First Hawaiian Q2 net income rises, net interest margin improves

Overview

• Hawaii bank holding company reported Q2 net income and EPS rose year-over-year

• Net interest income and noninterest income increased from prior quarter

• Company announced acquisition of Tri Counties Bank and kept quarterly dividend unchanged

Outlook

• Company did not provide specific guidance for the current quarter or full year in the press release

Result Drivers

• LOAN GROWTH - Total loans and leases increased $136.5 mln versus prior quarter

• HIGHER NET INTEREST MARGIN - Net interest margin rose 6 basis points to 3.25% from prior quarter

Company press release: ID:nGNX22pcwH

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 7 "hold" and 4 "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 $30.00, about 4.7% above its July 23 closing price of $28.65

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• July 24 - Central Pacific Financial Q2 net interest income rises on higher loan yield

• July 23 - Trico Bancshares Q2 net income rises on loan growth

• July 23 - Manhattan Bridge Capital Q2 revenue falls on lower rates, fees

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)