First Hawaiian NASDAQ: FHB said its third-quarter results reflected higher net interest income, lower deposit costs and continued deposit growth, while credit metrics were affected by a charge-off tied to a downtown Seattle office property and several commercial real estate downgrades.
Chairman, President and CEO Bob Harrison said the company continued to make progress toward completing its acquisition of TriCo, with shareholder special meetings scheduled for Oct. 29 and final regulatory approvals still pending. First Hawaiian expects the transaction to close during the fourth quarter and said integration planning is underway.
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“Integration planning is going well, and we continue to expect to close this quarter,” Harrison said.
Net Interest Income and Deposits Rise Chief Financial Officer Jamie Moses said net interest income totaled $174.1 million, up $3.1 million from the prior quarter. The increase reflected a higher net interest margin and higher average loan balances during the quarter.
Third-quarter net interest margin was 3.30%, up 5 basis points sequentially, as asset yields and funding costs both contributed to margin expansion. Moses said September’s spot net interest margin was 3.33%.
Total deposits increased by roughly $50 million during the quarter, while the total cost of deposits declined by 3 basis points. Growth in commercial and public operating deposits was partly offset by lower retail deposits. Noninterest-bearing deposits represented 32% of total deposits.
Moses said commercial deposit growth reflected normal customer flows, while the company historically has experienced deposit inflows in the fourth quarter. He characterized deposit costs as likely near a trough under the current interest-rate outlook, citing muted competitive pressures in Hawaii.
The company’s total loans declined by $115 million in the third quarter, primarily because of unexpected commercial real estate loan payoffs, lower dealer floor-plan balances and continued runoff in residential loans. Harrison said one large commercial real estate loan was refinanced by a mainland lender offering aggressive pricing.
Although loan balances fell, Harrison said First Hawaiian continues to see a solid lending pipeline, particularly in commercial real estate. He added that fourth-quarter dealer floor-plan balances typically increase, though the company reduced its full-year loan-growth guidance to account for third-quarter payoffs.
Credit Results Include Seattle Office Charge-Off Chief Risk Officer Lea Nakamura said overall portfolio quality remained healthy, though the quarter included “noise” in several credit measures. Net charge-offs totaled $21.9 million, or 60 basis points of total loans and leases.
The result was primarily driven by a $12.5 million partial charge-off on a participated loan secured by an office building in downtown Seattle. Nakamura said the loan originated in 2019 and had performed well through the pandemic, but later encountered challenges from declining office demand in the city and persistently higher interest rates.
Harrison said the property remains 75% occupied by a federal agency that is paying rent, but downtown Seattle’s office market has been under significant pressure. The company views the situation as isolated, according to Nakamura, noting that First Hawaiian has only one other downtown Seattle office loan and that loan continues to perform.
Year-to-date annualized net charge-offs were 29 basis points. Criticized assets increased by 72 basis points, largely because of four non-office commercial real estate loan downgrades. Nakamura said the company believes actual loss content in those downgraded loans is limited.
First Hawaiian recorded a $20.3 million provision for credit losses during the quarter, reflecting the office charge-off and commercial real estate downgrades. Its allowance for credit losses declined by $4 million to $164 million, or 1.14% of total loans and leases.
Nonperforming assets and loans 90 days or more past due were 45 basis points of total loans and leases at quarter-end. Nakamura attributed the increase mainly to operational issues following the outsourcing of residential mortgage servicing, along with the remaining non-charged-off portion of the Seattle office loan being placed on nonaccrual. Since quarter-end, 40% of the affected residential mortgage loans had been brought current, she said.
Outlook Updated for Loan Growth, Margin and Expenses Harrison said First Hawaiian now expects full-year loan growth of 1% to 2%, down from prior guidance of 3% to 4%. The company expects fourth-quarter net interest margin of 3.34% to 3.35%, raising its full-year margin outlook to 3.26% to 3.27%.
First Hawaiian maintained its full-year noninterest-income outlook of about $220 million. It lowered its forecast for full-year expenses, excluding merger-related costs and the California tax settlement expense, to between $510 million and $515 million.
Third-quarter noninterest expense totaled $160 million, including $6.7 million in merger-related costs and a $24.3 million California tax settlement expense related to tax liabilities arising from the company’s 2016 separation from BNP Paribas. The settlement also generated a $31 million tax benefit during the quarter.
The company expects about $25 million in merger-related costs during the fourth quarter. It did not repurchase shares during the quarter, though Harrison said buybacks could be considered after the TriCo transaction closes and the combined company’s capital position is assessed.
TriCo Integration Focuses on Retention and Market Expansion Management said it is focused on maintaining TriCo’s customer relationships and operating model after closing. Harrison said the “long-term value” of the transaction depends on allowing TriCo to continue serving its markets while First Hawaiian provides support and both organizations share expertise.
Harrison noted that TriCo has lending capabilities in areas such as oil and gas and agriculture-related finance, while First Hawaiian may bring hospitality expertise to the combined organization. Moses said there is no branch overlap between the banks, which should limit customer disruption, and the companies expect a systems conversion in the second half of the following year.
“The execution risk is what we are completely focused on,” Harrison said, citing visits and collaboration between employees from both companies as preparations continue.
About First Hawaiian (NASDAQ:FHB)First Hawaiian, Inc is the parent company of First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858, First Hawaiian Bank is the oldest bank in Hawaii and serves consumers, businesses, and government entities across the Pacific.
The bank provides a broad range of financial products and services, including checking and savings accounts, consumer and residential loans, commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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First Hawaiian, Inc. ( FHB ) Q3 2026 Earnings Call October 23, 2026 1:00 PM EDT Company Participants Kevin Haseyama - Strategic Planning & Investor Relations Manager Robert Harrison - Chairman of the Board, President & CEO James Moses - Vice Chairman of Finance Group & CFO Lea Nakamura - Executive VP & Chief Risk Officer of Risk Management Group Conference Call Participants Andrew Terrell - Stephens Inc., Research Division David Feaster - Raymond James & Associates, Inc., Research Division Anthony Elian - JPMorgan Chase & Co, Research Division Matthew Clark - Piper Sandler & Co., Research Division Sun Young Lee - TD Cowen, Research Division Andrew Liesch - StoneX Financial, Inc., Research Division Meghan Lynch - Keefe, Bruyette, & Woods, Inc., Research Division Presentation Operator Thank you for standing by, and welcome to the First Hawaiian, Inc. Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded.
First Hawaiian (FHB - Free Report) came out with quarterly earnings of $0.52 per share, missing the Zacks Consensus Estimate of $0.6 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -13.33%. A quarter ago, it was expected that this bank holding company would post earnings of $0.6 per share when it actually produced earnings of $0.6, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
First Hawaiian, which belongs to the Zacks Banks - West industry, posted revenues of $230.23 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.23%. This compares to year-ago revenues of $226.39 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
First Hawaiian shares have added about 3.3% since the beginning of the year versus the S&P 500's gain of 12%.
What's Next for First Hawaiian?While First Hawaiian has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for First Hawaiian was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.62 on $291.79 million in revenues for the coming quarter and $2.39 on $970.97 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Sierra Bancorp (BSRR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of +25%. The consensus EPS estimate for the quarter has been revised 1.2% lower over the last 30 days to the current level.
Sierra Bancorp's revenues are expected to be $39.25 million, down 2% from the year-ago quarter.
First Hawaiian (FHB - Free Report) reported $230.23 million in revenue for the quarter ended September 2026, representing a year-over-year increase of 1.7%. EPS of $0.52 for the same period compares to $0.59 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $229.71 million, representing a surprise of +0.23%. The company delivered an EPS surprise of -13.33%, with the consensus EPS estimate being $0.60.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how First Hawaiian performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net interest margin: 3.3% compared to the 3.3% average estimate based on four analysts.Efficiency Ratio: 69.2% compared to the 56% average estimate based on four analysts.Net charge-offs: 0.6% versus 0.1% estimated by four analysts on average.Total Non-Performing Assets: $45.97 million compared to the $41.11 million average estimate based on three analysts.Total Non-Accrual Loans and Leases: $45.97 million versus $39.77 million estimated by three analysts on average.Average Balance - Total Earning Assets: $21.13 billion versus $21.19 billion estimated by three analysts on average.Tier 1 Capital Ratio: 13.5% versus 13.4% estimated by two analysts on average.Tier 1 leverage ratio: 9.6% versus the two-analyst average estimate of 9.6%.Total Capital Ratio: 14.7% versus the two-analyst average estimate of 14.5%.Total Noninterest Income: $56.12 million compared to the $54.96 million average estimate based on four analysts.Net Interest Income (FTE): $175.2 million versus the four-analyst average estimate of $175.2 million.Net Interest Income: $174.1 million versus the four-analyst average estimate of $174.75 million.View all Key Company Metrics for First Hawaiian here>>>
Shares of First Hawaiian have returned +4% over the past month versus the Zacks S&P 500 composite's -1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
First Hawaiian, Inc. demonstrates core stability with strong deposit growth and resilient net interest margin despite sector-wide funding pressures. Q3 EPS missed at $0.52 due to one-off tax and CRE loan charges, but tangible book value rose 6.5% year-over-year to $14.97. FHB's efficiency ratio temporarily spiked to 69.2% on non-recurring expenses, yet capital levels and dividend yield (~4.0%) remain robust.
First Hawaiian, Inc. (NASDAQ:FHB) will release earnings for its third quarter before the opening bell on Friday, Oct. 23.
Analysts expect the Honolulu, Hawaii-based company to report quarterly earnings of 59 cents per share, compared to 59 cents per share in the year-ago period. The consensus estimate for FHB’s quarterly revenue is $228.92 million. It reported $226.39 million last year, according to Benzinga Pro.
On July 24, First Hawaiian posted better-than-expected second-quarter earnings.
First Hawaiian shares rose 3.2% to close at $26.13 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
TD Cowen analyst Janet Lee maintained a Hold rating and cut the price target from $31 to $28 on Oct. 5, 2026. This analyst has an accuracy rate of 54%. JP Morgan analyst Anthony Elian upgraded the stock from Underweight to Neutral and cut the price target from $30 to $29 on Oct. 1, 2026. This analyst has an accuracy rate of 52%. Piper Sandler analyst Matthew Clark maintained a Neutral rating and lowered the price target from $30 to $27 on Oct. 1, 2026. This analyst has an accuracy rate of 70%. Stephens & Co. analyst Andrew Terrell maintained the stock with an Equal-Weight rating and raised the price target from $28 to $32 on July 29, 2026. This analyst has an accuracy rate of 67%. Benchmark analyst Andrew Liesch initiated coverage on the stock with a Hold rating on July 9, 2026. This analyst has an accuracy rate of 70%. Considering buying FHB stock? Here’s what analysts think:
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First Hawaiian (FHB - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 23. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +1.7%.
Revenues are expected to be $229.71 million, up 1.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.51% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for First Hawaiian?For First Hawaiian, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that First Hawaiian will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that First Hawaiian would post earnings of $0.6 per share when it actually produced earnings of $0.60, delivering no surprise.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
First Hawaiian doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsWestern Alliance (WAL - Free Report) , another stock in the Zacks Banks - West industry, is expected to report earnings per share of $2.43 for the quarter ended September 2026. This estimate points to a year-over-year change of +6.6%. Revenues for the quarter are expected to be $988.95 million, up 4.3% from the year-ago quarter.
The consensus EPS estimate for Western Alliance has been revised 5.3% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.54%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Western Alliance will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Svenska Handelsbanken Ab Publ (OTCMKTS:SVNLY – Get Free Report) and First Hawaiian (NASDAQ:FHB – Get Free Report) are both finance companies, but which is the better business? We will compare the two businesses based on the strength of their earnings, profitability, dividends, analyst recommendations, risk, valuation and institutional ownership.
Analyst Ratings This is a breakdown of current ratings and recommmendations for Svenska Handelsbanken Ab Publ and First Hawaiian, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Svenska Handelsbanken Ab Publ 3 1 1 0 1.60 First Hawaiian 2 7 2 0 2.00 First Hawaiian has a consensus target price of $29.00, indicating a potential upside of 16.28%. Given First Hawaiian’s stronger consensus rating and higher possible upside, analysts clearly believe First Hawaiian is more favorable than Svenska Handelsbanken Ab Publ.
Insider & Institutional Ownership 97.6% of First Hawaiian shares are owned by institutional investors. 0.7% of First Hawaiian shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock is poised for long-term growth. Risk and Volatility Svenska Handelsbanken Ab Publ has a beta of 0.62, meaning that its stock price is 38% less volatile than the S&P 500. Comparatively, First Hawaiian has a beta of 0.76, meaning that its stock price is 24% less volatile than the S&P 500.
Earnings and Valuation This table compares Svenska Handelsbanken Ab Publ and First Hawaiian”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Svenska Handelsbanken Ab Publ $21.75 billion 1.38 $2.42 billion $0.71 10.68 First Hawaiian $1.17 billion 2.60 $276.27 million $2.30 10.84 Svenska Handelsbanken Ab Publ has higher revenue and earnings than First Hawaiian. Svenska Handelsbanken Ab Publ is trading at a lower price-to-earnings ratio than First Hawaiian, indicating that it is currently the more affordable of the two stocks.
Dividends Svenska Handelsbanken Ab Publ pays an annual dividend of $0.58 per share and has a dividend yield of 7.7%. First Hawaiian pays an annual dividend of $1.04 per share and has a dividend yield of 4.2%. Svenska Handelsbanken Ab Publ pays out 81.7% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. First Hawaiian pays out 45.2% of its earnings in the form of a dividend.
Profitability This table compares Svenska Handelsbanken Ab Publ and First Hawaiian’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Svenska Handelsbanken Ab Publ 17.75% 14.30% 0.72% First Hawaiian 24.41% 10.27% 1.19% Summary First Hawaiian beats Svenska Handelsbanken Ab Publ on 12 of the 16 factors compared between the two stocks.
(Get Free Report)
Svenska Handelsbanken AB (publ) provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, the United States, Luxembourg, Finland, and Poland. The company offers savings, transactions, business, currency, and investment accounts, as well as accounts for cash pool, and forestry and agriculture; mortgage and committed loans, and private loans; mutual funds; pension products; credit and debit cards; and payment and reconciliation services, as well as foreign exchange rate services. It also provides financing for investments, such as equipment, cars, computers, and other inventories, as well as vehicle and real estate financing services; green loans and advisor services; investment and other financing services; medical care, and group and health insurance products; forestry and farming banking products; and online and mobile banking services, as well as various banking services for children and young people. In addition, the company offers financial services, that includes asset management, transactional banking, corporate finance, financing, markets, trade finance, market information and research services to large corporations; cash management solutions; and various corporate banking services to small and medium-sized companies and large corporates, as well as private banking services. Svenska Handelsbanken AB (publ) was incorporated in 1871 and is headquartered in Stockholm, Sweden.
