---
title: "First Hawaiian, Inc. Reports First Quarter 2026 Financial Results and Declares Dividend | FHB Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283999091.md"
description: "First Hawaiian, Inc. reported strong first quarter 2026 financial results, with net income of $67.8 million and a quarterly cash dividend of $0.26 per share. Total loans and deposits increased by $128.3 million and $261.7 million, respectively. The net interest margin slightly declined to 3.19%. The company recorded a $5.0 million provision for credit losses and noninterest income of $52.8 million. Total assets reached $24.3 billion, and stockholders' equity remained stable at $2.8 billion. The bank continues to support community recovery efforts following recent natural disasters."
datetime: "2026-04-24T04:00:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283999091.md)
  - [en](https://longbridge.com/en/news/283999091.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283999091.md)
---

# First Hawaiian, Inc. Reports First Quarter 2026 Financial Results and Declares Dividend | FHB Stock News

HONOLULU, April 24, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2026.

“I’m pleased to report that First Hawaiian started 2026 with a strong first quarter,” said Bob Harrison, Chairman, President, and CEO. “We had good growth in loans and deposits, and credit quality remained excellent. Our commitment to our communities is just as strong, as we actively support recovery efforts following the recent floods in Hawai‘i and Typhoon Sinlaku’s impact on Guam and Saipan. We will continue to stand alongside our customers across our markets throughout the recovery.”

On April 22, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 29, 2026, to stockholders of record at the close of business on May 18, 2026.

**First Quarter 2026 Highlights:**

-   Net income of $67.8 million, or $0.55 per diluted share
-   Total loans and leases increased $128.3 million versus prior quarter
-   Total deposits increased $261.7 million versus prior quarter
-   Net interest margin declined 2 basis points to 3.19%
-   Recorded a $5.0 million provision for credit losses
-   Board of Directors declared a quarterly dividend of $0.26 per share

**Balance Sheet**

Total assets were $24.3 billion at March 31, 2026 versus $24.0 billion at December 31, 2025.

Gross loans and leases were $14.4 billion as of March 31, 2026, an increase of $128.3 million from $14.3 billion as of December 31, 2025.

Total deposits were $20.8 billion as of March 31, 2026, an increase of $261.7 million from $20.5 billion as of December 31, 2025.

**Net Interest Income**

Net interest income for the first quarter of 2026 was $167.5 million, a decrease of $2.8 million compared to $170.3 million for the prior quarter.

The net interest margin was 3.19% in the first quarter of 2026, 2 basis points lower than the prior quarter’s margin of 3.21%.

**Provision Expense**

During the quarter ended March 31, 2026, we recorded a $5.0 million provision for credit losses. In the quarter ended December 31, 2025, we recorded a $7.7 million provision for credit losses.

**Noninterest Income**

Noninterest income was $52.8 million in the first quarter of 2026, $2.7 million lower compared to noninterest income of $55.6 million in the prior quarter.

**Noninterest Expense**

Noninterest expense was $127.9 million in the first quarter of 2026, $2.8 million higher compared to noninterest expense of $125.1 million in the prior quarter.

The efficiency ratio was 57.8% and 55.1% for the quarters ended March 31, 2026 and December 31, 2025, respectively.

**Taxes**

The effective tax rate was 22.5% and 24.8% for the quarters ended March 31, 2026 and December 31, 2025, respectively.

**Asset Quality**

The allowance for credit losses was $169.3 million, or 1.17% of total loans and leases, as of March 31, 2026, compared to $168.5 million, or 1.18% of total loans and leases, as of December 31, 2025. The reserve for unfunded commitments was $34.9 million as of March 31, 2026 and $35.7 million as of December 31, 2025. Net charge-offs were $4.9 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended March 31, 2026, compared to net charge-offs of $5.0 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended December 31, 2025. Total non-performing assets were $39.7 million, or 0.27% of total loans and leases and other real estate owned, on March 31, 2026, compared to total non-performing assets of $41.0 million, or 0.29% of total loans and leases and other real estate owned, on December 31, 2025.

**Capital**

Total stockholders' equity was $2.8 billion at March 31, 2026 and December 31, 2025.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.21%, 13.12% and 14.37%, respectively, on March 31, 2026, compared with 9.27%, 13.17% and 14.42%, respectively, on December 31, 2025.

The Company repurchased approximately 1.3 million shares of common stock at a total cost of $32.0 million under the stock repurchase program in the first quarter. The average cost was $24.47 per share repurchased.

**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-conf.media-server.com/register/BI91896a5e1d8b487a89f5948ca1270853, 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, 2025.

