity
Credit quality
Revolving Loans Amortized Cost Basis		833,521
Revolving Loans Converted to Term Loans Amortized Cost Basis		8,103
Total loans and leases		841,624
Home equity \| 740 and greater
Credit quality
Revolving Loans Amortized Cost Basis		608,282
Revolving Loans Converted to Term Loans Amortized Cost Basis		2,163
Total loans and leases		610,445
Home equity \| 680 - 739
Credit quality
Revolving Loans Amortized Cost Basis		159,886
Revolving Loans Converted to Term Loans Amortized Cost Basis		3,155
Total loans and leases		163,041
Home equity \| 620 - 679
Credit quality
Revolving Loans Amortized Cost Basis		44,005
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,571
Total loans and leases		45,576
Home equity \| 550 - 619
Credit quality
Revolving Loans Amortized Cost Basis		11,644
Revolving Loans Converted to Term Loans Amortized Cost Basis		884
Total loans and leases		12,528
Home equity \| Less than 550
Credit quality
Revolving Loans Amortized Cost Basis		5,159
Revolving Loans Converted to Term Loans Amortized Cost Basis		330
Total loans and leases		5,489
Home equity \| No Score
Credit quality
Revolving Loans Amortized Cost Basis		4,545
Total loans and leases		4,545
Consumer loans
Credit quality
2020/2021		250,019
2019/2020		295,128
2018/2019		226,757
2017/2018		139,788
2016/2017		62,534
Prior		25,576
Revolving Loans Amortized Cost Basis		349,158
Revolving Loans Converted to Term Loans Amortized Cost Basis		4,882
Total loans and leases		1,353,842
Consumer loans \| 740 and greater
Credit quality
2020/2021		113,373
2019/2020		122,965
2018/2019		99,678
2017/2018		54,691
2016/2017		24,029
Prior		6,034
Revolving Loans Amortized Cost Basis		114,748
Revolving Loans Converted to Term Loans Amortized Cost Basis		275
Total loans and leases		535,793
Consumer loans \| 680 - 739
Credit quality
2020/2021		83,316
2019/2020		90,853
2018/2019		66,143
2017/2018		36,426
2016/2017		16,358
Prior		4,985
Revolving Loans Amortized Cost Basis		76,391
Revolving Loans Converted to Term Loans Amortized Cost Basis		773
Total loans and leases		375,245
Consumer loans \| 620 - 679
Credit quality
2020/2021		40,469
2019/2020		48,904
2018/2019		33,917
2017/2018		24,705
2016/2017		11,144
Prior		3,788
Revolving Loans Amortized Cost Basis		36,622
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,221
Total loans and leases		200,770
Consumer loans \| 550 - 619
Credit quality
2020/2021		9,125
2019/2020		20,274
2018/2019		17,693
2017/2018		15,126
2016/2017		7,825
Prior		2,883
Revolving Loans Amortized Cost Basis		12,980
Revolving Loans Converted to Term Loans Amortized Cost Basis		1,458
Total loans and leases		87,364
Consumer loans \| Less than 550
Credit quality
2020/2021		3,017
2019/2020		10,139
2018/2019		9,189
2017/2018		6,517
2016/2017		3,123
Prior		1,118
Revolving Loans Amortized Cost Basis		5,261
Revolving Loans Converted to Term Loans Amortized Cost Basis		799
Total loans and leases		39,163
Consumer loans \| No Score
Credit quality
2020/2021		339
2019/2020		103
2018/2019		64
2017/2018		109
2016/2017		10
Revolving Loans Amortized Cost Basis		33,854
Revolving Loans Converted to Term Loans Amortized Cost Basis		356
Total loans and leases		34,835
Consumer loans \| Fico Other
Credit quality
2020/2021		380
2019/2020		1,890
2018/2019		73
2017/2018		2,214
2016/2017		45
Prior		6,768
Revolving Loans Amortized Cost Basis		69,302
Total loans and leases		80,672
Residential and consumer
Credit quality
2020/2021	3,157,488	2,543,705
2019/2020	1,588,735	2,120,213
2018/2019	1,632,764	1,644,201
2017/2018	1,164,714	1,291,172
2016/2017	954,259	882,520
Prior	2,359,432	2,236,923
Revolving Loans Amortized Cost Basis	2,033,383	2,516,240
Revolving Loans Converted to Term Loans Amortized Cost Basis	71,224	44,123
Total loans and leases	12,961,999	13,279,097
Residential Mortgage
Credit quality
Total loans and leases	4,083,367	3,690,218	4,662,175
Residential Mortgage \| Home equity
Credit quality
2020/2021		864,559
2019/2020		482,495
2018/2019		389,725
2017/2018		471,962
2016/2017		391,156
Prior		1,089,580
Revolving Loans Amortized Cost Basis		834,099
Revolving Loans Converted to Term Loans Amortized Cost Basis		8,266
Total loans and leases		4,531,842
Home equity Line
Credit quality
Total loans and leases	876,608	841,624
Consumer
Credit quality
2020/2021	306,140
2019/2020	174,166
2018/2019	184,913
2017/2018	124,197
2016/2017	67,459
Prior	24,158
Revolving Loans Amortized Cost Basis	344,870
Revolving Loans Converted to Term Loans Amortized Cost Basis	4,036
Total loans and leases	1,229,939	1,353,842	1,620,556
Consumer \| 740 and greater
Credit quality
2020/2021	155,929
2019/2020	83,337
2018/2019	79,617
2017/2018	56,707
2016/2017	24,525
Prior	8,067
Revolving Loans Amortized Cost Basis	117,843
Revolving Loans Converted to Term Loans Amortized Cost Basis	209
Total loans and leases	526,234
Consumer \| 680 - 739
Credit quality
2020/2021	93,214
2019/2020	56,327
2018/2019	55,126
2017/2018	34,049
2016/2017	17,527
Prior	6,315
Revolving Loans Amortized Cost Basis	69,366
Revolving Loans Converted to Term Loans Amortized Cost Basis	707
Total loans and leases	332,631
Consumer \| 620 - 679
Credit quality
2020/2021	41,671
2019/2020	21,986
2018/2019	28,491
2017/2018	19,403
2016/2017	12,952
Prior	5,324
Revolving Loans Amortized Cost Basis	31,165
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,175
Total loans and leases	162,167
Consumer \| 550 - 619
Credit quality
2020/2021	7,836
2019/2020	8,265
2018/2019	13,265
2017/2018	10,497
2016/2017	7,469
Prior	3,244
Revolving Loans Amortized Cost Basis	10,359
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,089
Total loans and leases	62,024
Consumer \| Less than 550
Credit quality
2020/2021	2,272
2019/2020	3,867
2018/2019	6,646
2017/2018	3,484
2016/2017	2,739
Prior	1,175
Revolving Loans Amortized Cost Basis	3,195
Revolving Loans Converted to Term Loans Amortized Cost Basis	536
Total loans and leases	23,914
Consumer \| No Score
Credit quality
2020/2021	481
2019/2020	19
2018/2019	56
2017/2018	40
2016/2017	65
Prior	2
Revolving Loans Amortized Cost Basis	35,414
Revolving Loans Converted to Term Loans Amortized Cost Basis	320
Total loans and leases	36,397
Consumer \| Fico Other
Credit quality
2020/2021	4,737
2019/2020	365
2018/2019	1,712
2017/2018	17
2016/2017	2,182
Prior	31
Revolving Loans Amortized Cost Basis	77,528
Total loans and leases	86,572
Residential Mortgage.
Credit quality
2020/2021	1,304,978
2019/2020	753,668
2018/2019	363,415
2017/2018	266,368
2016/2017	332,041
Prior	1,062,135
Revolving Loans Amortized Cost Basis	867,295
Revolving Loans Converted to Term Loans Amortized Cost Basis	10,075
Total loans and leases	4,959,975
Home Equity Loans and Lines of Credit
Credit quality
Revolving Loans Amortized Cost Basis	867,251
Revolving Loans Converted to Term Loans Amortized Cost Basis	9,357
Total loans and leases	876,608
Home Equity Loans and Lines of Credit \| 740 and greater
Credit quality
Revolving Loans Amortized Cost Basis	671,566
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,873
Total loans and leases	673,439
Home Equity Loans and Lines of Credit \| 680 - 739
Credit quality
Revolving Loans Amortized Cost Basis	141,889
Revolving Loans Converted to Term Loans Amortized Cost Basis	3,968
Total loans and leases	145,857
Home Equity Loans and Lines of Credit \| 620 - 679
Credit quality
Revolving Loans Amortized Cost Basis	37,815
Revolving Loans Converted to Term Loans Amortized Cost Basis	2,500
Total loans and leases	40,315
Home Equity Loans and Lines of Credit \| 550 - 619
Credit quality
Revolving Loans Amortized Cost Basis	9,090
Revolving Loans Converted to Term Loans Amortized Cost Basis	948
Total loans and leases	10,038
Home Equity Loans and Lines of Credit \| Less than 550
Credit quality
Revolving Loans Amortized Cost Basis	2,574
Revolving Loans Converted to Term Loans Amortized Cost Basis	68
Total loans and leases	2,642
Home Equity Loans and Lines of Credit \| No Score
Credit quality
Revolving Loans Amortized Cost Basis	4,317
Total loans and leases	4,317
Commercial and Industrial
Credit quality
2020/2021	637,126	931,522
2019/2020	142,497	349,849
2018/2019	237,293	215,307
2017/2018	106,699	81,113
2016/2017	32,409	56,095
Prior	177,825	111,069
Revolving Loans Amortized Cost Basis	711,028	1,243,900
Revolving Loans Converted to Term Loans Amortized Cost Basis	42,222	30,652
Total loans and leases	2,087,099	3,019,507	2,743,242
Commercial and Industrial \| Pass
Credit quality
2020/2021	623,098	873,639
2019/2020	129,665	324,030
2018/2019	223,388	183,329
2017/2018	88,409	73,000
2016/2017	29,380	49,886
Prior	168,591	94,360
Revolving Loans Amortized Cost Basis	644,947	1,058,786
Revolving Loans Converted to Term Loans Amortized Cost Basis	40,193	28,853
Total loans and leases	1,947,671	2,685,883
Commercial and Industrial \| Special mention
Credit quality
2020/2021	397	20,937
2019/2020	4,382	10,370
2018/2019	4,213	20,164
2017/2018	12,552	2,099
2016/2017	974	279
Prior	5,313	8,316
Revolving Loans Amortized Cost Basis	4,804	101,183
Revolving Loans Converted to Term Loans Amortized Cost Basis	986	1,549
Total loans and leases	33,621	164,897
Commercial and Industrial \| Substandard
Credit quality
2020/2021	354	23,804
2019/2020	1,380	2,023
2018/2019	1,951	2,568
2017/2018	1,285	677
2016/2017	60	4,063
Prior	3,551	8,113
Revolving Loans Amortized Cost Basis	17,893	33,775
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,043	250
Total loans and leases	27,517	75,273
Commercial and Industrial \| Other Indicator
Credit quality
2020/2021	13,277	13,142
2019/2020	7,070	13,426
2018/2019	7,741	9,246
2017/2018	4,453	5,337
2016/2017	1,995	1,867
Prior	370	280
Revolving Loans Amortized Cost Basis	43,384	50,156
Total loans and leases	78,290	93,454
Commercial real estate
Credit quality
2020/2021	693,370	344,374
2019/2020	338,140	678,824
2018/2019	582,386	586,274
2017/2018	496,985	484,627
2016/2017	440,863	343,882
Prior	986,450	894,258
Revolving Loans Amortized Cost Basis	86,538	60,114
Revolving Loans Converted to Term Loans Amortized Cost Basis	14,891	323
Total loans and leases	3,639,623	3,392,676	3,463,953
Commercial real estate \| Pass
Credit quality
2020/2021	693,370	342,845
2019/2020	338,140	611,243
2018/2019	533,887	541,104
2017/2018	487,739	447,366
2016/2017	415,186	295,426
Prior	940,732	814,398
Revolving Loans Amortized Cost Basis	78,479	47,604
Revolving Loans Converted to Term Loans Amortized Cost Basis	14,891	323
Total loans and leases	3,502,424	3,100,309
Commercial real estate \| Special mention
Credit quality
2020/2021		1,500
2019/2020		63,617
2018/2019	48,499	26,187
2017/2018	7,470	33,482
2016/2017	25,513	37,841
Prior	30,255	61,279
Revolving Loans Amortized Cost Basis	7,600	2,999
Total loans and leases	119,337	226,905
Commercial real estate \| Substandard
Credit quality
2020/2021		29
2019/2020		3,964
2018/2019		18,983
2017/2018	1,776	3,779
2016/2017	164	10,615
Prior	15,303	18,083
Revolving Loans Amortized Cost Basis	459	9,511
Total loans and leases	17,702	64,964
Commercial real estate \| Other Indicator
Credit quality
Prior	160	498
Total loans and leases	160	498
Construction
Credit quality
2020/2021	181,393	70,509
2019/2020	116,642	250,631
2018/2019	214,875	211,831
2017/2018	160,689	94,034
2016/2017	65,454	25,492
Prior	51,264	54,353
Revolving Loans Amortized Cost Basis	23,652	28,969
Total loans and leases	813,969	735,819	519,241
Construction \| Pass
Credit quality
2020/2021	154,558	53,931
2019/2020	107,767	233,730
2018/2019	210,314	202,808
2017/2018	155,311	83,792
2016/2017	62,770	23,171
Prior	48,021	41,536
Revolving Loans Amortized Cost Basis	22,859	28,386
Total loans and leases	761,600	667,354
Construction \| Special mention
Credit quality
2019/2020		508
2018/2019	244	707
2017/2018	707	4,717
Prior	356	9,172
Total loans and leases	1,307	15,104
Construction \| Substandard
Credit quality
2018/2019		541
2017/2018	363	1,840
2016/2017		521
Prior	839	989
Total loans and leases	1,202	3,891
Construction \| Other Indicator
Credit quality
2020/2021	26,835	16,578
2019/2020	8,875	16,393
2018/2019	4,317	7,775
2017/2018	4,308	3,685
2016/2017	2,684	1,800
Prior	2,048	2,656
Revolving Loans Amortized Cost Basis	793	583
Total loans and leases	49,860	49,470
Lease financing
Credit quality
2020/2021	34,481	82,722
2019/2020	63,622	63,286
2018/2019	49,882	14,307
2017/2018	9,776	19,648
2016/2017	16,033	3,361
Prior	57,600	62,087
Total loans and leases	231,394	245,411	$ 202,483
Lease financing \| Pass
Credit quality
2020/2021	33,980	79,064
2019/2020	60,650	60,717
2018/2019	48,236	13,669
2017/2018	9,449	17,207
2016/2017	15,009	3,010
Prior	57,130	61,266
Total loans and leases	224,454	234,933
Lease financing \| Special mention
Credit quality
2020/2021	501	950
2019/2020	2,702	892
2018/2019	1,506	311
2017/2018	311	1,300
2016/2017	153	351
Prior		295
Total loans and leases	5,173	4,099
Lease financing \| Substandard
Credit quality
2020/2021		2,708
2019/2020	270	1,677
2018/2019	140	327
2017/2018	16	1,141
2016/2017	871
Prior	470	526
Total loans and leases	1,767	6,379
Commercial Lending
Credit quality
2020/2021	1,546,370	1,429,127
2019/2020	660,901	1,342,590
2018/2019	1,084,436	1,027,719
2017/2018	774,149	679,422
2016/2017	554,759	428,830
Prior	1,273,139	1,121,767
Revolving Loans Amortized Cost Basis	821,218	1,332,983
Revolving Loans Converted to Term Loans Amortized Cost Basis	57,113	30,975
Total loans and leases	$ 6,772,085	$ 7,393,413

