2 0 1 9 A N N U A L R E P O R T
TA BLE O F CONT ENT S
1 CEO’s Message
5 Financial Highlights
6 Talent Development
8 Business Banking
10 Corporate Banking
12 Small Business Banking
14 Personal Banking
16 Wealth Management & Private Banking
18 Philanthropy
20 Employee Volunteerism
22 Consolidated Statements of Income
23 Consolidated Balance Sheets
24 GAAP/Non-GAAP Reconciliation
25 Environmental, Social & Governance Statistics
26 Senior Management Committee
28 Senior Officers
Boards of Directors (Inside Back Cover)
Shareholder Information (Back Cover)
First Hawaiian, Inc. (NASDAQ: FHB) is a bank holding company
headquartered in Honolulu, Hawai‘i. Its principal subsidiary, First
Hawaiian Bank, was founded in 1858 as Bishop & Co., and today
is Hawai‘i’s oldest and largest financial institution with assets of
$20.2 billion at December 31, 2019. The bank has 53 branches
throughout Hawai‘i, three on Guam and two on Saipan. The bank
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 www.fhb.com.
ON THE COVER: Big wave surfer, world champion stand-up
paddleboarder and FHB customer, Kai Lenny, surfing his favorite Maui
waves at Pe‘ahi (a.k.a Jaws) on November 27, 2018 a few hours after
the World Surf League’s Jaws Challenge was canceled due to waves
being too big and unruly. Photographer Mike Coots captured this shot
from a helicopter overhead.
We remain the
leader among
Hawai‘i banks
in profitability,
total assets,
total loans and
leases, deposits,
credit quality and
efficiency ratio.
C E O ' S M E S S A G E
Charting Our
Independent Future
Dear Fellow Shareholders,
Following BNP Paribas’ sale of its remaining shares in our company in
February 2019, we began a new round of strategic planning to chart the future
of First Hawaiian, Inc. as a fully independent, publicly traded company.
This year was marked by two key strategic steps: our
successful transition to independence and our investment
in the customer experience through technology projects.
We completed our separation from BNP Paribas,
absorbed transition costs while maintaining our best-
in-the-State efficiency ratio, improved the quality of the
balance sheet and continued to deliver outstanding
financial performance. On the technology front, we
continue to invest in digitization projects, including the
replacement of our core banking platform, to enhance
customer experience while building a digital architecture
that makes us more agile in adopting new products
and services.
The architecture unlocks the innovation. Combining our
161 years of relationship banking experience with digital
enablement, our bank continues to grow and thrive
by earning the trust of our shareholders, customers,
employees and communities.
Shareholders
We deliver long-term value and honor their trust by
returning capital to them. During 2019, we repurchased
5.1 million shares, returning $136 million in capital to
shareholders. The company’s dividend payout ratio
during 2019 was 48.8% of diluted earnings per share,
virtually identical to our target of paying out 50 cents per
dollar earned.
Customers
We anticipate their needs and improve their financial
lives. The improved digital experience we are building
for customers uses new technology to supplement our
proven, person-to-person relationship banking strategy.
This new application will bring our “trusted advisor”
service to a broader range of clients online and on mobile
devices, offering them greater insight into their financial
performance, more opportunities for growth and more
sophisticated tools to control their finances.
Employees
We care for our employees like family. We have created
award-winning programs for workforce training and
talent development, strengthening our pipeline of leaders
capable of transforming First Hawaiian, while reducing
employee turnover.
Our Communities
First Hawaiian has a long history of earning the trust of the
communities in which we live and work. Since our founding
by Charles Reed Bishop in 1858 as Bishop & Co., our bank
has contributed to charities that support local health,
education, cultural advancement and social well-being.
We encourage and enable our employees’ generosity as
well, supporting in-house volunteer projects and employee
giving programs, raising hundreds of thousands of dollars
for charity.
50 Years . . . and Counting
Our bank’s success is built on long-running relationships
with customers, with corporate partners and with our
own employees.
1
First Hawaiian
has a long history
of earning the
trust of the
communities in
which we live
and work.
We are celebrating the 50th
anniversary of the 1970 opening
of our first branch on Guam, a U.S.
territory in the Western Pacific. We
have three branches on Guam and
another two on nearby Saipan in
the Northern Mariana Islands. We
are Guam’s largest bank based on
both total loans and deposits.
We have also hit the 50-year
mark in our relationship with
Mastercard®. It was still called
“Master Charge” when we became
the first Hawai‘i bank to issue its
card a half-century ago. Today, we
are the only local bank in Hawai‘i
that issues our own credit cards.
To mark these long-standing ties,
we introduced a new United® Credit
Card in 2019, giving our Guam
and Saipan customers enhanced
mileage rewards.
Robert S. Harrison
20
19
NUMBERS
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NET INCOME
$284.4 million
up 7.6% from 2018.
LOANS AND LEASES
$13.2 billion
up 1.0%, even after our strategic
decision to sell more than $400 million
of shared national credits to reposition
our balance sheet. Areas of significant
growth were commercial real estate
loans and residential loans.
EFFICIENCY RATIO
48.4%
is an improvement over
2018 and better than all other
Hawai‘i banks.
Developing a Talented Workforce
Fifty is the magic number for three employees who have
now worked for our bank for more than a half century. They
are emblematic of our stable workforce—99 employees
and 164 bank retirees are members of the FHB 40-Year
Club. Employees stay with our company because they see
opportunities for training, development and advancement.
In 2019, our bank won its second consecutive ATD
BEST award from the worldwide Association for Talent
Development. We are the only Hawai‘i company ever to
win the prestigious prize. We did it by demonstrating how
innovative talent development and employee learning are
woven into our strategy and corporate culture.
Thanks to our talented business bankers, First Hawaiian
Bank won the SBA Lender of the Year—Category 1 award
from the U.S. Small Business Administration Hawai‘i District
for the third year in a row.
Our commitment to continuous learning is part of the
reason First Hawaiian Bank has been named one of the
“Best Places to Work in Hawai‘i” for eight straight years by
Hawaii Business magazine.
Valued, well-trained, long-serving employees help us build
stronger relationships with our customers over time. That’s
good for our clients, our workforce, our recruitment and
retention efforts as well as for our shareholders.
