First Hawaiian Bank surpassed analysts’ fourth-­quarter forecasts, increased its dividend and said its majority stockholder plans to sell more shares.

The state’s largest bank, which has seen its stock rise nearly 45 percent since its $23-per-share initial public offering in August, reported Tuesday that net income jumped 12.6 percent as loans rose 7.4 percent to a record $11.52 billion.

The bank’s new holding company, First Hawaiian Inc., increased earnings to $56.6 million, or 41 cents a share, to beat analysts’ consensus estimate of 39 cents. In the year-earlier period, First Hawaiian earned $50.2 million, or 36 cents a share.

For the year, First Hawaiian had earnings of $230.2 million, or $1.65 a share, just missing its best year ever of $230.5 million in 2009. The earnings included the sale of $22.7 million in Visa Class B shares and $4.6 million of gains on the sale of other securities. The bank earned $213.8 million, or $1.53 a share, in 2015. That year included the sale of $4.6 million in Visa stock and $7.7 million of gains on the sale of other securities.

“We’re very happy with the performance of the fourth quarter and the entire year,” First Hawaiian Chairman and CEO Bob Harrison said in a phone interview. “We had very stable growth, maintained our diversified loan portfolio and saw steady growth across the spectrum of our loans.”

The bank had $600,000 in IPO-­related expenses during the quarter and $6.2 million for the year.

First Hawaiian, which announced its earnings before the market opened, saw its stock rise 62 cents, or 1.9 percent, to close at $33.30 on the Nasdaq Stock Market. First Hawaiian has the largest market capitalization of any local company at $4.65 billion.

Analyst Laurie Havener Hunsicker of Compass Point Research & Trading LLC reiterated her buy rating on the stock and raised the price target to $38 from $32. She also revised upward her 2018 earnings-per-share number to $2.23 from $1.96 to reflect estimated tax relief coming from the Trump administration.

“FHB is a top performing, whistle-clean, high-growth bank … and trades at a slight discount to its closest peer, Bank of Hawaii,” she wrote.

First Hawaiian raised its dividend by 2 cents, to 22 cents a share, payable March 10 to shareholders of record at the close of business Feb. 27. The company had announced its first dividend of 20 cents a share in October when it released its third-quarter results.

Separately, First Hawaiian said it will hold a secondary stock offering to enable Paris-based BNP Paribas, which previously owned 100 percent of First Hawaiian, to sell off an undetermined amount of its 82.6 percent remaining stake in the company. All the shares in the offering will be sold by BancWest Corp., a wholly owned subsidiary of BNP Paribas. BNP, which previously needed to sell off part of its First Hawaiian stake to generate more capital and satisfy regulatory requirements, raised $557.8 million through the IPO.

First Hawaiian said its loans grew across the board from the year-earlier period. Residential real estate loans increased by $264 million, commercial and industrial loans rose $182.1 million, commercial real estate loans gained $179 million, consumer loans increased $109.2 million and construction loans rose $82.6 million.

“We don’t have any change to our guidance, which is mid- to high-single-digit growth,” Harrison said. “The mix will always change a little bit on the margins (between types of loans), but we’re still comfortable with our outlook.”

The bank’s deposits rose 4.6 percent from the year-e­arlier quarter to $16.79 billion while assets increased 1.6 percent to $19.66 billion.

First Hawaiian’s net interest income, the difference between the interest First Hawaiian pays on deposits and the interest it receives on loans, rose 12.9 percent to $131.3 million from $116.2 million. Its net interest margin rose to 2.99 percent from 2.71 percent in the year-earlier period.