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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, 2024

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: 127,841,908 shares of Common Stock, par value $0.01 per share, were outstanding as of April 30, 2024.

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, 2024 and 2023

2

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023

3

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

4

Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023

5

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

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

46

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

80

Item 4.

Controls and Procedures

80

Part II Other Information

80

Item 1.

Legal Proceedings

80

Item 1A.

Risk Factors

80

Item 5.

Other Information

80

Item 6.

Exhibits

81

Exhibit Index

81

Signatures

82

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)

  

2024

  

2023

Interest income

Loans and lease financing

$

199,844

$

172,339

Available-for-sale investment securities

14,546

18,688

Held-to-maturity investment securities

17,793

18,957

Other

12,769

3,561

Total interest income

244,952

213,545

Interest expense

Deposits

84,143

43,284

Short-term and long-term borrowings

5,953

2,563

Other

429

451

Total interest expense

90,525

46,298

Net interest income

154,427

167,247

Provision for credit losses

6,300

8,800

Net interest income after provision for credit losses

148,127

158,447

Noninterest income

Service charges on deposit accounts

7,546

7,231

Credit and debit card fees

16,173

16,298

Other service charges and fees

9,904

9,162

Trust and investment services income

10,354

9,614

Bank-owned life insurance

4,286

5,120

Other

3,108

1,598

Total noninterest income

51,371

49,023

Noninterest expense

Salaries and employee benefits

59,262

56,032

Contracted services and professional fees

15,739

16,313

Occupancy

6,941

7,782

Equipment

13,413

9,736

Regulatory assessment and fees

8,120

3,836

Advertising and marketing

2,612

1,994

Card rewards program

8,508

8,085

Other

14,218

14,789

Total noninterest expense

128,813

118,567

Income before provision for income taxes

70,685

88,903

Provision for income taxes

16,465

22,085

Net income

$

54,220

$

66,818

Basic earnings per share

$

0.42

$

0.52

Diluted earnings per share

$

0.42

$

0.52

Basic weighted-average outstanding shares

127,707,354

127,453,820

Diluted weighted-average outstanding shares

128,217,689

128,033,812

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

2

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

March 31, 

(dollars in thousands)

  

2024

  

2023

 

Net income

$

54,220

  

$

66,818

Other comprehensive income, net of tax:

Net change in investment securities

5,667

26,944

Net change in cash flow derivative hedges

763

631

Other comprehensive income

6,430

27,575

Total comprehensive income

$

60,650

$

94,393

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

3

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31, 

December 31, 

(dollars in thousands, except share amount)

  

2024

  

2023

Assets

Cash and due from banks

$

202,121

$

185,015

Interest-bearing deposits in other banks

1,072,145

1,554,882

Investment securities:

Available-for-sale, at fair value (amortized cost: $2,466,109 as of March 31, 2024 and $2,558,675 as of December 31, 2023)

2,159,338

2,255,336

Held-to-maturity, at amortized cost (fair value: $3,470,710 as of March 31, 2024 and $3,574,856 as of December 31, 2023)

3,988,011

4,041,449

Loans held for sale

190

Loans and leases

14,320,208

14,353,497

Less: allowance for credit losses

159,836

156,533

Net loans and leases

14,160,372

14,196,964

Premises and equipment, net

281,181

281,461

Accrued interest receivable

85,715

84,417

Bank-owned life insurance

484,193

479,907

Goodwill

995,492

995,492

Mortgage servicing rights

5,533

5,699

Other assets

845,085

845,662

Total assets

$

24,279,186

$

24,926,474

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

13,620,928

$

13,749,095

Noninterest-bearing

7,048,553

7,583,562

Total deposits

20,669,481

21,332,657

Short-term borrowings

500,000

500,000

Retirement benefits payable

102,242

103,285

Other liabilities

493,702

504,466

Total liabilities

21,765,425

22,440,408

Commitments and contingent liabilities (Note 12)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,687,612 / 127,841,908 as of March 31, 2024; issued/outstanding: 141,340,539 / 127,618,761 as of December 31, 2023)

1,417

1,413

Additional paid-in capital

2,551,488

2,548,250

Retained earnings

858,494

837,859

Accumulated other comprehensive loss, net

(523,780)

(530,210)

Treasury stock (13,845,704 shares as of March 31, 2024 and 13,721,778 shares as of December 31, 2023)

(373,858)

(371,246)

Total stockholders' equity

2,513,761

2,486,066

Total liabilities and stockholders' equity

$

24,279,186

$

24,926,474

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 March 31, 2024

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, 2023

  

127,618,761

$

1,413

  

$

2,548,250

  

$

837,859

  

$

(530,210)

  