Giving Back: A Tradition
For the eighth consecutive year, First Hawaiian Bank
ranked first among for-profit companies in Hawaii Business
magazine’s annual list of “Hawai‘i’s Most Charitable
Companies.” The bank, our FHB Foundation and our
employee giving program, Kōkua Mai, contributed $4.25
million to charities during 2019.
Employees and retirees donated over $815,000 to our in-
house Kōkua Mai campaign, which supports 32 nonprofit
agencies in Hawai‘i, Guam and Saipan. Over its 13-year
life, Kōkua Mai has raised $8.6 million for charities that
are personally meaningful to employees. Again this year,
99% of our employees donated to Kōkua Mai, a reflection
of our bank’s “Yes” spirit toward meeting the needs of our
neighbors and our neighborhoods.
Our employees do more than reach for their wallets when
help is needed; they also contribute thousands of hours
of their time each year as volunteers. The bank’s own
Community Care program, organized and run by employee
teams, showed that our colleagues are willing to get
their hands dirty to make a difference. More than 1,100
employees spent nearly 8,300 hours in 2019 volunteering
on 29 help projects such as housing the homeless,
preserving Native Hawaiian forests, repairing an ancient
fishpond, preparing school supplies and assembling care
packages for seniors.
Growth Rates Moderating
Although economic growth rates in Hawai‘i are moderating,
2019 was the state’s 10th consecutive year of real Gross
Domestic Product expansion following the 2007–09 Great
Recession. Government and academic economists forecast
stable expansion at least through 2022, although at a
modest pace.
Hawai‘i’s GDP is expected to top $100 billion for the first
time in 2020 and many other key economic measures
continue to be positive. Seasonally adjusted unemployment
ended 2019 at 2.6%, same as a year earlier. Only five states
had a lower rate at year-end. Hawai‘i’s unemployment rate
has remained below 3% since 2016. State tax revenues
rose more than 5% in fiscal year 2019 and are forecast to
increase 3% to 4% annually through 2026.
DILUTED EARNINGS
Up 10.4%
to $2.13 per share.
TOTAL ASSETS
$20.2 billion
down 2.6%
EXCELLENT CREDIT QUALITY
0.04% at
year end
Ratio of non-accrual
loans and leases to total
loans and leases.
DEPOSITS
No. 1 in Hawai‘i
deposits since 2004
$16.4 billion, down 4.1%,
primarily due to a
deliberate reduction in
higher-cost government
agency time deposits.
NET INTEREST MARGIN
3.20%
up 4 basis points
in a challenging interest
rate environment.
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Top 20 Bank
We are the
highest ranked
Hawai‘i bank
First Hawaiian Bank ranked #18 in Forbes’ 2020
list of Best Banks in America. The magazine
annually ranks the 100 largest publicly traded U.S.
banks and thrifts based on growth, credit quality
and profitability.
They were giants in such fields as contracting, medicine,
education and retail. Combined, these pillars of the
community served as First Hawaiian directors for nearly 130
years. Bob Wo alone was a director for more than a half
century (1963–2014), a period that saw huge changes in
banking and in Hawai‘i business.
We miss these four friends and colleagues. I was honored
to work with and learn from each of them.
“The First Hawaiian Way”
Now, as a fully independent company, we continue
our commitment to increasing long-term value for our
shareholders, delivering exceptional customer experiences,
providing our employees opportunities for growth and
advancement and supporting the needs of the communities
where we do business.
Aloha,
ROBERT S. HARRISON
Chairman, President & Chief Executive Officer
Foreclosure cases fell for the sixth consecutive year in 2019.
On the other hand, Hawai‘i bankruptcy filings reached a
five-year high.
The picture is mixed for Hawai‘i tourism. Visitor arrivals
grew a robust 5.4% over 2018, the ninth straight annual
increase, and exceeded 10 million for the first time. Hawai‘i
hotels’ occupancy and room revenues grew in 2019. Hawai‘i
hotels ranked highest among major markets nationwide in
revenue per available room and average daily rate.
However, overall visitor spending was up just 1.4% for the
year, below the rate of inflation. The State of Hawai‘i and
University of Hawai‘i Economic Research Organization both
predict that arrivals will continue to rise around 1% to 2%
annually through at least 2022, with real visitor spending
running slightly negative during the same period.
Responding to Slower Growth
First Hawaiian has demonstrated solid financial
performance through all phases of the business cycle.
During the decade following the start of the Great
Recession, we posted steady growth in loans, deposits and
profitability and continued to support the borrowing needs
of our customers. We strengthened customer relationships
while keeping credit quality high, thanks to consistent
underwriting standards throughout the cycle. And we did
so while maintaining a strong expense management culture
that exists to this day.
Aloha and Mahalo
This was a sad year for the First Hawaiian ‘ohana (family) as
four long-time members of our Boards of Directors passed
away: David C. Hulihee, Dr. Richard T. Mamiya, Wesley T.
Park, and Robert C. Wo.
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FINANCIAL HIGHLIGHTS F I R S T H A W A I I A N , I N C .
(dollars in thousands, except per share amounts)
N E T I N C O M E (IN MILLION S)
2019 Net Income: $284.4 million
5-Year Compound Annual Growth Rate: 5.6%
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A S S E T S (IN BILLIONS)
Total Assets (12/31/19): $20.2 billion
5-Year Compound Annual Growth Rate: 2.1%
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D E P O S I T S (IN BILLIONS)
Total Deposits (12/31/19): $16.4 billion
5-Year Compound Annual Growth Rate: 2.2%
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(1) These amounts are Non-GAAP financial measures. See GAAP/Non-GAAP Reconciliation on page 24 of this Annual Report
for reconciliations of core net income, core basic earnings per share and core diluted earnings per share to comparable GAAP measures.
(2) These ratios are Non-GAAP financial measures. For an explanation of how these ratios are computed, as well as a reconciliation of the components of such ratios to comparable
GAAP measures, see GAAP/Non-GAAP Reconciliation on page 24 of this Annual Report, including Notes (1) through (6) in that section.
