IT’S A L L
CO NN E CTED
2 0 2 1 A N N U A L R E P O R T
TA BL E OF C ONTENTS
2 CEO’s Message
7 Financial Highlights
8 COVID-19 Response
9 Digital Transformation
10 Commercial Banking
12 Wholesale Banking
14 Small Business Banking
16 Personal Banking
18 Wealth Management and Private Banking
20 Community and Foundation
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 largest financial institution with assets of
$25.0 billion as of December 31, 2021. 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.
At First Hawaiian, we put
connection at the center of
everything we do.
1
C E Oʼ S M E S S A G E
Strong Earnings,
Enhanced Digital Platforms,
Optimistic Outlook
Dear Fellow Shareholders,
When I look back on 2021, it’s amazing how we were able to
address the many obstacles we faced in our communities—as
friends, colleagues and families, and as an organization—
while dealing with the ongoing uncertainty of the COVID-19
pandemic. I am inspired by how our communities showed their
resilience, and how our FHB team responded, taking great
pride in our customer relationships and serving our customers
with excellence as we did whatever it took to cautiously reopen
our economy.
Through it all, we made exciting progress in our digital
transformation strategy. As we saw changes in consumer
behavior, our efforts were timely and reaffirmed that the key
to our future is digital. We will not lose sight of our 163-year
history as a community bank, but will enhance our relationship
banking strategies and personal service with the digital
touchpoints that are so important to today’s customer.
Our dedication to service, paired with our progress in our
digital transformation led to solid earnings, excellent credit
quality and an active strategy to return capital to shareholders
despite the ongoing economic challenges caused by rising
COVID-19 cases. Through these efforts, we have the bank well
positioned for 2022 with a strong balance sheet and sufficient
capital to fund loan growth from the rising interest rates
signaled by the Federal Reserve.
Reviving Hawai‘i’s Economy
Hawai‘i’s unemployment rate improved during 2021, reaching
a low of 5.7% in December. Although Hawai‘i tourism has
taken a hard hit from the pandemic, demand for travel is high
and the state remains a desirable destination. The University
of Hawai‘i Economic Research Organization forecasts that
tourism will continue its recovery this year throughout the
islands, which leaves me optimistic about our future.
As a part of our duty to mitigate the impact of public
health threats such as COVID-19 on our economy, we have
taken steps in our branches and offices that have proven
we can operate in person while keeping employees and
customers safe.
It is our goal that
the communities we
serve feel a deeper
connection with
First Hawaiian.
Robert S. Harrison
Chairman, President and CEO
2
3
We understand that vaccination is a critical component
to reducing the spread and severity of COVID-19, and
FHB was one of the first large local companies in Hawai‘i
to require our employees to be vaccinated or tested
weekly. Our employees stepped up, and by year end our
workforce was 95% fully vaccinated and more than 56% of
those eligible have received booster doses.
In addition to public health efforts, we helped our
customers create a safety net so they can get back on track
and minimize the effects of COVID-19 on their finances.
We continue to assist both our small business customers
and their employees by guiding their participation in the
federal Paycheck Protection Program (PPP). We originated
over 10,000 PPP loans for $1.4 billion to date and have
already helped over 90% obtain loan forgiveness.
On a broader level, First Hawaiian’s corporate philanthropy
emphasized aid to organizations that help people
struggling to recover from the pandemic. First Hawaiian
Bank Foundation and our employees donated $5.7 million
to non-profits that help those in our community still being
impacted by the pandemic. Our company made more cash
and in-kind donations than any other organization on the
2021 “Most Charitable Hawaii Companies” list compiled by
Hawaii Business magazine.
I’m especially proud that 98% of our team contributed
to the employee-run Kōkua Mai fundraising campaign.
Employees and retirees raised $910,225 for 36 charities in
Hawai‘i, Guam, and Saipan.
Relationship Banking Reimagined
At FHB, digital is about empowering our customers with
the information they need in the channels they prefer.
Whether it’s a simple mobile deposit, or utilizing best-in-
class digital tools to fill their needs for mortgage loans,
credit cards, budget management, or paying bills at the
click of the button, First Hawaiian’s combination of tailored
digital and in-person service positions us well for how our
customers prefer to bank.
In 2021, we launched the new fhb.com, our new mobile
app, new features on our residential lending platform, new
dynamic loan applications and we made major headway
on our core conversion. I’m excited to report that our
customers have responded positively to the progress
we’ve made with these important initiatives. With the
improved user experience in our digital channels, our data
shows that customer engagement has increased as they
integrate their in-branch transactions with the power of
our digital platforms.
Our core conversion is a foundational element and the
next phase of our digital transformation strategy. When
we embarked on this project, it was to advance our ability
to develop the types of digital products and services that
are driving the transformation taking place in the banking
industry today. It is the key to automating processes
and broadening our abilities to provide a personalized,
seamless customer experience between our digital
channels and our branches. With our transformation, we’ll
be upgrading over 40 platforms and applications, many of
which are the systems we rely on every day to operate the
bank and service our customers. We made tremendous
progress on our core project in 2021, and we’re excited
about completing our conversion in May of 2022.
