Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 26, 2024

FIRST HAWAIIAN, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware
(State or Other Jurisdiction of Incorporation)


001-14585		99-0156159
(Commission File Number)		(IRS Employer Identification No.)


999 Bishop St., 29th Floor
Honolulu, Hawaii		96813
(Address of Principal Executive Offices)		(Zip Code)

(808) 525-7000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Common Stock, par value $0.01 per share	FHB	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 26, 2024, First Hawaiian, Inc. (together with its consolidated subsidiary, “First Hawaiian”) reported its earnings for the quarter ended June 30, 2024. A copy of First Hawaiian’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

All information provided in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of First Hawaiian under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits


Exhibit No.		Description

99.1		Press release of First Hawaiian, Inc. dated July 26, 2024 containing financial information for its quarter ended June 30, 2024.

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Pril
	FIRST HAWAIIAN, INC.

Date: July 26, 2024	By:	/s/ Robert S. Harrison
		Robert S. Harrison
		Chairman of the Board, President and Chief Executive Officer
		(Principal Executive Officer)

EXHIBIT 99.1

For Immediate Release

First Hawaiian, Inc. Reports Second Quarter 2024 Financial Results and Declares Dividend

HONOLULU, Hawaii July 26, 2024--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2024.

“I’m pleased to report our strong financial results for the second quarter,” said Bob Harrison, Chairman, President, and CEO. “Our performance was driven by solid revenues, disciplined expense control and continued excellent credit quality. Additionally, we continued our support of the Maui community by partnering with the Federal Home Loan Bank of Des Moines to contribute a total of $1 million in relief funding for homeowners impacted by the Maui Wildfires.”

On July 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on August 30, 2024, to stockholders of record at the close of business on August 19, 2024.

Second Quarter 2024 Highlights:

●

Net income of $61.9 million, or $0.48 per diluted share

●

Total loans and leases increased $39.7 million versus prior quarter

●

Total deposits decreased $350.6 million versus prior quarter

●

Net interest margin increased 1 basis point to 2.92%

●

Recorded a $1.8 million provision for credit losses

●

Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $24.0 billion as of June 30, 2024, a decrease of $287.4 million, or 1.2%, from $24.3 billion as of March 31, 2024.

Gross loans and leases were $14.4 billion as of June 30, 2024, an increase of $39.7 million, or 0.3%, from $14.3 billion as of March 31, 2024.

Total deposits were $20.3 billion as of June 30, 2024, a decrease of $350.6 million, or 1.7%, from $20.7 billion as of March 31, 2024.

Net Interest Income

Net interest income for the second quarter of 2024 was $152.9 million, a decrease of $1.6 million, or 1.0%, compared to $154.4 million for the prior quarter.

The net interest margin was 2.92% in the second quarter of 2024, an increase of 1 basis point compared to 2.91% in the prior quarter.

Provision Expense

During the quarter ended June 30, 2024, we recorded a $1.8 million provision for credit losses. In the quarter ended March 31, 2024, we recorded a $6.3 million provision for credit losses.

Noninterest Income

Noninterest income was $51.8 million in the second quarter of 2024, an increase of $0.4 million compared to noninterest income of $51.4 million in the prior quarter.

Noninterest Expense

Noninterest expense was $122.1 million in the second quarter of 2024, a decrease of $6.7 million compared to noninterest expense of $128.8 million in the prior quarter.

The efficiency ratio was 59.2% and 62.2% for the quarters ended June 30, 2024 and March 31, 2024, respectively.

Taxes

The effective tax rate was 23.3% for the quarters ended June 30, 2024 and March 31, 2024.

Asset Quality

The allowance for credit losses was $160.5 million, or 1.12% of total loans and leases, as of June 30, 2024, compared to $159.8 million, or 1.12% of total loans and leases, as of March 31, 2024. The reserve for unfunded commitments was $33.4 million as of June 30, 2024 compared to $34.8 million as of March 31, 2024. Net charge-offs were $2.5 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2024, compared to net charge-offs of $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2024. Total non-performing assets were $18.0 million, or 0.13% of total loans and leases and other real estate owned, as of both June 30, 2024 and March 31, 2024.

