First Hawaiian (FHB) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on th ...

[Financial Highlights & Management Commentary](index=1&type=section&id=First%20Hawaiian%2C%20Inc.%20Reports%20Second%20Quarter%202024%20Financial%20Results%20and%20Declares%20Dividend) First Hawaiian, Inc. reported strong Q2 2024 financial results, including **$61.9 million** net income and a **$0.26** per share dividend [Second Quarter 2024 Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) First Hawaiian, Inc. reported **$61.9 million** net income and **$0.48** diluted EPS for Q2 2024, driven by strong revenues and credit quality Q2 2024 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Income | $61.9 million | | Diluted EPS | $0.48 | | Total Loans and Leases | Increased $39.7 million vs. prior quarter | | Total Deposits | Decreased $350.6 million vs. prior quarter | | Net Interest Margin | 2.92% (+1 bp vs. prior quarter) | | Provision for Credit Losses | $1.8 million | | Quarterly Dividend | $0.26 per share | - Chairman, President, and CEO Bob Harrison attributed the strong performance to solid revenues, disciplined expense control, and continued excellent credit quality[32](index=32&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.26 per share**, payable on August 30, 2024, to stockholders of record on August 19, 2024[32](index=32&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) The company's Q2 2024 financial performance showed stable net interest income, reduced credit loss provisions, and improved efficiency [Net Interest Income](index=1&type=section&id=Net%20Interest%20Income) Net interest income for Q2 2024 was $152.9 million, a slight decrease of 1.0% from the prior quarter, while net interest margin marginally improved by 1 basis point to 2.92% Net Interest Income and Margin (Q2 2024 vs Q1 2024) | Metric | Q2 2024 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $152.9 million | $154.4 million | -$1.6 million (-1.0%) | | Net Interest Margin | 2.92% | 2.91% | +1 bp | [Provision for Credit Losses](index=1&type=section&id=Provision%20Expense) The company recorded a provision for credit losses of $1.8 million in the second quarter of 2024, a significant decrease from the $6.3 million provision recorded in the first quarter of 2024 - The provision for credit losses was **$1.8 million** for Q2 2024, compared to **$6.3 million** in Q1 2024[40](index=40&type=chunk) [Noninterest Income](index=1&type=section&id=Noninterest%20Income) Noninterest income for Q2 2024 was $51.8 million, showing a slight increase of $0.4 million compared to the $51.4 million reported in the prior quarter - Noninterest income increased to **$51.8 million** in Q2 2024, up from **$51.4 million** in Q1 2024[1](index=1&type=chunk) [Noninterest Expense](index=1&type=section&id=Noninterest%20Expense) Noninterest expense decreased by $6.7 million to $122.1 million in Q2 2024 from $128.8 million in the prior quarter, contributing to an improved efficiency ratio of 59.2% from 62.2% Noninterest Expense and Efficiency Ratio (Q2 2024 vs Q1 2024) | Metric | Q2 2024 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Noninterest Expense | $122.1 million | $128.8 million | -$6.7 million | | Efficiency Ratio | 59.2% | 62.2% | -3.0 p.p. | [Income Taxes](index=1&type=section&id=Taxes) The effective tax rate remained stable at 23.3% for the second quarter of 2024, unchanged from the prior quarter - The effective tax rate was **23.3%** for both the quarters ended June 30, 2024, and March 31, 2024[1](index=1&type=chunk) [Balance Sheet Analysis](index=1&type=section&id=Balance%20Sheet) The balance sheet reflects a decrease in total assets and deposits, a slight increase in loans, and strengthened capital ratios [Assets, Loans, and Deposits](index=1&type=section&id=Assets%2C%20Loans%2C%20and%20Deposits) As of June 30, 2024, total assets and deposits decreased compared to the previous quarter, while gross loans and leases experienced a modest increase, with total assets at **$24.0 billion** and total deposits at **$20.3 billion** Balance Sheet Changes (Q2 2024 vs Q1 2024) | Metric | June 30, 2024 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $24.0 billion | $24.3 billion | -$287.4 million (-1.2%) | | Gross Loans and Leases | $14.4 billion | $14.3 billion | +$39.7 million (+0.3%) | | Total Deposits | $20.3 billion | $20.7 billion | -$350.6 million (-1.7%) | [Capital](index=3&type=section&id=Capital) Total stockholders' equity increased to **$2.6 billion** in Q2 2024, strengthening capital ratios across all categories - Total stockholders' equity increased by **$36.6 million** in Q2 2024, reaching **$2.6 billion**[3](index=3&type=chunk) Capital Ratios (Q2 2024 vs Q1 2024) | Ratio | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Tier 1 Leverage | 9.03% | 8.80% | | Common Equity Tier 1 | 12.73% | 12.55% | | Total Capital | 13.92% | 13.75% | - The Company did not repurchase any shares in the second quarter[3](index=3&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality remained strong in Q2 2024, with stable allowance for credit losses and non-performing assets, and decreased net charge-offs Key Asset Quality Metrics (Q2 2024 vs Q1 2024) | Metric | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Allowance for Credit Losses | $160.5 million | $159.8 million | | ACL / Total Loans & Leases | 1.12% | 1.12% | | Net Charge-offs (annualized) | $2.5 million (0.07%) | $3.8 million (0.11%) | | Total Non-performing Assets | $18.0 million | $18.0 million | | NPA / Total Loans & OREO | 0.13% | 0.13% | - The reserve for unfunded commitments decreased to **$33.4 million** as of June 30, 2024, from **$34.8 million** as of March 31, 2024[2](index=2&type=chunk) [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) This section provides comprehensive financial statements, including income, balance sheet, average balances, and detailed portfolio analyses [Financial Highlights (Table 1)](index=5&type=section&id=Table%201%20Financial%20Highlights) Table 1 summarizes Q2 2024 operating results, performance ratios, and per-share data, showing **$61.9 million** net income and **$0.48** diluted EPS Financial Highlights | Operating Results (in thousands) | For the Three Months Ended June 30, 2024 | For the Three Months Ended March 31, 2024 | For the Three Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | | Net interest income | $152,851 | $154,427 | $159,939 | | Net income | $61,921 | $54,220 | $62,442 | | Diluted earnings per share | $0.48 | $0.42 | $0.49 | | **Performance Ratios** | | | | | Net interest margin | 2.92% | 2.91% | 2.91% | | Efficiency ratio | 59.22% | 62.15% | 57.96% | | Return on average total assets | 1.04% | 0.90% | 1.01% | [Selected Financial Data (Table 2)](index=6&type=section&id=Table%202%20Selected%20Financial%20Data) Table 2 presents key balance sheet data, per-share metrics, and capital ratios as of June 30, 2024, including a book value per share of **$19.94** Selected Financial Data (as of June 30, 2024) | Metric | Value | | :--- | :--- | | Total assets | $23,991,791 thousand | | Total deposits | $20,318,832 thousand | | Total stockholders' equity | $2,550,312 thousand | | Book value per share | $19.94 | | Tangible book value per share (non-GAAP) | $12.16 | | Common Equity Tier 1 Capital Ratio | 12.73% | | Total Capital Ratio | 13.92% | [Consolidated Statements of Income (Table 3)](index=7&type=section&id=Table%203%20Consolidated%20Statements%20of%20Income) The consolidated income statement for Q2 2024 shows net income of $61.9 million, an increase from $54.2 million in Q1 2024 but a slight decrease from $62.4 million in Q2 2023, with diluted earnings per share of $0.48 Consolidated Income Statement Summary (in thousands) | Item | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $152,851 | $154,427 | $159,939 | | Provision for credit losses | $1,800 | $6,300 | $5,000 | | Total noninterest income | $51,768 | $51,371 | $47,348 | | Total noninterest expense | $122,086 | $128,813 | $120,881 | | **Net Income** | **$61,921** | **$54,220** | **$62,442** | | **Diluted EPS** | **$0.48** | **$0.42** | **$0.49** | [Consolidated Balance Sheets (Table 3)](index=8&type=section&id=Table%203%20Consolidated%20Balance%20Sheets) As of June 30, 2024, the company's consolidated balance sheet reported total assets of $24.0 billion, a decrease from $24.3 billion at the end of Q1 2024, with total deposits also decreasing to $20.3 billion, while net loans and leases remained relatively stable at $14.2 billion Consolidated Balance Sheet Summary (in thousands) | Item | June 30, 2024 | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $23,991,791 | $24,279,186 | $24,926,474 | | Net Loans and Leases | $14,199,382 | $14,160,372 | $14,196,964 | | Total Deposits | $20,318,832 | $20,669,481 | $21,332,657 | | Total Stockholders' Equity | $2,550,312 | $2,513,761 | $2,486,066 | [Average Balances and Interest Rates (Tables 4 & 5)](index=9&type=section&id=Tables%204%20%26%205%20Average%20Balances%20and%20Interest%20Rates) These tables detail the average balances, interest income/expense, and yields for earning assets and interest-bearing liabilities, showing total average earning assets of $21.2 billion with a 4.66% yield and a net interest margin of 2.92% for Q2 2024 Q2 2024 Average Balances and Rates | Category | Average Balance (millions) | Yield/Rate | | :--- | :--- | :--- | | Total Earning Assets | $21,247.7 | 4.66% | | Total Loans and Leases | $14,358.0 | 5.67% | | Total Interest-Bearing Liabilities | $13,899.6 | 2.66% | | Total Interest-Bearing Deposits | $13,361.4 | 2.58% | | **Net Interest Spread** | | **2.00%** | | **Net Interest Margin** | | **2.92%** | Six Months Ended June 30, 2024 Average Balances and Rates | Category | Average Balance (millions) | Yield/Rate | | :--- | :--- | :--- | | Total Earning Assets | $21,364.8 | 4.63% | | Total Interest-Bearing Liabilities | $13,881.3 | 2.65% | | **Net Interest Spread** | | **1.98%** | | **Net Interest Margin** | | **2.91%** | [Analysis of Change in Net Interest Income (Tables 6, 7, & 8)](index=12&type=section&id=Tables%206%2C%207%2C%20%26%208%20Analysis%20of%20Change%20in%20Net%20Interest%20Income) These tables break down the change in net interest income by attributing it to changes in volume and rate, showing a $1.5 million decrease compared to Q1 2024 and a $19.6 million decrease year-over-year for the six-month period - QoQ Change in Net Interest Income (vs. Q1 2024): **-$1.5 million**, composed of **-$2.0 million** from volume and **+$0.5 million** from rate[13](index=13&type=chunk) - YoY Change in Net Interest Income (vs. Q2 2023): **-$6.8 million**, composed of **-$6.5 million** from volume and **-$0.3 million** from rate[14](index=14&type=chunk) - YTD Change in Net Interest Income (vs. 6M 2023): **-$19.6 million**, composed of **-$12.7 million** from volume and **-$6.9 million** from rate[15](index=15&type=chunk) [Loan and Lease Portfolio (Table 9)](index=15&type=section&id=Table%209%20Loans%20and%20Leases) The total loan and lease portfolio stood at $14.36 billion as of June 30, 2024, a slight increase from the prior quarter, with significant concentrations in residential loans ($5.38 billion) and commercial real estate ($4.31 billion) Loan and Lease Portfolio Breakdown (in thousands) | Category | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Commercial and industrial | $2,208,690 | $2,189,875 | | Commercial real estate | $4,305,017 | $4,301,300 | | Construction | $1,017,649 | $972,517 | | Total residential | $5,376,249 | $5,408,280 | | Consumer | $1,027,104 | $1,054,227 | | **Total loans and leases** | **$14,359,899** | **$14,320,208** | [Deposit Composition (Table 10)](index=16&type=section&id=Table%2010%20Deposits) Total deposits decreased to $20.32 billion as of June 30, 2024, from $20.67 billion in the prior quarter, primarily due to a decline in noninterest-bearing demand deposits, while money market and time deposits increased Deposit Breakdown (in thousands) | Category | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Demand (Noninterest-bearing) | $6,857,467 | $7,048,553 | | Savings | $6,055,051 | $6,277,679 | | Money Market | $4,111,609 | $4,059,204 | | Time | $3,294,705 | $3,284,045 | | **Total Deposits** | **$20,318,832** | **$20,669,481** | [Non-Performing Assets (Table 11)](index=17&type=section&id=Table%2011%20Non-Performing%20Assets) Total non-performing assets (NPAs) remained stable at $18.0 million as of June 30, 2024, consistent with the previous quarter, with non-accrual loans primarily concentrated in the residential loan portfolio ($13.4 million) Non-Performing Assets Breakdown (in thousands) | Category | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Total Non-Accrual Loans and Leases | $18,013 | $18,017 | | Total Non-Performing Assets | $18,013 | $18,017 | | Accruing Loans Past Due 90+ Days | $3,765 | $3,620 | [Allowance for Credit Losses Analysis (Table 12)](index=18&type=section&id=Table%2012%20Allowance%20for%20Credit%20Losses) The total allowance for credit losses and reserve for unfunded commitments was $193.9 million at quarter-end, with a $1.8 million provision for