8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 23, 2021

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-14585	99-0156159
(Commission File Number)	(IRS Employer Identification No.)

999 Bishop St., 29th Floor
Honolulu, Hawaii	96813
(Address of Principal Executive Offices)	(Zip Code)

(808) 525-7000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Common Stock, par value $0.01 per share	FHB	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 23, 2021, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended March 31, 2021. A copy of First Hawaiian’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

All information provided in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of First Hawaiian under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.	Description
99.1	Press release of First Hawaiian, Inc. dated April 23, 2021 containing financial information for its quarter ended March 31, 2021.
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Pril
	FIRST HAWAIIAN, INC.
Date: April 23, 2021	By:	/s/ Robert S. Harrison
		Robert S. Harrison
		Chairman of the Board, President and Chief Executive Officer
		(Principal Executive Officer)

3

EX-99.1

EXHIBIT 99.1

For Immediate Release

First Hawaiian, Inc. Reports First Quarter 2021 Financial Results and Declares Dividend

HONOLULU, Hawaii April 23, 2021--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2021.

“We had a good first quarter as our teams continued supporting local businesses by originating $459 million of PPP loans. We also experienced strong deposit growth and maintained excellent credit quality,” said Bob Harrison, Chairman, President and CEO. “We are optimistic about the local economy, as the state’s vaccine rollout is well underway and we are seeing a steady increase in visitor arrivals, all positive signs for Hawaii’s economy.”

On April 21, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on June 4, 2021 to stockholders of record at the close of business on May 24, 2021.

First Quarter 2021 Highlights:

● Net income of $57.7 million, or $0.44 per diluted share

● Total loans and leases increased $21.2 million versus prior quarter

● Total deposits increased $906.0 million, or 4.7%, versus prior quarter

● Did not record a provision for credit losses

● Board of Directors declared a quarterly dividend of $0.26 per share

● Repurchased $9.5 million of stock under share repurchase program

Balance Sheet

Total assets were $23.5 billion as of March 31, 2021, compared to $22.7 billion as of December 31, 2020.

Gross loans and leases were $13.3 billion as of March 31, 2021, unchanged from $13.3 billion as of December 31, 2020.

Total deposits were $20.1 billion as of March 31, 2021, an increase of $906.0 million, or 4.7%, from $19.2 billion as of December 31, 2020.

Net Interest Income

Net interest income for the first quarter of 2021 was $129.2 million, a decrease of $6.1 million, or 4.5%, compared to $135.2 million for the prior quarter.

The NIM was 2.55% in the first quarter of 2021, a decrease of 16 basis points compared to 2.71% in the fourth quarter of 2020.

Provision Expense

During the quarter ended March 31, 2021, the Bank did not record a provision for credit losses. In the quarter ended December 31, 2020, the total provision for credit losses was $20.0 million.

Noninterest Income

Noninterest income was $43.9 million in the first quarter of 2021, a decrease of $9.7 million compared to noninterest income of $53.6 million in the fourth quarter of 2020.

Noninterest Expense

Noninterest expense was $96.3 million in the first quarter of 2021, an increase of $8.2 million compared to noninterest expense of $88.1 million in the fourth quarter of 2020.

The efficiency ratio was 55.5% and 46.6% for the quarters ended March 31, 2021 and December 31, 2020, respectively.

Taxes

The effective tax rate was 24.8% for the quarter ended March 31, 2021 and 23.5% for the quarter ended December 31, 2020.

Asset Quality

The allowance for credit losses was $200.4 million, or 1.51% of total loans and leases, as of March 31, 2021, compared to $208.5 million, or 1.57% of total loans and leases, as of December 31, 2020. The reserve for unfunded commitments was $34.1 million as of March 31, 2021 compared to $30.6 million as of December 31, 2020. Net charge-offs were $4.6 million, or 0.14% of average loans and leases on an annualized basis for the quarter ended March 31, 2021, compared to net charge-offs of $1.4 million, or 0.04% of average loans and leases on an annualized basis for the quarter ended December 31, 2020. Total non-performing assets were $9.1 million, or 0.07% of total loans and leases and other real estate owned, at both March 31, 2021 and December 31, 2020.