Capital

Total stockholders' equity increased $36.6 million in the second quarter, and stood at $2.6 billion on June 30, 2024 compared to $2.5 billion on March 31, 2024.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.03%, 12.73% and 13.92%, respectively, on June 30, 2024, compared with 8.80%, 12.55% and 13.75%, respectively, on March 31, 2024.

The Company did not repurchase any shares in the second quarter.

First Hawaiian, Inc.

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 merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

To access the call by phone, please register via the following link:

https://register.vevent.com/register/BIa54af76e9f084d46ad036d683c1f6cd6, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Use of Non-GAAP Financial Measures

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.


Investor Relations Contact:	Media Contact:
Kevin Haseyama, CFA	Lindsay Chambers
(808) 525-6268	(808) 525-6254
khaseyama@fhb.com	lchambers@fhb.com


Financial Highlights	Table 1
	For the Three Months Ended									For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share data)	2024			2024			2023			2024			2023
Operating Results:
Net interest income	$	152,851		$	154,427		$	159,939		$	307,278		$	327,186
Provision for credit losses		1,800			6,300			5,000			8,100			13,800
Noninterest income		51,768			51,371			47,348			103,139			96,371
Noninterest expense		122,086			128,813			120,881			250,899			239,448
Net income		61,921			54,220			62,442			116,141			129,260
Basic earnings per share		0.48			0.42			0.49			0.91			1.01
Diluted earnings per share		0.48			0.42			0.49			0.91			1.01
Dividends declared per share		0.26			0.26			0.26			0.52			0.52
Dividend payout ratio		54.17	%		61.90	%		53.06	%		57.14	%		51.49	%
Performance Ratios⁽¹⁾:
Net interest margin		2.92	%		2.91	%		2.91	%		2.91	%		3.01	%
Efficiency ratio		59.22	%		62.15	%		57.96	%		60.69	%		56.17	%
Return on average total assets		1.04	%		0.90	%		1.01	%		0.97	%		1.06	%
Return on average tangible assets (non-GAAP)⁽²⁾		1.08	%		0.94	%		1.05	%		1.01	%		1.10	%
Return on average total stockholders' equity		9.91	%		8.73	%		10.68	%		9.32	%		11.23	%
Return on average tangible stockholders' equity (non-GAAP)⁽²⁾		16.42	%		14.53	%		18.57	%		15.48	%		19.65	%
Average Balances:
Average loans and leases	$	14,358,049		$	14,312,563		$	14,283,222		$	14,335,306		$	14,181,842
Average earning assets		21,247,707			21,481,890			22,186,316			21,364,799			22,030,652
Average assets		23,958,913			24,187,207			24,821,486			24,073,060			24,685,560
Average deposits		20,308,028			20,571,930			21,057,259			20,439,979			21,261,805
Average stockholders' equity		2,512,471			2,496,840			2,344,285			2,504,656			2,321,977
Market Value Per Share:
Closing		20.76			21.96			18.01			20.76			18.01
High		22.68			23.12			21.00			23.12			28.28
Low		19.48			20.37			15.08			19.48			15.08


	As of			As of			As of			As of
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands, except per share data)	2024			2024			2023			2023
Balance Sheet Data:
Loans and leases	$	14,359,899		$	14,320,208		$	14,353,497		$	14,362,832
Total assets		23,991,791			24,279,186			24,926,474			24,511,566
Total deposits		20,318,832			20,669,481			21,332,657			21,078,166
Short-term borrowings		500,000			500,000			500,000			—
Long-term borrowings		—			—			—			500,000
Total stockholders' equity		2,550,312			2,513,761			2,486,066			2,359,738