We recognize that with the speed of digital adoption,
customers will continue to engage with us differently. Still,
our business is about building relationships, gathering
deposits, making loans, and providing complimentary
financial services. Our platforms will support these areas,
ensuring we’re well positioned to grow for years to come.
Mahalo, Aloha and A Hui Hou
Leading a successful bank requires a team of collaborative
and caring individuals, from the Board of Directors to
our customer-facing employees. I rely on their expertise
and feedback to guide our direction and decision-making
process as we navigate a new normal for our state.
I’m pleased to welcome two new members to our Boards
of Directors: James S. Moffatt, former Chairman and
CEO of Deloitte Consulting, and Kelly A. Thompson,
former Senior Vice President, Chief Operating Officer of
samsclub.com. Their experience and expertise will help us
as we continue with our digital transformation efforts.
I also want to extend a warm mahalo to Jenai S. Wall,
Foodland Chairman and CEO, and Matthew J. Cox,
Chairman and CEO of Matson, Inc., who both announced
that they will not stand for re-election as directors on our
boards. Their extensive leadership experience in business
and community affairs has made them a source of wise
counsel and I can’t thank them enough for their years of
service and commitment to our community.
With an eye toward our digital future, we strengthened our
senior leadership with the appointment of Christopher L.
Dods to Vice Chairman and Chief Operating Officer of our
bank and holding company. During his 15-year career with
First Hawaiian, Chris has led significant initiatives in digital
banking, card services, and marketing.
O U R B R A N D I N G R E F R E S H
It’s all connected.
As residents in the islands know, we
are intricately connected. There is the
ocean, which flows between our shores
and brings us together. There is culture,
which defines our daily experiences and
connects us through everything from
food to story. And there is community,
the invisible thread between everything
we do. Talk story for a minute and we
find that someone’s auntie is another’s
co-worker, someone’s neighbor is
another’s regular customer.
For 163 years, First Hawaiian Bank has been a
community bank. Community is what motivated
the creation of our institution, and it continues
to drive us today. As we reflected on our brand
refresh in 2021, we realized that connection is
at the center of everything we do. This purpose
is reflected in our digital transformation, which
empowers our customers with information
when they need it, where they need it. Whether
they use the Quick Quote mortgage feature on
fhb.com for estimated rates and closing costs
while at an open house or manage a personalized
budget with MoneyMap on our mobile app,
our digital products and services are meant to
amplify connections.
Our customers also demonstrate the power
of connection. Take Shane Mizusawa of
535 Plumbing, whose business has grown from
one to 34 employees in just a few years thanks
to his tireless work ethic and dedication to family
values—and who grew up with First Hawaiian
Hawai‘i Kai branch manager Nohonani Leslie, who
is now his banker. Customers such as Shane and
535 Plumbing received Payroll Protection Program
loans through FHB, relying on the support of their
As we reflected on our brand
refresh in 2021, we realized
that connection is at the
center of everything we do.
banker while using our online PPP platform. In
2021, the First Hawaiian Bank Foundation also
supported Diamond Head Theatre and other
local organizations who keep us inspired and
connected in good and trying times.
Banking with FHB takes many shapes and forms,
from managing financial wealth with our private
banking team to using the new mobile app to get
a comprehensive overview of all financial assets
in one place. Our customer relationships also
take many different shapes and sizes. And as our
customers grow, they too help our community
thrive. Together, we accelerate Hawai‘i’s
connections, and it all starts with yes.
4
5
I also want to congratulate and thank former Vice
Chairman of the Retail Banking Group Mitchell
Nishimoto, who retired after a prestigious 35-
year career at First Hawaiian. With his retirement,
Executive Vice President Neill Char has expanded
his role to lead both the Retail Banking and
Commercial Banking Groups.
On behalf of the bank, I wish each of these leaders
the best of luck as they embark on these new
chapters and thank them for their dedication and
commitment to serving our customers, employees,
and community.
Sadly, during 2021 we lost two community giants
who played major roles in creating today’s
First Hawaiian.
James C. Wo, who served 19 years on the First
Hawaiian Bank board, passed away at the age
of 95. He and his brothers led their family’s
century-old C.S. Wo & Sons furniture firm. Jim
also was a philanthropist who supported many
education causes.
Former Vice Chairman Anthony Guerrero, who
retired after 42 years with First Hawaiian Bank,
passed away at 76. Tony’s energy, passion,
and humor were contagious. He taught us the
importance of the Hawaiian word “kīnā‘ole,” doing
the right thing, in the right way, at the right time.
It’s a good axiom for us all.
Thank you for continuing to put your trust in a bank
that has put the needs of the people of Hawai‘i first
for 163 years. We head into 2022 with a positive
outlook for our company, customers, and the
communities we serve. Our employees continue to
help thousands of businesses and families stabilize
their finances, manage the pandemic’s economic
side effects, and recover quickly.
Aloha,
ROBERT S. HARRISON
Chairman, President & Chief Executive Officer
6
BY THE NUMBERS
N E T I N C O M E G R E W T O
$265.7 million
up 43.1%
from 2020
T O T A L A S S E T S W E R E
up 10.3% to
$25 billion
L O A N S A N D L E A S E S T O T A L E D
$13.0 billion, down 2.4%
due to the impact of federal
Paycheck Protection Plan (PPP) loans.
