Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | FIRST HAWAIIAN, INC. |
Entity Central Index Key | 0000036377 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance Disclosure In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our CEO and Non-CEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. More information on the Company’s compensation program and decisions for the 2022 performance year can be found in the “ Compensation Discussion and Analysis” included in this Proxy Statement. Summary (1) ($) Compensation (1)(2) ($) Average (1) ($) Average (1)(2) ($) Value of Initial (3) Net Income (4) Core Return on (5) Year TSR Peer (a) (b) (c) (d) (e) (f) (g) (h) (i) 2022 4,551,135 5,768,293 1,272,234 1,029,347 102.79 116.10 266 20.2 2021 4,427,813 4,769,225 1,354,207 1,430,129 103.73 124.74 266 16.3 2020 5,651,505 2,819,314 1,181,879 922,849 86.21 91.29 186 11.1 (1) Robert S. Harrison was our CEO for each year presented. The individuals comprising the Non-CEO NEOs for each year presented are listed below. 2020 2021 2022 Alan H. Arizumi Alan H. Arizumi Alan H. Arizumi Ravi Mallela Ravi Mallela Christopher L. Dods Ralph M. Mesick Ralph M. Mesick Ravi Mallela Lance A. Mizumoto Lance A. Mizumoto Ralph M. Mesick Mitchell E. Nishimoto Lance A. Mizumoto (2) Compensation Actually Paid reflects the Summary Compensation Table Total with certain exclusions and inclusions of certain amounts for the CEO and the Non-CEO NEOs in accordance with Item 402(v) of Regulation S-K as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column reflect the aggregate grant date fair value of all equity awards reported in the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year. Year Summary Exclusion of Exclusion of Inclusion of Inclusion of Compensation 2022 4,551,135 — (1,999,986 ) — 3,217,144 5,768,293 2021 4,427,813 — (1,999,976 ) — 2,341,388 4,769,225 2020 5,651,505 (1,874,412 ) (1,999,984 ) — 1,042,205 2,819,314 Year Average Average Average Average Average Average 2022 1,272,234 — (349,988 ) — 107,101 1,029,347 2021 1,354,207 — (391,985 ) — 467,907 1,430,129 2020 1,181,879 — (442,488 ) — 183,458 922,849 The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables: Year Year-End Fair Value Change in Fair Change in Fair Fair Value at Last Total – Inclusion of 2022 2,316,288 737,481 163,375 — 3,217,144 2021 1,846,760 360,544 134,084 — 2,341,388 2020 1,947,850 (627,344 ) (278,301 ) — 1,042,205 Year Average Year-End Average Change in Average Change in Average Fair Value Total – Average 2022 405,340 103,608 16,590 (418,437 ) 107,101 2021 389,490 66,030 41,829 (29,442 ) 467,907 2020 430,942 (177,191 ) (70,293 ) — 183,458 (3) The Peer Group TSR set forth in this table utilizes the KBW Regional Banking Index (“KRX”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the KRX, respectively. Historical stock performance is not necessarily indicative of future stock performance. (4) The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. Result is rounded to the nearest million dollars. (5) We determined Core Return on Average Tangible Stockholders’ Equity to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our CEO and Non-CEO NEOs in 2022, as required pursuant to Item 402(v) of Regulation S-K. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. Core Return on Average Tangible Stockholders’ Equity is a non-GAAP financial measure. We compute our Core Return on Average Tangible Stockholders’ Equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total common equity. Please see Annex A for further explanation and a reconciliation. EXECUTIVE COMPENSATION | ||
Company Selected Measure Name | Core Return on Average Tangible Stockholders’ Equity | ||
Named Executive Officers, Footnote [Text Block] | (1) Robert S. Harrison was our CEO for each year presented. The individuals comprising the Non-CEO NEOs for each year presented are listed below. 2020 2021 2022 Alan H. Arizumi Alan H. Arizumi Alan H. Arizumi Ravi Mallela Ravi Mallela Christopher L. Dods Ralph M. Mesick Ralph M. Mesick Ravi Mallela Lance A. Mizumoto Lance A. Mizumoto Ralph M. Mesick Mitchell E. Nishimoto Lance A. Mizumoto | ||
Peer Group Issuers, Footnote [Text Block] | (3) The Peer Group TSR set forth in this table utilizes the KBW Regional Banking Index (“KRX”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the KRX, respectively. Historical stock performance is not necessarily indicative of future stock performance. | ||
PEO Total Compensation Amount | $ 4,551,135 | $ 4,427,813 | $ 5,651,505 |
PEO Actually Paid Compensation Amount | $ 5,768,293 | 4,769,225 | 2,819,314 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) Compensation Actually Paid reflects the Summary Compensation Table Total with certain exclusions and inclusions of certain amounts for the CEO and the Non-CEO NEOs in accordance with Item 402(v) of Regulation S-K as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column reflect the aggregate grant date fair value of all equity awards reported in the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year. Year Summary Exclusion of Exclusion of Inclusion of Inclusion of Compensation 2022 4,551,135 — (1,999,986 ) — 3,217,144 5,768,293 2021 4,427,813 — (1,999,976 ) — 2,341,388 4,769,225 2020 5,651,505 (1,874,412 ) (1,999,984 ) — 1,042,205 2,819,314 Year Average Average Average Average Average Average 2022 1,272,234 — (349,988 ) — 107,101 1,029,347 2021 1,354,207 — (391,985 ) — 467,907 1,430,129 2020 1,181,879 — (442,488 ) — 183,458 922,849 The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables: Year Year-End Fair Value Change in Fair Change in Fair Fair Value at Last Total – Inclusion of 2022 2,316,288 737,481 163,375 — 3,217,144 2021 1,846,760 360,544 134,084 — 2,341,388 2020 1,947,850 (627,344 ) (278,301 ) — 1,042,205 Year Average Year-End Average Change in Average Change in Average Fair