Reported Earnings • Jul 24
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: US$1.07 (up from US$0.84 in 2Q 2025). Revenue: US$109.2m (up 10% from 2Q 2025). Net income: US$34.2m (up 24% from 2Q 2025). Profit margin: 31% (up from 28% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$61.62, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$78.72 per share. 공고 • Jul 15
First Hawaiian, Inc. (NasdaqGS:FHB) entered into a definitive agreement to acquire TriCo Bancshares (NasdaqGS:TCBK) for $2 billion. First Hawaiian, Inc. (NasdaqGS:FHB) entered into a definitive agreement to acquire TriCo Bancshares (NasdaqGS:TCBK) for $2 billion on July 12, 2026. Pursuant to the terms of the agreement, TriCo’s shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share as of First Hawaiian’s closing stock price on July 10, 2026. The transaction is priced at 1.98x tangible book value and 14.4x 2027 earnings or 10.7x fully synergized earnings with expected 25% cost saves. At closing, First Hawaiian shareholders are expected to own approximately 65% of the combined company and TriCo shareholders are expected to own approximately 35%.
Four current TriCo directors, including Rick Smith, will join the First Hawaiian and First Hawaiian Bank Boards of Directors, with the remaining three to be mutually agreed upon by First Hawaiian and TriCo prior to the closing. To ensure business and client continuity, leadership will include representation from both organizations and First Hawaiian will retain Tri Counties Bank branding on the mainland. There are no expected branch closings associated with the transaction and TriCo’s commitment to its communities is not expected to change.
The Boards of Directors of First Hawaiian and TriCo unanimously approved the definitive agreement and the parties expect to close the transaction by the end of 2026, subject to the receipt of required regulatory approvals, approval by First Hawaiian and TriCo shareholders and the satisfaction of customary closing conditions. The transaction is expected to deliver 6% EPS accretion, a high-teens IRR, tangible book value per share dilution of less than 5%, and an earn-back period of 2.8 years.
Evercore Inc. acted as financial advisor for First Hawaiian, Inc. Sullivan & Cromwell LLP acted as legal advisor for First Hawaiian, Inc. Keefe, Bruyette & Woods, Inc. acted as financial advisor for TriCo Bancshares. Holland & Knight LLP acted as legal advisor for TriCo Bancshares. Fried, Frank, Harris, Shriver & Jacobson LLP is advising Evercore as financial advisor to First Hawaiian, parent company of First Hawaiian Bank. Price Target Changed • Jul 15
Price target increased by 8.9% to US$61.17 Up from US$56.17, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of US$59.43. The company is forecast to post earnings per share of US$4.22 for next year compared to US$3.72 last year. 실시간 뉴스 • Jul 15
First Hawaiian Agrees to Acquire TriCo Bancshares in $2 Billion All-Stock Transaction First Hawaiian agreed to acquire TriCo Bancshares in an all-stock deal valued at about $2.02b, with TriCo shareholders set to receive 2.095 shares of First Hawaiian for each TriCo share. The parties are targeting closing by the end of 2026, subject to regulatory and shareholder approvals.
The combined bank is expected to have roughly $34b in assets, with Tri Counties Bank kept as a division of First Hawaiian Bank in California. It will retain its brand, add 68 branches and $8.4b in deposits, and keep TriCo CEO Rick Smith as a First Hawaiian board member and senior advisor.
TriCo Bancshares shares last traded around $58.81, with the stock up about 24.7% year to date, while law firm Halper Sadeh LLC has announced an investigation into whether the agreed terms provide a fair price to TriCo shareholders.
The key questions now center on deal approval, the final share exchange value relative to First Hawaiian’s stock, and how integration in California and Hawaii affects the combined bank’s earnings profile and cost base over time. Recent Insider Transactions Derivative • Jul 01
Chairman exercised options and sold US$456k worth of stock On the 25th of June, Richard Smith exercised options to acquire 9k shares at no cost and sold these for an average price of US$53.55 per share. This trade did not impact their existing holding. For the year to December 2019, Richard's total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Richard currently holds 324.99k shares (0.01018451868172917 of the company). Company insiders have collectively sold US$2.8m more than they bought, via options and on-market transactions in the last 12 months. 
