Company Quick10K Filing
First Hawaiian
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 135 $3,461
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-29 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-03-15 Annual: 2016-12-31
10-Q 2016-11-10 Quarter: 2016-09-30
10-Q 2016-09-09 Quarter: 2016-06-30
8-K 2020-02-11 Regulation FD, Exhibits
8-K 2020-01-22 Earnings, Amend Bylaw, Exhibits
8-K 2019-11-04 Regulation FD, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-06 Regulation FD, Exhibits
8-K 2019-08-09 Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-07 Regulation FD, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-03-11 Officers
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-03-01 Other Events, Exhibits
8-K 2019-02-27 Officers, Exhibits
8-K 2019-02-12 Officers, Other Events
8-K 2019-01-30 Other Events, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-14 Other Events, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-24 Officers
8-K 2018-09-05 Other Events
8-K 2018-09-05 Officers, Other Events, Exhibits
8-K 2018-07-29 Other Events
8-K 2018-07-26 Enter Agreement, Control, Officers, Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-25 Officers, Exhibits
8-K 2018-07-15 Officers
8-K 2018-06-08 Regulation FD
8-K 2018-05-22 Regulation FD, Exhibits
8-K 2018-05-07 Enter Agreement, Other Events, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-25 Officers, Shareholder Vote, Exhibits
8-K 2018-02-06 Regulation FD, Exhibits
8-K 2018-02-06 Officers, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-25 Other Events
8-K 2018-01-08 Officers, Exhibits
FHB 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 fhb-20190930ex3118e9e40.htm
EX-31.2 fhb-20190930ex312f4f59e.htm
EX-32.1 fhb-20190930ex3219cdf8f.htm
EX-32.2 fhb-20190930ex3226af053.htm

First Hawaiian Earnings 2019-09-30

FHB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
UBSI 3,716 19,883 16,549 0 0 259 498 5,264 10.6 1%
FHB 3,461 20,526 17,867 752 0 270 462 3,177 0% 6.9 1%
VLY 3,439 33,028 29,524 0 0 336 889 4,784 5.4 1%
ASB 3,433 33,273 29,373 1,232 0 346 805 3,673 0% 4.6 1%
HWC 3,415 28,762 25,443 0 0 0 311 3,283 10.5 0%
GBCI 3,406 12,676 10,989 79 0 200 289 3,175 0% 11.0 2%
CBU 3,370 10,745 8,936 0 0 171 267 2,495 9.4 2%
BOH 3,345 17,689 16,403 0 0 227 360 2,966 8.2 1%
MBFI 3,338 20,207 17,172 0 0 214 356 3,037 8.5 1%
TCF 3,265 24,419 21,773 0 0 310 764 4,642 6.1 1%

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Table of Contents

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, 2019

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: 130,977,395 shares of Common Stock, par value $0.01 per share, were outstanding as of October 17, 2019.

Table of Contents

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 nine months ended September 30, 2019 and 2018

2

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018

3

Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

4

Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2018

5

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

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

90

Item 4.

Controls and Procedures

90

Part II Other Information

90

Item 1.

Legal Proceedings

90

Item 1A.

Risk Factors

90

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

91

Item 6.

Exhibits

92

Exhibit Index

92

Signatures

93

1

Table of Contents

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)

  

2019

  

2018

  

2019

  

2018

Interest income

Loans and lease financing

$

144,691

$

135,394

$

435,980

$

389,228

Available-for-sale securities

22,256

25,196

71,526

81,586

Other

3,234

3,462

9,054

7,193

Total interest income

170,181

164,052

516,560

478,007

Interest expense

Deposits

22,753

20,205

69,643

52,824

Short-term and long-term borrowings

4,347

2,589

13,134

2,850

Total interest expense

27,100

22,794

82,777

55,674

Net interest income

143,081

141,258

433,783

422,333

Provision for loan and lease losses

4,460

9,550

16,430

Net interest income after provision for loan and lease losses

143,081

136,798

424,233

405,903

Noninterest income

Service charges on deposit accounts

8,554

7,933

24,737

23,609

Credit and debit card fees

16,839

16,535

50,123

48,961

Other service charges and fees

8,903

9,578

27,435

28,553

Trust and investment services income

8,698

7,487

26,247

23,429

Bank-owned life insurance

5,743

3,692

12,946

8,131

Investment securities losses, net

(2,592)

