olivLaw · US equity research
First Hawaiian, Inc. FHB
State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)
First Hawaiian, Inc. is the holding company of First Hawaiian Bank, the largest bank headquartered in Hawaii by loans and net income, with branches in Hawaii, Guam and Saipan. The company now faces a pending combination with TriCo Bancshares and recent pressure on costs and credit provisions, which could shape its profitability in the coming period.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, First Hawaiian, Inc. (FHB) stock was 25.87 USD (+1.93% on the day), with market capitalisation 3.1 bn USD, P/E 11.6 on diluted EPS of 2.23 USD over the last 12 months, dividend yield 4.02%, beta 0.86, 52-week range 23.39–30.34 USD. Latest reported quarter (Q3 2026): revenue of 230.2 m USD (+1.7% YoY), net income of 63.7 m USD (−13.7% YoY), diluted EPS 0.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.6
- strong (55–70)
- Bollinger (20, 2)
- 24.30 – 26.09
- in the upper half of the band · %B 0.88 · band width 7.1%
- SMA 50 / 200
- 25.34 / 26.53
- mixed trend
- MACD (12, 26, 9)
- 0.08 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | −1.1% | +4.4 pp | — |
| 3 months | −6.8% | −0.5% | −6.4 pp | — |
| 6 months | −6.3% | +4.4% | −10.7 pp | — |
| Year to date | +2.3% | +12.3% | −10.1 pp | — |
| 1 year | +6.0% | +13.5% | −7.5 pp | +25.9% |
| 3 years | +34.7% | +76.4% | −41.7 pp | +63.7% |
| 5 years | −10.0% | +63.7% | −73.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.1 m | 211.0 m | 217.5 m | 226.4 m | 225.9 m | 220.3 m | 231.3 m | 230.2 m |
| Depreciation & amortisation | -14.8 m | 8.4 m | 9.4 m ≈ | 7.9 m ≈ | -9.6 m | 8.4 m | 7.5 m ≈ | 7.2 m ≈ |
| Pre-tax income | 64.7 m | 76.9 m | 88.1 m | 96.1 m | 93.1 m | 87.5 m | 95.2 m | 49.9 m |
| Income tax | 12.2 m | 17.7 m | 14.9 m | 22.3 m | 23.1 m | 19.7 m | 21.9 m | -13.9 m |
| Net income | 52.5 m | 59.2 m | 73.2 m | 73.8 m | 69.9 m | 67.8 m | 73.4 m | 63.7 m |
| Diluted EPS | 0.41 ≈ | 0.47 | 0.58 | 0.59 | 0.56 ≈ | 0.55 | 0.60 | 0.52 |
| Operating cash flow | 113.8 m | 36.7 m | 136.4 m ≈ | 57.1 m ≈ | 104.9 m | 159.7 m | 13.2 m ≈ | 106.8 m ≈ |
| Capex | 11.4 m | 8.1 m | 11.2 m ≈ | 7.6 m ≈ | 4.9 m | 4.3 m | 5.5 m ≈ | 5.0 m ≈ |
| Dividends paid | 33.1 m | 32.9 m | 33.6 m ≈ | 32.3 m ≈ | 32.2 m | 33.1 m | 31.7 m ≈ | 31.6 m ≈ |
| Share repurchases | — | 25.0 m | 25.0 m ≈ | 24.0 m ≈ | 26.0 m | 32.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 40-quarter history (min 8.3, median 13.0, max 22.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 745.3 m | 765.9 m | 733.1 m | 715.5 m | 793.1 m | 836.9 m | 808.5 m | 880.8 m |
| Revenue YoY | unavailable | +2.8% | −4.3% | −2.4% | +10.8% | +5.5% | −3.4% | +8.9% |
| Net income | 264.4 m | 284.4 m | 185.8 m | 265.7 m | 265.7 m | 235.0 m | 230.1 m | 276.3 m |
| Net income YoY | +43.9% | +7.6% | −34.7% | +43.1% | −0.0% | −11.6% | −2.1% | +20.0% |
| Diluted EPS | 1.93 | 2.13 | 1.43 | 2.05 | 2.08 | 1.84 | 1.79 | 2.20 |
| Diluted EPS YoY | +46.2% | +10.4% | −32.9% | +43.4% | +1.5% | −11.5% | −2.7% | +22.9% |
| net % | 35.5% | 37.1% | 25.3% | 37.1% | 33.5% | 28.1% | 28.5% | 31.4% |
| Free cash flow | 315.5 m | 267.2 m | 176.1 m | 396.7 m | 417.3 m | 239.0 m | 288.7 m | 303.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn USD
- Financial debt
- 0 USD
- Net debt
- -1.5 bn USD
- Equity
- 2.8 bn USD
- Total assets
- 24.0 bn USD
- Debt / equity
- 0.00x
- Current ratio
- unavailable
- ROE
- 10.3%
- ROA
- 1.2%
