First Hawaiian, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of USD 148,558,000 against USD 138,313,000 a year ago. Income before provision for income taxes was USD 94,260,000 against USD 93,868,000 a year ago. Net income was USD 11,684,000 or USD 0.08 per basic and diluted share against USD 56,552,000 or USD 0.41 per basic and diluted share a year ago. Return on average total assets was 0.23% against 1.14% a year ago. Core return on average total assets (non-GAAP) was 1.16% against 1.13% a year ago. Return on average tangible assets was 0.24% against 1.20% a year ago. Core return on average tangible assets (non-GAAP) was 1.22% against 1.19% a year ago. Return on average total stockholders' equity was 1.80% against 8.97% a year ago. Core return on average total stockholders' equity (non-GAAP) was 9.13% against 8.88% a year ago. Return on average tangible stockholders' equity was 2.94% against 14.88% a year ago. Core return on average tangible stockholders' equity (non-GAAP) was 14.90% against 14.73% a year ago. Core net income was USD 59,163,000 or USD 0.42 per basic and diluted share against USD 56,001,000 or USD 0.40 per basic and diluted share a year ago. Net interest income was USD 134,886,000 against USD 131,250,000 a year ago. Net interest income after provision for loan and lease losses was USD 129,786,000 against USD 127,350,000 a year ago. The increase in net interest income compared to the fourth quarter of 2016 was due to higher average balances of loans and higher yields on loans, interest-bearing deposits in other banks, and investment securities, partially offset by higher rates on deposits. Net income was primarily impacted by a onetime charge to provide for income taxes of USD 47.6 million due to the reevaluation of certain tax-related assets at the projected lower corporate tax rate due to the passage of the Tax Cuts and Jobs Act.

For the year, the company reported total interest income of USD 570,768,000 against USD 518,520,000 a year ago. Income before provision for income taxes was of USD 368,355,000 against USD 371,829,000 a year ago. Net income was USD 183,682,000 or USD 1.32 per basic and diluted share against USD 230,178,000 or USD 1.65 per basic and diluted share a year ago. Return on average total assets was 0.92% against 1.19% a year ago. Core return on average total assets (non-GAAP) was 1.16% against 1.12% a year ago. Return on average tangible assets was 0.97% against 1.26% a year ago. Core return on average tangible assets (non-GAAP) was 1.22% against 1.18% a year ago. Return on average total stockholders' equity was 7.24% against 8.96% a year ago. Core return on average total stockholders' equity (non-GAAP) was 9.08% against 8.45% a year ago. Return on average tangible stockholders' equity was 11.91% against 14.64% a year ago. Core return on average tangible stockholders' equity (non-GAAP) was 14.93% against 13.80% a year ago. Book value per share was USD 18.14 as on December 31, 2017 against USD 17.75 as on December 31, 2016. Tangible book value (non-GAAP) per share was USD 11.01 as on December 31, 2017 against USD 10.61 as on December 31, 2016. Core net income was USD 230,366,000 or USD 1.65 per basic and diluted share against USD 217,111,000 or USD 1.56 per basic and diluted share a year ago. Net interest income was USD 528,804,000 against USD 491,672,000 a year ago. Net interest income after provision for loan and lease losses was USD 510,304,000 against USD 483,072,000 a year ago.

Net charge offs for the quarter ended December 31, 2017 were USD 5.2 million, or 0.17% of average loans and leases on an annualized basis, compared to USD 4.1 million, or 0.13% of average loans and leases on an annualized basis for the quarter ended September 30, 2017 and USD 3.4 million, or 0.12% of average loans and leases on an annualized basis for the quarter ended December 31, 2016.