First Hawaiian, Inc.

Good day and thank you for standing by. Welcome to the First Hawaiian, Inc. First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question and answer session. To ask a question during that session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I will now hand the conference over to Kevin Haseyama, Investor Relations Manager. Please go ahead.

Thank you, Carmen, and thank you, everyone, for joining us as we review our financial results for the fourth quarter of 2021. With me today are Bob Harrison, Chairman, President, and CEO, and Ralph Misik, Chief Risk Officer and Interim CFO. We have prepared a slide presentation that we will refer to in our remarks today. presentation is available for downloading and viewing on our website at FHB.com in the investor relations section. During today's call, we'll be making four looking statements, so please refer to slide one for our safe harbor statement. We may also discuss certain non-GAAP financial measures. The appendix to this presentation contains reconciliations of these non-GAAP financial measurements to the most directly comparable GAAP measurements. And now I'll turn the call over to Bob.

Thank you, Kevin. Good morning and appreciate you joining us today. We'll start with an update on the local situation on slide two. Similar to the rest of the country, we are seeing a surge in new COVID cases. Fortunately, with over 75% of our residents that are fully vaccinated and about a third of the population having received booster shots, hospitalization remains below the peak levels that we saw in September. The county mayors are closely watching their case counts and hospitalizations, and working with the governor to determine if additional policy changes are necessary. Speaking with friends in the hospitality industry, anecdotally, the holidays were good and January is relatively strong. However, they are definitely seeing weaker bookings in February. We're seeing continued improvement in the economy with unemployment down to 6% here in Hawaii most recently. And if you turn to slide three, you can see that we had a very productive fourth quarter and saw strong and broad-based growth in loans, excluding PPP. We also saw continued growth in consumer and commercial deposits. Earnings this quarter were impacted by some balance sheet actions we took to position us going into 2022, but our returns continued to be durable, capital levels strong, and credit quality remained excellent. Net income was $57 million, and our return on tangible equity was 13.47%. Diluted EPS was $0.44, and the board maintained the dividend at $0.26 per share. During the quarter, we repurchased $21.5 million of our common stock under our current repurchase program, and the board adopted a $75 million repurchase program for 2022. Now I'll turn it over to Ralph to go over the financials.