First Hawaiian : FHB Investor Presentation, November / December 2020

Investor

Presentation

November / December 2020

DISCLAIMER

Forward-Looking Statements

This presentation contains, and from time-to-time in connection with this presentation our management may make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements reflect our views at such time 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 these 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, and any such forward-looking statements are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause our actual results to differ materially from those described in the forward-looking

statements can be found in our 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, June 30, 2020, and September 30, 2020 which are available on our website (www.fhb.com) and the SEC's website (www.sec.gov). Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Use of Non-GAAP Financial Measures

The information provided herein includes certain non-GAAP financial measures. We believe that these core measures provide useful

information about our operating results and enhance the overall understanding of our past performance and future performance.

Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The reconciliation of such measures to the comparable GAAP figures are included in the appendix of this presentation.

Other

References to "we," "us," "our," "FHI," "FHB," "Company," and "First Hawaiian" refer to First Hawaiian, Inc. and its consolidated

subsidiaries.	1

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.

2

ASSET QUALITY IMPROVED

FROM Q2

($ mm)	Provision and NCO
60
50
40
30
20
10
0

Mar-20	Jun-20	Sep-20
		Provision			Net Charge Off

($ mm) Commercial Criticized Assets

1,000

800

600

400

200

0

Mar-20	Jun-20	Sep-20
		Special Mention		Classified

($ mm)	NPA and 90 Past Due
60
50
40
30
20
10
0
Mar-20	Jun-20	Sep-20
	• 90 past due comprised of accruing loans

($ mm)	30-89 Past Due
100
80
60
40
20
0
Mar-20	Jun-20	Sep-20

• 30-89 past due comprised of accruing and non-accruing loans

3