2 0 2 0 A N N U A L R E P O R T
C E Oʼ S M E S S A G E
Dear Fellow Shareholders,
Over the course of 2020, the COVID-19 pandemic presented a set
of challenges the likes of which we had never seen before. It put our
employees, customers and communities at risk, created financial
uncertainty and forced dramatic changes to how we do business.
Our First Hawaiian team responded to these challenges
with agility, expertise, and compassion, and our
employees’ performance validated something I have long
believed — they are the best in the business. I take great
pride in their response to the pandemic, and the way they
cared for each other while supporting our customers and
our community.
The economic impacts of the pandemic in Hawai‘i are
significant. At the start of 2020, unemployment in Hawai‘i
was at 2.7%; by April, the rate reached 23.8%, and the
9.3% jobless count in December was the highest in the
nation. The state’s efforts to control the virus and protect
the health and welfare of our residents dramatically
impacted local businesses and Hawai‘i’s tourism industry.
Visitor arrivals dropped 98% with most hotels being
shuttered; and many restaurants and other businesses
reliant on visitors closed permanently. Among those
suffering were many First Hawaiian business customers
and consumer banking clients. Fortunately, our bank was
able to help on several fronts.
A position of strength
In our response to this crisis, First Hawaiian demonstrated
that a healthy bank is a source of strength and stability,
even in a global pandemic. With ample liquidity and
a track record of success throughout past business
cycles, we were well situated to navigate the challenges
our community faced. Our company has a strong
balance sheet with shareholders’ equity of $2.7 billion,
representing nearly twice as much capital as any other
Hawai‘i bank.
First Hawaiian remains “well-capitalized.” At year end, the
Common Equity Tier 1 (CET1) ratio, which measures a
bank’s ability to absorb loss in a financial crisis, was 12.47%
(to be considered “well-capitalized,” a bank’s CET1 ratio
must be at least 6.50%).
Relief for customers
Thanks in part to FHB’s tremendous stability and
relationship banking strategy, our bankers personally
guided clients through their COVID-19 challenges,
providing deferrals on over 21,000 loans for mortgage,
consumer, and commercial borrowers while managing
their lending and banking service needs. And our
commitment to our customers paid off. Nearly all have
returned to their contractual payments with less than
1% of accounts delinquent.
Paycheck Protection Program (PPP)
When the SBA launched the Paycheck Protection
Program, a COVID-19 relief effort for small businesses,
we leveraged our investments in technology to rapidly
develop an online portal for our customers to apply for
PPP loans. In a matter of weeks, a task force of more than
200 employees funded $940 million in loans through
the program to help keep businesses open and prevent
layoffs. The effort represents more PPP funding secured
for our small business customers and their employees than
any other Hawai‘i bank. It wasn’t easy, but our team did
it in just over eight weeks. Based on this success, moving
forward, we will utilize our online portal for any future PPP
application needs.
1
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 $22.7 billion as of December 31, 2020.
The bank has branch locations throughout Hawai‘i,
Guam and 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 fhb.com.
TABLE OF CONTENTS
1 CEO’s Message
5 COVID-19 Response
7 Financial Highlights
8 Commercial Banking
10 Wholesale Banking
12 Small Business Banking
14 Personal Banking
16 Wealth Management and Private Banking
18 Community and Foundation
21 Digital Offerings
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)
In our response to this
crisis, First Hawaiian
demonstrated that a
healthy bank is a source of
strength and stability, even
in a global pandemic.
ON T HE FI NANCIAL FRONT,
HE RE IS HOW THE BANK
PE RFORMED IN 2020:
Dividends Our board of directors
maintained the quarterly dividend. Our
dividend payout ratio to shareholders in
2020 was 72.7% of net income.
Still #1 We continue to be Hawai‘i’s
largest bank based on assets ($22.7
billion, up 12.4% from a year ago), loans
($13.3 billion, up 0.5%), deposits ($19.2
billion, up 16.9%) and net income.
Net income For 2020, FHB’s net income
was $185.8 million, versus $284.4 million
in 2019. The decline is attributable
to a $107.9 million increase in the
provision for credit losses based on our
expectation of COVID-19’s impact on
Hawai‘i’s economy.
Credit quality First Hawaiian, with
a long history of conservative loan
underwriting, maintained its excellent
credit quality despite the COVID-19
downturn. At December 31, 2020, the
allowance for credit losses was $208.5
million, or 1.57% of total loans and
leases, while non-accrual loans and
leases totaled $9.1 million, just 0.07% of
total loans and leases.
2
Robert S. Harrison
Chairman, President and CEO
Digital transformation
When the pandemic hit, we immediately began promoting
our online and mobile banking services. We saw record
growth in the use of all of our digital services — including
mobile deposits, digital personal financial management
tools and digital loan applications.
With this dramatic growth in demand for online and mobile
services, our team members accelerated First Hawaiian’s
digital transformation, recognizing that it would heavily
influence our customers’ service expectations. To that end,
in 2020 we launched our new online mortgage portal, a
new personal financial management platform, and Hawai‘i’s
first contactless debit and credit cards.
