2 0 2 2 A N N U A L R E P O R T
TA BLE O F CONTENTS
2 CEO’s Message
8 Financial Highlights
9 Digital to the Core
10 Commercial Banking
12 Corporate 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 and 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 is Hawai‘i’s largest financial institution with assets of
$24.6 billion as of December 31, 2022. 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.
On the cover: Mahiole — ‘Ie‘ie weaving by Lloyd Kumulā‘au Sing
and featherwork by Rick San Nicolas.
G U I D E D B Y E X C E L L E N C E
At First Hawaiian Bank, connection is at the center of everything
we do. Relationships are our strength and excellence is revealed in
even the smallest detail. As the Pacific’s premier relationship bank,
we weave together every element of the bank in service to our
customers and communities.
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O U R V I S I O N
First Hawaiian is the
premier relationship
bank in the communities
we serve, empowering
our customers with
personalized solutions that
enhance their financial
well-being.
Robert S. Harrison
Chairman, President and CEO
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C E Oʼ S M E S S A G E
Building Relationships
in a Digital Era
When I reflect on 2022 and everything we have managed as we emerge
from the COVID-19 pandemic, it’s important to recognize we are living
through a period of historic economic and societal change. The impacts
from inflationary rates hitting 40-year highs, supply chains being
stretched to extremes, and the war in Ukraine have created economic
volatility throughout the communities we serve, the likes of which we
haven’t seen in our lifetime. At the same time, the expanding digital
era we are in, both within banking and beyond, provides the poten-
tial to power advancements across every sector of our business. As
Hawai‘i’s #1 bank, this presents both a responsibility and opportunity
for our organization.
Our mission—bringing together our people, culture, and technology to
deliver personalized financial solutions to meet our customers’ needs—
has never been more important or more necessary. For all the uncer-
tainty our communities face, it’s clear our customers and our people
are increasingly looking for new ways to overcome today’s challenges
and are emerging stronger because of it. No Hawai‘i company is better
positioned to embrace this than First Hawaiian Bank.
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DEAR FELLOW SHAREHOLDER, ACCOLADES
First Hawaiian Bank collected the following
accolades during 2022.
Top Hawai‘i Bank in Forbes
Best Banks in America
Top Hawai‘i Bank in Forbes
Best Banks in the World
Honolulu magazine’s
Best Bank in Hawai‘i
Small Business Administration (SBA)
Lender of the Year in Category 1
SBA 504 Loan Program
Lender of the Year in Category 1
Small Business Administration (SBA)
In Time of Need Award
Hawaii Business magazine
Hawai‘i’s Best Places to Work
Hawaii Business magazine
Hawai‘i’s Best Places to Work
LGBTQ+ category winner
A RESILIENT ECONOMY
Although our local economic environment has been chal-
lenging, the state of Hawai‘i is showing its resilience, thanks
largely to the visitor industry and the return of a strong
domestic travel market.
Over the course of 2022, Hawai‘i saw more than 9.2 million
visitors come to the state, a recovery that achieved 89% of the
record total set in 2019—the year before the virus shut down
the travel industry. Visitor spending levels have recovered as
well, up 8.9% from 2019 to a record $19.3 billion. This was
achieved despite decreased travel from the Japanese market,
which was down 85% from 2019 levels.
The resurgent travel industry contributed to the state’s unem-
ployment rates continuing to decline, after setting record
highs in the early days of the pandemic. At 3.2% in December
2022, Hawai‘i’s unemployment stood slightly below the
national figure of 3.5%.
As we look to the future, the University of Hawai‘i Economic
Research Organization anticipates that the continued recov-
ery of international travel will provide support for the tour-
ism industry as the mainland market softens. The recovery of
the Japanese visitor segment, combined with strength in the
islands’ construction sector, suggests that while Hawai‘i may
see a slowdown in its economic growth, a significant reces-
sion may be avoided in 2023.
HAWAI‘I’S #1 BANK
I am proud of what our company and our employees achieved
in 2022. We have long connected our customers and com-
munity with the goal of bettering our neighborhoods and
enabling our customers to achieve their dreams in good
times, and to be a source of strength and support for them
when they face challenges.
Thanks to the hard work of our team, FHB has emerged
from the pandemic as a stronger, more resilient business,
a reflection of our clear strategy that has resulted in market
leading performance.
FHB continued as Hawai‘i’s #1 bank finishing the year with a
for the future. Our foundation is the decades of successful
record of $14.1 billion in loans and leases, $21.7 billion in de-
relationship building in our communities. We are now align-
posits, $24.6 billion in total assets, and $265.7 million in
ing our entire operating and digital transformation model
net income.
around our customers to ensure that FHB continues to be
the premier relationship bank in this new connected and
Through it all, our team maintained their day-to-day focus
“always on” society.
of meeting customer commitments while making significant
progress in updating our operations and delivering strong
Our investments in technology, products, and people will
financial performance.
MODERNIZING OUR
APPROACH TO
RELATIONSHIP BANKING
create new capabilities and enable us to deepen customer
relationships with data-driven personalization, enhanced
customer experiences, and trusted advice.