Allowance for Credit Losses - Amortized Cost Basis of Revolving Loans that Were Converted to Term Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	$ 21,851	$ 54,817
Commercial and Industrial
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	1,153	35,760
Home equity Line
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	3,656	13,569
Consumer
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	1,574	4,882
Residential Mortgage.
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	577	296
Commercial real estate
Credit quality
Total Revolving Loans Converted to Term Loans During the Period	$ 14,891	$ 310

Allowance for Credit Losses - Credit Risk Profiles by Internally Assigned Grade (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Credit quality
Loans and leases	$ 12,961,999	$ 13,279,097	$ 13,211,650
Loss
Credit quality
Loans and leases	0	0
Commercial and Industrial
Credit quality
Loans and leases	2,087,099	3,019,507	2,743,242
Commercial and Industrial \| Pass
Credit quality
Loans and leases	1,947,671	2,685,883
Commercial and Industrial \| Special mention
Credit quality
Loans and leases	33,621	164,897
Commercial and Industrial \| Substandard
Credit quality
Loans and leases	27,517	75,273
Commercial real estate
Credit quality
Loans and leases	3,639,623	3,392,676	3,463,953
Commercial real estate \| Pass
Credit quality
Loans and leases	3,502,424	3,100,309
Commercial real estate \| Special mention
Credit quality
Loans and leases	119,337	226,905
Commercial real estate \| Substandard
Credit quality
Loans and leases	17,702	64,964
Construction
Credit quality
Loans and leases	813,969	735,819	519,241
Construction \| Pass
Credit quality
Loans and leases	761,600	667,354
Construction \| Special mention
Credit quality
Loans and leases	1,307	15,104
Construction \| Substandard
Credit quality
Loans and leases	1,202	3,891
Lease financing
Credit quality
Loans and leases	231,394	245,411	$ 202,483
Lease financing \| Pass
Credit quality
Loans and leases	224,454	234,933
Lease financing \| Special mention
Credit quality
Loans and leases	5,173	4,099
Lease financing \| Substandard
Credit quality
Loans and leases	1,767	6,379
Commercial Lending
Credit quality
Loans and leases	$ 6,772,085	$ 7,393,413

Allowance for Credit Losses - Credit Risk Profiles Based on Payment Activity, Not Subject to Loan Grading (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	$ 12,961,999	$ 13,279,097	$ 13,211,650
Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	4,083,367	3,690,218
Home equity
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases		841,624
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases		1,353,842
Residential and consumer
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	12,961,999	13,279,097
Residential Mortgage
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	4,083,367	3,690,218	4,662,175
Residential Mortgage \| Home equity
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases		4,531,842
Home equity Line
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	876,608	841,624
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	1,229,939	$ 1,353,842	$ 1,620,556
Residential Mortgage.
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	4,959,975
Home Equity Loans and Lines of Credit
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases	$ 876,608

Allowance for Credit Losses - Aging of Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 12,961,999	$ 13,279,097	$ 13,211,650
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	7,208	11,167
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	23,090	26,688
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	6,101	13,621
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	12,416	17,182
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	41,607	57,491
Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	12,920,392	13,221,606
Commercial and Industrial
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,087,099	3,019,507	2,743,242
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	740	2,108
Commercial and Industrial \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,195	2,585
Commercial and Industrial \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,195	604
Commercial and Industrial \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,318	2,626
Commercial and Industrial \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,708	5,815
Commercial and Industrial \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,083,391	3,013,692
Commercial real estate
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,639,623	3,392,676	3,463,953
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
Loans and leases	631	75
Commercial real estate \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases		2,568
Commercial real estate \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases		963
Commercial real estate \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	631	3,606
Commercial real estate \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,638,992	3,389,070
Construction
Financing Receivable, Recorded Investment, Past Due
Loans and leases	813,969	735,819	519,241
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
Loans and leases	162	779
Construction \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases		376
Construction \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases		2,137
Construction \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	162	3,292
Construction \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	813,807	732,527
Lease financing
Financing Receivable, Recorded Investment, Past Due
Loans and leases	231,394	245,411	202,483
Lease financing \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	231,394	245,411
Residential Mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,083,367	3,690,218	4,662,175
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	987
Residential Mortgage \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,030	3,382
Residential Mortgage \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,002	4,125
Residential Mortgage \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5,617	3,372
Residential Mortgage \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	9,649	10,879
Residential Mortgage \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,073,718	3,679,339
Home equity Line
Financing Receivable, Recorded Investment, Past Due
Loans and leases	876,608	841,624
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	3,681	4,818
Home equity Line \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,538	1,375
Home equity Line \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	538	743
Home equity Line \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,681	4,818
Home equity Line \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5,757	6,936
Home equity Line \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	870,851	834,688
Consumer
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,229,939	1,353,842	$ 1,620,556
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	1,800	3,266
Consumer \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	16,534	18,492
Consumer \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,366	5,205
Consumer \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,800	3,266
Consumer \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	21,700	26,963
Consumer \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,208,239	1,326,879
Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 4,083,367	3,690,218
Home equity
Financing Receivable, Recorded Investment, Past Due
Loans and leases		841,624
Home equity \| Residential Mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases		4,531,842
Consumer loans
Financing Receivable, Recorded Investment, Past Due
Loans and leases		$ 1,353,842

Allowance for Credit Losses - Amortized Cost Basis of Loans and Leases on Nonaccrual Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	$ 1,919	$ 3,156
Nonaccrual Loans and Leases	7,082	9,082
Interest income on nonaccrual loans	400	200
Accrued interest receivables written off, Interest income reversed	800	1,400
Commercial and Industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases	718	518
Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	727
Nonaccrual Loans and Leases	727	80
Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses		1,840
Nonaccrual Loans and Leases		2,043
Residential Mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	1,192	1,316
Nonaccrual Loans and Leases	$ 5,637	$ 6,441

Allowance for Credit Losses - Collateral-Dependent Loans and Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Allowance for Credit Losses
Amortized cost basis of collateral dependent loans	$ 7.5	$ 21.0