Capital

Total stockholders’ equity was $2.7 billion at both March 31, 2021 and December 31, 2020.

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.90%, 12.82% and 14.07%, respectively, at March 31, 2021, compared with 8.00%, 12.47% and 13.73%, respectively, at December 31, 2020.

The Company repurchased 0.3 million shares of common stock at a total cost of $9.5 million under the stock repurchase program in the first quarter. The average cost was $28.70 per share repurchased. Remaining buyback authority under the stock repurchase program was $65.5 million at March 31, 2021.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 4277629. A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on April 30, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 4277629.

Forward-Looking Statements

This press release 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”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2020.

Use of Non-GAAP Financial Measures

We present net interest income, noninterest income, noninterest expense, net income, earnings per share (basic and diluted) and the related ratios described below, on an adjusted, or “core,” basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core efficiency ratio, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. We compute our core return on average total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders’ equity as the ratio of core net income to average total stockholders’ equity.

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP.

Tables 12 and 13 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

Investor Relations Contact:	Media Contact:
Kevin Haseyama, CFA	Susan Kam
(808) 525-6268	(808) 525-6254
khaseyama@fhb.com	skam@fhb.com

Financial Highlights								Table 1
	For the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share data)	2021			2020			2020
Operating Results:
Net interest income	$	129,158		$	135,227		$	138,683
Provision for credit losses		—			20,000			41,200
Noninterest income		43,868			53,598			49,228
Noninterest expense		96,306			88,127			96,466
Net income		57,693			61,739			38,865
Basic earnings per share		0.44			0.48			0.30
Diluted earnings per share		0.44			0.47			0.30
Dividends declared per share		0.26			0.26			0.26
Dividend payout ratio		59.09	%		55.32	%		86.67	%
Supplemental Income Statement Data (non-GAAP):
Core net interest income	$	129,158		$	135,227		$	138,683
Core noninterest income		43,868			58,438			49,143
Core noninterest expense		96,306			88,127			96,466
Core net income		57,693			65,288			38,803
Core basic earnings per share		0.44			0.50			0.30
Core diluted earnings per share		0.44			0.50			0.30
Performance Ratio(1):
Net interest margin		2.55	%		2.71	%		3.12	%
Core net interest margin (non-GAAP)		2.55	%		2.71	%		3.12	%
Efficiency ratio		55.53	%		46.59	%		51.33	%
Core efficiency ratio (non-GAAP)		55.53	%		45.43	%		51.35	%
Return on average total assets		1.02	%		1.09	%		0.77	%
Core return on average total assets (non-GAAP)		1.02	%		1.16	%		0.77	%
Return on average tangible assets (non-GAAP)		1.07	%		1.14	%		0.81	%
Core return on average tangible assets (non-GAAP)(2)		1.07	%		1.21	%		0.81	%
Return on average total stockholders' equity		8.58	%		8.99	%		5.87	%
Core return on average total stockholders' equity (non-GAAP)		8.58	%		9.51	%		5.87	%
Return on average tangible stockholders' equity (non-GAAP)		13.51	%		14.14	%		9.39	%
Core return on average tangible stockholders’ equity (non-GAAP)(3)		13.51	%		14.95	%		9.37	%
Average Balances:
Average loans and leases	$	13,242,270		$	13,366,980		$	13,191,426
Average earning assets		20,476,149			19,977,933			17,814,189
Average assets		22,944,699			22,468,040			20,313,304
Average deposits		19,503,067			19,020,800			16,543,305
Average stockholders' equity		2,727,701			2,732,271			2,660,811
Market Value Per Share:
Closing		27.37			23.58			16.53
High		30.80			23.90			31.25
Low		23.14			14.16			15.42

