First Hawaiian agreed to buy Trico Bancshares in an all-stock deal that values Trico at $63.12 a share based on First Hawaiian’s July 10 closing price. Under the terms, Trico shareholders will receive 2.095 First Hawaiian shares for each Trico share. When the deal closes, First Hawaiian shareholders are expected to own about 65% of the combined company and Trico shareholders about 35%.
The combined bank is expected to have about $34 billion in assets and become the 6th-largest bank headquartered in the western U.S. First Hawaiian said it will keep Tri Counties Bank branding on the mainland and does not expect branch closings.
The boards of both companies unanimously approved the transaction, and the deal is expected to close by the end of 2026, pending regulatory and shareholder approvals.
First Hawaiian also disclosed preliminary second-quarter 2026 results ahead of its full earnings release. Net income is expected to rise to $73.4 million from $67.8 million in the prior quarter, while diluted earnings per share are expected to increase to $0.60 from $0.55.
Several core operating metrics improved quarter over quarter:
- Cost of deposits fell to 1.20% from 1.22%
- Net interest margin widened to 3.25%, up 6 basis points
- Return on average assets rose to 1.23% from 1.14%
- Return on average tangible common equity increased to 16.3% from 15.3%
- Gross loans climbed to $14.6 billion from $14.4 billion
- Book value per share increased to $23.22 from $22.75
- Tangible book value per share rose 3% to $15.04
First Hawaiian said it expects to report its final second-quarter results on July 24, 2026. As a result of these announcements, the company's shares have moved -4.61% on the market, and are now trading at a price of $28.74. If you want to know more, read the company's complete 8-K report here.
