First Hawaiian, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016
January 24, 2017 at 12:19 pm
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First Hawaiian, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $138,313,000 against $122,107,000 a year ago. Income before provision for income taxes was $93,868,000 against $80,616,000 a year ago. Net income was $56,552,000 or $0.41 per basic and diluted share against $50,211,000 or $0.36 per basic and diluted share a year ago. Return on average total assets was 1.14% against 1.04% a year ago. Core return on average total assets (non-GAAP) was 1.13% against 1.03% a year ago. Return on average tangible assets was 1.20% against 1.09% a year ago. Core return on average tangible assets (non-GAAP) was 1.19% against 1.09% a year ago. Return on average total stockholders' equity was 8.96% against 7.23% a year ago. Core return on average total stockholders' equity (non-GAAP) was 8.88% against 7.17% a year ago. Return on average tangible stockholders' equity was 14.88% against 11.31% a year ago. Core return on average tangible stockholders' equity (non-GAAP) was 14.73% against 11.22% a year ago. Core net income (non-GAAP) was $56,001,000 or $0.40 per basic and diluted share against $49,834,000 or $0.36 per basic and diluted share a year ago. The increases in net interest income compared to the third quarter of 2016 and the fourth quarter of 2015 were due to higher average balances of loans and investment securities and higher yields on investment securities, partially offset by higher average deposit balances.
For the year, the company reported total interest income of $518,520,000 against $483,846,000 a year ago. Income before provision for income taxes was of $371,829,000 against $343,227,000 a year ago. Net income was $230,178,000 or $1.65 per basic and diluted share against $213,780,000 or $1.53 per basic and diluted share a year ago. Return on average total assets was 1.19% against 1.14% a year ago. Core return on average total assets (non-GAAP) was 1.12% against 1.05% a year ago. Return on average tangible assets was 1.26% against 1.20% a year ago. Core return on average tangible assets (non-GAAP) was 1.18% against 1.10% a year ago. Return on average total stockholders' equity was 8.96% against 7.81% a year ago. Core return on average total stockholders' equity (non-GAAP) was 8.45% against 7.18% a year ago. Return on average tangible stockholders' equity was 14.64% against 12.28% a year ago. Core return on average tangible stockholders' equity (non-GAAP) was 13.80% against 11.28% a year ago. Book value per share was $17.75 against $19.63 a year ago. Tangible book value per share was $10.62 against $12.49 a year ago. Core net income (non-GAAP) was $217,111,000 or $1.56 per basic and diluted share against $196,315,000 or $1.41 per basic and diluted share a year ago.
Net charge offs for the quarter ended December 31, 2016 were $3.4 million, or 0.12% of average loans and leases on an annualized basis, compared to $3.4 million, or 0.12% of average loans and leases on an annualized basis for the quarter ended September 30, 2016 and $2.5 million, or 0.09% of average loans and leases on an annualized basis for the quarter ended December 31, 2015.
First Hawaiian, Inc. is a bank holding company. The Company's principal subsidiary is First Hawaiian Bank. The Company offers a comprehensive suite of banking services to consumer and commercial customers. Its segments include Retail Banking, Commercial Banking, and Treasury and Other. The Retail Banking segment includes the financial products and services it provides to consumers and small businesses. Its loan and lease products offered include residential and commercial mortgage loans, automobile loans and leases, and small business loans and leases. Its deposit products offered include checking, savings and time deposit accounts. The Retail Banking segment also includes its wealth management services. The Commercial Banking segment includes its corporate banking related products, residential and commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, automobile loans and auto dealer financing, business deposit products and credit cards.
First Hawaiian, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016