In 2022, our team achieved several key milestones in this effort:
• We completed our core conversion, laying the foundation
for the bank’s ongoing digital transformation. The effort
required a substantial commitment from almost every divi-
Over the past several years we have shared about our digital
sion across the organization. The conversion will lead to
transformation and 2022 marked a milestone of that effort.
improved efficiency by reducing paperwork, streamlining
This year, we took an important step in refining our strate-
processing, creating greater data-driven personalization,
gic direction with the goal of modernizing our approach to
and faster turnaround times.
relationship banking and clearly defining our growth strategy
A Deepened
Commitment
to Relationship
Banking
While the banking industry is evolv-
ing rapidly with customer needs
constantly changing, what remains
consistent is First Hawaiian’s focus
on being here for our customers.
We have long prided ourselves on
As customers have become more digitally enabled and look for more person-
alized and convenient banking services, FHB revisited its strategic plan in 2022
and redefined our commitment to relationship banking, beyond customer
service and advisory excellence, to a reimagined service model that meets
our customer’s needs whether in person or digitally enabled. Everything from
employee engagement to our capital investments are being defined through
the lens of relationship building.
Digital Transformation
Modernizing FHB’s approach to relationship banking dovetails with our digital
transformation. Our recent core conversion enhanced our ability to leverage
data and analytics to improve customer service, better understand customer
the deep relationships we have built
needs and preferences, and deliver more personalized service. Combined with
in our communities, and those rela-
investments in our digital platform, we are building better customer experi-
tionships have guided our bank’s
ences, products, and services that will lead to deeper customer relationships
strategy over the years.
and grow our customer base.
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I’m constantly in awe of how our employees bring their
passion to work every day to continually refine this effort
and realize its full potential for the betterment of our bank
and our customer experience.
• Through the growth and development of our emerging
technologies division, the bank engineered and launched
new dynamic loan applications, improving customer expe-
rience, which has generated greater conversion numbers
and loan volume.
• We continue to refine our residential lending efforts—
adding simplified, intuitive online mortgage services and
applications paired with the support of lending experts who
are there to provide personal guidance when a customer
needs it. Customers can get closing cost estimates, prequal-
ify for a loan, or apply for a mortgage, HELOC, or refinance
with our integrated digital and in-person experience.
• Continuing our leadership in the credit card category as the
only local issuer of a full suite of personal, small business
and commercial cards, FHB successfully launched the new
Priority Unlimited credit card, offering 2% cash back to FHB
customers on purchases with no annual fee.
As the premier relationship bank in the Pacific, our culture
is the foundation of our mission and strategy, and further
cultivating it is a top priority. It’s essential that we continu-
ally develop and exercise a growth mindset with curiosity
and grace, recognizing that there is opportunity for all of us
to improve every single day.
LEADERSHIP AT ALL LEVELS
I truly believe if we continue to embrace our values, act
responsibly, and grasp the opportunities that present them-
selves through the relationships we foster and develop,
there is no limit to what we can achieve for our communi-
ties, customers, and each other.
The staff at FHB has proven its ability to provide leadership
at all levels, adapting to address challenges while continuing
to perform at high levels regardless of circumstance. Hybrid
work is now just work, and we’ve effectively connected and
engaged our team at home, in the office, and everywhere
in between.
As a community steward, it’s important to align our priorities
with the needs of our communities, and FHB continues its
leadership in this area as well. Our people came together in
2022 to show their commitment through our employee-run
Kōkua Mai campaign, which raised a record $932,310 for 38
charities in Hawai‘i, Guam, and Saipan. Once again, 99% of
our employees volunteered to donate to the program, which
has raised $11.3 million for charity since 2007. Overall, our
employees and our First Hawaiian Bank Foundation donated
$4.8 million to charities during 2022.
BEST–IN–CLASS TEAM
With our aspiration for excellence, leadership is critical, and it
starts at the top. In 2022, we were pleased to add two direc-
tors to the board of First Hawaiian, Inc.
Michael Fujimoto, Executive Chairman of HPM Building
Supply on Hawai‘i Island, was appointed to the board of
First Hawaiian, Inc. He remains on the board of the bank,
where he has served since 1998.
Dr. Mark Mugiishi, M.S., F.A.C.S., was added to the boards
of both First Hawaiian, Inc., and its subsidiary, First
Hawaiian Bank. He is the President and Chief Executive
Officer of Hawai‘i Medical Service Association (HMSA).
His diverse experience managing a complex organiza-
tion with many operational parallels to the bank, coupled
with his track record of community involvement, makes
him a valuable addition to our leadership team.
We were also delighted to announce our new Vice
Chairman and Chief Financial Officer, James (Jamie)
Moses. Jamie brings more than 20 years of diverse bank-
ing experience to the team and was previously Executive
Vice President and Chief Financial Officer at First Bank
in St. Louis, Missouri.
MAHALO NUI LOA
In closing, I’d like to thank our nearly 2,100 employees
in Hawai‘i, Guam, and Saipan for their professionalism,
passion, and commitment. They are the ones who make
strategic decisions, inspire innovation, build and imple-
ment new technologies, manage risks, and serve our
customers. We have a fantastic team, and it’s our people
that will ultimately drive our success both now and in
the future.
