First Hawaiian, Inc. Reports Third Quarter 2024 Financial Results
First Hawaiian, Inc. (NASDAQ:FHB), a leading bank holding company headquartered in Honolulu, announced its financial results for the quarter ended September 30, 2024.
Key Financial Metrics:
| Metric | Q3 2024 | Consensus Estimates | Variance from Estimates |
|---|---|---|---|
| Earnings per Share (EPS) | $0.48 | $0.44 | Above |
| Net Income | $61.5 million | Not applicable | Not applicable |
Interpretation: First Hawaiian reported an EPS of $0.48, exceeding Wall Street's consensus estimate of $0.44, indicating robust operational efficiency. Despite unspecified total revenue, the company's performance on net earnings suggests strong financial management and market positioning.
Key Developments and Operational Highlights:
- Net interest income increased by $3.9 million over the prior quarter.
- A $7.4 million provision was recorded for credit losses, indicating a conservative approach to risk management.
- Total loans and leases decreased by $118.5 million, while total deposits decreased by $91.1 million quarter-over-quarter.
- Moody's reaffirmed all long-term credit and deposit ratings for First Hawaiian Bank.
Comments from Company Officers:
Bob Harrison, Chairman, President, and CEO, expressed satisfaction with the financial results, highlighting the increase in net interest income and noninterest income and emphasizing controlled expenses and excellent credit quality. He also noted the reaffirmation of credit ratings by Moody’s as a significant endorsement of the company’s stability.
Dividends:
First Hawaiian declared a quarterly cash dividend of $0.26 per share, payable on November 29, 2024, to stockholders of record as of November 18, 2024.
Forward Guidance:
The earnings release did not provide specific forward financial guidance. However, it reaffirmed the company's confidence in its operational strategies and market position.
Stock Price Movement:
Following the earnings release, First Hawaiian's stock observed a 1.60% positive change, reflecting investor confidence in the company's financial health and future prospects.
Overall, First Hawaiian, Inc. demonstrated strong performance in its third-quarter 2024 results with controlled expenses, improved credit quality, and a strategic approach to interest income, contributing to better-than-expected earnings per share.
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