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 March 31, 2024 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 Jur ...

First Hawaiian (FHB) reported $205.8 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.8%. EPS of $0.42 for the same period compares to $0.52 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $202.41 million, representing a surprise of +1.67%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.42.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

First Hawaiian (FHB) came out with quarterly earnings of $0.42 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this bank holding company would post earnings of $0.45 per share when it actually produced earnings of $0.37, delivering a surprise of -17.78%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.First Hawaiian, whi ...

[First Quarter 2024 Overview](index=1&type=section&id=First%20Quarter%202024%20Overview) This section provides an executive summary of the company's first quarter 2024 financial results and key announcements [Financial Highlights](index=1&type=section&id=Financial%20Highlights) First Hawaiian reported a solid first quarter for 2024, characterized by strong earnings, excellent credit quality, and growing capital levels, with net income increasing to $54.2 million and net interest margin expanding to 2.91% - Chairman, President, and CEO Bob Harrison highlighted **strong earnings**, **excellent credit quality**, and **growing capital levels** for the first quarter of 2024[2](index=2&type=chunk) Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q4 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Net Income | $54.2 million | $47.5 million | +$6.7 million | | Diluted EPS | $0.42 | $0.37 | +$0.05 | | Net Interest Margin | 2.91% | 2.81% | +10 bps | | Total Assets | $24.3 billion | $24.9 billion | -$0.6 billion | | Gross Loans and Leases | $14.3 billion | $14.4 billion | -$33.3 million | | Total Deposits | $20.7 billion | $21.3 billion | -$663.2 million | | Provision for Credit Losses | $6.3 million | $5.3 million | +$1.0 million | - Noninterest expense decreased by **$13.5 million** quarter-over-quarter to **$128.8 million**, leading to an improved efficiency ratio of **62.2%** from 67.3% in the prior quarter[8](index=8&type=chunk) [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board of Directors approved a quarterly cash dividend of $0.26 per share, consistent with the previous quarter, payable on May 31, 2024 - A quarterly cash dividend of **$0.26 per share** was declared on April 24, 2024[2](index=2&type=chunk) - The dividend is payable on May 31, 2024, to stockholders of record at the close of business on May 20, 2024[2](index=2&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) This section provides an in-depth analysis of the company's consolidated financial statements, net interest income, loan and deposit portfolios, asset quality, and capital adequacy [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The company's income statement shows a quarter-over-quarter increase in net income to $54.2 million, while the balance sheet reflects a sequential decrease in total assets and deposits [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Highlights (in thousands) | Line Item | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $154,427 | $151,793 | $167,247 | | Provision for Credit Losses | $6,300 | $5,330 | $8,800 | | Noninterest Income | $51,371 | $58,347 | $49,023 | | Noninterest Expense | $128,813 | $142,307 | $118,567 | | **Net Income** | **$54,220** | **$47,502** | **$66,818** | | **Diluted EPS** | **$0.42** | **$0.37** | **$0.52** | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Line Item | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $24,279,186 | $24,926,474 | $24,884,207 | | Net Loans and Leases | $14,160,372 | $14,196,964 | $14,074,150 | | Total Deposits | $20,669,481 | $21,332,657 | $21,281,500 | | Total Stockholders' Equity | $2,513,761 | $2,486,066 | $2,329,012 | [Net Interest Income Analysis](index=9&type=section&id=Net%20Interest%20Income%20Analysis) Net interest income (NII) rose by $2.6 million quarter-over-quarter to $154.4 million, with the net interest margin (NIM) expanding 10 basis points to 2.91%, driven by higher yields on earning assets [Average Balances and Interest Rates](index=9&type=section&id=Average%20Balances%20and%20Interest%20Rates) Key Interest Rate Metrics | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Margin | 2.91% | 2.81% | 3.11% | | Interest Rate Spread | 1.98% | 1.90% | 2.52% | | Yield on Earning Assets | 4.61% | 4.44% | 3.97% | | Rate on Interest-Bearing Liabilities | 2.63% | 2.54% | 1.45% | [Analysis of Change in Net Interest Income](index=10&type=section&id=Analysis%20of%20Change%20in%20Net%20Interest%20Income) - Compared to Q4 2023, the **$2.7 million increase** in net interest income was driven by a **$4.0 million rise** in interest income, partially offset by a **$1.3 million increase** in interest expense[26](index=26&type=chunk) - Compared to Q1 2023, the **$12.8 million decrease** in net interest income was due to a significant **$44.2 million increase** in interest expense, which was not fully offset by the **$31.4 million increase** in interest income[27](index=27&type=chunk) [Loan and Deposit Portfolio](index=12&type=section&id=Loan%20and%20Deposit%20Portfolio) The total loan and lease portfolio decreased slightly by 0.2% quarter-over-quarter to $14.3 billion, while total deposits decreased by 3.1% to $20.7 billion [Loans and Leases Composition](index=12&type=section&id=Loans%20and%20Leases%20Composition) Loan Portfolio Breakdown (in thousands) | Loan Type | Mar 31, 2024 | Dec 31, 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Commercial and industrial | $2,189,875 | $2,165,349 | +$24,526 | | Commercial real estate | $4,301,300 | $4,340,243 | -$38,943 | | Construction | $972,517 | $900,292 | +$72,225 | | Total residential | $5,408,280 | $5,457,903 | -$49,623 | | Consumer | $1,054,227 | $1,109,901 | -$55,674 | | **Total Loans and Leases** | **$14,320,208** | **$14,353,497** | **-$33,289** | [Deposits Composition](index=13&type=section&id=Deposits%20Composition) Deposit Portfolio Breakdown (in thousands) | Deposit Type | Mar 31, 2024 | Dec 31, 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Demand (Noninterest-bearing) | $7,048,553 | $7,583,562 | -$535,009 | | Savings | $6,277,679 | $6,445,084 | -$167,405 | | Money Market | $4,059,204 | $3,847,853 | +$211,351 | | Time | $3,284,045 | $3,456,158 | -$172,113 | | **Total Deposits** | **$20,669,481** | **$21,332,657** | **-$663,176** | [Asset Quality and Credit Risk](index=14&type=section&id=Asset%20Quality%20and%20Credit%20Risk) Asset quality remained excellent and stable in the first quarter, with total non-performing assets at $18.0 million and the allowance for credit losses increasing to $159.8 million [Non-Performing Assets](index=14&type=section&id=Non-Performing%20Assets) Non-Performing Assets (in thousands) | Metric | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Non-Accrual Loans and Leases | $18,017 | $18,595 | | Total Non-Performing Assets | $18,017 | $18,595 | | Accruing Loans Past Due 90+ Days | $3,620 | $3,496 | - Total non-performing assets as a percentage of total loans and other real estate owned remained stable at **0.13%** at both March 31, 2024, and December 31, 2023[10](index=10&type=chunk) [Allowance for Credit Losses](index=15&type=section&id=Allowance%20for%20Credit%20Losses) Allowance for Credit Losses Activity (in thousands) | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Beginning Balance (ACL + Reserve) | $192,138 | $192,570 | | Net Loans and Leases Charged-Off | ($3,789) | ($5,762) | | Provision for Credit Losses | $6,300 | $5,330 | | **Ending Balance (ACL + Reserve)** | **$194,649** | **$192,138** | - The ratio of Allowance for Credit Losses to total loans outstanding increased to **1.12%** from 1.09% in the prior quarter[31](index=31&type=chunk) [Loan Portfolio Credit Quality Details](index=16&type=section&id=Loan%20Portfolio%20Credit%20Quality%20Details) - The vast majority of the commercial lending portfolio, totaling **$7.9 billion**, is categorized with a 'Pass' risk rating[32](index=32&type=chunk) - For residential and consumer lending, credit quality is strong, with the largest segments of the portfolio belonging to borrowers with FICO scores of **740 and greater**[33](index=33&type=chunk) [Capital Adequacy](index=3&type=section&id=Capital%20Adequacy) The company strengthened its capital position during the quarter, with all regulatory capital ratios showing improvement, including the Common Equity Tier 1 ratio increasing to 12.55% Regulatory Capital Ratios | Ratio | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Common Equity Tier 1 Capital Ratio | 12.55% | 