	As of			As of			As of
	March 31,			December 31,			March 31,
(dollars in thousands, except per share data)	2021			2020			2020
Balance Sheet Data:
Loans and leases	$	13,300,289		$	13,279,097		$	13,380,270
Total assets		23,497,596			22,662,831			20,755,891
Total deposits		20,133,681			19,227,723			17,020,002
Short-term borrowings		—			—			400,000
Long-term borrowings		200,010			200,010			200,019
Total stockholders' equity		2,683,630			2,744,104			2,664,685
Per Share of Common Stock:
Book value	$	20.68		$	21.12		$	20.52
Tangible book value (non-GAAP)(4)		13.01			13.46			12.86
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.07	%		0.07	%		0.05	%
Allowance for credit losses for loans and leases / total loans and leases		1.51	%		1.57	%		1.24	%
Capital Ratios:
Common Equity Tier 1 Capital Ratio		12.82	%		12.47	%		11.65	%
Tier 1 Capital Ratio		12.82	%		12.47	%		11.65	%
Total Capital Ratio		14.07	%		13.73	%		12.90	%
Tier 1 Leverage Ratio		7.90	%		8.00	%		8.63	%
Total stockholders' equity to total assets		11.42	%		12.11	%		12.84	%
Tangible stockholders' equity to tangible assets (non-GAAP)		7.50	%		8.07	%		8.45	%
Non-Financial Data:
Number of branches		54			54			58
Number of ATMs		297			297			304
Number of Full-Time Equivalent Employees		2,090			2,103			2,103

(1) Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020.

(2) Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 12, GAAP to Non-GAAP Reconciliation.

(3) Core return on average tangible stockholders’ equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 12, GAAP to Non-GAAP Reconciliation.

(4) Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders’ equity to shares outstanding. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 12, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income	Table 2
	For the Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands, except per share amounts)	2021		2020		2020
Interest income
Loans and lease financing	$	110,939	$	118,314	$	134,971
Available-for-sale securities		23,146		22,752		21,210
Other		491		615		2,351
Total interest income		134,576		141,681		158,532
Interest expense
Deposits		4,056		5,061		15,600
Short-term and long-term borrowings		1,362		1,393		4,249
Total interest expense		5,418		6,454		19,849
Net interest income		129,158		135,227		138,683
Provision for credit losses		—		20,000		41,200
Net interest income after provision for credit losses		129,158		115,227		97,483
Noninterest income
Service charges on deposit accounts		6,718		6,769		8,950
Credit and debit card fees		14,551		15,583		14,949
Other service charges and fees		8,846		8,404		8,539
Trust and investment services income		8,492		8,733		9,591
Bank-owned life insurance		2,389		4,159		2,260
Investment securities (losses) gains, net		—		(12)		85
Other		2,872		9,962		4,854
Total noninterest income		43,868		53,598		49,228
Noninterest expense
Salaries and employee benefits		43,936		42,687		44,829
Contracted services and professional fees		17,188		13,940		16,055
Occupancy		7,170		7,355		7,243
Equipment		5,491		5,225		4,708
Regulatory assessment and fees		2,034		2,168		1,946
Advertising and marketing		1,591		1,096		1,823
Card rewards program		4,835		4,890		7,015
Other		14,061		10,766		12,847
Total noninterest expense		96,306		88,127		96,466
Income before provision for income taxes		76,720		80,698		50,245
Provision for income taxes		19,027		18,959		11,380
Net income	$	57,693	$	61,739	$	38,865
Basic earnings per share	$	0.44	$	0.48	$	0.30
Diluted earnings per share	$	0.44	$	0.47	$	0.30
Basic weighted-average outstanding shares		129,933,104		129,912,104		129,895,706
Diluted weighted-average outstanding shares		130,589,878		130,314,381		130,351,585