credit losses and net charge-offs of $2.5 million (0.07% of average loans), covering non-accrual loans by 8.91x Allowance for Credit Losses Roll-Forward (Q2 2024, in thousands) | Item | Amount | | :--- | :--- | | Balance at Beginning of Period | $194,649 | | Net Loans and Leases Charged-Off | ($2,519) | | Provision for Credit Losses | $1,800 | | **Balance at End of Period** | **$193,930** | | *Allowance for Credit Losses* | *$160,517* | | *Reserve for Unfunded Commitments* | *$33,413* | [Loan Portfolio Credit Quality Analysis (Table 13)](index=19&type=section&id=Table%2013%20Credit%20Quality%20of%20Loans%20and%20Leases) Table 13 details loan portfolio credit quality by category and risk, showing strong profiles with most commercial loans rated 'Pass' and high FICO scores for residential and consumer loans - The total commercial lending portfolio of **$7.96 billion** is primarily composed of loans with a 'Pass' risk rating[20](index=20&type=chunk) - In the residential mortgage portfolio of **$4.22 billion**, over **92%** (**$3.87 billion**) belongs to borrowers with FICO scores of **680 or greater**[21](index=21&type=chunk) - The consumer lending portfolio of **$1.03 billion** has over **69%** (**$711 million**) associated with borrowers having FICO scores of **680 or greater**[21](index=21&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures to supplement GAAP results, providing additional insights into performance and capital [Explanation of Non-GAAP Measures](index=4&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company utilizes non-GAAP financial measures such as return on average tangible assets and tangible book value per share, which management believes are useful for stakeholders to evaluate financial performance and capital adequacy, but should be considered as a supplement to, not a substitute for, GAAP results - The company uses non-GAAP measures like return on average tangible assets, return on average tangible stockholders' equity, tangible book value per share, and tangible stockholders' equity to tangible assets[25](index=25&type=chunk) - These measures are presented because management believes they are useful for evaluating financial performance and capital adequacy, but they have limitations and should not be viewed in isolation[25](index=25&type=chunk) - A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures is provided in Table 14[26](index=26&type=chunk) [GAAP to Non-GAAP Reconciliation (Table 14)](index=21&type=section&id=Table%2014%20GAAP%20to%20Non-GAAP%20Reconciliation) This table provides a detailed reconciliation of GAAP measures to their non-GAAP counterparts by excluding goodwill, showing a Q2 2024 return on average tangible stockholders' equity (non-GAAP) of 16.42% compared to the GAAP return of 9.91%, and a tangible book value per share of $12.16 GAAP vs. Non-GAAP Ratios (Q2 2024) | Ratio | GAAP | Non-GAAP (Tangible) | | :--- | :--- | :--- | | Return on average stockholders' equity | 9.91% | 16.42% | | Return on average assets | 1.04% | 1.08% | | Book value per share | $19.94 | $12.16 | [Company and Conference Call Information](index=3&type=section&id=Company%20and%20Conference%20Call%20Information) This section provides an overview of First Hawaiian, Inc., details conference call access, and outlines forward-looking statement disclaimers [Company Overview](index=3&type=section&id=First%20Hawaiian%2C%20Inc.) First Hawaiian, Inc. is the Honolulu-based bank holding company for First Hawaiian Bank, Hawaii's oldest and largest financial institution, providing a comprehensive suite of banking services to consumers and businesses throughout Hawaii, Guam, and Saipan - First Hawaiian, Inc. is the holding company for First Hawaiian Bank, Hawaii's oldest and largest financial institution[4](index=4&type=chunk) - The company offers a full range of banking services, including deposit products, loans, wealth management, insurance, and credit card services[4](index=4&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company hosted a conference call to discuss its Q2 2024 results on the day of the earnings release, with a live webcast and slide presentation made available on its website, where an archive is also accessible - A conference call was held at 1:00 p.m. Eastern Time / 7:00 a.m. Hawaii Time to discuss the results[5](index=5&type=chunk) - Registration links for phone access