5
Year Ended December 31,20192018INCOME STATEMENT DATAInterest income$ 678,692$ 646,051Interest expense105,29079,733Net interest income573,402566,318Provision for loan and lease losses13,80022,180Net interest income after provision for loan and lease losses559,602544,138Noninterest income192,533178,993Noninterest expense370,437364,953Income before provision for income taxes381,698358,178Provision for income taxes97,30693,784Net income$ 284,392$ 264,394Core adjustments (Non-GAAP)(1)7,39322,317Core net income (Non-GAAP)(1)$ 291,785$ 286,711Core basic earnings per share (Non-GAAP)(1)$ 2.19$ 2.09Core diluted earnings per share (Non-GAAP)(1)$ 2.19$ 2.09Basic weighted-average outstanding shares133,076,489136,945,134Diluted weighted-average outstanding shares133,387,157137,111,420OTHER FINANCIAL INFO / PERFORMANCE RATIOSNet interest margin3.20%3.16%Core net interest margin (Non-GAAP)(2)3.20%3.16%Efficiency ratio48.36%48.96%Core efficiency ratio (Non-GAAP)(2)47.55%46.59%Return on average total assets1.40%1.31%Core return on average total assets (Non-GAAP)(2)1.44%1.42%Return on average total stockholders’ equity10.90%10.76%Core return on average total stockholders’ equity (Non-GAAP)(2)11.18%11.67%BALANCE SHEET DATALoans and leases$ 13,212,554$ 13,076,623Allowance for loan and lease losses130,530141,718lnterest-bearing deposits in other banks333,642606,801Investment securities4,075,6444,498,342Goodwill995,492995,492Total assets20,166,73420,695,678Total deposits16,444,99417,150,068Total liabilities17,526,47618,170,839Total stockholders’ equity2,640,2582,524,839Book value per share20.3218.72ASSET QUALITY RATIOSNon-performing loans and leases / total loans and leases0.04%0.05%Allowance for loan and lease losses / total loans and leases0.99%1.08%Net charge-offs / average total loans and leases0.19%0.14%CAPITAL RATIOSCommon Equity Tier 1 capital ratio11.88%11.97%Tier 1 capital ratio11.88%11.97%Total capital ratio12.81%12.99%Tier 1 leverage ratio8.79%8.72%Total stockholders’ equity to total assets13.09%12.20%Tangible stockholders’ equity to tangible assets (Non-GAAP)(2) 8.58%7.76% 6
A wide range of learning opportunities are offered from formal
classroom programs to online courses to bite-sized videos,
articles, infographics, book clubs, circles of growth, communities
of practice, Toastmasters and on-the-job development activities.
FHB employees can choose what, where and how they build their
professional skills.
FHB has been at the forefront of community learning initiatives
as the presenting title sponsor for the Hawaii Business Leadership
Conference, the State’s largest professional development event.
Collectively, these tangible investments in our workforce, and our
belief in the power of reinvention, are reasons why thousands of
employees continue to vote for FHB as a “Best Place to Work” in
Hawai‘i over the past eight consecutive years.
The Association for Talent Development (ATD) recognized FHB
with the ATD BEST Award, the talent development industry’s
most rigorous and coveted accolade. FHB is honored to be the
only company in Hawai‘i to receive this international recognition
in 2018, and again in 2019, for demonstrating enterprise-wide
success through talent development.
T A L E N T D E V E L O P M E N T
Investing in our people is essential to
FHBʼs long-term sustainability. We know
that promising career potential is a key
reason why employees join FHB. Attracting
and retaining top talent ensures that we
are providing the best experiences to
our customers.
Our bank's commitment to learning is steadfast, both within
and outside of our organization. Learning and development
are foundational to our purpose as an institution. Providing an
inclusive workplace where everyone is supported to perform at
their best includes having an encouraging environment with easy
access to learning.
Our innovative strategy to build future-focused skills is equipping
our workforce to be successful in the face of increasing
complexity within the financial industry. In 2015, FHB refocused
our future of corporate education with the launch of our Strive
initiative to “build tomorrow’s leaders today.”
Our talent development programs address the diverse needs at
multiple levels to include emerging leaders, advanced leaders,
executive leaders and transformational change leaders. Senior
leaders at FHB serve as faculty to facilitate internal sessions aimed
at equipping our next generation to lead in a new context.
FHB offers a mobile, 24/7 online learning platform, which
empowers employees to learn for their jobs, careers, personal
interests and for the future of work.
2018
2019
Left: Growing our leaders through FHB’s
award-winning talent development programs.
Right: Executive Vice President Iris
Matsumoto and Senior Vice President of
Human Resources Sherri Okinaga with the
2019 ATD BEST Award.
7
Diamond Bakery
Carl Murai, Chairman
Gary Yoshioka, President
KALIHI, O‘AHU
“With a loan from Bishop & Co., the predecessor to First Hawaiian Bank, our
founders Natsu Muramoto, Kikutaro Hiruya and Hidegoro Murai opened
Diamond Bakery’s 17,000-square-foot factory in 1921 on King Street
in Honolulu.
“Our company started out with Saloon Pilot, Soda, Graham and Royal Creem
Crackers and diversified by going into confectionaries, which created a
need to double our factory space. We again turned to First Hawaiian, which
expedited the construction and equipment loan, enabling us to open a new
Kalihi factory in 1974.
“Modernization allowed us to bake much faster and be innovative. Diamond
Bakery was one of the first Hawai‘i companies to introduce the portion pack
that preserved the shelf life of our crackers. Today, we’ve added an expanding
variety of cookie and cracker flavors. As new products are developed,
we’ve financed technology and automation projects to keep our factory
running efficiently. Also, through eCommerce, our customer base has been
significantly expanded to sustain brand awareness and growth initiatives.
“Business partnerships are founded on trust, respect, and shared success—
this is our vision statement. First Hawaiian has been a great partner for us.
They take the time to really understand what we're trying to do—strategically,
tactically and culturally as a company.
“From CEO Bob Harrison to Vernon Nakamura, our local Kalihi branch
manager, and Steve Lim, our loan officer, we know their commitment includes
the bank’s broad band of resources to help us achieve our vision. Steve is an
incredible sounding board for us. Best of all, he’s become a good friend. In
a partnership, you have to have honesty and trust. We’ve found all that and
more in First Hawaiian Bank.”
8
B U S I N E S S B A N K I N G
9
C O R P O R A T E B U S I N E S S B A N K I N G
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Servco Pacific Inc.
Mark Fukunaga, Chairman & CEO
Rick Ching, President & COO
Mike Regan, EVP & CFO
MĀPUNAPUNA, O‘A HU
“Providing products and services that customers want was our core business
long before we began our relationship with First Hawaiian in 1975. But that
relationship grew into a strong partnership in the early 1990s after financing
for our inventory was pulled on relatively short notice. We were scrambling
to get tens of millions of dollars in place and First Hawaiian was there for us,
and they were there again at another critical point in our business when they
helped us purchase over 14 acres at Honolulu Harbor for our port facilities.
