FIRST HAWAIIAN, INC. FHB
First Hawaiian, Inc. ("FHI" or the "Parent"), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank ("FHB" or the "Bank"). References to "we," "our," "us," or the "Company" refer to the Parent and its wholly-owned subsidiary, FHB, for purposes of discussion in this Annual Report on Form 10-K.
FHI is a bank holding company incorporated in the state of Delaware and headquartered in Honolulu, Hawaii. Our wholly-owned bank subsidiary, FHB, was founded in 1858 under the name Bishop & Company and was the first successful banking partnership in the Kingdom of Hawaii and the second oldest bank formed west of the Mississippi River. As of December 31, 2025, FHB is the largest bank headquartered in Hawaii as measured by loans and leases and net income. As of December 31, 2025, we had $14.3 billion of gross loans and leases and $2.8 billion of stockholders' equity. We generated $276.3 million of net income or diluted earnings per share of $2.20 for the year ended December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $880.8M | $808.5M | $836.9M | $793.1M | $715.5M | $733.1M | $765.9M | $745.3M | $570.8M | $518.5M |
| Interest expense | $663.7M | $622.7M | $636.1M | $613.5M | $18.8M | $47.0M | $105.3M | $79.7M | $42.0M | $26.8M |
| Pre-tax income | $354.2M | $292.6M | $309.2M | $351.2M | $349.0M | $243.7M | $381.7M | $358.2M | $368.4M | $371.8M |
| Income tax | $78.0M | $62.5M | $74.2M | $85.5M | $83.3M | $58.0M | $97.3M | $93.8M | $184.7M | $141.7M |
| Net income | $276.3M | $230.1M | $235.0M | $265.7M | $265.7M | $185.8M | $284.4M | $264.4M | $183.7M | $230.2M |
| EPS, basic | 2.21 | 1.80 | 1.84 | 2.08 | 2.06 | 1.43 | 2.14 | 1.93 | 1.32 | 1.65 |
| EPS, diluted | 2.20 | 1.79 | 1.84 | 2.08 | 2.05 | 1.43 | 2.13 | 1.93 | 1.32 | 1.65 |
| Shares, diluted (wtd. avg.) | $125.5M | $128.3M | $127.9M | $128.0M | $129.5M | $130.2M | $133.4M | $137.1M | $139.7M | $139.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.48B | $1.17B | $1.74B | $526.6M | $1.26B | $1.04B | $694.0M | $1.00B | $1.03B | $1.05B |
| Property, plant and equipment | $303.5M | $288.5M | $281.5M | $280.4M | $318.4M | $322.4M | $316.9M | $305.0M | $289.2M | $300.8M |
| Goodwill | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M | $995.5M |
| Other intangibles | — | — | — | — | — | $10.7M | $12.7M | $16.2M | $13.2M | — |
| Total assets | $23.96B | $23.83B | $24.93B | $24.58B | $24.99B | $22.66B | $20.17B | $20.70B | $20.55B | $19.66B |
| Short-term debt | $0 | $250.0M | $500.0M | $75.0M | — | $0 | $400.0M | — | — | $9.2M |
| Total liabilities | $21.19B | $21.21B | $22.44B | $22.31B | $22.34B | $19.92B | $17.53B | $18.17B | $18.02B | $17.19B |
| Retained earnings | $1.08B | $934.0M | $837.9M | $736.5M | $604.5M | $474.0M | $437.1M | $291.9M | $139.2M | $78.8M |
| Total equity | $2.77B | $2.62B | $2.49B | $2.27B | $2.66B | $2.74B | $2.64B | $2.52B | $2.53B | $2.48B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $335.1M | $317.5M | $255.0M | $430.6M | $417.1M | $209.5M | $296.5M | $351.4M | $269.8M | $220.1M |
| Depreciation and amortisation | $16.1M | $13.8M | $13.6M | $15.3M | $15.8M | $16.0M | $14.5M | $15.3M | $15.3M | $14.8M |
| Stock-based compensation | $15.9M | $11.9M | $9.6M | $10.3M | $13.1M | $10.0M | $7.8M | $6.2M | $5.3M | $4.5M |
| Capital expenditure | $31.8M | $28.8M | $16.0M | $13.3M | $20.5M | $33.4M | $29.4M | $35.9M | $10.1M | $15.5M |
| Investing cash flow | $264.1M | $548.6M | $1.03B | -$965.1M | -$2.38B | -$2.10B | $375.2M | -$257.8M | -$971.1M | -$1.90B |
| Financing cash flow | -$291.6M | -$1.44B | -$66.9M | -$197.4M | $2.18B | $2.24B | -$981.3M | -$124.6M | $683.9M | $78.5M |
| Dividends paid | $131.0M | $132.8M | $132.6M | $132.6M | $134.1M | $135.1M | $138.2M | $131.0M | $122.8M | $85.8M |
| Buybacks | $100.0M | $40.0M | — | $9.5M | $75.0M | $5.0M | $136.2M | $131.8M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-021544.
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| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
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| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |