First Hawaiian Full Year 2024 Earnings: EPS Beats Expectations, Revenues Lag

First Hawaiian (NASDAQ:FHB) Full Year 2024 Results

Key Financial Results

• Revenue: US$793.8m (down 2.0% from FY 2023).
• Net income: US$230.1m (down 2.1% from FY 2023).
• Profit margin: 29% (in line with FY 2023).
• EPS: US$1.80 (down from US$1.84 in FY 2023).

FHB Banking Performance Indicators

• Net interest margin (NIM): 2.95% (up from 2.92% in FY 2023).
• Cost-to-income ratio: 61.6% (up from 59.5% in FY 2023).
• Non-performing loans: 0.14% (up from 0.13% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Hawaiian EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 2.9%.

The primary driver behind last 12 months revenue was the Retail Banking segment contributing a total revenue of US$604.5m (76% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$379.4m (67% of total expenses). Explore how FHB's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 2.4% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We have a graphic representation of First Hawaiian's balance sheet and an in-depth analysis of the company's financial position.

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