**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 12 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:**  
Kevin Haseyama, CFA  
(808) 525-6268  
khaseyama@fhb.com

**Media Contact:**  
Lindsay Chambers  
(808) 525-6254  
lchambers@fhb.com

**Financial Highlights**

**Table 1**

**For the Three Months Ended**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands, except per share data)

**2026**

**2025**

**2025**

**Operating Results:**

Net interest income

**$**

**167,530**

$

170,302

$

160,526

Provision for credit losses

**5,000**

7,700

10,500

Noninterest income

**52,819**

55,551

50,477

Noninterest expense

**127,885**

125,102

123,560

Net income

**67,784**

69,931

59,248

Basic earnings per share

**0.55**

0.57

0.47

Diluted earnings per share

**0.55**

0.56

0.47

Dividends declared per share

**0.26**

0.26

0.26

Dividend payout ratio

**47.27**

**%**

46.43

%

55.32

%

**Performance Ratios****(1)****:**

Net interest margin

**3.19**

**%**

3.21

%

3.08

%

Efficiency ratio

**57.77**

**%**

55.14

%

58.22

%

Return on average total assets

**1.14**

**%**

1.16

%

1.01

%

Return on average tangible assets (non-GAAP)(2)

**1.19**

**%**

1.21

%

1.05

%

Return on average total stockholders' equity

**9.86**

**%**

10.07

%

9.09

%

Return on average tangible stockholders' equity (non-GAAP)(2)

**15.33**

**%**

15.76

%

14.59

%

**Average Balances:**

Average loans and leases

**$**

**14,289,418**

$

14,251,470

$

14,309,998

Average earning assets

**21,332,641**

21,215,262

21,169,194

Average assets

**24,083,280**

23,925,000

23,890,459

Average deposits

**20,623,573**

20,510,346

20,354,040

Average stockholders' equity

**2,788,826**

2,756,241

2,641,978

**Market Value Per Share:**

Closing

**24.64**

25.30

24.44

High

**28.35**

26.56

28.28

Low

**23.26**

22.65

23.95

**As of**

**As of**

**As of**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands, except per share data)

**2026**

**2025**

**2025**

**Balance Sheet Data:**

Loans and leases

**$**

**14,440,835**

$

14,312,529

$

14,293,036

Total assets

**24,264,548**

23,955,252

23,744,958

Total deposits

**20,777,353**

20,515,668

20,215,816

Short-term borrowings

**—**

—

250,000

Total stockholders' equity

**2,767,760**

2,769,365

2,648,852

**Per Share of Common Stock:**

Book value

**$**

**22.75**

$

22.57

$

21.07

Tangible book value (non-GAAP)(2)

**14.57**

14.46

13.15

**Asset Quality Ratios:**

Non-accrual loans and leases / total loans and leases

**0.27**

**%**

0.29

%

0.14

%

Allowance for credit losses for loans and leases / total loans and leases

**1.17**

**%**

1.18

%

1.17

%

**Capital Ratios:**

Common Equity Tier 1 Capital Ratio

**13.12**

**%**

13.17

%

12.93

%

Tier 1 Capital Ratio

**13.12**

**%**

13.17

%

12.93

%

Total Capital Ratio

**14.37**

**%**

14.42

%

14.17

%

Tier 1 Leverage Ratio

**9.21**

**%**

9.27

%

9.01

%

Total stockholders' equity to total assets

**11.41**

**%**

11.56

%

11.16

%

Tangible stockholders' equity to tangible assets (non-GAAP)(2)

**7.62**

**%**

7.73

%

7.27

%

**Non-Financial Data:**

Number of branches

**49**

49

48

Number of ATMs

**273**

273

273

Number of Full-Time Equivalent Employees

**1,986**

1,997

1,995

* * *

(1) Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.

(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 12, GAAP to Non-GAAP Reconciliation.