We are making smart investments in technology, and we’ve
made great progress in developing several other digital
initiatives that are nearing completion. Our upcoming
core conversion will centralize our data, allowing for more
efficient and personalized service, and a refresh of our
website — fhb.com — along with upgrades to our online
banking platform and mobile app will customize our
customers’ experiences based on their personal priorities
and needs.
Adapting operations
The bank adapted many of its operations to enhance the
health and safety of our employees and customers. When
the pandemic hit, we quickly established a redundant
operations center to ensure our services would not be
interrupted. To create greater social distancing within
our facilities, First Hawaiian adopted work-from-home
programs for hundreds of employees, an option that is
likely to be common for some jobs long after COVID-19.
Within our facilities we have also increased sanitization
protocols, installed plexiglass barriers and hand-sanitizing
stations, and implemented daily wellness and temperature
checks for all employees. For the health and safety of
everyone, we also require anyone in our facilities to social
distance and wear face coverings.
3
Community support
First Hawaiian also responded to COVID-19 by supporting
the needs of the communities we serve, a tradition that
has been part of our corporate DNA since the 19th century.
For nine straight years, our bank has led all for-profit
companies in Hawai‘i Business magazine’s annual list of
“Hawai‘i’s Most Charitable Companies.”
During 2020, the bank, First Hawaiian Bank Foundation,
and our generous staff contributed $5.51 million to charity,
including a record $877,457 to Kōkua Mai, our employees’
in-house campaign supporting 32 charitable agencies.
We addressed hardships spawned by the pandemic
itself. Our “Aloha for Hawai‘i” campaign generated over
$24.5 million in takeout purchases to help struggling
restaurants and a $1 million donation from First Hawaiian
Bank to the Aloha for Hawai‘i Fund to support non-profits
helping those impacted by the pandemic. In addition,
FHB and Hawai‘i Community Foundation each donated
$1 million to launch the Stronger Together Hawai‘i
Scholarship Fund supporting new high school graduates
who need assistance due to the impacts COVID-19 had on
their education. Finally, First Hawaiian gave $200,000 to
the Queen’s Health Systems to support its state-of-the-art
Infectious Disease Program Unit at The Queen’s Medical
Center. The money will go toward patient care units that
are setting the standard in airborne and infectious disease
control and treatment.
So it hasn’t been easy. But despite the challenges, our team
continues to embody FHB’s core values of Caring, Character
and Collaboration. These values were put to the test in
2020. Our employees pass that test every day.
The broader island society is responding too, in support
of vulnerable neighbors and the economic sectors
most affected by COVID-19. I am encouraged to see
First Hawaiian bankers collaborating with leaders from
government, private business, academia, and the public
health and nonprofit communities — all working together
to restore the vitality of our islands. Sustaining that energy
and keeping those channels open is crucial as Hawai‘i tries
to imagine, and then build, a better post-pandemic future.
Leadership is critical going forward, and two talented
professionals assumed new roles in 2020. Vanessa
Washington, who has extensive financial experience in
complex organizations, joined the Boards of Directors of
First Hawaiian, Inc. and First Hawaiian Bank. Also, Executive
Vice President Neill Char, has taken the lead of our new
Commercial Banking Group and was appointed to the
bank’s Senior Management Committee. Finally, we were
saddened by the passing of longtime board member
Dr. Fujio Matsuda, a former University of Hawai‘i President
and valuable colleague, community member and friend.
I am immensely proud of what the First Hawaiian team
accomplished during this difficult period. We learned during
2020 that our employees are flexible, willing to be cross-
trained and reassigned wherever needed. They quickly
adopted new ways of working together, while remaining
engaged, productive and resilient.
All of us miss gathering with family and friends, and many
employees still balance the demands of work along with
children distance learning at home. Unfortunately, like
many of our neighbors, some bank employees have
lost loved ones to COVID-19. First Hawaiian Bank also
suffered a terrible loss with a longtime member of our
work-family succumbing to the virus. She was a beloved
colleague and friend who will be missed by her coworkers,
friends and family.
With COVID-19 vaccines rolling out and a system of
pretesting in place for inbound travelers, we look forward
to a gradual rebuild of Hawai‘i tourism in the latter part of
2021 and beyond. As economic recovery takes shape, we at
First Hawaiian remain committed to serving our customers,
caring for fellow employees and supporting the community.
With our experienced management team, dedicated
employees, deep customer relationships and an emerging
digital-first mindset, First Hawaiian is here for you.
Aloha,
ROBERT S. HARRISON
Chairman, President & Chief Executive Officer
C O V I D - 1 9 R E S P O N S E
Addressing Community
Needs in a Pandemic
The economic upheaval of the COVID-19 pandemic
hit Hawai‘i’s economy with astonishing speed. In a
matter of weeks, Hawai‘i’s low unemployment rate of
2.4 percent increased to 23.8 percent — the highest in
the nation — as businesses were ordered to shut down
and residents were asked to “stay at home.” Job losses
and school closures with the suspension of free or
reduced-cost lunches resulted in higher food insecurity
levels statewide.
When such a crisis strikes, our institutions must respond with equal speed and intensity.
FHB’s response was immediate. The bank launched a series of initiatives to create a
healthy and safe workplace and banking environment while helping to stabilize our
customers’ financial needs and our communities with various relief programs.
