First Hawaiian

FHB · Nasdaq · Financials · Financials, fiscal 2016 to 2025

FHB · Last close · November 6, 2026

$24.98

First Hawaiian's revenue rose 8.9% to $881 million in fiscal 2025. Net income was $276 million, up 20.1%. Its return on equity was 10.3%, up from 9.0% a year earlier. Its efficiency ratio was 56.7%, down from 62.0% a year earlier. It paid out $231 million in dividends and buybacks. The diluted share count fell 2.2%.

FIRST HAWAIIAN, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001104659-26-021544 Updated November 4, 2026

Revenue

$881M

8.9%

Net income

$276M

20.1%

Return on equity

10.3%

1.2 pts

Return on tangible equity

16.3%

1.5 pts

Efficiency ratio

56.7%

5.3 pts

Market cap

$3.1B

Nov 6 close

P/E

11.2x

On $2.23 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What First Hawaiian does

First Hawaiian is a bank holding company based in Honolulu. Its subsidiary, First Hawaiian Bank, was founded in 1858 and says it is the largest bank headquartered in Hawaii by loans and leases and by net income. It runs 49 branches in Hawaii, Guam and Saipan.

The bank offers deposit products such as checking and savings accounts, and lends to consumers and businesses. For middle-market and large Hawaii businesses it makes commercial and industrial loans, including auto dealer flooring (financing dealers' inventory), commercial real estate and construction loans. For individuals and small businesses it offers residential mortgages, indirect auto financing and other consumer loans. It also provides trust, private banking and investment management services, credit cards and merchant processing.

It reports two segments, Retail Banking and Commercial Banking, and puts other activities, including Treasury, in Corporate/Other. It earns money from interest on its loans and securities and from fees.

Its biggest risks, as it describes them

Weak financial markets or economic conditions in Hawaii, Guam and Saipan.
A large share of its loans is secured by real estate, so a real estate downturn would hurt.
Concentrated exposure to certain asset classes and large borrowers.
Interest rate changes that could hurt its earnings.
Losing deposits, which would raise its funding costs.

From First Hawaiian's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 3.2% a year and net income 2.0% a year, as buybacks cut the share count by 10%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	12,805	—	—	—	—
Deposits	21,816	21,689	21,333	20,322	20,516
Loans to deposits	58.7%	—	—	—	—
Provision for credit losses	−39	1	—	—	—
Provision to average loans	−0.3%	—	—	—	—
Total assets	24,992	24,577	24,926	23,828	23,955
Shareholders' equity	2,657	2,269	2,486	2,618	2,769

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project First Hawaiian's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open First Hawaiian's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought First Hawaiian shares on the open market, and 2 insiders sold $1.1 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 10, 2026	Craig Scott WoDirector	Sold	500	$26.94	$13,470	Form 4
Feb 6, 2026	Craig Scott WoDirector	Sold	1,500	$27.21	$40,820	Form 4
Dec 4, 2025	Alan ArizumiVice Chair	Sold	43,026	$25.35	$1.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put First Hawaiian side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
First Hawaiian	FY25	8.9%	31.4%	10.3%	16.3%	56.7%
Provident Financial Services	FY25	25.3%	33.5%	10.7%	13.9%	52.7%	Compare
First Financial Bancorp	FY25	7.7%	28.4%	9.8%	17.6%	60.1%	Compare
Independent Bank	FY25	24.3%	23.9%	6.2%	9.5%	61.8%	Compare
Intl Bancshares	FY25	1.0%	49.0%	13.6%	15.0%	36.4%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	718	734	745	766	733	716	793	837	808	881
Revenue growth	5.5%	2.3%	1.5%	2.8%	−4.3%	−2.4%	10.8%	5.5%	−3.4%	8.9%
Net interest income	492	529	566	573	536	531	614	636	623	664
Noninterest income	226	206	179	192	197	185	180	201	186	217
Noninterest expense	337	348	365	370	368	406	440	501	501	499
Provision for credit losses	—	—	—	—	122	−39	1	—	—	—
Net income	230	184	264	284	186	266	266	235	230	276
Diluted EPS (US$)	1.65	1.32	1.93	2.13	1.43	2.05	2.08	1.84	1.79	2.20
Diluted shares (millions)	140	140	137	133	130	130	128	128	128	126
Payouts
Dividends paid	86	123	131	138	135	134	133	133	133	131
Share buybacks	0	0	132	136	5	75	10	0	40	100
Balance sheet at fiscal year end
Loans, net	11,385	12,140	12,934	13,081	13,071	12,805	—	—	—	—
Deposits	16,794	17,612	17,150	16,445	19,228	21,816	21,689	21,333	20,322	20,516
Total assets	19,662	20,550	20,696	20,167	22,663	24,992	24,577	24,926	23,828	23,955
Shareholders' equity	2,476	2,533	2,525	2,640	2,744	2,657	2,269	2,486	2,618	2,769
Ratios
Return on equity	8.8%	7.3%	10.5%	11.0%	6.9%	9.8%	10.8%	9.9%	9.0%	10.3%
Return on tangible common equity	14.3%	12.2%	17.2%	17.9%	10.9%	15.6%	18.1%	17.0%	14.8%	16.3%
Return on assets	1.2%	0.9%	1.3%	1.4%	0.9%	1.1%	1.1%	0.9%	0.9%	1.2%
Efficiency ratio	47.0%	47.3%	49.0%	48.4%	50.1%	56.7%	55.5%	59.9%	62.0%	56.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: First Hawaiian's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with First Hawaiian.