First Hawaiian, Inc. Reports Third Quarter 2025 Financial Results and Declares Dividend

About this update from First Hawaiian, Inc.

HONOLULU, Hawaii , Oct. 24, 2025 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2025 . “I’m pleased to report that the third quarter was another period of market-leading performance for First Hawaiian Bank ,” said Bob Harrison , Chairman, President, and CEO. “These strong results reflect how well our teams and operations work together to deliver outstanding financial performance and the personalized service our customers expect and deserve.” On October 22, 2025 , the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on November 28, 2025 , to stockholders of record at the close of business on November 17, 2025 . Third Quarter 2025 Highlights: Net income of $73.8 million , or $0.59 per diluted share Total loans and leases decreased $222.5 million versus prior quarter Total deposits increased $498.1 million versus prior quarter Net interest margin increased 8 basis points to 3.19% Recorded a $4.5 million provision for credit losses Board of Directors declared a quarterly dividend of $0.26 per share Balance Sheet Total assets were $24.1 billion at September 30, 2025 versus $23.8 billion at June 30, 2025 . Gross loans and leases were $14.1 billion as of September 30, 2025 , a decrease of $222.5 million from $14.4 billion as of June 30, 2025 . Total deposits were $20.7 billion as of September 30, 2025 , an increase of $498.1 million from June 30, 2025 . Net Interest Income Net interest income for the third quarter of 2025 was $169.3 million , an increase of $5.7 million , or 3.5%, compared to $163.6 million for the prior quarter. The net interest margin was 3.19% in the third quarter of 2025, an increase of 8 basis points compared to 3.11% in the prior quarter. Provision Expense During both the quarters ended September 30, 2025 and June 30, 2025 , we recorded a $4.5 million provision for credit losses. Noninterest Income Noninterest income was $57.1 million in the third quarter of 2025, an increase of $3.1 million compared to noninterest income of $54.0 million in the prior quarter. Noninterest Expense Noninterest expense was $125.7 million in the third quarter of 2025, an increase of $0.8 million compared to noninterest expense of $124.9 million in the prior quarter. The efficiency ratio was 55.3% and 57.2% for the quarters ended September 30, 2025 and June 30, 2025 , respectively. Taxes The effective tax rate was 23.2% and 16.9% for the quarters ended September 30, 2025 and June 30, 2025 , respectively. The lower effective tax rate in the quarter ended June 30, 2025 was primarily due to the remeasurement of the California deferred tax assets as of the beginning of the year, reflecting the enactment of a recent change in the California tax code. Asset Quality The allowance for credit losses was $165.3 million , or 1.17% of total loans and leases, as of September 30, 2025 , compared to $167.8 million , or 1.17% of total loans and leases, as of June 30, 2025 . The reserve for unfunded commitments was $36.2 million as of September 30, 2025 and $33.3 million as of June 30, 2025 . Net charge-offs were $4.2 million , or 0.12% of average loans and leases on an annualized basis, for the quarter ended September 30, 2025 , compared to net charge-offs of $3.3 million , or 0.09% of average loans and leases on an annualized basis, for the quarter ended June 30, 2025 . Total non-performing assets were $30.9 million , or 0.22% of total loans and leases and other real estate owned, on September 30, 2025 , compared to total non-performing assets of $28.6 million , or 0.20% of total loans and leases and other real estate owned, on June 30, 2025 . Capital Total stockholders' equity was $2.7 billion on September 30, 2025 and June 30, 2025 . The tier 1 leverage, common equity tier 1 and total capital ratios were 9.16%, 13.24% and 14.49%, respectively, on September 30, 2025 , compared with 9.12%, 13.03% and 14.28%, respectively, on June 30, 2025 . The Company repurchased 964 thousand shares of common stock at a total cost of $24.0 million under the stock repurchase program in the third quarter. The average cost was $24.94 per share repurchased. First Hawaiian, Inc. First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu , Hawaii. Its principal subsidiary, First Hawaiian Bank , founded in 1858 under the name Bishop & Company , is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii , Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc. , visit the Company’s website, www.fhb.com . Conference Call Information First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time , 7:00 a.m. Hawaii Time. To access the call by phone, please register via the following link: https://register-conf.media-server.com/register/BI72bbd4f6b30c462799fbb2d8bde29739 , and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings . The archive of the webcast will be available at the same location. Forward-Looking Statements This press release 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. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 . Use of Non-GAAP Financial Measures 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 believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy. Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures. Investor Relations Contact: Kevin Haseyama , CFA(808) 525-6268 [email protected] Media Contact: Lindsay Chambers (808) 525-6254 [email protected] Financial Highlights Table 1 For the Three Months Ended For the Nine Months Ended September 30 , June 30 , September 30 , September 30 , (dollars in thousands, except per share data) 2025 2025 2024 2025 2024 Operating Results: Net interest income $ 169,331 $ 163,583 $ 156,707 $ 493,440 $ 463,985 Provision for credit losses 4,500 4,500 7,400 19,500 15,500 Noninterest income 57,060 53,958 53,288 161,495 156,427 Noninterest expense 125,744 124,939 126,147 374,243 377,046 Net income 73,840 73,247 61,492 206,335 177,633 Basic earnings per share 0.59 0.58 0.48 1.65 1.39 Diluted earnings per share 0.59 0.58 0.48 1.64 1.38 Dividends declared per share 0.26 0.26 0.26 0.78 0.78 Dividend payout ratio 44.07 % 44.83 % 54.17 % 47.56 % 56.52 % Performance Ratios (1) : Net interest margin 3.19 % 3.11 % 2.95 % 3.13 % 2.93 % Efficiency ratio 55.29 % 57.23 % 59.77 % 56.88 % 60.38 % Return on average total assets 1.22 % 1.23 % 1.02 % 1.15 % 0.99 % Return on average tangible assets (non-GAAP)(2) 1.27 % 1.28 % 1.06 % 1.20 % 1.03 % Return on average total stockholders' equity 10.81 % 11.03 % 9.45 % 10.32 % 9.37 % Return on average tangible stockholders' equity (non-GAAP)(2) 17.08 % 17.61 % 15.35 % 16.45 % 15.43 % Average Balances: Average loans and leases $ 14,209,282 $ 14,288,918 $ 14,304,806 $ 14,269,030 $ 14,325,065 Average earning assets 21,271,827 21,167,588 21,328,882 21,203,245 21,352,739 Average assets 23,993,685 23,859,410 24,046,696 23,914,896 24,064,208 Average deposits 20,411,117 20,280,042 20,367,805 20,348,609 20,415,746 Average stockholders' equity 2,710,273 2,663,850 2,588,806 2,672,284 2,532,911 Market Value Per Share: Closing 24.83 24.96 23.15 24.83 23.15 High 26.72 25.09 26.18 28.28 26.18 Low 23.48 20.32 20.28 20.32 19.48 As of As of As of As of September 30 , June 30 , December 31 , September 30 , (dollars in thousands, except per share data) 2025 2025 2024 2024 Balance Sheet Data: Loans and leases $ 14,129,383 $ 14,351,869 $ 14,408,258 $ 14,241,370 Total assets 24,098,728 23,837,147 23,828,186 23,780,285 Total deposits 20,729,557 20,231,419 20,322,216 20,227,702 Short-term borrowings — 250,000 250,000 250,000 Total stockholders' equity 2,733,921 2,694,545 2,617,486 2,648,034 Per Share of Common Stock: Book value $ 22.10 $ 21.61 $ 20.70 $ 20.71 Tangible book value (non-GAAP)(2) 14.05 13.63 12.83 12.92 Asset Quality Ratios: Non-accrual loans and leases / total loans and leases 0.22 % 0.20 % 0.14 % 0.13 % Allowance for credit losses for loans and leases / total loans and leases 1.17 % 1.17 % 1.11 % 1.15 % Capital Ratios: Common Equity Tier 1 Capital Ratio 13.24 % 13.03 % 12.80 % 13.03 % Tier 1 Capital Ratio 13.24 % 13.03 % 12.80 % 13.03 % Total Capital Ratio 14.49 % 14.28 % 13.99 % 14.25 % Tier 1 Leverage Ratio 9.16 % 9.12 % 9.14 % 9.14 % Total stockholders' equity to total assets 11.34 % 11.30 % 10.98 % 11.14 % Tangible stockholders' equity to tangible assets (non-GAAP)(2) 7.52 % 7.44 % 7.10 % 7.25 % Non-Financial Data: Number of branches 49 48 48 48 Number of ATMs 275 274 273 273 Number of Full-Time Equivalent Employees 2,001 2,006 1,997 2,022 (1) Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2025 and 2024 and three months ended June 30, 2025 . (2) 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 net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation. Consolidated Statements of Income Table 2 For the Three Months Ended For the Nine Months Ended September 30 , June 30 , September 30 , September 30 , (dollars in thousands, except per share amounts) 2025 2025 2024 2025 2024 Interest income Loans and lease financing $ 196,441 $ 193,393 $ 205,682 $ 581,936 $ 607,594 Available-for-sale investment securities 13,470 12,469 12,850 39,089 41,539 Held-to-maturity investment securities 15,920 16,299 16,937 48,866 52,305 Other 16,744 14,578 14,527 44,573 38,444 Total interest income 242,575 236,739 249,996 714,464 739,882 Interest expense Deposits 70,851 70,289 87,500 212,849 257,252 Short-term borrowings 2,195 2,627 5,397 7,421 17,303 Other 198 240 392 754 1,342 Total interest expense 73,244 73,156 93,289 221,024 275,897 Net interest income 169,331 163,583 156,707 493,440 463,985 Provision for credit losses 4,500 4,500 7,400 19,500 15,500 Net interest income after provision for credit losses 164,831 159,083 149,307 473,940 448,485 Noninterest income Service charges on deposit accounts 8,096 7,830 7,783 23,461 23,122 Credit and debit card fees 15,850 15,913 17,533 46,237 49,567 Other service charges and fees 13,807 13,350 11,790 39,324 32,730 Trust and investment services income 9,212 9,154 9,077 27,736 28,857 Bank-owned life insurance 6,314 4,724 4,502 15,409 12,148 Investment securities gains, net — — — 37 — Other 3,781 2,987 2,603 9,291 10,003 Total noninterest income 57,060 53,958 53,288 161,495 156,427 Noninterest expense Salaries and employee benefits 61,533 59,501 59,563 181,138 176,562 Contracted services and professional fees 15,785 15,997 14,634 46,621 46,440 Occupancy 7,098 7,934 6,945 23,132 21,263 Equipment 13,834 14,037 13,078 41,742 39,687 Regulatory assessment and fees 3,294 3,759 3,412 10,876 15,346 Advertising and marketing 2,033 2,035 1,813 6,247 6,190 Card rewards program 8,694 8,406 8,678 25,019 25,905 Other 13,473 13,270 18,024 39,468 45,653 Total noninterest expense 125,744 124,939 126,147 374,243 377,046 Income before provision for income taxes 96,147 88,102 76,448 261,192 227,866 Provision for income taxes 22,307 14,855 14,956 54,857 50,233 Net income $ 73,840 $ 73,247 $ 61,492 $ 206,335 $ 177,633 Basic earnings per share $ 0.59 $ 0.58 $ 0.48 $ 1.65 $ 1.39 Diluted earnings per share $ 0.59 $ 0.58 $ 0.48 $ 1.64 $ 1.38 Basic weighted-average outstanding shares 124,267,090 125,321,837 127,886,167 125,282,792 127,820,737 Diluted weighted-average outstanding shares 124,970,898 125,833,064 128,504,035 125,977,271 128,362,433 Consolidated Balance Sheets Table 3 September 30 , June 30 , December 31 , September 30 , (dollars in thousands, except share amount) 2025 2025 2024 2024 Assets Cash and due from banks $ 249,563 $ 304,624 $ 258,057 $ 252,209 Interest-bearing deposits in other banks 1,606,080 1,094,411 912,133 820,603 Investment securities: Available-for-sale, at fair value (amortized cost: $2,178,092 as of September 30, 2025 , $2,097,906 as of June 30, 2025 , $2,190,448 as of December 31, 2024 and $2,290,781 as of September 30, 2024 ) 1,986,717 1,891,654 1,926,516 2,055,959 Held-to-maturity, at amortized cost (fair value: $3,209,883 as of September 30, 2025 , $3,230,698 as of June 30, 2025 , $3,262,509 as of December 31, 2024 and $3,475,143 as of September 30, 2024 ) 3,594,188 3,658,814 3,790,650 3,853,697 Loans held for sale 468 — — — Loans and leases 14,129,383 14,351,869 14,408,258 14,241,370 Less: allowance for credit losses 165,269 167,825 160,393 163,700 Net loans and leases 13,964,114 14,184,044 14,247,865 14,077,670 Premises and equipment, net 302,983 299,149 288,530 287,036 Accrued interest receivable 77,878 77,943 79,979 81,875 Bank-owned life insurance 507,950 502,419 491,890 490,135 Goodwill 995,492 995,492 995,492 995,492 Mortgage servicing rights 4,728 4,828 5,078 5,236 Other assets 808,567 823,769 831,996 860,373 Total assets $ 24,098,728 $ 23,837,147 $ 23,828,186 $ 23,780,285 Liabilities and Stockholders' Equity Deposits: Interest-bearing $ 13,947,385 $ 13,386,987 $ 13,347,068 $ 13,427,674 Noninterest-bearing 6,782,172 6,844,432 6,975,148 6,800,028 Total deposits 20,729,557 20,231,419 20,322,216 20,227,702 Short-term borrowings — 250,000 250,000 250,000 Retirement benefits payable 94,504 95,357 97,135 100,448 Other liabilities 540,746 565,826 541,349 554,101 Total liabilities 21,364,807 21,142,602 21,210,700 21,132,251 Stockholders' equity Common stock ( $0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,173,027 / 123,719,585 shares as of September 30, 2025 , issued/outstanding: 142,173,027 / 124,683,544 shares as of June 30, 2025 , issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024 ) 1,422 1,422 1,417 1,417 Additional paid-in capital 2,572,156 2,567,936 2,560,380 2,558,158 Retained earnings 1,041,573 1,000,997 934,048 915,062 Accumulated other comprehensive loss, net (388,149 ) (407,008 ) (463,994 ) (452,658 ) Treasury stock (18,453,442 shares as of September 30, 2025 , 17,489,483 shares as of June 30, 2025 , 15,325,949 shares as of December 31, 2024 and 13,849,434 shares as of September 30, 2024 ) (493,081 ) (468,802 ) (414,365 ) (373,945 ) Total stockholders' equity 2,733,921 2,694,545 2,617,486 2,648,034 Total liabilities and stockholders' equity $ 24,098,728 $ 23,837,147 $ 23,828,186 $ 23,780,285 Average Balances and Interest Rates Table 4 Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ (dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense Rate Earning Assets Interest-Bearing Deposits in Other Banks $ 1,471.0 $ 16.3 4.40 % $ 1,276.8 $ 14.1 4.45 % $ 1,020.4 $ 13.9 5.40 % Available-for-Sale Investment Securities Taxable 1,921.2 13.5 2.80 1,869.3 12.5 2.67 2,062.6 12.8 2.48 Non-Taxable 1.2 — 5.07 1.3 — 5.27 1.5 — 5.06 Held-to-Maturity Investment Securities Taxable 3,036.1 12.8 1.68 3,099.9 13.2 1.70 3,288.2 13.8 1.67 Non-Taxable 595.5 3.6 2.39 596.5 3.3 2.21 602.3 3.7 2.46 Total Investment Securities 5,554.0 29.9 2.15 5,567.0 29.0 2.08 5,954.6 30.3 2.03 Loans Held for Sale 0.9 — 5.71 0.3 — 6.86 2.2 — 5.64 Loans and Leases(1) Commercial and industrial 2,144.0 33.6 6.22 2,291.5 35.2 6.16 2,165.3 38.0 6.98 Commercial real estate 4,481.5 69.9 6.18 4,392.5 66.9 6.11 4,278.3 71.6 6.67 Construction 891.9 15.2 6.78 900.4 14.9 6.66 1,040.7 20.3 7.74 Residential: Residential mortgage 4,077.1 40.4 3.96 4,104.1 40.2 3.92 4,204.5 40.4 3.84 Home equity line 1,167.0 14.0 4.76 1,154.4 13.4 4.64 1,158.5 13.2 4.52 Consumer 1,018.4 19.6 7.63 1,013.9 19.2 7.58 1,035.3 18.7 7.19 Lease financing 429.4 4.3 3.98 432.1 4.2 3.90 422.2 4.0 3.72 Total Loans and Leases 14,209.3 197.0 5.51 14,288.9 194.0 5.44 14,304.8 206.2 5.74 Other Earning Assets 36.6 0.4 4.72 34.6 0.4 4.94 46.9 0.7 5.83 Total Earning Assets(2) 21,271.8 243.6 4.55 21,167.6 237.5 4.50 21,328.9 251.1 4.69 Cash and Due from Banks 243.3 222.3 242.3 Other Assets 2,478.6 2,469.5 2,475.5 Total Assets $ 23,993.7 $ 23,859.4 $ 24,046.7 Interest-Bearing Liabilities Interest-Bearing Deposits Savings $ 6,331.6 $ 21.9 1.37 % $ 6,247.5 $ 21.0 1.35 % $ 5,963.1 $ 23.6 1.57 % Money Market 3,837.6 23.4 2.42 3,822.1 22.8 2.39 4,179.5 31.9 3.04 Time 3,353.9 25.5 3.02 3,389.4 26.5 3.14 3,327.3 32.0 3.83 Total Interest-Bearing Deposits 13,523.1 70.8 2.08 13,459.0 70.3 2.09 13,469.9 87.5 2.58 Other Short-Term Borrowings 206.5 2.2 4.22 250.0 2.6 4.22 451.1 5.4 4.76 Other Interest-Bearing Liabilities 14.4 0.2 5.46 20.8 0.2 4.62 22.4 0.4 6.97 Total Interest-Bearing Liabilities 13,744.0 73.2 2.11 13,729.8 73.1 2.14 13,943.4 93.3 2.66 Net Interest Income $ 170.4 $ 164.4 $ 157.8 Interest Rate Spread(3) 2.44 % 2.36 % 2.03 % Net Interest Margin(4) 3.19 % 3.11 % 2.95 % Noninterest-Bearing Demand Deposits 6,888.0 6,821.0 6,897.9 Other Liabilities 651.4 644.7 616.6 Stockholders' Equity 2,710.3 2,663.9 2,588.8 Total Liabilities and Stockholders' Equity $ 23,993.7 $ 23,859.4 $ 24,046.7 (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis. (2) Interest income includes taxable-equivalent basis adjustments of $1.0 million , $0.8 million and $1.1 million for the three months ended September 30, 2025 , June 30, 2025 and September 30, 2024 , respectively. (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis. (4) Net interest margin is net interest income annualized for the three months ended September 30, 2025 , June 30, 2025 and September 30, 2024 , on a fully taxable-equivalent basis, divided by average total earning assets. Average Balances and