Aloha,
R OBER T S . HAR R IS ON
Chairman, President & Chief Executive Officer
2022 BY THE NUMBERS
#1 AMONG HAWAI‘I
BANKS FOR…
L O A N S & L E A S E S
a year-end
record of
$14.1 billion
D E P O S I T S
$21.7 billion
T O T A L A S S E T S
$24.6 billion
N E T I N C O M E
$265.7 million
STRON G CR EDI T QUA LI TY
WELL-CAPITALIZED
Total Equity Capital of $2.27 billion
is #1 among Hawai’i banks.
Common Equity Tier 1 (CET 1) capital ratio is 11.82%,
nearly twice the 6.5% CET 1 ratio required to be “well-
capitalized.” This ratio is a key measure of a bank’s
financial strength.
Committed to Return of Capital. The Board
maintained the quarterly dividend of $0.26 through
2022 and adopted a maximum $40 million share
repurchase program for 2023.(1)
(1) The timing and exact amount of share repurchases, if any, will be
subject to management’s discretion and various factors, including
the Company’s capital position and financial performance, as well
as market conditions.
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Allowance for credit losses $143.9 million, or 1.02% of total loans and leases, as of December 31, 2022. Total non-performing assets $12.0 million, or 0.09% of total loans and leases and other real estate owned, as of December 31, 2022. First Hawaiian Bank was founded as Bishop & Co. in 1858 by Charles Reed Bishop, husband of Kamehameha Schools’ founder Princess Bernice Pauahi Bishop. FHB, which turns 165 on August 17, 2023, is Hawai‘i’s first and largest bank. CELEBRATING 165 YEARS!
Year Ended December 31,
2022
2021
$ 663,220
$ 549,311
N E T I N C O M E ( I N MI LLIONS)
2022 Net Income: $265.7 million
5-Year Compound Annual Growth Rate: 7.7%
49,671
613,549
1,392
612,157
179,525
440,471
351,211
85,526
18,752
530,559
(39,000
)
569,559
184,916
405,479
348,996
83,261
$ 265,685
$ 265,735
$ 2.08 $ 2.06
$ 2.08 $ 2.05
127,489,889
127,981,699
128,963,131
129,537,922
$300
$250
$200
$150
$100
$50
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FINANCIAL HIGHLIGHTS
F I R S T H A W A I I A N , I N C .
(dollars in thousands, except per share amounts)
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
Basic earnings per share
Diluted earnings per share
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
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
Efficiency ratio
Return on average total assets
Return on average tangible assets (Non-GAAP)1
Return on average total stockholders’ equity
Return on average tangible stockholders’ equity (Non-GAAP)1
B A L A N C E S H E E T D A T A
Loans and leases
Allowance for credit losses for loans and leases
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 assets / total loans and leases and OREO
Allowance for credit losses for loans and leases / 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)(1)
2.78%
55.20%
1.06%
1.11%
11.44%
20.03%
2.43%
56.45%
1.09%
1.13%
9.81%
15.51%
$ 14,092,012 $ 12,962,537
143,900
229,122
7,471,772
995,492
24,577,223
21,689,029
22,308,218
2,269,005
17.82
0.09%
1.02%
0.08%
11.82%
11.82%
12.92%
8.11%
9.23%
5.40%
157,262
1,011,753
8,428,032
995,492
24,992,410
21,816,146
22,335,498
2,656,912
20.84
0.06%
1.21%
0.10%
12.24%
12.24%
13.49%
7.24%
10.63%
6.92%
A S S E T S (IN BI L L ION S)
Total Assets (12/31/22): $24.6 billion
5-Year Compound Annual Growth Rate: 3.6%
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
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D E P O S I T S ( IN BI L L I ONS)
Total Deposits (12/31/22): $21.7 billion
5-Year Compound Annual Growth Rate: 4.3%
$22
$20
$18
$16
$14
$12
$10
$8
$6
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DIGITAL TO THE CORE:
FOR THE FUTURE
AND TODAY
First Hawaiian Bank prides itself on
serving its communities and customers,
and at the heart of this service is FHB’s
approach of relationship banking.
To deepen the bank’s connection to its
customers, FHB has made important
investments in technology. Digital
CORE CONVERSION
First Hawaiian Bank completed its core conversion in May
2022, replacing and upgrading more than 40 platforms and
applications that FHB relies on to operate the bank and service
its customers. The project was a key step in automating our
processing and harnessing the power of our data. It was a
significant undertaking that required effort from nearly every
area of the bank. By converting our platforms and applications
to one cloud-based system, FHB can now provide more digital
access to banking products and can continually improve and
update its products and services. The new system will also
lead to reduced paperwork and will provide our branch teams
access to centralized customer data, giving bankers informa-
tion that will allow them to personalize service for customers.