$

(371,246)

  

$

2,486,066

Net income

54,220

54,220

Cash dividends declared ($0.26 per share)

(33,186)

(33,186)

Equity-based awards

223,147

4

3,238

(399)

(2,612)

231

Other comprehensive income, net of tax

6,430

6,430

Balance as of March 31, 2024

127,841,908

$

1,417

$

2,551,488

$

858,494

$

(523,780)

$

(373,858)

$

2,513,761

Three Months Ended March 31, 2023

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, 2022

127,363,327

$

1,410

$

2,538,336

$

736,544

$

(639,254)

$

(368,031)

$

2,269,005

Net income

66,818

66,818

Cash dividends declared ($0.26 per share)

(33,114)

(33,114)

Equity-based awards

210,353

3

2,317

(457)

(3,135)

(1,272)

Other comprehensive income, net of tax

27,575

27,575

Balance as of March 31, 2023

127,573,680

$

1,413

$

2,540,653

$

769,791

$

(611,679)

$

(371,166)

$

2,329,012

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

5

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 31, 

(dollars in thousands)

  

2024

  

2023

Cash flows from operating activities

Net income

$

54,220

$

66,818

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

Provision for credit losses

6,300

8,800

Depreciation, amortization and accretion, net

9,537

10,827

Deferred income tax provision

7,238

4,330

Stock-based compensation

3,242

2,320

Gain on property insurance proceeds

(2,202)

Other (gains) losses

(7)

1,223

Originations of loans held for sale

(8,624)

(1,468)

Proceeds from sales of loans held for sale

8,791

1,447

Change in assets and liabilities:

Net decrease (increase) in other assets

11,782

(9,536)

Net decrease in other liabilities

(23,637)

(2,128)

Net cash provided by operating activities

66,640

82,633

Cash flows from investing activities

Available-for-sale securities:

Proceeds from maturities and principal repayments

81,385

119,692

Proceeds from calls and sales

10,000

Held-to-maturity securities:

Proceeds from maturities and principal repayments

62,525

68,854

Proceeds from calls

345

220

Other investments:

Proceeds from sales

1,234

13,984

Purchases

(12,618)

(42,251)

Loans:

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

41,387

(88,408)

Purchases of loans

(15,000)

(48,741)

Proceeds from bank-owned life insurance

4,932

Proceeds from property insurance

2,202

Purchases of premises, equipment and software

(4,861)

(1,555)

Other

104

(1,614)

Net cash provided by investing activities

166,703

25,113

Cash flows from financing activities

Net decrease in deposits

(663,176)

(407,529)

Net increase in short-term borrowings

175,000

Proceeds from long-term borrowings

500,000

Dividends paid

(33,186)

(33,114)

Stock tendered for payment of withholding taxes

(2,612)

(3,135)

Net cash (used in) provided by financing activities

(698,974)

231,222

Net (decrease) increase in cash and cash equivalents

(465,631)

338,968

Cash and cash equivalents at beginning of period

1,739,897

526,624

Cash and cash equivalents at end of period

$

1,274,266

$

865,592

Supplemental disclosures

Interest paid

$

88,594

$

40,937

Income taxes paid, net of income tax refunds

1,755

1,761

Noncash investing and financing activities:

Transfers from loans and leases and other assets to other real estate owned

69

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

1,306

Obligation to fund low-income housing partnerships

8,223

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

6

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, 2023.

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 2024

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842), Common Control Arrangements. This update clarifies the accounting for leasehold improvements associated with common control leases. Prior to this update, Topic 842 generally required leasehold improvements to have an amortization period consistent with the shorter of the useful life of those improvements or the remaining lease term. This update will require leasehold improvements associated with common control leases to be (1) amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease, and (2) accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. In addition, this update also subjects leasehold improvements to the impairment guidance in Topic 360, Property, Plant, and Equipment. The Company adopted the provisions of ASU No. 2023-01 on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements.

7

In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This update expands the population of tax equity investments for which a reporting entity may elect to apply the proportional amortization method (“PAM”). Under legacy guidance, an entity can only elect to apply the PAM to investments in low-income housing tax credit (“LIHTC”) structures. This update permits an entity to make an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the PAM if certain conditions are met. An accounting policy election is made to apply the PAM on a tax credit program-by-program basis rather than electing to apply the PAM at the reporting entity level or to individual investments. By applying the PAM, a reporting entity must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credits received. For all tax equity investments accounted for using the PAM, this update also requires the use of the delayed equity contribution guidance. LIHTC investments not accounted for using the PAM will no longer be permitted to use the delayed equity contribution guidance. In addition, LIHTC investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10, Investments—Equity Method and Joi