“For 100 years, Servco has focused on serving our customers and following
them wherever they wanted to go. And like every business today, we’re facing
a lot of disruption. We anticipate our traditional auto business will turn into a
mobility business involving autonomous vehicles, car sharing, smart shuttles
and smart carpooling. First Hawaiian gives us confidence to travel that road.
“Our Hui Car Share joint venture with Toyota continues to grow. We’re now
looking at approaching downtown Honolulu companies to pool cars in their
garages so employees can car share. We envision people ultimately using
multi-mobile options such as rail, bus, smart vehicles and Biki Bikeshare.
“In 2018, we opened our hydrogen fueling station in Māpunapuna to assist the
State in meeting its energy self-sufficiency initiatives. Our inventory includes
the Mirai, an electric vehicle powered by a hydrogen fuel cell —it’s only
emission is water. Essentially, fuel cell vehicles offer zero carbon emissions
and zero compromise on fast refueling and driving range.
“When we look at Servco’s diversity, its global growth expansion into
Australia and the complexity of our financing needs, First Hawaiian has been
indispensable to what we do. It’s been a great business partnership and one
that has developed into many friendships through the years as well. We are
looking forward to working more with First Hawaiian in the future.”
11
Uncle’s Hawaiian Ice Cream
Sandwiches
Paul and Barbara Logan, Owners
WAIALUA, O‘AHU
After satisfying careers and operating a successful restaurant, retired
mechanical engineer/chef Paul and his wife Barbara, who worked in finance,
returned home to retire in Waialua. Fate had something different in mind.
Instead, Paul became a farmer. While selling produce at the Waimea Valley
Farmers Market, they decided to experiment, offering ultra-premium ice
cream sandwiched between homemade cookies. The treats caught on.
“When you’re running a business, it’s important to have a banker you can go
to for financial help and advice. So, when our previous bank responded to our
financial requests with one ‘No’ after another, we asked First Hawaiian Bank—
the bank that says ‘Yes.’
“Our banker, Kurt Murata, has been stellar. He understood our desire to use
local ingredients whenever possible, including Waialua coffee and Big Island
mac nuts. He learned how we grew our menu to 20 flavors and carefully
cultivated our business of wholesaling to local restaurants, retailers large and
small and military commissaries.
“Kurt anticipated our future operational, equipment and expansion needs, and
offered us the credit vehicles we needed. Having that financial lifeline became
especially meaningful after we moved into our own new facility and saw the
community kitchen we had previously rented abruptly close.
“First Hawaiian really looks out for us, which is why we now do all our banking
there. Through the bank’s support we’ve been able to expand our list of
retailers and purchase new equipment that has enabled us to debut Uncle’s
mini ice cream sandwiches at Whole Foods Market.
“We are so grateful that ‘Yes’ is not just a slogan at First Hawaiian Bank. Thanks
to their faith in us, we are spreading happiness one ice cream sandwich at a
time and making our biggest dreams for Uncle’s come true!”
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S M A L L B U S I N E S S B A N K I N G
13
Nalani Jenkins and
Tracy Lawson
Nalani Jenkins of award-winning musical group
Nā Leo Pilimehana, Co-Founder 721, LLC
Tracy Lawson, President & Founder,
Lawson & Associates, Inc., Co-Founder 721, LLC
HONOLUL U, O‘AHU
“First Hawaiian is the embodiment of aloha—kind, concerned and genuine. We
believe good things come from that, such as the bank’s nomination of Tracy
for the U.S. Small Business Administration’s 2019 Small Business Person of
the Year Award for the City and County of Honolulu. Our banking relationship
has provided a turning point with our personal goals as well.
“It’s all about dreaming big and fulfilling those dreams. Up to this point in
life, it’s been head down, grinding away, working and raising our kids. Now
we can think in a visionary way—having dreams that scare you so much
you almost don’t want to articulate them—like our Alaska and Moloka‘i real
estate purchases.
“In 2018, family ties to Alaska led us serendipitously to a lakefront property on
Mirror Lake. It was the last one of its kind for sale and we were fortunate to
get it. We dream of someday building family memories there.
“Our other purchase in 2019 was 44 acres in Kaluako‘i on Moloka‘i, near
Pāpōhaku Beach where Tracy spent time in her youth. We are drawn to this
land and feel obligated to revive it. Kā‘ana in Kaluako‘i is the piko of hula. It’s
where legends say hula originated. We haven’t settled on what we’ll do just yet
on Moloka‘i, but we have big ideas! We want to plant trees and hope to build
something appropriate and helpful to the community.
“There’s a reason for us to have these properties and First Hawaiian made our
dreams possible. Relationship, caring and authenticity have always been our
experience at First Hawaiian, which is very meaningful to us. It’s a good place
to be when your head and heart are aligned.”
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P E R S O N A L B A N K I N G
15
W E A L T H M A N A G E M E N T A N D
P R I V A T E B A N K I N G
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Merton and Claire Lau
HONOLUL U, O‘ AHU
“Relationships are very important to us and referrals based on trusted
relationships are ones that you know are worth considering. So when our
acquaintances kept mentioning how pleased they were with First Hawaiian
Bank, we had to find out for ourselves. We opened our savings and checking
accounts with the bank in 1966.
“We established such a good relationship with our banker that we eventually
opened business and personal lines of credit. Having ready access to
cash whenever we needed it for our growing family gave us great peace
of mind. In our real estate development and management businesses,
the credit line provided a competitive advantage to act quickly whenever
opportunities arose.
“When our own children were ready to purchase homes, First Hawaiian was
right there to help them with mortgage loans. Eric Yee, in private banking,
assembled an entire team of wealth management and banking professionals,
including Vernon Wong, David Tanaka and Wesley Wakamura, who have
assisted us with everything from financial planning, college funding and
trusts to investments, insurance and business loans. Everyone makes us
feel like family. They even prepare our favorite entrées when we dine at the
Bankers Club.
“The bank and its employees have never disappointed, which is why we have
no reservations about recommending First Hawaiian to other family members
and acquaintances just as our friends did with us. It was a special moment
when our children were able to meet the people who have become our
trusted advisors, and we’re pleased to know that the relationship we began
with First Hawaiian more than 50 years ago will continue many more years
with our children and grandchildren.”
