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- **Loan Growth Guidance**: 3-4% full year 2026, driven by CRE/C&I with H2 acceleration.
- **NIM Outlook**: 3.16-3.18% for 2026, supported by $400M/quarter fixed asset repricing and declining deposit beta (30-35%).
- **Expense Management**: $520M target reflects normalization after 2 years of flat growth, enabled by tech-driven cost savings.
- **Credit Stability**: 11bps annual charge-off rate, 118bps ACL coverage, and stable nonperforming assets at 31bps.

**【CEO Summary Section】**
- **Local Economic Highlights**: Unemployment rate at 2.2% (vs. national 4.5%), visitor spending up 6% YTD, housing prices stable (Oahu median home price +4.3%).
- **Q4 Performance**: NIM expanded to 3.21%, net interest income grew, expenses controlled. Full year 2026 outlook includes 3-4% loan growth (driven by CRE/C&I), NIM 3.16-3.18%, and $520M expense target.
- **Balance Sheet Strength**: $183M Q4 loan growth (5.2% annualized), C&I expansion from line draws and new auto dealer. Deposit growth of $214M, noninterest-bearing deposits at 32%.

**【CFO Financial Commentary】**
- **NIM Dynamics**: 3.21% Q4 NIM (+2bps vs. prior quarter), driven by lower deposit costs (1.29% cost, -9bps QoQ). 2026 NIM guidance reflects fixed asset repricing ($400M/quarter) offsetting Fed rate cuts and lower beta (30-35% vs. 47% Q4). Deposit beta is expected to decline with 2H26 normalization of multifamily payoff activity.
- **Expense Management**: 2026 expense guidance of $520M reflects normalization after 2 years of flat growth, driven by technology investments reducing vendor costs. Q1 expenses may see seasonal pickup but remain flat overall.

**【Chief Risk Officer Remarks】**
- **Credit Quality**: Annual net charge-off rate of 11bps (unch QoQ), nonperforming assets 31bps of loans. Allowance for credit losses at $168.5M (118bps coverage). Single relationship drove 5bps increase in nonperforming loans.

**【Q&A Highlights】**
- **Loan Growth Drivers**: 5.2% annualized Q4 growth from C&I line draws and new dealer. 2026 outlook assumes 3-4% growth with H2 normalization of multifamily payoffs. Payoff activity may weigh on H1 but pipeline supports H2 acceleration.
- **Deposit Strategy**: Spot rate 1.24% in December, beta expected to step down to 30-35% post-2026 rate cuts. Public deposits volatile but retail/commercial growth stable.
- **Capital Allocation**: $250M buyback authorization (no time frame) alongside 12% CET1 target (currently 13%+). M&A focus on West Coast targets ($2-15B, strong deposit franchise, disciplined lending).

First Hawaiian, Inc. (FHB) Q4 2025 Earnings Call Transcript

- **Loan Growth Momentum**: Q4 originations expected to offset Q3 paydowns, with $1B fixed-rate cash flows repricing at 125bp spread.
- **NIM Expansion**: 8bp Q3 expansion to 3.19%, guided to 3.16-3.20% in Q4. Deposit beta 90% on first rate cut, declining thereafter.
- **Deposit Strength**: Public operating accounts +$406M, noninterest-bearing deposits 33% of total. Core deposit beta to Fed cuts remains high.
- **M&A Cautious**: No active discussions, but open to mainland opportunities in Western states. Hawaii market share over 25% limits organic growth.
- **Credit Resilience**: ACL coverage at 117bp, net charge-offs 12bp, NPAs 26bp. No impact from government shutdown observed.


**【Management Opening Remarks】**
- CEO Bob Harrison highlighted Hawaii's resilient local economy with visitor arrivals up 0.7% YoY and year-to-date spending growth of 4.5%. The bank offered relief measures for federal employees impacted by the government shutdown.
- CFO Jamie Moses noted Q3 net income increased due to higher net interest and noninterest income, with a normalized effective tax rate of 23.2% after prior quarter benefits.