Interest Rates Table 5 Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Average Income/ Yield/ Average Income/ Yield/ (dollars in millions) Balance Expense Rate Balance Expense Rate Earning Assets Interest-Bearing Deposits in Other Banks $ 1,307.4 $ 43.3 4.43 % $ 884.6 $ 35.9 5.43 % Available-for-Sale Investment Securities Taxable 1,894.1 39.0 2.75 2,124.4 41.5 2.61 Non-Taxable 1.3 0.1 5.31 1.6 0.1 5.49 Held-to-Maturity Investment Securities Taxable 3,099.5 39.6 1.70 3,354.0 42.7 1.70 Non-Taxable 597.0 10.5 2.37 602.9 11.7 2.58 Total Investment Securities 5,591.9 89.2 2.13 6,082.9 96.0 2.10 Loans Held for Sale 0.5 — 6.03 1.3 0.1 6.11 Loans and Leases(1) Commercial and industrial 2,210.6 102.5 6.20 2,177.2 113.3 6.95 Commercial real estate 4,431.6 203.2 6.13 4,302.4 213.4 6.62 Construction 909.6 45.6 6.71 983.6 56.2 7.63 Residential: Residential mortgage 4,110.2 121.5 3.94 4,232.6 122.5 3.86 Home equity line 1,157.2 40.4 4.67 1,164.9 37.8 4.34 Consumer 1,017.2 57.7 7.58 1,057.6 54.4 6.87 Lease financing 432.6 12.8 3.96 406.8 11.9 3.90 Total Loans and Leases 14,269.0 583.7 5.47 14,325.1 609.5 5.68 Other Earning Assets 34.4 1.3 5.03 58.8 2.5 5.69 Total Earning Assets(2) 21,203.2 717.5 4.52 21,352.7 744.0 4.65 Cash and Due from Banks 233.9 242.4 Other Assets 2,477.8 2,469.1 Total Assets $ 23,914.9 $ 24,064.2 Interest-Bearing Liabilities Interest-Bearing Deposits Savings $ 6,270.9 $ 64.1 1.37 % $ 6,007.6 $ 70.5 1.57 % Money Market 3,860.3 69.2 2.40 4,067.5 91.3 3.00 Time 3,353.6 79.5 3.17 3,312.3 95.5 3.85 Total Interest-Bearing Deposits 13,484.8 212.8 2.11 13,387.4 257.3 2.57 Other Short-Term Borrowings 235.3 7.4 4.22 483.6 17.3 4.78 Other Interest-Bearing Liabilities 20.9 0.8 4.84 31.1 1.3 5.75 Total Interest-Bearing Liabilities 13,741.0 221.0 2.15 13,902.1 275.9 2.65 Net Interest Income $ 496.5 $ 468.1 Interest Rate Spread(3) 2.37 % 2.00 % Net Interest Margin(4) 3.13 % 2.93 % Noninterest-Bearing Demand Deposits 6,863.8 7,028.4 Other Liabilities 637.8 600.8 Stockholders' Equity 2,672.3 2,532.9 Total Liabilities and Stockholders' Equity $ 23,914.9 $ 24,064.2 (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis. (2) Interest income includes taxable-equivalent basis adjustments of $3.1 million and $4.1 million for the nine months ended September 30, 2025 and 2024, respectively. (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis. (4) Net interest margin is net interest income annualized for the nine months ended September 30, 2025 and 2024, on a fully taxable-equivalent basis, divided by average total earning assets. Analysis of Change in Net Interest Income Table 6 Three Months Ended September 30, 2025 Compared to June 30, 2025 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 2.3 $ (0.1 ) $ 2.2 Available-for-Sale Investment Securities Taxable 0.4 0.6 1.0 Held-to-Maturity Investment Securities Taxable (0.3 ) (0.1 ) (0.4 ) Non-Taxable — 0.3 0.3 Total Investment Securities 0.1 0.8 0.9 Loans and Leases Commercial and industrial (2.0 ) 0.4 (1.6 ) Commercial real estate 1.9 1.1 3.0 Construction (0.1 ) 0.4 0.3 Residential: Residential mortgage (0.2 ) 0.4 0.2 Home equity line 0.2 0.4 0.6 Consumer 0.2 0.2 0.4 Lease financing — 0.1 0.1 Total Loans and Leases — 3.0 3.0 Total Change in Interest Income 2.4 3.7 6.1 Change in Interest Expense: Interest-Bearing Deposits Savings 0.4 0.5 0.9 Money Market 0.1 0.5 0.6 Time (0.2 ) (0.8 ) (1.0 ) Total Interest-Bearing Deposits 0.3 0.2 0.5 Other Short-Term Borrowings (0.4 ) — (0.4 ) Total Change in Interest Expense (0.1 ) 0.2 0.1 Change in Net Interest Income $ 2.5 $ 3.5 $ 6.0 (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Analysis of Change in Net Interest Income Table 7 Three Months Ended September 30, 2025 Compared to September 30, 2024 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 5.3 $ (2.9 ) $ 2.4 Available-for-Sale Investment Securities Taxable (0.9 ) 1.6 0.7 Held-to-Maturity Investment Securities Taxable (1.1 ) 0.1 (1.0 ) Non-Taxable — (0.1 ) (0.1 ) Total Investment Securities (2.0 ) 1.6 (0.4 ) Loans and Leases Commercial and industrial (0.4 ) (4.0 ) (4.4 ) Commercial real estate 3.5 (5.2 ) (1.7 ) Construction (2.7 ) (2.4 ) (5.1 ) Residential: Residential mortgage (1.2 ) 1.2 — Home equity line 0.1 0.7 0.8 Consumer (0.3 ) 1.2 0.9 Lease financing — 0.3 0.3 Total Loans