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P H I L A N T H R O P Y
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Lawakua Kajukenbo
Charitable Fund
Matt Levi, Grandmaster and Founder
KALIHI, O‘AHU
For 30 years the Lawakua Kajukenbo Club has taught the unique experience of
self-mastery to young people living in and around public housing in the Kalihi,
Pālama and Hālawa areas. It’s a place where kids ages 7 to 18 are recognized
for their effort, attitude and attendance—a place that presents them with
opportunities they otherwise would not have.
Grandmaster Matt Levi founded Lawakua in 1977, using martial arts to instill
students with character, self-discipline, leadership and academic drive. Since
partnering with O‘ahu’s Juvenile Drug Court in 2005, Lawakua’s training has been
lauded for a reduction in repeat youth offenders. It remains the only martial arts
program in the nation, which is part of a state's juvenile justice system.
Through generous grants from the FHB Foundation as well as donations from
the community, the Lawakua Charitable Fund is able to provide free Kajukenbo
classes, martial arts uniforms (gi) and academic tutoring to over 100 students
annually. Education is a key component of the program with about a third of the
students receiving partial to full scholarships from O‘ahu private schools. Of the
31 current scholarship recipients, 20 are on their school’s honor roll and four
are members of the National Honor Society.
Kajukenbo was developed by five martial arts masters at Pālama Settlement in
the 1940s and became Hawai‘i’s first mixed martial art. Its name is an acronym:
“Ka” for Karate, “Ju” for Jiujitsu and Judo, “Ken” for Kenpo Karate and “Bo” for
Western and Chinese boxing.
Lawakua added essential life lessons to its program based on the traits of the
tiger, snake, crane, leopard and dragon. As students train, they develop the
animals’ virtues of independence, restraint, benevolence, stamina and strength.
The program’s value is recognized in the communities it serves. Lawakua’s
waiting list of applicants is positive proof.
“Our students have demonstrated that, given the opportunity, they have
the ability and skills to succeed,” said Matt Levi. “We deeply appreciate First
Hawaiian’s generous donations and personal involvement by its management,
which enable our program to reach more and more young people every year.”
19
C A R I N G f o r C O M M U N I T Y
Over half of our employees provided
thousands of hours of community
service to improve the lives of others and
strengthen our collective future.
20
Turning a school workshop into a robotics learning center,
packing food boxes for seniors, assisting with forest
preservation and helping to build transitional housing units
for homeless families are just a few of the 29 Community
Care projects undertaken by First Hawaiian in 2019.
The bank’s “Yes” Teams, originating from our 58 retail branches
and numerous work groups, also demonstrated support for their
communities by volunteering to staff charity fundraising events, auctions
and activities. We are equally proud of our employees who consistently
volunteer their time and expertise in the community by coaching youth
athletics, assisting with Aloha Week festivities, serving on non-profit
boards and more.
Our employees’ caring spirit also helped First Hawaiian retain its position
at the top of Hawaii Business magazine’s list of corporate contributors
to charities in 2019. At the heart of our annual charitable contributions
is Kōkua Mai, our employee-driven giving program, which once again
exceeded its annual goal with contributions from our generous
employees and retirees totaling over $815,000.
Our community giving efforts are complemented by grants from the
First Hawaiian Bank Foundation, which creates educational opportunities
for youth, builds healthier communities and supports the rich cultural
heritage we share across Hawai‘i, Guam and Saipan. In 2019, the
Foundation’s grants provided $4.25 million to more than 400 community
non-profit organizations. Since our bank’s founding more than 161
years ago, First Hawaiian has consistently demonstrated that supporting
communities that we serve is truly a part of who we are as a company.
21
CONSOLIDATED STATEMENTS OF INCOME
F I R S T H A W A I I A N , I N C .
(dollars in thousands except per share amounts)
I N T E R E S T I N C O M E
Loans and lease financing
Available-for-sale securities
Other
Total interest income
I N T E R E S T E X P E N S E
Deposits
Short-term and long-term borrowings
Total interest expense
Net interest income
Provision for loan and lease losses
Net interest income after provision for loan and lease losses
N O N I N T E R E S T I N C O M E
Service charges on deposit accounts
Credit and debit card fees
Other service charges and fees
Trust and investment services income
Bank-owned life insurance
Investment securities losses, net
Other-than-temporary impairment (OTTI) losses on
available-for-sale debt securities
Other
Total noninterest income
N O N I N T E R E S T E X P E N S E
Salaries and employee benefits
Contracted services and professional fees
Occupancy
Equipment
Regulatory assessment and fees
Advertising and marketing
Card rewards program
Other
Total noninterest expense
Income before provision for income taxes
Provision for income taxes
Net income
Core adjustments (Non-GAAP)(1)
Core net income (Non-GAAP)(1)
Core basic earnings per share (Non-GAAP)(1)
Year Ended December 31,
2019
2018
$ 574,013
$ 529,877
92,505
12,174
678,692
87,865
17,425
105,290
573,402
13,800
559,602
33,778
66,749
36,253
35,102
15,479
(2,715
)
—
7,887
192,533
107,123
9,051
646,051
72,976
6,757
79,733
566,318
22,180
544,138
32,036
65,716
38,316
31,324
9,217
—
)
(24,085
26,469
178,993
173,098
167,162
56,321
28,753
17,343
7,390
6,910
29,961
50,661
370,437
381,698
97,306
49,775
27,330
17,714
14,217
4,813
24,860
59,082
364,953
358,178
93,784
$ 284,392
$ 264,394
7,393
22,317
$ 291,785
$ 286,711
$ 2.19
$ 2.09
Core diluted earnings per share (Non-GAAP)(1)
$ 2.19
$ 2.09
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
133,076,489
137,387,157
136,945,134
137,111,420
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for the Consolidated Financial Statements,
including Report of Independent Registered Public Accounting Firm, thereon.
(1) Core net income excludes certain gains, expenses and one-time items. See GAAP/Non-GAAP Reconciliation on page 24 of this Annual Report for
reconciliations of core net income, core basic earnings per share and core diluted earnings per share to comparable GAAP measures.
22
CONSOLIDATED BALANCE SHEETS
F I R S T H A W A I I A N , I N C .
