HONOLULU, Oct. 03, 2025 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its third quarter 2025 financial results on Friday, October 24, 2025 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time). To access the call by phone, participants will need to click on the following registration link: https://register-conf.media-server.com/register/BI72bbd4f6 ...

Core Viewpoint - First Hawaiian (FHB) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are crucial for predicting near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Company-Specific Insights - The upgrade for First Hawaiian reflects an improvement in its underlying business, which is expected to drive the stock price higher as investors respond positively to this trend [5]. - Over the past three months, the Zacks Consensus Estimate for First Hawaiian has increased by 4.2%, with expected earnings of $2.05 per share for the fiscal year ending December 2025, indicating no year-over-year change [8]. Zacks Rating System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a "Strong Buy" or "Buy" rating, suggesting superior earnings estimate revisions [9][10]. - The Zacks Rank 2 upgrade positions First Hawaiian among the top 20% of Zacks-covered stocks, indicating potential for market-beating returns in the near term [10].

Financial Performance - First Hawaiian (NASDAQ: FHB) has reported strong financial results, with a net interest margin expansion contributing to overall performance [1] - The company has achieved approximately 23% EPS growth since the last update post-Q1, driven by cost control, modest bad debt provisioning, and share buybacks [1] Investment Strategy - The investment approach emphasizes a long-term, buy-and-hold strategy, focusing on stocks that can sustainably deliver high-quality earnings [1]

Part I Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reports increased net income for Q2 and the first half of 2025, with stable total assets and a continued stock repurchase program Consolidated Statements of Income Highlights (Q2 2025 vs Q2 2024) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Interest Income | $163,583 thousand | $152,851 thousand | | Provision for Credit Losses | $4,500 thousand | $1,800 thousand | | Noninterest Income | $53,958 thousand | $51,768 thousand | | Noninterest Expense | $124,939 thousand | $122,086 thousand | | Net Income | $73,247 thousand | $61,921 thousand | | Diluted EPS | $0.58 | $0.48 | Consolidated Balance Sheet Highlights (As of June 30, 2025) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $23,837,147 thousand | $23,828,186 thousand | | Net Loans and Leases | $14,184,044 thousand | $14,247,865 thousand | | Total Deposits | $20,231,419 thousand | $20,322,216 thousand | | Total Stockholders' Equity | $2,694,545 thousand | $2,617,486 thousand | - For the six months ended June 30, 2025, net cash provided by operating activities was **$173.1 million**, while net cash used in financing activities was **$211.6 million**[23](index=23&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the investment portfolio's unrealized losses, the loan portfolio's composition, and the company's strong regulatory capital ratios Investment Securities Portfolio (June 30, 2025) | Security Type | Amortized Cost | Fair Value | | :--- | :--- | :--- | | Available-for-Sale | $2,097,906 thousand | $1,891,654 thousand | | Held-to-Maturity | $3,658,814 thousand | $3,230,698 thousand | - Unrealized losses on available-for-sale securities were **$208.2 million** as of June 30, 2025, primarily attributed to changes in interest rates and not credit quality[45](index=45&type=chunk)[46](index=46&type=chunk) Loan and Lease Portfolio Composition (June 30, 2025) | Loan Category | Amount (in thousands) | | :--- | :--- | | Commercial and industrial | $2,370,210 | | Commercial real estate | $4,411,585 | | Construction | $884,306 | | Residential | $5,247,703 | | Consumer | $1,011,125 | | Lease financing | $426,940 | | **Total** | **$14,351,869** | - The Allowance for Credit Losses (ACL) for loans and leases increased to **$167.8 million** at June 30, 2025, from $160.4 million at the beginning of the year[55](index=55&type=chunk) Regulatory Capital Ratios (First Hawaiian, Inc.) | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 13.03% | 12.80% | | Tier 1 Capital | 13.03% | 12.80% | | Total Capital | 14.28% | 13.99% | | Leverage Ratio | 9.12% | 9.14% | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=68&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the 18% net income growth in Q2 2025, driven by an expanded net interest margin, alongside stable economic conditions and strong capital [Economic Conditions and Company Overview](index=70&type=section&id=Economic%20Conditions%20and%20Company%20Overview) The company's performance is linked to Hawaii's economy, which shows a low unemployment rate but challenges in tourism and housing markets - Hawaii's statewide seasonally adjusted unemployment rate was **2.8%** at June 30, 2025, compared to the national rate of 4.1%[231](index=231&type=chunk) - The median price of a single-family home on Oahu increased by **6.0% to $1,150,000** in the first six months of 2025 compared to the same period in 2024[233](index=233&type=chunk) [Results of Operations](index=73&type=section&id=Results%20of%20Operations) Q2 2025 net income increased 18% year-over-year, driven by a 19 basis point expansion in the net interest margin - Net income for Q2 2025 was **$73.2 million**, an 18% increase from Q2 2024, driven by higher net interest income[241](index=241&type=chunk) - Net interest margin for Q2 2025 was **3.11%**, an increase of 19 basis points from the same period in 2024[244](index=244&type=chunk) - The provision for credit losses increased to **$4.5 million** for Q2 2025, up from $1.8 million in Q2 2024[244](index=244&type=chunk)[267](index=267&type=chunk) - Noninterest