First Hawaiian Q2 net income jumps 24% quarter-on-quarter

Overview

• First Hawaiian Q2 net income rises 23.6% from Q1, driven by strong revenue

• Company's net interest margin increased to 3.11%, reflecting improved profitability

• Total loans and leases rose $58.8 mln, deposits increased $15.6 mln from Q1

Result Drivers

• STRONG REVENUES - Driven by increased net interest income and noninterest income

• CONTROLLED EXPENSES - Efficiency ratio improved to 57.2% from 58.2% in prior qtr

• TAX BENEFIT - Provision for income taxes included a net benefit of $5.1 mln due to California tax code change

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 5 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for First Hawaiian Inc is $25.50, about 1.2% above its July 24 closing price of $25.20

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nGNX5mR7HB