First Hawaiian (FHB) investor relations material

Executive summary

• Net income for Q2 2025 was $73.2 million, up 23.6% sequentially and 18% year-over-year, with EPS rising to $0.58; results driven by higher net interest and noninterest income, expense control, and a $5.1M California tax benefit.

• Efficiency ratio improved to 57.2% from 58.2% sequentially and 59.22% year-over-year.

• Return on average total assets was 1.23%; return on average tangible common equity was 17.61%.

• Declared a $0.26 per share dividend, consistent with prior quarters.

• Total assets reached $23.8 billion, with loans and leases at $14.4 billion and deposits at $20.2 billion as of June 30, 2025.

Financial highlights

• Net interest income was $163.6 million, up $3.1 million sequentially and 7% year-over-year; net interest margin increased to 3.11%.

• Noninterest income reached $54 million, above recurring expectations and up 4% year-over-year.

• Noninterest expense was $124.9 million, up 2% year-over-year, mainly from higher salaries, equipment, and occupancy costs.

• Efficiency ratio improved to 57.2%.

• Tangible book value per share increased to $13.63.

Outlook and guidance

• Full-year loan growth expected in the low single digits, revised down due to construction paydowns.

• NIM anticipated to rise to 3.13% in Q3; recurring noninterest income expected at ~$51M per quarter.

• Full-year expenses projected at $506M, better than original expectations.

• Effective tax rate outlook for the rest of the year is 23.2%.

• Management expects to maintain high liquidity and strong capital, with CET1 at 13.03%.