expense increased by **2%** in Q2 2025 compared to Q2 2024, mainly due to higher salaries and employee benefits[244](index=244&type=chunk)[278](index=278&type=chunk) [Analysis of Financial Condition](index=99&type=section&id=Analysis%20of%20Financial%20Condition) The company maintained stable total assets of $23.8 billion, with a slight decline in loans and deposits but an increase in stockholders' equity - The company has significant liquidity sources, including **$1.4 billion in cash** and borrowing capacity of **$2.7 billion from the FHLB**[303](index=303&type=chunk) - Core deposits totaled **$18.8 billion**, representing a stable funding base at 93% of total deposits[304](index=304&type=chunk) Loan Portfolio Composition (June 30, 2025) | Loan Category | Amount (in thousands) | % of Total | | :--- | :--- | :--- | | Commercial and industrial | $2,370,210 | 16.5% | | Commercial real estate | $4,411,585 | 30.7% | | Residential | $5,247,703 | 36.6% | | Other | $2,322,271 | 16.2% | | **Total** | **$14,351,869** | **100%** | - Non-performing assets (NPAs) increased to **$28.6 million (0.20% of total loans)** at June 30, 2025, up from $20.7 million at year-end 2024[345](index=345&type=chunk)[346](index=346&type=chunk) [Risk Governance and Quantitative and Qualitative Disclosures About Market Risk](index=125&type=section&id=Risk%20Governance%20and%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages key risks, with its asset-sensitive balance sheet positioned to benefit from rising interest rates - The company's primary market risk is interest rate risk, and its balance sheet is positioned to **benefit from rising interest rates**[394](index=394&type=chunk)[401](index=401&type=chunk) Net Interest Income Sensitivity Profile (Static Forecast, 12 Months) | Gradual Change in Interest Rates (bps) | Estimated % Change in NII (as of June 30, 2025) | | :--- | :--- | | +200 | 3.6% | | +100 | 1.8% | | -100 | (1.8)% | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=134&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section cross-references the market risk disclosures presented within the Management's Discussion and Analysis - The company's disclosures about market risk are provided in the MD&A section of this report[413](index=413&type=chunk) [Item 4. Controls and Procedures](index=134&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[413](index=413&type=chunk) - **No material changes** to internal control over financial reporting occurred during the quarter ended June 30, 2025[414](index=414&type=chunk) Part II Other Information [Item 1. Legal Proceedings](index=134&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no ongoing litigation expected to have a material adverse effect on its financial condition - The company is not party to any legal proceedings expected to have a **material adverse effect** on its business or financial condition[415](index=415&type=chunk) [Item 1A. Risk Factors](index=134&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the 2024 Annual Report on Form 10-K have been identified - **No material changes** to risk factors were reported since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024[416](index=416&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=135&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately 1.04 million shares for $25.0 million in Q2 2025 under its authorized program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | May 2025 | 637,521 | $24.10 | | June 2025 | 405,207 | $23.82 | | **Total Q2** | **1,042,728** | **$23.99** | - As of June 30, 2025, **$50.0 million remained available** for repurchase under the $100 million stock repurchase program authorized for 2025[419](index=419&type=chunk) [Item 6. Exhibits](index=136&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including CEO/CFO certifications and XBRL data files - The report includes exhibits such as the 2025 Omnibus Incentive Compensation Plan, CEO/CFO certifications, and XBRL data files[423](index=423&type=chunk)

Financial Data and Key Metrics Changes - The company's net income increased over 23% compared to the prior quarter, driven by higher net interest and noninterest income, good expense control, and lower provision expense [7] - Total loans increased by approximately $59 million or 0.4% from the prior quarter, with the largest increase in the C and I portfolio [8] - Total deposits increased slightly in the second quarter, with public deposits growing by $166 million, offsetting declines in commercial and retail deposits [10] - Net interest income was $163.6 million, up $3.1 million from the prior quarter, with a net interest margin (NIM) of 3.11%, an increase of three basis points [11] Business Line Data and Key Metrics Changes - The C and I portfolio saw a $125 million increase in dealer floorplan balances, while payoffs from completed construction projects offset some growth [9] - Retail deposits decreased by $23 million, and commercial deposits fell by $127 million due to normal operational fluctuations [10] - Noninterest income was $54 million in the quarter, with expectations for recurring noninterest income to be around $51 million per quarter [12] Market Data and Key Metrics Changes - The statewide seasonally adjusted unemployment rate was 2.8% in June, compared to the national rate of 4.1% [5] - Visitor arrivals were up 2.8% compared to last year, with year-to-date spending at $9 billion, an increase of 6.5% compared to 2024 [6] Company Strategy and Development Direction - The company plans to maintain its investment portfolio balance and has resumed reinvesting cash flows from the investment portfolio [7] - Capital priorities include organic growth, maintaining a stable dividend, and share repurchases, with $50 million remaining under the approved 2025 stock repurchase plan [7][26] Management Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty regarding tariffs affecting car dealers, tourism spending has remained strong, particularly from the U.S. mainland [24] - The company expects full-year loan growth to be in the low single digits, adjusting guidance due to the performance of construction loans [22] Other Important Information - The bank recorded a $4.5 million provision for credit losses in the second quarter, with classified assets increasing by $31.6 million [13][15] - The allowance for credit losses increased to $167.8 million, with coverage remaining flat at 1.17% of total loans and leases [15] Q&A Session Summary Question: What is the outlook for C and I growth and demand from CRE borrowers? - Most C and I growth came from dealer floor plans, with a current balance of $786 million, up $125 million from the previous quarter. There is uncertainty regarding future balances due to tariffs [20][21] Question: How are capital priorities evolving? - Capital priorities remain focused on organic growth, stable dividends, and share repurchases, with more repurchase authority expected to be utilized in the back half of the year [26] Question: What is the impact of the tax law change on the tax rate outlook? - The effective tax rate outlook for the rest of the year is 23.2%, slightly higher than the previous estimate of 23% [45] Question: What is the outlook for loan growth and competition in the market? - Loan growth is expected to be lower than initially anticipated, with competition primarily from institutional buyers for completed construction loans [52][73]

Financial Data and Key Metrics Changes - The company's net income increased over 23% compared to the prior quarter, driven by higher net interest and noninterest income, good expense control, and lower provision expense [6] - Total loans increased by approximately $59 million or 0.4% from the prior quarter, with the largest increase in the C and I portfolio [7] - Net interest income was $163.6 million, up $3.1 million from the prior quarter, with a net interest margin (NIM) of 3.11%, an increase of three basis points [11] Business Line Data and Key Metrics Changes - The C and I portfolio saw a significant increase of $125 million in dealer floorplan balances, while payoffs from completed construction projects offset some of this growth [7] - Total deposits increased slightly, with public deposits growing by $166 million, while commercial and retail deposits declined [10] - Noninterest income was $54 million in the quarter, with expectations for recurring noninterest income to be around $51 million per quarter [12] Market Data and Key Metrics Changes - The statewide seasonally adjusted unemployment rate was 2.8% in June, compared to the national rate of 4.1% [4] - Visitor arrivals were up 2.8% compared to last year, with year-to-date spending reaching $9 billion, an increase of 6.5% compared to 2024 [5] Company Strategy and Development Direction - The company plans to maintain its investment portfolio balance and has resumed reinvesting cash flows from the investment portfolio [6] - Capital priorities include organic growth, maintaining a stable dividend, and share repurchases, with a focus on deploying capital effectively in the back half of the year [26] Management's Comments on Operating Environment and Future Outlook - Management expects full-year loan growth to be in the low single digits, reflecting a cautious outlook due to uncertainties in the market [8] - The company is not observing broad signs of weakness in credit performance, with credit risk remaining low and stable [13] Other Important Information - The company recorded a $4.5 million provision for credit losses in the second quarter, with the allowance for credit losses increasing to $167.8 million [15] - The effective tax rate outlook for the rest of the year is projected at 23.2%, slightly higher than the previous estimate [47] Q&A Session Summary Question: How is the pipeline in terms of C and I? - Most of the C and I growth came from dealer floor plans, which have normalized, and there is uncertainty regarding future balances due to tariffs [20] Question: Have tariffs impacted tourism spending? - Tariffs have created uncertainty for car dealers but have not significantly impacted tourism spending, which has increased [24] Question: What are the capital priorities moving forward? - Capital priorities include organic growth, maintaining dividends, and share repurchases, with a focus on deploying repurchase authority in the back half of the year [26] Question: What is the outlook for M&A? - The company is open to considering M&A opportunities but currently has no specific targets [34] Question: What impacted loan yields in the second quarter? - The mix of loans, with higher margin loans being paid off and replaced by lower margin loans, affected loan yields [37] Question: What is the outlook for fee income in the third quarter? - Fee income is expected to be in the range of $51 million to $52 million for the third quarter [40] Question: What is driving the increase in residential mortgage non-performers? - The consumer at the lower end is getting stretched, leading to an increase in non-performing loans, but the company is not concerned about loss content [64] Question: How does the company view the increase in commercial criticized assets? - Most criticized assets are expected to cure themselves, and the company remains confident in its credit portfolio [71]