Allowance for Credit Losses - Impaired Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Average Recorded Investment
Impaired loans with no related allowance recorded	$ 15,329
Impaired loans with a related allowance recorded	11,608
Total impaired loans	26,937
Interest Income Recognized
Impaired loans with no related allowance recorded	1,352
Impaired loans with a related allowance recorded	464
Total impaired loans	1,816
Commercial and Industrial
Average Recorded Investment
Impaired loans with no related allowance recorded	3,687
Impaired loans with a related allowance recorded	4,485
Total impaired loans	8,172
Interest Income Recognized
Impaired loans with no related allowance recorded	431
Impaired loans with a related allowance recorded	85
Total impaired loans	516
Commercial real estate
Average Recorded Investment
Impaired loans with no related allowance recorded	2,825
Impaired loans with a related allowance recorded	710
Total impaired loans	3,535
Interest Income Recognized
Impaired loans with no related allowance recorded	481
Impaired loans with a related allowance recorded	40
Total impaired loans	521
Construction
Average Recorded Investment
Impaired loans with no related allowance recorded	8,777
Total impaired loans	15,190
Interest Income Recognized
Impaired loans with no related allowance recorded	440
Total impaired loans	779
Residential Mortgage
Average Recorded Investment
Impaired loans with no related allowance recorded	40
Impaired loans with a related allowance recorded	6,413
Total impaired loans	40
Interest Income Recognized
Impaired loans with a related allowance recorded	$ 339

Allowance for Credit Losses - Troubled Debt Restructuring Modifications (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract loan	Dec. 31, 2019 USD ($) contract
Troubled debt restructuring modifications
Number of Contracts \| contract	1,689	5	3
Recorded Investment	$ 23,765	$ 7,795	$ 1,180
Related ACL	2,605	590	$ 25
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	6,700,000	6,100,000
Commitments related to borrowers who had loan terms modified in a TDR	$ 200	$ 200
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	414	1	2
Recorded Investment, Defaulted TDRs	$ 7,659	$ 500	$ 571
Commercial and Industrial
Troubled debt restructuring modifications
Number of Contracts \| contract	11	1	2
Recorded Investment	$ 1,481	$ 500	$ 571
Related ACL	$ 124	$ 30	$ 25
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	3	1	2
Recorded Investment, Defaulted TDRs	$ 569	$ 500	$ 571
Commercial real estate
Troubled debt restructuring modifications
Number of Contracts \| contract	1	3
Recorded Investment	$ 346	$ 6,470
Related ACL	$ 78	$ 470
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	1
Recorded Investment, Defaulted TDRs	$ 356
Residential Mortgage
Troubled debt restructuring modifications
Number of Contracts \| contract		1	1
Recorded Investment		$ 825	$ 609
Related ACL		$ 90
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	4
Recorded Investment, Defaulted TDRs	$ 1,012
Residential mortgage loans collateralized by real estate property and modified in a TDR in the process of foreclosure	300
Residential Mortgage \| Real estate property held from foreclosed TDR
Loans modified in TDRs that experienced a payment default
Real estate property held from a foreclosed TDR	$ 200
Consumer
Troubled debt restructuring modifications
Number of Contracts \| contract	1,652
Recorded Investment	$ 15,710
Related ACL	$ 2,127
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	405
Recorded Investment, Defaulted TDRs	$ 5,272
Construction
Troubled debt restructuring modifications
Number of Contracts \| contract	12
Recorded Investment	$ 689
Related ACL	$ 69
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| contract	1
Recorded Investment, Defaulted TDRs	$ 450
Residential Mortgage.
Troubled debt restructuring modifications
Number of Contracts \| contract	13
Recorded Investment	$ 5,539
Related ACL	207
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
Commitments to extend credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	6,490,301	$ 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	182,447	185,108
Commercial letters of credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 3,307	$ 3,834

Premises and Equipment - Components and Depreciation and Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of premises and equipment
Premises and equipment	$ 571,602	$ 566,822
Less: Accumulated depreciation and amortization	253,154	244,421
Net book value	318,448	322,401
Depreciation and amortization expenses	15,831	15,952	$ 14,522
Occupancy
Components of premises and equipment
Depreciation and amortization expenses	9,149	9,231	9,037
Equipment
Components of premises and equipment
Depreciation and amortization expenses	6,682	6,721	$ 5,485
Buildings
Components of premises and equipment
Premises and equipment	295,286	296,107
Furniture and equipment
Components of premises and equipment
Premises and equipment	95,824	98,800
Land
Components of premises and equipment
Premises and equipment	113,720	114,852
Leasehold improvements
Components of premises and equipment
Premises and equipment	$ 66,772	$ 57,063

Other Assets - Goodwill (Details) $ in Thousands	12 Months Ended
Other Assets - Goodwill (Details) $ in Thousands	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)
Goodwill
Number of reporting segments with goodwill \| segment	2	2
Goodwill	$ 995,492	$ 995,492
Impairment of goodwill	0	0	$ 0
Retail Banking
Goodwill
Goodwill	687,492	687,492
Commercial Banking
Goodwill
Goodwill	$ 308,000	$ 308,000

Other Assets - Loans, Fees, Amortization and Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Intangible Assets
Unpaid principal amount of consumer loans serviced for others	$ 1,673,158	$ 2,189,027
Contractually specified fees, late charges, and ancillary fees	4,800	5,700	$ 6,300
Amortization of mortgage servicing rights	3,676	6,313	$ 3,600
Mortgage servicing assets
Estimated future amortization expenses for MSRs over the next five years
2022	1,613
2023	1,274
2024	1,036
2025	854
2026	710
Details of MSRs
Gross carrying amount	69,103	67,856
Less: accumulated amortization	60,801	57,125
Net carrying value	$ 8,302	$ 10,731

Other Assets - Changes in Amortized MSRs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in amortized mortgage servicing rights
Balance at beginning of period	$ 10,731	$ 12,668
Originations	1,247	4,376
Amortization	(3,676)	(6,313)	$ (3,600)
Balance at end of period	8,302	10,731	12,668
Fair value of amortized MSRs at beginning of period	14,029	20,329
Fair value of amortized MSRs at end of period	12,243	14,029	20,329
Impairment of MSRs recorded	$ 0	$ 0	$ 0

Other Assets - Quantitative Assumptions Used for MSRs (Details)	12 Months Ended
	Dec. 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)	13.77%	11.86%
Life in years (of the MSR)	1 year 11 months 26 days	1 year 9 months 29 days
Weighted-average coupon rate (as a percent)	3.58%	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)	25.19%	26.52%
Life in years (of the MSR)	5 years 3 months 21 days	6 years 8 months 4 days
Weighted-average coupon rate (as a percent)	6.56%	6.98%
Discount rate (as a percent)	10.01%	10.00%
Weighted Average
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	14.61%	16.90%
Life in years (of the MSR)	5 years 10 days	4 years 5 months 12 days
Weighted-average coupon rate (as a percent)	3.71%	3.84%
Discount rate (as a percent)	10.00%	10.00%

Other Assets - Affordable Housing and Other Tax Credit Investment Partnerships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Affordable housing and other tax credit investment partnership interests
Affordable housing tax credits and other benefits recognized	$ 22.7	$ 15.8	$ 10.6
Provision for income taxes
Affordable housing and other tax credit investment partnership interests
Amortization	21.7	10.5	$ 11.3
Included in other assets
Affordable housing and other tax credit investment partnership interests
Investment partnership interest	$ 184.3	$ 170.2

Other Assets - Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank Stock redemption notice period	5 years
Included in other assets
Investment in Federal Home Loan Bank stock	$ 10.1	$ 18.1

Other Assets - Software, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Assets.
Software, net included in other assets	$ 13.3	$ 15.2
Amortization of software expenses, recorded in other noninterest expense	$ 8.6	$ 6.4	$ 4.3

Transfers of Financial Assets - Carrying Amounts of Assets Pledged as Collateral, Borrowings and Other Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Carrying amounts of the assets pledged as collateral
Public deposits	$ 1,913,369	$ 2,251,508
Federal Home Loan Bank	2,380,042	2,917,317
Federal Reserve Bank	1,724,279	1,919,744
ACH transactions	115,038	111,347
Interest rate swaps	48,430	56,004
Total	6,181,158	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	Dec. 31, 2021	Dec. 31, 2020
U.S.:
Interest-bearing	$ 11,553,298	$ 10,928,712
Noninterest-bearing	8,498,187	6,674,352
Foreign:
Interest-bearing	868,985	776,897
Noninterest-bearing	895,676	847,762
Total deposits	$ 21,816,146	$ 19,227,723

Deposits - Maturity Distribution of Time Certificates of Deposits (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Maturity distribution of time certificates of deposit
Three months or less	$ 550,005
Over three through six months	308,464
Over six through twelve months	602,080
2023	129,079
2024	76,731
2025	57,147
2026	52,228
Thereafter	704
Total	1,776,438
Under $250,000
Maturity distribution of time certificates of deposit
Three months or less	235,187
Over three through six months	208,007
Over six through twelve months	315,551
2023	75,513
2024	67,595
2025	38,204
2026	43,943
Thereafter	203
Total	984,203
$250,000 or More
Maturity distribution of time certificates of deposit
Three months or less	314,818
Over three through six months	100,457
Over six through twelve months	286,529
2023	53,566
2024	9,136
2025	18,943
2026	8,285
Thereafter	501
Total	$ 792,235

Deposits - Time Certificate Denominations and Overdrawn Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deposits
Time certificates of deposit in denominations of $250,000 or more, in the aggregate	$ 800.0	$ 1,300.0
Overdrawn deposit accounts classified as loans	$ 2.1	$ 2.6

Long-Term Borrowings - Components (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Long-term borrowings
Finance lease liabilities		$ 0	$ 10
Long-term borrowings		0	$ 200,010
Long-term borrowings			6.78%
FHLB fixed-rate advances
Long-term borrowings
Undrawn line of credit		1,800,000
Debt instrument, fee	$ 9,000
Available remaining borrowing capacity			$ 2,000,000
Federal Reserve Bank line of credit
Long-term borrowings
Undrawn line of credit		$ 1,100,000
FHLB fixed-rate advances
Long-term borrowings
Long-term borrowings			$ 200,000
Long-term borrowings terminated	$ 200,000
Interest rate (as a percent)	2.73%	2.73%	2.73%

