Q3 2024 First Hawaiian Inc Earnings Call Transcript
Key Points
- First Hawaiian Inc (FHB) reported stable deposit costs with only a 1 basis point increase from the previous quarter.
- The company maintained a solid credit performance with strong and stable credit risk metrics.
- First Hawaiian Inc (FHB) plans to resume share repurchases in the fourth quarter due to strong and growing capital levels.
- Non-interest income increased by $1.5 million from the prior quarter, driven by higher credit and debit card fees and BOLI income.
- The bank's balance sheet remains well-capitalized, with ample liquidity and favorable AOCI changes.
- Unexpected loan payoffs were a headwind, leading to a $119 million decrease in total loans compared to the prior quarter.
- Total deposits decreased by $91 million, driven by a decline in total public deposits.
- The net interest margin is expected to decline modestly in the fourth quarter.
- Classified assets increased by $64.6 million due to a couple of downgrades, although these loans are well-collateralized.
- The housing market showed mixed signals, with a decrease in the median sales price for condos on Oahu by 2.8% compared to the previous year.
Thank you for standing by, and welcome to First Hawaiian Inc's third quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. (Operator Instructions)
I would now like to hand the call over to Investor Relations Manager, Kevin Haseyama. Please go ahead.
Thank you, Lateef, and thank you for joining us as we review our financial results for the third quarter of 2024. With me today are Bob Harrison, Chairman, President and CEO; James Moses, our Chief Financial Officer; and Lea Nakamura, our Chief Risk Officer. We prepared a slide presentation that we'll refer to in our remarks today.
The presentation is available for downloading and viewing on our website at fhb.com in the Investor Relations section. During today's call will be making forward-looking statements, so please refer to slide 1 for our Safe Harbor statement. We may also discuss certain non-GAAP financial measures to the appendix to this presentation contains
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