The conversion was completed over Memorial Day weekend
and was successful thanks to the understanding of customers
and the dedication and focus of our entire staff.
transformation efforts are enabling
NEW AND IMPROVED APPLICATIONS
First Hawaiian to provide seamless
service between digital and branch
experiences and are ensuring strong
ongoing relationships with customers
now and in the future.
There are many elements that make up the banking experi-
ence of First Hawaiian Bank, including online account open-
ing. In 2022, the bank reimagined the online account opening
experience, rolling out new applications for deposit products,
credit cards, and personal loans. Our residential lending plat-
form continues to be optimized, offering new features and
functionality for customers interested in a mortgage, looking
to refinance, or wanting a HELOC.
(1) These ratios are Non-GAAP financial measures. For an explanation of how these ratios are computed, see GAAP/Non-GAAP
Reconciliation on page 24 of this Annual Report, including Notes (1) through (3) in that section.
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C O M M E R C I A L B A N K I N G
Jan and Patrick Sullivan
Oceanit
HAVING THE VISION
In starting Oceanit back in 1985, founder and CEO Dr. Patrick
Sullivan discovered it was difficult to secure reliable financial
support. The Mind-to-Market company—which creates innovation
from fundamental science and drives resulting technology into the
market—isn’t a traditional business. So, financing required building
relationships and a shared understanding, developing trust on
how the business was going to grow. “To build that relationship,
First Hawaiian Bank invested time into understanding our business
strategy and trajectory,” Patrick recalls. Every year for over two
decades, Patrick, now retired FHB banker Wesley Wakamura, and
others from the bank gathered over lunch so Patrick could review
the prior years’ performance against targets and review new goals
for the coming year.
Now, Oceanit has more than 200 employees and remote offices
on the continent. Its focus has broadened from environmental
engineering to sectors including aerospace, energy, and healthcare.
Patrick remains steadfast about being headquartered in Hawai‘i.
The state’s culture of collaboration and its diversity lends itself to
innovation, while the quality of life is unmatched. This sense of place
also informs Oceanit’s vision. “From the middle of the sea, we had to
innovate across the business spectrum from technology to finance,
business models to supply chains,” recalls Patrick. “However, we
also see how our experience speaks to Hawai‘i’s future as a place to
build an innovation, knowledge-based economy with high-quality,
well-paying jobs.”
Patrick’s wife, Jan Sullivan, was the reason he moved to Hawai‘i to
begin with, and their children motivated Patrick to start Oceanit.
Remembers Jan, “when the kids were little, Patrick said, ‘I want
our kids to have a choice to be able to come home and work in
jobs where they get paid a decent salary and use their education
and intelligence.’” Luckily, this plan was a success. Their daughter,
who earned a PhD in aerospace engineering, recently led Oceanit’s
national clinical studies and regulatory approvals for their COVID-19
test. Their son, with a background in physics, economics, and design,
came home to spearhead commercialization, moving Oceanit’s
robust technology pipeline to market.
“As the complexity of the business has grown, the bank has been able
to accommodate our growth and continues to offer new services,”
Jan says. “We feel like we’ve grown together.”
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C O R P O R A T E B A N K I N G
Heather Cutter and Jarrett Cutter
Cutter Family Automotive Dealerships
THE FAMILY DRIVE
When Gerald Cutter was asked to run a car dealership in Hawai‘i, he
and his family visited from California to make sure it was a good idea.
They checked out ‘Aiea, went surfing, and realized they loved the
place. With that, Cutter Ford opened in 1974, and since then, Cutter
dealerships have expanded across O‘ahu. Today, three generations
work in the family business, including Gerald’s granddaughter
Heather Cutter and his son Jarrett Cutter.
Relationships have helped Cutter stand the test of time. When
Gerald came to Hawai‘i, he made it a priority to build relationships
with the local people from the ground up. “A lot of others, whether
it’s car dealers or other businesses that came from the mainland,
didn’t take that approach,” says Jarrett, President and CEO of MJC, Inc.
“He built the team through the community, and that has helped
Cutter endure through the years.”
Heather, President of Cutter Management Co. and its subsidiaries,
agrees. “We have one employee who has been there since day one.
We have a mother, sister, and daughter working for us,” she says.
“It’s super important to give growth opportunities to anyone who
joins the company. Even though we are a larger business, we really
operate like a small family business.”
First Hawaiian Bank began supporting the company in 1983
with flooring for the Cutter Chevrolet dealership. “From what my
father has told me over the years, everything with FHB was about
the relationship,” Jarrett says. “It never felt like business to him.”
Heather adds, “Steve Kaaa would take my grandfather these chicken
sandwiches that he liked—that extra something special while
discussing banking stuff. It’s just an example of the little things the
bank does to add a personal touch to the relationship.”
Jarrett’s connection with FHB began with a personal banking
relationship with Kaaa, and he has never banked anywhere else.
Heather’s first bank account and college fund were at FHB. While
Jarrett enjoys in-person banking, Heather prefers digital experiences.
She is working on Cutter’s digital transition, and says the company
learns from the bank’s digital direction all the time.
As FHB executed its core conversion, an essential part of its digital
transformation, Cutter was ready. “We knew it was going to happen,”
Heather says. “It was the communication that put us at ease. It’s
really because the bank takes the extra step to ensure that we’re
prepared and supported.”