Per Share of Common Stock:
Book value	$	19.94		$	19.66		$	19.48		$	18.49
Tangible book value (non-GAAP)⁽²⁾		12.16			11.88			11.68			10.69

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.13	%		0.13	%		0.13	%		0.09	%
Allowance for credit losses for loans and leases / total loans and leases		1.12	%		1.12	%		1.09	%		1.03	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		12.73	%		12.55	%		12.39	%		12.05	%
Tier 1 Capital Ratio		12.73	%		12.55	%		12.39	%		12.05	%
Total Capital Ratio		13.92	%		13.75	%		13.57	%		13.17	%
Tier 1 Leverage Ratio		9.03	%		8.80	%		8.64	%		8.30	%
Total stockholders' equity to total assets		10.63	%		10.35	%		9.97	%		9.63	%
Tangible stockholders' equity to tangible assets (non-GAAP)⁽²⁾		6.76	%		6.52	%		6.23	%		5.80	%

Non-Financial Data:
Number of branches		48			50			50			51
Number of ATMs		272			275			275			296
Number of Full-Time Equivalent Employees		2,032			2,065			2,089			2,126

(1)	Except for the efficiency ratio, amounts are annualized for the three and six months ended June 30, 2024 and 2023 and three months ended March 31, 2024.

(2)

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.


Consolidated Statements of Income	Table 2
	For the Three Months Ended						For the Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands, except per share amounts)	2024		2024		2023		2024		2023
Interest income
Loans and lease financing	$	202,068	$	199,844	$	185,340	$	401,912	$	357,679
Available-for-sale investment securities		14,143		14,546		18,094		28,689		36,782
Held-to-maturity investment securities		17,575		17,793		18,282		35,368		37,239
Other		11,148		12,769		7,489		23,917		11,050
Total interest income		244,934		244,952		229,205		489,886		442,750
Interest expense
Deposits		85,609		84,143		58,071		169,752		101,355
Short-term and long-term borrowings		5,953		5,953		10,656		11,906		13,219
Other		521		429		539		950		990
Total interest expense		92,083		90,525		69,266		182,608		115,564
Net interest income		152,851		154,427		159,939		307,278		327,186
Provision for credit losses		1,800		6,300		5,000		8,100		13,800
Net interest income after provision for credit losses		151,051		148,127		154,939		299,178		313,386
Noninterest income
Service charges on deposit accounts		7,793		7,546		7,246		15,339		14,477
Credit and debit card fees		15,861		16,173		15,461		32,034		31,759
Other service charges and fees		11,036		9,904		9,056		20,940		18,218
Trust and investment services income		9,426		10,354		9,448		19,780		19,062
Bank-owned life insurance		3,360		4,286		3,271		7,646		8,391
Other		4,292		3,108		2,866		7,400		4,464
Total noninterest income		51,768		51,371		47,348		103,139		96,371
Noninterest expense
Salaries and employee benefits		57,737		59,262		57,904		116,999		113,936
Contracted services and professional fees		16,067		15,739		17,498		31,806		33,811
Occupancy		7,377		6,941		7,554		14,318		15,336
Equipment		13,196		13,413		11,000		26,609		20,736
Regulatory assessment and fees		3,814		8,120		3,676		11,934		7,512
Advertising and marketing		1,765		2,612		1,891		4,377		3,885
Card rewards program		8,719		8,508		7,681		17,227		15,766
Other		13,411		14,218		13,677		27,629		28,466
Total noninterest expense		122,086		128,813		120,881		250,899		239,448
Income before provision for income taxes		80,733		70,685		81,406		151,418		170,309
Provision for income taxes		18,812		16,465		18,964		35,277		41,049
Net income	$	61,921	$	54,220	$	62,442	$	116,141	$	129,260
Basic earnings per share	$	0.48	$	0.42	$	0.49	$	0.91	$	1.01
Diluted earnings per share	$	0.48	$	0.42	$	0.49	$	0.91	$	1.01
Basic weighted-average outstanding shares		127,867,853		127,707,354		127,591,371		127,787,663		127,522,975
Diluted weighted-average outstanding shares		128,262,594		128,217,689		127,832,351		128,279,917		127,901,225


