This analysis focuses on the primary drivers of the expected NIM improvements for First Hawaiian in Q1 2026, emphasizing the role of fixed-rate cash flow rolloffs and deposit reprice dynamics.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
Can you quantify how much of the expected annual NIM improvement is from the $400M quarterly rolloff versus deposit repricing?
Management frames the NIM improvement as primarily coming from balance sheet repricing tied to fixed-rate cash flows rolling off and being repriced at a higher spread, rather than from deposit repricing alone. Specifically, they state they have about $400 million of fixed-rate cash flows that come off every quarter and are repriced at about a 155 basis point spread higher on a weighted-average basis between loans and securities, and they call this “really the driver as we go forward.” 1
They also note that the NIM guide for the year is “inclusive of any rate actions … on the deposit side, as well as the repricing story.” 2
From the excerpts, the company’s “driver” quantification is the spread uplift (155 bps) associated with repricing of the ~$400M per quarter fixed-rate cash flows. 13 However, they do not provide a numeric decomposition that converts that $400M rolloff contribution into “x basis points of annual NIM improvement” separately from deposit repricing.
What we can quantify from the excerpts is the mechanics and scale:
But because management does not translate this into an explicit annual NIM basis-point contribution in the excerpts, we cannot compute “the portion of expected annual NIM improvement attributable to the $400M rolloff” in basis-point terms from the provided material. 214
Similarly, while management discusses deposit dynamics—e.g., the March deposit cost number was 1.20% and they expect deposit cost not to go “too much lower” if rates stay the same—the excerpt still does not quantify how many basis points of NIM improvement come specifically from deposit repricing. 2
Additionally:
Because the excerpts give:
…the provided excerpts do not contain enough numeric detail to quantify the expected annual NIM improvement into:
Even though a numeric split isn’t disclosed, the disclosures support a directional weighting:
Therefore: the $400M quarterly rolloff is likely the larger portion of the expected annual NIM improvement, but the excerpts do not allow a precise quantification of “how much” in basis points attributable to it versus deposit repricing. 214
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