Other

1,243

2,180

6,929

13,219

Total noninterest income

49,980

47,405

145,825

145,902

Noninterest expense

Salaries and employee benefits

44,955

41,959

132,000

125,755

Contracted services and professional fees

14,649

11,478

42,597

36,770

Occupancy

7,250

6,757

21,522

20,149

Equipment

4,024

4,181

12,852

13,104

Regulatory assessment and fees

1,992

3,966

5,588

12,164

Advertising and marketing

1,647

1,060

5,593

3,126

Card rewards program

6,930

5,805

21,326

17,882

Other

12,019

17,941

37,901

46,649

Total noninterest expense

93,466

93,147

279,379

275,599

Income before provision for income taxes

99,595

91,056

290,679

276,206

Provision for income taxes

25,396

23,668

74,123

71,807

Net income

$

74,199

$

67,388

$

216,556

$

204,399

Basic earnings per share

$

0.56

$

0.50

$

1.62

$

1.48

Diluted earnings per share

$

0.56

$

0.50

$

1.61

$

1.48

Basic weighted-average outstanding shares

132,583,902

135,466,669

133,957,192

137,643,005

Diluted weighted-average outstanding shares

132,877,769

135,675,498

134,231,762

137,809,573

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

2

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(dollars in thousands)

  

2019

  

2018

  

2019

  

2018

 

Net income

$

74,199

    

$

67,388

$

216,556

  

$

204,399

Other comprehensive income (loss), net of tax:

Net change in pensions and other benefits

(594)

Net change in investment securities

13,210

(22,420)

114,015

(89,236)

Net change in cash flow derivative hedges

131

988

Other comprehensive income (loss)

13,210

(22,289)

113,421

(88,248)

Total comprehensive income

$

87,409

$

45,099

$

329,977

$

116,151

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

3

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 

December 31, 

(dollars in thousands, except share amount)

  

2019

  

2018

Assets

Cash and due from banks

$

358,863

$

396,836

Interest-bearing deposits in other banks

985,154

606,801

Investment securities

4,157,082

4,498,342

Loans held for sale

1,594

432

Loans and leases

12,843,396

13,076,191

Less: allowance for loan and lease losses

132,964

141,718

Net loans and leases

12,710,432

12,934,473

Premises and equipment, net

315,309

304,996

Other real estate owned and repossessed personal property

82

751

Accrued interest receivable

44,671

48,920

Bank-owned life insurance

453,410

446,076

Goodwill

995,492

995,492

Mortgage servicing rights

13,630

16,155

Other assets

562,501

446,404

Total assets

$

20,598,220

$

20,695,678

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing

$

11,136,424

$

11,142,127

Noninterest-bearing

5,720,822

6,007,941

Total deposits

16,857,246

17,150,068

Short-term borrowings

400,000

Long-term borrowings

200,018

600,026

Retirement benefits payable

128,442

127,909

Other liabilities

357,956

292,836

Total liabilities

17,943,662

18,170,839

Commitments and contingent liabilities (Note 13)

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 139,908,699 / 131,260,900 as of September 30, 2019; issued/outstanding: 139,656,674 / 134,874,302 as of December 31, 2018)

1,399

1,397

Additional paid-in capital

2,501,324

2,495,853

Retained earnings

403,317

291,919

Accumulated other comprehensive loss, net

(18,774)

(132,195)

Treasury stock (8,647,799 shares as of September 30, 2019 and 4,782,372 shares as of December 31, 2018)

(232,708)

(132,135)

Total stockholders' equity

2,654,558

2,524,839

Total liabilities and stockholders' equity

$

20,598,220

$

20,695,678

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

4

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended September 30, 2019

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 June 30, 2019

133,508,212

$

1,399

$

2,499,946

$

363,748

$

(31,984)

$

(173,668)

$

2,659,441

Net income

74,199

74,199

Cash dividends declared ($0.26 per share)

(34,408)

(34,408)

Equity-based awards

41,980

1,378

(222)

(231)

925

Common stock repurchased

(2,289,292)

(58,809)

(58,809)

Other comprehensive income, net of tax

13,210

13,210

Balance as of September 30, 2019

131,260,900

$

1,399

$

2,501,324

$

403,317

$

(18,774)

$

(232,708)

$

2,654,558

Nine Months Ended September 30, 2019

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, 2018

  

134,874,302

$

1,397

  

$

2,495,853

  

$

291,919

  

$

(132,195)

  

$

(132,135)

  

$

2,524,839

Net income

216,556

216,556

Cash dividends declared ($0.78 per share)

(104,392)

(104,392)

Equity-based awards

185,736

2

5,471

(766)

(1,764)

2,943

Common stock repurchased

(3,799,138)

(98,809)

(98,809)

Other comprehensive income, net of tax

113,421

113,421

Balance as of September 30, 2019

131,260,900

$

1,399

$

2,501,324

$

403,317

$

(18,774)

$

(232,708)

$

2,654,558

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

5

Table of Contents

FIRST HAWAIIAN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(Unaudited)

Three Months Ended September 30, 2018

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, 2018

136,642,060

$

1,396

$

2,492,656

$

229,615

$

(182,410)

$

(82,082)

$

2,459,175

Net income

67,388

67,388

Cash dividends declared ($0.24 per share)

(32,370)

(32,370)

Equity-based awards

33,469

1

1,780

(170)