First Hawaiian, Inc. Files Q3 2024 10-Q
Ticker: FHB · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 36377
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: FHB
TL;DR
FIRST HAWAIIAN (FHB) FILED ITS Q3 10-Q. FINANCIALS ARE OUT.
AI Summary
First Hawaiian, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures are provided for investors and regulators.
Why It Matters
This filing provides crucial financial insights into First Hawaiian, Inc.'s performance and operational status for the third quarter of 2024, impacting investor decisions and market analysis.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 20240930 — Reporting Period End Date (The company's financial status is reported as of this date.)
- 20241104 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- FIRST HAWAIIAN, INC. (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241104 (date) — Filing Date
- BANCWEST CORP/HI (company) — Former Company Name
- FIRST HAWAIIAN INC (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 September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 4, 2024.
What is the Central Index Key (CIK) for First Hawaiian, Inc.?
The CIK for First Hawaiian, Inc. is 0000036377.
What was First Hawaiian, Inc. formerly known as?
First Hawaiian, Inc. was formerly known as BANCWEST CORP/HI and FIRST HAWAIIAN INC.
What is the Standard Industrial Classification (SIC) code for First Hawaiian, Inc.?
The SIC code for First Hawaiian, Inc. is 6022, which corresponds to State Commercial Banks.
Filing Stats: 4,328 words · 17 min read · ~14 pages · Grade level 17.1 · Accepted 2024-11-04 16:04:47
Key Financial Figures
- $0.01 — registered: Common Stock , par value $0.01 per share FHB NASDAQ Global Select
Filing Documents
- fhb-20240930x10q.htm (10-Q) — 9507KB
- fhb-20240930xex31d1.htm (EX-31.1) — 12KB
- fhb-20240930xex31d2.htm (EX-31.2) — 13KB
- fhb-20240930xex32d1.htm (EX-32.1) — 7KB
- fhb-20240930xex32d2.htm (EX-32.2) — 8KB
- 0001558370-24-014253.txt ( ) — 37436KB
- fhb-20240930.xsd (EX-101.SCH) — 86KB
- fhb-20240930_cal.xml (EX-101.CAL) — 101KB
- fhb-20240930_def.xml (EX-101.DEF) — 508KB
- fhb-20240930_lab.xml (EX-101.LAB) — 888KB
- fhb-20240930_pre.xml (EX-101.PRE) — 741KB
- fhb-20240930x10q_htm.xml (XML) — 11644KB
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 nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the nine months ended September 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 53 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 94 Item 4.
Controls and Procedures
Controls and Procedures 94
Other Information
Part II Other Information 94 Item 1.
Legal Proceedings
Legal Proceedings 94 Item 1A.
Risk Factors
Risk Factors 94 Item 5. Other Information 94 Item 6. Exhibits 95 Exhibit Index 95
Signatures
Signatures 96 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 Nine Months Ended September 30, September 30, (dollars in thousands, except per share amounts) 2024 2023 2024 2023 Interest income Loans and lease financing $ 205,682 $ 194,098 $ 607,594 $ 551,777 Available-for-sale investment securities 12,850 18,426 41,539 55,208 Held-to-maturity investment securities 16,937 18,271 52,305 55,510 Other 14,527 9,004 38,444 20,054 Total interest income 249,996 239,799 739,882 682,549 Interest expense Deposits 87,500 74,651 257,252 176,006 Short-term and long-term borrowings 5,397 6,838 17,303 20,057 Other 392 1,162 1,342 2,152 Total interest expense 93,289 82,651 275,897 198,215 Net interest income 156,707 157,148 463,985 484,334 Provision for credit losses 7,400 7,500 15,500 21,300 Net interest income after provision for credit losses 149,307 149,648 448,485 463,034 Noninterest income Service charges on deposit accounts 7,783 7,524 23,122 22,001 Credit and debit card fees 17,533 15,748 49,567 47,507 Other service charges and fees 11,790 9,546 32,730 27,764 Trust and investment services income 9,077 9,742 28,857 28,804 Bank-owned life insurance 4,502 1,872 12,148 10,263 Other 2,603 1,665 10,003 6,129 Total noninterest income 53,288 46,097 156,427 142,468 Noninterest expense Salaries and employee benefits 59,563 55,937 176,562 169,873 Contracted services and professional fees 14,634 16,393 46,440 50,204 Occupancy 6,945 6,711 21,263 22,047 Equipment 13,078 11,826 39,687 32,562 Regulatory assessment and fees 3,412 4,149 15,346 11,661 Advertising and marketing 1,813 2,289 6,190 6,174 Card rewards program 8,678 8,358 25,905 24,124 Other 18,024
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