We saw broad-based strength in residential
mortgages, home equity, credit card, and
commercial real estate lending.
Deposits rose 13.5% to
$21.8 billion. The planned runoff
of public deposits was more than
matched by growth in consumer
and commercial deposits.
Because our credit quality
We continue to be rated
remains excellent,
“well-capitalized.” Total
First Hawaiian was able to
stockholders’ equity was
release $39 million from
$2.7 billion at December
our loan-loss reserves
31, 2021. Our commitment
during 2021, reversing loss
provisions we had made
early in the pandemic. We
still remain well reserved.
to returning capital
to shareholders is
undiminished. The board
maintained the quarterly
First Hawaiian’s Allowance
dividend through 2021; the
for Credit Losses was $157.3
company repurchased $75
million, or 1.21% of total
million of common stock
loans and leases at year
during the year.
end; nonperforming assets
totaled just 0.06% of total
loans and leases.
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 (I N M I LLI ON S)
2021 Net Income: $265.7 million
5-Year Compound Annual Growth Rate: 2.9%
$300
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$200
$150
$100
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A S S E T S ( I N BI L LI ONS )
Total Assets (12/31/21): $25.0 billion
5-Year Compound Annual Growth Rate: 4.9%
$26
$24
$22
$20
$18
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D E P O S I T S ( I N BI L LI ONS )
Total Deposits (12/31/21): $21.8 billion
5-Year Compound Annual Growth Rate: 5.4%
$22
$20
$18
$16
$14
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(1) These amounts are Non-GAAP financial measures. See GAAP/Non-GAAP Reconciliation on page 24 of this Annual Report
for reconciliations of core net income, core basic earnings per share and core diluted earnings per share to comparable GAAP measures.
(2) These ratios are Non-GAAP financial measures. For an explanation of how these ratios are computed, as well as a reconciliation of the components of such ratios to comparable
GAAP measures, see GAAP/Non-GAAP Reconciliation on page 24 of this Annual Report, including Notes (1) through (6) in that section.
7
Year Ended December 31,20212020INCOME STATEMENT DATAInterest income$ 549,311 $ 582,759Interest expense18,75247,025Net interest income530,559535,734Provision for credit losses(39,000121,718Net interest income after provision for credit losses569,559414,016Noninterest income184,916197,380Noninterest expense405,479367,672Income before provision for income taxes348,996243,724Provision for income taxes83,26157,970Net income$ 265,735 $ 185,754Core adjustments (Non-GAAP)(1)13,4943,624Core net income (Non-GAAP)(1)$ 279,229 $ 189,378Core basic earnings per share (Non-GAAP)(1)$ 2.17 $ 1.46Core diluted earnings per share (Non-GAAP)(1)$ 2.16 $ 1.45Basic weighted-average outstanding shares128,963,131129,890,225Diluted weighted-average outstanding shares129,537,922130,220,077OTHER FINANCIAL INFO / PERFORMANCE RATIOSNet interest margin2.43%2.77%Core net interest margin (Non-GAAP)(2)2.43%2.77%Efficiency ratio56.45%50.10%Core efficiency ratio (Non-GAAP)(2)54.30%49.77%Return on average total assets1.09%0.85%Core return on average total assets (Non-GAAP)(2)1.14%0.87%Return on average total stockholders’ equity9.81%6.88%Core return on average total stockholders’ equity (Non-GAAP)(2)10.31%7.02%BALANCE SHEET DATALoans and leases$12,962,537 $ 13,290,676Allowance for credit losses157,262208,454lnterest-bearing deposits in other banks1,011,753737,571Investment securities8,428,0326,071,415Goodwill995,492995,492Total assets24,992,41022,662,831Total deposits21,816,14619,227,723Total liabilities22,335,49819,918,727Total stockholders’ equity2,656,9122,744,104Book value per share20.8421.12ASSET QUALITY RATIOSNon-performing loans and leases / total loans and leases0.06%0.07%Allowance for credit losses / total loans and leases1.21%1.57%Net charge-offs / average total loans and leases0.10%0.23%CAPITAL RATIOSCommon Equity Tier 1 capital ratio12.24%12.47%Tier 1 capital ratio12.24%12.47%Total capital ratio13.49%13.73%Tier 1 leverage ratio7.24%8.00%Total stockholders’ equity to total assets10.63%12.11%Tangible stockholders’ equity to tangible assets (Non-GAAP)(2) 6.92%8.07% As we continued to reopen branches in 2021, we followed our
standardized approach to creating a safe banking environment
for our customers and staff. With the introduction of vaccines, we
also implemented a policy requiring employees to be vaccinated
or submit to weekly COVID-19 testing, to continue to ensure the
healthiest possible environment for our customers. Our employees
responded, with 95% becoming fully vaccinated.
In terms of supporting local businesses, FHB was second in the
state in Payroll Protection Program (PPP) applications, and was
first in the state in loan value issued through the program. PPP
saw its third round of loans in 2021, and First Hawaiian Bank
again helped its local business customers apply for and receive
funds. The bank demonstrated a strong track record for helping
local businesses get those loans forgiven and continued to use its
proven dedicated forgiveness portal for this purpose. To date, the
federal government has forgiven an extraordinarily large amount—
more than 90%—of the loans received through FHB.