**Consolidated Statements of Income**

**Table 2**

**For the Three Months Ended**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands, except per share amounts)

**2026**

**2025**

**2025**

**Interest income**

Loans and lease financing

**$**

**186,389**

$

192,483

$

192,102

Available-for-sale investment securities

**14,884**

14,997

13,150

Held-to-maturity investment securities

**15,063**

15,711

16,647

Other

**13,362**

13,648

13,251

Total interest income

**229,698**

236,839

235,150

**Interest expense**

Deposits

**62,064**

66,441

71,709

Short-term borrowings

**—**

—

2,599

Other

**104**

96

316

Total interest expense

**62,168**

66,537

74,624

Net interest income

**167,530**

170,302

160,526

Provision for credit losses

**5,000**

7,700

10,500

Net interest income after provision for credit losses

**162,530**

162,602

150,026

**Noninterest income**

Service charges on deposit accounts

**8,156**

8,175

7,535

Credit and debit card fees

**15,083**

15,570

14,474

Other service charges and fees

**13,784**

13,829

12,167

Trust and investment services income

**9,146**

9,205

9,370

Bank-owned life insurance

**4,091**

5,204

4,371

Investment securities gains, net

**—**

—

37

Other

**2,559**

3,568

2,523

Total noninterest income

**52,819**

55,551

50,477

**Noninterest expense**

Salaries and employee benefits

**64,090**

64,768

60,104

Contracted services and professional fees

**13,964**

13,676

14,839

Occupancy

**7,816**

7,092

8,100

Equipment

**14,781**

14,550

13,871

Regulatory assessment and fees

**3,248**

1,204

3,823

Advertising and marketing

**2,252**

2,326

2,179

Card rewards program

**8,404**

8,344

7,919

Other

**13,330**

13,142

12,725

Total noninterest expense

**127,885**

125,102

123,560

Income before provision for income taxes

**87,464**

93,051

76,943

Provision for income taxes

**19,680**

23,120

17,695

**Net income**

**$**

**67,784**

$

69,931

$

59,248

Basic earnings per share

**$**

**0.55**

$

0.57

$

0.47

Diluted earnings per share

**$**

**0.55**

$

0.56

$

0.47

Basic weighted-average outstanding shares

**122,457,604**

123,342,709

126,281,802

Diluted weighted-average outstanding shares

**123,345,708**

124,158,037

127,166,932

**Consolidated Balance Sheets**

**Table 3**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands, except share amount)

**2026**

**2025**

**2025**

**Assets**

Cash and due from banks

**$**

**225,727**

$

228,734

$

240,738

Interest-bearing deposits in other banks

**1,493,421**

1,249,018

1,073,841

Investment securities:

Available-for-sale, at fair value (amortized cost: $2,270,792 as of March 31, 2026, $2,246,716 as of December 31, 2025 and $2,091,034 as of March 31, 2025)

**2,080,004**

2,076,233

1,858,428

Held-to-maturity, at amortized cost (fair value: $3,074,133 as of March 31, 2026, $3,188,775 as of December 31, 2025 and $3,250,275 as of March 31, 2025)

**3,480,022**

3,533,082

3,724,908

Loans held for sale

**—**

1,370

1,547

Loans and leases

**14,440,835**

14,312,529

14,293,036

Less: allowance for credit losses

**169,318**

168,468

166,612

Net loans and leases

**14,271,517**

14,144,061

14,126,424

Premises and equipment, net

**302,807**

303,496

292,576

Accrued interest receivable

**77,286**

77,641

78,973

Bank-owned life insurance

**514,069**

513,182

495,567

Goodwill

**995,492**

995,492

995,492

Mortgage servicing rights

**4,470**

4,638

4,926

Other assets

**819,733**

828,305

851,538

**Total assets**

**$**

**24,264,548**

$

23,955,252

$

23,744,958

**Liabilities and Stockholders' Equity**

Deposits:

Interest-bearing

**$**

**14,257,290**

$

13,968,376

$

13,330,265

Noninterest-bearing

**6,520,063**

6,547,292

6,885,551

Total deposits

**20,777,353**

20,515,668

20,215,816

Short-term borrowings

**—**

—

250,000

Retirement benefits payable

**98,220**

99,052

96,241

Other liabilities

**621,215**

571,167

534,049

Total liabilities

**21,496,788**

21,185,887

21,096,106

Stockholders' equity

Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,627,813 / 121,648,973 shares as of March 31, 2026, issued/outstanding: 142,184,584 / 122,689,256 shares as of December 31, 2025 and issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025)

**1,426**

1,422

1,421

Additional paid-in capital

**2,580,501**

2,576,540

2,564,408

Retained earnings

**1,114,759**

1,078,885

960,337

Accumulated other comprehensive loss, net

**(372,747**

**)**

(368,140

)

(433,769

)

Treasury stock (20,978,840 shares as of March 31, 2026, 19,495,328 shares as of December 31, 2025 and 16,446,755 shares as of March 31, 2025)

**(556,179**

**)**

(519,342

)

(443,545

)

Total stockholders' equity

**2,767,760**

2,769,365

2,648,852

**Total liabilities and stockholders' equity**

**$**

**24,264,548**

$

23,955,252

$

23,744,958

**Average Balances and Interest Rates**

**Table 4**

**Three Months Ended**

**Three Months Ended**

**Three Months Ended**

**March 31, 2026**

**December 31, 2025**

**March 31, 2025**

**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

**$**

**1,455.0**

**$**

**13.2**

**3.68**

**%**

$

1,331.8

$

13.2

3.95

%

$

1,171.1

$

12.8

4.44

%

Available-for-Sale Investment Securities

Taxable

**2,050.7**

**14.9**

**2.91**

2,035.3

15.0

2.94

1,891.4

13.2

2.79

Non-Taxable

**0.8**

**—**

**4.86**

0.9

—

4.97

1.4

—

5.52

Held-to-Maturity Investment Securities

Taxable

**2,916.5**

**12.0**

**1.64**

2,973.8

12.6

1.69

3,164.0

13.6

1.72

Non-Taxable

**592.6**

**3.5**

**2.39**

594.3

3.5

2.37

599.0

3.7

2.51

Total Investment Securities

**5,560.6**

**30.4**

**2.19**

5,604.3

31.1

2.22

5,655.8

30.5

2.16

Loans Held for Sale

**0.9**

**—**

**5.87**

0.3

—

5.83

0.3

—

6.28

Loans and Leases(1)