**【CEO Summary Section】**
- Total loans declined $223M (C&I down $146M, paydowns of $130M), but Q4 originations are strong with expectations to end 2025 flat to 2024 levels.
- Share repurchases totaled $24M in Q3, with $26M remaining under the $100M buyback plan.
- Emphasized Hawaii's stable credit metrics (net charge-offs 12bp, NPAs 26bp) and conservative ACL coverage at 117bp.

**【CFO Financial Commentary】**
- Deposits increased $500M (public operating accounts +$406M), with noninterest-bearing deposits at 33% of total.
- Net interest margin (NIM) expanded 8bp to 3.19%, driven by higher asset yields and loan fees. Q4 NIM guidance: 3.16% to 3.20%.
- Noninterest income of $57.1M exceeded expectations, with BOLI income and swaps contributing. Normalized run rate: $54M/Q4.
- Operating expenses expected below prior outlook of $506M, reflecting strong cost control.

**【Q&A Highlights】**
- **Loan Growth**: Q4 pipeline strong, with $1B fixed-rate cash flows repricing at 125bp spread. Investment portfolio runoff ($500-600M) reinvested at 225-250bp spread.
- **Deposit Beta**: 90% on first rate cut, declining with each subsequent cut. Deposit cost of funds at 136bp as of September.
- **M&A Strategy**: Open to mainland opportunities in Western states, but no active discussions. Hawaii market saturated with 25%+ market share.
- **Credit Risk**: No observable impact from government shutdown. Consumer credit metrics (credit cards, indirect) remain stable.


First Hawaiian, Inc. (FHB) Q3 2025 Earnings Call Transcript

- **Strong Q2 Growth**: Net income up 23% QoQ, driven by higher NII and expense control. Visitor spending rebound (+6.5% YoY) supports local economy.
- **C&I Momentum**: Dealer floor plan loans near pre-COVID levels, but construction payoffs temper CRE growth. Full-year loan growth ~low single digits.
- **NIM Expansion**: Anticipated 2bps increase to 3.13% in Q3, supported by lower deposit costs and asset repricing.
- **Credit Resilience**: Nonperforming assets stable at 23bps, with minimal loss content. Commercial criticized assets expected to cure.
- **Capital Allocation**: $25M share buybacks in Q2, with no immediate M&A plans despite strong capital position.

**【CEO Summary Section】**
- **Local Economic Overview**: State unemployment rate at 2.8% (vs. national 4.1%), visitor arrivals up 2.8% YoY, spending $9B (6.5% YoY increase). Despite 3.9% fewer visitors, spend increased 24% since 2019.
- **Q2 Financial Performance**: Net income up 23% QoQ, driven by higher net interest income (+$3.1M), noninterest income, and lower provision expense. $5.1M tax benefit from California law change.
- **Balance Sheet Stability**: Loans and deposits stable; $1M shares repurchased ($25M total), $50M remaining under 2025 repurchase plan. Resumed reinvesting investment portfolio cash flows.
- **Loan Growth**: Total loans +$59M (0.4% QoQ), C&I up $125M due to dealer floor plan balances. Full-year loan growth expected in low single digits.

**【CFO Financial Commentary】**
- **Net Interest Income (NII)**: $163.6M (3.11% NIM), +3bps QoQ from lower deposit costs. Anticipated 2bps NIM increase to 3.13% in Q3.
- **Deposit Performance**: Total deposits slightly up, retail down $23M, commercial down $127M. Noninterest-bearing deposits at 34%, deposit costs fell 4bps.
- **Noninterest Income**: $54M, recurring core income ~$51M/Q. Q3 expenses expected +2% QoQ, full-year expenses ~$506M.
- **Credit Quality**: Net charge-offs 9bps QoQ, 10bps YoY. Nonperforming assets 23bps of total loans, mostly low LTV residential loans.