About First Hawaiian (Get Free Report)
First Hawaiian, Inc. operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts. It also provides residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans, small business loans and leases, and construction lending, as well as commercial lease and auto dealer financing. In addition, the company offers wealth management, personal installment, individual investment and financial planning, insurance protection, trust and estate, private banking, investment management, retirement planning, and merchant processing services, as well as consumer and commercial credit cards. The company was formerly known as BancWest Corporation and changed its name to First Hawaiian, Inc. in April 2016. First Hawaiian, Inc. was founded in 1858 and is headquartered in Honolulu, Hawaii.
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First Half 2026 revenues +40% YoY for the period, reflecting continued execution of the Group’s trading and industrial strategy
First Half of 2026 (“H1”) Financial Performance1: total revenues of $1,192.4 million (+40.0% from the prior first half of 2025 or “YoY for the period”); gross profit of $105.9 million (+36.9% YoY for the period); and operating profit of $37.0 million (+153.8% YoY for the period);H1 2026 EBITDA2 of $50.7 million (+80.8% YoY for the period);FY 2026 Projections3: revenues $2.1-$2.5 billion; gross profit of $200 million and EBITDA2 of $80-85 million;Strategic and Operational Execution: On October 1st, 2026, Trasteel took over the operations at the La Magona plant in Piombino (Italy), an historical Italian steel plant of galvanized and pre-painted coils. When fully operational, Trasteel expects La Magona to add production volume exceeding 500,000 tons by the end of 2027, resulting in significant revenues and EBITDA on an annual basis;On September 30, 2026, Trasteel completed the acquisition of the remaining 40% interest of BBC Alloys, bringing its ownership to 100%;On May 15, 2026, Trasteel announced the establishment of QTrasteel, a 50-50 joint venture with Al Qalaa International Group focused on expanding market access in the MENA region. LUGANO, Switzerland and BERTRANGE, Luxembourg, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Trasteel Holding S.A. (“Trasteel” or the “Company”), a global steel trading and industrial group (the “Group”) headquartered in Lugano (Switzerland) and Luxembourg, today announced its financial results for the six months ended June 30, 2026, based on unaudited management figures, together with Trasteel’s management’s projections for the full year 2026 (“FY 2026”) (the “projections”). The Company believes these projections are consistent with those provided by Trasteel in connection with entry into the previously announced business combination agreement (the “Business Combination Agreement”) with Sizzle Acquisition Corp. II (“Sizzle II”) and which are expected to be included in Trasteel’s or its affiliate’s Registration Statement on Form F-4 (the “Registration Statement”) relating to this Business Combination.
Trasteel’s performance during this six-month (H1) period reflects the strength of its integrated business model, combining a global, risk-managed steel trading platform with an expanding portfolio of industrial processing and manufacturing activities. In H1 2026, the Group generated EBITDA2 of $50.7 million, representing approximately 73% of the $69.7 million recorded for FY 2025, supported by improving trading conditions and the growing contribution of higher value-added activities.
Management Commentary
“Trasteel’s results for the first half of 2026 demonstrates our team’s ability to deliver strong results in a challenging environment which exceeded the Company’s internal forecast,” said Gianfranco Imperato, CEO of Trasteel. “With EBITDA2 of $50.7 million, up 81% year over year, our integrated model of global trading and industrial processing is delivering. The takeover of La Magona, the full ownership of BBC Alloys and the launch of QTrasteel in the MENA region strengthen our platform as we move toward our listing on Nasdaq with Sizzle II. The expected increase of steel international prices linked to deglobalization, and carbon taxes allows us to be extremely positive for the next future.”
“Our first-half performance reflects disciplined execution and a continued focus on margins and risk management,” said Federico Guiducci, CFO & CIO of Trasteel. “Revenue grew approximately 40% to $1.19 billion, with gross profit of $105.9 million, while our largely self-liquidating, transaction-linked trade-finance structure continued to support our working-capital needs. These results provide a solid base relative to the FY 2026 projections relating to the Business Combination.”
First Half 2026 Financial Results
Unless noted otherwise, all figures in this press release relate to the six months ended June 30, 2026, with comparisons made against the corresponding six-month period of 2025. The financial information contained below consists of unaudited management figures prepared under IFRS, and which have not yet been reviewed under PCAOB standards or by an independent accounting firm and are subject to change. Information is presented in U.S. dollars.
Unaudited Financial Figures
(USD million)H1 2026H1 2025Change %Net Revenue1,181.3846.2+39.6%Other operating income11.15.6+98.7%Total revenue1,192.4851.8+40.0%Cost of sales1,086.5774.4+40.3%Gross profit105.977.4+36.9%Gross profit as % of total revenue8.9%9.1%-2.2%Selling, general, and adm. expenses(69.0)(62.8)+9.8%Total Operating Expenses(69.0)(62.8)+9.8%Operating Profit37.014.6+153.8%Depreciation and Amortization13.713.5+1.8%EBITDA250.728.0+80.8%
The Group generated total revenue of $1,192.4 million in H1 2026, with gross profit of $105.9 million. EBITDA2 reached $50.7 million, compared with $28.0 million in H1 2025.
First-half performance reflected the progressive normalization of trading spreads following the challenging 2024-2025 market cycle, the contribution of the Group’s industrial processing operations and the first full half-year contribution from BBC Alloys within the Trading Division, following its initial consolidation in June 2025.
The Trading Division, primarily led by Trasteel International S.A., continued to represent the Group’s principal source of revenue and trading volumes, supported by its global commercial network, established supplier and customer relationships, and structured risk-management approach.
The Industrial Division, which comprises 13 companies across six countries, and processes over 945,000 tons of steel products annually, including pipes, plates, coils and rebar, continued to contribute to the Group’s gross profit and operating profitability through processing activities and higher value-added products.
Reconciliation of Non-IFRS Financial Measures
In addition to our results determined in accordance with IFRS Accounting Standards, we present the non-IFRS measure as supplemental information. EBITDA2 is not a measure of financial performance defined under IFRS. We believe this measure is useful to management and investors in evaluating our operating performance, as it excludes certain items that we do not consider indicative of our ongoing operating results. We use this measure for internal planning, forecasting and performance evaluation purposes. We believe this non-IFRS financial measure may provide investors with additional information regarding our results of operations and enhance consistency and comparability with our historical financial performance. However, this measure may not be comparable to similarly titled measures provided by other companies, as other companies may calculate similarly titled measures differently. This non-IFRS financial measure is presented for supplemental informational purposes only and should not be considered in isolated from, or as a substitute for, financial information prepared and presented in accordance with IFRS Accounting Standards. This measure has limitations as an analytical tool and should not be viewed as an alternative to loss for the year, loss before taxation or any other performance measure derived in accordance with IFRS Accounting Standards.
The table below reconciles EBITDA2 to its most directly comparable IFRS Accounting Standards measure for the periods presented, starting from operating profit and adding back depreciation and amortization. H1 2026 and H1 2025 figures are unaudited management figures; FY 2025 figures are derived from the audited IFRS consolidated financial statements expected to be included in the Registration Statement. Figures may not sum due to rounding.
In connection with entry into the Business Combination Agreement, Trasteel’s management projected for FY 2026, that the Group’s total revenue would approximate $2.1-2.5 billion, gross profit of $200 million and EBITDA2 of $80-85 million. The Group’s estimated total revenue of $1,192.4 million in H1 2026, with gross profit of $105.9 million is consistent with the first two parts of these projections.
These projections were prepared by Trasteel management in connection with the Business Combination and are based on a number of material assumptions, including the continued execution of Trasteel’s dual trading and industrial growth strategy; expected growth in trading volumes, customers and geographic reach; assumed sales volumes and margins; the availability of trade-finance capacity and the deployment of Business Combination proceeds to fund working capital and reduce reliance on external financing; the completion and integration of anticipated acquisitions and industrial projects (including the anticipated consolidation of UTIL over 2026-2027), a portion of the projected revenue growth being attributable to such acquisitions; and general business, economic, market and regulatory conditions, including steel-sector cyclicality, commodity-price volatility and the evolving tariff and trade-policy environment.
Projected EBITDA2 is a non-IFRS financial measure. Trasteel is not able to provide a reconciliation of this forward-looking measure to the most directly comparable IFRS measures without unreasonable efforts, because the Company does not have certain items required on a projected basis, including finalized projected net financial costs, relevant taxes, and certain other non-operating items. As a result, a reconciliation to operating income cannot be predicted with reasonable certainty and variations to actual results may be significant.
(USD million)FY 2026 Projection³Total revenue2,100-2,500Gross profit200EBITDA280-85
Strategic and Operational Developments
During 2026, Trasteel continued to advance its strategic development through targeted investments, industrial expansion and international partnerships, strengthening its Trading and Industrial Divisions and expanding its presence across key markets. Such recent strategic developments previously announced by Trasteel are described below.
1. Trasteel Magona: Expansion of Industrial Operations
On October 1, 2026, Trasteel Magona S.r.l., a newly established Group company, took over operations of the historic La Magona d’Italia steel plant in Piombino, Italy, following the effectiveness of a lease agreement signed on July 29, 2026.
The plant, specializing in cold-rolled, galvanized and pre-painted steel products, complements Trasteel’s Industrial Division.
Production is expected to restart progressively, with the objective of reaching an annual production volume exceeding 500,000 tons by the end of 2027.
The lease represents an initial step toward the planned acquisition of the business, subject to the completion of Liberty Magona’s restructuring process.
2. BBC Alloys: Strengthening of the Trading Portfolio
On September 30, 2026, Trasteel completed the acquisition of the remaining 40% equity interest in BBC Alloys S.r.l., bringing the Group’s ownership to 100%.
BBC Alloys specializes in the trading, processing and distribution of ferroalloys, supplying steelmakers and foundries across Italy and Europe.
The company generated revenues of EUR 63.9 million in H1 2026, an increase of 30% compared with the corresponding period of 2025, based on unaudited management accounts.
Having been fully consolidated since June 2025, BBC Alloys strengthens Trasteel’s Trading Division by expanding its raw materials offering and further integrating ferroalloy sourcing, processing and distribution into the Group’s global commercial and logistics platform.
3. QTrasteel: Expansion in the MENA Region
On May 15, 2026, Trasteel announced the establishment of QTrasteel, a 50-50 joint venture with Al Qalaa International Group, aimed at expanding the Group’s presence across the Middle East and North Africa (“MENA”) region.
The joint venture combines Trasteel’s international trading capabilities, industrial expertise and global commercial network with Al Qalaa’s regional presence and institutional relationships.
QTrasteel is intended to serve as a regional platform for trading opportunities, industrial project development, engineering, consultancy and advisory services, supporting both the Trading and Industrial Divisions.
Through these initiatives, Trasteel continues to strengthen its integrated business model, combining global trading operations with industrial capabilities and expanding access to strategic international markets.
Business Combination Agreement
As previously announced on April 13, 2026 (press release), Trasteel has entered the Business Combination Agreement with Sizzle II (Nasdaq: SZZL). The Business Combination is expected to close by the end of 2026, subject to the approval of Sizzle II’s shareholders and other customary closing conditions. Upon closing, the combined company is expected to be listed on the Nasdaq Stock Market under the ticker symbol “TSTL”.
About Trasteel
Trasteel is a global steel trading and industrial group founded in 2009, operating across more than 60 countries with over 1,400 employees. The Company combines trading operations with industrial transformation activities and serves over 4,000 customers worldwide.
For more information, please visit www.trasteel.com
About Sizzle Acquisition Corp. II
Sizzle II is a blank check company, incorporated as a Cayman Islands exempted company, formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Sizzle II is led by Chairman and CEO Steve Salis and Vice Chairman Jamie Karson. In addition, Sizzle II’s management team includes Daniel Lee, its CFO. Its board of directors is comprised of: Steve Salis, Jamie Karson, Neil Leibman, David Perlin and Warren Thompson. Its board of advisors is comprised of: Rick Camac, Michael Kuchta, Ryan Croft, Craig Curley and Tony Sage.
For more information, please visit https://sizzlespac.com
Additional Information and Where to Find It
This press release is provided for informational purposes only and contains information with respect to the proposed Business Combination (the “Proposed Business Combination”) pursuant to the business combination agreement, dated April 13, 2026, as amended on September 29, 2026, by and among Sizzle II, Trasteel S.A., a holding company formed by the Trasteel group (“Pubco”), and the other parties thereto (the “Business Combination Agreement”). Subject to its terms and conditions, the Business Combination Agreement provides that at its closing each of Sizzle II and Trasteel will become wholly owned subsidiaries of Pubco.
In connection with the Proposed Business Combination, Pubco intends to file a registration statement on Form F-4 with the Securities and Exchange Commission (“SEC”), which will include a proxy statement to be sent to Sizzle II shareholders and a prospectus for the registration of Pubco securities in connection with the Proposed Business Combination (as amended from time to time, the “Registration Statement”). The Registration Statement has not been filed with the SEC and has not been declared effective. If and when the Registration Statement is declared effective by the SEC, its definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of Sizzle II as of the record date to be established for voting on the Proposed Business Combination and will contain important information about the Proposed Business Combination and related matters. Shareholders of Sizzle II and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents, because they will contain important information about Sizzle II, Trasteel, Pubco and the Proposed Business Combination. Shareholders and other interested persons will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other relevant materials in connection with the Proposed Business Combination, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Sizzle Acquisition Corp. II, 4201 Georgia Avenue, NW, Washington, D.C. 20011, Attn: Steve Salis, Chief Executive Officer. The information contained on, or that may be accessed through, the websites referenced in this press release in each case is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
This press release is not a solicitation of a proxy from any investor or securityholder. Sizzle II, Trasteel, Pubco and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies from Sizzle II’s shareholders in connection with the Proposed Business Combination. Sizzle II’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Sizzle II in Sizzle II’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026 (the “Sizzle II Form 10-K”). Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Sizzle II’s shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination, accompanying the Registration Statement that Pubco intends to file with the SEC. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Business Combination will likewise be included in that Registration Statement. You may obtain copies of these documents, once available, at the SEC’s website at www.sec.gov or by directing a request to the address provided above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Sizzle II’s, Trasteel’s and/or Pubco’s actual results may differ from each of their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. No representations or warranties, express or implied are given in, or in respect of, this press release. When words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters are used in this press release, such terms, among others, are used in the context of making forward-looking statements.
These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the financial condition and/or results of operations of Trasteel which are either audited or PCAOB compliant differ from Trasteel’s management’s current estimates of such financial information, perhaps materially; Traseel’s ability to ramp up production of the La Magona facility on the scale and timeframe necessary to meet the production volumes, revenues and EBITDA expected to be contributed by this facility, Trasteel’s ability to meet or exceed projections provided by it in connection with the Proposed Business Combination; the ability of the parties to complete the transactions contemplated by the Proposed Business Combination in a timely manner or at all; the risk that the Proposed Business Combination or other business combination may not be completed by any deadline included in Sizzle II’s organizational documents and the potential failure to obtain an extension of any business combination deadline; the outcome of any government or regulatory action on inquiry, or legal proceedings, that may be commenced in respect to Sizzle II, Trasteel, Pubco or others following the announcement of the Proposed Business Combination and any definitive agreements with respect thereto; the inability to satisfy the conditions to the consummation of the Proposed Business Combination, including the approval of the Proposed Business Combination by the shareholders of Sizzle II; the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement relating to the Proposed Business Combination; the ability to list on Nasdaq or other stock exchange or to meet Nasdaq or other stock exchange listing standards or requirements following the consummation of the Proposed Business Combination; the effect of the announcement or pendency of the Proposed Business Combination on Trasteel’s or Sizzle II’s business relationships, operating results, or other current plans and operations of Trasteel or Sizzle II; the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition and the ability of Pubco to grow and manage growth profitably; the possibility that Trasteel, Pubco and Sizzle II may be adversely affected by other economic, business, and/or competitive factors; Trasteel’s, Pubco’s and Sizzle II’s estimates of expenses and profitability; expectations with respect to future operating and financial performance and growth of Pubco or any of its subsidiaries, or Sizzle II or Trasteel, including the timing of the completion of the Proposed Business Combination; Trasteel’s, Sizzle II’s and/or Pubco’s ability to execute on their business plans and strategy; the expected use of proceeds from the Proposed Business Combination; and those factors discussed in the Sizzle II Form 10-K under the heading “Risk Factors,” and other documents Sizzle II has filed, or that Sizzle II or Pubco will file, with the SEC, or others will file in connection with the Proposed Business Combination, including the Registration Statement.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement referenced above, and other documents filed by Sizzle II and Pubco from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. There may be additional risks that none of Sizzle II, Trasteel or Pubco presently know, or that Sizzle II, Trasteel or Pubco currently believe are immaterial, or other risk, which in each case could cause actual results to differ from those contained in the forward-looking statements. For these reasons, among others, investors and other interested persons are cautioned not to place undue reliance upon any forward-looking statements in this press release. Neither Sizzle II, Trasteel nor Pubco undertakes any obligation to publicly revise any forward-looking statements to reflect events or circumstances that arise after the date of this press release, except as required by applicable law.
Media Contacts
Trasteel Holding S.A.
Investor Relations
Alessandro Colombi - Head of IR
e-mail: [email protected]
Media Relations
Alessandro Colombi - Head of IR
e-mail: [email protected]
Investor Relations Advisor
Alpha IR Group
Michael Cummings - President
e-mail: [email protected]
Media Relations Advisor
Alpha IR Group
James McCusker - Senior Managing Director
e-mail: [email protected]
________________________________
1 The H1 2026 and H1 2025 financial information included in this press release represents management’s financial information derived from the Company’s internal management accounts, prepared under IFRS. Such information is preliminary and unaudited, has not been audited or reviewed by the Company’s independent registered public accounting firm under PCAOB standards, and is subject to change.
2 EBITDA is a non-IFRS financial measure that is not defined under IFRS. Trasteel defines EBITDA as operating profit (EBIT) before depreciation and amortization, corresponding to gross profit less operating expenses, excluding depreciation and amortization. EBITDA should be considered supplemental to, not a substitute for, or superior to, financial measures calculated in accordance with IFRS and may not be comparable to similarly titled measures used by other companies. Reconciliation of EBITDA to the most directly comparable financial measure is presented under “Reconciliation of Non-IFRS Financial Measures” in this press release. Management believes EBITDA provides useful information to investors because it is used by management, and is commonly used by analysts and investors, to assess the Group’s underlying operating performance across periods by excluding the effects of financing decisions, tax positions and non-cash charges, including for depreciation and amortization.
3 Prospective financial information prepared by Trasteel management in connection with the proposed Business Combination. This financial information is expected to be included in the Registration Statement on Form F-4. The projections are based on assumptions that are subject to significant business, economic and competitive uncertainties, are for illustrative purposes only and should not be relied upon as necessarily indicative of future results. They have not been updated or revised to reflect results achieved after their preparation or any subsequent events, and neither Trasteel nor Pubco intends to update or otherwise revise them, except as required by applicable law. As of the date of this press release, these projections continue to reflect the views of Trasteel’s management and board of directors as of the most recent practicable date.
First Hawaiian (NASDAQ:FHB – Get Free Report) and Freddie Mac (OTCMKTS:FMCC – Get Free Report) are both mid-cap finance companies, but which is the superior stock? We will contrast the two companies based on the strength of their profitability, analyst recommendations, earnings, dividends, risk, institutional ownership and valuation.
Insider and Institutional Ownership 97.6% of First Hawaiian shares are owned by institutional investors. 0.7% of First Hawaiian shares are owned by insiders. Comparatively, 0.1% of Freddie Mac shares are owned by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company will outperform the market over the long term.
Earnings and Valuation This table compares First Hawaiian and Freddie Mac”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio First Hawaiian $1.17 billion 2.60 $276.27 million $2.30 10.87 Freddie Mac $129.82 billion 0.02 $10.73 billion $0.01 379.00 Freddie Mac has higher revenue and earnings than First Hawaiian. First Hawaiian is trading at a lower price-to-earnings ratio than Freddie Mac, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares First Hawaiian and Freddie Mac’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets First Hawaiian 24.41% 10.27% 1.19% Freddie Mac 9.58% -90.29% 0.37% Analyst Recommendations This is a breakdown of recent recommendations for First Hawaiian and Freddie Mac, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score First Hawaiian 2 7 2 0 2.00 Freddie Mac 1 2 1 1 2.40 First Hawaiian presently has a consensus price target of $29.00, indicating a potential upside of 16.00%. Freddie Mac has a consensus price target of $11.12, indicating a potential upside of 193.54%. Given Freddie Mac’s stronger consensus rating and higher probable upside, analysts clearly believe Freddie Mac is more favorable than First Hawaiian.
Risk and Volatility First Hawaiian has a beta of 0.76, indicating that its share price is 24% less volatile than the S&P 500. Comparatively, Freddie Mac has a beta of 1.74, indicating that its share price is 74% more volatile than the S&P 500.
Summary First Hawaiian beats Freddie Mac on 8 of the 15 factors compared between the two stocks.
About First Hawaiian (Get Free Report)
First Hawaiian, Inc. operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts. It also provides residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans, small business loans and leases, and construction lending, as well as commercial lease and auto dealer financing. In addition, the company offers wealth management, personal installment, individual investment and financial planning, insurance protection, trust and estate, private banking, investment management, retirement planning, and merchant processing services, as well as consumer and commercial credit cards. The company was formerly known as BancWest Corporation and changed its name to First Hawaiian, Inc. in April 2016. First Hawaiian, Inc. was founded in 1858 and is headquartered in Honolulu, Hawaii.
About Freddie Mac (Get Free Report)
Federal Home Loan Mortgage Corporation operates in the secondary mortgage market in the United States. It operates through two segments, Single-Family and Multifamily. The Single-Family segment purchases, securitizes, and guarantees single-family loans; and manages single-family mortgage credit and market risk, as well as manages mortgage-related investments portfolio, single-family securitization activities, and treasury functions. This segment serves mortgage banking companies, commercial banks, regional banks, community banks, credit unions, housing finance agencies, savings institutions, and non-depository financial institutions. The Multifamily segment engages in the purchase, securitization, and guarantee of multifamily loans; issuance of multifamily K certificates; manages multifamily mortgage credit and market risk; and invests in multifamily loans and mortgage-related securities. It serves banks and other financial institutions, insurance companies, money managers, hedge funds, pension funds, state and local governments, and broker dealers. Federal Home Loan Mortgage Corporation incorporated in 1970 and is headquartered in McLean, Virginia.
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HONOLULU, Oct. 02, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its third quarter 2026 financial results on Friday, October 23, 2026 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time).
To access the call by phone, participants will need to click on the following registration link: https://register-conf.media-server.com/register/BI4e0abe37ecf34f5d8bdacfb166cade22, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.
About First Hawaiian
First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit www.fhb.com.
Investor Relations Contact:
Kevin Haseyama
(808) 525-6268 [email protected]
First Half 2026 and Subsequent Commercial and Operational Highlights
Completed business combination with NewHold Investment Corp III (“SPAC”) on September 21, 2026 (the “Business Combination”); newcleo’s ordinary shares and warrants commenced trading on the Nasdaq Global Select Market on September 22, 2026 under the symbols “NWCL” and “NWCLW,” respectivelyThe Business Combination generated gross proceeds of approximately $247 million, consisting of approximately $31 million released from the SPAC’s trust account and $216 million from the PIPE financingRaised approximately $18.7 million in additional financing unrelated to the Business Combination since May 2026, bringing total funds raised since newcleo’s founding to over $1 billionInstalled the main vessel and turbine for its PRECURSOR non-nuclear 10 MWt demonstration reactor at the ENEA Brasimone Research Center outside Bologna, Italy; completion of construction for PRECURSOR is expected by the end of 2026, with at-scale validation of systems to commence thereafterIn partnership with Oklo, selected by the U.S. Department of Energy for advanced negotiations under the Surplus Plutonium Utilization ProgramSubmitted Regulatory Engagement Plans to the U.S. Nuclear Regulatory Commission for the Company’s LFR-AS-200 lead-cooled fast reactor and its planned U.S. mixed-oxide (MOX) fuel manufacturing facilityReceived notice of an overall opinion of satisfactory compliance from the French Nuclear Safety and Radiation Protection Authority for the proposed safety features for the Company’s planned MOX fuel manufacturing facility in FranceAnnounced the acquisition, subject to customary closing conditions, of Bonifait Pesage, a French manufacturer of nuclear-grade scales and precision industrial weighing equipment, augmenting the Company’s vertically integrated capabilitiesAnnounced the appointment of Jeffrey Lyash, a nuclear industry veteran and former head of the Tennessee Valley Authority, as Chairman of the Board of DirectorsAnnounced the appointment of William D. Magwood as Vice-Chairman of newcleo’s Board of Directors, effective January 1, 2027Announced the hiring of Dustin Greenwood as Vice President of U.S. Operations and Travis Chapman as Director of U.S. Regulatory Affairs and Licensing, strengthening the Company’s growing U.S. teamAnnounced a partnership with SHINE to assess and jointly pursue opportunities relating to nuclear fuel recycling in the United States and European UnionOn September 10, 2026, newcleo held an Analyst and Investor Day, a recording of which is available on newcleo’s website
First Half 2026 Financial Highlights
Generated Revenue from Products and Services of approximately €19.4 million, an increase of approximately 46% over First Half 2025Reported Net Loss of approximately €82.0 million, an increase of approximately 10% over First Half 2025Reported Tangible Capital Expenditures of €25.3 million, an increase of 37% over First Half 2025Reported Selling, General & Administrative expenses of €59.2 million, an approximately 21% increase over First Half 2025Cash & Cash Equivalents as of June 30, 2026 stood at €66.5 millionTotal ordinary shares outstanding as of the closing date of the Business Combination stood at 281,534,950As of September 30, 2026, preliminary, unaudited Cash & Cash Equivalents for the Company stood at approximately €233 million LONDON, Oct. 02, 2026 (GLOBE NEWSWIRE) -- newcleo plc (Nasdaq: NWCL) (“newcleo” or the “Company”), a pioneer in advanced modular reactor (“AMR”) technology and nuclear fuel manufacturing, today announced its operational and financial results for the six months ended June 30, 2026.
“Becoming a public company is a defining milestone for newcleo, and I want to thank every member of our team for the work that brought us to this point and to reporting our first results as a public company,” said Stefano Buono, Founder and CEO of newcleo. “Access to the public markets strengthens our ability to execute on our mission to deliver a credible, near-term path to advanced nuclear deployment and to close the nuclear fuel cycle. The disciplined engineering, licensing, and partnership work carried out by our more than 900 employees across Europe and the United States will continue to drive newcleo’s progress, and I am excited to work with this incredible team every day.
“Importantly, newcleo is moving quickly down the path to both technical validation and regulatory approval for our facilities. The installation of the main vessel for PRECURSOR, our 10 MWt non-nuclear demonstration reactor at Brasimone, is a development milestone for the LFR technology ahead of planned commercial deployment. Completion of construction for PRECURSOR, which is expected by the end of 2026, and beginning the process of reactor system validation, are the next critical steps in qualifying the technology that will lead to the deployment of our LFR-200 reactor.
“In parallel, pre-licensing for our reactor and MOX fuel facilities in France, Slovakia and the United States, including our ongoing engagement with the U.S. Nuclear Regulatory Commission, has moved forward. Our U.S. growth is a particular focus: our work toward siting at Savannah River, and the broader policy support for nuclear expansion in the U.S., position newcleo to play a meaningful role in meeting U.S. energy demand, including from AI infrastructure. We look forward to updating investors on our progress.”
Commercial & Operational Events
On May 26, newcleo was selected by the U.S. Department of Energy for advanced negotiations under the Surplus Plutonium Utilization Program. The program aims to make designated surplus plutonium material available to industry participants and enable the conversion of those materials into fuel for advanced nuclear reactors, subject to U.S. security, safeguards and material accountability requirements. newcleo's selection, in partnership with Oklo, continues the companies’ strategic partnership as they work together to develop advanced fuel fabrication infrastructure in the U.S.
On June 16, 2026, the Company announced a partnership with SHINE to collaborate on advancing innovative technologies for the recycling of used nuclear fuel. Under the agreement, the parties will assess how SHINE could supply newcleo with reprocessed materials from the used nuclear fuel of traditional reactors to manufacture MOX fuel, and how SHINE could recycle spent fuel from newcleo’s reactors. The parties also intend to jointly pursue U.S. federal funding opportunities and explore additional opportunities for collaboration across both the U.S. and European Union, where spent fuel stockpiles represent a growing strategic priority to support energy independence.
On June 30, 2026, newcleo announced its entry into an agreement to acquire Bonifait Pesage, a French manufacturer of nuclear-grade scales and precision industrial weighing equipment with a strong customer base in the French nuclear ecosystem. Bonifait Pesage manufactures, installs, calibrates, and maintains weighing equipment, while also providing technical support. Since 2017, the company has held key certifications for the maintenance and verification of weighing systems used in ionizing-radiation environments. The acquisition forms part of newcleo’s vertical integration strategy, pursued since 2023, and is expected to close in the fourth quarter of 2026, subject to customary closing conditions. It is intended to bring critical manufacturing capabilities in-house, secure access to nuclear-grade weighing equipment required for planned MOX fuel manufacturing facilities, reduce supply-chain risk and support equipment customization.
Also subsequent to the first half, newcleo progressed work on the PRECURSOR non-nuclear demonstration reactor with the installation of the main vessel and turbine at ENEA’s Brasimone facility located outside of Bologna, Italy. The 10 MWt non-nuclear demonstration reactor, which is scheduled for completion at the end of 2026, is intended to provide the Company with a fully integrated, representative operating and power generating environment for the Company’s planned commercial reactors. Experimental data obtained through the operation of PRECURSOR is expected to inform the Company’s licensing processes on both sides of the Atlantic, including safety computations, system performance analysis and materials development.
“In the first half of 2026, newcleo continued moving our operations forward, continuing to convert planning into reality,” said Elisabeth Rizzotti, Co-Founder, Deputy-CEO and COO of newcleo. “Our OTHELLO test loop is operating, PRECURSOR is under active construction at Brasimone with major components manufactured and installed by our own vertically integrated subsidiaries, which gives us direct control over cost, schedule, and quality across the supply chain rather than relying on third parties for critical systems. At the same time, our work with trusted partners continues to translate into concrete engineering and commercial work. Each of these efforts, testing, building, manufacturing, and partnering, reflects the same discipline: turning our technology roadmap into physical progress on the ground.”
