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First Hawaiian raises stock repurchase plan to $150M

First Hawaiian Inc., the parent company of First Hawaiian Bank, increased its stock repurchase program by $50 million to up to $150 million of its outstanding common stock for 2019.

The company had completed about $40 million of stock repurchases through June 30, leaving a remaining authorization of $110 million for the year.

First Hawaiian recently sold about $400 million in shared national credits at a weighted average price of 99.7% and an estimated loss of $1.2 million.

The company will use the proceeds from these sales to cut its public time deposits and to fund the additional $50 million of stock repurchases. It expects these moves to be neutral to earnings per share while maintaining capital ratios near current levels.

Repurchases of shares of the company's common stock may be done in the open market or through privately negotiated transactions.