Consolidated Balance Sheets	Table 3
	June 30,		March 31,		December 31,		June 30,
(dollars in thousands, except share amount)	2024		2024		2023		2023
Assets
Cash and due from banks	$	290,501	$	202,121	$	185,015	$	318,333
Interest-bearing deposits in other banks		824,258		1,072,145		1,554,882		239,798
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,379,004 as of June 30, 2024, $2,466,109 as of March 31, 2024, $2,558,675 as of December 31, 2023 and $3,296,825 as of June 30, 2023)		2,067,956		2,159,338		2,255,336		2,909,372
Held-to-maturity, at amortized cost (fair value: $3,401,006 as of June 30, 2024, $3,470,710 as of March 31, 2024, $3,574,856 as of December 31, 2023 and $3,697,261 as of June 30, 2023)		3,917,175		3,988,011		4,041,449		4,180,408
Loans held for sale		2,820		—		190		—
Loans and leases		14,359,899		14,320,208		14,353,497		14,362,832
Less: allowance for credit losses		160,517		159,836		156,533		148,581
Net loans and leases		14,199,382		14,160,372		14,196,964		14,214,251

Premises and equipment, net		283,762		281,181		281,461		277,817
Accrued interest receivable		82,512		85,715		84,417		80,710
Bank-owned life insurance		486,261		484,193		479,907		476,177
Goodwill		995,492		995,492		995,492		995,492
Mortgage servicing rights		5,395		5,533		5,699		6,072
Other assets		836,277		845,085		845,662		813,136
Total assets	$	23,991,791	$	24,279,186	$	24,926,474	$	24,511,566
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing	$	13,461,365	$	13,620,928	$	13,749,095	$	12,911,539
Noninterest-bearing		6,857,467		7,048,553		7,583,562		8,166,627
Total deposits		20,318,832		20,669,481		21,332,657		21,078,166
Short-term borrowings		500,000		500,000		500,000		—
Long-term borrowings		—		—		—		500,000
Retirement benefits payable		101,304		102,242		103,285		100,671
Other liabilities		521,343		493,702		504,466		472,991
Total liabilities		21,441,479		21,765,425		22,440,408		22,151,828

Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024, issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024, issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023 and issued/outstanding: 141,327,860 / 127,608,037 shares as of June 30, 2023)		1,417		1,417		1,413		1,413
Additional paid-in capital		2,554,795		2,551,488		2,548,250		2,543,226
Retained earnings		887,176		858,494		837,859		799,045
Accumulated other comprehensive loss, net		(519,132)		(523,780)		(530,210)		(612,736)
Treasury stock (13,849,434 shares as of June 30, 2024, 13,845,704 shares as of March 31, 2024, 13,721,778 shares as of December 31, 2023 and 13,719,823 shares as of June 30, 2023)		(373,944)		(373,858)		(371,246)		(371,210)
Total stockholders' equity		2,550,312		2,513,761		2,486,066		2,359,738
Total liabilities and stockholders' equity	$	23,991,791	$	24,279,186	$	24,926,474	$	24,511,566


