Business
First Hawaiian, Inc. Reports Third Quarter 2021 Financial Results and Declares Dividend
HONOLULU, Oct. 22, 2021 (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, Oct. 22, 2021 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2021. “We are pleased with the bank’s solid performance in the third quarter. It was also a milestone quarter, as total assets exceeded $25 billion at quarter-end for the first time in our history,” said Bob Harrison, Chairman, President and CEO. “We had good growth in deposit balances, credit quality remained excellent, and we are seeing an increase in loan activity.” On October 20, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on December 3, 2021 to stockholders of record at the close of business on November 22, 2021. Third Quarter 2021 Highlights: Net income of $64.3 million, or $0.50 per diluted shareTotal loans and leases decreased $269.4 million versus prior quarter, reflecting a $308.0 million decline in PPP loansTotal deposits increased $1.3 billion versus prior quarterRecorded a $4.0 million negative provision for credit lossesBoard of Directors declared a quarterly dividend of $0.26 per shareRepurchased $21.6 million of stock under share repurchase program Balance SheetTotal assets were $25.5 billion as of September 30, 2021, compared to $24.2 billion as of June 30, 2021. Gross loans and leases were $12.8 billion as of September 30, 2021, a decrease of $269.4 million, or 2.1%, from $13.1 billion as of June 30, 2021. Total deposits were $22.1 billion as of September 30, 2021, an increase of $1.3 billion, or 6.2%, from $20.8 billion as of June 30, 2021. Net Interest IncomeNet interest income for the third quarter of 2021 was $132.6 million, an increase of $1.1 million, or 0.8%, compared to $131.5 million for the prior quarter. The net interest margin (NIM) was 2.36% in the third quarter of 2021, a decrease of 10 basis points compared to 2.46% in the second quarter of 2021. Provision ExpenseDuring the quarter ended September 30, 2021, we recorded a $4.0 million negative provision for credit losses. In the quarter ended June 30, 2021 we recorded a $35.0 million negative provision for credit losses. Noninterest IncomeNoninterest income was $50.1 million in the third quarter of 2021, an increase of $0.7 million compared to noninterest income of $49.4 million in the seco...