Regulatory Progress
Subsequent to the end of the first half, on July 17, newcleo announced that it had received from the French Nuclear Safety and Radiation Protection Authority (“ASNR”) an overall satisfactory evaluation for the proposed safety features of its planned MOX fuel manufacturing facility in France. The review by the ASNR offers practical feedback to continue developing the facility’s safety features ahead of a license application and valuable experience to support the licensing process in the U.S. The Company is also progressing through a similar regulatory process for its lead-cooled fast reactor design and is currently awaiting the opinion of the ASNR on the proposed safety features of that design.
On August 6, newcleo announced the submission of a Regulatory Engagement Plan (REP) to the U.S. Nuclear Regulatory Commission (NRC) for its planned mixed-oxide (MOX) fuel fabrication facility, to be located in Aiken, South Carolina. The submission of a REP for the MOX facility followed the submission on July 14 to the NRC of a REP for the Company’s LFR-AS-200 reactor. The submitted REPs set out the proposed framework for newcleo’s pre-application engagement with NRC staff in support of the future licensing of both the MOX facility and the LFR-AS-200 lead-cooled fast reactor. The REPs provide an overview of the Company’s proposed licensing approach and an indicative schedule for technical submissions and interactions with the NRC.
Hiring of Key Personnel
On June 11, newcleo announced the hiring of Dustin Greenwood as Vice President of U.S. Operations and Travis Chapman as Director of U.S. Regulatory Affairs and Licensing to direct and support the Company’s growing presence in the U.S. Both Greenwood and Chapman are experienced nuclear professionals, having worked in the U.S. Navy’s nuclear propulsion program, as well as at leading companies developing advanced reactor and nuclear fuel projects. Dustin Greenwood will lead the development of newcleo’s U.S. operational footprint and oversee execution of the Company’s American projects. He will focus on establishing operational capabilities, building strategic partnerships and supporting delivery of the Company’s U.S. deployment roadmap. Travis Chapman will lead newcleo’s U.S. licensing, permitting and regulatory engagement strategy, overseeing the Company’s interactions with federal regulators and supporting the licensing pathway for newcleo’s advanced reactor and fuel technologies.
On September 9, the Company announced the appointment of Jeffrey Lyash to serve as Chairman of the Board of Directors. Lyash brings more than 40 years of experience spanning engineering, procurement, construction, and operations across the power generation, transmission, and distribution sectors. He most recently served as President and Chief Executive Officer of the Tennessee Valley Authority (TVA), the largest public utility in the United States, where he oversaw generation from coal, nuclear, hydroelectric, natural gas, and renewable sources while driving significant improvements in operating efficiency. Prior to TVA, Lyash served as President and CEO of Ontario Power Generation, where he was responsible for $45 billion in assets and an 11,000-person workforce. He also served as President of Chicago Bridge & Iron’s Power Business Unit, leading engineering, procurement, and construction for multi-billion-dollar generation projects globally.
On September 30, the Company announced the appointment of William D. Magwood as Vice-Chairman of newcleo’s Board of Directors, effective January 1, 2027. Magwood has spent the past decade as Director-General of the OECD Nuclear Energy Agency (NEA), where he works directly with the nuclear regulators and energy ministries of NEA’s member countries. Magwood will step down from his position at the NEA at the end of 2026 prior to assuming his position as newcleo’s Vice-Chairman.
First Half Financial Summary
(Amounts in thousands)For the Six Months Ended 6/30/2026 6/30/2025Revenue from Products and Services€19,429 €13,347Gross Profit 6,130 4,154Other Income6,554 4,763Net Loss81,981 74,293Capital Expenditures26,970 19,000Cash & Cash Equivalents (end of period)66,540 131,896 Revenue from Products and Services increased by approximately €6.1 million, or approximately 46%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was attributable to manufacturing and installation of equipment and spare parts for third parties as well as consultancy services.
Other Income increased by approximately €1.8 million, or 38%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was comprised of grant income and an increase in research and development tax credits, both generated in France and Italy, as well as an increase in other income relating to a one-time project outside the Company’s core operations.
Gross Profit increased by approximately €2.0 million, or 48%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in Gross Profit was due to increases in revenue outpacing increases in costs for the First Half 2026.
Net loss increased by approximately €7.7 million, or 10%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to higher non-cash share-based payment expense as well as third-party related expenses.
Tangible capital expenditures were approximately €25.3 million for the six months ended June 30, 2026, compared to approximately €18.5 million for the six months ended June 30, 2025. The increase was due to investments in technology and testing experimental facilities.
Selling, General & Administrative expenses were €59.2 million for the six months ended June 30, 2026, compared to approximately €48.9 million for the six months ended June 30, 2025. The increase in SG&A expense was primarily due to increases in share-based payment expense, and increases in other staff costs related to transaction incentives payable on completion.
The Company had Cash & Cash Equivalents available of €66.5 million as of June 30, 2026, compared to €105.3 million as of December 31, 2025 and €131.9 million as of June 30, 2025.
About newcleo
newcleo is an innovative nuclear technology company developing advanced modular reactors and nuclear fuel designed to deliver clean, safe and sustainable energy at competitive costs. newcleo's technology combines lead-cooled fast reactors with fuel manufactured from recycled nuclear materials, with the aim of providing abundant and reliable electricity and heat to industrial users while enabling the closure of the nuclear fuel cycle. newcleo brings together more than 900 highly skilled employees across Europe and the United States, spanning reactor and fuel design, engineering, and manufacturing. Through a vertically integrated supply chain and a growing network of strategic partnerships, newcleo is working to turn proven scientific and engineering solutions into deployable nuclear energy assets. For more information visit http://www.newcleo.com
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding newcleo's development and commercialization of its lead-cooled fast reactor technology, mixed-oxide fuel capabilities and related products and services; the expected timing, cost, performance and benefits of newcleo's demonstration projects, fuel facilities, reactor deployments and licensing activities; newcleo's ability to execute its business strategy, develop its technology, obtain required regulatory approvals, permits and licenses, enter into commercial arrangements, achieve its market opportunity and positioning and support the growth of advanced nuclear energy; newcleo's expectations regarding strategic partnerships, customer demand, project pipeline, revenue streams, capital expenditures and financing needs; and other statements regarding management's intentions, beliefs, or expectations with respect to newcleo's future performance, are forward-looking statements. Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “develop,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on newcleo's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed from time to time by newcleo with the SEC. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and newcleo does not assume any obligation or intend to update or revise these forward-looking statements, each of which is made only as of the date of this press release.
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Unaudited) For the six months ended June 30,For the six months ended
June 30 2026 20262025 (in thousands of euros unless otherwise stated)Convenience translation into US dollars*Revenue from Products and Services 19,42913,34722,149Cost of sales(13,299)(9,193)(15,161)Gross profit6,1304,1546,988 Other income6,5544,7637,472Research and development expenses(34,629)(35,450)(39,477)Selling, General and Administrative expenses (59,170)(48,932)(67,454)Operating loss(81,115)(75,465)(92,471) Loss on disposal of assets(9)(3)(10)Finance income3531,581402Finance costs(1,448)(991)(1,650)Share of loss of associates(83)-(95)Loss before income tax(82,302)(74,878)(93,824) Income tax benefit321585366Net loss(81,981)(74,293)(93,458) Other comprehensive income (loss) Items that may be subsequently reclassified to profit or loss Currency translation differences198(144)226Other comprehensive income (loss), net of tax198(144)226 Total comprehensive loss(81,783)(74,437)(93,232) Net loss attributable to: Owners of newcleo plc(81,981)(74,293)(93,458)Non-controlling interest--- Total comprehensive loss attributable to: Owners of newcleo plc(81,783)(74,437)(93,232)Non-controlling interest---Net loss per share for loss attributable to the ordinary equity holders: Basic and diluted loss per share(0.16)(0.16)(0.18) *Convenience translation into US dollars in thousands (exchange rate as at June 30, 2026: EUR 1 = US$ 1.14).
Note: EPS for the period ended June 30, 2026 is calculated based on the number of shares before the share consolidation. Following the closing of the Business Combination, it would be restated to $(0.34).
Condensed Consolidated Statements of Financial Position (Unaudited)
June 30, 2026December 31, 2025June 30, 2026 (in thousands of euros unless otherwise stated)
Convenience translation into US dollars*ASSETS NON-CURRENT ASSETS Goodwill37,28137,28142,500Intangible assets, net42,76043,05448,746Property, plant and equipment, net115,99993,436132,239Right-of-use asset 17,66518,52120,138Investments767587Investments in associates31,55331,63535,970Other long-term receivables34,87135,20739,753Deferred tax assets3,0592,1763,487TOTAL NON-CURRENT ASSETS283,264261,385322,920 CURRENT ASSETS Inventories4,8435,0575,521Short-term investments2,3352,2912,662Trade receivable, contract and other assets, net 77,76862,31488,656Cash and cash equivalents66,540105,27075,856TOTAL CURRENT ASSETS151,486174,932172,695TOTAL ASSETS434,750436,317495,615 NON-CURRENT LIABILITIES Provisions4,0944,1704,667Other liabilities8,9329,30510,182Lease liabilities 14,66715,53716,720Borrowings15,92916,30618,159Deferred tax liabilities4,4304,2445,050TOTAL NON-CURRENT LIABILITIES48,05249,56254,778 CURRENT LIABILITIES Provisions378186431Trade and other payables60,05583,80868,463Lease liabilities 3,5453,2504,041Borrowings2,4972,5832,847TOTAL CURRENT LIABILITIES66,47589,82775,782TOTAL LIABILITIES114,527139,389130,560 EQUITY Share capital5,0464,7395,752Share premium23,378562,90426,652Other reserves57,06751,38365,057Retained earnings (accumulated deficits)234,695(324,123)267,552Equity attributable to owners of newcleo plc320,186294,903365,013Non-controlling interests372,02542TOTAL EQUITY320,223296,928365,055TOTAL EQUITY AND LIABILITIES434,750436,317495,615 *Convenience translation into US dollars in thousands (exchange rate as at June 30, 2026: EUR 1 = US$ 1.14).
Condensed Consolidated Cash Flow Statement (Unaudited) For the six months ended June 30For the six months ended
June 30 2026 20262025 (in thousands of euros)Convenience translation into US$*Cash flows from operating activities Net loss(81,981)(74,293)(93,458)Adjustments to reconcile net loss to net cash flows: Loss from associates83-95Finance income(30)(1,476)(34)Finance costs1,1318301,289Income tax benefit(321)(585)(366)Depreciation of property, plant and equipment and right-of-use assets, amortization intangible assets and provisions8,2867,3979,446Share-based payment expense21,0104,97523,951Loss on disposals9410Other revenues and expenses without effect on cash flow353Changes in working capital: -Decrease in inventory21494244(Increase) in trade receivables, contract and other assets(15,217)(6,781)(17,347)Increase (decrease) in trade and other payables13,077(2,428)14,908Income taxes received492556Net cash flows used in operating activities(53,687)(72,233)(61,203) Cash flows from investing activities Acquisition of intangible assets(1,642)(458)(1,872)Purchase of property, plant and equipment(25,328)(18,542)(28,874)Proceeds from maturities of short-term investments-997-Purchase of short-term investments(41)(160)(47)Interest received from short-term investments301,47734Decrease (increase) in loans and deposits made4(2)5Proceeds from sale of tangible and intangible assets10512Net cash flows used in investing activities(26,967)(16,683)(30,742) Cash flows from financing activities Proceeds from issues of shares45,121-51,438Proceeds from issue of shares to non-controlling shareholders-31,637-Repayments of borrowings and lease liabilities (2,129)(2,535)(2,427)Interest expenses including interest on lease(1,131)(800)(1,289)Net cash flows from financing activities41,86128,30247,722 Net decrease in cash and cash equivalents(38,793)(60,614)(44,223) Cash and cash equivalents at the beginning of the period105,270192,714120,008Effect of foreign exchange rate changes63(204)71Cash and cash equivalents at the end of the period66,540131,89675,856 *Convenience translation into US$ in thousands (exchange rate as at June 30, 2026: EUR 1 = US$ 1.14)
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of TriCo Bancshares (NasdaqGS: TCBK) to First Hawaiian, Inc. (NasdaqGS: FHB). Under the terms of the proposed transaction, shareholders of TriCo will receive 2.095 First Hawaiian shares for each share of TriCo that they own. Upon closing of the Proposed Transaction, TriCo shareholders are expected to ow.
Bank of America Corp DE acquired a new stake in First Hawaiian, Inc. (NASDAQ:FHB – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,812,456 shares of the bank’s stock, valued at approximately $53,105,000. Bank of America Corp DE owned 1.49% of First Hawaiian at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of First Hawaiian in the second quarter valued at about $483,971,000. Ieq Capital LLC bought a new position in First Hawaiian during the second quarter valued at about $2,653,000. Quantinno Capital Management LP raised its holdings in First Hawaiian by 60.3% in the 1st quarter. Quantinno Capital Management LP now owns 1,798,815 shares of the bank’s stock valued at $44,323,000 after acquiring an additional 676,433 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in First Hawaiian in the 2nd quarter valued at approximately $32,977,000. Finally, California State Teachers Retirement System lifted its position in shares of First Hawaiian by 37.7% in the 1st quarter. California State Teachers Retirement System now owns 162,320 shares of the bank’s stock worth $4,000,000 after acquiring an additional 44,423 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.
Analysts Set New Price Targets Several brokerages have recently weighed in on FHB. Wells Fargo & Company lifted their price objective on First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Monday, July 6th. TD Cowen reduced their target price on First Hawaiian from $32.00 to $31.00 and set a “hold” rating for the company in a research report on Wednesday, July 29th. Wall Street Zen cut First Hawaiian from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Research downgraded shares of First Hawaiian from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Barclays raised their price objective on shares of First Hawaiian from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, First Hawaiian has an average rating of “Reduce” and an average price target of $30.25.
Read Our Latest Analysis on First Hawaiian First Hawaiian Price Performance Shares of NASDAQ:FHB opened at $25.76 on Monday. The business’s fifty day moving average price is $27.11 and its two-hundred day moving average price is $26.89. First Hawaiian, Inc. has a fifty-two week low of $22.65 and a fifty-two week high of $30.58. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 11.20, a price-to-earnings-growth ratio of 1.62 and a beta of 0.72.
First Hawaiian (NASDAQ:FHB – Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. First Hawaiian had a return on equity of 10.27% and a net margin of 24.41%.The company had revenue of $231.27 million during the quarter, compared to analysts’ expectations of $227.77 million. During the same period last year, the business earned $0.58 earnings per share. Research analysts expect that First Hawaiian, Inc. will post 2.34 EPS for the current fiscal year.
First Hawaiian Announces Dividend The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Hawaiian’s dividend payout ratio (DPR) is 45.22%.
About First Hawaiian (Free Report)
First Hawaiian, Inc (NASDAQ: FHB) is the holding company for First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858 as Bishop & Company, First Hawaiian Bank is the oldest bank in Hawaii and provides banking and financial services to consumers, businesses and government organizations.