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2024						March 31, 2024						June 30, 2023
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	773.4	$	10.5	5.45	%	$	858.6	$	11.6	5.45	%	$	569.3	$	7.2	5.07	%
Available-for-Sale Investment Securities
Taxable		2,100.7		14.1	2.69			2,210.6		14.5	2.63			2,978.6		18.0	2.42
Non-Taxable		1.5		—	5.76			1.8		—	5.61			5.8		0.1	5.74
Held-to-Maturity Investment Securities
Taxable		3,358.2		14.4	1.71			3,416.4		14.6	1.71			3,618.7		15.3	1.69
Non-Taxable		602.9		4.0	2.64			603.4		4.0	2.65			610.4		3.7	2.46
Total Investment Securities		6,063.3		32.5	2.15			6,232.2		33.1	2.13			7,213.5		37.1	2.06
Loans Held for Sale		1.0		—	6.58			0.7		—	6.92			0.5		—	5.87
Loans and Leases⁽¹⁾
Commercial and industrial		2,201.6		38.1	6.96			2,164.9		37.2	6.92			2,265.7		36.2	6.41
Commercial real estate		4,305.6		71.5	6.68			4,323.5		70.1	6.53			4,183.6		64.9	6.22
Construction		984.8		18.5	7.57			924.7		17.4	7.55			874.3		15.2	6.96
Residential:
Residential mortgage		4,229.4		40.1	3.80			4,264.1		42.0	3.94			4,314.0		39.1	3.62
Home equity line		1,164.2		12.6	4.35			1,172.1		12.0	4.13			1,119.3		9.2	3.31
Consumer		1,054.1		17.7	6.74			1,083.5		18.1	6.71			1,196.6		17.7	5.92
Lease financing		418.3		4.3	4.09			379.8		3.7	3.91			329.7		3.6	4.43
Total Loans and Leases		14,358.0		202.8	5.67			14,312.6		200.5	5.63			14,283.2		185.9	5.22
Other Earning Assets		52.0		0.7	5.25			77.8		1.2	5.90			119.8		0.3	0.99
Total Earning Assets⁽²⁾		21,247.7		246.5	4.66			21,481.9		246.4	4.61			22,186.3		230.5	4.16
Cash and Due from Banks		240.4						244.3						257.9
Other Assets		2,470.8						2,461.0						2,377.3
Total Assets	$	23,958.9					$	24,187.2					$	24,821.5

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,000.4	$	23.4	1.57	%	$	6,059.7	$	23.4	1.56	%		6,099.4	$	16.1	1.05	%
Money Market		4,076.7		30.6	3.02			3,944.9		28.8	2.94			3,809.8		19.6	2.07
Time		3,284.3		31.6	3.87			3,325.3		31.9	3.86			2,877.8		22.4	3.12
Total Interest-Bearing Deposits		13,361.4		85.6	2.58			13,329.9		84.1	2.54			12,787.0		58.1	1.82
Federal Funds Purchased		—		—	—			—		—	—			2.9		—	5.00
Other Short-Term Borrowings		500.0		6.0	4.79			500.0		6.0	4.79			362.9		4.7	5.16
Long-Term Borrowings		—		—	—			—		—	—			500.0		6.0	4.78
Other Interest-Bearing Liabilities		38.2		0.5	5.48			33.0		0.4	5.22			54.0		0.5	4.00
Total Interest-Bearing Liabilities		13,899.6		92.1	2.66			13,862.9		90.5	2.63			13,706.8		69.3	2.03
Net Interest Income			$	154.4					$	155.9					$	161.2
Interest Rate Spread⁽³⁾					2.00	%					1.98	%					2.13	%
Net Interest Margin⁽⁴⁾					2.92	%					2.91	%					2.91	%
Noninterest-Bearing Demand Deposits		6,946.6						7,242.0						8,270.3
Other Liabilities		600.2						585.5						500.1
Stockholders' Equity		2,512.5						2,496.8						2,344.3
Total Liabilities and Stockholders' Equity	$	23,958.9					$	24,187.2					$	24,821.5

(1)	Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(2)	Interest income includes taxable-equivalent basis adjustments of $1.5 million, $1.5 million and $1.3 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

(3)	Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

(4)	Net interest margin is net interest income annualized for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

Average Balances and Interest Rates

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

FHB First Hawaiian Inc

Trending Now

Toplists