Commercial and industrial

**2,170.6**

**30.8**

**5.75**

2,131.5

31.9

5.94

2,196.8

33.6

6.20

Commercial real estate

**4,608.4**

**65.0**

**5.72**

4,599.2

68.8

5.93

4,420.1

66.5

6.10

Construction

**775.5**

**12.4**

**6.48**

804.5

13.3

6.55

937.0

15.4

6.67

Residential:

Residential mortgage

**4,081.8**

**41.0**

**4.02**

4,081.3

41.0

4.02

4,150.3

40.9

3.94

Home equity line

**1,175.4**

**13.7**

**4.71**

1,175.7

14.0

4.71

1,149.8

13.1

4.61

Consumer

**1,034.5**

**20.0**

**7.84**

1,022.1

19.8

7.70

1,019.5

18.9

7.53

Lease financing

**443.2**

**4.1**

**3.75**

437.2

4.3

3.89

436.5

4.3

3.99

Total Loans and Leases

**14,289.4**

**187.0**

**5.29**

14,251.5

193.1

5.38

14,310.0

192.7

5.44

Other Earning Assets

**26.7**

**0.1**

**2.52**

27.4

0.4

5.69

32.0

0.4

5.48

Total Earning Assets(2)

**21,332.6**

**230.7**

**4.37**

21,215.3

237.8

4.46

21,169.2

236.4

4.51

Cash and Due from Banks

**226.4**

221.1

235.9

Other Assets

**2,524.3**

2,488.6

2,485.4

**Total Assets**

**$**

**24,083.3**

$

23,925.0

$

23,890.5

**Interest-Bearing Liabilities**

Interest-Bearing Deposits

Savings

**$**

**6,404.5**

**$**

**18.9**

**1.20**

**%**

$

6,288.5

$

20.0

1.26

%

$

6,232.5

$

21.3

1.38

%

Money Market

**4,358.9**

**19.8**

**1.84**

4,185.4

22.0

2.08

3,922.2

23.0

2.38

Time

**3,381.3**

**23.4**

**2.80**

3,368.8

24.4

2.88

3,317.1

27.4

3.36

Total Interest-Bearing Deposits

**14,144.7**

**62.1**

**1.78**

13,842.7

66.4

1.90

13,471.8

71.7

2.16

Other Short-Term Borrowings

**—**

**—**

**—**

—

—

—

250.0

2.6

4.22

Other Interest-Bearing Liabilities

**12.5**

**0.1**

**3.40**

9.5

0.1

3.97

27.5

0.3

4.67

**Total Interest-Bearing Liabilities**

**14,157.2**

**62.2**

**1.78**

13,852.2

66.5

1.91

13,749.3

74.6

2.20

**Net Interest Income**

**$**

**168.5**

$

171.3

$

161.8

Interest Rate Spread(3)

**2.59**

**%**

2.55

%

2.31

%

Net Interest Margin(4)

**3.19**

**%**

3.21

%

3.08

%

Noninterest-Bearing Demand Deposits

**6,478.9**

6,667.6

6,882.2

Other Liabilities

**658.4**

649.0

617.0

Stockholders' Equity

**2,788.8**

2,756.2

2,642.0

**Total Liabilities and Stockholders' Equity**

**$**

**24,083.3**

$

23,925.0

$

23,890.5

* * *

(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 $1.0 million, $1.0 million and $1.2 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, 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 March 31, 2026, December 31, 2025 and March 31, 2025, on a fully taxable-equivalent basis, divided by average total earning assets.

**Analysis of Change in Net Interest Income**

**Table 5**

**Three Months Ended March 31, 2026**

**Compared to December 31, 2025**

(dollars in millions)

**Volume**

**Rate**

**Total****(1)**

**Change in Interest Income:**

Interest-Bearing Deposits in Other Banks

**$**

**1.0**

**$**

**(1.0**

**)**

**$**

**—**

Available-for-Sale Investment Securities

Taxable

**0.1**

**(0.2**

**)**

**(0.1**

**)**

Held-to-Maturity Investment Securities

Taxable

**(0.2**

**)**

**(0.4**

**)**

**(0.6**

**)**

Non-Taxable

**—**

**—**

**—**

Total Investment Securities

**(0.1**

**)**

**(0.6**

**)**

**(0.7**

**)**

Loans and Leases

Commercial and industrial

**0.3**

**(1.4**

**)**

**(1.1**

**)**

Commercial real estate

**—**

**(3.8**

**)**

**(3.8**

**)**

Construction

**(0.7**

**)**

**(0.2**

**)**

**(0.9**

**)**

Residential:

Residential mortgage

**—**

**—**

**—**

Home equity line

**(0.3**

**)**

**—**

**(0.3**

**)**

Consumer

**0.1**

**0.1**

**0.2**

Lease financing

**—**

**(0.2**

**)**

**(0.2**

**)**

Total Loans and Leases

**(0.6**

**)**

**(5.5**

**)**

**(6.1**

**)**

Other Earning Assets

**(0.1**

**)**

**(0.2**

**)**

**(0.3**

**)**

**Total Change in Interest Income**

**0.2**

**(7.3**

**)**

**(7.1**

**)**

**Change in Interest Expense:**

Interest-Bearing Deposits

Savings

**0.2**

**(1.3**

**)**

**(1.1**

**)**

Money Market

**0.7**

**(2.9**

**)**

**(2.2**

**)**

Time

**0.1**

**(1.1**

**)**

**(1.0**

**)**

Total Interest-Bearing Deposits

**1.0**

**(5.3**

**)**

**(4.3**

**)**

Other Short-Term Borrowings

**—**

**—**

**—**

Other Interest-Bearing Liabilities

**—**

**—**

**—**

**Total Change in Interest Expense**

**1.0**

**(5.3**

**)**

**(4.3**

**)**

**Change in Net Interest Income**

**$**

**(0.8**

**)**

**$**

**(2.0**

**)**

**$**

**(2.8**

**)**

* * *

(1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

**Analysis of Change in Net Interest Income**

**Table 6**

**Three Months Ended March 31, 2026**

**Compared to March 31, 2025**

(dollars in millions)

**Volume**

**Rate**

**Total****(1)**

**Change in Interest Income:**

Interest-Bearing Deposits in Other Banks

**$**

**2.8**

**$**

**(2.4**

**)**

**$**

**0.4**

Available-for-Sale Investment Securities

Taxable

**1.1**

**0.6**

**1.7**

Held-to-Maturity Investment Securities

Taxable

**(1.0**

**)**

**(0.6**

**)**

**(1.6**

**)**

Non-Taxable

**—**

**(0.2**

**)**

**(0.2**

**)**

Total Investment Securities

**0.1**

**(0.2**

**)**

**(0.1**

**)**

Loans and Leases

Commercial and industrial

**(0.4**

**)**

**(2.4**

**)**

**(2.8**

**)**

Commercial real estate

**2.8**

**(4.3**

**)**

**(1.5**

**)**

Construction

**(2.6**

**)**

**(0.4**

**)**

**(3.0**

**)**

Residential:

Residential mortgage

**(0.7**

**)**

**0.8**

**0.1**

Home equity line

**0.3**

**0.3**

**0.6**

Consumer

**0.3**

**0.8**

**1.1**

Lease financing

**0.1**

**(0.3**

**)**

**(0.2**

**)**

Total Loans and Leases

**(0.2**

**)**

**(5.5**

**)**

**(5.7**

**)**

Other Earning Assets

**(0.1**

**)**

**(0.2**

**)**

**(0.3**

**)**

**Total Change in Interest Income**

**2.6**

**(8.3**

**)**

**(5.7**

**)**

**Change in Interest Expense:**

Interest-Bearing Deposits

Savings

**0.5**

**(2.9**

**)**

**(2.4**

**)**

Money Market

**2.4**

**(5.6**

**)**

**(3.2**

**)**

Time

**0.6**

**(4.6**

**)**

**(4.0**

**)**

Total Interest-Bearing Deposits

**3.5**

**(13.1**

**)**

**(9.6**

**)**

Other Short-Term Borrowings

**(1.3**

**)**

**(1.3**

**)**

**(2.6**

**)**

Other Interest-Bearing Liabilities

**(0.1**

**)**

**(0.1**

**)**

**(0.2**

**)**

**Total Change in Interest Expense**

**2.1**

**(14.5**

**)**

**(12.4**

**)**

**Change in Net Interest Income**

**$**

**0.5**

**$**

**6.2**

**$**

**6.7**

* * *

(1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

**Loans and Leases**

**Table 7**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands)

**2026**

**2025**

**2025**

Commercial and industrial

**$**

**2,241,882**

$

2,171,333

$

2,261,394

Commercial real estate

**4,715,741**

4,590,326

4,367,433

Construction

**769,302**

808,275

954,072

Residential:

Residential mortgage

**4,063,933**

4,096,300

4,129,518

Home equity line

**1,176,228**

1,178,527

1,144,895

Total residential

**5,240,161**

5,274,827

5,274,413

Consumer

**1,030,002**

1,025,838

998,325

Lease financing

**443,747**

441,930

437,399

**Total loans and leases**

**$**

**14,440,835**

$

14,312,529

$

14,293,036

**Deposits**

**Table 8**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands)

**2026**

**2025**

**2025**

Demand

**$**

**6,520,063**

$

6,547,292

$

6,885,551

Savings

**6,566,192**

6,308,873

6,110,796

Money Market

**4,310,474**

4,289,370

3,865,203

Time

**3,380,624**

3,370,133

3,354,266

**Total Deposits**

**$**

**20,777,353**

$

20,515,668

$

20,215,816

**Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More**

**Table 9**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands)

**2026**

**2025**

**2025**

**Non-Performing Assets**

Non-Accrual Loans and Leases

Commercial Loans:

