First Hawaiian Inc. (FHB): First Take: Modest PPNR beat on lower expenses (on the back of pre-announcement); guide points to NIM

Research evidence excerpt

First Hawaiian Inc. (FHB): First Take: Modest PPNR beat on lower expenses (on the back of pre-announcement); guide points to NIM

Equity Research

24 July 2026 | 9:44AM EDT

First Hawaiian Inc. (FHB): First Take: Modest PPNR beat on lower

expenses (on the back of pre-announcement); guide points to NIM

Bottom line on the stock: Overall, this was a solid quarter and guide for FHB, in our Ryan M. Nash, CFA

+1(212)902-8963 | ryan.nash@gs.com

view. With FHB pre-reporting results following the announcement of the TCBK Goldman Sachs & Co. LLC

transaction (which pointed to an EPS beat and higher NII on better NIM), some of the Lucas Haimes

street estimates were updated following the deal so while the results are broadly +1(212)902-3305lucas.haimes@gs.com|

in-line with expectations, it is on the back of the pre-announced beat. Within the Goldman Sachs & Co. LLC

results, FHB saw solid growth with EOP loans coming in ahead of expectations and

while AEA trends were a touch softer (post pre-announce updated), NIM came in

higher than expected as deposit costs declined 3bps QoQ and loan yields improved

1bp sequentially. Deposit growth was a touch below expectations and declined ~3%

QoQ. In terms of its outlook, FHB tweaked its expectations for NIM and expenses,

pointing to a ~3.24-3.25% NIM (3.22 – 3.23% prior) which likely reflects the more

favorable forward curve for FHB given their asset sensitive balance sheet along with

pointing to slightly lower costs of $515mn - $520mn ($520mn prior) while leaving

balance sheet and fee expectations unchanged. All together, this points to ~2%

PPNR upside vs. consensus. While FHB did not repurchase any shares in the quarter,

it is on the back of the recently announced TCBK transaction where the deal model