(dollars in thousands)
A S S E T S
Year Ended December 31,
2019
2018
L O A N S A N D L E A S E S (I N BI LLI ON S)
Total Loans & Leases (12/31/19): $13.2 billion
5-Year Compound Annual Growth Rate: 5.7%
Cash and due from banks
$ 360,375
$ 396,836
Interest-bearing deposits in other banks
Investment securities
Loans and leases
Less: allowance for loan and lease losses
Net loans and leases
Premises and equipment, net
Other real estate owned and
repossessed personal property
Accrued interest receivable
Bank-owned life insurance
Goodwill
Mortgage servicing rights
Other assets
Total assets
333,642
4,075,644
13,212,554
130,530
13,082,024
316,885
319
45,239
453,873
995,492
12,668
490,573
606,801
4,498,342
13,076,623
141,718
12,934,905
304,996
751
48,920
446,076
995,492
16,155
446,404
$ 20,166,734
$ 20,695,678
$14
$13
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
L I A B I L I T I E S A N D S T O C K H O L D E R S ’ E Q U I T Y
.
1
3
1
$
.
2
3
1
$
.
3
2
1
$
.
5
1
1
$
.
7
0
1
$
.
0
0
1
$
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
$ 10,564,922
$ 11,142,127
5,880,072
16,444,994
400,000
200,019
138,222
343,241
6,007,941
17,150,068
D I V E R S I F I E D
L O A N & L E A S E P O R T F O L I O
—
As of 12/31/19
600,026
127,909
292,836
12%
Consumer
Deposits:
Interest-bearing
Noninterest-bearing
Total deposits
Short-term borrowings
Long-term borrowings
Retirement benefits payable
Other liabilities
Total liabilities
Stockholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss, net
Treasury stock
Total stockholders’ equity
17,526,476
18,170,839
1,399
2,503,677
437,072
(31,749
)
(270,141
)
2,640,258
1,397
2,495,853
291,919
)
(132,195
)
(132,135
2,524,839
Total liabilities and stockholders’ equity
$ 20,166,734
$ 20,695,678
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for the Consolidated
Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
35%
Residential
Real Estate
21%
Commercial
30%
Commercial
Real Estate
2% Other
23
GAAP/NON-GAAP RECONCILIATION
We present net interest income, noninterest income, noninterest expense, net income, earnings per share, 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. Non-GAAP measures have limitations as analytical tools and investors should not consider them in isolation or as a substitute for
analysis of our financial results or financial condition as reported under GAAP. The following table provides a reconciliation of net interest income,
noninterest income, noninterest expense, and net income to their “core” Non-GAAP financial measures:
(dollars in thousands except per share data)
Net interest income
Core net interest income (Non-GAAP)
Noninterest income
Loss on sale of securities
Costs associated with the sale of stock
OTTI losses on available-for-sale debt securities
Core noninterest income (Non-GAAP)
Noninterest expense
Loss on litigation settlement(a)
One-time items(b), (c)
Core noninterest expense (Non-GAAP)
Net income
Loss on sale of securities
Costs associated with the sale of stock
OTTI losses on available-for-sale debt securities
Loss on litigation settlement(a)
One-time items(c)
Tax adjustments(d)
Total core adjustments
Core net income (Non-GAAP)
Basic earnings per share
Diluted earnings per share
Year Ended December 31,
2019
2018
$ 573,402
$ 566,318
$ 573,402
$ 566,318
$ 192,533
$ 178,993
2,715
4,500
—
—
—
24,085
$ 199,748
$ 203,078
$ 370,437
$ 364,953
—
(2,814
)
(4,125
)
(2,267
)
$ 367,623
$ 358,561
$ 284,392
$ 264,394
2,715
4,500
—
—
2,814
(2,636
)
7,393
—
—
24,085
4,125
2,267
(8,160
)
22,317
$ 291,785
$ 286,711
$ 2.14
$ 1.93
$ 2.13
$ 1.93
Core basic earnings per share (Non-GAAP)
$ 2.19
$ 2.09
Core diluted earnings per share (Non-GAAP)
$ 2.19
$ 2.09
Basic weighted-average outstanding shares
133,076,489
136,945,134
Diluted weighted-average outstanding shares
133,387,157
137,111,420
(a) The Bank reached an agreement in principle to resolve a putative class action lawsuit alleging that the Bank improperly charged certain overdraft fees.
In connection with the anticipated settlement agreement, the Company recorded an expense of approximately $4.1 million during the year ended December 31, 2018.
(b) Adjustments that are not material to our financial results have not been presented for certain periods.
(c) One-time items for the year ended December 31, 2019 included costs related to a nonrecurring payment to a former executive of the Company pursuant to the Bank’s
Executive Change-in-Control Retention Plan, nonrecurring offering costs and the loss on our funding swap as a result of a 2019 decrease in the conversion rate of our
Visa Class B restricted shares sold in 2016. One-time items for the year ended December 31, 2018 included public company transition related costs, the loss on our
funding swap as a result of a 2018 decrease in the conversion rate of our Visa Class B restricted shares sold in 2016 and nonrecurring offering costs.
(d) Represents the adjustments to net income, tax effected at the Company's effective tax rate for the respective period.
Note (1): Core net interest margin is a Non-GAAP financial measure. We compute our core net interest margin as the ratio of core net interest income to average earning
assets. For a reconciliation to the most directly comparable GAAP financial measure for core net interest income, see GAAP/Non-GAAP Reconciliation above.
Note (2): Core efficiency ratio is a Non-GAAP financial measure. 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. For a reconciliation to the most directly comparable GAAP financial measure for core noninterest expense, core net interest income and
core noninterest income, see GAAP/Non-GAAP Reconciliation above.
Note (3): Core return on average total assets is a Non-GAAP financial measure. We compute our core return on average total assets as the ratio of core net income to average
total assets. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see GAAP/Non-GAAP Reconciliation above.
Note (4): Core return on average total stockholders’ equity is a Non-GAAP financial measure. We compute our core return on average total stockholders’ equity as the ratio of
core net income to average total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see GAAP/Non-GAAP
Reconciliation above.
Note (5): Core basic earnings per share and core diluted earnings per share are computed by dividing core net income by the weighted average number of common shares
outstanding for the period and, in the case of core diluted earnings per share, assuming conversion of potentially dilutive common stock equivalents.
