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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 September 30, 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: 127,680,584 shares of Common Stock, par value $0.01 per share, were outstanding as of October 31, 2022.

TABLE OF CONTENTS

FIRST HAWAIIAN, INC.

FORM 10-Q

INDEX

Page No.

Item 1.

Financial Statements (unaudited)

2

Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021

2

Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2022 and 2021

3

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

4

Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2022 and 2021

5

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

7

Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

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

49

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

94

Item 4.

Controls and Procedures

94

Part II Other Information

94

Item 1.

Legal Proceedings

94

Item 1A.

Risk Factors

94

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

94

Item 6.

Exhibits

96

Exhibit Index

96

Signatures

97

1

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(dollars in thousands, except per share amounts)

  

2022

  

2021

  

2022

  

2021

Interest income

Loans and lease financing

$

134,646

$

110,765

$

350,294

$

332,623

Available-for-sale investment securities

19,644

25,234

68,394

73,017

Held-to-maturity investment securities

17,950

36,239

Other

4,150

1,205

7,828

2,362

Total interest income

176,390

137,204

462,755

408,002

Interest expense

Deposits

13,653

3,218

20,999

10,637

Short-term and long-term borrowings

1

1,393

1

4,133

Total interest expense

13,654

4,611

21,000

14,770

Net interest income

162,736

132,593

441,755

393,232

Provision for credit losses

3,183

(4,000)

(1,564)

(39,000)

Net interest income after provision for credit losses

159,553

136,593

443,319

432,232

Noninterest income

Service charges on deposit accounts

7,089

6,989

21,433

20,339

Credit and debit card fees

17,746

16,017

49,652

47,314

Other service charges and fees

9,179

10,233

27,851

29,382

Trust and investment services income

9,800

8,625

27,442

25,824

Bank-owned life insurance

(341)

4,841

(1,617)

10,334

Investment securities gains, net

102

Other

2,384

3,399

6,613

10,048

Total noninterest income

45,857

50,104

131,374

143,343

Noninterest expense

Salaries and employee benefits

51,372

46,484

149,500

136,402

Contracted services and professional fees

16,625

15,042

52,389

48,746

Occupancy

8,115

6,790

22,859

21,274

Equipment

10,791

6,549

24,522

18,402

Regulatory assessment and fees

2,487

1,828

7,012

5,688

Advertising and marketing

1,902

1,469

5,924

4,529

Card rewards program

8,141

6,676

22,309

17,773

Other

13,899

16,198

42,034

43,916

Total noninterest expense

113,332

101,036

326,549

296,730

Income before provision for income taxes

92,078

85,661

248,144

278,845

Provision for income taxes

23,060

21,382

62,047

70,132

Net income

$

69,018

$

64,279

$

186,097

$

208,713

Basic earnings per share

$

0.54

$

0.50

$

1.46

$

1.61

Diluted earnings per share

$

0.54

$

0.50

$

1.45

$

1.61

Basic weighted-average outstanding shares

127,377,713

128,660,038

127,534,746

129,323,973

Diluted weighted-average outstanding shares

127,796,617

129,210,448

127,996,672

129,895,311

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

2

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(dollars in thousands)

  

2022

  

2021

  

2022

  

2021

 

Net income

$

69,018

    

$

64,279

$

186,097

  

$

208,713

Other comprehensive loss, net of tax:

Net change in investment securities

(84,164)

(31,761)

(531,086)

(93,067)

Net change in cash flow derivative hedges

(3,135)

(5,977)

Other comprehensive loss

(87,299)

(31,761)

(537,063)

(93,067)

Total comprehensive (loss) income

$

(18,281)

$

32,518

$

(350,966)

$

115,646

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

3

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 

December 31, 

(dollars in thousands, except share amount)

  

2022

  

2021

Assets

Cash and due from banks

$

291,360

$

246,716

Interest-bearing deposits in other banks

657,574

1,011,753

Investment securities:

Available-for-sale, at fair value (amortized cost: $3,673,396 as of September 30, 2022 and $8,560,733 as of December 31, 2021)

3,289,160

8,428,032

Held-to-maturity, at amortized cost (fair value: $3,960,713 as of September 30, 2022 and nil as of December 31, 2021)

4,406,143

Loans held for sale

361

538

Loans and leases

13,700,374

12,961,999

Less: allowance for credit losses

148,163

157,262

Net loans and leases

13,552,211

12,804,737

Premises and equipment, net

299,179

318,448

Other real estate owned and repossessed personal property

139

175

Accrued interest receivable

68,545

63,158

Bank-owned life insurance

470,202

471,819

Goodwill

995,492

995,492

Mortgage servicing rights

6,866

8,302

Other assets

833,040

643,240

Total assets

$

24,870,272

$

24,992,410

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

12,774,645

$

12,422,283

Noninterest-bearing

9,317,093

9,393,863

Total deposits

22,091,738

21,816,146

Retirement benefits payable

133,981

134,491

Other liabilities

443,902

384,861

Total liabilities

22,669,621

22,335,498

Commitments and contingent liabilities (Note 11)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,958,520 / 127,357,680 as of September 30, 2022; issued/outstanding: 140,581,715 / 127,502,472 as of December 31, 2021)

1,410

1,406

Additional paid-in capital

2,535,601

2,527,663

Retained earnings

690,433

604,534

Accumulated other comprehensive loss, net

(658,756)

(121,693)

Treasury stock (13,600,840 shares as of September 30, 2022 and 13,079,243 shares as of December 31, 2021)

(368,037)

(354,998)

Total stockholders' equity

2,200,651

2,656,912

Total liabilities and stockholders' equity

$

24,870,272

$

24,992,410

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

4

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended September 30, 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 June 30, 2022

127,451,087

$

1,409

$

2,533,407

$

654,777

$

(571,457)

$

(365,525)

$

2,252,611

Net income

69,018

69,018

Cash dividends declared ($0.26 per share)

(33,112)

(33,112)

Common stock issued under Employee Stock Purchase Plan

10,411

224

224

Equity-based awards

2,809

1

1,970

(250)

(34)

1,687

Common stock repurchased

(106,627)

(2,478)

(2,478)

Other comprehensive loss, net of tax

(87,299)

(87,299)

Balance as of September 30, 2022

127,357,680

$

1,410

$

2,535,601

$

690,433

$

(658,756)

$

(368,037)

$

2,200,651

Nine Months Ended September 30, 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

186,097

186,097

Cash dividends declared ($0.78 per share)

(99,475)

(99,475)

Common stock issued under Employee Stock Purchase Plan

10,411

224

224

Equity-based awards

241,982

4

7,714

(723)

(3,561)

3,434

Common stock repurchased

(397,185)

(9,478)

(9,478)

Other comprehensive loss, net of tax

(537,063)

(537,063)

Balance as of September 30, 2022

127,357,680

$

1,410

$

2,535,601

$

690,433

$

(658,756)

$

(368,037)

$

2,200,651

5

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(Unaudited)

Three Months Ended September 30, 2021