10-Q 1 fhb-20220331x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2022

or

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

For the transition period from               to               

Commission File Number  001-14585

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

99-0156159

(State or Other Jurisdiction of Incorporation or Organization)

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

999 Bishop Street, 29th Floor

Honolulu, HI

96813

(Address of Principal Executive Offices)

(Zip Code)

(808) 525-7000

(Registrant’s telephone number, including area code)

Not Applicable

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

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

Title of each class:

Trading Symbol(s)

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

FHB

NASDAQ Global Select Market

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

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

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

Large Accelerated Filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 128,062,213 shares of Common Stock, par value $0.01 per share, were outstanding as of April 19, 2022.

TABLE OF CONTENTS

FIRST HAWAIIAN, INC.

FORM 10-Q

INDEX

Part I Financial Information

Page No.

Item 1.

Financial Statements (unaudited)

2

Consolidated Statements of Income for the three months ended March 31, 2022 and 2021

2

Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022 and 2021

3

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

4

Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2022 and 2021

5

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

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

42

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

78

Item 4.

Controls and Procedures

78

Part II Other Information

78

Item 1.

Legal Proceedings

78

Item 1A.

Risk Factors

78

Item 6.

Exhibits

79

Exhibit Index

79

Signatures

80

1

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

March 31, 

(dollars in thousands, except per share amounts)

  

2022

  

2021

Interest income

Loans and lease financing

$

103,732

$

110,939

Available-for-sale securities

32,107

23,146

Other

782

491

Total interest income

136,621

134,576

Interest expense

Deposits

2,749

4,056

Short-term and long-term borrowings

1,362

Total interest expense

2,749

5,418

Net interest income

133,872

129,158

Provision for credit losses

(5,747)

Net interest income after provision for credit losses

139,619

129,158

Noninterest income

Service charges on deposit accounts

7,501

6,718

Credit and debit card fees

14,850

14,551

Other service charges and fees

9,654

8,846

Trust and investment services income

8,883

8,492

Bank-owned life insurance

(417)

2,389

Other

909

2,872

Total noninterest income

41,380

43,868

Noninterest expense

Salaries and employee benefits

48,226

43,936

Contracted services and professional fees

17,147

17,188

Occupancy

7,410

7,170

Equipment

5,977

5,491

Regulatory assessment and fees

2,224

2,034

Advertising and marketing

2,028

1,591

Card rewards program

6,883

4,835

Other

14,147

14,061

Total noninterest expense

104,042

96,306

Income before provision for income taxes

76,957

76,720

Provision for income taxes

19,238

19,027

Net income

$

57,719

$

57,693

Basic earnings per share

$

0.45

$

0.44

Diluted earnings per share

$

0.45

$

0.44

Basic weighted-average outstanding shares

127,556,242

129,933,104

Diluted weighted-average outstanding shares

128,121,126

130,589,878

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

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FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

Three Months Ended

March 31, 

(dollars in thousands)

  

2022

  

2021

 

Net income

$

57,719

  

$

57,693

Other comprehensive loss, net of tax:

Net change in investment securities

(394,551)

(75,039)

Net change in cash flow derivative hedges

(1,258)

Other comprehensive loss

(395,809)

(75,039)

Total comprehensive loss

$

(338,090)

$

(17,346)

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

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FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31, 

December 31, 

(dollars in thousands, except share amount)

  

2022

  

2021

Assets

Cash and due from banks

$

274,022

$

246,716

Interest-bearing deposits in other banks

1,352,138

1,011,753

Investment securities, at fair value (amortized cost: $8,733,170 as of March 31, 2022 and $8,560,733 as of December 31, 2021)