**【Q&A Highlights】**
- **C&I Growth**: Dealer floor plan balances ($786M) near pre-COVID levels, but construction loan payoffs constrained CRE growth. Full-year loan growth guidance lowered to low single digits.
- **Capital Priorities**: Share buybacks ($25M Q2) and dividend stability; no immediate M&A plans despite strong capital position (12%).
- **Deposit Beta**: ~90% for next 1-2 rate cuts, declining thereafter. NII benefit from asset repricing expected to offset deposit cost increases.
- **Credit Trends**: Consumer stress from reduced savings, but nonperforming residential loans have low loss content. Commercial criticized assets (+$31.6M QoQ) expected to cure.
- **Construction Loans**: Institutional buyers (insurance companies) refinancing completed projects, limiting mini-perm retention.


First Hawaiian (FHB)-25 Jul 25-2025 Q2 Earnings call transcript

- **Strong Q1 Financials**: Net interest income up $1.8M, NIM +5bps to 3.05%, and $25M in share buybacks
- **Deposit Cost Optimization**: Total cost of deposits down 11bps to 1.41%, noninterest-bearing deposits at 34%
- **Credit Resilience**: Nonperforming assets at 17bps, net charge-offs at 11bps annualized
- **Growth Drivers**: Retail deposits +$105M, C&I loans offset dealer flooring decline
- **Risks on Radar**: Tariffs, federal spending cuts, and visitor arrivals growth rate
- **Q2 Outlook**: NIM expected to rise to 3.10%, loan growth uncertain but pipeline strong


**【CEO Overview】**
- Local economy stable with 3% unemployment rate, 1% visitor arrivals growth, and 4.5% spending increase in Maui. 
- Q1 2025 financial highlights: 
  - Net interest income up vs. prior quarter
  - Noninterest income stable
  - NIM increased 5bps to 3.05% due to lower deposit costs and portfolio restructuring
  - Total loans declined 0.8% ($115M) due to CRE payoffs, offset by C&I growth
  - Credit quality remains strong with NCO rate at 11bps
- Share buybacks: 974,000 shares repurchased ($25M), $75M remaining under 2025 plan

**【CFO Financial Details】**
- Deposit performance: 
  - Retail deposits +$105M, commercial deposits -$167M (due to large account fluctuations)
  - Total cost of deposits down 11bps to 1.41%
  - Noninterest-bearing deposits at 34% of total
- Net interest income: $160.5M (+$1.8M vs. prior quarter)
- Noninterest income: $50.5M (no significant one-time items)
- Noninterest expenses: $123.6M (aligned with full-year outlook)
- Q2 NIM guidance: 3.10% (includes expected rate cut)

**【Credit & Risk Update】**
- Credit metrics stable: 
  - Nonperforming assets 17bps (down 2bps)
  - Net charge-offs $3.8M (11bps annualized)
- Provision for loan losses: $10.5M (ACL coverage 117bps of loans)
- Reserve build driven by macroeconomic uncertainty (tariffs, federal spending)

**【Key Q&A Takeaways】**
1. **Loan Growth Outlook**: 
   - Q2 loan growth uncertain due to CRE refinancing delays
   - Full-year guidance remains low to mid-single digits
   - Dealer floorplan loans stable at $661M despite tariff uncertainty
2. **Deposit Strategy**: 
   - Limited room to reduce deposit costs further
   - 20-30bps repricing benefit from CD rollovers in Q2/Q3
   - Focus on relationship banking to maintain DDA growth
3. **Tariff Impact**: 
   - Auto dealers prepared to adjust to higher costs
   - Construction/materials costs monitored but no projects canceled
   - Tourism sector shows resilience despite macro risks
4. **Expense Management**: 
   - Q1 expenses below expectations
   - Tech investments focused on data/analytics
   - Full-year expense guidance maintained at $5.10M
5. **Macro Risks**: 
   - Tariffs, federal spending cuts, and visitor arrivals growth rate
   - Economic forecasting model shows pessimistic outlook
   - Credit teams actively monitoring C&I borrowers


First Hawaiian (FHB)-23 Apr 25-2025 Q1 Earnings call transcript

- **Strong Q4 Growth**: Loans +1.2% QoQ, deposits +3.24% QoQ, NIM +8bps to 3.03%.
- **2025 Outlook**: NIM to expand 3bps/Q, loan growth low-mid single digits, $100M buyback authorization.
- **Credit Resilience**: NPA ratio 19bps, loan loss coverage at 111bps, no wildfire impact.
- **Deposit Efficiency**: 34% non-interest-bearing mix, deposit cost down 17bps QoQ.
- **Community Focus**: $1M donated, tech investments driving customer retention.