- FCF margin
- 34.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 535.7 m | 530.6 m | 613.5 m | 636.1 m | 622.7 m | 663.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Net fee income | 197.4 m | 184.9 m | 179.5 m | 200.8 m | 185.8 m | 217.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Non-interest expense | 367.7 m | 405.5 m | 440.5 m | 501.1 m | 501.2 m | 499.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 243.7 m | 349.0 m | 351.2 m | 309.2 m | 292.6 m | 354.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 185.8 m | 265.7 m | 265.7 m | 235.0 m | 230.1 m | 276.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.43 | 2.05 | 2.08 | 1.84 | 1.79 | 2.20 | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.0 bn | 1.3 bn | 526.6 m | 1.7 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Loans | 13.1 bn | 12.8 bn | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Total assets | 22.7 bn | 25.0 bn | 24.6 bn | 24.9 bn | 23.8 bn | 24.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Deposits | 19.2 bn | 21.8 bn | 21.7 bn | 21.3 bn | 20.3 bn | 20.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 0 | — | 75.0 m | 500.0 m | 250.0 m | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | — | 0 | — | — | — | SEC (XBRL)· 08 May 2023verified |
| Total liabilities | 19.9 bn | 22.3 bn | 22.3 bn | 22.4 bn | 21.2 bn | 21.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 2.7 bn † | 2.7 bn † | 2.3 bn † | 2.5 bn † | 2.6 bn † | 2.8 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 135.1 m | 134.1 m | 132.6 m | 132.6 m | 132.8 m | 131.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 5.0 m | 75.0 m | 9.5 m | — | 40.0 m | 100.0 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality37
- Returns88
- Growth24
- Valuation78
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.67 – 33.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income22.95 – 23.99 (Mid 23.46)
- Justified P/B21.97 – 29.55 (Mid 25.20)
- Dividend discount (DDM)13.67 – 18.38 (Mid 15.68)
- Peers: P/E26.16 – 30.96 (Mid 28.83)31 companies used · median multiple 12.9x · quartiles 11.7x – 13.9xBFST, BHB, BNY, BOH, BPOP, BUSE, BWFG, CBSH, CFFI, CFG, CIVB, COFS, COSO, EWBC, FVCB, FXNC, GBFH, INBK, LKFN, MCB, MNSB, MTB, MVBF, NTRS, ORRF, PEBO, STT, TCBI, UBCP, UBSI, WASH
- Peers: P/B26.36 – 33.17 (Mid 29.73)33 companies used · median multiple 1.3x · quartiles 1.1x – 1.4xBCML, BFST, BHB, BOH, BPOP, BRBS, BUSE, BWFG, CBFV, CBSH, CFFI, CFG, CIVB, COFS, COSO, EWBC, FITB, FVCB, FXNC, GBFH, INBK, MCB, MNSB, MTB, MVBF, ORRF, PEBO, STT, TCBI, UBCP, UBSI, UCB, WASH
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 9.9% | 34 (vs peers) | 20% |
| ROA · Quality | 1.1% | 53 (on a fixed band) | 8% |
| Cost-to-income · Quality | 59.9% | 21 (on a fixed band) | 13% |
| Net interest margin · Quality | 2.9% | 54 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 3.6% | 36 (on a fixed band) | 8% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.1x | 76 (vs peers) | 13% |
| P/E (TTM) · Valuation | 11.6x | 81 (vs peers) | 13% |
| Dividend yield · Returns | 4.0% | 88 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth24/100 · 2/2 factors with a value
- Quality37/100 · 4/4 factors with a value
- Returns88/100 · 1/1 factors with a value
- Valuation78/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIRST HAWAIIAN, INC. (FHB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 663.7 m USD in 2025; YoY growth 8.9%; net margin 30.3%; ROE 9.9%.