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S M A L L B U S I N E S S B A N K I N G
Daryl and Dave Masaki
Masaki’s Auto Repair
LOOKING AHEAD
TOGETHER
Brothers Daryl and Dave Masaki grew up tinkering with cars at
home in Mānoa with their father, an auto repair technician. While
Dave followed in his footsteps, it wasn’t until Daryl had earned a
bachelor’s degree from the University of Hawai‘i at Mānoa and
worked in banking, including the finance department of First
Hawaiian Bank, that he returned to the automotive repair world,
going into business with Dave.
The brothers opened Masaki’s Auto Repair 40 years ago at a location
on King Street with three bays. Daryl and Dave, both fully certified
ASE technicians, often drove along Beretania Street looking for a
location with parking, and Daryl soon spotted the perfect location
for their shop, which was occupied by a slipper company. They
began subleasing it a few years later, but it wasn’t until 2019 that the
opportunity arose to purchase it. When the day came, the brothers
looked to FHB for financing.
Daryl trusts the bank “number one, because I used to work for them,”
he says. “Number two is the branches are accessible. Anytime I
want to go there, I can go there. But really, it has to do with the
relationship. When I walk inside there and I need something—help,
advice—they’re there.” For example, he reflects on when COVID-19
hit he reached out to Greg Sitar. “Greg and Christina Rudolph were
very instrumental with the entire company,” says Daryl. “They really
made a difference for us in helping secure a PPP loan.”
It was through the Honolulu Executives Association that Daryl
met Greg and began banking at FHB, and also how Daryl built
relationships that led to Masaki’s Auto Repair servicing fleets. While
they found long-term success because of networking efforts, fair
prices, and word of mouth, what most distinguishes Masaki’s Auto
Repair from the competition is how it has anticipated a changing
automotive industry.
When Toyota came out with the Prius, Daryl and Dave learned
everything they could about hybrids in Hawai‘i and then enrolled
in trainings on the mainland. They invested in equipment and took
apart hybrid batteries to recondition them, a popular service they
continue to offer. Today, hybrids are about half of Masaki’s Auto
Repair’s business. “Our company’s success comes from looking to
the future,” Daryl says.
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P E R S O N A L B A N K I N G
The Potter Family
Inspired Closets Hawaii
THE PERFECT
MATCH
For Brent and Kamuela Potter and their two children, their Mililani
home is their sanctuary. Every room is personalized to fit the family’s
lifestyle and reflects the know-how of Kamuela and Brent, who are
the owners of Inspired Closets Hawaii. The duo installed custom
organizational units everywhere from the entertainment area to the
garage, and Brent even learned how to build their home’s coffered
ceiling by watching an online video.
The journey to find the Mililani Mauka house took years. Brent
remembers as far back as 2016 discussing how they could build a
nest egg for the purchase while continuing to grow their company
with May Nishijima, their personal and business banker at First
Hawaiian Bank. In 2019, when the couple was ready to talk mortgage
and prequalification, May connected them with Mark Inouye in
FHB’s mortgage lending department, who in turn recommended
realtor Jodie Tsukamoto Yoshino when the Potters were looking
for someone with whom they didn’t have a business relationship.
“It was the perfect team,” says Kamuela.
When it came to purchasing the home, Kamuela was surprised
by how easy Mark made the experience. “It was comfortable,
relaxing—even during a scary time and process, it was very calming,”
Brent adds.
The Potter’s banking relationship with FHB began in 2010 when
Kamuela, who founded Inspired Closets Hawaii in 2004, was
connected with May at FHB for business banking by way of her CPA.
“She was the first banker who ever offered me more money than I
needed,” said Kamuela. “Normally you’re just wondering if they’re
going to approve your initial request. That’s the kind of relationship
we’ve had since the beginning.” Now they have checking and savings
accounts and even a car loan for their son at FHB. Kamuela uses
the mobile app daily, but appreciates the personal interaction she
gets from the bank.
Since 2010, Inspired Closets Hawaii has also grown from five
employees to 20. When the Potters were ready to formalize a
retirement plan, May connected them with Sean Okamoto, who
helped them set up a 401(k) plan for themselves and their team as
well as a profit-sharing program. Now, May is supporting them with
opening an Inspired Closets Hawaii showroom in Kaka‘ako in 2023.
“We feel very confident because the whole team at First Hawaiian
Bank feels confident about what we’re doing,” Kamuela says.
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
Marcus Mariota
Heisman Trophy Winner,
NFL Quarterback
IT TAKES A TEAM
When Marcus Mariota considered First Hawaiian Bank for support
managing his financial assets, he didn’t yet know which NFL team
he would be on. There were a lot of changes ahead for the Heisman
Trophy winner fresh out of the University of Oregon, but he knew
he wanted to keep strong ties to the islands where he was born. His
parents banked with FHB and he already had a checking account
there, so it made sense.