4
5
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)
I N C O M E S T A T E M E N T D A T A
Interest income
Interest expense
Net interest income
Provision for credit losses
Net interest income after provision for credit losses
Noninterest income
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)
Year Ended December 31,
2020
2019
$ 582,759
$ 678,692
47,025
535,734
121,718
414,016
197,380
367,672
243,724
57,970
105,290
573,402
13,800
559,602
192,533
370,437
381,698
97,306
$ 185,754
$ 284,392
3,624
7,393
$ 189,378
$ 291,785
Core basic earnings per share (Non-GAAP)(1)
$ 1.46
$ 2.19
Core diluted earnings per share (Non-GAAP)(1)
$ 1.45
$ 2.19
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
129,890,225
130,220,077
133,076,489
133,387,157
O T H E R F I N A N C I A L I N F O /
P E R F O R M A N C E R A T I O S
Net interest margin
Core net interest margin (Non-GAAP)(2)
Efficiency ratio
Core efficiency ratio (Non-GAAP)(2)
Return on average total assets
Core return on average total assets (Non-GAAP)(2)
Return on average total stockholders’ equity
Core return on average total stockholders’ equity (Non-GAAP)(2)
B A L A N C E S H E E T D A T A
Loans and leases
Allowance for credit losses
lnterest-bearing deposits in other banks
Investment securities
Goodwill
Total assets
Total deposits
Total liabilities
Total stockholders’ equity
Book value per share
A S S E T Q U A L I T Y R A T I O S
Non-performing loans and leases / total loans and leases
Allowance for credit losses / total loans and leases
Net charge-offs / average total loans and leases
C A P I T A L R A T I O S
Common Equity Tier 1 capital ratio
Tier 1 capital ratio
Total capital ratio
Tier 1 leverage ratio
Total stockholders’ equity to total assets
Tangible stockholders’ equity to tangible assets (Non-GAAP)(2)
2.77%
2.77%
50.10%
49.77%
0.85%
0.87%
6.88%
7.02%
3.20%
3.20%
48.36%
47.55%
1.40%
1.44%
10.90%
11.18%
$ 13,290,676
$ 13,212,554
208,454
737,571
6,071,415
995,492
22,662,831
19,227,723
19,918,727
2,744,104
21.12
0.07%
1.57%
0.23%
12.47%
12.47%
13.72%
8.00%
12.11%
8.07%
130,530
333,642
4,075,644
995,492
20,166,734
16,444,994
17,526,476
2,640,258
20.32
0.04%
0.99%
0.19%
11.88%
11.88%
12.81%
8.79%
13.09%
8.58%
N E T I N C O M E (I N M I LLI ON S)
2020 Net Income: $185.8 million
5-Year Compound Annual Growth Rate: –2.8%
$300
$250
$200
$150
$100
$50
.
4
4
8
2
$
.
4
4
6
2
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8
5
8
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0
3
2
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.
8
3
1
2
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.
7
3
8
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5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
A S S E T S ( I N BI L LI ONS )
Total Assets (12/31/20): $22.7 billion
5-Year Compound Annual Growth Rate: 3.2%
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
.
7
2
2
$
.
5
0
2
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7
0
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.
2
0
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4
9
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5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
D E P O S I T S ( I N BI L LI ONS )
Total Deposits (12/31/20): $19.2 billion
5-Year Compound Annual Growth Rate: 3.7%
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
.
8
6
1
$
.
6
7
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1
0
2
0
2
0
2
(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.
7
Promoting Safety
and Continuity
Stabilizing Customers
and Hawai‘i’s Economy
As part of our business continuity plan, we temporarily
consolidated our branch network to 33 locations in Hawai‘i,
Guam and Saipan, while converting our Pearlridge Branch into
a redundant operations center. To keep our customers and
employees safe in-branch, we introduced new safety protocols
including daily staff wellness checks, installing plexiglass
shields and reserving the first hour of business for kūpuna
(elders) and other high-risk groups. We made certain that
our online and mobile banking options are reliable, secure
and ready for anyone to switch to digital banking in lieu of
visiting a branch. And the accelerated launch of our contactless
debit and credit cards created a safer shopping experience for
our customers.
We believe the test of a
real partner does not come
during the good times, when
saying “yes” is easy.
Easing Access to Funds
With the most vulnerable members of our community in need
of crucial access to stimulus funds, we were the only bank in
Hawai‘i that extended services to non-customers by waiving
fees for anyone cashing CARES Act stimulus checks. We also
waived ATM fees for non-customers using our ATMS and
for our own customers using other bank ATMs. Businesses
received relief assistance through much needed fee waivers
for merchant services.
6
We believe the test of a real partner does not come during the
good times, when saying “yes” is easy. Our integrity is tested
during a crisis that reveals the caliber and conviction of our
values. With incredible speed and collaboration, our team built
and rolled out new online pathways to forestall defaults that
could have led to business failures and bankruptcies, which
would have severely damaged Hawai‘i’s long-term economic
health. This significant action stabilized our customer base
and Hawai‘i’s economy.
Our online PPP application and forgiveness portals made it
easy for our personal and business banking customers to find
and secure short-term relief and long-term resiliency. With an
eye on our relationship banking strategy and long-term growth
opportunities, we also strategically took on loan agreements
from peer institutions, forging strong new relationships.
