At a glance
First Hawaiian Inc is worth $3.09B, about 12 times its fiscal 2025 earnings. Revenue grew 8.9% to $880.8M in fiscal 2025, with 31.4% kept as profit; over 5 years it has grown 3.7% a year. It pays a 4.09% dividend yield, and returned $887.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +5.7% over the past year with dividends reinvested and +2.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.8% in the 2020 crash (S&P 500: 33.7%) and 29.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 28 months after the lows.
The business in plain English
First Hawaiian, Inc. is the holding company for First Hawaiian Bank, founded in 1858 as Bishop & Company in the Kingdom of Hawaii. As of December 31, 2025, it was the largest bank headquartered in Hawaii by loans and leases and by net income. It runs 49 branches: 45 in Hawaii, 3 in Guam and 1 in Saipan. The French bank BNP Paribas owned it before its 2016 stock market listing and sold its last shares in February 2019.
The bank takes in deposits through checking and savings accounts and lends that money out. Its commercial side serves middle-market and large Hawaii businesses. It offers them business loans, commercial real estate and construction loans, and auto dealer flooring, which pays for the cars sitting on dealer lots. Consumers and small businesses get home mortgages, car loans arranged through dealers, personal loans and credit cards. It also sells trust, private banking and investment management services, plus merchant card processing.
Most revenue is net interest income, the gap between interest earned on loans and securities and interest paid on deposits. In 2025 that was $663.7 million of $880.8 million in revenue. The other $217.0 million was noninterest income, such as fees. Retail Banking produced about 71% of 2025 revenue and Commercial Banking about 29%. Treasury and other activities are reported separately.
Price history
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FHB +5.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Retail Banking Business Segment | $628.8M | 71.4% |
| Commercial Banking Business Segment | $255.3M | 29% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $230.2M, up 1.7% from a year earlier, and net income was $63.7M (-13.7%).
- For fiscal 2025, revenue was $880.8M (+8.9% year over year; +3.7% a year from FY2020 to FY2025) with a 31.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.7% watch |
|---|---|
| Return on equity | 10% watch |
| Net income / revenue | 31.4% good |
| Deposits | $20.20B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $733.1M | $185.8M | — |
| FY2021 | $715.5M | $265.7M | — |
| FY2022 | $793.1M | $265.7M | — |
| FY2023 | $836.9M | $235.0M | — |
| FY2024 | $808.5M | $230.1M | — |
| FY2025 | $880.8M | $276.3M | — |
Valuation snapshot
| Market value | $3.09B |
|---|---|
| P/E ratio | 11.5 |
| Dividend yield | 4.09% |
Rank among 1514 US companies
Market value at each year end
First Hawaiian’s market value went from $4.86B at the end of 2016 to $3.09B on Oct 28, 2026, down 36%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.09B | -1.2% |
| 2025 | $3.13B | -5.7% |
| 2024 | $3.32B | +13.8% |
| 2023 | $2.92B | -12.3% |
| 2022 | $3.32B | -5.6% |
| 2021 | $3.52B | +14.2% |
| 2020 | $3.08B | -18.4% |
| 2019 | $3.78B | +24.5% |
| 2018 | $3.04B | -25.5% |
| 2017 | $4.07B | -16.2% |
| 2016 | $4.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FHB price data to Oct 28, 2026 | +3.4% | +5.7% | +17.5% | +2.8% | +3.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.4% |
| 2025 | +1.7% |
| 2024 | +18.6% |
| 2023 | -7.5% |
| 2022 | -0.9% |
| 2021 | +20.3% |
| 2020 | -13.8% |
| 2019 | +33.3% |
| 2018 | -20.1% |
| 2017 | -13.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.3% over that stretch · deepest drop along the way 45.8%, back to its old high 10.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.5% over that stretch · deepest drop along the way 29.1%, back to its old high 27.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.8% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.04% | Mar 31, 2026 |
| Manulife Financial Corporation | 6.13% | Sep 30, 2025 |
| STATE STREET CORPORATION | 5.3% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Dec 31, 2025 |
| MANULIFE FINANCIAL CORP | 4.6% | Dec 31, 2025 |
ETFs with the most weight in FHB
| JHAC John Hancock Fundamental All Cap Core ETF | 3.28% |
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 1.98% |
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 1.58% |
| HEJD VictoryShares Hedged Equity Income ETF | 1.09% |
| KBE SPDR S&P Bank ETF | 1.04% |
| OASC OneAscent Small Cap Core ETF | 0.89% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.88% |
| NIXT Research Affiliates Deletions ETF | 0.85% |
What could go wrong
- Tied to three small island economies. All 49 branches are in Hawaii, Guam and Saipan. A local slump could hit borrowers, depositors and collateral values at the same time, with few other markets to offset it.
