Form 4: First Hawaiian Director Files Delayed Form 4, Correcting 2019 Trust Share Omission

First Hawaiian, Inc. Director Craig Scott Wo filed a significantly delayed Form 4 to correct past omissions, disclosing his indirect beneficial ownership of 1,000 common shares through a family trust following a change in trustee status in 2019.

Summary

• Craig Scott Wo, a Director of First Hawaiian, Inc. (FHB), filed a Form 4 on June 30, 2025, to report changes in beneficial ownership.
• On September 13, 2019, Wo became a co-trustee of the Robert Ching Wo Trust 1985 upon the death of the grantor of the Trust.
• This change resulted in his indirect beneficial ownership of 1,000 shares of First Hawaiian, Inc. common stock, which were inadvertently omitted from all subsequent Form 4 filings by the reporting person after September 13, 2019.
• The filing corrects this omission, stating that the amounts of securities reported as beneficially owned in such previous Form 4s should be deemed adjusted accordingly.
• Wo also disclaims beneficial ownership of other listed securities (48,195, 25,000, 500, and 500 shares) except to the extent of his pecuniary interest in such securities.

Sentiment

Score: 3

Explanation: While the filing improves transparency by correcting past omissions, the significant delay in reporting (over five years) and the admission of inadvertent omissions from multiple past filings indicate poor compliance and potential regulatory issues, leading to a low score.

Positives

• Increased transparency through the correction of previously omitted beneficial ownership information, aligning with regulatory requirements.
• The reporting person is a director, indicating a level of alignment with shareholder interests through indirect equity ownership.

Negatives

• A significant delay in reporting the beneficial ownership change, as the transaction occurred on September 13, 2019, but the Form 4 was filed on June 30, 2025, representing over a five-year delay.
• The admission that these securities were 'inadvertently omitted from all Form 4s filed by the reporting person after September 13, 2019' indicates a lapse in compliance or reporting procedures.

Risks

• Potential regulatory scrutiny or penalties from the SEC due to the significant delay in filing and the admission of past omissions of required information from previous Form 4s.
• Reputational risk for the director and First Hawaiian, Inc. due to non-compliance with timely SEC reporting requirements.

Future Outlook

No forward-looking statements or guidance are provided in this compliance filing.

Management Comments

• The reporting person disclaims beneficial ownership of these securities except to the extent of the reporting person's pecuniary interest in such securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

This filing is a standard insider transaction report (Form 4) and does not provide broader industry context or trends. It pertains specifically to a director's beneficial ownership in First Hawaiian, Inc., a regional bank, and highlights compliance with SEC reporting requirements.

Stakeholder Impact

• Shareholders: May view the reporting delay negatively due to compliance concerns, but the eventual correction improves the accuracy of public records.
• Regulatory Authorities: Likely to scrutinize the significant delay in filing and past omissions, potentially leading to inquiries or penalties.

Next Steps

• The company and the reporting person may need to review and strengthen their internal compliance procedures to prevent future reporting delays and omissions of insider transactions.
• Regulatory bodies, such as the SEC, may review the significant delay in filing for potential enforcement actions or require further explanations.

Key Dates

Keywords

First Hawaiian Inc, FHB, SEC Form 4, Beneficial Ownership, Director, Trust, Common Stock, Insider Trading, Compliance, Financial Reporting