First Hawaiian CEO saw pay rise 82% in IPO year

First Hawaiian Bank Chairman and CEO Bob Harrison’s total compensation in 2016 jumped 82 percent to $4.3 million as the company became publicly traded for the first time in 15 years.

More than a third of Harrison’s pay package came from $1.6 million in stock awards, according to a filing that parent company First Hawaiian Inc. made Wednesday with the Securities and Exchange Commission. First Hawaiian had its initial public offering in August.

Harrison, 56, also received base pay of $875,000, a so-called role-based allowance of $190,000, a bonus of $893,000, non-equity incentive plan compensation (an annual cash payment tied to meeting certain corporate goals) of $648,200 and “all other compensation” of $110,074, which includes company-provided parking, automobile allowance, club dues and fees, spousal travel expenses and non-cash gifts provided to First Hawaiian directors.

In 2015, Harrison’s pay package was worth $2.4 million.

The $4.3 million in total compensation last year ranked Harrison second among Hawaii CEOs at publicly traded companies, behind Bank of Hawaii Corp.’s Peter Ho, 51, who received $5 million. Matson Inc. CEO Matt Cox, 55, was just behind Harrison at $4.1 million. Some Hawaii companies have not reported their executive compensation yet for 2016 so the order of the rankings still could change.

First Hawaiian President and Chief Operating Officer Eric Yeaman, 49, received a pay package worth $3.2 million, including $1.3 million in stock awards and a bonus of $979,682. His salary was $743,125. Yeaman joined First Hawaiian, the state’s largest bank, in June 2015 after previously serving as president and CEO of Hawaiian Telcom.

Two other top executives at First Hawaiian also exceeded $2 million in compensation. Robert Fujioka, 65, vice chairman and chief lending officer, received $2.1 million, including $616,429 in stock awards. And Albert Yamada, the former vice chairman, chief financial officer and chief administrative officer who retired on Dec. 1, received $2.5 million, including $987,241 in stock awards.

The SEC requires companies to list the compensation of their CEO, chief financial officer and other highly compensated employees serving as executive officers at year-end. Companies typically release the information in March or April ahead of their annual shareholders’ meetings.

Hawaiian Airlines CEO Mark Dunkerley and Hawaiian Electric Industries CEO Connie Lau were the only other chief executives to exceed total compensation in 2015 of more than $2 million, but their companies have not released executive compensation information yet for 2016. Dunkerley and Lau received $3.3 million and $2.7 million, respectively, in 2015.

First Hawaiian’s stock closed down 25 cents at $29.38 Wednesday after the regulatory filing was released. First Hawaiian’s shares, which were priced at $23 for the IPO, rose 51.4 percent last year. The increase was partly fueled by a post-Donald Trump presidential election victory that drove bank stocks higher. This year, though, First Hawaiian’s shares are down 15.6 percent.