and Leases (1.0 ) (8.2 ) (9.2 ) Other Earning Assets (0.2 ) (0.1 ) (0.3 ) Total Change in Interest Income 2.1 (9.6 ) (7.5 ) Change in Interest Expense: Interest-Bearing Deposits Savings 1.4 (3.1 ) (1.7 ) Money Market (2.4 ) (6.1 ) (8.5 ) Time 0.2 (6.7 ) (6.5 ) Total Interest-Bearing Deposits (0.8 ) (15.9 ) (16.7 ) Other Short-Term Borrowings (2.6 ) (0.6 ) (3.2 ) Other Interest-Bearing Liabilities (0.1 ) (0.1 ) (0.2 ) Total Change in Interest Expense (3.5 ) (16.6 ) (20.1 ) Change in Net Interest Income $ 5.6 $ 7.0 $ 12.6 (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Analysis of Change in Net Interest Income Table 8 Nine Months Ended September 30, 2025 Compared to September 30, 2024 (dollars in millions) Volume Rate Total (1) Change in Interest Income: Interest-Bearing Deposits in Other Banks $ 14.9 $ (7.5 ) $ 7.4 Available-for-Sale Investment Securities Taxable (4.7 ) 2.2 (2.5 ) Held-to-Maturity Investment Securities Taxable (3.1 ) — (3.1 ) Non-Taxable (0.2 ) (1.0 ) (1.2 ) Total Investment Securities (8.0 ) 1.2 (6.8 ) Loans Held for Sale (0.1 ) — (0.1 ) Loans and Leases Commercial and industrial 1.7 (12.5 ) (10.8 ) Commercial real estate 6.2 (16.4 ) (10.2 ) Construction (4.1 ) (6.5 ) (10.6 ) Residential: Residential mortgage (3.5 ) 2.5 (1.0 ) Home equity line (0.3 ) 2.9 2.6 Consumer (2.1 ) 5.4 3.3 Lease financing 0.7 0.2 0.9 Total Loans and Leases (1.4 ) (24.4 ) (25.8 ) Other Earning Assets (0.9 ) (0.3 ) (1.2 ) Total Change in Interest Income 4.5 (31.0 ) (26.5 ) Change in Interest Expense: Interest-Bearing Deposits Savings 2.9 (9.3 ) (6.4 ) Money Market (4.5 ) (17.6 ) (22.1 ) Time 1.2 (17.2 ) (16.0 ) Total Interest-Bearing Deposits (0.4 ) (44.1 ) (44.5 ) Other Short-Term Borrowings (8.0 ) (1.9 ) (9.9 ) Other Interest-Bearing Liabilities (0.4 ) (0.1 ) (0.5 ) Total Change in Interest Expense (8.8 ) (46.1 ) (54.9 ) Change in Net Interest Income $ 13.3 $ 15.1 $ 28.4 (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. Loans and Leases Table 9 September 30 , June 30 , December 31 , September 30 , (dollars in thousands) 2025 2025 2024 2024 Commercial and industrial $ 2,027,504 $ 2,370,210 $ 2,247,428 $ 2,110,077 Commercial real estate 4,513,706 4,411,585 4,463,992 4,265,289 Construction 881,462 884,306 918,326 1,056,249 Residential: Residential mortgage 4,077,946 4,085,827 4,168,154 4,187,060 Home equity line 1,170,822 1,161,876 1,151,739 1,159,823 Total residential 5,248,768 5,247,703 5,319,893 5,346,883 Consumer 1,013,663 1,011,125 1,023,969 1,030,044 Lease financing 444,280 426,940 434,650 432,828 Total loans and leases $ 14,129,383 $ 14,351,869 $ 14,408,258 $ 14,241,370 Deposits Table 10 September 30 , June 30 , December 31 , September 30 , (dollars in thousands) 2025 2025 2024 2024 Demand $ 6,782,172 $ 6,844,432 $ 6,975,148 $ 6,800,028 Savings 6,691,136 6,219,801 6,021,364 5,896,029 Money Market 3,874,614 3,777,681 4,027,334 4,129,381 Time 3,381,635 3,389,505 3,298,370 3,402,264 Total Deposits $ 20,729,557 $ 20,231,419 $ 20,322,216 $ 20,227,702 Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11 September 30 , June 30 , December 31 , September 30 , (dollars in thousands) 2025 2025 2024 2024 Non-Performing Assets Non-Accrual Loans and Leases Commercial Loans: Commercial and industrial $ 1,084 $ 1,184 $ 329 $ 934 Commercial real estate 3,089 3,185 411 152 Construction 904 904 — — Lease financing 169 — — — Total Commercial Loans 5,246 5,273 740 1,086 Residential Loans: Residential mortgage 16,702 15,032 12,768 9,103 Home equity line 8,385 8,286 7,171 7,645 Total Residential Loans 25,087 23,318 19,939 16,748 Consumer 600 — — — Total Non-Accrual Loans and Leases 30,933 28,591 20,679 17,834 Total Non-Performing Assets $ 30,933 $ 28,591 $ 20,679 $ 17,834 Accruing Loans and Leases Past Due 90 Days or More Commercial Loans: Commercial and industrial $ 633 $ 942 $ 1,432 $ 529 Commercial real estate — — — 568 Construction 2,063 — 536 — Total Commercial Loans 2,696 942 1,968 1,097 Residential mortgage 627 309 1,317 931 Consumer 2,566 3,187 2,734 2,515 Total Accruing Loans and Leases Past Due 90 Days or More $ 5,889 $ 4,438 $ 6,019 $ 4,543 Total Loans and Leases $ 14,129,383 $ 14,351,869 $ 14,408,258 $ 14,241,370 Allowance for Credit Losses and Reserve for Unfunded Commitments Table 12 For the Three Months Ended For the Nine Months