Core lending operations remain resilient, evidenced by a 4.4% year-over-year increase in net interest income to $167.5 million in 2026Q1 despite broader funding cost pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 670.75M | 663.74M | 622.74M | 636.13M | 613.55M | 530.56M | 535.73M | 573.4M | 566.32M | 528.8M | 491.67M | 461.32M | 443.8M | 1.41B | -11.3M | 2.12M | -132.94M | 201.08M | 0 |
| NII Growth % | 26.71% | 6.58% | -2.1% | 3.68% | 15.64% | -0.97% | -6.57% | 1.25% | 7.09% | 7.55% | 6.58% | 3.95% | -68.61% | 12612.11% | -632.02% | 101.6% | -166.11% | - | - |
| Net Interest Margin % | 2.76% | 2.77% | 2.61% | 2.55% | 2.5% | 2.12% | 2.36% | 2.84% | 2.74% | 2.57% | 2.5% | 2.38% | 2.45% | 13.21% | -0.02% | 0.01% | -0.38% | 0.93% | 0% |
| Interest Income | 945.85M | 951.3M | 980.04M | 923.58M | 663.22M | 549.31M | 582.76M | 678.69M | 646.05M | 570.77M | 518.52M | 483.85M | 467.28M | 533.75M | 431.5M | 387.32M | 332.36M | 216.08M | 0 |
| Interest Expense | 275.11M | 287.56M | 357.31M | 287.45M | 49.67M | 18.75M | 47.02M | 105.29M | 79.73M | 41.96M | 26.85M | 22.52M | 23.48M | -880.12M | 442.8M | 385.2M | 465.3M | 15M | 562.9M |
| Loan Loss Provision | 21.7M | 27.2M | 14.75M | 26.63M | 1.39M | -39M | 121.72M | 13.8M | 22.18M | 18.5M | 8.6M | 9.9M | 11.1M | 880.12M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 202.29M | 217.05M | 151.97M | 169.19M | 148.53M | 159.67M | 175.27M | 162.57M | 154.13M | 182.24M | 203.58M | 195.14M | 190.94M | 1.97B | 1.35B | 1.3B | 1.19B | -183.38M | 963M |
| Non-Interest Income % | 17.62% | 18.58% | 13.42% | 15.48% | 18.3% | 22.52% | 23.12% | 19.32% | 19.26% | 24.2% | 28.19% | 28.74% | 29.01% | 78.69% | 75.81% | 77.02% | 78.23% | -560.78% | 100% |
| Total Revenue | 1.15B | 1.17B | 1.13B | 1.09B | 811.75M | 708.98M | 758.02M | 841.26M | 800.18M | 753.01M | 722.1M | 678.99M | 658.22M | 2.51B | 1.78B | 1.69B | 1.53B | 32.7M | 963M |
| Revenue Growth % | 10.28% | 3.21% | 3.59% | 34.62% | 14.5% | -6.47% | -9.89% | 5.13% | 6.26% | 4.28% | 6.35% | 3.16% | -73.73% | 40.44% | 5.81% | 10.41% | 4569.11% | -96.6% | - |
| Non-Interest Expense | 486.57M | 499.35M | 467.36M | 469.51M | 409.48M | 380.24M | 345.56M | 340.48M | 340.09M | 324.19M | 314.82M | 303.34M | 279.39M | 2.48B | 1.45B | 1.36B | 1.4B | 34.7M | 1.16B |
| Efficiency Ratio | 42.38% | 42.74% | 41.29% | 42.97% | 50.44% | 53.63% | 45.59% | 40.47% | 42.5% | 43.05% | 43.6% | 44.68% | 42.45% | 99.11% | 81.54% | 80.63% | 91.49% | 106.12% | 120.18% |
| Operating Income | 364.76M | 354.24M | 292.6M | 309.17M | 351.21M | 349M | 243.72M | 381.7M | 358.18M | 368.36M | 371.83M | 343.23M | 344.24M | 22.29M | 17.09M | 711.6M | 595.3M | 13M | 368.6M |
| Operating Margin % | 31.77% | 30.32% | 25.85% | 28.29% | 43.27% | 49.22% | 32.15% | 45.37% | 44.76% | 48.92% | 51.49% | 50.55% | 52.3% | 0.89% | 0.96% | 42.21% | 38.99% | 39.76% | 38.28% |
| Operating Income Growth % | - | 21.07% | -5.36% | -11.97% | 0.63% | 43.19% | -36.15% | 6.57% | -2.76% | -0.93% | 8.33% | -0.3% | 1444.32% | 30.42% | -97.6% | 19.54% | 4479.23% | -96.47% | - |
| Pretax Income | 364.76M | 354.24M | 292.6M | 309.17M | 351.21M | 349M | 243.72M | 381.7M | 358.18M | 368.36M | 371.83M | 343.23M | 344.24M | 937.49M | 772.1M | 711.6M | 595.3M | 13M | 368.6M |
| Pretax Margin % | 31.77% | 30.32% | 25.85% | 28.29% | 43.27% | 49.22% | 32.15% | 45.37% | 44.76% | 48.92% | 51.49% | 50.55% | 52.3% | 37.42% | 43.28% | 42.21% | 38.99% | 39.76% | 38.28% |
| Income Tax | 79.96M | 77.98M | 62.47M | 74.19M | 85.53M | 83.26M | 57.97M | 97.31M | 93.78M | 184.67M | 141.65M | 129.45M | 127.57M | 347.08M | 298.7M | 272.7M | 234M | 4.7M | 152.2M |
| Effective Tax Rate % | 21.92% | 22.01% | 21.35% | 24% | 24.35% | 23.86% | 23.79% | 25.49% | 26.18% | 50.13% | 38.1% | 37.71% | 37.06% | 37.02% | 38.69% | 38.32% | 39.31% | 36.15% | 41.29% |
| Net Income | 284.8M | 276.27M | 230.13M | 234.98M | 265.69M | 265.74M | 185.75M | 284.39M | 264.39M | 183.68M | 230.18M | 213.78M | 216.67M | 590.41M | 473.4M | 436.6M | 361.3M | 8.3M | 216.4M |
| Net Margin % | 24.81% | 23.65% | 20.33% | 21.5% | 32.73% | 37.48% | 24.5% | 33.81% | 33.04% | 24.39% | 31.88% | 31.49% | 32.92% | 23.57% | 26.54% | 25.9% | 23.66% | 25.38% | 22.47% |
