Business
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. 28, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2019.\n “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 28, 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reflecting the withdrawal of a $400 million commercial deposit that was deposited at the end of the third quarter and withdrawn early in the fourth quarter, and a $266 million reduction in public deposits. Net Interest IncomeNet interest income for the fourth quarter of 2019 was $139.6 million, a decrease of $3.5 million, or 2.4%, compared to $143.1 million for the prior quarter. The decrease in net interest...