First Hawaiian : Q4 2021 – Earnings Conference Call Presentation

4th QUARTER

2021 EARNINGS CALL

January 21, 2022

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, 2020 and our Quarterly Report on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2021.

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STATE OF HAWAII UPDATE

	STATE OF HAWAII VACCINATION PROGRESS1		DAILY AVERAGE VISITOR ARRIVALS1
					(thousands)
				29.2
				24.3		20.6	23.7
				17.6	18.5	18.9
	PERCENT OF	3RD DOSES
	POPULATION	ADMINISTERED
	FULLY	442,143
	VACCINATED
	75.4%
				Jul-21Aug-21Sep-21	Oct-21Nov-21	Dec-21 MTD Jan
	Source: https://health.hawaii.gov/coronavirusdisease2019/current-situation-in-hawaii/as of 1/20/22			Source: https://hawaiicovid19.com/travel/data/
	(1) Totals include Jurisdiction (state), Federal Agency, and Federal Pharmacy doses
					(1) MTD through 1/19/22
	CONFIRMED COVID-19 + HOSPITAL PATIENTS			HIGHLIGHTS

• In spite of the significant increase in new cases, covid hospitalizations remain below September peak

• Only new restriction on Oahu is on events >1,000 people

• State unemployment rate continues to drop: Nov 2021 unemployment rate 6%

• Residential real estate market remains strong

Source: https://hiema-hub.hawaii.gov/pages/covid-dashboardas of 1/20/22

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Q4 2021 FINANCIAL HIGHLIGHTS1

				•	Net income $57.0 mm
				•	Grew loans $414 mm (ex PPP)
	Q4 2021	Q3 2021
Net Income ($mm)	$57.0	$64.3		•	Grew consumer and commercial deposits $675
					mm, reduced public deposits $978 mm
Diluted EPS	$0.44	$0.50
Net Interest Margin	2.38%	2.36%		•	Terminated $200 mm of FHLB advances w/ wtd
					avg rate of 2.73%. $9 mm prepay charge
Efficiency Ratio	60.5%	55.1%
				• Excellent credit quality. No provision expense
ROA / ROATA2	0.88% / 0.92%	1.02% / 1.06%
		taken
ROE / ROATCE2	8.46% / 13.47%	9.31% / 14.63%
• Well capitalized: 12.24% CET1 ratio
Tier 1 Leverage Ratio	7.24%	7.39%
CET 1 Capital Ratio	12.24%	12.63%
Total Capital ratio	13.49%	13.88%		• Declared $0.26 / share dividend
Dividend3	$0.26 / share	$0.26 / share
				•	Repurchased $21.5 mm of common stock
				•	Board approved $75 mm stock repurchase
					program for 2022

(1)	Comparisons to Q3 2021
(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
(3)	Declared on January 19, 2022. Payable March 4, 2022 to shareholders of record at close of business on February 18, 2022.

PROACTIVELY MANAGING THE

BALANCE SHEET

$ thousands		12/31/21	9/30/21
			Comments
Assets
				• Reduced excess liquidity
Int-bearing Deposits	$	1,011.8	$ 2,130.6
in Other Banks		o	Moved almost $1 bn in public deposits
Investment		8,428.0	7,953.7			off the balance sheet
Securities				Funded loan growth
				o
Loans and Leases		12,962.0	12,834.3
		o	Deployed into investment securities
Total Assets		24,992.4	25,548.3		• Prepaid $200 mm FHLB advances
					o Total interest savings of $12 million,
						includes $5.5 mm in 2022
Liabilities					o Reduces FDIC insurance expense
					o	Strengthens capital position
Deposits		21,816.1	22,120.0
Long-Term		---	200.0
Borrowings

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