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First Hawaiian posts YOY increase in Q3 net income

Honolulu-based First Hawaiian Inc. reported net income of $74.2 million, or 56 cents per share, for the third quarter, compared to $67.4 million, or 50 cents per share, in the year-ago quarter.

The company's core net income, a non-GAAP measure, was $75.9 million, or 57 cents per share, for the third quarter, up from $70.8 million, or 52 cents per share, recorded for the same period in 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate was 54 cents.

The company's net interest margin was 3.19% in the third quarter, compared to 3.25% in the linked quarter and 3.11% in the third quarter of 2018.

Total assets amounted to $20.60 billion as of Sept. 30, compared to $20.53 billion as of June 30 and $19.98 billion as of Sept. 30, 2018.

Gross loans and leases were $12.84 billion in the third quarter, compared to $13.26 billion in the linked quarter and $12.60 billion in the year-ago period.

Total deposits were $16.86 billion as of Sept. 30, compared to $16.79 billion as of June 30 and $16.69 billion as of Sept. 30, 2018.

During the third quarter, First Hawaiian repurchased 2.3 million common shares at a total cost of $59 million under its stock repurchase program.