<p>第一夏威夷公司（First Hawaiian Inc (FHB)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 30% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>第一夏威夷公司以謹慎的強勢開局，貸款和存款增長穩健，盈利能力和信用指標保持良好。管理層承認，由於 12 月降息和非利息收入疲軟，淨利息收入和利差面臨適度壓力，但強調保守的信貸、充足的資本和積極的前景是該公司運營的關鍵支撐。</p>
<h2>貸款和存款增長</h2>
<p>第一夏威夷在第一季度的總貸款增長超過 1.28 億美元，年化增長率約為 3.6%，儘管某些投資組合出現了流失。存款增加了 2.62 億美元，主要受到公共運營餘額增加 2.44 億美元的推動，這有助於支撐銀行的資金基礎。</p>
<h2>資本實力和回購</h2>
<p>該銀行強調其資本充足，同時繼續通過回購向股東返還現金。在本季度回購了約 130 萬股，花費約 3200 萬至 3400 萬美元，並且仍有 2.5 億美元的回購授權可用，為管理層在估值保持吸引力時提供靈活性。</p>
<h2>盈利能力保持穩定</h2>
<p>盈利能力指標保持健康，平均有形資產回報率為 1.2%，平均有形股本回報率為 15.3%。22.5% 的有效税率支持了這些結果，表明該公司在利率環境下仍能產生穩健的盈利能力。</p>
<h2>存款成本降低，資金結構穩定</h2>
<p>資金趨勢是一個亮點，存款的總成本在本季度下降了 7 個基點，降至 1.22%，3 月份的水平約為 1.20%。31% 的非利息存款比例突顯了核心低成本資金的強勁，為第一夏威夷提供了一定的保護，以應對利差壓力。</p>
<h2>信用質量保持良好</h2>
<p>資產質量保持強勁，受批評資產下降 21 個基點，非表現資產加上 90 天逾期貸款僅佔總貸款的 30 個基點。淨沖銷為 490 萬美元，或平均貸款的 14 個基點，與前一季度持平，突顯了嚴格的承銷標準。</p>
<h2>準備金保持保守</h2>
<p>信用損失準備金增加了不到 100 萬美元，達到 1.69 億美元，覆蓋總貸款和租賃的 1.17%。管理層強調銀行的準備金保持保守，反映出當前信用狀況良好，並對未來潛在壓力持謹慎態度。</p>
<h2>業務線顯示出勢頭</h2>
<p>商業和工業貸款是一個關鍵驅動因素，C&amp;I 餘額增加了 7100 萬美元，包括約 2400 萬美元的經銷商庫存增長。商業房地產貸款也有所貢獻，而財富管理和信用卡費用業務表現穩定，顯示出平衡的公司勢頭。</p>
<h2>住宅和建築貸款流失</h2>
<p>貸款擴張部分被住宅投資組合的流失和建築貸款的償還所抵消。建築轉永久貸款的轉換也減少了報告的建築餘額，儘管核心商業類別有所擴張，但整體貸款增長受到抑制。</p>
<h2>淨利息收入和利差面臨利率壓力</h2>
<p>淨利息收入下降至 1.675 億美元，比前一季度減少 280 萬美元，因 12 月降息的全面影響反映在結果中。淨利息利差下降 2 個基點至 3.19%，顯示出較低的利率和競爭動態對利差的影響。</p>
<h2>非利息收入回落被視為時機問題</h2>
<p>非利息收入總計 5280 萬美元，較前一季度下降，主要由於銀行擁有的壽險收入減少和掉期費用活動減少。管理層將這些因素視為主要與時機相關，而不是收費業務結構性疲軟的表現。</p>
<h2>費用基數預計上升</h2>
<p>非利息費用在本季度為 1.279 億美元，與管理層的全年指導一致。高管重申全年費用預期約為 5.2 億美元，表明預計全年將廣泛增加，包括計劃中的招聘和業務投資。</p>
<h2>外部和競爭壓力</h2>
<p>管理層指出，最近在夏威夷、關島和塞班島的洪水和颱風帶來的不確定性，表示目前還為時尚早，無法判斷對旅遊和地方經濟的影響。該銀行還提到，內地和夏威夷的定價競爭加劇，流動性充裕的機構積極競標交易，挑戰利差。</p>
<h2>定期存款到期和證券策略</h2>
<p>約 10 億美元的定期存款將在第二季度到期，從平均利率接近 2.90% 轉向約 2.50%，如果沒有與高收益資產匹配，可能會對利差造成壓力。由於證券收益仍然較低，管理層計劃不擴展投資組合，而是將預計的現金流約 6 億美元進行再投資。</p>
<h2>指導和前景展望</h2>
<p>第一夏威夷預計全年貸款增長為 3%-4%，全年淨利息利差在 3.22% 至 3.23% 之間，預計第二季度將有適度的 2-3 個基點的順序 NIM 上升。該銀行還預計非利息收入約為 2.2 億美元，費用約為 5.2 億美元，並繼續享受資產負債表重新定價的好處，得益於可預測的現金流、穩定的存款成本和保守的信貸假設。</p>
<p>第一夏威夷的財報電話會議描繪了一家銀行在健康增長和強勁信貸之間取得平衡的圖景，同時對利潤率、費用和支出壓力保持現實的看法。對於投資者而言，這個故事是穩健執行、嚴格資本管理和適度樂觀的結合，但也受到宏觀不確定性和競爭的影響，這將考驗銀行維持當前盈利水平的能力。</p>

第一夏威夷

<p>第一夏威夷公司在第一季度報告了穩健的貸款和存款增長，總貸款增加超過 1.28 億美元，存款增加 2.62 億美元。儘管由於 12 月降息，淨利息收入和利差受到了一定壓力，但該銀行資本充足，並通過回購向股東返還現金。盈利能力指標保持健康，平均有形資產回報率為 1.2%。然而，非利息收入下降，管理層預計費用將上升。該銀行面臨外部挑戰，包括近期的洪水和加劇的競爭</p>

<p>First Hawaiian Inc ((FHB)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>第一夏威夷公司（First Hawaiian Inc (FHB)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</div><p>First Hawaiian Inc. opened the year from a position of cautious strength, pairing solid loan and deposit growth with resilient profitability and pristine credit metrics. Management acknowledged modest pressure on net interest income and margin from the December rate cut and softer noninterest income, but stressed conservative credit, ample capital and a constructive outlook as key supports for the franchise.</p>
