First Hawaiian : Q4 2022 – Earnings Conference Call Presentation

4th QUARTER

2022 EARNINGS CALL

January 27, 2023

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, 2021, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022.

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Q4 2022 FINANCIAL HIGHLIGHTS1

	Q4 2022	Q3 2022
Net Income ($mm)	$79.6	$69.0
Diluted EPS	$0.62	$0.54
Net Interest Margin	3.15%	2.93%
Efficiency Ratio	51.5%	54.0%
ROA / ROATA2	1.28%	/ 1.34%	1.10%	/ 1.14%
ROE / ROATCE2	14.27%	/ 25.93%	12.08%	/ 21.53%
Tier 1 Leverage Ratio	8.11%	7.78%
CET1 Capital Ratio	11.82%	11.79%
Total Capital ratio	12.92%	12.92%
Dividend3	$0.26	/ share	$0.26	/ share

• Net income $79.6 mm
• Grew total loans and leases $391.6 mm
• Total deposits declined $402.7 mm, 52 bp cost of deposits
• Net interest margin expanded 22 bps
• Excellent credit quality. Recorded $3.0 mm provision expense
• Well capitalized: 11.82% CET1 ratio
• Declared $0.26 / share dividend

1. Comparisons to Q3 2022
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 January 25, 2023. Payable March 3, 2023 to shareholders of record at close of business on February 17, 2023.

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BALANCE SHEET HIGHLIGHTS

$ in thousands		12/31/22		9/30/22
Assets
Cash and Cash	$	526.6	$	948.9
Equivalents1
Investment		3,151.1		3,289.2
Securities - AFS
Investment		4,320.6		4,406.1
Securities - HTM
Loans and Leases		14,092.0		13,700.4
Total Assets		24,577.2		24,870.3
Liabilities
Deposits	$	21,689.0	$	22,091.7
Total Stockholders'		2,269.0		2,200.7
Equity

Comments

• Excess cash and investment portfolio runoff used to fund loan growth and deposit runoff in Q4
• Investment portfolio duration remained stable at 5.6 yrs at 12/31/22

1 Includes Cash and due from banks and Interest-bearing deposits in other banks

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LOANS AND LEASES GREW $392 MM, OR 2.9%, IN Q4

Total Loans and Leases

Q4 '22 vs Q3 '22 Net Changes

($ billions)

Leasing

Home Equity

Consumer

PPP

C&I

Residential

	13.7	14.1
	0.3
13.0	0.3
1.1
0.2	1.0
0.9	1.2	1.2
1.2
0.2	2.0	2.2
1.9
4.1	4.3	4.3

($ millions)

C&I (ex PPP)

Construction

Residential

Home Equity

CRE

Consumer

(-2.5%) (8)

(-31.5%) (8)

201 (+9.9%)

79 (+10.3%)

51 (+1.2%)

45 (+4.4%)

29 (+0.7%)

4 (+0.3%) Leases

PPP

CRE & Construction

4.5	4.9	5.0

Dec-21

Sep-22

Dec-22

Q4 Highlights

• Q4 C&I growth driven by $120 mm increase in dealer flooring and $38 mm in other dealer- related balances
• 12/31/22 dealer flooring balance: $456 mm

Note: Segments may not sum to total due to rounding

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