Accumulated Other Comprehensive Income (Loss) - Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pre-tax Amount
Other comprehensive income (loss), Pre-tax Amount	$ (209,065)	$ 86,548	$ 137,465
Income Tax Benefit (Expense)
Other comprehensive income (loss), Income Tax Benefit (Expense)	55,768	(23,195)	(37,019)
Net of tax
Balance	2,744,104	2,640,258	2,524,839
Other comprehensive (loss) income	(153,297)	63,353	100,446
Balance	2,656,912	2,744,104	2,640,258
Accumulated Other Comprehensive Income (Loss)
Pre-tax Amount
Accumulated other comprehensive income (loss), beginning balance, Pre-tax Amount	43,098	(43,450)	(180,915)
Accumulated other comprehensive (loss) income, ending balance, Pre-tax Amount	(165,967)	43,098	(43,450)
Income Tax Benefit (Expense)
Accumulated other comprehensive income (loss), beginning balance, Income Tax Benefit (Expense)	(11,494)	11,701	48,720
Accumulated other comprehensive loss, ending balance, Income Tax Benefit (Expense)	44,274	(11,494)	11,701
Net of tax
Balance	31,604	(31,749)	(132,195)
Other comprehensive (loss) income	(153,297)	63,353	100,446
Balance	(121,693)	31,604	(31,749)
Unfunded Pension Liability
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	10,020	(4,855)	407
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	(2,673)	1,200	(110)
Net of tax
Balance	(31,737)	(28,082)	(28,379)
Unrealized net (losses) gains arising during the period, Net of tax	7,347	(3,655)	297
Other comprehensive (loss) income	7,347	(3,655)	297
Balance	(24,390)	(31,737)	(28,082)
Pension and other benefits, net actuarial losses arising during the period
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	3,107	(10,399)	(5,774)
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	(829)	2,774	1,555
Net of tax
Unrealized net (losses) gains arising during the period, Net of tax	2,278	(7,625)	(4,219)
Pension and other benefits, prior service credit
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount		(51)	(429)
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)		14	115
Net of tax
Unrealized net (losses) gains arising during the period, Net of tax		(37)	(314)
Pension and other benefits: Amortization of net loss included in net income
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	6,913	5,595	6,610
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	(1,844)	(1,492)	(1,780)
Net of tax
Unrealized net (losses) gains arising during the period, Net of tax	5,069	4,103	4,830
Pension and other benefits, change in Company tax rate
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)		(96)
Unrealized Loss on Securities
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount			137,058
Reclassification of net losses (gains) to net income, Pre-tax Amount		114	2,715
Other comprehensive income (loss), Pre-tax Amount	(219,085)	91,403
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)			(36,909)
Reclassification of net gains (losses) to net income, Income Tax Benefit (Expense)		30	731
Other comprehensive income (loss), Income Tax Benefit (Expense)	58,441	(24,395)
Net of tax
Balance	63,341	(3,667)	(103,816)
Unrealized net (losses) gains arising during the period, Net of tax			100,149
Reclassification of net (gains) losses to net income, Net of tax		84	1,984
Other comprehensive (loss) income	(160,644)	67,008	100,149
Balance	(97,303)	63,341	(3,667)
Investment securities: Unrealized net gains arising during the year
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	(218,983)	91,289	134,343
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	58,414	(24,365)	(36,178)
Net of tax
Unrealized net (losses) gains arising during the period, Net of tax	(160,569)	$ 66,924	$ 98,165
Investment securities: Investment securities losses, net
Pre-tax Amount
Reclassification of net losses (gains) to net income, Pre-tax Amount	(102)
Income Tax Benefit (Expense)
Reclassification of net gains (losses) to net income, Income Tax Benefit (Expense)	(27)
Net of tax
Reclassification of net (gains) losses to net income, Net of tax	$ (75)

Accumulated Other Comprehensive Income (Loss) - Changes, Net of Tax (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net of tax
Balance	$ 2,744,104,000	$ 2,640,258,000	$ 2,524,839,000
Net income	265,735,000	185,754,000	284,392,000
Other comprehensive income (loss)	(153,297,000)	63,353,000	100,446,000
Balance	2,656,912,000	2,744,104,000	2,640,258,000
Incremental non-credit-related impairment loss recognized in earnings on securities	0	0
Non-credit OTTI loss on securities			0
Accumulated Other Comprehensive Income (Loss)
Net of tax
Balance	31,604,000	(31,749,000)	(132,195,000)
Other comprehensive income (loss)	(153,297,000)	63,353,000	100,446,000
Balance	(121,693,000)	31,604,000	(31,749,000)
Unfunded Pension Liability
Net of tax
Balance	(31,737,000)	(28,082,000)	(28,379,000)
Other comprehensive income (loss)	7,347,000	(3,655,000)	297,000
Balance	(24,390,000)	(31,737,000)	(28,082,000)
Unrealized Loss on Securities
Net of tax
Balance	63,341,000	(3,667,000)	(103,816,000)
Other comprehensive income (loss)	(160,644,000)	67,008,000	100,149,000
Balance	$ (97,303,000)	63,341,000	(3,667,000)
Reclassification of net losses (gains) to net income, Pre-tax Amount		$ (114,000)	$ (2,715,000)

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Regulatory capital requirements
Limit on allowable reserve for credit losses for total risk-based capital ratio as a percentage of risk-weighted assets	1.25%	1.25%
Common equity tier 1 capital to risk-weighted assets
Amount	$ 1,769,214	$ 1,699,485
Ratio (as a percent)	12.14%	12.34%
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	$ 1,769,214	$ 1,699,485
Ratio (as a percent)	12.14	12.34
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	$ 1,951,377	$ 1,872,427
Ratio (as a percent)	13.40	13.60
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	$ 1,769,214	$ 1,699,485
Ratio	7.18	7.92
Minimum Capital Ratio (as a percent)	4.00	4.00
Well-Capitalized Ratio (percent)	5.00	5.00

Leases - Terms of Leases (Details)	12 Months Ended
Leases - Terms of Leases (Details)	Dec. 31, 2021 location
Lessee, Lease, Description [Line Items]
Lessee, renewal options included	true
Number of branch properties where operating leases for space are connected	3
Maximum
Lessee, Lease, Description [Line Items]
Term of lease	42 years

Leases - Net Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net lease expense
Operating lease expense	$ 9,432	$ 9,169	$ 9,158
Short-term lease expense	246	397	487
Variable lease expense	2,204	2,353	2,152
Finance lease expense:
Amortization of right-of-use assets	3	3	3
Interest on lease liabilities		1	2
Finance lease right-of use assets	0
Total finance lease expense	3	4	5
Less: Sublease income	(744)	(1,222)	(1,073)
Net lease expense	$ 11,141	$ 10,701	$ 10,729

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$ 7,981	$ 8,848	$ 8,802
Operating cash flows paid for finance leases			10
Financing cash flows paid for finance leases	10	10	10
Right-of-use assets obtained in exchange for new lease obligations, Operating leases	$ 31,792	$ 3,796	$ 1,401
Weighted Average Remaining Lease Term, Operating leases (years)	22 years 9 months 18 days	16 years 1 month 6 days	15 years 8 months 12 days
Weighted Average Remaining Lease Term, Finance leases (years)	6 months	1 year 6 months	2 years 6 months
Weighted Average Discount Rate, Operating leases	3.01%	3.17%	3.36%
Weighted Average Discount Rate, Finance leases	6.78%	6.78%	6.78%
Operating lease right-of-use assets	$ 64,200	$ 40,200
Other assets	Other assets	Other assets
Operating lease liabilities	$ 65,804	$ 40,600
Other liabilities	Other liabilities	Other liabilities
Finance lease right-of use assets	$ 0
Premises and equipment	Premises and equipment, net	Premises and equipment, net
Finance lease liabilities	$ 0	$ 10
Long-term borrowings	Long-term borrowings	Long-term borrowings

Leases - Future Minimum Rental Payments under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future minimum rental payments under noncancelable operating leases
2022	$ 7,755
2023	5,104
2024	4,883
2025	4,250
2026	3,849
Thereafter	68,996
Total future minimum lease payments	94,837
Less: Imputed interest	(29,033)
Operating Lease, Liability, Total	$ 65,804	$ 40,600

Leases - Third Party Leases, Cost and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Lease payments to related parties	$ 0	$ 0	$ 300,000
Office space leased in headquarters office and to third party lessees
Cost related to leased properties	304,300,000	304,300,000
Accumulated depreciation related to leased properties	$ 158,200,000	150,000,000.0
Terms of such leases
Lessor, renewal options included	true
Lessor, Operating Lease, Renewal Term	9 years
Operating lease income related to lease payments
Operating lease income related to lease payments	$ 6,400,000	6,300,000	5,900,000
Rental income paid by the related parties	0	400,000	400,000
Lease income related to variable lease payments	6,100,000	5,600,000	5,300,000
Future minimum rental income from related parties, amount	$ 0	$ 0	$ 0

Leases - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Future minimum rental income under noncancellable operating leases
2022	$ 5,535
2023	4,572
2024	3,746
2025	3,126
2026	2,368
Thereafter	2,758
Total	$ 22,105

Benefit Plans - Contributions to Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2019
Qualified Plan (ERP)
Benefit Plans
Benefit accruals for the company's employees	$ 0
Pension Plan
Benefit Plans
Benefit accruals for the company's employees	(97,784)	$ (104,597)
Pension Plan \| Qualified Plan (ERP)
Benefit Plans
Expected contributions in 2021	0
Pension Plan \| Nonqualified Plan
Benefit Plans
Expected contributions in 2021	200
SERP and Directors' Plan
Benefit Plans
Benefit accruals for the company's employees			$ 0
Expected contributions in 2021	0
Other Benefits \| Nonqualified Plan
Benefit Plans
Expected contributions in 2021	$ 1,200

Benefit Plans - 401(k) Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Salaries and employee benefits
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 9.1	$ 8.6	$ 7.5
First Hawaiian, Inc. 401(k) Savings Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, as percentage of employee's pay	5.00%	5.00%	5.00%
First Hawaiian, Inc. Future Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, as percentage of employee's pay	2.50%	2.50%	2.50%

Benefit Plans - Incentive Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Incentive Plan for Key Executives \| Salaries and employee benefits
Incentive Plans
Incentive plan expense	$ 13.5	$ 15.2	$ 15.6

Benefit Plans - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plan
Amounts arising during the year:
Net (gain) loss on pension assets	$ 3,581	$ (4,839)	$ (16,278)
Net loss (gain) on pension obligations	(4,614)	14,935	21,512
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss	(6,961)	(5,806)	(6,995)
Amount recognized in other comprehensive income	(7,994)	4,290	(1,761)
Other Benefits
Amounts arising during the year:
Net loss (gain) on pension obligations	(2,074)	303	540
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss	48	211	385
Prior service credit		51	429
Amount recognized in other comprehensive income	$ (2,026)	$ 565	$ 1,354

Benefit Plans - Accumulated Other Comprehensive loss (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plan
Amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost
Net actuarial loss (gain)	$ 36,357	$ 44,351
Total, pretax effect	36,357	44,351
Tax impact	(9,698)	(11,831)
Ending balance in accumulated other comprehensive loss	26,659	32,520
Other Benefits
Amounts within accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit cost
Net actuarial loss (gain)	(3,094)	(1,068)	$ (1,582)
Total, pretax effect	(3,094)	(1,068)
Tax impact	825	285
Ending balance in accumulated other comprehensive loss	$ (2,269)	$ (783)

