First Hawaiian, Inc. (NASDAQ:FHB) has reported its financial results for the third quarter of 2024, revealing a solid performance across various metrics.
The company posted a net income of $61.5 million, or $0.48 per diluted share, for the quarter ended September 30, 2024. This represents a strong performance compared to the previous quarter.
Total loans and leases decreased by $118.5 million, while total deposits decreased by $91.1 million versus the prior quarter.
The net interest margin increased by 3 basis points to 2.95%, reflecting an improvement over the previous quarter.
Net interest income for the third quarter of 2024 was $156.7 million, marking an increase of $3.9 million, or 2.5%, compared to the prior quarter. This growth indicates a positive trend in the company's interest-earning assets.
Noninterest income also saw an uptick, reaching $53.3 million in the third quarter of 2024, representing an increase of $1.5 million compared to the prior quarter.
On the expense side, noninterest expense was $126.1 million in the third quarter of 2024, reflecting an increase of $4.1 million compared to the prior quarter.
The effective tax rate for the quarter ended September 30, 2024, was reported at 19.6%, showing a decrease from the 23.3% recorded in the previous quarter.
The company's asset quality remained robust, with net charge-offs increasing to $3.9 million for the quarter ended September 30, 2024, compared to $2.5 million in the quarter ended June 30, 2024.
First Hawaiian, Inc.'s total stockholders' equity increased by $97.7 million in the third quarter, standing at $2.6 billion on September 30, 2024.
In addition, the company's capital ratios, including the tier 1 leverage, common equity tier 1, and total capital ratios, showed improvements compared to the previous quarter.
Following these announcements, the company's shares moved 2.1%, and are now trading at a price of $24.5. For the full picture, make sure to review First Hawaiian's 8-K report.