8,062,384

8,428,032

Loans held for sale

538

Loans and leases

12,891,743

12,961,999

Less: allowance for credit losses

150,280

157,262

Net loans and leases

12,741,463

12,804,737

Premises and equipment, net

315,766

318,448

Other real estate owned and repossessed personal property

175

Accrued interest receivable

61,561

63,158

Bank-owned life insurance

471,401

471,819

Goodwill

995,492

995,492

Mortgage servicing rights

7,650

8,302

Other assets

760,843

643,240

Total assets

$

25,042,720

$

24,992,410

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

12,504,821

$

12,422,283

Noninterest-bearing

9,765,609

9,393,863

Total deposits

22,270,430

21,816,146

Retirement benefits payable

134,323

134,491

Other liabilities

352,818

384,861

Total liabilities

22,757,571

22,335,498

Commitments and contingent liabilities (Note 11)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,875,595 / 127,686,307 as of March 31, 2022; issued/outstanding: 140,581,715 / 127,502,472 as of December 31, 2021)

1,409

1,406

Additional paid-in capital

2,530,795

2,527,663

Retained earnings

628,642

604,534

Accumulated other comprehensive loss, net

(517,502)

(121,693)

Treasury stock (13,189,288 shares as of March 31, 2022 and 13,079,243 shares as of December 31, 2021)

(358,195)

(354,998)

Total stockholders' equity

2,285,149

2,656,912

Total liabilities and stockholders' equity

$

25,042,720

$

24,992,410

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

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FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended March 31, 2022

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury

(dollars in thousands, except share amounts)

  

Shares

  

Amount

  

Capital

  

Earnings

  

Loss

  

Stock

  

Total

Balance as of December 31, 2021

  

127,502,472

$

1,406

  

$

2,527,663

  

$

604,534

  

$

(121,693)

  

$

(354,998)

  

$

2,656,912

Net income

57,719

57,719

Cash dividends declared ($0.26 per share)

(33,151)

(33,151)

Equity-based awards

183,835

3

3,132

(460)

(3,197)

(522)

Other comprehensive loss, net of tax

(395,809)

(395,809)

Balance as of March 31, 2022

127,686,307

$

1,409

$

2,530,795

$

628,642

$

(517,502)

$

(358,195)

$

2,285,149

Three Months Ended March 31, 2021

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury

(dollars in thousands, except share amounts)

  

Shares

  

Amount

  

Capital

  

Earnings

  

Income (Loss)

  

Stock

  

Total

Balance as of December 31, 2020

129,912,272

$

1,402

$

2,514,014

$

473,974

$

31,604

$

(276,890)

$

2,744,104

Net income

57,693

57,693

Cash dividends declared ($0.26 per share)

(33,812)

(33,812)

Equity-based awards

170,082

3

3,034

(437)

(2,373)

227

Common stock repurchased

(332,464)

(9,543)

(9,543)

Other comprehensive loss, net of tax

(75,039)

(75,039)

Balance as of March 31, 2021

129,749,890

$

1,405

$

2,517,048

$

497,418

$

(43,435)

$

(288,806)

$

2,683,630

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

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FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 31, 

(dollars in thousands)

  

2022

  

2021

Cash flows from operating activities

Net income

$

57,719

$

57,693

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

(5,747)

Depreciation, amortization and accretion, net

15,581

13,643

Deferred income tax provision

15,059

355

Stock-based compensation

3,135

3,037

Other losses

1,566

1,090

Originations of loans held for sale

(6,566)

(61,552)

Proceeds from sales of loans held for sale

6,194

67,067

Net gains on sales of loans originated for investment and held for sale

(1,486)

Change in assets and liabilities:

Net (increase) decrease in other assets

(33,509)

27,030

Net increase in other liabilities

12,830

47,323

Net cash provided by operating activities

66,262

154,200

Cash flows from investing activities

Available-for-sale securities:

Proceeds from maturities and principal repayments

383,290

448,655

Proceeds from calls and sales

970

145

Purchases

(563,925)

(1,178,760)

Other investments:

Proceeds from sales

2,690

2,404

Purchases

(2,841)

(14,515)

Loans:

Net decrease (increase) in loans and leases resulting from originations and principal repayments

180,505

(45,193)