Benefit Plans - Changes to Benefit Obligations and Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Funded status and amounts recognized in balance sheets
Pension liabilities for underfunded plans	$ (134,491)	$ (143,373)
Funded Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	98,558
Interest cost	2,261	2,946	$ 3,808
Benefit obligation at end of year	91,303	98,558
Changes to fair value of plan assets
Fair value of plan assets at beginning of year	114,795
Fair value of plan assets at end of year	106,648	114,795
PBO, ABO and fair value of plan assets
Projected benefit obligation	91,303	98,558
Accumulated benefit obligation	91,303	98,558
Fair value of plan assets	106,648	114,795
Overfunded (underfunded) portion of PBO/ABO	15,345	16,237
Unfunded Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	120,834
Benefit obligation at end of year	113,129	120,834
PBO, ABO and fair value of plan assets
Projected benefit obligation	113,129	120,834
Accumulated benefit obligation	113,129	120,766
Overfunded (underfunded) portion of PBO/ABO	(113,129)	(120,834)
Pension Plan
Changes to PBO or APBO
Benefit obligation at beginning of year	219,392	213,285
Interest cost	5,065	6,519
Actuarial loss (gain)	(4,614)	14,935
Benefit payments	(15,411)	(15,347)
Benefit obligation at end of year	204,432	219,392	213,285
Changes to fair value of plan assets
Fair value of plan assets at beginning of year	114,795	112,659
Actual return on plan assets	(536)	9,637
Benefit payments from trust	(7,611)	(7,501)
Fair value of plan assets at end of year	106,648	114,795	112,659
Funded status and amounts recognized in balance sheets
Pension assets for overfunded plans	15,345	16,237
Pension liabilities for underfunded plans	(113,129)	(120,834)
Funded status	(97,784)	(104,597)
PBO, ABO and fair value of plan assets
Projected benefit obligation	204,432	219,392	213,285
Accumulated benefit obligation	204,432	219,324
Fair value of plan assets	106,648	114,795	112,659
Overfunded (underfunded) portion of PBO/ABO	(97,784)	(104,597)
Other Benefits
Changes to PBO or APBO
Benefit obligation at beginning of year	22,538	21,305
Service cost	874	768
Interest cost	515	640
Actuarial loss (gain)	(2,074)	303
Benefit payments	(491)	(478)
Benefit obligation at end of year	21,362	22,538	21,305
Funded status and amounts recognized in balance sheets
Pension liabilities for underfunded plans	(21,362)	(22,538)
Funded status	(21,362)	(22,538)
PBO, ABO and fair value of plan assets
Projected benefit obligation	$ 21,362	$ 22,538	$ 21,305

Benefit Plans - Change in Net Actuarial Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Benefit Plans
Percentage of greater of projected benefit obligation or fair value of plan assets for amortization of actuarial gains or losses	5.00%
Amortization period for actuarial gains and losses that exceed threshold	5 years
Pension Plan
Change in net actuarial loss and amortization
Net actuarial loss (gain) at beginning of year	$ 44,351
Amortization cost	(6,961)	$ (5,806)	$ (6,995)
Liability loss (gain)	(4,614)	14,935	21,512
Asset (gain) loss	3,581	(4,839)	(16,278)
Net actuarial loss (gain) at end of year	36,357	44,351
Pension Benefits
Change in net actuarial loss and amortization
Net actuarial loss (gain) at beginning of year	44,351	40,061
Amortization cost	(6,961)	(5,806)
Liability loss (gain)	(4,614)	14,935
Asset (gain) loss	3,581	(4,839)
Net actuarial loss (gain) at end of year	36,357	44,351	40,061
Other Benefits
Change in net actuarial loss and amortization
Net actuarial loss (gain) at beginning of year	(1,068)	(1,582)
Amortization cost	48	211	385
Liability loss (gain)	(2,074)	303	540
Net actuarial loss (gain) at end of year	$ (3,094)	$ (1,068)	$ (1,582)

Benefit Plans - Net periodic benefit cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Funded Plan
Components of net periodic benefit cost
Interest cost	$ 2,261	$ 2,946	$ 3,808
Expected return on plan assets	(3,044)	(4,800)	(4,585)
Recognized net actuarial loss (gain)	1,609	1,421	3,714
Total net periodic benefit cost	826	(433)	2,937
Pension Plan
Components of net periodic benefit cost
Interest cost	5,065	6,519
Total net periodic benefit cost	8,982	7,525	10,685
Pension Plan \| Salaries and employee benefits
Components of net periodic benefit cost
Service cost			14
Pension Plan \| Other noninterest expense
Components of net periodic benefit cost
Interest cost	5,065	6,519	8,261
Expected return on plan assets	(3,044)	(4,800)	(4,585)
Recognized net actuarial loss (gain)	6,961	5,806	6,995
Other Benefits
Components of net periodic benefit cost
Service cost	874	768
Interest cost	515	640
Total net periodic benefit cost	1,341	1,146	704
Other Benefits \| Salaries and employee benefits
Components of net periodic benefit cost
Service cost	874	768	710
Other Benefits \| Other noninterest expense
Components of net periodic benefit cost
Interest cost	515	640	808
Prior service credit		(51)	(429)
Recognized net actuarial loss (gain)	$ (48)	$ (211)	$ (385)

Benefit Plans - Assumptions (Details)	12 Months Ended
Benefit Plans - Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Postretirement healthcare benefits
Assumed healthcare cost trend rates (reaches ultimate trend rate in 2026)
Healthcare cost trend rate assumed for next year (as a percent)	6.00%	6.25%	6.50%
Rate to which the cost trend is assumed to decline (the ultimate trend rate) (as a percent)	5.00%	5.00%	5.00%
Qualified Plan (ERP) \| Pension Plan
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	2.77%	2.37%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.37%	3.16%	4.30%
Expected long term return on plan assets (as a percent)	2.75%	4.40%	4.75%
Nonqualified Plan \| Pension Plan
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	2.77%	2.37%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.37%	3.16%	4.30%
Rate of compensation increase (as a percent)			4.00%
Nonqualified Plan \| Other Benefits
Weighted average assumptions were used to determine benefit obligations
Discount rate (as a percent)	2.77%	2.37%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.37%	3.16%	4.30%

Benefit Plans - Plan Assets Allocation (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Benefit Plans
Asset Allocation (as a percent)	100.00%	100.00%
Equity securities
Benefit Plans
Asset Allocation (as a percent)	11.00%	13.00%
Target Allocation (as a percent)	10.00%
FHI stock
Benefit Plans
Asset Allocation (as a percent)	0.00%	0.00%
BNP Paribas stock
Benefit Plans
Asset Allocation (as a percent)	0.00%	0.00%
Debt securities
Benefit Plans
Asset Allocation (as a percent)	85.00%	85.00%
Target Allocation (as a percent)	88.00%
Other securities
Benefit Plans
Asset Allocation (as a percent)	4.00%	2.00%
Target Allocation (as a percent)	2.00%
Qualified Plan (ERP)
Benefit Plans
Expected long term return on plan assets (as a percent)	2.75%	4.40%	4.75%

Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Plan
Benefit payments expected to be paid over the next ten years
2022	$ 15,787
2023	15,466
2024	15,053
2025	15,191
2026	15,268
2027 to 2031	65,836
Other Benefits
Benefit payments expected to be paid over the next ten years
2022	1,204
2023	1,321
2024	1,412
2025	1,455
2026	1,494
2027 to 2031	$ 7,905

Benefit Plans - Fair Value Measurement of Plan Assets (Details) - Pension Plan - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Benefit Plans
Fair value of plan assets	$ 106,648,000	$ 114,795,000	$ 112,659,000
Percentage of total	100.00%	100.00%
Minimum
Benefit Plans
Percentage of assets in high-grade corporate bonds and U.S. government debt obligations	80.00%
Cash and cash equivalents
Benefit Plans
Fair value of plan assets	$ 4,451,000	$ 2,576,000
Fixed income securities
Benefit Plans
Percentage of total	84.60%	85.10%
U.S. Treasury securities
Benefit Plans
Fair value of plan assets	$ 8,343,000	$ 6,776,000
Government agency debt securities
Benefit Plans
Fair value of plan assets	9,674,000	12,441,000
Fixed income - U.S. corporate securities
Benefit Plans
Fair value of plan assets	69,926,000	70,401,000
Fixed income - municipal securities
Benefit Plans
Fair value of plan assets	495,000	521,000
Fixed income - mutual funds
Benefit Plans
Fair value of plan assets		5,626,000
Fixed income - international securities
Benefit Plans
Fair value of plan assets	1,779,000	1,980,000
Equity - large-cap exchange-traded fund
Benefit Plans
Fair value of plan assets	7,840,000	9,321,000
Equity - mid-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	1,360,000	1,566,000
Equity - small-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	654,000	785,000
Equity - international funds
Benefit Plans
Fair value of plan assets	2,126,000	2,802,000
Level 1
Benefit Plans
Fair value of plan assets	18,210,000	24,656,000
Level 1 \| Cash and cash equivalents
Benefit Plans
Fair value of plan assets	4,451,000	2,576,000
Level 1 \| Fixed income - mutual funds
Benefit Plans
Fair value of plan assets		5,626,000
Level 1 \| Fixed income - international securities
Benefit Plans
Fair value of plan assets	1,779,000	1,980,000
Level 1 \| Equity - large-cap exchange-traded fund
Benefit Plans
Fair value of plan assets	7,840,000	9,321,000
Level 1 \| Equity - mid-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	1,360,000	1,566,000
Level 1 \| Equity - small-cap exchange-traded funds
Benefit Plans
Fair value of plan assets	654,000	785,000
Level 1 \| Equity - international funds
Benefit Plans
Fair value of plan assets	2,126,000	2,802,000
Level 2
Benefit Plans
Fair value of plan assets	88,438,000	90,139,000
Level 2 \| U.S. Treasury securities
Benefit Plans
Fair value of plan assets	8,343,000	6,776,000
Level 2 \| Government agency debt securities
Benefit Plans
Fair value of plan assets	9,674,000	12,441,000
Level 2 \| Fixed income - U.S. corporate securities
Benefit Plans
Fair value of plan assets	69,926,000	70,401,000
Level 2 \| Fixed income - municipal securities
Benefit Plans
Fair value of plan assets	495,000	521,000
Level 3
Benefit Plans
Fair value of plan assets	$ 0	$ 0

Income Taxes - Components of Provision (Benefit) and Tax Returns in Other Jurisdictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 53,534	$ 55,535	$ 56,450
State and local	15,607	21,831	23,796
Total current	69,141	77,366	80,246
Deferred:
Federal	8,837	(10,638)	14,047
State and local	5,283	(8,758)	3,013
Total deferred	14,120	(19,396)	17,060
Total provision for income taxes	83,261	57,970	$ 97,306
Income tax returns in other state jurisdictions
Current income tax receivable due from various jurisdictions	$ 27,900	$ 19,000

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Deferred compensation expense	$ 58,497	$ 57,727
Allowance for credit losses and nonperforming assets	50,161	63,899
Lease liabilities	17,534	10,839
Investment securities	40,108
State income taxes	3,440	4,243
Total deferred income tax assets before valuation allowance	169,740	136,708
Valuation allowance	(1,082)	(1,675)
Total deferred income tax assets after valuation allowance	168,658	135,033
Liabilities:
Leases	(15,785)	(18,583)
Investment securities		(19,965)
Deferred income	(14,213)	(11,399)
Lease right-of-use assets	(17,132)	(10,736)
Intangible assets	(577)	(604)
Other	(24,779)	(19,222)
Total deferred income tax liabilities	(72,486)	(80,509)
Net deferred income tax assets	$ 96,172	$ 54,524