Consolidated Balance Sheets	Table 3
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Assets
Cash and due from banks	$	278,994	$	303,373	$	353,908
Interest-bearing deposits in other banks		983,816		737,571		698,924
Investment securities, at fair value (amortized cost: $6,708,431 as of March 31, 2021, $5,985,031 as of December 31, 2020 and $4,014,397 as of March 31, 2020)		6,692,479		6,071,415		4,058,457
Loans held for sale		9,390		11,579		8,180
Loans and leases		13,300,289		13,279,097		13,380,270
Less: allowance for credit losses		200,366		208,454		166,013
Net loans and leases		13,099,923		13,070,643		13,214,257
Premises and equipment, net		319,949		322,401		321,254
Other real estate owned and repossessed personal property		—		—		238
Accrued interest receivable		69,879		69,626		43,552
Bank-owned life insurance		468,927		466,537		455,226
Goodwill		995,492		995,492		995,492
Mortgage servicing rights		10,869		10,731		11,979
Other assets		567,878		603,463		594,424
Total assets	$	23,497,596	$	22,662,831	$	20,755,891
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	11,958,606	$	11,705,609	$	11,274,463
Noninterest-bearing		8,175,075		7,522,114		5,745,539
Total deposits		20,133,681		19,227,723		17,020,002
Short-term borrowings		—		—		400,000
Long-term borrowings		200,010		200,010		200,019
Retirement benefits payable		143,736		143,373		138,396
Other liabilities		336,539		347,621		332,789
Total liabilities		20,813,966		19,918,727		18,091,206
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,455,180 / 129,749,890 shares as of March 31, 2021, issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020 and issued/outstanding: 140,092,172 / 129,827,968 shares as of March 31, 2020)		1,405		1,402		1,401
Additional paid-in capital		2,517,048		2,514,014		2,506,477
Retained earnings		497,418		473,974		429,323
Accumulated other comprehensive (loss) income, net		(43,435)		31,604		4,129
Treasury stock (10,705,290 shares as of March 31, 2021, 10,278,861 shares as of December 31, 2020 and 10,264,204 shares as of March 31, 2020)		(288,806)		(276,890)		(276,645)
Total stockholders' equity		2,683,630		2,744,104		2,664,685
Total liabilities and stockholders' equity	$	23,497,596	$	22,662,831	$	20,755,891

Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	938.7	$	0.2	0.10	%	$	688.1	$	0.2	0.10	%	$	516.8	$	1.6	1.25	%
Available-for-Sale Investment Securities
Taxable		5,949.9		22.1	1.49			5,632.9		22.0	1.56			4,033.2		21.2	2.10
Non-Taxable		278.0		1.3	1.80			220.0		0.9	1.74			—		—	—
Total Available-for-Sale Investment Securities		6,227.9		23.4	1.50			5,852.9		22.9	1.57			4,033.2		21.2	2.10
Loans Held for Sale		9.2		0.1	2.46			16.2		0.1	2.00			15.8		0.1	1.70
Loans and Leases(1)
Commercial and industrial		3,026.7		20.4	2.74			3,077.6		22.6	2.93			2,776.2		24.6	3.56
Commercial real estate		3,385.2		24.9	2.98			3,407.2		26.2	3.06			3,433.2		34.6	4.05
Construction		746.8		5.8	3.16			703.1		5.6	3.14			538.5		5.7	4.27
Residential:
Residential mortgage		3,696.1		34.7	3.76			3,679.6		37.1	4.03			3,721.2		37.7	4.05
Home equity line		822.0		5.7	2.80			856.8		6.1	2.81			887.4		7.7	3.50
Consumer		1,323.7		17.7	5.43			1,394.5		19.0	5.43			1,611.7		23.0	5.75
Lease financing		241.8		1.8	3.02			248.2		1.8	2.89			223.2		1.6	2.85
Total Loans and Leases		13,242.3		111.0	3.39			13,367.0		118.4	3.53			13,191.4		134.9	4.11
Other Earning Assets		58.0		0.3	1.79			53.7		0.4	3.26			57.0		0.7	5.30
Total Earning Assets(2)		20,476.1		135.0	2.66			19,977.9		142.0	2.83			17,814.2		158.5	3.57
Cash and Due from Banks		294.0						289.2						327.4
Other Assets		2,174.6						2,200.9						2,171.7
Total Assets	$	22,944.7					$	22,468.0					$	20,313.3
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	5,975.1	$	0.6	0.04	%	$	5,786.4	$	0.5	0.03	%		5,090.4	$	3.3	0.26	%
Money Market		3,530.0		0.4	0.05			3,440.9		0.4	0.05			3,064.8		4.6	0.61
Time		2,288.5		3.0	0.53			2,461.3		4.2	0.67			2,534.7		7.7	1.23
Total Interest-Bearing Deposits		11,793.6		4.0	0.14			11,688.6		5.1	0.17			10,689.9		15.6	0.59
Short-Term Borrowings		—		—	—			—		—	—			401.7		2.8	2.88
Long-Term Borrowings		200.0		1.4	2.76			200.0		1.4	2.77			200.0		1.4	2.77
Total Interest-Bearing Liabilities		11,993.6		5.4	0.18			11,888.6		6.5	0.22			11,291.6		19.8	0.71
Net Interest Income			$	129.6					$	135.5					$	138.7
Interest Rate Spread					2.48	%					2.61	%					2.86	%
Net Interest Margin					2.55	%					2.71	%					3.12	%
Noninterest-Bearing Demand Deposits		7,709.5						7,332.2						5,853.4
Other Liabilities		513.9						514.9						507.5
Stockholders' Equity		2,727.7						2,732.3						2,660.8
Total Liabilities and Stockholders' Equity	$	22,944.7					$	22,468.0					$	20,313.3

