Business
First Hawaiian, Inc. Reports Second Quarter 2020 Financial Results and Declares Dividend
HONOLULU, July 24, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its
About this update from First Hawaiian, Inc.
[{"type":"text","content":"HONOLULU, July 24, 2020 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2020.\n “I am very proud of our teams’ extraordinary efforts to manage through the pandemic’s disruption with agility and resilience while ensuring the health and safety of their co-workers, customers and community,” said Bob Harrison, Chairman, President and CEO. “During this difficult time for our local economy, we focused our efforts on creating stability by offering relief assistance to customers and support to the community. Our teams leveraged technology investments to develop an online application portal that enabled us to secure over $940 million in PPP loans for 6,000 small business customers. We also successfully launched the Aloha for Hawaii Fund, which supported the restaurant industry, and donated $1 million to non-profits for COVID-19 relief. Another $1 million was donated to the Stronger Together Fund to support the 2020 public high school graduates as they transition to the next phase of their lives.” On July 22, 2020 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 4, 2020 to stockholders of record at the close of business on August 24, 2020. Second Quarter 2020 Highlights: Net income of $20.0 million, or $0.15 per diluted shareTotal Loans and Leases increased $383.8 million, or 2.9%, versus prior quarterDeposits balances increased $2.3 billion, or 13.8% versus the prior quarterNet interest margin (“NIM”) was 2.58% Recorded a $55.4 million provision for credit lossesBoard of Directors declared a quarterly dividend of $0.26 per share Balance SheetTotal assets were $23.0 billion as of June 30, 2020, compared to $20.8 billion as of March 31, 2020. Gross loans and leases were $13.8 billion as of June 30, 2020, an increase of $383.8 million, or 2.9%, from $13.4 billion as of March 31, 2020. Loan growth was driven by Paycheck Protection Program (“PPP”) loans, partially offset by declines in other commercial loans, including shared national credits (“SNCs”) and dealer flooring loans. Total deposits were $19.4 billion as of June 30, 2020, an increase of $2.3 billion, or 13.8%, from $17.0 billion as of March 31, 2020. The increase in deposit balances was due to grow...