First Hawaiian Prepares for IPO

July 11, 2016 by 247chrislange

First Hawaiian has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list its common stock on the Nasdaq Global Select Market under the symbol FHB.

The underwriters for the offering are Goldman Sachs, Merrill Lynch, BNP Paribas, Barclays, Credit Suisse, Deutsche Bank, JPMorgan, Citigroup, Morgan Stanley, UBS Investment Bank, BBVA, Commerzbank, HSBC, ING, Banco Santander, Wells Fargo and Keefe Bruyette & Woods.

This bank holding company is incorporated in the state of Delaware and headquartered in Honolulu, Hawaii. The wholly owned bank subsidiary, First Hawaiian Bank, was founded in 1858 under the name Bishop & Company and was the first successful banking partnership in the Kingdom of Hawaii and the second oldest bank formed west of the Mississippi River.

Currently, First Hawaiian Bank is the largest full service bank headquartered in Hawaii as measured by assets, loans, deposits and net income. At the end of March, the bank had $19.1 billion of assets, $11.0 billion of gross loans, $16.1 billion of deposits and $2.5 billion of stockholder’s equity, and it generated $65.5 million of net income for the first three months of 2016 and $213.8 million of net income for the year ended in December 2015. At the same time, the company generated $51.1 million of core net income for the three months ended in March and $196.3 million of core net income for the year ended in December 2015.

Through First Hawaiian Bank, the company operates a network of 62 branches in Hawaii (57 branches), Guam (three branches) and Saipan (two branches).

The company will not receive any of the proceeds from the offering. All the shares in this offering are being sold by the BNPP selling stockholder.