| Over a week ago | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Kelly Motta downgraded First Hawaiian to Market Perform from Outperform with an unchanged price target of $34. The analyst is less optimistic about the company's ability to exceed the mid to high-single digit target that management reiterated post quarter. Further, First Hawaiian has worked down its excess cash balances, playing out that catalyst, Motta tells investors in a research note. | ||||
Total assets were $25.0… Total assets were $25.0 billion as of March 31, 2022, unchanged from December 31, 2021. Net interest income for the first quarter of 2022 was $133.9 million, a decrease of $3.5 million, or 2.5%, compared to $137.3 million for the prior quarter. The net interest margin was 2.42% in the first quarter of 2022, an increase of 4 basis points compared to 2.38% in the fourth quarter of 2021. The tier 1 leverage, common equity tier 1 and total capital ratios were 7.50%, 12.27% and 13.48%, respectively, at March 31, 2022, compared with 7.24%, 12.24% and 13.49%, respectively, at December 31, 2021. "I'm pleased to report that we started 2022 with a strong quarter," said Bob Harrison, Chairman, President and CEO. "We had good earnings and continued consumer and commercial deposit growth, and credit quality remained excellent." | ||||
| Over a quarter ago | ||||
Compass Point analyst… Compass Point analyst Laurie Havener Hunsicker downgraded First Hawaiian to Neutral from Buy with a $29 price target. | ||||
On January 19, 2022 the… On January 19, 2022 the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on March 4, 2022 to stockholders of record at the close of business on February 18, 2022. Additionally, the Company's Board of Directors adopted a stock repurchase program for up to $75 million of its outstanding common stock during 2022. | ||||
Total assets were $25B as… Total assets were $25B as of December 31, 2021, compared to $25.5B as of September 30, 2021. The tier 1 leverage, common equity tier 1 and total capital ratios were 7.24%, 12.24% and 13.49%, respectively, at December 31, 2021, compared with 7.39%, 12.63% and 13.88%, respectively, at September 30, 2021. Reports book value per share $20.84. "We are pleased to report that we closed 2021 with a solid fourth quarter," said Bob Harrison, Chairman, President and CEO. "We saw strong loan growth, continued to grow consumer and commercial deposits while reducing excess liquidity, and credit quality remained excellent." | ||||
NMI Holdings (NMIH)… NMI Holdings (NMIH) announced that it has appointed Ravi Mallela as Executive Vice President, EVP, and Chief Financial Officer, CFO, effective January 10, 2022. He succeeds Adam Pollitzer who, as previously announced, will assume responsibility as President and Chief Executive Officer on January 1, 2022. Mallela previously served as Executive Vice President, Chief Financial Officer and Treasurer of First Hawaiian (FHB). | |
First Hawaiian, the… First Hawaiian, the parent company of First Hawaiian Bank, announced that Ravi Mallela, Executive Vice President and Chief Financial Officer of First Hawaiian and First Hawaiian Bank, has resigned for personal reasons, effective at the close of business on January 7, 2022. Effective January 8th, Ralph Mesick, Vice Chairman and Chief Risk Officer, will serve as interim CFO as the company conducts a search for a permanent replacement. | |
Total assets were $25.5B… Total assets were $25.5B as of September 30, 2021, compared to $24.2B as of June 30, 2021. Net interest income for the third quarter of 2021 was $132.6M, an increase of $1.1M, or 0.8%, compared to $131.5M for the prior quarter. The net interest margin was 2.36% in the third quarter of 2021, a decrease of 10 basis points compared to 2.46% in the second quarter of 2021. The tier 1 leverage, common equity tier 1 and total capital ratios were 7.39%, 12.63% and 13.88%, respectively, at September 30, 2021, compared with 7.68%, 12.76% and 14.01%, respectively, at June 30, 2021. "We are pleased with the bank's solid performance in the third quarter. It was also a milestone quarter, as total assets exceeded $25 billion at quarter-end for the first time in our history," said Bob Harrison, Chairman, President and CEO, "We had good growth in deposit balances, credit quality remained excellent, and we are seeing an increase in loan activity." | |
BofA analyst Ebrahim… BofA analyst Ebrahim Poonawala downgraded First Hawaiian to Underperform from Neutral with an unchanged $33 price target. The company stands to benefit from increasing tourism activity and from a rebound in auto dealer finance lending, but the stock is trading at a premium price-to-earnings multiple of 17.4-times not just relative to its mid-to-small cap peers' 13.8-times but also relative to its Hawaiian peer, Bank of Hawaii (BOH) and its 16.6-times multiple, the analyst tells investors in a research note. | |
Total assets were $24.2B… Total assets were $24.2B as of June 30, 2021, compared to $23.5B as of March 31, 2021. Net interest income for the second quarter of 2021 was $131.5M, an increase of $2.3M, or 1.8%, compared to $129.2M for the prior quarter. The net interest margin, or NIM, was 2.46% in the second quarter of 2021, a decrease of 9 basis points compared to 2.55% in the first quarter of 2021. The tier 1 leverage, common equity tier 1 and total capital ratios were 7.68%, 12.76% and 14.01%, respectively, at June 30, 2021, compared with 7.90%, 12.82% and 14.07%, respectively, at March 31, 2021. "We are pleased with our financial performance during the second quarter, which was driven by the strong return of tourism and pickup in the local economy," said Bob Harrison, Chairman, President and CEO. "We had good activity in the loan portfolio, solid growth in fee income and credit quality remained excellent. In addition, we benefitted from the improved outlook for the local economy with the release of $35 million from our reserves for credit losses." |