The bank offers deposit accounts, residential and commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.
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Finward Bancorp (NASDAQ: FNWD) related to its sale to First Financial Bancorp. Under the terms of the proposed transaction, Finward shareholders are expected to receive 1.35 shares of First Financial common stock for each share of Finward common stock.
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First Hawaiian, Inc. (NASDAQ: FHB) related to its merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company.
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Fulcrum Therapeutics, Inc. (Nasdaq: FULC) related to its sale to Francisco Partners. Under the terms of the proposed transaction, the pre-Merger Fulcrum stockholders are expected to own 5.0% of the combined company and the pre-Merger Slate stockholders (inclusive of those investors participating in the pre-closing financing) are expected to own 95.0% of the combined company. The percentage of the combined company that Fulcrum’s stockholders will own as of the close of the Merger is subject to adjustment based on the amount of Fulcrum’s net cash at the closing date.
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Jupiter Topco LLC purchased a new position in shares of First Hawaiian, Inc. (NASDAQ:FHB – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 54,154 shares of the bank’s stock, valued at approximately $1,586,000.
Other institutional investors have also modified their holdings of the company. Elevation Wealth Partners LLC raised its holdings in First Hawaiian by 378.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 933 shares of the bank’s stock worth $27,000 after buying an additional 738 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Hawaiian during the fourth quarter worth $26,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of First Hawaiian by 2,916.7% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank’s stock worth $27,000 after acquiring an additional 1,050 shares during the period. Global Retirement Partners LLC lifted its position in First Hawaiian by 45.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank’s stock valued at $43,000 after acquiring an additional 534 shares in the last quarter. Finally, Danske Bank A S bought a new stake in First Hawaiian in the 3rd quarter valued at $47,000. Institutional investors own 97.63% of the company’s stock.
Wall Street Analysts Forecast Growth A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of First Hawaiian in a report on Monday, July 6th. Barclays upped their price objective on First Hawaiian from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. TD Cowen decreased their price objective on First Hawaiian from $32.00 to $31.00 and set a “hold” rating for the company in a report on Wednesday, July 29th. Benchmark reissued a “hold” rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group boosted their target price on First Hawaiian from $27.00 to $30.00 and gave the company a “sell” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $30.25.
Check Out Our Latest Stock Report on First Hawaiian First Hawaiian Trading Up 0.3% Shares of FHB opened at $26.07 on Friday. The company’s fifty day simple moving average is $27.94 and its 200 day simple moving average is $26.88. First Hawaiian, Inc. has a 1-year low of $22.65 and a 1-year high of $30.58. The company has a market cap of $3.17 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 1.64 and a beta of 0.72.
First Hawaiian (NASDAQ:FHB – Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. First Hawaiian had a return on equity of 10.27% and a net margin of 24.41%.The business had revenue of $231.27 million during the quarter, compared to analysts’ expectations of $227.77 million. During the same quarter last year, the company posted $0.58 earnings per share. As a group, research analysts forecast that First Hawaiian, Inc. will post 2.34 earnings per share for the current year.
First Hawaiian Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 17th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, August 17th. First Hawaiian’s payout ratio is currently 45.22%.
About First Hawaiian (Free Report)
First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
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BlackRock Inc. bought a new stake in First Hawaiian, Inc. (NASDAQ: FHB) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 16,517,775 shares of the bank's stock, valued at approximately $483,971,000. BlackRock Inc. owned 13.57% of First Hawaiian as of its most recent
Bank of New York Mellon Corp bought a new position in shares of First Hawaiian, Inc. (NASDAQ: FHB) during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,125,488 shares of the bank's stock, valued at approximately $32,977,000. Bank of New
NEW YORK--(BUSINESS WIRE)--Sterlington advised the senior management team of TriCo Bancshares (TriCo), parent company of Tri Counties Bank, on its acquisition by First Hawaiian, Inc., parent company of First Hawaiian Bank, in an all-stock transaction valued at approximately $2.02 billion.The combined company will have approximately $34 billion in total assets and become the 6th largest bank headquartered in the Western United States. Sterlington advised the TriCo senior management team on the tr.
Entropy Technologies LP grew its holdings in shares of First Hawaiian, Inc. (NASDAQ:FHB – Free Report) by 637.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,426 shares of the bank’s stock after purchasing an additional 64,332 shares during the period. Entropy Technologies LP owned about 0.06% of First Hawaiian worth $1,834,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of First Hawaiian by 8.6% during the first quarter. Royal Bank of Canada now owns 165,337 shares of the bank’s stock worth $4,041,000 after acquiring an additional 13,071 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of First Hawaiian by 9.3% in the first quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank’s stock valued at $246,000 after buying an additional 856 shares during the last quarter. United Services Automobile Association acquired a new position in First Hawaiian in the 1st quarter valued at about $201,000. Empowered Funds LLC raised its stake in First Hawaiian by 10.4% during the 1st quarter. Empowered Funds LLC now owns 16,407 shares of the bank’s stock valued at $401,000 after acquiring an additional 1,542 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of First Hawaiian by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 425,079 shares of the bank’s stock valued at $10,389,000 after purchasing an additional 31,686 shares during the period. 97.63% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In Several brokerages recently weighed in on FHB. TD Cowen increased their price target on First Hawaiian from $28.00 to $29.00 and gave the stock a “hold” rating in a report on Tuesday, April 28th. Barclays boosted their price objective on shares of First Hawaiian from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “buy (b)” rating on shares of First Hawaiian in a research report on Monday, July 6th. Zacks Research raised First Hawaiian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $29.25.
Get Our Latest Analysis on FHB
Key First Hawaiian News Here are the key news stories impacting First Hawaiian this week:
Positive Sentiment: First Hawaiian reported second-quarter 2026 EPS of $0.60, ahead of the $0.58 consensus estimate, with revenue of $231.27 million also topping expectations; management also described the quarter as strong and declared a dividend. Article Title Positive Sentiment: The company’s earnings call transcript and analyst coverage suggest the quarter largely matched or slightly exceeded Wall Street’s key metrics, reinforcing that operating performance remains stable. Article Title Neutral Sentiment: Short-interest data showed no meaningful short position change, so it does not appear to be driving the stock move. Article Title Negative Sentiment: A class-action firm announced it is investigating First Hawaiian in connection with the merger, which may create a modest legal overhang for shares. Article Title First Hawaiian Price Performance Shares of First Hawaiian stock opened at $28.11 on Monday. First Hawaiian, Inc. has a fifty-two week low of $22.65 and a fifty-two week high of $30.58. The business’s fifty day moving average is $28.37 and its two-hundred day moving average is $26.85. The firm has a market cap of $3.42 billion, a PE ratio of 12.22, a P/E/G ratio of 1.53 and a beta of 0.72.
First Hawaiian (NASDAQ:FHB – Get Free Report) last released its earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. First Hawaiian had a return on equity of 10.27% and a net margin of 24.41%.The firm had revenue of $231.27 million during the quarter, compared to analyst estimates of $227.77 million. During the same period in the prior year, the firm posted $0.58 earnings per share. Equities research analysts anticipate that First Hawaiian, Inc. will post 2.38 EPS for the current year.
First Hawaiian Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.7%. First Hawaiian’s dividend payout ratio is currently 45.61%.
About First Hawaiian (Free Report)
First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
Further Reading Five stocks we like better than First Hawaiian RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding FHB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Hawaiian, Inc. (NASDAQ:FHB – Free Report).
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Dimensional Fund Advisors LP grew its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB – Free Report) by 4.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,693,630 shares of the bank’s stock after purchasing an additional 313,362 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.50% of First Hawaiian worth $164,927,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in shares of First Hawaiian by 11.3% in the 1st quarter. Parallel Advisors LLC now owns 5,171 shares of the bank’s stock valued at $127,000 after buying an additional 525 shares in the last quarter. KBC Group NV raised its stake in First Hawaiian by 41.1% during the 1st quarter. KBC Group NV now owns 5,119 shares of the bank’s stock worth $126,000 after acquiring an additional 1,490 shares in the last quarter. California Public Employees Retirement System raised its stake in First Hawaiian by 2.0% during the 1st quarter. California Public Employees Retirement System now owns 242,238 shares of the bank’s stock worth $5,969,000 after acquiring an additional 4,724 shares in the last quarter. Kera Capital Partners Inc. raised its stake in First Hawaiian by 17.0% during the 1st quarter. Kera Capital Partners Inc. now owns 15,869 shares of the bank’s stock worth $391,000 after acquiring an additional 2,308 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in First Hawaiian by 41.0% in the first quarter. Bessemer Group Inc. now owns 230,841 shares of the bank’s stock valued at $5,688,000 after acquiring an additional 67,083 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.
Analyst Upgrades and Downgrades Several research firms have issued reports on FHB. Zacks Research upgraded shares of First Hawaiian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Barclays lifted their target price on First Hawaiian from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Piper Sandler boosted their target price on First Hawaiian from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Benchmark reissued a “hold” rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group upped their target price on First Hawaiian from $27.00 to $30.00 and gave the company a “sell” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, First Hawaiian presently has an average rating of “Hold” and an average price target of $29.25.
Read Our Latest Report on First Hawaiian
Key First Hawaiian News Here are the key news stories impacting First Hawaiian this week:
Positive Sentiment: First Hawaiian reported second-quarter 2026 EPS of $0.60, ahead of the $0.58 consensus estimate, with revenue of $231.27 million also topping expectations; management also described the quarter as strong and declared a dividend. Article Title Positive Sentiment: The company’s earnings call transcript and analyst coverage suggest the quarter largely matched or slightly exceeded Wall Street’s key metrics, reinforcing that operating performance remains stable. Article Title Neutral Sentiment: Short-interest data showed no meaningful short position change, so it does not appear to be driving the stock move. Article Title Negative Sentiment: A class-action firm announced it is investigating First Hawaiian in connection with the merger, which may create a modest legal overhang for shares. Article Title First Hawaiian Price Performance FHB stock opened at $28.11 on Friday. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 1.53 and a beta of 0.72. The company has a fifty day moving average price of $28.37 and a 200 day moving average price of $26.85. First Hawaiian, Inc. has a 12 month low of $22.65 and a 12 month high of $30.58.
First Hawaiian (NASDAQ:FHB – Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. The company had revenue of $231.27 million for the quarter, compared to the consensus estimate of $227.77 million. During the same period last year, the firm posted $0.58 EPS. As a group, analysts anticipate that First Hawaiian, Inc. will post 2.38 earnings per share for the current year.
First Hawaiian Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, August 17th. This represents a $1.04 annualized dividend and a dividend yield of 3.7%. First Hawaiian’s dividend payout ratio is 45.61%.
About First Hawaiian (Free Report)
First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
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First Hawaiian (NASDAQ:FHB) executives said the bank delivered loan growth, wider net interest margin and continued solid credit quality in the second quarter of 2026, while preparing for its proposed combination with TriCo Bancshares.
Chairman, President and CEO Bob Harrison said the company was “very excited” about the TriCo transaction, which is expected to close near the end of the year. He said First Hawaiian is focused on the work required to complete the deal and does not have additional information beyond what was presented during its July 23 investor call.
Hawaii economy and loan growth Harrison pointed to relatively stable economic conditions in Hawaii. The statewide employment rate was 2.5% in May, compared with a national unemployment rate of 4.3%. Total visitor arrivals through May rose 2.9% from a year earlier, driven primarily by visitors from the U.S. mainland and Japan, while year-to-date visitor spending reached $9.7 billion, up 7.5% from 2025 levels.
Hawaii housing prices also remained firm. The median Oahu single-family home sales price was $1.2 million in June, up 10.4% year over year, while the median condo price was $528,000, up 3.5%.
Total loans increased $137 million during the quarter, representing annualized growth of about 3.6%. Growth was led by commercial and industrial, or C&I, lending and commercial real estate lending. C&I balances increased $98 million, primarily because of dealer-flooring growth and expansion in the company’s Hawaii corporate portfolio.
Completed construction projects resulted in the conversion of $95 million in construction loan balances into commercial real estate loans. Construction loan payoffs and lower residential balances partly offset the broader growth, as residential payoffs exceeded new production.
Harrison said management continues to see a “very robust pipeline” in C&I and commercial real estate, with construction activity representing a meaningful portion of commercial real estate opportunities. The bank also is working with some new customer relationships, he said. Residential lending, however, is expected to remain slow because of the interest-rate environment.
Deposits, margin and earnings outlook Total deposits declined $623 million in the second quarter, largely due to expected public-deposit outflows. Chief Financial Officer Jamie Moses said retail deposits were essentially flat, while commercial deposits fell about $156 million because of seasonal volatility. Public deposits declined $467 million, mainly in operating accounts, and public time deposits decreased by $115 million. The remaining public time-deposit balance was $9 million.
Moses said the declines did not reflect lost customer relationships. Municipal partners found other ways to invest certain balances off the bank’s balance sheet, he said, while First Hawaiian expects retail and commercial deposits to increase in the second half because of seasonal patterns. The company’s noninterest-bearing deposit ratio was 32%, and its total cost of deposits declined two basis points from the first quarter.
Net interest income increased $3.5 million sequentially to $171 million. Net interest margin rose six basis points to 3.25%, helped by deposit mix and repricing, higher loan and securities yields, and lower cash balances.
Management revised its full-year net interest margin outlook to a range of 3.24% to 3.25%, based on market expectations for one rate increase later this year. First Hawaiian expects third-quarter margin of about 3.27%. Moses said the company assumed a rate increase early in the fourth quarter in its outlook.
The balance sheet remains asset-sensitive, according to Harrison. Moses said roughly $6 billion of assets would reprice immediately following a rate increase based on SOFR, while approximately $3.5 billion to $4 billion of liabilities would also reprice to some degree.
Cash balances declined in the quarter primarily because of public-deposit outflows. Management expects to keep cash around the quarter-end level, approximately $1 billion, through the rest of the year, even as it anticipates further loan growth.
Fees, expenses and credit quality Noninterest income totaled $60.3 million, aided by higher bank-owned life insurance income, an excise tax refund and increased swap fees. Moses said the BOLI contribution reflected a component of the portfolio that is sensitive to market movements rather than a death benefit.
First Hawaiian maintained its full-year noninterest income outlook of about $220 million. Moses said the company generally views approximately $55 million per quarter as a baseline, though one-time or market-related items can cause quarterly variation.
Noninterest expense was $130.4 million, including $4.2 million in costs related to the TriCo transaction. The company expects more transaction costs in the second half as it moves toward closing and integration. Excluding TriCo-related costs, First Hawaiian expects reported expenses of $515 million to $520 million for the full year.
Moses said higher second-half expenses will reflect continued hiring to support loan growth, along with project-related salary, professional-services and information-technology costs.
Chief Risk Officer Lea Nakamura said credit performance and credit metrics remained healthy. The allowance for credit losses declined both in dollar terms and relative to coverage, primarily because of a material reduction in classified assets.
The company reported a return on average tangible assets of 1.28% and a return on average tangible equity of 16.34% for the quarter. Its effective tax rate was 22.9%.
