HONOLULU - First Hawaiian, Inc. (NASDAQ:FHB), the parent company of First Hawaiian Bank, has announced the appointment of Tertia Freas to its Board of Directors, effective today. Freas, who brings over three decades of public accounting experience, will also serve on the Board's Audit Committee.
Freas is currently the executive director of The Clarence T.C. Ching Foundation, known for its philanthropic work in Hawaii. Her career includes a longstanding tenure at Deloitte & Touche LLP, where she was an audit partner and held various leadership roles. Freas's expertise in accounting and finance, combined with her dedication to community service, aligns with First Hawaiian's values and strategic direction.
Bob Harrison, Chairman, President, and CEO of First Hawaiian, Inc., expressed confidence in Freas's capabilities and the value she will add to the leadership team. Her appointment is seen as a strategic move to bolster the bank's governance and oversight as it continues to serve its customers in Hawaii, Guam, and Saipan.
First Hawaiian Bank, established in 1858, is Hawaii's oldest and largest financial institution, providing a range of banking services to personal and commercial clients. The bank operates branches across Hawaii, Guam, and Saipan and offers digital banking solutions to meet the evolving needs of its customers.
Freas's appointment is based on a press release statement from First Hawaiian, Inc. and reflects the company's ongoing commitment to leadership excellence and corporate governance.
In other recent news, First Hawaiian has been the focus of investor attention following several significant developments. The banking institution posted robust financial performance for the first and second quarters of 2024, registering a net income of $54.3 million in Q1. These results were bolstered by a significant increase in net interest income and strategic balance sheet optimization.
Piper Sandler, following a review of the bank's Q2 results, adjusted its outlook on First Hawaiian shares, increasing the price target to $27 from $22, while maintaining a Neutral rating. Despite a less optimistic margin outlook and a reduction in the earning asset base, the firm's earnings per share estimate for 2024 increased by $0.08 to $1.78, a modest increment influenced by the Q2 performance.
On the other hand, First Hawaiian's Q2 performance also reflected a strong local economy in Hawaii, with good loan production and managed deposit costs. The bank anticipates low-single-digit loan growth for the full year and plans to restart share buybacks in the latter half of the year. These are part of the recent developments for First Hawaiian, which continues to navigate the financial landscape amidst economic shifts.
InvestingPro Insights
The appointment of Tertia Freas to First Hawaiian's Board of Directors comes at a time when the company is demonstrating solid financial performance. According to InvestingPro data, First Hawaiian (NASDAQ:FHB) has a market capitalization of $3.09 billion and a price-to-earnings ratio of 13.95, suggesting a relatively attractive valuation compared to industry peers.
One of the InvestingPro Tips highlights that First Hawaiian has maintained dividend payments for 9 consecutive years, which aligns with the company's commitment to shareholder value. This consistency in dividend payments may be particularly appealing to income-focused investors and reflects the bank's financial stability.
Another relevant InvestingPro Tip indicates that analysts predict the company will be profitable this year. This forecast, coupled with the fact that First Hawaiian has been profitable over the last twelve months, suggests a positive outlook that could support the bank's strategic initiatives and governance enhancements, such as the appointment of Freas to the Board.
The company's dividend yield stands at 4.4%, which may be attractive to investors seeking income in the current market environment. This yield, combined with the bank's long-standing presence in Hawaii and its expansion into Guam and Saipan, positions First Hawaiian as a potentially stable investment option in the regional banking sector.
For investors interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide a more comprehensive view of First Hawaiian's financial health and prospects.
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