and a live webcast were provided for participants[6](index=6&type=chunk)[23](index=23&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, with actual results potentially differing materially from expectations - The report contains forward-looking statements that are not historical facts and are subject to risks, assumptions, and uncertainties[7](index=7&type=chunk) - The company cautions that these statements are not guarantees of future performance and that actual results may differ materially[7](index=7&type=chunk) - For a discussion of risks and important factors, readers are referred to the company's SEC filings, including its Form 10-K and 10-Q reports[7](index=7&type=chunk)

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii's oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and mer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14585 FIRST HAWAIIAN, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 99-0156159 (State or Other Jur ...

First Hawaiian (FHB) reported $205.8 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.8%. EPS of $0.42 for the same period compares to $0.52 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $202.41 million, representing a surprise of +1.67%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.42.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

First Hawaiian (FHB) came out with quarterly earnings of $0.42 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this bank holding company would post earnings of $0.45 per share when it actually produced earnings of $0.37, delivering a surprise of -17.78%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.First Hawaiian, whi ...

[First Quarter 2024 Overview](index=1&type=section&id=First%20Quarter%202024%20Overview) This section provides an executive summary of the company's first quarter 2024 financial results and key announcements [Financial Highlights](index=1&type=section&id=Financial%20Highlights) First Hawaiian reported a solid first quarter for 2024, characterized by strong earnings, excellent credit quality, and growing capital levels, with net income increasing to $54.2 million and net interest margin expanding to 2.91% - Chairman, President, and CEO Bob Harrison highlighted **strong earnings**, **excellent credit quality**, and **growing capital levels** for the first quarter of 2024[2](index=2&type=chunk) Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q4 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Net Income | $54.2 million | $47.5 million | +$6.7 million | | Diluted EPS | $0.42 | $0.37 | +$0.05 | | Net Interest Margin | 2.91% | 2.81% | +10 bps | | Total Assets | $24.3 billion | $24.9 billion | -$0.6 billion | | Gross Loans and Leases | $14.3 billion | $14.4 billion | -$33.3 million | | Total Deposits | $20.7 billion | $21.3 billion | -$663.2 million | | Provision for Credit Losses | $6.3 million | $5.3 million | +$1.0 million | - Noninterest expense decreased by **$13.5 million** quarter-over-quarter to **$128.8 million**, leading to an improved efficiency ratio of **62.2%** from 67.3% in the prior quarter[8](index=8&type=chunk) [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board of Directors approved a quarterly cash dividend of $0.26 per share, consistent with the previous quarter, payable on May 31, 2024 - A quarterly cash dividend of **$0.26 per share** was declared on April 24, 2024[2](index=2&type=chunk) - The dividend is payable on May 31, 2024, to stockholders of record at the close of business on May 20, 2024[2](index=2&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) This section provides an in-depth analysis of the company's consolidated financial statements, net interest income, loan and deposit portfolios, asset quality, and capital adequacy [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The company's income statement shows a quarter-over-quarter increase in net income to $54.2 million, while the balance sheet reflects a sequential decrease in total assets and deposits [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Highlights (in thousands) | Line Item | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $154,427 | $151,793 | $167,247 | | Provision for Credit Losses | $6,300 | $5,330 | $8,800 | | Noninterest Income | $51,371 | $58,347 | $49,023 | | Noninterest Expense | $128,813 | $142,307 | $118,567 | | **Net