TriCo transaction and capital plans Harrison said First Hawaiian did not repurchase shares during the second quarter and is unlikely to conduct buybacks for the remainder of the year while the TriCo deal proceeds through regulatory review, though he said that could change. The company’s common equity tier 1 ratio remained above 13%, according to an analyst’s question during the call.
Management reiterated a target of 25% cost savings from the TriCo transaction. Moses said the company remains comfortable with that objective and expects to achieve it through a variety of measures, but did not provide further detail.
Harrison said three TriCo executives—Richard Smith, Dan Bailey and Peter G. Wiese—are expected to join First Hawaiian’s senior management team. He said First Hawaiian intends to retain much of TriCo’s management team, describing the California bank as a well-run institution that First Hawaiian plans to support while learning from its operations.
About First Hawaiian (NASDAQ:FHB) First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
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Twin Vee PowerCats Co. (NASDAQ: VEEE)'s merger with USFM Corporation. If you are a Twin Vee shareholder, click here to learn more about your legal rights and options.
NextCure, Inc. (NASDAQ: NXTC)'s merger with Avere Therapeutics, Inc. Upon closing of the proposed transaction, NextCure shareholders are expected to own approximately 1.21% of the combined company. If you are a NextCure shareholder, click here to learn more about your rights and options.
TriCo Bancshares (NASDAQ: TCBK)'s sale to First Hawaiian, Inc. for 2.095 First Hawaiian shares for each TriCo share. Upon closing of the proposed transaction, TriCo shareholders are expected to own approximately 35% of the combined company. If you are a TriCo shareholder, click here to learn more about your rights and options.
First Hawaiian, Inc. (NASDAQ: FHB)'s merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. If you are a First Hawaiian shareholder, click here to learn more about your legal rights and options.
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First Hawaiian NASDAQ: FHB executives said the bank delivered loan growth, wider net interest margin and continued solid credit quality in the second quarter of 2026, while preparing for its proposed combination with TriCo Bancshares.
Chairman, President and CEO Bob Harrison said the company was “very excited” about the TriCo transaction, which is expected to close near the end of the year. He said First Hawaiian is focused on the work required to complete the deal and does not have additional information beyond what was presented during its July 23 investor call.
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Hawaii economy and loan growth Harrison pointed to relatively stable economic conditions in Hawaii. The statewide employment rate was 2.5% in May, compared with a national unemployment rate of 4.3%. Total visitor arrivals through May rose 2.9% from a year earlier, driven primarily by visitors from the U.S. mainland and Japan, while year-to-date visitor spending reached $9.7 billion, up 7.5% from 2025 levels.
Hawaii housing prices also remained firm. The median Oahu single-family home sales price was $1.2 million in June, up 10.4% year over year, while the median condo price was $528,000, up 3.5%.
Total loans increased $137 million during the quarter, representing annualized growth of about 3.6%. Growth was led by commercial and industrial, or C&I, lending and commercial real estate lending. C&I balances increased $98 million, primarily because of dealer-flooring growth and expansion in the company’s Hawaii corporate portfolio.
Completed construction projects resulted in the conversion of $95 million in construction loan balances into commercial real estate loans. Construction loan payoffs and lower residential balances partly offset the broader growth, as residential payoffs exceeded new production.
Harrison said management continues to see a “very robust pipeline” in C&I and commercial real estate, with construction activity representing a meaningful portion of commercial real estate opportunities. The bank also is working with some new customer relationships, he said. Residential lending, however, is expected to remain slow because of the interest-rate environment.
Deposits, margin and earnings outlook Total deposits declined $623 million in the second quarter, largely due to expected public-deposit outflows. Chief Financial Officer Jamie Moses said retail deposits were essentially flat, while commercial deposits fell about $156 million because of seasonal volatility. Public deposits declined $467 million, mainly in operating accounts, and public time deposits decreased by $115 million. The remaining public time-deposit balance was $9 million.
Moses said the declines did not reflect lost customer relationships. Municipal partners found other ways to invest certain balances off the bank’s balance sheet, he said, while First Hawaiian expects retail and commercial deposits to increase in the second half because of seasonal patterns. The company’s noninterest-bearing deposit ratio was 32%, and its total cost of deposits declined two basis points from the first quarter.
Net interest income increased $3.5 million sequentially to $171 million. Net interest margin rose six basis points to 3.25%, helped by deposit mix and repricing, higher loan and securities yields, and lower cash balances.
Management revised its full-year net interest margin outlook to a range of 3.24% to 3.25%, based on market expectations for one rate increase later this year. First Hawaiian expects third-quarter margin of about 3.27%. Moses said the company assumed a rate increase early in the fourth quarter in its outlook.
The balance sheet remains asset-sensitive, according to Harrison. Moses said roughly $6 billion of assets would reprice immediately following a rate increase based on SOFR, while approximately $3.5 billion to $4 billion of liabilities would also reprice to some degree.
Cash balances declined in the quarter primarily because of public-deposit outflows. Management expects to keep cash around the quarter-end level, approximately $1 billion, through the rest of the year, even as it anticipates further loan growth.
Fees, expenses and credit quality Noninterest income totaled $60.3 million, aided by higher bank-owned life insurance income, an excise tax refund and increased swap fees. Moses said the BOLI contribution reflected a component of the portfolio that is sensitive to market movements rather than a death benefit.
First Hawaiian maintained its full-year noninterest income outlook of about $220 million. Moses said the company generally views approximately $55 million per quarter as a baseline, though one-time or market-related items can cause quarterly variation.
Noninterest expense was $130.4 million, including $4.2 million in costs related to the TriCo transaction. The company expects more transaction costs in the second half as it moves toward closing and integration. Excluding TriCo-related costs, First Hawaiian expects reported expenses of $515 million to $520 million for the full year.
Moses said higher second-half expenses will reflect continued hiring to support loan growth, along with project-related salary, professional-services and information-technology costs.
Chief Risk Officer Lea Nakamura said credit performance and credit metrics remained healthy. The allowance for credit losses declined both in dollar terms and relative to coverage, primarily because of a material reduction in classified assets.
The company reported a return on average tangible assets of 1.28% and a return on average tangible equity of 16.34% for the quarter. Its effective tax rate was 22.9%.
TriCo transaction and capital plans Harrison said First Hawaiian did not repurchase shares during the second quarter and is unlikely to conduct buybacks for the remainder of the year while the TriCo deal proceeds through regulatory review, though he said that could change. The company’s common equity tier 1 ratio remained above 13%, according to an analyst’s question during the call.
Management reiterated a target of 25% cost savings from the TriCo transaction. Moses said the company remains comfortable with that objective and expects to achieve it through a variety of measures, but did not provide further detail.
Harrison said three TriCo executives—Richard Smith, Dan Bailey and Peter G. Wiese—are expected to join First Hawaiian’s senior management team. He said First Hawaiian intends to retain much of TriCo’s management team, describing the California bank as a well-run institution that First Hawaiian plans to support while learning from its operations.
About First Hawaiian (NASDAQ:FHB)First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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First Hawaiian (FHB - Free Report) came out with quarterly earnings of $0.6 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this bank holding company would post earnings of $0.53 per share when it actually produced earnings of $0.55, delivering a surprise of +3.77%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
First Hawaiian, which belongs to the Zacks Banks - West industry, posted revenues of $231.27 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.48%. This compares to year-ago revenues of $217.54 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
First Hawaiian shares have added about 13.2% since the beginning of the year versus the S&P 500's gain of 8.2%.
What's Next for First Hawaiian?While First Hawaiian has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for First Hawaiian was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $233.48 million in revenues for the coming quarter and $2.38 on $921.18 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Bank of Marin (BMRC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 27.
This bank holding company is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +79.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Bank of Marin's revenues are expected to be $34.05 million, up 16.6% from the year-ago quarter.
First Hawaiian (FHB - Free Report) reported $231.27 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 6.3%. EPS of $0.60 for the same period compares to $0.58 a year ago.
The reported revenue represents a surprise of +1.48% over the Zacks Consensus Estimate of $227.91 million. With the consensus EPS estimate being $0.60, the company has not delivered EPS surprise.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how First Hawaiian performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net charge-offs: 0.1% versus the three-analyst average estimate of 0.1%.Total Non-Accrual Loans and Leases: $39.5 million versus $39.42 million estimated by three analysts on average.Net interest margin: 3.3% compared to the 3.2% average estimate based on three analysts.Efficiency Ratio: 56.2% versus the three-analyst average estimate of 56.1%.Average Balance - Total Earning Assets: $21.19 billion versus the three-analyst average estimate of $21.45 billion.Total Non-Performing Assets: $39.5 million versus the three-analyst average estimate of $40.75 million.Total Noninterest Income: $60.28 million versus $54.58 million estimated by three analysts on average.Net Interest Income (FTE): $171.9 million compared to the $173.33 million average estimate based on three analysts.Net Interest Income: $170.99 million compared to the $172.67 million average estimate based on three analysts.Service charges on deposit accounts: $8.32 million versus the two-analyst average estimate of $8.28 million.Other service charges and fees: $14.41 million versus $14.01 million estimated by two analysts on average.Noninterest income- Other: $6.01 million versus the two-analyst average estimate of $2.64 million.View all Key Company Metrics for First Hawaiian here>>>
Shares of First Hawaiian have returned -2.2% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
HONOLULU, July 24, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2026. "The second quarter was another strong quarter, reflecting the strength of our business model, the disciplined execution by our team and the trust our customers place in us," said Bob Harrison, Chairman, President and Chief Executive Officer.
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Twin Vee PowerCats Co. (NASDAQ: VEEE) related to its merger with USFM Corporation. Click here for more info https://monteverdelaw.com/case/twin-vee-powercats-co-2/. It is free and there is no cost or obligation to you.
NextCure, Inc. (NASDAQ: NXTC) related to its merger with Avere Therapeutics, Inc. Upon closing of the proposed transaction, NextCure shareholders are expected to own approximately 1.21% of the combined company. Click here for more information https://monteverdelaw.com/case/nextcure-inc/. It is free and there is no cost or obligation to you.
TriCo Bancshares (NASDAQ: TCBK) related to its sale to First Hawaiian, Inc. Upon closing of the proposed transaction, TriCo shareholders are expected to own approximately 35% of the combined company. Click here for more information https://monteverdelaw.com/case/trico-bancshares/. It is free and there is no cost or obligation to you.
First Hawaiian, Inc. (NASDAQ: FHB) related to its merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. Click here for more info https://monteverdelaw.com/case/first-hawaiian-inc/. It is free and there is no cost or obligation to you.
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Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much? About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Destination XL Group, Inc. (NASDAQ: DXLG)'s merger with FBB Holdings I, Inc. If you are a Destination XL shareholder, click here to learn more about your rights and options.
Standard BioTools Inc. (NASDAQ: LAB)'s merger with Treeline Biosciences, Inc. Upon closing of the proposed transaction, Standard BioTools shareholders are expected to own approximately 16% of the combined company. If you are a Standard BioTools shareholder, click here to learn more about your rights and options.
First Hawaiian, Inc. (NASDAQ: FHB)'s merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. If you are a First Hawaiian shareholder, click here to learn more about your legal rights and options.
Rallybio Corporation (NASDAQ: RLYB)'s merger with Candid Therapeutics, Inc. Upon completion of the proposed transaction, Rallybio shareholders are expected to own approximately 3.65% of the combined company. If you are a Rallybio shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating
Twin Vee PowerCats Co. (NASDAQ: VEEE) related to its merger with USFM Corporation.
Click here for more info https://monteverdelaw.com/case/twin-vee-powercats-co-2/. It is free and there is no cost or obligation to you.
NextCure, Inc. (NASDAQ: NXTC) related to its merger with Avere Therapeutics, Inc. Upon closing of the proposed transaction, NextCure shareholders are expected to own approximately 1.21% of the combined company.
Click here for more information https://monteverdelaw.com/case/nextcure-inc/. It is free and there is no cost or obligation to you.
TriCo Bancshares (NASDAQ: TCBK) related to its sale to First Hawaiian, Inc. Upon closing of the proposed transaction, TriCo shareholders are expected to own approximately 35% of the combined company.
Click here for more information https://monteverdelaw.com/case/trico-bancshares/. It is free and there is no cost or obligation to you.
First Hawaiian, Inc. (NASDAQ: FHB) related to its merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company.
Click here for more info https://monteverdelaw.com/case/first-hawaiian-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
Bessemer Group Inc. grew its holdings in shares of First Hawaiian, Inc. (NASDAQ:FHB – Free Report) by 41.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 230,841 shares of the bank’s stock after acquiring an additional 67,083 shares during the quarter. Bessemer Group Inc. owned about 0.19% of First Hawaiian worth $5,688,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of FHB. Oak Thistle LLC bought a new stake in First Hawaiian in the fourth quarter worth about $1,243,000. SG Americas Securities LLC boosted its position in shares of First Hawaiian by 409.2% during the 4th quarter. SG Americas Securities LLC now owns 89,506 shares of the bank’s stock valued at $2,265,000 after purchasing an additional 71,927 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of First Hawaiian by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank’s stock worth $365,777,000 after purchasing an additional 358,632 shares during the last quarter. Ruffer LLP acquired a new position in shares of First Hawaiian in the 4th quarter worth approximately $3,028,000. Finally, UBS Group AG raised its holdings in shares of First Hawaiian by 176.0% in the 4th quarter. UBS Group AG now owns 1,128,002 shares of the bank’s stock worth $28,538,000 after purchasing an additional 719,312 shares in the last quarter. Institutional investors own 97.63% of the company’s stock.
Analysts Set New Price Targets Several analysts recently commented on the stock. Wall Street Zen lowered shares of First Hawaiian from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Wells Fargo & Company lifted their price target on shares of First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, July 6th. TD Cowen upped their price target on First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a report on Tuesday, April 28th. Benchmark reiterated a “hold” rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group raised their price objective on First Hawaiian from $27.00 to $30.00 and gave the stock a “sell” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $29.25.
Get Our Latest Research Report on FHB
First Hawaiian Price Performance Shares of FHB opened at $28.86 on Tuesday. The company has a 50-day moving average of $28.19 and a two-hundred day moving average of $26.77. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.60 and a beta of 0.72. First Hawaiian, Inc. has a one year low of $22.65 and a one year high of $30.58.
First Hawaiian (NASDAQ:FHB – Get Free Report) last issued its quarterly earnings results on Friday, April 24th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. The business had revenue of $220.35 million during the quarter, compared to the consensus estimate of $223.59 million. During the same quarter in the prior year, the firm earned $0.47 EPS. Analysts anticipate that First Hawaiian, Inc. will post 2.38 earnings per share for the current year.
First Hawaiian Announces Dividend The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, May 18th. First Hawaiian’s payout ratio is 45.61%.
About First Hawaiian (Free Report)
First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
Read More Five stocks we like better than First Hawaiian The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding FHB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Hawaiian, Inc. (NASDAQ:FHB – Free Report).
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering First Hawaiian (FHB - Free Report) , which belongs to the Zacks Banks - West industry.
This bank holding company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 2.80%.