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the Federal statutory income tax rate to the effective income tax rate, Amount
Federal statutory income tax expense	$ 73,289	$ 51,182	$ 80,157
State and local taxes, net of federal income tax benefit	16,503	10,327	21,179
Tax credits	(2,745)	(3,914)	(400)
Nontaxable income	(3,274)	(3,678)	(3,269)
Other	(512)	4,053	(361)
Total provision for income taxes	$ 83,261	$ 57,970	$ 97,306
Reconciliation of the Federal statutory income tax rate to the effective income tax rate, Percent
Federal statutory income tax rate, Percent	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit (as a percent)	4.73%	4.24%	5.55%
Tax credits (as a percent)	(0.79%)	(1.60%)	(0.10%)
Nontaxable income (as a percent)	(0.94%)	(1.51%)	(0.86%)
Other (as a percent)	(0.14%)	1.66%	(0.10%)
Effective Income Tax Rate Reconciliation, Percent, Total	23.86%	23.79%	25.49%

Income Taxes - Reconciliation of Unrecognized Tax Benefits - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016
Tax
Balance	$ 135,595	$ 134,312	$ 131,570
Additions for current year tax positions	1,366	1,426	1,038
Additions for Reorganization Transactions	47,282			$ 121,400
Additions for prior years' tax positions: New uncertain tax positions identified			1,894
Reductions for prior years' tax positions: Expiration of statute of limitations	(932)	(143)	(190)
Balance	183,311	135,595	134,312
Interest and Penalties
Balance	18,926	14,701	12,524
Additions for Reorganization Transactions	941	1,479	986	$ 7,000
Additions for prior years' tax positions: Accrual of interest and penalties	1,264	2,812	1,280
Reductions for prior years' tax positions: Expiration of statute of limitations	(388)	(66)	(89)
Balance	20,743	18,926	14,701
Total
Balance	154,521	149,013	144,094
Additions for current year tax positions	1,366	1,426	1,038
Additions for Reorganization Transactions	48,223	1,479	986
Additions for prior years' tax positions: New uncertain tax positions identified			1,894
Additions for prior years' tax positions: Accrual of interest and penalties	1,264	2,812	1,280
Reductions for prior years' tax positions: Expiration of statute of limitations	(1,320)	(209)	(279)
Balance	204,054	154,521	149,013
Unrecognized tax benefits
Amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	23,100	22,200	19,100
Unrecognized tax benefits attributable to tax refund claims in State of California	141,200
Unrecognized tax benefits, reasonably possible to decrease within the next 12 months	2,000
Unrecognized interest and penalties, reasonably possible to decrease within the next 12 months	700
Net expense attributable to interest and penalties recorded	800	4,400	$ 2,400
Accrued interest and penalties attributable to uncertain tax positions and undisputed tax adjustments	22,300	20,600
Accrued interest and penalties attributable to unrecognized tax benefits	20,700	$ 18,900
Determination of taxes benefit is currently recognized	$ 0

Income Taxes - Reorganization Transactions - (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Current tax receivables related to transactions prior to Reorganization Transactions		$ 130.5	$ 93.1
Unrecognized tax positions		157.4	119.3
Indemnification receivable		26.9	26.1
Total state and local distribution taxes reported		92.1
Net adjustments to pre-reorganization indemnification receivables or payables and unrecognized tax benefits		0.0	$ 1.2	$ 0.0
Reorganization Transactions on April 1, 2016
Income taxes
Current tax receivables recorded	$ 72.8
Unrecognized tax positions	116.6
Indemnification payable	28.6
Certain tax related liabilities incurred	95.4
Expected federal tax benefit on distribution taxes	$ 33.4
Capital Distributions		$ 2.1

Derivative Financial Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives designated as hedging instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	$ 67,500	$ 22,451
Derivatives designated as hedging instruments \| Interest rate swaps \| Included in other liabilities
Notional amounts and fair values of derivatives
Liability Derivatives	(1,211)	(1,276)
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	2,827,582	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	50,898	129,888
Derivatives Not Designated as Hedging Instruments \| Visa Derivative
Notional amounts and fair values of derivatives
Notional Amount	105,916	92,647
Derivatives Not Designated as Hedging Instruments \| Visa Derivative \| Included in other liabilities
Notional amounts and fair values of derivatives
Liability Derivatives	(5,530)	(4,554)
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	27	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	(27)	(7)
Derivatives Not Designated as Hedging Instruments \| Foreign exchange contracts
Notional amounts and fair values of derivatives
Notional Amount	$ 217	$ 326

Derivative Financial Instruments - Fair Value Hedges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative
Fair value hedges
Fair hedges carried
Fixed interest rate (as a percent)	2.07%
Interest rate swaps
Fair hedges carried
Cumulative amount of fair value hedging adjustment remaining on the discontinued hedging relationship	$ 700
Interest rate swaps \| Fair value hedges
Fair hedges carried
Number of interest rate swaps \| derivative	1
Derivatives designated as hedging instruments \| Interest rate swaps
Fair hedges carried
Number of interest rate swaps \| derivative		1
Notional amounts	$ 67,500	$ 22,451
Derivatives designated as hedging instruments \| Interest rate swaps \| Fair value hedges
Fair hedges carried
Notional amounts	67,500	22,500
Negative fair value	$ 1,000	$ 1,300
Fixed interest rate (as a percent)		2.90%

Derivative Financial Instruments - Net Gains and Losses Recognized in Income, Fair Value Hedges (Details) - Fair value hedges - Loans and lease financing - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest rate swaps
Gains and losses related to derivatives
Loss recognized	$ (605)	$ (594)	$ (671)
Hedged item
Gains and losses related to derivatives
Gain recognized	$ 383	$ 470	$ 735

Derivative Financial Instruments - Amounts Recorded in Balance Sheets Related to Cumulative Basis Adjustments (Details) - Fair value hedges - Loans and leases - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amounts recorded in the balance Sheets
Carrying amount of the Hedged Asset	$ 68,707	$ 24,355
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ 1,207	$ 1,487

Derivative Financial Instruments - Derivatives Not Designated as Hedges (Details) - Derivatives Not Designated as Hedging Instruments - Other noninterest income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest rate swaps
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives			$ 16
Visa Derivative
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives	$ (5,909)	$ (4,641)	(5,355)
Foreign exchange contracts
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives			$ 12

Derivative Financial Instruments - Free-Standing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Minimum
Derivative financial instruments
Derivative, Floating rate	0.00%	0.15%
Maximum
Derivative financial instruments
Derivative, Floating rate	3.55%	3.16%
Class B restricted shares
Derivative financial instruments
Conversion rate	1.6181			1.6483
Interest rate swaps \| Customer swap program
Derivative financial instruments
Notional Amount	$ 2,800,000
Visa Derivative
Derivative financial instruments
Derivative liability value	$ 5,500	$ 4,600
Visa Derivative \| Class B restricted shares
Derivative financial instruments
Conversion rate	1.6181				1.6483
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Derivative financial instruments
Notional Amount	$ 2,827,582	3,002,333
Net interest expense on derivative	$ 0	$ 0	$ 0
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Minimum
Derivative financial instruments
Fixed interest rate (as a percent)	2.02%	2.02%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Maximum
Derivative financial instruments
Fixed interest rate (as a percent)	6.19%	5.78%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Customer swap program
Derivative financial instruments
Positive fair value, derivative asset	$ 50,900	$ 129,900
Negative fair value, derivative liability	0	0
Upfront fees on the dealer swap	2,600	8,300	$ 4,500
Derivatives Not Designated as Hedging Instruments \| Visa Derivative
Derivative financial instruments
Notional Amount	$ 105,916	$ 92,647

Derivative Financial Instruments - Counterparty Credit Risk and Credit-Risk Related Contingent Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative contracts
Counterparty credit risk adjustments	$ 0.2	$ 0.1	$ 0.1
Credit-risk-related contingent features
Aggregate fair value of derivative instruments in a net liability position	26.9	19.8
Collateral posted for derivatives in a net liability position	19.8	$ 20.4
Interest rate swaps
Derivative contracts
Collateral thresholds for derivative agreements with credit risk related contingent features	$ 0.3

Derivative Financial Instruments - Visa Class B Restricted Shares (Details) - Class B restricted shares	12 Months Ended
	Dec. 31, 2016 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Jun. 28, 2018	Dec. 31, 2017
Visa Class B Restricted Shares
Conversion rate		1.6181		1.6483
Visa
Visa Class B Restricted Shares
Net realized gain related to the sale of stock \| $	$ 22,700,000
Number of shares sold \| shares	274,000
Shares held \| shares		120,000	120,000
Cost basis \| $		$ 0	$ 0
Visa Derivative
Visa Class B Restricted Shares
Conversion rate		1.6181			1.6483

Commitments and Contingent Liabilities - Commitments to Extend Credit, Participations Sold (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commitments to extend credit
Commitments
Participations sold to other institutions	$ 95.5	$ 93.1
Standby letters of credit
Commitments
Participations sold to other institutions	$ 10.7	$ 11.0

Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments with off-balance sheet risk
Contract amount	$ 6,700,000	$ 6,100,000
Commitments to extend credit
Financial instruments with off-balance sheet risk
Contract amount	6,490,301	5,934,535
Standby letters of credit
Financial instruments with off-balance sheet risk
Contract amount	182,447	185,108
Commercial letters of credit
Financial instruments with off-balance sheet risk
Contract amount	$ 3,307	$ 3,834

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contracts with Customers
Net interest income	$ 530,559	$ 535,734	$ 573,402
Not in scope of Topic 606	25,149	48,106	25,137
Total noninterest income	184,916	197,380	192,533
Total revenue	715,475	733,114	765,935
Retail Banking
Revenue from Contracts with Customers
Net interest income	385,656	375,145	413,029
Not in scope of Topic 606	8,270	16,264	8,844
Total noninterest income	91,672	98,026	95,413
Total revenue	477,328	473,171	508,442
Commercial Banking
Revenue from Contracts with Customers
Net interest income	162,997	151,622	141,227
Not in scope of Topic 606	6,491	19,945	7,368
Total noninterest income	72,781	78,202	73,635
Total revenue	235,778	229,824	214,862
Treasury and Other
Revenue from Contracts with Customers
Net interest income	(18,094)	8,967	19,146
Not in scope of Topic 606	10,388	11,897	8,925
Total noninterest income	20,463	21,152	23,485
Total revenue	2,369	30,119	42,631
Service charges on deposit accounts.
Revenue from Contracts with Customers
Revenue by type of service	27,510	28,169	33,778
Service charges on deposit accounts. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	24,413	25,326	30,298
Service charges on deposit accounts. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	1,225	1,305	1,238
Service charges on deposit accounts. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	1,872	1,538	2,242
Credit and debit card fees
Revenue from Contracts with Customers
Revenue by type of service	61,143	53,372	64,846
Credit and debit card fees \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	55,728	48,999	58,034
Credit and debit card fees \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	5,415	4,373	6,812
Other service charges and fees.
Revenue from Contracts with Customers
Revenue by type of service	29,058	23,167	24,705
Other service charges and fees. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	23,917	20,084	20,454
Other service charges and fees. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	3,547	1,550	2,096
Other service charges and fees. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	1,594	1,533	2,155
Trust and investment services income
Revenue from Contracts with Customers
Revenue by type of service	34,719	35,652	35,102
Trust and investment services income \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	34,719	35,652	35,102
Other.
Revenue from Contracts with Customers
Revenue by type of service	7,337	8,914	8,965
Other. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	353	700	715
Other. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	5,790	6,403	4,899
Other. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	$ 1,194	$ 1,811	$ 3,351

