First Hawaiian, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Hawaiian, Inc. filed its Q1 2024 10-Q report detailing financial positions and equity changes.</b>

AI Summary

FIRST HAWAIIAN, INC. (FHB) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. The filing is a 10-Q report for First Hawaiian, Inc. for the period ending March 31, 2024. The company's Central Index Key (CIK) is 0000036377. First Hawaiian, Inc. is classified under Standard Industrial Classification 6022 (State Commercial Banks). The filing includes data related to treasury stock, additional paid-in capital, common stock, retained earnings, and investment securities as of various dates in 2023 and 2024. The company's principal business address is 999 Bishop Street, Honolulu, HI 96813.

Why It Matters

For investors and stakeholders tracking FIRST HAWAIIAN, INC., this filing contains several important signals. This 10-Q filing provides a quarterly update on First Hawaiian's financial health and operational performance, crucial for investors to assess recent trends and stability. The detailed breakdown of equity components like retained earnings and additional paid-in capital offers insights into how the company is managing its capital structure and profitability.

Risk Assessment

Risk Level: low — FIRST HAWAIIAN, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk.

Analyst Insight

Monitor future filings for trends in net income, EPS, and debt-to-equity ratios to gauge ongoing financial performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 1998-11-05 — Date of Name Change (Former company name change)
• 1992-07-03 — Date of Name Change (Former company name change)

Key Players & Entities

• FIRST HAWAIIAN, INC. (company) — Filer name
• 0000036377 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• 999 BISHOP STREET (company) — Business address street
• HONOLULU (company) — Business address city
• HI (company) — Business address state
• 96813 (company) — Business address zip
• BANCWEST CORP/HI (company) — Former company name

FAQ

Industry Context

First Hawaiian, Inc. operates within the commercial banking sector, a regulated industry sensitive to interest rate changes and economic conditions.

Regulatory Implications

As a commercial bank, First Hawaiian, Inc. is subject to stringent regulations from federal and state authorities, including the Federal Reserve and state banking departments, governing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Compare key financial ratios (e.g., net interest margin, efficiency ratio) with industry peers.
3. Track any disclosures regarding loan portfolio performance and interest rate sensitivity.

Key Dates

• 2024-03-31: Quarterly Report Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 update, providing the latest financial data compared to previous periods and the year-end 2023 report.

Key Financial Figures

• $0.01 — registered: Common Stock , par value $0.01 per share FHB NASDAQ Global Select

Filing Documents

• fhb-20240331x10q.htm (10-Q) — 7545KB
• fhb-20240331xex31d1.htm (EX-31.1) — 12KB
• fhb-20240331xex31d2.htm (EX-31.2) — 13KB
• fhb-20240331xex32d1.htm (EX-32.1) — 7KB
• fhb-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-006809.txt (&nbsp;) — 31499KB
• fhb-20240331.xsd (EX-101.SCH) — 83KB
• fhb-20240331_cal.xml (EX-101.CAL) — 99KB
• fhb-20240331_def.xml (EX-101.DEF) — 503KB
• fhb-20240331_lab.xml (EX-101.LAB) — 857KB
• fhb-20240331_pre.xml (EX-101.PRE) — 727KB
• fhb-20240331x10q_htm.xml (XML) — 9605KB

Financial Information

Part I Financial Information Page No. Item 1.

Financial Statements (unaudited)

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)

Notes to Consolidated Financial Statements (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 80 Item 4.

Controls and Procedures

Controls and Procedures 80

Other Information

Part II Other Information 80 Item 1.

Legal Proceedings

Legal Proceedings 80 Item 1A.

Risk Factors

Risk Factors 80 Item 5. Other Information 80 Item 6. Exhibits 81 Exhibit Index 81

Signatures

Signatures 82 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

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 statemen

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 rep

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