From GlobeNewswire: 2025-01-31 08:00:00

First Hawaiian, Inc. reported strong financial results for the quarter ended December 31, 2024. Net income was $52.5 million, or $0.41 per diluted share. Total loans and leases increased by $166.9 million, while total deposits increased by $94.5 million. The Board of Directors declared a quarterly cash dividend of $0.26 per share.

The company restructured its investment portfolio, selling $290.4 million of low-yielding securities and reinvesting in higher-yielding securities. Net interest income for the fourth quarter of 2024 was $158.8 million, with a net interest margin of 3.03%. Noninterest income decreased to $29.4 million, including a $26.2 million loss on the sale of securities.

Total assets were $23.8 billion at the end of December 31, 2024. Gross loans and leases were $14.4 billion, while total deposits were $20.3 billion. The allowance for credit losses was $160.4 million, or 1.11% of total loans and leases. Total stockholders’ equity was $2.6 billion.

The company’s Board of Directors approved a stock repurchase program for up to $100.0 million of its outstanding common stock in 2025. In 2024, 1.5 million shares were repurchased at a total cost of $40.0 million. Repurchases in 2025 may be conducted through open-market purchases or privately negotiated transactions, subject to management’s discretion and various factors. First Hawaiian, Inc. is Hawaii’s oldest and largest financial institution, offering a wide range of banking services. The company’s subsidiary, First Hawaiian Bank, was founded in 1858 and has branches in Hawaii, Guam, and Saipan. Customers can access their accounts through ATMs, online, and mobile banking. For more information, visit www.fhb.com.

A conference call to discuss First Hawaiian’s results will take place today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time. To access the call by phone, register at the provided link. A live webcast will also be available at www.fhb.com/earnings. Forward-looking statements and non-GAAP financial measures are included in the press release for reference.

Financial highlights for First Hawaiian show positive results for the three months and year ended December 31, 2024. Net interest income, noninterest income, and net income all saw increases. Return on average tangible assets and return on average tangible stockholders’ equity are highlighted as non-GAAP financial measures for evaluating financial performance. Capital ratios and asset quality ratios are also provided in the report. The return on average tangible stockholders’ equity is calculated by dividing net income by average tangible stockholders’ equity, excluding goodwill. Tangible book value per share is found by dividing tangible stockholders’ equity by outstanding shares, excluding goodwill. The ratio of tangible stockholders’ equity to tangible assets is calculated by excluding goodwill. For detailed reconciliation, refer to Table 14.

In the consolidated statements of income, interest income for the three months and year ended December 31, 2024, totaled $240,162 and $980,044, respectively. Interest expense for the same periods was $81,409 and $357,306. Net income for the quarter was $52,496, with basic earnings per share of $0.41.

The average balance and interest rates for the three months ended December 31, 2024, show net interest income of $160.1 million. The average yield on earning assets was 4.56%, with a net interest margin of 3.03%. Noninterest income for the quarter was $29,376.

For the year ended December 31, 2024, interest income on earning assets totaled $985.5 million. Net interest income was $628.2 million, with a net interest margin of 2.95%. Total interest-bearing liabilities amounted to $357.3 million. Stockholders’ equity stood at $2,557.2 million. 1. The stock market saw a significant increase today, with the S&P 500 reaching a new all-time high of 4,300 points. This surge was fueled by positive economic data and strong corporate earnings reports.

2. In other news, the unemployment rate dropped to 5.8% in June, marking a significant improvement from the previous month. This decrease was attributed to a rise in hiring across various industries, signaling a positive trend in the labor market.

3. The housing market continues to show strength, with home prices rising by 15% in the past year. Low mortgage rates and high demand have contributed to this increase, making it a favorable time for sellers in the real estate market.

4. On the international front, tensions between the US and China have escalated, with the US imposing sanctions on Chinese officials for human rights abuses. This move has further strained relations between the two countries, leading to concerns about potential economic repercussions. 1. The stock market reached new highs today, with the S&P 500 closing at a record 3,900 points. This milestone comes as investors remain optimistic about economic recovery and the rollout of COVID-19 vaccines.

2. In other news, the unemployment rate dropped to 6.3% in January, with 49,000 jobs added to the economy. This marks a positive trend as businesses continue to reopen and hiring picks up across various sectors.

3. On the international front, tensions are rising between the US and China over human rights abuses in Xinjiang. The US has imposed sanctions on Chinese officials, drawing condemnation from Beijing and escalating diplomatic tensions between the two countries.

4. Meanwhile, in technology news, Tesla announced plans to invest $1.5 billion in Bitcoin and accept the cryptocurrency as payment for its products. This move by the electric car company has sparked further interest in the digital currency and its potential for mainstream adoption.



Read more at GlobeNewswire:: First Hawaiian, Inc. Reports Fourth Quarter 2024 Financial