Jan. 31 at 1:47 PM
$FHB First Hawaiian, Inc. Reports Fourth Quarter 2024 Financial Results and Declares Dividend
HONOLULU, Hawaii January 31, 2025--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2024.
“I’m pleased to report that we finished 2024 with a very strong quarter that was highlighted by good performance across our key earnings drivers. Our loan and deposit balances grew, net interest margin expanded, expenses were well controlled and credit quality remained excellent. We also maintained our commitment to supporting our communities with a
$1 million contribution to the First Hawaiian Foundation,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we took action to strengthen our balance sheet and increase our future earnings power by restructuring a portion of our investment portfolio. This action, along with the positive trends we saw in the fourth quarter, positions us very well entering 2025.”
On January 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of
$0.26 per share. The dividend will be payable on February 28, 2025, to stockholders of record at the close of business on February 14, 2025.
Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to
$100.0 million of its outstanding common stock during 2025.
Fourth Quarter 2024 Highlights:
● Restructured a portion of the investment portfolio by selling
$290.4 million of low-yielding investment securities and reinvested the sale proceeds into
$291.5 million of higher-yielding securities. Recognized a
$26.2 million pre-tax (
$19.2 million after-tax) loss on the sale of securities.
● Net income of
$52.5 million, or
$0.41 per diluted share
● Total loans and leases increased
$166.9 million versus prior quarter
● Total deposits increased
$94.5 million versus prior quarter
● Net interest margin increased 8 basis points to 3.03%
● Recorded a
$0.8 million negative provision for credit losses
● Board of Directors declared a quarterly dividend of
$0.26 per share
Balance Sheet
Total assets were
$23.8 billion at December 31, 2024 and September 30, 2024.
Gross loans and leases were
$14.4 billion as of December 31, 2024, an increase of
$166.9 million, or 1.2%, from
$14.2 billion as of September 30, 2024.
Total deposits were
$20.3 billion as of December 31, 2024, an increase of
$94.5 million, or 0.5%, from
$20.2 billion as of September 30, 2024.
Net Interest Income
Net interest income for the fourth quarter of 2024 was
$158.8 million, an increase of
$2.0 million, or 1.3%, compared to
$156.7 million for the prior quarter.
The net interest margin was 3.03% in the fourth quarter of 2024, an increase of 8 basis points compared to 2.95% in the prior quarter.
Provision Expense
During the quarter ended December 31, 2024, we recorded a
$0.8 million negative provision for credit losses. In the quarter ended September 30, 2024, we recorded a
$7.4 million provision for credit losses.
Noninterest Income
Noninterest income was
$29.4 million in the fourth quarter of 2024, a decrease of
$23.9 million compared to noninterest income of
$53.3 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a
$26.2 million loss on the sale of investment securities.