Note (6): Tangible stockholders’ equity to tangible assets is a Non-GAAP financial measure. We compute our tangible stockholders’ equity to tangible assets as the ratio of
tangible stockholders’ equity to tangible assets. We compute our tangible stockholders’ equity by subtracting (and thereby effectively excluding) amounts related to the effect
of goodwill from our average total stockholders’ equity. We compute our tangible assets by subtracting (and thereby effectively excluding) amounts related to the effect of
goodwill from our average total assets.
24
ENV IR ONMENTAL
Eliminating single-use
plastic from 995,440
units to zero in the
bank’s cafeterias
FHB provides a 50%
bus pass subsidy
for all employees
Electrical vehicle
charging stations
E N V I R O N M E N T A L , S O C I A L a n d
G O V E R N A N C E S T A T I S T I C S
Paper recycling
in all facilities
Installation of
4,500 Energy Star
monitors as part of our
PC Refresh initiative
SO CIAL
661
29
53%
blood donations by
249 donors through annual
sponsored blood drives
Community Care
volunteer service activities
(or 1,121 employees)
participate in
Community Care
99%
participation rate in Kōkua
Mai, the bank’s employee
giving campaign
Employees and
retirees raised
$815,000 for
32 charities in
Hawai‘i, Guam and
Saipan through
Kōkua Mai
$8.6 million
donated to
charities since
Kōkua Mai’s 2007
inception
8,291 Community
Care volunteer
hours
PHI LA NT HROPY
$4.25 million in donations to
over 400 charities in the areas of:
Education
& Financial
Literacy
Health &
Human
Services
Arts &
Culture
$100,000 in
scholarships to
53 children of
FHB employees
25
GOV ERNANCE
Values-Based Governance
Core Values of Caring, Character
and Collaboration
2,119 employees
714 Men (34%) | 1,405 Women (66%)
34% are management positions
54% women officers | 46% men officers
Of the 2,119 employees, 18% of women
and 16% of men are in management roles.
TALE NT DE VEL OPM ENT
Award-winning talent development program open
to all employees
Over 100 professional development courses for
employees through Online Learning Center
10 Leadership Development programs offered
to employees
S E N I O R M A N A G E M E N T
26
Photographed at Highway Inn
restaurant, an FHB business banking
client, located in Honolulu.
26
27
LEFT TO RIGHT:
Robert S. Harrison
Chairman, President & Chief Executive Officer
Mitchell E. Nishimoto
Vice Chairman, Retail Banking Group
Ralph M. Mesick
Vice Chairman & Chief Risk Officer
Iris Y. Matsumoto
Executive Vice President, Human Resources Group
Gina O.W. Anonuevo
Executive Vice President & Chief Compliance Officer
Alan H. Arizumi
Vice Chairman, Wealth Management Group
Lance A. Mizumoto
Vice Chairman & Chief Lending Officer
Ravi Mallela
Executive Vice President & Chief Financial Officer
Joel E. Rappoport
Executive Vice President, General Counsel
Christopher L. Dods
Executive Vice President, Digital Banking
& Corporate Secretary
& Marketing Group
SENIOR OFFICERS
Lea M. Nakamura
Treasury & Investment Division
Edward G. Untalan
Guam & CNMI Region Office
First Hawaiian Bank
EXECUTIVE
VICE PRESID ENTS
Tony K.F. Au
Residential Real Estate Division
Derek A. Baughman
Enterprise Technology
Management
Neill A. Char
Private Banking Division and
Wealth Advisory Division
Darrick J.M. Ching
Consumer Branch Banking
Division
Michael A. Coates
Enterprise Operations
Services Division
Conrado Figueroa
Western Region Dealer Center
Daniel A. Nishikawa
Commercial Real Estate Division
Kevin T. Sakamoto
Consumer Banking Division
Brian Uemori
Chief Credit Officer
SEN IOR VIC E P R ES IDEN TS
Joanne H. Arizumi
Retail Banking Group
Darlene N. Blakeney
Corporate Banking Division
James K. Bourgeois
Data Management Department
Martha L. Camacho
Leeward O‘ahu Region
Derek A. Chang
Corporate Banking Division
Paula C.H. Chang
Dealer Division
Dean C. Duque
Maui Region Office
Shirley M. Durham
Enterprise Operations
Services Division
Jodie M. Duvall
Wealth Advisory Division
Paulette L. Franklin
Credit Administration Division
John S. Fujimoto
Controller’s Division
Jerome K. Fukuhara
Financial Planning & Analysis
Division
Glenn T. Goya
Makiki Banking Center
28
Raymond W. Phillips
Investment Services Department
Eliza E. Young
Credit Department
Calvin K. Hangai
Controller
Bradford L. Harrison
Wealth Advisory Division
Jason H. Haruki
Institutional Advisory Services
Vernon Y. Nakamura
Kalihi Banking Center
Cameron W. Nekota
Bank Properties Division and
Community Relations Division
Michael T. Nishida
Enterprise Information Security
Department
Kevin S. Haseyama
Finance Group
Todd T. Nitta
Dealer Division
Jeffrey N.M. Higashi
Pearlridge Banking Center
Todd D. Noia
Commercial Real Estate Division
Gregg M. Hirano
Card Services Division
Theresa A. Hirata
Wealth Management
Service Center
Shigeo Hone
Japan Business Development
David A. Honma
Hawai‘i Region Office
Alyssa S.N. Hostelley
Business Services Division
Laurae U. Imamura
EOS – Commercial Loan Center
Stephen E.K. Kaaa
Waikīkī Banking Center
Leland K. Kahawai
Kaua‘i Region Office
Courtney S. Kajikawa
Personal Trust Division
James S. Kaneshiro
Enterprise Operations
Services Division
Mark D. Kobayashi
Core Platform Conversion
Glen R. Okazaki
Service Delivery Division
Sherri-Ann Y. Okinaga
Human Resources Group
Anna Ono
Audit Division
Carol M. Ono
Human Resources Group
Mark F. Oyadomori
Wealth Advisory Division
David K. Rair
Legal & Corporate Services
Division Group
Joyce Y. Sakai
Commercial Real Estate Division
Alethea A. Seto
Sales, Service & Retail Training
Division
Gregory J. Sitar
Kāhala Banking Center
Susan A. Strong
Omni Channel Center
Carole Lau
Commercial Real Estate Division
Wayne K. Suehiro
University Banking Center
Kent R. Lau
Main Banking Region
Lynn M. Takahashi
Private Banking Division
Malcolm Lau
Retail Planning Department
Mark S. Taylor
Core Platform Conversion
Tricia K.F. Lee
Corporate Compliance Division
Michael G. Taylor
Wealth Advisory Division
George C.K. Leong, Jr.