**【CEO Summary Section】**
- **Economic Overview**: Hawaii's economy expanded at a slow pace with stable unemployment (3%) and housing price growth (5.8-5.9% YoY). Los Angeles wildfires impacted some customers but no material financial impact.
- **Q4 Financial Highlights**: 
  - Loans grew $167M (1.2% QoQ), driven by CRE (+90% from Hawaii properties) and C&I (including dealer flooring).
  - Net Interest Margin (NIM) expanded 8bps to 3.03% due to deposit mix improvements and rate outperformance.
  - $1M donated to community initiatives.
- **2025 Outlook**: 
  - Loan growth expected in low-mid single digits, offset by CRE/construction payoff headwinds.
  - NIM expected to expand 3bps/Q with cash flows from securities portfolio.
  - Share buyback authorization of $100M for 2025.

**【CFO Financial Commentary】**
- **Deposit Performance**: 
  - Total deposits +$324M (3.24% QoQ), with 34% non-interest-bearing mix.
  - Deposit cost fell 17bps QoQ due to rational pricing and Fed rate cuts tracking.
- **Net Interest Income**: 
  - Q4 NII $158.8M (+$2.1M QoQ), driven by 8bps NIM expansion.
  - 2025 NIM guidance: 3.06% in Q1, expanding 3bps/Q if rate cuts as expected.
- **Non-Interest Income**: 
  - Q4 NI $29.4M (including $26.2M loss on securities sale).
  - 2025 run rate expected at $51M/Q, down from $55.6M due to one-time items.
- **Expense Management**: 
  - Q4 non-interest expenses $124.1M (-$2M QoQ).
  - 2025 expense growth ~2% to $510M.

**【Q&A Key Takeaways】**
- **Loan Pipeline**: Optimistic on dealer and C&I growth, but residential runoff expected.
- **Deposit Growth**: Driven by community engagement and tech investments, not market share shifts.
- **Margin Sensitivity**: If no rate cuts, NIM could expand 1-2bps/Q beyond guidance.
- **Credit Quality**: Stable at 19bps NPA ratio, Maui portfolio outperforming expectations.
- **Buyback Strategy**: Opportunistic, prioritizing loan growth deployment first.


First Hawaiian, Inc. (FHB) Q4 2024 Earnings Call Transcript

First Hawaiian (FHB)-25 Oct 24-2024 Q3 Earnings call transcript

First Hawaiian (FHB)-26 Jul 24-2024 Q2 Earnings call transcript

First Hawaiian (FHB)-26 Apr 24-2024 Q1 Earnings call transcript

First Hawaiian (FHB)-26 Jan 24-2023 Q4 Earnings call transcript

First Hawaiian (FHB)-27 Oct 23-2023 Q3 Earnings call transcript

- **Strong Financial Performance**: Q2 net income $62.4M, ROA 1.05%, ROE 18.57%, with CET1 ratio 12.05%.
- **Loan Growth Challenges**: Q2 loans +1%, full-year growth low to mid-single digits due to CRE payoff headwinds.
- **Deposit Cost Pressure**: NIM 2.91% (down 20bps QoQ), guidance for 15-20bps decline in Q3.
- **Credit Quality Stable**: NPA rate 11bps, allowance 1.03% of loans, with focus on resolving two CRE loans.
- **Strategic Shifts**: Exiting non-relationship loans, focusing on relationship-driven deals on mainland, and dealer balance partial recovery.

**【Management Opening Remarks】**
- **Economic Overview**: Hawaii's unemployment rate at 3% (vs. national 3.6%), visitor arrivals up 5.4% YoY, and housing market stability (median home price $1.1M on Oahu, -4.5% YoY). 
- **Financial Highlights**: Q2 net income $62.4M ($0.49 EPS), ROA 1.05%, ROE 18.57%, CET1 ratio 12.05%. Dividend maintained at $0.26.
- **Liquidity**: Total available liquidity $8.6B (100%+ of uninsured non-public deposits), investment portfolio duration 5.5 years.

