 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. I am very proud of our teams extraordinary efforts to manage through the pandemics 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 Companys 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 share Total Loans and Leases increased 383.8 million, or 2.9, versus prior quarter Deposits balances increased 2.3 billion, or 13.8 versus the prior quarter Net interest margin NIM was 2.58 Recorded a 55.4 million provision for credit losses Board of Directors declared a quarterly dividend of 0.26 per shareBalance Sheet Total 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 growth in consumer and commercial deposits, which included a portion of PPP loan proceeds, and an increase in public deposits.Net Interest Income Net interest income for the second quarter of 2020 was 127.8 million, a decrease of 10.9 million, or 7.8, compared to 138.7 million for the prior quarter. The NIM was 2.58 in the second quarter of 2020, a decrease of 54 basis points compared to 3.12 in the first quarter of 2020. The decline in NIM was due to lower interest rates and excess liquidity.Provision Expense During the quarter ended June 30, 2020, the Bank recorded a total provision for credit losses of 55.4 million. In the quarter ended March 31, 2020, the total provision for credit losses was 41.2 million. The provision expense recorded in the first and second quarters was due to expectations for increased credit losses as a result of COVID-19 and its impact on Hawaiis economy.Noninterest Income Noninterest income was 45.7 million in the second quarter of 2020, a decrease of 3.6 million compared to noninterest income of 49.2 million in the first quarter of 2020.Noninterest Expense Noninterest expense was 91.5 million in the second quarter of 2020, a decrease of 5.0 million from 96.5 million in the first quarter of 2020.The efficiency ratio was 52.7 and 51.3 for the quarters ended June 30, 2020 and March 31, 2020, respectively.Taxes The effective tax rate was 24.6 for the quarter ended June 30, 2020 and 22.6 for the quarter ended March 31, 2020.Asset Quality The allowance for credit losses was 192.1 million, or 1.40 of total loans and leases, as of June 30, 2020, compared to 166.0 million, or 1.24 of total loans and leases, as of March 31, 2020. The reserve for unfunded commitments was 23.2 million as of June 30, 2020 compared to 17.3 million as of March 31, 2020. Net charge-offs were 23.4 million, or 0.67 of average loans and leases on an annualized basis for the quarter ended June 30, 2020, compared to 6.1 million, or 0.19 of average loans and leases on an annualized basis for the quarter ended March 31, 2020. Total non-performing assets were 33.3 million, or 0.24 of total loans and leases and other real estate owned, at June 30, 2020, compared to non-performing assets of 7.2 million, or 0.05 of total loans and leases and other real estate owned, at March 31, 2020. Capital Total stockholders equity was 2.7 billion at both June 30 and March 31, 2020. The tier 1 leverage, common equity tier 1 and total capital ratios were 7.75, 11.86 and 13.11, respectively, at June 30, 2020, compared with 8.63, 11.65 and 12.90, respectively, at March 31, 2020.The Company suspended its stock repurchase program during the first quarter and did not repurchase any shares of common stock in the second quarter.First Hawaiian, Inc. First Hawaiian, Inc. NASDAQ:FHB is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop Company, is Hawaiis oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Companys website, Call Information First Hawaiian will host a conference call to discuss the Companys results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time. To access the call, participants should dial 844 452-2942 USCanada, or 574 990-9846 International ten minutes prior to the start of the call and enter the conference ID: 4496063 A live webcast of the conference call, including a slide presentation, will be available at the following link: The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. Eastern Time on July 31, 2020. Access the replay by dialing 855 859-2056 or 404 537-3406 and entering the conference ID: 4496063Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as may, might, should, could, predict, potential, believe, expect, continue, will, anticipate, seek, estimate, intend, plan, projection, would, annualized and outlook, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, managements beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including without limitation the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission SEC filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.Use of Non-GAAP Financial Measures We present net interest income, noninterest income, noninterest expense, net income, earnings per share basic and diluted and the related ratios described below, on an adjusted, or core, basis, each a non-GAAP financial measure. 