For the last reported quarter, First Hawaiian came out with earnings of $0.55 per share versus the Zacks Consensus Estimate of $0.53 per share, representing a surprise of 3.77%. For the previous quarter, the company was expected to post earnings of $0.55 per share and it actually produced earnings of $0.56 per share, delivering a surprise of 1.82%.
With this earnings history in mind, recent estimates have been moving higher for First Hawaiian. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
First Hawaiian currently has an Earnings ESP of +0.84%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #1 (Strong Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on July 24, 2026.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
AtaiBeckley Inc. (NASDAQ: ATAI)'s sale to Eli Lilly and Company for $6.75 per share in cash, plus up to $2.50 per share in the form of a Contingent Value Right entitling the holder to additional cash payments upon achievement of specified development and regulatory milestones related to the BPL-003 and VLS-01 programs. If you are an AtaiBeckley shareholder, click here to learn more about your rights and options.
First Hawaiian, Inc. (NASDAQ: FHB)'s merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. If you are a First Hawaiian shareholder, click here to learn more about your legal rights and options.
Patrick Industries, Inc. (NASDAQ: PATK)'s merger with LCI Industries. Upon completion of the proposed transaction, Patrick shareholders will own approximately 52% of the combined company. If you are a Patrick shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com
, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating First Hawaiian, Inc. (NASDAQ: FHB) related to its merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. Is it a fair deal?
Click here for more info https://monteverdelaw.com/case/first-hawaiian-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court? When was the last time you recovered money for shareholders? What cases did you recover money in and how much? About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
Here are three stocks with buy rank and strong income characteristics for investors to consider today, July 16:
T. Rowe Price Group, Inc. (TROW - Free Report) : This investment management firm has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.3% the last 60 days.
This Zacks Rank #1 company has a dividend yield of 4.5%, compared with the industry average of 2.8%.
First Hawaiian, Inc. (FHB - Free Report) : This bank holding company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 1.7% the last 60 days.
This Zacks Rank #1 company has a dividend yield of 3.7%, compared with the industry average of 2.5%.
One Liberty Properties, Inc. (OLP - Free Report) : This real estate investment trust has witnessed the Zacks Consensus Estimate for its current year earnings increasing 0.5% in the last 60 days.
This Zacks Rank #1 company has a dividend yield of 7.4%, compared with the industry average of 4.0%.
See the full list of top ranked stocks here.
Find more top income stocks with some of our great premium screens.
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of TriCo Bancshares (NasdaqGS: TCBK) to First Hawaiian, Inc. (NasdaqGS: FHB). Under the terms of the proposed transaction, shareholders of TriCo will receive 2.095 First Hawaiian shares for each share of TriCo that they own. Upon closing of the Proposed Transaction, TriCo shareholders are expected to ow.
First Hawaiian, Inc. (FHB) M&A Call July 13, 2026 8:30 AM EDT
Company Participants
Kevin Haseyama - Strategic Planning & Investor Relations Manager
Robert Harrison - Chairman of the Board, President & CEO
Richard Smith - Chairman, President & CEO
James Moses - Vice Chairman of Finance Group & CFO
Conference Call Participants
Jared David Shaw - Barclays Bank PLC, Research Division
David Feaster - Raymond James & Associates, Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Andrew Terrell - Stephens Inc., Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Jeff Rulis - D.A. Davidson & Co., Research Division
Brandon Berman - BofA Securities, Research Division
Andrew Liesch
Presentation
Operator
Good day, and thank you for standing by. Welcome to the First Hawaiian Bank Investor Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Kevin Haseyama, Investor Relations Manager. Please go ahead.
Kevin Haseyama
Strategic Planning & Investor Relations Manager
Thank you. Good morning, everyone, and thank you for joining us on short notice. Earlier today, First Hawaiian and TriCo Bancshares announced that they have entered into a definitive agreement to combine in an all-stock transaction. With me today is Bob Harrison, Chairman, President and CEO of First Hawaiian; Jamie Moses, Chief Financial Officer of First Hawaiian; and Rick Smith, Chairman, President and CEO of TriCo Bancshares.
We have prepared a slide presentation we will refer to in our remarks today. The presentation is available for downloading and viewing on our website at fhb.com in the Investor Relations section. During today's call, we will be making forward-looking statements. Please refer to the forward-looking statements on Slide 2 of the presentation as well as the additional information on Slide 3 and in the joint press
First Hawaiian, Inc. (NASDAQ:FHB) has agreed to acquire TriCo Bancshares (NASDAQ:TCBK), a combination the bank said will create the leading Pacific banking franchise and accelerate its expansion on the US mainland.
First Hawaiian described the transaction as a strategic step that pairs two deposit-focused banking platforms, extending its reach beyond its core Hawaii market into TriCo's California footprint.
First Hawaiian, the holding company for First Hawaiian Bank, is the largest financial institution headquartered in Hawaii, with a franchise built on retail and commercial deposits across the islands.
TriCo Bancshares is the parent of Tri Counties Bank, a community-focused lender operating across Northern and Central California.
The pairing of deposit platforms sits at the core of the rationale, as low-cost deposits underpin a bank's funding and lending capacity.
Shares of First Hawaiian dropped 4.2% on Monday morning while TriCo Bancshares was up nearly 11%.
First Hawaiian, Inc. (NASDAQ:FHB) has agreed to acquire TriCo Bancshares (NASDAQ:TCBK), a combination the bank said will create the leading Pacific banking franchise and accelerate its expansion on the US mainland.
First Hawaiian described the transaction as a strategic step that pairs two deposit-focused banking platforms, extending its reach beyond its core Hawaii market into TriCo's California footprint.
First Hawaiian, the holding company for First Hawaiian Bank, is the largest financial institution headquartered in Hawaii, with a franchise built on retail and commercial deposits across the islands.
TriCo Bancshares is the parent of Tri Counties Bank, a community-focused lender operating across Northern and Central California.
The pairing of deposit platforms sits at the core of the rationale, as low-cost deposits underpin a bank's funding and lending capacity.
Shares of First Hawaiian dropped 4.2% on Monday morning while TriCo Bancshares was up nearly 11%.
First Hawaiian and TriCo Bancshares NASDAQ: TCBK announced a definitive agreement to combine in an all-stock transaction that executives said would create a larger Pacific and West Coast banking franchise with approximately $34 billion in assets.
On an investor call discussing the deal, First Hawaiian Chairman, President and CEO Bob Harrison described TriCo as “the ideal partner” and said the transaction would extend First Hawaiian’s strategy in California while maintaining its commitment to Hawaiʻi.
“Hawaiʻi remains the foundation of our franchise, and we will continue to be central to our identity,” Harrison said. He added that the transaction is expected to strengthen First Hawaiian through greater diversification, additional growth opportunities and capital generation.
Get TriCo Bancshares alerts:
Deal Terms and Ownership First Hawaiian Chief Financial Officer Jamie Moses said TriCo shareholders will receive 2.095 shares of First Hawaiian common stock for each share of TriCo common stock under a fixed exchange ratio agreement. The transaction is structured as 100% common stock consideration.
Based on First Hawaiian’s closing price as of July 10, 2026, Moses said the deal represents approximately $2 billion in aggregate transaction value. At closing, First Hawaiian shareholders are expected to own about 65% of the combined company, while TriCo shareholders are expected to own about 35%.
The combined company is expected to have approximately $34 billion of assets, $22 billion of loans, $29 billion of deposits and 117 branches, according to Harrison.
Moses said the transaction is priced at 1.98 times tangible book value and 14.4 times 2027 earnings, or 10.7 times fully synergized earnings assuming expected cost savings of 25%.
The transaction remains subject to shareholder and regulatory approvals, and executives said they expect it to close in the fourth quarter of this year.
Tri Counties Bank Brand to Remain in California TriCo Chairman, President and CEO Rick Smith said Tri Counties Bank has spent more than 50 years building relationships with customers and communities across California. He said the company had evaluated a range of strategic options, including acquisitions where it could have been either buyer or seller.
“Any partnership with another financial institution had to be the right fit,” Smith said. He cited shared values between TriCo and First Hawaiian, including relationship banking, disciplined credit culture, low-cost core deposits and community commitment.
Moses said Tri Counties Bank will retain its brand in California, and the companies do not anticipate any branch closures. Four TriCo directors, including Smith, are expected to join the First Hawaiian board. Smith will also serve as an advisor to the CEO, with additional senior leadership roles planned for Dan Bailey and Peter Weiss.
Smith said retaining the institution’s identity and branch network was important for employee retention and continuity. Harrison said First Hawaiian does not have a management team intended to replace TriCo’s leadership and emphasized the importance of keeping TriCo’s team in place.
California Expansion and Deposit Franchise Harrison said First Hawaiian has operated in California for decades, beginning lending there in 1995. He said nearly a quarter of First Hawaiian’s loan portfolio is currently based on the mainland, but the company has lacked a branch network to expand client relationships and offer a full suite of products since its separation from Bank of the West.
The transaction gives First Hawaiian a larger retail footprint in California, including TriCo’s network throughout Northern California and the Central Valley, as well as offices in three major Southern California markets.
Harrison said California represents a substantial opportunity, describing it as the world’s fourth-largest economy by GDP. He said the deal adds scale, local leadership and retail funding in markets where First Hawaiian already has experience.
Executives also emphasized the combined company’s deposit profile. Harrison said both banks have maintained meaningful cost-of-deposit advantages relative to the broader banking industry. On a combined basis, he said the company is expected to have top-decile deposit costs, no brokered balances and excess liquidity.
In response to an analyst question, Moses said the combined company does not expect to change its deposit pricing approach. “Both of us are relationship based in how we do things, and that’s been part of our ability to be able to maintain this type of deposit franchise,” he said.
Financial Targets and Integration Plans Moses said the transaction is expected to generate 6% earnings per share accretion, a high-teens internal rate of return, less than 5% tangible book value per share dilution and a 2.8-year earnback period. He said the pro forma common equity Tier 1 ratio is expected to be 12.4%.
Executives said the financial projections do not rely on branch closures or modeled revenue synergies. Moses said the 25% cost savings target is expected to come from areas such as information technology contracts and vendor consolidation.
Harrison said the near-term priority will be integration, regulatory approvals and shareholder approvals. He said First Hawaiian completed a core conversion in recent years and learned from that process, while Smith said TriCo has experience integrating prior transactions.
Analysts asked whether the larger balance sheet would change the company’s lending risk profile. Harrison said the company is not seeking to change its risk profile, adding that the rationale for the deal is not based on taking larger risks. Smith said the transaction provides “more scale and mass” and the ability to do more volume, “not necessarily bigger deals.”
Capital Deployment and Preliminary Results Moses said the combined company is expected to generate more than $325 million of capital annually after closing. Harrison said First Hawaiian’s first priority for capital will be supporting organic growth, followed by maintaining its dividend profile and considering opportunistic share repurchases.
The company’s model assumes no share repurchases through 2027, Moses said, though he added that First Hawaiian retains flexibility to buy back shares.
Harrison also briefly addressed First Hawaiian’s preliminary second-quarter 2026 results, saying the company had “strong results” with solid profitability, continued net interest margin expansion and tangible book value per share growth. He said the company plans to discuss its second-quarter results in more detail on July 24.
About TriCo Bancshares NASDAQ: TCBKTriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.
The company's core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transaction may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the merger of First Hawaiian, Inc. (NASDAQ: FHB) with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company.
Halper Sadeh encourages First Hawaiian shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].
The investigation concerns whether First Hawaiian and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for First Hawaiian shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for First Hawaiian shareholders to evaluate the transaction.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
First Hawaiian NASDAQ: FHB and TriCo Bancshares have entered into a definitive agreement to combine in a 100% stock transaction valued at approximately $2 billion, according to remarks made on an investor call led by executives from both companies.
Bob Harrison, chairman, president and chief executive officer of First Hawaiian, said the transaction would create what he called “the leading Pacific banking franchise,” combining First Hawaiian’s Hawaii-based franchise and mainland lending experience with TriCo’s California retail banking network.
“This combination creates the leading Pacific banking franchise that is well-positioned to capture the growth opportunities in California and broader West Coast,” Harrison said.
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TriCo shareholders will receive 2.095 shares of First Hawaiian common stock for each share of TriCo common stock, First Hawaiian Chief Financial Officer Jamie Moses said. Based on First Hawaiian’s closing stock price as of July 10, 2026, the transaction represents about $2 billion in aggregate value.
At closing, First Hawaiian shareholders are expected to own approximately 65% of the combined company, while TriCo shareholders are expected to own approximately 35%. The companies expect the deal to close in the fourth quarter, subject to shareholder and regulatory approvals.
Combined Bank to Have $34 Billion in Assets Harrison said the combined company will have approximately $34 billion in assets, $22 billion in loans, $29 billion in deposits and 117 branches. He emphasized that First Hawaiian’s Hawaii franchise would remain central to the company’s identity.
“This partnership does not change our commitment to Hawaii,” Harrison said. “Hawaii remains the foundation of our franchise, and we will continue to be central to our identity.”
TriCo Bancshares, through Tri Counties Bank, operates a retail network across Northern California and the Central Valley, along with additional banking offices in three Southern California markets. Harrison said TriCo brings a differentiated deposit franchise, local leadership and credit discipline that align with First Hawaiian’s culture.
Rick Smith, chairman, president and chief executive officer of TriCo Bancshares, said the two companies share similar values, including relationship banking, disciplined credit and commitment to local communities.
“That cultural alignment gives me real confidence that First Hawaiian is the right banking partner for Tri Counties Bank,” Smith said.
Tri Counties Bank Brand to Remain in California Moses said Tri Counties Bank will retain its brand in California and that the companies do not anticipate any branch closures. Four TriCo directors, including Smith, are expected to join the First Hawaiian board. Smith will also serve as an adviser to the CEO, and TriCo executives Dan Bailey and Peter Wiese are expected to take senior leadership roles.
During the question-and-answer session, Smith said keeping the institution intact and avoiding branch closures should help with employee retention. Harrison added that First Hawaiian was seeking a partner with a strong management team that wanted to remain with the organization.
“We don’t have a management team to replace them with,” Harrison said. “Want to make real sure that we found the right partner, as we have with TriCo, for that reason.”
Financial Targets Include EPS Accretion and Cost Savings Moses said the transaction is priced at 1.98 times tangible book value and 14.4 times 2027 earnings, or 10.7 times fully synergized earnings based on expected cost savings of 25%.
First Hawaiian expects the deal to produce 6% earnings-per-share accretion, a high-teens internal rate of return, tangible book value dilution of less than 5% and an earnback period of 2.8 years. Moses said the combined company’s pro forma CET1 ratio is expected to be 12.4%.
Importantly, Moses said the financial metrics do not rely on branch closures or modeled revenue synergies. In response to an analyst question, he said the 25% cost savings assumption is expected to come from areas including information technology contracts and vendor consolidation.
“We’re confident we can get to a 25% number,” Moses said. “We think that’s very doable.”
Moses also said the model assumes no share repurchases through 2027, though First Hawaiian retains flexibility to buy back shares.
Executives Emphasize Deposit Strength and Credit Discipline Executives repeatedly highlighted the deposit franchises of both banks. Harrison said the combined company is expected to have top-decile deposit costs, no brokered balances and excess liquidity. Moses said TriCo’s liability-sensitive balance sheet should help reduce First Hawaiian’s asset sensitivity from an asset-liability management perspective.
