First Hawaiian (FHB) opened Q2 2026 with total revenue of US$225.7 million and basic EPS of US$0.60, backed by net income of US$73.4 million, setting a clear snapshot of recent performance. Over recent quarters the company has seen revenue move from US$213.0 million in Q2 2025 to US$218.2 million in Q4 2025 and then to US$225.7 million in Q2 2026. EPS shifted from US$0.58 to US$0.57 and then to US$0.60, giving investors a clean read on both top line and per share earnings trends as they weigh margin resilience and the broader growth story.
See our full analysis for First Hawaiian.With the core numbers on the table, the next step is to see how First Hawaiian's latest earnings stack up against the widely followed narratives around its growth outlook, profitability and perceived risks.
See what the community is saying about First Hawaiian
Net interest margin holds at 3.25%
- First Hawaiian reported a Q2 2026 net interest margin of 3.25%, compared with 3.19% in Q1 2026 and 3.11% in Q2 2025, while the cost to income ratio sat at 56.17% versus 57.77% in Q1 2026.
- Analysts' consensus view highlights digital banking adoption and expense discipline as key supports for margins, and these margin and cost to income figures line up with that view by showing:
- Net interest margin across the last four reported quarters has stayed in a tight 3.08% to 3.25% range, which fits the idea of disciplined pricing and funding rather than sharp swings.
- The cost to income ratio has been between 55.29% and 58.22% over the same period, consistent with the consensus claim that operational efficiency is an important part of the First Hawaiian story.
Loan book grows to US$14.6b
- Total loans reached about US$14.6b in Q2 2026, up from US$14.4b in Q1 2026 and US$14.3b in Q2 2025, while non performing loans were US$39.5 million versus US$39.7 million in Q1 2026 and US$28.6 million in Q2 2025.
- Consensus narrative points to geographic concentration in Hawaii and rising competition as key risks, and the loan and non performing loan data highlight both sides of that story by showing:
- Loan balances over the last six quarters have stayed in a relatively narrow band between about US$14.1b and US$14.6b, which fits the concern that growth in the balance sheet could be limited if the regional economy slows or competition intensifies.
- Non performing loans increased from US$20.2 million in Q1 2025 to US$39.5 million in Q2 2026, echoing the narrative that pockets of credit strain, especially in residential and consumer segments, are an area investors are watching closely.
TTM net margin at 32.3% with mixed valuation signals
- On a trailing 12 month basis, First Hawaiian generated net income of US$284.9 million on revenue of US$881.1 million, which equates to a net profit margin of 32.3% compared with 30.6% a year earlier, while the trailing P/E of 12x sits above the 10.5x peer average and roughly in line with the 11.9x US Banks industry.
- Consensus narrative frames the stock as balancing growth and risk, and the combination of a 32.3% net margin, a current share price of US$28.11, a DCF fair value of about US$44.31 and an analyst price target of US$30.00 underlines that tension in a few ways:
- The modelled DCF fair value of US$44.31 is well above the US$28.11 share price, which supports investors who focus on cash flow based valuation, while the analyst target of US$30.00 sits much closer to the current price.
- A 3.7% dividend yield, when set alongside a P/E that is higher than the peer average, gives income focused investors a reason to pay attention, but also reminds them that the market is already assigning a modest premium on trailing earnings.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for First Hawaiian on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
If the mix of growth signals and risks around First Hawaiian feels finely balanced, take a closer look at the figures and move fast to shape your own view by reviewing the 3 key rewards.
See What Else Is Out There Beyond First Hawaiian
First Hawaiian's higher P/E than peers, rising non performing loans and modest loan growth highlight that income and balance sheet strength may not fully align with every investor's comfort zone.
If you want bank like income but prefer companies where cash generation and balance sheet quality are front and center, check out the solid balance sheet and fundamentals stocks screener (49 results) today and compare how those options stack up against First Hawaiian.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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