10-Q 1 fhb-20220630x10q.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 June 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: 127,698,700 shares of Common Stock, par value $0.01 per share, were outstanding as of July 29, 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 and six months ended June 30, 2022 and 2021

2

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

3

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

4

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

5

Consolidated Statements of Cash Flows for the six months ended June 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

93

Item 4.

Controls and Procedures

93

Part II Other Information

93

Item 1.

Legal Proceedings

93

Item 1A.

Risk Factors

93

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 6.

Exhibits

95

Exhibit Index

95

Signatures

96

1

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands, except per share amounts)

  

2022

  

2021

  

2022

  

2021

Interest income

Loans and lease financing

$

111,916

$

110,919

$

215,648

$

221,858

Available-for-sale investment securities

16,643

24,637

48,750

47,783

Held-to-maturity investment securities

18,289

18,289

Other

2,896

666

3,678

1,157

Total interest income

149,744

136,222

286,365

270,798

Interest expense

Deposits

4,597

3,363

7,346

7,419

Short-term and long-term borrowings

1,378

2,740

Total interest expense

4,597

4,741

7,346

10,159

Net interest income

145,147

131,481

279,019

260,639

Provision for credit losses

1,000

(35,000)

(4,747)

(35,000)

Net interest income after provision for credit losses

144,147

166,481

283,766

295,639

Noninterest income

Service charges on deposit accounts

6,843

6,632

14,344

13,350

Credit and debit card fees

17,056

16,746

31,906

31,297

Other service charges and fees

9,018

10,303

18,672

19,149

Trust and investment services income

8,759

8,707

17,642

17,199

Bank-owned life insurance

(859)

3,104

(1,276)

5,493

Investment securities gains, net

102

102

Other

3,320

3,777

4,229

6,649

Total noninterest income

44,137

49,371

85,517

93,239

Noninterest expense

Salaries and employee benefits

49,902

45,982

98,128

89,918

Contracted services and professional fees

18,617

16,516

35,764

33,704

Occupancy

7,334

7,314

14,744

14,484

Equipment

7,754

6,362

13,731

11,853

Regulatory assessment and fees

2,301

1,826

4,525

3,860

Advertising and marketing

1,994

1,469

4,022

3,060

Card rewards program

7,285

6,262

14,168

11,097

Other

13,988

13,657

28,135

27,718

Total noninterest expense

109,175

99,388

213,217

195,694

Income before provision for income taxes

79,109

116,464

156,066

193,184

Provision for income taxes

19,749

29,723

38,987

48,750

Net income

$

59,360

$

86,741

$

117,079

$

144,434

Basic earnings per share

$

0.46

$

0.67

$

0.92

$

1.11

Diluted earnings per share

$

0.46

$

0.67

$

0.91

$

1.11

Basic weighted-average outstanding shares

127,672,244

129,392,339

127,614,564

129,661,228

Diluted weighted-average outstanding shares

128,014,777

129,828,847

128,108,630

130,164,762

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 (LOSS)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

  

2022

  

2021

  

2022

  

2021

 

Net income

$

59,360

    

$

86,741

$

117,079

  

$

144,434

Other comprehensive (loss) income, net of tax:

Net change in investment securities

(52,371)

13,733

(446,922)

(61,306)

Net change in cash flow derivative hedges

(1,584)

(2,842)

Other comprehensive (loss) income

(53,955)

13,733

(449,764)

(61,306)

Total comprehensive income (loss)

$

5,405

$

100,474

$

(332,685)

$

83,128

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

3

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30, 

December 31, 

(dollars in thousands, except share amount)

  

2022

  

2021

Assets

Cash and due from banks

$

279,629

$

246,716

Interest-bearing deposits in other banks

1,254,047

1,011,753

Investment securities:

Available-for-sale, at fair value (amortized cost: $4,267,809 as of June 30, 2022 and $8,560,733 as of December 31, 2021)

3,967,746

8,428,032

Held-to-maturity, at amortized cost (fair value: $3,910,780 as of June 30, 2022 and nil as of December 31, 2021)

4,093,215

Loans held for sale

180

538

Loans and leases

13,262,781

12,961,999

Less: allowance for credit losses

148,942

157,262

Net loans and leases

13,113,839

12,804,737

Premises and equipment, net

310,047

318,448

Other real estate owned and repossessed personal property

175

Accrued interest receivable

63,240

63,158

Bank-owned life insurance

470,542

471,819

Goodwill

995,492

995,492

Mortgage servicing rights

7,152

8,302

Other assets

822,404

643,240

Total assets

$

25,377,533

$

24,992,410

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

12,990,571

$

12,422,283

Noninterest-bearing

9,610,883

9,393,863

Total deposits

22,601,454

21,816,146

Retirement benefits payable

134,151

134,491

Other liabilities

389,317

384,861

Total liabilities

23,124,922

22,335,498

Commitments and contingent liabilities (Note 11)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,943,908 / 127,451,087 as of June 30, 2022; issued/outstanding: 140,581,715 / 127,502,472 as of December 31, 2021)

1,409

1,406

Additional paid-in capital

2,533,407

2,527,663

Retained earnings

654,777

604,534

Accumulated other comprehensive loss, net

(571,457)

(121,693)

Treasury stock (13,492,821 shares as of June 30, 2022 and 13,079,243 shares as of December 31, 2021)

(365,525)

(354,998)

Total stockholders' equity

2,252,611

2,656,912

Total liabilities and stockholders' equity

$

25,377,533

$

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 June 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 March 31, 2022

127,686,307

$

1,409

$

2,530,795

$

628,642

$

(517,502)

$

(358,195)

$

2,285,149

Net income

59,360

59,360

Cash dividends declared ($0.26 per share)

(33,212)

(33,212)

Equity-based awards

55,338

2,612

(13)

(330)

2,269

Common stock repurchased

(290,558)

(7,000)

(7,000)

Other comprehensive loss, net of tax

(53,955)

(53,955)

Balance as of June 30, 2022

127,451,087

$

1,409

$

2,533,407

$

654,777

$

(571,457)

$

(365,525)

$

2,252,611

Six Months Ended June 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

117,079

117,079

Cash dividends declared ($0.52 per share)

(66,363)

(66,363)

Equity-based awards

239,173

3

5,744

(473)

(3,527)

1,747

Common stock repurchased

(290,558)

(7,000)

(7,000)

Other comprehensive loss, net of tax

(449,764)

(449,764)

Balance as of June 30, 2022

127,451,087

$

1,409

$

2,533,407

$

654,777

$

(571,457)

$

(365,525)

$

2,252,611

5

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(Unaudited)

Three Months Ended June 30, 2021

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury

(dollars in thousands, except share amounts)