12.39% | | Tier 1 Capital Ratio | 12.55% | 12.39% | | Total Capital Ratio | 13.75% | 13.57% | | Tier 1 Leverage Ratio | 8.80% | 8.64% | - Total stockholders' equity increased by **$27.7 million** during the first quarter[11](index=11&type=chunk) - No shares were repurchased in the first quarter[11](index=11&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=18&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The company provides reconciliations for non-GAAP measures to their closest GAAP equivalents, with key non-GAAP metrics showing quarter-over-quarter improvement Key Non-GAAP Metrics | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Return on Average Tangible Stockholders' Equity | 14.53% | 13.66% | 20.78% | | Tangible Book Value per Share | $11.88 | $11.68 | $10.45 | | Tangible Stockholders' Equity to Tangible Assets | 6.52% | 6.23% | 5.58% | [Other Information](index=3&type=section&id=Other%20Information) This section includes the company profile, conference call details, and important disclosures regarding forward-looking statements and non-GAAP financial measures [Company Profile](index=3&type=section&id=Company%20Profile) First Hawaiian, Inc. (NASDAQ: FHB) is the holding company for First Hawaiian Bank, Hawaii's oldest and largest financial institution, providing a wide range of banking services - First Hawaiian Bank is Hawaii's oldest and largest financial institution, with branches throughout Hawaii, Guam, and Saipan[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company will host a conference call and live webcast, including a slide presentation, to discuss its first-quarter 2024 financial results - A conference call to discuss results was scheduled for April 26, 2024, at **1:00 p.m. Eastern Time**[13](index=13&type=chunk) - A live webcast and slide presentation are available at **www.fhb.com/earnings**[14](index=14&type=chunk) [Forward-Looking Statements and Non-GAAP Measures Disclosure](index=4&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Measures%20Disclosure) The report includes a standard safe harbor statement regarding forward-looking statements and explains the use of non-GAAP financial measures for evaluating performance - The press release contains forward-looking statements that are not guarantees of future performance and are subject to risks and uncertainties[15](index=15&type=chunk) - The company uses non-GAAP financial measures such as return on average tangible assets and tangible book value per share, which are reconciled to GAAP measures in Table 12[16](index=16&type=chunk)[17](index=17&type=chunk)

HONOLULU, April 26, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), ("First Hawaiian" or the "Company") today reported financial results for its quarter ended March 31, 2024. "I'm pleased to report that we started 2024 with a solid first quarter," said Bob Harrison, Chairman, President, and CEO. "We had strong earnings, continued excellent credit quality and continued to grow our capital levels."  On April 24, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per ...

The market expects First Hawaiian (FHB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 26, 2024, might help the stock move higher if these key numbers are b ...

HONOLULU, April 05, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its first quarter 2024 financial results on Friday, April 26, 2024 before the market opens.   First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time). To access the call by phone, participants will need to click on the following registration link:   https://register.vevent.com/register/BIb74728f7f2a14341 ...

HONOLULU, April 05, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its first quarter 2024 financial results on Friday, April 26, 2024 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time). To access the call by phone, participants will need to click on the following registration link: https://register.vevent.com/register/BIb74728f7f2a14341b302 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR (808) 525-7000 (Registrant's telephone number, including area code) Securities Registered pursuant to Section 12(b) of the Act: ☐ 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 00 ...

FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may", "might", "should", "could", "predict", "potential", "believe", "expect", "continue", "will", "anticipate", "seek", ...