Financial Performance - Net income for Q2 2025 was $73.2 million, compared to $59.2 million in Q1 2025[5] - Diluted earnings per share increased to $0.58 in Q2 2025 from $0.47 in Q1 2025[5] - Net interest margin increased by 3 basis points to 3.11%[5, 6] - The efficiency ratio improved to 57.2% in Q2 2025 from 58.2% in Q1 2025[5] - Return on average assets (ROA) was 1.23% and return on average tangible assets (ROATA) was 1.28% for Q2 2025[5] - Return on average equity (ROE) was 11.03% and return on average tangible common equity (ROATCE) was 17.61% for Q2 2025[5] Balance Sheet - Total assets increased to $23.8371 billion as of June 30, 2025, compared to $23.745 billion as of March 31, 2025[8] - Total loans and leases increased by $58.8 million, representing a 0.4% increase[9, 10] - Total deposits increased by $15.6 million[8, 9] - The company repurchased 1.0 million shares of common stock at a total cost of $25 million[9]

Core Insights - First Hawaiian (FHB) reported revenue of $217.54 million for the quarter ended June 2025, marking a year-over-year increase of 6.3% and exceeding the Zacks Consensus Estimate of $213.12 million by 2.08% [1] - The company achieved an EPS of $0.58, up from $0.48 a year ago, and surpassed the consensus EPS estimate of $0.49 by 18.37% [1] Financial Performance Metrics - Net charge-offs were reported at 0.1%, aligning with the two-analyst average estimate of 0.1% [4] - Total Non-Accrual Loans and Leases amounted to $28.59 million, higher than the average estimate of $21.6 million [4] - The net interest margin stood at 3.1%, matching the average estimate based on two analysts [4] - The efficiency ratio was reported at 57.2%, better than the average estimate of 58.7% [4] - Average balance of total earning assets was $21.17 billion, slightly above the average estimate of $21 billion [4] - Total Non-Performing Assets reached $28.59 million, exceeding the average estimate of $24.1 million [4] - Net Interest Income was reported at $163.58 million, surpassing the average estimate of $161.99 million [4] - Net Interest Income (FTE) was $164.4 million, compared to the average estimate of $162.59 million [4] - Total Noninterest Income was $53.96 million, exceeding the average estimate of $51.13 million [4] Stock Performance - Shares of First Hawaiian have returned +1.9% over the past month, while the Zacks S&P 500 composite has changed by +4.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - First Hawaiian (FHB) reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.49 per share, marking an earnings surprise of +18.37% [1][2] Financial Performance - The company achieved revenues of $217.54 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.08% and showing an increase from $204.62 million year-over-year [2] - Over the last four quarters, First Hawaiian has consistently surpassed consensus EPS estimates [2] Stock Performance and Outlook - First Hawaiian shares have declined approximately 2.9% since the beginning of the year, contrasting with the S&P 500's gain of 8.2% [3] - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $0.50 for the upcoming quarter and $1.96 for the current fiscal year [4][7] Industry Context - The Zacks Industry Rank indicates that the Banks - West sector is currently in the bottom 40% of over 250 Zacks industries, which may negatively impact stock performance [8] - Avidbank Holdings Inc., another company in the same industry, is expected to report quarterly earnings of $0.75 per share, reflecting a year-over-year increase of +63% [9]

[Executive Summary & Dividend Declaration](index=1&type=section&id=Executive%20Summary%20%26%20Dividend%20Declaration) [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) First Hawaiian, Inc. achieved strong financial performance in Q2 2025, with net income increasing by 23.6% quarter-over-quarter to $73.2 million, driven by revenue growth, expense control, and sustained excellent credit quality - Company's Q2 2025 net income was **$73.2 million**, up **23.6%** from Q1[2](index=2&type=chunk) - Performance driven by strong revenue, good expense control, and sustained excellent credit quality[2](index=2&type=chunk) [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The company's Board of Directors declared a quarterly cash dividend of $0.26 per share - The Board of Directors declared a quarterly cash dividend of **$0.26 per share** on July 23, 2025[2](index=2&type=chunk) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) In Q2 2025, the company saw significant growth in net income and diluted EPS, improved net interest margin, reduced provision for credit losses, and a lower effective tax rate due to California tax law changes 2025 Second Quarter Key Financial Metrics | Metric | Q2 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | | Net Income | $73.2 million | +$14.0 million | +23.6% | chunk_num:[2, 10, 20] | | Diluted EPS | $0.58 | +$0.11 | +23.4% | chunk_num:[10, 20, 23] | | Net Interest Margin (NIM) | 3.11% | +3 basis points | - | chunk_num:[6, 10, 20] | | Provision for Credit Losses | $4.5 million | -$6.0 million | -57.1% | chunk_num:[7, 10, 20] | | Effective Tax Rate | 16.9% | -6.1 percentage points | - | chunk_num:[11, 20] | - The decrease in effective tax rate was primarily due to a **$5.1 million net benefit** from the re-measurement of deferred tax assets resulting from recent California tax law changes[10](index=10&type=chunk)[11](index=11&type=chunk) [Balance Sheet Highlights](index=1&type=section&id=Balance%20Sheet%20Highlights) As of June 30, 2025, the company's total assets, loans and leases, and deposits all showed slight growth, indicating stable asset expansion 2025 Second Quarter Balance Sheet Highlights | Metric | June 30, 2025 | March 31, 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | $23.8 billion | $23.7 billion | +$0.1 billion | +0.4% | chunk_num:[4, 21, 24] | | Total Loans and Leases | $14.4 billion | $14.3 billion | +$58.8 million | +0.4% | chunk_num:[4, 10, 21, 24] | | Total Deposits | $20.2 billion | $20.2 billion | +$15.6 million | +0.1% | chunk_num:[5, 10, 21, 24] | [Income Statement Highlights](index=1&type=section&id=Income%20Statement%20Highlights) In Q2 2025, the company experienced growth in both net interest income and non-interest income, alongside an improved efficiency