<div class="lb-trans"><p>第一夏威夷公司以謹慎的強勢開局，貸款和存款增長穩健，盈利能力和信用指標保持良好。管理層承認，由於 12 月降息和非利息收入疲軟，淨利息收入和利差面臨適度壓力，但強調保守的信貸、充足的資本和積極的前景是該公司運營的關鍵支撐。</p>
</div><h2>Loans and Deposits Advance</h2>
<div class="lb-trans"><h2>貸款和存款增長</h2>
</div><p>First Hawaiian posted total loan growth of more than $128 million in the first quarter, equivalent to roughly 3.6% on an annualized basis despite runoff in certain portfolios. Deposits climbed by $262 million, fueled largely by a $244 million jump in public operating balances that helped underpin the bank’s funding base.</p>
<div class="lb-trans"><p>第一夏威夷在第一季度的總貸款增長超過 1.28 億美元，年化增長率約為 3.6%，儘管某些投資組合出現了流失。存款增加了 2.62 億美元，主要受到公共運營餘額增加 2.44 億美元的推動，這有助於支撐銀行的資金基礎。</p>
</div><h2>Capital Strength and Buybacks</h2>
<div class="lb-trans"><h2>資本實力和回購</h2>
</div><p>The bank underscored that it remains well capitalized while continuing to return cash to shareholders through repurchases. It bought back about 1.3 million shares in the quarter for roughly $32–$34 million and still has a sizable $250 million repurchase authorization available, giving management flexibility if valuations remain attractive.</p>
<div class="lb-trans"><p>該銀行強調其資本充足，同時繼續通過回購向股東返還現金。在本季度回購了約 130 萬股，花費約 3200 萬至 3400 萬美元，並且仍有 2.5 億美元的回購授權可用，為管理層在估值保持吸引力時提供靈活性。</p>
</div><h2>Profitability Holds Up</h2>
<div class="lb-trans"><h2>盈利能力保持穩定</h2>
</div><p>Profitability metrics stayed healthy, with return on average tangible assets coming in at 1.2% and return on average tangible equity at 15.3%. The effective tax rate of 22.5% supported these results, signaling that the franchise continues to generate solid earnings power despite the rate environment.</p>
<div class="lb-trans"><p>盈利能力指標保持健康，平均有形資產回報率為 1.2%，平均有形股本回報率為 15.3%。22.5% 的有效税率支持了這些結果，表明該公司在利率環境下仍能產生穩健的盈利能力。</p>
</div><h2>Deposit Costs Ease, Funding Mix Stable</h2>
<div class="lb-trans"><h2>存款成本降低，資金結構穩定</h2>
</div><p>Funding trends were a bright spot as the total cost of deposits declined 7 basis points to 1.22% in the quarter, with March exiting at roughly 1.20%. A noninterest-bearing deposit ratio of 31% underscored the strength of core, low-cost funding, giving First Hawaiian some protection against margin pressure.</p>
<div class="lb-trans"><p>資金趨勢是一個亮點，存款的總成本在本季度下降了 7 個基點，降至 1.22%，3 月份的水平約為 1.20%。31% 的非利息存款比例突顯了核心低成本資金的強勁，為第一夏威夷提供了一定的保護，以應對利差壓力。</p>
</div><h2>Credit Quality Remains Pristine</h2>
<div class="lb-trans"><h2>信用質量保持良好</h2>
</div><p>Asset quality stayed strong, with criticized assets down 21 basis points and nonperforming assets plus 90-day past-due loans at just 30 basis points of total loans. Net charge-offs were $4.9 million, or 14 basis points of average loans, unchanged from the prior quarter and highlighting disciplined underwriting.</p>