(1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(2) Interest income includes taxable-equivalent basis adjustments of $0.4 million, $0.3 million and nil for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

Analysis of Change in Net Interest Income						Table 5
	Three Months Ended March 31, 2021
	Compared to December 31, 2020
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Available-for-Sale Investment Securities
Taxable	$	1.2	$	(1.1)	$	0.1
Non-Taxable		0.3		0.1		0.4
Total Available-for-Sale Investment Securities		1.5		(1.0)		0.5
Loans and Leases
Commercial and industrial		(0.5)		(1.7)		(2.2)
Commercial real estate		(0.2)		(1.1)		(1.3)
Construction		0.2		—		0.2
Residential:
Residential mortgage		0.2		(2.6)		(2.4)
Home equity line		(0.4)		—		(0.4)
Consumer		(1.3)		—		(1.3)
Lease financing		(0.1)		0.1		—
Total Loans and Leases		(2.1)		(5.3)		(7.4)
Other Earning Assets		0.1		(0.2)		(0.1)
Total Change in Interest Income		(0.5)		(6.5)		(7.0)
Change in Interest Expense:
Interest-Bearing Deposits
Savings		—		0.1		0.1
Time		(0.3)		(0.9)		(1.2)
Total Interest-Bearing Deposits		(0.3)		(0.8)		(1.1)
Total Change in Interest Expense		(0.3)		(0.8)		(1.1)
Change in Net Interest Income	$	(0.2)	$	(5.7)	$	(5.9)

Analysis of Change in Net Interest Income						Table 6
	Three Months Ended March 31, 2021
	Compared to March 31, 2020
(dollars in millions)	Volume		Rate		Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	0.7	$	(2.1)	$	(1.4)
Available-for-Sale Investment Securities
Taxable		8.2		(7.3)		0.9
Non-Taxable		1.3		—		1.3
Total Available-for-Sale Investment Securities		9.5		(7.3)		2.2
Loans and Leases
Commercial and industrial		2.0		(6.2)		(4.2)
Commercial real estate		(0.5)		(9.2)		(9.7)
Construction		1.8		(1.7)		0.1
Residential:
Residential mortgage		(0.3)		(2.7)		(3.0)
Home equity line		(0.5)		(1.5)		(2.0)
Consumer		(4.0)		(1.3)		(5.3)
Lease financing		0.1		0.1		0.2
Total Loans and Leases		(1.4)		(22.5)		(23.9)
Other Earning Assets		0.1		(0.5)		(0.4)
Total Change in Interest Income		8.9		(32.4)		(23.5)
Change in Interest Expense:
Interest-Bearing Deposits
Savings		0.5		(3.2)		(2.7)
Money Market		0.6		(4.8)		(4.2)
Time		(0.7)		(4.0)		(4.7)
Total Interest-Bearing Deposits		0.4		(12.0)		(11.6)
Short-Term Borrowings		(1.4)		(1.4)		(2.8)
Total Change in Interest Expense		(1.0)		(13.4)		(14.4)
Change in Net Interest Income	$	9.9	$	(19.0)	$	(9.1)

Loans and Leases						Table 7
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Commercial and industrial:
Commercial and industrial excluding Paycheck Protection Program loans	$	1,962,672	$	2,218,266	$	3,025,345
Paycheck Protection Program loans		1,158,764		801,241		—
Total commercial and industrial		3,121,436		3,019,507		3,025,345
Commercial real estate		3,396,233		3,392,676		3,413,014
Construction		739,271		735,819		572,062
Residential:
Residential mortgage		3,715,676		3,690,218		3,673,455
Home equity line		805,746		841,624		891,698
Total residential		4,521,422		4,531,842		4,565,153
Consumer		1,283,779		1,353,842		1,568,073
Lease financing		238,148		245,411		236,623
Total loans and leases	$	13,300,289	$	13,279,097	$	13,380,270

Deposits						Table 8
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Demand	$	8,175,075	$	7,522,114	$	5,745,539
Savings		6,141,161		6,020,075		5,213,471
Money Market		3,642,604		3,337,236		3,148,694
Time		2,174,841		2,348,298		2,912,298
Total Deposits	$	20,133,681	$	19,227,723	$	17,020,002

Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More						Table 9
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	593	$	518	$	32
Commercial real estate		937		80		—
Construction		579		2,043		2,422
Total Commercial Loans		2,109		2,641		2,454
Residential Loans:
Residential mortgage		6,999		6,441		4,472
Total Residential Loans		6,999		6,441		4,472
Total Non-Accrual Loans and Leases		9,108		9,082		6,926
Other Real Estate Owned		—		—		238
Total Non-Performing Assets	$	9,108	$	9,082	$	7,164
Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	1,365	$	2,108	$	4,007
Commercial real estate		1,054		882		757
Construction		89		93		148
Total Commercial Loans		2,508		3,083		4,912
Residential Loans:
Residential mortgage		—		—		82
Home equity line		4,975		4,818		2,566
Total Residential Loans		4,975		4,818		2,648
Consumer		2,024		3,266		3,353
Total Accruing Loans and Leases Past Due 90 Days or More	$	9,507	$	11,167	$	10,913
Restructured Loans on Accrual Status and Not Past Due 90 Days or More	$	39,831	$	16,684	$	17,823
Total Loans and Leases	$	13,300,289	$	13,279,097	$	13,380,270

Allowance for Credit Losses								Table 10
	For the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)	2021			2020			2020
Balance at Beginning of Period	$	208,454		$	195,876		$	130,530
Adjustment to Adopt ASC Topic 326		—			—			770
After Adoption of ASC Topic 326		208,454			195,876			131,300
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(963)			(799)			(201)
Commercial real estate		(66)			(30)			—
Total Commercial Loans		(1,029)			(829)			(201)
Residential Loans:
Residential mortgage		(98)			—			—
Home equity line		—			(46)			(8)
Total Residential Loans		(98)			(46)			(8)
Consumer		(6,541)			(7,049)			(8,597)
Total Loans and Leases Charged-Off		(7,668)			(7,924)			(8,806)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial		215			2,986			220
Commercial real estate		3			615			—
Construction		166			30			110
Total Commercial Loans		384			3,631			330
Residential Loans:
Residential mortgage		17			37			135
Home equity line		24			21			122
Total Residential Loans		41			58			257
Consumer		2,655			2,812			2,083
Total Recoveries on Loans and Leases Previously Charged-Off		3,080			6,501			2,670
Net Loans and Leases Charged-Off		(4,588)			(1,423)			(6,136)
Provision for Credit Losses - Loans and Leases		(3,500)			14,001			40,849
Balance at End of Period	$	200,366		$	208,454		$	166,013
Average Loans and Leases Outstanding	$	13,242,270		$	13,366,980		$	13,191,426
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)		0.14	%		0.04	%		0.19	%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.51	%		1.57	%		1.24	%

(1) Annualized for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020.