ratio, reflecting enhanced profitability and operational effectiveness 2025 Second Quarter Income Statement Highlights | Metric | Q2 2025 | Q1 2025 | Q-o-Q Change | Q-o-Q Change Rate | Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $163.6 million | $160.5 million | +$3.1 million | +1.9% | chunk_num:[6, 20, 23] | | Non-Interest Income | $54.0 million | $50.5 million | +$3.5 million | +6.9% | chunk_num:[8, 20, 23] | | Non-Interest Expense | $124.9 million | $123.6 million | +$1.3 million | +1.1% | chunk_num:[9, 20, 23] | | Efficiency Ratio | 57.2% | 58.2% | -1.0 percentage points | - | chunk_num:[9, 20] | [Asset Quality & Capital Highlights](index=2&type=section&id=Asset%20Quality%20%26%20Capital%20Highlights) The company maintained robust asset quality in Q2 2025 with ample allowance for credit losses, a lower net charge-off rate, and improved capital ratios, while returning capital to shareholders through share repurchases 2025 Second Quarter Asset Quality & Capital Highlights | Metric | June 30, 2025 | March 31, 2025 | Q-o-Q Change | Source | | :--- | :--- | :--- | :--- | :--- | | Allowance for Credit Losses (ACL) | $167.8 million | $166.6 million | +$1.2 million | chunk_num:[12, 21, 37] | | ACL as % of Total Loans and Leases | 1.17% | 1.17% | 0 basis points | chunk_num:[12, 21, 37] | | Net Charge-Offs | $3.3 million | $3.8 million | -$0.5 million | chunk_num:[12, 37] | | Net Charge-Off Rate (Annualized) | 0.09% | 0.11% | -0.02 percentage points | chunk_num:[12, 37] | | Total Non-Performing Assets | $28.6 million | $20.2 million | +$8.4 million | chunk_num:[12, 36] | | Non-Performing Assets as % of Total Loans and Leases | 0.20% | 0.14% | +0.06 percentage points | chunk_num:[12, 21] | | Total Shareholders' Equity | $2.7 billion | $2.6 billion | +$0.1 billion | chunk_num:[13, 21, 24] | | Tier 1 Leverage Ratio | 9.12% | 9.01% | +0.11 percentage points | chunk_num:[13, 21] | | Common Equity Tier 1 Ratio | 13.03% | 12.93% | +0.10 percentage points | chunk_num:[13, 21] | | Total Capital Ratio | 14.28% | 14.17% | +0.11 percentage points | chunk_num:[13, 21] | - The company repurchased **1.04 million shares** of common stock for a total cost of **$25 million** at an average price of **$23.99 per share** during the second quarter[13](index=13&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [About First Hawaiian, Inc.](index=2&type=section&id=About%20First%20Hawaiian%2C%20Inc.) First Hawaiian, Inc. is a bank holding company headquartered in Honolulu, Hawaii, with its primary subsidiary, First Hawaiian Bank, being the oldest and largest financial institution in Hawaii, offering comprehensive banking services - First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii[14](index=14&type=chunk) - Its primary subsidiary, First Hawaiian Bank, founded in 1858, is the oldest and largest financial institution in Hawaii, with branches in Hawaii, Guam, and Saipan[14](index=14&type=chunk) - The company provides comprehensive banking services to consumers and commercial clients, including deposit products, loans, wealth management, insurance, trust, retirement planning, credit cards, and merchant processing services[14](index=14&type=chunk) [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) The company will host a conference call on July 25, 2025, to discuss its second-quarter results, with dial-in and webcast links provided - First Hawaiian will host a conference call on **July 25, 2025, at 1:00 PM ET (7:00 AM HT)** to discuss the company's results[15](index=15&type=chunk) - A live webcast of the conference call, including a slide presentation, will be available on the company's website at www.fhb.com/earnings[16](index=16&type=chunk) [Disclosures](index=3&type=section&id=Disclosures) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, based on current expectations and estimates, but subject to various risks and uncertainties that could cause actual results to differ materially - This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, reflecting the company's current views on future events and financial performance[17](index=17&type=chunk) - These statements are not historical facts and are based on current expectations, estimates, and management beliefs, carrying inherent uncertainties where actual results may differ materially from forward-looking statements[17](index=17&type=chunk) - Important risk factors include domestic and global economic conditions and capital market conditions, with more information available in the company's filings with the U.S. Securities and Exchange Commission (SEC)[17](index=17&type=chunk) [Use of Non-GAAP Financial Measures](index=3&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures (such as return on average tangible assets, return on average tangible common equity, tangible book value per share, and tangible common equity to tangible assets ratio) to assess financial performance and capital adequacy, providing reconciliations to the most directly comparable GAAP measures - The company uses non-GAAP financial measures such as return on average tangible assets, return on average tangible common equity, tangible book value per share, and tangible common equity to tangible assets ratio[18](index=18&type=chunk) - The company believes these metrics are useful for investors, regulators, and management in evaluating financial performance and capital adequacy[18](index=18&type=chunk) - These non-GAAP measures have limitations and should not be viewed in isolation or as a substitute for GAAP reported results; reconciliations to the most directly comparable GAAP measures can be found in Table 14 at the end of the document[18](index=18&type=chunk)[19](index=19&type=chunk) [Detailed Financial Tables](index=4&type=section&id=Detailed%20Financial%20Tables) [Financial Highlights (Table 1)](index=4&type=section&id=Financial%20Highlights%20%28Table%201%29) Table 1 provides