We have all learned, as we have responded to the pandemic,
that things can change overnight. But as always, First Hawaiian
Bank will continue to be a source of stability and optimism
for our customers as we help shape a path forward in the
communities we serve.
Persevering
through a
Pandemic
When the COVID-19 pandemic began,
no one expected that it would last
well into the following year. In 2021,
First Hawaiian continued to offer
support in an unprecedented time,
helping its customers recover from
the most significant financial impacts
of the pandemic. Along with our
efforts to ensure necessary health
and safety measures, the bank went
above and beyond to continue to
support local businesses through
the Payroll Protection Program and
increased our emphasis on helping
the communities we serve get back
on track financially.
Digital
Transformation
A PERSONAL TOUCH
In 2021, First Hawaiian Bank made great strides in its digital transformation, which
extends our relationship banking strategy by seamlessly integrating our digital
and in-person experiences. From the launch of our dynamic website and mobile
app to the rollout of our Quick Quote feature on our mortgage platform, each
element of the transformation is meant to provide greater convenience and more
personalized service to our new and existing customers.
A Dynamic Experience
Mobile Banking
We relaunched our website, fhb.com,
on a data-driven platform that allows
us to provide dynamic content to our visitors. Content
is customized based on user behavior, enhancing the
customer experience and providing a more efficient online
journey. It is now easier than ever for visitors to get the
information they need to find and apply for the products
or services they want. With the launch of the new site,
FHB has seen an increase of 26.47% in site visits, a 52.15%
reduction in bounce rate, and an increase of 18.5% in
online applications.
FHB RESIDENTIAL LENDING PLATFORM’S
Quick Quote
Mortgage Feature
In real estate, 2021 was a bustling year. First Hawaiian
Bank was ready to serve its customers with a best-in-class
residential lending platform that is seamlessly supported
by our local team who understands the Hawai‘i real estate
market better than any national provider. In 2021, FHB
further enhanced the platform with the new “Quick Quote”
feature, which helps customers understand what they
can afford, with immediate access to available mortgage
rates, estimated closing costs and monthly payments,
empowering them with information that gives them
confidence in what they can afford.
First Hawaiian Bank greatly expanded
its mobile banking services in 2021 with
the rollout of its new mobile app, which exceeds industry
standards for check deposits and account overviews.
Customers can aggregate FHB and non-FHB accounts on
the app, enabling them to manage and get a complete
view into their finances on a single platform. The app also
unlocks the power of MoneyMap, a personal financial
management tool that allows customers to set customized
budgets and provides spending overviews based on how
they manage their money. Further, the Insights feature—
which is exclusive to the mobile app and provides daily
updates on your accounts—alerts users if there is
something it thinks needs to be addressed or reviewed,
such as a loan payment due or duplicate charge.
Core Conversion
In 2021, FHB continued to make progress
with its core conversion, which centralizes
FHB’s customer account information and automates many
internal processes, which will allow for a faster and more
seamless customer experience. When this conversion
is completed, FHB will continue to improve its customer
experience with more dynamic online applications and
real-time, personalized information on its mobile app and
online banking platforms. This major undertaking enables
the bank to work more efficiently, but more importantly, it
helps us better serve our customers.
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9
C O M M E R C I A L B A N K I N G
A partnership
for life
Mike Irish’s mentor Richard Kimi of Hotel Hukilau had advised
him to find a banker he could trust when he started doing
business. So when he invested his last $25,000 in Parks Brand
in 1984, Mike headed down Liliha Street to First Hawaiian Bank.
There, he met Glenn Goya. “I said, ‘Glenn, would you like to be
my banker?’” Mike recalls. “He looked at me kind of shocked and
I just stuck my hand out and shook his hand.”
Mike was soon spending his days making, bottling, and
delivering sauces. But while he had bought Parks Brand because
he wanted a cashflow business, he was losing money. Then,
Goya gave Irish a $15,000 loan to buy Halm’s Kim Chee. Together
the two companies became profitable, and Mike saw the benefit
of synergizing the production of food products. Today, he owns
five sauce companies, nine kimchi companies, Diamond Head
Seafood, and Keoki’s Lau Lau and Kalua Pig.
In the meantime, First Hawaiian enabled Mike to get into real
estate, his first passion. This kicked off in 1999, when FHB
helped Mike purchase the real estate for the factory where
the laulau, seafood, kimchi and sauces are produced. Irish’s
personal relationship with First Hawaiian Bank has also grown,
from Christmas parties to golfing on Sundays with now-retired
Vice Chairman and Chief Banking Officer Ray Ono.
Mike knows he can turn to First Hawaiian Bank for help with
anything—whether it’s buying a bigger warehouse or just
cashing a check. “I’ve never thought of banking as a bank,” he
says. “I’ve always thought of it as relationships. I tell people the
reason we’re successful is because of the help First Hawaiian
gave us and the fact that they believed in me.”