Ended September 30 , June 30 , September 30 , September 30 , September 30 , (dollars in thousands) 2025 2025 2024 2025 2024 Balance at Beginning of Period $ 201,172 $ 199,959 $ 193,930 $ 193,240 $ 192,138 Loans and Leases Charged-Off Commercial Loans: Commercial and industrial (1,106 ) (688 ) (1,178 ) (3,253 ) (2,764 ) Commercial real estate — — (400 ) — (400 ) Lease financing (580 ) (82 ) — (662 ) — Total Commercial Loans (1,686 ) (770 ) (1,578 ) (3,915 ) (3,164 ) Home equity line — (16 ) — (30 ) — Consumer (4,719 ) (4,543 ) (4,192 ) (14,287 ) (13,228 ) Total Loans and Leases Charged-Off (6,405 ) (5,329 ) (5,770 ) (18,232 ) (16,392 ) Recoveries on Loans and Leases Previously Charged-Off Commercial Loans: Commercial and industrial 410 196 160 1,009 621 Commercial real estate — — — 251 — Total Commercial Loans 410 196 160 1,260 621 Residential Loans: Residential mortgage 14 109 31 143 89 Home equity line 26 32 86 122 242 Total Residential Loans 40 141 117 265 331 Consumer 1,749 1,705 1,560 5,433 5,199 Total Recoveries on Loans and Leases Previously Charged-Off 2,199 2,042 1,837 6,958 6,151 Net Loans and Leases Charged-Off (4,206 ) (3,287 ) (3,933 ) (11,274 ) (10,241 ) Provision for Credit Losses 4,500 4,500 7,400 19,500 15,500 Balance at End of Period $ 201,466 $ 201,172 $ 197,397 $ 201,466 $ 197,397 Components: Allowance for Credit Losses $ 165,269 $ 167,825 $ 163,700 $ 165,269 $ 163,700 Reserve for Unfunded Commitments 36,197 33,347 33,697 36,197 33,697 Total Allowance for Credit Losses and Reserve for Unfunded Commitments $ 201,466 $ 201,172 $ 197,397 $ 201,466 $ 197,397 Average Loans and Leases Outstanding $ 14,209,282 $ 14,288,918 $ 14,304,806 $ 14,269,030 $ 14,325,065 Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1) 0.12 % 0.09 % 0.11 % 0.11 % 0.10 % Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding 1.17 % 1.17 % 1.15 % 1.17 % 1.15 % Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases 5.34x 5.87x 9.18x 5.34x 9.18x (1) Annualized for the three and nine months ended September 30, 2025 and 2024 and three months ended June 30, 2025 . Loans and Leases by Year of Origination and Credit Quality Indicator Table 13 Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in thousands) 2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 164,270 $ 126,437 $ 58,184 $ 113,813 $ 154,746 $ 235,902 $ 986,942 $ 13,454 $ 1,853,748 Special Mention 369 873 1,975 1,552 460 951 4,901 — 11,081 Substandard 522 — 553 10,315 29 21,031 46,247 — 78,697 Other(1) 14,325 10,217 5,859 4,180 1,493 1,370 46,534 — 83,978 Total Commercial and Industrial 179,486 137,527 66,571 129,860 156,728 259,254 1,084,624 13,454 2,027,504 Current period gross charge-offs 1 60 224 528 356 2,054 30 — 3,253 Commercial Real Estate Risk rating: Pass 487,374 289,898 374,448 768,901 680,910 1,622,149 77,525 7,513 4,308,718 Special Mention — 3,336 1,675 45,579 41,394 20,943 11,007 — 123,934 Substandard — 5,581 535 57,334 999 15,776 704 — 80,929 Other(1) — — — — — 125 — — 125 Total Commercial Real Estate 487,374 298,815 376,658 871,814 723,303 1,658,993 89,236 7,513 4,513,706 Current period gross charge-offs — — — — — — — — — Construction Risk rating: Pass 40,387 174,819 211,886 234,984 88,827 47,257 23,417 — 821,577 Special Mention — — — 27,965 — 130 — — 28,095 Substandard — — — — — 904 — — 904 Other(1) 4,934 12,062 5,738 4,712 948 1,801 691 — 30,886 Total Construction 45,321 186,881 217,624 267,661 89,775 50,092 24,108 — 881,462 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 106,920 83,244 94,376 47,063 11,403 95,610 — — 438,616 Special Mention — — 191 — 143 — — — 334 Substandard — 4,643 448 239 — — — — 5,330 Total Lease Financing 106,920 87,887 95,015 47,302 11,546 95,610 — — 444,280 Current period gross charge-offs — 662 — — — — — — 662 Total Commercial Lending $ 819,101 $ 711,110 $ 755,868 $ 1,316,637 $ 981,352 $ 2,063,949 $ 1,197,968 $ 20,967 $ 7,866,952 Current period gross charge-offs $ 1 $ 722 $ 224 $ 528 $ 356 $ 2,054 $ 30 $ — $ 3,915 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 118,602 $ 153,379 $ 183,019 $ 464,813 $ 890,038 $ 1,508,771 $ — $ — $ 3,318,622 680 - 739 14,318 17,797 23,479 59,890 110,055 185,858 — — 411,397 620 - 679 3,292 4,078 4,988 23,155 17,763 45,190 — — 98,466 550 - 619 — 289 443 3,898 7,554 17,861 — — 30,045 Less than 