comprehensive financial highlights for the company's Q2 2025 and prior periods, covering key data such as operating results, performance ratios, average balances, and market value per share, illustrating financial trends and performance across different timeframes Financial Highlights Overview (Q2 2025) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income (USD thousands) | $163,583 | $160,526 | $152,851 | $324,109 | $307,278 | | Provision for Credit Losses (USD thousands) | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Non-Interest Income (USD thousands) | $53,958 | $50,477 | $51,768 | $104,435 | $103,139 | | Non-Interest Expense (USD thousands) | $124,939 | $123,560 | $122,086 | $248,499 | $250,899 | | Net Income (USD thousands) | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Diluted EPS | $0.58 | $0.47 | $0.48 | $1.05 | $0.91 | | Dividends Declared Per Share | $0.26 | $0.26 | $0.26 | $0.52 | $0.52 | | Net Interest Margin | 3.11% | 3.08% | 2.92% | 3.10% | 2.91% | | Efficiency Ratio | 57.23% | 58.22% | 59.22% | 57.71% | 60.69% | | Return on Average Total Assets | 1.23% | 1.01% | 1.04% | 1.12% | 0.97% | | Return on Average Tangible Assets (Non-GAAP) | 1.28% | 1.05% | 1.08% | 1.17% | 1.01% | | Return on Average Total Shareholders' Equity | 11.03% | 9.09% | 9.91% | 10.07% | 9.32% | | Return on Average Tangible Shareholders' Equity (Non-GAAP) | 17.61% | 14.59% | 16.42% | 16.12% | 15.48% | | Average Loans and Leases (USD thousands) | $14,288,918 | $14,309,998 | $14,358,049 | $14,299,400 | $14,335,306 | | Average Deposits (USD thousands) | $20,280,042 | $20,354,040 | $20,308,028 | $20,316,836 | $20,439,979 | | Stock Closing Price | $24.96 | $24.44 | $20.76 | $24.96 | $20.76 | Balance Sheet and Capital Ratios Highlights (Period End) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Loans and Leases (USD thousands) | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | | Total Assets (USD thousands) | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Total Deposits (USD thousands) | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | | Total Shareholders' Equity (USD thousands) | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Common Equity Tier 1 Ratio | 13.03% | 12.93% | 12.80% | 12.73% | | Tier 1 Capital Ratio | 13.03% | 12.93% | 12.80% | 12.73% | | Total Capital Ratio | 14.28% | 14.17% | 13.99% | 13.92% | | Tier 1 Leverage Ratio | 9.12% | 9.01% | 9.14% | 9.03% | | Shareholders' Equity to Total Assets Ratio | 11.30% | 11.16% | 10.98% | 10.63% | | Tangible Shareholders' Equity to Tangible Assets Ratio (Non-GAAP) | 7.44% | 7.27% | 7.10% | 6.76% | | Book Value Per Share | $21.61 | $21.07 | $20.70 | $19.94 | | Tangible Book Value Per Share (Non-GAAP) | $13.63 | $13.15 | $12.83 | $12.16 | [Consolidated Statements of Income (Table 2)](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20%28Table%202%29) The consolidated statements of income detail the company's interest income, interest expense, non-interest income, non-interest expense, and ultimately net income and earnings per share for Q2 2025 and prior periods, reflecting the composition and changes in the company's profitability Consolidated Statements of Income (in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | $236,739 | $235,150 | $244,934 | $471,889 | $489,886 | | Total Interest Expense | $73,156 | $74,624 | $92,083 | $147,780 | $182,608 | | Net Interest Income | $163,583 | $160,526 | $152,851 | $324,109 | $307,278 | | Provision for Credit Losses | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Net Interest Income Less Provision for Credit Losses | $159,083 | $150,026 | $151,051 | $309,109 | $299,178 | | Total Non-Interest Income | $53,958 | $50,477 | $51,768 | $104,435 | $103,139 | | Total Non-Interest Expense | $124,939 | $123,560 | $122,086 | $248,499 | $250,899 | | Income Before Income Taxes | $88,102 | $76,943 | $80,733 | $165,045 | $151,418 | | Income Tax Provision | $14,855 | $17,695 | $18,812 | $32,550 | $35,277 | | Net Income | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Diluted EPS | $0.58 | $0.47 | $0.48 | $1.05 | $0.91 | [Consolidated Balance Sheets (Table 3)](index=7&type=section&id=Consolidated%20Balance%20Sheets%20%28Table%203%29) The consolidated balance sheets provide a detailed breakdown of the company's assets, liabilities, and shareholders' equity as of June 30, 2025, and prior period ends, reflecting the company's financial position and capital structure Consolidated Balance Sheets (in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Cash and Due from Banks | $304,624 | $240,738 | $258,057 | $290,501 | | Interest-Bearing Deposits in Banks | $1,094,411 | $1,073,841 | $912,133 | $824,258 | | Investment Securities Available for Sale | $1,891,654 | $1,858,428 | $1,926,516 | $2,067,956 | | Investment Securities Held to Maturity | $3,658,814 | $3,724,908 | $3,790,650 | $3,917,175 | | Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | | Less: Allowance for Credit Losses | $167,825 | $166,612 | $160,393 | $160,517 | | Net Loans and Leases | $14,184,044 | $14,126,424 | $14,247,865 | $14,199,382 | | Total Assets | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Interest-Bearing Deposits | $13,386,987 | $13,330,265 | $13,347,068 | $13,461,365 | | Non-Interest-Bearing Deposits | $6,844,432 | $6,885,551 | $6,975,148 | $6,857,467 | | Total Deposits | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | | Short-Term Borrowings | $250,000 | $250,000 | $250,000 | $500,000 | | Total Liabilities | $21,142,602 | $21,096,106 | $21,210,700 | $21,441,479 | | Total Shareholders' Equity | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Total Liabilities and Shareholders' Equity | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | [Average Balances and Interest Rates (Tables 4 & 5)](index=8&type=section&id=Average%20Balances%20and%20Interest%20Rates%20%28Tables%204%20%26%205%29) Tables 