FHB led Hawai‘i banks in the total amount of funds loaned
through the Paycheck Protection Program’s first round, and
we had the second highest application volume for those loans.
Being There When It Matters
Great customer relationships are not built during expansions.
They’re built during recessions, when the right strategic vision
and a clear sense of purpose create the short-term flexibility
necessary to seize long-term opportunity. We’re proud that
our team stayed true to our relationship banking strategy,
launching digital solutions with the purpose of supporting
our customers and our community during the greatest crisis
in living memory. We have no doubt that our efforts will be
rewarded by an even stronger connection to the people and
businesses of Hawai‘i, Guam and Saipan as we recover and
rebuild in the years ahead.
C O M M E R C I A L B A N K I N G
HEALTHCARE
ASSOCIATION OF
HAWAII
The Healthcare Association of Hawaii (HAH) represents more than 170
member organizations in Hawai‘i including hospitals, skilled nursing
facilities, home health agencies, hospices and assisted living facilities.
The organization acts as a unifying voice on behalf of their provider
organizations on policy and advocacy issues.
In coordination with the federal government and the Hawai‘i
Department of Health, HAH facilitated the distribution of the FDA-
approved drug Remdesivir. They created a centralized inventory to
ensure that COVID-19 positive patients in any Hawai‘i hospital would
have access to Remdesivir.
“Remdesivir effectively reduces the severity of the COVID-19 symptoms
and shortens the average recovery time from 15 to 10 days,” says
HAH President and CEO Hilton Raethel. “Early clinical trials suggest
that Remdesivir may also reduce the number of deaths resulting from
COVID-19.”
When HAH was facing the dilemma of not being able to accept all the
Remdesivir doses assigned to Hawai‘i because of insufficient capital to
float the necessary weekly drug purchases, Hilton reached out to FHB’s
Wealth Management Group Vice Chairman Alan Arizumi.
“I called him on Wednesday evening and by Friday afternoon we had the
documents needed for a revolving line of credit,” Hilton says. “Because
of the bank’s very speedy response, HAH was able to accept over 14,000
vials of Remdesivir.”
HAH has had a very strong relationship with First Hawaiian Bank since
1988. “It’s not just transactional; they’re our partners,” Hilton explains.
“They are vested in our success and take the time to understand and
respond to our needs. First Hawaiian has the requisite combination of
efficiency, technology and convenience, but also provide that personal
touch.
“The general public may never know the critical role First Hawaiian
played in ensuring the availability of Remdesivir to patients battling
COVID-19,” he continues. “I believe it has literally saved lives and we are
very grateful to First Hawaiian Bank for making it possible for HAH to
support our member hospitals and their patients during this pandemic.”
Hilton Raethel, MPH, MHA
President and CEO (right)
Marc Moriguchi
Director, Hawaii Healthcare
Emergency Management
Coalition (left)
HONOLULU , O‘AHU
8
9
W H O L E S A L E B A N K I N G
KENSINGTON
INVESTMENT GROUP
Bob and Shirley Jensen built a successful real estate investment
business from humble beginnings in 1975. His goal was for their kids to
be happy and successful in their own pursuits. But when a car jumped
the curb and nearly killed him, he couldn’t work for almost two years.
“As bad as that was, the silver lining was that it brought our family
together,” Bob says.
Shirley called on Robert, Rebecca, and Michelle, who were all pursuing
their own careers elsewhere, to help lead the company.
“I put together a few deals,” Robert says, “but it’s another thing to
execute the construction and run a growing company. Rebecca and
Michelle took on that challenge and things really blossomed.”
“Our parents were happy with where they were,” Rebecca says, “but with
us coming in, we wanted to dream, to build something we felt proud of.
Partnering with First Hawaiian, where there's a lot of trust, has been
a fundamental part of the success of that dream from the beginning.”
“We have not come across another bank that matches what we've been
able to do with First Hawaiian,” Bob says. “We tried the big mainland
banks and found you can’t have a personal relationship. It’s all done
by committee somewhere. You don’t know where or who’s making
decisions. It didn’t work for us.”
“We use the term ‘anchor points,’ which are things you can rely on when
it’s hard, when the world is falling apart. They’re so valuable.” Michelle
explains. “First Hawaiian is an anchor point for us. When the pandemic
hit, and these government programs were coming out, everyone was
building the plane while flying. And First Hawaiian was on our team,
helping us every step of the way.”
During the pandemic, they had to furlough 70 employees. With the
bank’s help they received a PPP loan and were able to give those
employees their jobs back.
“Who steps up to the plate when you need it?” Robert asks. “I know a
lot of mainland banks that didn’t. FHB has always stepped up for us.
And we wouldn’t be able to do what we’re doing now without them.”
The Jensen Family
(left to right): Rebecca Maher,
Michelle Jensen Session, Bob,
Shirley, and Robert Jensen
SAN FR ANCISCO, CA
10
11
S M A L L B U S I N E S S B A N K I N G
MASAO PROPERTIES, INC.