At his first meeting with FHB, Marcus showed up with questions
and took notes. “I wanted to make sure that in the long term, my
family is financially secure,” he says. From day one, there was a
natural ease between Marcus, his family, and the FHB team—the
Mariotas already had a personal relationship with Vernon Wong, an
SVP in Wealth Management, and had checking accounts with FHB.
As Marcus and First Hawaiian Bank began to align, that sense of
familiarity deepened. “When it was time to sign papers, our Private
Banker, Cheryl Tagawa, met with my mom at the house. It wasn’t a
big formal meeting,” recalls Marcus. “It was personal, private, and
very comfortable.”
Today, Marcus’ First Hawaiian banking services span from private
banking to wealth management to coordinating with a financial team
on the mainland. And every year, Marcus, his family, and his FHB
team make time to meet. Ken Miller, the CIO, gives a broad overview
and CEO Bob Harrison or COO Christopher Dods may stop by to
say aloha. The family and bank call it the “Mariota family meeting.”
Like FHB, Marcus also values community. His desire to give back
to the communities that have shaped his journey led him to start
Motiv8, a nonprofit foundation providing positive outlets for keiki
and distributing food and supplies to those in need. From the
beginning, FHB has supported the foundation. It’s a relationship that
just makes sense. The bank encourages people to say yes to their
dreams while making a difference in the community. Says Marcus,
“I want to help inspire others to dream big and strive for greatness.”
18
19
19
C O M M U N I T Y A N D F O U N D A T I O N
Hiro Nago, Dr. Kenneth Kaneshiro
and Jefferson Elementary Students
Genki Ala Wai Project
THE SMALLEST
THING CAN MAKE
A DIFFERENCE
On a Saturday in 2022, around 135 First Hawaiian Bank employees
gathered for a Community Care Event along the Ala Wai Canal.
Together they made and threw muddy balls of beneficial microbes
into the water to help the Genki Ala Wai Project restore the famed
Honolulu waterway. “For some of them, it was the first time they got
to see each other in person since the pandemic began,” recalls Hiro
Nago, technical advisor for the Genki Ala Wai Project. Chairman and
CEO Bob Harrison even joined, reflecting on the canal’s improvement
compared to when he used to paddle the canal.
Hiro is one of five passionate volunteers behind the Genki Ala Wai
Project and President of EM Hawaii, which produces the signature
mix of Effective Microorganisms (EM) used for Genki balls. The
company has been banking with FHB since early on, but it was his
high school connections that inspired the Community Care event.
“My classmate Lynn Takahashi, from McKinley, she gave me a call and
said, ‘Hiro, we love what you’re doing. First Hawaiian Bank wants to
be a part of this,’” Hiro says.
The idea to use Genki balls to restore the Ala Wai Canal was proposed
in 2017 by three Punahou students for the “Make Ala Wai Awesome”
challenge, inspired by a visit to EM Hawai‘i and the story of fishers
who used “Genki balls,” a term the fishers coined, to restore Osaka
Bay. The Genki Ala Wai Project took up the helm in 2019 as part of
Dr. Kenneth Kaneshiro’s Hawai‘i Exemplary State Foundation, which
is focused on K–12, place-based STEM education and has a vision to
restore waterways from mauka to makai. The project kicked off with
students at Ala Wai Elementary and Jefferson Elementary, who took
baseline water samples, made Genki balls, observed them as they
cured, and tossed them into the canal. “Just to form the balls, they
had so much fun getting their hands dirty,” says Hiro.
The Genki Ala Wai Project aims to get 1,000 Genki balls into the
waterway almost every week, with a goal of 300,000 balls in seven
years—the same amount of time it took to build the canal. Already
there have been striking results, including reduced sludge and large
schools of mullet in the back of the canal. “A lot of students live there,
so when they walk by the canal they remember how stinky and foul
it was, and now they can see the fishes coming back,” says Hiro. “It’s
all because of their effort.”
20
Genki Ala Wai Project, a part of the Hawaii Exemplary State
Foundation, works with students and the community to restore
the Ala Wai Canal. The team is led by Dr. Kenneth Kaneshiro
with support from technical advisor Hiro Nago.
21
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED BALANCE SHEETS
(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
Investment 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, 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
Basic earnings per share
Diluted earnings per share
Basic weighted-average outstanding shares
Diluted weighted-average outstanding shares
Year Ended December 31,
2022
2021
(dollars in thousands)
A S S E T S
Year Ended December 31,
2022
2021
$ 509,820
$ 444,488
Cash and due from banks
$ 297,502
$ 246,716
Total Loans & Leases (12/31/22): $14.1 billion
5-Year Compound Annual Growth Rate: 2.8%
142,484
10,916
663,220
49,201
470
49,671
613,549
1,392
612,157
28,809
66,028
37,036
36,465
1,248
—
9,939
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
179,525
184,916
199,129
182,384
70,027
31,034
34,506
9,603
7,996
30,990
57,186
440,471
351,211
85,526
63,349
29,348
24,719
8,245
6,108
25,244
66,082
405,479
348,996
83,261
$ 265,685
$ 265,735
$ 2.08
$ 2.06
$ 2.08
$ 2.05
127,489,889
127,981,699
128,963,131
129,537,922
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
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
229,122
7,471,772
14,092,012
143,900
13,948,112
280,355
91
78,194
473,067
995,492
6,562
796,954
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
$ 24,577,223
$ 24,992,410
$ 12,824,383
$ 12,422,283
8,864,646
21,689,029
75,000
102,577
441,612
9,393,863
21,816,146
—
134,491
384,861
22,308,218
22,335,498
1,410
2,538,336
736,544
(639,254
)
)
(368,031
2,269,005
1,406
2,527,663
604,534
(121,693
)
(354,998
)
2,656,912
$14
$13
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
.
