First Hawaiian, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

**First Hawaiian, Inc. has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the year ending December 31, 2023.**

AI Summary

FIRST HAWAIIAN, INC. (FHB) filed a Annual Report (10-K) with the SEC on February 28, 2024. First Hawaiian, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 999 Bishop Street, Honolulu, HI 96813. First Hawaiian, Inc. was formerly known as Bancwest Corp/HI and First Hawaiian Inc. The company operates within the State Commercial Banks industry (SIC code 6022).

Why It Matters

For investors and stakeholders tracking FIRST HAWAIIAN, INC., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, strategic initiatives, and risk factors, crucial for investors to assess its current standing and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate First Hawaiian's performance against industry benchmarks and its own historical data, informing investment decisions.

Risk Assessment

Risk Level: low — FIRST HAWAIIAN, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess First Hawaiian's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 0001558370-24-001995 — Accession Number (Unique identifier for the filing.)
• 177 — Public Document Count (Number of documents included in the filing.)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks.)
• DE — State of Incorporation (Delaware)
• 001-14585 — SEC File Number (SEC's file number for the company.)
• 24695246 — Film Number (SEC's film number for the filing.)
• 808-525-7000 — Business Phone (Contact phone number for the company.)

Key Players & Entities

• FIRST HAWAIIAN, INC. (company) — FILER
• 999 BISHOP STREET (company) — BUSINESS ADDRESS
• HONOLULU (company) — CITY
• HI (company) — STATE
• BANCWEST CORP/HI (company) — FORMER COMPANY
• FIRST HAWAIIAN INC (company) — FORMER COMPANY
• 2023-12-31 (date) — FISCAL YEAR END
• 2024-02-28 (date) — FILED AS OF DATE

FAQ

Industry Context

First Hawaiian, Inc. operates as a commercial bank, a sector characterized by interest rate sensitivity, regulatory oversight, and competition.

Regulatory Implications

As a commercial bank, First Hawaiian, Inc. is subject to extensive regulation by federal and state authorities, including capital requirements, consumer protection laws, and anti-money laundering statutes.

What Investors Should Do

1. Review the consolidated financial statements for detailed revenue, expense, and balance sheet information.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the previous year's filing.

Key Financial Figures

• $0.01 — registered: Common Stock , par value $0.01 per share FHB NASDAQ Global Select
• $18.01 — ion, based on the closing sale price of $18.01 as reported on the NASDAQ Global Select
• $24.9 billion — income. As of December 31, 2023, we had $24.9 billion of assets, $14.4 billion of gross loans
• $14.4 billion — , 2023, we had $24.9 billion of assets, $14.4 billion of gross loans and leases, $21.3 billio
• $21.3 billion — 14.4 billion of gross loans and leases, $21.3 billion of deposits and $2.5 billion of stockho
• $2.5 billion — d leases, $21.3 billion of deposits and $2.5 billion of stockholders' equity. We generated $
• $235.0 million — n of stockholders' equity. We generated $235.0 million of net income or diluted earnings per s
• $1.84 — income or diluted earnings per share of $1.84 per share for the year ended December 3
• $6.5 million — r a bank which has trust operations, is $6.5 million. Hawaii law also effectively restricts
• $8.6 million — is $6.5 million multiplied by 133%, or $8.6 million. This amount is not necessarily indicat

Filing Documents

• fhb-20231231x10k.htm (10-K) — 10629KB
• fhb-20231231xex21d1.htm (EX-21.1) — 6KB
• fhb-20231231xex23d1.htm (EX-23.1) — 3KB
• fhb-20231231xex31d1.htm (EX-31.1) — 16KB
• fhb-20231231xex31d2.htm (EX-31.2) — 15KB
• fhb-20231231xex32d1.htm (EX-32.1) — 8KB
• fhb-20231231xex32d2.htm (EX-32.2) — 8KB
• fhb-20231231xex97d1.htm (EX-97.1) — 39KB
• fhb-20231231x10k001.jpg (GRAPHIC) — 32KB
• 0001558370-24-001995.txt ( ) — 45041KB
• fhb-20231231.xsd (EX-101.SCH) — 139KB
• fhb-20231231_cal.xml (EX-101.CAL) — 163KB
• fhb-20231231_def.xml (EX-101.DEF) — 766KB
• fhb-20231231_lab.xml (EX-101.LAB) — 1379KB
• fhb-20231231_pre.xml (EX-101.PRE) — 1197KB
• fhb-20231231x10k_htm.xml (XML) — 13091KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity 42 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. Reserved 47 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 92 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 93 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 175 Item 9A.

Controls and Procedures

Controls and Procedures 175 Item 9B. Other Information 178 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 178 Part III Item 10. Directors, Executive Officers and Corporate Governance 178 Item 11.

Executive Compensation

Executive Compensation 178 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 179 Item 13. Certain Relationships and Related Transactions, and Director Independence 179 Item 14. Principal Accounting Fees and Services 179 Part IV Item 15. Exhibits, Financial Statement Schedules 180 Item 16. Form 10-K Summary 180

Signatures

Signatures 184 1 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General 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"). References to "we," "our," "us," or the "Company" refer to the Parent and its wholly-owned subsidiary, FHB, for purposes of discussion in this Annual Report on Form 10-K. FHI is a bank holding company incorporated in the state of Delaware and headquartered in Honolulu, Hawaii. Our wholly-owned bank subsidiary, FHB, was founded in 1858 under the name Bishop & Company and was the first successful banking partnership in the Kingdom of Hawaii and the second oldest bank formed west of the Mississippi River. As of December 31, 2023, FHB is the largest full-service bank headquartered in Hawaii as measured by assets, loans, deposits and net income. As of December 31, 2023, we had $24.9 billion of assets, $14.4 billion of gross loans and leases, $21.3 billion of deposits and $2.5 billion of stockholders' equity. We generated $235.0 million of net income or diluted earnings per share of $1.84 per share for the year ended December 31, 2023. Through the Bank, we operate a network of 50 branches in Hawaii (45 branches), Guam (3 branches) and Saipan (2 branches). We provide a diversified range of banking services to consumer and commercial customers, including deposit products, lending services and wealth management and trust services. Through our distribution channels, we offer a variety of deposit products to our customers, including checking and savings accounts and other types of deposit accounts. We offer comprehensive commercial banking services to middle market and large Hawaii-based businesses with strong balance sheets and high-quality collateral. We provide commercial and industrial lending, including auto dealer flooring, commercial real estate and construction lending. We also offer comprehensive consumer lending services focused on residential real estate lending, indirect auto fi

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View this 10-K filing on SEC EDGAR