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what it is
It runs a Hawaii-heavy bank that takes deposits, makes loans, and sells fee services.
how it gets paid
Last year First Hawaiian made $881M in revenue. Retail deposits and account fees was the main engine at $327M, or 37% of sales.
why it's growing
Revenue grew 8.9% last year. The $655M quarter matters because it is the strongest proof that the bank still moves real money.
what just happened
The latest quarter printed $655M in revenue and $1.64 in EPS.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
75/100 earnings predictability — reasonably predictable
13.0x trailing p/e — the market's not buying it — or you found a deal
4.3% dividend yield — cash in your pocket every quarter
$1.79 fy2024 eps est
xvary composite: 61/100 — average
What they do
It runs a Hawaii-heavy bank that takes deposits, makes loans, and sells fee services.
You are buying local reach, not national scale. First Hawaiian runs 50 branches, with 45 in Hawaii and 5 outside it. Deposit franchise → cheap customer money → that funds loans without begging Wall Street.
How they make money
$881M
annual revenue · their business grew +8.9% last year
Retail deposits and account fees
$327M
Commercial lending
$294M
Residential mortgages and home equity
$132M
Wealth, trust, cards, and insurance
$128M
The products that matter
core lending and deposits
Net interest income
$653M · 74% of revenue
it is the $653M earnings engine, and its 2.9% net interest margin is 20 basis points better than Bank of Hawaii's 2.7%.
core profit driver
fees, service charges, and advisory
Non-interest income
$228M · 26% of revenue
this $228M bucket was flat, which matters because it is the main source of diversification away from pure spread income.
stability check
advisory and client relationships
Wealth management
inside the $228M fee-income bucket
the business now has a march 2026 leadership transition, which is a small sentence with real consequences when fee income is only $228M to begin with.
transition risk
Key numbers
$881M
annual revenue
That is the size of the whole machine. It is tiny versus megabanks, which makes local weakness feel bigger.
4.3%
dividend yield
You are getting paid to wait. The yield is larger than many Treasury bills, but the bank has to keep earning it.
13.0x
trailing P/E
You pay 13 times earnings. That is cheaper than a market darling, but not cheap enough to ignore bad credit.
50
branches
The branch count shows the moat. 45 are in Hawaii, so the franchise is local and stubborn.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FHB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter printed $655M in revenue and $1.64 in EPS.
Revenue was up 189% vs. prior year. EPS was up 178% vs. prior year. Bank margins are not given here, which is normal for a lending shop.
$655M
revenue
$1.64
eps
n/a
n/a
the number that mattered
The $655M quarter matters because it is the strongest proof that the bank still moves real money, not just sentiment.
source: company earnings report, 2026
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What could go wrong
the top risk here is hawaii market concentration — you are not buying a diversified national lender.
high
hawaii-centered economy
First Hawaiian operates across hawaii, guam, and saipan, but the franchise is still centered on one local economic ecosystem. If that market slows, both lending demand and credit quality feel it.
risk reaches most of the $653M net interest income engine and the $228M fee base
med
net interest margin slippage
The bank's edge versus Bank of Hawaii is narrow: 2.9% versus 2.7%. That 20-basis-point lead helps the thesis. Lose it, and the quality gap stops being part of the argument.
74% of revenue depends on spread income staying healthy
med
the street still does not buy the story
Consensus sits at Reduce, and EPS forecasts for 2026 and 2027 were revised down to $2.23 and $2.31. Cheap stocks can stay cheap when estimate momentum points the wrong way.
multiple expansion gets harder when earnings revisions are moving down
med
wealth management transition
Vice Chair Alan Arizumi retires in march 2026. That does not break the bank, but leadership turnover inside a fee-income business can pressure client retention and growth.
non-interest income was $228M and flat — there is not much cushion for a stumble
Between the $653M lending engine and the $228M fee-income base, almost the entire $881M revenue stack is exposed to local economic conditions, rate spreads, or both.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings
Expected april 22, 2026. You want to see whether the $0.56 q4 EPS beat turns into a cleaner full-year setup.
metric
net interest margin
2.9% is the number holding this story together. If that slips toward Bank of Hawaii's 2.7%, the local advantage starts looking less impressive.
trend
3–4% loan growth target
This is the operating promise for 2026. A bank trading at 10.8x earnings does not need explosive growth, but it does need credible growth.
risk
wealth management transition
Alan Arizumi retires in march 2026. Watch for continuity in the fee business, because non-interest income was only $228M and flat.
Analyst rankings
earnings predictability
75 / 100
This bank tends to produce fairly steady numbers. In human-speak, analysts think management usually lands close to the plan.
street stance
Reduce
The sell-side is not paying for the cheap multiple yet. That usually means estimates need to stabilize before sentiment does.
risk rank
3
Risk rank 3 means middle of the pack. Safer than the messier parts of the market, but not a bunker.
source: institutional data
Institutional activity
institutional ownership data for FHB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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