**【CEO (Bob Harrison) Financial Summary】**
- **Loan Growth**: Q2 loans up $142M (1%), with $130M CRE conversions and $55M exit of non-relationship shared national credits. Full-year growth expected low to mid-single digits.
- **Dealer Balances**: Currently ~$700M vs. $850M pre-pandemic, with potential for partial recovery but unlikely to return to 2019 levels.
- **Mainland Exposure**: 24% of loans on US mainland, with focus on relationship-driven deals over credit-only transactions.

**【CFO (Jamie Moses) Financial Commentary】**
- **Deposits**: Q2 total deposits down $203M (1%), retail/commercial down $664M (3.4%). Cost of deposits 111bps (up 29bps QoQ). Public deposits grew $461M.
- **Net Interest Margin (NIM)**: 2.91% (down 20bps QoQ). Guidance for 15-20bps decline in Q3 due to repricing.
- **Expenses**: Q2 expenses $120.9M (+$2.3M QoQ), driven by severance payments. Full-year expense outlook unchanged.
- **Non-Interest Income**: $47.3M (down $1.7M QoQ) due to lower BOLI and card fees.

**【CRO (Lea Nakamura) Credit Performance】**
- **Credit Quality**: Net charge-offs $6.8M YTD, NPA rate 11bps (down 2bps QoQ). Allowance for credit losses $148.6M (1.03% of loans).
- **CRE Exposure**: 30% of loan portfolio, with focus on office and multifamily. Two loans under resolution: Downtown Honolulu (current) and Downtown LA (sales process).
- **Provision**: $5M Q2, driven by loan growth and qualitative overlay on construction/home equity.

**【Q&A Highlights】**
- **Deposit Trends**: Outflows abating, with Q3 NIB outflow pace lower than Q2. NIM expected to stabilize in Q4.
- **Loan Growth**: Low to mid-single digit outlook due to CRE payoff headwinds. Dealer balances may recover $200M+ but not to pre-pandemic levels.
- **Expense Management**: Focus on strategic investments in tech and talent. Full-year expense guidance maintained.
- **CRE Strategy**: Selective lending with improved pricing/terms. 24% of loans on mainland focused on relationship-driven deals.
- **Tax Rate**: 24-24.5% for 2023.


Actual												0.3	0.16	0.5	0.5	0.44	0.68	0.51	0.53	0.45	0.46	0.54	0.62	0.52	0.49	0.46	0.37	0.42	0.48	0.48	0.5598	0.47	0.58	0.59	0.56
Forecast												0.3832	0.2165	0.2792	0.44	0.4407	0.4665	0.4784	0.4738	0.4219	0.4488	0.5388	0.58	0.5405	0.5042	0.4278	0.4386	0.4218	0.4249	0.4391	0.4313	0.4623	0.49	0.5221	0.551
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.71%	-26.10%	+79.08%	+13.64%	-0.16%	+45.77%	+6.61%	+11.86%	+6.66%	+2.50%	+0.22%	+6.90%	-3.79%	-2.82%	+7.53%	-15.64%	-0.43%	+12.97%	+9.31%	+29.79%	+1.67%	+18.37%	+13.01%	+1.63%

FHB

FHB fundamentals

FHB Q4 2025 Earnings

Earnings Call

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FHB

FHB fundamentals

FHB Q4 2025 Earnings

Earnings Call

FHB Earnings Call Summary for Q4/20258:00 AM on Jan 30, 2026

FHB Earnings Call Summary for Q3/20251:00 PM on Oct 24, 2025

FHB Earnings Call Summary for Q2/20251:00 PM on Jul 25, 2025

FHB Earnings Call Summary for Q1/20251:00 PM on Apr 23, 2025

FHB Earnings Call Summary for Q4/20241:00 PM on Jan 31, 2025

You can ask Aime