The estimated value range is 22.95–29.55 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 25.20 USD, the price of 25.87 USD leaves a potential of -2.6% (value / price − 1) and a margin of safety of -2.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 1.1x
- P/E (TTM): 11.6x
- Dividend yield: 4.0%
What contradicts it
- Cost-to-income: 59.9%
- EPS CAGR 3Y: 1.9%
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk, Loan-to-deposit.
Versus the vertical median
State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BNYThe Bank Of New York Mellon Corporation | 102.8 bn | 16.8 | 15.0% | 32.6% | +7.8% | +36% / +216% |
| FITBFifth Third Bancorp | 49.4 bn | 18.4 | 9.4% | — | −2.0% | +26% / +89% |
| STTState Street Corporation | 47.2 bn | 13.9 | 13.1% | 23.8% | +7.3% | +46% / +138% |
| MTBM&T Bank Corp | 32.4 bn | 11.7 | 10.7% | 178.1% | +7.5% | +18% / +75% |
| NTRSNorthern Trust Corporation | 32.2 bn | 13.7 | 18.4% | 28.8% | −2.5% | +36% / +125% |
| CFGCitizens Financial Group Inc | 27.6 bn | 13.0 | 8.9% | 25.4% | +5.6% | +22% / +142% |
| EWBCEast West Bancorp, Inc. | 18.4 bn | 12.9 | 16.6% | — | +4.4% | +26% / +113% |
| BPOPPopular, Inc. | 10.1 bn | 10.7 | 15.6% | — | unavailable | +38% / +115% |
| CBSHCommerce Bancshares, Inc. | 8.1 bn | 13.8 | 14.6% | — | unavailable | +9% / +29% |
| UBSIUnited Bankshares Inc | 6.7 bn | 13.4 | 9.5% | — | −5.7% | +32% / +49% |
| UCBUnited Community Banks, Inc. | 4.5 bn | 31.7 | 4.1% | 17.8% | +11.7% | +23% / +53% |
| TCBITexas Capital Bancshares Inc | 4.5 bn | 13.4 | 10.2% | — | unavailable | +18% / +93% |
| FHBFirst Hawaiian, Inc. | 3.1 bn | 11.6 | 9.9% | 30.3% | +8.9% | +6% / +35% |
| BOHBank Of Hawaii Corporation | 2.8 bn | 12.3 | 13.6% | 202.1% | −0.1% | +9% / +23% |
| BUSEFirst Busey Corporation | 2.4 bn | 11.9 | 9.6% | 29.3% | +55.7% | +25% / +35% |
| LKFNLakeland Financial Corporation | 1.6 bn | 14.1 | 15.4% | — | −2.1% | +8% / +13% |
| PEBOPeoples Bancorp Inc. | 1.4 bn | 11.7 | 10.1% | 136.3% | +2.3% | +34% / +35% |
| MCBMetropolitan Bank Holding Corp. | 1.2 bn | 12.4 | 10.2% | 860.0% | −53.8% | +31% / +151% |
| BFSTBusiness First Bancshares, Inc. | 1.1 bn | 11.6 | 10.1% | 768.0% | +1.2% | +27% / +63% |
| ORRFOrrstown Financial Services, Inc. | 890.4 m | 10.2 | 14.8% | 232.4% | +36.0% | +27% / +89% |
| WASHWashington Trust Bancorp Inc | 768.3 m | 14.0 | 10.2% | 23.7% | +127.6% | +42% / +51% |
| BHBBar Harbor Bankshares | 712.7 m | 14.4 | 9.7% | — | +3.4% | +42% / +64% |
| CUBBCustomers Bancorp, Inc. | 701.4 m | 2.5 | 14.3% | — | −14.0% | −3% / +9% |
| CIVBCivista Bancshares, Inc. | 599.1 m | 11.0 | 11.2% | 276.9% | −0.5% | +27% / +84% |
| BWFGBankwell Financial Group, Inc. | 584.1 m | 12.9 | 14.5% | 1,437.5% | +44.0% | +60% / +172% |
1- and 3-year price returns: for FHB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.32 Total return -38% · Per year -38% | 27.09 Total return 9% · Per year 9% | 40.82 Total return 63% · Per year 63% |
| 3 years | 14.59 Total return -34% · Per year -13% | 29.05 Total return 25% · Per year 8% | 48.11 Total return 103% · Per year 27% |
