The parent company of First Hawaiian Bank said Friday that its board of directors has approved a $50 million increase in its stock repurchase program to up to $150 million of its outstanding shares this year.

First Hawaiian Inc. had completed about $40 million of stock buybacks through June 30, leaving a remaining authorization of $110 million for this year.

The company also 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 those sales to reduce its balance of public time deposits and to fund the additional $50 million of stock repurchases. The company said those actions will be neutral to earnings while maintaining capital ratios near current levels.

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ON THE MOVE

>> Bank of Hawaii has promoted Melissa Torres-Laing to senior vice president and corporate communications manager from vice president and corporate communications team leader. She started as a corporate communications administrator for Bank of Hawaii in 2013, then was promoted to assistant vice president that same year and vice president and team leader in 2015. Prior to working for Bank of Hawaii, Torres-Laing served as a communications director for Girl Scouts of Hawaii, communications officer for Punahou School and web content coordinator at Hawaii Medical Service Association.

>> Kenn Nishihira, District 49 Hawaii Toastmasters immediate past district director, awarded Greg Ching the 2019 Lifetime Achievement Award at the District Officer Installation and Awards Banquet held last month in Honolulu. In 1974 Ching first joined Toastmasters at the urging of his employer, Bank of Hawaii, who sponsored the club in order to encourage management trainees to sharpen their communication skills. Ching, also known as “King Ching” or “Mr. Popularity,” has served in many district and club officer roles in Toastmasters — a nonprofit educational organization worldwide that helps members to improve their public-speaking and leadership skills — over the course of 45 years, including club president as well as district governor (now known as district director) during 2001-2002.