First Hawaiian : 3Q 2020 Earnings Call Presentation

3rd QUARTER

2020 EARNINGS CALL

October 23, 2020

FORWARD-LOOKING STATEMENTS

This presentation 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, management's 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 quarters ended March 31, 2020 and June 30, 2020.

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UPDATES

Hawaii

• Increases in positive COVID cases in July and August led to a second stay at home order on Oahu in early September
• Oahu began reopening in late September under a four tier framework with quantitative criteria for loosening and tightening restrictions
• State of Hawaii pre-travel testing program began October 15
• Housing market remains strong: September median single family home resale price on Oahu was $880k
• September State of Hawaii unemployment rate: 15.1%

FHB

Operations

• Continuing to re-open most of our branches. Have decided to permanently close four.
• Maintaining split operations center
• Launched online mortgage origination portal in July. 40% of our applications came through the portal in Q3.
• Launched PPP loan forgiveness process
• • In conjunction with the SBA, hosted webinars to educate borrowers on loan forgiveness application process
  • Began submitting loan forgiveness applications

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Q3 2020 HIGHLIGHTS1

• Increases in net interest and noninterest income, expenses held flat

	Q3 2020	Q2 2020
Net Income ($mm)	$65.1	$20.0
Diluted EPS	$0.50	$0.15
Net Interest Margin	2.70%	2.58%
Efficiency Ratio	50.0%	52.7%
ROA / ROATA2	1.16% / 1.21%	0.36%	/ 0.38%
ROE / ROATCE2	9.58% / 15.16%	2.99%	/ 4.74%
Tier 1 Leverage Ratio	7.91%	7.75%
CET 1 Capital Ratio	12.22%	11.86%
Total Capital ratio	13.47%	13.11%
Dividend3	$0.26 / share	$0.26	/ share

• 12 bp increase in NIM
• Improved asset quality metrics

• 4.8% increase in net interest income
• 7.1% increase in noninterest income
• Noninterest expenses flat
• 6 bp decrease in cost of deposits
• Improved asset quality metrics
• $5.1 mm provision expense
• Strong liquidity: 169% modified US liquidity coverage ratio
• Well-capitalized:12.22% CET1 ratio
• Declared $0.26 / share dividend

(1) Comparisons to Q2 2020

(2) ROATA and ROATCE are non GAAP financial measures. A reconciliation of average tangible assets and average tangible stockholders' equity to the comparable GAAP measurements is provided in the appendix of this slide presentation.

(3) Declared on October 21, 2020. Payable December 4, 2020 to shareholders of record at close of business on November 23, 2020.

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