In the Q&A session, Harrison and Smith said the combination is not intended to change the combined bank’s risk profile. Harrison said the near-term focus will be on integration, though the larger balance sheet could provide additional flexibility over time.
“We’re not really looking to change our risk profile at this time,” Harrison said. “We’ve got two very good operating banks.”
Smith said the deal provides greater scale and capacity, but not necessarily a shift toward larger or riskier lending.
“This just gives us the ability to have more scale and mass and do more volume, not necessarily bigger deals,” Smith said.
Harrison also said the companies have no current plans to prune legacy assets or loan portfolios at either First Hawaiian or TriCo. Moses said any future balance sheet optimization strategies were not included in the pro forma financial targets.
Integration and Growth Outlook Harrison said First Hawaiian has operated in California lending since 1995 and that nearly a quarter of its loan portfolio is currently based on the mainland. He said the company has lacked a branch network since its separation from Bank of the West, making TriCo’s California footprint strategically important.
Asked about integration risks, Harrison said First Hawaiian has experience with a recent core conversion, while Smith noted that TriCo has a track record of integrating prior acquisitions. Harrison said the companies will work with technology partners to determine the timing of a systems conversion after required approvals.
On growth, executives said the deal model is based on historical growth rates rather than aggressive assumptions. Moses said potential revenue synergies, cross-selling opportunities and larger loan holds could be additive but are not built into the model.
Harrison also briefly addressed First Hawaiian’s preliminary second-quarter 2026 results, describing them as strong, with solid profitability, continued net interest margin expansion and tangible book value per share growth. He said the company plans a more detailed second-quarter earnings discussion on July 24.
About First Hawaiian NASDAQ: FHBFirst Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.
First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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HONOLULU and CHICO, Calif., July 13, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) ("First Hawaiian"), parent company of First Hawaiian Bank, and TriCo Bancshares (NASDAQ: TCBK) ("TriCo"), parent company of Tri Counties Bank, today announced they have entered into a definitive agreement pursuant to which First Hawaiian will acquire TriCo in an all-stock transaction.
This partnership combines two culturally aligned, relationship-driven banking franchises with attractive deposit bases, disciplined credit cultures and deep local market positions. On a combined basis, the company will have approximately $34 billion of assets and be the 6th largest bank headquartered in the Western U.S. This partnership will increase First Hawaiian’s presence on the mainland and offer customers the full suite of banking capabilities and expand the combined bank’s market areas to include a more diverse geography. The combined bank is expected to leverage its strong capital position, liquidity profile and credit quality to deliver enhanced earnings and generate long-term value to shareholders.
“This partnership creates a broader platform for long-term growth,” said Bob Harrison, Chairman, President and CEO of First Hawaiian. “TriCo is an ideal partner to execute this next phase of our growth: a well-managed, relationship-focused bank in California with a strong deposit franchise, disciplined credit culture, experienced local leadership and deep commitment to its communities. Together, we will preserve what has made both companies successful while creating a stronger and more diversified bank. I could not be more excited to partner with TriCo.”
“TriCo has built its franchise around long-term customer relationships, local decision-making and a commitment to the communities we serve,” said Rick Smith, Chairman, President and CEO of TriCo. “First Hawaiian shares those values and brings the scale, capital strength and broader product capabilities to help us do even more for our customers and communities. We are excited for our employees and shareholders to participate in the future of the combined company, and we look forward to working closely with Bob and the First Hawaiian team.”
Pursuant to the terms of the agreement, TriCo’s shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share as of First Hawaiian’s closing stock price on July 10, 2026. Upon closing of the transaction, First Hawaiian and TriCo shareholders are expected to own approximately 65% and 35%, respectively, of the combined company. Four current TriCo directors, including Rick Smith, will join the First Hawaiian and First Hawaiian Bank Boards of Directors, with the remaining three to be mutually agreed upon by First Hawaiian and TriCo prior to the closing. To ensure business and client continuity, leadership will include representation from both organizations and First Hawaiian will retain Tri Counties Bank branding on the mainland. There are no expected branch closings associated with the transaction and TriCo’s commitment to its communities is not expected to change.
The Boards of Directors of First Hawaiian and TriCo unanimously approved the definitive agreement and the parties expect to close the transaction by the end of 2026, subject to the receipt of required regulatory approvals, approval by First Hawaiian and TriCo shareholders and the satisfaction of customary closing conditions.
Second Quarter 2026 Financial Highlights
The announcement precedes First Hawaiian’s release of its financial results for the second quarter ended June 30, 2026. The following are key highlights of the results the company expects to report on July 24, 2026:
Continued earnings growth, with net income of $73.4 million and diluted EPS of $0.60, compared to net income of $67.8 million and diluted EPS of $0.55 in the prior quarterCost of deposits improved 2 basis points to 1.20% from 1.22% in the prior quarterNet interest margin expanded by 6 bps QoQ to 3.25%Return on average assets improved to 1.23%, up 9 bps from 1.14% in the prior quarterReturn on average tangible common equity of 16.3%, compared to 15.3% in the prior quarter*Gross loans increased to $14.6 billion, compared to $14.4 billion in the prior quarterBook value per share increased to $23.22, up from $22.75 in the prior quarterTangible book value per share of $15.04, reflecting 3% QoQ growth* * Return on average tangible common equity and tangible book value per share are non-GAAP financial measures. Refer to the appendix to the investor presentation furnished by FHI as an exhibit to Form 8-K with the U.S. Securities and Exchange Commission on the date of this release for further information, including a reconciliation of those measures to the comparable GAAP measurements.
These preliminary results are estimates based on information available to management of FHI as of the date of this release and are subject to change upon completion of FHI's standard closing procedures and review by its independent registered public accounting firm. As a result, there can be no assurance that FHI's final results will not differ from these preliminary estimates.
Advisors
Evercore served as financial advisor and Sullivan & Cromwell LLP served as legal counsel to First Hawaiian.
Keefe, Bruyette & Woods, A Stifel Company served as financial advisor and Holland & Knight LLP served as legal counsel to TriCo.
Conference Call Information
First Hawaiian and TriCo will host a conference call today to discuss the transaction at 8:30 a.m. Eastern Time, 5:30 a.m. Pacific Time and 2:30 a.m. Hawaii Time.
To access the call by phone, please register via the following link: https://register-conf.media-server.com/register/BI2891c10b1f314068b969f7a768bfea65, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
A live webcast of the conference call, including a slide presentation, will be available at the following link: https://edge.media-server.com/mmc/p/zk2u4mjj. The archive of the webcast will be available at the same location.
First Hawaiian, Inc.
First Hawaiian, Inc. (NASDAQ: FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.
TriCo Bancshares
Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing services in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
Forward-Looking Statements
This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements regarding the expected timing, completion and effects of the proposed business combination transaction between First Hawaiian, Inc. (“FHI”) and TriCo Bancshares (“TriCo”) (the “Transaction”), and the plans, objectives, expectations and intentions of FHI and TriCo. Any statement that does not describe historical or current facts is a forward-looking statement. Forward-looking statements are often, but not always, made through the use of words or phrases such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.
FHI and TriCo caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond FHI’s and TriCo’s control. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the following: changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically; uncertainty in U.S. fiscal, monetary and trade policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued or renewed inflation, the impact of proposed or imposed tariffs by the U.S. government or retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers or any recession or slowdown in economic growth particularly in the markets in which FHI and TriCo conduct business, including Hawaii, Guam, Saipan and California; volatility and disruptions in global capital and credit markets; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds; competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services; concentrations within FHI’s or TriCo’s loan portfolio (including commercial real estate loans) or other asset classes, and the parties’ ability to attract and retain customer deposits, large loans to certain borrowers, access liquidity and capital, and manage deposit costs and funding sources; the success, impact, and timing of FHI’s and TriCo’s respective business strategies, including market acceptance of any new products or services and FHI’s and TriCo’s ability to successfully implement strategic, operational, technology and integration initiatives; the failure to properly use and protect customer and employee information and data; cybersecurity risks, including the occurrence of fraudulent activity or a material breach of, or disruption to, the security of FHI’s, TriCo’s or their vendors’ systems; risks related to the development, implementation, use and management of artificial intelligence and other emerging technologies; the effects of failures or interruptions of information, communications or third-party service-provider systems; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; adverse weather conditions, natural disasters and other catastrophic events such as wildfires; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which FHI and TriCo are parties; the outcome of any legal proceedings that may be instituted against FHI or TriCo, including potential litigation relating to the Transaction; delays in completing the Transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the failure to obtain stockholder or shareholder approvals, as applicable, or to satisfy any of the other conditions to the closing of the Transaction on a timely basis or at all; changes in FHI’s or TriCo’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where FHI and TriCo do business; certain restrictions during the pendency of the proposed Transaction that may impact the parties’ ability to pursue certain business opportunities or strategic Transactions; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; the ability to complete the Transaction and integration of FHI and TriCo promptly and successfully; the dilution caused by FHI’s issuance of additional shares of its capital stock in connection with the Transaction; and other factors that may affect the future results of FHI and TriCo.
The foregoing factors should not be considered an exhaustive list and should be read together with the other cautionary statements set forth in FHI’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission (the “SEC”) and available on FHI’s investor relations website, https://ir.fhb.com, under the heading “SEC Filings,” and in other documents FHI files with the SEC, and in TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the SEC and available on TriCo’s website, www.tcbk.com, under the “About” tab and the “Investor Relations” link and then under the heading “SEC Filings” and in other documents TriCo files with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and neither FHI nor TriCo undertakes any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Important Additional Information and Where to Find It
In connection with the proposed Transaction, FHI will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of FHI and TriCo and a Prospectus of FHI, as well as other relevant documents concerning the Transaction. Certain matters in respect of the Transaction involving FHI and TriCo will be submitted to FHI’s stockholders and TriCo’s shareholders, as applicable, for their consideration.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS, FHI STOCKHOLDERS AND TRICO SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders or shareholders, as applicable, will be able to obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about the Transaction, FHI and TriCo, without charge, at the SEC’s website, www.sec.gov. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to First Hawaiian, Inc., Attention: Secretary, 999 Bishop Street, Honolulu, HI 96813, (808) 525-7000 or to TriCo Bancshares, Attention: Shareholder Services, 63 Constitution Drive, Chico, CA 95973, (530) 898-0300.
Participants in the Solicitation
FHI, TriCo, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from FHI stockholders or TriCo shareholders in connection with the Transaction under the rules of the SEC. Information regarding FHI's directors and executive officers is available in the sections entitled “Directors, Executive Officers and Corporate Governance” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in FHI's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 27, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/36377/000110465926021544/fhb-20251231x10k.htm); in the sections entitled “Corporate Governance and Board Matters,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Biographies of Executive Officers” and “Security Ownership of Certain Beneficial Owners, Directors and Management” in FHI's definitive proxy statement relating to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 12, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/36377/000110465926026700/tm2532317-1_def14a.htm); and other documents filed by FHI with the SEC. Information regarding TriCo's directors and executive officers is available in the sections entitled “Directors, Executive Officers and Corporate Governance” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters;” in TriCo's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 2, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/356171/000035617126000010/tcbk-20251231.htm); in the sections entitled “Board of Directors,” “Corporate Governance, Board Nominations and Board Committees,” “Compensation of Directors,” “Ownership of Voting Securities,” “Compensation Discussion and Analysis” and “Compensation of Named Executive Officers” in TriCo's definitive proxy statement relating to its 2026 Annual Meeting of Shareholders, which was filed with the SEC on April 17, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/356171/000035617126000033/tcbk-20260417.htm); and other documents filed by TriCo with the SEC. To the extent holdings of FHI common stock by the directors and executive officers of FHI or holdings of TriCo common stock by directors and executive officers of TriCo have changed from the amounts held by such persons as reflected in the documents described above, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus relating to the Transaction. Free copies of this document, when available, may be obtained as described in the preceding paragraph.
Contacts
First Hawaiian Investor Relations: Kevin Haseyama, CFA, (808) 525-6268, [email protected]
First Hawaiian Media Relations: Bill Weeshoff, (808) 525-6229, [email protected]
TriCo Investor Contact: Peter G. Wiese, (530) 898-0300 [email protected]
July 12, 2026 21:00 ET | Source: First Hawaiian, Inc.
HONOLULU, July 12, 2026 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its second quarter 2026 financial results on Friday, July 24, 2026 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time).
To access the call by phone, participants will need to click on the following registration link: https://register-conf.media-server.com/register/BIb8e318d9b8d24417b3d7d113fcf80dbc, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.
About First Hawaiian
First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit www.fhb.com.
Investor Relations Contact:
Kevin Haseyama
(808) 525-6268 [email protected]
Shares of First Hawaiian (FHB - Free Report) have been strong performers lately, with the stock up 9.5% over the past month. The stock hit a new 52-week high of $29.63 in the previous session. First Hawaiian has gained 16.8% since the start of the year compared to the 3.4% move for the Zacks Finance sector and the 14.4% return for the Zacks Banks - West industry.
What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 24, 2026, First Hawaiian reported EPS of $0.55 versus consensus estimate of $0.53.
For the current fiscal year, First Hawaiian is expected to post earnings of $2.33 per share on $914.22 in revenues. This represents a 5.91% change in EPS on a 3.8% change in revenues. For the next fiscal year, the company is expected to earn $2.46 per share on $948.26 in revenues. This represents a year-over-year change of 5.49% and 3.72%, respectively.
Valuation MetricsThough First Hawaiian has recently hit a 52-week high, what is next for First Hawaiian? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). The individual style scores for Value, Growth, Momentum and the combined VGM Score run from A through F. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
First Hawaiian has a Value Score of B. The stock's Growth and Momentum Scores are C and C, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 12.7X current fiscal year EPS estimates, which is a premium to the peer industry average of 11.8X. On a trailing cash flow basis, the stock currently trades at 11.8X versus its peer group's average of 12X. Additionally, the stock has a PEG ratio of 2.18. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks RankWe also need to look at the Zacks Rank for the stock, as this is even more important than the company's VGM Score. Fortunately, First Hawaiian currently has a Zacks Rank of #2 (Buy) thanks to a solid earnings estimate revision trend.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if First Hawaiian passes the test. Thus, it seems as though First Hawaiian shares could have potential in the weeks and months to come.
How Does FHB Stack Up to the Competition?Shares of FHB have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is RBB Bancorp (RBB - Free Report) . RBB has a Zacks Rank of #2 (Buy) and a Value Score of B, a Growth Score of C, and a Momentum Score of A.
Earnings were strong last quarter. RBB Bancorp beat our consensus estimate by 46.67%, and for the current fiscal year, RBB is expected to post earnings of $2.36 per share on revenue of $136.68 million.
Shares of RBB Bancorp have gained 13.1% over the past month, and currently trade at a forward P/E of 11.48X and a P/CF of 11.55X.
The Banks - West industry may rank in the bottom 68% of all the industries we have in our universe, but there still looks like there are some nice tailwinds for FHB and RBB, even beyond their own solid fundamental situation.
