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FIRST HAWAIIAN, INC. [FHB] reports annual net loss of $235.0 million
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Company Reports Revenue of $74.2 million
FIRST HAWAIIAN, INC. [FHB] has reported a net loss of $235.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $74.2 million
Based in HONOLULU, Hawaii, FIRST HAWAIIAN, INC. operates in the FINANCE sector.
In the Consolidated Statements of Income for the 12 months ended December 31, 2023, several key financial figures for the fiscal year are outlined and compared with the corresponding values for the prior years of 2022 and 2021. All figures are presented in thousands of US dollars ($).
- Interest income for the year 2023 amounted to $923,579 thousand, showing an increase from $663,220 thousand in 2022 and $549,311 thousand in 2021. This growth was primarily driven by higher interest income from loans and lease financing, available-for-sale investment securities, and held-to-maturity investment securities.
- Interest expense in 2023 totaled $287,452 thousand, compared to $49,671 thousand in 2022 and $18,752 thousand in 2021. The significant rise in interest expenses was observed across various categories, including deposits and short-term and long-term borrowings.
- Net interest income for 2023 stood at $636,127 thousand, slightly higher than the $613,549 thousand recorded in 2022 and significantly increased from $530,559 thousand in 2021.
- The provision for credit losses in 2023 amounted to $26,630 thousand, significantly higher than the provision in 2022 and even more so than the reversal of ($39,000) thousand in 2021, indicating a conservative approach to credit risk management.
- Noninterest income for 2023 totaled $200,815 thousand, showing an improvement from $179,525 thousand in 2022 and $184,916 thousand in 2021, driven by higher service charges, fees, and investment gains.
- Noninterest expense in 2023 amounted to $501,138 thousand, indicating a notable increase from $440,471 thousand in 2022 and $405,479 thousand in 2021. This rise was primarily driven by higher expenses across various categories including salaries, professional fees, and regulatory assessments.
- Income before provision for income taxes in 2023 was $309,174 thousand, lower than $351,211 thousand in 2022 but slightly higher than $348,996 thousand in 2021.
- Net income for 2023 was $234,983 thousand, down from $265,685 thousand in 2022 and $265,735 thousand in 2021, reflecting the impact of higher provisions for credit losses and increased expenses.
- Basic and diluted earnings per share for 2023 were reported at $1.84, a decrease from $2.08 in 2022 and $2.06 in 2021, influenced by the lower net income figures.
- The weighted-average outstanding shares for basic and diluted calculations saw slight fluctuations over the three years but remained relatively stable.
Overall, the financial performance for the year 2023 demonstrated mixed results with improvements in interest income, noninterest income, and net interest income offset by higher expenses and provisions for credit losses resulting in lower net income figures compared to the previous years.
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