The following is a summary of the First Hawaiian, Inc. (FHB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• First Hawaiian reported Q1 net income of $54.3 million or $0.42 per share.

• Net interest income showed a $2.6 million increase compared to the prior quarter, fuelling an expansion in the net interest margin for Q1.

• Non-interest income stood at $51.4 million, down from the prior quarter due to non-recurring income. Non-interest expenses were $128.8 million, inclusive of a special FDIC assessment.

• Loans and leases value slightly decreased to $14.3 Billion as compared to December 31st.

• The bank's capital ratios improved significantly, indicating a stable financial position.

Business Progress:

• Despite a minor decline in visitor arrivals and spending, the local economy in Hawaii performed well, supported by low unemployment, steady tourism, and a healthy construction industry.

• The stable housing market, with increased median sales prices for single-family homes, positively impacted the bank's local lending operations.

• The bank focusses on balance sheet optimization and expects growth in loan demand in the second half of the year.

• Despite certain recognized challenges related to shared national credits, First Hawaiian maintained strong credit performance and healthy credit metrics in Q1.

• The bank's strategic lending decisions have resulted in positive outcomes even amidst weakening gateway cities, reinforcing its confidence in credit quality.

More details: First Hawaiian IR

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