Mike Irish CEO, Halm’s Enterprises
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11
W H O L E S A L E B A N K I N G
Connected by
culture
Andrew Cherng feels that Hawai‘i suits him, as does First
Hawaiian Bank. “Culturally, we’re from the same cloth, so it
just feels right,” says the Co-Founder and Co-CEO of Panda
Restaurant Group. “We share a lot of similar values—family,
respect, diligence, perseverance, work hard, do well, and do
good for others.”
In 1983, Andrew was invited to open a quick-service version of
his restaurant, Panda Inn, at a mall in Southern California. By
that time, Andrew regularly frequented Hawai‘i with family. As
Andrew and his wife and co-Founder, Peggy, were figuring out
the model for Panda Express, they visited O‘ahu, and Andrew
found inspiration at Patti’s Chinese Kitchen at Ala Moana
Shopping Center. “They had a line on both sides going in, and
lots of food that was really inexpensive,” he remembers. “I sat
there for like two or three days just watching the traffic and what
they did, taking it all in.”
Today in Hawai‘i and Guam, Panda Restaurant Group has
around 50 Panda Expresses and the licensing rights to Raising
Cane’s. First Hawaiian Bank is the exclusive bank for all these
Panda Express locations. FHB also supports the Cherng Family
Trust (CFT) in its real estate ventures in the islands and beyond.
The Cherngs’ relationship with FHB grew from their relationship
with Dan Nishikawa, whom they first encountered in the local
luxury development scene. “Dan is very instrumental in terms
of getting us to a closer relationship—providing us with credit
lines and competitive pricing,” says Andrew. “He goes out of his
way to take care of us.”
A new real estate venture Andrew is excited about is the Pacific
Business News building in Waikīkī, which CFT is converting to a
hotel. “We’ll talk about financing needs with FHB,” Andrew says.
“Plus Dan is very experienced with development, so I’m sure we’ll
get plenty of advice, too.”
Co-Founders and Co-CEOs Andrew and Peggy
Cherng of Panda Express, with Regional Director of
Operations John Zhang
12
13
S M A L L B U S I N E S S B A N K I N G
Treating everyone
like family
It was after Shane Mizusawa of 535 Plumbing took time off to
be with his daughter, who was born with complications, that
he found the drive to start his own company. “People were still
calling and saying, ‘Can you fix my problem?’” Shane remembers.
“I felt like I had to help them.”
He established 535 Plumbing in 2015 after realizing those calls
were a full-time job. Soon, ensuring he could help everyone who
called also meant hiring an employee. Now, 535 Plumbing has a
staff of 34. “It’s a close-knit group,” he says. “I feel like all of our
managers, they lead with empathy, humility, and concern. I feel
like I’m super lucky that I have managers that lead with that.”
First Hawaiian Bank was Shane’s choice of bank for his company
from the beginning. Having grown up with banker Nohonani
Leslie and having watched her rise to branch manager at Hawai‘i
Kai, Shane reached out to her for help with 535. “Noho was kind
enough to introduce me to private banking and commercial
lenders so I got to pick their brains,” he says.
Nohonani started by helping Shane get auto loans and a line of
credit, and in 2020, she also helped Shane receive a PPP loan.
“She was there during the pandemic when I didn’t know what
was going on or if we were going to stay open,” Shane says.
His partnership with Nohonani and First Hawaiian Bank has
extended to Urgent Island Restoration, a restoration company
Shane co-founded in 2016.
Shane has plans for additional divisions within 535 Plumbing
and is pursuing a commercial property for a plumbing
distribution store. “Now I understand borrowing money,” he
says, “and I feel like we have the capacity to make these leaps,
to take these risks.”
Shane Mizusawa Owner, 535 Plumbing LLC
14
15
Dr. Lisa Shitamoto with husband Kanoa,
daughter Margot and son Fitzgerald in her
new dentistry office
P E R S O N A L B A N K I N G
A practice of caring
Growing up, Dr. Lisa Shitamoto tagged along with her mom to
First Hawaiian Bank to make deposits and went to work with her
dad, a pathologist at Maui Memorial Medical Center. Inspired by
him, Lisa wanted to go into healthcare. She also wanted to serve
the Maui community. When she figured out being a dentist was
how she would do so, her father took out a First Hawaiian loan
so she could attend school.
When Lisa returned to Maui after graduating, she kept her
personal banking at First Hawaiian. “My parents are longtime
FHB people,” she says, “so it was only natural for me to follow
in their footsteps.”
Lisa first worked for a dental practice, but she soon decided she
wanted to serve the community in her own way. This meant
buying the practice of a retiring dentist in Wailuku. To do so, she
went to First Hawaiian for a loan, which is how she met banker
Royle Taogoshi. “He’s been with me every step of the way,” she
says. Most recently, Royle has helped Lisa with loans to expand
her practice to a location she’ll own, with more dental chairs and
new technology to enhance her service and practice.
When Lisa was buying Maui Mino‘aka Dentistry, she didn’t know
she was pregnant, or that her son would need heart surgery.
Following that was the pandemic and the arrival of her daughter.