Value Total – Average 2022 405,340 103,608 16,590 (418,437 ) 107,101 2021 389,490 66,030 41,829 (29,442 ) 467,907 2020 430,942 (177,191 ) (70,293 ) — 183,458 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,272,234 | 1,354,207 | 1,181,879 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,029,347 | 1,430,129 | 922,849 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) Compensation Actually Paid reflects the Summary Compensation Table Total with certain exclusions and inclusions of certain amounts for the CEO and the Non-CEO NEOs in accordance with Item 402(v) of Regulation S-K as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column reflect the aggregate grant date fair value of all equity awards reported in the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year. Year Summary Exclusion of Exclusion of Inclusion of Inclusion of Compensation 2022 4,551,135 — (1,999,986 ) — 3,217,144 5,768,293 2021 4,427,813 — (1,999,976 ) — 2,341,388 4,769,225 2020 5,651,505 (1,874,412 ) (1,999,984 ) — 1,042,205 2,819,314 Year Average Average Average Average Average Average 2022 1,272,234 — (349,988 ) — 107,101 1,029,347 2021 1,354,207 — (391,985 ) — 467,907 1,430,129 2020 1,181,879 — (442,488 ) — 183,458 922,849 The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables: Year Year-End Fair Value Change in Fair Change in Fair Fair Value at Last Total – Inclusion of 2022 2,316,288 737,481 163,375 — 3,217,144 2021 1,846,760 360,544 134,084 — 2,341,388 2020 1,947,850 (627,344 ) (278,301 ) — 1,042,205 Year Average Year-End Average Change in Average Change in Average Fair Value Total – Average 2022 405,340 103,608 16,590 (418,437 ) 107,101 2021 389,490 66,030 41,829 (29,442 ) 467,907 2020 430,942 (177,191 ) (70,293 ) — 183,458 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”) The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Net Income [Text Block] | Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Net Income The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our net income during the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Core Return on Average Tangible Stockholders’ Equity The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our Core Return on Average Tangible Stockholders’ Equity during the three most recently completed fiscal years. Core Return on Average Tangible Stockholders’ Equity is a non-GAAP financial measure. Please see Annex A for further explanation and a reconciliation. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Description of Relationship Between Company TSR and Peer Group TSR The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the KBW Regional Banking Index over the same period. | ||
Tabular List [Table Text Block] | Tabular List of Most Important Financial Performance Measures The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our CEO and other NEOs for 2022 to Company performance. The measures in this table are not ranked. Core Return on Average Tangible Stockholders’ Equity R eturn on A verage T angible A ssets N et I ncome R atio S hareholder R eturn | ||
Total Shareholder Return Amount | $ 102.79 | 103.73 | 86.21 |
Peer Group Total Shareholder Return Amount | 116.1 | 124.74 | 91.29 |
Net Income (Loss) | $ 266,000,000 | $ 266,000,000 | $ 186,000,000 |
Company Selected Measure Amount | 20.2 | 16.3 | 11.1 |
PEO Name | Robert S. Harrison | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core Return on Average Tangible Stockholders’ Equity | ||
Non-GAAP Measure Description [Text Block] | We determined Core Return on Average Tangible Stockholders’ Equity to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our CEO and Non-CEO NEOs in 2022, as required pursuant to Item 402(v) of Regulation S-K. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. Core Return on Average Tangible Stockholders’ Equity is a non-GAAP financial measure. We compute our Core Return on Average Tangible Stockholders’ Equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total common equity. Please see Annex A for further explanation and a reconciliation. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core Return on Average Tangible Assets | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core Net Income | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Efficiency Ratio | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Shareholder Return | ||
PEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 1,999,986 | $ 1,999,976 | $ 1,999,984 |
PEO [Member] | Equity Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,217,144 | 2,341,388 | 1,042,205 |
PEO [Member] | Change in Pension Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,874,412 | ||
PEO [Member] | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,316,288 | 1,846,760 | 1,947,850 |
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 737,481 | 360,544 | (627,344) |
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 163,375 | 134,084 | (278,301) |
PEO [Member] | Total – Inclusion of Equity Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,217,144 | 2,341,388 | 1,042,205 |
Non-PEO NEO [Member] | Average Exclusion of Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 349,988 | 391,985 | 442,488 |
Non-PEO NEO [Member] | Average Inclusion of Equity Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 107,101 | 467,907 | 183,458 |
Non-PEO NEO [Member] | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 405,340 | 389,490 | 430,942 |
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 103,608 | 66,030 | (177,191) |
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 16,590 | 41,829 | (70,293) |
Non-PEO NEO [Member] | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (418,437) | (29,442) | |
Non-PEO NEO [Member] | Total – Average Inclusion of Equity Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 107,101 | $ 467,907 | $ 183,458 |