DBA BEER LAB HAWAII
Nick Wong’s recipe for creating Beer Lab Hawaii includes bushels of
help from his business partners (and fellow nuclear engineers), a dash
of wisdom from craft brewers located near naval bases across America
and a fermentation process that creates a uniquely local sense of
community.
“At our friend’s house in Mililani, we were always brewing great beer,
and it hit us: Hawai‘i is perfect for a new brewery model,” Nick says.
“We wanted to create a place where there is no pressure to order more
or to leave when the bill comes. We wanted it to be a relaxed place to
hang out, a place inspired by enjoying a home brew in the garage with
friends — true local style — where people connect, talk to each other
and share an experience over beers brewed in Hawai‘i, for Hawai‘i.”
Nick turned to FHB personal banker Greg Hackler, who has always
been there to support his entrepreneurial spirit. First Hawaiian funded
their first University Avenue location in 2015. But Nick still thought
something was missing. “With locations in Pearlridge, Waipi‘o, and
one coming soon in Kāhala, I knew we were connecting with our
customers, but I wanted to make sure we were also connecting with
our communities. We started collaborations with local businesses to
boost everybody, and that became even more crucial when COVID hit.”
“We’ve been fortunate to bring farmers, chefs and food trucks into our
kitchen,” Nick says. “It gives them business during a tough time and it
helps us by bringing food into our place. It’s a win-win.”
And when shutdowns forced a major pivot to an online business and
“takeout” model, Beer Lab Hawaii again turned to Greg for support.
“A lot of my peers struggled with PPP loans at other banks. It was chaos,”
Nick explains. “I knew FHB would take care of us. And sure enough, we
received our PPP money, which helped us get through a tough time. As
a business owner, what I’m looking for in a bank is a relationship and
dependability. For me, those are two ingredients to our success where
First Hawaiian Bank has gone above and beyond.”
Nick Wong
Founder (center)
Kevin Teruya
Co-Founder (left)
Derek Taguchi
Co-Founder (right)
WAIPI‘O, O ‘A HU
12
13
P E R S O N A L B A N K I N G
DR. ALAN LEE AND
YUMI LEE
After meeting in graduate school at the University of Hawai‘i at Mānoa
and sharing a passion for education, Alan and Yumi Lee were soon
married. Life was progressing as planned until the pandemic hit. Now
stuck indoors with their two young kids, they longed for a home on a
flat lot with a private backyard where they could spend quality family
time outdoors.
Fortunately, Alan and Yumi each have their own relationship with and
close connection to First Hawaiian Bank. Alan’s father worked for the
bank until he retired and family friend Leesa Kim, FHB vice president
and Mānoa branch manager, has proven to be a trusted partner and
valuable resource.
“Buying a home has been a big goal and we worked with Leesa to
build our financial security as a first step,” Yumi says. “It started with
retirement planning in 2004 for a 401k rollover I didn’t know what to
do with. Then, when I stayed home to raise the kids, she helped us with
Alan’s disability and life insurance to ensure our family was protected.
There’s 100 percent trust with her and the experts at First Hawaiian
Bank, which is important because the whole process of purchasing a
home was a bit scary.”
Leesa helped the Lees crunch the numbers and discover that a home
upgrade was totally doable. With Leesa’s support, the Lees took a
gamble and sold their previous house, enabling them to buy their
dream home and remain financially comfortable.
“In the end, it’s all about relationships,” Alan explains. “I always say,
in life you need to know a good mechanic and you need to become
friends with a banker because they will help you so much. Our friends
at First Hawaiian Bank gave us confidence that we could make this
life-changing decision. We just don't worry. We have a banker that we
can go to when we have questions, when we need help. It’s a weight
off our shoulders to have that kind of support.
What’s on the horizon next for the Lees? “We also got an equity line of
credit to help us through any bumps from the pandemic,” Yumi says.
“And then after, we might use it to build a pool.”
The Lee Family
Alan and Yumi Lee with their
two young children
WAIKELE, O‘AHU
14
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
DOCTORS SHIGEKO
AND ALAN LAU
Dr. Shigeko Lau is a pediatrician in private practice who is also board
certified in hematology-oncology. Her husband, Alan Lau, has a PhD in
pharmacology and retired in 2017 after a distinguished career in cancer
research at the University of Hawai‘i at Mānoa. He also served as the
interim director of the Pacific Biosciences Research Center. While her
business accounts were with First Hawaiian, their personal accounts
were with another local bank.
“We were in wealth management elsewhere,” Shigeko says. “At the
time, we thought a bank is just a bank. Little did we know there was a
significant difference.”
The Laus had various investment vehicles, yet no one was helping to
track their positions. It came as a surprise to them when they were told
to save their IRAs for a rainy day, but to keep everything else in the bank.
However, using their retirement money first didn’t make sense to them.
“That bank was interested in our larger accounts, but was too busy to
deal with the smaller ones, so we pulled everything out and moved it
to First Hawaiian Bank,” Shigeko says.
“Now we have a wonderful, fantastic team in Jodie Duvall, Mike Taylor,
Liz Tom and Cindy Suzuki.”
First Hawaiian Bank reviewed all of their insurances and investments,
retitled every investment for their trusts, and offered valuable advice
on their wills and trusts. Now, they’re helping their children as well.