1
4
1
$
.
1
3
1
$
.
2
3
1
$
.
3
3
1
$
.
0
3
1
$
.
3
2
1
$
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
1
2
0
2
2
2
0
2
As of 12/31/22
38%
Residential
Real Estate
9% Consumer
16%
Commercial
35%
Commercial
Real Estate
Total liabilities and stockholders’ equity
$ 24,577,223
$ 24,992,410
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, for the Consolidated
Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
2% Other
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, for the Consolidated Financial Statements,
including Report of Independent Registered Public Accounting Firm, thereon.
22
23
LOANS AND LEASES (IN BILLIONS)DIVERSIFIED LOAN & LEASE PORTFOLIO FIRST HAWAIIAN, INC. FIRST HAWAIIAN, INC. GAAP/NON-GAAP RECONCILIATION
Return on average tangible assets, return on average tangible stockholders’ equity and tangible
stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these
financial measures are useful for investors, regulators, management and others to evaluate finan-
cial performance and capital adequacy relative to other financial institutions. Although these non-
GAAP financial measures are frequently used by shareholders in the evaluation of a company, they
have limitations as analytical tools and should not be considered in isolation or as a substitute for
analyses of results as reported under GAAP.
Note (1): Return on average tangible assets is a Non-GAAP financial measure. We compute our
return on average tangible assets as the ratio of net income to average tangible assets. We
compute our tangible assets by subtracting (and thereby effectively excluding) amounts related
to the effect of goodwill from our average total assets.
Note (2): Return on average tangible stockholders’ equity is a Non-GAAP financial measure. We
compute our return on average tangible stockholders’ equity as the ratio of net income to aver-
age tangible stockholders’ equity. 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.
Note (3): 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.
For further information on these measures, including a reconciliation to the most directly compa-
rable GAAP measure, refer to “Item 7. Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022, as filed with the Securities and Exchange Commission.
G O V E R N A N C E
Values-Based Governance
Core Values of Caring, Character
and Collaboration
2,093 employees
1,319 women (63%)
774 men (37%)
27% are management positions
54% women officers
46% men officers
Of the 2,093 employees, 15% of women
are in management roles. 12% 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 develop-
ment programs offered
to employees
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 donated $932,310 in 2022 to
38 charities in Hawai‘i, Guam, and Saipan through
Kōkua Mai, the bank’s employee giving campaign
99% participation rate in Kōkua Mai
$11.3 million donated to charities
since Kōkua Mai’s 2007 inception
P H I L A N T H R O P Y
E N V I R O N M E N T A L
$3.91 million donations to over
200 charities in the areas of:
Health & Human Services
50%
Photovoltaic use on
branch buildings
Bus pass subsidy
for all employees
Electric vehicle
charging stations
Education
Civic & Community
Arts & Culture
12 .43%
Reduced Energy Use
First Hawaiian Center
LED lighting retrofit
Paper recycling
in all facilities
First Hawaiian Center
expanded its recycling
efforts to include
cardboard, aluminum
and plastic.
25
24
S E N I O R M A N A G E M E N T
LEFT TO RIGHT:
Iris Y. Matsumoto
Executive Vice President & Chief Human
Resources Officer, Human Resources Group
Alan H. Arizumi
Vice Chairman, Wealth Management Group
Joel E. Rappoport
Executive Vice President, General Counsel &
Secretary, Legal and Corporate Services Group
Robert S. Harrison
Chairman, President &
Chief Executive Officer
Ralph M. Mesick
Vice Chairman & Chief Risk Officer,
Christopher L. Dods
Vice Chairman & Chief Operating Officer,
James M. Moses
Vice Chairman & Chief Financial Officer,
Gina O.W. Anonuevo
Executive Vice President & Chief Compliance
Neill A. Char
Vice Chairman, Commercial and Retail
Lance A. Mizumoto
Vice Chairman & Chief Lending Officer,
26
Risk Management Group
Digital Banking and Marketing Group
Finance Group
Officer, Corporate Compliance Group
Banking Group
Wholesale Banking Group
27
Shigeo Hone
International Banking Department
Todd T. Nitta
Dealer Division
SENIOR OFFICERS
First Hawaiian Bank
EXECUTIVE
VICE PRESIDEN TS
Derek A. Baughman
Enterprise Technology
Management
Darlene N. Blakeney
Corporate Banking Division
Michael A. Coates
Enterprise Operations
Services Division
Dean C. Duque
Branch Banking Division
Calvin K. Hangai
Chief Accounting Officer
Kristi N. Lefforge
Chief Audit Officer
Kenneth L. Miller
Institutional Advisory Services
Lea M. Nakamura
Risk Management Group
Cameron W. Nekota
Bank Properties Division and
Community Relations Division
John K. Guerri
Personal Trust Division
Jason H. Haruki
Institutional Advisory Services
Kevin S. Haseyama
Finance Group
Jeffrey N.M. Higashi
Commercial Banking Group
Gregg M. Hirano
Card Services Division
Sonja P.H. Hirasuna
Controller’s Division
David A. Honma
Hawai‘i Region Office
Alyssa S.N. Hostelley
Business Services Division
Laurae U. Imamura
EOS – Commercial Loan Center
Jodi R. Inoue
Digital Banking & Services Division
Jeffrey K. Inouye
First Hawaiian Leasing, Inc.