Proceeds from sales of loans originated for investment

220

Purchases of loans

(114,677)

(558)

Purchases of premises, equipment and software

(2,695)

(3,791)

Proceeds from sales of other real estate owned

176

Other

(1,171)

Net cash used in investing activities

(116,507)

(792,564)

Cash flows from financing activities

Net increase in deposits

454,284

905,958

Dividends paid

(33,151)

(33,812)

Stock tendered for payment of withholding taxes

(3,197)

(2,373)

Common stock repurchased

(9,543)

Net cash provided by financing activities

417,936

860,230

Net increase in cash and cash equivalents

367,691

221,866

Cash and cash equivalents at beginning of period

1,258,469

1,040,944

Cash and cash equivalents at end of period

$

1,626,160

$

1,262,810

Supplemental disclosures

Interest paid

$

3,545

$

8,894

Income taxes paid, net of income tax refunds

2,124

981

Noncash investing and financing activities:

Operating lease right-of-use assets obtained in exchange for new lease obligations

761

6,864

Transfers (to) from loans and leases (from) to loans held for sale

(834)

1,840

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

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FIRST HAWAIIAN, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Basis of Presentation

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

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

The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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

Use of Estimates in the Preparation of Financial Statements

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

Accounting Standards Adopted in 2022

In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

Recent Accounting Pronouncements

The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods.

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging – Portfolio Layer Method. This update clarifies the guidance in Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. Under current hedge accounting guidance, the “last-of-layer” method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. The hedged item represents a single layer within that closed portfolio. This update expands the scope of this guidance to allow entities to apply the “portfolio layer” method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The current model is expanded to 1) explicitly allow entities to designate multiple layers in a single portfolio as individual hedged items and 2) also allow entities

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the flexibility to use any type of derivative (or combination of derivatives) by applying the multiple-layer model that aligns with its risk management strategy. Although no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge, at any time after the initial hedge designation, new hedging relationships associated with the portfolio may be designated and existing hedging relationships associated with the portfolio may be dedesignated to align with an entity’s evolving strategy for managing interest rate risk on a timely basis. Under the portfolio layer method, the basis of the portfolio assets is generally adjusted at the portfolio level rather than being allocated to individual assets within the portfolio, except when the allocation of basis adjustments is required by other areas of GAAP. The intent of this update is consistent with the FASB’s efforts to better align an entity’s financial reporting with the results of its risk management strategy and to further simplify the hedge accounting model. This update is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This update eliminates the accounting guidance on troubled debt restructurings (TDRs) for creditors in Subtopic 310-40 and amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination. This ASU also updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

2. Investment Securities

As of March 31, 2022 and December 31, 2021, investment securities consisted predominantly of the following investment categories:

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

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

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

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

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As of March 31, 2022 and December 31, 2021, all of the Company’s investment securities were classified as available-for-sale. Amortized cost and fair value of securities as of March 31, 2022 and December 31, 2021 were as follows:

March 31, 2022

December 31, 2021

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

$

213,572

$

$

(14,028)

$

199,544

$

196,662

$

125

$

(4,224)

$

192,563

Mortgage-backed securities:

Residential - Government agency

128,080

(5,115)

122,965

135,764

1,791

(291)

137,264

Residential - Government-sponsored enterprises

1,450,070

428

(88,153)

1,362,345

1,496,605

6,914

(12,419)

1,491,100

Commercial - Government agency

358,910

53

(25,874)

333,089

392,443

1,741

(6,521)

387,663

Commercial - Government-sponsored enterprises

1,426,831

(176,997)

1,249,834

1,415,511

2,646

(48,714)

1,369,443

Collateralized mortgage obligations:

Government agency

2,153,236

59

(143,514)

2,009,781

2,103,187

7,768

(31,432)

2,079,523

Government-sponsored enterprises

2,719,829

3

(210,125)

2,509,707

2,671,131

3,608

(53,695)

2,621,044

Collateralized loan obligations

221,607

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