4 and 5 detail the company's average balances, income/expense, and corresponding yields/rates for interest-earning assets and interest-bearing liabilities across different periods, revealing the composition and trends of net interest margin and interest rate spread Average Balances and Interest Rates (Q2 2025, in millions of USD) | Metric | Average Balance (USD millions) | Income/Expense (USD millions) | Yield/Rate | | :--- | :--- | :--- | :--- | | Interest-Bearing Deposits in Banks | $1,276.8 | $14.1 | 4.45% | | Total Investment Securities | $5,567.0 | $29.0 | 2.08% | | Total Loans and Leases | $14,288.9 | $194.0 | 5.44% | | Total Interest-Earning Assets | $21,167.6 | $237.5 | 4.50% | | Total Interest-Bearing Deposits | $13,459.0 | $70.3 | 2.09% | | Total Interest-Bearing Liabilities | $13,729.8 | $73.1 | 2.14% | | Net Interest Income | - | $164.4 | - | | Interest Rate Spread | - | - | 2.36% | | Net Interest Margin | - | - | 3.11% | Average Balances and Interest Rates (First Half 2025, in millions of USD) | Metric | Average Balance (USD millions) | Income/Expense (USD millions) | Yield/Rate | | :--- | :--- | :--- | :--- | | Interest-Bearing Deposits in Banks | $1,224.3 | $27.0 | 4.44% | | Total Investment Securities | $5,611.1 | $59.4 | 2.12% | | Total Loans and Leases | $14,299.4 | $386.7 | 5.44% | | Total Interest-Earning Assets | $21,168.4 | $473.9 | 4.50% | | Total Interest-Bearing Deposits | $13,465.4 | $142.0 | 2.13% | | Total Interest-Bearing Liabilities | $13,739.5 | $147.8 | 2.17% | | Net Interest Income | - | $326.1 | - | | Interest Rate Spread | - | - | 2.33% | | Net Interest Margin | - | - | 3.10% | [Analysis of Change in Net Interest Income (Tables 6, 7 & 8)](index=10&type=section&id=Analysis%20of%20Change%20in%20Net%20Interest%20Income%20%28Tables%206%2C%207%20%26%208%29) Tables 6, 7, and 8 analyze changes in net interest income, breaking down the impact of volume and rate changes for assets and liabilities, providing quarter-over-quarter and year-over-year comparisons to reveal specific drivers of net interest income growth or decline Analysis of Change in Net Interest Income (Q2 2025 vs. Q1 2025, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.0 | -$0.9 | $1.1 | | Total Interest Expense Change | $0.3 | -$1.8 | -$1.5 | | Net Interest Income Change | $1.7 | $0.9 | $2.6 | Analysis of Change in Net Interest Income (Q2 2025 vs. Q2 2024, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.6 | -$11.6 | -$9.0 | | Total Interest Expense Change | -$2.8 | -$16.2 | -$19.0 | | Net Interest Income Change | $5.4 | $4.6 | $10.0 | Analysis of Change in Net Interest Income (First Half 2025 vs. First Half 2024, in millions of USD) | Change Source | Volume Impact (USD millions) | Rate Impact (USD millions) | Total (USD millions) | | :--- | :--- | :--- | :--- | | Total Interest Income Change | $2.4 | -$21.4 | -$19.0 | | Total Interest Expense Change | -$5.2 | -$29.6 | -$34.8 | | Net Interest Income Change | $7.6 | $8.2 | $15.8 | [Loans and Leases (Table 9)](index=13&type=section&id=Loans%20and%20Leases%20%28Table%209%29) Table 9 provides a detailed breakdown of the company's loan and lease portfolio, including commercial and industrial, commercial real estate, construction, residential (mortgage and home equity), and consumer and lease financing, showing balances and changes across different reporting period ends Loans and Leases Portfolio (in thousands of USD) | Loan Category | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Commercial and Industrial | $2,370,210 | $2,261,394 | $2,247,428 | $2,208,690 | | Commercial Real Estate | $4,411,585 | $4,367,433 | $4,463,992 | $4,305,017 | | Construction | $884,306 | $954,072 | $918,326 | $1,017,649 | | Residential Mortgage | $4,085,827 | $4,129,518 | $4,168,154 | $4,216,416 | | Home Equity | $1,161,876 | $1,144,895 | $1,151,739 | $1,159,833 | | Consumer | $1,011,125 | $998,325 | $1,023,969 | $1,027,104 | | Lease Financing | $426,940 | $437,399 | $434,650 | $425,190 | | Total Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | [Deposits (Table 10)](index=14&type=section&id=Deposits%20%28Table%2010%29) Table 10 presents a detailed classification of the company's deposits, including non-interest-bearing, savings, money market, and time deposits, reflecting the composition of the company's deposit base and changes at different reporting period ends Deposits Portfolio (in thousands of USD) | Deposit Category | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Non-Interest-Bearing Deposits | $6,844,432 | $6,885,551 | $6,975,148 | $6,857,467 | | Savings Deposits | $6,219,801 | $6,110,796 | $6,021,364 | $6,055,051 | | Money Market Deposits | $3,777,681 | $3,865,203 | $4,027,334 | $4,111,609 | | Time Deposits | $3,389,505 | $3,354,266 | $3,298,370 | $3,294,705 | | Total Deposits | $20,231,419 | $20,215,816 | $20,322,216 | $20,318,832 | [Non-Performing Assets and Accruing Loans and Leases Past Due (Table 11)](index=15&type=section&id=Non-Performing%20Assets%20and%20Accruing%20Loans%20and%20Leases%20Past%20Due%20%28Table%2011%29) Table 11 details the composition of the company's non-performing assets and accruing loans and leases past due 90 days or more, including breakdowns for commercial and residential loans, reflecting the status and changes in the company's asset quality Non-Performing Assets and Accruing Loans and Leases Past Due (in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Non-Performing Loans and Leases | $28,591 | $20,188 | $20,679 | $18,013 | | Total Non-Performing Assets | $28,591 | $20,188 | $20,679 | $18,013 | | Total Accruing Loans and Leases Past Due 90 Days or More | $4,438 | $4,302 | $6,019 | $3,765 | | Total Loans and Leases | $14,351,869 | $14,293,036 | $14,408,258 | $14,359,899 | [Allowance for Credit Losses](index=16&type=section&id=Allowance%20for%20Credit%20Losses) This section provides an analysis