Increases dividend by 9.1 percent
HONOLULU, Hawaii—First Hawaiian, Inc. has reported financial results for its fourth quarter and full year ended Dec. 31, 2017.
Net income for the quarter ended Dec. 31, 2017, and the full year 2017 was $11.7 million, or $0.08 per diluted share, and $183.7 million, or $1.32 per diluted share, respectively.
Core net income for the quarter ended Dec. 31, 2017, and the full year 2017, which primarily excludes the impact of a one-time charge to provision for income taxes of $47.6 million due to the revaluation of certain tax-related assets at the projected lower corporate tax rate resulting from the Tax Cuts and Jobs Act, was $59.2 million, or $0.42 per diluted share, and $230.4 million, or $1.65 per diluted share, respectively.
The board of directors increased the quarterly dividend by 9.1 percent to $0.24 per share.
“2017 was another successful year for First Hawaiian, and we were able to cap it off with a strong fourth quarter,” said Bob Harrison, chairman and chief executive officer. “We were also pleased to see the benefits from key strategic initiatives. In residential lending, we are starting to see initial results from the shift in our mortgage lending model, and our commitment to small business lending was recognized by the Small Business Administration, as we were named Hawaii’s 2017 SBA Lender of the Year – Category 1 and 2017 SBA 504 Lender of the Year.”
On Jan. 24, 2018, the company’s board of directors declared a quarterly cash dividend of $0.24 per share, an increase of $0.02 per share from the dividend paid in December 2017. The dividend will be payable on March 9, 2018, to shareholders of record at the close of business on Feb. 26, 2018. (FHB)