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• Bank of America for Hawaii
• JPMorgan Chase of the Pacific

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• Deposit Products: Provides various checking, savings, and money market accounts for individuals and businesses.
• Lending Services: Offers a comprehensive suite of loans including commercial, real estate, residential mortgage, and consumer loans.
• Wealth Management: Delivers investment management, trust services, and private banking solutions to affluent clients.
• Treasury Management: Provides cash management, payment processing, and liquidity solutions for businesses.
• Credit Cards: Issues credit cards for both personal and business financial needs.

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First Hawaiian (symbol: FHB) is a financial institution, primarily a bank, which serves a broad base of customers rather than a few major corporate clients. Therefore, it sells primarily to individuals and businesses across various segments.

The company serves the following categories of customers:

• Retail Customers: This category includes individuals and families who utilize a range of banking services such as checking and savings accounts, credit cards, mortgages, auto loans, and other personal banking products.
• Commercial Customers: This segment consists of businesses, ranging from small and medium-sized enterprises to larger corporations. First Hawaiian provides them with commercial loans, lines of credit, treasury management services, business checking and savings accounts, and other business banking solutions.
• Wealth Management Customers: This category serves high-net-worth individuals, families, and institutions seeking investment management, trust services, private banking, and financial planning tailored to their complex financial needs.

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• Fiserv (FI)

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Bob Harrison, Chairman of the Board, President and Chief Executive Officer

Mr. Harrison joined First Hawaiian Bank in 1996 and has over 35 years of financial industry experience, having worked for banks in New York and Hawaii. He was named Chief Executive Officer in 2012 and Chairman, President, and Chief Executive Officer in 2014. Prior to his CEO role, he served as Chief Operating Officer from December 2009 to January 2012 and as President from December 2009 to June 2015. He also held the positions of Vice Chairman in 2007 and Chief Risk Officer from 2006 to 2009. Mr. Harrison led the bank's initial public stock offering, transitioning it into a publicly traded company after 15 years as a subsidiary of BNP Paribas. Before joining First Hawaiian, he worked at Bank of Hawaii. He served in the U.S. Navy and holds a bachelor's degree in Applied Mathematics from UCLA and an MBA from Cornell University.

James M. Moses, Vice Chairman and Chief Financial Officer

Mr. Moses was appointed Vice Chairman and Chief Financial Officer of First Hawaiian, Inc. and First Hawaiian Bank, effective January 3, 2023. He brings more than 20 years of diverse banking experience to the team. Before joining First Hawaiian, he served as Executive Vice President (EVP) and Chief Financial Officer of First Bank in St. Louis, Missouri, from March 2021 to September 2022. His previous experience includes serving as EVP and Chief Financial Officer of Berkshire Hills Bancorp from July 2016 to March 2021, and Senior Vice President – Manager, Asset Liability Management at Webster Bank from 2011 to 2016. Mr. Moses has been credited with developing and executing regional and product-specific pricing strategies for multi-billion-dollar interest-bearing deposit portfolios and was instrumental in guiding large-scale technology enhancements. He earned an MBA from Cornell University, Johnson Graduate School of Management, and a Bachelor of Science in Finance from St. Bonaventure University.

Lea Nakamura, Chief Risk Officer

Ms. Nakamura was recently promoted to Chief Risk Officer at First Hawaiian. She has held a variety of positions within the bank, including Deputy Chief Risk Officer and Treasurer, and possesses over 30 years of banking experience.

Neill Char, Vice Chairman - Retail Banking and Consumer Products Group

Mr. Char serves as the Vice Chairman of the Retail Banking and Consumer Products Group at First Hawaiian.

Alan Arizumi, Vice Chairman - Wealth Management Group

Mr. Arizumi holds the position of Vice Chairman of the Wealth Management Group at First Hawaiian.

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The most significant risk is the ongoing challenge of weak net interest income growth and profitability. First Hawaiian has experienced persistently weak net interest income growth and margins compared to its industry peers, leading to a flat tangible book value per share over the past five years. This sustained underperformance in key profitability metrics is a material concern for stakeholders and underscores a short-term risk that future earnings may continue to lag if these metrics do not recover. Limited flexibility in managing deposit costs may also hinder further expansion of net interest margins.

Another key risk stems from its regional economic concentration and exposure to external economic headwinds. As a bank primarily operating in Hawaii, First Hawaiian is susceptible to broader funding pressures and economic conditions specific to the region. Management has acknowledged increased macroeconomic uncertainty, particularly regarding factors like tariffs, visitor arrivals, and consumer confidence, all of which can significantly impact the Hawaiian economy and, consequently, the bank's performance.

Finally, regulatory and compliance risks, alongside associated operational and reputational concerns, present a notable challenge. First Hawaiian is subject to extensive supervision, regulation, examination, and enforcement by bodies such as the Consumer Financial Protection Bureau (CFPB) and the U.S. Securities and Exchange Commission (SEC). The company's risk committee oversees various non-financial risks, including legal and regulatory compliance. Notably, the bank has faced issues related to overdraft fees, including a reported $4.12 million settlement in the past for improper charges on debit card transactions. Ongoing customer complaints suggest that these practices may continue, posing a risk to customer trust, potential further regulatory scrutiny, and financial penalties.

