First Hawaiian, Inc. · NASDAQ:FHB
First Hawaiian — Q4 2025 Earnings Presentation
20 slides from First Hawaiian's earnings presentation, Jan 30, 2026
Slide 1: 4th Quarter 2025 Earnings Call
4th Quarter 2025 Earnings Call January 30, 2026 0
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Th
Slide 3: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS1 Q4 2025 Q3 2025 • Net income: $69.9 mm Net Income ($mm) $69.9 $73.8 • Cost of deposits: 1.29% Diluted EPS $0.56 $0.59 • Total cost of funds: 1.29% Net Interest Margin 3.21% 3.19% • Net interest margin increased 2 bp to 3.21% Efficiency Ratio 55.1% 55.3% ROA / ROATA2 1.1
Slide 4: Q4 2025 Balance Sheet Highlights
Q4 2025 BALANCE SHEET HIGHLIGHTS1 $ in millions 12/31/25 9/30/25 Assets Cash and Cash $ 1,477.8 $ 1,855.6 Equivalents2 • Total loans and leases increased $183.1 mm Investment Securities - 2,076.2 1,986.7 AFS Investment Securities - • Total deposits decreased $213.9 mm, driven by a 3,533.1 3,594.2 $4
Slide 5: Loans Increased $183.1 MM, or 5.2% Annualized
LOANS INCREASED $183.1 MM, OR 5.2% ANNUALIZED Total Loans and Leases 12/31/25 vs 9/30/25 Net Changes ($ billions) ($ millions) 14.4 14.1 14.3 Leasing 0.4 C&I 144 0.4 0.4 Home Equity 1.2 1.2 1.2 Consumer 1.0 CRE 77 1.0 1.0 C&I 2.2 2.2 Residential 18 2.0 Consumer 12 Residential 4.2 4.1 4.1 Home Equity
Slide 6: Retail + Commercial Deposits Up $233 MM; Total Cost of Deposits Down 9 bp
RETAIL + COMMERCIAL DEPOSITS UP $233 MM TOTAL COST OF DEPOSITS DOWN 9 BP Total Deposits Deposit Composition ($ billions) ($ billions) 0.8 20.3 20.7 20.5 Time 3.3 3.4 3.4 9.1 10.6 Money 3.9 Market 4.0 4.3 Retail Commercial Public Savings 6.0 6.7 6.3 Q4 Highlights • $214 mm decrease in total deposits
Slide 7: $1.0 MM Increase in Net Interest Income, 2 bp Increase in NIM
$1.0 MM INCREASE IN NET INT INCOME 2 BP INCREASE IN NIM 210.0 5.00% 205.0 Net Interest Income and Net Interest Margin 4.90% Q3 ‘25 – Q4 ‘25 NIM Walk 200.0 4.80% 195.0 4.70% 190.0 ($ millions) 4.60% 185.0 4.50% 180.0 4.40% 175.0 169.3 170.3 4.30% 170.0 4.20% 165.0 158.8 4.10% 160.0 4.00% 155.0 3.90%
Slide 8: Noninterest Income and Expense
NONINTEREST INCOME AND EXPENSE Noninterest Income Noninterest Expense ($ millions) ($ millions) 125.7 125.1 124.1 57.1 55.6 26.2 65.5% 55.3% 55.1% 29.4 Q4 24 Q3 24 Q4 25 Q4 24 Q3 25 Q4 25 Nonint Expense Efficiency Ratio • Q4 2024 included $26.2 million loss on sale of securities 7
Slide 9: Asset Quality Remains Strong
ASSET QUALITY REMAINS STRONG ($ millions) ($ millions) ▪ QTD NCO Rate - Annualized QTD NCO/Avg Loans and Leases ▪ Includes OREO and 90+ days past due accruing loans ($ millions) ($ millions) ▪ TLL - Total Loans and Leases ▪ 30-89 days past due is comprised of accruing and non-accruing loans 8
Slide 10: Allowance for Credit Loss
ALLOWANCE FOR CREDIT LOSS RESERVE LEVELS CONTINUE TO PROVIDE FOR UNCERTAINTY • The Asset ACL / Total Loans and Leases is at 1.18%, 1 BP increase from Q3. Rollforward of the On-Balance Sheet Allowance for Credit Losses ($ in 000’s) C&I CRE Const Lease Mortgage Home Equity Consumer Total 9/30/2025 19,
Slide 11: 2026 Outlook
2026 OUTLOOK Driver Outlook / Comments Loans Full year loan growth: 3% - 4% Full year NIM: 3.16% - 3.18% • Assumes two, 25 bp rate cuts in May and September • Tailwinds: Fixed asset repricing (loan and securities) Net Interest Margin • ~$385 mm of fixed rate cash flows • Roll off yield ~4% • New ass
Slide 12: Questions
QUESTIONS 11
Slide 13: Appendix
2 AP PE N D IX fA First Hawaiian, Inc. 12
Slide 14: Commercial Real Estate
COMMERCIAL REAL ESTATE (As of 12/31/25) Balances Weighted Property Type % of Balances % Criticized ($ mm) Average LTV Office 749 16.3% 59.7% 5.2% Hotel 446 9.7% 53.8% 6.8% Retail 1,005 21.9% 61.0% 2.0% Multi-family 952 20.7% 55.5% 10.4% Industrial 643 14.0% 58.2% 5.3% Dealer Related 458 10.0% 65.1%
Slide 15: Commercial & Industrial
COMMERCIAL & INDUSTRIAL (As of 12/31/25) Balances Industry % of Balances % Criticized ($ mm) Auto Dealers 749 34.5% 1.1% Retail - 0.0% 0.0% Hospitality/Hotel 81 3.7% 0.0% Food Service 39 1.8% 2.1% Transportation 61 2.8% 0.0% Other 1,241 57.2% 5.8% Total 2,171 100.0% 3.8% Industries deemed to exhibit
Slide 16: Construction
CONSTRUCTION (As of 12/31/25) Balances Weighted Property Type % of Balances % Criticized ($ mm) Average LTV Office 24 3.0% 46.9% 0.0% Hotel 46 5.7% 48.0% 0.0% Retail 7 0.9% 51.0% 0.0% Multi-family 396 49.0% 53.2% 0.0% Industrial 173 21.4% 54.5% 16.1% Dealer Related 73 9.0% 77.7% 0.0% Other 89 11.0%
Slide 17: Summary Income Statement
SUMMARY INCOME STATEMENT Quarter ended ($ in millions except per share data) 12/31/25 9/30/25 12/31/24 Net interest income $ 170.3 $ 169.3 $ 158.8 Provision for credit losses 7.7 4.5 (0.8) Noninterest income 55.6 57.1 29.4 Noninterest expense 125.1 125.7 124.1 Pre-tax income 93.1 96.1 64.7 Tax expen
Slide 18: Selected Balance Sheet Items
SELECTED BALANCE SHEET ITEMS As of ($ in millions except per share data) 12/31/25 9/30/25 12/31/24 Selected Assets Investment securities – AFS $ 2,076.2 $ 1,986.7 $ 1,926.5 Investment securities – HTM 3,533.1 3,594.2 3,790.7 Loans and leases 14,312.5 14,129.4 14,408.3 Total assets 23,955.3 24,098.7
Slide 19: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of ne
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, (dollars in thousands) 2025 2025 2024 2025 2024 Income Statement Data: Net income $ 69,931 $ 73,840 $ 52,496 $ 276,266 $ 230,129 Average total stockholders' equity $ 2,7