Commercial and industrial

**$**

**4,960**

$

8,805

$

—

Commercial real estate

**2,952**

3,007

216

Construction

**1,788**

1,788

375

Lease financing

**691**

734

—

Total Commercial Loans

**10,391**

14,334

591

Residential Loans:

Residential mortgage

**17,665**

16,423

12,809

Home equity line

**11,624**

10,271

6,788

Total Residential Loans

**29,289**

26,694

19,597

Total Non-Accrual Loans and Leases

**39,680**

41,028

20,188

**Total Non-Performing Assets**

**$**

**39,680**

$

41,028

$

20,188

**Accruing Loans and Leases Past Due 90 Days or More**

Commercial and industrial

**$**

**715**

$

318

$

740

Residential mortgage

**9**

55

1,008

Consumer

**3,620**

2,984

2,554

**Total Accruing Loans and Leases Past Due 90 Days or More**

**$**

**4,344**

$

3,357

$

4,302

**Total Loans and Leases**

**$**

**14,440,835**

$

14,312,529

$

14,293,036

**Allowance for Credit Losses and Reserve for Unfunded Commitments**

**Table 10**

**For the Three Months Ended**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands)

**2026**

**2025**

**2025**

**Balance at Beginning of Period**

**$**

**204,165**

$

201,466

$

193,240

Loans and Leases Charged-Off

Commercial and industrial

**(2,625**

**)**

(1,478

)

(1,459

)

Home equity line

**—**

—

(14

)

Consumer

**(4,844**

**)**

(5,186

)

(5,025

)

**Total Loans and Leases Charged-Off**

**(7,469**

**)**

(6,664

)

(6,498

)

Recoveries on Loans and Leases Previously Charged-Off

Commercial Loans:

Commercial and industrial

**266**

193

403

Commercial real estate

**—**

—

251

Lease financing

**3**

—

—

Total Commercial Loans

**269**

193

654

Residential Loans:

Residential mortgage

**13**

14

20

Home equity line

**39**

27

64

Total Residential Loans

**52**

41

84

Consumer

**2,248**

1,429

1,979

**Total Recoveries on Loans and Leases Previously Charged-Off**

**2,569**

1,663

2,717

Net Loans and Leases Charged-Off

**(4,900**

**)**

(5,001

)

(3,781

)

Provision for Credit Losses

**5,000**

7,700

10,500

**Balance at End of Period**

**$**

**204,265**

$

204,165

$

199,959

Components:

Allowance for Credit Losses

**$**

**169,318**

$

168,468

$

166,612

Reserve for Unfunded Commitments

**34,947**

35,697

33,347

Total Allowance for Credit Losses and Reserve for Unfunded Commitments

**$**

**204,265**

$

204,165

$

199,959

Average Loans and Leases Outstanding

**$**

**14,289,418**

$

14,251,470

$

14,309,998

Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)

**0.14**

**%**

0.14

%

0.11

Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding

**1.17**

**%**

1.18

%

1.17

Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases

**4.27x**

4.11x

8.25x

* * *

(1) Annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.

**Loans and Leases by Year of Origination and Credit Quality Indicator**

**Table 11**

**Revolving**

**Loans**

**Converted**

**Term Loans**

**Revolving**

**to Term**

**Amortized Cost Basis by Origination Year**

**Loans**

**Loans**

**Amortized**

**Amortized**

(dollars in thousands)

**2026**

**2025**

**2024**

**2023**

**2022**

**Prior**

**Cost Basis**

**Cost Basis**

**Total**

**Commercial Lending**

**Commercial and Industrial**

Risk rating:

Pass

**$**

**39,118**

**$**

**287,976**

**$**

**121,084**

**$**

**59,643**

**$**

**88,428**

**$**

**360,068**

**$**

**1,084,181**

**$**

**29,066**

**$**

**2,069,564**

Special Mention

**460**

**3,650**

**2,733**

**1,690**

**2,286**

**1,120**

**1,404**

**—**

**13,343**

Substandard

**4,439**

**717**

**—**

**405**

**3,164**

**19,234**

**32,253**

**—**

**60,212**

Other(1)

**14,670**

**15,797**

**8,089**

**4,154**

**3,116**

**1,754**

**51,183**

**—**

**98,763**

Total Commercial and Industrial

**58,687**

**308,140**

**131,906**

**65,892**

**96,994**

**382,176**

**1,169,021**

**29,066**

**2,241,882**

Current period gross charge-offs

**—**

**—**

**46**

**—**

**10**

**708**

**1,861**

**—**

**2,625**

**Commercial Real Estate**

Risk rating:

Pass

**245,499**

**732,845**

**290,053**

**415,324**

**728,453**

**1,987,673**

**98,893**

**6,790**

**4,505,530**

Special Mention

**—**

**—**

**678**

**1,659**

**50,911**

**72,086**

**3,035**

**—**

**128,369**

Substandard

**224**

**—**

**5,514**

**737**

**57,133**

**16,863**

**1,251**

**—**

**81,722**

Other(1)

**—**

**—**

**—**

**—**

**—**

**120**

**—**

**—**

**120**

Total Commercial Real Estate

**245,723**

**732,845**

**296,245**

**417,720**

**836,497**

**2,076,742**

**103,179**

**6,790**

**4,715,741**

Current period gross charge-offs

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**Construction**

Risk rating:

Pass

**8,033**

**101,880**

**256,657**

**79,748**

**193,998**

**37,280**

**37,491**

**—**

**715,087**

Special Mention

**—**

**—**

**—**

**—**

**27,979**

**—**

**—**

**—**

**27,979**

Substandard

**—**

**—**

**—**

**—**

**—**

**904**

**—**

**—**

**904**

Other(1)

**1,634**

**8,395**

**5,881**

**4,878**

**2,098**

**1,764**

**682**

**—**

**25,332**

Total Construction

**9,667**

**110,275**

**262,538**

**84,626**

**224,075**

**39,948**

**38,173**

**—**

**769,302**

Current period gross charge-offs

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**Lease Financing**

Risk rating:

Pass

**68,176**

**65,980**

**80,294**

**87,568**

**38,834**

**97,878**

**—**

**—**

**438,730**

Special Mention

**—**

**—**

**—**

**355**

**37**

**—**

**—**

**—**

**392**

Substandard

**—**

**—**

**4,072**

**368**

**185**

**—**

**—**

**—**

**4,625**

Total Lease Financing

**68,176**

**65,980**

**84,366**

**88,291**

**39,056**

**97,878**

**—**

**—**

**443,747**

Current period gross charge-offs

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**Total Commercial Lending**

**$**

**382,253**

**$**

**1,217,240**

**$**

**775,055**

**$**

**656,529**

**$**

**1,196,622**

**$**

**2,596,744**

**$**

**1,310,373**

**$**

**35,856**

**$**

**8,170,672**

Current period gross charge-offs

**$**

**—**

**$**

**—**

**$**

**46**

**$**

**—**

**$**

**10**

**$**

**708**

**$**

**1,861**

**$**

**—**

**$**

**2,625**

(continued)  

**Revolving**

**Loans**

**Converted**

**Term Loans**

**Revolving**

**to Term**

**Amortized Cost Basis by Origination Year**

**Loans**

**Loans**

(continued)

**Amortized**

**Amortized**

(dollars in thousands)

**2026**

**2025**

**2024**

**2023**

**2022**

**Prior**

**Cost Basis**

**Cost Basis**

**Total**

**Residential Lending**

**Residential Mortgage**

FICO:

740 and greater

**$**

**55,081**

**$**

**194,338**

**$**

**141,798**

**$**

**177,437**

**$**

**445,925**

**$**

**2,310,043**

**$**

**—**

**$**

**—**

**$**

**3,324,622**

680 - 739

**5,446**

**21,151**

**18,967**

**25,654**

**55,761**

**260,895**

**—**

**—**

**387,874**

620 - 679

**158**

**6,936**

**2,095**

**5,513**

**24,724**

**74,911**

**—**

**—**

**114,337**

550 - 619

**—**

**—**

**713**

**1,186**

**3,099**

**19,617**

**—**

**—**

**24,615**

Less than 550

**—**

**—**

**1,960**

**885**

**2,980**

**13,897**

**—**

**—**

**19,722**

No Score(3)

**—**

**8,064**

**5,077**

**5,352**

**15,747**

**51,351**

**—**

**—**

**85,591**

Other(2)

**2,541**

**20,241**

**7,176**

**11,124**

**13,352**

**44,311**

**8,427**

**—**

**107,172**

Total Residential Mortgage

**63,226**

**250,730**

**177,786**

**227,151**

**561,588**

**2,775,025**

**8,427**

**—**

**4,063,933**

Current period gross charge-offs

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**Home Equity Line**

FICO:

740 and greater

**—**

**—**

**—**

**—**

**—**

**—**

**927,710**

**353**

**928,063**

680 - 739

**—**

**—**

**—**

**—**

**—**

**—**

**179,282**

**1,553**

**180,835**

620 - 679

**—**

**—**

**—**

**—**

**—**

**—**

**42,052**

**407**

**42,459**

550 - 619

**—**

**—**

**—**

**—**

**—**

**—**

**13,280**

**821**

**14,101**

Less than 550

**—**

**—**

**—**

**—**

**—**

**—**

**9,946**

**71**

**10,017**

No Score(3)