Throughout, she’s continued to strive to help the community
through her dental work, with the support of her family and
First Hawaiian. “I’m grateful for the trust and relationship we’ve
built together,” she says of Royle. “I’m very appreciative that he
trusted in me, who I am as a person, and my goals and vision
for my career.”
16
17
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
A matter of trust
One day, Diane Ono got a call from First Hawaiian Bank’s
Jeff Sakamoto, who wanted to learn about the law firm she
managed. After catching up with Jeff, whom the firm had
previously worked with, and lunch with Neill Char, who was
the University Branch manager at that time, Diane and her
firm decided to move all 100 or so of the firm’s accounts to First
Hawaiian. “You need a good relationship with a bank to have a
credit line you can depend on,” Diane says.
About seven years ago, when Diane needed help with wealth
management, she again chose First Hawaiian. She is happy she
did. “I don’t want to worry that somebody is doing something
wild and crazy with my retirement,” she says. “And I’ve never
ever felt that with First Hawaiian.”
Now retired from practicing law, Diane continues to find use for
her legal background, including on boards of nonprofits such
as the Friends of William S. Richardson School of Law and the
Hawai‘i State Bar Foundation, of which she is president. When
Diane was referred to Lynn Takahashi, a banker in FHB’s Private
Banking Division, they already knew each other from being on
the board for the Friends of the UH Cancer Research Center.
Recently, Diane told her wealth management team that she
wanted to donate to charities while she was alive. Jodie Duvall,
FHB’s Senior Vice President and Wealth Advisory Division
Manager, recommended stock transfers, which would be more
financially beneficial for Diane. “I never would have thought
about that,” Diane says. To her, this exemplifies how the First
Hawaiian team is both practical and low pressure.
Diane grew up in a Japanese family that never talked about
money, but she is comfortable discussing wealth management
with Lynn, Jodie, and Paul Gauci, her new wealth adviser. They’ve
covered long-term care insurance, estate planning, diversifying
her portfolio, and changes in the law. “We’ve been doing our
meetings on Zoom,” she says. “But I said maybe next year we
can get together over lunch, because those were always fun.”
19
Diane Ono of Honolulu, with friends at
O‘ahu Country Club
18
Deena Dray with artistic director
John Rampage and cast on opening night
of “Oliver!”
C O M M U N I T Y & F O U N D A T I O N
Persevering for the
people
At any given time, Diamond Head Theatre has about 400
volunteers. They perform, collect tickets, sell snacks, tend
gardens, and design costumes. “There’s such a wide depth
and breadth of opportunity here, and everyone feels a part of
the family,” says Deena Dray, the theater’s executive director.
There are also about 1,000 children who take part in educational
classes every year. For Deena, “music, singing and dancing
brings a joy to people that nothing else does.” Her wish is
to get everyone through the theater’s door, because after
they experience its magic, they will understand. Some of its
subscribers have been coming to shows for 30 years, sitting in
the same seats and creating their own theatrical neighborhood.
While the pandemic presented a unique challenge to the
theater, Deena knew it needed to keep offering creative outlets
and camaraderie. They debuted drive-in performances on the
loading dock and a Pandemic Adapted Performance Series.
Essential to keeping the theater running were two PPP loans,
which they secured with the help of First Hawaiian Bank.
First Hawaiian has also supported the nonprofit’s future in the
form of a new theater. Since 2007, the board has been working
on this vision, and in 2011, “we finally had to decide whether we
were going to try to raise the money,” Deena recalls. The first
major gift came from Joan Bellinger, a board member and wife
of John Bellinger, former chair and CEO of First Hawaiian Bank.
Diamond Head Theatre’s finance committee chose First
Hawaiian to invest the campaign funds and be its primary
mortgage lender. For Deena, who formerly was a banker at
First Hawaiian, it’s a welcome choice. “I love the people at
First Hawaiian Bank,” she says. “When you have that kind of
familiarity and feeling about an organization, you want to go
back to them.”
Deena says of the theater, which is expected to be open by
January 2023, “It’s going to be state-of-the-art.” Donors can
buy seats and put names on the armrests—one couple did so
for their dog, who appeared in a “Wizard of Oz” performance;
another woman donated in honor of her mother, who used
to bring her to shows. “All of this propelled me and the board
forward,” says Deena, “continuing the hopes and dreams and
106-year history of our theater.”
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,
2021
2020
(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)
2021
2020
Total Loans & Leases (12/31/21): $13.0 billion
5-Year Compound Annual Growth Rate: 2.4%
$ 444,488
$ 496,523
Cash and due from banks
$ 246,716
$ 303,373
(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 gains (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)
101,410
3,413
549,311
13,853
4,899
18,752
530,559
(39,000
)
569,559
27,510
63,580
38,578
34,719
13,185
102
7,242
184,916
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
182,384
174,221
63,349
29,348
24,719
8,245
6,108
25,244
66,082
405,479
348,996
83,261
60,546
28,821
20,277
8,659
5,695
22,114
47,339
367,672
243,724
57,970
$ 265,735
$ 185,754
13,494
3,624
$ 279,229
$ 189,378
$ 2.17
$ 1.46
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
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
1,011,753
8,428,032
12,962,537
157,262
12,805,275
318,448
175
63,158
471,819
995,492
8,302
643,240
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
$ 24,992,410
$ 22,662,831
$ 12,422,283
$ 11,705,609
9,393,863
21,816,146
—
134,491
384,861
7,522,114
19,227,723
200,010
143,373
347,621
22,335,498
19,918,727
1,406
2,527,663
604,534
(121,693
)
(354,998
)
2,656,912
1,402
2,514,014
473,974
31,604
(276,890
)
2,744,104
$14
$13
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
.