“I think this is just how they do business,” Alan exclaims. “They interact
with their clients on a highly personal level, are always professional,
knowledgeable, and importantly, pay attention to detail.
“At First Hawaiian, I don’t feel like a number,” Alan continues. “I’m
actually a person the bank feels is important enough to take care of. I
think they regard everyone as such. Our best interest is always at the
heart of all they do. We have comfort knowing that the bank will help
us and our family in the future years. Our only regret is that we didn’t
do it much sooner.”
Dr. Shigeko Lau and
Dr. Alan Lau
with Sushi Sho Restaurant
owner/chef Keiji Nakazawa
HONOLULU , O‘AHU
16
17
C O M M U N I T Y A N D F O U N D A T I O N
Responding with Aloha
When the economic and health crises of the COVID-19 pandemic struck, the
threats to our communities were clear and immediate. In turn, so was the
necessity for First Hawaiian to activate philanthropic efforts like never before.
Our employees stepped up to support those impacted by quickly deploying
innovative programs to address the social, health and food security needs that
emerged throughout 2020.
First Hawaiian Bank Foundation
President Cameron Nekota and Hawai‘i
Foodbank Vice President and Chief
Impact Officer Laura Kay Rand
Stronger Together Hawai‘i
To help ease the disruptive impact of the
pandemic on high school seniors who lost
class time, graduation festivities and critical
months of planning for their future, the
Hawai‘i Community Foundation and First
Hawaiian Bank each contributed $1 million
to create the Stronger Together Hawai‘i
Scholarship Fund.
The scholarships are
prioritized for public school
seniors from low- to middle-
income families
The money can be used to
cover emergency expenses or
for educational expenses, such
as books or tuition
Aloha for Hawai‘i Campaign
By the end of April 2020, one out of every five local jobs were
lost. To provide much-needed business to the restaurant
industry — a particularly hard-hit sector — while raising critical
funds for nonprofits that support people most at risk in our
communities, the First Hawaiian Bank Foundation launched the
Aloha for Hawai‘i initiative on April 13.
For every restaurant takeout or delivery purchase made
with any FHB debit or credit card, we made a donation to the
Aloha for Hawai‘i Fund, up to $1 million. The fund supported
nonprofit organizations in Hawai‘i, Guam and Saipan with
programs crucial for health, human services and food security
in our communities.
Projected to achieve one million card transactions in three
months, our cardholders reached that goal in just eight weeks,
which led to $1 million donated to the Aloha for Hawai‘i
Fund, plus an additional $25,000 from Marcus Mariota’s
Motiv8 Foundation.
From April 13 through June 7, the Aloha for Hawai‘i campaign
delivered widespread impact across our community and
touched people in a variety of ways:
536,000
people received
assistance
8,700
people received health and
human services support
354,000
meals were
provided
$24.5 million
in takeout and delivery
orders by FHB cardholders
18
19
C O M M U N I T Y A N D F O U N D A T I O N
First Hawaiian Bank
Foundation grants and
employee donations
provided $5.51 million to
more than 200 community
non-profit organizations.
While we are proud of our
commitment to giving over our entire
162-year history, this year’s support
for our communities in the midst of
crisis truly demonstrates our aloha
not only as a bank, but as part of our
local ‘ohana.
C OM M U N IT Y
With the help of a $200,000
donation from the FHB Foundation,
new patient care units equipped with
the latest airborne and infectious
disease technologies were completed
at The Queen’s Medical Center’s
Punchbowl campus, protecting
frontline healthcare workers and their
patients in their new Infectious Disease
Program Unit.
$877,457 in contributions through
our employee-driven giving program,
Kōkua Mai, with a 98% employee
participation rate.
P U L L I N G
T O G E T H E R
for our C O M M U N I T Y
More digital.
More human.
From the need for virtual connection in a year of social distancing to the
indispensability of e-commerce as a lifeline for an economy frozen by lockdowns,
COVID-19 has accelerated the adoption of digital technology in all of our lives
like nothing before it. First Hawaiian Bank was already on a path to a more
digitized future and continued to make significant strides in 2020 toward a digital
transformation of our brand, our business and our operations.
Our investments have led to great progress in our data-
driven architecture that will become the foundation for
innovations and our never-ending pursuit of improving
the customer experience. With a robust centralization
of our data, we will create a more personalized and
seamless experience that brings our relationship
banking strategy into the digital lives of our customers.
In 2020, FHB implemented the rapid development of
digital products designed not just for convenience, but
also to deepen our relationship with our customers by
finding ways to make their lives easier. Our new online
mortgage platform broadens our mix of mortgage
loans, makes it easier for customers to sign up online at
their convenience, and our bankers are able to respond
quicker to customer questions and provide guidance
that speeds up the loan application process.
First Hawaiian Bank is the first Hawai‘i bank to
introduce a contactless credit and debit card, making
the shopping experience safer and quicker for both
our merchant customers and our cardholders. We
also made substantial progress in the enhancement
of our mobile app and our fhb.com refresh project,
allowing our customers to do their banking from the
safety and comfort of their own home.
Our digital offerings do not replace the human touch
with a digital one — they extend it by providing the
convenience of personalized service, 24/7, from every
device. That’s the promise of relationship banking
empowered by a digital transformation.