550 — 156 1,151 3,606 4,591 8,836 — — 18,340 No Score(3) 6,473 5,108 5,734 16,590 9,678 45,548 — — 89,131 Other(2) 17,616 7,820 11,721 15,836 13,834 33,405 11,713 — 111,945 Total Residential Mortgage 160,301 188,627 230,535 587,788 1,053,513 1,845,469 11,713 — 4,077,946 Current period gross charge-offs — — — — — — — — — Home Equity Line FICO: 740 and greater — — — — — — 932,699 1,276 933,975 680 - 739 — — — — — — 173,826 1,405 175,231 620 - 679 — — — — — — 36,242 643 36,885 550 - 619 — — — — — — 14,408 538 14,946 Less than 550 — — — — — — 8,653 391 9,044 No Score(3) — — — — — — 741 — 741 Total Home Equity Line — — — — — — 1,166,569 4,253 1,170,822 Current period gross charge-offs — — — — — — 30 — 30 Total Residential Lending $ 160,301 $ 188,627 $ 230,535 $ 587,788 $ 1,053,513 $ 1,845,469 $ 1,178,282 $ 4,253 $ 5,248,768 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 30 $ — $ 30 Consumer Lending FICO: 740 and greater 84,749 70,671 47,226 57,234 25,525 6,915 97,360 110 389,790 680 - 739 65,723 53,325 32,726 28,693 12,675 4,404 84,865 509 282,920 620 - 679 33,601 22,847 12,376 13,283 6,706 3,470 49,756 874 142,913 550 - 619 6,331 9,720 6,752 8,322 4,309 2,776 16,575 798 55,583 Less than 550 1,409 4,204 3,925 4,272 2,226 1,571 5,203 574 23,384 No Score(3) 842 13 47 12 — 23 37,625 170 38,732 Other(2) 3,552 — 600 — 565 1,020 74,604 — 80,341 Total Consumer Lending $ 196,207 $ 160,780 $ 103,652 $ 111,816 $ 52,006 $ 20,179 $ 365,988 $ 3,035 $ 1,013,663 Current period gross charge-offs $ 389 $ 1,922 $ 1,392 $ 1,272 $ 674 $ 1,804 $ 6,223 $ 611 $ 14,287 Total Loans and Leases $ 1,175,609 $ 1,060,517 $ 1,090,055 $ 2,016,241 $ 2,086,871 $ 3,929,597 $ 2,742,238 $ 28,255 $ 14,129,383 Current period gross charge-offs $ 390 $ 2,644 $ 1,616 $ 1,800 $ 1,030 $ 3,858 $ 6,283 $ 611 $ 18,232 (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of September 30, 2025 , the majority of the loans in this population were current. (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of September 30, 2025 , the majority of the loans in this population were current. (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance. GAAP to Non-GAAP Reconciliation Table 14 For the Three Months Ended For the Nine Months Ended September 30 , June 30 , September 30 , September 30 , (dollars in thousands) 2025 2025 2024 2025 2024 Income Statement Data: Net income $ 73,840 $ 73,247 $ 61,492 $ 206,335 $ 177,633 Average total stockholders' equity $ 2,710,273 $ 2,663,850 $ 2,588,806 $ 2,672,284 $ 2,532,911 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible stockholders' equity $ 1,714,781 $ 1,668,358 $ 1,593,314 $ 1,676,792 $ 1,537,419 Average total assets $ 23,993,685 $ 23,859,410 $ 24,046,696 $ 23,914,896 $ 24,064,208 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible assets $ 22,998,193 $ 22,863,918 $ 23,051,204 $ 22,919,404 $ 23,068,716 Return on average total stockholders' equity(1) 10.81 % 11.03 % 9.45 % 10.32 % 9.37 % Return on average tangible stockholders' equity (non-GAAP)(1) 17.08 % 17.61 % 15.35 % 16.45 % 15.43 % Return on average total assets(1) 1.22 % 1.23 % 1.02 % 1.15 % 0.99 % Return on average tangible assets (non-GAAP)(1) 1.27 % 1.28 % 1.06 % 1.20 % 1.03 % As of As of As of As of September 30 , June 30 , December 31 , September 30 , (dollars in thousands, except per share amounts) 2025 2025 2024 2024 Balance Sheet Data: Total stockholders' equity $ 2,733,921 $ 2,694,545 $ 2,617,486 $ 2,648,034 Less: goodwill 995,492 995,492 995,492 995,492 Tangible stockholders' equity $ 1,738,429 $ 1,699,053 $ 1,621,994 $ 1,652,542 Total assets $ 24,098,728 $ 23,837,147 $ 23,828,186 $ 23,780,285 Less: goodwill 995,492 995,492 995,492 995,492 Tangible assets $ 23,103,236 $ 22,841,655 $ 22,832,694 $ 22,784,793 Shares outstanding 123,719,585 124,683,544 126,422,898 127,886,167 Total stockholders' equity to total assets 11.34 % 11.30 % 10.98 % 11.14 % Tangible stockholders' equity to tangible assets (non-GAAP) 7.52 % 7.44 % 7.10 % 7.25 % Book value per share $ 22.10 $ 21.61 $ 20.70 $ 20.71 Tangible book value per share (non-GAAP) $ 14.05 $ 13.63 $ 12.83 $ 12.92 (1) Annualized for the three and nine months ended September 30, 2025 and 2024 and three months ended June 30, 2025 . Source: First Hawaiian, Inc.

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