EXHIBIT 99.1

For Immediate Release

First Hawaiian, Inc. Reports Third Quarter 2017 Financial Results and Declares Dividend

HONOLULU, Hawaii October 26, 2017 -- (Globe Newswire) -- First Hawaiian, Inc. (NASDAQ:FHB), (the “Company”) today reported financial results for the quarter ended September 30, 2017.

Highlights

Net income for the quarter ended September 30, 2017 was $58.4 million, or $0.42 per diluted share, and core net income1 was $57.0 million, or $0.41 per diluted share

Board of Directors declared a dividend of $0.22 per share

 “I’m pleased that we were able to celebrate the one year anniversary of our initial public offering with a solid third quarter,” said Bob Harrison, Chairman and Chief Executive Officer. “Our overall financial performance was strong, asset quality remained excellent, and the local economy continues to do well.”

On October 20, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share. The dividend will be payable on December 8, 2017 to stockholders of record at the close of business on November 27, 2017.

Earnings Highlights

Net income for the quarter ended September 30, 2017 was $58.4 million, or $0.42 per diluted share, compared to $56.9 million, or $0.41 per diluted share, for the quarter ended June 30, 2017 and $53.2 million, or $0.38 per diluted share, for the quarter ended September 30, 2016. Core net income for the quarter ended September 30, 2017 was $57.0 million, or $0.41 per diluted share, compared to $57.2 million, or $0.41 per diluted share, for the quarter ended June 30, 2017, and $55.2 million, or $0.40 per diluted share, for the quarter ended September 30, 2016.

Net interest income for the quarter ended September 30, 2017 was $133.3 million, an increase of $2.0 million compared to $131.3 million for the quarter ended June 30, 2017 and an increase of $10.6 million compared to $122.7 million for the quarter ended September 30, 2016. The increase in net interest income compared to the second quarter of 2017 was primarily due to higher average balances and yields on loans and interest-bearing deposits in other banks, partially offset by higher average balances and rates on deposits as well as lower average balances and yields on investment securities.  The increase compared to the third quarter of 2016 was due to higher average balances and yields on loans and investment securities, partially offset by higher average deposit balances and rates.

Net interest margin was 2.96%, 3.02% and 2.87% for the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, respectively. Net interest margin decreased during the third quarter of 2017 by six basis points, primarily due to higher costs related to public time deposits and lower yields on investment securities, partially offset by higher yields on loans and interest-bearing deposits in other banks. The nine basis point increase compared to the third quarter of 2016 was due to higher yields on earnings assets, partially offset by higher deposit costs.

Results for the quarter ended September 30, 2017 included a provision for credit losses of $4.5 million compared to $4.4 million in the quarter ended June 30, 2017 and $2.1 million in the quarter ended September 30, 2016.

Noninterest income was $48.5 million in the quarter ended September 30, 2017, a decrease of $0.4 million compared to noninterest income of $48.9 million in the quarter ended June 30, 2017 and a decrease of $0.2 million compared to noninterest income of $48.7 million in the quarter ended September 30, 2016. The decrease in noninterest income compared to the second quarter of 2017 was primarily due to $1.4 million lower other income and $0.3 million lower service charges on deposit accounts, largely offset by increases across the remaining noninterest income items. Other income in the third quarter of 2017 included $0.4 million lower swap fee income compared to the prior quarter and a $2.7 million gain from the sale of a bank property. Other income in the second quarter of 2017 included $2.4 million from partner credit card incentives and recoveries.

1Core net income is a non-GAAP measure. For more information on this measure, including a reconciliation to the most directly comparable GAAP measure, see “Use of Non-GAAP Financial Measures” and Tables 13 and 14 at the end of this document.

Noninterest expense was $83.7 million for the quarter ended September 30, 2017, a decrease of $1.5 million from $85.2 million in the quarter ended June 30, 2017 and an increase of $0.9 million from $82.8 million in the quarter ended September 30, 2016. The decrease in noninterest expense compared to the second quarter of 2017 was primarily due to $1.7 million lower salaries and employee benefits and $1.6 million lower contracted services and professional fees, partially offset by $0.8 million higher occupancy expense and $0.8 million higher advertising and marketing expense. The decrease in salaries and benefits was primarily due to equity compensation forfeitures due to retirements and a change in the estimate of our compensation liabilities. Contracted services and professional fees in the second quarter of 2017 were elevated due to system upgrades and product enhancements. The increase in noninterest expense compared to the third quarter of 2016 was primarily due to a $1.0 million increase in occupancy costs, a $0.4 million increase in contracted services and professional fees, a  $0.2 million increase in advertising and marketing expenses and a $0.2 million increase in cards rewards expenses, partially offset by $0.5 million lower salaries and employee benefits expenses and $0.5 million lower of other expenses.