- Hurricanes, tsunamis and other island disasters. The 10-K flags severe weather, hurricanes and tsunamis. One major storm could damage branches, the property backing loans and the local economy across much of the bank's footprint.
- Auto lending depends on car dealers. Dealer flooring loans and indirect car loans run through auto dealers. If dealers lose their central role in car sales, or the bank loses key dealer relationships, this business could shrink.
- Heavy exposure to real estate values. A significant share of loans is secured by real estate, including commercial property. Falling prices could raise loan losses. Appraisals may also overstate what the collateral would bring in a sale.
- Interest rates and deposit costs. Earnings depend on the gap between loan yields and deposit costs. Rate moves can narrow that gap, lower the value of its investment securities, or push depositors toward higher-paying alternatives.
- Dividends depend on the bank subsidiary. The parent company relies on dividends from First Hawaiian Bank to pay shareholders. Regulators and capital rules can limit those payments, and the 10-K warns that dividends may not continue.
Recent events
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
First Hawaiian paid a regular dividend of $1.04 per share in every fiscal year from 2020 through 2025, with no increases. A flat payout loses purchasing power when prices rise. The 2025 dividend took 47.4% of earnings, and the yield was 4.09% as of October 28, 2026. The company also repurchased $224.5 million of stock over fiscal 2021–2025, on top of $663.1 million in dividends. Its share count fell 6.1% from July 2021 to July 2026.
The shares have dropped sharply in market slumps. In the 2020 COVID crash they fell 45.8% between February 20 and March 23, 2020, and took about 11 months to recover. In the 2022 bear market they fell 29.1% and needed about 28 months, until November 2024, to regain their earlier peak. The stock began trading in 2016, so there is no record from the 2008 crisis. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does First Hawaiian make money?
Mostly by lending. Its main income is net interest income, the gap between the interest it earns on loans and securities and the interest it pays depositors. In 2025 that was $663.7 million of $880.8 million in total revenue. The remaining $217.0 million was noninterest income, such as fees from cards, merchant processing, trust and wealth management. By segment, Retail Banking produced about 71% of 2025 revenue and Commercial Banking about 29%.
Does First Hawaiian raise its dividend every year?
No. First Hawaiian paid the same regular dividend, $1.04 per share, in every fiscal year from 2020 through 2025, so it has no streak of increases. Total dividends paid slipped as the share count fell, from $135.1 million in 2020 to $131.0 million in 2025. The 10-K also warns that the company may not pay dividends in the future. The parent company depends on payouts from First Hawaiian Bank to fund them.
What is First Hawaiian's dividend yield?
The dividend yield was 4.09% as of October 28, 2026, based on an annual dividend of $1.04 per share. That payout used 47.4% of 2025 earnings, which were $2.20 per diluted share. On the same date the stock traded at about 11.5 times 2025 earnings. The dividend has stayed flat since at least 2020, so the income has not grown to keep up with rising living costs.
Where does First Hawaiian Bank operate?
First Hawaiian Bank has 49 branches: 45 in Hawaii, 3 in Guam and 1 in Saipan, which is part of the Commonwealth of the Northern Mariana Islands. The company is headquartered in Honolulu. As of December 31, 2025, it was the largest bank headquartered in Hawaii by loans and leases and by net income, with $14.3 billion of gross loans and leases. Its 10-K lists this geographic concentration as a risk.
Is First Hawaiian still owned by BNP Paribas?
No. Before its initial public offering in August 2016, First Hawaiian was an indirect subsidiary of BNP Paribas, a global bank based in France. An initial public offering is a company's first sale of shares to the public. After the offering, the shares began trading on Nasdaq under the ticker FHB. BNP Paribas sold the rest of its stake in February 2019. Later filings show fund managers as the largest holders. They include BlackRock at 11.8% as of March 31, 2025, and Vanguard Portfolio Management at 7.04% as of March 31, 2026.