| 5 years | 13.89 Total return -31% · Per year -7% | 31.16 Total return 43% · Per year 7% | 56.70 Total return 149% · Per year 20% |
- Exit P/E± 7.26
- Net margin± 5.08
- Annual revenue growth± 4.21
- Annual dilution± 0.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
First Hawaiian, Inc. is the holding company of First Hawaiian Bank, the largest bank headquartered in Hawaii by loans and net income, with branches in Hawaii, Guam and Saipan. The company now faces a pending combination with TriCo Bancshares and recent pressure on costs and credit provisions, which could shape its profitability in the coming period.
SWOT
Strengths
- The company is the largest bank headquartered in Hawaii, with a long history and deep customer relationships that support its deposit franchise 1.
- Capital is solid, and capital ratios improved over the period analysed, giving a margin of safety for growth 3.
- Diversification across retail, commercial, wealth management and payments reduces dependence on a single segment 1.
Weaknesses
- Geographic concentration in Hawaii, Guam and Saipan exposes the bank to local economic shocks and real estate risk 1.
- Operating efficiency deteriorated in the third quarter of 2026 because of merger costs and unusual tax items 3.
- The holding company depends on dividends from the bank for liquidity, which limits its flexibility 1.
Opportunities
- Completing the Tri Counties Bank acquisition could extend the customer base and bring cost synergies if integration succeeds 3.
- Higher rates could support net interest income if the deposit mix remains favourable 3.
- Organic growth in commercial lending and wealth management could complement acquisition-led expansion 1.
Risks
- Commercial real estate exposurehigh
A significant share of the portfolio is secured by real estate, and the partial charge-off on a CRE loan has already required added provisions 3. If the market weakens further, losses could increase.
- Geographic concentrationhigh
The Hawaii economy depends on tourism, the military and Japan, so a local shock would directly affect the bank's customers 1. The risk is high because there is little territorial diversification.
- Integration riskmedium
The Tri Counties Bank acquisition involves merger costs and possible delays or conditions imposed by regulators 2. If integration does not proceed as planned, synergies could fall short of expectations.
- Pressure on net interest marginmedium
Deposit costs and competition for deposits could limit margin expansion, particularly if rates stay high 1. The effect on revenue would be moderate but persistent.
- Regulation and taxlow
Tax settlements tied to the 2016 reorganization and capital requirements could create unexpected costs 3. The impact may be one-off but significant in the affected quarter.
Investment thesis
What would need to be true (bull case)
- A leading position in Hawaii, a solid balance sheet and a rising net interest margin could support profitability if rates remain favourable 3. The Tri Counties Bank acquisition could add growth if integration goes well 2.
