First Hawaiian Inc., the newly renamed subsidiary of French giant BNP Paribas, is seeking to raise up to $485 million in its initial public offering by selling 15 percent of the state’s largest bank.

The bank said in a regulatory filing Tuesday that it is offering about 21.1 million shares of stock in a price range of $21 to $23 apiece. First Hawaiian will pay an initial quarterly dividend of 20 cents a share.

BNP will retain all proceeds from the sale of the stock and about 85 percent ownership of the bank, according to the filing with the U.S. Securities and Exchange Commission. BNP is selling off part of the bank to generate more capital and satisfy a rising regulatory requirement.

First Hawaiian would have a market value of $3.2 billion based on 139.5 million outstanding shares if the stock is sold at the high end of the price range. Bank of Hawaii, the state’s second-largest bank, has a market value of $3 billion based on Tuesday’s stock price.

First Hawaiian will trade on the Nasdaq Global Select Market under the symbol FHB.

No date has been disclosed yet for the IPO, although people with knowledge of the matter said Friday that the offering would take place in the next couple of weeks.

The amount raised could increase to as much as $557.8 million if an additional 3.2 million shares are purchased by underwriters. If that happens, BNP would own 82.6 percent of First Hawaiian.

The bank also said Tuesday its second-quarter earnings were virtually flat from the year-earlier period. First Hawaiian had net income of $54.9 million, or 39 cents a share, up just 0.6 percent from $54.6 million, or 39 cents a share, in the year-earlier quarter. Through midyear, First Hawaiian’s net income was up 10.8 percent to $120.4 million from $108.7 million during the same time frame in 2015.

Assets rose about 2 percent to $19.1 billion from $18.7 billion in the year-ago period while loans rose about 9 percent to a record $11.2 billion from $10.3 billion and deposits increased about 6 percent to $16.1 billion from $15.2 billion.

The bank’s net interest income, the difference between what it pays on deposits and the interest it receives on loans, increased 1.3 percent to $120.4 million from $118.9 million in the year-earlier quarter while its net interest margin remained at 2.88 percent. Noninterest income, which includes service charges and fees, fell 11 percent to $46.4 million from the year-ago period. The decrease was due to $5.8 million in gains on the sale of securities recorded in the second quarter of 2015 compared with no securities sold in the most recent quarter.

First Hawaiian set aside $1.9 million for potential loan losses during the quarter compared with $2.3 million in the year-earlier period. Nonperforming assets, which are delinquent loans not accruing interest and foreclosed real estate, declined 30 percent to $13.3 million from the year-earlier quarter.

The bank also disclosed it made dividend payments in June and July totaling $57.9 million to parent company BNP and its subsidiaries.

The IPO of First Hawaiian will mark the first time the bank will be publicly traded in 15 years. BNP acquired 45 percent ownership of First Hawaiian in 1998 as part of a merger with San Francisco-based Bank of the West and then bought the balance in 2001.

The bank has 62 branches overall: 57 in Hawaii, three on Guam and two on Saipan.