Income** | **$54,220** | **$47,502** | **$66,818** | | **Diluted EPS** | **$0.42** | **$0.37** | **$0.52** | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Line Item | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $24,279,186 | $24,926,474 | $24,884,207 | | Net Loans and Leases | $14,160,372 | $14,196,964 | $14,074,150 | | Total Deposits | $20,669,481 | $21,332,657 | $21,281,500 | | Total Stockholders' Equity | $2,513,761 | $2,486,066 | $2,329,012 | [Net Interest Income Analysis](index=9&type=section&id=Net%20Interest%20Income%20Analysis) Net interest income (NII) rose by $2.6 million quarter-over-quarter to $154.4 million, with the net interest margin (NIM) expanding 10 basis points to 2.91%, driven by higher yields on earning assets [Average Balances and Interest Rates](index=9&type=section&id=Average%20Balances%20and%20Interest%20Rates) Key Interest Rate Metrics | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Margin | 2.91% | 2.81% | 3.11% | | Interest Rate Spread | 1.98% | 1.90% | 2.52% | | Yield on Earning Assets | 4.61% | 4.44% | 3.97% | | Rate on Interest-Bearing Liabilities | 2.63% | 2.54% | 1.45% | [Analysis of Change in Net Interest Income](index=10&type=section&id=Analysis%20of%20Change%20in%20Net%20Interest%20Income) - Compared to Q4 2023, the **$2.7 million increase** in net interest income was driven by a **$4.0 million rise** in interest income, partially offset by a **$1.3 million increase** in interest expense[26](index=26&type=chunk) - Compared to Q1 2023, the **$12.8 million decrease** in net interest income was due to a significant **$44.2 million increase** in interest expense, which was not fully offset by the **$31.4 million increase** in interest income[27](index=27&type=chunk) [Loan and Deposit Portfolio](index=12&type=section&id=Loan%20and%20Deposit%20Portfolio) The total loan and lease portfolio decreased slightly by 0.2% quarter-over-quarter to $14.3 billion, while total deposits decreased by 3.1% to $20.7 billion [Loans and Leases Composition](index=12&type=section&id=Loans%20and%20Leases%20Composition) Loan Portfolio Breakdown (in thousands) | Loan Type | Mar 31, 2024 | Dec 31, 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Commercial and industrial | $2,189,875 | $2,165,349 | +$24,526 | | Commercial real estate | $4,301,300 | $4,340,243 | -$38,943 | | Construction | $972,517 | $900,292 | +$72,225 | | Total residential | $5,408,280 | $5,457,903 | -$49,623 | | Consumer | $1,054,227 | $1,109,901 | -$55,674 | | **Total Loans and Leases** | **$14,320,208** | **$14,353,497** | **-$33,289** | [Deposits Composition](index=13&type=section&id=Deposits%20Composition) Deposit Portfolio Breakdown (in thousands) | Deposit Type | Mar 31, 2024 | Dec 31, 2023 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Demand (Noninterest-bearing) | $7,048,553 | $7,583,562 | -$535,009 | | Savings | $6,277,679 | $6,445,084 | -$167,405 | | Money Market | $4,059,204 | $3,847,853 | +$211,351 | | Time | $3,284,045 | $3,456,158 | -$172,113 | | **Total Deposits** | **$20,669,481** | **$21,332,657** | **-$663,176** | [Asset Quality and Credit Risk](index=14&type=section&id=Asset%20Quality%20and%20Credit%20Risk) Asset quality remained excellent and stable in the first quarter, with total non-performing assets at $18.0 million and the allowance for credit losses increasing to $159.8 million [Non-Performing Assets](index=14&type=section&id=Non-Performing%20Assets) Non-Performing Assets (in thousands) | Metric | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Non-Accrual Loans and Leases | $18,017 | $18,595 | | Total Non-Performing Assets | $18,017 | $18,595 | | Accruing Loans Past Due 90+ Days | $3,620 | $3,496 | - Total non-performing assets as a percentage of total loans and other real estate owned remained stable at **0.13%** at both March 31, 2024, and December 31, 2023[10](index=10&type=chunk) [Allowance for Credit Losses](index=15&type=section&id=Allowance%20for%20Credit%20Losses) Allowance for Credit Losses Activity (in thousands) | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Beginning Balance (ACL + Reserve) | $192,138 | $192,570 | | Net Loans and Leases Charged-Off | ($3,789) | ($5,762) | | Provision for Credit Losses | $6,300 | $5,330 | | **Ending Balance (ACL + Reserve)** | **$194,649** | **$192,138** | - The ratio of Allowance for Credit Losses to total loans outstanding increased to **1.12%** from 1.09% in the prior quarter[31](index=31&type=chunk) [Loan Portfolio Credit Quality Details](index=16&type=section&id=Loan%20Portfolio%20Credit%20Quality%20Details) - The vast majority of the commercial lending portfolio, totaling **$7.9 billion**, is categorized with a 'Pass' risk rating[32](index=32&type=chunk) - For residential and consumer lending, credit quality is strong, with the largest segments of the portfolio belonging to borrowers with FICO scores of **740 and greater**[33](index=33&type=chunk) [Capital Adequacy](index=3&type=section&id=Capital%20Adequacy) The company strengthened its capital position during the quarter, with all regulatory capital ratios showing improvement, including the Common Equity Tier 1 ratio increasing to 12.55% Regulatory Capital Ratios | Ratio | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Common Equity Tier 1 Capital Ratio | 12.55% | 12.39% | | Tier 1 Capital Ratio | 12.55% | 12.39% | | Total Capital Ratio | 13.75% | 13.57% | | Tier 1 Leverage Ratio | 8.80% | 8.64% | - Total stockholders' equity increased by **$27.7 million** during the first quarter[11](index=11&type=chunk) - No shares were repurchased in the first quarter[11](index=11&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=18&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The company provides reconciliations for non-GAAP measures to their closest GAAP equivalents, with key non-GAAP metrics showing quarter-over-quarter improvement Key Non-GAAP Metrics | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Return on Average Tangible Stockholders' Equity | 14.53% | 13.66% | 20.78% | | Tangible Book Value per Share | $11.88 | $11.68 | $10.45 | | Tangible Stockholders' Equity to Tangible Assets | 6.52% | 6.23% | 5.58% | [Other Information](index=3&type=section&id=Other%20Information) This section includes the company profile, conference call details, and important disclosures regarding forward-looking statements and non-GAAP financial measures [Company Profile](index=3&type=section&id=Company%20Profile) First Hawaiian, Inc. (NASDAQ: FHB) is the holding company for First Hawaiian Bank, Hawaii's oldest and largest financial institution, providing a wide range of banking services - First Hawaiian Bank is Hawaii's oldest and largest financial institution, with branches throughout Hawaii, Guam, and Saipan[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company will host a conference call and live webcast, including a slide presentation, to discuss its first-quarter 2024 financial results - A conference call to discuss results was scheduled for April 26, 2024, at **1:00 p.m. Eastern Time**[13](index=13&type=chunk) - A live webcast and slide presentation are available at **www.fhb.com/earnings**[14](index=14&type=chunk) [Forward-Looking Statements and Non-GAAP Measures Disclosure](index=4&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Measures%20Disclosure) The report includes a standard safe harbor statement regarding forward-looking statements and explains the use of non-GAAP financial measures for evaluating performance - The press release contains forward-looking statements that are not guarantees of future performance and are subject to risks and uncertainties[15](index=15&type=chunk) - The company uses non-GAAP financial measures such as return on average tangible assets and tangible book value per share, which are reconciled to GAAP measures in Table 12[16](index=16&type=chunk)[17](index=17&type=chunk)

HONOLULU, April 26, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), ("First Hawaiian" or the "Company") today reported financial results for its quarter ended March 31, 2024. "I'm pleased to report that we started 2024 with a solid first quarter," said Bob Harrison, Chairman, President, and CEO. "We had strong earnings, continued excellent credit quality and continued to grow our capital levels."  On April 24, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per ...

The market expects First Hawaiian (FHB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 26, 2024, might help the stock move higher if these key numbers are b ...

HONOLULU, April 05, 2024 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its first quarter 2024 financial results on Friday, April 26, 2024 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.vevent.com/register/BIb74728f7f2a14341 ...