First Hawaiian, Inc. · NASDAQ:FHB
First Hawaiian — Merger or Acquisition (July 2026)
23 slides from First Hawaiian's merger presentation, Jul 13, 2026
Slide 1: Creating The Leading Pacific Banking Franchise
Creating The Leading Pacific Banking Franchise July 13, 2026
Slide 2: Forward-looking Statements
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, amo
Slide 3: Additional Information
Additional Information 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 docu
Slide 4: Creating the Leading Pacific Banking Franchise
Creating the Leading Pacific Banking Franchise $34bn $29bn 1.23% 74% 1.35%+ 18%+ <50% 12.4% Total Total Cost of Loans to 2027E 2027E 2027E CET1 Ratio Assets1 Deposits1 Deposits1 Deposits1 ROAA2 ROATCE2,3 Efficiency2 at Close2 Expands Branch Footprint to the Mainland Creates Diversified Geographic Ex
Slide 5: Accelerating Mainland Growth
Accelerating Mainland Growth Immediate California scale in markets where First Hawaiian has operated for decades • Pro forma company is the 6th largest bank headquartered in the Western U.S.1 by deposits • TriCo has 15% deposit-weighted average market share across its markets2 Premium deposit franch
Slide 6: Overview of TriCo
Overview of TriCo TriCo at a Glance Footprint in Attractive California Markets • Headquartered in Chico, California with a strong presence across Northern and Central California Crescent City Yreka Weed Retail Branches • Broad suite of commercial, consumer and wealth management banking services Redd
Slide 7: TriCo is the Right Partner
TriCo is the Right Partner Capabilities Translate Into Strategic Benefits Partnership Aligns With Key Priorities For Mainland Expansion Attractive Nor-Cal and Durable Funding Advantage Central Valley Presence (1Q26 Cost of Deposits) 56 bps 1.79% Attractive retail banking footprint ✓ #8 ranked bank b
Slide 8: Culturally Aligned on Serving Communities
Culturally Aligned on Serving Communities “Putting YES at the heart of our communities by creating financial well- “Tri Counties Bank exists for only one purpose: Improving the financial success and well- being for every generation.” being of our shareholders, customers, communities and employees.”
Slide 9: Partnership Builds on Decades of Experience
Partnership Builds on Decades of Experience First Hawaiian’s History on the Mainland 1995 1998 Opened Irvine, CA auto Combined with Bank of the West, dealer center linking Hawaii with a West Coast banking platform Today Support Mainland-based clients through broad suite of banking products 1996 2016
Slide 10: Full Product Suite to be Offered on Mainland
Full Product Suite to be Offered on Mainland Delivering a Comprehensive Product Suite on the Mainland Mainland Mainland Mainland Treasury Wealth, Specialty International Digital Merchant Full suite of retail branch commercial agricultural & payments trust & private finance banking & trade SBA bankin
Slide 11: Top Decile Funding Profile to Support Growth
Top Decile Funding Profile to Support Growth Cost of Deposits Over Time Top Decile Pro Forma Deposit Franchise • Top decile pro forma deposit franchise based on cost, supported by ~31% noninterest-bearing composition 2.50% • 74% loan / deposit ratio vs. bank industry1 median of Bank Industry1 88%, p
Slide 12: Transaction Structure & Terms
Transaction Structure & Terms • Consideration mix – 100% common stock Structure & • Fixed exchange ratio – 2.095 shares of FHB common stock to be exchanged for each share of TCBK common stock Consideration • Pro forma ownership1 – ~65% FHB shareholders / ~35% TCBK shareholders • Consideration – $63.
Slide 13: Compelling Value Creation From Partnership
Compelling Value Creation From Partnership Key Assumptions Pro Forma Top Quartile 2027E Profitability vs. Peers (Full Cost Synergies) Shareholder Value Creation ROAA • Earnings based on consensus estimates 1.35%+ 1.32% ~6% • Cost synergies of $61mm (pre-tax), 25% of 1.19% 2027E EPS Accretion (Full C
Slide 14: Robust Capital Generation Potential & Clear Priorities
Robust Capital Generation Potential & Clear Priorities Capital Generation Potential1 Capital Allocation Priorities (Assumes 100% phased in cost savings in 2027E) Support organic growth opportunities 125bps+ CET1 Generated Annually Maintain leading dividend profile $325mm+ Capital Generated Annually
Slide 15: Comprehensive Due Diligence Process
Comprehensive Due Diligence Process Key Focus Areas Thorough Loan File Review Completed • 80%+ coverage on commercial loans with Commercial Retail Banking balances greater than $2.5mm Banking • 100% coverage of criticized & classified loans with balances greater than $500,000 Technology & Credit Ope
Slide 16: Platform Highlighting Growth & Diversification
Platform Highlighting Growth & Diversification Transaction Highlights Geographic diversification with immediate scale in markets First Hawaiian has long operated in Premium deposit franchise preserves funding advantage Culturally aligned franchises with experienced local leadership on the Mainland C
Slide 17: Preliminary First Hawaiian 2Q26 Financial Highlights
Preliminary First Hawaiian 2Q26 Financial Highlights Summary of Results Key Financial Highlights 2Q26 1Q26 Net income increased to $73.4mm, 8% growth QoQ Net Income ($mm) $73.4 $67.8 Diluted EPS $0.60 $0.55 Deposit costs improved 2 bps QoQ to 1.20% Cost of Deposits 1.20% 1.22% Net Interest Margin 3.
Slide 18: Appendix
Appendix Ae First Hawaiian, Inc.
Slide 19: Key Financial Assumptions
Key Financial Assumptions Earnings Estimates • Earnings forecast based on consensus analyst estimates for First Hawaiian and TriCo • $61 million of pre-tax run-rate net expense savings, or 25% of TriCo’s 2026E cash non-interest expense base Synergies – Realized 50% in 2027E and 100% thereafter • Rev
Slide 20: Combined Loan & Deposit Composition
Combined Loan & Deposit Composition Pro Forma 1-4 Consumer & Other Consumer & Other Consumer & Other 1-4 Family 15% 1-4 7% 12% Family C&I 12% Family 23% 28% 9% C&D C&I Loans 4% 15% C&I 19% $14.4bn $7.1bn $21.5bn C&D CRE & CRE & 5% CRE & C&D Multifamily Multifamily Multifamily 5% 33% 69% 45% Yield on
Slide 21: Pro Forma EPS and TBV Reconciliation
Pro Forma EPS and TBV Reconciliation Preliminary EPS Accretion Preliminary TBVPS Dilution Preliminary Intangibles 50% Phased-In 100% Phased-In Basic Cost Synergies Cost Synergies Shares $ Per ($mm, except per share values) 2027E 2027E $ Millions (millions) Share $ Millions FHB net income $296 $296 F
Slide 22: GAAP to non-GAAP Reconciliations
GAAP to non-GAAP Reconciliations Return on average tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated
Slide 23: GAAP to non-GAAP Reconciliations
GAAP to non-GAAP Reconciliations For the Three Months Ended June 30, March 31, (dollars in thousands) 2026 2026 Income S tatement Data: Net income $ 73,375 $ 67,784 Average total stockholders' equity $ 2,796,894 $ 2,788,826 Less: average goodwill 995,492 995,492 Average tangible stockholders' equity