FHBNasdaqState Commercial BanksUS GAAP · USD

First Hawaiian, Inc

First Hawaiian, Inc. is the bank holding company for First Hawaiian Bank, a community bank headquartered in Honolulu with roots dating back to 1858. It provides deposit, lending, wealth management, trust, credit card, and merchant processing services to consumers and businesses across Hawaii, Guam, and Saipan.

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Revenue881m USD
+8.9 %y/y
Net income276m USD
+20.0 %y/y
Free cash flow335m USD
+5.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02004006008001,000m USD2020: 733 m USD20202021: 715 m USD20212022: 793 m USD20222023: 837 m USD20232024: 809 m USD20242025: 881 m USD2025881
RevenueOperating profit (EBIT)

Business

Share of revenue
Deposit Products20 %

Core transaction and savings accounts used by consumers and businesses for cash management.

Commercial Banking35 %

Lending and treasury-related services for middle-market and large businesses, including CRE and construction.

Consumer Banking25 %

Retail lending products such as mortgages, auto finance, installment loans, and small business loans.

Wealth Management and Trust10 %

Investment management, financial planning, trust, estate, and private banking services.

Cards and Merchant Services10 %

Credit card issuance and merchant processing for consumer and commercial clients.

Customers

The bank serves consumers, small businesses, middle-market companies, and large Hawaii-based businesses, with a focus on relationship banking. It also serves wealth clients seeking investment, trust, estate, and private banking services. Its customer base is concentrated in Hawaii, Guam, and Saipan, so local economic conditions and tourism trends matter directly to demand and credit quality.

Consumer banking customers

Individuals and households buying deposits, mortgages, auto finance, installment loans, and credit cards for everyday banking and borrowing needs.

Commercial banking customers

Middle-market and large businesses in Hawaii that use C&I, CRE, construction, and flooring loans for operating and expansion needs.

Small business customers

Local businesses that use deposit accounts, small business loans, merchant processing, and cards to manage cash flow.

Wealth management clients

Individuals and families buying investment management, trust, estate, insurance, and private banking services.

Strategy

The company’s strategy centers on relationship banking, cross-selling a broad product set, and maintaining a service culture that supports long-term customer retention. It is also focused on disciplined capital management, including share repurchases and dividends, while operating within a concentrated geographic footprint. Because growth in Hawaii is constrained by deposit concentration, organic expansion and customer deepening are more important than acquisition-led growth.

Cross-sell across deposits, lending, cards, and wealthShort term

A broader product relationship improves retention and raises revenue per customer.

Protect and expand the Hawaii franchiseMedium term

The bank’s market position depends on maintaining share in its core island markets.

Manage capital and shareholder returnsShort term

Repurchases and dividends support capital efficiency and investor appeal.

Geography

First Hawaiian’s business is concentrated in Hawaii, with additional branch presence in Guam and Saipan. It operates 49 branches in total: 45 in Hawaii, 3 in Guam, and 1 in Saipan, which makes local economic conditions, tourism, housing, and military-related activity especially important. The company also notes that Hawaii’s economy depends on the U.S. mainland and Japan, so visitor flows and currency trends affect demand and borrower health.

Risks

The main risks come from geographic concentration, credit exposure to Hawaii’s economy, and intense competition from banks, credit unions, fintechs, and non-bank lenders. Because lending is tied to tourism, real estate, and local business activity, any slowdown in Hawaii, Guam, or Saipan can weaken loan demand, collateral values, and borrower repayment capacity. The bank also faces regulatory, reputation, and operational risks typical of financial institutions, plus valuation risk from goodwill and credit-loss estimates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geographic concentration in Hawaii, Guam, and Saipan1Credit deterioration in tourism- and real-estate-linked borrowers2Competitive pressure from traditional and non-traditional lenders3Interest rate and liquidity risk4Goodwill impairment and allowance for credit losses5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geographic concentration in Hawaii, Guam, and SaipanImpact: HighLikelihood: Medium

    A localized downturn can affect loan demand, collateral values, and borrower repayment ability.

    Exposure: Core markets and branch network

  2. Credit deterioration in tourism- and real-estate-linked borrowersImpact: HighLikelihood: Medium

    The local economy depends on tourism, housing, and service industries that are cyclical and interest-rate sensitive.

    ExposureCommercial real estateConstructionConsumer mortgage lending
  3. Competitive pressure from traditional and non-traditional lendersImpact: MediumLikelihood: Medium

    Customers can switch to mainland banks, credit unions, fintechs, and private credit providers.

    ExposureDepositsLendingCardsPayments
  4. Interest rate and liquidity riskImpact: MediumLikelihood: Medium

    Changes in rates affect funding costs, loan yields, and net interest income.

    Exposure: Balance sheet and margin

  5. Goodwill impairment and allowance for credit lossesImpact: MediumLikelihood: Medium

    Management estimates can change with market conditions and borrower performance, affecting earnings.

    Exposure: Goodwill and ACL

Accounting

Judgemental items
Allowance for credit losses

Management estimates expected losses using borrower, collateral, and macro assumptions.

Impact: Can materially change provisions and earnings

Fair value measurements

Certain assets and liabilities rely on market-based valuation techniques and assumptions.

Impact: Can affect reported asset values and income volatility

Goodwill impairment

Goodwill is large and tested for impairment when conditions change.

Impact: Potential non-cash write-down to earnings

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Last updated: 24/09/2026