Commercial Real Estate Division
Robert N. Taylor
Enterprise Risk
Kenneth L. Miller
Institutional Advisory Services
Elizabeth L. Tom
Private Banking Division
Marcia H. Morita
Commercial Deposit
Department
Joe Morrison
Credit Administration Division
Jody J. Mukaigawa
Kapi‘olani Banking Region
Candice Y. Naito
Metro O‘ahu Region
Lisa A. Tomihama
Main Banking Region
Michael A. Tottori
Wealth Advisory Division
Jaylene S.L. Tsukayama
Call Center
Ryan S. Ushijima
Trust Compliance Department
Dean Uyeda
Credit Administration Division
Jeffrey S. Ventura
East O‘ahu/Windward Region
Wesley M. Wakamura
Kapi‘olani Banking Region
William L. Weeshoff
Marketing Communications
Division
Derek M.S. Wong
Credit Originations Department
Vernon Y.C. Wong
Wealth Advisory Division
Eric B. Yee
Private Banking Division
Terence C.Y. Yeh
Credit Administration Division
Sherri Y. Yim
Financial Planning & Analysis
Division
First Hawaiian
Leasing, Inc.
Robert S. Harrison
Chairman
Lance A. Mizumoto
Chief Executive Officer
Darlene N. Blakeney
President
Bishop Street Capital
Management Corporation
Kenneth L. Miller
Chairman, Chief Executive
Officer, Chief Investment Officer
and Director of Equity
Jennifer C.M. Carias
President
Ryan S. Ushijima
Senior Vice President and
Chief Compliance Officer
First Hawaiian Bank
Foundation
Robert S. Harrison
Chairman
Walter A. Dods, Jr.
Chairman Emeritus
Cameron W. Nekota
President
K A U A ‘ I ( 6 )
Lihu‘e
O ‘ A H U ( 3 2 )
Kailua
Honolulu
W
N
S
E
M A U I ( 7 )
Lāna‘i City
Wailuku
L Ā N A ‘ I ( 1 )
G U A M ( 3 )
Hagatna
T H E 6 2 B R A N C H E S o f
T H E 5 8 B R A N C H E S o f
F I R S T H A W A I I A N B A N K
F I R S T H A W A I I A N B A N K
Kailua-Kona
H A W A I ‘ I ( 7 )
S A I P A N ( 2 )
Hilo
BOARDS O F DIRECTORS
First Hawaiian, Inc. Board of Directors
First Hawaiian Bank Board of Directors
Robin K. Campaniano
President and Chief Executive
Officer (Retired),
AIG Hawaii Insurance Company
Matthew J. Cox
Chairman and Chief Executive Officer,
Matson, Inc.
Bert T. Kobayashi, Jr.
Senior Partner,
Kobayashi, Sugita & Goda
Faye W. Kurren
President and Chief Executive
Officer (Retired),
Hawaii Dental Service
W. Allen Doane
Chairman and Chief Executive Officer (Retired),
Alexander & Baldwin, Inc.
Leighton S.L. Mau
President and Chief Operating Officer,
Waikiki Business Plaza, Inc.
Walter A. Dods, Jr.
Chairman and Chief Executive Officer (Retired),
First Hawaiian Bank
Mark K. Teruya
President
FreshPoint Hawaii, LLC
Allen B. Uyeda
Chief Executive Officer (Retired),
First Insurance Company of Hawaii, Ltd.
Jenai S. Wall
Chairman and Chief Executive Officer,
Foodland Super Market, Ltd.
C. Scott Wo
Owner/Executive Team,
C. S. Wo & Sons, Ltd.
Albert M. Yamada
Vice Chairman, Chief Financial Officer, Chief
Administrative Officer and Secretary (Retired),
First Hawaiian Bank
Michael K. Fujimoto
Executive Chairman,
HPM Building Supply
Robert S. Harrison
Chairman, President, and Chief
Executive Officer,
First Hawaiian Bank
Robert P. Hiam
President and Chief Executive
Officer (Retired),
Hawaii Medical Service Association
Donald G. Horner
Partner,
Malu Investments
MEMBER FDIC
First Hawaiian’s Vision
Empowering our employees,
customers and communities to
help them prosper.
Our Mission
Bringing together our people,
culture and technology to deliver
personalized financial solutions
to meet our customers’ needs.
Our Core Values
We live by our values of Caring,
Character and Collaboration
with a growth mindset to perform
well and improve every day.
CARING
We value relationships over transactions.
We treat people with dignity and respect.
We serve each other, our customers and
our community.
CHARACTER
We act with integrity. We take responsibility
for our actions. We are not afraid to take
risks and learn from our mistakes.
COLLABORATION
We achieve our best results when we work
together. We value others’ viewpoints and
draw strength from diversity. We share
credit when things go well and accept
responsibility when things don’t go well.
S H A R E H O L D E R I N F O R M A T I O N
CORPORATE HEADQUARTERS
First Hawaiian, Inc.
999 Bishop Street, Honolulu, Hawai‘i 96813
TRANSFER AGENT AND REGISTRAR
American Stock Transfer & Trust Company LLC,
6201 15th Avenue, Brooklyn, NY 11219
help@astfinancial.com
COMMON STOCK LISTING: FHB
The common stock of First Hawaiian, Inc. is traded on the Nasdaq
Global Select Market under the ticker symbol FHB.
INQUIRIES
Shareholders with questions about stock transfer services
or share holdings may contact American Stock Transfer
& Trust Company LLC, by calling (800) 937-5449, visiting
www.astfinancial.com or via email at help@astfinancial.com.
Beneficial stockholders with shares held by a broker in the name
of a brokerage house should contact their broker.
Investor Relations Contact:
Kevin Haseyama
(808) 525-6268 | ir@fhb.com
Media Contact:
Susan Kam
(808) 525-6254 | skam@fhb.com
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This Annual Report 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. Although
we believe that the expectations reflected in these forward-
looking statements are reasonable as of the date made, actual
results may prove to be materially different from the results
expressed or implied by the forward-looking statements. For a
discussion of some of the risks and important factors that could
affect our future results and financial condition, see our Annual
Report on Form 10-K for the Year Ended December 31, 2019 filed
with the Securities and Exchange Commission.