1
3
1
$
.
2
3
1
$
.
3
3
1
$
.
0
3
1
$
.
3
2
1
$
.
5
1
1
$
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
1
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 12/31/21
10% Consumer
38%
Residential
Real Estate
16%
Commercial
34%
Commercial
Real Estate
Total liabilities and stockholders’ equity
$ 24,992,410
$ 22,662,831
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, for the Consolidated
Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
2% Other
Core diluted earnings per share (Non-GAAP)(1)
$ 2.16
$ 1.45
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
128,963,131
129,537,922
129,890,225
130,220,077
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, 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
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 (gains) on sale of securities
Costs associated with the sale of stock(a)
Core noninterest income (Non-GAAP)
Noninterest expense
Loss of litigation
One-time items(b)
Core noninterest expense (Non-GAAP)
Net income
Losses (gains) on sale of securities
Costs associated with the sale of stock(a)
Loss of litigation
One-time items(b)
Tax adjustments(c)
Total core adjustments
Core net income (Non-GAAP)
Basic earnings per share
Diluted earnings per share
Year Ended December 31,
2021
2020
$ 530,559
$ 535,734
$ 530,559
$ 535,734
$ 184,916
$ 197,380
(102
)
6,014
114
4,828
$ 190,828
$ 202,322
$ 405,479
$ 367,672
(2,100
)
(10,134
)
—
—
$ 393,245
$ 367,672
$ 265,735
$ 185,754
(102
)
6,014
2,100
10,134
(4,652
)
13,494
114
4,828
—
—
(1,318
)
3,624
$ 279,229
$ 189,378
$ 2.06
$ 1.43
$ 2.05
$ 1.43
Core basic earnings per share (Non-GAAP)
$ 2.17
$ 1.46
Core diluted earnings per share (Non-GAAP)
$ 2.16
$ 1.45
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
128,963,131
129,890,225
129,537,922
130,220,077
(a) Costs associated with the sale of stock for the year ended December 31, 2021 and 2020 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) One-time items for the year ended December 31, 2021 consisted of fees related to the prepayment of $200.0 million of Federal Home Loan Bank advances and
severance costs.
(c) 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
2,063 employees
751 men (36%)
1,312 women (64%)
28% are management
positions
56% women officers
44% men officers
Of the 2,063 employees, 15% of women
are in management roles. 12% men are
in management roles
AWARD-WINNING TALENT DEVELOPMENT PROGRAM
OPEN TO ALL EMPLOYEES
10 Leadership development programs
offered to employees
81% of leaders who participated in a
leadership development program have
been promoted or transferred since the
program began
Over 90 professional development
courses for employees through an
Online Learning Center
12.4 years—Employee average years of
service with the bank
P H I L A N T H R O P Y
$5.77 million donations to over
200 charities in the areas of:
Education and Financial Literacy
Health and Human Services
Arts and Culture
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
Employees and Retirees raise $910,225 for 36 charities in
Hawai‘i, Guam, and Saipan through Kōkua Mai, the bank’s
employee giving campaign
98% participation rate in Kōkua Mai
$10.4 million donated
to charities since Kōkua Mai’s
2007 inception
E N V I R O N M E N T A L
50%
Bus pass subsidy
for all employees
Paper recycling
in all facilities
Photovoltaic use on
branch buildings
10.3%
Reduced energy use
First Hawaiian Center
LED lighting retrofit
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:
Lance A. Mizumoto
Vice Chairman & Chief Lending Officer,
Neill A. Char
Executive Vice President, Commercial
Joel E. Rappoport
Executive Vice President, General Counsel &
Christopher L. Dods
Vice Chairman, Chief Operating
Alan H. Arizumi
Vice Chairman, Wealth
Wholesale Banking Group
and Retail Banking Group
Secretary, Legal and Corporate Services Group
Officer, Digital Banking and
Management Group
Ralph M. Mesick
Vice Chairman, Chief Risk Officer, Risk
Robert S. Harrison
Chairman, President &
Management Group and Interim Chief
Chief Executive Officer
Financial Officer, Finance Group
Gina O.W. Anonuevo
Executive Vice President & Chief Compliance
Officer, Corporate Compliance Group
Marketing Group
Iris Y. Matsumoto
Executive Vice President,
Human Resources Group
27
26
SENIOR OFFICERS
Marcia H. Morita
Commercial Deposit
Department
Kevin S. Haseyama
Finance Group
Joe Morrison
Credit Administration Division
Jeffrey N.M. Higashi
Commercial Banking Group
Jody J. Mukaigawa
Commercial Banking Group
Gregg M. Hirano
Card Services Division
Sonja P.H. Hirasuna
Controller’s Division
Candice Y. Naito
Commercial Banking Group
Lea M. Nakamura
Treasury & Investment Division
Shigeo Hone
Japan Business Development
Linda C.L.F. Nakamura
RE Fulfillment Center
First Hawaiian Bank
EXECUTIVE
VICE PRESID ENTS
Derek A. Baughman
Enterprise Technology
Management
Darlene N. Blakeney
Corporate 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
Edward G. Untalan
Guam & CNMI Region Office
SEN IOR VIC E P R ES IDEN TS