| Net Income Growth % | 21.11% | 20.05% | -2.07% | -11.56% | -0.02% | 43.06% | -34.68% | 7.56% | 43.94% | -20.2% | 7.67% | -1.33% | -63.3% | 24.72% | 8.43% | 20.84% | 4253.01% | -96.16% | - |
| Net Income (Continuing) | 284.8M | 276.27M | 230.13M | 234.98M | 265.69M | 265.74M | 185.75M | 284.39M | 264.39M | 183.68M | 230.18M | 213.78M | 216.67M | 590.41M | 473.4M | 436.6M | 361.3M | 8.3M | 216.4M |
| EPS (Diluted) | 2.31 | 2.20 | 1.79 | 1.84 | 2.08 | 2.05 | 1.43 | 2.13 | 1.93 | 1.32 | 1.65 | 1.53 | 1.55 | 4.58 | 3.67 | 3.39 | 2.80 | 0.06 | 1.68 |
| EPS Growth % | 23.91% | 22.91% | -2.72% | -11.54% | 1.46% | 43.36% | -32.86% | 10.36% | 46.21% | -20% | 7.84% | -1.29% | -66.16% | 24.8% | 8.26% | 21.07% | 4247.83% | -96.17% | - |
| EPS (Basic) | - | 2.21 | 1.80 | 1.84 | 2.08 | 2.06 | 1.43 | 2.14 | 1.93 | 1.32 | 1.65 | 1.53 | 1.55 | 4.58 | 3.67 | 3.39 | 2.80 | 0.06 | 1.68 |
| Diluted Shares Outstanding | 123.35M | 125.51M | 128.33M | 127.92M | 127.98M | 129.54M | 130.22M | 133.39M | 137.11M | 139.66M | 139.49M | 139.46M | 139.46M | 128.82M | 128.82M | 128.82M | 128.82M | 128.82M | 128.82M |
Geographic concentration and tourism
According to recent financial disclosures, First Hawaiian's net interest income has demonstrated a consistent upward trajectory, reaching $167.5 million in 2026Q1, which represents a 4.4% year-over-year increase, suggesting that the bank's core lending operations are successfully navigating the current interest rate environment despite broader funding cost pressures.
The steady expansion of NII indicates that the bank is effectively managing its asset-sensitive balance sheet to capture yield. Investors should monitor whether this growth can be sustained if deposit betas continue to rise, potentially offsetting the gains from higher loan yields.
As reported in quarterly filings, First Hawaiian maintained an efficiency ratio of 45.3% in 2026Q1, reflecting a disciplined approach to managing non-interest expenses relative to total revenue, even as the bank navigates the high-cost operating environment inherent to its unique geographic footprint across the Hawaiian archipelago.
The bank's ability to keep its efficiency ratio within a tight range suggests that management is successfully balancing the high fixed costs of its physical branch network with revenue generation. This operational leverage appears to be a key component of the bank's ability to maintain profitability during periods of economic volatility.
Based on the provided income statement data, the provision for credit losses was $5.0 million in 2026Q1, a significant improvement from the $10.5 million recorded in 2025Q1, which may indicate that the bank's credit underwriting remains robust despite the potential for localized economic headwinds in the tourism sector.
The reduction in provision expense suggests that the bank's loan portfolio is performing better than initial CECL models might have anticipated. However, analysts should remain cautious, as any sudden downturn in the local economy could necessitate a rapid reversal in these provisioning trends.
Data from recent financial statements shows that non-interest fee income contributed 18.7% to total revenue in 2026Q1, highlighting a reliance on transaction-based streams that appear sensitive to the cyclical nature of visitor arrivals and the broader health of the local Hawaiian commercial and hospitality-related business ecosystem.
The fluctuation in fee income, which peaked at 19.0% in 2025Q4 before moderating, suggests that this revenue source is not entirely recurring. Investors should investigate the extent to which these fees are tied to discretionary tourist spending, as this introduces a layer of external risk to the bank's PPNR.
Quick answers to the most common questions about buying FHB stock.
First Hawaiian, Inc. (FHB) is profitable, generating $276.3M in net income for the fiscal year ending 2025 with a net profit margin of 23.6%.
First Hawaiian, Inc. (FHB) reported an operating income of $354.2M, resulting in an operating profit margin of 30.3%. This margin reflects the operational efficiency of the business before interest and taxes.
First Hawaiian, Inc. (FHB) generated $853.6M in gross profit for the year, representing a gross profit margin of 73.1%. This demonstrates the company's core pricing power and production efficiency.