Business
CORRECTION – First Hawaiian, Inc. Reports Fourth Quarter 2019 Financial Results and Declares Dividend
Net income of $67.8 million, or $0.52 per diluted share, core net income1 of $71.3 million or $0.54 per diluted share1Board of Directors declared a quarterly
About this update from First Hawaiian, Inc.
[{"type":"text","content":"Net income of $67.8 million, or $0.52 per diluted share, core net income1 of $71.3 million or $0.54 per diluted share1Board of Directors declared a quarterly dividend of $0.26 per share HONOLULU, Jan. 29, 2020 (GLOBE NEWSWIRE) -- In a release issued under the same headline yesterday by First Hawaiian, Inc. (NASDAQ:FHB), please note that in the third paragraph of the release, the record date for its next quarterly dividend should be February 24, 2020, not February 28, 2020 as previously stated. The corrected release follows:\n First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2019. “I’m pleased to report that we ended 2019 with a strong fourth quarter. We generated great loan growth, significantly reduced deposit costs, and maintained excellent credit quality,” said Bob Harrison, Chairman, President and Chief Executive Officer. “This was a good finish to an exciting year, and we are well positioned going into 2020.” On January 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 6, 2020 to stockholders of record at the close of business on February 24, 2020. Fourth Quarter 2019 Highlights: Profitability measures were excellent with Return on Assets of 1.34%, core Return on Average Tangible Assets1,2 of 1.48%, Return on Equity of 10.21%, and core Return on Average Tangible Common Equity1,2 of 17.22%;Grew loans and leases by $368 million, or 2.9%;Cost of deposits fell 10 basis points to 44 basis points;Reported efficiency ratio was 48.9% and core efficiency ratio1 was 47.7%;Continued excellent credit quality. The ratio of non-performing assets to total loans and leases and other real estate owned was 0.04% at the end of the fourth quarter. Balance SheetTotal assets were $20.2 billion as of December 31, 2019, compared to $20.6 billion as of September 30, 2019. Gross loans and leases were $13.2 billion as of December 31, 2019, an increase of $368 million, or 2.9%, from $12.8 billion as of September 30, 2019. Total deposits were $16.4 billion as of December 31, 2019, a decrease of $412 million, or 2.4%, from $16.9 billion as of September 30, 2019, primarily reflecting the withdrawal of a $400 million commercial deposit that was deposited at the end of the third quart...