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The increasing adoption of digital-only banks and fintech platforms that offer superior digital experiences, more competitive rates, and lower fees, challenging First Hawaiian's traditional branch-based banking model.

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First Hawaiian Inc. (FHB) operates primarily in Hawaii, Guam, and Saipan, offering a diversified range of banking services to consumer and commercial customers. Identifying precise addressable market sizes for all its main products and services across these specific regions can be challenging due to data availability. Below are the addressable market insights for First Hawaiian's main products and services in its primary operating regions.

Hawaii Market

• Deposits: As of an unspecified date, First Hawaiian Bank held approximately $20.2 billion in deposits in Hawaii. Other major institutions like Bank of Hawaii held around $20.8 billion in deposits.
• Lending Services:
  • Small Business Loans: Total reported new lending to businesses with revenues of $1 million or less in Hawaii was $1.1 billion in 2022.
  • Residential Mortgage Loans: The median home price in Hawaii was $753,700 in September 2025. In March 2024, the median sales price for single-family homes rose to $1.1 million, while condo prices fell to $500,000.
  • Commercial Real Estate Loans: Commercial lease and sales transactions in Hawaii handled by CBRE were valued at approximately $767.8 million in 2024.
  • Auto Loans: Hawaii ranked 48th in the nation for auto loan debt increases between the first and second quarters of 2025, indicating a relatively small growth in this market compared to other states.
• Wealth Management: Research in July 2025 indicated that SEC-registered advisors in Hawaii have more than $917 million in potential client assets per advisor, suggesting a significant market for wealth management services.
• Insurance Services: null
• Credit Card and Merchant Processing Services: null
• Digital Banking: null

Guam Market

• Deposits & Lending Services (Overall Banking Sector): The total assets of major banks in Guam provide an indication of the overall banking market. As of Q4 2024, Bank of Guam in Hagatna had $2.56 billion in assets, and BankPacific Ltd. in Hagatna had $176.77 million in assets. The banking sector in Guam is characterized by financial health and readiness to lend.
• Wealth Management: null
• Insurance Services: null
• Credit Card and Merchant Processing Services: null
• Digital Banking: null

Saipan (Commonwealth of the Northern Mariana Islands - CNMI) Market

• Deposits: In 2000, the amount of deposits in the CNMI banking sector was $595.7 million.
• Lending Services: In 2000, the amount of loans in the CNMI banking sector was $325.0 million.
• Wealth Management: null
• Insurance Services: null
• Credit Card and Merchant Processing Services: null
• Digital Banking: null

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First Hawaiian (FHB) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Net Interest Income Expansion through Net Interest Margin (NIM) Management: First Hawaiian has demonstrated an ability to increase its net interest income and improve its net interest margin. Management anticipates that the net interest margin will advance further, supported by approximately $1 billion in fixed-rate cash flows expected to reprice higher over the next 12 months.

2. Organic Loan Growth and Strategic Loan Pool Purchases: Despite a decline in loan balances in Q3 2025, First Hawaiian maintained a strong loan origination pipeline for Q4, signaling potential future growth. The CEO has indicated a preference for organic growth while remaining open to selective loan pool purchases, particularly in areas where the bank possesses expertise.

3. Deposit Growth and Prudent Liquidity Deployment: The company experienced significant deposit growth in Q3 2025, with increases in both commercial and public operating accounts. Management anticipates seasonal increases in retail and commercial deposits in Q4. The CFO emphasized relationship-building as a key driver for deposit growth, and the bank is steadily redeploying liquidity into its investment portfolio, including the restructuring of low-yielding securities into higher-yielding ones, which contributes to increased future earnings power.

4. Sustainable Noninterest Income Growth: First Hawaiian has seen improvements in noninterest income, attributed to factors such as higher "bowling income" (likely referring to fees from wealth management, insurance, and other banking services) due to favorable market movements and swap income. Analysts highlight the strength in fee income as indicative of diversified revenue streams that enhance resilience across various market conditions.

5. Leveraging Economic Growth in Hawaii and Pacific Markets: First Hawaiian's operations are deeply rooted in Hawaii, Guam, and Saipan. Ongoing population growth in Hawaii and robust tourism spending are expected to drive higher fee and interest income, supporting a base case for gradual expansion within these established markets.

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First Hawaiian (FHB) Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• First Hawaiian adopted a stock repurchase program for up to $100 million of its outstanding common stock during 2025.
• In the fourth quarter of 2024, the company repurchased 1.5 million shares of common stock at a total cost of $40.0 million, completing its 2024 repurchase program.
• During the second quarter of 2025, First Hawaiian executed $25 million in share buybacks, acquiring 1.04 million shares at an average price of $23.99.

Share Issuance

• First Hawaiian has not undertaken any significant share issuances for capital raising purposes in the last 3-5 years; changes in shares outstanding are primarily a result of repurchase programs.

Capital Expenditures

• Annual capital expenditures for First Hawaiian were $28.774 million for the latest annual reporting period (likely 2024), which was an increase of 79.97% from the previous year.