<div class="lb-trans"><p>資產質量保持強勁，受批評資產下降 21 個基點，非表現資產加上 90 天逾期貸款僅佔總貸款的 30 個基點。淨沖銷為 490 萬美元，或平均貸款的 14 個基點，與前一季度持平，突顯了嚴格的承銷標準。</p>
</div><h2>Reserves Positioned Conservatively</h2>
<div class="lb-trans"><h2>準備金保持保守</h2>
</div><p>The allowance for credit losses increased by just under $1 million to $169 million, representing coverage of 1.17% of total loans and leases. Management emphasized that the bank is conservatively reserved, reflecting both sound current credit and a cautious stance toward potential future stress.</p>
<div class="lb-trans"><p>信用損失準備金增加了不到 100 萬美元，達到 1.69 億美元，覆蓋總貸款和租賃的 1.17%。管理層強調銀行的準備金保持保守，反映出當前信用狀況良好，並對未來潛在壓力持謹慎態度。</p>
</div><h2>Business Lines Show Momentum</h2>
<div class="lb-trans"><h2>業務線顯示出勢頭</h2>
</div><p>Commercial and industrial lending was a key driver, with C&amp;I balances up $71 million, including about $24 million of dealer floor-plan growth. Commercial real estate loans also contributed, while wealth management and credit card fee businesses delivered stable performance, pointing to balanced franchise momentum.</p>
<div class="lb-trans"><p>商業和工業貸款是一個關鍵驅動因素，C&amp;I 餘額增加了 7100 萬美元，包括約 2400 萬美元的經銷商庫存增長。商業房地產貸款也有所貢獻，而財富管理和信用卡費用業務表現穩定，顯示出平衡的公司勢頭。</p>
</div><h2>Residential and Construction Runoff</h2>
<div class="lb-trans"><h2>住宅和建築貸款流失</h2>
</div><p>Loan expansion was partially offset by runoff in the residential portfolio and paydowns in construction lending. Construction-to-permanent loan conversions also reduced reported construction balances, tempering overall loan growth even as core commercial categories expanded.</p>
<div class="lb-trans"><p>貸款擴張部分被住宅投資組合的流失和建築貸款的償還所抵消。建築轉永久貸款的轉換也減少了報告的建築餘額，儘管核心商業類別有所擴張，但整體貸款增長受到抑制。</p>
</div><h2>NII and NIM Face Rate-Driven Pressure</h2>
<div class="lb-trans"><h2>淨利息收入和利差面臨利率壓力</h2>
</div><p>Net interest income slipped to $167.5 million, down $2.8 million from the prior quarter, as the full-quarter impact of the December rate cut flowed through results. Net interest margin edged down 2 basis points to 3.19%, illustrating how lower rates and competitive dynamics are weighing on spreads.</p>
<div class="lb-trans"><p>淨利息收入下降至 1.675 億美元，比前一季度減少 280 萬美元，因 12 月降息的全面影響反映在結果中。淨利息利差下降 2 個基點至 3.19%，顯示出較低的利率和競爭動態對利差的影響。</p>
</div><h2>Noninterest Income Pullback Seen as Timing</h2>
<div class="lb-trans"><h2>非利息收入回落被視為時機問題</h2>
</div><p>Noninterest income totaled $52.8 million, declining from the prior quarter primarily because of lower income from bank-owned life insurance and reduced swap fee activity. Management framed these factors as mainly timing-related rather than indicative of structural weakness in fee-generating businesses.</p>
<div class="lb-trans"><p>非利息收入總計 5280 萬美元，較前一季度下降，主要由於銀行擁有的壽險收入減少和掉期費用活動減少。管理層將這些因素視為主要與時機相關，而不是收費業務結構性疲軟的表現。</p>
</div><h2>Expense Base Set to Rise</h2>
<div class="lb-trans"><h2>費用基數預計上升</h2>