20
21
CONSOLIDATED STATEMENTS OF INCOME
F I R S T H A W A I I A N , I N C .
CONSOLIDATED BALANCE SHEETS
F I R S T H A W A I I A N , I N C .
Year Ended December 31,
2020
2019
(dollars in thousands)
A S S E T S
Year Ended December 31,
L O A N S A N D L E A S E S (IN BILLIONS)
2020
2019
Total Loans & Leases (12/31/20): $13.3 billion
5-Year Compound Annual Growth Rate: 4.4%
(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 credit losses
Net interest income after provision for credit 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
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)
$ 496,523
$ 574,013
Cash and due from banks
$ 303,373
$ 360,375
81,808
4,428
582,759
35,471
11,554
47,025
535,734
121,718
414,016
28,169
55,451
33,876
35,652
15,754
(114
)
28,592
197,380
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
174,221
173,098
60,546
28,821
20,277
8,659
5,695
22,114
47,339
367,672
243,724
57,970
56,321
28,753
17,343
7,390
6,910
29,961
50,661
370,437
381,698
97,306
$ 185,754
$ 284,392
3,624
7,393
$ 189,378
$ 291,785
$ 1.46
$ 2.19
Interest-bearing deposits in other banks
Investment securities
Loans and leases
Less: allowance for credit 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
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
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
737,571
6,071,415
13,290,676
208,454
13,082,222
322,401
—
69,626
466,537
995,492
10,731
603,463
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
$ 22,662,831
$ 20,166,734
$ 11,705,609
$ 10,564,922
7,522,114
19,227,723
—
200,010
143,373
347,621
5,880,072
16,444,994
400,000
200,019
138,222
343,241
19,918,727
17,526,476
1,402
2,514,014
473,974
31,604
(276,890
)
2,744,104
1,399
2,503,677
437,072
)
(31,749
)
(270,141
2,640,258
Total liabilities and stockholders’ equity
$ 22,662,831
$ 20,166,734
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, for the Consolidated
Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
Core diluted earnings per share (Non-GAAP)(1)
$ 1.45
$ 2.19
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
129,890,225
130,220,077
133,076,489
137,387,157
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, 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
$14
$13
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
.
1
3
1
$
.
2
3
1
$
.
3
3
1
$
.
3
2
1
$
.
5
1
1
$
.
7
0
1
$
5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
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 12/31/20
10% Consumer
34%
Residential
Real Estate
23%
Commercial
31%
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
Losses on sale of securities
Costs associated with the sale of stock(a)
Core noninterest income (Non-GAAP)
Noninterest expense
One-time items(b), (c)
Core noninterest expense (Non-GAAP)
Net income
Losses on sale of securities
Costs associated with the sale of stock(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,
2020
2019
$ 535,734
$ 573,402
$ 535,734
$ 573,402
$ 197,380
$ 192,533
114
4,828
2,715
4,500
$ 202,322
$ 199,748
$ 367,672
$ 370,437
—
(2,814
)
$ 367,672
$ 367,623
$ 185,754
$ 284,392
114
4,828
—
(1,318
)
3,624
2,715
4,500
2,814
(2,636
)
7,393
$ 189,378
$ 291,785
$ 1.43
$ 2.14
$ 1.43
$ 2.13
Core basic earnings per share (Non-GAAP)
$ 1.46
$ 2.19
Core diluted earnings per share (Non-GAAP)
$ 1.45
$ 2.19
Basic weighted-average outstanding shares
129,890,225
133,076,489
Diluted weighted-average outstanding shares
130,220,077
133,387,157
(a) Costs associated with the sale of stock for the year ended December 31, 2020 and 2019 related to changes in the valuation of the funding swap entered into with the
buyer of our VISA Class B restricted sales in 2016.
(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.
(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
G O V E R N A N C E
Values-Based Governance
Core Values of Caring,
Character and Collaboration
2,139 employees
736 Men (34%)
1,403 Women (66%)
34% are management
positions
55% women officers
45% men officers
Of the 2,139 employees, 19% of
women and 16% of men are in
management roles.
