Business Context and Reporting Period
This Form 8-K Current Report was filed by First Hawaiian, Inc. on December 14, 2022. The filing primarily addresses Item 5.02 regarding the appointment of a new Chief Financial Officer and the associated compensatory arrangements.
Key Financial Metrics
The filing does not report operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data provided relates to the executive compensation package for the newly appointed CFO:
- Base Salary: $475,000 annually.
- Target Annual Bonus: 75% of base salary ($356,250) for 2023.
- Long-Term Incentive Award: $670,000 (performance share units and restricted stock units) for the 2023-2025 period.
- Sign-on Cash Award: $700,000 total ($500,000 immediate cash; $200,000 in restricted stock units).
- Relocation Allowance: $100,000 (grossed up).
- Automobile Allowance: $7,200 annually.
Material Changes
The material change reported is a leadership transition in the finance function:
- Appointment: James M. Moses was appointed Vice Chairman and Chief Financial Officer, effective January 3, 2023.
- Departure/Role Change: Ralph M. Mesick will cease serving as Interim Chief Financial Officer but will continue as Vice Chairman and Chief Risk Officer.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, risk factors, or management commentary regarding the company's business outlook. The document focuses exclusively on the terms of employment for Mr. Moses, noting his prior experience as CFO at FirstBank and Berkshire Hills Bancorp.
Investor Verification Checklist
- Verify the effective start date of James M. Moses as CFO (January 3, 2023).
- Confirm the vesting schedule for the $200,000 restricted stock unit portion of the sign-on award (50% at one year, 50% at two years).
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Note that this filing does not contain updated financial performance data; refer to the most recent 10-Q or 10-K for operational metrics.