Loans and Leases by Year of Origination and Credit Quality Indicator																		Table 11
															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2021		2020		2019		2018		2017		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	495,898	$	781,914	$	315,190	$	152,290	$	51,136	$	218,781	$	785,046	$	27,922	$	2,828,177
Special Mention		—		17,608		10,957		19,751		1,930		5,373		66,867		607		123,093
Substandard		—		23,098		2,808		16,913		584		12,048		28,361		1,367		85,179
Other (1)		3,252		9,848		11,793		7,889		4,362		1,496		46,347		—		84,987
Total Commercial and Industrial		499,150		832,468		340,748		196,843		58,012		237,698		926,621		29,896		3,121,436
Commercial Real Estate
Risk rating:
Pass		41,958		346,445		613,930		556,954		454,433		1,104,669		51,280		8		3,169,677
Special Mention		—		1,491		58,763		14,518		33,401		64,971		—		—		173,144
Substandard		—		346		—		14,751		3,740		26,082		8,004		—		52,923
Other (1)		—		—		—		—		—		489		—		—		489
Total Commercial Real Estate		41,958		348,282		672,693		586,223		491,574		1,196,211		59,284		8		3,396,233
Construction
Risk rating:
Pass		32,201		73,512		260,522		162,052		58,537		63,624		24,043		—		674,491
Special Mention		—		—		507		706		4,429		9,172		—		—		14,814
Substandard		—		—		—		536		—		1,478		—		—		2,014
Other (1)		5,410		16,755		9,924		7,588		3,655		4,040		580		—		47,952
Total Construction		37,611		90,267		270,953		170,882		66,621		78,314		24,623		—		739,271
Lease Financing
Risk rating:
Pass		6,487		73,461		58,375		12,521		16,410		60,734		—		—		227,988
Special Mention		566		334		843		286		1,223		599		—		—		3,851
Substandard		—		2,714		1,673		293		1,107		522		—		—		6,309
Total Lease Financing		7,053		76,509		60,891		13,100		18,740		61,855		—		—		238,148
Total Commercial Lending	$	585,772	$	1,347,526	$	1,345,285	$	967,048	$	634,947	$	1,574,078	$	1,010,528	$	29,904	$	7,495,088

															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2021		2020		2019		2018		2017		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	269,847	$	698,143	$	355,459	$	261,304	$	320,423	$	1,031,922	$	—	$	—	$	2,937,098
680 - 739		32,425		83,210		51,384		41,764		48,039		168,279		—		—		425,101
620 - 679		4,220		15,727		7,626		11,214		9,310		49,018		—		—		97,115
550 - 619		—		—		1,945		2,810		2,906		14,044		—		—		21,705
Less than 550		—		—		854		602		2,914		2,673		—		—		7,043
No Score (3)		4,599		12,498		17,761		21,197		19,972		55,404		—		—		131,431
Other (2)		5,767		20,213		13,584		13,754		20,607		21,516		580		162		96,183
Total Residential Mortgage		316,858		829,791		448,613		352,645		424,171		1,342,856		580		162		3,715,676
Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		589,662		2,108		591,770
680 - 739		—		—		—		—		—		—		149,384		3,537		152,921
620 - 679		—		—		—		—		—		—		37,325		1,432		38,757
550 - 619		—		—		—		—		—		—		12,870		1,419		14,289
Less than 550		—		—		—		—		—		—		3,641		359		4,000
No Score (3)		—		—		—		—		—		—		4,009		—		4,009
Total Home Equity Line		—		—		—		—		—		—		796,891		8,855		805,746
Total Residential Lending		316,858		829,791		448,613		352,645		424,171		1,342,856		797,471		9,017		4,521,422
Consumer Lending
FICO:
740 and greater		37,038		105,809		109,925		86,146		44,909		22,098		107,725		266		513,916
680 - 739		19,163		79,376		82,058		58,077		31,081		16,370		72,053		774		358,952
620 - 679		6,167		38,079		44,459		30,055		21,453		11,715		33,935		1,213		187,076
550 - 619		337		8,215		18,414		15,800		13,267		8,437		11,582		1,364		77,416
Less than 550		88		2,644		8,907		7,785		5,711		3,445		4,181		719		33,480
No Score (3)		955		354		99		57		99		7		32,161		411		34,143
Other (2)		—		376		1,774		66		2,183		6,748		67,649		—		78,796
Total Consumer Lending		63,748		234,853		265,636		197,986		118,703		68,820		329,286		4,747		1,283,779
Total Loans and Leases	$	966,378	$	2,412,170	$	2,059,534	$	1,517,679	$	1,177,821	$	2,985,754	$	2,137,285	$	43,668	$	13,300,289