Revenue from Contracts with Customers - Contract Balances (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Revenue from Contracts with Customers
Signing bonuses received from vendors \| item	2
Contract liabilities	$ 3,000,000.0	$ 1,000,000.0
Increase in recognized revenues and contract liabilities	900,000	800,000	$ 800,000
Change in contract liabilities due to changes in transaction price estimates	0
Receivables from contracts with customers or contract assets	$ 0	$ 0

Revenue from Contracts with Customers - Other (Details) - USD ($)	Dec. 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per Share
Adjustments to net income (in dollars)	$ 0	$ 0	$ 0
Antidilutive securities (in shares)	1,000	410,000	0
Numerator:
Net income	$ 265,735	$ 185,754	$ 284,392
Denominator:
Basic: weighted-average shares outstanding (in shares)	128,963,131	129,890,225	133,076,489
Add: weighted-average equity-based awards (in shares)	574,791	329,852	310,668
Diluted: weighted-average shares outstanding (in shares)	129,537,922	130,220,077	133,387,157
Basic earnings per share (in dollars per share)	$ 2.06	$ 1.43	$ 2.14
Diluted earnings per share (in dollars per share)	$ 2.05	$ 1.43	$ 2.13

Stock-Based Compensation - Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Stock-based compensation expense	$ 13.1	$ 10.0	$ 7.8
Related income tax benefit of stock-based compensation	$ 3.1	$ 2.4	$ 2.0
Employee stock-based compensation plan
Stock-based compensation
Total shares authorized	5,600,000
Shares available for future grants	3,300,000
Non-employee director plan
Stock-based compensation
Total shares authorized	268,941
Shares available for future grants	178,161

Stock-Based Compensation - Restricted Stock and Restricted Share Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Period for recognition of unrecognized compensation expense	7 months 6 days
Restricted Stock
Number of Shares
Unvested as of beginning of period (in shares)	262,377	139,718
Granted (in shares)	0	172,046	162,550
Vested (in shares)	(105,330)	(48,340)	(11,239)
Forfeited (in shares)	(7,172)	(1,047)	(11,593)
Unvested as of end of period (in shares)	149,875	262,377	139,718
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share)	$ 26.35	$ 27.04
Granted (in dollars per share)		25.96	$ 27.06
Vested (in dollars per share)	26.46	27.03	27.37
Forfeited (in dollars per share)	26.15	25.96	27.04
Unvested as of end of period (in dollars per share)	$ 26.28	$ 26.35	$ 27.04
Stock-based compensation
Total fair value of vested shares (in dollars)	$ 2.8	$ 1.3	$ 0.3
Period following vesting date for lapsing of transfer restrictions	3 years
Unrecognized compensation expense	$ 1.1	$ 4.1	$ 2.9
Period for recognition of unrecognized compensation expense	7 months 2 days

Stock-Based Compensation - Performance Share Units and Performance Share Awards (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 01, 2021 $ / shares shares	Jan. 01, 2020 $ / shares shares	Jan. 01, 2019 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2016 shares
Stock-based compensation
Stock-based compensation expense \| $				$ 13,100	$ 10,000	$ 7,800
Period for recognition of unrecognized compensation expense				7 months 6 days
Performance Share Units
Stock-based compensation
Ratio of common stock for each vested award				1
Number of Shares
Unvested as of beginning of period (in shares)	857,282	695,316	504,497	857,282	695,316	504,497
Granted (in shares)				376,810	340,758	310,696
Vested (in shares)				(214,163)	(172,167)	(36,342)
Forfeited (in shares)				(77,423)	(6,625)	(83,535)
Unvested as of end of period (in shares)				942,506	857,282	695,316	504,497
Share-based Compensation Arrangement by Share-based Payment Award, Award Transfer Restrictions							6 months
Transfer restrictions, period							6 months
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 25.43	$ 26.46	$ 25.93	$ 25.43	$ 26.46	$ 25.93
Granted (in dollars per share) \| $ / shares				27.07	25.96	27.04
Vested (in dollars per share) \| $ / shares				22.57	29.95	24.51
Forfeited (in dollars per share) \| $ / shares				24.62	26.13	26.37
Unvested as of end of period (in dollars per share) \| $ / shares				$ 26.70	$ 25.43	$ 26.46	$ 25.93
Stock-based compensation
Unrecognized compensation expense \| $				$ 6,100	$ 6,200	$ 5,600
Period for recognition of unrecognized compensation expense				1 year 2 months 12 days
Total fair value of vested shares (in dollars) \| $				$ 4,800	$ 5,200	$ 900
Performance Share Units \| Key employees
Number of Shares
Granted (in shares)				376,810	340,758	310,696
Minimum
Stock-based compensation
Performance achieved, percentage of PSUs earned and vested				0
Performance achieved, percentage of PSAs earned and vested				0
Maximum
Stock-based compensation
Performance achieved, percentage of PSUs earned and vested				200
Performance achieved, percentage of PSAs earned and vested				200
IPO \| Performance Share Units
Number of Shares
Granted (in shares)								115,566
IPO \| Performance Share Units \| Tranche one
Stock-based compensation
Vesting (as a percent)								33.33%
IPO \| Performance Share Units \| Tranche two
Stock-based compensation
Vesting (as a percent)								33.33%
IPO \| Performance Share Units \| Tranche three
Stock-based compensation
Vesting (as a percent)								33.33%
LongTerm Incentive Plan
Stock-based compensation
Performance period	3 years	3 years	3 years	3 years

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Stock-based compensation
Stock-based compensation expense \| $	$ 13.1	$ 10.0	$ 7.8
Period for recognition of unrecognized compensation expense	7 months 6 days
Restricted Stock Units
Stock-based compensation
Ratio of common stock for each vested award	1
Number of Shares
Unvested as of beginning of period (in shares) \| shares	43,550	44,783	48,761
Granted (in shares) \| shares	198,771	28,783	20,418
Vested (in shares) \| shares	(49,519)	(30,016)	(22,452)
Forfeited (in shares) \| shares	(7,473)		(1,944)
Unvested as of end of period (in shares) \| shares	185,329	43,550	44,783
Weighted Average Grant Date Fair Value
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 21.93	$ 27.82	$ 28.60
Granted (in dollars per share) \| $ / shares	27.13	15.86	26.50
Vested (in dollars per share) \| $ / shares	23.08	27.47	28.37
Forfeited (in dollars per share) \| $ / shares	26.37		28.29
Unvested as of end of period (in dollars per share) \| $ / shares	$ 27.09	$ 21.93	$ 27.82
Stock-based compensation
Total fair value of vested shares (in dollars) \| $	$ 1.0	$ 0.8	$ 0.6
Unrecognized compensation expense \| $	$ 3.3	$ 0.4	$ 0.9
Period for recognition of unrecognized compensation expense	1 year 10 months 24 days
Restricted Stock Units \| Directors
Number of Shares
Granted (in shares) \| shares	21,839	28,783	15,918
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 27.36	$ 15.86	$ 26.38
Restricted Stock Units \| Employees
Number of Shares
Granted (in shares) \| shares	176,932	0	4,500
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 27.10		$ 26.92

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2018	Dec. 31, 2021
First Hawaiian Incorporated
Stock-based compensation
Total shares authorized			600,000
Shares available for future purchases			531,559
Employee Stock Purchase Plan
Stock-based compensation
Discount from the closing price on the exercise date (as a percent)	5.00%	5.00%
Holding period for common stock purchased by plan participants			2 years
Shares issued to employee participants		0

Fair Value - Visa Derivative (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Class B restricted shares
Fair value
Conversion rate	1.6181		1.6483
Class B restricted shares \| Visa Derivative
Fair value
Conversion rate	1.6181			1.6483
Included in other liabilities \| Derivatives Not Designated as Hedging Instruments \| Visa Derivative
Fair value
Derivative Liability	$ 5,530	$ 4,554

Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Total available-for-sale securities, Fair value,	$ 8,428,032	$ 6,071,415
Collateralized Loan Obligations [Member]
Assets
Total available-for-sale securities, Fair value,	105,247
Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	8,428,032	6,071,415
Other assets	58,307	141,586
Liabilities
Other liabilities	(6,768)	(5,837)
Total
Net Assets (Liabilities)	8,479,571	6,207,164
Fair Value, Measurements, Recurring \| Collateralized Loan Obligations [Member]
Assets
Total available-for-sale securities, Fair value,	105,247
Fair Value, Measurements, Recurring \| Level 1
Assets
Other assets	7,382	11,691
Total
Net Assets (Liabilities)	7,382	11,691
Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	8,428,032	6,071,415
Other assets	50,925	129,895
Liabilities
Other liabilities	(1,238)	(1,283)
Total
Net Assets (Liabilities)	8,477,719	6,200,027
Fair Value, Measurements, Recurring \| Level 2 \| Collateralized Loan Obligations [Member]
Assets
Total available-for-sale securities, Fair value,	105,247
Fair Value, Measurements, Recurring \| Level 3
Liabilities
Other liabilities	(5,530)	(4,554)
Total
Net Assets (Liabilities)	(5,530)	(4,554)
U.S. Treasury securities
Assets
Total available-for-sale securities, Fair value,	192,563	171,421
U.S. Treasury securities \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	192,563	171,421
U.S. Treasury securities \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	192,563	171,421
Residential - Government agency
Assets
Total available-for-sale securities, Fair value,	137,264	160,462
Residential - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	137,264	160,462
Residential - Government agency \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	137,264	160,462
Residential - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	1,491,100	447,200
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	1,491,100	447,200
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	1,491,100	447,200
Commercial - Government agency
Assets
Total available-for-sale securities, Fair value,	387,663	599,650
Commercial - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	387,663	599,650
Commercial - Government agency \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	387,663	599,650
Commercial - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	1,369,443	932,157
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	1,369,443	932,157
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	1,369,443	932,157
Government agency
Assets
Total available-for-sale securities, Fair value,	2,079,523	1,933,553
Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	2,079,523	1,933,553
Government agency \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	2,079,523	1,933,553
Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	2,621,044	1,826,972
Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	2,621,044	1,826,972
Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	2,621,044	$ 1,826,972
Debt securities issued by states and political subdivisions
Assets
Total available-for-sale securities, Fair value,	44,185
Debt securities issued by states and political subdivisions \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	44,185
Debt securities issued by states and political subdivisions \| Fair Value, Measurements, Recurring \| Level 2
Assets
Total available-for-sale securities, Fair value,	$ 44,185

