Business Context and Reporting Period
Company: FIRST HAWAIIAN, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: February 17, 2017
Event: Completion of an over-allotment option exercise in connection with a previously announced underwritten public offering.
Key Financial Metrics
This filing does not contain standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a specific equity transaction.
- Shares Sold: 3,750,000 shares of Common Stock.
- Price Per Share: $32.00.
- Total Proceeds: $120,000,000 (calculated from 3,750,000 shares x $32.00).
- Proceeds to Company: $0. The Company did not receive any proceeds from this sale.
Material Changes
The material change reported is the completion of the sale of 3,750,000 shares by BancWest Corporation (the "Selling Stockholder"), a subsidiary of BNP Paribas. This transaction represents the full exercise of the underwriters' over-allotment option granted in connection with the initial offering of 25,000,000 shares. The filing text does not provide comparative data against a prior period for this specific transaction type.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the closing of the over-allotment option pursuant to the registration statement on Form S-1 (File No. 333-215676), which became effective on January 31, 2017.
Risks and Contingencies: The filing does not disclose new risks or contingencies. It notes that the information is furnished pursuant to Item 7.01 (Regulation FD Disclosure) and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Important Facts for Investors to Verify
- Verify that the Company received no proceeds from this specific 3,750,000 share sale, as the shares were sold by the Selling Stockholder (BancWest Corporation).
- Confirm the total number of shares sold in the entire offering (initial 25,000,000 plus the 3,750,000 over-allotment shares).
- Review the press release (Exhibit 99.1) referenced in the filing for additional details on the transaction closing.