(1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

GAAP to Non-GAAP Reconciliation								Table 12
	For the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2021			2020			2020
Income Statement Data:
Net income	$	57,693		$	61,739		$	38,865
Core net income	$	57,693		$	65,288		$	38,803
Average total stockholders' equity	$	2,727,701		$	2,732,271		$	2,660,811
Less: average goodwill		995,492			995,492			995,492
Average tangible stockholders' equity	$	1,732,209		$	1,736,779		$	1,665,319
Average total assets	$	22,944,699		$	22,468,040		$	20,313,304
Less: average goodwill		995,492			995,492			995,492
Average tangible assets	$	21,949,207		$	21,472,548		$	19,317,812
Return on average total stockholders' equity(1)		8.58	%		8.99	%		5.87	%
Core return on average total stockholders' equity (non-GAAP)(1)		8.58	%		9.51	%		5.87	%
Return on average tangible stockholders' equity (non-GAAP)(1)		13.51	%		14.14	%		9.39	%
Core return on average tangible stockholders' equity (non-GAAP)(1)		13.51	%		14.95	%		9.37	%
Return on average total assets(1)		1.02	%		1.09	%		0.77	%
Core return on average total assets (non-GAAP)(1)		1.02	%		1.16	%		0.77	%
Return on average tangible assets (non-GAAP)(1)		1.07	%		1.14	%		0.81	%
Core return on average tangible assets (non-GAAP)(1)		1.07	%		1.21	%		0.81	%

	As of			As of			As of
	March 31,			December 31,			March 31,
	2021			2020			2020
Balance Sheet Data:
Total stockholders' equity	$	2,683,630		$	2,744,104		$	2,664,685
Less: goodwill		995,492			995,492			995,492
Tangible stockholders' equity	$	1,688,138		$	1,748,612		$	1,669,193
Total assets	$	23,497,596		$	22,662,831		$	20,755,891
Less: goodwill		995,492			995,492			995,492
Tangible assets	$	22,502,104		$	21,667,339		$	19,760,399
Shares outstanding		129,749,890			129,912,272			129,827,968
Total stockholders' equity to total assets		11.42	%		12.11	%		12.84	%
Tangible stockholders' equity to tangible assets (non-GAAP)		7.50	%		8.07	%		8.45	%
Book value per share	$	20.68		$	21.12		$	20.52
Tangible book value per share (non-GAAP)	$	13.01		$	13.46		$	12.86

(1) Annualized for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020.

GAAP to Non-GAAP Reconciliation								Table 13
	For the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2021			2020			2020
Net interest income	$	129,158		$	135,227		$	138,683
Core net interest income (non-GAAP)	$	129,158		$	135,227		$	138,683
Noninterest income	$	43,868		$	53,598		$	49,228
Losses (gains) on sale of securities		—			12			(85)
Costs associated with the sale of stock(1)		—			4,828			—
Core noninterest income (non-GAAP)	$	43,868		$	58,438		$	49,143
Noninterest expense	$	96,306		$	88,127		$	96,466
Core noninterest expense (non-GAAP)	$	96,306		$	88,127		$	96,466
Net income	$	57,693		$	61,739		$	38,865
Losses (gains) on sale of securities		—			12			(85)
Costs associated with the sale of stock(1)		—			4,828			—
Tax adjustments(2)		—			(1,291)			23
Total core adjustments		—			3,549			(62)
Core net income (non-GAAP)	$	57,693		$	65,288		$	38,803
Basic earnings per share	$	0.44		$	0.48		$	0.30
Diluted earnings per share	$	0.44		$	0.47		$	0.30
Efficiency ratio		55.53	%		46.59	%		51.33	%
Core basic earnings per share (non-GAAP)	$	0.44		$	0.50		$	0.30
Core diluted earnings per share (non-GAAP)	$	0.44		$	0.50		$	0.30
Core efficiency ratio (non-GAAP)		55.53	%		45.43	%		51.35	%

(1) Costs associated with the sale of stock for the three months ended December 31, 2020 related to changes in the valuation of the funding swap entered into with the buyer of our Visa Class B restricted shares sold in 2016.

(2) Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period.

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Document and Entity Information	Apr. 23, 2021
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Apr. 23, 2021
Entity File Number	001-14585
Entity Registrant Name	FIRST HAWAIIAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0156159
Entity Address, Address Line One	999 Bishop St.
Entity Address, Adress Line Two	29th Floor
Entity Address, State or Province	HI
Entity Address, City or Town	Honolulu
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	525-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FHB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000036377
Amendment Flag	false