Daniel A. Nishikawa
Commercial Real Estate Division
Stephen E.K. Kaaa
Waikīkī Banking Center
Brian Uemori
Chief Credit Officer
Edward G. Untalan
Guam & CNMI Region Office
SENIOR VICE PRES IDE N TS
Joanne H. Arizumi
Retail Banking Group
Charles C. Barbata
Corporate Banking Division
James K. Bourgeois
Technology Services Division
Brian K. Brennan
Commercial Real Estate Division
Stephen A. Brock
Private Banking Division
Martha L. Camacho
Pearlridge Banking Center
Derek A. Chang
Corporate Banking Division
Rachel I. Cunningham
Retail Planning Division
Jason K. Dang
Digital Banking & Services Division
Darian H. DeSellem
Wealth Management Service Center
Shirley M. Durham
Enterprise Operations
Services Division
Jodie M. Duvall
Wealth Advisory Division
Ross G. Fujii
Bank Secrecy Act Division
Leland K. Kahawai
Kaua‘i Region Office
Courtney S. Kajikawa
Personal Trust Division
James S. Kaneshiro
Enterprise Operations
Services Division
Robin M. Kaneshiro
Credit Administration Division
Ben Kashiwabara
Commercial Income Property
Department
Mark D. Kobayashi
Core Platform Conversion
Carole M. Lau
Commercial Real Estate Division
Kent R. Lau
Commercial Banking Group
Malcolm D. 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
George C.K. Leong, Jr.
Commercial Real Estate Division
Raoul R. Magana
Consumer Products Division
Shari Ann K.S. Minato
Service Delivery Division
Laura K. Morikuni
Workforce Services Division
Stacy K. Tomuro
Commercial Real Estate Division
Joe L.R. Morrison
Credit Administration Division
Michael A. Tottori
Wealth Advisory Division
Jody J. Mukaigawa
Credit Administration Division
Mark R. Troske
Emerging Technologies Division
Dean M. Murakami
Institutional Advisory Services
Jaylene S.L. Tsukayama
Call Center
Candice Y. Naito
Commercial Banking Group
Ryan S. Ushijima
Trust Compliance Department
Linda C.L.F. Nakamura
RE Fulfillment Center
Michael T. Nishida
Enterprise Information Security
Department
Sherri-Ann Y. Okinaga
Organizational Effectiveness
Division
Isaac M. Okita
Treasury & Investment Division
Carol M. Ono
Workforce Services Division
Peter T. Ono
Collection & Recovery Center
Mark F. Oyadomori
Wealth Advisory Division
Adam P. Palmer
Cybersecurity Division
Rosemary Y. Peh
Data Science & Analytics
Bard E. Peterson
Commercial Banking Group
Kaiuwailani H. Pettigrew
IT Infrastructure Department
Raymond W. Phillips
Investment Services Department
David K. Rair
Legal & Corporate Services Group
Claire S. Rufino
Credit Analytics & Reporting
Department
Alethea A. Seto
Sales, Service & Retail Training
Division
Russell O. Shogren Jr.
Commercial Income Property
Department
Gregory J. Sitar
Main Banking Center
Susan A. Strong
Omni Channel Center
Lynn M. Takahashi
Private Banking Division
Mark S. Taylor
Core Platform Conversion
Michael G. Taylor
Wealth Advisory Division
Robert N. Taylor
Operational Risk
Lisa A. Tomihama
Maui Region Office
Dean B. Uyeda
Commercial Banking Group
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
Eliza E. Young
Credit Department
Winton D.C. Young
Institutional Advisory Services
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 Treasurer
Stephanie C. Nomura
President and Senior Portfolio Manager
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
W. Allen Doane
Chairman and Chief Executive Officer (Retired),
Alexander & Baldwin, Inc.
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
Leighton S.L. Mau
President and Chief Executive Officer,
Waikiki Business Plaza, Inc.
James S. Moffatt
Vice Chairman and Global CEO (Retired),
Deloitte Consulting
Mark M. Mugiishi
President and Chief Executive Officer,
Hawaii Medical Service Association
Mark K. Teruya
Chairman and Chief Executive Officer (Retired)
Armstrong Produce, Ltd.
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.
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 2022:
Matthew J. Cox and Jenai S. Wall
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 shareholdings 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, 2022.