**—**

**—**

**—**

**—**

**—**

**—**

**753**

**—**

**753**

Total Home Equity Line

**—**

**—**

**—**

**—**

**—**

**—**

**1,173,023**

**3,205**

**1,176,228**

Current period gross charge-offs

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**—**

**Total Residential Lending**

**$**

**63,226**

**$**

**250,730**

**$**

**177,786**

**$**

**227,151**

**$**

**561,588**

**$**

**2,775,025**

**$**

**1,181,450**

**$**

**3,205**

**$**

**5,240,161**

Current period gross charge-offs

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**$**

**—**

**Consumer Lending**

FICO:

740 and greater

**33,204**

**101,067**

**58,946**

**38,378**

**41,556**

**17,925**

**95,475**

**91**

**386,642**

680 - 739

**24,220**

**80,977**

**43,398**

**24,700**

**20,837**

**10,393**

**86,290**

**534**

**291,349**

620 - 679

**15,474**

**45,858**

**17,506**

**9,762**

**10,820**

**6,119**

**51,631**

**824**

**157,994**

550 - 619

**1,090**

**12,576**

**8,565**

**5,877**

**6,434**

**4,201**

**17,550**

**906**

**57,199**

Less than 550

**203**

**4,779**

**4,993**

**3,216**

**3,499**

**2,786**

**6,156**

**528**

**26,160**

No Score(3)

**2,494**

**940**

**4**

**31**

**—**

**6**

**35,918**

**158**

**39,551**

Other(2)

**—**

**4,503**

**—**

**—**

**—**

**1,498**

**65,106**

**—**

**71,107**

**Total Consumer Lending**

**$**

**76,685**

**$**

**250,700**

**$**

**133,412**

**$**

**81,964**

**$**

**83,146**

**$**

**42,928**

**$**

**358,126**

**$**

**3,041**

**$**

**1,030,002**

Current period gross charge-offs

**$**

**—**

**$**

**680**

**$**

**778**

**$**

**582**

**$**

**370**

**$**

**593**

**$**

**1,645**

**$**

**196**

**$**

**4,844**

**Total Loans and Leases**

**$**

**522,164**

**$**

**1,718,670**

**$**

**1,086,253**

**$**

**965,644**

**$**

**1,841,356**

**$**

**5,414,697**

**$**

**2,849,949**

**$**

**42,102**

**$**

**14,440,835**

Current period gross charge-offs

**$**

**—**

**$**

**680**

**$**

**824**

**$**

**582**

**$**

**380**

**$**

**1,301**

**$**

**3,506**

**$**

**196**

**$**

**7,469**

* * *

(1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2026, the majority of the loans in this population were current.

(2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2026, the majority of the loans in this population were current.

(3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

**GAAP to Non-GAAP Reconciliation**

**Table 12**

**For the Three Months Ended**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands)

**2026**

**2025**

**2025**

**Income Statement Data:**

Net income

**$**

**67,784**

$

69,931

$

59,248

Average total stockholders' equity

**$**

**2,788,826**

$

2,756,241

$

2,641,978

Less: average goodwill

**995,492**

995,492

995,492

Average tangible stockholders' equity

**$**

**1,793,334**

$

1,760,749

$

1,646,486

Average total assets

**$**

**24,083,280**

$

23,925,000

$

23,890,459

Less: average goodwill

**995,492**

995,492

995,492

Average tangible assets

**$**

**23,087,788**

$

22,929,508

$

22,894,967

Return on average total stockholders' equity(1)

**9.86**

**%**

10.07

%

9.09

%

Return on average tangible stockholders' equity (non-GAAP)(1)

**15.33**

**%**

15.76

%

14.59

%

Return on average total assets(1)

**1.14**

**%**

1.16

%

1.01

%

Return on average tangible assets (non-GAAP)(1)

**1.19**

**%**

1.21

%

1.05

%

**As of**

**As of**

**As of**

**March 31,**

**December 31,**

**March 31,**

(dollars in thousands, except per share amounts)

**2026**

**2025**

**2025**

**Balance Sheet Data:**

Total stockholders' equity

**$**

**2,767,760**

$

2,769,365

$

2,648,852

Less: goodwill

**995,492**

995,492

995,492

Tangible stockholders' equity

**$**

**1,772,268**

$

1,773,873

$

1,653,360

Total assets

**$**

**24,264,548**

$

23,955,252

$

23,744,958

Less: goodwill

**995,492**

995,492

995,492

Tangible assets

**$**

**23,269,056**

$

22,959,760

$

22,749,466

Shares outstanding

**121,648,973**

122,689,256

125,692,598

Total stockholders' equity to total assets

**11.41**

**%**

11.56

%

11.16

%

Tangible stockholders' equity to tangible assets (non-GAAP)

**7.62**

**%**

7.73

%

7.27

%

Book value per share

**$**

**22.75**

$

22.57

$

21.07

Tangible book value per share (non-GAAP)

**$**

**14.57**

$

14.46

$

13.15

* * *

(1) Annualized for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.

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