The efficiency ratio was 46.0%, 47.3% and 48.3% for the quarters ended September 30, 2017, June 30, 2017 and September 30, 2016, respectively.

The effective tax rate for the third quarter of 2017 was 37.7% compared with 37.1% in the previous quarter and 38.4% percent in the same quarter last year. The increase in the effective tax rate in the third quarter of 2017 compared to the prior quarter was primarily due to a $0.75 million release of tax reserves during the prior quarter.  The higher effective tax rate in the third quarter of 2016 was due to non-deductible offering expenses incurred during the quarter.

Balance Sheet Highlights

Total assets were $20.6 billion at September 30, 2017, compared to $20.4 billion at June 30, 2017 and $19.9 billion at September 30, 2016.

The investment securities portfolio was $5.3 billion at September 30, 2017, compared to $5.1 billion at June 30, 2017 and $5.4 billion at September 30, 2016. The portfolio remains largely comprised of securities issued by U.S. government agencies.

Total loans and leases were $12.1 billion at September 30, 2017, an increase of $87.3 million, or 0.7%, from $12.1 billion at June 30, 2017 and up $753.2 million, or 6.6%, from $11.4 billion at September 30, 2016. The growth in loans and leases compared to June 30, 2017 and September 30, 2016 was due to growth in commercial real estate, residential real estate, construction and consumer loans, partially offset by declines in commercial loans and leases.

Total deposits were $17.6 billion at September 30, 2017, an increase of $143.2 million, or 0.8%, compared with $17.5 billion at June 30, 2017 and an increase of $630.0 million, or 3.7%, compared to $17.0 billion at September 30, 2016.

Asset Quality

The Company's asset quality remained solid during the third quarter of 2017. Total non-performing assets were $8.4 million, or 0.07% of total loans and leases and other real estate owned, at September 30, 2017, an increase of $0.3 million from non-performing assets of $8.1 million, or 0.07% of total loans and leases and other real estate owned, at June 30, 2017 and a decrease of $1.8 million from non-performing assets of $10.2 million, or 0.09% of total loans and leases and other real estate owned, at September 30, 2016.

Net charge offs for the quarter ended September 30, 2017 were $4.1 million, or 0.13% of average loans and leases on an annualized basis, compared to $3.4 million, or 0.11% of average loans and leases on an annualized basis for the quarter ended June 30, 2017 and $3.4 million, or 0.12% of average loans and leases on an annualized basis for the quarter ended September 30, 2016.

The ratio of allowance for loan and lease losses to total loans and leases was 1.13% at both September 30, 2017 and June 30, 2017 and 1.18% at September 30, 2016.

Capital

Total stockholders' equity was $2.6 billion at both September 30, 2017 and June 30, 2017 and $2.5 billion at September 30, 2016.

The tier 1 leverage, common equity tier 1, and total capital ratios were 8.66%, 12.71% and 13.77%, respectively, at September 30, 2017, compared with 8.70%, 12.73% and 13.81% at June 30, 2017 and 8.41%, 12.48% and 13.59% at September 30, 2016.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii.  Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services.  Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 5:00 p.m. Eastern Time, 11:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 96616877. A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available approximately two hours after the conclusion of the call until 7:30 p.m. (Eastern Time) on November 5, 2017. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 96616877.  

Forward-Looking Statements

This press release 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. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. For a discussion of the 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, 2016.

Use of Non-GAAP Financial Measures

We present net interest income, noninterest income, noninterest expense, net income, earnings per share and the related ratios described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. 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.  Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets.  We compute our core return on average total assets as the ratio of core net income to average total assets.  We compute our core return on average total stockholders’ equity as the ratio of core net income to average stockholders’ equity.

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. 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.

Tables 13 and 14 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most closely related GAAP measures.