- Long customer relationships and a solid deposit base give a stable funding platform, which could reduce sensitivity to liquidity shocks 1. Diversification across segments could help sustain revenue in weaker periods 1.
- Capital ratios improved in 2026, giving flexibility for investment or for continuing dividends if performance normalises 3.
What would break the thesis
- Higher provisions on commercial real estate loans could signal a broader portfolio deterioration, especially if the local market cools further 3.
- Geographic concentration makes the bank vulnerable to local shocks, and growth by acquisition is constrained by deposit-share rules 1.
- Merger costs and unusual tax items weighed on efficiency and quarterly earnings, and if such costs recur, pressure on profit could persist 3.
What to watch
- Trend in provisions on commercial real estate loansQ4 2026
- Completion and integration of the Tri Counties Bank acquisition2027
- Net interest margin trajectory and deposit costsQ1 2027
- Annual report on Form 10-K for fiscal 2026 and any dividend changesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
The business
First Hawaiian, Inc. (FHI) is a bank holding company in Honolulu that owns 100% of First Hawaiian Bank (FHB), founded in 1858 under the name Bishop & Company 1. The bank operates 49 branches in Hawaii, Guam and Saipan and offers deposits, loans, wealth management and trust services, credit cards and merchant processing 1. In fiscal 2025 the company reported net income of $276.3 million on $14.3 billion of gross loans and leases 1.
The company runs two operating segments, Retail Banking and Commercial Banking, while treasury activities are reported in Corporate/Other 1. Its model rests on long-standing customer relationships and cross-selling, and commercial lending represents approximately 56% of the loan and lease portfolio as of December 31, 2025 1.
As a Hawaii-chartered bank, FHB is supervised by the FDIC and the Hawaii Department of Financial Institutions, while the holding company is supervised by the Federal Reserve 1. Dividends to shareholders depend largely on dividends received from the bank, which links holding-company liquidity to the bank's performance 1.
Segments
Retail Banking
The retail segment covers consumer deposits, residential mortgages, indirect auto financing, personal loans and consumer cards, delivered through branches, online and mobile channels 1. It is the bank's main source of deposits in a concentrated local market 1.
Commercial Banking
The commercial segment serves middle-market and large Hawaii businesses with strong balance sheets, through commercial and industrial lending, auto dealer flooring, commercial real estate and construction loans 1. Because this lending forms the largest part of the portfolio, the health of the local economy matters a great deal 1.
Market context
The bank's core market is Hawaii, where the economy depends on tourism, the U.S. military presence, real estate and government services 1. The statewide unemployment rate was 2.2% at December 31, 2025, below the national rate of 4.4% 1.
The Oahu housing market has softened somewhat because of higher interest rates, while high consumer prices and population out-migration are risks to credit demand 1. Deposit share limits restrict acquisitions in Hawaii, so further growth in the state could come mainly organically 1.
Competitive position
The company competes with commercial banks, savings banks, credit unions, non-bank financial firms and large mainland banks targeting the same customers 1. Technology has lowered barriers to entry, and fintech firms can offer bank-like products without physical branches 1.
Because the Hawaii market is limited, competition for deposits and loans is intense, and large banks from outside the state may pursue the same segments 1. This pressure could limit the bank's ability to sustain margins or market share 1.
- Large mainland U.S. banks
Large banks headquartered on the U.S. mainland that target the same customers in Hawaii, named only generically in the annual report.
- Large community banks
Large community banking institutions competing for the same corporate and retail customer segments.
- Credit unions
Cooperative institutions that attract deposits and consumer loans in the local market.
- Fintech firms and private credit lenders
Non-bank companies offering payments, direct lending and digital services without physical branches.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report30 Oct 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report24 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 Jul 2026Material agreement · Financial statements and exhibits
- Current report13 Jul 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report24 Apr 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report24 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / First Hawaiian, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / First Hawaiian, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / First Hawaiian, Inc. · 23 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.