Award-winning talent development
program open to all employees
Over 90 professional
development courses
for employees through
an Online Learning Center
12 leadership development
programs offered to employees
P H I L A N T H R O P Y
$5.51 million donations to over
200 charities in the areas of:
Education and Financial Literacy
Health and Human Services
COVID-19 Relief for food
insecurity, social services
and mental health
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
S O C I A L
Aloha for Hawai‘i campaign supported the restaurant
industry with $24.5 million dollars in transactions
from one million takeout and delivery purchases by
FHB cardholders
$1 million donation from the Aloha for Hawai‘i campaign
for COVID-19 relief efforts resulted in support to 536,000
people, 354,000 meals and 8,700 receiving health and
human services assistance
$200,000 donated for the new Infectious Disease
Program Unit at the Queen’s Medical Center
$100,000 to Show Aloha Land to support a COVID safe
holiday light show for the community that raised $778,000
to install hand rails and non-slip surfaces in elderly homes
for our kūpuna
Employees and retirees raised $877,457 for 32 charities in
Hawai‘i, Guam and Saipan through Kōkua Mai, the bank’s
employee giving campaign
$9.5 million donated
to charities since Kōkua
Mai’s 2007 inception
98% employee
participation rate
in Kōkua Mai
E N V I R O N M E N T A L
23%
Paper usage
reduction
50%
Bus pass subsidy
for employees
13.1%
Reduction of
energy consumption
at First Hawaiian
Center
Paper recycling
in all facilities
Electric vehicle
charging stations
4,500
Energy Star
monitors in use
25
S E N I O R M A N A G E M E N T
LEFT TO RIGHT:
Neill A. Char
Executive Vice President,
Commercial Banking Group
Robert S. Harrison
Chairman, President &
Chief Executive Officer
Gina O.W. Anonuevo
Executive Vice President &
Chief Compliance Officer
Ravi Mallela
Executive Vice President &
Chief Financial Officer
Lance A. Mizumoto
Vice Chairman & Chief Lending Officer
Christopher L. Dods
Executive Vice President,
Digital Banking & Marketing Group
Iris Y. Matsumoto
Executive Vice President,
Human Resources Group
Mitchell E. Nishimoto
Vice Chairman, Retail Banking Group
Ralph M. Mesick
Vice Chairman & Chief Risk Officer
Joel E. Rappoport
Executive Vice President,
General Counsel & Corporate
Secretary
Alan H. Arizumi
Vice Chairman, Wealth
Management Group
26
27
SENIOR OFFICERS
First Hawaiian Bank
EXECUTIVE
VICE PRESID ENTS
Tony K.F. Au
Residential Real Estate Division
Derek A. Baughman
Enterprise Technology
Management
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
Stephen A. Brock
Private Banking Division
Martha L. Camacho
O‘ahu Region 2
Debbie Ann M. Chan
Service Delivery Division
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
Ross G. Fujii
Bank Secrecy Act Division
John S. Fujimoto
Controller’s Division
Glenn T. Fukuda
Controller’s Division
Joe Morrison
Credit Administration Division
Michael A. Tottori
Wealth Advisory Division
Jody J. Mukaigawa
Commercial Banking Group
Jaylene S.L. Tsukayama
Call Center
Candice Y. Naito
Commercial Banking Group
Edward G. Untalan
Guam & CNMI Region Office
Lea M. Nakamura
Treasury & Investment Division
Ryan S. Ushijima
Trust Compliance Department
Linda C.L.F. Nakamura
RE Fulfillment Center
Dean Uyeda
Credit Administration Division
Glenn T. Goya
Makiki Banking Center
Calvin K. Hangai
Controller
Jason H. Haruki
Institutional Advisory Services
Kevin S. Haseyama
Finance Group
Jeffrey N.M. Higashi
Commercial Banking Group
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
Cameron W. Nekota
Bank Properties Division and
Community Relations Division
Michael T. Nishida
Enterprise Information Security
Department
Todd T. Nitta
Dealer Division
Todd D. Noia
Commercial Real Estate Division
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
Raymond W. Phillips
Investment Services Department
David K. Rair
Legal & Corporate Services
Division Group
Alethea A. Seto
Sales, Service & Retail Training
Division
Carole Lau
Commercial Real Estate Division
Russell O. Shogren Jr.
Branch Real Estate Division
Kent R. Lau
Commercial Banking Group
Malcolm Lau
Retail Planning Department
James W. Lawhn
Personal Trust Division
Gregory J. Sitar
Kāhala Banking Center
Susan A. Strong
Omni Channel Center
Wayne K. Suehiro
Commercial Banking Group
Michael P. Lawrence Gallagher
Data Services Center
Lynn M. Takahashi
Private Banking Division
Tricia K.F. Lee
Corporate Compliance Division
Mark S. Taylor
Core Platform Conversion
Jeffrey S. Ventura
Main Banking Region
William L. Weeshoff
Marketing Communications
Division
Derek M.S. Wong
Credit Originations Department
Vernon Y.C. Wong
Wealth Advisory Division
Danielle S.N. Yafuso
Branch Properties Department
Eric B. Yee
Private Banking Division
Terence C.Y. Yeh
Credit Administration Division
Eliza E. Young
Credit Department
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
George C.K. Leong, Jr.
Commercial Real Estate Division
Michael G. Taylor
Wealth Advisory Division
First Hawaiian Bank
Foundation
Raoul R. Magana
Card Services Division
Robert N. Taylor
Enterprise Risk
Kenneth L. Miller
Institutional Advisory Services
Elizabeth L. Tom
Private Banking Division
Marcia H. Morita
Commercial Deposit
Department
Lisa A. Tomihama
Commercial Banking Group
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 ( 2 9 )
Kailua
Honolulu
W
N
S
E
M A U I ( 6 )
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 4 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, LLP
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
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
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.
Vanessa L. Washington
Senior Executive Vice President, General
Counsel and Secretary (Retired)
Bank of the West
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
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.
C ARIN G
We value relationships over transactions.
We treat people with dignity and respect.
We serve each other, our customers and
our community.
C H ARAC TE R
We act with integrity. We take responsibility
for our actions. We are not afraid to take
risks and learn from our mistakes.
C OLLAB ORAT ION
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.
28
MEMBER FDIC
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, 2020 filed
with the Securities and Exchange Commission.