of changes in the allowance for credit losses, including beginning balances, loan and lease charge-offs, recoveries of charged-off loans and leases, and the provision for credit losses, demonstrating the company's credit risk management and reserve coverage Allowance for Credit Losses Changes (in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | $199,959 | $193,240 | $194,649 | $193,240 | $192,138 | | Total Loan and Lease Charge-Offs | -$5,329 | -$6,498 | -$4,859 | -$11,827 | -$10,622 | | Total Recoveries of Charged-Off Loans and Leases | $2,042 | $2,717 | $2,340 | $4,759 | $4,314 | | Net Charge-Offs on Loans and Leases | -$3,287 | -$3,781 | -$2,519 | -$7,068 | -$6,308 | | Provision for Credit Losses | $4,500 | $10,500 | $1,800 | $15,000 | $8,100 | | Ending Balance | $201,172 | $199,959 | $193,930 | $201,172 | $193,930 | | Allowance for Credit Losses | $167,825 | $166,612 | $160,517 | $167,825 | $160,517 | | Reserve for Unfunded Commitments | $33,347 | $33,347 | $33,413 | $33,347 | $33,413 | | Net Charge-Offs on Loans and Leases as % of Average Loans and Leases | 0.09% | 0.11% | 0.07% | 0.10% | 0.09% | | Allowance for Credit Losses as % of Loans and Leases | 1.17% | 1.17% | 1.12% | 1.17% | 1.12% | | Allowance for Credit Losses to Non-Performing Loans and Leases | 5.87x | 8.25x | 8.91x | 5.87x | 8.91x | [Loans and Leases by Year of Origination and Credit Quality Indicator (Table 13)](index=17&type=section&id=Loans%20and%20Leases%20by%20Year%20of%20Origination%20and%20Credit%20Quality%20Indicator%20%28Table%2013%29) Table 13 categorizes the company's loan and lease portfolio by year of origination and credit quality indicators (such as risk ratings and FICO scores), including commercial, residential, and consumer loans, offering in-depth insights into the risk characteristics of the loan portfolio Commercial Loan Portfolio by Risk Rating and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Commercial and Industrial | $87,223 | $155,681 | $73,653 | $175,502 | $196,945 | $263,817 | $1,396,245 | $21,144 | $2,370,210 | | Total Commercial Real Estate | $169,890 | $299,585 | $376,971 | $860,568 | $698,090 | $1,886,130 | $112,763 | $7,588 | $4,411,585 | | Total Construction | $13,028 | $156,164 | $214,176 | $290,283 | $135,955 | $52,842 | $21,858 | - | $884,306 | | Total Lease Financing | $75,371 | $92,505 | $97,059 | $52,552 | $12,574 | $96,879 | - | - | $426,940 | | Total Commercial Loans | $345,512 | $703,935 | $761,859 | $1,378,905 | $1,043,564 | $2,299,668 | $1,530,866 | $28,732 | $8,093,041 | Residential Loan Portfolio by FICO Score and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Residential Mortgage | $99,901 | $193,406 | $237,049 | $596,946 | $1,069,157 | $1,886,306 | $3,062 | - | $4,085,827 | | Total Home Equity Loans | - | - | - | - | - | - | $1,157,419 | $4,457 | $1,161,876 | | Total Residential Loans | $99,901 | $193,406 | $237,049 | $596,946 | $1,069,157 | $1,886,306 | $1,160,481 | $4,457 | $5,247,703 | Consumer Loan Portfolio by FICO Score and Year of Origination (in thousands of USD) | Loan Category | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Converted to Term | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Consumer Loans | $128,069 | $175,864 | $115,293 | $128,216 | $62,479 | $28,489 | $369,615 | $3,100 | $1,011,125 | [GAAP to Non-GAAP Reconciliation (Table 14)](index=19&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation%20%28Table%2014%29) Table 14 provides a reconciliation of GAAP to non-GAAP financial measures, detailing how goodwill is deducted from GAAP metrics (such as total shareholders' equity and total assets) to calculate corresponding tangible metrics, offering investors a clearer view of capital adequacy and profitability GAAP to Non-GAAP Reconciliation (Quarterly, in thousands of USD) | Metric | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (USD thousands) | $73,247 | $59,248 | $61,921 | $132,495 | $116,141 | | Average Total Shareholders' Equity (USD thousands) | $2,663,850 | $2,641,978 | $2,512,471 | $2,652,975 | $2,504,656 | | Less: Average Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | $995,492 | | Average Tangible Shareholders' Equity (USD thousands) | $1,668,358 | $1,646,486 | $1,516,979 | $1,657,483 | $1,509,164 | | Average Total Assets (USD thousands) | $23,859,410 | $23,890,459 | $23,958,913 | $23,874,849 | $24,073,060 | | Less: Average Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | $995,492 | | Average Tangible Assets (USD thousands) | $22,863,918 | $22,894,967 | $22,963,421 | $22,879,357 | $23,077,568 | | Return on Average Total Shareholders' Equity | 11.03% | 9.09% | 9.91% | 10.07% | 9.32% | | Return on Average Tangible Shareholders' Equity (Non-GAAP) | 17.61% | 14.59% | 16.42% | 16.12% | 15.48% | | Return on Average Total Assets | 1.23% | 1.01% | 1.04% | 1.12% | 0.97% | | Return on Average Tangible Assets (Non-GAAP) | 1.28% | 1.05% | 1.08% | 1.17% | 1.01% | GAAP to Non-GAAP Reconciliation (Period End, in thousands of USD) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Shareholders' Equity (USD thousands) | $2,694,545 | $2,648,852 | $2,617,486 | $2,550,312 | | Less: Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | | Tangible Shareholders' Equity (USD thousands) | $1,699,053 | $1,653,360 | $1,621,994 | $1,554,820 | | Total Assets (USD thousands) | $23,837,147 | $23,744,958 | $23,828,186 | $23,991,791 | | Less: Goodwill (USD thousands) | $995,492 | $995,492 | $995,492 | $995,492 | | Tangible Assets (USD thousands) | $22,841,655 | $22,749,466 | $22,832,694 | $22,996,299 | | Shareholders' Equity to Total Assets Ratio | 11.30% | 11.16% | 10.98% | 10.63% | | Tangible Shareholders' Equity to Tangible Assets Ratio (Non-GAAP) | 7.44% | 7.27% | 7.10% | 6.76% | | Book Value Per Share | $21.61 | $21.07 | $20.70 | $19.94 | | Tangible Book Value Per Share (Non-GAAP) | $13.63 | $13.15 | $12.83 | $12.16 |