Joanne H. Arizumi
Retail Banking Group
James K. Bourgeois
Technology Services Division
Stephen A. Brock
Private Banking Division
Martha L. Camacho
Pearlridge Banking Center
Debbie Ann M. Chan
Service Delivery Division
Derek A. Chang
Corporate Banking Division
Paula C.H. Chang
Dealer Division
Jason K. Dang
Digital Banking Division
Dean C. Duque
Branch Banking Division
Shirley M. Durham
Enterprise Operations
Services Division
Jodie M. Duvall
Wealth Advisory Division
Ross G. Fujii
Bank Secrecy Act Division
Glenn T. Fukuda
Controller’s Division
John K. Guerri
Personal Trust Division
Calvin K. Hangai
Chief Accounting Officer
Jason H. Haruki
Institutional Advisory Services
28
Robert N. Taylor
Operational Risk
Lisa A. Tomihama
Maui Region Office
Michael A. Tottori
Wealth Advisory Division
Mark Troske
Emerging Technologies Division
Jaylene S.L. Tsukayama
Call Center
Ryan S. Ushijima
Trust Compliance Department
Dean Uyeda
Credit Administration Division
Raenette R. Uyehara
Workforce Services Division
Jeffrey S. Ventura
Residential Real Estate Division
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
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
Retail Banking Group
Sherri-Ann Y. Okinaga
Organizational Effectiveness
Division
Isaac M. Okita
Financial Planning & Analysis
Division
Carol M. Ono
Workforce Services Division
Eliza E. Young
Credit Department
Mark F. Oyadomori
Wealth Advisory Division
Adam P. Palmer
Cybersecurity Division
Bard E. Peterson
Commercial Banking Group
Raymond W. Phillips
Investment Services Department
David K. Rair
Legal & Corporate Services
Division Group
Alethea A. Seto
Sales, Service & Retail Training
Division
Russell O. Shogren Jr.
Branch Real Estate 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,
President, Chief Investment Officer
and Director of Equity
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
Robin Kaneshiro
Credit Administration Division
Mark D. Kobayashi
Core Platform Conversion
Carole Lau
Commercial Real Estate Division
Kent R. Lau
Commercial Banking Group
Malcolm Lau
Retail Planning Division
James W. Lawhn
Personal Trust Division
Michael P. Lawrence Gallagher
Data Services Center
Macy Ann U. Lee
Business Services Division
Tricia K.F. Lee
Corporate Compliance Division
Kristi N. Lefforge
General Auditor
George C.K. Leong, Jr.
Commercial Real Estate Division
Raoul R. Magana
Card Services Division
Gregory J. Sitar
Main Banking Center
Susan A. Strong
Omni Channel Center
Kenneth L. Miller
Institutional Advisory Services
Wayne K. Suehiro
Commercial Banking Group
Shari Ann K.S. Minato
Service Delivery Division
Laura K. Morikuni
Workforce Services Division
Lynn M. Takahashi
Private Banking Division
Mark S. Taylor
Core Platform Conversion
Michael G. Taylor
Wealth Advisory Division
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 ( 5 )
Lihu‘e
O ‘ A H U ( 2 7 )
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 1 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.
Leighton S.L. Mau
President and Chief Operating Officer,
Waikiki Business Plaza, Inc.
James S. Moffatt
Vice Chairman and Global CEO (Retired),
Deloitte Consulting
W. Allen Doane
Chairman and Chief Executive Officer (Retired),
Alexander & Baldwin, Inc.
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
Faye W. Kurren
President and Chief Executive Officer (Retired),
Hawaii Dental Service
FSC
MEMBER FDIC
Kelly A. Thompson
Senior Vice President and Chief Operating
Officer (Retired),
Walmart eCommerce
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
Directors who retired in 2021:
Walter A. Dods, Jr. and Bert T. Kobayashi, Jr.
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.
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:
Lindsay Chambers | (808) 525-6254 | lchambers@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. Further, statements about the potential effects of the COVID-19
pandemic on our businesses and financial results and conditions may
constitute forward-looking statements and are subject to the risk
that the actual effects may differ, possibly materially, from what is
reflected in those forward-looking statements due to factors and future
developments that are uncertain, unpredictable and in many cases
beyond our control, including the scope and duration of the pandemic,
actions taken by governmental authorities in response to the pandemic,
and the direct and indirect impact of the pandemic on our customers,
third parties and us. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of the
date made, there can be no assurance that actual results will not prove
to be materially different from the results expressed or implied by the
forward-looking statements. For a discussion of some of these risks
and important factors that could affect our future results and financial
condition, see our U.S. Securities and Exchange Commission (“SEC”)
filings, including, but not limited to, our Annual Report on Form 10-K for
the year ended December 31, 2021.