Fair Value - Changes in Fair Value Levels and in Level 3 Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair value
Asset transfers out of Level 1 into Level 2	$ 0	$ 0
Asset transfers into (out of) Level 3	0	0
Liability transfers out of Level 1 into Level 2	0	0
Liability transfers into (out of) Level 3	0	0
Visa derivative \| Visa Derivative
Changes in Level 3 liabilities measured at fair value on a recurring basis
Balance	(4,554,000)	(4,233,000)
Total net (losses) gains included in other noninterest income	(5,909,000)	(4,641,000)
Settlements	4,933,000	4,320,000
Balance	(5,530,000)	(4,554,000)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held	$ (5,909,000)	$ (4,641,000)

Fair Value - Financial Instruments not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lease and lease commitments excluded
Financing leases	$ 231,400	$ 245,400
Deposit liabilities with no defined or contractual maturity	20,000,000	16,900,000
Capital lease obligations		10
Carrying Amount
Financial assets:
Cash and cash equivalents	1,258,469	1,040,944
Loans held for sale	538	11,579
Loans	12,730,605	13,033,686
Financial liabilities:
Time deposits	1,776,438	2,348,298
Long-term borrowings		200,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	1,258,469	1,040,944
Loans held for sale	542	12,018
Loans	12,791,811	13,255,636
Financial liabilities:
Time deposits	1,773,321	2,357,137
Long-term borrowings		214,167
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	246,716	303,373
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	1,011,753	737,571
Loans held for sale	542	12,018
Financial liabilities:
Time deposits	1,773,321	2,357,137
Long-term borrowings		214,167
Estimated Fair Value \| Level 3
Financial assets:
Loans	$ 12,791,811	$ 13,255,636

Fair Value - Unfunded Loan and Lease Commitments and Letters of Credit (Details) - USD ($) $ in Millions	Dec. 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	$ 6,700.0	$ 6,100.0
Level 3
Unfunded loan and lease commitments and letters of credit
Estimated fair value of unfunded loan and lease commitments and letters of credit	$ 44.3	$ 42.3

Fair Value - Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (Details) - Collateral-dependent loans - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets with fair value adjustments on a nonrecurring basis
Total impairment losses	$ 0	$ 400,000	$ 1,000,000.0
Fair Value, Measurements, Nonrecurring \| Level 3
Assets with fair value adjustments on a nonrecurring basis
Fair value		$ 1,840,000

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Level 3	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	1.6181	1.6228
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Minimum
Fair value
Measurement input	1.5885	1.5977
Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Maximum
Fair value
Measurement input	1.6181	1.6228
Visa derivative \| Expected Term (in years) \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	1	1
Visa derivative \| Expected Term (in years) \| Discounted cash flow \| Minimum
Fair value
Measurement input	0.5	0.5
Visa derivative \| Expected Term (in years) \| Discounted cash flow \| Maximum
Fair value
Measurement input	1.5	1.5
Visa derivative \| Growth Rate (percentage) \| Weighted Average
Fair value
Measurement input	26	13
Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Minimum
Fair value
Growth Rate (as a percent)	10.00%	4.00%
Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Maximum
Fair value
Growth Rate (as a percent)	38.00%	17.00%
Fair Value, Measurements, Nonrecurring \| Collateral-dependent loans
Fair value
Assets		$ 1,840,000
Fair Value, Measurements, Recurring \| Visa derivative
Fair value
Liabilities	$ (5,530,000)	$ (4,554,000)

Reportable Operating Segments - Business Segments (Details)	12 Months Ended
	Dec. 31, 2021 location segment
Reportable operating segments
Number of business segments \| segment	3
Number of Branches	54
Retail Banking
Reportable operating segments
Number of Branches	54

Reportable Operating Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Selected business segment financial information
Net interest income (expense)	$ 530,559	$ 535,734	$ 573,402
Benefit (Provision) for credit losses	39,000	(121,718)	(13,800)
Net interest income (expense) after benefit for credit losses	569,559	414,016	559,602
Noninterest income	184,916	197,380	192,533
Noninterest expense	(405,479)	(367,672)	(370,437)
Income before provision for income taxes	348,996	243,724	381,698
Benefit for income taxes	(83,261)	(57,970)	(97,306)
Net income	265,735	185,754	284,392
Total assets	24,992,410	22,662,831	20,166,734
Retail Banking
Selected business segment financial information
Net interest income (expense)	385,656	375,145	413,029
Benefit (Provision) for credit losses	16,267	(52,719)	(6,248)
Net interest income (expense) after benefit for credit losses	401,923	322,426	406,781
Noninterest income	91,672	98,026	95,413
Noninterest expense	(247,949)	(232,976)	(228,389)
Income before provision for income taxes	245,646	187,476	273,805
Benefit for income taxes	(58,710)	(43,825)	(69,285)
Net income	186,936	143,651	204,520
Total assets	7,148,376	6,894,602	7,276,047
Commercial Banking
Selected business segment financial information
Net interest income (expense)	162,997	151,622	141,227
Benefit (Provision) for credit losses	22,452	(53,921)	(7,552)
Net interest income (expense) after benefit for credit losses	185,449	97,701	133,675
Noninterest income	72,781	78,202	73,635
Noninterest expense	(100,932)	(79,961)	(82,380)
Income before provision for income taxes	157,298	95,942	124,930
Benefit for income taxes	(37,525)	(21,951)	(32,298)
Net income	119,773	73,991	92,632
Total assets	5,972,567	6,526,863	6,071,356
Treasury and Other
Selected business segment financial information
Net interest income (expense)	(18,094)	8,967	19,146
Benefit (Provision) for credit losses	281	(15,078)
Net interest income (expense) after benefit for credit losses	(17,813)	(6,111)	19,146
Noninterest income	20,463	21,152	23,485
Noninterest expense	(56,598)	(54,735)	(59,668)
Income before provision for income taxes	(53,948)	(39,694)	(17,037)
Benefit for income taxes	12,974	7,806	4,277
Net income	(40,974)	(31,888)	(12,760)
Total assets	$ 11,871,467	$ 9,241,366	$ 6,819,331

Parent Company - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income
Total revenue	$ 715,475	$ 733,114	$ 765,935
Noninterest expense
Salaries and employee benefits	182,384	174,221	173,098
Contracted services and professional fees	63,349	60,546	56,321
Equipment	24,719	20,277	17,343
Other	66,082	47,339	50,661
Total noninterest expense	405,479	367,672	370,437
Benefit for income taxes	(83,261)	(57,970)	(97,306)
Net income	265,735	185,754	284,392
Comprehensive income	112,438	249,107	384,838
First Hawaiian, Inc.
Income
Dividends from FHB	213,500	142,000	300,300
Other income		1,169	1,691
Total revenue	213,500	143,169	301,991
Noninterest expense
Salaries and employee benefits	3,732	3,660	5,241
Contracted services and professional fees	2,731	2,544	2,689
Equipment		31
Other	1,314	1,439	721
Total noninterest expense	7,777	7,674	8,651
Income before benefit for income taxes and equity in undistributed income (excess distributions) of FHB	205,723	135,495	293,340
Benefit for income taxes	1,877	679	1,672
Equity in undistributed income (excess distributions) of FHB	$ 58,135	$ 49,580	$ (10,620)

Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and Due from Banks	$ 246,716	$ 303,373
Other assets	643,240	603,463
Total assets	24,992,410	22,662,831	$ 20,166,734
Liabilities and Stockholders' Equity
Retirement benefits payable	134,491	143,373
Other liabilities	384,861	347,621
Total liabilities	22,335,498	19,918,727
Stockholders' equity
Stockholders' equity	2,656,912	2,744,104	$ 2,640,258	$ 2,524,839
Total liabilities and stockholders' equity	24,992,410	22,662,831
First Hawaiian, Inc.
Assets
Cash and Due from Banks	14,792	18,066
Investment in FHB	2,642,929	2,726,497
Other assets	26,869	26,138
Total assets	2,684,590	2,770,701
Liabilities and Stockholders' Equity
Retirement benefits payable	582	580
Other liabilities	27,096	26,017
Total liabilities	27,678	26,597
Stockholders' equity
Total liabilities and stockholders' equity	$ 2,684,590	$ 2,770,701

Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 265,735	$ 185,754	$ 284,392
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	14,120	(19,396)	17,060
Stock-based compensation	13,106	10,028	7,826
Change in assets and liabilities:
Net (increase) decrease in other assets	(8,211)	(17,880)	(20,923)
Net increase (decrease) in other liabilities	110,613	(114,613)	(76,303)
Net cash provided by operating activities	417,125	209,506	296,504
Cash flows from financing activities
Dividends paid	(134,133)	(135,099)	(138,246)
Stock tendered for payment of withholding taxes	(3,108)	(1,749)	(1,764)
Proceeds from employee stock purchase plan	547	312
Common stock repurchased	(75,000)	(5,000)	(136,242)
Net cash provided by (used in) financing activities	2,176,719	2,241,184	(981,336)
Net increase (decrease) in cash and cash equivalents	217,525	346,927	(309,620)
Cash and cash equivalents at beginning of year	1,040,944	694,017	1,003,637
Cash and cash equivalents at end of year	1,258,469	1,040,944	694,017
First Hawaiian, Inc.
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed income) excess distributions of FHB	(58,135)	(49,580)	10,620
Deferred income taxes	36	5	85
Stock-based compensation	492	713	84
Change in assets and liabilities:
Net (increase) decrease in other assets	242	(1,451)	5,318
Net increase (decrease) in other liabilities	50	(294)	(5,439)
Net cash provided by operating activities	208,420	135,147	295,060
Cash flows from financing activities
Dividends paid	(134,133)	(135,099)	(138,246)
Stock tendered for payment of withholding taxes	(3,108)	(1,749)	(1,764)
Proceeds from employee stock purchase plan	547	312
Common stock repurchased	(75,000)	(5,000)	(136,242)
Net cash provided by (used in) financing activities	(211,694)	(141,536)	(276,252)
Net increase (decrease) in cash and cash equivalents	(3,274)	(6,389)	18,808
Cash and cash equivalents at beginning of year	18,066	24,455	5,647
Cash and cash equivalents at end of year	$ 14,792	$ 18,066	$ 24,455

Label	Element	Value
Derivative, Cleared through Clearinghouse, Initial Margin Collateral Posted	fhb_DerivativeClearedThroughClearinghouseInitialMarginCollateralPosted	$ 1,700,000
Derivative, Cleared through Clearinghouse, Initial Margin Collateral Posted	fhb_DerivativeClearedThroughClearinghouseInitialMarginCollateralPosted	4,800,000
Derivative Liability, Variation Margin Paid, Offset	fhb_DerivativeLiabilityVariationMarginPaidOffset	50,900,000
Derivative Liability, Variation Margin Paid, Offset	fhb_DerivativeLiabilityVariationMarginPaidOffset	129,900,000
Interest rate swaps
Derivative, Collateral, Right to Reclaim Cash	us-gaap_DerivativeCollateralRightToReclaimCash	18,100,000
Derivative, Collateral, Right to Reclaim Cash	us-gaap_DerivativeCollateralRightToReclaimCash	25,200,000
Derivative, Collateral, Right to Reclaim Securities	us-gaap_DerivativeCollateralRightToReclaimSecurities	30,300,000
Derivative, Collateral, Right to Reclaim Securities	us-gaap_DerivativeCollateralRightToReclaimSecurities	$ 30,800,000