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First Hawaiian , Inc. For Immediate Release First Hawaiian , Inc. Reports First Quarter 2021 Financial Results and Declares Dividend HONOLULU , Hawaii April 23 , 2021 -- ( Globe Newswire ) -- First Hawaiian , Inc. ( NASDAQ : FHB ) , ( " First Hawaiian ” or the " Company " ) today reported financial results for its quarter ended March 31 , 2021 . " We had a good first quarter as our teams continued supporting local businesses by originating $ 459 million of PPP loans . We also experienced strong deposit growth and maintained excellent credit quality , ” said Bob Harrison , Chairman , President and CEO . " We are optimistic about the local economy , as the state's vaccine rollout is well underway and we are seeing a steady increase in visitor arrivals , all positive signs for Hawaii's economy . " On April 21 , 2021 the Company's Board of Directors declared a quarterly cash dividend of $ 0.26 per share . The dividend will be payable on June 4 , 2021 to stockholders of record at the close of business on May 24 , 2021 . First Quarter 2021 Highlights : • • • Net income of $ 57.7 million , or $ 0.44 per diluted share Total loans and leases increased $ 21.2 million versus prior quarter Total deposits increased $ 906.0 million , or 4.7 % , versus prior quarter • Did not record a provision for credit losses • Board of Directors declared a quarterly dividend of $ 0.26 per share • Repurchased $ 9.5 million of stock under share repurchase program Balance Sheet Total assets were $ 23.5 billion as of March 31 , 2021 , compared to $ 22.7 billion as of December 31 , 2020 . Gross loans and leases were $ 13.3 billion as of March 31 , 2021 , unchanged from $ 13.3 billion as of December 31 , 2020 . Total deposits were $ 20.1 billion as of March 31 , 2021 , an increase of $ 906.0 million , or 4.7 % , from $ 19.2 billion as of December 31 , 2020 . Net Interest Income Net interest income for the first quarter of 2021 was $ 129.2 million , a decrease of $ 6.1 million , or 4.5 % , compared to $ 135.2 million for the prior quarter . The NIM was 2.55 % in the first quarter of 2021 , a decrease of 16 basis points compared to 2.71 % in the fourth quarter of 2020 . Provision Expense During the quarter ended March 31 , 2021 , the Bank did not record a provision for credit losses . In the quarter ended December 31 , 2020 , the total provision for credit losses was $ 20.0 million . Noninterest Income Noninterest income was $ 43.9 million in the first quarter of 2021 , a decrease of $ 9.7 million compared to noninterest income of $ 53.6 million in the fourth quarter of 2020 .