First Hawaiian, Inc. Files Q2 2024 10-Q
Ticker: FHB · Form: 10-Q · Filed: Aug 5, 2024 · CIK: 36377
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: FHB
TL;DR
FIRST HAWAIIAN (FHB) Q2 10-Q FILED - FINANCIALS OUT NOW
AI Summary
First Hawaiian, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is standard for quarterly filings.
Why It Matters
This filing provides investors and analysts with the latest financial data for First Hawaiian, Inc., crucial for understanding the bank's performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain any immediately apparent unusual or high-risk information.
Key Players & Entities
- FIRST HAWAIIAN, INC. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240805 (date) — Filing date
- 0000036377 (company) — Central Index Key for First Hawaiian, Inc.
- BANCWEST CORP/HI (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 5, 2024.
What is the Central Index Key (CIK) for First Hawaiian, Inc.?
The CIK for First Hawaiian, Inc. is 0000036377.
What was a previous name of First Hawaiian, Inc.?
A previous name of First Hawaiian, Inc. was BANCWEST CORP/HI.
What is the primary business of First Hawaiian, Inc. according to the SIC code?
According to the Standard Industrial Classification (SIC) code, First Hawaiian, Inc. is in the 'STATE COMMERCIAL BANKS' industry (6022).
Filing Stats: 4,346 words · 17 min read · ~14 pages · Grade level 17.3 · Accepted 2024-08-05 16:37:54
Key Financial Figures
- $0.01 — registered: Common Stock , par value $0.01 per share FHB NASDAQ Global Select
Filing Documents
- fhb-20240630x10q.htm (10-Q) — 9488KB
- fhb-20240630xex31d1.htm (EX-31.1) — 12KB
- fhb-20240630xex31d2.htm (EX-31.2) — 13KB
- fhb-20240630xex32d1.htm (EX-32.1) — 7KB
- fhb-20240630xex32d2.htm (EX-32.2) — 8KB
- 0001558370-24-010868.txt ( ) — 37461KB
- fhb-20240630.xsd (EX-101.SCH) — 86KB
- fhb-20240630_cal.xml (EX-101.CAL) — 101KB
- fhb-20240630_def.xml (EX-101.DEF) — 508KB
- fhb-20240630_lab.xml (EX-101.LAB) — 887KB
- fhb-20240630_pre.xml (EX-101.PRE) — 741KB
- fhb-20240630x10q_htm.xml (XML) — 11669KB
Financial Information
Part I Financial Information Page No. Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 2 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 3 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 7
Notes to Consolidated Financial Statements (unaudited)
Notes to Consolidated Financial Statements (unaudited) 8 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 52 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 92 Item 4.
Controls and Procedures
Controls and Procedures 92
Other Information
Part II Other Information 92 Item 1.
Legal Proceedings
Legal Proceedings 92 Item 1A.
Risk Factors
Risk Factors 92 Item 5. Other Information 92 Item 6. Exhibits 93 Exhibit Index 93
Signatures
Signatures 94 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 Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2024 2023 2024 2023 Interest income Loans and lease financing $ 202,068 $ 185,340 $ 401,912 $ 357,679 Available-for-sale investment securities 14,143 18,094 28,689 36,782 Held-to-maturity investment securities 17,575 18,282 35,368 37,239 Other 11,148 7,489 23,917 11,050 Total interest income 244,934 229,205 489,886 442,750 Interest expense Deposits 85,609 58,071 169,752 101,355 Short-term and long-term borrowings 5,953 10,656 11,906 13,219 Other 521 539 950 990 Total interest expense 92,083 69,266 182,608 115,564 Net interest income 152,851 159,939 307,278 327,186 Provision for credit losses 1,800 5,000 8,100 13,800 Net interest income after provision for credit losses 151,051 154,939 299,178 313,386 Noninterest income Service charges on deposit accounts 7,793 7,246 15,339 14,477 Credit and debit card fees 15,861 15,461 32,034 31,759 Other service charges and fees 11,036 9,056 20,940 18,218 Trust and investment services income 9,426 9,448 19,780 19,062 Bank-owned life insurance 3,360 3,271 7,646 8,391 Other 4,292 2,866 7,400 4,464 Total noninterest income 51,768 47,348 103,139 96,371 Noninterest expense Salaries and employee benefits 57,737 57,904 116,999 113,936 Contracted services and professional fees 16,067 17,498 31,806 33,811 Occupancy 7,377 7,554 14,318 15,336 Equipment 13,196 11,000 26,609 20,736 Regulatory assessment and fees 3,814 3,676 11,934 7,512 Advertising and marketing 1,765 1,891 4,377 3,885 Card rewards program 8,719 7,681 17,227 15,766 Other 13,411 13,677 27,629 28,
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