</div><p>Noninterest expense came in at $127.9 million in the quarter, consistent with management’s full-year guidance. Executives reaffirmed an annual expense outlook of about $520 million, signaling expectations for a broad-based ramp through the year that includes planned hiring and investment in the business.</p>
<div class="lb-trans"><p>非利息費用在本季度為 1.279 億美元，與管理層的全年指導一致。高管重申全年費用預期約為 5.2 億美元，表明預計全年將廣泛增加，包括計劃中的招聘和業務投資。</p>
</div><h2>External and Competitive Headwinds</h2>
<div class="lb-trans"><h2>外部和競爭壓力</h2>
</div><p>Management flagged uncertainty stemming from recent flooding and typhoons across Hawaii, Guam and Saipan, noting it is still early to judge the effect on tourism and local economies. The bank also cited intensified pricing competition both on the Mainland and in Hawaii, as liquidity-rich institutions bid aggressively for deals and challenge spreads.</p>
<div class="lb-trans"><p>管理層指出，最近在夏威夷、關島和塞班島的洪水和颱風帶來的不確定性，表示目前還為時尚早，無法判斷對旅遊和地方經濟的影響。該銀行還提到，內地和夏威夷的定價競爭加劇，流動性充裕的機構積極競標交易，挑戰利差。</p>
</div><h2>CD Rolloffs and Securities Strategy</h2>
<div class="lb-trans"><h2>定期存款到期和證券策略</h2>
</div><p>Around $1 billion of certificates of deposit are scheduled to mature in the second quarter, rolling from an average rate near 2.90% toward about 2.50%, which could pressure margins if not matched with higher-yielding assets. With securities yields still low, management plans no expansion of the portfolio, instead reinvesting about $600 million of expected cash flows as they roll off.</p>
<div class="lb-trans"><p>約 10 億美元的定期存款將在第二季度到期，從平均利率接近 2.90% 轉向約 2.50%，如果沒有與高收益資產匹配，可能會對利差造成壓力。由於證券收益仍然較低，管理層計劃不擴展投資組合，而是將預計的現金流約 6 億美元進行再投資。</p>
</div><h2>Guidance and Forward Outlook</h2>
<div class="lb-trans"><h2>指導和前景展望</h2>
</div><p>First Hawaiian guided to full-year loan growth of 3%–4% and a full-year net interest margin between 3.22% and 3.23%, with a modest 2–3 basis point sequential NIM uptick expected in the second quarter. The bank also projected about $220 million in noninterest income, roughly $520 million in expenses and continued balance-sheet repricing benefits, supported by predictable cash flows, stable deposit costs and conservative credit assumptions.</p>
<div class="lb-trans"><p>第一夏威夷預計全年貸款增長為 3%-4%，全年淨利息利差在 3.22% 至 3.23% 之間，預計第二季度將有適度的 2-3 個基點的順序 NIM 上升。該銀行還預計非利息收入約為 2.2 億美元，費用約為 5.2 億美元，並繼續享受資產負債表重新定價的好處，得益於可預測的現金流、穩定的存款成本和保守的信貸假設。</p>
</div><p>First Hawaiian’s earnings call painted the picture of a bank balancing healthy growth and strong credit with a realistic view of margin, fee and expense pressures. For investors, the story is one of steady execution, disciplined capital management and measured optimism, tempered by macro uncertainty and competition that will test the bank’s ability to sustain current profitability levels.</p>
<div class="lb-trans"><p>第一夏威夷的財報電話會議描繪了一家銀行在健康增長和強勁信貸之間取得平衡的圖景，同時對利潤率、費用和支出壓力保持現實的看法。對於投資者而言，這個故事是穩健執行、嚴格資本管理和適度樂觀的結合，但也受到宏觀不確定性和競爭的影響，這將考驗銀行維持當前盈利水平的能力。</p>
</div>

第一夏威夷公司在增長與利潤率壓力之間取得平衡